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Economics Commons

Open Access. Powered by Scholars. Published by Universities.®

2007

Finance

California Polytechnic State University, San Luis Obispo

Articles 1 - 3 of 3

Full-Text Articles in Economics

Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham Sep 2007

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 Jan 2007

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 Jan 2007

Applying Virtue Ethics To Business: The Agent-Based Approach, John Dobson

Finance

No abstract provided.