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Book part

Ran Xie, Olga Isengildina-Massa and Julia L. Sharp

Weak-form rationality of fixed-event forecasts implies that forecast revisions should not be correlated. However, significant positive correlations between consecutive…

Abstract

Weak-form rationality of fixed-event forecasts implies that forecast revisions should not be correlated. However, significant positive correlations between consecutive forecast revisions were found in most USDA forecasts for U.S. corn, soybeans, wheat, and cotton. This study developed a statistical procedure for correction of this inefficiency which takes into account the issue of outliers, the impact of forecast size and direction, and the stability of revision inefficiency. Findings suggest that the adjustment procedure has the highest potential for improving accuracy in corn, wheat, and cotton production forecasts.

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Book part

Iraj Rahmani and Jeffrey M. Wooldridge

We extend Vuong’s (1989) model-selection statistic to allow for complex survey samples. As a further extension, we use an M-estimation setting so that the tests apply to…

Abstract

We extend Vuong’s (1989) model-selection statistic to allow for complex survey samples. As a further extension, we use an M-estimation setting so that the tests apply to general estimation problems – such as linear and nonlinear least squares, Poisson regression and fractional response models, to name just a few – and not only to maximum likelihood settings. With stratified sampling, we show how the difference in objective functions should be weighted in order to obtain a suitable test statistic. Interestingly, the weights are needed in computing the model-selection statistic even in cases where stratification is appropriately exogenous, in which case the usual unweighted estimators for the parameters are consistent. With cluster samples and panel data, we show how to combine the weighted objective function with a cluster-robust variance estimator in order to expand the scope of the model-selection tests. A small simulation study shows that the weighted test is promising.

Details

The Econometrics of Complex Survey Data
Type: Book
ISBN: 978-1-78756-726-9

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Abstract

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Rutgers Studies in Accounting Analytics: Audit Analytics in the Financial Industry
Type: Book
ISBN: 978-1-78743-086-0

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Article

M. Mudassar Gulzar, Shagufta Jabeen, Muhammad Waqas, Sabir Ali Shehzad, Tasawar Hayat and Ahmed Alsaedi

The purpose of this study is to scrutinize the effects of entropy generation and nonlinear mixed convection on the boundary layer flow of second grade fluid induced by…

Abstract

Purpose

The purpose of this study is to scrutinize the effects of entropy generation and nonlinear mixed convection on the boundary layer flow of second grade fluid induced by stretching sheets. Heat transfer effects are accounted in view of viscous dissipation and nonlinear thermal radiation.

Design/methodology/approach

Optimal homotopic asymptotic method procedure is adopted to obtain the analytical solution of nonlinear ordinary differential equations.

Findings

It has been noticed that Hartmann and Brinkman number has reverse characteristics against entropy generation and Bejan number.

Originality/value

To the best of the authors’ knowledge, no such analysis has been reported to date.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 29 no. 12
Type: Research Article
ISSN: 0961-5539

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Abstract

Details

The Econometrics of Complex Survey Data
Type: Book
ISBN: 978-1-78756-726-9

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Article

Joshua C. Hall, Serkan Karadas and Minh Tam Tammy Schlosky

Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, vesting the Securities and Exchange Commission with the clear legal authority to prosecute…

Abstract

Purpose

Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, vesting the Securities and Exchange Commission with the clear legal authority to prosecute members of Congress (politicians) if they engage in insider trading. This paper aims to investigate whether members of Congress are informed traders even before they get elected to Congress, and thus helps assess whether the STOCK Act was a necessary piece of legislation.

Design/methodology/approach

This study compares the performance of politicians’ portfolios before and after they are elected to Congress using data from the 2004-2010 period. The authors use an event-study method to construct transactions-based calendar-time portfolios and use standard asset pricing models including capital asset pricing model (CAPM) to determine whether these portfolios earn abnormal returns (i.e. outperform the market).

Findings

The authors find weak and inconsistent evidence of abnormal returns in politicians’ portfolios that precede their election. They also find that it takes two consecutive terms in Congress for members to start making informed trades that earn themselves abnormal returns. However, these abnormal returns only accrue to those who serve on powerful committees.

Research limitations/implications

The results in this paper provide support for the STOCK Act of 2012 by showing that members of Congress become informed traders while they serve in Congress. However, these results do not imply any wrongdoing for members of Congress, because the paper uses the pre-STOCK Act data (2004-2010 period).

Originality/value

This study is the first academic work that compares politicians’ portfolios before and after they get elected.

Details

Journal of Financial Economic Policy, vol. 9 no. 4
Type: Research Article
ISSN: 1757-6385

Keywords

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Article

Carmen Bachmann, Lars Tegtmeier, Johannes Gebhardt and Marcel Steinborn

The purpose of this paper is to test the so-called “Sell in May” effect in globally listed private equity markets based on monthly data covering the period 2004–2017.

Abstract

Purpose

The purpose of this paper is to test the so-called “Sell in May” effect in globally listed private equity markets based on monthly data covering the period 2004–2017.

Design/methodology/approach

Ordinary least squares regressions, generalized autoregressive conditional heteroscedasticity regressions and robust regressions are used to investigate the existence of the “Sell in May” effect in globally listed private equity markets. Additionally, the authors conduct robustness checks by dividing the sample period into two subperiods: pre-financial and post-financial crisis periods.

Findings

The authors find limited statistically significant evidence for the “Sell in May” effect. In particular, the authors observed a statistically significant “Sell in May” effect when taking time-varying volatility into account. These findings indicate that the “Sell in May” effect is driven by time-varying volatility. By contrast, economic significance as measured by visual return inspection and the magnitude of the estimated “Sell in May” coefficients in combination with their positive signs was found to be considerable.

Practical implications

The findings are important for all kinds of investors and asset managers who are considering investing in listed private equity.

Originality/value

The authors present a novel study that examines the “Sell in May” effect for globally listed private equity markets by using LPX indices, offering valuable insight into this growing asset class.

Details

Managerial Finance, vol. 45 no. 6
Type: Research Article
ISSN: 0307-4358

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Article

Justo de Jorge Moreno and María Sanz‐Triguero

The purpose of this work is twofold: on the one hand, recent methodologies will be used to estimate efficiency and productivity in Spain's non‐specialized retail sector…

Abstract

Purpose

The purpose of this work is twofold: on the one hand, recent methodologies will be used to estimate efficiency and productivity in Spain's non‐specialized retail sector for the period of 1997‐2007. In particular, the order‐m approach proposed by Cazals et al., which is based on the concept of expected minimum input function. On the other hand, the results obtained applying the methods mentioned in the Spanish retail sector can contribute to opening up a new field of analysis since the results may be compared by means of the methodologies proposed as well as those which already exist in the literature.

Design/methodology/approach

The paper used data envelopment analysis stochastic (order‐m) and bootstrapping Malmquist index to measure productivity and efficiency in 12 sectors in Spanish retail trade 1997‐2007.

Findings

In order to illustrate the methodology proposed in this paper different phases involved; first, we have estimated the efficiency in 12 sectors of the retail sector four digits NACE, we found high levels of inefficiency in most of the sectors analyzed over the period of analysis. Next, we will deepen and simplify the analysis by concentrating on food‐predominant sectors in non‐specialised shops (5211). The evolution of the efficiency of firms belonging to this sector decreases over the period of analysis. Analyzing the relationship between firms and size, the results obtained in this work shows that the firm's size have a positive influence on efficiency that suggest that the management may have incentives to grow in order to improve their efficiency levels. Our second contribution has to do with the use of bootstrapping Malmquist productivity indices. Productivity decreased at an average rate of −4.1 percent over the entire period of 1997‐2007. On average, this deterioration was due to efficiency change −6.1 percent. Technical progress is increased at an average rate of 2.1 percent. All rates at global level are statistically significant at 95 percent.

Originality/value

The main contribution of this paper is to provide an efficiency analysis using a non‐parametric approach with a robust estimator that has been suggested recently by Cazals et al. This methodology is that the first time that is applied in the analysis of retail sector. In addition, we analyze productivity growth using bootstrapping Malmquist indices. This methodology allows for a more careful analysis of what happens at firm level. Differences in conclusions between the original estimates and the bootstrap results are more evident when we scrutinize the sample firms and individual levels.

Details

International Journal of Retail & Distribution Management, vol. 39 no. 4
Type: Research Article
ISSN: 0959-0552

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Article

Vincenzo Cavaliere, Sara Sassetti and Sara Lombardi

Building on the importance of students becoming entrepreneurs of their own career, this research aimed to achieve two main objectives: to empirically test the sequential…

Abstract

Purpose

Building on the importance of students becoming entrepreneurs of their own career, this research aimed to achieve two main objectives: to empirically test the sequential relationship between the three dimensions of entrepreneurial alertness as proposed by Tang et al. (2012) and to link such dimensions to self-perceived employability.

Design/methodology/approach

A web survey data were obtained among a sample of 404 universities students. The test of the theoretical framework was performed by running a structural equation modeling (SEM).

Findings

The results show that the three entrepreneurial alertness components are sequentially related. Moreover, the results demonstrated that among the examined dimensions, only evaluation and judgment had a direct effect on self-perceived employability, with the remaining dimensions having an indirect influence.

Originality/value

There has been rarely any previous empirical attempt at investigating a framework that consider the relationship between entrepreneurial attitudes, such as alertness, on employability. The investigation of the entrepreneurial attitudes as antecedents of employability is particularly vital to graduates who will soon enter the labor market as “entrepreneurs of their own career”.

Details

Personnel Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0048-3486

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Article

Senthilkumar N C and Pradeep Reddy Ch

The user interest in content searching in the web will be changed over by time.

Abstract

Purpose

The user interest in content searching in the web will be changed over by time.

Design/methodology/approach

The system is in need to find the content of user over the temporal aspects.

Findings

So, predicting the user interest over the time by analyzing the fluctuations of their search keyword is important.

Research limitations/implications

So, predicting the user interest over the time by analyzing the fluctuations of their search keyword is important.

Practical implications

In this work, fuzzy neural network techniques are used to predict the user interest fluctuation in different times in different scenarios.

Social implications

In this proposed work, both the long-term and short-term interest are evaluated using the specialized user interface designed to retrieve the user interest based on the user searching activities.

Originality/value

This work also categorizes the future needs of users using this proposed system.

Details

International Journal of Intelligent Unmanned Systems, vol. 8 no. 4
Type: Research Article
ISSN: 2049-6427

Keywords

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