An introduction to alysidal algebra (IV)

Purpose – Deontical impure systems are systems whose object set is formed by an s-impure set, whose elements are perceptuales significances (relative beings) of material and/or energetic objects (absolute beings) and whose relational set is freeways of relations, formed by sheaves of relations going in two-way directions and at least one of its relations has deontical properties such as permission, prohibition, obligation and faculty. The paper aims to discuss these issues. Design/methodology/approach – Mathematical and logical development of human society ethical and normative structure. Findings – Existence of relations with positive imperative modality (obligation) would constitute the skeleton of the system. Negative imperative modality (prohibition) would be the immunological system of protection of the system. Modality permission the muscular system, that gives the necessary flexibility. Four theorems have been formulated based on Gödel's theorem demonstrating the inconsistency or incompleteness of DISs. For each constructed systemic conception can happen to it one of the two following things: either some allowed responses are not produced or else some forbidden responses are produced. Responses prohibited by the system are defined as nonwished effects. Originality/value – This paper is a continuation of the four previous papers and is developed the theory of deontical impure systems.

An introduction to alysidal algebra (V): phenomenological components

Purpose – This paper aims to refer to a subjective approach to a type of complex system: human ecosystems, referred to as deontical impure systems (DIS) to capture a set of properties fundamental to the distinction between human and natural ecosystems. There are four main phenomenological components: directionality, intensity, connection energy and volume. The paper establishes thermodynamics of deontical systems based on the Law of Zipf and the temperature of information. Design/methodology/approach – Mathematical and logical development of human society structure. Findings – A fundamental question in this approach to DIS is the intensity or forces of a relation. Concepts are introduced as the system volume and propose a system thermodynamic theory. It hints at the possibility of adapting the fractal theory by introducing the fractal dimension of the system. Originality/value – This paper is a continuation of other previous papers and developing the theory of DIS.

Parametric & nonparametric approaches to event studies: an application to a hotel’s market value

The main objective of this paper is twofold: on the one hand, to analyse the impact that the announcement of the opening of a new hotel has on the performance of its chain by carrying out an event study, and on the other hand, to compare the results of two different approaches to this method: a parametric specification based on the autoregressive conditional heteroskedasticity models to estimate the market model, and a nonparametric approach, which implies employing Theil’s nonparametric regression technique, which in turn, leads to the so-called complete nonparametric approach to event studies. The results that the empirical application arrives at are noteworthy as, on average, the reaction to such news releases is highly positive, both approaches reaching the same level of significance. However, a word of caution must be said when one is not only interested in detecting whether the market reacts, but also in obtaining an exhaustive calculation of the abnormal returns to further examine its determining factors.