Strategies of empirical justification in experimental science

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

Three essays in empirical asset pricing

Thèse numérisée par la Division de la gestion de documents et des archives de l'Université de Montréal

"Empirical Analysis of Jumps Contribution to Volatility Forecasting Using High Frequency Data".

Rapport de recherche présenté à la Faculté des arts et des sciences en vue de l'obtention du grade de Maîtrise en sciences économiques.

Considering daily mobility in contextual studies of social inequalities in health : conceptual and empirical insights

Les études sur les milieux de vie et la santé ont traditionnellement porté sur le seul quartier de résidence. Des critiques ont été émises à cet égard, soulignant le fait que la mobilité quotidienne des individus n’était pas prise en compte et que l’accent mis sur le quartier de résidence se faisait au détriment d’autres milieux de vie où les individus passent du temps, c’est-à-dire leur espace d’activité. Bien que la mobilité quotidienne fasse l’objet d’un intérêt croissant en santé publique, peu d’études se sont intéressé aux inégalités sociales de santé. Ceci, même en dépit du fait que différents groupes sociaux n’ont pas nécessairement la même capacité à accéder à des milieux favorables pour la santé. Le lien entre les inégalités en matière de mobilité et les inégalités sociales de santé mérite d’être exploré. Dans cette thèse, je développe d'abord une proposition conceptuelle qui ancre la mobilité quotidienne dans le concept de potentiel de mobilité. Le potentiel de mobilité englobe les opportunités et les lieux que les individus peuvent choisir d’accéder en convertissant leur potentiel en mobilité réalisée. Le potentiel de mobilité est façonné par des caractéristiques individuelles (ex. le revenu) et géographiques (ex. la proximité des transports en commun), ainsi que par des règles régissant l’accès à certaines ressources et à certains lieux (ex. le droit). Ces caractéristiques et règles sont inégalement distribuées entre les groupes sociaux. Des inégalités sociales en matière de mobilité réalisée peuvent donc en découler, autant en termes de l'ampleur de la mobilité spatiale que des expositions contextuelles rencontrées dans l'espace d'activité. Je discute de différents processus par lesquels les inégalités en matière de mobilité réalisée peuvent mener à des inégalités sociales de santé. Par exemple, les groupes défavorisés sont plus susceptibles de vivre et de mener des activités dans des milieux défavorisés, comparativement à leurs homologues plus riches, ce qui pourrait contribuer aux différences de santé entre ces groupes. Cette proposition conceptuelle est mise à l’épreuve dans deux études empiriques. Les données de la première vague de collecte de l’étude Interdisciplinaire sur les inégalités sociales de santé (ISIS) menée à Montréal, Canada (2011-2012) ont été analysées. Dans cette étude, 2 093 jeunes adultes (18-25 ans) ont rempli un questionnaire et fourni des informations socio-démographiques, sur leur consommation de tabac et sur leurs lieux d’activités. Leur statut socio-économique a été opérationnalisé à l’aide de leur plus haut niveau d'éducation atteint. Les lieux de résidence et d'activité ont servi à créer des zones tampons de 500 mètres à partir du réseau routier. Des mesures de défavorisation et de disponibilité des détaillants de produits du tabac ont été agrégées au sein des ces zones tampons. Dans une première étude empirique je compare l'exposition à la défavorisation dans le quartier résidentiel et celle dans l'espace d’activité non-résidentiel entre les plus et les moins éduqués. J’identifie également des variables individuelles et du quartier de résidence associées au niveau de défavorisation mesuré dans l’espace d’activité. Les résultats démontrent qu’il y a un gradient social dans l’exposition à la défavorisation résidentielle et dans l’espace d’activité : elle augmente à mesure que le niveau d’éducation diminue. Chez les moins éduqués les écarts dans l’exposition à la défavorisation sont plus marquées dans l’espace d’activité que dans le quartier de résidence, alors que chez les moyennement éduqués, elle diminuent. Un niveau inférieur d'éducation, l'âge croissant, le fait d’être ni aux études, ni à l’emploi, ainsi que la défavorisation résidentielle sont positivement corrélés à la défavorisation dans l’espace d’activité. Dans la seconde étude empirique j'étudie l'association entre le tabagisme et deux expositions contextuelles (la défavorisation et la disponibilité de détaillants de tabac) mesurées dans le quartier de résidence et dans l’espace d’activité non-résidentiel. J'évalue si les inégalités sociales dans ces expositions contribuent à expliquer les inégalités sociales dans le tabagisme. J’observe que les jeunes dont les activités quotidiennes ont lieu dans des milieux défavorisés sont plus susceptibles de fumer. La présence de détaillants de tabac dans le quartier de résidence et dans l’espace d’activité est aussi associée à la probabilité de fumer, alors que le fait de vivre dans un quartier caractérisé par une forte défavorisation protège du tabagisme. En revanche, aucune des variables contextuelles n’affectent de manière significative l’association entre le niveau d’éducation et le tabagisme. Les résultats de cette thèse soulignent l’importance de considérer non seulement le quartier de résidence, mais aussi les lieux où les gens mènent leurs activités quotidiennes, pour comprendre le lien entre le contexte et les inégalités sociales de santé. En discussion, j’élabore sur l’idée de reconnaître la mobilité quotidienne comme facteur de différenciation sociale chez les jeunes adultes. En outre, je conclus que l’identification de facteurs favorisant ou contraignant la mobilité quotidienne des individus est nécessaire afin: 1 ) d’acquérir une meilleure compréhension de la façon dont les inégalités sociales en matière de mobilité (potentielle et réalisée) surviennent et influencent la santé et 2) d’identifier des cibles d’intervention en santé publique visant à créer des environnements sains et équitables.

How do social interactions with a significant other affect PTSD symptoms? An empirical investigation with a clinical sample.

Social support and coping are both related to posttraumatic stress disorder (PTSD) symptoms, but the mechanisms underlying their relationships remain unclear. This study explores these relationships by examining the perceived frequency of supportive and countersupportive interactions with a significant other in PTSD patients. Ninety-six participants with PTSD were recruited and completed questionnaires assessing social interactions, ways of coping, and PTSD symptoms. Associations of social interactions (r2 = 4.1%–7.9%, p < .05) and coping (r2 = 15.9%– 16.5%, p < .001) with symptoms were independent, and suggested a direct association between social interactions and PTSD. Countersupportive interactions were more associated to symptoms than supportive interactions. Our findings suggest the development of psychotherapies that integrate social support interventions.

Weather and climate of Penisular India modulated by Extrinsic factors- Empirical and Numerical Perspectives

The Doctoral thesis focuses on the factors that influence the weather and climate over Peninsular Indias. The first chapter provides a general introduction about the climatic features over peninsular India, various factors dealt in subsequent chapters, such as solar forcing on climate, SST variability in the northern Indian Ocean and its influence on Indian monsoon, moisture content of the atmosphere and its importance in the climate system, empirical formulation of regression forecast of climate and some aspects of regional climate modeling. Chapter 2 deals with the variability in the vertically integrated moisture (VIM) over Peninsular India on various time scales. The third Chapter discusses the influence of solar activity in the low frequency variability in the rainfall of Peninsular India. The study also investigates the influence of solar activity on the horizontal and vertical components of wind and the difference in the forcing before and after the so-called regime shift in the climate system before and after mid-1970s.In Chapter 4 on Peninsular Indian Rainfall and its association with meteorological and oceanic parameters over adjoining oceanic region, a linear regression model was developed and tested for the seasonal rainfall prediction of Peninsular India.

Real Estate Development In India And The Behavior of Investors to Invest In The Real Estate Market: An Empirical Investigation

This study examines the behavioral factors that influence the Indian Investors to invest in the Real Estate Market. Among the various factors that affect the tendency of investors to invest in the real market, certain factors are greatly influenced the investors at greatest extend while others at least level. From this study it is revealed that motivation from the real estate developers and brokers (mean value- 3.46) is most influencing factor and happening of uncertain events (mean value- 1.75) is the least factor that influences the investors’ investment behavior. In this study, the behavioral factor like over confidence and the hypotheses regarding education, religion were analyzed and found that religious factor influences the Indian investors to invest in the real estate

Significance Of Product Type And Brand In The Purchasing Behaviour Of Cattle Feeds: An Empirical Study In Kerala

Cattle feed industry is a major segment of animal feed industry. This industry is gradually evolving into an organized sector and the feed manufactures are increasingly using modern and sophisticated methods that seek to incorporate best global practices. This industry has got high potential for growth in India, given the fact that the country is the world’s leading producer of milk and its production is expected to grow at a compounded annual growth rate of 4 per cent. Besides, the concept of branded cattle feed as a packaged commodity is fast gaining popularity in rural India. There can be a positive change in the demand for cattle feed because of factors like (i) shrinkage of open land for cattle grazing, urbanization and resultant shortage of conventionally used cattle feeds, and (ii) introduction of high yield cattle requires specialized feeds. Earlier research studies done by the present authors have revealed the significant growth prospects of the branded cattle feed industry, the feed consumption pattern and the relatively high share of branded feeds, feed consumption pattern based on product types (like, pellet and mash), composition of cattle feed market and the relatively large shares of Kerala Feeds Ltd. (KFL) and Kerala Solvent Extractions Ltd. (KSE) brands, the major factors influencing the purchasing decisions etc. As a continuation of the earlier studies, this study makes a closer look into the significance of product types in the buyer behavior, level of awareness about the brand and its implications on purchasing decisions, and the brandshifting behavior and its determinants

The empirical study of the price mechanism in the Chinese housing market

In China, the history of the establishment of the private housing market is pretty short. Actually in less then two decades, the market has grown from almost the scratch to playing an important role in the economy. A great achievement! But many problems also exist. They need to be properly addressed and solved. Price problem---simply put, housing price is too high--- is one of them, and this paper is focused on it. Three basic questions are posed, i.e. (1) how to judge the housing affordability? (2) why the housing price is so high? (3) how to solve the housing price problem. The paper pays particular attention to answering the second question. Except the numerous news reports and surveys show that most of the ordinary city dwellers complained about the high housing price, the mathematical means, the four ratios, are applied to judge the housing affordability in Shanghai and Shenzhen. The results are very clear that the price problem is severe. So why? Something is wrong with the price mechanism. This research shows that mainly these five factors contribute to the price problem: the housing reform, the housing development model, the unbalanced housing market, the housing project financing and the poor governmental management. Finally the paper puts forward five suggestions to solve the housing price problem in first-hand private Chinese housing market. They include: the establishment of real estate information system, the creation of specific price management department, the government price regulation, the property tax and the legalization of "cushion money".

From evolution to co-evolution – An empirical study of the role of innovation, policy and public research in industrial dynamics

In the past decades since Schumpeter’s influential writings economists have pursued research to examine the role of innovation in certain industries on firm as well as on industry level. Researchers describe innovations as the main trigger of industry dynamics, while policy makers argue that research and education are directly linked to economic growth and welfare. Thus, research and education are an important objective of public policy. Firms and public research are regarded as the main actors which are relevant for the creation of new knowledge. This knowledge is finally brought to the market through innovations. What is more, policy makers support innovations. Both actors, i.e. policy makers and researchers, agree that innovation plays a central role but researchers still neglect the role that public policy plays in the field of industrial dynamics. Therefore, the main objective of this work is to learn more about the interdependencies of innovation, policy and public research in industrial dynamics. The overarching research question of this dissertation asks whether it is possible to analyze patterns of industry evolution – from evolution to co-evolution – based on empirical studies of the role of innovation, policy and public research in industrial dynamics. This work starts with a hypothesis-based investigation of traditional approaches of industrial dynamics. Namely, the testing of a basic assumption of the core models of industrial dynamics and the analysis of the evolutionary patterns – though with an industry which is driven by public policy as example. Subsequently it moves to a more explorative approach, investigating co-evolutionary processes. The underlying questions of the research include the following: Do large firms have an advantage because of their size which is attributable to cost spreading? Do firms that plan to grow have more innovations? What role does public policy play for the evolutionary patterns of an industry? Are the same evolutionary patterns observable as those described in the ILC theories? And is it possible to observe regional co-evolutionary processes of science, innovation and industry evolution? Based on two different empirical contexts – namely the laser and the photovoltaic industry – this dissertation tries to answer these questions and combines an evolutionary approach with a co-evolutionary approach. The first chapter starts with an introduction of the topic and the fields this dissertation is based on. The second chapter provides a new test of the Cohen and Klepper (1996) model of cost spreading, which explains the relationship between innovation, firm size and R&D, at the example of the photovoltaic industry in Germany. First, it is analyzed whether the cost spreading mechanism serves as an explanation for size advantages in this industry. This is related to the assumption that the incentives to invest in R&D increase with the ex-ante output. Furthermore, it is investigated whether firms that plan to grow will have more innovative activities. The results indicate that cost spreading serves as an explanation for size advantages in this industry and, furthermore, growth plans lead to higher amount of innovative activities. What is more, the role public policy plays for industry evolution is not finally analyzed in the field of industrial dynamics. In the case of Germany, the introduction of demand inducing policy instruments stimulated market and industry growth. While this policy immediately accelerated market volume, the effect on industry evolution is more ambiguous. Thus, chapter three analyzes this relationship by considering a model of industry evolution, where demand-inducing policies will be discussed as a possible trigger of development. The findings suggest that these instruments can take the same effect as a technical advance to foster the growth of an industry and its shakeout. The fourth chapter explores the regional co-evolution of firm population size, private-sector patenting and public research in the empirical context of German laser research and manufacturing over more than 40 years from the emergence of the industry to the mid-2000s. The qualitative as well as quantitative evidence is suggestive of a co-evolutionary process of mutual interdependence rather than a unidirectional effect of public research on private-sector activities. Chapter five concludes with a summary, the contribution of this work as well as the implications and an outlook of further possible research.

An Empirical Comparison of SNoW and SVMs for Face Detection

Impressive claims have been made for the performance of the SNoW algorithm on face detection tasks by Yang et. al. [7]. In particular, by looking at both their results and those of Heisele et. al. [3], one could infer that the SNoW system performed substantially better than an SVM-based system, even when the SVM used a polynomial kernel and the SNoW system used a particularly simplistic 'primitive' linear representation. We evaluated the two approaches in a controlled experiment, looking directly at performance on a simple, fixed-sized test set, isolating out 'infrastructure' issues related to detecting faces at various scales in large images. We found that SNoW performed about as well as linear SVMs, and substantially worse than polynomial SVMs.

Statistical treatment of grain-size curves and empirical distributions: densities as compositions?

The preceding two editions of CoDaWork included talks on the possible consideration of densities as infinite compositions: Egozcue and D´ıaz-Barrero (2003) extended the Euclidean structure of the simplex to a Hilbert space structure of the set of densities within a bounded interval, and van den Boogaart (2005) generalized this to the set of densities bounded by an arbitrary reference density. From the many variations of the Hilbert structures available, we work with three cases. For bounded variables, a basis derived from Legendre polynomials is used. For variables with a lower bound, we standardize them with respect to an exponential distribution and express their densities as coordinates in a basis derived from Laguerre polynomials. Finally, for unbounded variables, a normal distribution is used as reference, and coordinates are obtained with respect to a Hermite-polynomials-based basis. To get the coordinates, several approaches can be considered. A numerical accuracy problem occurs if one estimates the coordinates directly by using discretized scalar products. Thus we propose to use a weighted linear regression approach, where all k- order polynomials are used as predictand variables and weights are proportional to the reference density. Finally, for the case of 2-order Hermite polinomials (normal reference) and 1-order Laguerre polinomials (exponential), one can also derive the coordinates from their relationships to the classical mean and variance. Apart of these theoretical issues, this contribution focuses on the application of this theory to two main problems in sedimentary geology: the comparison of several grain size distributions, and the comparison among different rocks of the empirical distribution of a property measured on a batch of individual grains from the same rock or sediment, like their composition

Inside the competences evaluation, the stress tolerance of students. An empirical study based on conservation of resources theory

Competence development is considered a preventive strategy of burnout. At an organizational context some competences could be linked as precursors or consequences. In self-assessment of competence development, students perceive stress tolerance as a priority competence to ameliorate. Moreover employers and recruitment consultants agree that this is a new authentic challenge for organizations. The main reasons of this result are debated, this study should consider the importance of competence development from a holistic point of view. In addition it considers the exploration of the relationship between stress tolerance and competence development, according to Conservation Resources (COR) theory (Hobfoll 1988, 1989, 1998, 2004) where the resource loss is considered the principal component in the stress process