UNLABELLED The genomes of sulfate-reducing bacteria remain poorly characterized, largely due to a paucity of experimental data and genetic tools. To meet this challenge, we generated an archived library of 15,477 mapped transposon insertion mutants in the sulfate-reducing bacterium Desulfovibrio alaskensis G20. To demonstrate the utility of the individual mutants, we profiled gene expression in...

The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary ins...

Nearly a decade after the Federal Circuit decision in State Street, patents on computerimplemented methods of doing business have become commonplace. To date, there is little evidence of any effect on the rate of innovation or R&D among firms in financial services. Indeed, measuring such effects presents difficult problems for researchers. We do know that some of these patents are successfully ...

Prior research debates focus on whether investors are smart enough to invest in funds that subsequently outperform. This paper documents a robust smart money effect among small fund investors who invest in the top performing funds, even after controlling for the momentum factor argued by Sapp and Tiwari (2004). I further explore the reason for the smart money effect and find that such outperfor...

At the beginning of the transition, advice to Central European countries with respect to how to set up their ®nancial systems was based on models used in western economies. This paper analyzes the experiences to set up a ®nancial system in Central Europe. The experience in the ®rst transition years (1990±1996) with ®nancial system architecture shows that changes are slow but that the Central Eu...

We propose a measure of systemic risk, ∆CoVaR, defined as the change in the value at risk of the financial system conditional on an institution being under distress relative to its median state. Our estimates show that characteristics such as leverage, size, maturity mismatch, and asset price booms significantly predict ∆CoVaR. We also provide out-of-sample forecasts of a countercyclical, forwa...

Foreign exchange transactions are subject to a unique type of settlement risk. This risk ultimately stems from the difficulty of coordinating separate settlements in two different currencies. Settlement of foreign exchange transactions through the proposed CLS (“Continuous Linked Settlement”) Bank has been discussed as a potential solution to this problem. This paper describes the CLS proposal ...