The British electoral system 1885-1970

At a time when the electoral system is coming under renewed scrutiny, this article examines the origins and creation of the present system in 1884-5, and its subsequent survival. This is the first such analysis to draw upon Public Record Office and party archives. Whilst showing that the political classes have been quite prepared to consider the merits of alternatives, particularly S.T.V., for Ireland or in colonial settings, they have usually been seen as less appropriate for Westminster. In exploring why that should be the case this article seeks to provide a new explanation for the longevity of the electoral arrangements of 1885.

Evaluating monthly volatility forecasts using proxies at different frequencies

This paper analyses the forecastability of stock returns monthly volatility. The forecast obtained from GARCH and AGARCH models with Normal and Student's t errors are evaluated with respect to proxies for the unobserved volatility obtained through sampling at different frequencies. It is found that aggregation of daily multi-step ahead GARCH-type forecasts provide rather accurate predictions of monthly volatility.

Volatility and VaR Forecasting in the Madrid Stock Exchange

This paper provides an empirical study to assess the forecasting performance of a wide range of models for predicting volatility and VaR in the Madrid Stock Exchange. The models performance was measured by using different loss functions and criteria. The results show that FIAPARCH processes capture and forecast more accurately the dynamics of IBEX-35 returns volatility. It is also observed that assuming a heavy-tailed distribution does not improve models ability for predicting volatility. However, when the aim is forecasting VaR, we find evidence of that the Student’s t FIAPARCH outperforms the models it nests the lower the target quantile.