A statistical analysis of seven multipliers for linear congruential random number generators with modulus 231−1

Twelve statistical tests were performed on the sequences produced by seven linear congruential pseudorandom number generators with modulus 2³¹?1. The seven generators had, respectively, the multipliers 742938285, 950706376, 1226874159, 62089911, 1343714438, 397204094 and 16807. The worst results were obtained from the sequences produced by the multipliers 1226874159, 397204094 and 16807, while the best ones corresponded to the sequences produced by 1343714438 and 742938285.     

Optimal design of nonlinear experiments with parameter constraints

The nonlinear regression model with N observations y _i=η(x _i,θ) +ε_i, and with the parameter θ subject to q nonlinear constraints C _j (θ)=0; j=1, …,q, is considered. As an example, the spline regression with unknown nodes is taken. Expressions for the variances (variance matrices) of the LSE are discussed. Because of the complexity of these expressions, and the singularity of the variance matrix of the LSE for θ, the optimality criteria and their properties, in particular the convexity and the equivalence theorem are considered from different aspects. Also the possibility of restriction to designs with limited values of measures of nonlinearity is mentioned. Research supported by the VEGA-grant of the Slovak grant agency No. 1/7295/20.     

Hungarian Agriculture at the Dawn of EU Accession

Hungarian AgricuIture at the Dawn of EU Accession Hungary and Hungarian agriculture nurse high hopes for EU-accession. Agriculture and rural development were of pivotal importance during the accession negotiations, in the accession referendum and the preparations for accession. The success in integrating our agriculture into the CAP and the single market will substantially influence public opinion in the post-accession years. We expect our membership to stabilise market conditions and to improve development possibilities in rural areas where there is great demand for better employment and living conditions. These benefits will emerge from our integration into the single market, our involvement in decision-making and from the backing of EU resources. But the challenges of EU membership also evoke fears amongst Hungarian farmers. The transformation of agriculture is incomplete, agricultural incomes and investments are stagnant, rural infrastructure is somewhat weak and marketing systems are rather inefficient. Hungarian farmers have difficulty accepting the relatively low levels of direct aids whereas they face full health and food safety restrictions from day one of accession. The CAP Reform of June 2003 confuses and slows down our preparatory work. Hungarian agriculture, however, is determined to respond to the challenges of accession. Our common Europe will prove stronger with Hungarian agriculture, and Hungarian agriculture has to become stronger through our EU membership. L'agriculture hongroise au temps zéro de I'accession OLa Hongrie et l'agriculture hongroise mettent de grands espoirs dans L'accession à l'Union Européenne. L'agriculture et le développement rural ont été au centre des négotiations sur l'accession, du référendum associé et des mesures préparatoires correspondantes. l'opinion publique sera grandement influenceée, dans les années qui suivront l'accession, par le succés de l'intégration de notre agriculture dans la politique agricole commune et le marché unique. De notre appartenance à l'UE, nous attendons la stabilisation des marchés et l'amélioration des perspectives de développement dans les zones rurales oú le besoin de meilleures conditions de vie et d'emploi se fait sentir avec acuité. Ces avantages devraient provenir de notre intégration dans le marché unique, de notre participation aux décisions collectives et d'un soutien à la mesure des ressources de l'Union Européenne. Cependant, les défis de l'intégration européenne ne vont pas aussi sans susciter des craintes chez les agriculteurs hongrois. La transformation de l'agriculture est incompléte, les revenus et les investissements stagnent, les infrastructures rurales sont insuffisantes et l'organisation des marchés inefficace. Les agriculteurs hongrois acceptent difficilement de ne bénéficier que d'aides directes relativement faibles, alors que, dés le premier jour de l'accession, ils seront soumis à tous les réglements communautaires en matiére de santé et de sécurité alimentaires. La réforme de la PAC en juin 2003 complique encore et ralentit les travaux préparatoires à l'accession. Néanmoins, l'agriculture hongroise est résolue à relever le défi. L'Europe commune sera plus forte avec l'agriculture hongroise et cette derniére sera renforcée par son appartenance à l' Europe Ungarische Landwirtschaft kurz vor dem EU-Beitritt Ungarn und die ungarische Landwirtschaft setzen große Hoffnungen in den EU-Beitritt. Die Landwirtschaft und die Entwicklung des ländlichen Raums waren in den Beitrittsverhandlungen, beim Volksentscheid zum Beitritt und bei den Vorbereitungen des Beitritts von entscheidender Bedeutung. Das Gelingen bei der Integration unserer Landwirtschaft in die GAP und den Binnenmarkt wird die öffendiche Meinung in den Jahren nach dem Beitritt entscheidend beeinflussen. Wir erhoffen uns von unserer Mitgliedschaft stabilere Marktbedingungen und bessere Entwicklungsmöglichkeiten im ländlichen Raum, wo Verbesserungen im Hinblick auf Beschäftigungssituation und Lebensbedingungen dringend erforderlich sind. Dies wird durch unsere Integration in den Binnenmarkt, unseren Beitrag zur Entscheidungsfindung und mit Hilfe von EU-Ressourcen erfolgen. Die Herausforderungen der EU-Mitgliedschaft rufen jedoch bei den ungarischen Landwirten auch Ängste hervor. Die Transformation der Landwirtschaft ist noch nicht abgeschlossen, die ländwirtschaftlichen Einkommen und die Investitionen stagnieren, die landliche Infrastruktur ist recht schwach entwickelt und die Vermarktung ist relativ ineffizient. Die ungarischen Landwirte können nur schwer akzeptieren, dass ab dem ersten Tag ihres Beitritts zwar alle Gesundheits- und Nahrungs-mittelsicherheitsbestimmunge n eingehalten werden müssen, aber nur geringe direkte Beihilfen gewährt werden. Die Reform der GAP vom Juni 2003 irritiert und verzögert unsere Vorbereitungen. Die ungarische Landwirtschaft ist jedoch entschlossen, sich den Herausforderungen des Beitritts zu stellen. Unser gemeinsames Europa wird mit der ungarischen Landwirtschaft noch stärker, und die ungarische Landwirtschaft muss durch unsere EU-Mitgliedschaft gestärkt werden.     

Market Power in European Banking Sectors

We analyze the evolution of market power in the main banking sectors of the European Union. The evolution of the relative margins does not show an increase in the degree of competition within the EU. The explanatory factors of the relative margins most directly related to market power are not significant, and even have a negative influence (concentration in the deposits market). The size and efficiency of banks, default risk, and the economic cycle have a notable capacity to explain the behavior of the market power. The results show the inadequacy of using concentration measures as proxy for the competition environment in banking markets.     

Fostering Corporate Social Responsibility Through Public Initiative: From the EU to the Spanish Case

Should CSR be approached only on a voluntary basis or should it be complemented with a compulsory regulatory framework? What type of government intervention is more effective in fostering CSR among companies? This paper is an attempt to answer these questions, reviewing the debate between proponents of the voluntary case and the obligatory case for CSR, and critically analysing current international government-led initiatives to foster CSR among companies, and national government-led initiatives in the EU area. Finally, the paper focuses on the Spanish case, as an example of the failure of an exclusively voluntary approach. Despite the rapid uprise of CSR, Spain is still far behind late in CSR promotion strategies. Most action has been undertaken by companies themselves with no common guidelines, governmental support, or independent verification. The lack of a regulatory framework for CSR or ethical investment issues and the virtual absence of other indirect incentives, explains the misbalance between private, public and Third Sector initiatives. Based on the Spanish context which is quite similar to other non-OECD countries, the authors call for a more proactive government position in CSR related issues. The conclusions of the paper detail the features of this regulatory framework and other policies to promote CSR in Spain as well as in other OECD countries.     

AN EMPIRICAL INVESTIGATION OF BETA STABILITY: PORTFOLIOS VS. INDIVIDUAL SECURITIES

The concept that portfolio betas are more stable than betas for individual securities has become the 'conventional wisdom' in finance; statements to this effect may be found in many popular finance textbooks. The objective of this paper is to challenge the conventional wisdom. A random sample of individual stock returns and portfolio returns is used to compare the empirical distribution of beta shifts for individual firms and portfolios. The number of statistically significant changes in beta are no greater for individual securities than for portfolios.     

Community Energy Taxation to Limit CO2 and Price Distortions: Spain as a Pilot Study

Within the framework of the European Community's policy response to the risks of global climate change, the Commission is analyzing the options for using a mixed energy and CO2 tax as one policy instrument in a package of measures. The taxes planned to cut CO2 emissions are designed as a production tax on energy products, based on their fuel content or, in the case of a CO2 tax, on the CO2 content. Although the precise tax rate has not yet been confirmed, that of US$10 per barrel seems to be the most probable. Against this background, the aim of the study is to investigate, on the basis of the input–output model, the effects of both a general energy and a CO2 tax on the producer prices of the different economic sectors in Spain as a case-study. Additionally, the paper attempts to shed some light on other related issues, such as the evaluation of the effects of energy and CO2 taxes on domestic goods' competitiveness with respect to other non-Community countries.     

Problems of establishing service supply relationships: Evidence from a high-tech manufacturing company

This paper identifies areas, which may cause problems when establishing service supply relationships. Case research has been conducted within the service division of a global manufacturing company, analysing 11 instances where the company established or attempted to establish a relationship with a supplier to provide services as part of their offering to the end-customer. Four problem areas are identified through inductive case analysis. First, writing legal agreements for service exchanges. Second, clearly specifying service processes to be transferred to suppliers. Third, handing over service delivery to suppliers. Fourth, losing control over the relationship with the customer. These problems expand on already known problems of establishing supply relationships. Suggestions for how the problems may be moderated are also provided.