1,720,957 research outputs found
Speculative Bubbles: Conditions Of Creation And Explosion
Get PDFThis study is an attempt to illustrate the compatibility of financial bubbles, even under conditions of market efficiency and rational anticipations. The classical models of rational anticipations fail to describe a unique course of the price evolution of a financial due to the multiplicity of solutions to which they arrive. The approach of the bubble as a martingale can offer principles of approaching the bubbles, the possibility of creation and their eventual explosion, even under conditions of strong market efficiency and rational anticipations
Forecasting The Exchange Rate Between Euro And USD: Probabilistic Approach Versus ARIMA And Exponential Smoothing Techniques
Get PDFThis study attempts to model the exchange rate between Euro and USD using univariate models- in particular ARIMA and exponential smoothing techniques. The time series analysis reveals non stationarity in data and, therefore, the models fail to give reliable predictions. However, differencing the initial time series the resulting series shows strong resemblance to white noise. The analysis of this series advocates independence in data and distribution satisfactorily close to Laplace distribution. The application of Laplace distribution offers reliable probabilities in forecasting changes in the exchange rate
Market Concentration And Industry Profitability: The Case Of Greek Banking (1997-2004)
Get PDFAn empirical investigation of the relationship between market concentration and performance in the Greek banking, this paper finds that market concentration has a weak effect on bank profitability. This finding could be attributed to the long tradition of the Greek governments to keep the financial institutions under immediate either in the form of state-owned institutions or indirectly through a complex and rigid regulations concerning interest rates, credit standards and credit rationing
Beta Risk Estimation In Stocks
Get PDFThe purpose of this study is to estimate the Beta Risk Coefficient of 15 shares, which are included in the FTSE index. The risk evaluation when dealing with stocks is a very important factor, which should be taken into consideration from the inventor for the following reason: The profitability of a stock goes together with the risk of an adverse movement of the stock value. So, if the investor wants to plausibly expect high returns on his stock, he has to reckon with a high degree of risk. And inversely, high-risk stocks are the only ones promising high returns on the stock. This is the way, by which a stock exchange market works, and it cannot, by logical necessity, work in any other way. Now, given the closed positive relationship between high returns and high risk, the question rises whether the risk associated to a stock can be predicted, so that the investor is in a position to have an estimate of this undertaken risk. For this purpose various methods have been developed, some of them being of heuristic nature (technical analysis, evaluation of external information, study of the balance-sheet of the company involved etc.), other being of probabilistic and/or of statistical nature. Between the latter we can mention the most popular ones, namely the market index model (or simply the market model) due to Sharpe (1963), which postulates a linear relationship between the return on a stock and the return on the market, and can be used to decompose total risk into diversifiable and non-diversifiable risk-components, and the capital asset pricing model (CAPM), which is rather a model of assets pricing, was developed by Sharpe (1963) and Lintner (1965)
Managerial Investment And Firm Value: Statistical Investigation Of Their Relationship
Get PDFIn the modern neoclassical microeconomic theory, as it is build on Walrasian, Hicksian, and partly- and eclectically- on Marshallian lines, the firm does not exist but as a necessary entity in the framework of the prices formation. No evidence and explanation is given on the creation and functioning of the firm and the changes in the firm structure. In this study we shall try to outline the way that the prevailing microeconomic theory faces the firm. Then we shall present some alternative/complementary considerations on the nature of the management of the firm, pertaining to the ownership and control relations in the firm, namely in what measure the managers in the modern large corporation act for themselves and not to the interest of the shareholders. A statistical investigation follows, referring to the measure in which these alternative theories are supported by available statistical evidence.  
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
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
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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