Yield curves from different bond data sets

Review of Derivatives Research - It is well known that zero coupon rates are not observable variables. Their estimation process may be cumbersome and time consuming. We explore the extent to which...     

Social entrepreneurship orientation and performance in non-profit organizations

With the downturn in the global socioeconomic panorama, the social entrepreneurship orientation (SEO) and the social performance of non-profit organizations (NPOs) have become subject to growing levels of attention. The objective of this study is to analyze the influence of SEO on the performance of NPOs. To this end, we deployed a quantitative methodology based on the application of a survey of NPOs, which received a total of 135 valid responses. Our results demonstrate a positive effect for the dimensions of social innovation and social proactivity even while reporting no effect for the acceptance of social risks on performance. These results hold important implications across two different levels: in terms of the NPOs and policy-makers.

     

Strategic planning of complex economic systems ∗

A major drawback of conventional models of the behavior of economic systems (and derived tools for policy intervention) is that the desire for tractability leads generally to a high degree of abstraction from reality. This article suggests an alternative, and arguably complementary, approach which engages specifically with economic complexity. The technique used is one of interactive spatial modelling over long time periods where the principle economic agents base decisions on incomplete heuristic information. For illustrative purposes the model has been calibrated on the basis of Senegalese data for 1981–91 and broad generic equations presented. The article argues that such a methodological approach holds out considerable advantages for strategic planning of sustainable economic systems. In particular it permits the direct engagement of noneconomic disciplines and client stakeholders in the planning process.     

Optimal savings with taxable and tax-deferred accounts

We solve and estimate a life-cycle model with earnings risk and liquidity constraints in the presence of tax-deferred retirement accounts (TDAs). We explicitly consider two very different types of households (with TDAs): direct and indirect stockholders. The latter hold stocks only through TDAs and, consistent with the data, save considerably less than the former, who hold stocks both inside and outside these accounts. We find that TDAs promote higher wealth accumulation but only marginally higher net savings. Consumption increases mostly during retirement, as desired, but the effect is largest for those households with higher savings rates already.     

Relevance and advantages of using the item response theory

The item response theory (IRT) also known as latent trait theory, is used for the development, evaluation and administration of standardized measurements; it is widely used in the areas of psychology and education. This theory was developed and expanded for over 50 years and has contributed to the development of measurement scales of latent traits. This paper presents the basic and fundamental concepts of this IRT and a practical example of the construction of scales is proposed to illustrate the feasibility, advantages and validity of IRT through a known measurement, the height. The results obtained with the practical application of IRT confirm its effectiveness in the evaluation of latent traits.