Bias In The Mean Reversion Estimator In Continuous-Time Gaussian And Lévy Processes,
2013
Purdue University
Bias In The Mean Reversion Estimator In Continuous-Time Gaussian And Lévy Processes, Yong Bao, Aman Ullah, Yun Wang, Jun Yu
Research Collection School Of Economics
Continuous-time Levy processes have become increasingly popular in the asset pricing literature and estimation of the mean reversion parameter has attracted attention recently. This paper develops the approximate nite-sample bias of the ordinary least squares or quasi maximum likelihood estimator of the mean reversion parameter in continuous-time Levy processes. Simulations show that in general the approximate bias works well in capturing the true bias of the mean reversion estimator under difference scenarios. However, when the time span is small and the mean reversion parameter is approaching its lower bound, we find it more difficult to approximate well the nite-sample bias.
Estimating The Health And Economic Effects Of Public Health Spending,
2013
University of Kentucky
Estimating The Health And Economic Effects Of Public Health Spending, Glen P. Mays
Health Management and Policy Presentations
Preventable health conditions account for more than 75% of the $2.7 trillion spent annually on health care in the U.S., yet less than 5% of these expenditures are devoted to public health programs and services that are designed to prevent and control disease and injury rather than to treat the downstream consequences of these conditions. Such limited expenditures in public health may contribute to the higher rates of preventable morbidity, mortality and excess medical costs experienced in the U.S. compared to other high-income countries. In this presentation, I update previous estimates of the health effects and medical cost offsets associated …
Rhode Island Current Conditions Index -- February 2013,
2013
University of Rhode Island
Rhode Island Current Conditions Index -- February 2013, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
Physical Infrastructure And Economic Growth In El Paso: 1976-2009,
2013
University of Texas at El Paso
Physical Infrastructure And Economic Growth In El Paso: 1976-2009, Thomas M. Fullerton Jr., Azucena González Monzón, Adam G. Walke
Border Region Modeling Project
Prior research on the impacts of public capital stocks on economic growth has generally employed either national macroeconomic or multi-jurisdictional regional data. This study attempts to contribute to this area of the discipline by utilizing time series data for a single metropolitan economy. To allow for both short-run and long-run effects, an error correction modeling framework is used for the empirical analysis. Because comprehensive public infrastructure stocks are not published for El Paso, Texas, estimates for those variables are calculated using information regarding annual public capital investment data. Estimation results indicate that physical infrastructure investment may disrupt short-run economic growth, …
Standardized Lm Tests For Spatial Error Dependence In Linear Or Panel Regressions,
2013
Syracuse University
Standardized Lm Tests For Spatial Error Dependence In Linear Or Panel Regressions, Badi H. Baltagi, Zhenlin Yang
Research Collection School Of Economics
The robustness of the Lagrange Multiplier (LM) tests for spatial error dependence of Burridge (1980) and Born and Breitung (2011) for the linear regression model, and Anselin (1988) and Debarsy and Etur (2010) for the panel regression model with random or fixed effects are examined. While all tests are asymptotically robust against distributional mis‐specification, their finite sample behaviour may be sensitive to the spatial layout. To overcome this shortcoming, standardized LM tests are suggested. Monte Carlo results show that the new tests possess good finite sample properties. An important observation made throughout this study is that the LM tests for …
A Nonparametric Goodness-Of-Fit-Based Test For Conditional Heteroskedasticity,
2013
Singapore Management University
A Nonparametric Goodness-Of-Fit-Based Test For Conditional Heteroskedasticity, Liangjun Su, Aman Ullah
Research Collection School Of Economics
In this paper we propose a new nonparametric test for conditional heteroskedasticity based on a measure of nonparametric goodness-of-fit (R2) that is obtained from the local polynomial regression of the residuals from a parametric regression on some covariates. We show that after being appropriately standardized, the nonparametric R2 is asymptotically normally distributed under the null hypothesis and a sequence of Pitman local alternatives. We also prove the consistency of the test and propose a bootstrap method to obtain the bootstrap p-values. We conduct a small set of simulations and compare our test with some popular parametric and nonparametric tests in …
Public Health Expenditures, Public Health Delivery Systems, And Population Health,
2013
University of Kentucky
Public Health Expenditures, Public Health Delivery Systems, And Population Health, Glen P. Mays
Health Management and Policy Presentations
This seminar examines a series of approaches for estimating the health and economic effects attributable to public health expenditures in the U.S., along with a novel method for estimating economies of scale and scope in the delivery of public health services. The use of instrumental-variables techniques and network analytic methods are described in these research approaches.
Rhode Island Current Conditions Index -- January 2013,
2013
University of Rhode Island
Rhode Island Current Conditions Index -- January 2013, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
The Relationship Between Inequality And Economic Growth: Evidence From Latin America,
2013
Bryant University
The Relationship Between Inequality And Economic Growth: Evidence From Latin America, Amanda Gallagher
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the complex relationship between income inequality and economic growth in the Latin American region. This study conducts an empirical analysis using economic growth as the dependent variable, to determine the impact inequality has on economic growth. This study uses panel data from countries in Latin America over the time period of 1994-2009. The empirical results show a negative relationship between inequality and economic growth in the Latin American region. In addition, the level of government expenditure and taxation in the countries impact economic growth.
Carbon Emissions And Economic Growth: A Granger Causality Analysis Across 18 Countries,
2013
Bryant University
Carbon Emissions And Economic Growth: A Granger Causality Analysis Across 18 Countries, Rohan Vakil
Empirical Economic Bulletin, An Undergraduate Journal
In this paper, an analysis of the relationship between Economic Growth and Carbon Emissions will be done using data from 9 Developed Countries, and 9 Less Developed Countries, as determined by the World Bank and United Nations. The countries analyzed will be Canada, France, Germany, Italy, Japan, Korea (South), Spain, United Kingdom, United States of America (9 Developed Countries); and India, Indonesia, Iran, Malaysia, Mexico, Brazil, Russian Federation, Saudi Arabia, and South Africa (9 Less Developed Countries). This research expands on the research done by Barassi and Spagnolo (2012), and Coondoo and Dinda (2003).
Determinants Of Fdi Inflows Into South America,
2013
Bryant University
Determinants Of Fdi Inflows Into South America, Dario Castro
Empirical Economic Bulletin, An Undergraduate Journal
This study provides a panel data analysis of the key determinants of FDI as determined by the market such as market size, economic stability, trade liberalization, population, growth prospects, and exchange rates. Additionally, other variables such as physical infrastructure, quality of institutions and central bank exchange rate regimes. This paper seeks to show the major policy implications of variables that can be influenced through government intervention. The empirical research is conducted with focus on South American FDI inflows over the last three decades, due to the great presence of natural resources and cheap labor in the region which have contributed …
State Government Revenue: The Effects Of Legalized Gambling,
2013
Bryant University
State Government Revenue: The Effects Of Legalized Gambling, Nicholas S. Malz
Empirical Economic Bulletin, An Undergraduate Journal
When facing financial constrictions, legalized gambling is an attractive alternative for state governments. Most empirical evidence on this topic only examines a single industry in a particular state. This study involves a general analysis of three different forms of gambling across all 50 states. The data is comprised of the gambling volume and state government revenues for all 50 states from 2000 to 2010. From the research, lotteries and horse racing typically increase state revenues, while casinos tend to decrease state revenues.
The Causality Between Budget Deficits And Interest Rates In Asean Countries,
2013
Bryant University
The Causality Between Budget Deficits And Interest Rates In Asean Countries, Janhavi Nerurkar
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the correlation between budget deficits and interest rates across countries of varying income levels across Southeast Asia using the Granger-causality econometric model. It consists of a time series analysis of budget deficits (local currency unit) and real interest rates in Indonesia, Malaysia, Thailand, the Philippines and Singapore from 1990 to 2011.This analysis concludes that budget deficits and interest rates do not cause one another in the countries under consideration.
The Effect Of Macroeconomic Variables On Domestic Homeownership Rates,
2013
Bryant University
The Effect Of Macroeconomic Variables On Domestic Homeownership Rates, Patrick Graydon
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates how various macroeconomic variables affect homeownership rates in the United States. Some of the variables explored in this study include interest rates, unemployment rate, average household income, inflation rate, GDP, population, and residential construction. The paper uses quarterly data from quarter one of 2000 to quarter three of 2012. The results show the economic indicators that are closely correlated with the rate of homeownership.
An Empirical Study Of Salary Discrimination In Professional Basketball,
2013
Bryant University
An Empirical Study Of Salary Discrimination In Professional Basketball, Joshua Reynolds
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the racial differences in salaries amongst professional basketball players during the 2011-2012 season. Prior studies from the 1980s and 1990s show that white and black players have earned a comparable mean salary, based on performance variables and other player characteristics. However these studies have shown, that taking race in as a factor when running regressions of the data, preference exists towards white player salaries. This paper looks to see if the recent shift in demographic makeup of the NBA prevalent during the late 1990s and 2000s has led to a more equitable distribution of salaries based on …
Education And Wellbeing Of A Country,
2013
Bryant University
Education And Wellbeing Of A Country, Michael Arons
Empirical Economic Bulletin, An Undergraduate Journal
This paper examines education, employment sectors and GDP per capita. The study examines which aspects of education math, reading, or science is more important to an economy, and how they affect different employment sectors. The model will attempt to show if educational subject scores have an impact in different sectors of the economy. The main function of this model is to decipher how education affects the wellbeing of a country. The results will attempt to discern whether education impacts employment in various sectors, and conversely GDP per capita.
The Relationship Between The Stock Market And Economic Indicators: Evidence From Singapore And Hong Kong,
2013
Bryant University
The Relationship Between The Stock Market And Economic Indicators: Evidence From Singapore And Hong Kong, Kahini Dalal
Empirical Economic Bulletin, An Undergraduate Journal
This paper examines the relationship between the stock markets and economic variables of the selected countries: Singapore and Hong Kong. The quarterly data collected for Gross Domestic Product, Foreign Exchange Rates, Inflation and Current Account Balance, as well as Stock Prices ranges from January 2002 to December 2012. The analysis is focused on the results of the Cointegration and Granger Causality tests to estimate the relationship of the various economic indicators and the stock market indices. This estimation enables to assess whether the stock market index of the respective country is a good representation of the economic health of the …
Institutional Quality, Income Inequality, And Economic Growth In Latin American Countries,
2013
Bryant University
Institutional Quality, Income Inequality, And Economic Growth In Latin American Countries, Courtney Pomer
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the possibility of the institutional quality of a country having an effect on income inequality and economic growth in Latin American Countries. The study incorporates the gini variable and growth rates of GDP in each country to examine the influence of corruption on the various countries throughout Latin America. Looking at previous research it has been found that corruption is positively correlated with income inequality and negatively correlated with economic growth. The variable for corruption in this study however measures the control of corruption in each country, so we will be looking at the institutional quality and …
A Book Review Of Capitalist Manifesto: Understanding The Market Economy And Defending Liberty,
2013
Kellogg Community College
A Book Review Of Capitalist Manifesto: Understanding The Market Economy And Defending Liberty, Brad Ward
Journal for the Advancement of Developing Economies
The purpose of this paper is to review the book A Capitalist Manifesto: Understanding the Market Economy and Defending Liberty by Gary Wolfram. In a time of political unrest throughout the industrialized and developing world, Wolfram defends the free market economic system and educates the reader as to the various benefits of capitalism. According to the author, governments should create concise laws and regulations that allow individuals to pursue their ambitions without unnecessary interference. Wealth redistribution, a trait associated with socialism, leads to stagnant economies and minimal innovations. The roles that banks and the government play in the economy are …
Multinational Enterprise Entry Modes In Sub-Saharan Africa: An Eclectic Paradigm Perspective,
2013
Morgan State University
Multinational Enterprise Entry Modes In Sub-Saharan Africa: An Eclectic Paradigm Perspective, Isaac Yao Addae, Martinez Vencia Addae
Journal for the Advancement of Developing Economies
The use of entry modes by multinational firms has received increased attention from international business scholars. Based on the context of sub-Saharan Africa, this research reviews the locational benefits offered to MNEs by in this region. Borrowing from the eclectic paradigm of international production, the research also examines the effects of each type of entry on the locational advantages offered to MNEs. Propositions are presented to suggest which mode of entry MNEs should pursue in African markets, based on the existence of locational advantages that complement existing firm-specific advantages. Practical and research implications are discussed, in addition to considerations for …
