In this paper we introduce resampling techniques to a multi-layer feed-forward neural network model for noisy financial time series in order to obtain more reliable interval forecasts of the time series along with a large amount of statistical information associated with the observed data. In...

This paper compares two well-known approaches for valuing a risky investment using real options theory: contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate. Both approaches have been used in valuing forest assets. A proof...

This paper examines the effect of the proportion of females in the establishment on the male/female wage gap and the effectiveness of an affirmative action program in reducing this gap. A unique data set makes this paper possible since it has information on both individuals and the...

Using Canadian data, the consumption-based asset pricing model is studied, defined in terms of nondurable and durable goods consumption. A two-stage estimation procedure is used, which takes account of the presence of common stochastic trends in the forcing processes. This method yields more...

This paper tests the prediction of the Permanent Income Hypothesis (PIH) that news about future income induce a revision in consumption equal to the revision in permanent income. We use time-series data from 48 contiguous US states to perform the test. The empirical results provide some support...

This paper presents valuation models of emission allowance options under an emission trading scheme, operating in an open trading phase, where unused allowances are banked to subsequent phases without any limit. Empirical studies are carried out to show that allowance option prices exhibit...