Feedforward networks have powerful approximation capabilities without the "explosion of parameters" problem faced by Fourier and polynomial expansions. This paper first introduces feedforward networks and describes their approximation capabilities, then we address several practical issues faced...

This paper uses a set of return-based factors to test for market (return and volatility) timing ability of Commodity Trading Advisors (CTAs). Unlike previous research, we use return-based factors that are related to the markets in which most CTAs trade. This leads to a higher explanatory power...

Using daily returns on a set of hedge fund indices, we study (i) the properties of the indices' conditional density functions, (ii) the presence of asymmetries in conditional correlations between hedge fund indices and other investments and between hedge indices themselves, and (iii) the...

This paper examines pre-auction investments made by asymmetric agents that compete for a supply contract from a monopolist principal. Agents are privately aware of their managerial efficiencies which determine how well they can leverage fixed investments to reduce their variable costs for...

This study investigates the time series behavior of real estate company net asset value discount/premium (NAVDISC) in eight Asian-Pacific securitized real estate markets from 1995 to 2003. We postulate that if there is a stable NAVDISC for real estate companies in the long-run, then there should...

This dissertation studies hedge funds' characteristics, performance and risk, as well as their managerial incentives. In essay one, we find that similar to non-financial industries, there is a balanced allocation to business risk and financing risk in hedge funds. Empirically we find stylized...

To address the lack of attention to construct shift in IRT vertical scaling, a bifactor model is proposed to estimate the common dimension for all grades and the grade-specific dimensions. The bifactor model estimation accuracy is evaluated through a simulation study with manipulated factors of...

This paper presents a feedforward network estimation algorithm that addresses two issues, (i) avoiding local inferior minima to the performance criteria, and (ii) imposing a priori constraints to improve generalization and test economic hypotheses. The algorithm combines methods either...

Increased diversification of commodity exports, and increased numbers of high-value commodity exports, are needed to generate employment and meet the Government of Rwanda´s targets for poverty reduction. This chapter presents evidence that increased diversification of exports is linked to...