In general, the properties of the conditional distribution of multiple period returns do not follow easily from the one-period data generating process. This renders computation of Value-at-Risk and Expected Shortfall for multiple period returns a non-trivial task. In this paper we consider some...

In this note it is argued that the estimation error in Value-at-Risk predictors gives rise to underestimation of portfolio risk. We propose a simple correction and find in an empirical illustration that it is economically relevant.

In the estimation of risk measures such as Value at Risk and Expected shortfall relatively short estimation windows are typically used rendering the estimation error a possibly non-negligible component. In this paper we build upon previous results for the Value at Risk and discuss how the...

This paper explores the proposition that if American higher education has been broadly successful in serving its society, it is in large part because American colleges and universities, and the system of which they are part, were created under conditions of weakness, both academic and financial.

Hiring new colleagues is a matter that engages individual faculty members intensely, for peer control of admission to the professoriate has been a highly successful source of academic quality in American higher education. “Super Stars and Rookies of the Year†analyzes the fixation on...

This paper examines the e-learning strategies adopted by universities, from the perspective of three common objectives: widening access to educational opportunity; enhancing the quality of learning; and reducing the cost of higher education. The discussion is illustrated by drawing on case...

It has been nearly forty years since Clark Kerr was asked to create and lead the Carnegie Commission on Higher Education under the auspices of the Carnegie Corporation. The Commission was to be a national effort, unprecedented both in scope and in the freedom of its director, Kerr, to guide its...

Variable fees at the graduate and undergraduate levels are a topic of discussion in the US and in the EU as part of a larger movement towards increasing the role of fees in the funding of public universities. This essay describes this relatively new shift and its causes, outlines various funding...

What has been the level of public investment in the California higher education system, and how has it performed over the past century? What are the challenges that this system faces in the future and what level of investment is necessary? This paper attempts to provide an historical context to...

Charles Vest gave the first of three Clark Kerr Lectures on the Role of Higher Education in Society on April 19, 2005 on the Berkeley campus. This essay argues that research-intensive public and private universities increasingly have far more similarities than differences in missions,...