On the properties of a multiple sequential test

We consider a multiple testing problem based on an i.i.d. sample of K-dimensional observations. We want to test whether at least one of the unknown means is positive. We propose a sequential test which is of the nature of a multiple truncated sequential probability ratio test. We asymptotically analyse the expected sample size and compare it to the sample sizes which arise when one looks at effects separately.     

维修专业教育——斯洛伐克的经验及趋势

目前斯洛伐克大学的维修专业教育设有"机器与设备维修专业"研究项目,该项目的研究工作分两个阶段,第一个阶段(学士)为期3年,第二个阶段(工程师)为期2年.由该国教育部管理.研究工作须通过国家考试(包括提交学位论文)合格才算完成.毕业后取得相关专业资格.文中并介绍了一个远程教育的课程表.     

How do firms finance their investments?: The relative importance of equity issuance and debt contracting costs

This paper examines the financing decisions of firms in response to changes in investments and profits. We find that information frictions play important roles in firms' financing decisions. However, we find no evidence that asymmetric information about the value of a firm's assets causes equity to be used only as a last resort. Indeed equity is the predominant source of finance in situations, such as profit shortfalls, investment in intangible assets, and internally generated growth opportunities, where informational asymmetries and agency costs are likely to be high. We also find that firms respond asymmetrically to positive and negative profit shocks. In financing fixed assets, high asymmetric information firms use more short-term debt and less long-term debt, whereas firms with high potential agency problems use significantly more equity and less long-term debt and cash.     

Border Studies: Changing Perspectives and Theoretical Approaches

The author considers the stages of development and the progress in theory of border studies from the early twentieth century to the present. He characterises the content of each stage, new ideas, the main achievements and practical applications. The essay is particularly focused on postmodern approaches that have emerged during the last 15 years.     

Bi‐currency versus Single‐currency Targeting: Lessons from the Russian Experience

This paper examines how the 2005 shift in Russian exchange rate policy from US dollar (USD) single‐currency to USD–EUR (euro) bi‐currency targeting has impacted domestic interest rates. The finding show that this policy shift has disconnected Russian interest rates from US dollar‐denominated interest rates, while instead linking them to a synthetic interest rate composed of USD and EUR rates at the same proportion as that of these two currencies in the currency basket against which the ruble's exchange rate is set. The Russian experience shows that while the adoption of bi‐currency targeting may help ensure that domestic interest rates are less dependent on the monetary cycle of a single country, these rates are instead likely to reflect financial developments in all countries whose currencies are included in the currency basket. This insight is likely to be relevant for other countries that pursue basket‐targeting policies.     

Spatial ability through engineering graphics education

Spatial ability has been confirmed to be of particular importance for successful engineering graphics education and to be a component of human intelligence that can be improved through instruction and training. Consequently, the creation and communication by means of graphics demand careful development of spatial skills provided by the balanced curricula based on the research results in multi disciplinary area. The approach to engineering graphics education had been transformed to meet spatial skills improvement even before significant and fast changes arose from the development of computer technology enabling the engineer powerful tools and techniques. The correlation and interference between new technologies widely introduced in engineering graphics education and spatial ability/skills, have initiated new studies to establish the basis of holistic engineering graphics education. This paper presents the overview of some efforts and possible answers resulting from intensive research into spatial ability and skills and their implementation in the conception of graphics education in engineering environment.     

Preference for flexibility in the absence of learning: the risk attitude effect

Individuals’ preferences over opportunity sets may display “preference for flexibility” which prescribes to gradually eliminate alternatives from a given set until a final choice is made. One rationale for this preference for flexibility is individuals’ incentive to postpone the final choice in order to better learn their underlying preferences over basic alternatives. In this paper we show that even in the absence of learning, preference for flexibility arises if individuals are risk-averse or, at least, are not very risk-seeking. Thus, individual’s attitude towards risk provides yet another rationale for preference for flexibility. One of our results is that in the absence of learning, risk-neutral as well as risk-averse individuals display the same, maximal preference for flexibility. We thank Han Bleichrodt, Robert Dur, Chaim Fershtman, Maarten Janssen, Peran van Reeven, Peter Wakker, and Timothy van Zandt for helpful comments to and inspiring discussions. We are very grateful to the anonymous referee for very constructive comments and suggestions.     

The inferior quality of Soviet machinery as reflected in export prices

Soviet machinery produced for domestic use is, in general, of substantially lower quality than machinery produced for export. Special export-price supplements compensate manufacturers for the higher costs incurred in meeting world-market quality standards. In the 1970s these supplements ranged from 6 to 95% of the domestic price, averaging about 40%. These price supplements can serve as a measure of the gap between Soviet domestic and world-market quality standards. The author suggests that this measure be used to adjust current Western estimates of ruble/dollar ratios for machinery and that an upward adjustment by a factor of about 1.4 would make these ratios more realistic.