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2008

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Articles 1 - 30 of 94

Full-Text Articles in Social and Behavioral Sciences

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2008., Central Bank Of Nigeria Dec 2008

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2008., Central Bank Of Nigeria

CBN Annual Report

The Central Bank of Nigeria (CBN)'s 2008 report evaluates macroeconomic policies and outcomes, focusing on corporate operations and the economy's performance against domestic and external economic and financial developments. The CBN's monetary policy stance and banking and financial measures were deployed to ensure price stability and financial sector soundness. Despite the global economic downturn, the financial system remained relatively stable and overall macroeconomic performance was satisfactory. The formal financial system at end-December 2008 comprised the CBN, the Nigeria Deposit Insurance Corporation, the Securities and Exchange Commission, the National Insurance Commission, the National Pension Commission, and various banks. The banking sector …

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Rhode Island Current Conditions Index — December 2008, Leonard Lardaro Dec 2008

Rhode Island Current Conditions Index — December 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Maximum Likelihood And Gaussian Estimation Of Continuous Time Models In Finance, Peter C. B. Phillips, Jun Yu Dec 2008

Maximum Likelihood And Gaussian Estimation Of Continuous Time Models In Finance, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper overviews maximum likelihood and Gaussian methods of estimating continuous time models used in finance. Since the exact likelihood can be constructed only in special cases, much attention has been devoted to the development of methods designed to approximate the likelihood. These approaches range from crude Euler-type approximations and higher order stochastic Taylor series expansions to more complex polynomial-based expansions and infill approximations to the likelihood based on a continuous time data record. The methods are discussed, their properties are outlined and their relative finite sample performance compared in a simulation experiment with the nonlinear CIR diffusion model, which …

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基於Bma方法的長期經濟增長因素確定—— 一個研究綜述, 路征, 鄧翔 Nov 2008

基於Bma方法的長期經濟增長因素確定—— 一個研究綜述, 路征, 鄧翔

Zheng Lu (Chinese: 路征)

將貝葉斯統計理論引入經濟學研究具有重要的理論與實踐價值，並已被國外經濟研究者廣泛應用於經濟研究中。BACE 方法是基於 BMA（Bayesian Model Averaging）的一個改進，由Doppelhofer 等提出並利用其研究長期經濟增長因素的確定，認為許多的潛在因素與經濟增長相關，從而支持了 Sala-i-Martin 而不是 Ross Levine 和 David Renelt 的研究結論。

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Entry Costs And Economies Of Scope In Multiproduct Firms' Decisions, Xosé-Luís Varela-Irimia Nov 2008

Entry Costs And Economies Of Scope In Multiproduct Firms' Decisions, Xosé-Luís Varela-Irimia

Xosé-Luís Varela-Irimia

This paper computes the scope economies associated to the commercialization of several product varieties by multiproduct firms, in a dynamic oligopoly setting. Goods are differentiated and firms decide on firm entry and exit, product entry and exit, quality and pricing. The model is applied to the Spanish automobile market. Results show moderate entry costs and substantial cost reductions when introducing a second product as compared to the first, indicating that multiproduct firms benefit from strong economies of scope when expanding their range of products. However, those economies disappear after five products have been introduced, suggesting a U-shaped curve for entry …

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Future Fiscal And Budgetary Shocks, Hian Teck Hoon, Edmund S. Phelps Nov 2008

Future Fiscal And Budgetary Shocks, Hian Teck Hoon, Edmund S. Phelps

Research Collection School Of Economics

We study the effects of future tax and budgetary shocks in a non-monetary and possibly non-Ricardian economy. An (unanticipated) temporary labor tax cut to be effective on a given future date—a delayed “debt bomb”—causes at once a drop in the (unit) value placed on the firms' business asset, the customer, with the result that share prices, the hourly wage, and employment drop in tandem. This paradox of reduced activity through announcement of future “stimulus” does not hinge on an upward jump of long interest rates. A future tax-rate cut lacking a “sunset” provision has the same negative effects.

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Rhode Island Current Conditions Index — November 2008, Leonard Lardaro Nov 2008

Rhode Island Current Conditions Index — November 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Testing For Parameter Stability In Quantile Regression Models, Liangjun Su, Zhijie Xiao Nov 2008

Testing For Parameter Stability In Quantile Regression Models, Liangjun Su, Zhijie Xiao

Research Collection School Of Economics

We propose a test for structural change of conditional distribution in dynamic regression models. The test is constructed based on time series regression quantile estimates and complements conventional parameter instability tests in least-square type regression models. Asymptotic distribution for our test under the null hypothesis is derived.

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Water Borne Diseases And Rural Development In Sudan Study Of Malaria In Gezira Irrigated Agricultural Scheme, Professor Issam A.W. Mohamed Oct 2008

Water Borne Diseases And Rural Development In Sudan Study Of Malaria In Gezira Irrigated Agricultural Scheme, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Gezira irrigated scheme is globally one of the biggest agricultural productive units administratively managed. It has seen deteriorating productivity for the past two decades. There cries that it should be privatized. That was seriously taken by the government in an economic liquidation of its assets. However, in this study we discuss analyze other aspects than the previously mentioned aspects of production parameters. We focus of health economics and how gradual negligence led to the prevalence of waterborne diseases. That degenerated farmers' abilities to produce. The present study was carried out in the Gezira scheme to measure the impact of water …

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Rhode Island Current Conditions Index — October 2008, Leonard Lardaro Oct 2008

Rhode Island Current Conditions Index — October 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Asymmetric Dynamic Pricing In A Local Gasoline Retail Market, Felipe Balmaceda Assoc Prof., Paula Soruco Sep 2008

Asymmetric Dynamic Pricing In A Local Gasoline Retail Market, Felipe Balmaceda Assoc Prof., Paula Soruco

Felipe Balmaceda

Asymmetric-price adjustment is a common phenomenon in many markets around the world, particularly in retail gasoline markets. This paper studies the existence of this phenomenon in the retail gasoline market in the city of Santiago, Chile, using a data set of weekly gas station prices that covers a period of almost four years. We found that prices adjust asymmetrically, and the asymmetry is different for branded gas stations and unbranded stations. In addition, we found that the asymmetry for high-margin stations is statistically equivalent to that for low-margin stations. This evidence is suggestive of collusion as a rationale for the …

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Rhode Island Current Conditions Index — September 2008, Leonard Lardaro Sep 2008

Rhode Island Current Conditions Index — September 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Improving Semiparametric Estimation By Using Surrogate Data, Song Xi Chen, Leung, Denis H. Y., Jin Qin Sep 2008

Improving Semiparametric Estimation By Using Surrogate Data, Song Xi Chen, Leung, Denis H. Y., Jin Qin

Research Collection School Of Economics

The paper considers estimating a parameter beta that defines an estimating function U(y, x, beta) for an outcome variable y and its covariate x when the outcome is missing in some of the observations. We assume that, in addition to the outcome and the covariate, a surrogate outcome is available in every observation. The efficiency of existing estimators for beta depends critically on correctly specifying the conditional expectation of U given the surrogate and the covariate. When the conditional expectation is not correctly specified, which is the most likely scenario in practice, the efficiency of estimation can be severely compromised …

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Implementación Del Cuadro De Mando Integral En El Tribunal De Cuentas De La Provincia De Mendoza., Marta Sofía Bombini, Juan Víctor Diblasi Aug 2008

Implementación Del Cuadro De Mando Integral En El Tribunal De Cuentas De La Provincia De Mendoza., Marta Sofía Bombini, Juan Víctor Diblasi

Juan Víctor Diblasi

No abstract provided.

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Indicadores De Gestion Para Los Municipios De La Provincia De Mendoza, Juan Víctor Diblasi, Marta Sofía Bombini Aug 2008

Indicadores De Gestion Para Los Municipios De La Provincia De Mendoza, Juan Víctor Diblasi, Marta Sofía Bombini

Juan Víctor Diblasi

No abstract provided.

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Rhode Island Current Conditions Index — August 2008, Leonard Lardaro Aug 2008

Rhode Island Current Conditions Index — August 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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A Nonparametric Hellinger Metric Test For Conditional Independence, Liangjun Su, Halbert White Aug 2008

A Nonparametric Hellinger Metric Test For Conditional Independence, Liangjun Su, Halbert White

Research Collection School Of Economics

We propose a nonparametric test of conditional independence based on the weighted Hellinger distance between the two conditional densities, f(y|x,z) and f(y|x), which is identically zero under the null. We use the functional delta method to expand the test statistic around the population value and establish asymptotic normality under β-mixing conditions. We show that the test is consistent and has power against alternatives at distance n−1/2h−d/4. The cases for which not all random variables of interest are continuously valued or observable are also discussed. Monte Carlo simulation results indicate that the test behaves reasonably well in …

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Limit Theory For Explosively Cointegrated Systems, Peter C. B. Phillips, Tassos Magdalinos Aug 2008

Limit Theory For Explosively Cointegrated Systems, Peter C. B. Phillips, Tassos Magdalinos

Research Collection School Of Economics

A limit theory is developed for multivariate regression in an explosive cointegrated system. The asymptotic behavior of the least squares estimator of the cointegrating coefficients is found to depend upon the precise relationship between the explosive regressors. When the eigenvalues of the autoregressive matrix Θ are distinct, the centered least squares estimator has an exponential Θn rate of convergence and a mixed normal limit distribution. No central limit theory is applicable here, and Gaussian innovations are assumed. On the other hand, when some regressors exhibit common explosive behavior, a different mixed normal limiting distribution is derived with rate of convergence …

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Regression Asymptotics Using Martingale Convergence Methods, Rustam Ibragimov, Peter C. B. Phillips Aug 2008

Regression Asymptotics Using Martingale Convergence Methods, Rustam Ibragimov, Peter C. B. Phillips

Research Collection School Of Economics

Weak convergence of partial sums and multilinear forms in independent random variables and linear processes and their nonlinear analogues to stochastic integrals now plays a major role in nonstationary time series and has been central to the development of unit root econometrics. The present paper develops a new and conceptually simple method for obtaining such forms of convergence. The method relies on the fact that the econometric quantities of interest involve discrete time martingales or semimartingales and shows how in the limit these quantities become continuous martingales and semimartingales. The limit theory itself uses very general convergence results for semimartingales …

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On The Evaluation Of The Joint Distribution Of Order Statistics, Koon Shing Kwong, Yiu Man Chan Aug 2008

On The Evaluation Of The Joint Distribution Of Order Statistics, Koon Shing Kwong, Yiu Man Chan

Research Collection School Of Economics

Dunnett and Tamhane [Dunnett, C.W., Tamhane, A.C., 1992. A step-up multiple test procedure. J. Amer. Statist. Assoc. 87, 162-170.] proposed a step-up procedure for comparing k treatments with a control and showed that the step-up procedure is more powerful than its counterpart single step and step-down procedures. Since then, several modified step-up procedures have been suggested to deal with different testing environments. In order to establish those step-up procedures, it is necessary to derive approaches for evaluating the joint distribution of the order statistics. In some cases, experimenters may have difficulty in applying those step-up procedures in multiple hypothesis testing …

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Consumer Behaviour And Nutrition Information: Theoretical Model And Empirical Application On Food Labels (In Greek), Andreas Drichoutis Jul 2008

Consumer Behaviour And Nutrition Information: Theoretical Model And Empirical Application On Food Labels (In Greek), Andreas Drichoutis

Andreas Drichoutis

No abstract provided.

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Consumer Behaviour And Nutrition Information: Theoretical Model And Empirical Application On Food Labels (Phd Thesis, In Greek), Andreas Drichoutis Jul 2008

Consumer Behaviour And Nutrition Information: Theoretical Model And Empirical Application On Food Labels (Phd Thesis, In Greek), Andreas Drichoutis

Andreas Drichoutis

No abstract provided.

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Rhode Island Current Conditions Index — July 2008, Leonard Lardaro Jul 2008

Rhode Island Current Conditions Index — July 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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A Semiparametric Stochastic Volatility Model, Jun Yu Jul 2008

A Semiparametric Stochastic Volatility Model, Jun Yu

Research Collection School Of Economics

This paper examines how volatility responds to return news in the context of stochastic volatility (SV) using a nonparametric method. The correlation structure in the classical leverage SV model is generalized based on a linear spline. In the new model the correlation between the return innovation and volatility innovation is dependent on the type of news arrived to the market. Theoretical properties of the proposed model are examined. A simulation-based maximum likelihood method is developed to estimate the new model. Simulations show that the estimation method provides reliable parameter estimates. The new model is fitted to daily and weekly data …

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Nonparametric Prewhitening Estimators For Conditional Quantiles, Liangjun Su, Aman Ullah Jul 2008

Nonparametric Prewhitening Estimators For Conditional Quantiles, Liangjun Su, Aman Ullah

Research Collection School Of Economics

We define a nonparametric prewhitening method for estimating conditional quantiles based on local linear quantile regression. We characterize the bias, variance and asymptotic normality of the proposed estimator. Under weak conditions our estimator can achieve bias reduction and have the same variance as the local linear quantile estimators. A small set of Monte Carlo simulations is carried out to illustrate the performance of our estimators. An application to US gross domestic product data demonstrates the usefulness of our methodology.

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The Impact Of Honor Codes On Academic Cheating Within Liberal Arts Colleges, Heather M. O'Neill, Christian A. Pfeiffer Jun 2008

The Impact Of Honor Codes On Academic Cheating Within Liberal Arts Colleges, Heather M. O'Neill, Christian A. Pfeiffer

Business and Economics Faculty Publications

Many researchers study the subject of collegiate cheating by focusing on demographic characteristics of cheaters at schools of varying sizes. Other researchers examine whether collegiate honor codes can abate rampant cheating. A third group studies whether perceptions of what students believe to be cheating behaviors affects actual cheating. This paper incorporates previous research and develops a model of academic cheating based on three sets of incentives - moral, social and economic – and how they affect self-reported cheating behaviors at liberal arts colleges. An on-line survey was administered to students from three liberal arts colleges in spring 2008. The nearly …

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Inference For General Parametric Functions In Box-Cox-Type Transformation Models, Zhenlin Yang, Eden Ka-Ho Wu, Anthony F. Desmond Jun 2008

Inference For General Parametric Functions In Box-Cox-Type Transformation Models, Zhenlin Yang, Eden Ka-Ho Wu, Anthony F. Desmond

Research Collection School Of Economics

The authors propose a simple but general method of inference for a parametric function of the Box-Cox-type transformation model. Their approach is built upon the classical normal theory but takes parameter estimation into account. It quickly leads to test statistics and confidence intervals for a linear combination of scaled or unscaled regression coefficients, as well as for the survivor function and marginal effects on the median or other quantile functions of an original response. The authors show through simulations that the finite-sample performance of their method is often superior to the delta method, and that their approach is robust to …

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Rhode Island Current Conditions Index — June 2008, Leonard Lardaro Jun 2008

Rhode Island Current Conditions Index — June 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Time-Varying Incentives In The Mutual Fund Industry, Jacques Olivier, Anthony S. Tay Jun 2008

Time-Varying Incentives In The Mutual Fund Industry, Jacques Olivier, Anthony S. Tay

Research Collection School Of Economics

This paper re-examines the incentives of mutual fund managers arising from investor flows. We provide evidence that the convexity of the flow-performance relationship varies with economic activity. We show that the effect is economically large and is not driven by abnormal years. We test two possible channels through which this pattern may arise. We investigate implications of the timevarying convexity for the incentives of managers to alter strategically the risk of their portfolios. We provide evidence that poor mid-year performers increase the risk of the portfolio only when economic activity is strong. Finally, we briefly discuss some methodological implications.

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Gaussian Inference In Ar(1) Time Series With Or Without A Unit Root, Peter C. B. Phillips, Chirok Han Jun 2008

Gaussian Inference In Ar(1) Time Series With Or Without A Unit Root, Peter C. B. Phillips, Chirok Han

Research Collection School Of Economics

This paper introduces a simple first-difference-based approach to estimation and inference for the AR(1) model. The estimates have virtually no finite-sample bias and are not sensitive to initial conditions, and the approach has the unusual advantage that a Gaussian central limit theory applies and is continuous as the autoregressive coefficient passes through unity with a uniform rate of convergence. En route, a useful central limit theorem (CLT) for sample covariances of linear processes is given, following Phillips and Solo (1992, Annals of Statistics, 20, 971–1001). The approach also has useful extensions to dynamic panels.

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