An empirical investigation of the level effect in Australian interest rates

An extensive literature examines the dynamics of interest rates, with particular attention given to the positive relationship between interest-rate volatility and the level of interest rates—the so-called level effect. This paper examines the interaction between the estimated level effect and competing parameterisations of interest-rate volatility for the Australian yield curve. We adopt a new methodology that estimates elasticity in a multivariate setting that explicitly accommodates the correlations that exist between various yield factors. Results show that significant correlations exist between the residuals of yield factors and that such correlations do indeed impact on model estimates. Within the multivariate setting, the level of the short rate is shown to be a crucial determinant of the conditional volatility of all three yield factors. Measures of model fit suggest that, in addition to the usual level effect, the incorporation of GARCH effects and possible regime shifts is important

Intuitive interaction, prior experience and aging : an empirical study

This paper describes an experiment undertaken to investigate intuitive interaction, particularly in older adults. Previous work has shown that intuitive interaction relies on past experience, and has also suggested that older people demonstrate less intuitive uses and slower times when completing set tasks with various devices. Similarly, this experiment showed that past experience with relevant products allowed people to use the interfaces of two different microwaves more quickly, although there were no significant differences between the different microwaves. It also revealed that certain aspects of cognitive decline related to aging, such as central executive function, have more impact on time, correct uses and intuitive uses than chronological age. Implications of these results and further work in this area are discussed.

Defining the public interests in airport development decision-making

Residents, businesses, local, state and national government stakeholders all want to have their say when airports expand or develop. While stakeholder engagement is increasingly a strategy employed for managing the tensions attracted to airport development, different stakeholders have different expectations and demands of airports. This requires different approaches to stakeholder engagement. Identifying the public interests that are at stake in developing airports provides an initial step towards building a platform for selecting and applying stakeholder engagement strategies in airport and more general infrastructure contexts. This paper uses the existing literature of public interests and values to build a general typology of public values for the stakeholders of airport development. A range of semi-privatised and state owned airport case studies from Europe have been used to demonstrate the universal nature of the identified values. The result is a framework that identifies both the substantive and procedural values, separated into local, state/regional and national levels of interest. The typology provides a generalised view of public interests in airport development; however, the public interests identified may be limited to more western oriented societies due to the skew of airport cases reviewed. Contributions are made to the literature with a typology of public values derived from existing knowledge and explored using empirical case examples. The provided typology enables research of airport development decision-making to delineate public interests both within and between stakeholder groups, and helps to explain the different perspectives that stakeholders have towards airport development. Future research may focus on refining the typology for different types of airport governance structures, such as differences between public values in state and market-led airport development; include more airport cases from eastern societies to draw parallels or differences between western and eastern societies; or utilise the typology as a framework for analysing changes in public interests of airports over time.

Empirical measurement of the Enright phenomenon, a distortion of perceived driving speed

Purpose: In 1970, Enright observed a distortion of perceived driving speed, induced by monocular application of a neutral density (ND) filter. If a driver looks out of the right side of a vehicle with a filter over the right eye, the driver perceives a reduction of the vehicle’s apparent velocity, while applying a ND filter over the left eye increases the vehicle’s apparent velocity. The purpose of the current study was to provide the first empirical measurements of the Enright phenomenon. Methods: Ten experienced drivers were tested and drove an automatic sedan on a closed road circuit. Filters (0.9 ND) were placed over the left, right or both eyes during a driving run, in addition to a control condition with no filters in place. Subjects were asked to look out of the right side of the car and adjust their driving speed to either 40 km/h or 60 km/h. Results: Without a filter or with both eyes filtered subjects showed good estimation of speed when asked to travel at 60 km/h but travelled a mean of 12 to 14 km/h faster than the requested 40 km/h. Subjects travelled faster than these baselines by a mean of 7 to 9 km/h (p < 0.001) with the filter over their right eye, and 3 to 5 km/h slower with the filter over their left eye (p < 0.05). Conclusions: The Enright phenomenon causes significant and measurable distortions of perceived driving speed under realworld driving conditions.

What shapes player performance in soccer? Empirical findings from a panel analysis

In this article, we investigate the pay-performance relationship of soccer players using individual data from eight seasons of the German soccer league Bundesliga. We find a nonlinear pay-performance relationship, indicating that salary does indeed affect individual performance. The results further show that player performance is affected not only by absolute income level but also by relative income position. An additional analysis of the performance impact of team effects provides evidence of a direct impact of team-mate attributes on individual player performance.

Empirical derivation and validation of a wandering typology

OBJECTIVES: To develop and validate a wandering typology. ---------- DESIGN: Cross-sectional, correlational descriptive design. ---------- SETTING:: Twenty-two nursing homes and six assisted living facilities. ---------- PARTICIPANTS: One hundred forty-two residents with dementia who spoke English, met Diagnostic and Statistical Manual for Mental Disorders, Fourth Edition, criteria for dementia, scored less than 24 on the Mini-Mental State Examination (MMSE), were ambulatory (with or without assistive device), and maintained a stable regime of psychotropic medications were studied. ---------- MEASUREMENTS: Data on wandering were collected using direct observations, plotted serially according to rate and duration to yield 21 parameters, and reduced through factor analysis to four components: high rate, high duration, low to moderate rate and duration, and time of day. Other measures included the MMSE, Minimum Data Set 2.0 mobility items, Cumulative Illness Rating Scale—Geriatric, and tympanic body temperature readings. ---------- RESULTS: Three groups of wanderers were identified through cluster analysis: classic, moderate, and subclinical. MMSE, mobility, and cardiac and upper and lower gastrointestinal problems differed between groups of wanderers and in comparison with nonwanderers. ---------- CONCLUSION: Results have implications for improving identification of wanderers and treatment of possible contributing factors.

Corruption and political interest : empirical evidence at the micro level

The topic of corruption has recently attracted a great deal of attention, yet there is still a lack of micro level empirical evidence regarding the determinates of corruption. Furthermore, the present literature has not investigated the effects of political interest on corruption despite the interesting potential of this link. We address these deficiencies by analysing a cross-section of individuals, using the World Values Survey. We explore the determinants of corruption through two dependant variables (perceived corruption and the justifiability of corruption). The impact of political interest on corruption is explored through three different proxies presenting empirical evidence at both the cross-country level and the within-country level.The results of the multivariate analysis suggest that political interest has an impact on corruption controlling for a huge number of factors.

The Impact of Globalization and Corruption on Extraordinary Wealth: An Empirical Analysis

The billionaires of the world attract significant attention from the media and the public. The popular press is full of books selling formulas on how to become rich. Surprisingly, only a limited number of studies have explored empirically the determinants of extraordinary wealth. Using a large data set we explore whether globalization and corruption affect extreme wealth accumulation. We find evidence that an increase in globalization increases super-richness. In addition, we also find that an increase in corruption leads to an increase in the creation of super fortune. This supports the argument that in kleptocracies large sums are transferred into the hands of a small group of individuals.

Survival Power: An Empirical Analysis of Power in a Life and Death Situation

This paper seeks to identify what antecedents of power make it more or less likely for people to survive in a life-threatening situation.In particular, we look at the Titanic disaster as the life or death situation. Maritime disasters can be interpreted as quasi-natural experiments because every person is affected by the shock. True human nature becomes apparent in such a dangerous situation. Five antecedents of power are distinguished: physical strength, economic resources, nationality, social and moral factors. This empirical analysis supports the notion that power is a key determinant in extreme situations of life or death.