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Input-to-Output Stability for Systems Described by Retarded Functional Differential Equations
|
In this work characterizations of external notions of output stability for uncertain time-varying systems described by retarded functional differential equations are provided. Particularly, characterizations by means of Lyapunov and Razumikhin functions of (uniform) Weighted Input-to-Output Stability are given. The results of this work have been developed for systems with outputs in abstract normed linear spaces in order to allow outputs with no delay, with discrete or distributed delay or functional outputs with memory.
|
In this paper, we consider a network of N identical IEEE 802.11 DCF (Distributed Coordination Function) terminals with RTS/CTS mechanism, each of which is assumed to be saturated. For performance analysis, we propose a simple and efficient mathematical model to derive the statistical characteristics of the network such as the inter-transmission time of packets in the network and the service time (the inter-transmission time of successful packet transmissions) of the network. Numerical results and simulations are provided to validate the accuracy of our model and to study the performance of the IEEE 802.11 DCF network.
|
eng_Latn
| 790,264 |
A Geant4-based study on the origin of the sparks in a Micromegas detector and estimate of the spark probability with hadron beams
|
A Geant4 simulation of a Micromegas detector in hadron beams is presented. Very large energy deposits are observed, resulting from the production of highly ionizing particles in nuclear interactions of incoming hadrons with different parts of the detector. Assuming a spark is induced by a local, large energy deposit, we find that the spark rate grows as a power law with the gain of the detector, as observed experimentally. Using measurements with alpha particles, or alternatively the well known Raether limit, our simulation gives a correct estimate of the spark rate observed in hadron beams. A few experimental tests are proposed to check the validity of this simulation.
|
A sub-optimal Hinfin controller with the minimum entropy bound is designed by researching the characteristic of minimum entropy Hinfin optimal control in this paper. The controller which satisfies closed-loop minimum entropy can obtain an important tradeoff between the robustness of Hinfin controller and the performance of Hinfin controller. The augmented transfer function of generator excitation controller is developed for the single machine infinite bus (SMIB) power system. A new robust nonlinear excitation control strategy for SMIB power system is designed based on minimum entropy Hinfin, control. The simulation results show that the proposed minimum entropy Hinfin excitation controller improves system robustness on dynamic uncertainties, and suppresses the exogenous perturbation to the system. So the proposed approach can enhance dynamic stability of power system.
|
eng_Latn
| 790,277 |
SIMULATION OF FLOW THROUGH A PUMP SUMP AND ITS VALIDATION
|
The efficiency and performance of pumping stations involving multiple pumping units depends not only on the efficiency of the pumping units but also on the proper design of the Intake sump. The proper design of pump intake is not an easy task because of the various site-specific geometrical and hydraulic constraints. The time and cost involved in sump model studies for design and optimization of sump geometry can be reduced to a large extent through CFD studies. However, writing a separate code for each new product is not feasible. Hence this work is aimed at determining the feasibility of commercial CFD software as a design optimization tool for pump sumps. In the present study commercially available software ANSYS CFX has been used for CFD analysis of flow conditions in a pump sump and the results obtained are found to be in good agreement with the experimentally observed flow patterns.
|
For the speed tracking control problem of the PMSM servo system,the saturation function is introduced to reduce the chattering phenomenon,one controller under uncertain environments is proposed.In the design of the controller,RBF network is used to approximate adaptively the uncertainty,while the backstepping method and the idea of sliding mode control are cited to design the controller.Theoretical analysis demonstrates that the controller can ensure the system Lyapunov stability.Numerical experiments show that the controlled system can effectively suppress uncertainty disturbance.The speed output can track the reference signal.
|
yue_Hant
| 790,287 |
Periodic solutions for a predator-prey model with Holling-type functional response and time delays
|
A delayed periodic Holling-type predator-prey model without instantaneous negative feedback is investigated. By using the continuation theorem of coincidence degree theory and by constructing suitable Lyapunov functionals, a set of easily verifiable sufficient conditions are derived for the existence, uniqueness and global stability of positive periodic solutions to the model. Numerical simulation is carried out to illustrate the feasibility of our main results.
|
Abstract Ecologists are interested in prediction of potential distribution of species in suitable areas, essential for planning conservation and management strategies. Unfortunately, often the only available information in such studies is the true presence of the species at few locations of the study area and the associated environmental covariates over the entire area, referred as presence-only data. We propose a Bayesian approach to estimate logistic linear regressions adapted to presence-only data through the introduction of a random approximation of the correction factor in the adjusted logistic model that allows us to overcome the need to know a priori the prevalence of the species.
|
eng_Latn
| 790,298 |
On the block counting process and the fixation line of exchangeable coalescents
|
We study the block counting process and the fixation line of exchangeable coalescents. Formulas for the infinitesimal rates of both processes are provided. It is shown that the block counting process is Siegmund dual to the fixation line. For exchangeable coalescents restricted to a sample of size n and with dust we provide a convergence result for the block counting process as n tends to infinity. The associated limiting process is related to the frequencies of singletons of the coalescent. Via duality we obtain an analog convergence result for the fixation line of exchangeable coalescents with dust. The Dirichlet coalescent and the Poisson‐Dirichlet coalescent are studied in detail.
|
On the basis of bias\|flow analysis and its countermeasures, a control scheme is given for the three fuzzy controller to be built by three pipes absolute temperature\|difference as the input, the openness the valve as the controlled object. After realizing this control scheme, the problem of bias\|flow has be resolved perfectly. Now coked pipes are burned once a year, but no coking occurs. We use this control scheme from beginning to now for seven years. There is no need to change the heating\|pipes at all. A new design method of discrete fuzzy controller presented in this paper can resolve the bias\|flow problem in other fluid distribution control system.
|
eng_Latn
| 790,302 |
Exact special solutions with solitary patterns for the nonlinear dispersive K(m,n) equations
|
Abstract In this paper, we study the genuinely nonlinear dispersive K(m,n) equation, ut−(um)x+(un)xxx=0, which exhibits solutions with solitary patterns. Exact solutions that create solitary patterns having cusps or infinite slopes are developed. The nonlinear equation K(m,n) is addressed for two different cases, namely when m=n=odd integer and when m=n=even integer. General formulas for the solutions of these cases of the K(m,n) equations are established.
|
Abstract This paper follows the line of research aimed to develop randomized algorithms for probabilistic analysis and design of control systems. In particular, a result for the generation of real matrix samples uniformly distributed in the spectral norm ball is presented. To this end, the distribution of the singular values of random uniform matrices is first studied. The sample generation is then based on the conditional densities method. A key result of this paper is the computation in closed form of the marginal densities of the singular values, leading to a polynomial-time method for the real matrix sample generation problem.
|
eng_Latn
| 790,303 |
ON TWO-DIMENSIONAL MANIFOLDS WITH CONSTANT GAUSSIAN CURVATURE AND THEIR ASSOCIATED EQUATIONS
|
The components for the frame field of a two-dimensional manifold with constant Gaussian curvature are determined for arbitrary nonzero curvature. The components of the frame fields are found from the structure equations and lead to specific nonlinear equations which pertain to surfaces with specific values of the Gaussian curvature. For negative curvature, the equation is of sine-Gordon type, and for positive curvature it is of sinh-Gordon type. The integrability and Backlund properties of these equations are then investigated by studying a differential ideal of two-forms which leads to the equations. As a consequence of studying the prolongation structure of each equation, a Lax pair and Backlund transformation are obtained.
|
The asymptotic properties of the machine interference model were described in this paper. When the properties of the system were appropriately normalized and represented in terms of the variable w (=nu/v), the size dependencies of these properties were of order 1/n in regions of the most interest, that is, w < 1. Furthermore, the model displayed a functionally different behavior in the region w ≥ 1. The region around w = 1 was described as an unstable region in which an equivalent simulation model could be expected to stabilize slowly and probably give results different from the mathematical model. The asymptotic formulas are simple in form and quite accurate, and they allow the performance of queuing analysis with very little effort. In the last section of the paper, the solution and the properties of the generalized machine interference model were given.
|
yue_Hant
| 790,310 |
Controllability of linear deterministic and stochastic systems
|
Necessary and sufficient conditions, which are formulated in terms of convergence of a certain sequence of operators involving the resolvent of the negative of the controllability operator, are found for deterministic linear stationary control systems to be completely and approximately controllable, respectively. It is shown that the S-controllability of partially observable linear stationary control systems with additive Gaussian white noise disturbance, that is a property of attaining an arbitrarily small neighborhood of each point in the state space with a probability arbitrarily close to one, is equivalent to the approximate controllability of their deterministic part. Also, it is shown that the C-controllability of the same kind of systems, that is defined as S-controllability improved with some uniformity conditions, is equivalent to the complete controllability of their deterministic part.
|
Stage stunt system is an automatic steeve system orchestrated by PLC. Security and fault-recover are two important properties of the system. In this paper, we analyze and verify the stage stunt system formally. We adopt hybrid automata to model the system. The forward reachability is used to verify the properties on the reachable states. We present a case study to illustrate the feasibility of the proposed verification.
|
eng_Latn
| 790,316 |
Micromechanics and electrical conductivity of point contacts in boundary lubrication
|
Research methods based on recording parameters of electrical conductivity are considered for future application in nanotribology. Design relationships of conductivity are presented for idealized models of interface under conditions of boundary lubrication; contributions of various conductivity types in the total contact conductivity are estimated. An application methodology is described for the methods to study the properties of boundary lubricating layers. Some of the results obtained from the study of strength and frictional properties of boundary lubricating nanometre layers under normal load and sliding conditions are discussed.
|
ABSTRACTThis paper addresses the issue of reliable load frequency control design of an uncertain multi-area power system with constant time delays and disturbances via non-fragile sampled-data control approach. In particular, the parameter uncertainties are assumed to be randomly occurring which are described by the Bernoulli distributed sequences. By constructing a suitable Lyapunov–Krasovskii functional together with Wirtinger-based inequality, a new set of sufficient conditions in terms of linear matrix inequalities is obtained to ensure the asymptotic stability and extended dissipativity of the multi-area power system not only when all actuators are operational, but also in case of some actuator failures. Finally, simulation results are conducted to validate the effectiveness of the proposed control design technique.
|
eng_Latn
| 790,320 |
Controlling systems with long time delays using pole-positioning technique and optimal-linear-regulator theory
|
A method is described for control of plants with long transportation lags. This is achieved by making use of the design advantages offered by optimal-linear-regulator theory and the pole-positioning technique. The system states required by the state-vector feedback algorithm are obtained from a Luenberger observer, thus eliminating the need for specific plant instrumentation to implement the scheme. To demonstrate the proposed ideas, a sinter plant model is used in the case study presented.
|
Simulating a radial-inflow turboexpander from its nozzle inlet to the impeller output as the single nozzle, and through theoretic analysis, this thesis concludes two general characteristic models for design and off-design steady-state of the turboexpanders. Based on experiment data, and generalized least squares method is used in imitation of the data, the coefficient solutions which are needed to describe the models have been obtained. Using the model to predict performance of the other two turboexpanders, the results show that the two general characteristic models in this thesis are more accurate and universal. Therefore, in design of turboexpanders, as two important models, they can give a base for optimizing design and off-design characteristic.
|
eng_Latn
| 790,321 |
Carbon - silicon complex, a method of manufacturing the same and a negative electrode active material containing this
|
The present invention, carbon capacity and cycle stability is improved - relates silicon composite and a manufacturing method thereof, and more specifically, N, P, B, one or two kinds selected from the group consisting of Na and Al or doping atoms are carbon-based material which is doped by carbon coating on the surface of the silicon particles - silicon composite and a manufacturing method thereof related.
|
Abstract In this work we study conditions for guaranteeing the nonnegativity of a discrete-time singular control system. A first approach can be found in the literature for general systems, using the whole coefficient matrices. Also, the particular case of matrices of index 1 has been treated by using a block decomposition and the group-projector of the matrix that gives the singularity to the system. In order to complete this study, an analysis of the nonnegativity of a singular control system for matrices having arbitrary index is done by means of the core–nilpotent decomposition. This technique allows us to reduce the size of the original matrices, improving the results where the whole coefficients are involved.
|
eng_Latn
| 790,324 |
Sperm Stem Cells Grown in Laboratory Correct Infertility in Mice
|
Scientists have transplanted into infertile mice sperm stem cells grown in a laboratory, thus allowing the mice to reproduce -- an approach that one day might be used to cure infertility in men -- according to a study published in the November issue of
|
By Sammy Fretwell, The State, Columbia, S.C. Feb. 18--SNELLING -- Steve Creamer sat in an office building at a nuclear waste landfill here last week, chattering like a youngster at his first Major League Baseball game.
|
eng_Latn
| 790,357 |
time of month to get pregnant
|
Sperm can live for three to five days, but the egg is around for only 12 to 24 hours. To increase the likelihood of conception, it's important to have daily intercourse in the days leading to ovulation and on the day you ovulate. A good approach is to have sex one to two days before ovulation and again on the day you ovulate. That way, there's more likely to be a healthy supply of sperm waiting in the fallopian tube when an egg is released.
|
May is the most unfavorable time to get pregnant, the study finds. Babies conceived this month (and thus delivered in winter) were 13 percent more likely to be born premature, and their gestation time was almost a week below the average, Currie and Schwandt report.ay is the most unfavorable time to get pregnant, the study finds. Babies conceived this month (and thus delivered in winter) were 13 percent more likely to be born premature, and their gestation time was almost a week below the average, Currie and Schwandt report.
|
eng_Latn
| 790,435 |
Computational Study of the Molecular Complexes between 5-HTP with ATP and DHEA. Potential New Drug Resulting from This Complexation
|
The association of dehydro-epiandrosterone and adenosine triphosphate acid: A DFT study of interactions between prototypic biologically active molecules
|
Evidence against a role for platelet-derived molecules in liver regeneration after partial hepatectomy in humans
|
eng_Latn
| 790,500 |
Objective: In this study, we investigated the predictors and factors associated with pharmacy students’ academic career as their future career option. Methods: A sample of undergraduate pharmacy students studying in their final year was chosen as educational experiences may influence their career choice, and they would have gained more experiences than their juniors. A total of 135 students from one of the private universities in Malaysia participated in this study. Results: “Interest in teaching’ with standardised coefficient Beta value of 0.356 was the best predictor for the students accepting academia. ‘Minimal patient contact’ with standardised coefficient Beta value of 0.573 was the best predictor for students rejecting academia. Discussion: The students who were interested in teaching was minimal. Given the challenging nature of an academic career, there is a need to train more pharmacy academics.
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Objectives ::: The first ever Pharmacy Workforce Census of pharmacists in Great Britain (GB) was conducted in 2002, and repeated in 2003. Both census surveys aimed to gather empirical data on the employment profile of pharmacists to aid the workforce planning process. The aim of this paper is to compare the work profile and employment destination of two graduate cohorts of pharmacists to explore what changes take place in employment practices and how quickly they occur.
|
ABSTRACTUNC-45A is an ubiquitously expressed protein highly conserved throughout evolution. Most of what we currently know about UNC-45A pertains to its role as a regulator of the actomyosin system...
|
eng_Latn
| 790,610 |
In this study, African—American students preferred public relations as a career, followed by marketing research, marketing management, international and consumer product sales. Caucasian students selected international sales as a marketing career path, followed by public relations and marketing research. Unlike earlier studies, grade-point average did not correlate with sales career preference. Negative descriptors of sales suggest that neither group of students possess an accurate understanding of the role played by the salesperson. Findings and implications are presented for marketing educators.
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Sales recruiters have been paying their attention to diversifying their sales force. In order to attract students from diverse ethnic backgrounds, companies must be aware of their preferences and perception of different sales and sales-related careers. This paper presents the results of a survey conducted to assess the influence of ethnicity on students’ preferences and perceptions to sales career. To address the paucity of research undertaken in the Asia-Pacific region, as compared to Western countries, data were collected in Malaysia. Survey findings reveal that ethnicity of students generally does not influence on sales career preferences. The descriptors used by students to describe sales career are discussed. Students’ preferences for various occupations were also evaluated. Further, the implications of the survey are discussed.
|
ABSTRACTUNC-45A is an ubiquitously expressed protein highly conserved throughout evolution. Most of what we currently know about UNC-45A pertains to its role as a regulator of the actomyosin system...
|
eng_Latn
| 790,631 |
This study examines to what extent the Korean National Kindergarten Curriculum has actually influenced pre‐school practices. This study explores the characteristics of the National Kindergarten Curriculum as it is implemented in Korea. It also examines pre‐school teachers' perceptions, daily practice and the curriculum content in pre‐school settings in Korea. This study shows that despite a child centred Korean National Curriculum and the teachers' beliefs, the actual practices in the pre‐schools are significantly different from child‐centred philosophies.
|
Almost all children in Singapore complete 1 year of preschool before entering primary school. However, preschool education (PSE) is not compulsory and is provided primarily by the private sector. Taking the national agenda for reforming PSE at the start of the twenty-first century as the point of departure, this paper describes and discusses the policies and strategies that have been introduced and implemented for preschool quality enhancement in the past 15 years. Three major waves of preschool policy reviews were undertaken in 2000, 2008, and 2012 attesting to the seriousness the government attaches to improving PSE for encouraging a strong start for every child. The key recommendations of these reviews were related to uplifting teacher, center, and program quality, and enhancing the affordability and accessibility of PSE. Opportunities and challenges associated with implementing recommendations for quality enhancement are discussed and suggestions to further enhance PSE in Singapore are explored.
|
ABSTRACTUNC-45A is an ubiquitously expressed protein highly conserved throughout evolution. Most of what we currently know about UNC-45A pertains to its role as a regulator of the actomyosin system...
|
eng_Latn
| 790,673 |
Enhanced (Na+, K+)-activated ATPase activity after indirect electric stimulation of rat skeletal muscle in vivo
|
Abstract A significant increase in sarcolemma bound ATPase activity was obtained after indirect electric stimulation of leg muscles in rats. The enzyme activity was assayed on isolated sarcolemma, and the unstimulated leg served as control. Membrane located 5′-nucleotidase was unaffected by the muscle activity.
|
Abstract We study the effect of trapping/detrapping of a single-electron in interface states in the channel of n-type MOSFETs with decanano dimensions using 3D atomistic simulation techniques. In order to highlight the basic dependencies, the simulations are carried out initially assuming continuous doping charge, and discrete localized charge only for the trapped electron. The dependence of the random telegraph signal (RTS) amplitudes on the device dimensions and on the position of the trapped charge in the channel are studied in detail. Later, in full-scale, atomistic simulations assuming discrete charge for both randomly placed dopants and the trapped electron, we highlight the importance of current percolation and of traps with strategic position where the trapped electron blocks a dominant current path.
|
eng_Latn
| 790,705 |
Using density forecast evaluation techniques, we compare the predictive performance of econometric specifications that have been developed for modeling duration processes in intra-day financial markets. The model portfolio encompasses various variants of the Autoregressive Conditional Duration (ACD) model and recently proposed dynamic factor models. The evaluation is conducted on time series of trade, price and volume durations computed from transaction data of NYSE listed stocks. The results show that simpler approaches perform at least as well as more complex methods. With respect to modeling trade duration processes, standard ACD models successfully account for duration dynamics while none of the models provides an acceptable specification for the conditional duration distribution. We find that the Logarithmic ACD, if based on a flexible innovation distribution, provides a quite robust and useful framework for the modeling of price and volume duration processes.
|
We show that multivariate Hawkes processes coupled with the nonparametric estimation procedure first proposed in Bacry and Muzy (2015) can be successfully used to study complex interactions between the time of arrival of orders and their size, observed in a limit order book market. We apply this methodology to high-frequency order book data of futures traded at EUREX. Specifically, we demonstrate how this approach is amenable not only to analyze interplay between different order types (market orders, limit orders, cancellations) but also to include other relevant quantities, such as the order size, into the analysis, showing also that simple models assuming the independence between volume and time are not suitable to describe the data.
|
●The conditions are officially justified not as punishment for prisoners but as an administrative measure. Prisoners are placed in control units in administrative moves and since there are no rules governing such moves (in contrast to punitive moves), prisoners are denied any due process and prison officials can incarcerate any prisoner in a control unit for as long as they choose, without having to give any reason.
|
eng_Latn
| 790,790 |
21 years of international M&As and joint ventures by Italian medium-sized listed firms: Value creation or value destruction?
|
This study provides evidence of the value creation of different equity entry modes in a sample of international investments performed by all Italian medium-sized listed firms in the period 1986-2006. Our research shows a positive and significant market reaction to announcements of internationalization strategies. The results are largely affected by high-equity entry modes carried out in advanced economies. Low-equity entry modes and international operations performed in emerging countries show no significant market reaction. We also find that the relative size of the deal, the firm age, the country risk, and the evolution of information disclosure regulation, matter in explaining the outcomes.
|
We model cross-market Bitcoin prices as long-memory processes and study dynamic interdependence in a fractionally cointegrated VAR framework. We find long-memory in both the individual markets and the system of markets depicting non-homogeneous informational inefficiency. Moreover, Bitcoin markets are found to be fractionally cointegrated, where uncertainty negatively impacts this type of cointegration relationship.
|
eng_Latn
| 790,801 |
Long memory interdependency and inefficiency in Bitcoin markets
|
We model cross-market Bitcoin prices as long-memory processes and study dynamic interdependence in a fractionally cointegrated VAR framework. We find long-memory in both the individual markets and the system of markets depicting non-homogeneous informational inefficiency. Moreover, Bitcoin markets are found to be fractionally cointegrated, where uncertainty negatively impacts this type of cointegration relationship.
|
This paper incorporates labor search frictions into a model with lumpy capital to explain a set of stylized facts about the United States labor market dynamics over business cycles. All of these facts are related to …rm size: (1) job creation is procyclical in both small and large …rms; (2) job destruction is countercyclical in large …rms, but, paradoxically, it is procyclical in small …rms; and (3) job creation and job destruction are more volatile in large …rms than in small …rms. The model is calibrated to US data and its predictions are broadly consistent with the facts. The success of the model relies on the interaction between labor search and lumpy capital. Search frictions imply that even if two …rms have the
|
eng_Latn
| 790,802 |
A multivariate skew-garch model
|
Empirical research on European stock markets has shown that they behave differently according to the performance of the leading financial market identified as the US market. A positive sign is viewed as good news in the international financial markets, a negative sign means, conversely, bad news. As a result, we assume that European stock market returns are affected by endogenous and exogenous shocks. The former raise in the market itself, the latter come from the US market, because of its most influential role in the world. Under standard assumptions, the distribution of the European market index returns conditionally on the sign of the one-day lagged US return is skew-normal. The resulting model is denoted Skew-GARCH. We study the properties of this new model and illustrate its application to time-series data from three European financial markets.
|
In this paper, a new method is proposed to adaptively estimate the number of transmit antennas in cognitive radios and surveillance systems. It employs Schur complement to test the linearly independence of the new coming data with the previous data set. ?2 test is conducted based on the statistics of Schur complement variable. Last, Monte Carlo simulation is employed to test the performance of the estimator under different scenarios.
|
eng_Latn
| 790,805 |
In our study of activities to reduce improper payments, risk assessments identified problem areas and resulted in estimates of monetary values associated with the problems.
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Improper payments can be reduced by focusing on several problem areas.
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Improper payments are not a problem that can have a monetary value attached to it.
|
eng_Latn
| 790,812 |
A Primer on the Economics and Time Series Econometrics of Wealth Effects, Finance and Economics Discussion Series Paper No.
|
The primer is about wealth effects, specifically the economics and the time series econometrics and includes discussion.
|
The study includes discussions about food concepts.
|
eng_Latn
| 790,814 |
By studying the relationship between stock real returns and inflation, we could find the correlation between stock market volatility and macroeconomic conditions. By econometric testing, we find that inflation volatility could influence the changes in actual stock returns. This means that changes in price not only affects the substitutions of consumption goods, but also those of investment goods. Therefore, by implementing the active monetary policy, we could loosen the pressure of deflation, expand the stock market scale, and form the stable expectation of increasing stock return.
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In order to study the relationship of stock returns and inflation in China, VAR model is used in this paper. Use China’s stock market data and inflation data from 1991 to 2008 to establish VAR model, then research on the relationship between the stock returns and the inflation rate by econometric methods. Empirical results show that there is a faint correlation between the stock returns and the inflation, which is a negative correlation in the long-term.
|
In order to study the relationship of stock returns and inflation in China, VAR model is used in this paper. Use China’s stock market data and inflation data from 1991 to 2008 to establish VAR model, then research on the relationship between the stock returns and the inflation rate by econometric methods. Empirical results show that there is a faint correlation between the stock returns and the inflation, which is a negative correlation in the long-term.
|
eng_Latn
| 790,860 |
This study examines the relative relevance of domestic investment (DI) and foreign direct investment (FDI) on economic performance in Nigeria (1980-2014). In an attempt to achieve this broad objective, annual time series data sourced from the Central Bank of Nigeria (CBN)’s Statistical Bulletin, which was estimated using Vector Error Correction (VEC) technique, among others. The results, inter alia, show that both DI and FDI had significant effect on Nigeria’s economic performance; however, the influence of the former was observed to be far greater than the latter with marked difference both in terms of the level of significance and size. Thus, the study recommends, among others, the need for government to create the ambience that will enable domestic investors to thrive, on one hand, and be complemented by foreign investment, on the other.
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The aim of this paper is to empirically test the hypothesis of FDI led capital accumulation in Central and Eastern European countries. More precisely, we investigate the relationship between FDI and local investment, using a sample of 10 CEEC over the period 1990-2010. We find FDI to crowd out domestic investment, while the effect decreases with time. Our results also indicate that greenfield FDI may develop long run complementaries with domestic investment, while mergers and acquisitions do not prove any significant effect on domestic investment. Finally, financial development seems to foster a certain crowding-in effect.
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This paper studies the effect of poor governance quality on foreign direct investment in Russia. Using a survey of businesses across forty administrative districts, we find that higher frequency of using illegal payments and higher pressure from regulatory agencies, enforcement authorities, and criminals, negatively affect foreign direct investment. Our identification strategy builds on the exogenous cross-regional variation in worker strikes during 1895–1914, the period before the October Revolution. We find that moving from the average to the top governance quality across Russian regions more than doubles the FDI stock.
|
eng_Latn
| 790,872 |
Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such theories using a proprietary database of over 5000 separate tranches in European securitisations raising a total of $1 trillion. We find support for asymmetric information and market segmentation explanations for tranching and present evidence on how such different rationales influence the structuring process in practice. We also investigate the impact of tranching on the price of securities issued. For those issues where our model predicts a higher optimal number of tranches, we find that additional uniquely-rated tranches are associated with higher prices for the issue as a whole.
|
In view of the vast developments that have occurred in financial markets since the introduction of the asset securitization in 1986, it recognizes the importance of developing a comprehensive capital framework for asset securitization, including both traditional forms and synthetic forms of securitization. This research aims to examine the determinant primary market spread. Least square method and regression analysis are applied for the study period 2004–2012. The result shows one determinants in internal regression model influence or contribute to the primary market spread and are statistically significant in developing the securitization in Malaysia. It can be concluded that maturity significantly contribute to the determinant primary market spread in internal regression model and debt and crisis significant in external regression model.
|
Blunt trauma abdomen rarely leads to gastrointestinal injury in children and isolated gastric rupture is even rarer presentation. We are reporting a case of isolated gastric rupture after fall from height in a three year old male child.
|
eng_Latn
| 790,903 |
During the last three decades of the twentieth century, China had sought to reestablish its own financial system from the central-planed financial system. This paper takes financial liberalization, economic management and soft budget constraints in transition economies as objects of study, through analyzing one of the main characteristics of transition economies - soft budget constraint, urging that China should accelerate financial liberalization in order to defend its financial system from financial risks. China had been eager to establish incentive-compatibility mechanism but this should be revalued with sustainable development vision under the background of the global financial crisis.
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Some unintended consequences of financial liberalization in Latin America are analyzed in this paper. Intrinsic imperfectious in financial markets, and the policy dilemmas they pose, are reviewed first. The stylized facts of Southern Cone experiments in financial liberization are then presented. Alternative ways of organlzing domestic capital markets under Latin American conditions are discussed, and an eclectic, reform mongering program is proposed.
|
Berzelius failed to make use of Faraday's electrochemical laws in his laborious determination of equivalent weights.
|
eng_Latn
| 790,904 |
Taxation of the Spouses: A Comparison of Canadian, American, British, French and Swedish Law
|
In examining the treatment of families v. individual taxpayers under the tax systems of five different countries, Louise Dulude begins by tracing each system's political and historical evolution. She provides criteria for an ideal choice of tax unit against which the existing five systems are measured and reviews the political and philosophical rationales preventing adoption of this ideal. This article is available in Osgoode Hall Law Journal: http://digitalcommons.osgoode.yorku.ca/ohlj/vol23/iss1/3 TAXATION OF THE SPOUSES: A COMPARISON OF CANADIAN, AMERICAN, BRITISH, FRENCH AND SWEDISH LAW
|
Empirical research on European stock markets has shown that they behave differently according to the performance of the leading financial market identified as the US market. A positive sign is viewed as good news in the international financial markets, a negative sign means, conversely, bad news. As a result, we assume that European stock market returns are affected by endogenous and exogenous shocks. The former raise in the market itself, the latter come from the US market, because of its most influential role in the world. Under standard assumptions, the distribution of the European market index returns conditionally on the sign of the one-day lagged US return is skew-normal. The resulting model is denoted Skew-GARCH. We study the properties of this new model and illustrate its application to time-series data from three European financial markets.
|
eng_Latn
| 790,919 |
The Price Dynamics of Common Trading Strategies
|
A deterministic trading strategy can be regarded as a signal processing element that uses external information and past prices as inputs and incorporates them into future prices. This paper uses a market maker based method of price formation to study the price dynamics induced by several commonly used financial trading strategies, showing how they amplify noise, induce structure in prices, and cause phenomena such as excess and clustered volatility.
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Turnovsky observes that “the rational expectations hypothesis has had a profound impact on macroeconomic theory and policy during the past decade.” Tracing briefly the evolution of the ideas involved, he concludes that “… a consensus view is emerging that in fact under quite plausible conditions the policy neutrality proposition does not hold; therefore, there is still scope for policy rules to play an important role in stabilizing output.”The mathematics used in the article is expository rather than analytical, requiring of the reader only somewhat more than the usual amount of persistence, faith in the author's interpretation of the literature, and a willingness to accept the integrity of economic models as representative of the real world. This is “required” reading for those teaching macroeconomics.
|
eng_Latn
| 790,927 |
Do the Markov Switching-based Hybrid Models Perform Better in Forecasting Exchange Rates?
|
ABSTRACTIn this study, we extend the traditional monetary model and the random walk model with Markov-switching method and propose two new forecasting models called the Markov switching monetary mo...
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Built upon the modernsaving theory, this paper stuies the current economic condition of Heilongjiang province, establishes econometric model of saving deposit according to statistics from 1990 to 2002. This paper comes to primary conclusions following a brief economic analysis on the indexes of the model.
|
eng_Latn
| 790,932 |
Is Free Cash Flow Value Relevant? The Case of the U.S. Consumer Discretionary Sector
|
This study attempts to determine whether free cash flow (FCF)is value relevant for the U.S. Consumer Discretionary sector, and which FCF is the most value relevant. The results would help retail investors makebetter decisions, and may encourage accounting standards setters to require Consumer Discretionary sector companies to use a specific definition of FCF to enhance comparability. Using a sample of 11,640 observations covering the period from1988 to 2012, the study shows that FCF is not value relevant for the Consumer Discretionary sector. This result is in agreement with some prior research discussed in the literature review.
|
In this article,we use the Fourier flexible functional form to analyze the efficiency changes of 12 share-holding commercial banks whose branches are expanding quickly.We find that,the fast increase of the numbers and the average scales of bank branches both have significantly positive effects on bank cost efficiencies.During 2000 to 2005,the cost efficiency of the 12 banks as a whole increased in a fluctuant way,and there is a relatively big increase of the efficiency in the latter half of the period compared to the former half.
|
eng_Latn
| 790,939 |
Money and exchange in an economy with spatially differentiated agents
|
The impact of money supply on the real variables and on utility is an important question in monetary economics. Most previous works study this impact in representative agent economies, often under perfect foresight. With such a framework, however, the use of fiat money as a medium of exchange cannot be endogenously explained. This paper, by contrast, considers an economy where fiat money is intrinsically necessary for exchange, due to the local structure of interaction among agents. It investigates the transitory and permanent impact of local or global injections of money on the dynamics of exchanged quantities, prices, and individual welfares, and the mechanisms that explain this evolution.
|
The milk supply chain has been interested by great changes during the last two decades and, in particular, there has been a great trade liberalization and a conspicuous policy change due to the abolition of milk quotas. These market changes are likely to have had a large impact on the transmission of price along the supply chain. Our analysis aims at exploring how market changes have altered vertical price transmission, and, in particular, how asymmetries have changes over tims. We use an asymmetric error correction model to infer on short run and long-run adjustments and conclude on the potential role played by market changes.
|
eng_Latn
| 790,942 |
On Long-term Forecasting of Social Security: A Robustness Analysis
|
In this paper we present a macro-economic demographic growth modelhaving a special focus on social security. It is designed to study the variability of responses of the system in presence of risks and uncertainties. Here we analyze the robustness of the model towards uncertainties in parameterspecifications, introduced by ARCH-M models with the incorporation ofintervention processes. The parameters varied are labor force participationrates (one of the key sources of uncertainty in the social security policydebate), and the parameters of the production function (the key source ofuncertainty in any long-run economic analysis). The sensitivity analysisfocuses on two variables: assets of the private pension system and thebalance of the public `Pay As You Go' pension system. Special attentionis given to convergence properties of the macro-economic model.
|
This paper incorporates labor search frictions into a model with lumpy capital to explain a set of stylized facts about the United States labor market dynamics over business cycles. All of these facts are related to …rm size: (1) job creation is procyclical in both small and large …rms; (2) job destruction is countercyclical in large …rms, but, paradoxically, it is procyclical in small …rms; and (3) job creation and job destruction are more volatile in large …rms than in small …rms. The model is calibrated to US data and its predictions are broadly consistent with the facts. The success of the model relies on the interaction between labor search and lumpy capital. Search frictions imply that even if two …rms have the
|
eng_Latn
| 790,958 |
Costs of Myanmar's multiple exchange-rate regime
|
Myanmar's multiple exchange-rate regime creates various economic distortions. This paper describes the exchange-rate practices in Myanmar and develops a model of foreign exchange markets to estimate the welfare costs imposed by the current regime. Our analysis suggests that the equilibrium exchange rate could be around 400--500 kyat per US dollar, and trade openness measured using the equilibrium rate increases to more than 20% of gross domestic product (GDP) from less than 1% in the official statistics. The total welfare loss caused by the current regime is estimated to be in the order of 14--17% of GDP.
|
Knowing the feasibility of the business of an enterprise is a consideration in starting a business. The purpose of this study was to determine whether there is any possibility of business development based on investment proposals Laundry The Blues. From the calculation of capital budgeting methods, the company obtained a Payback Period 11 months 19 days, faster than the economic life of the business for three years. Method Net Present Value NPV value of Rp.44.864.769, - which means that are positive. Profitability Index Method states that each invested Rp.1 produce Rp.2, 47 in the future. Method Internal Rate of Return of 88.2% is considered beneficial. The decision that the business expansion plan in the Laundry The Blues can be accepted and feasible to be implemented.
|
eng_Latn
| 790,967 |
Un análisis comparado de eficiencia y eficacia en el sector público en Cuba
|
This paper attempts to make an estimate of the effective ness and efficiency of the Public Sector in Cuba, in comparison with all Latin American an...
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With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
spa_Latn
| 790,968 |
Bank Capital, Risk and Performance in European Banking. A Case Study on Seven Banking Sectors
|
The aim of this paper is to evaluate the way in which capital influences profitability of banks and exposure to risk in seven European countries: Austria, Bulgaria, Greece, Italy, Romania, the Netherlands and Hungary. Based on previous studies, we developed a model of simultaneous equations to analyse the relation between capital, risk and performance. The model includes 68 banks and covers the period between 2006 and 2011. In addition, estimations have been made for the three capital ratios (own capital ratio, tier 1 ratio and capital adequacy ratio) for each country included in this study. The obtained results have revealed the existence of a negative relationship between capital and taken risks and a positive relationship between capital and profitability, as well as between risk and profitability.
|
ABSTRACT What follows is a short note on James Fenske's article, The Causal History of Africa: A Response to Hopkins (Economic History of Developing Regions, Vol. 25, No. 2, 2010). The intention is to prevent what I regard as a wholly unnecessary bifurcation of effort in a field that, more than many others, needs its few practitioners at least to agree on the broad framework within which disagreement can then take place.
|
eng_Latn
| 790,976 |
An Empirical Study about Phillips Curve in China
|
This paper does an empirical study to Phillips curve with data of China based on introduction and analysis of their shapes and policy significance of the curve. We draw and analyze designs of China Phillips curve's three formations. We think that transition ought to start from expansionary fiscal policy to Neutral fiscal policy, after brief review to some macro-economic policy which had important influence on the curves.
|
This paper incorporates labor search frictions into a model with lumpy capital to explain a set of stylized facts about the United States labor market dynamics over business cycles. All of these facts are related to …rm size: (1) job creation is procyclical in both small and large …rms; (2) job destruction is countercyclical in large …rms, but, paradoxically, it is procyclical in small …rms; and (3) job creation and job destruction are more volatile in large …rms than in small …rms. The model is calibrated to US data and its predictions are broadly consistent with the facts. The success of the model relies on the interaction between labor search and lumpy capital. Search frictions imply that even if two …rms have the
|
eng_Latn
| 790,977 |
Rational Expectations and the Theory of Macroeconomic Policy: An Exposition of Some of the Issues
|
Turnovsky observes that “the rational expectations hypothesis has had a profound impact on macroeconomic theory and policy during the past decade.” Tracing briefly the evolution of the ideas involved, he concludes that “… a consensus view is emerging that in fact under quite plausible conditions the policy neutrality proposition does not hold; therefore, there is still scope for policy rules to play an important role in stabilizing output.”The mathematics used in the article is expository rather than analytical, requiring of the reader only somewhat more than the usual amount of persistence, faith in the author's interpretation of the literature, and a willingness to accept the integrity of economic models as representative of the real world. This is “required” reading for those teaching macroeconomics.
|
In the present work, Von Mises criterion and its distortional energy density interpretation proposed for plastic mechanics is employed to study the effect of temperature on plastic yielding behavior of metal
|
eng_Latn
| 790,983 |
Factors that Trigger Financial Crises: The Case of Turkey
|
Abstract This study aims to identify the macroeconomic factors that may have triggered the financial crises in Turkey between January 1998 and July 2012. A macroeconomic model was established for this purpose. The model's dependent variable is a dummy variable representing the financial crises of November 2000 and February 2001, which occurred in Turkey within the study period, while foreign exchange rate, money supply, growth rate, interest rate, the ISE index, and inflation rate were taken as the independent variables. Model parameters were estimated using the logit model. The logit model has been successful in identifying the explanatory variables for crises in periods involving real-life crisis experiences and in calculating the probability of crises to happen.
|
Recent Economic Experience and the Search for New Guidelines Macro-Monetary Relationships in the Caribbean: An Eclectic Review of the Literature Trade and Economic Growth in Small Developing Economies: Research on the Caribbean Capital Movements: The Experience of Commonwealth Caribbean Countries 1970-1984 Assessing the Level of Interest Rates in Less Developed Countries Monetary and Credit Policies in the Bahamas since 1974 Monetary and Fiscal Policy in Barbardos, 1970-1985 Review of Monetary and Credit Policies in Belize, 1976-1986 Monetary Policy in Guyana, 1974-1985 A Review of Monetary Policy in the Jamaican Economy, 1980-1985 An Assessment of Monetary and Credit Policies in the OECS Region, 1975-1985 Monetary Policy in Trinidad & Tobago, 1974-1985 A Monetary Research Agenda for the Future References Bibliography Index
|
eng_Latn
| 790,999 |
The synchronous investigating method of engineering arbitrary curve sliding translation based on RTK
|
The invention discloses a kind of synchronous investigating method of engineering arbitrary curve sliding translation based on RTK, which includes：Hydraulic pusher, sliding rail, hydraulic station, GNSS receiver and control computer.Large-scale structure shuffle data store on every track of GNSS receiver collection is sent to control computer by wireless communication module, and control computer controls hydraulic pusher to act after control element calculates, and object is moved on sliding rail.Using a kind of synchronous investigating method of engineering arbitrary curve sliding translation based on RTK during sliding construction, it is synchronous to make each pushing tow point displacement, total is in translation state, avoids producing structural acessory stress, protection is overall without prejudice.
|
The modelling of short-term interest rates in emerging markets is an important research area, especially in view of the growth of new financial markets and of the financial securities traded in these countries. Over the last decade, a number of researchers have looked at different models of short-term interest rates. An important paper in this area is the study by Chan, Karolyi, Longstaff and Sanders (1992, CKLS hereafter), who considered various one-factor models nested in their general interest rate model. The CKLS general model captured various aspects of interest rate behaviour, including drift and mean reversion of interest rates. It also allowed for a general relationship between the level of interest rates and the volatility of rates. By imposing restrictions on these parameters, various well-known models in the literature that are used extensively by financial market operators can be utilized.
|
eng_Latn
| 791,007 |
On the Status Quo, Problems and Their Solutions of Guangdong's Financial Market
|
Guangdong's financial market is characterised by the increasing financial assets, the opening policy, the curbing of the deflation and the enhancing of financial modernization. It also has some problems such as:deflation, structural contradiction, financial risks, impact of the entry of WTO, and the unbalance of money allocation What should be done to Guangdong's financial market are to increase the domestic demand, enlarge the investment scale, develop the consumption credit, promote GuangDong's industrial structure by some financial measures, dissolve the financial risks, deepen the financial reform, improve the quality of financial assets,and develop the middle services
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
eng_Latn
| 791,008 |
CAN TUNISIA MOVE TO INFLATION TARGETING
|
Inflation targeting has become an alternative monetary strategy that has been followed by many industrial and emerging countries. This study considers whether the adoption of inflation targeting would be relevant for Tunisia. More specifically, this paper aims at checking whether the necessary conditions for the successful implementation of such a strategy are fulfilled or not. It is found that fiscal dominance does not constitute the main hindrance to the adoption of inflation targeting. Other impediments have been identified, especially a weak financial system in general, the unsound and fragile banking system in particular, and the glaring lack of knowledge about the monetary transmission mechanism. Furthermore, it has been pointed out that if Tunisian monetary authorities continue to carry out the present exchange rate regime, namely, the constant real exchange rate rule, an inflation targeting regime will not be sufficient to properly contain the inflation pressures caused by demand shocks.
|
Abstract This paper presents a model of investment in six African economies over the 1970s and 80s, paying particular attention to the impact of the policy reforms which have accompanied structural adjustment programmes. A priori, the impact of trade reform on investment can be positive or negative; in practise, there is some evidence that it might be negative.
|
yue_Hant
| 791,030 |
Testing Wagner's Law for Turkey, 1960-2000
|
This paper presents an empirical analysis of Wagner’s law in the case of Turkey over the period 1960–2000. The paper uses modern time-series econometric techniques to test the law’s proposition that in the course of economic development, government expenditures increase. The results of this study do not support the empirical validity of Wagner’s law for Turkey for the period 1960–2000. However, the paper finds statistical evidence for an augmented version of Wagner’s law.
|
This article is a revision of the previous edition article by J R Toggweiler and R M Key, volume 4, pp 1549–1555, © 2003, Elsevier Ltd.
|
eng_Latn
| 791,031 |
Role of economic and political freedom in the emergence of global middle class
|
The study examines the role of the economic freedoms such as regulatory efficiency, open markets and limited markets, political freedom and rule of law in the growth of the global middle class through international business activity in 34 emerging markets during the period of 1994–2011. The analysis suggests that some dimensions of freedom are more critical than others in making these markets attractive locations for international business and this in turn leads to domestic growth and thus growth of the middle class in these countries. The results also reveal the existence of a feedback loop, whereby the growing middle class becomes a driving force for further expansion of international business activity and economic growth.
|
By using a Kaleckian model with firms’ debt accumulation, we investigate how in- creased shareholder power defined by a decrease in firms’ retention ratio and a mone- tary policy defined by interest controlled by a central bank a?ect macroeconomic vari- ables. The long-run equilibrium can be stable even if the short-run equilibrium exhibits debt-burdened growth. In addition, the long-run equilibrium can be unstable even if the short run equilibrium exhibits debt-led growth. Increased shareholder power can increase both rentiers and workers’ income shares. A monetary easing policy has an expansionary e?ect on the economy. However, it decreases both workers and rentiers’ income shares and thus has a negative e?ect on income distribution.
|
eng_Latn
| 791,036 |
Management of Working Capital Components among Select Automobile Companies in India
|
This paper analyses the management of working capital components of select automobile companies in India. For this purpose two leading manufacturers of both passenger and commercial vehicles were selected such as, Tata motors limited and Mahindra and Mahindra limited. This study used secondary data for the study period of nine years from 2003-04 to 2011-12. This study used simple percentage and ratio for analyzing the data. It analysed inventory, receivables and payables and cash management separately. The study found efficient receivables and payables management by both the companies. The study found negative cash conversion cycle during all the years of the study period of both the companies, it was possible because very short debtors' collection period and inventory conversion period and long creditors' payment period. The study concluded that both the companies efficiently managed their working capital components.
|
Many believe that banks in China are seriously undercapitalised. However, what is a suitable standard for capital adequacy of these banks? Does the Basel Accord apply to them absolutely and sufficiently? This paper reviews the situation and regulation of the capital adequacy of state commercial banks in China. It finds that while government support is proved to be the invisible treasure of state banks, capital enhancement is always desired and the most practical method is to use subordinated debt to increase their supplementary capital.
|
eng_Latn
| 791,037 |
Impact of Microcredit on Income Generation Capacity of Women in the Tamale Metropolitan Area of Ghana
|
Microcredit has been seen by national governments and their development partners as a strategic tool for the empowerment of vulnerable populations particularly women. Evidence from the empirical literature suggests that microcredit has the power to improve the productive capacity of people who have access to it. This paper examines the impact of microcredit access on income generation capacity of women in the Tamale Metropolitan area of the Northern Region of Ghana. Cross-sectional research design was employed and primary data collected through interviews. The results revealed that access to microcredit helps improve the income generation capacity of women in the study area. It is therefore recommended that government and its development partners should intensify their efforts in the provision of microcredit to women which will help them out of poverty.
|
Recent Economic Experience and the Search for New Guidelines Macro-Monetary Relationships in the Caribbean: An Eclectic Review of the Literature Trade and Economic Growth in Small Developing Economies: Research on the Caribbean Capital Movements: The Experience of Commonwealth Caribbean Countries 1970-1984 Assessing the Level of Interest Rates in Less Developed Countries Monetary and Credit Policies in the Bahamas since 1974 Monetary and Fiscal Policy in Barbardos, 1970-1985 Review of Monetary and Credit Policies in Belize, 1976-1986 Monetary Policy in Guyana, 1974-1985 A Review of Monetary Policy in the Jamaican Economy, 1980-1985 An Assessment of Monetary and Credit Policies in the OECS Region, 1975-1985 Monetary Policy in Trinidad & Tobago, 1974-1985 A Monetary Research Agenda for the Future References Bibliography Index
|
eng_Latn
| 791,038 |
Firms' Dynamics and Business Cycle: New Disaggregated Data
|
We provide stylized facts on firms dynamics by disaggregating U.S. yearly data from 1977 to 2013. To this aim, we use an unobserved component-based method, encompassing several classical regression-based techniques currently in use. Our new time series of entry and exit of firms at establishment level are feasible proxies of business cycle. Exit is a leading and countercyclical indicator, while entry is lagging and procyclical. A structural econometric analysis supports the findings of the most recent theoretical literature on firms dynamics. Standard macroeconometric models estimated from our data outperform their equivalents estimated using the existing series.
|
The purpose of the model presented by Glance et al is to study the ‘contribute vs. free-ride’ dilemma present in organizations. This social dilemma is present on two intertwined levels, the managerial front and the base level of workers. This model also seeks to define a correlation (if one does exist) between worker turnover and productivity rates.
|
eng_Latn
| 791,040 |
Are Public Policies Aimed In The Right Direction?: Analysis of the True Reason of Spanish Households for Have No Internet Access
|
Digital divide is one of the major problems of Information Society and is linked with social exclusion. This work is focus on Spain situation and its relative position in the European Union, and study the major key points of it through the household reasons for have no Internet Access, taking into account socio-economics variables, as a key point that can be help to understand the relative situation of Spain in the European Union related with ICT and to elaborate suitable public policies to reduce digital divide. Results have shown that the most important reason that Spanish households do not have access to Internet is that people feel they do not need it, because they not consider Internet useful or interesting. It is proposed the design of public policies that take into account the important lack of motivation and good attitude towards Internet in the most of Spanish households without Internet.
|
We study opening prices set simultaneously for German and French stocks in Frankfurt and Paris. In our model investors and traders based in the same country as the firm have better information on its value than foreign traders. Our theory implies that prices set on the domestic market differ from (and are more informationally efficient than) prices set on the foreign market. Empirically, we find significant price discrepancies between home and foreign prices, consistent with lack of integration of international financial markets. For German stocks, home prices are found to be informationally more efficient than foreign prices. The informational efficiency of French stock prices is comparable in the two markets when Frankfurt traders can observe Paris preopening prices before the opening.
|
eng_Latn
| 791,043 |
CONDITIONAL INVESTMENT-CASH FLOW SENSITIVITIES AND FINANCING CONSTRAINTS
|
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment costs framework with costly external finance. We present a benchmark model in which this conditional investment–cash flow sensitivity increases monotonically with the cost premium for external finance, for firms in a financially constrained regime. Using simulated data, we show that this pattern is found in linear regressions that relate investment rates to measures of both cash flow and average q. We also derive a structural equation for investment from the first-order conditions of our model, and show that this can be estimated directly.
|
Taking the BOT project of Chongquin Fuling Lidu Bridge as example,this paper discusses key links needing attention during BOT investment choice,contract signing and construction management.Some important points are summarized in this paper for successful executing BOT project.This paper can be referenced by investors in related building industries.
|
yue_Hant
| 791,045 |
Applying Length-Dependent Stochastic Context-Free Grammars to RNA Secondary Structure Prediction
|
In order to be able to capture effects from co-transcriptional folding, we extend stochastic context-free grammars such that the probability of applying a rule can depend on the length of the subword that is eventually generated from the symbols introduced by the rule, and we show that existing algorithms for training and for determining the most probable parse tree can easily be adapted to the extended model without losses in performance. Furthermore, we show that the extended model is suited to improve the quality of predictions of RNA secondary structures. The extended model may also be applied to other fields where stochastic context-free grammars are used like natural language processing. Additionally some interesting questions in the field of formal languages arise from it.
|
In this paper we present a macro-economic demographic growth modelhaving a special focus on social security. It is designed to study the variability of responses of the system in presence of risks and uncertainties. Here we analyze the robustness of the model towards uncertainties in parameterspecifications, introduced by ARCH-M models with the incorporation ofintervention processes. The parameters varied are labor force participationrates (one of the key sources of uncertainty in the social security policydebate), and the parameters of the production function (the key source ofuncertainty in any long-run economic analysis). The sensitivity analysisfocuses on two variables: assets of the private pension system and thebalance of the public `Pay As You Go' pension system. Special attentionis given to convergence properties of the macro-economic model.
|
eng_Latn
| 791,046 |
Can large long-term investors capture illiquidity premiums
|
In this paper we perform a literature study to assess whether large longterm investors can benefit from liquidity premiums in different asset classes. We both describe the theoretical predictions on liquidity premiums and portfolio choice with illiquidity, as well as empirical evidence on liquidity premiums. We document that expected liquidity premiums in stocks have diminished in recent years and are hard to capture for large investors. In corporate and government bond markets there are more opportunities to exploit liquidity premiums. The evidence on liquidity premiums in alternative investment classes is scarce.
|
This paper incorporates labor search frictions into a model with lumpy capital to explain a set of stylized facts about the United States labor market dynamics over business cycles. All of these facts are related to …rm size: (1) job creation is procyclical in both small and large …rms; (2) job destruction is countercyclical in large …rms, but, paradoxically, it is procyclical in small …rms; and (3) job creation and job destruction are more volatile in large …rms than in small …rms. The model is calibrated to US data and its predictions are broadly consistent with the facts. The success of the model relies on the interaction between labor search and lumpy capital. Search frictions imply that even if two …rms have the
|
eng_Latn
| 791,057 |
Asset Pricing and the Propagation of Macroeconomic Shocks
|
This paper considers the implications of habit formation and financial frictions for the propagation of macroeconomic shocks. In a model that is capable of matching asset pricing moments, a short-lived shock that destroys a small fraction of the economy’s stock of pledgeable collateral generates a persistent recession, a stock market crash, and a flight-to-safety effect. This novel mechanism creates a tight link between the asset pricing implications of macroeconomic models and their ability to propagate and amplify the effects of macroeconomic shocks.
|
With Shanghai stock exchange market as a research object, this paper studies the complexity of the stock exchange market using the cellular automata theory and model. With the fractal theory as a tool, the R/S method is used to compare the real and the simulated data, which verifies the validity of the simulation. In the CA model, with different initial values and rules, we can improve the study on complexity in the stork exchange market.
|
eng_Latn
| 791,065 |
Benefits of social impact bonds in reducing unemployment levels among ultra-Orthodox Jews in Israel
|
A social impact bond (SIB) is an innovative financial tool designed to resolve the lack of efficiency of public financing of social services and create additional sources of funding for various social projects. The purpose of this study is to examine the use of SIBs for the encouragement of ultra-orthodox employment and evaluate their economic return to the Israeli Government. First, the expected impacts of training ultra-Orthodox men for employment in the high-tech sector of the local labour market are evaluated. Second, economic profitability is measured as expected cost savings for the Israeli Government.
|
The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model’s results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations. Introducing asymmetries in the cost functions of the banks, or in their way of conduct, may imply counterintuitive effects on the individual banks’ volumes of loans and deposits. Keywords: Bank behavior, Cournot oligopoly, Stackelberg oligopoly
|
eng_Latn
| 791,066 |
Does Accounting for Foreign Capital Flows help to solve the Feldstein and Horioka Puzzle? The Case of Norway
|
A new proxy variable for the investment part of the initial Feldstein and Horioka model is proposed. We denominate it 'modified gross fixed capital formation'. It is derived by subtracting the imports of fixed assets included in an economy's gross fixed capital formation from the gross fixed capital formation itself. This way, the exclusively domestic part of an economy's investment is isolated. Applying it in the case of Norway, the aforementioned approach significantly reduces or even eliminates the high autocorrelation inherent in the initial Feldstein and Horioka model specification. Norway appears to be characterized by a high degree of international capital mobility.
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
eng_Latn
| 791,072 |
Bank's capital structure under non-diversifiable risk
|
The aim of this paper is to study the design of optimal capital structure of a “large” intermediary when the intermediary faces a non-diversifiable risk, within the standard costly-state-verification (CSV) model. I demonstrate that, under weaker conditions, a “large” intermediary realizes more efficient allocation by issuing both debt and equity than by issuing only debt. Unlike Diamond (1984) and Williamson (1986), the set of optimal contracts involves ex ante monitoring made by shareholders of the intermediary. Changes in parameters, such as the variance of the aggregate risk or the cost of monitoring, affect bankruptcy costs and the capital structure.
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
eng_Latn
| 791,078 |
Optimal Monetary Policy Under Uncertainty
|
Recently there has been a resurgence of interest in the study of optimal monetary policy under uncertainty. This book provides a thorough survey of the literature that has resulted from this renewed interest. The authors ground recent contributions on the ‘science of monetary policy’ in the literature of the 1970s, which viewed optimal monetary policy as primarily a question of the best use of information, and studies in the 1980s that gave primacy to time inconsistency problems. This broad focus leads to a better understanding of current issues such as discretion versus commitment, target versus instrument rules, and the merits of delegation of policy authority.
|
Bliss [Bliss, C., 2008. Multiple equilibrium in the Diamond capital model. Economics Letters 100, 143–145] finds numerically that the Diamond OLG model can have uncountably many steady states. We use log preferences and show analytically that a continuum of steady states can still exist.
|
eng_Latn
| 791,085 |
In vivo length change patterns of the medial and lateral collateral ligaments along the flexion path of the knee
|
Purpose ::: The knowledge of the function of the collateral ligaments—i.e., superficial medial collateral ligament (sMCL), deep medial collateral ligament (dMCL) and lateral collateral ligament (LCL)—in the entire range of knee flexion is important for soft tissue balance during total knee arthroplasty (TKA). The objective of this study was to investigate the length changes of different portions (anterior, middle and posterior) of the sMCL, dMCL and LCL during in vivo weightbearing flexion from full extension to maximal knee flexion.
|
By using a Kaleckian model with firms’ debt accumulation, we investigate how in- creased shareholder power defined by a decrease in firms’ retention ratio and a mone- tary policy defined by interest controlled by a central bank a?ect macroeconomic vari- ables. The long-run equilibrium can be stable even if the short-run equilibrium exhibits debt-burdened growth. In addition, the long-run equilibrium can be unstable even if the short run equilibrium exhibits debt-led growth. Increased shareholder power can increase both rentiers and workers’ income shares. A monetary easing policy has an expansionary e?ect on the economy. However, it decreases both workers and rentiers’ income shares and thus has a negative e?ect on income distribution.
|
eng_Latn
| 791,093 |
The Presidential Election and the Stock Market in Taiwan
|
Investors adjust their investment behaviors according to various political events. Presidential election is considered the most powerful political event. This study examines three Taiwanese presidential elections after the year 2000 in order to investigate the existence of short-term (bull-run election) and long-term (election cycle) effects as well as the myth regarding the market favoring a particular party (The Kuomintang). The findings indicate that there is an election cycle in the Taiwanese presidential election, but there is no proof for a bull-run election and no evidence for the market’s preference.
|
Abstract This paper presents a model of investment in six African economies over the 1970s and 80s, paying particular attention to the impact of the policy reforms which have accompanied structural adjustment programmes. A priori, the impact of trade reform on investment can be positive or negative; in practise, there is some evidence that it might be negative.
|
eng_Latn
| 791,095 |
THE DYNAMICS OF BOND YIELD SPREADS AROUND RATING REVISION DATES
|
We examine the effect of rating revisions on sterling Eurobond yields using a panel model with conditional heteroskedasticity that controls for event-induced changes in the variance of spreads. Positive rating revisions are fully anticipated by the time the upgrade occurs. Negative revisions are only partially anticipated, and spreads on downgraded bonds rise for some time after the downgrade has been announced. This asymmetry is not apparent in a conventional event study model. All ratings announcements are accompanied by a temporary fall in yield volatility. We attribute this to the resolution of uncertainty about the true rating of the bond. 2006 The Southern Finance Association and the Southwestern Finance Association.
|
In this article,we use the Fourier flexible functional form to analyze the efficiency changes of 12 share-holding commercial banks whose branches are expanding quickly.We find that,the fast increase of the numbers and the average scales of bank branches both have significantly positive effects on bank cost efficiencies.During 2000 to 2005,the cost efficiency of the 12 banks as a whole increased in a fluctuant way,and there is a relatively big increase of the efficiency in the latter half of the period compared to the former half.
|
yue_Hant
| 791,098 |
Stability of Interest of College Students
|
The problem of this study is to determine the stability of interest of male and female students at the various age levels in the School of Education of North Texas State Collage, Denton, Texas. To be more specific, the problem is to determine the relationship of age, sex, or both upon stability of interest.
|
Using the data of selected firms listed in Chinese stock markets,including four ST firms and four contrastive firms,the authors calculate the distance to default both under the hypotheses of static assets value and assets value with a constant growth rate during the period from 2003 to 2005,and find that the latter indicator outperforms the former.We also investigate the sensitivity of the distance to default and find that it is highly sensitive to the volatility on the stock returns.
|
eng_Latn
| 791,099 |
The Economic and Societal Impact of Universities in Austria
|
It is widely recognised that universities play a major role in science-based societies, producing a variety of significant economic and societal impacts. However, quantification of the economic impact often remains limited due to methodological and data problems. Most economic impact studies focus on short-term multiplier effects of university investment and expenditures by staff and students. This study investigates both short-term multiplier effects and longer-term productivity impacts of universities to illustrate more fully the economic impact of universities in Austria. Productivity effects are examined using both an extended regionalised input-output model of the Austrian economy and econometric estimations of the impact of university research and graduates. In addition, the study provides an overview of non-monetary effects of universities on graduates, society and cultural developments.
|
The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model’s results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations. Introducing asymmetries in the cost functions of the banks, or in their way of conduct, may imply counterintuitive effects on the individual banks’ volumes of loans and deposits. Keywords: Bank behavior, Cournot oligopoly, Stackelberg oligopoly
|
eng_Latn
| 791,101 |
Local stability of an open-access anchovy fishery model
|
In this paper, we study the qualitative behavior of following open-access anchovy fishery model: c x p y y y x d ax x v n n n n v n b n n , where , , , , , , , p v d c b a and the initial conditions 0 0 , y x are positive real numbers. More precisely, we investigate the necessary and sufficient condition for local asymptotic stability of the unique positive equilibrium point of this system. Some numerical examples are given to verify our theoretical results.
|
The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model’s results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations. Introducing asymmetries in the cost functions of the banks, or in their way of conduct, may imply counterintuitive effects on the individual banks’ volumes of loans and deposits. Keywords: Bank behavior, Cournot oligopoly, Stackelberg oligopoly
|
eng_Latn
| 791,102 |
Continuous time dynamic modelling of interest rates in emerging markets
|
The modelling of short-term interest rates in emerging markets is an important research area, especially in view of the growth of new financial markets and of the financial securities traded in these countries. Over the last decade, a number of researchers have looked at different models of short-term interest rates. An important paper in this area is the study by Chan, Karolyi, Longstaff and Sanders (1992, CKLS hereafter), who considered various one-factor models nested in their general interest rate model. The CKLS general model captured various aspects of interest rate behaviour, including drift and mean reversion of interest rates. It also allowed for a general relationship between the level of interest rates and the volatility of rates. By imposing restrictions on these parameters, various well-known models in the literature that are used extensively by financial market operators can be utilized.
|
This article addresses the question regarding the ability of the Andean Multinational Enterprises for fostering intraregional inward investment within the pale of the Andean Community of Nations. The deficiencies in the philosophy behind the regime, inspired by the Regional Industrialisation Programme Model (RIPM), the insufficiency of the benefits, and the rigor of the requirements have conduced to an impairment of the regional scheme. This paper explores these problems studying the main characteristics of the transnational Andean corporations, assessing the role of the RIPM in the decay of the regime, and proposing a reform that moulds a new policy of business facilitation for regional investors. Fecha de recepcion: 15 de abril de 2005
|
eng_Latn
| 791,108 |
CRISIS TRANSMISSION AND EFFECTS ON FINANCIAL SYSTEM.EVIDENCE FROM ROMANIA
|
This paper aims to highlight some channels of crisis transmission as identified by economic literature and try to estimate which are the variables that count most using an econometric equation. In order to analyze this, we use tables, graphical interpretation and regression equation based on Thorston Beck IMF Database. The development of the financial sector is difficult to measure, but we take into discussion quantitative development of the financial sector, using indicators such as: exports and imports as annual percentage change; the lending rate; domestic credit as a share of GDP in percentage change (end-year) as a measure for the size of the financial sector, data used from EBRD Database. We found that transmission channels on GDP were (in order of importance) exports and deposit rates.
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
yue_Hant
| 791,109 |
Unconventional monetary policy and the dollar–euro exchange rate: further evidence from event studies
|
New evidence is presented on the impact on the US dollar–euro (USD–EUR) exchange rate of the unconventional monetary policy conducted by the US Federal Reserve (FED) and the European Central Bank (ECB). To that end, we employ an event study approach using daily the USD–EUR exchange rate for the period from 2 January 2007 to 31 January 2015. Our results indicate that the announcement and subsequent implementation of such measures by the ECB would have caused in general an appreciation of the dollar, while those by the FED would have caused a depreciation of the dollar.
|
This paper presents a government debt game with the property that if the timing of debt auctions within a period is sufficiently unfettered, the set of equilibrium outcome paths of real economic variables given the government has access to a rich debt structure is identical to the set of equilibrium outcome paths given the government can issue only one-period debt.
|
eng_Latn
| 791,121 |
Nonlinear Circulations in a Symmetrically Unstable Flow
|
Abstract The time solution of a transverse inviscid circulation in a basic flow possessing either symmetric instability (SI) or conditional symmetric instability (CSI) is studied. By making the assumption that the circulation pattern is arbitrary but invariable with times, it can be proven that (i) the time evolution of a SI circulation integral is periodic and similar to that of a large amplitude pendulum started from the unstable equilibrium position, (ii) the same feature exists for a CSI circulation integral only when the mass center of the circulation loop is just at the mean (latent) heating level, (iii) a CSI circulation will spin up like a forced large amplitude pendulum (or oscillate like a damping pendulum) if its mass center is above (or below) the mean heating level.
|
The paper examines the nature and extent of integration of Indian market with the rest of the world. On various counts, Indian market is considered as one of the most active market of the world. Instead of relying on the concept of constant correlation we have measured the correlation for segmented periods and observed the correlation asymmetry in different periods under study which results into the rejection of the null hypothesis of a normal distribution. This ultimately refutes the relevance of widely accepted classical mean-variance theory. It is also revealed that asymmetries in correlation generally cause greater downward moves. The study suggests further, the investors should try to reshuffle asset mix along with the regime shift. Diversification without constant rebalance and switchover may cause sub optimal solution.
|
eng_Latn
| 791,128 |
A coalition proof equilibrium for a private information credit economy
|
SummaryThis paper examines an economy in which agents with private information about their own productive capabilities seek to raise capital to fund their investment projects. We employ an equilibrium concept which is closely related to Coalition Proof Nash Equilibrium. In equilibrium, all agents who succeed in raising capital (entrepreneurs) are pooled; they all receive the same contract or consumption schedule. Entrepreneurs, however, are separated from those who fail to raise capital. This separation results in productive efficiency for the economy. If the economy has no viable alternative investment opportunity (other than agents' projects) then equilibrium allocations can be supported by a (non-intermediated) securities market. If there is a viable alternative, the equilibrium allocations cannot be supported by a securities market equilibrium. We interpret this case as suggesting the emergence of financial intermedary coalitions.
|
In this paper, we study the qualitative behavior of following open-access anchovy fishery model: c x p y y y x d ax x v n n n n v n b n n , where , , , , , , , p v d c b a and the initial conditions 0 0 , y x are positive real numbers. More precisely, we investigate the necessary and sufficient condition for local asymptotic stability of the unique positive equilibrium point of this system. Some numerical examples are given to verify our theoretical results.
|
eng_Latn
| 791,129 |
DEA Governance Efficiency Frontier and Credit Rating
|
The purpose of our study is to test whether corporate governance efficiency may influence the credit rating of the firm. Using Data envelopment analysis (DEA), we construct a score of corporate governance efficiency. We are based on a sample of 571 American firms rated by Standard and Poor’s over the period 1995-2007. Our results show that high corporate governance efficiency improves credit rating. Hence, we find that corporate governance efficiency is a criterion in the credit rating process.
|
This paper aims to highlight some channels of crisis transmission as identified by economic literature and try to estimate which are the variables that count most using an econometric equation. In order to analyze this, we use tables, graphical interpretation and regression equation based on Thorston Beck IMF Database. The development of the financial sector is difficult to measure, but we take into discussion quantitative development of the financial sector, using indicators such as: exports and imports as annual percentage change; the lending rate; domestic credit as a share of GDP in percentage change (end-year) as a measure for the size of the financial sector, data used from EBRD Database. We found that transmission channels on GDP were (in order of importance) exports and deposit rates.
|
eng_Latn
| 791,130 |
The Effects Of Short-Term Interest Rates On Output, Price And Exchange Rates: Recent Evidence From China
|
lected macro-variables in China. Johansen’s cointegration tests fail to find a moving equilibrium among the related variables. Based on a VAR model in first differences, we find that an unexpected temporary one-off shock to the change in the seven-day money market interbank borrowing rate does not have significant influence on GDP changes but a significant influence on price level changes in a wrong direction. Empirical testing demonstrates that the seven-day Repo rate has an insignificant influence on both GDP changes and on the price level changes. Furthermore, the relationships between monetary aggregate (M2) and short-run money market interest rates suggest that the short-run interest rates do not have significant influence on the monetary aggregate. Therefore, we have determined that short-run money market interest rates are ineffective as a monetary policy-operating objective.
|
We test the public policy impact of court decisions relative to Congress and the executive by examining the FDA's proposals to regulate tobacco products. To measure impact we utilize an event study methodology that measures how a court decision affects the returns of selected publicly traded firms. This approach allows us to sort out the decisiveness of court decisions that occur in the shadow of the executive and congressional power, as well as to sort out the power of judges within the judicial hierarchy. We find that courts, including District Courts, have the ability to affect significantly the expected profits of firms.
|
yue_Hant
| 791,131 |
Impact of Changes in Reserve Requirement on Banks Profitability: A Case of Commercial Banks in Pakistan
|
This study examines the relationship between Reserve Requirement Ratio and Banks Profitability in Pakistan. It emphasizes on the effect of changes in CRR on commercial banking profitability and how it affects the ROE and ROA. The data collected for the research was secondary and quantitative time series data for the ten year period 2005-2014. Using correlation analysis followed by Linear Regression carries the empirical analysis of the study. The finding of study reveal that CRR taken as measure for Reserve Requirement has significant inverse relationship on banks’ financial performance, which is measured by ROA and ROE. Keywords: Reserve Requirement Ratio (RRR), Cash Reserve Ratio (CRR), Return on Assets (ROA), Return on Equity (ROE).
|
This paper analyzes a two-player game of strategic experimentation with three-armed exponential bandits in continuous time. Players face replica bandits, with one arm that is safe in that it generates a known payofi, whereas the likelihood of the risky arms’ yielding a positive payofi is initially unknown. It is common knowledge that the types of the two risky arms are perfectly negatively correlated. I show that the e‐cient policy is incentive-compatible if, and only if, the stakes are high enough. Moreover, learning will be complete in any Markov perfect equilibrium if, and only if, the stakes exceed a certain threshold.
|
eng_Latn
| 791,136 |
Are Thai Banks Vulnerable?: Structural Analysis of Bank Corporate Loan Portfolio and Implications
|
This paper attempts to gauge the vulnerability of the Tahi banking system. Our analysis consists of three main areas. First, we use the publicly available information to construct a few basic financial ratios. Following a conventional analysis, we find that the industry is in reasonably good health and stability. Since the corporate loan portfolio constitutes the largest exposure within the banking sector, we focus the second part of our analysis on the structural risk profiles of these corporate loans. Using the Bank of Thailand's system-wide database, we document the default rates and default correlation matrices at both the aggregate (country portfolio) and the disaggregate levels with respect to size and industry, the two crudest but important credit risk drivers of a corporate loan portfolio. Last, we conduct an analysis of the loan pricing and estimate economic profits achieved by different banks in the last four years.
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
eng_Latn
| 791,140 |
Global Financial Crisis Impact and Countermeasures of Tourist Hotels of China
|
How to use the experiences of hotel operation strategies of other countries as reference to adjust our own with a systematic understanding of the impact of the undergoing financial crisis on global economy,world tourist market,China's economy,China's tourist market and hotel industry is a key topic concerning China's tourism development.Based on the latest study on this topic by the author,this thesis explores into the following six issues with statistical data and sample-analysis method:1) the main developmental trends of world economy;2) the main trends of world tourist market;3) countermeasures of hotels in foreign countries;4) the main developmental trends of China's economy;5) the main developmental trends of China's tourist market;6) countermeasures of hotels in China.
|
This paper attempts to gauge the vulnerability of the Tahi banking system. Our analysis consists of three main areas. First, we use the publicly available information to construct a few basic financial ratios. Following a conventional analysis, we find that the industry is in reasonably good health and stability. Since the corporate loan portfolio constitutes the largest exposure within the banking sector, we focus the second part of our analysis on the structural risk profiles of these corporate loans. Using the Bank of Thailand's system-wide database, we document the default rates and default correlation matrices at both the aggregate (country portfolio) and the disaggregate levels with respect to size and industry, the two crudest but important credit risk drivers of a corporate loan portfolio. Last, we conduct an analysis of the loan pricing and estimate economic profits achieved by different banks in the last four years.
|
eng_Latn
| 791,144 |
Optimal Sampling of Parametric Families: Implications for Machine Learning
|
It is well known in machine learning that models trained on a training set generated by a probability distribution function perform far worse on test sets generated by a different probability distr...
|
In this paper we present a macro-economic demographic growth modelhaving a special focus on social security. It is designed to study the variability of responses of the system in presence of risks and uncertainties. Here we analyze the robustness of the model towards uncertainties in parameterspecifications, introduced by ARCH-M models with the incorporation ofintervention processes. The parameters varied are labor force participationrates (one of the key sources of uncertainty in the social security policydebate), and the parameters of the production function (the key source ofuncertainty in any long-run economic analysis). The sensitivity analysisfocuses on two variables: assets of the private pension system and thebalance of the public `Pay As You Go' pension system. Special attentionis given to convergence properties of the macro-economic model.
|
eng_Latn
| 791,147 |
Impact of Macro-Econmic Reforms on Development in Nigeria
|
This study assessed the impact of macro-economic reforms on development in Nigeria with a view to improving the standard of living as well as the development of the country in every aspect. Secondary sources of data were used for the study.
|
Built upon the modernsaving theory, this paper stuies the current economic condition of Heilongjiang province, establishes econometric model of saving deposit according to statistics from 1990 to 2002. This paper comes to primary conclusions following a brief economic analysis on the indexes of the model.
|
eng_Latn
| 791,148 |
The Exports and Economic Growth Nexus in Cote D ivoire: Evidence from a Multivariate Time Series Analysis
|
In recent years, there has been much attention devoted to the relationship between exports and economic growth. The evidence is, however, mixed and inconclusive. This might be attributed to the fact that most existing studies adopt a bivariate framework ignoring the role of capital stock and labor force. Therefore, this paper examines this issue for Cote d?Ivoire over the period 1965-2014. It applies the ARDL bounds test to cointegration and Granger causality tests. The results confirm the export-led growth hypothesis in the long run when total GDP is used. On the contrary, when non-export GDP is considered, exports cause economic growth both in the short and long run. These findings suggest that export promotion policies will contribute to economic growth in Cote d?Ivoire.
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
eng_Latn
| 791,150 |
Liquidity management in financial institutions in Nigeria
|
This study investigated prospects and problems of liquidity management in financial system in Nigeria. Time series data from 1991 to 2011 was used for data gathering and econometric tool of Ordinary Least Square Linear Regression method was adopted for data analysis. The study revealed that day to day conduct of monetary policy by CBN relies on a theoretical framework which links the operating target to the intermediate target (M2) and to the final objectives of price and output stability; uncertainty remains the major challenge for monetary policy not only in Nigeria, but the world over. The researcher however recommended that monetary authorities must revisit the guidelines on the operation of deposit money banks in Nigeria with a view to trashing out some disturbing elements and widening the scope of activities. Nigerian banks should focus on the development of decision models in treasury and funds management for policy makers and senior management so as to ensure desired goal achievement.
|
Building socialism new countryside needs finance support,but the shortage of present countryside cpital is a factor of hindering countryside development.adds vigour to the development of countryside society and economy,but as the lack of law and government protection to countryside finance,the irregular countryside finance develops irregularly.It is an important meaning to guide irregular countryside finance to serve countryside development with regulation finance.
|
eng_Latn
| 791,151 |
Weak form of basic equations in elasticity
|
The correct weak form of basic equations in elasticity is the foundation of finite element analysis.The weak form obtained by means of the basic equations is often not correct because each basic equation could have a difference in sign(positive or negative).The correct weak form of basic equations in elasticity is presented by means of dual space conception and basic theorem in functional analysis.The conditions on discontinuous surfaces of displacements or elasticity constants for continua are given.The dynamic equations of elasticity defined on 3-D are taken as the equations defined on a domain in 4-D,and the weak forms of dynamic equations of elasticity are given.The same results as Hamilton′s variational principle are derived from the weak form.
|
The modelling of short-term interest rates in emerging markets is an important research area, especially in view of the growth of new financial markets and of the financial securities traded in these countries. Over the last decade, a number of researchers have looked at different models of short-term interest rates. An important paper in this area is the study by Chan, Karolyi, Longstaff and Sanders (1992, CKLS hereafter), who considered various one-factor models nested in their general interest rate model. The CKLS general model captured various aspects of interest rate behaviour, including drift and mean reversion of interest rates. It also allowed for a general relationship between the level of interest rates and the volatility of rates. By imposing restrictions on these parameters, various well-known models in the literature that are used extensively by financial market operators can be utilized.
|
eng_Latn
| 791,179 |
The Employment Effect of Industry- Specific, Collectively Bargained Minimum Wages
|
Abstract This study estimates the employment effects of industry-specific, collectively bargained minimum wages in Germany for two occupations associated with the construction sector. I propose a truly exogenous control group in contrast to the control group design used in the literature. Further, a difference-in-differences-in-differences estimator is presented as a robustness test for occupation-specific and/or industry-specific, time-varying, unobserved heterogeneity. I do not find a significantly negative employment effect, even though the minimum wage is binding in (East) Germany. Possible explanations include substitution effects, non-compliance and models of monopsonic competition.
|
lected macro-variables in China. Johansen’s cointegration tests fail to find a moving equilibrium among the related variables. Based on a VAR model in first differences, we find that an unexpected temporary one-off shock to the change in the seven-day money market interbank borrowing rate does not have significant influence on GDP changes but a significant influence on price level changes in a wrong direction. Empirical testing demonstrates that the seven-day Repo rate has an insignificant influence on both GDP changes and on the price level changes. Furthermore, the relationships between monetary aggregate (M2) and short-run money market interest rates suggest that the short-run interest rates do not have significant influence on the monetary aggregate. Therefore, we have determined that short-run money market interest rates are ineffective as a monetary policy-operating objective.
|
eng_Latn
| 791,180 |
Interactions between monetary and fiscal policies
|
Using a panel data set of the 28 EU countries from 1970 to 2015, we study the nature of monetary and fiscal policies of both respective authorities and assess how economic and institutional...
|
The well-known Klein-Monti model of bank behavior considers a monopolistic bank. We demonstrate that this model’s results on the comparative static effects of a change in the exogenous interbank market interest rate do not necessarily hold in oligopolistic Cournot or Stackelberg generalizations. Introducing asymmetries in the cost functions of the banks, or in their way of conduct, may imply counterintuitive effects on the individual banks’ volumes of loans and deposits. Keywords: Bank behavior, Cournot oligopoly, Stackelberg oligopoly
|
eng_Latn
| 791,184 |
MONETARY POLICY IMPACT IN THE CENTRAL BANK BALANCE SHEET IN THE EMERGING COUNTRIES
|
During periods of economic crisis, monetary policy operations undertaken by central banks is increasing, often linked in a controversial operations performed by the State. The study examines the impact of monetary policy operations by the central bank on its financial statements in particular in periods of crisis. It also examines the extent to which any losses caused by monetary policy operations could have a major impact on macroeconomic stability
|
Built upon the modernsaving theory, this paper stuies the current economic condition of Heilongjiang province, establishes econometric model of saving deposit according to statistics from 1990 to 2002. This paper comes to primary conclusions following a brief economic analysis on the indexes of the model.
|
yue_Hant
| 791,194 |
Do Transnational Links Matter after Return? Labour Market Participation among Ghanaian Return Migrants
|
Do transnational links matter after return? The study presents the conditions under which migrants participate in the labour market of their home countries. Though transnationalism describes return migration as a circular movement, there is still evidence of permanent return prompting the question of how returnees utilise their transnational links after return. This paper presents an analysis of pre- and post-return experiences of Ghanaian international migrants, focusing on their strategies, assets and labour market participation. The study finds that return migrants keep ties with host countries for the sake of businesses and other benefits which may not be readily available in the home country. The paper suggests that in order to promote national development and enhance national competitiveness in a globalising world, Ghana needs to encourage collaboration amongst its residents abroad and encourage opportunities for the sharing of knowledge and expertise.
|
This paper aims to highlight some channels of crisis transmission as identified by economic literature and try to estimate which are the variables that count most using an econometric equation. In order to analyze this, we use tables, graphical interpretation and regression equation based on Thorston Beck IMF Database. The development of the financial sector is difficult to measure, but we take into discussion quantitative development of the financial sector, using indicators such as: exports and imports as annual percentage change; the lending rate; domestic credit as a share of GDP in percentage change (end-year) as a measure for the size of the financial sector, data used from EBRD Database. We found that transmission channels on GDP were (in order of importance) exports and deposit rates.
|
eng_Latn
| 791,202 |
Managerial Performance Incentives and Firm Risk during Economic Expansions and Recessions*
|
We argue that the relationship between managerial pay-for-performance incentives and risk taking is procyclical. We study the relationship between incentives provided by stock-based compensation and rm risk for U.S. non- nancial corporations over the two business cycles between 1992 and 2009. We show that a given level of pay-for-performance incentives results in signi cantly lower rm risk when the economy is in a downturn. The documented procyclical relationship between incentives and risk taking is consistent with state-dependent risk aversion. Our ndings contribute to the literature on the depres- sive e¤ects of performance incentives on rm risk by documenting the importance of the interaction between performance incentives and risk aversion.
|
Introduction 1. Alternative Views of PAYG as a Social Institution 2. Re-engineering PAYG: The Controversy over the Notional Defind Contribution Reforms 3. The Conventional Interpretation of a Fully Funded Scheme and Capital Theory 4. The Transition from PAYG to FF Schemes 5. The Controversy over the Social Security Surplus 6. The Classical-Keynesian Macroeconomics of Pension Reforms in Closed and Open Economies 7. Classical and Neoclassical Perspectives on the Welfare State and Pensions 8. The Viability of an Ageing Society: A Classical Exploration 9. Summary of the Main Arguments References Index.
|
eng_Latn
| 791,208 |
Predicting Impending Bankruptcy From Auditor Qualified Opinions And Audit Firm Changes
|
Unlike prior research, we investigate the incremental explanatory power of both auditor qualified opinions and auditor changes beyond the information conveyed by traditional financial statement ratios in predicting bankruptcy. We find that qualified auditor opinion and auditor changes are both important in predicting impending bankruptcy and that auditor changes convey important information not reflected in auditor qualified opinions alone. In fact, we find compelling evidence that auditor changes provide incremental explanatory power in predicting impending firm failure beyond what is conveyed by auditor qualified opinions and traditional financial statement ratios considered jointly. Although the existing relevant literature provides no empirical evidence in this regard to our knowledge, this result is intuitive as one motivation for clients to change audit firms is to seek less conservative professional auditors as a strategic response to manifestation of the financial statement effects of bankruptcy.
|
Credit agencies rate the quality of risky debt issued by firms, who themselves pay fortheseratings.Thispaymentstructurecreatesanincentiveproblemwithrespect to rating accuracy. This paper constructs an equilibrium model for studying the efficiency of this payment scheme and its accuracy. We show that this payment scheme increases welfare for the firm’s shareholders but generates inaccurate ratings that accentuate the credit risk business cycle. As the number of rated debt issues grows, however, the payment scheme inefficiency goes to zero and the ratings inaccuracy disappears.
|
eng_Latn
| 791,214 |
Imagination, Exchange and Business Enterprise in Smith and Shackle
|
Current discussion of the ‘microfoundations’ of economic theory is dominated by General Equilibrium theory. Even economists seeking to preserve what are euphemistically called ‘Keynesian insights’ search for a Walrasian basis for ‘Keynesian’ macrotheory.
|
With Shanghai stock exchange market as a research object, this paper studies the complexity of the stock exchange market using the cellular automata theory and model. With the fractal theory as a tool, the R/S method is used to compare the real and the simulated data, which verifies the validity of the simulation. In the CA model, with different initial values and rules, we can improve the study on complexity in the stork exchange market.
|
eng_Latn
| 791,225 |
Paul Winfree, Victor Xiao: A major threat to the US economy -- Our debt is a dark cloud over a sunny outlook
|
If the government keeps borrowing more money, and spending it less efficiently than the private sector, the economy’s growth potential will be increasingly hobbled.
|
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.
|
eng_Latn
| 791,226 |
What caused BPN and BPP to accumulate losses?
|
After the financial crisis of 2007–08, it was known in 2008–2009 that two Portuguese banks (Banco Português de Negócios (BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investments, embezzlement and accounting fraud. The case of BPN was particularly serious because of its size, market share, and the political implications - Portugal's then current President, Cavaco Silva, and some of his political allies, maintained personal and business relationships with the bank and its CEO, who was eventually charged and arrested for fraud and other crimes. In the grounds of avoiding a potentially serious financial crisis in the Portuguese economy, the Portuguese government decided to give them a bailout, eventually at a future loss to taxpayers and to the Portuguese people in general.
|
While successful predation results in a gain of energy, hunting invariably involves energetic costs as well. When hunger is not an issue, in general most predators will not seek to attack prey since the costs outweigh the benefits. For instance, a large predatory fish like a shark that is well fed in an aquarium will typically ignore the smaller fish swimming around it (while the prey fish take advantage of the fact that the apex predator is apparently uninterested). Surplus killing represents a deviation from this type of behaviour. The treatment of consumption in terms of cost-benefit analysis is known as optimal foraging theory, and has been quite successful in the study of animal behavior. In general, costs and benefits are considered in energy gain per unit time, though other factors are also important, such as essential nutrients that have no caloric value but are necessary for survival and health.
|
eng_Latn
| 791,250 |
Financial Crises in DSGE Models: Selected Applications of MAPMOD
|
This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of both the pre-crisis and crisis phases of financial cycles.
|
In traditional CP-OFDM technology exist has two drawbacks,i.e.,the adding of cyclic prefix would result in low spectrum efficiency and it is sensitive to the Doppler frequency shift.This paper principally discusses the issue of pulse shaping filter for GFDM(generalized frequency division multiplex) system.With the suitable arrangement,GFDM system could match the channel propagation against the inter-symbol interference and inter-carrier interference.Finally,PAPR(peak-to-average-power-ratio) for GFDM system is exoounded,and the bit error ratio performance in presence of HPA(high-power amplifier) also analyzed.
|
kor_Hang
| 791,252 |
The Phase Transition to Eternal Inflation
|
For slow-roll inflation we study the phase transition to the eternal regime. Starting from a finite inflationary volume, we consider the volume of the universe at reheating as order parameter. We show that there exists a critical value for the classical inflaton speed, 2/H4 = 3/(2π2), where the probability distribution for the reheating volume undergoes a sharp transition. In particular, for sub-critical inflaton speeds all distribution moments become infinite. We show that at the same transition point the system develops a non-vanishing probability of having a strictly infinite reheating volume, while retaining a finite probability for finite values. Our analysis represents the exact quantum treatment of the system at lowest order in the slow-roll parameters and H2/MPl2.
|
We analytically examine output persistence from monetary shocks in a DSGE model with staggered prices or wages under a Taylor Rule. Surprisingly, while Taylor-style staggering never yields persistence, Calvo-style staggering of wages does generate persistence under decreasing returns to labour.
|
eng_Latn
| 791,253 |
Abstract: Estimation of Covariance Matrices in Fixed and Mixed Effects Linear Models
|
The estimation of the covariance matrix or the multivariate components of variance is considered in the multivariate linear regression models with effects being fixed or random. In this paper, we propose a new method to show that usual unbiased estimators are improved on by the truncated estimators. The method is based on the Stein-Haff identity, namely the integration by parts in the Wishart distribution, and it allows us to handle the general types of scale-equivariant estimators as well as the general fixed or mixed effects linear models.
|
We model cross-market Bitcoin prices as long-memory processes and study dynamic interdependence in a fractionally cointegrated VAR framework. We find long-memory in both the individual markets and the system of markets depicting non-homogeneous informational inefficiency. Moreover, Bitcoin markets are found to be fractionally cointegrated, where uncertainty negatively impacts this type of cointegration relationship.
|
eng_Latn
| 791,254 |
An estimator for the cumulative co-volatility of asynchronously observed semimartingales with jumps
|
type="main" xml:id="sjos12043-abs-0001"> In this paper, we consider two semimartingales sampled at stopping times in an asynchronous manner. We are interested in estimating their cumulative co-volatility separately from the sum of their co-jumps. For this purpose, we combine the Hayashi–Yoshida method (to deal with the asynchronicity) with the threshold technique (to separate the jumps) and consider a class of statistics called the truncated Hayashi–Yoshida estimator. We prove the consistency and the asymptotic mixed normality of the truncated Hayashi–Yoshida estimator under some mild conditions allowing the presence of infinite activity jumps.
|
We model cross-market Bitcoin prices as long-memory processes and study dynamic interdependence in a fractionally cointegrated VAR framework. We find long-memory in both the individual markets and the system of markets depicting non-homogeneous informational inefficiency. Moreover, Bitcoin markets are found to be fractionally cointegrated, where uncertainty negatively impacts this type of cointegration relationship.
|
eng_Latn
| 791,255 |
An Alternative to the Bounds Test for Testing for Serial Correlation in Least-Squares Regression
|
This article shows how to transform residuals from regression on an arbitrary set of k regressors to a set of values having the same joint distribution as the residuals from regression on a different set L of k regressors. Let d′ denote the value of the statistic $\Sigma (z_{t}-z_{t-1})^{2}/\Sigma z_{t}^{2}$ calculated from these values. It is shown that for a suitable choice of L the distribution of d′ is the same as that of $d_{U}$ , the significance values of which are tabulated in [1].
|
The objective of this paper is to study the arbitrage free pricing of the covariance swap for Barndorff–Nielsen and Shephard (BN–S) type Levy process driven financial markets. One of the major challenges in arbitrage free pricing of swap is to obtain an accurate pricing expression which can be used with good computational accuracy. In this paper, we obtain analytic expressions for the pricing of the covariance swap. We show that with the analytic expressions obtained from the BN–S model, the error estimation in fitting the delivery price is much less than the existing models with comparable parameters. The models and pricing formulas proposed in this paper are computable in real time and hence can be efficiently used in practical applications.
|
eng_Latn
| 791,264 |
Asymptotic optimal solutions for airline revenue management with cancelation and no-shows
|
In this paper, we study the asymptotical optimal solutions for the general airline revenue management problem, considering both customer cancelations and no-shows. We study a simple case where there is only one fare-class; the management controls the opening and closing of the fare-class, with the objective of maximizing the total revenue. We first develop a fluid control problem, where the customer arrival and cancelation processes are treated as deterministic, whereas the no. of no-shows is random. The optimal fluid solution is shown to have a simple structure of accepting up to a single time point t* and rejecting afterwards. We show that this policy acts as an upper bound for the MDP problem. Applying the optimal fluid solution to the stochastic environment, we show that this policy is asymptotically optimal on the fluid scaling.
|
This article analyzes a sequential search model where firms face identical but stochastic production costs, the realizations of which are unknown to consumers. We characterize a perfect Bayesian equilibrium satisfying a reservation price property and provide a sufficient condition for such an equilibrium to exist. We show that (i) firms set on average higher prices and make larger profits compared to the scenario where consumers observe production costs, (ii) expected prices and consumer welfare can be non-monotonic in the number of firms, and (iii) the impact of production cost uncertainty vanishes as the number of firms becomes very large.
|
eng_Latn
| 791,267 |
Testing the normality of the gravitational wave data with a low cost recursive estimate of the kurtosis
|
We propose a monitoring indicator of the normality of the output of a gravitational wave detector. This indicator is based on the estimation of the kurtosis (i.e., the 4th order statistical moment normalized by the variance squared) of the data selected in a time sliding window. We show how a low cost (because recursive) implementation of such estimation is possible and we illustrate the validity of the presented approach with a few examples using simulated random noises.
|
The modelling of short-term interest rates in emerging markets is an important research area, especially in view of the growth of new financial markets and of the financial securities traded in these countries. Over the last decade, a number of researchers have looked at different models of short-term interest rates. An important paper in this area is the study by Chan, Karolyi, Longstaff and Sanders (1992, CKLS hereafter), who considered various one-factor models nested in their general interest rate model. The CKLS general model captured various aspects of interest rate behaviour, including drift and mean reversion of interest rates. It also allowed for a general relationship between the level of interest rates and the volatility of rates. By imposing restrictions on these parameters, various well-known models in the literature that are used extensively by financial market operators can be utilized.
|
eng_Latn
| 791,269 |
Innovative renewal of financial and economic mechanism of implementation of decentralized model of local communities sustainable development
|
The article is devoted to the estimation of current level and development prospects of innovation-investment insurance of sustainable development of local communities in Ukraine. The structure of the financial and economic mechanism for implementing a decentralized model of sustainable development is proposed. It is investigated the dynamics of environmental charges for environmental pollution paid by enterprises, organizations, institutions of Ukraine. The forms of rent relations implementation into the system of management with sustainable development of communities under the decentralization conditions are determined. It is offered to implement improving of mechanisms and regulations of payment for the use of natural resources on the basis of deployment process of capitalization, corporatization, institutionalization, diversification and securitization of natural resource activity in market conditions.
|
We model cross-market Bitcoin prices as long-memory processes and study dynamic interdependence in a fractionally cointegrated VAR framework. We find long-memory in both the individual markets and the system of markets depicting non-homogeneous informational inefficiency. Moreover, Bitcoin markets are found to be fractionally cointegrated, where uncertainty negatively impacts this type of cointegration relationship.
|
eng_Latn
| 791,271 |
On a perturbed dual risk model with dependence between inter-gain times and gain sizes
|
ABSTRACTThe dual risk model may be used to model the revenue process of a company with constant expense rate and occasional gains. In this paper, we consider a dual risk model with both inter-gain times and expense rates depending on the size of previous gain. Also, we assume the process is perturbed by a Brownian motion. Exact solutions for the Laplace transform and the first moment of the time to ruin with arbitrary gain-size distribution are obtained. Applications with numerical illustrations are provided to examine the impacts of the dependence structure and perturbation.
|
We describe preliminary results from an effort to quantify the uncertainties in parton distribution functions and the resulting uncertainties in predicted physical quantities. The production cross section of the $W$ boson is given as a first example. Constraints due to the full data sets of the CTEQ global analysis are used in this study. Two complementary approaches, based on the Hessian and the Lagrange multiplier method respectively, are outlined. We discuss issues on obtaining meaningful uncertainty estimates that include the effect of correlated experimental systematic uncertainties and illustrate them with detailed calculations using one set of precision DIS data.
|
eng_Latn
| 791,275 |
Corrupt clubs and the convergence hypothesis1
|
Empirical work in a cross-section framework demonstrates little or no support for absolute convergence in per capita GDP. I argue in this paper that “divergence in corruption”, defined as the tendency of corrupt countries to become more corrupt faster than less corrupt nations, is a neglected factor that also determines the speed of convergence. Using Transparency International (TI) corruption perceptions index, I estimate C-σ and C-γ coefficients for corrupt and less corrupt economies to explore the C-divergence in corruption rankings. The study concludes that corrupt countries are C-converging, forming a “corrupt club”.
|
AbstractLetX1,…,Xn be iid observations of a random variableX with probability density functionf(x) on the q-dimensional unit sphere Ωq in Rq+1,q ⩾ 1. Let ::: $$f_n (x) = n^{ - 1} c(h)\sum\nolimits_{i = 1}^n {K[(1 - x'X_i )/h^2 ]} $$ ::: be a kernel estimator off(x). In this paper we establish a central limit theorem for integrated square error offn under some mild conditions.
|
eng_Latn
| 791,277 |
The general solution of impulsive systems with Riemann-Liouville fractional derivatives
|
Abstract In this paper, we study a kind of fractional differential system with impulsive effect and find the formula of general solution for the impulsive fractional-order system by analysis of the limit case (as impulse tends to zero). The obtained result shows that the deviation caused by impulses for fractional-order system is undetermined. An example is also provided to illustrate the result.
|
The modelling of short-term interest rates in emerging markets is an important research area, especially in view of the growth of new financial markets and of the financial securities traded in these countries. Over the last decade, a number of researchers have looked at different models of short-term interest rates. An important paper in this area is the study by Chan, Karolyi, Longstaff and Sanders (1992, CKLS hereafter), who considered various one-factor models nested in their general interest rate model. The CKLS general model captured various aspects of interest rate behaviour, including drift and mean reversion of interest rates. It also allowed for a general relationship between the level of interest rates and the volatility of rates. By imposing restrictions on these parameters, various well-known models in the literature that are used extensively by financial market operators can be utilized.
|
eng_Latn
| 791,278 |
The risk and prevention of internet finance
|
emergence of financial intermediaries in electronic markets : the case of online p 2 p lending .
|
Mean scatterer spacing estimation from pellets using cepstral analysis: A preliminary study
|
eng_Latn
| 791,313 |
Radar Emitter Identification Based on Improved Convolutional Neural Network
|
Aiming at the problem that the traditional pulse description word is difficult to effectively identify complex radar emitters, a method of extracting time-frequency characteristics of radar emitters and using improved convolutional neural network for recognition is proposed. Firstly, two-dimensional time-frequency images are obtained by time-frequency analysis of radar signals. Then, the convolution layer of convolutional neural network is used to extract time-frequency features, the full connection layer is used to integrate features, and softmax is used for classification and recognition. Five kinds of common radar signals are identified by simulation experiments, which proves the validity of this method.
|
We present a computer simulation study of thin crystalline multilayers constructed from two FCC solids with differing lattice constants and binding energies. Both materials are described by Lennard-Jones interatomic potentials and initially have the same orientation and coherent interfaces. We have studied systems in which interfaces are perpendicular to the common [100] and [111] directions, respectively. A novel technique for analyzing local atomic ordering, Common Neighbor Analysis, is used to identify structural characteristics in these systems. We have found several structural changes in the layers of smaller atoms, including an FCC to HCP transition. In a system with (111) texture, a coherent interface to incoherent interface transformation is observed. Calculations of elastic constants of these multilayer structures show that elastic anomalies are associated with the structural variations.
|
eng_Latn
| 791,347 |
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