Complicated Presence : The Unity of Being in Parmenides and Heidegger

The attempt to refer meaningful reality as a whole to a unifying ultimate principle - the quest for the unity of Being - was one of the basic tendencies of Western philosophy from its beginnings in ancient Greece up to Hegel's absolute idealism. However, the different trends of contemporary philosophy tend to regard such a speculative metaphysical quest for unity as obsolete. This study addresses this contemporary situation on the basis of the work of Martin Heidegger (1889-1976). Its methodological framework is Heidegger's phenomenological and hermeneutical approach to the history of philosophy. It seeks to understand, in terms of the metaphysical quest for unity, Heidegger's contrast between the first (Greek) beginning or "onset" (Anfang) of philosophy and another onset of thinking. This other onset is a possibility inherent in the contemporary situation in which, according to Heidegger, the metaphysical tradition has developed to its utmost limits and thereby come to an end. Part I is a detailed interpretation of the surviving fragments of the Poem of Parmenides of Elea (fl. c. 500 BC), an outstanding representative of the first philosophical beginning in Heidegger's sense. It is argued that the Poem is not a simple denial of apparent plurality and difference ("mortal acceptances," doxai) in favor of an extreme monism. Parmenides' point is rather to show in what sense the different instances of Being can be reduced to an absolute level of truth or evidence (aletheia), which is the unity of Being as such (to eon). What in prephilosophical human experience is accepted as being is referred to the source of its acceptability: intelligibility as such, the simple and undifferentiated presence to thinking that ultimately excludes unpresence and otherness. Part II interprets selected key texts from different stages in Heidegger's thinking in terms of the unity of Being. It argues that one aspect of Heidegger's sustained and gradually deepening philosophical quest was to think the unity of Being as singularity, as the instantaneous, context-specific, and differential unity of a temporally meaningful situation. In Being and Time (1927) Heidegger articulates the temporal situatedness of the human awareness of meaningful presence. His later work moves on to study the situational correlation between presence and the human awareness. Heidegger's "postmetaphysical" articulation seeks to show how presence becomes meaningful precisely as situated, in an event of differentiation from a multidimensional context of unpresence. In resigning itself to this irreducibly complicated and singular character of meaningful presence, philosophy also faces its own historically situated finitude. This resignation is an essential feature of Heidegger's "other onset" of thinking.

Essays on the Modeling and Prediction of Volatility and Higher Moments of Stock Returns (summary section only)

One of the most fundamental and widely accepted ideas in finance is that investors are compensated through higher returns for taking on non-diversifiable risk. Hence the quantification, modeling and prediction of risk have been, and still are one of the most prolific research areas in financial economics. It was recognized early on that there are predictable patterns in the variance of speculative prices. Later research has shown that there may also be systematic variation in the skewness and kurtosis of financial returns. Lacking in the literature so far, is an out-of-sample forecast evaluation of the potential benefits of these new more complicated models with time-varying higher moments. Such an evaluation is the topic of this dissertation. Essay 1 investigates the forecast performance of the GARCH (1,1) model when estimated with 9 different error distributions on Standard and Poor’s 500 Index Future returns. By utilizing the theory of realized variance to construct an appropriate ex post measure of variance from intra-day data it is shown that allowing for a leptokurtic error distribution leads to significant improvements in variance forecasts compared to using the normal distribution. This result holds for daily, weekly as well as monthly forecast horizons. It is also found that allowing for skewness and time variation in the higher moments of the distribution does not further improve forecasts. In Essay 2, by using 20 years of daily Standard and Poor 500 index returns, it is found that density forecasts are much improved by allowing for constant excess kurtosis but not improved by allowing for skewness. By allowing the kurtosis and skewness to be time varying the density forecasts are not further improved but on the contrary made slightly worse. In Essay 3 a new model incorporating conditional variance, skewness and kurtosis based on the Normal Inverse Gaussian (NIG) distribution is proposed. The new model and two previously used NIG models are evaluated by their Value at Risk (VaR) forecasts on a long series of daily Standard and Poor’s 500 returns. The results show that only the new model produces satisfactory VaR forecasts for both 1% and 5% VaR Taken together the results of the thesis show that kurtosis appears not to exhibit predictable time variation, whereas there is found some predictability in the skewness. However, the dynamic properties of the skewness are not completely captured by any of the models.

With Good Reputation Size Does not Matter: Issue Frequency and the Determinants of Debt Maturity

This paper examines empirically the effect firm reputation has on the determinants of debt maturity. Utilising data from European primary bond market between 1999 and 2005, I find that the maturity choice of issuers with a higher reputation is less sensitive to macroeconomic conditions, market credit risk-premiums, prevailing firm credit quality and size of the debt issue. The annualised coupon payments are shown to be a significant factor in determining the debt maturity and reveal a monotonously increasing relationship between credit quality and debt maturity once controlled for. Finally, I show that issuers lacking a credit rating have an implied credit quality positioned between investment-grade and speculative-grade debt.