We develop and implement a framework in which prior views and empirical evidence
about pricing models and managerial skill can be incorporated formally into the invest-
ment decision. Our framework relies on a set of passive indexes or \assets," consisting of
nonbenchmark assets as well as the benchmark assets prescribed by a pricing model. A
common interpretation of alpha, the intercept in a regression of the fund's excess return on
the benchmarks, is that it represents the skill of the fund's manager in selecting mispriced
During the last decade, hedge funds have become one of the most important institutional
investors in global financial markets. Although their activities have been viewed critically by
regulators, politicians, and the public, this negative perspective is often based more on myth
than on thorough economic analysis and empirical facts. Most people lack the necessary
information and understanding of the role that hedge funds play in financial markets. Blaming
them for the financial crisis or other market turbulences is often based on specific conjectures
and not on rigorous research.
In addition to covering statistical methods, most of the existing books on
equating also focus on the practice of equating, the implications of test development
and test use for equating practice and policies, and the daily equating challenges
that need to be solved. In some sense, the scope of this book is narrower than of
other existing books: to view the equating and linking process as a statistical
Usually, art production is dealt
with by theories of creativity or portraits of the individual artist, while the
viewer’s encounter with art is considered in analyses of aesthetic experience
or explained by reference to empirical data about the mind/brain. This ap-
proach makes it seem as if artist and viewer relate to art in radically diﬀerent
ways. It may appear reasonable, inasmuch as the viewer’s relationship to art
in comparison to that of the artist is predominantly passive.
Birch (1979) is generally considered to have provided the igniting spark to the area of small
business research (e.g., Acs et al., 2008; Landström, 2005). He did so by empirically
demonstrating that small firms generated most new jobs in the U.S. economy, which went
against the prevailing view at that time. The interest in HGFs originates from this research, as
further investigations showed that most small firms did not grow at all, and that job growth
emanates from a small number of fast growing firms.
Many recent institutional reforms of the financial system have relied on the introduction of an
explicit scheme of Deposit Insurance. This instrument aims at two main targets, contributing to
systemic stability and protecting depositors. However it may also affect the interest rate spread in
the banking system, which can be viewed as an indicator of market power in this financial segment.
This paper provides an empirical investigation of the effect of deposit insurance and other
institutional and economic variables on bank interest rates across countries.
We present a geometric view on bilingual lexicon extraction from comparable corpora, which allows to re-interpret the methods proposed so far and identify unresolved problems. This motivates three new methods that aim at solving these problems. Empirical evaluation shows the strengths and weaknesses of these methods, as well as a signiﬁcant gain in the accuracy of extracted lexicons. and polysemy problems.
We refine and extend prior views of the description, purposes, and contexts-of-use of acknowledgment acts through empirical examination of the use of acknowledgments in task-based conversation. We distinguish three broad classes of acknowledgments (other--*ackn, self--*other--*ackn, and self+ackn) and present a catalogue of 13 patterns within these classes that account for the specific uses of acknowledgment in the corpus.
I) "Realism with a wink" might best describe how even sympathetic
interpreters of Kant's Critique of Pure Reason have
viewed Kant's assertion that the broad transcendental idealist
framework yields realism at the empirical level. There remains
the common belief that Kamian appearances are mind dependent
in a way that effectively excludes empirical realism from
being accepted as a genuine form of realism. The word
"appearance" (Erscheinung) itself is usually enough to scare
off even the most well-intentioned realist.
Cost and Processing Analysis for Retailers In view of the vast literature documenting the important role of family background
characteristicse.g. ethnicity, parental income and educationin student achievement
(Coleman et al., 1966; Phillips et al., 1998; Bowen and Bok, 1998), I assume that ij x is
positively correlated with willingness-to-pay for educational quality. In the empirical analysis
below, I also estimate specifications that allow willingness-to-pay to depend on family
income while other characteristics have direct effects on student achievement....
Overall, our analysis can be understood as one of the first cross-country empirical
studies on the determinants of bank fees and as a contribution to the literature
testing the contradictory empirical predictions of the SCP and ES hypotheses
regarding the influence of concentration on prices in the banking industry.
These guidelines use sustainable urban infrastructure as the entry point
for building sustainable cities. Sustainable urban infrastructure can only
be built if we reconsider our strategic view of urbanization – if we rethink
the future of cities. A new strategy based on more effective urban
planning, strengthened local institutions and governance processes
as well as enhanced economic contribution of cities is needed.
MONEY AND POWER
everyday life of their citizens in a discrete locality of global capitalism, while the canopy is the apparently ephemeral space of the globalisation age, promising as it does comprehensive connectivity and inclusion for all. This book has no substantive business with the finer points of the globalisation debate (which can be reviewed in Bisley (2007)) or in studying the dizzying technologies and possibilities of the canopy, since the subject here is the soil below. The methodology of this book is empirical enquiry.
Generally, empirical studies have considered the effect of subsidies on health insurance coverage. But mandates to obtain health insurance often include monetary penalties for noncompliance, and thus a mandate with a penalty also affects the relative price of health insurance by making it costlier to be uninsured. In this respect, the health economics literature is an obvious starting point to search for information about the possible effects of mandates on coverage choices.
Because larger ﬁrms are much more likely to be covered by collective bargaining
contracts and works councils, a closely related issue concerns the independent role
of ﬁrm size in providing wage insurance. As ﬁrm size is typically viewed as a good
proxy for capital market access (e.g., Gertler and Gilchrist 1994), insurance contracts
should be particularly apparent for individuals working at larger employers.
Austro-Hungarian Empire, these Central European countries form a compact
group with strong cultural and historical links, except for the fact that Austria does
not share a communist history as a Soviet satellite like the other four do. As a
result, there are important similarities in consumption habits and needs,
about the role of money, and in the ultimate behavior of bank clients in relation to
The policy influencers we investigated included representatives from the two key subgroups of
individuals active in the field of public health and in the field of the environment.
Contrary to the previous subgroup, members of these subgroups are not direct political advisors to
government policy makers or members of such individuals' close political entourage.
However, they are members of European, national, regional or municipal government bodies who consult
with, advise or otherwise influence government policy makers or members of their political entourage.
I went on to argue that this long-standing sociological view of what really
happens in organizations has important commonalities with recent economic models by
the likes of Bengt Holmstrom, David Kreps, Paul Milgrom, John Roberts, and Jean
Tirole. For example, I described how one page from Crozier’s (1964) case study
anticipated key elements of Milgrom and Roberts’s (1988) model of how the prospect of
influence activities shapes second-best organizational design.
Empirical models for money holdings are
applied for two purposes. First, they are used to
guide the analysis of monetary developments,
as a means of quantifying the contribution of
various economic determinants to money growth
in order to provide a deeper understanding of the
causes of money growth. This is necessary in
order to develop a view of underlying monetary
expansion. Second, the models provide a
normative framework to assess whether the stock
of money in the economy is consistent with price
stability and to interpret the nature of deviations
from this norm.