Order without law? An anatomy of Hamas security: The Executive Force (Tanfithya)

In the struggle to assert and consolidate its power, the Hamas movement of the Palestinian territories has devised several strategies for control. In recognition that control of security remains a key goal for any power-seeker, following its election victory in January 2006, Hamas entered into a fierce and ultimately successful conflict with Fatah for control of the Palestinian Authority Ministry of Interior and Palestinian Security Forces (PSF) in the Gaza Strip. One way in which Hamas was able to achieve this objective was through the creation of its own internal ‘police’ force called the Tanfithya (Executive Force or EF). This article details an anatomy of the EF and the implications of this force in terms of Hamas' confrontation with opponents and its attempts at governance. It also examines the extent to which the EF can be considered to be a model of Islamic policing and its impact on secular rivals in the Gaza Strip.

Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.

Maximum likelihood estimation of higher-order integer-valued autoregressive processes

In this article, we extend the earlier work of Freeland and McCabe [Journal of time Series Analysis (2004) Vol. 25, pp. 701–722] and develop a general framework for maximum likelihood (ML) analysis of higher-order integer-valued autoregressive processes. Our exposition includes the case where the innovation sequence has a Poisson distribution and the thinning is binomial. A recursive representation of the transition probability of the model is proposed. Based on this transition probability, we derive expressions for the score function and the Fisher information matrix, which form the basis for ML estimation and inference. Similar to the results in Freeland and McCabe (2004), we show that the score function and the Fisher information matrix can be neatly represented as conditional expectations. Using the INAR(2) speci?cation with binomial thinning and Poisson innovations, we examine both the asymptotic e?ciency and ?nite sample properties of the ML estimator in relation to the widely used conditional least
squares (CLS) and Yule–Walker (YW) estimators. We conclude that, if the Poisson assumption can be justi?ed, there are substantial gains to be had from using ML especially when the thinning parameters are large.

Maximum likelihood estimation of higher-order integer-valued autoregressive processes

Corrigendum Vol. 30, Issue 2, 259, Article first published online: 15 MAR 2009 to correct the order of authors names: Bu R., K. Hadri, and B. McCabe.

Higher-order effects and ultrashort solitons in left-handed metamaterials

Starting from Maxwell's equations, we use the reductive perturbation method to derive a second-order and a third-order nonlinear Schrodinger equation, describing ultrashort solitons in nonlinear left-handed metamaterials. We find necessary conditions and derive exact bright and dark soliton solutions of these equations for the electric and magnetic field envelopes.