On stochastic comparisons of minimum order statistics from the location–scale family of distributions

We consider stochastic comparisons of minimum order statistics from the location–scale family of distributions that contain most of the popular lifetime distributions. Under certain assumptions, we show that the minimum order statistic of one set of random variables dominates that of another set of random variables with respect to different stochastic orders. Furthermore, we illustrate our results using some well-known specific distributions.     

Consistent estimator for basis selection based on a proxy of the Kullback–Leibler distance

Given a random sample from a continuous and positive density f$f$, the logistic transformation is applied and a log density estimate is provided by using basis functions approach. The number of basis functions acts as the smoothing parameter and it is estimated by minimizing a penalized proxy of the Kullback–Leibler distance which includes as particular cases AIC and BIC criteria. We prove that this estimator is consistent.     

On the nearness of record values to order statistics from Pitman’s measure of closeness

In the two-sample prediction problem, record values from the present sample may be used as predictors of order statistics from a future sample. In this paper, we investigate the nearness of record statistics (upper and lower) to order statistics from a location-scale family of distributions in the sense of Pitman closeness and discuss the corresponding monotonicity properties. We then determine the closest record value to a specific order statistic from a future sample. Even though in general it depends on the parent distribution, exact and explicit expressions are derived for the required probabilities in the case of exponential and uniform distributions, and some computational results are presented as well. Finally, we consider the mean squared error criterion and examine the corresponding results in the exponential case.     

On the informationization of accounting information in China： The perspective of accounting information systems and its regulatory framework in the USA

The informationization of accounting information systems has brought many improvements to those systems. This paper highlights some of those significant advances in the informationization of accounting information systems in China. As China has become a major industrial power in the international economy, further improvements for these information systems are critical to the continued successes of China. To additionally improve these systems, China can draw upon the systems from other world economic leaders. With its fully developed capital markets, the United States offers development experience for the external reporting components of a fully integrated information system. This paper discusses a typical integrated information system in the United States and addresses the regulatory milestones that were instrumental in the development of those external components of accounting information systems. Recommendations are presented for improving informationization of systems in China based on U.S. systems＇ responses to those milestones.     

Ordering properties of the smallest order statistics from generalized Birnbaum–Saunders models with associated random shocks

Let \(X_{1},\ldots , X_{n}\) be lifetimes of components with independent non-negative generalized Birnbaum–Saunders random variables with shape parameters \(\alpha _{i}\) and scale parameters \(\beta _{i},~ i=1,\ldots ,n\), and \(I_{p_{1}},\ldots , I_{p_{n}}\) be independent Bernoulli random variables, independent of \(X_{i}\)’s, with \(E(I_{p_{i}})=p_{i},~i=1,\ldots ,n\). These are associated with random shocks on \(X_{i}\)’s. Then, \(Y_{i}=I_{p_{i}}X_{i}, ~i=1,\ldots ,n,\) correspond to the lifetimes when the random shock does not impact the components and zero when it does. In this paper, we discuss stochastic comparisons of the smallest order statistic arising from such random variables \(Y_{i},~i=1,\ldots ,n\). When the matrix of parameters \((h({\varvec{p}}), {\varvec{\beta }}^{\frac{1}{\nu }})\) or \((h({\varvec{p}}), {\varvec{\frac{1}{\alpha }}})\) changes to another matrix of parameters in a certain mathematical sense, we study the usual stochastic order of the smallest order statistic in such a setup. Finally, we apply the established results to two special cases: classical Birnbaum–Saunders and logistic Birnbaum–Saunders distributions.     

Characterization of the exponential distribution function by Properties of the differenceX k+s∶n−X k∶n of order statistics

We considern independent and identically distributed random variables with common continuous distribution functionF concentrated on (0, ∞). LetX _1∶n≤X_2∶n...≤X_n∶n be the corresponding order statistics. Put $$d_s \left( x \right) = P\left( {X_{k + s:n} - X_{k:n} \geqslant x} \right) - P\left( {X_{s:n - k} \geqslant x} \right), x \geqslant 0,$$ and $$\delta _s \left( {x, \rho } \right) = P\left( {X_{k + s:n} - X_{k:n} \geqslant x} \right) - e^{ - \rho \left( {n - k} \right)x} ,\rho > 0,x \geqslant 0.$$ Fors=1 it is well known that each of the conditions d₁(x)=O ?x≥0 and δ₁ (x, p) = O ?x≥0 implies thatF is exponential; but the analytic tools in the proofs of these two statements are radically different. In contrast to this in the present paper we present a rather elementary method which permits us to derive the above conclusions for somes, 1≤n —k, using only asymptotic assumptions (either forx→0 orx→∞) ond _s(x) and δ₁ (x, p), respectively.     

The risk–return relation in the corporate loan market

This paper analyzes the hypothesis that returns play a risk-compensating role in the market for corporate revolving lines of credit. Specifically, we test whether borrower risk and the expected return on these debt instruments are positively related. Our main findings support this prediction, in contrast to the only previous work that examined this problem two decades ago. Nevertheless, we find evidence of mispricing regarding the risk of deteriorating firms using their facilities more intensively and during the subprime crisis.     

Re-examining the role of attitude in information system acceptance: a model from the satisfaction–dissatisfaction perspective

This study attempts to re-examine the role of attitude in voluntary information system (IS) acceptance and usage, which has often been discounted in the previous technology acceptance research. We extend the unidimensional view of attitude into a bidimensional one, because of the simultaneous existence of both positive and negative evaluation towards IS in technology acceptance behaviour. In doing so, attitude construct is divided into two components: satisfaction as the positive attitudinal component and dissatisfaction as the negative attitudinal component. We argue that satisfaction and dissatisfaction will interactively affect technology usage intention. Besides, we explore the predictors of satisfaction and dissatisfaction based on the disconfirmation theory. Empirical results from a longitudinal study on bulletin board system (BBS) usage confirm the interaction effect of satisfaction and dissatisfaction on usage intention. Moreover, perceived task-related value has a significant effect on satisfaction, while perceived personal value has a significant effect on dissatisfaction. We also discuss the theoretical and managerial implications of our findings.     

Testing for unit roots in the possible presence of multiple trend breaks using minimum Dickey–Fuller statistics

Trend breaks appear to be prevalent in macroeconomic time series, and unit root tests therefore need to make allowance for these if they are to avoid the serious effects that unmodelled trend breaks have on power. Carrion-i-Silvestre et al. (2009) propose a pre-test-based approach which delivers near asymptotically efficient unit root inference both when breaks do not occur and where multiple breaks occur, provided the break magnitudes are fixed. Unfortunately, however, the fixed magnitude trend break asymptotic theory does not predict well the finite sample power functions of these tests, and power can be very low for the magnitudes of trend breaks typically observed in practice. In response to this problem we propose a unit root test that allows for multiple breaks in trend, obtained by taking the infimum of the sequence (across all candidate break points in a trimmed range) of local GLS detrended augmented Dickey–Fuller-type statistics. We show that this procedure has power that is robust to the magnitude of any trend breaks, thereby retaining good finite sample power in the presence of plausibly-sized breaks. We also demonstrate that, unlike the OLS detrended infimum tests of Zivot and Andrews (1992), these tests display no tendency to spuriously reject in the limit when fixed magnitude trend breaks occur under the unit root null.     

On the dimensionality of bounds generated by the Shapley–Folkman theorem

The Shapley–Folkman theorem places a scalar upper bound on the distance between a sum of non-convex sets and its convex hull. We observe that some information is lost when a vector is converted to a scalar to generate this bound and propose a simple normalization of the underlying space which mitigates this loss of information. As an example, we apply this result to the Anderson (1978) core convergence theorem, and demonstrate how our normalization leads to an intuitive, unitless upper bound on the discrepancy between an arbitrary core allocation and the corresponding competitive equilibrium allocation.     

Re-examining risk premiums in the Fama–French model: The role of investor sentiment

This paper reconstructs the Fama–French three-factor (F–F) model as a panel smooth transition regression (PSTR) framework to investigate the differentiated effects of investor sentiment proxies-the volatility index (VIX), credit default swap (CDS), and TED spread-on the three risk premiums. Sample period spans from 2003: 1Q to 2013: 4Q. Sample objects are 58 semiconductor companies listed on Taiwan Security Exchange Corporation. The empirical results report that stock returns display a nonlinear path, and the three risk premiums are time-varying, depending on different proxies of investor sentiment in different regimes. Market premiums fall as investors in stock markets show extreme optimism or extreme pessimism. Except in rare situations, the size premium is significant and decreases with the increase in the VIX. Returns in holding growth stocks dominate holding value stocks when the investors show extreme pessimism or optimism. However, in normal sentiment of investment, value stocks earn more returns than growth stocks.     

Relationship risk perception and determinants of the collaboration fluency of buyer–supplier relationships in public service procurement

Public service procurement effectiveness has been emphasized as a major challenge in recent years. Well-managed partnerships between buyers and suppliers are needed in this domain to achieve collaboration fluency and improve the effectiveness of procurement. The main objective of this study is to determine which issues managerial teams must emphasize when aiming to create a solid partnership based on pre-existing collaborative relationships. The originality of this study lies in the domain approached (public service procurement in social and healthcare services), as well as the variable it attempts to explain (collaboration fluency). The study investigates two major issues: firstly, how collaboration risk perception influences communication, trust, and the governance of a collaboration and, secondly, how these factors (communication, trust, and governance) affect collaboration fluency. The study is performed via a survey regarding the collaboration of the public sector with organizations from the private and third (non-profit) sectors within public service procurement. The empirical evidence was gathered with a structured online questionnaire that was sent to organizations from the private and third sectors that provide services in the social and healthcare domain. The results indicate that in collaborative relationships in public service procurement, the higher the perceived relationship risks are, the more positive effects they will have in terms of increasing trust, communication, and the quality of collaboration management. Furthermore, communication, governance, and administration have strong influences on collaboration fluency.     

On the linearity of the wage–profit relation in a Sraffa’s model: a mathematical summing-up

This paper sums up in a common analytical structure the main results, scattered in economic literature, concerning the linearity between rate of profit and real wage in a simple Sraffa’s model. The paper is mainly based on previous results of one of the two authors and on results of Miyao (Int Econ Rev 18:151–162, 1977) and Schefold (Zeitschrift für angewandte Mathematik und Physik 27:873–875, 1976a; Zeitschrift für National?konomie 36:21–48, 1976b).     

Decomposing the effects of crowd-wisdom aggregators: The bias–information–noise (BIN) model

Aggregating predictions from multiple judges often yields more accurate predictions than relying on a single judge, which is known as the wisdom-of-the-crowd effect. However, a wide range of aggregation methods are available, which range from one-size-fits-all techniques, such as simple averaging, prediction markets, and Bayesian aggregators, to customized (supervised) techniques that require past performance data, such as weighted averaging. In this study, we applied a wide range of aggregation methods to subjective probability estimates from geopolitical forecasting tournaments. We used the bias–information–noise (BIN) model to disentangle three mechanisms that allow aggregators to improve the accuracy of predictions: reducing bias and noise, and extracting valid information across forecasters. Simple averaging operates almost entirely by reducing noise, whereas more complex techniques such as prediction markets and Bayesian aggregators exploit all three pathways to allow better signal extraction as well as greater noise and bias reduction. Finally, we explored the utility of a BIN approach for the modular construction of aggregators.     

Why H does not measure information: the role of the “special case” legerdemain solution in the maintenance of anomalies in normal science

Anomalies or contradictions threaten a paradigm, and if they cannot be ignored, they must be either shown to be false, or must be resolved. Two common anomalies in the systems literature are examined: the contention that H measures information; and the contention that heat increase leads to entropy increase. It is shown that when faced with such anomalies, paradigm adherents often resort to legerdemain solutions, which appear to resolve the anomaly, either verbally or mathematically. Legerdemain solutions generally utilize special cases such as maximum or minimum values or equilibrium conditions, and will not hold for the general case. Thus they do not resolve the anomaly, but only appear to (hence the name legerdemain). It is shown further that legerdemain solutions are often responses to anomalies which are not major contradictions, but are rather the result of confusion in second-order or meta-paradigms. The satisfactory solution lies not in an appeal to a legerdemain solution, but in adherence to the consistent general principles of the primary paradigm, even if this necessitates some revision of terminology or principles in the secondary paradigm.     

Me or information technology? Adoption of artificial intelligence in the delegation of personal strategic decisions

Artificial intelligence is revolutionizing the way we do business. Whereas both the adoption of technological innovations and strategic decision making have been subject to prior research, this experimental study is first to combine both. To understand the impact of choice complexity and cognitive perceptions on the willingness to delegate a strategic decision to an algorithm, we conducted an experiment with 310 participants. We find that although choice complexity has no effect, participants with low levels of situational awareness are more likely to delegate. The findings augment research on choice complexity in decision making by emphasizing the relevance of cognitive perceptions.     

The relation between the equity risk premium and the bond maturity premium in the UK: 1900–2006

Using a rich data set for the UK for over a century, we find that the relation between the equity risk premium and the government bond maturity premium is nonlinear and subject to stochastic regime switching. We identify a regime in which both premia are jointly characterized by low volatility and another regime in which both premia are characterized by high volatility. The occurrence of the high volatility regime chronologically coincides with major changes in the pound exchange rate. The low volatility regime has a higher probability of turning up over two consecutive years than the high volatility regime, but it is not perceived by investors to be an absorbing regime. The lagged maturity premium is a strong predictor of the equity risk premium only in the regime of low volatility. In addition, the lagged equity premium is a predictor of the maturity premium also in the low volatility regime. This result on regime-dependent bidirectional predictability is robust to alternative definitions of the equity premium, and to the inclusion of real interest rate and real growth effects.

Development of tourism in Polish poviats in the years 2010–2017

Quality & Quantity - Poland is divided into 380 poviats. However the statistical data on the development of these small regions is available from official statistics, there is no study known to...     

The role of the public sector in the provision of housing supply in Turkey, 1950–2009

This study examines the changing role of the public sector in Turkey with regard to housing provision since 1950, and particularly since 2000, and seeks to clarify how public intervention has affected housing provision and urban development dynamics in major cities. Three periods may be identified, with central government acting as a regulator in a first period characterized by a ‘housing boom’. During the second period, from 1980 to 2000, a new mass housing law spurred construction activity, although the main beneficiaries of the housing fund tended to be the middle classes. After 2000, contrary to emerging trends in both Northern and Southern European countries, the public sector in Turkey became actively involved in housing provision. During this process, new housing estates were created on greenfield sites on the outskirts of cities, instead of efforts being made to rehabilitate, restore or renew existing housing stock in the cities. Meanwhile, the concept of ‘urban regeneration’ has been opportunistically incorporated into the planning agenda of the public sector, and — under the pretext of regenerating squatter housing areas — existing residents have been moved out, while channels for community participation have been bypassed.     

Enterprises＇ foreign exchange risk management in the floating exchange risk era

Since the foreign exchange reform on July 21^st 2005, the flexibility of RMB exchange rate has becoming big, so has the foreign exchange risk. How to effectively manage foreign exchange risk has become an emergent task to enterprises. This paper introduces the method of foreign exchange forecast which is the base of foreign exchange risk management, and then deeply discusses different measures of managing the risk.