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Gormsen, Niels Joachim Christfort (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: This thesis concerns the empirical relation between risk and return in equities. It studies why the expected return on stocks as a whole varies over time and why there are predictable cross-sectional di↵erences in the return on individual stocks. The thesis consists of three chapters which can be read independently. The first chapter addresses why the expected return on the market portfolio varies over time. The market portfolio is a claim to all future cash flows earned by the firms in the stock market. I study the expected return to these future cash flows individually. I find that the expected return to the distant-future cash flows increases by more in bad times than the expected return to near-future cash flows does. This new stylized fact is important for understanding why the expected return on the market portfolio as a whole varies over time. In addition, it has strong implications for which economic model that drives the return to stocks. Indeed, I find that none of the canonical asset pricing models can explain this new stylized fact while also explaining the previously documented facts about stock returns. The second chapter, called Conditional Risk, studies how the expected return on individual stocks is influenced by the fact that their riskiness varies over time. We introduce a new "conditional-risk factor", which is a simple method for determining how much of the expected return to individual stocks that can be explained by time variation in their market risk, i.e. market betas. Using this new factor, we find that around 20% of the cross-sectional variation in expected stock returns worldwide can be explained by such time variation in market betas. The third chapter studies why stocks with low market betas have high risk-adjusted returns. To shed light on this low-risk e↵ect, we decompose all stocks' market betas into their volatility and their correlation with the market portfolio. We find that both stocks with lower volatility and stocks with lower correlation have higher risk-adjusted returns. The last fact, that stocks with low correlation have high risk-adjusted returns, is particularly important because it helps distinguish between competing theories of the low-risk e↵ect. Indeed, the high risk-adjusted returns to low-correlation stocks are consistent with leverage based theories of the low-risk e↵ect, but it is not immediately implied by competing behavioral theories we consider in the paper. URI: http://hdl.handle.net/10398/9636
Filer i denne post: 1Niels Gormsen.pdf (5.568Mb)
Amore, Mario Daniele (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The effect of corporate governance and managers on the value of companies has received great attention in the recent public debate. In the academic research, this increased attention has been associated with an effort to develop finer conceptual frameworks and analytical techniques to assess how governance and financial characteristics influence corporate policies and profitability. While theoretical models represent a successful approach under specific hypotheses, the econometric analysis of corporate governance and managerial characteristics has proven to be extremely challenging. Because governance and managerial characteristics are equilibrium outcomes largely determined by the firm itself, it is methodologically difficult to separate out their determinants from their consequences to infer causal effects. Since its infancy the empirical corporate governance and corporate finance research has faced this problem, which is often responsible for mixed empirical results. In my dissertation, I adopt a common methodological framework developed in the "program evaluation" literature to shed new light on the effects of governance and managerial characteristics on a variety of corporate policies and, ultimately, firm performance. In particular, I estimate a class of difference-in-differences models deriving the empirical identifications from policy changes that generate "quasi-natural experiments". URI: http://hdl.handle.net/10398/8451
Filer i denne post: 1Mario_Daniele_Amore.pdf (1.242Mb)
Faigen, Benjamin (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This thesis examines ownership of the firm by its employees, of varying stakes. It begins by identifying the existence of employee ownership in a Chinese context, presented in the form of a general analytical discussion which is informed by a review of the available evidence on the subject. This work sets the stage for a focus on this form of ownership at the individual level of analysis, involving both conceptual and empirical explorations. Together, this constitutes three papers, put together with introductory and concluding chapters. The first thesis paper identifies the drivers of, and barriers to, employee ownership in China at three levels of analysis: the societal, organisational and individual. Its intended contribution to the employee ownership literature is to organise the scattered evidence in order to provide a systematic and comprehensive coverage of the development of this phenomenon. Employee ownership is found to have played a role in Chinese economic transition as a transitory phase before non-state enterprises were afforded official recognition in a context of publicly-owned enterprise privatisation. Senior managers became the key beneficiaries in firm sales and most ventures that were at one stage employee-owned, dissolved. Outside of a couple of notable examples in the tertiary sector, enterprises featuring some level of employees as owners persist in reduced numbers in rural areas today. In the second thesis paper, the interest is in the role of the individual actor with regard to employee ownership outside of a narrower Chinese context. At this level of analysis, it is preferences (attitudes) and resources which are decisive. A more detailed exploration of the former in particular follows, the idea being to theorise the compatibility of defined individual 'types' with specific ownership structures. Yet, because the existence of different forms and mechanisms with regard to employee ownership is not always made clear in the related literature, notable pathways to ownership— cooperative, professional partnership, controlling ownership, share ownership plan mechanism, share option mechanism, and direct ownership—are first clarified to facilitate the analysis. The paper's overall contribution to the literature is the provision of a coherent conceptual treatment of the individual-level antecedents to employee ownership. The third thesis paper comprises mixed-method empirical research into the characteristics of individuals who have recently purchased shares in their employing firms in an Icelandic context, as well as their specific motives for doing so (or reasons for not doing so). Determinants of employee ownership, as well as direct insights into the considerations surrounding share acquisition, are less common at this level of analysis and this is the where the paper contributes to the literature. In order to conduct the empirical analysis, original material is gathered from six case study firms, the details of which are presented within the paper. Income, tenure and age are found to influence ownership status. Furthermore, some support is found for financial motives outweighing non-financial motives behind share purchases in minority employee-owned firms relative to majority employee-owned firms. Internal barriers to ownership, together with a lack of funds, hindered share purchases in majority employee-owned firms in particular. URI: http://hdl.handle.net/10398/9392
Filer i denne post: 1Benjamin Faigen.pdf (1.949Mb)
Zhou, Haoyong (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The dissertation examines corporate performance and capital structure of family firms, contributing to the limited empirical research on family firms. Family firms are prevalent in national economies all over the world. It is the prevalence that makes family firms receive increasing attentions from academia. The dissertation consists of an introduction and three chapters. Each chapter is an independent paper. The first chapter is a joint work with Professor Morten Bennedsen and Dr. Markus Ampenberger. The version of in the dissertation will be published as Chapter 6 in the forthcoming Oxford Handbook of Entrepreneurial Finance by Oxford University Press. The second paper and third paper are single-authored papers. In the first chapter, we discuss the capital structure of family firms, with a focus on the debtequity mix. Two parts comprise the chapter. In the first part, we provide a literature review on existing theoretical and empirical research in the capital structure of family firms. The literature review shows that the most important theories to explain capital structure in family firms seem to be risk aversion, agency theory, and control considerations. We argue that risk aversion and control considerations have opposing impacts on the optimal choice of debt leverage of family firms. On one hand, controlling families of family firms are typically non-diversified investors with most of their wealth and human capital tied to the company and consequently family firms use less debt. On the other hand, controlling families want to maintain the control over their companies. This control consideration restricts the willingness to raise new equity outside the family and therefore often lead to a stronger dependence on banks and other debt instruments. The literature review also shows that evidence on capital structure choices of family firms is inconclusive. Large-scale evidence on private family firms is almost missing. URI: http://hdl.handle.net/10398/8607
Filer i denne post: 1Haoyong_Zhou.pdf (2.035Mb)
Daetz, Stine Louise (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: The first essay shows that corporate bond issuers derive value from bond underwriter relationship capital. A strong underwriter relationship enables the underwriter to credibly certify the issuer on the bond market which is fundamental for firms when issuing new debt and refinancing maturing debt. In order to empirically verify this certification hypothesis we study corporate bond issuing firms' underwriter relations and analyze their value for the issuing firm. The second essay provides a detailed investigation of the implications of creditors' use of credit default swaps (CDSs) for the debt financing of related firms. CDSs are financial derivatives that protect the buyer against default of a given reference firm. The availability of CDS contracts has in general been outlined to improve bank lending by reducing financial frictions on the supply side of credit. Using unique and comprehensive CDS and credit registry data from Deutsche Bundesbank I explicitly study the CDS holdings of banks with a credit relationship to the reference firm and analyze the role of the variation in creditors use of CDSs for the borrower's debt financing. As outlined in the data creditors typically hold multiple CDSs written on the same firm and are often also net sellers of CDS contracts written on their own borrowers. The third essay investigates whether unconventional monetary interventions by central banks can stimulate corporate investment and, thus, afiect the real economy. Specifically, we address this question by analyzing ECB's three-year Longer-term Refinancing Operations (LTROs) as of 2011-2012. The LTROs were large liquidity injections that were implemented to support the real economic recovery after the European Sovereign Debt Crisis and provided cheap funding to Eurozone banks. For the empirical investigation of the impact of such liquidity interventions, we make use of comprehensive data on banks' use of the LTRO funds and Eurozone non-financial corporations' investment policies around the LTRO implementation. URI: http://hdl.handle.net/10398/9654
Filer i denne post: 1Stine Louise Daetz.pdf (1.996Mb)
Nielsen, Andreas Bang (Frederiksberg, 2018)[Flere oplysninger][Færre oplysninger]
Resume: We investigate how currency denomination a ects the price of credit risky securities of the same issuer. We focus on eurozone sovereign quanto spreads, i.e., di erences in credit default swap (CDS) premiums denominated in U.S. dollar and Euro of the same reference entity. Quanto spreads of eurozone sovereigns reached unprecedented levels during the European debt crisis and have remained signi cant ever since. Quanto spreads do not simply re ect di erences in contractual terms linked to currency denomination, because CDS contracts trade under the same standardized terms independent of currency denomination, including credit events and recovery rates. In order to understand which factors drive quanto spreads, we propose a no-arbitrage model that shows in a simple and rigorous manner that quanto spreads arise without any market frictions through two risk channels. The rst channel, currency crash risk, re ects the risk of an adverse jump in domestic versus foreign currency triggered by default of the reference entity. Intuitively, currency crash risk causes the expected recovery payment to be relatively smaller on the domestic CDS compared to the foreign CDS, because the recovery payment on the domestic contract is received in the 'crashed' currency. URI: http://hdl.handle.net/10398/9644
Filer i denne post: 1Andreas Bang Nielsen.pdf (2.683Mb)
Bäckman, Claes (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: In Denmark and in many countries around the world, housing markets are of considerable importance for households and policy-makers alike. As the boom and bust in the US and Danish housing market so aptly demonstrated, disruptions in the housing market potentially have wide-ranging consequences for individual households and for the aggregate economy. Housing is important because we all have to live somewhere, but also because it serves as a considerable source of both wealth and debt. As such, housing market policy can not only create vast benefits for many, but can also have substantial negative impacts for all, and should therefore be a topic of major interest for economists and policy makers alike. This Ph.D. thesis, entitled "Essays on Housing Markets", analyzes the Danish housing market during the 2000s, with a focus on how policy changes affected house prices and how changes in house prices affect households. While independent, each chapter in this thesis attempts to contribute to our understanding of how housing markets function, and has important lessons for policy-makers and economists around the world. URI: http://hdl.handle.net/10398/9438
Filer i denne post: 1Claes Bäckman.pdf (5.016Mb)
Liu, Yun (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This Ph.D. thesis is composed of four independent research papers in the field of Market Design. It begins with a general introduction for all four papers and ends with a brief conclusion. In this thesis, I study the impact of heterogeneous market participants on allocation outcomes in different market mechanisms; in addition, how to design alternative mechanisms that can more effectively allocate scarce resources with diverse economic and social goals. Chapter 1 studies the impact of affirmative action policies in the context of school choice. It addresses the following two questions: what are the causes of possible perverse consequence of affirmative action policies, and when the designer can effectively implement affirmative actions without unsatisfactory outcomes. Using the minority reserve policy in the student optimal stable mechanism as an example, I show that two acyclicity conditions, type-specific acyclicity and strongly type-specific acyclicity, are crucial for effective affirmative action policies. However, these two cycle conditions are almost impossible to be satisfied in any finite market in practice. Given the limitation of the point-wise effectiveness in finite markets, I further illustrate that the minority reserve policy is approximately effective in the sense that the probability of a random market containing type-specific cycles converges to zero when the copies of schools grow to infinite. Chapter 2 addresses the question of how ex ante asymmetry affects bidders' equilibrium strategies in two popular multi-unit auction rules: uniform-price auction (UPA) and discriminatory-price auction (DPA). I characterize the set of asymmetric monotone Bayes–Nash equilibria in a simple multi-unit auction game in which two units of a homogeneous object are auctioned among a set of bidders. I argue that bidders' strategic behavior essentially comes from their diverse market positions (i.e., the winning probability and the probability of deciding the market-clearing price). That is, if a bidder has a relatively strong market position, she has less incentive to shade her bid for the second unit in a UPA, whereas in a DPA, weaker bidders tend to bid more aggressively on both of two units. Following Chapter 2, Chapter 3 further analyzes and contrasts bidders' collusion incentives at the ex ante stage. My results indicate that the UPA is more vulnerable to collusion than the DPA in term of the expected per-member payoff and the core-stability. In the last chapter, I show that a variant of the Vickrey-Clarke-Groves auction, Ausubel's clinching auction, is vulnerable to collusion in the sense that it always has a nonempty core. I further discuss an isomorphism relation between group strategy-proofness and non-bossiness in allocation, and the incompatibility between efficient allocation and non-bossiness in finite auction markets. URI: http://hdl.handle.net/10398/9363
Filer i denne post: 1Yun_Liu.pdf (1.321Mb)
Forssbæck, Jens (Frederiksberg, 2009)[Flere oplysninger][Færre oplysninger]
Resume: The thesis studies how financial markets discipline commercial and central banks' behavior in various ways. In the first part, two papers test different aspects of market discipline of commercial banks' risk taking, using a dataset of several hundred banks worldwide. In the first paper, it is shown that the risk-shifting opportunity of shareholders introduced by deposit insurance depends on ownership structure and the extent of market discipline by uninsured creditors. I find that the effect of shareholder control on risk is convex, and that creditor discipline tempers this effect but has little individual influence on risk. The second paper tests the monitoring dimension of market discipline and formulates a two-step procedure which makes it possible to sidestep the common methodological problem that banks' 'true' risk is unobserved. Results suggest that if the quality of institutions is sufficiently high, some market-based indicators may be more accurate measures of banks' true risk than a set of commonly used accounting-based benchmark indicators – a possibility effectively precluded by much of previous research. In the second part of the thesis, three papers study constraints on central bank behavior introduced by financial markets, using data from a set of small, open European economies during the 1980s and 1990s. The first of these papers tests how capital account liberalization and exchange-rate regime constrain monetary policy autonomy. Contrary to traditional theory, the paper finds no autonomy effect of exchange rate flexibility, whereas capital controls provided some (albeit limited) independence from innovations in foreign money market interest rates. The remaining two papers address how deregulation, innovation, and growth in domestic money markets interplay with central banks' choices of monetary policy operating procedures. The analysis of the European countries suggests that while deregulation and the emergence of short-term financial markets constrained central bank discretion and compelled increased reliance on open market operations, the paths of money market development in different countries were also partially determined by the respective central banks' decisions. In the final paper, the same framework of analysis is applied to China, which has announced its intention to rely increasingly on market operations in monetary policy. The results suggest that the disciplining effect of domestic financial markets on central bank behavior in China is so far very small, largely due to remaining de facto financial repression. URI: http://hdl.handle.net/10398/7785
Filer i denne post: 1Jens_Forssbæck.pdf (3.819Mb)
Clementi, Federico (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: This Thesis consists of an introduction followed by three independent chapters. Each chapter is a self-contained paper that can be read independently. They cover different topics of international economics with a specific focus on multinational production and international trade. A common feature to all the papers is that they are micro-based empirical analyses of the effects of globalization on the competitiveness of companies. The first and last chapters are solo papers, while the second is coauthored with Friedrich Bermann, PhD student at Copenhagen Business School. The first paper studies the impact of foreign direct investment on the intensity of competition in the host economy. In this chapter I use firm-level data of Romanian manufacturing companies active between 2001 and 2008 and I measure the impact of foreign ownership on the market power of affiliates and local competitors. The empirical evidence shows that foreign ownership is associated to a higher market power, which I proxy with firms' estimated markups. Moreover, I find that higher competition of foreign affiliates is associated to a decrease in the markups charged by domestic firms. In the second chapter we analyze how the strategy of vertical integration of foreign multinationals modifies the nature of productivity spillovers perceived by local suppliers (i.e. backward spillovers). Building on the results of previous research on productivity spillovers and on multinational production, we argue that backward productivity spillovers should be weaker if foreign multinationals are vertically integrated in the industry of local suppliers. We test this hypothesis using a panel dataset of firm-level data of European manufacturing companies. We find that the vertical integration of foreign multinationals does in fact modify the intensity of spillovers to local suppliers. Domestic firms benefit only from the activity of foreign clients that are not vertically integrated in their industry. In the last chapter, I use a detailed dataset of international transactions of Danish companies to study the impact of Chinese competition on the pricing strategy of Danish exporters. I also explore the role of quality differentiation in determining the nature and intensity of this effect. I find that Chinese export represents a source of stiffer competitive pressure for Danish exporters that are forced to reduce the prices they charge. This effect depends on the quality of Danish products. I find the producers of low-quality goods reduce their prices less intensively than producers of high-quality ones. This is because producers of low-quality varieties react to Chinese competition upgrading the quality of their products. This mitigates the downward pressure on prices. I finally reconcile these results by using quality-adjusted prices. Using this measure I find that quality does in fact protect Danish exporters from the pressure of Chinese competition. URI: http://hdl.handle.net/10398/9469
Filer i denne post: 1Federico Clementi.pdf (1.584Mb)
Vinten, Frederik Christian (København, 2008)[Flere oplysninger][Færre oplysninger]
Resume: We study the impact of stock market valuations on delistings from European stock exchanges 1996-2004. Previous research has found that mergers and acquisitions (M&A) occur more often when market valuations are high. This is paradoxical since it implies that companies are more likely to engage in M&A when it is most expensive. In accordance with prior research we find that delistings by mergers and acquisitions are more likely when industry market-to-book values (q) are high. In contrast, we find no effect of industry q on going private transactions. The data also suggest that M&A are more likely to take place in bull years while going private transactions are relatively more likely in bear years. Our study is the first comprehensive study of delistings in Europe and the first study to demonstrate that going private transactions appear to be driven by different causal mechanisms than M&A. URI: http://hdl.handle.net/10398/7682
Filer i denne post: 1frederik_vinten.pdf (1.449Mb)
Fux, Sebastian (Frederiksberg, 2014)[Flere oplysninger][Færre oplysninger]
Resume: This thesis consists of three essays of which two are about return predictability while the last essay covers term structure models. Return predictability is still a heavily debated issue among nancial economists as well as practitioners in the nancial industry. The ability to predict stock returns out-of-sample, that is, by relying on information available at time t, is still controversial. In a recent paper, Goyal and Welch (2008) comprehensively reexamine the performance of 14 predictor variables that have been suggested by the academic literature to be powerful predictors of the U.S. equity premium, that is, the S&P 500 index return minus the short-term interest rate. The authors conclude that none of these predictor variables led to robust predictions across di erent forecast horizons and sample periods which consistently beat benchmark models such as the historical mean. In a response to Goyal and Welch (2008) Campbell and Thompson (2008) nd evidence of out-of-sample predictability by putting some economically meaningful restrictions on the coe cients of the predictive regressions. However, the out-of-sample explanatory power is nil, but nonetheless it is economically signi cant for investors with mean-variance preferences. The predictability literature argues that the out-of-sample predictability deteriorates due to structural breaks such as macroeconomic instability, changes in monetary policy, new regulations etc. Thus, not only the predictor model changes over time, but also its coef- cients. Goyal and Welch (2008) explain that more sophisticated models accounting for structural breaks might be able to consistently beat historical mean predictions. Additionally, predictability su ers from model uncertainty, meaning that there is only little consensus about the correct predictor variables and hence, the correct speci cation of the predictor model is unknown. The Bayesian framework accounts for model uncertainty by computing posterior model probabilities for all possible predictor models. Thus, Bayesian forecasts condition on the whole information set as opposed to conditioning on a single predictor variable and lead to more accurate forecasts. URI: http://hdl.handle.net/10398/8906
Filer i denne post: 1Sebastian_Fux.pdf (1.090Mb)
Kohl, Niklas (Frederiksberg, 2017)[Flere oplysninger][Færre oplysninger]
Resume: Firms which issue new equity subsequently have lower returns than other firms, but does the strength of the issuance effect vary in the cross section of firms? The essay shows, that US firms with characteristics that makes them "hard to value" have returns which are strongly related to their past issuance activity, while the return of "easy to value" firms are less related to their past issuance activity. In most cases the difference between "hard to value" and "easy to value" firms are signiffcant. As proxies for "hard to value", I use three different types of firm characteristics. First, I consider firms for which relatively little information is available as "hard to value". Examples are firms covered by few analysts and small firms. Second, I consider firms with high levels of analyst disagreement on stock price target, next quarter earnings per share and share recommendation as "hard to value". Third, firms with expected cash flows in the more distant future are "hard to value". These include firms with low earnings, high asset growth, and low dividend yield. URI: http://hdl.handle.net/10398/9536
Filer i denne post: 1Niklas Kohl.pdf (3.183Mb)
Boscán F., Luis R. (Frederiksberg, 2016)[Flere oplysninger][Færre oplysninger]
Resume: This PhD thesis consists of five essays on the economics of Power System Flexibility, a topic that has traditionally been addressed from a technical perspective by engineers, system planners, electricity industry stakeholders and energy policymakers interested in the integration of Variable Renewable Energy. While significant progress has been made in the understanding and characterization of exibility, its economic properties and the required incentives to provide it have not been suficiently analyzed. The present work aims at filling this gap. URI: http://hdl.handle.net/10398/9367
Filer i denne post: 1Luis R Boscán F.pdf (3.519Mb)
Tang Andersen, Allan Sall (Frederiksberg, 2011)[Flere oplysninger][Færre oplysninger]
Resume: The topic of this thesis is the modeling of risks in interest-rate and inflation markets. Interest-rate risk is an important issue to investors. For instance, according to BIS (2010) the notional value of over-the-counter interest-rate derivatives markets is 465,260 billion US-dollar. This corresponds to 77 percent of the notional of the entire OTC derivatives market. Thus interest-rate derivatives is at the back-bone of the financial markets. According to ISDA (2009) 83 percent of Fortune 500 companies report using interest-rate derivatives in their risk management. Furthermore, many mortgage-based loans and pension contracts contain either explicit or implicit interest-rate options. Thus a better understanding of the interest-rate derivative markets, and the risk associated with the traded products is of great value, both to financial and non-financial companies as well as individuals.... URI: http://hdl.handle.net/10398/8339
Filer i denne post: 1AllanSallTangAnderen_PhDThesis.pdf (2.088Mb)
The prohibition against misleading names in an internal market contextRørdam, Mette Ohm (Frederiksberg, 2013)[Flere oplysninger][Færre oplysninger]
Resume: This thesis investigates how food naming is regulated in the European Union with the aim to structure and explain the different rules regulating food naming and the interactions between the different rules, thereby clarifying de lege lata. Further, the thesis sets out to determine to what degree the Member States within the EU are free to regulate the naming of imported as well as domestically produced food, by way of legislation and/or by enforcement of the prohibition against misleading names. The interaction between the prohibition against misleading names and the obligation to mutually recognise names which have been legally used in other Member States are central in this thesis. The first part of the thesis introduces the thesis subject and provides an explanation to the approaches taken. The empirical data used for identifying practical real-life cases concerning potentially misleading names is presented. The second part of the thesis elaborates on the various EU rules in secondary law, their scope and objectives, including an examination of the rationales behind the rules based on application of economic theory. The borderlines between the rules are clarified. Part three of the thesis contains legal dogmatic analyses and discussions of the different EU rules regulating food naming. The analyses of the rules are based on practical real-life cases in which food naming has shown to be a challenging task. The difficulties addressed relate to: precision of names (the task of finding a name precise enough to provide adequate information to consumers without narrowing the product's competitive field); product identity (difficulties in naming products that refer to specific ingredients and in which traditional ingredients have been replaced); the use of geographical names (which potentially mislead consumers) and language difficulties. In the last chapter of part three an analysis is provided of the concept of fairness and general prohibition against misleading consumers in order to clarify the criteria for applying these in real-life cases. Despite the existence of rather detailed rules on naming and labelling of food, which provides clarity in relation to food naming, the application of these rules is dependent on consumers' expectation and potentially deception which must be assessed on a case-by-case basis, whereby the predictability of the rules is weakened. Part four of the thesis focuses on the borderlines between primary and secondary EU law and on answering the second part of the research question. Primary EU law defines the fundamental borderlines for EU law on food names and limits how food legislation can and must be applied. First part of this analysis focuses on the naming of imported food products, while the second part focuses on the naming of domestically produced food. The relevant sources of law are analysed and discussions are provided. It is concluded that the principle of mutual recognition takes precedence over the prohibition against misleading names, which prevents Member States from regulating the naming of imported food, by way of legislation and by enforcement of the prohibition against misleading names. Secondary EU law also limits how Member States can regulate the naming of domestically produced food. Part five provides the conclusion to the research question. URI: http://hdl.handle.net/10398/8670
Filer i denne post: 1Mette_Ohm_Rørdam.pdf (1.743Mb)
The Case of the European CommissionHøjlund, Steven (Frederiksberg, 2015)[Flere oplysninger][Færre oplysninger]
Resume: What effect do evaluation systems have on the use of evaluation? This is the research question guiding this PhD thesis. By answering this research question as well as three sub-questions, the thesis addresses three important gaps in the evaluation literature: the first gap is that evaluation theory does a poor job explaining non-use and justificatory uses of evaluation. The second gap is that evaluation theory does not account for the systemic context of evaluation in its more general explanations of evaluation use. Finally, the literature does not account empirically for the micro-level of evaluation use in evaluation systems. The thesis draws inspiration from organisational theory and in particular organisational institutionalism. Organisational institutionalism explains organisational action and change to be driven by legitimacy-seeking organisational behaviour. Organisations seek to legitimise themselves in order to survive in their environment. This theory is applied to the concept 'evaluation system'. Hence, the assumption underlying this thesis is that organisations within an evaluation system are using evaluations to appear accountable rather than improve policies. The thesis investigates the European Union's evaluation system with a particular focus on the European Commission. This is done in four articles. The first article is a theoretical article introducing organisational institutionalism to the evaluation literature in order to explain non-use and justificatory uses of evaluations. The second article is a historical analysis of the development of the European Commissions evaluation practices. The third article is a case-based analysis of evaluation use in the European Commission. The fourth article is also an empirical article on policy learning from evaluations in three different Directorate-Generals in the European Commission. The methodology used in the empirical articles is qualitative content analysis and the data were more than a hundred Commission documents and 58 interviews with Commission staff. URI: http://hdl.handle.net/10398/9117
Filer i denne post: 1Steven_Højlund.pdf (1.928Mb)
Studied in the context of medical device activities at the pharmaceutical company Novo Nordisk A/S in the period 1980-2008Stjernholm Madsen, Arne (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: Increased globalization in business competition makes the ability to innovate and to redefine strategy crucial to a company. An interesting question however is if a management team can control innovation and strategic renewal of the company at all; or do such changes emerge, driven by external events or by bottom-up processes in the organization? The present research project addresses some of these issues through the overall research question "How does innovation strategy evolve?" The research question is examined in a specific empirical context. Since 2001, I have worked as an internal innovation consultant at Novo Nordisk A/S; a pharmaceutical firm founded in 1923 operating in a well established industry (insulin for diabetes treatment), characterized by intensive investments in Research and Development. I took advantage of this unique access to the internal life of an organization and consequently set up my research project as a longitudinal in-depth case study of the medical device innovation activities at Novo Nordisk A/S covering the period 1980-2008. The study specifically analyzes the relationship between the classic core product of the firm (insulin) and complementary products (medical devices, such as insulin 'pens'), which hold the potential to either enhance the value of the core product, or to become a distinct business of its own. Burgelman's evolutionary theory of strategy making, especially his 'internal ecology model' (Burgelman 1991, 2002), has been chosen as the basic theoretical framework for the project. Some expansions of this framework, however, were needed. First, the present study puts greater emphasis on analyzing the external environment and its influence on internal strategy processes. Second, the analysis includes the role of management cognition, especially the notion of the corporate dominant logic (Prahalad & Bettis, 1986; Bettis & Prahalad, 1995), understood as an enduring top management worldview or mindset based on reinforcement of experiences from the past. With regard to results, the present study identifies a more entrepreneurial role of the top management driven induced strategy process than traditionally described in evolutionary theory. In this case study, strategic variation and trial-and-error learning is not restricted to the autonomous initiatives in the 'internal ecology'; on the contrary, top management cognition creates strategic visions or hypotheses, which are enacted as experiments in the market, for example in the form of new product categories. External feedback determines the destiny of these strategic experiments. Thereby innovation strategy (in case, for medical devices) serves as a strategic laboratory at corporate level, so to speak. The device-based strategic experiments face the challenge of escaping the gravity of the dominant logic, which repeatedly pulls the strategy back towards the well-known success formula, centered on the drug itself (i.e. the insulin). Thus, the induced strategy process mediates core assets (pharmaceutical drugs) and complementary assets (medical devices), by swinging the pendulum between cycles of innovation strategy which define the devices as core or complementary respectively. Hence, the balance between what is defined as core and what is defined as complementary in the corporate innovation strategy seems to be dynamic and negotiable. As a consequence of the cycles of strategic experimentation, the corporate induced strategy process acts as a force of strategic entrepreneurship, seen over extended time. The implications for research point towards a new paradigm of strategic research in the 'middle ground' between rational choice theory and evolutionary theory, as proposed by Gavetti & Levinthal (2004). The present research project suggests that a firm's ability for strategic adaptation depends both on strategic context determination of autonomous initiatives in the 'internal ecology' and on ability to enact induced strategic experiments with alternating innovation strategies in the market. This theory of 'inbound' and 'outbound' strategic search establishes a dynamic understanding of the corporate induced strategy process. In this understanding, innovation strategies act as hypotheses, which create strategic dissonance between vision and reality and thereby drive strategic learning. The implications for management practice are first recognition of how fortunate it has been for Novo Nordisk to sustain the core business strategy, protected by the dominant logic. This fact relates to a background where the core market proved to hold immense growth potential, and the industry was relatively stable compared to for instance the IT industry. On the other hand, Novo Nordisk's success is partly due to cycles of strategic experiments with complementary assets for innovation, in case medical devices. Top management initiated these explorative experiments and the learning was utilized for expansion of the position within the core business. Hence, one can conclude that a company should explore and utilize the value of complementary assets, since these are perfect tools for strategic experimentation without risking the core business. URI: http://hdl.handle.net/10398/8453
Filer i denne post: 1Arne_Stjernholm_Madsen.pdf (5.387Mb)
Danø, Bo (Frederiksberg, 2003)[Flere oplysninger][Færre oplysninger]
Resume: Afhandlingen består af en introduktion og fire selvstændige kapitler. kapitlerne omhandler dels forskellige aspekter af valutakurseksponering og dels prisfastsættelse af valutakursrisiko, og alle de empiriske data er gennemført på danske data. URI: http://hdl.handle.net/10398/7926
Filer i denne post: 1Bo_Danø.pdf (10.38Mb)
A Methodical Inquiry Into Practice and TheoryKahle, Lynn (Frederiksberg, 2012)[Flere oplysninger][Færre oplysninger]
Resume: The subject of this thesis is the experiential discourse in marketing: how experience is researched by scholars as well as understood and delivered by practitioners. While experience-based approaches have been accepted and implemented by consultants, scholars have yet to comprehensively embrace experience as an academically robust concept (Holbrook, 2007; Palmer, 2010). An experiential perspective seeks to delve deeper into cognitive and emotional levels concerning consumption (Holbrook & Hirschman, 1982). In order to gain insight into the intricacies of experience, a large data set consisting of conference speeches and interviews was qualitatively analyzed, applying content analysis (Kassarjian, 1977). The findings reveal that there are many lessons to be learned about how practitioners design and deliver experiential offers. Compared to the cases often cited as part of the experience economy, which are typically manifested in retail environments, consumer products and staged events, the findings reveal a more nuanced discourse and a broader range of experience offerings representing many industries, including: hospitality, software, documentary film making, science, gaming, banking, and environmental design. The data shed light on several aspects worthy of further research. How an experience adds value, supports values, and is meaningful to the user is crucial. Understanding a user's goals is important in order to be able to design appropriate interaction touch points yet allow fluid engagement. In addition to shaping experience environments, whether physical or virtual, the findings reveal that practitioners exhibit an astute sensitivity to context and process. Moreover they are concerned with affording "flow," meaning optimal experiences (Csikszentmihalyi, 2003): not only for users but also for themselves. The focus on purposeful activity and change suggests that experience is part of an innovation discourse, potentially creating better offers and relationships. This resonates with academic and business communities alike. URI: http://hdl.handle.net/10398/8408
Filer i denne post: 1Lynn_Kahle.pdf (3.485Mb)
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text:
Reviewed By Ty F (MISSOURI CITY, TX) Reviewed for a 2009 Ford F-250 —9/14/2015 6:23 AM
I love my aFe CAI, truck runs like a beast. I recommend buying an extra like I did so when it's time time clean your filter, you can pop in the extra and actually have time to let the old one dry once cleaned. Then next time you change your filter you have one cleaned and oiled ready to go. It beats waiting 24 to 36 hour s for these sicker to dry.

subset: commoncrawl


text:
PITTSBURGH -- A cold rain fell intermittently on Heinz Field. It was the second half of Eagles vs. Steelers, and the Eagles were trying to overcome another first half of mistakes.
It was a game where Michael Vick could not hold on to the ball, again. And where they couldn't sack the quarterback, and where they trailed at the half, again. The deficit this time was 10-0, but that was just a detail. It is as if the first act of the script is written in ink now. There is nothing the Eagles can seem to do about it.
And this time, they could not overcome.
Vick led the Eagles on two second-half touchdown drives and the Eagles took a 14-13 lead in the fourth quarter. But in the end, the defense could not hold. A Shaun Suisham field goal from 34 yards with only zeroes left on the clock gave the Steelers the victory, 16-14.
Two Vick fumbles in the first half -- one of them just a yard away from scoring a touchdown -- doomed the Eagles to another afternoon of climbing out of a crater. Neither resulted in points for the Steelers, but one robbed the Eagles of points and the other just perpetuated a worrisome syndrome. It is a ridiculous way to try to make a living in the NFL, and the fact that they have been so good at it so far this season does not alter that truth.
It is too hard.
It cannot continue.
All of that said, the Eagles do make things thrilling. Down at the half, they kept coming. They scored their first touchdown with 6:32 left in the third quarter on a 15-yard touchdown pass to LeSean McCoy, a short throw that featured a devastating cutback move by McCoy that paralyzed Steelers linebacker Larry Foote.
Then, after a Steelers field goal, the Eagles put together a 17-play, 79-yard touchdown drive that ate up 8 minutes, 18 seconds. Along the way, they converted two fourth-down plays -- a gutsy fourth-and-1 from their own 31-yard line, when McCoy only gained the necessary acreage with a second effort, and another fourth-and-1 from the Steelers' 47, when McCoy just slammed into the line for 2 yards.
The touchdown play was a 2-yard pass to tight end Brent Celek. Buried at halftime, the Eagles led by 14-13 with 6:33 left in the fourth quarter. Once again, their defense would either hold or not -- last week against the Giants' Eli Manning, this week against the Steelers' Ben Roethlisberger.
This time, it could not hold. They could not sack Big Ben, and the Steelers' quarterback hung in and made just enough plays to pull out the game. But he is a good player, and he is going to make some plays. This is not a defensive issue.
This is about fumbles. It is about another slow start. When will it end? If you know the answer to that question, you know how the Eagles' season is going to turn out.


text:
TWIN FALLS, Idaho — Moderating feed prices, combined with strong demand, has U.S. beef and dairy producers on target for an exceptional year, according to Rabobank analysts.
In the big picture, grain markets are rebuilding and prices have moderated over the last six months and could go lower, said Bill Cordingley, managing director and chief of Rabobank agribusiness research and advisory group.
Rabobank officials are on a tour of the Northwest, speaking to clients about global commodity markets in terms of price and outlook. The tour made a stop in Twin Falls on March 4.
It will be a strong year for U.S. dairy producers and exporters, and the tightening U.S. beef supply will continue favorable cattle prices and provide a big growth market for lean beef, Cordingley said.
U.S. planting intentions and weather will affect U.S. grain prices in the next few months, but it's too early to tell how production will play out. So most of the volatility in markets is coming from outside the U.S., he said.
"All eyes are on South America and the Black Sea (region)" as well as the U.S. winter wheat crop, he said.
South America's record soybean crop is challenged by rainy weather at harvest, its transportation infrastructure and logistics in getting it to export markets, and the likelihood of drought in Brazil is decreasing expectations on it second corn crop, he said.
Unknowns are also entering grain markets with the conflict between Ukraine and Russia, rallying contract corn prices to their highest in eight months on March 4. The Black Sea region represents about 20 percent of global wheat exports, 40 percent of barley exports and 18 percent of corn exports, and any volatility there has an immediate effect on markets, he said.
And while world demand for agricultural commodities remains strong, fueled by China's huge appetite, there is some concern that China's grain demand will moderate this year. But China also wants to build its strategic reserves, relaxing its 95 percent self-sufficiency policy for feed corn.
"China is very much a wild card," Cordingley said.
In the medium term, corn (which drives the grain complex in the U.S.) is still on a bearish note. If weather cooperates, there could still be a big crop in South American and a good crop in the U.S., and stocks are rebuilding, he said.
Chinese demand for dairy has turned U.S. dairy exports on their head, whether or not they are going to China. That country's domestic milk production last year was flat at best, and the country is also dealing with food-safety issues, he said.
That's given strength to U.S. and global dairy prices, while feed prices are coming down. Income over feed has brought extraordinary returns to U.S. producers, he said.
"It's a bit of a perfect storm with China's demand and corn prices moderating," he said.
Margins over feed costs in the last three to six months have been the best ever seen. But U.S. dairymen are not responding with production growth as they would have in the past, due to a need to rebuild equity and concerns over labor availability, he said.
U.S. milk and ingredient prices will moderate in the second half of the year, with milk production growth here and abroad, and pressure producer margins. But those margins will still be attractive, he said.
U.S. beef is in a tightening phase, with beef production expected to be down 5 percent to 6 percent, a "huge contraction," in 2014. Current cattle prices are an incentive for slaughter but also for cow and heifer retention, he said.
The challenge to the beef complex will be consumer access to beef and price competition from pork and poultry. The price advantage ground beef had over chicken breast has closed due to a tightening of lean meat for grinding. That tightening is a function of reduced cow slaughter and reduced lean imports, he said.
Some traditional U.S. imports of lean meat have been redirected to China due to China's demand for the product. China imported 140,000 tons of beef from Australia in 2013, up from 14,000 tons in 2012, he said.
Beef markets are so tight and prices are so high, the U.S. government is considering allowing fresh beef from Brazil on the basis of regional freedom from foot and mouth disease, he said.
An upside pressure for beef is that the PED virus in U.S. swine will limit growth in the pork industry. But red meat prices remain robust, which is supportive for poultry, and could allow poultry to take more market share, he said.


text:
When the Atlantic City Alliance created its "Do AC" campaign, there was no way to know just how effective it would be in turning a once-brilliant, now blighted destination into the seaside success it has become.
Since the slogan hit the airwaves early this year, the city has watched casino revenue continue its graceful freefall from relevance, and has suffered the further humiliation of coming up short of last year's numbers despite the opening of the shiny, game-changing Revel casino — that glittering, multibillion-dollar mausoleum that has placed eighth in gaming revenue each month since it opened.
Well, hoping to see a similar turnaround, a new slogan has taken to a billboard in Camden, according to a column in The Philadelphia Inquirer. The board simply reads, "Say Something Nice About Camden."
Man, that's a tough one. As someone who lives and dies by the simile and metaphor, I can tell you that Camden is an easy one when you're looking to describe something with all the appeal of … well, you know, Camden. The artist who created the billboard mentions hearing the Walt Whitman quote about "the city invincible"; Camden right now would perhaps be better left as "the city invisible," with a more modest slogan, like, "Please Don't Bring Up Camden in Casual Conversation."
Besides, the only nice thing I can really think to say about Camden is that you can drive through it to Philadelphia without ever getting off the interstate.
I'm even more irreverent on Twitter @joe_arney.


text:
The building, which was the antique seat of the craft guild of the Beccai (Butchers) and the residence of the captains of Orsammichele, veils behind its plain semblances very valuable art works among which the fresco of Mariotto di Nardo which dates back to the 14th century. It is currently the seat of the Accademia dell'Arte del Disegno.
For any information:
Palazzo dell'Arte dei Beccai
Via Orsammichele (055 212245).
Private property.


text:
Day of March 19, 2018
These pages are in no way affiliated with nor endorsed by SeaWorld Parks & Entertainment, Cedar Fair, Legoland, Merlin Entertainment,
Blackstone, Tussaud's Group, Six Flags, Universal Theme Parks, the Walt Disney Company or any other theme park company.
All onride
photos and videos on this website were taken with the permission of the park by
a professional ride photographer.
For yours and others safety, please do not attempt to take photos or videos at parks without proper permission.
You need a sense of humor to view our site,
if you don't have a sense of humor, or are easily offended, please turn back now!
Most of the content on this forum is suitable for all ages. HOWEVER!
There may be some content that would be considered rated "PG-13."
Theme Park Review is NOT recommended for ages under 13 years of age.


text:
Thursday, April 25, 2013
Ines' Lipstick
37 comments:
Terrific post as usual. Love the bag. You are amazing.ReplyDelete
I'm no detective, I don't know how you came to the lipstick conclusion but it was a fun read anyway. I assume that A NOUS PARIS is in French so it wouldn't do me much good, unless they have an English translation.ReplyDeleteReplies
Yes it's in Fr but they have big pictures and addresses so its easy to figure out. No rocket science hereDelete
I love your new lunettes. Europeans always have better eyewear than Americans. I know because I've been shopping for new frames and every time I see someone in nice glasses, I ask where they got them & it's almost always in Europe! If I find fizzy mango I will send it your way.ReplyDeleteReplies
Oh Connie,Delete
Yr such a card. The Fr govt pays for your glasses here so they really go to town with Fab design!
Even the drugstore glasses are terrif
You make me smile..:)ReplyDelete
You'll have to have another photo shoot w/ the black glasses..
I'll never forget going into the Spa/Beauté place in back of my office complete wit awnings for a shampoo I had hear about..
I bought it..and the owner then suggested a line of skin products for aging skin..
The glasses thing cracks me up..we see German friends once a yr in Florida.. great taste.. etc..très belles personnes..beaucoup de style..they buy all their glasses in Florida!:)
Not a good business tactic..
Didn't even look at the line..way back then..because I had not even considered that I was aging.~
No sale.
Much prefer..Oh mais vous avez l'air plus jeune!!
There's a sale !
Love corals and mango colors for lips..too cute you were wondering..and no more? Boohoo.
I am glad I don't bump into fashion icons as much as you do:)
I would be depressed.
Love you aquarelle~
ok..complete witH awnings..ReplyDelete
I had hearD
Carol, you did well with your detecting exploits. I think that you are destined to encounter Ines again and that she will help solve the mystery.ReplyDelete
I also like your new specs. You were wise to get a spare pair, too.
NYC is finally warming up. It was super sunny in the Park today, and I did take my camera along.
We've had near Summer weather here IMHO and I've been getting near-sunstroke so my decision-making process isn't always up to snuff...Delete
No one carries a parasol here like you see in NYC...
Must get to Chinatown vite!
I am too messy to be fashionable....light colored handbags get dirty around me! Love the new Black glasses...you will look so chic!ReplyDelete
- Anonymous9:04 PM
Dear Paris BloggerReplyDelete
No, no, please. Not "on line" again. That's when you're connected to
the Internet, or on the phone. "I'm on the other line!" Or employed
as a server.
Sorry to be a language policeman, or a pedant, as you wish, but this
has gone too far. Don De Lillo, Richard Ford have sinned here, and
even The New Yorker has allowed it in bylined articles, so as to blame
only the guilty. Mick Jagger was "waiting on a friend," in one song,
where he presumably was a waiter, maybe while studying at LSE, but no,
it was New York, and the friend was Keith Richards.
A quick Google and: "Waiting on line" or "Waiting in line" - Free
English Tests ...
The correct grammar is 'waiting in line'. Unless there is a line
painted and you are standing 'on' it you are not on a line you are in
So there.
One is reminded of the futility of prescriptive grammar attempts, but
one must try. You may recall Nero Wolfe tearing the pages of the New
Webster's and feeding them to the fire, abhorrent as book burning was
to him. I fear another battle is lost.
Although I do not use lipstick personally, I approve of it, and your
daily blog.
Thank you for an always charming and beautiful view of what for me was
once, too briefly, home, Paris.
Have you recently tried to post on iPad or Blogger?Delete
I think not...
Loaded with frustration
iPad replaces words constantly with wrong words
It says clearly in the sidebar that I can't spell worth a damn and don't do accents
Please retread (perfect example of Apple replacing the typed word 'reread')
"Frankly my dear I don't give a damn"
Damian: One should get out more. That way, one would be less parochial and less pompous and not mistake one's own small opinions as a larger truth. "On line" has been New York vernacular since looooooong before the internet -- you know what "vernacular" means, right? It's that thing that made all those French verbs irregular from daily usage, and stuff.Delete
On the other hand, maybe you were drunk when you posted your comment, and some people tend to become windbags when they are in the bag...in which case, one should look into getting a breathalyzer for one's computer keyboard to save one from one's own douchebaggery.
You continue to brighten my day. Take a looks here: http://www.amazon.com/gp/product/B004T36L0W/ref=oh_details_o00_s00_i00?ie=UTF8&psc=1ReplyDeleteReplies
U R brill DDDelete
You have been reading Aimee too...
Oh my Gosh..my android does the same thing:-)ReplyDelete
When I used to type Nite Nite to a friend..it wrote ...note note..
I had to save the word....
Like ..Nite Di..it would write note Do.
Tchin..as in I toast you..was Thin..
I crack people up:-)
And sometimes..well I just type wrong like above..
- Anonymous3:27 AM
Hi CarolReplyDelete
I just had to let you know the fizzy Mango lip gloss is still available to buy in the UK. John Lewis still have 3 on their website. Maybe if you got a chance to hop over the channel you could get it? It is a fab colour and all the beauty blogs rave about the gold sparkles. Btw I love reading your blog and all the photos of the delightful patisseries! I don't often get to leave a comment due to clicking through on my ipod. Bon Chance x Hoi-Tse aka teawithonesugarplease.blogspot.com
I first discovered Ines de la fressange on PB, maybe over a year ago. I wonder if she knows that you are a dedicated publicist for her? I do admire her beauty, long legs, hair etc., But without her her charm she wouldn't be as lovely....in her video diaries she is so alive & playful! Qualities that one can have even without being born with long legs! As far as not knowing what to do in Paris, WOW. ... wandering & serendipity combined with research, yes. I like Internet & bood guides before trips tto.. Glad you're continuing to have great fun!ReplyDelete
oops...meant to say "book" guides "too"...ReplyDelete
Wow - I won't recognise you next time, or will I, Carol? Great looking lunettes and gosh, yes, that lipstick... funny names? Got my daughter some nail polish in Paris and it was called 'Glasgow'! You read horoscopes? I admire your willpower with your early-morning swims. Chapeau!ReplyDeleteReplies
The early-morning willpower soon dissolves into total weakness by gouter/official snack time.Delete
Not to worry!
Like the glasses! Tres chic. That's actually the shape I prefer in all glasses--classic. I totally approve of heading out and exploring anew each time--well said, Carol.ReplyDelete
- Anonymous10:05 AM
Love the idea of free newspapers as a top source for activity info. My daughter worked with one in Manhattan for years, and it was a treasure chest of info.ReplyDelete
I agree?Delete
I think the free newspapers have to try harder to keep up.
Detective Leduc is impressed, Carol! Waou...you might soon qualify for undercover surveillance..like those Monop pink bensimons x CaraReplyDelete
This is such a fun post, Carol! And I love, love, love that pink bag of hers...but not the price! I think your sleuthing is rubbing off on us PBers because I searched for the frizzy mango, too. Nordstrom carries it "on line"...;)ReplyDelete
BTW, I love Vivian's response to that dufus. Well done, both of you! x KatieReplies
Oh thankDelete
you thank you on all counts Katie
Too kind
Vivian is my hero charging into battle on my behalf (or is it behest?)
I loved your advice on serendipity, Carol. Don't panic if your plane arrives early in Paris and you face an unscheduled morning or day. Make a beeline for a café, order a steaming café au lait and a croissant, sit back, read the newspaper and watch the people. Paris is all about the art of taking your time, hanging out, letting things happen without making them happen. It's what makes the joie de vivre.ReplyDelete
Harriet Welty Rochefort, author of (what else?!) "Joie de Vivre"
- cyndi from SD11:33 AM
I am in total agreement with Harriet.Carol,your advice about serendipity is perfect.During my two week stay in Paris ( with some side trips),my friend and I had a couple of things booked.Other than that,we went where the blossoms blew.With the help of a wonderful book of historical walking tours we now have a new perspective and understanding of the very Paris streets that we had sauntered down many times.We had time this year to really delve into this beautiful city.But,there is always more to discover.ReplyDelete
One highlight was a reading of "Our Lady of Perpetual Donuts" at Shakespeare&Company (4/11).It also included wine.There is now a French version of the play in Paris right now.
PS I think that all the beautiful young men and women must live in Paris.It is a feast for the eyes.
I did keep half an eye out for a "Carol" sighting.That would have been fun. a bientot
I LOVE yr comment Cyndy!Delete
I wish we had met up...
Any hints as to that book of historical walks not that there arent 1,000 out there already...
Love too Our lady of Perpetual Donuts!
Great title...must get on their mailing list! Toute de suite.
- cyndi from SD3:02 PM
Bonjour Carol,Delete
My friend has the book,I'll get that title for you.
By the way,I brought Peeps with me (wasn't sure if you actually missed Peeps,or you were just commenting on the lack of Peeps in Paris).
I gave them to the American "kids" at the Fat Tire Bicycle Store.They were thrilled.
I should be back to Paris next year,and maybe I will see you,now in your black glasses.
Have a wonderful evening.I miss Paris already. Cyndi
So, you have Stylist also in France? Who knew??ReplyDelete
Happy weekend dear Carol!Replies
Stylist is a brand new freebie at the MetroDelete
Nicely designed and I think it's fun
This post has so much Parisian chic, I love those spectacles!ReplyDelete


text:
DOVER — Late Thursday morning, a Strafford County Superior courtroom took a brief recess while New Durham resident Christina Thomas requested a change of attorney in her ongoing alleged child abuse case.
Thomas, 33, of 214 Birch Hill Road, is facing a first-degree assault charge alleging she failed to provide proper nutrition to a child of a friend under her care. The child is now 9 years old and is alleged to have been starved and abused by Thomas, and her mother Peggy Starr, 53, when the child and his mother lived at Thomas' New Durham residence between August 2006 and April 2010. Thomas is out on personal recognizance bail along with her mother, who is set to start trial later this spring for her charge of second degree assault against the young boy.
On the third day of the trial, Thomas told Judge John M. Lewis she believed her defense attorney, Steven Keable, does not have a "positive attitude" in the case.
"A lot of it is I don't have an attorney with a positive attitude. I don't stand a chance," Thomas said. "He doesn't have a positive attitude."
Lewis argued if Thomas makes a transition at this stage, she would possibly have to give up her right to an attorney and represent herself. He asked her about her schooling - some college education, Thomas said - and encouraged her he believes Keable is doing a "fair job." He said attorney's are "not supposed to be (defendants') friend (s)."
"What I'm seeing is a professional attorney arguing the case quite vigorously and that's 's what the jury is seeing and you're sitting there, under a lot of stress," Lewis said, "but you need to understand that you're not going to be helping yourself in my judgement very much by what you're trying to do here."
The jury had yet to be seated as the defense deliberated. Lewis also said he is not willing to continue the case and urged Thomas to have a "heart to heart" with Keable during the recess.
After after an approximately 30-minute long recess, Thomas said she would like to stay with her attorney, Keable. Judge Lewis told her she may request a recess at any time in the trial deliberations to further consult with her attorney in the future.
With a television news outlet present for the court event today, Deputy Strafford County Attorney Alysia Cassotis requested the media not be allowed to film her current witness, Crystal Dufault, 31, who stayed at Thomas' home for four to five months starting in 2008. She began her testimony about "chaotic" living conditions in Thomas' house on Wednesday and is set to continue today.
Cassotis said Dufault suffered severe child abuse and testifying has been traumatic for her. Lewis did not uphold her request, with opposition from Keable.
A law class from Prospect Mountain High School also sat in court to learn from the court proceedings, a teacher aid, along with several family members and friends of both the defendant and alleged victims. Starr sat in the third pew back, whom Thoma has been turning around to smile at during much of the trial.
By Liz Markhlevskaya
NEW DURHAM — A woman who temporarily lived at the home where a child was allegedly starved and abused said she had nightmares from the young boy repeatedly screaming, "I hungry, I hungry" while locked in a dog kennel in the basement.
Wednesday was the second day of trial for Christina Thomas, 33, of 214 Birch Hill Road, who is facing a first-degree assault charge alleging she failed to provide proper nutrition to a child under her care. The alleged starvation and abuse occurred at her New Durham home between August 2006 and April 2010.
The child, now 9 years old, is currently in an open adoptive relationship with his biological mother and new family.
At Strafford County Superior Court on Wednesday, the child's mother, whose identify is not being revealed by Foster's, testified about her own abuse she suffered while living with Thomas.
Crystal Dufault, 31, who stayed at Thomas' home for four to five months starting in 2008, described the living conditions as "very chaotic, out of control, and scary."
Dufault got emotional when asked about the alleged victim, who, according to his mother's testimony, weighed 23 pounds at the age of 6.
During her months-long stay at Thomas' home, Dufault said she only saw the boy eat a couple pieces of toast. In her testimony, she recalled going to the basement one day to do laundry and hearing a whimpering sound. She then saw the boy in a locked dog kennel, yelling "I hungry" repeatedly, she said.
"I had nightmares about it," said Dufault.
When she took him out of the kennel and brought him upstairs, Thomas yelled at her and put the boy back in the kennel, according to Dufault's testimony.
After that incident, Dufault testified she saw the boy in the dog kennel several times. When asked by Deputy County Attorney Alysia Cassotis who fed the boy, Dufault answered, "nobody," and that at the time, she was under impression the boy had a digestive problem or another health issue that was being taken care of by doctors.
"I didn't know that he was being starved," she said.
During her testimony, Dufault said she witnessed Thomas' mother, Peggy Starr, 55, repeatedly beating the boy with a spatula, which ended up breaking, after the boy was complaining of hunger. According to the boy's mother, the child has a scar on his leg because of that episode.
Dufault said that during that time, Thomas was standing nearby, saying, "If you didn't act like a little puke all the time, maybe you could go upstairs and have some toast with mommy."
In another instance, Thomas allegedly made the young boy eat his own vomit, and had her five children stand around him and "pick on him," calling him offensive nicknames, because of his vomiting.
The mother of the alleged victim, who testified to having a personality disorder and a type of depression, said, "All the time I wish I had done things differently."
While she lived at Thomas' home during the time the alleged abuse was taking place, the boy's mother said she herself participated in the abuse when told to do so by Thomas and Starr.
If she didn't inflict punishment on her young son, she would be beaten, she testified.
"It just became about survival. I found out it was much easier to do what I was told, or at least try to do what I was told," said the boy's mother.
The boy's mother said she, Thomas, and Starr would at times use a dog leash to chain the young boy to the top of his bunk bed, tying one end to the bed post and another to his ankle, as punishment. As another form of punishment, the boy was kept in the dog kennel.
At times, the boy would soil himself while in the kennel, and to clean him off, Starr one time placed the boy naked in a brook during wintertime. Another time she made him sit naked on a snowbank as a way to clean him off, the boy's mother testified.
She said chaining her son to the bed or placing him in a kennel was a type of punishment given when he didn't do what he was told or was complaining about hunger. She said the boy talked "all the time" about hunger and wanting food.
"If he cried about being hungry, then no, he didn't get fed," said the boy's mother. She also said at times her son would go "a couple days without eating" as punishment.
The boy's mother said as a result of the alleged ongoing abuse, she herself was charged with failure to protect, and was put on a child abuse registry for seven years.
Speaking about her own participation in the alleged abuse of the boy, she said, "I feel like a terrible mom, and it's something I'll have to live with for the rest of my life."
In his cross-examination of the mother, Thomas' defense attorney Steve Keable, questioned why she and her son stayed at Thomas' home if their experience there was that horrific.
The woman said she was convinced she would be sent to a mental institution if she left Thomas' home, and that her son would be put in foster care. She said she was hoping to become a better person and to please Thomas, so that the abuse would stop. She also said that at the time, she thought her son living with Thomas and Starr would be a better option for him than foster care.
"I knew it was wrong what was done, I just didn't have a course of action," said the boy's mother. "I was afraid of going into a mental institution."
Dufault said the relationship between the child's mother and Thomas felt like something out of a movie.
"(The child's mother) wasn't human, she wasn't allowed to have emotions, she wasn't allowed to have opinions," said Dufault.
She confirmed the boys' mother's testimony in saying that Thomas only allowed the boy's mother to eat after she climbed stairs for exercise.
During their testimonies, both Dufault and the boy's mother said all the cupboards, the refrigerator, and the freezer were locked to prevent the boy's mother from getting to the food.
"I would eat constantly because I was hungry," said the boy's mother.
Dufault said she first met Thomas in a bar in 2008, and a few days later, Thomas offered her to stay at her New Durham home.
"She was the first person in my life that made me feel like I belonged," said Dufault. "(Thomas) was my knight in shining armor ... She would pick people up and help them fix their problems."
Dufault said she feels like she's betraying Thomas by testifying against her, and that "I feel like I owe it to her to lie," but she also said it's important that her testimony is presented at trial, for the alleged victim's sake.
The young boy's mother said after her son went to foster care, she was surprised to see him gaining weight.
"He seemed like he was doing awesome," she said. "I noticed they were feeding him everything that we weren't."
The trial for Thomas, which is expected to last for two to three weeks, continues today.
During opening remarks on Tuesday, the first day of Thomas' trial, the prosecution stated many adults living in the house will testify that they saw these horrendous acts carried out at Thomas' home, while Keable stated the people who will testify are those who have "an ax to grind" against Thomas.
Thomas is currently free on $10,000 personal recognizance bail.
Starr, of 265 Kings Highway, was also charged in connection to the case, and has a final pretrial conference scheduled for April. She is currently free on $20,000 personal recognizance bail.
As part of their bail conditions, Starr and Thomas are prohibited from having contact with the alleged victims or with children under the age of 16.


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Play "Bob" by NOFX on any electric guitar. Bass included. This song includes a new Authentic Tone. NOTE: Rocksmith® 2014 game disc is required for play. Music credits available at www.rocksmith.com. Music Downloads Not Rated by the ESRB.
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Best Drug Rehab In Florida
After your drug detox, comes rehab. In Drug rehab you will learn how to cope, deal and thrive in a supportive environment that will equip you to succeed when you return to your NEW LIFE. Many people hear that so and so, "went to rehab". When in fact someone going to rehab, has to really detox first.
At Detox of South Florida our team of medical experts are here to help you get equipped to live a sober life.
What Do I Do All Day in Drug Rehab?
You are here to get well. We encourage you to go to bed early, to sync your body up with its natural sleep cycle.
A large part of the rehab process is learning to replace those old habits with new healthy habits. These new healthy habits are designed to become routine in post-discharge life.
- Often a group session after breakfast which is led by a counselor or therapist. The session will focus on topics related to the treatment process, the 12-step program, your addiction and recovering. We will focus on what got you to where you were, and learning your triggers and how to avoid them.
By having a solid structure to your day, you will learn how to develop new healthy habits. Often what most of us need in recovery is a new healthy set of habits, otherwise it is far too easy to simply fall back into what is easy and what we know.
Afternoons: Therapy
Now that you have woken up, we typically begin our intensive therapy.
Group treatment. Involvement in group sessions offers a certain friendship, as all participants have experienced the struggles of addiction. It can be extremely beneficial to the individuals to share their individual stories with one another to permit psychological recovery. The group members typically establish a sense of fellowship throughout the weeks in rehab, and as trust grows they become more open in their sessions.
Private behavioral therapy. Cognitive Behavior modification (CBT) is one of the most effective methods used in addiction treatment centers. CBT focuses on your behavioral actions to specific triggers. As soon as those are determined, the therapist will assist you towards brand-new, much healthier responses to those triggers. The one-on-one therapy sessions supply a safe environment for you to do not hesitate to open and share your worries and issues, enabling the therapist to provide tools and alternative behavioral reactions to these sources of anxiety.
Specialized Sessions. Some treatment centers provide specialized therapy sessions. These could be tailored for anger management, tension management or sorrow counseling, offering coping strategies to assist enhance your capability to manage problems in a controlled way instead of feeling the have to utilize Drug.
Household treatment. Family support can be a crucial treatment element, which is why most Detox of South Florida includes it in their programs. Dependency impacts the entire family, frequently culminating in devastating codependency, allowing habits or intense anger and animosity. During the household therapy sessions, lots of concerns are resolved and feelings are dealt with. Intrinsic to the long-lasting success of any substance abuse treatment program, household involvement aspects greatly in future support for the addicted person after they are discharged.
In addition to therapy, rehabilitation may likewise host speakers who share their own stories, offering homeowners a sense of hope about their own future. Sometimes the speakers explore practical concerns like restoring careers post-treatment, or simply use inspiring speeches to assist raise spirits.
Some Drug and Drugtreatment centers have numerous supplemental treatments available, using more of a range of alternatives.
Alternative treatment kinds might consist of:
Art or music therapy
Dance treatment
Exercise programs
There are usually a few hours of downtime readily available in the afternoon to be used however the resident picks.
Some individuals decide to spend downtime reading or journaling and others might utilize the time for prayer or meditation.
After supper, there may be another brief group session. Generally, a 12-step program is offered at nights, which is highly suggested. The conferences offer a safe, considerate and confidential environment where fellowship can be cultivated– which functions as an intrinsic aspect for long-term sobriety.
Bedtime is encouraged to be at a reasonable hour, as healthy routines are being cultivated during the inpatient program. By getting enough sleep, customers are more alert and have more energy to experience peak participation in everyday treatment.
Enter into Rehab Now.
Now that you know what to expect for a common day in Drug rehab, it's time to find the perfect place to begin your treatment. Speak to a treatment expert and let us help you find the right treatment center for you.
Drug Treatment Program In
Detoxification is always the first step
What characteristics should I look for in a good detox Florida center?
Research studies on addiction treatment have shown that some Drug and substance addiction treatment and follow-up procedures are more successful than others. At Detox of South Florida, we emphasize on using the best approaches in Drug or Drug detox in .
What type of addiction treatment do you provide?
Our goal is to ensure that all our patients regain their physical and mental states of health. Our treatment is therefore tailored to address each patient's unique conditions. The treatment involves a combination of detoxification procedures such as opiate detox, alcohol detox, and heroin detox, just to mention a few, with other intervention procedures such as group and individual therapy, relapse prevention education, after-care planning, and in-house completion programs aimed at ensuring long-term sobriety and prevention of relapses.
How long do the addiction treatment and rehabilitation take?
Every patient has his or her unique type and level of addiction which is why the treatment period will normally vary from one individual to another. While some patients go through a 30-day rehab program, others will require a 60-day or 90-day program to recover from alcohol or drug addiction. The time it takes to recover will depend on the assessment report provided by the assigned medical professional who evaluates your case.
What happens in the case of a relapse?
As the best rehab in Florida, we believe a relapse should not be viewed as a failure but rather as a sign to help you get back on track by making necessary adjustments to your treatment.
How much does the overall addiction treatment and rehabilitation cost?
Our rates generally depend on the services provided. The overall cost will be determined by factors such as professional treatment fees, facilities, food, and utilities.
Do you allow visitations?
Unlike other addiction treatment centers across the country, at Detox of South Florida, we take your treatment and recovery process very seriously. Your treatment against addiction is a comprehensive process that may be affected by unwarranted interruptions. All visitations must, therefore, be approved well in advance by the treating therapist. We do this to ensure that your safety, focus on recovery, and stability are maintained at all times. The only visitors allowed are significant members of your family and close friends.


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In the fourth of a nine-part series on the 2013 UA Sports Hall of Honor class, ArkansasRazorbacks.com takes a look back at the career of former basketball star Charles Balentine.
Charles Balentine was a four-year letter winner for the Razorbacks between 1982-85, he scored 817 career points and earned 397 rebounds. He averaged 7.9 points and 3.8 rebounds in his 104 games at Arkansas. Balentine was a first-team all-district selection in 1985 after averaging 12.7 points 5.6 rebounds per game. He also led the Razorbacks in steals that season. The 6-6 forward hit 58.3 percent of his shots for his career, but none were more important than the one he hit against undefeated and No. 1 ranked North Carolina on Dec. 12, 1984 in Pine Bluff, Ark. In a game that featured future NBA stars Michael Jordan, Sam Perkins and Brad Daugherty, it was Balentine's baseline jumper in the final seconds that gave the Razorbacks the win and their first victory over a No. 1 ranked team in school history. Balentine helped Arkansas win the SWC regular season and tournament titles in 1982. During his career, he helped the Razorbacks advance to four NCAA Tournaments. Upon the completion of his Arkansas career, Balentine was a sixth round selection, No. 120 overall, of the Sacramento Kings in the 1985 National Basketball Association Draft.The 2013 class will be inducted during the Hall of Honor weekend, Aug. 30-31. Hall of Honor weekend includes a golf tournament at the Fayetteville Country Club and an induction banquet at the Holiday Inn Convention Center in Springdale. Inductees will also be recognized during half-time Arkansas' season opening football game against Louisiana at Donald W. Reynolds Razorback Stadium. Tables and individual tickets to the induction banquet and the Hall of Honor golf tournament may be purchased from the Razorback Foundation. Sponsorships are also available for the banquet and golf outing. For more information, call the Razorback Foundation at 479-443-9000 or visit RazorbackFoundation.com.


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The point at which the thought of another relationship, or another hobby, leaves one feeling more exhausted than excited.
I've reached the polysaturation point! I have a job, two boyfriends, and a photography hobby, and the idea of one more thing to do makes me tired just thinking about it!
by Joreth April 08, 2010
buy the domain for your art vlog


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SACRAMENTO — Citrus growers lost about $441 million in revenue because of the early December freeze in California's Central Valley, as about 30 percent of navel oranges and 40 percent of remaining mandarins were destroyed, an industry group estimates.
Lemons fared slightly better, as only 20 percent of that crop was destroyed, the Exeter-based California Citrus Mutual reported Feb. 3 after extensively examining orchards throughout the valley.
The state's citrus industry has spent $49 million using wind machines and irrigation equipment to protect the valley's $1.5 billion crop from frigid overnight temperatures that lingered Dec. 3-11 and returned on several nights since then.
"It's shaping up to be a challenging year for growers, who are coming off the freeze and going into a drought year," said Bob Blakely, CCM's director of industry relations. "In some ways it's uncharted territory."
Blakely said about 90 percent of growers have purchased crop insurance which will cover the costs of continuing to farm, but "that doesn't leave any room for extras," he said. And in areas where water is available, it may become more expensive, he said.
Effects from the freeze were uneven, with some varieties and some areas being hit harder than others, Citrus Mutual officials have said. Kern County, for instance, has seen a greater degree of damage because of the timing of the freeze and the amount of fruit that was still on trees.
Mandarins were wiped out in some parts of Kern and Madera counties, while other areas saw damage as great as 50 percent, Citrus Mutual chairman Kevin Severns explained in a news release.
"Among the (growers) who were completely frozen out, some of those have already taken the fruit off and sent it to the juice plant," Blakely said.
About 20 percent of the mandarin crop had been picked before the freeze hit. Among the remaining mandarins, the equivalent of 4.7 million 40-pound cartons were lost, meaning $150 million in lost revenue, CCM reported.
In addition, the equivalent of 22 million cartons of navel oranges were destroyed, causing $260 million in lost revenue, and 1 million cartons of lemons were lost, equating to a $24 million loss, according to Citrus Mutual.
Prices for oranges in the supermarket may increase slightly, but the industry is wary of raising prices to the point that consumers turn to offshore citrus or other types of fruit, CCM president Joel Nelsen said in the release. The freeze will likely shorten the harvest season, which could end in mid-May rather than early summer, industry officials have said.
California Citrus Mutual: http://www.cacitrusmutual.com


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KLM Takes Care
Taking care of people and planet
KLM feels it is important to take responsibility, being one of the bigger players in the aviation industry.
To contribute to a better world we are actively involved in many initiatives. As a result of our continuous efforts, together with Air France, we have proudly topped the Dow Jones Sustainability Index in our sector for several years now.
Find out all about KLM Takes Care (in English only)
KLM Takes Care logo
When travelling with us, you can recognise our involvement by the KLM Takes Care logo. You will soon find it for example on our tea and coffee cups on board, which are 100% biodegradable!
Our efforts
We believe that taking action now and investing in the future are equally important. That is why we are involved in many different projects. For example, we:
- Are making major progress in the development and use of sustainable biofuels . That's why we have joined forces with the World Wide Fund for Nature (WWF), and others.
- Are working on sustainable solutions for reducing CO2 emissions .
- Serve sustainably produced foods on board where possible, such as products carrying the UTZ mark for sustainable coffee or the MSC organisation quality mark for sustainable fish .
- Support social projects such as Close the Gap and Wings of Support, and is KLM Health Services working with the VU University Medical Centre in a Doctor2Doctor-programme, to contribute to medical care in Kenya.
- Continue talking to residents of the Schiphol area , for example about limiting noise pollution.
Fly CO2 neutral!
When travelling, you can reduce your footprint in the sky. Simply compensate the CO2 emissions of your flights online, when booking or via My Trip. Your contribution to our CO2ZERO programme is directly and fully invested in various sustainable energy projects.
View the CO2 compensation for your flight


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Exclusive | It will be a challenge for me to perform in Australia: Kuldeeep Yadav
Ravi Shastri not a 'yes man', only guy with an honest opinion: Virat Kohli
Exclusive | Sehwag believes Kohli and Co. can fulfil his and Tendulkar's dream in Australia
Rohit Sharma rested for India A opener in New Zealand, will fly directly to Australia
Kurukshetra | Nov 16, 2018: People of India, not Nehru, made a 'chaiwala' Prime Minister, says PM Modi
Kurukshetra | Nov 14, 2018 | Shashi Tharoor's 'Chaiwala' remark at PM Modi triggers controversy
Watch BJP, Congress and SP debate on Rafale deal, on India TV's special show Kurukshetra
Will PM Modi's flagship programmes in Varanasi will lay BJP's foundation for 2019 LS Polls?
Today's Horoscope, Daily Astrology, Zodiac Sign for Saturday, November 17, 2018
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Yogi Adityanath on IndiaTV: 'BJP will form govt in Karnataka; Modi will return as PM in 2019'
Women's Day Spl : BSF women commandos all set to protect country at border
EXCLUSIVE: Rahul is visting temples, should clarify stand on Ram temple, says Fadnavis
Chunavi Chaupal: Are saints unhappy with Madhya Pradesh CM Shivraj Chouhan?
No more chopping and changing till 2019 World Cup: Ravi Shastri
Jain monk accused of kidnapping girl, CCTV footage goes viral
Trishool: Reality Check of Major News Of The Day | July 25, 2018
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