In the interim, governments led by so-called technocrats (a professor, a governor of the Bank of Italy, an ex-diplomat) were brought in to make reforms and give the country a much needed "reset" before normal politics would be resumed.

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Mr. Valle's team mounted a so-called fantasy defense, according to Audrey Rogers, a professor at Pace Law School, in White Plains.

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In an influential 1993 paper Narasimhan Jegadeesh, now a professor at Emory University, showed that a so-called zero cost strategy of buying stocks with the best six-month performance and shorting stocks with the worst six-month performance returned 12% a year.

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The key development, says Professor Kemp, alongside a move away from fossil fuels, is a so-called "smart grid".

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