New development: The practical relevance of public sector accounting research; time to take a stand

ABSTRACT

This article discusses three major themes that challenge researchers to focus more on practice-relevant public sector accounting research: How to combine practice-oriented research with being an impartial scholar? Which types of research themes have practical relevance? How can research contribute to societally-relevant issues?     

Should the government be running job centres?

Most people find their jobs by means other than job centres. Since they are not a monopoly, what reason is there for government to run them? Can it even tell whether they are being run efficiently?     

Neyman's test of goodness of fit when the null hypothesis is composite

Abstract

1. The need for a ?smooth? test of goodness of fit has long been felt by statisticians. In response to this J. Neyman (1937) put forward his tests. As he showed, they have many of the properties required of smooth tests. In spite of this they have not come into general use.     

On the probability function in the collective theory of risk

Abstract

Upon reading Dr. LUNDBERG'S paper ?Über die Wahrscheinlichkeitsfunktion einer Risikenmaase?¹ and trying to penetrate it along my own lines of thought, I found another way of deducing some of his formulas, giving the results in a form that directly invites a fairly simple approximation of the probability function. Though time has not permitted my going deeper into the problem, I propose here to give a brief account of the method.     

An improved convolution algorithm for discretely sampled Asian options

We suggest an improved FFT pricing algorithm for discretely sampled Asian options with general independently distributed returns in the underlying. Our work complements the studies of Carverhill and Clewlow [Risk, 1990, 3(4), 25–29], Benhamou [J. Comput. Finance, 2002, 6(1), 49–68], and Fusai and Meucci [J. Bank. Finance, 2008, 32(10), 2076–2088], and, if we restrict our attention only to log-normally distributed returns, also Ve?e? [Risk, 2002, 15(6), 113–116]. While the existing convolution algorithms compute the density of the underlying state variable by moving forward on a suitably defined state space grid, our new algorithm uses backward price convolution, which resembles classical lattice pricing algorithms. For the first time in the literature we provide an analytical upper bound for the pricing error caused by the truncation of the state space grid and by the curtailment of the integration range. We highlight the benefits of the new scheme and benchmark its performance against existing finite difference, Monte Carlo, and forward density convolution algorithms.     

The mean errors of the characteristics in logarithmic-normal distributions

Abstract

In his paper ?On the genetic theory of frequency? (Arkiv för Matematik, Astronomi och Fysik, Bd 12, N:o 20, and Meddelande frän Lunds Astronomiska Observatorium N:o 83, 1917), Dr. WIOKSELL has determined the mean of tbe logarithm, l _o and the dispersion, σ_l, assuming tbc logaritbm normally distributed.     

Local management of schools: The road to privatisation?

The education system has become the central focus for management change in the public sector. Two recent reports—on assessment and testing and local management in schools—have tried to take the argument from generalities to practicalities, but have they succeeded?     

Remarks on the foundations of actuarial science

Abstract

In a paper entjtled ?Critical Thoughts on Actuarial Science? read before the Swedish Actuarial Society and published in this part of the Journal K. ENGLUND has expressed some views which gave rise to objections also from my part in the verbal discussion at the meeting of the Society. In the following lines I have tried to develop my views about the most important questions touched upon in his paper.     

Aktuareksamen og Eksamen i Statistik ved Københavns Universitet

Abstract

Extract

d1. Vis, at man for n ? 2 har når x ikke antager nogen af værdierne 0, ?1, ..., ?n+1, og når x ikke antager nogen af værdierne 0, 1, ..., n+1.     

Magisterkonferens i Forsikringsmatematik ved Københavns Universitet 1926

Abstract

Der ønskes en Analyse af Begrebet ?Korrelation? (?Baand? mellem Iagttagelser) samt en kortfattet systematisk Fremstilling af de vigtigste Metoder, der i Teori og Praksis benyttes til Behandling af korrelerede Iagttagelser. Metoderne søges kritisk belyst i Henseende til deres teoretiske Grundlag, deres naturlige Anvendelsesomraade, praktiske Betydning og andre Momenter, som kan komme i Betragtning.     

Public sector Pay: From experiment to permanent change

Human resource management in the public sector is a rapidly changing scene, and nowhere more so than in the area of pay. How are we managing the conflicting demands of reducing costs and getting the best performance out of people?     

Quality assurance: The professional's role

How can professionals, especially those in the caring professions, feel confident that the service which they are providing for clients is of an acceptable standard? Any quality assurance programme needs the commitment of professionals.     

A probability distribution connected with Stirling's second class numbers

Abstract

1. An urn contains N numbered balls. We make n drawings replacing the ball into the urn each time. What is the probability of getting v different balls?     

A general formula for the normal mean errors of the coefficients in parabolic least squares graduation

Abstract

A set of observations contains N elements, and the two measures x and y are observed for each element. Searching the ? best value ? of y as dependent on x, we put      

Zur theorie der stabilität statistischer Reihen

Abstract

Wie ist die auffallende Gesetzmässigkeit der auf Massenbeobachtungen beruhenden statistischen Zahlen zu erklären? Wie sind deren Schwankungen rationell zu deuten? Diese Fragen bilden den eigentlichen Kernpunkt jeder Theorie der Statistik, die mehr sein will, als ein buntes Nebeneinander von technischen Regeln über den Modus procedendi beim Sammeln und Ordnen der Massenbeobachtungen.     

Parliament and public spending

The Select Committee on the Treasury & Civil Service has been lobbying for improvements in the Government's presentation of public expenditure information to Parliament At last, it looks as though changes will be made. But will the House of Commons — and, in particular, the select committees — be able to seize the opportunity?     

New approaches to the finance and delivery of health care

Radical reform of the financing of health care has emerged onto the political agenda in recent months. Any new proposals must, however, be judged in terms of their impact on the fundamental public policy objectives of efficiency, equity and choice. How do the new proposals measure up?     

Consumer strategy in the public sector: Are you being served?

If your consumers had a choice, would they still choose you? Looking at your service through their eyes is a useful first step in working towards a positive answer to that question. Public sector managers need market sensitivity, whether or not they are monopoly suppliers of services.     

On a Generalization of certain inequalities by Tchebychef and Jensen

Abstract

The inequalities dealt with in this paper were published by me in Danish in ?Matematisk Tidsskrift? B. 1925 p. 49¹. I was not at the time aware, that an inequality of similar form had already been given by JENSEN; but as the conditions under which his theorem is valid differ from mine and are, in fact, included in them, it appears that my investigation is not superfluous. I am reverting to the subject partly in order to clear up the relationship between JENSEN'S and my own results, partly to show, by means of a few examples, how these inequalities may with advantage be applied to actuarial problems.     

On the relations between differences and differential coefficients

Abstract

In a recent paper¹ I have expressed a doubt as to the method followed by Markoff,² in deriving the remainder-terms for the developments of ?⁽ⁿ⁾ (x) in terms of Δ ⁿ?(x) , Δ ⁿ⁺¹ ?(x), ... and of Δ ⁿ?(x) in terms of ?⁽ⁿ⁾ (x), ?⁽ⁿ⁺¹⁾ (x), ‥ .I have since then realized that I have done Markoff something less tha,n justice, and that his line of argument, after filling up a slight gap in one of his proofs, is not only sound but easily accessible to certain generalizations which I proceed to give.