共查询到20条相似文献,搜索用时 15 毫秒
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Merlin Stone 《Journal of Financial Services Marketing》2001,6(1):84-97
This paper investigates how well ‘mid-worth’ individuals are served by the financial services industry in the UK. It defines and analyses the new phenomenon of ‘mid-worth’ individuals: the rapid growth in the number of people with significant liquid assets available for investment. It then considers how well these individuals are served by the most common investment products and concludes that most individuals are so poorly served that the result is seriously damaging to their long-term financial health. The paper investigates the main reasons for this: a lack of understanding of the relationship between risk and return, and what can only be described as a conspiracy of ‘mystification’, resulting in customers standing even less chance of understanding the risk-return relationship. The consequence of this is that investors end up paying far too much for ‘heavily packaged’ investment products with the result that they may find they have much less money available to them when they need it most—in old age. The research for this paper was sponsored by Close Wealth Management. 相似文献
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Lars Ingelstam 《Futures》1983,15(2):137-151
The two development models summarized in this study are: Model “K” — export-led growth, aimed at goods-oriented production, public service expansion, real wage increases, high rate of employment, and industry: high technology for worldmarkets; and Model “A” — mobilization of work, by means of promotion of the informal economy, policies for unorthodox municipal problem-solving, service growth (by mixed formal or informal organization), and, for industry, less emphasis on expansion and exports, more on domestic consumer needs. 相似文献
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The expected response of an index volatility surface to index movements is quite different in high and low volatility environments 相似文献
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Past and future of backcasting: The shift to stakeholder participation and a proposal for a methodological framework 总被引:2,自引:0,他引:2
This paper deals with the past, present and future of backcasting. After having reviewed the origin and developments since the 1970s, it is concluded that several varieties can be distinguished and that a shift has been made to broad stakeholder participation and towards a focus on realising follow-up and implementation. A methodological framework for participatory backcasting is proposed consisting of five stages and four groups of tools and methods that can be applied and are necessary in such a framework, while different type of goals are possible. The paper reports on two cases in which participatory backcasting was applied, the Novel Protein Foods project at the Sustainable Technology Programme in the Netherlands and the Nutrition case study of the Sustainable Households (SusHouse) project. The paper concludes that these have resulted in broad stakeholder involvement, sustainable future visions, analyses and construction of follow-up agendas, but that follow-up and impacts are quite different. A research agenda is proposed to compare and evaluate backcasting studies and their impacts after a couple of years, while the future of participatory backcasting is also briefly discussed. 相似文献
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Building on purchasing power parity theory, this paper proposes a new approach to forecasting exchange rates using the Big Mac data from The Economist magazine. Our approach is attractive in three aspects. Firstly, it uses easily-available Big Mac prices as input. These prices avoid several potential problems associated with broad price indexes, such as the consumer price index used in conventional PPP studies. Secondly, this approach provides real-time exchange-rate forecasts at any forecast horizon. These high-frequency forecasts could be appealing to those who want up-to-date exchange-rate forecasts. Finally, as our forecasts are obtained through a simulation procedure, estimation uncertainty is made explicit in our framework that provides the entire distribution of exchange rates, not just a single point estimate. Using exchange rates of six major currencies to illustrate the approach, we compare the Big Mac forecasts with those derived from a random walk and the CPI and find some support for our approach, especially at longer term horizons. 相似文献
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When lenders cannot force borrowers to repay debts, assets are often pledged to secure loans. In this paper borrowers lose collateral once they renege on debts, and exclusion of defaulters occurs probabilistically, with a higher probability implying better enforcement. Increased efficiency in enforcement reduces asset prices, while raising loan-to-value ratios. If the rise in loan-to-value ratios is the dominant effect, aggregate liquidity and output increase with the advance in enforcement. Inflation raises the repayment cost by increasing the loan rate, while raising the default cost through exclusion. Consequently, inflation raises loan-to-value ratios and output only when enforcement is sufficiently efficient. 相似文献
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Inferring future volatility from the information in implied volatility in Eurodollar options: a new approach 总被引:4,自引:0,他引:4
We study the information content of implied volatility fromseveral volatility specifications of the Heath-Jarrow-Morton(1992) (HJM) models relative to popular historical volatilitymodels in the Eurodollar options market. The implied volatilityfrom the HJM models explains much of the variation of realizedinterest rate volatility over both daily and monthly horizons.The implied volatility dominates the GARCH terms, the Glostenet al. (1993) type asymmetric volatility terms, and the interestrate level. However, it cannot explain that the impact of interestrate shocks on the volatility is lower when interest rates arelow than when they are high. 相似文献
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Martin Hultman 《Futures》2009,41(4):226-233
This article analyses a certain kind of society in which it is proclaimed that abundant energy can be used without any negative side effects. In such “utopias”, individual needs are described as unrestricted, and economic and technological change is said to be unlimited - as if the society were to have a perpetuum mobile at its command. The two examples connected with such expectations are “the atomic/nuclear society” and “the hydrogen economy”. Although these two utopias do differ, their many similarities are the focus of this article. They are similar in that they both invoke the dream of controlling a virtual perpetuum mobile, propose an expert/lay knowledge gap, downplay any risks involved, and rely on a public relations campaign to ensure the public’s collaboration with companies and politicians. I thus connect these two different utopias, discussing them as a part of the modern history of energy production and consumption. Making this connection clarifies some lessons for future energy planning, such as the need for reflection on and critical engagement with utopias, awareness of how a more participatory democratic process may be secured regarding energy issues, and the negative consequences if risk is described in solely economic terms. 相似文献
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António Afonso Luca Agnello Davide Furceri Ricardo M. Sousa 《Journal of International Money and Finance》2011,30(1):130-146
We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue - responsiveness and persistence -, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence and responsiveness. 相似文献
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Scenario and gaming techniques have a number of complementary characteristics. In this article, the design and evaluation of a gaming-scenario experiment for the exploration of development planning in an urban network in the Netherlands is presented. Two gaming sessions were held using two long-term scenarios (2030) as varying contexts. The combined gaming-scenario approach made it possible to evaluate the impact of external future developments and trends on the administrative and spatial development. Evaluation results of the gaming experiment indicate that the gaming-scenario approach generated new and critical insights on development planning and the future of the urban network. Through the game, the principal, the game leaders but most of all the stakeholder-participants experienced and realized that the management of development planning in urban networks is a very difficult task and is full of pitfalls. 相似文献
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Michael R. Gibbons 《Journal of Financial Economics》1982,10(1):3-27
A variety of financial models are cast as nonlinear parameter restrictions on multivariate regression models, and the framework seems well suited for empirical purposes. Aside from eliminating the errors-in-the-variables problem which has plagued a number of past studies, the suggested methodology increases the precision of estimated risk premiums by as much as 76%. In addition, the approach leads naturally to a likelihood ratio test of the parameter restrictions as a test for a financial model. This testing framework has considerable power over past test statistics. With no additional variable beyond β, the substantive content of the CAPM is rejected for the period 1926–1975 with a significance level less than 0.001. 相似文献
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Graham H May 《Futures》1997,29(3):229-241
If, as is normally assumed, the future has yet to happen and is dependent upon preceding events and choices it remains uncertain and alternative futures possible. This appears to make the future plural and different from the past and present, which are usually considered to be singular. The role of Futures Research, in an uncertain future, is not to predict but to assist in making informed choices about issues of significance to the future in the changing present. Effective management of change requires the adoption of a learning approach to the future, some of the characteristics of which are explored. 相似文献
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We introduce a new approach to measuring riskiness in the equity market. We propose option implied and physical measures of riskiness and investigate their performance in predicting future market returns. The predictive regressions indicate a positive and significant relation between time-varying riskiness and expected market returns. The significantly positive link between aggregate riskiness and market risk premium remains intact after controlling for the S&P 500 index option implied volatility (VIX), aggregate idiosyncratic volatility, and a large set of macroeconomic variables. We also provide alternative explanations for the positive relation by showing that aggregate riskiness is higher during economic downturns characterized by high aggregate risk aversion and high expected returns. 相似文献
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Political change within industrial countries will accompany the restructuring of economies and international relations in the 1980s. The most detailed study of alternative scenarios involving the latter issues—the interfutures report—treats domestic politics in terms of notions of value change. This article criticises these widespread ideas. Futures studies need to take political trends seriously, including those towards corporatism and the strong state. In this light the development of the informal sector can be no panacea for problems of political and economic power. 相似文献