An approximation to the limit distribution of the epps-pulley test statistic for normality

Summary The approach of Epps and Pulley (1983) based on the empirical characteristic function is one of the most powerful tools for detecting any departures from normality. We obtain the first four moments of the limiting null distribution of the Epps-Pulley Statistic. Johnson- and Pearson curve fitting yields excellent approximations to simulated quantiles, and by modifying the test statistic the procedure may be carried out easily without the use of extensive tables for all sample sizes. Research done while the author was on leave at the University of Gie?en.     

构建领导能力补给线：从哪里开始

构建领导能力补给线对所有企业而言都是一种竞争上的必要之举。如果得到成功执行,它将创造出竞争优势     

Analysis of the Efficacy of Public Spending on Research and Development in State Programs

This paper presents an approach to assessing the efficacy of public spending on research and development in state programs. At present, there is a need to develop a unified approach to the analysis and evaluation of the efficacy of such spending from the perspective of participants in state programs (federal executive bodies). The proposed approach does not allow evaluating the efficacy of public spending on the development of research areas assigned to the authors.     

Russian Nanotechnology Market: High-Technology Industry or Statistical Phenomenon

This article presents a medium-term forecast of the development of the Russian nanoindustry, taking into account the assumed transition of the industry from the formation stage to the investment growth stage. Problems associated with the estimated output volumes of products in the Russian nanoindustry are considered, since the trends recorded in the primary statistical data are very far from reflecting the real situation due to the imperfection of the system of statistics of nano-containing products, as well as a reduction of state funding and a decline in the intensity of research in the industry. It is concluded that a full-fledged industry has not been yet completely formed in Russia and it actually exists only as a statistical phenomenon; in addition, the project really set different objectives from the declared creation of a breakthrough high-technology branch.     

Dilip M. Nachane: Critique of the new consensus macroeconomics and implications for India

Journal of Quantitative Economics -     

Does Productivity in the Formal Food Sector Drive Human Ebola Virus Infections in Sub‐Saharan Africa?

As the hunting, butchering, processing, and consumption of bushmeat is a potential source of human Ebola virus (EV) infections, the extent to which bushmeat is a substitute for food produced and sold in the formal sector suggests that the relative price of food could matter for the incidence of human EV infections. This paper considers if productivity in the food sector is a driver of human EV infections in sub‐Saharan Africa. We estimate count data specifications of country level human EV infections as a function of food sector productivity in sub‐Saharan Africa over the 1976–2013 time period. Our parameter estimates suggest that if productivity in the food sector was on average 1 per cent higher over the 1976–2013 time period, the incidence of human EV infection would have been 42.5 per cent lower. This is consistent with bushmeat being a substitute for food produced in the formal sector, as food productivity increases lower the price of formal food relative to bushmeat. Our findings suggest that as productivity in the formal food sector is a driver of human EV infections in sub‐Saharan Africa, policy interventions that increase food productivity would enable Millennium Development Goal outcomes related to hunger, disease mitigation, and sustainability of wildlife.     

The role of tourism management in adaptation to climate change – a study of a European inland area with a diversified tourism supply

The Carpathian Basin is one of the most vulnerable European regions in terms of potential climate change impacts on biodiversity. Its wide range of tourism activities make it uniquely suitable for assessing the effects of climate change on tourism. This research sought to create a Tourism Adaptation Portfolio (TAP) for the Szentendre micro-region in Hungary and to assemble an adaptation toolbox for current and future use by tourism organizations. The TAP contains practical, easy to implement solutions for key stakeholders in the sector by adaptation type (technology, management, behavior, education, policy). Surveys of local tourism suppliers showed that 70% said they were well informed, largely by the Internet, but 55% admitted to not knowing enough. The methodology outlined here is transferable and the process can be replicated elsewhere, supporting other regions in becoming climate-friendly tourism destinations, creating opportunities for uniquely positioning a region for consumers. The article provides a concise overview of tourism provider attitudes assessed through a questionnaire, shedding light on points of intervention, willingness to pay, main barriers and suitable adaptation instruments. The adaptive capacity of stakeholders is also discussed, which is indispensable for implementing successful practices in adaptation and maintaining the current level of environmental services.     

Risk,uncertainty and the theory of planned behavior: A tourism example

The differential impacts risk and uncertainty have on travel decision-making were explored by examining the constructs' influence on the antecedents of intentions to visit Australia using the theory of planned behavior. Respondents were obtained from online consumer panels in South Korea, China and Japan. The South Korean and Chinese samples were general population samples, while the sample from Japan was an international travelers' sample. The extended model fitted the data well, explaining between 21 and 44 percent of the variance in intentions. Subjective norms and perceived behavioral control significantly impacted on intentions in all country samples, whereas attitudes toward visiting Australia were only significant in Japan. Subjective norms influenced attitudes and perceived behavioral control in all country samples. Finally, perceived risk influenced attitudes toward visiting Australia in South Korea and Japan, while perceived uncertainty influenced attitudes toward visiting Australia in South Korea and China and perceived behavioral control in China and Japan.     

The impact of reporting frequency on the information quality of share price: evidence from Chinese state-owned enterprises

As a major global exchange, the Stock Exchange of Hong Kong (SEHK) only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies duallisted in both China A share market and SEHK (AH shares) as the experimental group and mainland’s companies listed on SEHK (H shares) only as the control group, we apply the difference-in-difference (DID) method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.