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Book part
Publication date: 18 July 2016

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.

Book part
Publication date: 14 September 2020

Eva Tutchell and John Edmonds

Abstract

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Unsafe Spaces
Type: Book
ISBN: 978-1-78973-062-3

Abstract

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

Book part
Publication date: 6 January 2016

Pilar Poncela and Esther Ruiz

In the context of Dynamic Factor Models, we compare point and interval estimates of the underlying unobserved factors extracted using small- and big-data procedures. Our…

Abstract

In the context of Dynamic Factor Models, we compare point and interval estimates of the underlying unobserved factors extracted using small- and big-data procedures. Our paper differs from previous works in the related literature in several ways. First, we focus on factor extraction rather than on prediction of a given variable in the system. Second, the comparisons are carried out by implementing the procedures considered to the same data. Third, we are interested not only on point estimates but also on confidence intervals for the factors. Based on a simulated system and the macroeconomic data set popularized by Stock and Watson (2012), we show that, for a given procedure, factor estimates based on different cross-sectional dimensions are highly correlated. On the other hand, given the cross-sectional dimension, the maximum likelihood Kalman filter and smoother factor estimates are highly correlated with those obtained using hybrid procedures. The PC estimates are somehow less correlated. Finally, the PC intervals based on asymptotic approximations are unrealistically tiny.

Abstract

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Answer Intelligence
Type: Book
ISBN: 978-1-83982-870-6

Book part
Publication date: 21 August 2017

Bernd Kleimann and Maren Klawitter

Decisions which are based on formally organized evaluation processes are widespread in the academic world. In order to develop a theoretical framework which can be used to…

Abstract

Decisions which are based on formally organized evaluation processes are widespread in the academic world. In order to develop a theoretical framework which can be used to systematically analyze various evaluation-based decision-making procedures, this chapter focuses on the example of appointment procedures for professorships in German universities. Drawing on systems theory, we start with theorizing universities as formal organizations in order to explain how organizational structures generally affect decision-making procedures. Then three dimensions of academic decision-making are introduced – temporal, social, and matter-of-fact – which are the main cornerstones of our analytical framework. By applying this framework to appointment procedures for professorships, different phases can be distinguished (temporal), participants and their interests as well as their influence potentials come into view (social), and different types of criteria for assessing the candidates can be identified (matter-of-fact). The exemplary application of the framework shows its analytical advantages as an adaptable means of investigating a broader array of (academic) evaluation-based decision-making procedures.

Book part
Publication date: 3 June 2008

Glenn W. Harrison and E. Elisabet Rutström

We review the experimental evidence on risk aversion in controlled laboratory settings. We review the strengths and weaknesses of alternative elicitation procedures, the…

Abstract

We review the experimental evidence on risk aversion in controlled laboratory settings. We review the strengths and weaknesses of alternative elicitation procedures, the strengths and weaknesses of alternative estimation procedures, and finally the effect of controlling for risk attitudes on inferences in experiments.

Details

Risk Aversion in Experiments
Type: Book
ISBN: 978-1-84950-547-5

Abstract

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Designing the New European Union
Type: Book
ISBN: 978-1-84950-863-6

Book part
Publication date: 6 March 2017

Chris Bagwell, Linda A. Quick and Scott D. Vandervelde

We have designed this in-class exercise to benefit undergraduate or graduate students enrolled in courses in auditing. This in-class exercise involves six short…

Abstract

We have designed this in-class exercise to benefit undergraduate or graduate students enrolled in courses in auditing. This in-class exercise involves six short independent analytical procedures scenarios, two each for three different accounts: Payroll Expense; Depreciation Expense; and Interest Expense. The scenarios require students to perform substantive analytical procedures for each of the financial statement accounts. Students must use their accounting knowledge, analytical thinking skills, and problem-solving ability in order to compute an estimated expectation for an account balance. Following computing an estimate of the expected balance, students must then compare the result to the client-recorded balance and determine if the difference is within tolerable limits established for the audit. The primary learning objectives for the in-class analytical procedures exercise involve the following:

  1. Understanding when it might be appropriate for the auditor to perform substantive analytical procedures,

  2. Understanding how to form an expectation of an account balance when performing analytical procedures, and

  3. Understanding how to evaluate the results of a substantive analytical procedure.

Understanding when it might be appropriate for the auditor to perform substantive analytical procedures,

Understanding how to form an expectation of an account balance when performing analytical procedures, and

Understanding how to evaluate the results of a substantive analytical procedure.

In cooperation with KPMG, we believe that the analytical procedures exercise gives students a better understanding of performing substantive analytical procedures. 1 As identified by Auditing Standard AU-C 520, PCAOB Standard AS 2305, and in the academic literature (e.g., Hirst & Koonce, 1996), analytical procedures are an important part of the audit process. Understanding when and how to perform substantive analytical procedures, combined with how to evaluate the results, will aid in student knowledge of the audit process.

Details

Advances in Accounting Education: Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-78714-180-3

Keywords

Book part
Publication date: 28 August 2007

Donald E. Conlon, Christopher J. Meyer, Anne L. Lytle and Harold W. Willaby

In this article, we focus on alternative dispute resolution procedures, in particular third party procedures. We describe eight different procedures and provide examples…

Abstract

In this article, we focus on alternative dispute resolution procedures, in particular third party procedures. We describe eight different procedures and provide examples of how these procedures are used in different cultural contexts. We then evaluate the procedures in terms of how they impact four key criteria that have been noted in the literature related to negotiation: process criteria, settlement criteria, issue-related criteria, and relationship criteria. We subsequently explore the potential impact of culture on evaluations of these criteria. We finish with a discussion of future directions for research and practice, emphasizing that procedural recommendations should be made carefully when the criteria for effectiveness and applicability are derived from US-centric research. In other words, there is not “one best choice” for third party procedures universal to the myriad cultures on our planet.

Details

Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-0-7623-1432-4

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