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.

Diplomatic history of the Panama Canal. Correspondence relating to the negotiation and application of certain treaties on the subject of the construction of an interoceanic canal, and accompanying papers.

Includes a report of the secretary of state, with papers relative to the construction of the Panama Canal.

The Export license : how to fill out the application : a step-by-step guide using form ITA-622P.

Mode of access: Internet.

Litigation relating to atomic testing : hearings before the Subcommittee on Administrative Law and Governmental Relations of the Committee on the Judiciary, House of Representatives, Ninety-ninth Congress, first session, on H.R. 1338 ... October 2 and 3, 1985.

Mode of access: Internet.

An empirical study of three stochastic approximation techniques applicable to sensitivity testing (U)

Photocopy.

Testing integrability with a single bit of quantum information

We show that deterministic quantum computing with a single bit can determine whether the classical limit of a quantum system is chaotic or integrable using O(N) physical resources, where N is the dimension of the Hilbert space of the system under study. This is a square-root improvement over all known classical procedures. Our study relies strictly on the random matrix conjecture. We also present numerical results for the nonlinear kicked top.

Introduction to the theory and application of data envelopment analysis:a foundation text with integrated software

The book aims to introduce the reader to DEA in the most accessible manner possible. It is specifically aimed at those who have had no prior exposure to DEA and wish to learn its essentials, how it works, its key uses, and the mechanics of using it. The latter will include using DEA software. Students on degree or training courses will find the book especially helpful. The same is true of practitioners engaging in comparative efficiency assessments and performance management within their organisation. Examples are used throughout the book to help the reader consolidate the concepts covered. Table of content: List of Tables. List of Figures. Preface. Abbreviations. 1. Introduction to Performance Measurement. 2. Definitions of Efficiency and Related Measures. 3. Data Envelopment Analysis Under Constant Returns to Scale: Basic Principles. 4. Data Envelopment Analysis under Constant Returns to Scale: General Models. 5. Using Data Envelopment Analysis in Practice. 6. Data Envelopment Analysis under Variable Returns to Scale. 7. Assessing Policy Effectiveness and Productivity Change Using DEA. 8. Incorporating Value Judgements in DEA Assessments. 9. Extensions to Basic DEA Models. 10. A Limited User Guide for Warwick DEA Software. Author Index. Topic Index. References.

Some historical extracts relevant to the discovery and application of the diffraction of X-rays by crystals to contribute to the centennial celebration and the International Year of Crystallography

Illustrative extracts from the writings of Paul P. Ewald and of Max von Laue are presented. The latter in turn contains extensive text contributions from William Lawrence Bragg. These selections we have chosen so as to indicate the nature of the discovery of X-ray diffraction from crystals (experiments undertaken by Friedrich, Knipping and von Laue) and its early and prompt application in crystal structure analyses (by William Henry Bragg and William Lawrence Bragg). The platform for these discoveries was provided by a macroscopic physics problem dealt with by Ewald in his doctoral thesis with Arnold Sommerfeld in the Munich Physics Department, which is also where von Laue was based. W.L. Bragg was a student in Cambridge who used Trinity College Cambridge as his address on his early papers; experimental work was done by him in the Cavendish Laboratory, Cambridge, and also with his father, W.H. Bragg, in the Leeds University Physics Department. Of further historical interest is the award of an Honorary DSc (Doctor of Science) degree in 1936 to Max von Laue by the University of Manchester, UK, while William Lawrence Bragg was Langworthy Professor of Physics there. © 2012 Copyright Taylor and Francis Group, LLC.

Mobile Access to Cultural and Historical Heritage Web Pages

The main focus of attention in this paper is the access to websites of leading regional, national and world museums. Their accessibility from desktop and mobile devices is hereby evaluated. The paper covers a detailed analysis of the mobile operating systems, their market share in Bulgaria and the opportunities they offer to the users. The need for contemporary cultural and historical heritage websites which maintain lighter but fully-functioning mobile versions, facilitating and making their access from portable devices easier, is also well-grounded here.

Rangsorolás páros összehasonlításokkal. Kiegészítések a felvételizői preferencia-sorrendek módszertanához (Paired comparisons ranking. A supplement to the methodology of application-based preference ordering)

A Közgazdasági Szemle márciusi számában Telcs és szerzőtársai [2013] a felvételizők preferenciái alapján új megközelítést javasolt a felsőoktatási intézmények rangsorolására. Az alábbi írás új szempontokat biztosít ezen alapötlet gyakorlati megvalósításához. Megmutatja, hogy az alkalmazott modell ekvivalens az alternatívák egy aggregált páros összehasonlítási mátrix révén végzett rangsorolásával, ami rávilágít a szerzők kiinduló hipotéziseinek vitatható pontjaira. A szerző röviden áttekinti a hasonló feladatok megoldására javasolt módszereket, különös tekintettel azok axiomatikus megalapozására, majd megvizsgálja a Telcs és szerzőtársai [2013] által alkalmazott eljárásokat. Végül említést tesz egy hasonló megközelítéssel élő cikkről, és megfogalmaz néhány, a vizsgálat továbbfejlesztésére vonatkozó javaslatot. _____ In the March issue of Közgazdasági Szemle, Telcs et al. suggested a new approach to university ranking through preference ordering of applicants. The paper proposes new aspects to the implementation of this idea. It is shown that the model of these is equivalent to the ranking of alternatives based on paired comparisons, which reveals the debatable points in their hypotheses. The author reviews briefly the methods proposed in the literature, focusing on their axiomatic properties, and thoroughly examines the procedures of Telcs et al. [2013]. The paper presents an article which applied a similar approach and suggests some improvements to it.

From field to fermentation: characterisation and application of non-dairy cultures in dairy foods

This thesis investigates the phenotypic and genotypic diversity of non-dairy L. lactis strains and their application to dairy fermentations. A bank of non-dairy lactococci were isolated from grass, vegetables and the bovine rumen. Subsequent analysis of these L. lactis strains revealed seven strains to possess cremoris genotypes which did not correlate with their observed phenotypes. Multi-locus sequence typing (MLST) and average nucleotide identity (ANI) highlighted the genetic diversity of lactis and cremoris subspecies. The application of these non-dairy lactococci to cheese production was also assessed. In milk, non-dairy strains formed diverse volatile profiles and selected strains were used as adjuncts in a mini Gouda-type cheese system. Sensory analysis showed non-dairy strains to be strongly associated with the development of off-flavours and bitterness. However, microfluidisation appeared to reduce bitterness. A novel bacteriophage, ɸL47, was isolated using the grass isolate L. lactis ssp. cremoris DPC6860 as a host. The phage, a member of the Siphoviridae, possessed a long tail fiber, previously unseen in dairy lactococcal phages. Genome sequencing revealed ɸL47 to be the largest sequenced lactococcal phage to date and owing to the high % similarity with ɸ949, a second member of the 949 group. Finally, to identify and characterise specific genes which may be important in niche adaptation and for applications to dairy fermentations, comparative genome sequence analysis was performed on L. lactis from corn (DPC6853), the bovine rumen (DPC6853) and grass (DPC6860). This study highlights the contribution of niche specialisation to the intra-species diversity of L. lactis and the adaptation of this organism to different environments. In summary this thesis describes the genetic diversity of L. lactis strains from outside the dairy environment and their potential application in dairy fermentations.