1,721,007 research outputs found
The IGARCH e®ect: Consequences on volatility forecasting and option trading
Get PDFThis paper studies the integrated Garch (IGARCH) e®ect, a phenomenon often encountered when estimating conditional auto-regressive models on ¯nancial time series. The analysis of twelve indexes of major ¯nancial markets provides empirical evidence of its well-spread presence especially in periods of market turbulence. We examine its impact on volatility forecasting and on trading and hedging options. We show that a strong IGARCH e®ect may have relevant consequences on trading and on risk management.stock returns, volatility forecasting, GARCH(1,1), IGARCH effect, option hedging
Factor decomposition of cross-country income inequality with interaction effects
Get PDFIn this paper we propose a decomposition of the Theil measures of per capita income inequality which accounts for interaction effects between its multiplicative factors. Our theoretical findings, supported by an empirical application referring to EU-25 countries, suggest that neglecting these effects may strongly bias the relative importance of some factors, with consequent misleading policy implications.Inequality, Decomposition, Interaction Effects
The Youth Experience Gap: Explaining Differences across EU Countries
Get PDFThis note aims to provide a theoretical framework to think of the youthunemployment problem and a classification of EU countries according to the way they address it.The key factor to explain youth unemployment is what we call the youth experience gap. To helpyoung people fill it in and ease school-to-work transitions, every EU country provides a mix ofpolicy instruments, including different degrees and types of labour market flexibility, of educationaland training systems, of passive income support schemes and fiscal incentives. Five differentcountry groups are detected whose outcomes in terms of youth unemployment are dramaticallydifferent: a) the North-European; b) the Continental European; c) the Anglo-Saxon; d) the South-European; e) New Member States. The Lisbon strategy provides guidelines in line with thetheoretical framework discussed here, but it is costly and hard to implement.Youth Unemployment Problem, Youth Experience gap, Youth Employment Policy, Lisbon Strategy
Mediterranean models of Welfare towards families and women
Get PDFAfter tracing a Malta’s short historical excursus with its effects on female condition, family’s structure and concept, organizational model of non profit sector, the paper gives a survey of the most recent economic and demographic trends with special attention to families’ well-being and women’s working and social conditions, based not only on statistical data of Malta’s National Institute of Statistics and of Eurostat, but also on the results of some empirical studies based on some surveys carried out into the archipelago. The main islands’ social problems are outlined with the indication of the principal sources of aid to face peoples’ different needs (first of all family, followed by the State, while the Third Sector, with its strong component of foundations, heritage of English culture, is not pre-eminent yet). The paper also shows that the same citizens’ expectations of satisfaction of social needs are still mainly placed in the State, according to the collective image. After drawing this scenario, the paper makes a short history of Malta’s Welfare State specially considering legislation concerning families and women. In addition to the description of the legislative measures, a deeper investigation is also devoted to other programs realized at european and national level: Equal Program (2004-2006) and Malta’s latest “Action Plan”, alias the National Social Plan in its general lines of policy towards families and women. Besides the illustration of the services provided to families by the Ministry of Family and Social Solidarity in the context of the National Action Plan, three other articulations of the Plan are briefly examined: Gender Equity National Action Plan (2003-2004), National Action Plan on Poverty and Social Exclusion (2004-2006), National Action Plan for Employment (2004). The correlative institutional framework is also reviewed: the National Family Commission established in 2001 and the National Commission for the Promotion of Equality for Men and Women considered by the “Equality for Men and Women Act” of 2003. Finally the paper classifies Malta’s Welfare State among the Mediterranean models of social assistance for its specific characteristics though, differently from the evolutive tendencies of these last ones, the passage from Welfare State to Welfare Mix is still problematic and slow in Malta. In spite of the increasing forms of collaboration between public and non profit organizations, Malta’s Third Sector has still a too weak role, in comparison with family and State, in supporting people’s life on both factual and symbolic dimension. In this missing transition, specially as regards elderly care, Malta can not see yet the growth, inside Welfare Mix, of the more informal components formed by immigrated women to detriment of the services offered by private or non profit organizations (“care drain” phenomenon), which is very strongly in course in other Mediterranean countries (Italy, Spain, Greece).Family and Social Policy, Social Segregation, Poverty
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
The willingness to pay for Renewable Energy Sources (RES): the case of Italy with different survey approaches and under different EU “climate vision”. First results.
Get PDFIn reference to the “Renewable Sources” EU Directive 2001/77/CE the Italian goal, for 2010, is to attain the share of 22% in RES electricity production. In such context it becomes crucial to explore the existence of consumer’s Willingness to Pay (WTP) in order to use green energy in the electricity production. This study is founded on a national survey with 1601 phone interviews made, in Italy, at the end of November 2006. This paper focus much on three issues. First one, how the different elicitation affects respondents choices, second one on the relationship between a “single point value” and “a valuation distribution” and finally on the gaps between different formats as: bidding game and dichotomous referendum (single bounded) contingent valuation method. In all the elicitations formats we make a “certainty correction” proposing five degree of acceptance: definitely yes and no (DY, DN), probably yes and no (PY, PN) and don’t know (DK). In order to apply the quantitative analysis, the original dataset has been appropriately treated, recoding DK, PN and PY responses. With regard to the results we found a significant path dependences in respondents answers due to the elicitation formats. Another important result is that also in “conservative” way we found a substantial willingness of consumers to partially cover the cost of Italian RES goal.bidding game, contingent valuation, renewable energy sources, descending and ascending elicitation format
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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