While an increase in the size and number of conservation areas is expected as part of global environmental commitments, at the same time, Protected Area Downgrading, Downsizing, and Degazettement, or PADDD, is becoming more frequent worldwide. This paper analyzes the causal relationships between land claims and human settlements on the one hand and the downsizing process of a protective forest ...

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It often happens that organizations or companies have to respect several security policies simultaneously. Here, we analyze a practical example which applies to the context of documents containing sensitive information. This example considers the problem of downgrading the classification of these documents when their contents become obsolete. There are several security policies that deal with t...

This paper analyzes the relationship between structured finance par coupon spreads at issuance and the securities' credit performance. Using structured finance securities including asset-backed and mortgage-backed securities and collateralized debt obligations issued in the U.S. during 1998-2004, we find spreads vary substantially by rating, over time, and across asset classes; the spreads on s...

In the face of what has been characterised as a 'crisis' in curriculum – an apparent decline of some aspects of curriculum studies combined with the emergence of new types of national curriculum which downgrade knowledge – some writers have been arguing for the use of realist theory to address these issues. This paper offers a contribution to this debate, drawing upon critical realism, and espe...

We show that sovereign debt impairments can have a significant impact on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign rating downgrade. We identify these effects by exploiting exogenous variation on corporate ratings due to ...

The peaks that were reached in various equity markets by mid-July followed a sequence of gains dating back to the early 1980s, in most cases broken only by shortlived setbacks. While there were sound reasons to believe that these longer-term trends in various markets represented a response to improved fundamentals, for example, the drop in inflation (Blanchard, 1993), by the late 1990s many of ...

This research studied the strategies that players use in sequential adversarial games. We took Rock-Paper-Scissors (RPS) game as an example and ran two experiments. The first experiment involved humans, who played RPS together for 100 times. Importantly, our payoff design allowed us to differentiate between participants used a random strategy from those Nash strategy. found did not play agreeme...