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We consider conditional distribution and conditional density functionals in the space of generalized functions. The approach follows Phillips (1985, 1991, 1995) who…
We consider conditional distribution and conditional density functionals in the space of generalized functions. The approach follows Phillips (1985, 1991, 1995) who employed generalized functions to overcome non-differentiability in order to develop expansions. We obtain the limit of the kernel estimators for weakly dependent data, even under non-differentiability of the distribution function; the limit Gaussian process is characterized as a stochastic random functional (random generalized function) on the suitable function space. An alternative simple to compute estimator based on the empirical distribution function is proposed for the generalized random functional. For test statistics based on this estimator, limit properties are established. A Monte Carlo experiment demonstrates good finite sample performance of the statistics for testing logit and probit specification in binary choice models.
This chapter examines how the aspirations of the restorative justice movement are broader than tends to be acknowledged in debates about the virtues and vices of restorative justice. It suggests that, along with trying to change the social response to crime, the movement is concerned to bring about transformations in the way conflict is handled in a range of institutions, in approaches to political reconciliation, in social organisation and in our understanding of the self. Also, along with introducing new procedures for handling social problems, the movement is concerned to bring about profound changes in the way problems are construed.
This paper aims to show that there has been a rise in the development of local information systems in recent years. However, little research exists on users' perspectives…
This paper aims to show that there has been a rise in the development of local information systems in recent years. However, little research exists on users' perspectives of the value they obtain from these systems. This paper seeks to directly address this issue.
A case study approach was employed. The system selected for the case study was the Milton Keynes intelligence (MKi) Observatory, which is managed by Milton Keynes Council. Interviews with key staff involved in the system's development were undertaken to examine the reasons for the development of a local information system. A survey with the system's users provided insight into its use and value.
The paper found that, although the MKi Observatory is of significant value to users, they experience difficulty in finding data and information and in the use and interpretation of statistical and mapping data. There is a lack of awareness of the importance and use of metadata associated with resources in the system. Implications for the development of other similar systems are outlined.
The study identifies how the MKi Observatory local information system may better facilitate the exchange of data and information to its users. Such research is essential if the full potential of these systems is to be realised and to identify how they may better meet the needs of their users. Implications for other similar systems were also elicited, so that the value of this study and its findings can be used by other local information systems, or those considering the development of such a system.
As participation in higher education widens with concomitant increases in the number and diversity of commencing students, so does the need for programs that will support…
As participation in higher education widens with concomitant increases in the number and diversity of commencing students, so does the need for programs that will support their transition and retention. In response to this need, a growing awareness of the value of mentorship in Australian universities has resulted in the introduction of peer mentoring programs for students in many institutions. Mentorship, however, can take many different forms. This chapter reports on a model of academic (faculty) mentorship for commencing science students belonging to a range of defined disadvantaged groups. The program was initially funded by an internal grant, with voluntary participation by eligible students. At the end of the first semester, participants overwhelmingly endorsed the program as having enhanced their transition experience and improved their prospects for academic progress and retention. Despite reduced funding, the program was retained over two subsequent years with slight modifications based on student feedback, together with consideration of its most effective elements. The success of this academic mentorship program demonstrates the potential value of such approaches in the university retention and success of disadvantaged students.
This chapter examines the price impact of large trades in futures markets across 14 stock index futures contracts in 11 different international markets. On the balance, we…
This chapter examines the price impact of large trades in futures markets across 14 stock index futures contracts in 11 different international markets. On the balance, we find that part of the initial price effect of futures trades is temporary. These initial price effects are partially reversed, implying that they incur a liquidity premium; though there is some variation in this finding across markets. We also find strong evidence that large buyer- and seller-initiated trades have positive and negative permanent effects on prices, implying they convey information. We conclude, similar to research based on equities markets, that traders in futures markets are informed.
The African continent is filled with a textured history, vast resources, and immense opportunity. The landscape of higher education on such a diverse continent is…
The African continent is filled with a textured history, vast resources, and immense opportunity. The landscape of higher education on such a diverse continent is extensive and complex. In this review of the landscape, four primary topics are evaluated. The historical context is the foundational heading, which briefly covers the evolution from colonization to independence and the knowledge economy. The second main heading builds upon the historical context to provide an overview of the numerous components of higher education, including language diversity, institutional type, and access to education. A third section outlines key challenges and opportunities including finance, governance, organizational effectiveness, and the academic core. Each of these challenges and opportunities is interconnected and moves from external influences (e.g., fiscal and political climate) to internal influences (e.g., administrative leadership and faculty roles). The last layer of the landscape focuses on leveraging higher education in Africa for social and economic progress and development. Shaping a higher education system around principles of the public good and generating social benefits is important for including postsecondary institutions in a development strategy.