Consistent estimation in the bilinear multivariate errors-in-variables model

A bilinear multivariate errors-in-variables model is considered. It corresponds to an overdetermined set of linear equations AXB=C, A∈ℝ^m×n, B∈ℝ^p×q, in which the data A, B, C are perturbed by errors. The total least squares estimator is inconsistent in this case.  An adjusted least squares estimator is constructed, which converges to the true value X, as m →∞, q →∞. A small sample modification of the estimator is presented, which is more stable for small m and q and is asymptotically equivalent to the adjusted least squares estimator. The theoretical results are confirmed by a simulation study. Acknowledgements. We thank two anonymous reviewers for their suggestions and corrections.? A. Kukush is supported by a postdoctoral research fellowship of the Belgian office for Scientific, Technical and Cultural Affairs, promoting Scientific and Technical Collaboration with Central and Eastern Europe.? S. Van Huffel is a full professor with the Katholieke Universiteit Leuven.? I. Markovsky is a research assistant with the Katholieke Universiteit Leuven.? This paper presents research results of the Belgian Programme on Interuniversity Poles of Attraction (IUAP V-22), initiated by the Belgian State, Prime Minister's Office – Federal Office for Scientific, Technical and Cultural Affairs of the Concerted Research Action (GOA) projects of the Flemish Government MEFISTO-666 (Mathematical Engineering for Information and Communication Systems Technology), of the IDO/99/03 project (K.U. Leuven) “Predictive computer models for medical classification problems using patient data and expert knowledge”, of the FWO projects G.0078.01, G.0200.00, and G0.0270.02.? The scientific responsibility is assumed by its authors.     

Conservation of water resources problems of small rivers in Russia

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 8, pp. 1–5, August, 1994.     

Ecological problems of the Amu Darya delta

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 3, pp. 6–8, March, 1992.     

Book review

CLIMATIC FLUCTUATIONS AND WATER MANAGEMENT. by M. A. Abu‐Zeid and A. K. Biswas Butterworth Heinemann, Oxford, 1992, 356 pp, £50.00.     

CAN INEFFICIENT TRADERS CREATE VALUE?

I examine the aggregate expected profit generated by informed traders of diverse ability in a competitive market. I assume that efficient traders get perfect information on asset values whereas inefficient traders get noisy information. In the presence of order size restrictions, I show that the aggregate expected profit generated by efficient and inefficient traders together can be higher than that generated by efficient traders alone. Thus, inefficient traders can create value in a constrained trading environment.     

Regional integration: an empirical assessment of Russia

Using a statistical model of commodity trade, we quantify the evolution of regional economic integration within Russia during 1995–1999, and explore potential determinants of this evolution. Our integration measure exhibits rich regional variation that, when aggregated to the national level, fluctuates substantially over time. In accounting for this behavior, we draw in part on theoretical models that emphasize the potential role of openness to international trade and regional disparities in income in threatening economic integration. Controlling for a host of additional regional- and national-level variables, we find a strong negative correspondence between openness to international trade and internal economic integration.     

Results of familiarization of and prospects for a procedure for the burning of wastes in a vortical fluidized bed

Problems that have arisen during tune-up of the production line for the thermal processing of solid household waste by the method of burning in a vortical fluidized bed (principally, a new technology for Russia), and means of their solution are presented. Investigative studies are cited. __________ Translated from élektricheskie Stantsii, No. 6, pp. 20–26, August, 2006.     

Hydrogen-driven denitrification of wastewater in an anaerobic submerged membrane bioreactor: potential for water reuse.

An anaerobic submerged membrane bioreactor was coupled with a novel hydrogen delivery system for hydrogenotrophic denitrification of municipal final effluent containing nitrate. The biological treatment unit and hydrogen delivery unit were proven successful in removing nitrate and delivering hydrogen, respectively. Complete hydrogen transfer resulted in reducing nitrate below detectable levels at a loading of 0.14 kg Nm(-3) d(-1). The produced water met all drinking water guidelines except for color and organic carbon. However, the organic carbon was removed by 72% mostly by membrane rejection. To reduce the organic carbon and color of the effluent, post treatment of the produced water is required.     

The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.