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1.
We provide evidence of a positive relationship between the intensity of gambling and economic growth in 27 European countries for 2005–2013. Our proxy for gambling is represented by government revenues from taxes on lotteries, betting and gambling. This variable is linked to GDP growth in a panel regression framework and pooled OLS. However, when we split our sample to account for the heterogeneity among European countries, we found that the positive ‘gambling – GDP growth’ relationship is driven extensively by the Central and Eastern European countries. It appears that people in these countries tend to gamble more when the economy is expanding. 相似文献
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The general consensus in the volatility forecasting literature is that high-frequency volatility models outperform low-frequency volatility models. However, such a conclusion is reached when low-frequency volatility models are estimated from daily returns. Instead, we study this question considering daily, low-frequency volatility estimators based on open, high, low, and close daily prices. Our data sample consists of 18 stock market indices. We find that high-frequency volatility models tend to outperform low-frequency volatility models only for short-term forecasts. As the forecast horizon increases (up to one month), the difference in forecast accuracy becomes statistically indistinguishable for most market indices. To evaluate the practical implications of our results, we study a simple asset allocation problem. The results reveal that asset allocation based on high-frequency volatility model forecasts does not outperform asset allocation based on low-frequency volatility model forecasts. 相似文献
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We consider the mixed AR(1) time series model $$X_t=\left\{\begin{array}{ll}\alpha X_{t-1}+ \xi_t \quad {\rm w.p.} \qquad \frac{\alpha^p}{\alpha^p-\beta ^p},\\ \beta X_{t-1} + \xi_{t} \quad {\rm w.p.} \quad -\frac{\beta^p}{\alpha^p-\beta ^p} \end{array}\right.$$ for ?1 < β p ≤ 0 ≤ α p < 1 and α p ? β p > 0 when X t has the two-parameter beta distribution B2(p, q) with parameters q > 1 and ${p \in \mathcal P(u,v)}$ , where $$\mathcal P(u,v) = \left\{u/v : u < v,\,u,v\,{\rm odd\,positive\,integers} \right\}.$$ Special attention is given to the case p = 1. Using Laplace transform and suitable approximation procedures, we prove that the distribution of innovation sequence for p = 1 can be approximated by the uniform discrete distribution and that for ${p \in \mathcal P(u,v)}$ can be approximated by a continuous distribution. We also consider estimation issues of the model. 相似文献
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In order to analyze the performance of mean-risk efficient portfolios, several methods of portfolio comparison have been developed. In this paper we analyze the second-order stochastic dominance efficiency of portfolios on the mean-risk efficient frontier assuming that the risk is represented by standard deviations and concordance matrices set up on the basis of Pearson's linear correlation, Spearman's rho, or Kendall's tau. Empirical analysis of the market returns of selected Asia-Pacific stock markets is carried out considering both the U.S. dollar and euro as reference currencies, and different periods: before and during the subprime crisis. Measures and portfolios on the mean-risk efficiency frontier that should be of interest to at least one risk-averse investor are empirically documented. 相似文献
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Based on GEM data this paper explores whether significantly different growth aspirations of early stage entrepreneurs in Slovenia,
compared to those in Hungary and Croatia, are also accompanied by significantly different opportunity recognition, cultural
support for entrepreneurship and self-efficacy. Our results suggest that a higher degree of alertness to unexploited perceived
opportunities, and cultural support for entrepreneurial motivation may be the cause of higher growth aspirations of Slovenian
early stage entrepreneurs, while self-efficacy with regard to entrepreneurial skills, knowledge and experience was not found
to be crucial.
相似文献
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Josef Andrýsek Antonella Bodini Miroslav Kárný Jan Kracík Fabrizio Ruggeri 《Group Decision and Negotiation》2008,17(3):225-236
The complexity of the problems to be addressed in an e-democracy framework and the variety of involved stakeholders, with
different backgrounds, views and access to information sources, lead us to consider the case in which an e-negotiation should
be performed among subjects who have partial, sometimes incompatible, information and can hardly gather to discuss issues
together, under the supervision of a facilitator. We propose a statistical method which addresses the issue of partial and
incompatible information, merging it and then using it to get a final decision, possibly in an automatic way, through processes of e-negotiation and e-arbitration.
相似文献
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The view from above: the relevance of shared aerial drone videos for destination marketing 总被引:1,自引:0,他引:1
Uglješa Stankov James Kennell Miroslav D. Vujičić 《Journal of Travel & Tourism Marketing》2019,36(7):808-822
ABSTRACTThe use of drones to produce videos has generated a large amount of visually appealing footage of various destinations. They attract much attention, but there are issues that affect their production, and their relevance to destination marketing. This research examines YouTube meta-data and spatial overlay analysis of shared aerial drone videos from the United Kingdom (UK). The results suggest that shared aerial drone videos have some unique user-generated content (UGC) characteristics and their spatial distribution tends to favor more populated areas. Theoretical and practical implications for destination marketing are further discussed. 相似文献