Relationship Between Expected Treasury Bill and Eurodollar Interest Rates: A Fractional Cointegration Analysis

In this paper, we extend Booth and Tse's (BT)1995 analysis of fractional cointegration between theexpected Eurodollar and Treasury bill interest ratesimplied by their respective futures contracts. Thedefinition of fractional cointegration suggested byCheung and Lai (1993) and used by BT is refined sothat it requires the cointegrating relationship to bestationary as well as mean-reverting. In addition tothe Geweke and Porter-Hudak method used by BT, a moreefficient Maximum Likelihood (ML) method is used toestimate the cointegrating relationship. The LM (Engle(1982)) test indicates the possible existence of aheteroscedastic cointegrating relationship. Therefore,we use heteroscedastic models (GARCH and ExponentialGARCH) to represent the cointegrating regressioninstead of the simple homoscedastic model used by BT.The empirical evidence cannot reject the nullhypothesis of a stationary fractional cointegrationrelationship between the Eurodollar and Treasury billinterest rates.     

Estimating school district expenditure functions under conditions of closed-end matching aid

Several studies have used ordinary least squares (OLS) to estimate school district expenditure functions for states with closed-end matching aid. The present paper demonstrates that the estimates of these studies may be inconsistent. A two-stage technique which guarantees consistent estimates is described and is used to estimate the price elasticity of expenditure for Pennsylvania school districts. The two-stage estimates indicate expenditure to be substantially more price-elastic than do the OLS estimates. The two-stage technique is appropriate for estimating any input demand or expenditure function when closed-end matching aid is involved.     

How Can US Schools Desegregate After the End of Busing?

The end of busing of primary and secondary school students has been a major setback for integration of public schools in the USA. The purpose of this paper is not to offer an alternative to busing; regrettably, no obvious alternative stands out. Rather, it is to offer some social, legal and economic background to help the reader consider, and perhaps propose, realistic alternatives that would reduce both racial and economic segregation in our schools and society. The paper is divided into three sections. The first offers background information useful for better understanding and evaluating the end of busing and school resegregation. The second section focuses on an important parallel between racial and economic discrimination. The closing section introduces considerations important for anticipating reactions to, and the costs and benefits of, alternatives to busing for reintegrating schools, as well as several recommendations to which those considerations can be applied.

Network development in international project marketing and the impact of external facilitation

This article reports on an experiment in external facilitation of international project marketing activity. The case involved a large, World Bank funded project in China aimed at upgrading grain storage and handling facilities. An organization was established in Australia to bring together and support efforts by Australian firms to win a share of this project. Network-building, at a number of levels both in China and Australia, emerged from the qualitative study as a critical factor in effective project marketing. External facilitation played a positive role in the network-building process.     

Entrepreneurs and internationalization: A study of Western immigrants in an emerging market

Our interview-based study began as an investigation of Westerners residing in Vietnam. Our sample fell into three groups: local expatriates, expatriate entrepreneurs, and hybrids (those who worked for a multinational while owning a local company). Based on this finding, we re-examined the data to explore expatriates as employers. Two themes emerged. The first revealed expatriate entrepreneurs and hybrids as active market players who were competitors for local talent and/or potential local distributors or partners in Vietnam. The second theme indicated a parallel process: the internationalization of firms entering a foreign market and the internationalization of individuals entering that same market. Our contribution is the opening of the ‘homogeneous’ black box of Western immigrants and the expansion of the concept of the expatriate entrepreneur, thus reinserting the role of the individual in the process of firm internationalization.     

车轮上的客厅

电视上播放的所有汽车广告听上去都像是在推销个人计算机,这可不是没有原因的.在许多计算机和消费电子播放器的帮助下.汽车生产商正想方设法在它们的车辆中复制与购车者的家里几乎完全一样的综合娱乐中心.     

职业巅峰

格林斯潘在没有开始使用其典型的格林语言前,描绘了一幅极其迷人的自画像. 作者:Daniel Okrent <财富>,2007年10月8日