Time-frequency dynamics of exchange rates in East Asia

1. Download : Download high-res image (260KB)
2. Download : Download full-size image

     

Are there asymmetric linkages between African stocks and exchange rates?

The graph plots the QR and QQR estimates in the short-term (IMF.1), medium-term (IMF.5), and long-term (IMF.Resisual). The figures helps to compare the magnitude and direction of the two estimation techniques to show the asymmetric frequency-varying dependence between exchange rates and African stock market returns.

1. Download : Download high-res image (85KB)
2. Download : Download full-size image

     

Derivation of the Wishart distribution of the second order sample moments by straightforward integration of a multiple integral

1. Introduction.

In his textbook of statistics Kendall classifies the methods of deducing exact sampling distributions into four groups:

• (a) straightforward evaluation of the integral in question by ordinary analytical processes such as a convenient change of variable;

• (b) the use of geometrical terminology;

• (c) the use of characteristic functions; and

• (d) other analytical methods.

     

Sur la notion de prime d'épargne

Abstract

Il est bien connu que la réserve mathématique W (t) d'une assurance très générale sur la vie satisfait à une équation différentielle de Thiele, à savoir où l'on a

• δ (t) = le taux instantané ou l'intensité d'intérêt,

• μ (t) = l'intensité de mourir,

• P (t = la prime par unité du temps,

• S (t) = le capital assuré en cas de décès.

     

Holm's probability-paper tests in relation to the Kolmogorov—Smirnov one-sample test

Abstract

In [5] S. Holm proposed teststatistics for testing simple hypotheses by means of the probability paper for distribution functions (d.f.) of the form F ₀(x) = Φ[(x - μ₀)/σ₀], where μ₀ is location parameter, σ₀ scale parameter, and Φ is an absolutely continuous distribution function with Φ(0) = 1/2. If μ₀ and (σ₀ are known, the hypothesis H ₀ is:

• H ₀: H(x) = F ₀(x) = Φ[(x?μ₀)/σ₀],

while the three possible alternatives are

• H ₁: H(x) > F ₀(x)

• H ₂: H(x) < F ₀(x)

• H ₃: H(x) ≠ F ₀(x).

     

Economic policy and prospects

Though now into their second term of office, the Government are still trying to fulfil the objectives of the first ‐ to cut public spending and reduce taxes. The hard choices they eventually make will in part be dictated by the following sorts of considerations:

• technical ‐ year‐to‐year forecasts

• economic ‐ growth in gdp

• political ‐ reduction in income support.

At the centre of these and other often conflicting sets of considerations is the Chancellor of the Exchequer. Chancellors make many statements, but few are as clear as that made by Nigel Lawson, in the course of an interview with Max Wilkinson, economics editor of the Financial Times, from which we have extracted the following.     

Integration of Financial Services

Abstract

Integration financial services is a term with many meanings. Definitions might include:

• ownership of different segments of financial services,

• the distribution of products of one segment by another, and

• a consumer-centric strategy driven to satisfy the needs of the customer regardless of organizational structures.

For the purposes of my paper, I will define it as the erasing of boundaries leading to consumers receiving value propositions that are not restricted by traditional industry segment barriers.     

Accountancy and Academic/Professional Inter-dependency (or Mutual Exclusivity?)

This paper is a report on an Accounting Education Symposium held during the 2009 Annual Congress of the EAA in Tampere, Finland. This was the fourth occasion on which there has been an Accounting Education Symposium (or similar) within an EAA Annual Congress. Previous events were as follows:

• 2005 (Gotenburg, Sweden) EAA Accounting Educators' Forum

• 2006 (Dublin, Ireland) ‘Universities and Professional Bodies: Complementary or Colliding Roles in Educating and Training Future Accounting Practitioners?’ (sponsored by the Irish Accountancy Educational Trust)

• 2008 (Rotterdam, the Netherlands) ‘Accounting Education: The Common Content Project’ (sponsored by Royal NIVRA).

     

Designing Effective Graphs

Abstract

Actuaries, like other business professionals, communicate quantitative ideas graphically. Because the process of reading, or decoding, graphs is more complex than reading text, graphs are vulnerable to abuse. To underscore this vulnerability, we give several examples of commonly encountered graphs that mislead and hide information. To help creators design more effective graphs and to help viewers recognize misleading graphs, this article summarizes guidelines for designing graphs that show important numerical information. When designing graphs, creators should:

• (1) Avoid chartjunk

• (2) Use small multiples to promote comparisons and assess change

• (3) Use complex graphs to portray complex patterns

• (4) Relate graph size to information content

• (5) Use graphical forms that promote comparisons

• (6) Integrate graphs and text

• (7) Demonstrate an important message

• (8) Know the audience.

Some of these guidelines for designing effective graphs, such as (6), (7) and (8), are drawn directly from principles for effective writing. Others, such as guidelines (3), (4) and (5), come from cognitive psychology, the science of perception. Guidelines (1) and (2) have roots both in effective writing and in graphical perception. For example, the writing principle of brevity demonstrates how eliminating pseudo three-dimensional perspectives and other forms of chartjunk improve graphs. As another example, the writing principle of parallel structure suggests using small multiple variations of a basic graphical form to visualize complex relationships across different groups and over time.

To underscore the scientific aspect of graphical perception, we examine the process of communicating with a graph, beginning with a sender’s interpretation of data and ending with a receiver’s interpretation of the graph. In keeping with scientific tradition, this article discusses several studies in the literature on the effectiveness of graphs.

We conclude that the actuarial profession has many opportunities to improve its practice, making communication more efficient and precise.     

Betriebswirtschaftliche Rahmenbedingungen für eine nachhaltige Entwicklung von „New Economy-Unternehmen” in der Versicherungswirtschaft

While a whole set of ?new economy enterprises” in the insurance business were successfull, many of them left the market after a very short life span. What are the substantial conditions for the success of these enterprises? The answer to this analisis can be summarized in three aspects:

1. The business model should contain a sufficient information-economic transaction benefit.
2. The branding strategy should create in the sense of Informationssurrogates sufficient confidence and generate respectable traffic.
3. The supply of sufficient investment capital must be guaranteed during the entire starting period.

     

ECU curriculum responds to the needs of multiple constituents

This paper presents an application of a curriculum reform model to a real world situation at East Carolina University. It reviews accounting curricula and the impetus for change in accounting programs with special attention given to three forces driving accounting curriculum reform:

• 1.1. the American Institute of Certified Public Accountants (AICPA) call for a 150-semester-hour requirement for membership.
• 2.2. the American Assembly of Collegiate Schools of Business' (AACSB) new accreditation standards, and
• 3.3. the changing needs and expectations of the accounting profession.

After an examination of how these and several other factors influence the accounting curriculum, reform strategies are discussed. A case study outlining the process that East Carolina University (ECU) underwent to achieve its new dual track accounting curriculum is presented. The dual tracks consist of a 120-h BSBA with a concentration in managerial accounting and a 150-h BSA/MSA in accounting.