Breaks in the UK household sector money demand function

We use non-parametric procedures to identify breaks in the underlying series of UK household sector money demand functions. Money demand functions are estimated using cointegration techniques and by employing both the Simple Sum and Divisia measures of money. P-star models are also estimated for out-of-sample inflation forecasting. Our findings suggest that the presence of breaks affects both the estimation of cointegrated money demand functions and the inflation forecasts. P-star forecast models based on Divisia measures appear more accurate at longer horizons and the majority of models with fundamentals perform better than a random walk model.

StatNote 38 : The sign test

The sign test is a simple non-parametric test which can be used on paired data, i.e., two related samples, matched samples, or repeated measurements on the same sample. It was developed by Wilcoxon before the more powerful and familiar ‘Wilcoxon signed-rank test’ described in a previous statnote . This statnote describes the use of the sign test with reference to two scenarios: (1) to compare the cleanliness of two hospital wards as assessed by a sample of observers and (2) to compare bacterial contamination on cloths and sponges from a domestic kitchen.

Density forecasts of crude-oil prices using option-implied and ARCH-type models

The predictive accuracy of competing crude-oil price forecast densities is investigated for the 1994–2006 period. Moving beyond standard ARCH type models that rely exclusively on past returns, we examine the benefits of utilizing the forward-looking information that is embedded in the prices of derivative contracts. Risk-neutral densities, obtained from panels of crude-oil option prices, are adjusted to reflect real-world risks using either a parametric or a non-parametric calibration approach. The relative performance of the models is evaluated for the entire support of the density, as well as for regions and intervals that are of special interest for the economic agent. We find that non-parametric adjustments of risk-neutral density forecasts perform significantly better than their parametric counterparts. Goodness-of-fit tests and out-of-sample likelihood comparisons favor forecast densities obtained by option prices and non-parametric calibration methods over those constructed using historical returns and simulated ARCH processes. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:727–754, 2011

Network effects, network structure and consumer interaction in mobile telecommunications in Europe and Asia

This paper estimates the importance of (tariff-mediated) network effects and the impact of a consumer's social network on her choice of mobile phone provider. The study uses network data obtained from surveys of students in several European and Asian countries. We use the Quadratic Assignment Procedure, a non-parametric permutation test, to adjust for the particular error structure of network data. We find that respondents strongly coordinate their choice of mobile phone providers, but only if their provider induces network effects. This suggests that this coordination depends on network effects rather than on information contagion or pressure to conform to the social environment.

Statnote 40: Cochran's Q test

Cochran's Q-test is a non-parametric analysis which can be applied to a two-way design in which the data are binomial and can take only two possible outcomes, e.g., 0 or 1, alive or dead, present or absent, clean or dirty, infected or non-infected, and is an extension to the binomial tests introduced in Statnote 39 . This statnote describes the application of this test in the analysis of the changes which occur in the fungal flora of forestry nursery beds after two different sterilization procedures .

Social and financial efficiency of Islamic microfinance institutions:a Data Envelopment Analysis application

Microfinance has been developed as alternative solution for global poverty alleviation effort in the last 30 years. Microfinance institution (MFI) has unique characteristic wherein they face double bottom line objectives of outreach to the poor and financial sustainability. This study proposes a two-stage analysis to measure Islamic Microfinance institutions (IMFIs) performance by comparing them to conventional MFIs. First, we develop a Data Envelopment Analysis (DEA) framework to measure MFIs' efficiency in its double bottom line objectives, i.e. in terms of social and financial efficiency. In the second stage non-parametric tests are used to compare the performance and identify factors that contribute to the efficiency of IMFIs and MFIs.

Tail Inference for a Law in a Max-Semistable Domain of Attraction

2000 Mathematics Subject Classification: 62G32, 62G05.

Applications of data envelopment analysis in education

Non-parametric methods for efficiency evaluation were designed to analyse industries comprising multi-input multi-output producers and lacking data on market prices. Education is a typical example. In this chapter, we review applications of DEA in secondary and tertiary education, focusing on the opportunities that this offers for benchmarking at institutional level. At secondary level, we investigate also the disaggregation of efficiency measures into pupil-level and school-level effects. For higher education, while many analyses concern overall institutional efficiency, we examine also studies that take a more disaggregated approach, centred either around the performance of specific functional areas or that of individual employees.

Value creation and appropriation through the Hungarian SME’s food chain

Value creation is the result of the continuous innovation activity of the entrepreneur, which is carried out mainly in form of open innovation among the agri-food SMEs. However value creation is not the ultimate goal of the enterprises. They are more interested in increased appropriation of the created value. Although the value creation (innovation) is very well explored and cultivated area of research, there are some voids in the field of agriculture and food industry: the behavioural aspect of open innovation is very rare. The value capturing is even much less studied, therefor our research approach is largely explorative one. Data are drawn from a survey carried out in Hungary among the agri-food SMEs in 2014. We use Structural Equation Modelling as well as ordered probit and semi-non parametric ordered probit models for analysing the data. Our results show that there is positive relationship between the knowledge sharing with chain partners and the innovativeness. We could explore that size of the firm, absorptive capacity and openness to foreign trade ambiguously affects value capturing. However trust in chain partners, reciprocity in knowledge sharing with chain partners and willingness to cooperate with buyers positively influence the appropriation of the created value.

Without women: Masculinities, gay male sexual culture and sexual behaviors in Miami, Florida

Recent studies have reported alarmingly high rates of HIV infection and risky sexual behaviors among gay men in Miami, Florida. Previous research has suggested that the risky sexual behaviors of many gay men reflect the pursuit of intimacy and love, and that barriers to intimate relationships among gay men may stem from traditional masculinity norms. This dissertation examines the meanings which gay men ascribe to their sexual behaviors, as well as the intersections of those meanings with both traditional masculinity constructions and Miami's gay male sexual culture. ^ The study is based upon participant observation, print media content analysis, surveys and ethnographic interviews of a purposive snowball sample of 30 Cuban American, Puerto Rican, African American and Anglo gay men who reside in Miami-Dade County, Florida. Analysis of research questions was accomplished through grounded theory methods and descriptive and non-parametric statistics, including Pearson chi-square, Fisher's Exact and Mann-Whitney U tests. ^ The study shows that culturally-specified masculinity norms vary in the relative importance ascribed to heterosexual prowess, economic providership and competitiveness. These cultural differences appear important not only to the timing of sexual awareness and to the strength of homosexual stereotyping as effeminacy, but also to men's strategies in coming out as gay. The meanings men attributed to their sexual behaviors were, however, constructed in response to both inherited masculinity norms and the hypermasculine structure of Miami's gay male sexual culture. In addition to providing an ethnographic account of this subculture, the study elaborates men's issues relative to casual sex and committed relationships. Unprotected anal intercourse with casual partners during the previous twelve months was associated with growing up without one's father in the home, having been teased for effeminacy during childhood, being defensive about one's masculinity, not trusting men, having been cheated on by boyfriends, and believing that long-term gay male relationships are problematic. ^ It is concluded that the continuing epidemic of HIV infections among local gay men, as well as the hypermasculine form of the gay sexual subculture itself, are nihilistic symptoms embedded in the masculinist gender structure of the larger society. ^

How do partnerships lead to a competitive advantage? Applying the resource based view to nascent social ventures

This dissertation is one of the earliest to systematically apply and empirically test the resource-based view (RBV) in the context of nascent social ventures in a large scale study. Social ventures are entrepreneurial ventures organized as nonprofit, for-profit, or hybrid organizations whose primary purpose is to address unmet social needs and create social value. Nascent social ventures face resource gaps and engage in partnerships or alliances as one means to access external resources. These partnerships with different sectors facilitate social venture innovative and earned income strategies, and assist in the development of adequate heterogeneous resource conditions that impact competitive advantage. Competitive advantage in the context of nascent social ventures is achieved through the creation of value and the achievement of venture development activities and launching. The relationships between partnerships, heterogeneous resource conditions, strategies, and competitive advantage are analyzed in the context of nascent social ventures that participated in business plan competitions. A content analysis of 179 social venture business plans and an exploratory follow-up survey of 72 of these ventures are used to analyze these relationships using regression, ANOVA, correlations, t-tests, and non-parametric statistics. The findings suggest a significant positive relationship between competitive advantage and partnership diversity, heterogeneous resource conditions, social innovation, and earned income. Social capital is the type of resource most significantly related to competitive advantage. Founder previous start-up experience, client location, and business plan completeness are also found to be significant in the relationship between partnership diversity and competitive advantage. Finally the findings suggest that hybrid social ventures create a greater competitive advantage than nonprofit or for-profit social ventures. Consequently, this dissertation not only provides academics further insight into the factors that impact nascent social value creation, venture development, and ability to launch, but also offers practitioners guidance on how best to organize certain processes to create a competitive advantage. As a result more insight is gained into the nascent social venture creation process and how these ventures can have a greater impact on society.

Unity and Diversity: High School Students’ Perceptions on Multiculturalism and the Intercultural University of the State of Guerrero, Mexico

This is a mixed methods study conducted in Guerrero, Mexico, at the end of the academic year 2005-2006. The purpose of this study was to capture the perceptions held by high school students, of both indigenous and non-indigenous background, regarding the intercultural university, as well as their conceptualization of multiculturalism.

Monitoring the Accuracy of Multiple Occupancy Forecasts

Corporate executives closely monitor the accuracy of their hotels' occupancy fore- casts since important decisions are based upon these predictions. This study lists the criteria for selecting an appropriate error measure. It discusses several evaluation methods focusing on statistical significance tests and demonstrates the use of two adequate evaluation methods: Mincer- Zamowitz's efficiency test and Wilcoxon's Non-Parametric Matched-Pairs Signed- Ranks test.

Evidence of the heterogeneous market hypothesis using wavelet multi -resolution analysis

In finance literature many economic theories and models have been proposed to explain and estimate the relationship between risk and return. Assuming risk averseness and rational behavior on part of the investor, the models are developed which are supposed to help in forming efficient portfolios that either maximize (minimize) the expected rate of return (risk) for a given level of risk (rates of return). One of the most used models to form these efficient portfolios is the Sharpe's Capital Asset Pricing Model (CAPM). In the development of this model it is assumed that the investors have homogeneous expectations about the future probability distribution of the rates of return. That is, every investor assumes the same values of the parameters of the probability distribution. Likewise financial volatility homogeneity is commonly assumed, where volatility is taken as investment risk which is usually measured by the variance of the rates of return. Typically the square root of the variance is used to define financial volatility, furthermore it is also often assumed that the data generating process is made of independent and identically distributed random variables. This again implies that financial volatility is measured from homogeneous time series with stationary parameters. In this dissertation, we investigate the assumptions of homogeneity of market agents and provide evidence for the case of heterogeneity in market participants' information, objectives, and expectations about the parameters of the probability distribution of prices as given by the differences in the empirical distributions corresponding to different time scales, which in this study are associated with different classes of investors, as well as demonstrate that statistical properties of the underlying data generating processes including the volatility in the rates of return are quite heterogeneous. In other words, we provide empirical evidence against the traditional views about homogeneity using non-parametric wavelet analysis on trading data, The results show heterogeneity of financial volatility at different time scales, and time-scale is one of the most important aspects in which trading behavior differs. In fact we conclude that heterogeneity as posited by the Heterogeneous Markets Hypothesis is the norm and not the exception.

Glaisdale Beck diversion scheme - channel change and suspended sediment response

This paper describes the implementation of a novel mitigation approach and subsequent adaptive management, designed to reduce the transfer of fine sediment in Glaisdale Beck; a small upland catchment in the UK. Hydro-meteorological and suspended sediment datasets are collected over a two year period spanning pre- and post-diversion periods in order to assess the impact of the channel reconfiguration scheme on the fluvial suspended sediment dynamics. Analysis of the river response demonstrates that the fluvial sediment system has become more restrictive with reduced fine sediment transfer. This is characterised by reductions in flow-weighted mean suspended sediment concentrations from 77.93 mg/l prior to mitigation, to 74.36 mg/l following the diversion. A Mann-Whitney U test found statistically significant differences (p < 0.001) between the pre- and post-monitoring median SSCs. Whilst application of one-way analysis of covariance (ANCOVA) on the coefficients of sediment rating curves developed before and after the diversion found statistically significant differences (p < 0.001), with both Log a and b coefficients becoming smaller following the diversion. Non-parametric analysis indicates a reduction in residuals through time (p < 0.001), with the developed LOWESS model over-predicting sediment concentrations as the channel stabilises. However, the channel is continuing to adjust to the reconfigured morphology, with evidence of a headward propagating knickpoint which has migrated 120 m at an exponentially decreasing rate over the last 7 years since diversion. The study demonstrates that channel reconfiguration can be effective in mitigating fine sediment flux in upland streams but the full value of this may take many years to achieve whilst the fluvial system, slowly readjusts.