This thesis is a study of the Troubled Asset Relief Plan, referred to as TARP, and its effectiveness, proper allocation of resources, and governance in response to the 2008 U.S. Recession. By examining the eight largest banking institutions that effectively provided the largest net gain of funds to the government and comparing those to the eight largest banking institutions with shares still listed on the market as of 2018 that provided the largest net loss of funds to the government, we attempt to draw conclusions upon the effectiveness and decision making of the TARP plan and how to best address future economic recessions. By comparing share price change and return that the government received over 10 years, from FY 2009 to FY 2018, of both the most profitable and least profitable banks back to the taxpayer, it is shown that the market reacts accordingly to these funds being allocated to select institutions and favors companies that can effectively return resources lent by the government and then some. The share prices for those banks that returned more than expected to the government universally outperformed both the financial sector and S&P 500 over the ten-year period following the subsidy of TARP funds. This pairing of both share price rise and successful return on investment to the taxpayer of the United States Federal Government during the turmoil following the stock market crash point towards not only the success of the TARP program but that its resources should have been allocated even stronger towards large banks.

Nuo XX a. dešimto dešimtmečio pradžios Lietuvoje mažėja gimstamumas ir ilgėja vidutinė tikėtina gyvenimo trukmė. Tai daro poveikį kartų balanso kaitai – jaunosios kartos atstovų mažėja, o vyresniosios – daugėja, tuo pačiu plinta trijų keturių kartų giminystės ryšiai (vaikai-tėvai-seneliai-proseneliai). Dėl šių permainų, dėl šeimos instituto fundamentalių pokyčių, (įvairių šeimyninio gyvenimo formų įsigalėjimo, pakartotinai kuriamų šeimų skaičiaus didėjimo, teritorinio mobilumo) bei taip pat dėl specifinės permainų laikotarpio socialinės ekonominės aplinkos, kyla grėsmė solidarumo tarp kartų užtikrinimui. Todėl socialiniai mainai tarp kartų šeimoje yra svarbūs abipusiam kartų bendradarbiavimui, dialogo bei tarpusavio pagalbos užtikrinimui, vengiant kartų susvetimėjimo pavojaus, kuris galėtų neigiamai paveikti visos visuomenės sutelktumą bei gebėjimą darniai funkcionuoti. Kuomet valstybė ir rinka neužtikrina paramos, socialiniai mainai tarp kartų šeimoje gali sumažinti gresiančias pasekmes Empirinio tyrimo tikslas – atskleisti socialinių mainų tarp kartų šeimoje ypatumus. Tyrimo objektas – 18-77 metų amžiaus Vilniaus miesto gyventojai. Informacijos rinkimo metodas – anketavimas, instrumentas – klausimynas. Naudota netikimybinė kvotinė Vilniaus miesto gyventojų atranka. Atrankos dydis – 360 respondentų. Šiuo tyrimu siekiama ne reprezentuoti Vilniaus miesto gyventojus, todėl didesnis dėmesys skiriamas bendrų tendencijų išryškinimui ir jų palyginimui, remiantis skirtingomis... [toliau žr. visą tekstą] / Problem. Since the beginning of the tenth decade of the 20th century, the birth rate has been decreasing in Lithuania and the average believable life expectancy has become longer. This has an impact on the change in the balance of generations – the number representatives of younger generation is decreasing and of the older – increasing, at the same time family relationships of three – four generations (children – parents – grandparents – great grandparents) is spreading. Because of these changes, because of fundamental alterations of family institution (various well established forms of family life, increase in number of repeatedly made up families, territorial mobility), also because of the period of specific changes in socio-economic surroundings a threat to generational solidarity arises. Thus, social transfers between generations are important for mutual cooperation of generations, for ensuring the dialogue and reciprocal help, avoiding the alienation danger of generations, which could negatively effect the concentration of the whole society, as well as ability to function compatibly. Family support can reduce consequences of non existing support from the state and market The purpose of empiric research is to reveal the peculiarities of social intergenerational transfers. The object of research is 18-77 aged residents of Vilnius city. The method of gathering information is questioning, instrument – questionnaire. The undenominational inquiry sampling of Vilnius city... [to full text]

Darbe nagrinėjamos sveikareikšmės stipriai adityvios funkcijos, jų sekos bei pasiskirstymai. Pagrindinis rezultatas yra nustatyti, ar esant tam tikroms sąlygoms, atstumas tarp apibrėžtų skirstinių artėja į 0, kai x neaprėžtai auga. / Integer – valued strongly additive functions, their sequences and distributions are studied in this paper. The main result is to find out if having some conditions the distance between defined distributions vanishes while x tends to infinity.

Les récepteurs du glutamate de type AMPA (rAMPA) sont les récepteurs ionotroniques responsables de la majeure partie des courants excitateurs rapides lors de la transmission synaptique dans le système nerveux central. Le nombre de rAMPA stabilisés à la synapse est responsable en partie de l’intensité de la transmission synaptique et de nombreux phénomènes de plasticité synaptique. Les rAMPA se répartissent en trois populations en équilibre dynamique: les récepteurs intracellulaires, les récepteurs extra-synaptiques, et les récepteurs synaptiques stabilisés au niveau de la densité post-synaptique. L’implication des protéines transmembranaires régulatrices des rAMPA (TARP) dans la stabilisation des rAMPA est établie, et repose au moins en partie sur la liaison de la protéine TARP γ-2 avec la protéine d’échafaudage PSD-95. Dans l’hippocampe, siège de nombreux phénomènes de plasticité, l’isoforme γ-8 est particulièrement enrichie. La TARP γ-8 a pour particularité de posséder un domaine C-terminal plus long que son homologue γ-2 et de s’exprimer au niveau synaptique et extra-synaptique. Mon travail de thèse à consisté à étudier les mécanismes moléculaires mis en jeu dans la régulation de la liaison des protéines TARP γ-2 et γ-8 avec la protéine PSD-95, ainsi que l’implication respective des deux isoformes dans la régulation de la mobilité latérale des rAMPA. Les résultats majeurs de cette étude sont : a) l’interaction entre γ-2 et PSD-95 est régulée par la longueur apparent du domaine C-terminal de γ-2 modulée par la phosphorylation; b) γ-8 lie PSD-95 dans les compartiments synaptiques et extra-synaptiques, toutefois cette interaction n’est pas corrélée avec une immobilisation des rAMPA. Ces résultats suggèrent que γ-2 et γ-8 jouent des rôles bien distincts dans l’adressage des rAMPA à la synapse. / AMPA type glutamate receptors (AMPARs) are ionotropic receptors responsible for most excitatory transmission in the central nervous system. The number of stabilized AMPARs in front of glutamate release sites determines in large part the strength of synaptic transmission and variation in this number is thought to underlie numerous forms of synaptic plasticity. AMPARs are present in three main subcellular pools between which they are in a dynamic equilibrium by processes of trafficking: intracellular receptors, extrasynaptic receptors, and synaptic receptors stabilized at the postsynaptic density (PSD). Transmembrane AMPAR regulatory proteins (TARPs) are known to be implicated in AMPAR stabilization at the synapse through the interaction of TARP γ-2/8 with the scaffolding protein PSD-95. In the hippocampus, a structure exhibiting various synaptic plasticity patterns, γ-8 is the most abundant TARP. This isoform is characterized by a longer C-terminal fragment than γ-2 and a synaptic and extrasynaptic localization. During my Ph.D, I studied the molecular mechanisms involved in the regulation of TARP γ-2 and γ-8 binding to PSD-95 and their respective roles in regulating AMPAR lateral mobility. The main results are: a) γ-2 interaction with PSD-95 is regulated by the apparent length of its C-terminus domain that is modulated by phosphorylation; b) γ-8 binds PSD-95 in synaptic and extrasynaptic compartment however this interaction is not correlated with AMPAR immobilization. Altogether, those results suggest that those two TARP isoforms have independent functional roles.

The 2008 subprime mortgage crisis is characterized by an increase in subprime lending and default on such mortgages. A combination of factors, such as risk excessive risk taken on by financial institutions, poorly implemented government housing policies and biased regulation are perceived to have caused the crisis. In response to the crisis, Congress approved the largest bailout of the United States financial system in taxpayer history. Signed into law by President George W. Bush, the Troubled Asset Relief Program (TARP) authorized the federal government to spend hundreds of billions of dollars to purchase distressed assets, including mortgage-backed securities, and provide liquidity to banks. Comprehensive financial reform followed the bailout package in the form of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This paper examines how both pieces of legislation threaten the constitutional protection of economic liberties.

Shareholders can utilize internal and external governance mechanisms to minimize agency costs. Internal governance mechanisms purport to improve the alignment between shareholders' interests and those of management by empowering the board of directors, setting value-maximizing compensation packages, employing leverage, and using other internal policies. Extensive discussion on corporate governance and regulations has motivated financial experts to conduct research on governance mechanisms and their relations to firm value. This study is focused on one particular aspect of corporate governance, which is executive compensation. Specifically, this study investigates executive compensation restrictions during the regulatory period and their effect on the performance of firms that received Troubled Asset Relief Program (TARP) funds. TARP is a U.S. government program intended to restore the U.S. economy by purchasing assets and equities from troubled institutions. This study is important since it showcases the efficacy of government regulations to revamp unsound executive compensation and governance practices. It also contributes to the governance and regulatory literature by showing whether the public and shareholders benefit from the compensation rules. Using a clean sample of 84 public TARP firms that received at least $50 million from the government, with the period of analysis from 2003 to 2010, I find that firm performance is positively and significantly related to total compensation as well as to both of its components, i.e., equity-based pay and cash-based compensation. However, the magnitude of the relationship between cash compensation and firm performance is much lower than that for equity-based compensation. Testing the pay-for-performance sensitivity in three sub-periods of analysis, the findings show that the relationship between executive compensation and firm performance was significantly positive in the pre-crisis period. However, during the financial crisis and the regulatory periods, this relation was not statistically different from that during the pre-crisis period. During the crisis period, TARP firms did not make necessary adjustments to executive compensation despite the fact that they had been faced with financial difficulties. I also find that the change in firm value is negatively and significantly related to the change in total compensation for TARP firms that have paid back their debts to the government by December 11, 2009, but this relation is less negative than that for TARP firms that have not repaid the bailout money.

This dissertation focuses on the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP) and consists of a historical overview of TARP and three empirical studies of the CPP. In the first empirical analysis, presented in chapter 2, I use an event study approach to examine the impact of firm announcements of CPP approval on their stock price. I find that the average firm in my sample enjoyed a 1.31% abnormal return on their stock price in the trading days surrounding this news event. In a multivariate regression that examines cross-firm variation in abnormal returns, I find evidence that legislative action in February 2009 to increase the restrictions on executive compensation at CPP-funded firms may have played an important role in dulling market enthusiasm for a firm qualifying for CPP capital. In chapter 3, I propose a model of TARP funding with numerous financial, structure, economic and regulatory explanatory variables to determine which factors were most influential in directing CPP capital to specific firms in the banking system. I find a clear pattern that CPP capital flowed most prominently to both larger, systematically important firms and firms that, while not on the verge of failure, were experiencing greater financial stress. In chapter 4, I study whether CPP funding altered bank behavior. Modifying established models from the economic literature on bank lending, loss recognition and CEO pay, I investigate whether CPP recipients behaved differently than non-recipient firms in lending activities, acknowledging portfolio losses or altering CEO compensation. Controlling for firm condition, I find that CPP recipients were significantly less likely to lend, but significantly more likely to acknowledge losses and curb CEO pay. Collectively, these results suggest that the government's decision to inject capital into the banking system primarily led to greater transparency about the health of recipient financial institutions. / Economics

Šiais laikais atliekama daug tyrimų ultra aukšto dažnio duomenų srityje. Nagrinėjant duomenis jų pasirodymo metu, galima suprasti daugelį įvairių procesų, vykstančių prekyboje, bei geriau išnagrinėti rinkos mikrostruktūrą. Be to, ultra aukšto dažnio duomenys pasižymi daugeliu naujų ir unikalių savybių. Šis darbas yra skirtas laiko intervalų tarp sandorių dinamikai aprašyti. Analizei buvo paimti vienos akcijos, kuria prekiaujama Londono vertybinių popierių biržoje, duomenys. Pagrindinis šio darbo tikslas - sukurti modelį, tinkamą duomenų analizei ir prognozavimui. Iš pradžių buvo bandoma pritaikyti kai kuriuos klasikinius ACD tipo modelius. Atsižvelgus į jų trūkumus, buvo pasiūlytas sudėtingesnis modelis, leidžiantis skirtingą trukmių dinamiką, priklausomai nuo kainų pokyčių. Į modelio specifikaciją įtraukus netiesinę funkciją, modelis geriau aprašo sąryšius, kurie egzistuoja duomenyse, padidėja modelio lankstumas, todėl jis gerai tinka praktiniam panaudojimui. Teorinės modelio savybės, tokios kaip pusiausvyros egzistavimas, stacionarumas ir ergodiškumas, buvo išnagrinėtos konkrečiai modelio funkcinei formai, bet panaudoti metodai gali būti pritaikyti ir bendresnėms modelių klasėms. / Nowadays, many researches are made in ultra high frequency data series. Considering the data in time intervals as it arrives, helps to understand a variety of issues relating to trading process and market microstructure. The empirical analyses of such data present a number of new and unique statistical challenges. This work considers the dynamics of time intervals between transactions of one share in London Stock Exchange. The aim of this work is to make a statistically relevant model suitable for analysis of time intervals, and making the forecasts. First, some classical ACD-type models where tried to apply for a description of the data under consideration. After, a more sophisticated model using nonlinear functions was proposed in order to manage the problems arising in the classical models. More over, the model enables different dynamics of intervals between trades, depending on last price change. Comparing with the classical methods, the proposed model much better describes nonlinear dependence existing in the data. It enhances a goodness of fit, and is more applicable for practical use. Theoretical features such as an existence of equilibrium, stationarity and ergodicity where considered under specific functional form. But the idea can be extended for more general classes of models.

Tarptautinis Teisingumo Teismas (TTT) – tai pagrindinė Jungtinių Tautų Organizacijos teisminė institucija, nuolatinis teismas, kuris nagrinėja jam valstybių perduotus teisinius ginčus ir teikia Jungtinių Tautų institucijų bei kitų įgaliotų įstaigų prašymu konsultacines išvadas. Teismas gali nagrinėti ir spręsti ginčus tik tais atvejais, kai valstybės išreiškia sutikimą dėl jo jurisdikcijos. Toks sutikimas gali būti išreikštas tiesiogiai dėl tam tikro ginčo ar iš anksto tam tikroms ginčų rūšims; Tarptautinio Teisingumo Teismo Statutas taip pat nustato valstybių galimybę pripažinti Teismo privalomąją jurisdikciją vienašalėmis deklaracijomis su išlygomis ar be jų. Visos valstybės Jungtinių Tautų Organizacijos narės yra Tarptautinio Teisingumo Teismo Statuto dalyvės ir gali kreiptis į Teismą, tačiau tik nedidelis valstybių skaičius yra pripažinęs jo privalomąją jurisdikciją ir tai...Teisingumo Teismas taip pat turi teisę teikti konsultacines išvadas teisės klausimais, kai to prašo Jungtinių Tautų Saugumo Taryba ar Generalinė Asamblėja; konsultacinių išvadų taip pat gali prašyti ir kitos Jungtinių Tautų institucijos bei įstaigos, kai jos turi Generalinės Asamblėjos joms suteiktus įgaliojimus. Teismo pateiktos konsultacinės išvados – tai autoritetinga Teismo nuomonė dėl tarptautinės teisės principų taikymo konkrečioms situacijoms, dėl kurių kreipiamasi į Teismą, ir jos nėra privalomos. Tarptautinis Teisingumo Teismas padarė svarbų indėlį skatindamas taikius ginčų sureguliavimo... [toliau žr. visą tekstą] / The International Court of Justice (ICJ), the principal judicial organ of the United Nations, is a standing tribunal to which States may bring their disputes, and which is empowered to give advirsory opinions to United Nations organs and specialized agencies. No dispute can be the subject of a decision of the Court unless the States parties to it have consented to the Court‘s jurisdiction over that specific dispute, or over a class of disputes of which that dispute is one. The consent may be given either directly in respect of a specific dispute, or in advance in respect of a defined class or category of diputes; the Statute of the Court also provides for acceptance of a general compulsory jurisdiction by simple declaration, wich may however be subject to reservations. All members of the United Nations are automatically parties to the ICJ Statute and enjoy access to the Court, but its compulsory jurisdiction is accepted by only but a fairly small number of States, and for most part with reservations that limit effective jurisdiction to certain classes of dispute. The Court is further empowered to give advirsory opinions on legal questions at the request of the Security Council or the General Assembly; such opinions may also be requested by other organs and agencies autherized by the General Assembly. Advirsory opinions are not binding but are authoritative statements of the principles of international law applying to the speciffic situations on which the advice of the Court... [to full text]

Specialiųjų žinių taikymo formos sampratos teorija dar nesusiformavusi. Specialiųjų žinių taikymo forma laikysime procesinį specialiųjų žinių realizavimą kaip tam tikrą procesą, vykstantį nustatyta tvarka ir pasibaigiantį atitinkamu procesiniu aktu, kuris yra savarankiška įrodomosios informacijos rūšis, specialiąsias žinias suprantant kaip mokslo, technikos ar bet kurios kitos žmogiškosios veiklos srities žinias, įgytas išsilavinimo ir specialaus pasirengimo arba profesinės veiklos dėka, naudojamas gauti įrodomąją arba kitą informaciją, būtiną nusikalstamai veikai ištirti. Teisės normos, reguliuojančios specialiųjų žinių taikymą, gali būti suskirstytos į dvi grupes: 1) specialiąsias žinias tiesiogiai taikančių subjektų statusą baudžiamajame procese nustatančios; ir 2) patį specialiųjų žinių taikymo procesą reglamentuojančios normos. Specialiąsias žinias tiesiogiai taikančių subjektų procesinį statusą lemia subjektams keliami reikalavimai, funkcijos, teisės, pareigos, draudimai, atsakomybė jų nepriklausomumo garantijos. Specialiųjų žinių taikymo procesą apibūdina subjektų paskyrimui, pavesto tyrimo atlikimui, gautos išvados įforminimui keliami reikalavimai, be to, galimybė pasinaudoti pateiktomis išvadomis. Atsižvelgiant į šiuos aspektus ir analizuojamas specialiųjų žinių taikymo formų santykis. Darbe apžvelgta specialiųjų žinių taikymo formų reglamentavimas nuo 1918 m. / The theory of the conception of form of the application of special knowledge is not already formed. As the form of application of the special knowledge we will consider the procedural realization of special knowledge as a particular process, running by the determinate order and finishing by the correspondent procedural act, which is the independent kind of the evidentiary information, while considering the special knowledge as the knowledge of the sphere of science, technology and any other sphere of human activity, which was gained due to education and special preparation or career, and is used to get the evidentiary or any other information, which is necessary for the investigation of criminal act. The rules of law, regulating the application of special knowledge, can be grouped into two groups: 1) the rules, which set the status of the subjects directly applying the special knowledge in the penal procedure; and 2) the rules, which regulate the very process of the application of special knowledge. The procedural status of the subjects directly applying the special knowledge is determinated by the requirements, functions, rights, duties, prohibitions raised to the subjects, the responsibility of guarantee of their independence. The process of the application of special knowledge is determinated by the requirements raised to the appointment of the subjects, the performing of investigation, the execution of the got conclusion, furthermore, the opportunity to use the given... [to full text]