Slow Debt, Deep Recessions

Business credit lags GDP growth by about one year. This contributes to high leverage during recessions and slow deleveraging. We show that a model in which firms use risky long-term debt replicates this slow adjustment of firm debt. In the model, slow-moving debt has important effects for real activity. High levels of firm debt issued during expansions are only gradually reduced during recessions. This generates an adverse feedback loop between high default rates and low investment and thereby amplifies the downturn. Sluggish deleveraging slows down the recovery. (JEL E23, E32, E44, G31, G32)

LEITURA E PRÁTICA PEDAGÓGICA NO ENSINO MÉDIO INTEGRADO: ENTRE A ATIVIDADE REAL E O REAL DA ATIVIDADE / Reading and pedagogical practice in Integrated High School: between real activity and real of the activity

Neste artigo, buscamos compreender, através dos sentidos e significados atribuídos por professores de disciplinas técnicas do Ensino Médio Integrado, as práticas pedagógicas de leitura realizadas e suas implicações no processo ensino-aprendizagem. Para isso, discutimos o Ensino Médio Integrado, a interdisciplinaridade e a leitura de estudo. Adotamos como referencial teórico a Psicologia Sócio-Histórica de Vygotsky (1991; 2000), a Clínica da Atividade de Yves Clot (2006; 2010), a Leitura na perspectiva de Vieira (2007) e de Leffa (1996) e a interdisciplinaridade na perspectiva de Fazenda e Godoy (2014). Durante a pesquisa, filmamos aulas de três docentes de disciplinas técnicas de um Campus do Instituto Federal de Alagoas e discutimos suas práticas em entrevistas de autoconfrontação. Para a análise dos dados, consideramos algumas categorias: dimensão subjetiva, sentidos e significados, real da atividade e a atividade real, gênero e estilo. Os dados mostraram que a leitura é definida como alicerce para o ensino, mas não é trabalhada de modo efetivo pelos docentes. Os resultados também possibilitaram o reconhecimento da leitura como facilitadora da aprendizagem das disciplinas técnicas e demostraram que há uma distância entre o social e o individual na atividade pedagógica. Pudemos concluir que os docentes atribuem à leitura um papel de alicerce do Ensino Médio Integrado, mas enfrentam obstáculos para que esse papel se concretize em sua prática.

FX Media(Campus Social Media)

In recent years, social networking system has become one of the most popular Internet applications and has a large number of users. Although the public social networking systems have meet the interpersonal communication demand of people, there is inadequate support for the closely combination of user’s learning, working and cultural life on campus with their real activity. Therefore, the paper design and realized a new campus social networking system for users, which is tightly integrated with the reality environment of campus and users’ real activity. It will not only achieve the basic communication function but also provide a unified platform for the teaching, researching, management and many other aspects of cultural life to teachers and students in campus. It is also an effective support for the information construction of university.

A Nation’s Holy Land: Kazakhstan’s Large-Scale National Project to Map Its Sacred Geography

This article focuses on the project Sacred Geography of Kazakhstan, launched in 2017 in Kazakhstan as part of the nationwide program Ruqani Zhangyru (Modernization of Spirituality). The officially stated goal of the project is to cultivate a sense of patriotism in the country’s residents related to places and geographic sites that are important for the historical memory of independent Kazakhstan. The authors assume that the real goal of the project is national territorialization, or recoding of the semantics of space, by selecting, codifying, and articulating some symbols and practices, while leveling and “forgetting” others. The analysis, which is based on expert interviews and official documents, shows that this postcolonial process fits into the tendency toward ethnonationalization of Kazakhstan, in which discourse on the civil nation continues to be reproduced at the official level, while real activity is more focused on reinforcing the idea of Kazakhstan as the state of the Kazakh nation. The institutionalization of organizing and recoding the sacred landscape involves a wide variety of groups and actors. These factors may explain the success of the project in comparison to other projects being implemented under the Ruqani Zhangyru program.

Option informativeness before earnings announcements and under real activity manipulation

Purpose This paper aims to investigate whether single-name options trading prior to earnings announcements is more informative when there exist real activity manipulations. Design/methodology/approach Using 5,419 earnings announcements during 2004–2018 made by 208 public US companies with relatively high options volumes ranked by the CBOE, the authors uncover two regularities using predictive regressions for stock return. Findings First, the total options volume up to twenty days pre-announcement is significantly higher than that in other periods only for earnings management firms; moreover, after detailing options characteristics, the authors find these intensive pre-announcement trading to be concentrated in transactions of in-the-money call and long-term maturity put options. Second, an increase in the single-name call minus put options volume can positively predict the underlying stock’s next-day excess return much better in real earnings management firms, with a larger magnitude of effect in periods right before regular earnings announcement dates. Originality/value This paper makes a marginal and novel contribution by showing that real earnings management can serve as a proxy for the potential profit from informed trading in options as the return predictability of options volume becomes stronger for firms that have the manipulation motive and indeed perform manipulative actions.

Issuance of a certificate of the right to publish notary activities: regulatory aspect

The article deals with problem of scientific and practical research of the grounds for obtaining / refusing to obtain a certificate of the right to engage in notarial activities. The article constructs a descriptive and analytical description of the key procedures for obtaining / refusing to obtain a certificate of the right to engage in notarial activities. The analysis of the current Ukrainian legislation in the field of notaries proves that this document confirms only the possibility (right) to engage in notarial activities. As a result of the study, it has been concluded that obtaining a certificate of the right to engage in notarial activities allows you to acquire the position of notary or obtain a registration certificate of registration of private notarial activities. This makes it possible to talk about the professional capacity and professional capacity of the notary. Professional capacity of a notary (right / opportunity to work as a notary) arises from the moment of obtaining a certificate of the right to engage in notarial activities, while professional capacity arises from the moment of obtaining a position by order (for public notaries) or registration certificate (for private notaries). Real activity for public and private notaries is spread from the moment of receiving the relevant positions in state notary offices and the registration meeting of registration of private notarial activity. Some procedural nuances are the results of the research and make up the analysis of the subjects in this article.