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Full-Text Articles in Economics
Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham
Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham
Finance
Understanding both the dynamics of volatility and the shape of the distribution of returns conditional on the volatility state is important for many financial applications. A simple single-factor stochastic volatility model appears to be sufficient to capture most of the dynamics. It is the shape of the conditional distribution that is the problem. This paper examines the idea of modeling this distribution as a discrete mixture of normals. The flexibility of this class of distributions provides a transparent look into the tails of the returns distribution. Model diagnostics suggest that the model, SV-mix, does a good job of capturing the …
Aesthetics As A Foundation For Business Activity, John Dobson
Aesthetics As A Foundation For Business Activity, John Dobson
Finance
This paper identifies the ultimate justification for business activity as an aesthetic justification. Aesthetics, loosely defined as the appreciation of beauty, subsumes both ethics and economics within an holistic justificatory mechanism for business decisions.Five essential qualities of aesthetic judgment are identified: disinterest, subjectivity, inclusivity, contemplativity, and internality. The quality of aesthetic judgment, exercised by the individual through the organization, will determine the extent to which business activity enhances quality of life.
Applying Virtue Ethics To Business: The Agent-Based Approach, John Dobson
Applying Virtue Ethics To Business: The Agent-Based Approach, John Dobson
Finance
No abstract provided.