Evaluating the effectiveness of model specifications and estimation approaches for empirical accounting-based valuation models

This study considers the effectiveness of different model specifications and estimation approaches for empirical accounting-based valuation models in the UK. Primarily, we are interested in the accounting determinants of market value and, in particular, whether accounting-based valuation models can be estimated that not only have in-sample explanatory power but also potentially can be used as a tool of financial statement analysis in developing useful estimates of value out-of-sample. This requires models to be estimated on one sample, and tested for effectiveness on a different sample. Then, issues of model specification arise, together with choosing between methods of estimating the empirical models, in identifying the effectiveness of each combination. Using the criteria of bias and accuracy to capture effectiveness, we suggest estimation methods and models that, overall, provide the most effective models in this context.     

Engineering robust instruments for GMM estimation of panel data regression models with errors in variables: a note

Econometricians have long recognized the need to account in some way for measurement errors, specification errors and endogeneity to ensure that the ordinary least squares estimator is consistent. This article introduces a new generalized method of moments estimator that relies on robust instruments to estimate panel data regression models containing errors in variables. We show how this GMM approach can be generalized for the panel data framework using higher moments and cumulants as instruments. The new instruments, engineered for greater robustness, are proposed to tackle the pervasive problem of weak instruments.     

浅谈词汇搭配错误分析及其应对策略

词汇搭配界于句法学和语用学之间的灰色地带,有其自身的特点。词汇搭配能力是语言能力的重要组成部分。传统的英语教学在词汇搭配方面重视不够或在教学方法上有失偏颇,分析词汇搭配的特点,搭配错误产生的原因及应对策略,对提高教师和学生词汇搭配学习的意讽促进英语学习,具有积极作用。     

对外汉语教学中俗语教学的探析

俗语教学对于民俗文化的学习者非常重要。本文分析了对外汉语教学中俗语教学的障碍及其原因,并以部分中高级对外汉语教材为研究对象,总结了俗语教学的方略。     

浅析联合运动中直线误差和角误差之间的关系

提高机床的软件补偿方法和坐标测量机的精度一定程度上取决于机误差的建模和测量方法。目前常用的方法是基于刀具的位置误差或笔尖的位置误差的个别轴关节运动误差参数组合。本文的目的是在机器误差分析的基础上提出对错误的分类。这种方法的相关性研究,通过案例研究机制之间的联合运动角度和线性轴机床的直线度误差。通过基于纯粹抽象的数学实验,探索模拟联合运动的直线度和角度误差建模。实验结果结果表明,在某些情况下的关节运动直线度误差不得作为估计整合联合运动学角度误差的依据。     

GB／T8929—2006《原油水含量的测定》之我见

采用比对的方法,对新旧版本的原油水含量测定标准在某些特定点引起的原油交接计量误差进行了阐述,对新标准的修改在计量误差和修约操作上提出看法。     

降低油田分队计量误差的研究与实践

在油田原油的开采、集输及交接计量中,原油液量和含水率是油田生产的重要指标。近年来随着含水上升速度加快,吨油成本逐年提高,对分队计量数据的准确性提出了更高的要求,如何运用先进计量技术及工艺技术提高分队计量准确度,及时发现生产中存在的问题,科学合理地考核采油队原油任务完成情况,充分调动采油队原油生产的积极性,提高采油厂的经济效益,已成为计量工作亟待解决的问题。介绍了分队计量系统组成及射频含水仪工作原理,综合分析了影响分队计量准确度的主要因素,研究探讨了降低分队计量误差的措施。     

Why We Should Change Our Attitude Towards Distressed Firms

This article surveys ‘creditor‐friendly’ and ‘enterprise‐friendly’ bankruptcy regimes with a focus on the methodology underlying the filter test in distress, as reflected both in its academic treatment and in legal practice. I find that the test exhibits pro‐liquidation bias in designating liquidation of a firm with recovery potential as the Type II error, and in underplaying the benefits of a possible turnaround. Further influences militating against continuation include the power conferred on creditors through the balance sheet criterion and the undervaluation of intangible assets. I make the case for reversing such biases to establish a presumption in favour of continuation.     

Fisher information under Gaussian quadrature models

This paper develops formulae to compute the Fisher information matrix for the regression parameters of generalized linear models with Gaussian random effects. The Fisher information matrix relies on the estimation of the response variance under the model assumptions. We propose two approaches to estimate the response variance: the first is based on an analytic formula (or a Taylor expansion for cases where we cannot obtain the closed form), and the second is an empirical approximation using the model estimates via the expectation–maximization process. Further, simulations under several response distributions and a real data application involving a factorial experiment are presented and discussed. In terms of standard errors and coverage probabilities for model parameters, the proposed methods turn out to behave more reliably than does the ‘disparity rule’ or direct extraction of results from the generalized linear model fitted in the last expectation–maximization iteration.     

Logarithmic calibration for multiplicative distortion measurement errors regression models

In this article, we propose a new identifiability condition by using the logarithmic calibration for the distortion measurement error models, where neither the response variable nor the covariates can be directly observed but are measured with multiplicative measurement errors. Under the logarithmic calibration, the direct-plug-in estimators of parameters and empirical likelihood based confidence intervals are proposed, and we studied the asymptotic properties of the proposed estimators. For the hypothesis testing of parameter, a restricted estimator under the null hypothesis and a test statistic are proposed. The asymptotic properties for the restricted estimator and test statistic are established. Simulation studies demonstrate the performance of the proposed procedure and a real example is analyzed to illustrate its practical usage.