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Persistent link: https://www.econbiz.de/10005523970
Diversity in the provision of the key public service of secondary education through different types of school is a feature of the English educational system. Much of this diversity has emanated from the distinctively different roles which Local Education Authorities have played in the...
Persistent link: https://www.econbiz.de/10005523971
This article conjectures a parsimonious explanation for the choice of fixed cash rent contracts in late eighteenth- and early nineteenth-century English agriculture. Tenant farmers, it is suggested, bore the brunt of the income risk because they were less risk averse than landowners. The...
Persistent link: https://www.econbiz.de/10005523972
Persistent link: https://www.econbiz.de/10005523973
This paper extents Karanasos (1999a) results for the n Component GARCH(1,1) and the two Component GARCH(2,2) models and it further examines the n Component GARCH(n,n) model. In particular, we present the GARCH(n^2;n^2) representation of the aggregate variance and we give the condition for the...
Persistent link: https://www.econbiz.de/10005523974
Persistent link: https://www.econbiz.de/10005523975
In a recent paper, Michael Kiley argued that the Calvo model of price adjustment is both quantitatively and qualitatively different from the Taylor model. What we show is that Kiley (along with most other people) are choosing the wrong parameterization to compare the two models. In effect they...
Persistent link: https://www.econbiz.de/10005523976
Persistent link: https://www.econbiz.de/10005523977
This paper presents an equity valuation model that employs risk-neutral valuation under stochastic interest rates along the lines of Ohlson and Feltham (1999). Closed form valuation formulae for equities are presented in a discrete time setting whereby the short term interest rate is modelled by...
Persistent link: https://www.econbiz.de/10005523978
We study the optimal choice of quasi-likelihoods for nearly integrated, possibly non-normal, autoregressive models. It turns out that the two most natural candidate criteria, minimum Mean Squared Error (MSE) and maximum power against the unit root null, give rise to different optimal...
Persistent link: https://www.econbiz.de/10005523979