This document is a record of language skills, qualifications and experiences. It is part of a EuropeanLanguagePortfolio which consists of a Passport, a Language Biography and a Dossier containing materials which document and illustrate experiences and achievements. Language skills are defined in terms of levels of proficiency presented in the document “A Common European Framework of reference for languages: learning, teaching, assessment”. The scale is illustrated in this Language Passport (Self- assessment grid)
What are the advantages for teachers? For one thing, the ELP makes it easier to manage learners’ transition from one class to another. We never close, except for a few days at Christmas and New Year, because if you’re a refugee learning the language of the host community it doesn’t make sense to take time off. We divide the year into four terms of 12–13 weeks, and (as I explained earlier) learners are typically with us for between six and twelve months; so most of them move upwards, from one teacher to another, at least once. When they get to their second term and they are negotiating the term’s programme with a new teacher, they can use their ELP as a basis for working out what they need and want to learn. Also, we quickly found that the ELP helps teachers to share experience, discuss problems, and develop approaches; and newly recruited teachers find that the ELP helps them to understand and engage with our autonomy ethos. For example, one new teacher had to use the ELP on her first day with a new class; half of the students were new to IILT and the other half had used the ELP in their previous class. So she said to those who hadn’t seen it before, ‘Now, in this class we’re going to use something called the EuropeanLanguagePortfolio and these students have been using it, and they’re going to tell you how to do it.’ In that way she too found out a lot about the ELP. In general we can claim that the Milestone ELP has come to embody the principles of learner involvement, learner reflection and target language use.
Algunos de los materiales que has estudiado en este libro son de un nivel A2, porque cuando aprendemos una lengua es más fácil entender que producir frases en esta lengua. Tá roinnt den ábhar sa leabhar seo ag leibhél A2, mar, agus teanga á foghlaim againn, bíonn an gabhchumas ag leibheál níos airde ná an ginchumas. Some of the materials you have studied in this book belong to a A2 level, because when we learn a language it is easier to understand than to produce items in this language.
The EuropeanPortfolio for Student Teachers of Languages (EPOSTL) is a document intended for students undergoing their initial teacher education which encourages them to reflect on the didactic knowledge and skills necessary to teach languages, helps them to assess their own didactic competences and enables them to monitor their progress and to record their experiences of teaching during the course of their teacher education. It was developed for the European Centre for Modern Languages of the Council of Europe by a team of teacher educators from Armenia, Austria, Norway, Poland and UK, assisted by student teachers and teacher educators from all 33 member states of the ECML. Building on insights from the Common European Framework of Reference and the EuropeanLanguagePortfolio as well as the European Commission-financed project European Profile for Language Teacher Education – A Frame of Reference (Profile), it seeks to help prepare students for their future profession in a variety of teaching contexts. Further, the EPOSTL can facilitate discussion of aims and curricula between teacher educators working within different national or European contexts.
Thanks to the encouragement provided by factors such as globalization, international and inter- continental mobility, technology, trade and economy as well as scientific research and tourism, the significance of teaching and learning foreign languages has been recognized by all the stakeholders including learners, teachers, parents, educational administrators and policy makers (Sarıçoban, 2001). As a direct consequence of the ‘global village’ phenomenon, Europe has evolved into a multilingual region and “more and more Europeans are using other languages instead of or in addition to their official ‘national’ language” (Broeder & Wijk, 2012, p. 16). In this context, the urgent necessity of training and employing qualified and successful foreign language teachers has emerged. The European Union (EU) has recognized and promoted the increasing existence of plurilingualism and pluriculturalism across the continent due to the fact that housing and employing plurilingual and pluricultural citizens will most possibly yield social, technological, and financial benefits. Accordingly, the Council of Europe (CoE) has encouraged and supported the publication of such documents as the ‘Common European Framework of Reference for Languages’ (CEFR), the ‘EuropeanLanguagePortfolio’ (ELP), the ‘European Profile for Language Teacher Education’ (EPLTE), the ‘European Profiling Grid’ (EPG), and the ‘EuropeanPortfolio for Student Teachers of Languages’ (EPOSTL) with the aim of improving and harmonizing foreign language and foreign language teacher education within Europe.
The DPT model adopts the single index correlation structure proposed by Mar- kowitz  but in 24 independent time horizon dimensions rather than in one- dimension. Measuring the covariance structure relative to a benchmark process is more stable and significant than the MPT covariance matrix. DPT solutions do not require matrix inversion so there is less magnification of estimation error. With no squared, or cross product decision variables and no matrix inversion, estimation error is not magnify using DPT. DPT solutions are stable and consis- tent with equilibrium pricing models. The solutions are stable because the long- term correlations and autocorrelations are estimated relative a strong signal such as a market index rather than relative to other individual assets. DPT solutions are consistent with asset pricing models because cross correlations are estimated relative to a market index and the solutions are linear. DPT has a linear not a quadratic formulation and solves quickly for large universes. The DPT efficient portfolio weights are more reliable and stable than for MPT. In addition, the to- tal number of terms used in DPT grows linearly with universe size while the terms grow exponentially in MPT. The static LP DPT solution will not amplify estimation error even for large universe sizes. The DPT model includes more information about return processes by including long horizon mean-reversion variances. DPT accommodates active and passive strategies, and non-myopic hedging and speculative strategies to benefit from multiple mean-reversion risks in each investor’s holding period.
Portfolio management is the exciting field of structuring and managing a collection of investments (e.g. asset mix) with the purpose of maximizing the returns while minimizing the risks of loss. The work is very dynamic as financial markets can change at a moment’s notice, requiring rapid analysis and decision-making. For successful portfolio managers, the payoff can be very lucrative.
This study focuses on some issues: first it gives a general view on portfolios: their usage, form and content and then it focuses on a specific portfolio which is the EuropeanPortfolio for Student Teachers of Languages (EPOSTL). This article gives some information about the teaching practice in “Aleksander Xhuvani” University in Elbasan, Albania and then it describes the implementation of EPOSTL in this university. It tries to highlight how EPOSTL helped most of the student-teachers who used it, and it tries to share the experience that the student-teachers and the researchers had while working with EPOSTL and how do student-teachers view the EPOSTL based on their feedback. Through interviews and two questionnaires, one at the beginning of initial teacher education and one after the teaching practice the authors try to answer the following questions: How beneficial is EPOSTL (illustrated with examples, ideas from student-teachers)? How independent do student-teachers feel while working with it? In which ways do student-teachers feel more confident? What is the role of the teachers and mentors regarding EPOSTL? Is there any change in the relation between student-teachers and their mentors resulting from the use of EPOSTL? How is EPOSTL helping the student-teachers change the way they evaluate and self-evaluate? Student-teachers of “A. Xhuvani” University, Elbasan, Albania, have been using EPOSTL for a few years and they bring some interesting and useful insights. EPOSTL is the basic source of training for student-teachers and their feedback helps to draw conclusions concerning the benefits and ways of using it in the future.
lios. These results do not have continuity. CVaR portfo- lio over-performs in case of Romania and gives good results in case of Slovenia. MAD portfolios have better results in case of Poland, Slovenia and Turkey but these portfolio returns are always accompanied by higher vola- tility in the out-of-sample period. In case of Hungary best result is achieved by application of standard MV model.
Regarding the net interest income, it is the most important determinant of performance for the banks with a classic business model, which is based mainly on the collection of savings and on loans to clients, therefore relying principally on interest income from loans. Literally the net interest income is the algebraic sum between the active interest income, i.e. mainly income deriving from loans, and passive interest income, i.e. mainly the interest paid by banks to the debtors 22 . The net interest income was subject of discussions in the recent years and it is closely related to the monetary policy decisions of the ECB; in fact in the recent years the Central Bank with its monetary policy has achieved a lowering of the interest rates; if on one hand it is true that today financial institutions are able to borrow money at zero cost from the ECB, in the other hand it is equally true that the rate of interest required to customers have been lowered in turn, causing a decrease in net interest income and as consequence a contraction in the net profits. If you consider that the banks to reduce their risks, have had to reduce their leverage, even if there would be the possibility to generate a margin, it cannot, and is not, exploited by banks. The weak macroenomic conditions in the South-European countries, and the consequent
With all Tocharian Buddhist literature set in India, it comes as no surprise that the Tocharian language contains many words that are borrowed from Sanskrit. Almost the entire lexicon of religious terms is Sanskrit, and in most cases they are easily recognisable because they contain letters that otherwise do not occur in native Tocharian words, such as th, d and dh, which must in normal spoken Tocharian all have been pronounced as t. Words of this type are e.g. Tocharian B bodhisātve ‘bodhisattva’ (an enlightened being who is to become a Buddha) and brāhma e ‘brahmin’ (a member of the class of priests). Only some of the basic religious concepts are expressed with indigenous terms, such as pelaikne ‘law’ (Sanskrit dharma) and yāmor ‘act, fate’ (Sanskrit karma). Some words cannot come from Sanskrit, but point to a Gāndhārī source. These were apparently borrowed before Sanskrit became dominant. An example is amāne ‘monk’, which goes back to Gāndhārī amana, not to Sanskrit śrama a.
The Associa?on of Language Testers in Europe (ALTE) has carried out research to determine what language learners can typically do at each CEFR level. It has described these abili?es in a series of Can Do statements using examples taken from real-‐life
The structure of our study is as follows: Building on a short review of the reduced-form framework in section 2, the factor model is outlined in section 3. Besides the specification of dependencies captured by the factors, implications for correlations among observed variables are derived. The model estimation based on observed default risk premia as spreads over maturity-equivalent risk-free rates of European corporate bonds ist outlined in section 4. We describe the method used to infer premia on the basis of zero bond prices from coupon bond prices, estimate the model using a Kalman filter quasi maximum like- lihood (KF-QML) method and assess the model’s explanatory power, taking into account the explanation of observed correlations among corporate spreads. The translation of the estimated factor model into the defaultable debt portfolio context is performed in section 5. We put particular emphasis on the model extension to incorporate portfolio diversifi- cation to several sectors and derive the probability distributions of discounted losses, in the literature frequently referred to as ’loss distributions’. Finally, we derive pricing rela- tionships for contingent claims from default risk securitzations that refer to the examined portfolios. Section 6 concludes.
the results obtained from the IV specification with those of the FE linear model, since this allows us to control for time-invariant unobserved factors affecting saving decisions and also correlated with the stock of financial literacy. The results, shown in column 5, are consistent and of the same order of magnitude of those found for both the OLS and the Heckman specifications, suggesting that the unobserved heterogeneity is only in part responsible for our main coefficient of interest; we can argue that the endogeneity might be due to other time-varying factors that we control for in the IV specification. Unfortu- nately we cannot compare the IV-FE estimator with the cross-sectional one because our instrument is time-invariant; therefore, it would be dropped from the estimation. As for the other coefficients, surprisingly individual factors, such as immigration status, being a widow/er or the health status, as well as the number of children, do not seem to have an impact on savings decisions, as is clear from column 2 in Table 7, with the only exception for being retired, which increases the portfolio imbalance, whereas the latter is lower for women and for older people. From the selection equation (columns 4 and 6, Table 7), which we identify by functional form instead of by using any exclusion restriction, we can argue which individual factors mostly increase the probability of having housing wealth. Immigrants, unemployed people or disable are much less likely to own housing wealth, whereas the opposite is true for housewives, and widows/ers, which can be interpreted as being due to the fact that the widow/er inherits the spouse’s housing wealth. In addition a self-perceived longer life is correlated to higher probability of holding housing wealth which can be interpreted as wealth effects or signalling a strategy whereby individuals accumulate housing wealth as a buffer-stock. The chosen instrument seems not to suffer from any weakness almost in all the specifications, when we consider either the IV esti- mates or the control function approach (see the bottom panel of Tables 7, 8, and 9); both the first-stage F statistics and the t-test in the first stage - in case of the control function specifications - are almost all above any standard critical values.
Previously, we trained 5-gram language models using the default settings of the SRILM toolkit in terms of singleton pruning. Thus, training throws out all singletons n-grams of order 3 and higher. We explored whether unpruned language models could give better performance, even if we are only able to train 4-gram models due to memory con- straints. At the time, we were not able to build un- pruned 4-gram language models for English, but for the other language pairs we did see improve- ments of -.07 to +.13 (Table 8). We adopted such models for these language pairs.
Our results on the three-tier regulation index suggest that those countries which impose the most stringent constraints tend to experience the largest reduction in risk-adjusted returns. The parameter estimate on the weak QR dummy is no longer statistically significant, whereas the strong QR dummy is highly significant and implies a larger reduction in risk-adjusted returns of 1.5-2.1 percentage points relative to PPR countries. A Wald test on the restriction of homogeneity on the co-efficients on the weak QR and strong QR dummies is firmly rejected at the 1 per cent level. These results suggest that it is not just the overall choice of QR versus PPR regime that matters, the severity of the restrictions applied makes a difference in terms of the efficiency cost in portfolio performance. In weak QR countries (Finland and France), the constraints on equity investment are not binding (see Table 1), and hence there do not appear to be any significant distortionary impacts on investment decisions or portfolio diversification. Note also that despite exhibiting above average returns, French funds have rather low risk levels. Hence, it seems that with her very high ceiling on permitted equity holdings, France seems to adopt a regulatory approach which resembles more closely a PPR than a QR regime. In the remainder of the paper, for brevity, we discuss the estimation results for the binary regulation dummy only.
Through CEF eTranslation and the data collected by ELRC, European public services and public administrations across Europe will be one step closer towards operating without language barriers. By helping to improve eTranslation public service providers will gain access to better quality MT systems. These increase the efficiency of human translators and, in addition, the MT systems can be integrated in various online services. This provides a major motivation for public services across Europe to donate and share data through ELRC: increased data provided for the content and languages relevant to particular administrations and/or services produces increased translation speed based on better accuracy of the machine translation output.
Keeping portfolio opens a window on the way teachers try to assess students' writing improvement and learning capacity. Implementing this curricular innovation, the present study was an attempt to grow tutor-student dynamic involvement in giving/receiving written corrective feedback (WCF). To this end, two intact classes of EFL university students participated, each experiencing a distinct portfolio- keeping model (working vs. showcase) while receiving WCF from triadic sources (self, peer, & tutor) and varying tutor feedback types (indirect- unfocused vs. direct-focused). Students' performance on "TOEFL Test of Written English" and their grades in the previous writing course, namely "Advanced Grammar and Sentence Writing" were averaged out for both groups (Working Portfolio Group/WPG and Showcase Portfolio Group/ SPG) to assign them as low-, medium- and high-proficiency L2 writers. Written products kept in their portfolios were examined to see how differently the participants benefited from WCF sources/types. The findings revealed that WPG participants were more responsive to the working portfolio model than those in SPG who received delayed tutor evaluation in showcase portfolio approach. The article concludes with some pedagogical implications on how to use feedback to improve the quality of revised written texts and to support learning through writing.
The Sub-Fund’s investments may include, but are not limited to, subordinated bonds, senior bonds, preferred securities, convertible securities such as contingent convertible capital bonds and corporate hybrids bonds. The Sub-Fund may invest in investment or sub-investment grade bonds. The Sub-Fund may use derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure to various assets, markets or income streams. Investors should be aware of the increased risk of investing in emerging markets, sub-investment grade securities, contingent convertible bonds, subordinated and senior bonds, corporate hybrids bonds, convertible and preferred securities and the leverage generated by investing in financial derivative instruments. A portfolio containing subordinated securities might be more volatile than a more broadly diversified portfolio. Additional details on these risks can be found in the Special Risk Considerations section in Appendix III of the prospectus.