Modelling financial time series with switching state space models

The deficiencies of stationary models applied to financial time series are well documented. A special form of non-stationarity, where the underlying generator switches between (approximately) stationary regimes, seems particularly appropriate for financial markets. We use a dynamic switching (modelled by a hidden Markov model) combined with a linear dynamical system in a hybrid switching state space model (SSSM) and discuss the practical details of training such models with a variational EM algorithm due to [Ghahramani and Hilton,1998]. The performance of the SSSM is evaluated on several financial data sets and it is shown to improve on a number of existing benchmark methods.

Human resource management systems and organizational performance:a test of a mediating model in the Greek manufacturing context

This paper investigates the relationship between systems of HRM policies and organizational performance. The research is based on a sample of 178 organizations operating in the Greek manufacturing sector. A mediation model is tested to examine the link between HRM and organizational performance. The results of this study support the hypothesis that the relationship between the HRM systems of resourcing-development and reward-relations, and organizational performance, is mediated through the HRM outcomes of skills and attitudes. The paper not only supports the theory that HRM systems have a positive impact on organizational performance but also explains the mechanisms through which HRM systems improve organizational performance.

Metaphor and translation:Some implications of a cognitive approach

Metaphor has been widely discussed within the discipline of Translation Studies, predominantly with respect to translatability and transfer methods. It has been argued that metaphors can become a translation problem, since transferring them from one language and culture to another one may be hampered by linguistic and cultural differences. A number of translation procedures for dealing with this problem have been suggested, e.g., substitution (metaphor into different metaphor), paraphrase (metaphor into sense), or deletion. Such procedures have been commented on both in normative models of translation (how to translate metaphors) and in descriptive models (how metaphors have been dealt with in actual translations). After a short overview of how metaphor has been dealt with in the discipline of Translation Studies, this paper discusses some implications of a cognitive approach to metaphors for translation theory and practice. Illustrations from authentic source and target texts (English and German, political discourse) show how translators handled metaphorical expressions, and what effects this had for the text itself, for text reception by the addressees, and for subsequent discursive developments. © 2004 Elsevier B.V. All right reserved.