WorldWideScience

Sample records for describing financial time

  1. Global and Local Approaches Describing Critical Phenomena on the Developing and Developed Financial Markets

    Science.gov (United States)

    Grech, Dariusz

    We define and confront global and local methods to analyze the financial crash-like events on the financial markets from the critical phenomena point of view. These methods are based respectively on the analysis of log-periodicity and on the local fractal properties of financial time series in the vicinity of phase transitions (crashes). The log-periodicity analysis is made in a daily time horizon, for the whole history (1991-2008) of Warsaw Stock Exchange Index (WIG) connected with the largest developing financial market in Europe. We find that crash-like events on the Polish financial market are described better by the log-divergent price model decorated with log-periodic behavior than by the power-law-divergent price model usually discussed in log-periodic scenarios for developed markets. Predictions coming from log-periodicity scenario are verified for all main crashes that took place in WIG history. It is argued that crash predictions within log-periodicity model strongly depend on the amount of data taken to make a fit and therefore are likely to contain huge inaccuracies. Next, this global analysis is confronted with the local fractal description. To do so, we provide calculation of the so-called local (time dependent) Hurst exponent H loc for the WIG time series and for main US stock market indices like DJIA and S&P 500. We point out dependence between the behavior of the local fractal properties of financial time series and the crashes appearance on the financial markets. We conclude that local fractal method seems to work better than the global approach - both for developing and developed markets. The very recent situation on the market, particularly related to the Fed intervention in September 2007 and the situation immediately afterwards is also analyzed within fractal approach. It is shown in this context how the financial market evolves through different phases of fractional Brownian motion. Finally, the current situation on American market is

  2. Time averaging, ageing and delay analysis of financial time series

    Science.gov (United States)

    Cherstvy, Andrey G.; Vinod, Deepak; Aghion, Erez; Chechkin, Aleksei V.; Metzler, Ralf

    2017-06-01

    We introduce three strategies for the analysis of financial time series based on time averaged observables. These comprise the time averaged mean squared displacement (MSD) as well as the ageing and delay time methods for varying fractions of the financial time series. We explore these concepts via statistical analysis of historic time series for several Dow Jones Industrial indices for the period from the 1960s to 2015. Remarkably, we discover a simple universal law for the delay time averaged MSD. The observed features of the financial time series dynamics agree well with our analytical results for the time averaged measurables for geometric Brownian motion, underlying the famed Black-Scholes-Merton model. The concepts we promote here are shown to be useful for financial data analysis and enable one to unveil new universal features of stock market dynamics.

  3. Wavelet methods in (financial) time-series processing

    NARCIS (Netherlands)

    Struzik, Z.R.

    2000-01-01

    We briefly describe the major advantages of using the wavelet transform for the processing of financial time series on the example of the S&P index. In particular, we show how to uncover local the scaling (correlation) characteristics of the S&P index with the wavelet based effective H'older expone

  4. Hurst Exponent Analysis of Financial Time Series

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    Statistical properties of stock market time series and the implication of their Hurst exponents are discussed. Hurst exponents of DJ1A (Dow Jones Industrial Average) components are tested using re-scaled range analysis. In addition to the original stock return series, the linear prediction errors of the daily returns are also tested. Numerical results show that the Hurst exponent analysis can provide some information about the statistical properties of the financial time series.

  5. Ensemble vs. time averages in financial time series analysis

    Science.gov (United States)

    Seemann, Lars; Hua, Jia-Chen; McCauley, Joseph L.; Gunaratne, Gemunu H.

    2012-12-01

    Empirical analysis of financial time series suggests that the underlying stochastic dynamics are not only non-stationary, but also exhibit non-stationary increments. However, financial time series are commonly analyzed using the sliding interval technique that assumes stationary increments. We propose an alternative approach that is based on an ensemble over trading days. To determine the effects of time averaging techniques on analysis outcomes, we create an intraday activity model that exhibits periodic variable diffusion dynamics and we assess the model data using both ensemble and time averaging techniques. We find that ensemble averaging techniques detect the underlying dynamics correctly, whereas sliding intervals approaches fail. As many traded assets exhibit characteristic intraday volatility patterns, our work implies that ensemble averages approaches will yield new insight into the study of financial markets’ dynamics.

  6. Waiting time distributions in financial markets

    Science.gov (United States)

    Sabatelli, L.; Keating, S.; Dudley, J.; Richmond, P.

    2002-05-01

    We study waiting time distributions for data representing two completely different financial markets that have dramatically different characteristics. The first are data for the Irish market during the 19th century over the period 1850 to 1854. A total of 10 stocks out of a database of 60 are examined. The second database is for Japanese yen currency fluctuations during the latter part of the 20th century (1989-1992). The Irish stock activity was recorded on a daily basis and activity was characterised by waiting times that varied from one day to a few months. The Japanese yen data was recorded every minute over 24 hour periods and the waiting times varied from a minute to a an hour or so. For both data sets, the waiting time distributions exhibit power law tails. The results for Irish daily data can be easily interpreted using the model of a continuous time random walk first proposed by Montroll and applied recently to some financial data by Mainardi, Scalas and colleagues. Yen data show a quite different behaviour. For large waiting times, the Irish data exhibit a cut off; the Yen data exhibit two humps that could arise as result of major trading centres in the World.

  7. Financial Toxicity of Cancer Care: It's Time to Intervene.

    Science.gov (United States)

    Zafar, S Yousuf

    2016-05-01

    Evidence suggests that a considerably large proportion of cancer patients are affected by treatment-related financial harm. As medical debt grows for some with cancer, the downstream effects can be catastrophic, with a recent study suggesting a link between extreme financial distress and worse mortality. At least three factors might explain the relationship between extreme financial distress and greater risk of mortality: 1) overall poorer well-being, 2) impaired health-related quality of life, and 3) sub-par quality of care. While research has described the financial harm associated with cancer treatment, little has been done to effectively intervene on the problem. Long-term solutions must focus on policy changes to reduce unsustainable drug prices and promote innovative insurance models. In the mean time, patients continue to struggle with high out-of-pocket costs. For more immediate solutions, we should look to the oncologist and patient. Oncologists should focus on the value of care delivered, encourage patient engagement on the topic of costs, and be better educated on financial resources available to patients. For their part, patients need improved cost-related health literacy so they are aware of potential costs and resources, and research should focus on how patients define high-value care. With a growing list of financial side effects induced by cancer treatment, the time has come to intervene on the "financial toxicity" of cancer care. © The Author 2015. Published by Oxford University Press. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com.

  8. Describing disease processes using a probabilistic logic of qualitative time

    NARCIS (Netherlands)

    Heijden, M. van der; Lucas, P.J.F.

    2013-01-01

    BACKGROUND: Clinical knowledge about progress of diseases is characterised by temporal information as well as uncertainty. However, precise timing information is often unavailable in medicine. In previous research this problem has been tackled using Allen's qualitative algebra of time, which, despit

  9. FINANCIAL AND CURRENCY CRISES OVER TIME

    Directory of Open Access Journals (Sweden)

    Sbughea Corina

    2013-12-01

    Full Text Available This paper starts from the theoretical concepts of financial market, and approaches, in the beginning, the financial system "trilemma: Capital mobility - Exchange rate - Monetary Policy ", faced by an open economic system. The article also presents an overview of the principles on which relies the classical models of crisis, and some aspects of the recent financial crisis, and finally ends with a series of lessons that should be learned from the experiences of recent years.

  10. Pausing, Pondering, and Partnering: Communicating in Financially Challenging Times

    Science.gov (United States)

    Gross, Karen

    2009-01-01

    In times of financial distress, the communication strategies of leaders of institutions of higher education are often flawed. This is because the best approaches to helping a campus deal with financial woes are counter-intuitive and require an understanding of money as a language. But bankruptcy law, financial counseling, psychology, and…

  11. Monetary policy in times of financial stress

    OpenAIRE

    Alexandros Kontonikas; Charles Nolan; Zivile Zekaite

    2014-01-01

    Some studies argue that the Fed reacts to financial market developments. Using data covering the period 1985:Q1 - 2008:Q4 and employing an augmented Taylor rule specification, we re-examine that conjecture. We find that evidence in favour of such a reaction is largely driven by the Fed’s behaviour during the 2007-2008 financial crisis.

  12. Analysing correlations after the financial crisis of 2008 and multifractality in global financial time series

    Indian Academy of Sciences (India)

    Sunil Kumar; Nivedita Deo

    2015-02-01

    We apply random matrix theory (RMT) to investigate the structure of cross-correlation in 20 global financial time series after the global financial crisis of 2008. We find that the largest eigenvalue deviates from the RMT prediction and is sensitive to the financial crisis. We find that the components of eigenvectors corresponding to the second largest eigenvalue changes sign in response to the crisis. We show that 20 global financial indices exhibit multifractality. We find that the origin of multifractality is due to the long-range correlations as well as broad probability function in the financial indices, with the exception of the index of Taiwan, as in all other indices the multifractal degree for shuffled and surrogate series is weaker than the original series. We fit the binomial multifractal model to the global financial indices.

  13. Precarious Learning and Labour in Financialized Times

    Science.gov (United States)

    Magnusson, Jamie

    2013-01-01

    Our current globalized economic regimes of financialized capital have systematically altered relations of learning and labour through the dynamics of precarity, debt, and the political economy of new wars. The risks of these regimes are absorbed unevenly across transnational landscapes, creating cartographies of violence and dispossession,…

  14. The Human Side of Financial Hard Times

    Science.gov (United States)

    Breneman, David W.

    2009-01-01

    The current downturn has the potential to be more severe and longer lasting than the recessions of the 1970s, '80s, '90s, and early 2000s. By now, rivers of ink have been spilled documenting the financial and economic crisis afflicting the United States and much of the globe. While numerous articles have examined the impact on higher-education…

  15. Institutional management of core facilities during challenging financial times.

    Science.gov (United States)

    Haley, Rand

    2011-12-01

    The economic downturn is likely to have lasting effects on institutions of higher education, prioritizing proactive institutional leadership and planning. Although by design, core research facilities are more efficient and effective than supporting individual pieces of research equipment, cores can have significant underlying financial requirements and challenges. This paper explores several possible institutional approaches to managing core facilities during challenging financial times.

  16. Anomalous waiting times in high-frequency financial data

    CERN Document Server

    Scalas, E; Luckock, H; Mainardi, F; Mantelli, M; Raberto, M; Scalas, Enrico; Gorenflo, Rudolf; Luckock, Hugh; Mainardi, Francesco; Mantelli, Maurizio; Raberto, Marco

    2004-01-01

    In high-frequency financial data not only returns, but also waiting times between consecutive trades are random variables. Therefore, it is possible to apply continuous-time random walks (CTRWs) as phenomenological models of the high-frequency price dynamics. An empirical analysis performed on the 30 DJIA stocks shows that the waiting-time survival probability for high-frequency data is non-exponential. This fact imposes constraints on agent-based models of financial markets.

  17. Exponential smoothing for financial time series data forecasting

    Directory of Open Access Journals (Sweden)

    Kuzhda, Tetyana Ivanivna

    2014-05-01

    Full Text Available The article begins with the formulation for predictive learning called exponential smoothing forecasting. The exponential smoothing is commonly applied to financial markets such as stock or bond, foreign exchange, insurance, credit, primary and secondary markets. The exponential smoothing models are useful in providing the valuable decision information for investors. Simple and double exponential smoothing models are two basic types of exponential smoothing method. The simple exponential smoothing method is suitable for financial time series forecasting for the specified time period. The simple exponential smoothing weights past observations with exponentially decreasing weights to forecast future values. The double exponential smoothing is a refinement of the simple exponential smoothing model but adds another component which takes into account any trend in the data. The double exponential smoothing is designed to address this type of data series by taking into account any trend in the data. Measurement of the forecast accuracy is described in this article. Finally, the quantitative value of the price per common share forecast using simple exponential smoothing is calculated. The applied recommendations concerning determination of the price per common share forecast using double exponential smoothing are shown in the article.

  18. Portfolio Diversification with Commodities in Times of Financialization

    Directory of Open Access Journals (Sweden)

    Adam Zaremba

    2015-03-01

    Full Text Available The study concentrates on the benefits of passive commodity investments in the context of the phenomenon of financialization. The research investigates the implications of increase in the correlation coefficients between equity and commodity investments for investors in financial markets. The paper is composed of several parts. First, the attributes of commodity investments and their benefits in the portfolio optimization are explored. Second, the phenomenon of the financialization is described and the research hypothesis is developed. Next, an empirical analysis is performed. I simulate the mean-variance spanning tests to examine the benefits of commodity investments before and after accounting for the impact of financialization. I proceed separate analysis for pre- and post-financialization period. The empirical research is based on asset classes’ returns and other related variables from years 1991-2012. The performed investigations indicate that the market financialization may have significant implications for commodity investors. Due to increase in correlation coefficients, the inclusion of the commodity futures in the traditional stock-bond portfolio appears to be no longer reasonable.

  19. Multivariate time series analysis with R and financial applications

    CERN Document Server

    Tsay, Ruey S

    2013-01-01

    Since the publication of his first book, Analysis of Financial Time Series, Ruey Tsay has become one of the most influential and prominent experts on the topic of time series. Different from the traditional and oftentimes complex approach to multivariate (MV) time series, this sequel book emphasizes structural specification, which results in simplified parsimonious VARMA modeling and, hence, eases comprehension. Through a fundamental balance between theory and applications, the book supplies readers with an accessible approach to financial econometric models and their applications to real-worl

  20. Professional Development in Tough Financial Times

    Science.gov (United States)

    Gandel, Paul B.; Golden, Cynthia

    2004-01-01

    The authors asked a diverse cross-section of their colleagues how they were addressing professional development in tight economic times, when they are all being asked to work more effectively across organizational boundaries. While the survey was informal and not scientific, the authors found that many organizations have maintained strong…

  1. Production, staff, working time and financial planning

    Directory of Open Access Journals (Sweden)

    Orlando Boiteux

    2009-07-01

    Full Text Available Aggregate planning can be a tool for coordinating the tactical decisions belonging to some functional areas of a company. This potential has been limited due to methodological and technical reasons, but nowadays it is possible to solve very sophisticated models integrating, with a high level of detail, a great number of decisions of several functional areas and that permit to include new management schemes. In this paper, a production, staff, working time and cash management model is introduced.

  2. Minimal Martingale Measures for Discrete-time Incomplete Financial Markets

    Institute of Scientific and Technical Information of China (English)

    Ping Li; Jian-ming Xia

    2002-01-01

    In this note, we give a characterization of the minimal martingale measure for a general discretetime incomplete financial market. Then we concretely work out the minimal martingale measure for a specific discrete-time market model in which the assets' returns in different times are independent.

  3. Parameterizing unconditional skewness in models for financial time series

    DEFF Research Database (Denmark)

    He, Changli; Silvennoinen, Annastiina; Teräsvirta, Timo

    In this paper we consider the third-moment structure of a class of time series models. It is often argued that the marginal distribution of financial time series such as returns is skewed. Therefore it is of importance to know what properties a model should possess if it is to accommodate...

  4. Theory of earthquakes interevent times applied to financial markets

    CERN Document Server

    Jagielski, Maciej; Sornette, Didier

    2016-01-01

    We analyze the probability density function (PDF) of waiting times between financial loss exceedances. The empirical PDFs are fitted with the self-excited Hawkes conditional Poisson process with a long power law memory kernel. The Hawkes process the simplest extension of the Poisson process that takes into account how past events influence the occurrence of future events. By analyzing the empirical data for 15 different financial assets, we show that the formalism of the Hawkes process used for earthquakes can successfully model the PDF of interevent times between successive market losses.

  5. Universal behavior of the interoccurrence times between losses in financial markets: independence of the time resolution.

    Science.gov (United States)

    Ludescher, Josef; Bunde, Armin

    2014-12-01

    We consider representative financial records (stocks and indices) on time scales between one minute and one day, as well as historical monthly data sets, and show that the distribution P(Q)(r) of the interoccurrence times r between losses below a negative threshold -Q, for fixed mean interoccurrence times R(Q) in multiples of the corresponding time resolutions, can be described on all time scales by the same q exponentials, P(Q)(r)∝1/{[1+(q-1)βr](1/(q-1))}. We propose that the asset- and time-scale-independent analytic form of P(Q)(r) can be regarded as an additional stylized fact of the financial markets and represents a nontrivial test for market models. We analyze the distribution P(Q)(r) as well as the autocorrelation C(Q)(s) of the interoccurrence times for three market models: (i) multiplicative random cascades, (ii) multifractal random walks, and (iii) the generalized autoregressive conditional heteroskedasticity [GARCH(1,1)] model. We find that only one of the considered models, the multifractal random walk model, approximately reproduces the q-exponential form of P(Q)(r) and the power-law decay of C(Q)(s).

  6. A Hybrid Joint Moment Ratio Test for Financial Time Series

    NARCIS (Netherlands)

    P.A. Groenendijk (Patrick); A. Lucas (André); C.G. de Vries (Casper)

    1998-01-01

    textabstractWe advocate the use of absolute moment ratio statistics in conjunction with standard variance ratio statistics in order to disentangle linear dependence, non-linear dependence, and leptokurtosis in financial time series. Both statistics are computed for multiple return horizons

  7. A Hybrid Joint Moment Ratio Test for Financial Time Series

    NARCIS (Netherlands)

    P.A. Groenendijk (Patrick); A. Lucas (André); C.G. de Vries (Casper)

    1998-01-01

    textabstractWe advocate the use of absolute moment ratio statistics in conjunction with standard variance ratio statistics in order to disentangle linear dependence, non-linear dependence, and leptokurtosis in financial time series. Both statistics are computed for multiple return horizons simultane

  8. Time series analysis for minority game simulations of financial markets

    CERN Document Server

    Ferreira, F F; Machado, B S; Muruganandam, P

    2003-01-01

    The minority game model introduced recently provides promising insights into the understanding of the evolution of prices, indices and rates in the financial markets. In this paper we perform a time series analysis of the model employing tools from statistics, dynamical systems theory and stochastic processes. Using benchmark systems and a financial index for comparison, we draw conclusions about the generating mechanism for this kind of evolution. The trajectories of the model are found to be similar to that of the first differences of the SP500 index: stochastic, nonlinear and (unit root) stationary.

  9. From Discrete-Time Models to Continuous-Time, Asynchronous Models of Financial Markets

    NARCIS (Netherlands)

    K. Boer-Sorban (Katalin); U. Kaymak (Uzay); J. Spiering (Jaap)

    2006-01-01

    textabstractMost agent-based simulation models of financial markets are discrete-time in nature. In this paper, we investigate to what degree such models are extensible to continuous-time, asynchronous modelling of financial markets. We study the behaviour of a learning market maker in a market with

  10. From Discrete-Time Models to Continuous-Time, Asynchronous Models of Financial Markets

    NARCIS (Netherlands)

    K. Boer-Sorban (Katalin); U. Kaymak (Uzay); J. Spiering (Jaap)

    2006-01-01

    textabstractMost agent-based simulation models of financial markets are discrete-time in nature. In this paper, we investigate to what degree such models are extensible to continuous-time, asynchronous modelling of financial markets. We study the behaviour of a learning market maker in a market with

  11. From financing labour to labouring finance: subjectivity in financial times

    Directory of Open Access Journals (Sweden)

    Elisabetta Magnani

    2013-08-01

    Full Text Available The global economic crisis offers a powerful instance of how financial shocks shape the biosphere at the intersection of labour and life. In financial times, capitalism activates two interdependent processes, a process of contamination that somehow blurs the borders between life and financial matters, and a process of abstraction, which increases the emotional distance between object and subject, thus interrupting the potential for change embedded in experiences of fear that accompany environmental crises. These processes involve key tenets of contemporary neo-liberal capitalism, namely financialization and entrepreneurship, and produce new subjectivities. This is, in my view, central to understand our current organization of ecological concerns and the way biopolitical events, such as the financialization of the economy, organize our collective perception of the possible and alternative ecological configurations to the one we live in. By recognizing the working of a process of contamination and a process of distancing implicit in the financialization of life we are able to acknowledge that "ecological relationships are semiotics" (von UexKull, 1982 [1940] in the sense that they involve the construction and organization of signs, perceptions, affects, interpretations and meanings. Understanding this new semiotics of power is essential to engaging with actual practices of governance of the sustainability discourses. Operationally, these practices and discourses have deprived ecological knowledge of one of its fundamental ingredient, namely a future (Chakrabarty, 2009, conceived as a historical process of change that involves the subject-object relationship and which constitutes both the knower and the known. The result is an interrupted understanding of the way bio-political events reorganize collective perceptions of possible configurations of the ecological system that are "alter" to the one we live in.

  12. Financial Time Series Prediction Using Elman Recurrent Random Neural Networks.

    Science.gov (United States)

    Wang, Jie; Wang, Jun; Fang, Wen; Niu, Hongli

    2016-01-01

    In recent years, financial market dynamics forecasting has been a focus of economic research. To predict the price indices of stock markets, we developed an architecture which combined Elman recurrent neural networks with stochastic time effective function. By analyzing the proposed model with the linear regression, complexity invariant distance (CID), and multiscale CID (MCID) analysis methods and taking the model compared with different models such as the backpropagation neural network (BPNN), the stochastic time effective neural network (STNN), and the Elman recurrent neural network (ERNN), the empirical results show that the proposed neural network displays the best performance among these neural networks in financial time series forecasting. Further, the empirical research is performed in testing the predictive effects of SSE, TWSE, KOSPI, and Nikkei225 with the established model, and the corresponding statistical comparisons of the above market indices are also exhibited. The experimental results show that this approach gives good performance in predicting the values from the stock market indices.

  13. Forecasting Financial Time-Series using Artificial Market Models

    CERN Document Server

    Gupta, N; Johnson, N F; Gupta, Nachi; Hauser, Raphael; Johnson, Neil F.

    2005-01-01

    We discuss the theoretical machinery involved in predicting financial market movements using an artificial market model which has been trained on real financial data. This approach to market prediction - in particular, forecasting financial time-series by training a third-party or 'black box' game on the financial data itself -- was discussed by Johnson et al. in cond-mat/0105303 and cond-mat/0105258 and was based on some encouraging preliminary investigations of the dollar-yen exchange rate, various individual stocks, and stock market indices. However, the initial attempts lacked a clear formal methodology. Here we present a detailed methodology, using optimization techniques to build an estimate of the strategy distribution across the multi-trader population. In contrast to earlier attempts, we are able to present a systematic method for identifying 'pockets of predictability' in real-world markets. We find that as each pocket closes up, the black-box system needs to be 'reset' - which is equivalent to sayi...

  14. Modelling Time-Varying Volatility in Financial Returns

    DEFF Research Database (Denmark)

    Amado, Cristina; Laakkonen, Helinä

    2014-01-01

    The “unusually uncertain” phase in the global financial markets has inspired many researchers to study the effects of ambiguity (or “Knightian uncertainty”) on the decisions made by investors and their implications for the capital markets. We contribute to this literature by using a modified...... version of the time-varying GARCH model of Amado and Teräsvirta (2013) to analyze whether the increasing uncertainty has caused excess volatility in the US and European government bond markets. In our model, volatility is multiplicatively decomposed into two time-varying conditional components: the first...... being captured by a stable GARCH(1,1) process and the second driven by the level of uncertainty in the financial market....

  15. Financial Time Series Prediction Using Elman Recurrent Random Neural Networks

    Directory of Open Access Journals (Sweden)

    Jie Wang

    2016-01-01

    (ERNN, the empirical results show that the proposed neural network displays the best performance among these neural networks in financial time series forecasting. Further, the empirical research is performed in testing the predictive effects of SSE, TWSE, KOSPI, and Nikkei225 with the established model, and the corresponding statistical comparisons of the above market indices are also exhibited. The experimental results show that this approach gives good performance in predicting the values from the stock market indices.

  16. Modeling financial time series with S-plus

    CERN Document Server

    Zivot, Eric

    2003-01-01

    The field of financial econometrics has exploded over the last decade This book represents an integration of theory, methods, and examples using the S-PLUS statistical modeling language and the S+FinMetrics module to facilitate the practice of financial econometrics This is the first book to show the power of S-PLUS for the analysis of time series data It is written for researchers and practitioners in the finance industry, academic researchers in economics and finance, and advanced MBA and graduate students in economics and finance Readers are assumed to have a basic knowledge of S-PLUS and a solid grounding in basic statistics and time series concepts Eric Zivot is an associate professor and Gary Waterman Distinguished Scholar in the Economics Department at the University of Washington, and is co-director of the nascent Professional Master's Program in Computational Finance He regularly teaches courses on econometric theory, financial econometrics and time series econometrics, and is the recipient of the He...

  17. Time series analysis for minority game simulations of financial markets

    Science.gov (United States)

    Ferreira, Fernando F.; Francisco, Gerson; Machado, Birajara S.; Muruganandam, Paulsamy

    2003-04-01

    The minority game (MG) model introduced recently provides promising insights into the understanding of the evolution of prices, indices and rates in the financial markets. In this paper we perform a time series analysis of the model employing tools from statistics, dynamical systems theory and stochastic processes. Using benchmark systems and a financial index for comparison, several conclusions are obtained about the generating mechanism for this kind of evolution. The motion is deterministic, driven by occasional random external perturbation. When the interval between two successive perturbations is sufficiently large, one can find low dimensional chaos in this regime. However, the full motion of the MG model is found to be similar to that of the first differences of the SP500 index: stochastic, nonlinear and (unit root) stationary.

  18. Parameterizing unconditional skewness in models for financial time series

    DEFF Research Database (Denmark)

    He, Changli; Silvennoinen, Annastiina; Teräsvirta, Timo

    In this paper we consider the third-moment structure of a class of time series models. It is often argued that the marginal distribution of financial time series such as returns is skewed. Therefore it is of importance to know what properties a model should possess if it is to accommodate...... unconditional skewness. We consider modelling the unconditional mean and variance using models that respond nonlinearly or asymmetrically to shocks. We investigate the implications of these models on the third-moment structure of the marginal distribution as well as conditions under which the unconditional...

  19. Time-dependent scaling patterns in high frequency financial data

    Science.gov (United States)

    Nava, Noemi; Di Matteo, Tiziana; Aste, Tomaso

    2016-10-01

    We measure the influence of different time-scales on the intraday dynamics of financial markets. This is obtained by decomposing financial time series into simple oscillations associated with distinct time-scales. We propose two new time-varying measures of complexity: 1) an amplitude scaling exponent and 2) an entropy-like measure. We apply these measures to intraday, 30-second sampled prices of various stock market indices. Our results reveal intraday trends where different time-horizons contribute with variable relative amplitudes over the course of the trading day. Our findings indicate that the time series we analysed have a non-stationary multifractal nature with predominantly persistent behaviour at the middle of the trading session and anti-persistent behaviour at the opening and at the closing of the session. We demonstrate that these patterns are statistically significant, robust, reproducible and characteristic of each stock market. We argue that any modelling, analytics or trading strategy must take into account these non-stationary intraday scaling patterns.

  20. FINANCIAL DETERMINANTS OF SMEs GROWTH IN THE TIME OF ECONOMIC

    Directory of Open Access Journals (Sweden)

    Marina Jeger

    2016-12-01

    Full Text Available The importance of high-growth enterprises in national economies has been widely substantiated by economic research in recent years. There are a small number of papers that investigate determinants of growth in the time of economic downturn. This paper is focused on finding financial ratios that are determinants of growth in small and medium-sized enterprises (SMEs which operate in downturn economies. The assumption of this study is that the time of economic downturn sets new challenges to SMEs and that fact should be reflected in their financial statements as well as in the growth prediction model. Our hypotheses have been tested on the sample of 1492 SMEs from Croatia over the period 2008-2013 in the time of economic downturn. Using logistic regression, a growth prediction model has been developed and tested. Results have shown that in the time of economic downturn, growth potential of SMEs increases with the increase of liquidity, turnover and profitability and with the decrease of leverage.

  1. THE LONG TIME BEHAVIORS OF NON-AUTONOMOUS EVOLUTION SYSTEM DESCRIBING GEOPHYSICAL FLOW WITHIN THE EARTH

    Institute of Scientific and Technical Information of China (English)

    ZHAO Chunshan; LI Kaitai; HUANG Aixiang

    2002-01-01

    In this paper, the long time behaviors of non-autonomous evolution system describing geophysical flow within the earth are studied. The uniqueness and existence of the solution to the evolution system and the existence of uniform attractor are proven.Moreover, the upper bounds of the uniform attractor's Hausdorff and Fractal dimensions are obtained.

  2. THE LONG TIME BEHAVIORS OF NON-AUTONOMOUS EVOLUTION SYSTEM DESCRIBING GEOPHYSICAL FLOW WITHIN THE

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    In this paper,the long time behaviors of non-autonomous evolution system describing geophysical flow within the earth are studied.The uniqueness and existence of the solution to the evolution system and the existence of uniform attractor are proven.Moreover,the upper bounds of the uniform attractor's hausdorff and Fractal dimensions are obtained.

  3. Financial time series prediction using spiking neural networks.

    Science.gov (United States)

    Reid, David; Hussain, Abir Jaafar; Tawfik, Hissam

    2014-01-01

    In this paper a novel application of a particular type of spiking neural network, a Polychronous Spiking Network, was used for financial time series prediction. It is argued that the inherent temporal capabilities of this type of network are suited to non-stationary data such as this. The performance of the spiking neural network was benchmarked against three systems: two "traditional", rate-encoded, neural networks; a Multi-Layer Perceptron neural network and a Dynamic Ridge Polynomial neural network, and a standard Linear Predictor Coefficients model. For this comparison three non-stationary and noisy time series were used: IBM stock data; US/Euro exchange rate data, and the price of Brent crude oil. The experiments demonstrated favourable prediction results for the Spiking Neural Network in terms of Annualised Return and prediction error for 5-Step ahead predictions. These results were also supported by other relevant metrics such as Maximum Drawdown and Signal-To-Noise ratio. This work demonstrated the applicability of the Polychronous Spiking Network to financial data forecasting and this in turn indicates the potential of using such networks over traditional systems in difficult to manage non-stationary environments.

  4. Financial time series prediction using spiking neural networks.

    Directory of Open Access Journals (Sweden)

    David Reid

    Full Text Available In this paper a novel application of a particular type of spiking neural network, a Polychronous Spiking Network, was used for financial time series prediction. It is argued that the inherent temporal capabilities of this type of network are suited to non-stationary data such as this. The performance of the spiking neural network was benchmarked against three systems: two "traditional", rate-encoded, neural networks; a Multi-Layer Perceptron neural network and a Dynamic Ridge Polynomial neural network, and a standard Linear Predictor Coefficients model. For this comparison three non-stationary and noisy time series were used: IBM stock data; US/Euro exchange rate data, and the price of Brent crude oil. The experiments demonstrated favourable prediction results for the Spiking Neural Network in terms of Annualised Return and prediction error for 5-Step ahead predictions. These results were also supported by other relevant metrics such as Maximum Drawdown and Signal-To-Noise ratio. This work demonstrated the applicability of the Polychronous Spiking Network to financial data forecasting and this in turn indicates the potential of using such networks over traditional systems in difficult to manage non-stationary environments.

  5. Mathematical model describing the thyroids-pituitary axis with distributed time delays in hormone transportation

    Science.gov (United States)

    Neamţu, Mihaela; Stoian, Dana; Navolan, Dan Bogdan

    2014-12-01

    In the present paper we provide a mathematical model that describe the hypothalamus-pituitary-thyroid axis in autoimmune (Hashimoto's) thyroiditis. Since there is a spatial separation between thyroid and pituitary gland in the body, time is needed for transportation of thyrotropin and thyroxine between the glands. Thus, the distributed time delays are considered as both weak and Dirac kernels. The delayed model is analyzed regarding the stability and bifurcation behavior. The last part contains some numerical simulations to illustrate the effectiveness of our results and conclusions.

  6. Financial time series analysis based on effective phase transfer entropy

    Science.gov (United States)

    Yang, Pengbo; Shang, Pengjian; Lin, Aijing

    2017-02-01

    Transfer entropy is a powerful technique which is able to quantify the impact of one dynamic system on another system. In this paper, we propose the effective phase transfer entropy method based on the transfer entropy method. We use simulated data to test the performance of this method, and the experimental results confirm that the proposed approach is capable of detecting the information transfer between the systems. We also explore the relationship between effective phase transfer entropy and some variables, such as data size, coupling strength and noise. The effective phase transfer entropy is positively correlated with the data size and the coupling strength. Even in the presence of a large amount of noise, it can detect the information transfer between systems, and it is very robust to noise. Moreover, this measure is indeed able to accurately estimate the information flow between systems compared with phase transfer entropy. In order to reflect the application of this method in practice, we apply this method to financial time series and gain new insight into the interactions between systems. It is demonstrated that the effective phase transfer entropy can be used to detect some economic fluctuations in the financial market. To summarize, the effective phase transfer entropy method is a very efficient tool to estimate the information flow between systems.

  7. Can Management Practices Make a Difference? Nonprofit Organization Financial Performance during Times of Economic Stress

    Directory of Open Access Journals (Sweden)

    Qian Hu

    2016-02-01

    Full Text Available The economic crisis presented unprecedented challenges to nonprofit organizations to sustain their services. In this study, we examined both financial and management factors that influence the financial performance of nonprofit organizations during times of economic stress. In particular, we investigated whether strategic planning and plan implementation, revenue diversification, and board involvement help nonprofit organizations deal with financial uncertainty and strengthen financial performance. Despite the negative impacts that the economic downturn had on nonprofit organizations, we found that the implementation of strategic plans can help nonprofit organizations reduce financial vulnerability. Our findings call attention to key management factors that influence the financial performance of nonprofit organizations.

  8. Can Management Practices Make a Difference? Nonprofit Organization Financial Performance during Times of Economic Stress

    Directory of Open Access Journals (Sweden)

    Qian HU

    2015-05-01

    Full Text Available The economic crisis presented unprecedented challenges to nonprofit organizations to sustain their services. In this study, we examined both financial and management factors that influence the financial performance of nonprofit organizations during times of economic stress. In particular, we investigated whether strategic planning and plan implementation, revenue diversification, and board involvement help nonprofit organizations deal with financial uncertainty and strengthen financial performance. Despite the negative impacts that the economic downturn had on nonprofit organizations, we found that the implementation of strategic plans can help nonprofit organizations reduce financial vulnerability. Our findings call attention to key management factors that influence the financial performance of nonprofit organizations.

  9. Nonlinear transformation on the transfer entropy of financial time series

    Science.gov (United States)

    Wu, Zhenyu; Shang, Pengjian

    2017-09-01

    Transfer entropy (TE) now is widely used in the data mining and economic field. However, TE itself demands that time series intend to be stationary and meet Markov condition. Naturally, we are interested in investigating the effect of the nonlinear transformation of the two series on the TE. Therefore, the paper is designed to study the TE of five nonlinear ;volatile; transformations based on the data which are generated by the linear modeling and the logistic maps modeling, as well as the dataset that come from financial markets. With only one of the TE of nonlinear transformations fluctuating around the TE of original series, the TE of others all have increased with different degrees.

  10. Mental health system historians: adults with schizophrenia describe changes in community mental health care over time.

    Science.gov (United States)

    Stein, Catherine H; Leith, Jaclyn E; Osborn, Lawrence A; Greenberg, Sarah; Petrowski, Catherine E; Jesse, Samantha; Kraus, Shane W; May, Michael C

    2015-03-01

    This qualitative study examined changes in community mental health care as described by adults diagnosed with schizophrenia with long-term involvement in the mental health system to situate their experiences within the context of mental health reform movements in the United States. A sample of 14 adults with schizophrenia who had been consumers of mental health services from 12 to 40 years completed interviews about their hospital and outpatient experiences over time and factors that contributed most to their mental health. Overall, adults noted gradual changes in mental health care over time that included higher quality of care, more humane treatment, increased partnership with providers, shorter hospital stays, and better conditions in inpatient settings. Regardless of the mental health reform era in which they were hospitalized, participants described negative hospitalization experiences resulting in considerable personal distress, powerlessness, and trauma. Adults with less than 27 years involvement in the system reported relationships with friends and family as most important to their mental health, while adults with more than 27 years involvement reported mental health services and relationships with professionals as the most important factors in their mental health. The sample did not differ in self-reported use of services during their initial and most recent hospitalization experiences, but differences were found in participants' reported use of outpatient services over time. Findings underscore the importance of the lived experience of adults with schizophrenia in grounding current discourse on mental health care reform.

  11. 75 FR 75725 - Financial Management Service; Proposed Collection of Information: Tax Time Card Account Pilot...

    Science.gov (United States)

    2010-12-06

    ... Fiscal Service Financial Management Service; Proposed Collection of Information: Tax Time Card Account Pilot, Screening, Focus Groups, and Study AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as part of its...

  12. Stylised facts of financial time series and hidden Markov models in continuous time

    DEFF Research Database (Denmark)

    Nystrup, Peter; Madsen, Henrik; Lindström, Erik

    2015-01-01

    Hidden Markov models are often applied in quantitative finance to capture the stylised facts of financial returns. They are usually discrete-time models and the number of states rarely exceeds two because of the quadratic increase in the number of parameters with the number of states. This paper...

  13. Latino Associate Degree Completion: Effects of Financial Aid over Time

    Science.gov (United States)

    Gross, Jacob P. K.; Zerquera, Desiree; Inge, Brittany; Berry, Matthew

    2014-01-01

    Lack of financial resources to pay for postsecondary education--perceived and actual--has been cited as a barrier to student access and persistence, particularly for Latino students. This study investigates the following question: "To what extent does financial aid affect the educational attainment of Latinos enrolled in Associate's degree…

  14. A time correlation function theory describing static field enhanced third order optical effects at interfaces.

    Science.gov (United States)

    Neipert, Christine; Space, Brian

    2006-12-14

    Sum vibrational frequency spectroscopy, a second order optical process, is interface specific in the dipole approximation. At charged interfaces, there exists a static field, and as a direct consequence, the experimentally detected signal is a combination of enhanced second and static field induced third order contributions. There is significant evidence in the literature of the importance/relative magnitude of this third order contribution, but no previous molecularly detailed approach existed to separately calculate the second and third order contributions. Thus, for the first time, a molecularly detailed time correlation function theory is derived here that allows for the second and third order contributions to sum frequency vibrational spectra to be individually determined. Further, a practical, molecular dynamics based, implementation procedure for the derived correlation functions that describe the third order phenomenon is also presented. This approach includes a novel generalization of point atomic polarizability models to calculate the hyperpolarizability of a molecular system. The full system hyperpolarizability appears in the time correlation functions responsible for third order contributions in the presence of a static field.

  15. Linear and nonlinear dynamic systems in financial time series prediction

    Directory of Open Access Journals (Sweden)

    Salim Lahmiri

    2012-10-01

    Full Text Available Autoregressive moving average (ARMA process and dynamic neural networks namely the nonlinear autoregressive moving average with exogenous inputs (NARX are compared by evaluating their ability to predict financial time series; for instance the S&P500 returns. Two classes of ARMA are considered. The first one is the standard ARMA model which is a linear static system. The second one uses Kalman filter (KF to estimate and predict ARMA coefficients. This model is a linear dynamic system. The forecasting ability of each system is evaluated by means of mean absolute error (MAE and mean absolute deviation (MAD statistics. Simulation results indicate that the ARMA-KF system performs better than the standard ARMA alone. Thus, introducing dynamics into the ARMA process improves the forecasting accuracy. In addition, the ARMA-KF outperformed the NARX. This result may suggest that the linear component found in the S&P500 return series is more dominant than the nonlinear part. In sum, we conclude that introducing dynamics into the ARMA process provides an effective system for S&P500 time series prediction.

  16. The Local Fractal Properties of the Financial Time Series on the Polish Stock Exchange Market

    CERN Document Server

    Grech, D

    2007-01-01

    We investigate the local fractal properties of the financial time series based on the evolution of the Warsaw Stock Exchange Index (WIG) connected with the largest developing financial market in Europe. Calculating the local Hurst exponent for the WIG time series we find an interesting dependence between the behavior of the local fractal properties of the WIG time series and the crashes appearance on the financial market.

  17. A Hybrid Joint Moment Ratio Test for Financial Time Series

    NARCIS (Netherlands)

    Groenendijk, Patrick A.; Lucas, André; Vries, de Casper G.

    1998-01-01

    We advocate the use of absolute moment ratio statistics in conjunctionwith standard variance ratio statistics in order to disentangle lineardependence, non-linear dependence, and leptokurtosis in financial timeseries. Both statistics are computed for multiple return horizonssimultaneously, and the

  18. A Hybrid Joint Moment Ratio Test for Financial Time Series

    NARCIS (Netherlands)

    Groenendijk, Patrick A.; Lucas, André; Vries, de Casper G.

    1998-01-01

    We advocate the use of absolute moment ratio statistics in conjunctionwith standard variance ratio statistics in order to disentangle lineardependence, non-linear dependence, and leptokurtosis in financial timeseries. Both statistics are computed for multiple return horizonssimultaneously, and the r

  19. Wavelet Correlation Coefficient of 'strongly correlated' financial time series

    OpenAIRE

    Ashok Razdan

    2003-01-01

    In this paper we use wavelet concepts to show that correlation coefficient between two financial data's is not constant but varies with scale from high correlation value to strongly anti-correlation value This studies is important because correlation coefficient is used to quantify degree of independence between two variables. In econophysics correlation coefficient forms important input to evolve hierarchial tree and minimum spanning tree of financial data.

  20. Modelling Time-Varying Volatility in Financial Returns

    DEFF Research Database (Denmark)

    Amado, Cristina; Laakkonen, Helinä

    2014-01-01

    The “unusually uncertain” phase in the global financial markets has inspired many researchers to study the effects of ambiguity (or “Knightian uncertainty”) on the decisions made by investors and their implications for the capital markets. We contribute to this literature by using a modified...... being captured by a stable GARCH(1,1) process and the second driven by the level of uncertainty in the financial market....

  1. How does innovation's tail risk determine marginal tail risk of a stationary financial time series?

    Institute of Scientific and Technical Information of China (English)

    PAN; Jiazhu; YU; Bosco; W.T.; PANG; W.K.

    2004-01-01

    We discuss the relationship between the marginal tail risk probability and the innovation'stail risk probability for some stationary financial time series models.We first give the main results on the tail behavior of a class of infinite weighted sums of random variableswith heavy-tailed probabilities. And then, the main results are applied tothree important types of time series models:infinite order moving averages, the simple bilinear time series and the solutions of stochasticdifference equations. The explicit formulas are given to describe how the marginaltail probabilities come from the innovation's tail probabilities for these time series.Our results can be applied to the tail estimation of time series and are useful for risk analysis in finance.

  2. Pricing multi-asset financial derivatives with time-dependent parameters—Lie algebraic approach

    Directory of Open Access Journals (Sweden)

    C. F. Lo

    2002-01-01

    Full Text Available We present a Lie algebraic technique for the valuation of multi-asset financial derivatives with time-dependent parameters. Exploiting the dynamical symmetry of the pricing partial differential equations of the financial derivatives, the new method enables us to derive analytical closed-form pricing formulae very straightforwardly. We believe that this new approach will provide an efficient and easy-to-use method for the valuation of financial derivatives.

  3. Shadow Banking – Developments in Times of Financial Crisis

    Directory of Open Access Journals (Sweden)

    Bogdan Munteanu

    2016-01-01

    The paper considers the following entities and activities, without limitation to or completenessof viewpoints: finance companies, asset backed financial instruments, structured investments,financing vehicles, money market funds, asset managers, credit hedge funds and venture capital,providing characteristics of shadow banking and their economic functions relative to the classicbanking system, as they pose a systemic risk due to asymmetric information and gaps created inmatching liquidity tenures with duration, by using synthetic leverage finance.

  4. The Finite Time Ruin Probability with the Same Heavy-tailed Insurance and Financial Risks

    Institute of Scientific and Technical Information of China (English)

    Yi-qing Chen; Xiang-sheng Xie

    2005-01-01

    This note complements a recent study in ruin theory with risky investment by establishing the same asymptotic estimate for the finite time ruin probability under a weaker restriction on the financial risks.In particular, our result applies to a critical case that the insurance and financial risks have Pareto-type tails with the same regular index.

  5. Small College Guide to Financial Health: Weathering Turbulent Times [with CD-ROM

    Science.gov (United States)

    Townsley, Michael K.

    2009-01-01

    In this timely book, financial consultant and experienced college administrator Mike Townsley examines the financial and strategic resources that private colleges and universities must have in place to withstand the storm. Small college presidents, CFOs, planners, chief academic officers, and board members all have a hand on the tiller and will…

  6. Describing temporal variability of the mean Estonian precipitation series in climate time scale

    Science.gov (United States)

    Post, P.; Kärner, O.

    2009-04-01

    Applicability of the random walk type models to represent the temporal variability of various atmospheric temperature series has been successfully demonstrated recently (e.g. Kärner, 2002). Main problem in the temperature modeling is connected to the scale break in the generally self similar air temperature anomaly series (Kärner, 2005). The break separates short-range strong non-stationarity from nearly stationary longer range variability region. This is an indication of the fact that several geophysical time series show a short-range non-stationary behaviour and a stationary behaviour in longer range (Davis et al., 1996). In order to model series like that the choice of time step appears to be crucial. To characterize the long-range variability we can neglect the short-range non-stationary fluctuations, provided that we are able to model properly the long-range tendencies. The structure function (Monin and Yaglom, 1975) was used to determine an approximate segregation line between the short and the long scale in terms of modeling. The longer scale can be called climate one, because such models are applicable in scales over some decades. In order to get rid of the short-range fluctuations in daily series the variability can be examined using sufficiently long time step. In the present paper, we show that the same philosophy is useful to find a model to represent a climate-scale temporal variability of the Estonian daily mean precipitation amount series over 45 years (1961-2005). Temporal variability of the obtained daily time series is examined by means of an autoregressive and integrated moving average (ARIMA) family model of the type (0,1,1). This model is applicable for daily precipitation simulating if to select an appropriate time step that enables us to neglet the short-range non-stationary fluctuations. A considerably longer time step than one day (30 days) is used in the current paper to model the precipitation time series variability. Each ARIMA (0

  7. The Riccati Equation - An Economic Fundamental Equation which Describes Marginal Movement in Time

    Directory of Open Access Journals (Sweden)

    Lars P. Lystad

    2006-01-01

    Full Text Available The objective of this article is to demonstrate that the Riccati equation is an economic fundamental equation, which is marginally descriptive in time for the large majority of economic systems. It is also an objective to interpret the Riccati equation and the corresponding relations in terms of economics. The article shows that there is a close relationship between the marginal Hamiltonian function and the Riccati equation. The marginal Hamiltonian function will be an expression of the accounts based on optimal behaviour including both the change in result and the change in balance.

  8. Multiscale multifractal multiproperty analysis of financial time series based on Rényi entropy

    Science.gov (United States)

    Yujun, Yang; Jianping, Li; Yimei, Yang

    This paper introduces a multiscale multifractal multiproperty analysis based on Rényi entropy (3MPAR) method to analyze short-range and long-range characteristics of financial time series, and then applies this method to the five time series of five properties in four stock indices. Combining the two analysis techniques of Rényi entropy and multifractal detrended fluctuation analysis (MFDFA), the 3MPAR method focuses on the curves of Rényi entropy and generalized Hurst exponent of five properties of four stock time series, which allows us to study more universal and subtle fluctuation characteristics of financial time series. By analyzing the curves of the Rényi entropy and the profiles of the logarithm distribution of MFDFA of five properties of four stock indices, the 3MPAR method shows some fluctuation characteristics of the financial time series and the stock markets. Then, it also shows a richer information of the financial time series by comparing the profile of five properties of four stock indices. In this paper, we not only focus on the multifractality of time series but also the fluctuation characteristics of the financial time series and subtle differences in the time series of different properties. We find that financial time series is far more complex than reported in some research works using one property of time series.

  9. Quantum physical states for describing photonic assisted chemical change: I. Torsional phenomenon at femtosecond time scale

    CERN Document Server

    Tapia, O

    2012-01-01

    Femtosecond torsional relaxation processes experimentally detected and recently reported by Clark et al. (Nature Phys. 8,225 (2012)) are theoretically dissected with a Hilbert/Fock quantum physical (QP) framework incorporating entanglement of photon/matter base states overcoming standard semi-classic vibrational descriptions. The quantum analysis of a generic Z/E (cis/trans) isomerization in abstract QP terms shed light to fundamental roles played by photonic spin and excited electronic singlet coupled to triplet states. It is shown that one photon activation cannot elicit femtosecond phenomenon, while a two-photon pulse would do. Estimated time scales for the two-photon case indicate the process to lie between a slower than electronic Franck-Condon-like transition yet faster than (semi-classic) vibration relaxation ones.

  10. Transfer entropy coefficient: Quantifying level of information flow between financial time series

    Science.gov (United States)

    Teng, Yue; Shang, Pengjian

    2017-03-01

    In this paper, a new coefficient is proposed with the objective of quantifying the level of information flow between financial time series. This transfer entropy coefficient, which provides an assessment on the multiscale information flow between measurements, is defined in terms of the transfer entropy method and the multiscale method. The implementation of this transfer entropy coefficient is illustrated with simulated time series and financial time series. Examples taken from simulated and financial data demonstrate that the dynamic mechanism of a complex system cannot be detected solely on the basis of transfer entropy of single scale.

  11. Neuronal spike timing adaptation described with a fractional leaky integrate-and-fire model.

    Directory of Open Access Journals (Sweden)

    Wondimu Teka

    2014-03-01

    Full Text Available The voltage trace of neuronal activities can follow multiple timescale dynamics that arise from correlated membrane conductances. Such processes can result in power-law behavior in which the membrane voltage cannot be characterized with a single time constant. The emergent effect of these membrane correlations is a non-Markovian process that can be modeled with a fractional derivative. A fractional derivative is a non-local process in which the value of the variable is determined by integrating a temporal weighted voltage trace, also called the memory trace. Here we developed and analyzed a fractional leaky integrate-and-fire model in which the exponent of the fractional derivative can vary from 0 to 1, with 1 representing the normal derivative. As the exponent of the fractional derivative decreases, the weights of the voltage trace increase. Thus, the value of the voltage is increasingly correlated with the trajectory of the voltage in the past. By varying only the fractional exponent, our model can reproduce upward and downward spike adaptations found experimentally in neocortical pyramidal cells and tectal neurons in vitro. The model also produces spikes with longer first-spike latency and high inter-spike variability with power-law distribution. We further analyze spike adaptation and the responses to noisy and oscillatory input. The fractional model generates reliable spike patterns in response to noisy input. Overall, the spiking activity of the fractional leaky integrate-and-fire model deviates from the spiking activity of the Markovian model and reflects the temporal accumulated intrinsic membrane dynamics that affect the response of the neuron to external stimulation.

  12. The heterogeneity in financial and time burden of caregiving to children with chronic conditions.

    Science.gov (United States)

    Zan, Hua; Scharff, Robert L

    2015-03-01

    We examine the financial and time burdens associated with caring for children with chronic conditions, focusing on disparities across types of conditions. Using linked data from the 2003 to 2006 National Health Interview Survey and 2004-2008 Medical Expenditure Panel Survey, we created measures of financial burden (out-of-pocket healthcare costs, the ratio of out-of-pocket healthcare costs to family income, healthcare costs paid by insurance, and total healthcare costs) and time burden (missed school time due to illness or injury and the number of doctor visits) associated with 14 groups of children's chronic conditions. We used the two-part model to assess the effect of condition on financial burden and finite mixture/latent class model to analyze the time burden of caregiving. Controlling for the influences of other socio-demographic characteristics on caregiving burden, children with chronic conditions have higher financial and time burdens relative to caregiving burdens for healthy children. Levels of financial burden and burden sharing between families and insurance system also vary by type of condition. For example, children with pervasive developmental disorder or heart disease have a relatively low financial burden for families, while imposing a high cost on the insurance system. In contrast, vision difficulties are associated with a high financial burden for families relative to the costs borne by others. With respect to time burden, conditions such as cerebral palsy and heart disease impose a low time burden, while conditions such as pervasive developmental disorder are associated with a high time burden. This study demonstrates that differences exist in caregiving burden for children by type of chronic condition. Each condition has a unique profile of time and financial cost burden for families and the insurance system. These results have implications for policymakers and for families' savings and employment decisions.

  13. The impact of financial and nonfinancial incentives on business-unit outcomes over time.

    Science.gov (United States)

    Peterson, Suzanne J; Luthans, Fred

    2006-01-01

    Unlike previous behavior management research, this study used a quasi-experimental, control group design to examine the impact of financial and nonfinancial incentives on business-unit (21 stores in a fast-food franchise corporation) outcomes (profit, customer service, and employee turnover) over time. The results showed that both types of incentives had a significant impact on all measured outcomes. The financial incentive initially had a greater effect on all 3 outcomes, but over time, the financial and nonfinancial incentives had an equally significant impact except in terms of employee turnover.

  14. ECONOMETRIC APPROACH OF HETEROSKEDASTICITY ON FINANCIAL TIME SERIES IN A GENERAL FRAMEWORK

    Directory of Open Access Journals (Sweden)

    FELICIA RAMONA BIRĂU

    2012-12-01

    Full Text Available The aim of this paper is to provide an overview of the diagnostic tests for detecting heteroskedasticity on financial time series. In financial econometrics, heteroskedasticity is generally associated with cross sectional data but can also be identified modeling time series data. The presence of heteroscedasticity in financial time series can be caused by certain specific factors, like a model misspecification, inadequate data transformation or as a result of certain outliers. Heteroskedasticity arise when the homoskedasticity assumption is violated. Testing for the presence of heteroskedasticity in financial time is performed by applying diagnostic test, such as : Breusch-Pagan LM test, White’s test, Glesjer LM test, Harvey-Godfrey LM test, Park LM test and Goldfeld-Quand test.

  15. Comparison of transfer entropy methods for financial time series

    Science.gov (United States)

    He, Jiayi; Shang, Pengjian

    2017-09-01

    There is a certain relationship between the global financial markets, which creates an interactive network of global finance. Transfer entropy, a measurement for information transfer, offered a good way to analyse the relationship. In this paper, we analysed the relationship between 9 stock indices from the U.S., Europe and China (from 1995 to 2015) by using transfer entropy (TE), effective transfer entropy (ETE), Rényi transfer entropy (RTE) and effective Rényi transfer entropy (ERTE). We compared the four methods in the sense of the effectiveness for identification of the relationship between stock markets. In this paper, two kinds of information flows are given. One reveals that the U.S. took the leading position when in terms of lagged-current cases, but when it comes to the same date, China is the most influential. And ERTE could provide superior results.

  16. Fluctuation complexity of agent-based financial time series model by stochastic Potts system

    Science.gov (United States)

    Hong, Weijia; Wang, Jun

    2015-03-01

    Financial market is a complex evolved dynamic system with high volatilities and noises, and the modeling and analyzing of financial time series are regarded as the rather challenging tasks in financial research. In this work, by applying the Potts dynamic system, a random agent-based financial time series model is developed in an attempt to uncover the empirical laws in finance, where the Potts model is introduced to imitate the trading interactions among the investing agents. Based on the computer simulation in conjunction with the statistical analysis and the nonlinear analysis, we present numerical research to investigate the fluctuation behaviors of the proposed time series model. Furthermore, in order to get a robust conclusion, we consider the daily returns of Shanghai Composite Index and Shenzhen Component Index, and the comparison analysis of return behaviors between the simulation data and the actual data is exhibited.

  17. Multivariate Time-Varying G-H Copula GARCH Model and Its Application in the Financial Market Risk Measurement

    Directory of Open Access Journals (Sweden)

    Qi-an Chen

    2015-01-01

    Full Text Available Taking full advantage of the strengths of G-H distribution, Copula function, and GARCH model in depicting the return distribution of financial asset, we construct the multivariate time-varying G-H Copula GARCH model which can comprehensively describe “asymmetric, leptokurtic, and heavy-tail” characteristics, the time-varying volatility characteristics, and the extreme-tail dependence characteristics of financial asset return. Based on the conditional maximum likelihood estimator and IFM method, we propose the estimation algorithm of model parameters. Using the quantile function and simulation method, we propose the calculation algorithm of VaR on the basis of this model. To apply this model on studying a real financial market risk, we select the SSCI (China, HSI (Hong Kong, China, TAIEX (Taiwan, China, and SP500 (USA from January 3, 2000, to June 18, 2010, as the samples to estimate the model parameters and to measure the VaRs of various index risk portfolios under different confidence levels empirically. The results of the application example are in line with the actual situation and the risk diversification theory of portfolio. To a certain extent, these results also justify the feasibility and effectiveness of the multivariate time-varying G-H Copula GARCH model in depicting the return distribution of financial assets.

  18. Fluctuation behaviors of financial time series by a stochastic Ising system on a Sierpinski carpet lattice

    Science.gov (United States)

    Fang, Wen; Wang, Jun

    2013-09-01

    We develop a financial market model using an Ising spin system on a Sierpinski carpet lattice that breaks the equal status of each spin. To study the fluctuation behavior of the financial model, we present numerical research based on Monte Carlo simulation in conjunction with the statistical analysis and multifractal analysis of the financial time series. We extract the multifractal spectra by selecting various lattice size values of the Sierpinski carpet, and the inverse temperature of the Ising dynamic system. We also investigate the statistical fluctuation behavior, the time-varying volatility clustering, and the multifractality of returns for the indices SSE, SZSE, DJIA, IXIC, S&P500, HSI, N225, and for the simulation data derived from the Ising model on the Sierpinski carpet lattice. A numerical study of the model’s dynamical properties reveals that this financial model reproduces important features of the empirical data.

  19. Financial Data Analysis by means of Coupled Continuous-Time Random Walk in Rachev-Rűschendorf Model

    Science.gov (United States)

    Jurlewicz, A.; Wyłomańska, A.; Żebrowski, P.

    2008-09-01

    We adapt the continuous-time random walk formalism to describe asset price evolution. We expand the idea proposed by Rachev and Rűschendorf who analyzed the binomial pricing model in the discrete time with randomization of the number of price changes. As a result, in the framework of the proposed model we obtain a mixture of the Gaussian and a generalized arcsine laws as the limiting distribution of log-returns. Moreover, we derive an European-call-option price that is an extension of the Black-Scholes formula. We apply the obtained theoretical results to model actual financial data and try to show that the continuous-time random walk offers alternative tools to deal with several complex issues of financial markets.

  20. Talking Time, Seeing Time: The Importance of Attending to Time in Financial Mathematics

    Science.gov (United States)

    Pournara, Craig

    2015-01-01

    Through analysing a critical incident where a small group of pre-service secondary mathematics teachers work together on an annuities problem, we gain insight into the ways in which students make use of timelines and attend to time in their talk. Drawing on Lave and Wenger's notion of transparency, I argue that it was only when time became visible…

  1. Permutation approach, high frequency trading and variety of micro patterns in financial time series

    Science.gov (United States)

    Aghamohammadi, Cina; Ebrahimian, Mehran; Tahmooresi, Hamed

    2014-11-01

    Permutation approach is suggested as a method to investigate financial time series in micro scales. The method is used to see how high frequency trading in recent years has affected the micro patterns which may be seen in financial time series. Tick to tick exchange rates are considered as examples. It is seen that variety of patterns evolve through time; and that the scale over which the target markets have no dominant patterns, have decreased steadily over time with the emergence of higher frequency trading.

  2. The Usage of Time Series Control Charts for Financial Process Analysis

    Directory of Open Access Journals (Sweden)

    Kovářík Martin

    2012-09-01

    Full Text Available We will deal with financial proceedings of the company using methods of SPC (Statistical Process Control, specifically through time series control charts. The paper will outline the intersection of two disciplines which are econometrics and statistical process control. The theoretical part will discuss the methodology of time series control charts and in the research part there will be this methodology demonstrated in three case studies. The first study will focus on the regulation of simulated financial flows for a company by CUSUM control chart. The second study will involve the regulation of financial flows for a heteroskedastic financial process by EWMA control chart. The last case study of our paper will be devoted to applications of ARIMA, EWMA and CUSUM control charts in the financial data that are sensitive to the mean shifting while calculating the autocorrelation in the data. In this paper, we highlight the versatility of control charts not only in manufacturing but also in managing the financial stability of cash flows.

  3. The high order dispersion analysis based on first-passage-time probability in financial markets

    Science.gov (United States)

    Liu, Chenggong; Shang, Pengjian; Feng, Guochen

    2017-04-01

    The study of first-passage-time (FPT) event about financial time series has gained broad research recently, which can provide reference for risk management and investment. In this paper, a new measurement-high order dispersion (HOD)-is developed based on FPT probability to explore financial time series. The tick-by-tick data of three Chinese stock markets and three American stock markets are investigated. We classify the financial markets successfully through analyzing the scaling properties of FPT probabilities of six stock markets and employing HOD method to compare the differences of FPT decay curves. It can be concluded that long-range correlation, fat-tailed broad probability density function and its coupling with nonlinearity mainly lead to the multifractality of financial time series by applying HOD method. Furthermore, we take the fluctuation function of multifractal detrended fluctuation analysis (MF-DFA) to distinguish markets and get consistent results with HOD method, whereas the HOD method is capable of fractionizing the stock markets effectively in the same region. We convince that such explorations are relevant for a better understanding of the financial market mechanisms.

  4. A Weibull distribution with power-law tails that describes the first passage time processes of foreign currency exchanges

    Science.gov (United States)

    Sazuka, Naoya; Inoue, Jun-Ichi

    2007-03-01

    A Weibull distribution with power-law tails is confirmed as a good candidate to describe the first passage time process of foreign currency exchange rates. The Lorentz curve and the corresponding Gini coefficient for a Weibull distribution are derived analytically. We show that the coefficient is in good agreement with the same quantity calculated from the empirical data. We also calculate the average waiting time which is an important measure to estimate the time for customers to wait until the next price change after they login to their computer systems. By assuming that the first passage time distribution might change its shape from the Weibull to the power-law at some critical time, we evaluate the averaged waiting time by means of the renewal-reward theorem. We find that our correction of tails of the distribution makes the averaged waiting time much closer to the value obtained from empirical data analysis. We also discuss the deviation from the estimated average waiting time by deriving the waiting time distribution directly. These results make us conclude that the first passage process of the foreign currency exchange rates is well described by a Weibull distribution with power-law tails.

  5. Estimation of Hurst Exponent for the Financial Time Series

    Science.gov (United States)

    Kumar, J.; Manchanda, P.

    2009-07-01

    Till recently statistical methods and Fourier analysis were employed to study fluctuations in stock markets in general and Indian stock market in particular. However current trend is to apply the concepts of wavelet methodology and Hurst exponent, see for example the work of Manchanda, J. Kumar and Siddiqi, Journal of the Frankline Institute 144 (2007), 613-636 and paper of Cajueiro and B. M. Tabak. Cajueiro and Tabak, Physica A, 2003, have checked the efficiency of emerging markets by computing Hurst component over a time window of 4 years of data. Our goal in the present paper is to understand the dynamics of the Indian stock market. We look for the persistency in the stock market through Hurst exponent and fractal dimension of time series data of BSE 100 and NIFTY 50.

  6. Nonlinear stochastic exclusion financial dynamics modeling and time-dependent intrinsic detrended cross-correlation

    Science.gov (United States)

    Zhang, Wei; Wang, Jun

    2017-09-01

    In attempt to reproduce price dynamics of financial markets, a stochastic agent-based financial price model is proposed and investigated by stochastic exclusion process. The exclusion process, one of interacting particle systems, is usually thought of as modeling particle motion (with the conserved number of particles) in a continuous time Markov process. In this work, the process is utilized to imitate the trading interactions among the investing agents, in order to explain some stylized facts found in financial time series dynamics. To better understand the correlation behaviors of the proposed model, a new time-dependent intrinsic detrended cross-correlation (TDI-DCC) is introduced and performed, also, the autocorrelation analyses are applied in the empirical research. Furthermore, to verify the rationality of the financial price model, the actual return series are also considered to be comparatively studied with the simulation ones. The comparison results of return behaviors reveal that this financial price dynamics model can reproduce some correlation features of actual stock markets.

  7. Formation Mechanism of the Accumulative Magnification Effect in a Financial Time Series

    Institute of Scientific and Technical Information of China (English)

    DUAN Wen-Qi

    2012-01-01

    Structural information contained in financial time series can be magnified effectively by constructing the accumulative return.In order to make the magnification effects of different financial time series comparative,we first propose a standard method to characterize the strength of the accumulative magnification effect.Then,we employ decomposed-randomized technology to uncover the formation mechanism of the accumulative magnification effect.Our results show that (1) the standard deviation pattern is determined by volatility dependence,(2) the Hurst exponent pattern is induced by sign dependence,(3) an approximate entropy pattern is caused by the combined effect of sign dependence and volatility dependence.

  8. Non-linear forecasting in high-frequency financial time series

    Science.gov (United States)

    Strozzi, F.; Zaldívar, J. M.

    2005-08-01

    A new methodology based on state space reconstruction techniques has been developed for trading in financial markets. The methodology has been tested using 18 high-frequency foreign exchange time series. The results are in apparent contradiction with the efficient market hypothesis which states that no profitable information about future movements can be obtained by studying the past prices series. In our (off-line) analysis positive gain may be obtained in all those series. The trading methodology is quite general and may be adapted to other financial time series. Finally, the steps for its on-line application are discussed.

  9. ECONOMIC AND FINANCIAL CRISIS IMPACT ON ROMANIA ALONG TIME

    Directory of Open Access Journals (Sweden)

    Gheorghe GRIGORESCU

    2013-06-01

    Full Text Available Five years after the onset of the strongest economic crisis that has seen a global economy, the world still seems to be far from solved problems. Neither Romania is no exception, sustainable economic recovery we all want is (for now only hope. We have allowed the material to make some suggestions on how the economy might revive. We talked first about the vital need for revival of investment, supporting them through tax incentives to entrepreneurs. I then point the better absorption of European funds, the source of revival of the Romanian economy. Also advocate for greater accountability in spending public money, so terms like necessity, opportunity and social need not remain only in books, but to be used effectively in the allocation of budgetary resources. We detailed several times how I propose we approached the Romanian economy and revitalize major role essential, you must have it in technical and scientific economic recovery. The regret of not having experience in macroeconomics, in order to put more ideas on the table, still think that the detailed material could give thought to avid readers.

  10. Coupled continuous-time random walk approach to the Rachev-Rüschendorf model for financial data

    Science.gov (United States)

    Jurlewicz, Agnieszka; Wyłomańska, Agnieszka; Żebrowski, Piotr

    2009-02-01

    In this paper we expand the Rachev-Rüschendorf asset-pricing model introducing a coupled continuous-time-random-walk-(CTRW)-like form of the random number of price changes. Such a form results from the concept of the random clustering procedure (that resembles the coarse-graining methods of statistical physics) and, on the other hand, indicates applicability of the CTRW idea, widely used in physics to model anomalous diffusion, for describing financial markets. In the framework of the proposed model we derive the limiting distributions of log-returns and the corresponding pricing formulas for European call option. In order to illustrate the obtained theoretical results we present their fitting with several sets of financial data.

  11. Financial-Economic Time Series Modeling and Prediction Techniques – Review

    OpenAIRE

    2014-01-01

    Financial-economic time series distinguishes from other time series because they contain a portion of uncertainity. Because of this, statistical theory and methods play important role in their analysis. Moreover, external influence of various parameters on the values in time series makes them non-linear, which on the other hand suggests employment of more complex techniques for ther modeling. To cope with this challenging problem many researchers and scientists have developed various models a...

  12. Student Performance in Online Quizzes as a Function of Time in Undergraduate Financial Management Courses

    Science.gov (United States)

    Schnusenberg, Oliver

    2009-01-01

    An interesting research question in light of recent technological developments is an investigation of the relationship between the time remaining to complete online quizzes and quiz scores. The data consist of over 4,000 individual quiz scores for six sections of Financial Management at The University of North Florida taught between the Summer of…

  13. Wavelet Transform Based Multifractal Formalism in Outlier Detection and Localisation for Financial Time Series

    NARCIS (Netherlands)

    Z.R. Struzik; A.P.J.M. Siebes (Arno)

    2002-01-01

    textabstractWe present a method of detecting and localising outliers in financial time series and other stochastic processes. The method checks the internal consistency of the scaling behaviour of the process within the paradigm of the multifractal spectrum. Deviation from the expected spectrum is i

  14. Working women's choices for domestic help: the effects of financial and time resources

    NARCIS (Netherlands)

    Tijdens, K.; van der Lippe, T.; de Ruijter, E.

    2003-01-01

    Household services are increasing. Which households consume these services, in particular domestic help? This article tests whether time and financial resources influence the use of domestic help, performing logistic regression analyses with the WWIQ-2000/01-data (N=10,969), addressing working women

  15. How Work Affects Divorce : The Mediating Role of Financial and Time Pressures

    NARCIS (Netherlands)

    Poortman, Anne-Rigt

    2005-01-01

    This study examines whether the financial and time pressures associatedwith spouses’working lives play a role in the relation between work and divorce during the first years of marriage. Using retrospective data from the Netherlands, the results show that divorce is more likely when the husband work

  16. Do First Time House Buyers Receive Financial Transfers from Their Parents?

    DEFF Research Database (Denmark)

    Kolodziejczyk, Christophe; Leth-Petersen, Søren

    2013-01-01

    Using Danish longitudinal data with information about wealth for a sample of first-time house buyers and their parents, we test whether there are direct financial transfers from parents to children in connection with the house purchase, or in connection with unemployment spells occurring just after...

  17. How Work Affects Divorce: The Mediating Role of Financial and Time Pressures

    Science.gov (United States)

    Poortman, Anne-Rigt

    2005-01-01

    This study examines whether the financial and time pressures associated with spouses' working lives play a role in the relation between work and divorce during the first years of marriage. Using retrospective data from the Netherlands, the results show that divorce is more likely when the husband works on average fewer hours and the wife more…

  18. Communications officers and the C-suite: a study of Financial Times Global 500 companies

    NARCIS (Netherlands)

    Verhoeven, P.

    2014-01-01

    A content analysis of the websites or annual reports of the 2012 Financial Times Global 500 companies was performed to examine the position of communications officers (COs) on their executive boards. Almost one quarter of the companies examined had a CO on the executive board. Their distribution

  19. How Work Affects Divorce : The Mediating Role of Financial and Time Pressures

    NARCIS (Netherlands)

    Poortman, Anne-Rigt

    2005-01-01

    This study examines whether the financial and time pressures associatedwith spouses’working lives play a role in the relation between work and divorce during the first years of marriage. Using retrospective data from the Netherlands, the results show that divorce is more likely when the husband

  20. Communications officers and the C-suite: a study of Financial Times Global 500 companies

    NARCIS (Netherlands)

    Verhoeven, P.

    2014-01-01

    A content analysis of the websites or annual reports of the 2012 Financial Times Global 500 companies was performed to examine the position of communications officers (COs) on their executive boards. Almost one quarter of the companies examined had a CO on the executive board. Their distribution dif

  1. Comparative study of Financial Time Series Prediction by Artificial Neural Network with Gradient Descent Learning

    CERN Document Server

    Ghosh, Arka

    2011-01-01

    Financial forecasting is an example of a signal processing problem which is challenging due to Small sample sizes, high noise, non-stationarity, and non-linearity,but fast forecasting of stock market price is very important for strategic business planning.Present study is aimed to develop a comparative predictive model with Feedforward Multilayer Artificial Neural Network & Recurrent Time Delay Neural Network for the Financial Timeseries Prediction.This study is developed with the help of historical stockprice dataset made available by GoogleFinance.To develop this prediction model Backpropagation method with Gradient Descent learning has been implemented.Finally the Neural Net, learned with said algorithm is found to be skillful predictor for non-stationary noisy Financial Timeseries.

  2. Discrimination in waiting times by insurance type and financial soundness of German acute care hospitals.

    Science.gov (United States)

    Schwierz, Christoph; Wübker, Achim; Wübker, Ansgar; Kuchinke, Björn A

    2011-10-01

    This paper shows that patients with private health insurance (PHI) are being offered significantly shorter waiting times than patients with statutory health insurance (SHI) in German acute hospital care. This behavior may be driven by the higher expected profitability of PHI relative to SHI holders. Further, we find that hospitals offering private insurees shorter waiting times when compared with SHI holders have a significantly better financial performance than those abstaining from or with less discrimination.

  3. Finite-time singularities in the dynamics of Mexican financial crises

    Science.gov (United States)

    Alvarez-Ramirez, Jose; Ibarra-Valdez, Carlos

    2004-01-01

    Historically, symptoms of Mexican financial crises have been strongly reflected in the dynamics of the Mexican peso to the dollar exchange currency market. Specifically, in the Mexican financial crises during 1990's, the peso suffered significant depreciation processes, which has important impacts in the macro- and micro-economical environment. In this paper, it is shown that the peso depreciation growth was greater than an exponential and that these growth rates are compatible with a spontaneous singularity occurring at a critical time, which signals an abrupt transition to new dynamical conditions. As in the major 1990's financial crisis in 1994-1995, some control actions (e.g., increasing the USA dollar supply) are commonly taken to decelerate the degree of abruptness of peso depreciation. Implications of these control actions on the crisis dynamics are discussed. Interestingly, by means of a simple model, it is demonstrated that the time at which the control actions begin to apply is critical to moderate the adverse effects of the financial crisis.

  4. Nonlinear Behaviors of Tail Dependence and Cross-Correlation of Financial Time Series Model

    Directory of Open Access Journals (Sweden)

    Wei Deng

    2014-01-01

    Full Text Available Nonlinear behaviors of tail dependence and cross-correlation of financial time series are reproduced and investigated by stochastic voter dynamic system. The voter process is a continuous-time Markov process and is one of the interacting dynamic systems. The tail dependence of return time series for pairs of Chinese stock markets and the proposed financial models is studied by copula analysis, in an attempt to detect and illustrate the existence of relevant correlation relationships. Further, the multifractality of cross-correlations for return series is studied by multifractal detrended cross-correlation analysis, which indicates the analogous cross-correlations and some fractal characters for both actual data and simulative data and provides an intuitive evidence for market inefficiency.

  5. Nonlinear Fluctuation Behavior of Financial Time Series Model by Statistical Physics System

    Directory of Open Access Journals (Sweden)

    Wuyang Cheng

    2014-01-01

    Full Text Available We develop a random financial time series model of stock market by one of statistical physics systems, the stochastic contact interacting system. Contact process is a continuous time Markov process; one interpretation of this model is as a model for the spread of an infection, where the epidemic spreading mimics the interplay of local infections and recovery of individuals. From this financial model, we study the statistical behaviors of return time series, and the corresponding behaviors of returns for Shanghai Stock Exchange Composite Index (SSECI and Hang Seng Index (HSI are also comparatively studied. Further, we investigate the Zipf distribution and multifractal phenomenon of returns and price changes. Zipf analysis and MF-DFA analysis are applied to investigate the natures of fluctuations for the stock market.

  6. 7 CFR 4290.1220 - Requirement for RBIC to file financial statements at the time of request for a draw.

    Science.gov (United States)

    2010-01-01

    ... financial statements at the time of request for a draw. (a) If you submit a request for a draw against your... 7 Agriculture 15 2010-01-01 2010-01-01 false Requirement for RBIC to file financial statements at the time of request for a draw. 4290.1220 Section 4290.1220 Agriculture Regulations of the Department...

  7. More for less: best patient outcomes in a time of financial restraint.

    Science.gov (United States)

    Merry, Alan F; Hamblin, Richard

    2012-12-01

    In many countries, expenditure on health care has increased dramatically over recent years. There have been parallel improvements in many indicators of population health, but too many patients continue to be harmed by health care or receive care that is supply-sensitive, ineffective, or poorly aligned with their needs and values. In addition to human costs, this translates into substantial waste of resource. The world has recently faced economic challenges unseen since the great depression of the 1930s. The financial situation of a country can, like a business, be expressed in three sets of accounts: statements of financial position, financial performance, and cash flow. A key test of solvency is the ability to pay debts as they become due (whether from current account or further borrowing). In general, this is a function of public debt, which for many countries has become very high. However, private debt and net financial position are also relevant to a country's financial prospects. Ultimately, borrowing is not sustainable indefinitely and given limited prospects for growth in income in the coming years, most countries will likely need to reduce or at least constrain expenditure on health care. This implies obtaining better value from the resources that are available, and we suggest that the key to this lies in improving the quality of care and, in particular, reducing variation in health care. In the United States, new legislation promoting accountable care organizations may help to do this. Cardiac surgery can be particularly effective in extending patients' lives and in improving the quality of their lives. Our ability to continue to provide cardiac surgery in the face of constrained economic times will depend on engaging more actively in ensuring that what we do is the right thing: that our operations are effective and that they truly meet the needs and values of our patients. It will also depend on doing these operations right the first time.

  8. New Lagrangian tools for describing transport in aperiodic time dependent flows: a case study of the Kuroshio current

    Science.gov (United States)

    Mancho, Ana M.; Mendoza, Carolina

    2009-11-01

    In recent years there has been a lot of progress in the application of dynamical systems concepts to the description of transport in oceanic flows. In these flows the classical dynamical system theory does not apply since they are aperiodic and finite-time defined. Recently, for describing these flows a new definition of distinguished trajectory has been proposed (Madrid & Mancho, Chaos, 2009). Distinguished trajectories act as organizing centres of the geometrical template of aperiodic time-dependent flows, like fixed points and periodic orbits do in time independent or periodic flows. The computation of distinguished trajectories makes use of a function M of which we show contains a lot of Lagrangian information. In this presentation I will discuss how the visualization of this function M, allows identifying relevant Lagrangian features at a glance. In particular we report an application to real altimetry data taken from satellite in the area of the Kuroshio current. The function M also determines the stable and unstable subspaces of the distinguished hyperbolic trajectories which are tangent to the invariant manifolds. From the computation of stable and unstable manifolds we report an accurate description of transport routes in this region.

  9. A family of anisotropic super-dense star models using a space-time describing charged perfect fluid distributions

    Science.gov (United States)

    Maurya, S. K.; Gupta, Y. K.

    2012-08-01

    A family of anisotropic fluid distributions is constructed using a space-time describing a family of charged perfect fluid distributions. The anisotropy parameter is taken to be twice the square of electric intensity used in the charged fluid distributions. As the anisotropy parameter (or the electric intensity) is zero at the centre and is monotonically increasing towards the pressure-free interface, we have utilized the anisotropic fluid distributions to create Boson-type neutron stars models which join smoothly to the Schwarzschild exterior metric. All the physical entities such as energy density, radial pressure, tangential pressure and velocity of sound are monotonically decreasing towards the surface. Different members of the above family are characterized by a positive integral number n. It is observed that the maximum mass (which is 5.8051 solar mass for n = 4) starts decreasing for n > 4. But this reaches a non-zero terminal value (2.8010 solar mass) as n tends to infinity.

  10. Index Financial Time Series Based on Zigzag-Perceptually Important Points

    Directory of Open Access Journals (Sweden)

    Ali Selamat

    2010-01-01

    Full Text Available Problem statement: Financial time series were usually large in size, unstructured and of high dimensionality. Since, the illustration of financial time series shape was typically characterized by a few number of important points. These important points moved in zigzag directions which could form technical patterns. However, these important points exhibited in different resolutions and difficult to determine. Approach: In this study, we proposed novel methods of financial time series indexing by considering their zigzag movement. The methods consist of two major algorithms: first, the identification of important points, namely the Zigzag-Perceptually Important Points (ZIPs identification method and next, the indexing method namely Zigzag based M-ary Tree (ZM-Tree to structure and organize the important points. Results: The errors of the tree building and retrieving compared to the original time series increased when the important points increased. The dimensionality reduction using ZM-Tree based on tree pruning and number of retrieved points techniques performed better when the number of important points increased. Conclusion: Our proposed techniques illustrated mostly acceptable performance in tree operations and dimensionality reduction comparing to existing similar technique like Specialize Binary Tree (SB-Tree.

  11. A mathematical proof of the existence of trends in financial time series

    OpenAIRE

    Fliess, Michel; Join, Cédric

    2009-01-01

    International audience; We are settling a longstanding quarrel in quantitative finance by proving the existence of trends in financial time series thanks to a theorem due to P. Cartier and Y. Perrin, which is expressed in the language of nonstandard analysis (Integration over finite sets, F. & M. Diener (Eds): Nonstandard Analysis in Practice, Springer, 1995, pp. 195--204). Those trends, which might coexist with some altered random walk paradigm and efficient market hypothesis, seem neverthel...

  12. Distributions in the error space: goal-directed movements described in time and state-space representations.

    Science.gov (United States)

    Fisher, Moria E; Huang, Felix C; Wright, Zachary A; Patton, James L

    2014-01-01

    Manipulation of error feedback has been of great interest to recent studies in motor control and rehabilitation. Typically, motor adaptation is shown as a change in performance with a single scalar metric for each trial, yet such an approach might overlook details about how error evolves through the movement. We believe that statistical distributions of movement error through the extent of the trajectory can reveal unique patterns of adaption and possibly reveal clues to how the motor system processes information about error. This paper describes different possible ordinate domains, focusing on representations in time and state-space, used to quantify reaching errors. We hypothesized that the domain with the lowest amount of variability would lead to a predictive model of reaching error with the highest accuracy. Here we showed that errors represented in a time domain demonstrate the least variance and allow for the highest predictive model of reaching errors. These predictive models will give rise to more specialized methods of robotic feedback and improve previous techniques of error augmentation.

  13. Nonlinear Analysis on Cross-Correlation of Financial Time Series by Continuum Percolation System

    Science.gov (United States)

    Niu, Hongli; Wang, Jun

    We establish a financial price process by continuum percolation system, in which we attribute price fluctuations to the investors’ attitudes towards the financial market, and consider the clusters in continuum percolation as the investors share the same investment opinion. We investigate the cross-correlations in two return time series, and analyze the multifractal behaviors in this relationship. Further, we study the corresponding behaviors for the real stock indexes of SSE and HSI as well as the liquid stocks pair of SPD and PAB by comparison. To quantify the multifractality in cross-correlation relationship, we employ multifractal detrended cross-correlation analysis method to perform an empirical research for the simulation data and the real markets data.

  14. Revisiting the returns-volume relationship: Time variation, alternative measures and the financial crisis

    Science.gov (United States)

    Cook, Steve; Watson, Duncan

    2017-03-01

    Following its introduction in the seminal study of Osborne (1959), a voluminous literature has emerged examining the returns-volume relationship for financial assets. The present paper revisits this relationship in an examination of the FTSE100 which extends the existing literature in two ways. First, alternative daily measures of the FTSE100 index are used to create differing returns and absolute returns series to employ in an examination of returns-volume causality. Second, rolling regression analysis is utilised to explore potential time variation in the returns-volume relationship. The findings obtained depict a hitherto unconsidered complexity in this relationship with the type of returns series considered and financial crisis found to be significant underlying factors. The implications of the newly derived results for both the understanding of the nature of the returns-volume relationship and the development of theories in connection to it are discussed.

  15. Random within-herd variation in financial performance and time to financial steady-state following management changes in dairy herd

    DEFF Research Database (Denmark)

    Kristensen, Erling Lundager; Østergaard, Søren; Krogh, Mogens Agerbo

    2008-01-01

    The manager of a dairy herd and the affiliated consultants constantly need to judge whether financial performance of the production system is satisfactory and whether financial performance relates to real (systematic) effects of changes in management. This is no easy task because the dairy herd...... is a very complex system. Thus, it is difficult to obtain empirical data that allows a valid estimation of the random (within-herd) variation in financial performance corrected for management changes. Thus, simulation seems to be the only option. This study suggests that much caution must be recommended...... when claming effect of changes in herd management because the link between management changes (cause) and effect (measured as improvement of gross margin per cow year) is extensively blurred by a large within-herd variation in available real life accounting data and differences between herds in time...

  16. Invoicing and Financial Forecasting of Time and Amount of Corresponding Cash Inflow

    Directory of Open Access Journals (Sweden)

    Dragan Simić

    2011-09-01

    Full Text Available Cash is the centre of all financial decisions. It is used as basis for the future investment projections and enterprises' financial plans. A concept of intelligent system for financial forecasting, the dynamic of issuing invoices and receiving corresponding cash inflow for fair exhibitions is presented in this article. This intelligent system is based on artificial intelligent method case-based reasoning (CBR where the previous experience for new forecasting is taken into account. This research is a discussion about the problem of invoice curve and the corresponding cash inflow curve at the moment of the fair exhibition. The invoice curve reaches its saturation point, while the cash inflow curve is still far away from the saturation point. The solution to this problem is the saturation point for the cash inflow curve. Therefore managers want to know how high the cash inflow of some services would at a certain point of time in the future, with respect to invoicing. If they could predict reliably enough what would happen in the future, they could plan important business activities to ensure faster invoiced income and future activities. Methodological aspects have been tested, in practice, as a part of the management information system development project for Novi Sad Fair company.

  17. Influence of the time scale on the construction of financial networks.

    Directory of Open Access Journals (Sweden)

    Frank Emmert-Streib

    Full Text Available BACKGROUND: In this paper we investigate the definition and formation of financial networks. Specifically, we study the influence of the time scale on their construction. METHODOLOGY/PRINCIPAL FINDINGS: For our analysis we use correlation-based networks obtained from the daily closing prices of stock market data. More precisely, we use the stocks that currently comprise the Dow Jones Industrial Average (DJIA and estimate financial networks where nodes correspond to stocks and edges correspond to none vanishing correlation coefficients. That means only if a correlation coefficient is statistically significant different from zero, we include an edge in the network. This construction procedure results in unweighted, undirected networks. By separating the time series of stock prices in non-overlapping intervals, we obtain one network per interval. The length of these intervals corresponds to the time scale of the data, whose influence on the construction of the networks will be studied in this paper. CONCLUSIONS/SIGNIFICANCE: Numerical analysis of four different measures in dependence on the time scale for the construction of networks allows us to gain insights about the intrinsic time scale of the stock market with respect to a meaningful graph-theoretical analysis.

  18. Influence of the time scale on the construction of financial networks.

    Science.gov (United States)

    Emmert-Streib, Frank; Dehmer, Matthias

    2010-09-30

    In this paper we investigate the definition and formation of financial networks. Specifically, we study the influence of the time scale on their construction. For our analysis we use correlation-based networks obtained from the daily closing prices of stock market data. More precisely, we use the stocks that currently comprise the Dow Jones Industrial Average (DJIA) and estimate financial networks where nodes correspond to stocks and edges correspond to none vanishing correlation coefficients. That means only if a correlation coefficient is statistically significant different from zero, we include an edge in the network. This construction procedure results in unweighted, undirected networks. By separating the time series of stock prices in non-overlapping intervals, we obtain one network per interval. The length of these intervals corresponds to the time scale of the data, whose influence on the construction of the networks will be studied in this paper. Numerical analysis of four different measures in dependence on the time scale for the construction of networks allows us to gain insights about the intrinsic time scale of the stock market with respect to a meaningful graph-theoretical analysis.

  19. Time series analysis of the developed financial markets' integration using visibility graphs

    Science.gov (United States)

    Zhuang, Enyu; Small, Michael; Feng, Gang

    2014-09-01

    A time series representing the developed financial markets' segmentation from 1973 to 2012 is studied. The time series reveals an obvious market integration trend. To further uncover the features of this time series, we divide it into seven windows and generate seven visibility graphs. The measuring capabilities of the visibility graphs provide means to quantitatively analyze the original time series. It is found that the important historical incidents that influenced market integration coincide with variations in the measured graphical node degree. Through the measure of neighborhood span, the frequencies of the historical incidents are disclosed. Moreover, it is also found that large "cycles" and significant noise in the time series are linked to large and small communities in the generated visibility graphs. For large cycles, how historical incidents significantly affected market integration is distinguished by density and compactness of the corresponding communities.

  20. How volatilities nonlocal in time affect the price dynamics in complex financial systems.

    Science.gov (United States)

    Tan, Lei; Zheng, Bo; Chen, Jun-Jie; Jiang, Xiong-Fei

    2015-01-01

    What is the dominating mechanism of the price dynamics in financial systems is of great interest to scientists. The problem whether and how volatilities affect the price movement draws much attention. Although many efforts have been made, it remains challenging. Physicists usually apply the concepts and methods in statistical physics, such as temporal correlation functions, to study financial dynamics. However, the usual volatility-return correlation function, which is local in time, typically fluctuates around zero. Here we construct dynamic observables nonlocal in time to explore the volatility-return correlation, based on the empirical data of hundreds of individual stocks and 25 stock market indices in different countries. Strikingly, the correlation is discovered to be non-zero, with an amplitude of a few percent and a duration of over two weeks. This result provides compelling evidence that past volatilities nonlocal in time affect future returns. Further, we introduce an agent-based model with a novel mechanism, that is, the asymmetric trading preference in volatile and stable markets, to understand the microscopic origin of the volatility-return correlation nonlocal in time.

  1. How volatilities nonlocal in time affect the price dynamics in complex financial systems.

    Directory of Open Access Journals (Sweden)

    Lei Tan

    Full Text Available What is the dominating mechanism of the price dynamics in financial systems is of great interest to scientists. The problem whether and how volatilities affect the price movement draws much attention. Although many efforts have been made, it remains challenging. Physicists usually apply the concepts and methods in statistical physics, such as temporal correlation functions, to study financial dynamics. However, the usual volatility-return correlation function, which is local in time, typically fluctuates around zero. Here we construct dynamic observables nonlocal in time to explore the volatility-return correlation, based on the empirical data of hundreds of individual stocks and 25 stock market indices in different countries. Strikingly, the correlation is discovered to be non-zero, with an amplitude of a few percent and a duration of over two weeks. This result provides compelling evidence that past volatilities nonlocal in time affect future returns. Further, we introduce an agent-based model with a novel mechanism, that is, the asymmetric trading preference in volatile and stable markets, to understand the microscopic origin of the volatility-return correlation nonlocal in time.

  2. Some implications of time series analysis for describing climatologic conditions and for forecasting. An illustrative case: Veracruz, Mexico

    Energy Technology Data Exchange (ETDEWEB)

    Gay, C.; Estrada, F.; Conde, C. [Centro de Ciencias de la Atmosfera, Universidad Nacional Autonoma de Mexico, Mexico, D.F. (Mexico)]. E:mail: feporrua@atmosfera.unam.mx

    2007-04-15

    The common practice of using 30-year sub-samples of climatological data for describing past, present and future conditions has been widely applied, in many cases without considering the properties of the time series analyzed. This paper shows that this practice can lead to an inefficient use of the information contained in the data and to an inaccurate characterization of present, and especially future, climatological conditions because parameters are time and sub-sample size dependent. Furthermore, this approach can lead to the detection of spurious changes in distribution parameters. The time series analysis of observed monthly temperature in Veracruz, Mexico, is used to illustrate the fact that these techniques permit to make a better description of the mean and variability of the series, which in turn allows (depending on the class of process) to restrain uncertainty of forecasts, and therefore provides a better estimation of present and future risk of observing values outside a given coping range. Results presented in this paper show that, although a significant trend is found in the temperatures, giving possible evidence of observed climate change in the region, there is no evidence to support changes in the variability of the series and therefore there is neither observed evidence to support that monthly temperature variability will increase (or decrease) in the future. That is, if climate change is already occurring, it has manifested itself as a change-in-the-mean of these processes and has not affected other moments of their distributions (homogeneous non-stationary processes). The Magicc-Scengen, a software useful for constructing climate change scenarios, uses 20-year sub-samples to estimate future climate variability. For comparison purposes, possible future probability density functions are constructed following two different approaches: one, using solely the Magicc-Scengen output, and another one using a combination of this information and the time

  3. Unit roots and structural breakpoints in China's macroeconomic and financial time series

    Institute of Scientific and Technical Information of China (English)

    LIANG Qi; TENG Jianzhou

    2006-01-01

    This paper applies unit-root tests to 10 Chinese macroeconomic and financial time series that allow for the possibility of up to two endogenous structural breaks.We found that 6 of the series,i.e.,GDP,GDP per capita,employment,bank credit,deposit liabilities and investment,can be more accurately characterized as a segmented trend stationarity process around one or two structural breakpoints as opposed to a stochastic unit root process.Our findings have important implications for policy-makers to formulate long-term growth strategy and short-run stabilization policies,as well as causality analysis among the series.

  4. Dynamical generalized Hurst exponent as a tool to monitor unstable periods in financial time series

    Science.gov (United States)

    Morales, Raffaello; Di Matteo, T.; Gramatica, Ruggero; Aste, Tomaso

    2012-06-01

    We investigate the use of the Hurst exponent, dynamically computed over a weighted moving time-window, to evaluate the level of stability/instability of financial firms. Financial firms bailed-out as a consequence of the 2007-2008 credit crisis show a neat increase with time of the generalized Hurst exponent in the period preceding the unfolding of the crisis. Conversely, firms belonging to other market sectors, which suffered the least throughout the crisis, show opposite behaviors. We find that the multifractality of the bailed-out firms increase at the crisis suggesting that the multi fractal properties of the time series are changing. These findings suggest the possibility of using the scaling behavior as a tool to track the level of stability of a firm. In this paper, we introduce a method to compute the generalized Hurst exponent which assigns larger weights to more recent events with respect to older ones. In this way large fluctuations in the remote past are less likely to influence the recent past. We also investigate the scaling associated with the tails of the log-returns distributions and compare this scaling with the scaling associated with the Hurst exponent, observing that the processes underlying the price dynamics of these firms are truly multi-scaling.

  5. Development of a population pharmacokinetic model to describe azithromycin whole-blood and plasma concentrations over time in healthy subjects.

    Science.gov (United States)

    Pene Dumitrescu, T; Anic-Milic, T; Oreskovic, K; Padovan, J; Brouwer, K L R; Zuo, P; Schmith, V D

    2013-07-01

    Azithromycin (AZI), a broad-spectrum antibiotic, accumulates in polymorphonuclear cells and peripheral blood mononuclear cells. The distribution of AZI in proinflammatory cells may be important to the anti-inflammatory properties. Previous studies have described plasma AZI pharmacokinetics. The objective of this study was to describe the pharmacokinetics of AZI in whole blood (concentration in whole blood [Cb]) and plasma (concentration in plasma [Cp]) of healthy subjects. In this study, 12 subjects received AZI (500 mg once a day for 3 days). AZI Cb and Cp were quantified in serial samples collected up to 3 weeks after the last dose and analyzed using noncompartmental and compartmental methods. After the last dose, Cb was greater than Cp. Importantly, Cb, but not Cp, was quantifiable in all but one subject at 3 weeks. The blood area under the curve during a 24-h dosing interval (AUC24) was ∼2-fold greater than the plasma AUC24, but simulations suggested that Cb was not at steady state by day 3. Upon exploration of numerous models, an empirical 3-compartment model adequately described Cp and Cb, but Cp was somewhat underestimated. Intercompartmental clearance (CL; likely representing cells) was lower than apparent oral CL (18 versus 118 liters/h). Plasma, peripheral, and cell compartmental volumes were 439 liters, 2,980 liters, and 3,084 liters, respectively. Interindividual variability in CL was low (26.2%), while the volume of distribution variability was high (107%). This is the first report to describe AZI Cb in healthy subjects, the distribution parameters between Cp and Cb, and AZI retention in blood for up to 3 weeks following 3 daily doses. The model can be used to predict Cb from Cp for AZI under various dosing regimens. (This study has been registered at ClinicalTrials.gov under registration no. NCT01026064.).

  6. Memory effects in the statistics of interoccurrence times between large returns in financial records.

    Science.gov (United States)

    Bogachev, Mikhail I; Bunde, Armin

    2008-09-01

    We study the statistics of the interoccurrence times between events above some threshold Q in two kinds of multifractal data sets (multiplicative random cascades and multifractal random walks) with vanishing linear correlations. We show that in both data sets the relevant quantities (probability density functions and the autocorrelation function of the interoccurrence times, as well as the conditional return period) are governed by power laws with exponents that depend explicitly on the considered threshold. By studying a large number of representative financial records (market indices, stock prices, exchange rates, and commodities), we show explicitly that the interoccurrence times between large daily returns follow the same behavior, in a nearly quantitative manner. We conclude that this kind of behavior is a general consequence of the nonlinear memory inherent in the multifractal data sets.

  7. Estimates for the Finite-time Ruin Probability with Insurance and Financial Risks

    Institute of Scientific and Technical Information of China (English)

    Min ZHOU; Kai-yong WANG; Yue-bao WANG

    2012-01-01

    The paper gives estimates for the finite-time ruin probability with insurance and financial risks.When the distribution of the insurance risk belongs to the class (L)(γ) for some γ > 0 or the subexponential distribution class,we abtain some asymptotic equivalent relationships for the finite-time ruin probability,respectively. When the distribution of the insurance risk belongs to the dominated varying-tailed distribution class,we obtain asymptotic upper bound and lower bound for the finite-time ruin probability,where for the asymptotic upper bound,we completely get rid of the restriction of mutual independence on insurance risks,and for the lower bound,we only need the insurance risks to have a weak positive association structure.The obtained results extend and improve some existing results.

  8. Asset price dynamics in a financial market with heterogeneous trading strategies and time delays

    Science.gov (United States)

    Sansone, Alessandro; Garofalo, Giuseppe

    2007-08-01

    In this paper we present a continuous time dynamical model of heterogeneous agents interacting in a financial market where transactions are cleared by a market maker. The market is composed of fundamentalist, trend following and contrarian agents who process market information with different time delays. Each class of investors is characterized by path dependent risk aversion. We also allow for the possibility of evolutionary switching between trend following and contrarian strategies. We find that the system shows periodic, quasi-periodic and chaotic dynamics as well as synchronization between technical traders. Furthermore, the model is able to generate time series of returns that exhibit statistical properties similar to those of the S&P 500 index, which is characterized by excess kurtosis, volatility clustering and long memory.

  9. Long Memory of Financial Time Series and Hidden Markov Models with Time-Varying Parameters

    DEFF Research Database (Denmark)

    Nystrup, Peter; Madsen, Henrik; Lindström, Erik

    2016-01-01

    estimation approach that allows for the parameters of the estimated models to be time varying. It is shown that a two-state Gaussian hidden Markov model with time-varying parameters is able to reproduce the long memory of squared daily returns that was previously believed to be the most difficult fact...... to reproduce with a hidden Markov model. Capturing the time-varying behavior of the parameters also leads to improved one-step density forecasts. Finally, it is shown that the forecasting performance of the estimated models can be further improved using local smoothing to forecast the parameter variations....

  10. Long memory of financial time series and hidden Markov models with time-varying parameters

    DEFF Research Database (Denmark)

    Nystrup, Peter; Madsen, Henrik; Lindström, Erik

    facts have not been thoroughly examined. This paper presents an adaptive estimation approach that allows for the parameters of the estimated models to be time-varying. It is shown that a two-state Gaussian hidden Markov model with time-varying parameters is able to reproduce the long memory of squared...... daily returns that was previously believed to be the most difficult fact to reproduce with a hidden Markov model. Capturing the time-varying behavior of the parameters also leads to improved one-step predictions....

  11. Agent-Based Simulation of Financial Markets: A Modular, Continuous-time Approach

    NARCIS (Netherlands)

    K. Boer-Sorban (Katalin)

    2008-01-01

    textabstractThe dynamics of financial markets is subject of much debate among researchers and financial experts trying to understand and explain how financial markets work and traders behave. Diversified explanations result from the complexity of markets, and the hardly observable aspects of price f

  12. Asymmetric asynchrony of financial time series based on asymmetric multiscale cross-sample entropy

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2015-03-01

    The paper proposes the asymmetric multiscale cross-sample entropy (AMCSE) method and applies it to analyze the financial time series of US, Chinese, and European stock markets. The asynchronies of these time series in USA, China, and Europe all decrease (the correlations increase) with the increase in scale which declares that taking into account bigger time scale to study these financial time series is capable of revealing the intrinsic relations between these stock markets. Meanwhile, we find that there is a crossover between the upwards and the downwards in these AMCSE results, which indicates that when the scale reach a certain value, the asynchronies of the upwards and the downwards for these stock markets are equal and symmetric. But for the other scales, the asynchronies of the upwards and the downwards are different from each other indicating the necessity and importance of multiscale analysis for revealing the most comprehensive information of stock markets. The series with a positive trend have a higher decreasing pace on asynchrony than those with a negative trend, while the asynchrony between the series with a positive or negative trend is lower than that between the original series. Moreover, it is noticeable that there are some small abnormal rises at some abnormal scales. We find that the asynchronies are the highest at scales smaller than 2 when investigating the time series of stock markets with a negative trend. The existences of asymmetries declare the inaccuracy and weakness of multiscale cross-sample entropy, while by comparing the asymmetries of US, Chinese, and European markets, similar conclusions can be drawn and we acquire that the asymmetries of Chinese markets are the smallest and the asymmetries of European markets are the biggest. Thus, it is of great value and benefit to investigate the series with different trends using AMCSE method.

  13. Time-dependent Induced Seismicity Rates Described with an Epidemic Type Aftershock Sequence Model at The Geysers Geothermal Field, California

    Science.gov (United States)

    Johnson, C. W.; Totten, E. J.; Burgmann, R.

    2015-12-01

    To improve understanding of the link between injection/production activity and seismicity, we apply an Epidemic Type Aftershock Sequence (ETAS) model to an earthquake catalog from The Geysers geothermal field (GGF) between 2005-2015 using >140,000 events and Mc 0.8 . We partition the catalog along a northeast-southwest trending divide, which corresponds to regions of high and low levels of enhanced geothermal stimulation (EGS) across the field. The ETAS model is fit to the seismicity data using a 6-month sliding window with a 1-month time step to determine the background seismicity rate. We generate monthly time series of the time-dependent background seismicity rate in 1-km depth intervals from 0-5km. The average wellhead depth is 2-3 km and the background seismicity rates above this depth do not correlate well with field-wide injected masses over the time period of interest. The auto correlation results show a 12-month period for monthly time series proximal to the average wellhead depths (2-3km and 3-4km) for northwest GGF strongly correlates with field-wide fluid injection masses, with a four-month phase shift between the two depth intervals as fluid migrates deeper. This periodicity is not observed for the deeper depth interval of 4-5 km, where monthly background seismicity rates reduce to near zero. Cross-correlation analysis using the monthly time series for background seismicity rate and the field-wide injection, production and net injection (injection minus production) suggest that injection most directly modulates seismicity. Periodicity in the background seismicity is not observed as strongly in the time series for the southeast field. We suggest that the variation in background seismicity rate is a proxy for pore-pressure diffusion of injected fluids at depth. We deduce that the contrast between the background seismicity rates in the northwest and southeast GGF is a result of reduced EGS activity in the southeast region.

  14. 13 CFR 108.1220 - Requirement for NMVC Company to file financial statements at the time of request for a draw.

    Science.gov (United States)

    2010-01-01

    ... file financial statements at the time of request for a draw. 108.1220 Section 108.1220 Business Credit... Financial Assistance for NMVC Companies (Leverage) Conditional Commitments by Sba to Reserve Leverage for A Nmvc Company § 108.1220 Requirement for NMVC Company to file financial statements at the time of...

  15. The effect of financial incentives on adherence to antipsychotic depot medication: does it change over time?

    Science.gov (United States)

    Pavlickova, Hana; Bremner, Stephen A; Priebe, Stefan

    2015-08-01

    A recent cluster-randomized controlled trial found that offering financial incentives improves adherence to long-acting injectable antipsychotics (LAIs). The present study investigates whether the impact of incentives diminishes over time and whether the improvement in adherence is linked to the amount of incentives offered. Seventy-three teams with 141 patients with psychotic disorders (using ICD-10) were randomized to the intervention or control group. Over 1 year, patients in the intervention group received £15 (US $23) for each LAI, while control patients received treatment as usual. Adherence levels, ie, the percentage of prescribed LAIs that were received, were calculated for quarterly intervals. The amount of incentives offered was calculated from the treatment cycle at baseline. Multilevel models were used to examine the time course of the effect of incentives and the effect of the amount of incentives offered on adherence. Adherence increased in both the intervention and the control group over time by an average of 4.2% per quarterly interval (95% CI, 2.8%-5.6%; P time and treatment group. Further, a higher total amount of incentives was associated with poorer adherence (βbootstrapped = -0.11; 95% CIbootstrapped, -0.20 to -0.01; P = .023). A substantial effect of financial incentives on adherence to LAIs occurs within the first 3 months of the intervention and is sustained over 1 year. A higher total amount of incentives does not increase the effect. ISRCTN.com identifier: ISRCTN77769281 and UKCRN.org identifier: 7033. © Copyright 2015 Physicians Postgraduate Press, Inc.

  16. Being on the field when the game is still under way. The financial press and stock markets in times of crisis

    National Research Council Canada - National Science Library

    Casarin, Roberto; Squazzoni, Flaminio

    2013-01-01

    .... We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market...

  17. Being on the Field When the Game Is Still Under Way. The Financial Press and Stock Markets in Times of Crisis: e67721

    National Research Council Canada - National Science Library

    Roberto Casarin; Flaminio Squazzoni

    2013-01-01

    .... We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market...

  18. Modeling Financial Time Series Based on a Market Microstructure Model with Leverage Effect

    Directory of Open Access Journals (Sweden)

    Yanhui Xi

    2016-01-01

    Full Text Available The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation. With the new representations, a theoretical explanation of leverage effect is provided. Simulated data and daily stock market indices (Shanghai composite index, Shenzhen component index, and Standard and Poor’s 500 Composite index via Bayesian Markov Chain Monte Carlo (MCMC method are used to estimate the leverage market microstructure model. The results verify the effectiveness of the model and its estimation approach proposed in the paper and also indicate that the stock markets have strong leverage effects. Compared with the classical leverage stochastic volatility (SV model in terms of DIC (Deviance Information Criterion, the leverage market microstructure model fits the data better.

  19. Statistical inference for financial engineering

    CERN Document Server

    Taniguchi, Masanobu; Ogata, Hiroaki; Taniai, Hiroyuki

    2014-01-01

    This monograph provides the fundamentals of statistical inference for financial engineering and covers some selected methods suitable for analyzing financial time series data. In order to describe the actual financial data, various stochastic processes, e.g. non-Gaussian linear processes, non-linear processes, long-memory processes, locally stationary processes etc. are introduced and their optimal estimation is considered as well. This book also includes several statistical approaches, e.g., discriminant analysis, the empirical likelihood method, control variate method, quantile regression, realized volatility etc., which have been recently developed and are considered to be powerful tools for analyzing the financial data, establishing a new bridge between time series and financial engineering. This book is well suited as a professional reference book on finance, statistics and statistical financial engineering. Readers are expected to have an undergraduate-level knowledge of statistics.

  20. Simultaneous auroral observations described in the historical records of China, Japan and Korea from ancient times to AD 1700

    Directory of Open Access Journals (Sweden)

    D. M. Willis

    Full Text Available Early auroral observations recorded in various oriental histories are examined in order to search for examples of strictly simultaneous and indisputably independent observations of the aurora borealis from spatially separated sites in East Asia. In the period up to ad 1700, only five examples have been found of two or more oriental auroral observations from separate sites on the same night. These occurred during the nights of ad 1101 January 31, ad 1138 October 6, ad 1363 July 30, ad 1582 March 8 and ad 1653 March 2. The independent historical evidence describing observations of mid-latitude auroral displays at more than one site in East Asia on the same night provides virtually incontrovertible proof that auroral displays actually occurred on these five special occasions. This conclusion is corroborated by the good level of agreement between the detailed auroral descriptions recorded in the different oriental histories, which furnish essentially compatible information on both the colour (or colours of each auroral display and its approximate position in the sky. In addition, the occurrence of auroral displays in Europe within two days of auroral displays in East Asia, on two (possibly three out of these five special occasions, suggests that a substantial number of the mid-latitude auroral displays recorded in the oriental histories are associated with intense geomagnetic storms.

    Key words. Magnetospheric physics (auroral phenomena; storms and substorms

  1. Model for interevent times with long tails and multifractality in human communications: An application to financial trading

    Science.gov (United States)

    Perelló, Josep; Masoliver, Jaume; Kasprzak, Andrzej; Kutner, Ryszard

    2008-09-01

    Social, technological, and economic time series are divided by events which are usually assumed to be random, albeit with some hierarchical structure. It is well known that the interevent statistics observed in these contexts differs from the Poissonian profile by being long-tailed distributed with resting and active periods interwoven. Understanding mechanisms generating consistent statistics has therefore become a central issue. The approach we present is taken from the continuous-time random-walk formalism and represents an analytical alternative to models of nontrivial priority that have been recently proposed. Our analysis also goes one step further by looking at the multifractal structure of the interevent times of human decisions. We here analyze the intertransaction time intervals of several financial markets. We observe that empirical data describe a subtle multifractal behavior. Our model explains this structure by taking the pausing-time density in the form of a superstatistics where the integral kernel quantifies the heterogeneous nature of the executed tasks. A stretched exponential kernel provides a multifractal profile valid for a certain limited range. A suggested heuristic analytical profile is capable of covering a broader region.

  2. The financial requirements and time commitments of caregivers for autologous stem cell transplant recipients.

    Science.gov (United States)

    Meehan, Kenneth R; Fitzmaurice, Thomas; Root, Lynn; Kimtis, Elizabeth; Patchett, Linda; Hill, John

    2006-04-01

    This study is a prospective evaluation of the time commitment and financial requirements of caregivers of autologous stem cell recipients during the period of inpatient hospitalization. Eligible patients identified one caregiver, and a one-page survey addressing the necessary time commitment and out-of-pocket expenses was completed by the caregiver at each visit. The caregivers of 40 patients participated (non-Hodgkin's lymphoma [n = 19], multiple myeloma [n = 18], Hodgkin's lymphoma [n = 2], or acute myelogenous leukemia [n = 1]). Caregivers included spouses (n = 35), partners/friends (n = 2), or family members (n = 3). Results were summarized for the patient's total length of stay. Each caregiver traveled a median of 829 miles over 17.8 hours. Out-of-pocket expenses varied greatly depending on whether a caregiver stayed in local accommodations (cohort 1; n = 11) or in the patient's hospital room (cohort 2; n = 29). Total expenses (median) for each caregiver in cohort 1 were dollar 849.35, including accommodations (dollar 560), gasoline (dollar 87.35), and food (dollar 202). Total expenses (median) for each caregiver in cohort 2 were dollar 181.15, including gasoline (dollar 70) and food (dollar 111.15). Each caregiver in cohort 1 lost a median of 43.5 hours of work compared with 8 hours for each caregiver in cohort 2. The results from this prospective study demonstrate that there is a significant financial and time requirement on the part of the caregiver when a family member or significant other is hospitalized for an autologous stem cell transplant.

  3. On the non-stationarity of financial time series: impact on optimal portfolio selection

    Science.gov (United States)

    Livan, Giacomo; Inoue, Jun-ichi; Scalas, Enrico

    2012-07-01

    We investigate the possible drawbacks of employing the standard Pearson estimator to measure correlation coefficients between financial stocks in the presence of non-stationary behavior, and we provide empirical evidence against the well-established common knowledge that using longer price time series provides better, more accurate, correlation estimates. Then, we investigate the possible consequences of instabilities in empirical correlation coefficient measurements on optimal portfolio selection. We rely on previously published works which provide a framework allowing us to take into account possible risk underestimations due to the non-optimality of the portfolio weights being used in order to distinguish such non-optimality effects from risk underestimations genuinely due to non-stationarities. We interpret such results in terms of instabilities in some spectral properties of portfolio correlation matrices.

  4. Real-Time Diffusion of Information on Twitter and the Financial Markets

    Science.gov (United States)

    Tafti, Ali; Zotti, Ryan; Jank, Wolfgang

    2016-01-01

    Do spikes in Twitter chatter about a firm precede unusual stock market trading activity for that firm? If so, Twitter activity may provide useful information about impending financial market activity in real-time. We study the real-time relationship between chatter on Twitter and the stock trading volume of 96 firms listed on the Nasdaq 100, during 193 days of trading in the period from May 21, 2012 to September 18, 2013. We identify observations featuring firm-specific spikes in Twitter activity, and randomly assign each observation to a ten-minute increment matching on the firm and a number of repeating time indicators. We examine the extent that unusual levels of chatter on Twitter about a firm portend an oncoming surge of trading of its stock within the hour, over and above what would normally be expected for the stock for that time of day and day of week. We also compare the findings from our explanatory model to the predictive power of Tweets. Although we find a compelling and potentially informative real-time relationship between Twitter activity and trading volume, our forecasting exercise highlights how difficult it can be to make use of this information for monetary gain. PMID:27504639

  5. Real-Time Diffusion of Information on Twitter and the Financial Markets.

    Science.gov (United States)

    Tafti, Ali; Zotti, Ryan; Jank, Wolfgang

    2016-01-01

    Do spikes in Twitter chatter about a firm precede unusual stock market trading activity for that firm? If so, Twitter activity may provide useful information about impending financial market activity in real-time. We study the real-time relationship between chatter on Twitter and the stock trading volume of 96 firms listed on the Nasdaq 100, during 193 days of trading in the period from May 21, 2012 to September 18, 2013. We identify observations featuring firm-specific spikes in Twitter activity, and randomly assign each observation to a ten-minute increment matching on the firm and a number of repeating time indicators. We examine the extent that unusual levels of chatter on Twitter about a firm portend an oncoming surge of trading of its stock within the hour, over and above what would normally be expected for the stock for that time of day and day of week. We also compare the findings from our explanatory model to the predictive power of Tweets. Although we find a compelling and potentially informative real-time relationship between Twitter activity and trading volume, our forecasting exercise highlights how difficult it can be to make use of this information for monetary gain.

  6. Scaling properties and universality of first-passage-time probabilities in financial markets

    Science.gov (United States)

    Perelló, Josep; Gutiérrez-Roig, Mario; Masoliver, Jaume

    2011-12-01

    Financial markets provide an ideal frame for the study of crossing or first-passage time events of non-Gaussian correlated dynamics, mainly because large data sets are available. Tick-by-tick data of six futures markets are herein considered, resulting in fat-tailed first-passage time probabilities. The scaling of the return with its standard deviation collapses the probabilities of all markets examined—and also for different time horizons—into single curves, suggesting that first-passage statistics is market independent (at least for high-frequency data). On the other hand, a very closely related quantity, the survival probability, shows, away from the center and tails of the distribution, a hyperbolic t-1/2 decay typical of a Markovian dynamics, albeit the existence of memory in markets. Modifications of the Weibull and Student distributions are good candidates for the phenomenological description of first-passage time properties under certain regimes. The scaling strategies shown may be useful for risk control and algorithmic trading.

  7. Preschool Teachers' Financial Well-Being and Work Time Supports: Associations with Children's Emotional Expressions and Behaviors in Classrooms

    Science.gov (United States)

    King, Elizabeth K.; Johnson, Amy V.; Cassidy, Deborah J.; Wang, Yudan C.; Lower, Joanna K.; Kintner-Duffy, Victoria L.

    2016-01-01

    The current study examined associations among teachers' financial well-being, including teachers' wages and their perceptions of their ability to pay for basic expenses, and teachers' work time supports, including teachers' paid planning time, vacation days, and sick days, and children's positive emotional expressions and behaviors in preschool…

  8. Preschool Teachers' Financial Well-Being and Work Time Supports: Associations with Children's Emotional Expressions and Behaviors in Classrooms

    Science.gov (United States)

    King, Elizabeth K.; Johnson, Amy V.; Cassidy, Deborah J.; Wang, Yudan C.; Lower, Joanna K.; Kintner-Duffy, Victoria L.

    2016-01-01

    The current study examined associations among teachers' financial well-being, including teachers' wages and their perceptions of their ability to pay for basic expenses, and teachers' work time supports, including teachers' paid planning time, vacation days, and sick days, and children's positive emotional expressions and behaviors in preschool…

  9. Scaling symmetry, renormalization, and time series modeling: the case of financial assets dynamics.

    Science.gov (United States)

    Zamparo, Marco; Baldovin, Fulvio; Caraglio, Michele; Stella, Attilio L

    2013-12-01

    We present and discuss a stochastic model of financial assets dynamics based on the idea of an inverse renormalization group strategy. With this strategy we construct the multivariate distributions of elementary returns based on the scaling with time of the probability density of their aggregates. In its simplest version the model is the product of an endogenous autoregressive component and a random rescaling factor designed to embody also exogenous influences. Mathematical properties like increments' stationarity and ergodicity can be proven. Thanks to the relatively low number of parameters, model calibration can be conveniently based on a method of moments, as exemplified in the case of historical data of the S&P500 index. The calibrated model accounts very well for many stylized facts, like volatility clustering, power-law decay of the volatility autocorrelation function, and multiscaling with time of the aggregated return distribution. In agreement with empirical evidence in finance, the dynamics is not invariant under time reversal, and, with suitable generalizations, skewness of the return distribution and leverage effects can be included. The analytical tractability of the model opens interesting perspectives for applications, for instance, in terms of obtaining closed formulas for derivative pricing. Further important features are the possibility of making contact, in certain limits, with autoregressive models widely used in finance and the possibility of partially resolving the long- and short-memory components of the volatility, with consistent results when applied to historical series.

  10. Stock Picking and Market Timing of the Egyptian Fund Managers: Evidence from the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Mohammad Elmesseary

    2014-10-01

    Full Text Available The findings of over-or-under performance of fund managers across the crisis periods are mixed. By analyzing the data of 35 Egyptian funds, this paper investigates the two skills of market timing and selectivity during-and-post the 2007-2008 financial turmoil; it also examines the comparative performance between the conventionaland Islamic mutual funds. The results show no evidence of these skills even for the overall period or for the crisis one, where Chow – test documents that there are no structural changes either for the regression line or for its coefficients across the two sub-periods. These findings are supported by using a well-known benchmark. Thus, it seems that investors cannot gain superior returns by investing in the mutual funds industry as a whole. Furthermore, the outcomes of the cross-sectional analysis report that investors cannot also attain higher returns by investing in a particular fund group against the other, implying that the ethical screening, which is adopted by the Islamic ones, and which limits their potentials of diversification does not impact their performance.JEL classification: G1; G2Keywords: Capital markets, Islamic mutual funds, performance evaluation, market timing ability,stock picking ability

  11. Multifractals in Western Major STOCK Markets Historical Volatilities in Times of Financial Crisis

    Science.gov (United States)

    Lahmiri, Salim

    In this paper, the generalized Hurst exponent is used to investigate multifractal properties of historical volatility (CHV) in stock market price and return series before, during and after 2008 financial crisis. Empirical results from NASDAQ, S&P500, TSE, CAC40, DAX, and FTSE stock market data show that there is strong evidence of multifractal patterns in HV of both price and return series. In addition, financial crisis deeply affected the behavior and degree of multifractality in volatility of Western financial markets at price and return levels.

  12. Innovations in Times of Austerity: Thinking outside the Box to Maintain Programs during Periods of Financial Exigency

    Science.gov (United States)

    Dryden, Joe

    2013-01-01

    This case represents a multitude of leadership dilemmas created by financial exigencies and the difficult decisions that must be made during times of economic austerity. Under the best of circumstances, deciding between programmatic elimination and/or employee termination is agonizing, onerous, and filled with political and social ramifications.…

  13. Stock Picking and Market Timing of the Gulf Fund Managers: Evidence from the Financial Crisis

    Directory of Open Access Journals (Sweden)

    Mohamed Elmesseary

    2014-10-01

    Full Text Available From five Gulf countries over the 2007-2012 period, this paper offers a comprehensive investigation for these managerial skills during and after the Financial Crisis (FC of 2007- 2008; it also inspects the relative differences in performance between equity conventional mutual funds (CMFS and Islamic ones. The results show no evidence of over-or-under performance for the fund managers due to these two skills, where there are no structuralchanges for the regression line across the two sub-periods, but it reveals the superiority of equity CMFS performance in Kuwait in particular along the overall period. Thus, it seemsthat if the investors cannot gain superior returns by investing in the Gulf mutual funds on general, they may attain a comparative advantage by investing in the conventional fundsagainst the Islamic ones especially in Kuwait. It also implies that the ethical screening, which is adopted by the Islamic funds of Kuwait, already limits their diversification  opportunities and then adversely affects their performance.JEL classification: G1; G2Keywords: Capital markets, Islamic mutual funds, performance evaluation, market timing ability, stock picking ability

  14. Evaluating the Impact of Public Programs of Financial Aid to SMEs during times of crisis: The Spanish Experience

    OpenAIRE

    2012-01-01

    The aim of this paper is to study the differential effects of the public programs that provide financial aid to small and medium enterprises during times of crisis in Spain. We use different methods to control for potential selection bias. Our results show that the effects of these programs are stronger during times of crisis: during normal periods, these programs impact assets, sales, efficiency, and productivity growth, whereas during recessions, their effects extend to employment growth.

  15. Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

    Science.gov (United States)

    Lexa, Frank James; Berlin, Jonathan W

    2005-03-01

    In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

  16. Time and financial costs of programs for live trapping feral cats.

    Science.gov (United States)

    Nutter, Felicia B; Stoskopf, Michael K; Levine, Jay F

    2004-11-01

    To determine the time and financial costs of programs for live trapping feral cats and determine whether allowing cats to become acclimated to the traps improved trapping effectiveness. Prospective cohort study. 107 feral cats in 9 colonies. 15 traps were set at each colony for 5 consecutive nights, and 5 traps were then set per night until trapping was complete. In 4 colonies, traps were immediately baited and set; in the remaining 5 colonies, traps were left open and cats were fed in the traps for 3 days prior to the initiation of trapping. Costs for bait and labor were calculated, and trapping effort and efficiency were assessed. Mean +/- SD overall trapping effort (ie, number of trap-nights until at least 90% of the cats in the colony had been captured or until no more than 1 cat remained untrapped) was 8.9 +/- 3.9 trap-nights per cat captured. Mean overall trapping efficiency (ie, percentage of cats captured per colony) was 98.0 +/- 4.0%. There were no significant differences in trapping effort or efficiency between colonies that were provided an acclimation period and colonies that were not. Overall trapping costs were significantly higher for colonies provided an acclimation period. Results suggest that these live-trapping protocols were effective. Feeding cats their regular diets in the traps for 3 days prior to the initiation of trapping did not have a significant effect on trapping effort or efficiency in the present study but was associated with significant increases in trapping costs.

  17. Essays on financial liberalization

    OpenAIRE

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that financial liberalization has a positive, albeit weak effect on growth. Chapter 3 presents a theoretical model to study the relationship between financial liberalization and income inequality. The mode...

  18. THE IMPORTANCE OF THE SCENARIOS METHODOLOGY FOR FINANCIAL INSTITUTIONS DURING TIMES OF CRISIS

    Directory of Open Access Journals (Sweden)

    Paulo Roberto Correa Leão

    2010-11-01

    Full Text Available Recently, the need to apply strategic planning methodologies in business has risen, since corporations are part of a globalized world in which technological change and economic dynamism are evolving at a faster pace. Thus, firms must perform not only efficiently but also effectively in adapting to changes as they occur in the political, economic, technological, legal and environmental dimensions. This dictates the need for new strategic organizational positioning. The potential usefulness of the scenarios methodology was investigated for a sample of financial institutions with assets in the Brazilian market, based on management reports and in accordance with strategic dimensions needed to cope with crises. Therefore, we propose a new methodology for the qualitative analysis of official management reports, which indicates a perception of scenario building within organizations. The results suggest a positive relationship between the quality of the process of generating scenarios and the financial results of the banking institution. Key-words: Scenarios. Financial institutions. Crisis. 

  19. Measuring the self-similarity exponent in Lévy stable processes of financial time series

    Science.gov (United States)

    Fernández-Martínez, M.; Sánchez-Granero, M. A.; Trinidad Segovia, J. E.

    2013-11-01

    Geometric method-based procedures, which will be called GM algorithms herein, were introduced in [M.A. Sánchez Granero, J.E. Trinidad Segovia, J. García Pérez, Some comments on Hurst exponent and the long memory processes on capital markets, Phys. A 387 (2008) 5543-5551], to efficiently calculate the self-similarity exponent of a time series. In that paper, the authors showed empirically that these algorithms, based on a geometrical approach, are more accurate than the classical algorithms, especially with short length time series. The authors checked that GM algorithms are good when working with (fractional) Brownian motions. Moreover, in [J.E. Trinidad Segovia, M. Fernández-Martínez, M.A. Sánchez-Granero, A note on geometric method-based procedures to calculate the Hurst exponent, Phys. A 391 (2012) 2209-2214], a mathematical background for the validity of such procedures to estimate the self-similarity index of any random process with stationary and self-affine increments was provided. In particular, they proved theoretically that GM algorithms are also valid to explore long-memory in (fractional) Lévy stable motions. In this paper, we prove empirically by Monte Carlo simulation that GM algorithms are able to calculate accurately the self-similarity index in Lévy stable motions and find empirical evidence that they are more precise than the absolute value exponent (denoted by AVE onwards) and the multifractal detrended fluctuation analysis (MF-DFA) algorithms, especially with a short length time series. We also compare them with the generalized Hurst exponent (GHE) algorithm and conclude that both GM2 and GHE algorithms are the most accurate to study financial series. In addition to that, we provide empirical evidence, based on the accuracy of GM algorithms to estimate the self-similarity index in Lévy motions, that the evolution of the stocks of some international market indices, such as U.S. Small Cap and Nasdaq100, cannot be modelized by means of a

  20. A mixed time-frequency domain method to describe the dynamic behaviour of a discrete medium bounded by a linear continuum

    NARCIS (Netherlands)

    Hoving, J.S.; Metrikine, A.

    2015-01-01

    To minimize the calculation time required by numerical models that de- scribe dynamic interactions involving nonlinear behaviour, it is useful to divide the model into two separate domains. One domain close to the interaction point, which consists of a sophisticated model capable of describing

  1. Financial Crisis

    Institute of Scientific and Technical Information of China (English)

    黄骅

    2012-01-01

      Financial crisis started from America and soon spread all over the world. How did this happen? What government has done to rescue the economy and what should we do to help? Is financial crisis inevitable? These questions have bothered me for a long time. However, if we use a macroeconomist eye to view the world, all the questions seemed clear and crystal.

  2. A time-to-event pharmacodynamic model describing treatment response in patients with pulmonary tuberculosis using days to positivity in automated liquid mycobacterial culture.

    Science.gov (United States)

    Chigutsa, Emmanuel; Patel, Kashyap; Denti, Paolo; Visser, Marianne; Maartens, Gary; Kirkpatrick, Carl M J; McIlleron, Helen; Karlsson, Mats O

    2013-02-01

    Days to positivity in automated liquid mycobacterial culture have been shown to correlate with mycobacterial load and have been proposed as a useful biomarker for treatment responses in tuberculosis. However, there is currently no quantitative method or model to analyze the change in days to positivity with time on treatment. The objectives of this study were to describe the decline in numbers of mycobacteria in sputum collected once weekly for 8 weeks from patients on treatment for tuberculosis using days to positivity in liquid culture. One hundred forty-four patients with smear-positive pulmonary tuberculosis were recruited from a tuberculosis clinic in Cape Town, South Africa. A nonlinear mixed-effects repeated-time-to-event modeling approach was used to analyze the time-to-positivity data. A biexponential model described the decline in the estimated number of bacteria in patients' sputum samples, while a logistic model with a lag time described the growth of the bacteria in liquid culture. At baseline, the estimated number of rapidly killed bacteria is typically 41 times higher than that of those that are killed slowly. The time to kill half of the rapidly killed bacteria was about 1.8 days, while it was 39 days for slowly killed bacteria. Patients with lung cavitation had higher bacterial loads than patients without lung cavitation. The model successfully described the increase in days to positivity as treatment progressed, differentiating between bacteria that are killed rapidly and those that are killed slowly. Our model can be used to analyze similar data from studies testing new drug regimens.

  3. Time-varying causal network of the Korean financial system based on firm-specific risk premiums

    Science.gov (United States)

    Song, Jae Wook; Ko, Bonggyun; Cho, Poongjin; Chang, Woojin

    2016-09-01

    The aim of this paper is to investigate the Korean financial system based on time-varying causal network. We discover many stylized facts by utilizing the firm-specific risk premiums for measuring the causality direction from a firm to firm. At first, we discover that the interconnectedness of causal network is affected by the outbreak of financial events; the co-movement of firm-specific risk premium is strengthened after each positive event, and vice versa. Secondly, we find that the major sector of the Korean financial system is the Depositories, and the financial reform in June-2011 achieves its purpose by weakening the power of risk-spillovers of Broker-Dealers. Thirdly, we identify that the causal network is a small-world network with scale-free topology where the power-law exponents of out-Degree and negative event are more significant than those of in-Degree and positive event. Lastly, we discuss that the current aspects of causal network are closely related to the long-term future scenario of the KOSPI Composite index where the direction and stability are significantly affected by the power of risk-spillovers and the power-law exponents of degree distributions, respectively.

  4. Time to Pay Up: Analyzing the Motivational Potential of Financial Awards in a TIF Program

    Science.gov (United States)

    Rice, Jennifer King; Malen, Betty; Jackson, Cara; Hoyer, Kathleen Mulvaney

    2015-01-01

    The effectiveness of educator incentive programs rests on the assumption that the potential rewards for participants will motivate them to behave in certain ways (e.g., choose certain jobs, expend greater effort, engage in capacity-building professional development). Some researchers have examined the impact of financial incentives on teacher…

  5. Financial Times näeb abiprogrammides ülemaailmset ohtu / Mikk Salu

    Index Scriptorium Estoniae

    Salu, Mikk, 1975-

    2009-01-01

    Financial Timesi kolumnisti Martin Wolfe'i hinnangul sünniks katastroof siis, kui USA valitsus kaks aastat küll pingutaks ja stimuleeriks majandust, kuid, tööpuudus oleks endiselt suur ja defitsiit kasvaks. Majandusprofessor Willem Buiter arvab, et lähima kahe aasta jooksul kukuvad maailmas kokku dollaris hinnatud varad

  6. Testing for a Common Volatility Process and Information Spillovers in Bivariate Financial Time Series Models

    NARCIS (Netherlands)

    J. Chen (Jinghui); M. Kobayashi (Masahito); M.J. McAleer (Michael)

    2016-01-01

    textabstractThe paper considers the problem as to whether financial returns have a common volatility process in the framework of stochastic volatility models that were suggested by Harvey et al. (1994). We propose a stochastic volatility version of the ARCH test proposed by Engle and Susmel (1993),

  7. Teaching Business Ethics after the Financial Meltdown: Is It Time for Ethics with a Sermon?

    Science.gov (United States)

    Cavaliere, Frank J.; Mulvaney, Toni P.; Swerdlow, Marleen R.

    2010-01-01

    Our country is faced with a financial crisis of mammoth proportions: a crisis rooted in ethics, or rather, the lack of ethics. Critics are increasingly complaining that business schools focus too much teaching effort on maximizing shareholder value, with only a limited understanding of ethical and social aspects of business leadership. Business…

  8. Time to Pay Up: Analyzing the Motivational Potential of Financial Awards in a TIF Program

    Science.gov (United States)

    Rice, Jennifer King; Malen, Betty; Jackson, Cara; Hoyer, Kathleen Mulvaney

    2015-01-01

    The effectiveness of educator incentive programs rests on the assumption that the potential rewards for participants will motivate them to behave in certain ways (e.g., choose certain jobs, expend greater effort, engage in capacity-building professional development). Some researchers have examined the impact of financial incentives on teacher…

  9. Dual Enrollment in Times of Financial Constraint: A Community College Perspective

    Science.gov (United States)

    Hockley, Lori White

    2013-01-01

    Community college leaders today must contend with a formidable challenge: dwindling state funding and declining resources. Increased enrollments without proportional increases in state and local financial support have placed colleges in the unenviable position of needing to do more with less--or in some cases, simply do less. Despite the…

  10. Financial Times näeb abiprogrammides ülemaailmset ohtu / Mikk Salu

    Index Scriptorium Estoniae

    Salu, Mikk, 1975-

    2009-01-01

    Financial Timesi kolumnisti Martin Wolfe'i hinnangul sünniks katastroof siis, kui USA valitsus kaks aastat küll pingutaks ja stimuleeriks majandust, kuid, tööpuudus oleks endiselt suur ja defitsiit kasvaks. Majandusprofessor Willem Buiter arvab, et lähima kahe aasta jooksul kukuvad maailmas kokku dollaris hinnatud varad

  11. Teaching Business Ethics after the Financial Meltdown: Is It Time for Ethics with a Sermon?

    Science.gov (United States)

    Cavaliere, Frank J.; Mulvaney, Toni P.; Swerdlow, Marleen R.

    2010-01-01

    Our country is faced with a financial crisis of mammoth proportions: a crisis rooted in ethics, or rather, the lack of ethics. Critics are increasingly complaining that business schools focus too much teaching effort on maximizing shareholder value, with only a limited understanding of ethical and social aspects of business leadership. Business…

  12. Effecting Factors Delivered Financial Reporting Time Lines at Manufacturing Company Groups Listed IDX

    Directory of Open Access Journals (Sweden)

    Sunaryo

    2012-10-01

    Full Text Available The primary objective of this research is to learn the effect among ROA, Leverage, Company Size, and Outsider Ownership with time lines, either partially or simultaneously. Secondary data were collected by purposive sampling of manufacturing company groups listed on IDX and the preceding scientific research journals, using logistic regression to test the hypothesis simultaneously. The results of this research describe that ROA and Leverage do not significant effect to time lines, but company size and outsider ownership have significant effect to time lines. It is recommended that the topic of this research can be continued with merchandising company groups, or service company groups either general or special, like: hotels, insurances, bankings; or, with new independence variables added

  13. EFFECTING FACTORS DELIVERED FINANCIAL REPORTING TIME LINES AT MANUFACTURING COMPANY GROUPS LISTED IDX

    Directory of Open Access Journals (Sweden)

    Sunaryo Sunaryo

    2012-11-01

    Full Text Available The primary objective of this research is to learn the effect among ROA, Leverage, Company Size, and Outsider Ownership with time lines, either partially or simultaneously. Secondary data were collected by purposive sampling of manufacturing company groups listed on IDX and the preceding scientific research journals, using logistic regression to test the hypothesis simultaneously. The results of this research describe that ROA and Leverage do not significant effect to time lines, but company size and outsider ownership have significant effect to time lines. It is recommended that the topic of this research can be continued with merchandising company groups, or service company groups either general or special, like: hotels, insurances, bankings; or, with new independence variables added. 

  14. Remarks on the possible universal mechanism of the non-linear long-term autocorrelations in financial time-series

    Science.gov (United States)

    Kutner, Ryszard; Świtała, Filip

    2004-12-01

    The paper consists of two parts: (i) the empirical one where the non-linear, long-term autocorrelations present in high-frequency data extracting from the Warsaw Stock Exchange were analyzed and (ii) theoretical one where predictions of our model (Quantitative Finance 3 (2003) 201; Physica A (2003); Chem. Phys. 284 (2002) 481; Phys. Comm. 147 (2002) 565; Physica A 264 (1999) 84; Physica A 264 (1999) 107; Lecture Notes in Computer Science 2657 (2003) 407; Eur. Phys. J. B 33 (2003) 495) were shown and discussed. This model introduces the possibility that the Weierstrass (hierarchical) random walk can be occasionally intermitted by momentary localizations; the localizations themselves are again described by the Weierstrass process. In other words, this combined walk is a kind of the non-separable, generalized continuous-time random walk formalism. To adapt the model to the description of empirical data recorded at time horizon Δt=1 min, we applied a discretization procedure into the continuous-time series produced by the model. We observed that such a procedure generates the non-linear, long-term autocorrelations even in the Gaussian regime, as turning points of the random walk trajectory are, most often, incommensurable with discretization time-step. These autocorrelations appear to be similar to those observed in the financial time series (Physica A 287 (2000) 396; Physica A 299 (2001) 1; Physica A 299 (2001) 16; Physica A 299 (2001) 28), although single steps of the walker within continuous time are, by definition, uncorrelated. Our approach suggests a surprising origin of the non-linear, long-term autocorrelations alternative to the one proposed very recently (cf. Phys. Rev. E 67 (2003) 021112 and refs. therein) although both approaches involve related variants of the well-known CTRW formalism applied in yet many different branches of knowledge (Phys. Rep. 158 (1987) 263; Phys. Rep. 195 (1990) 127; in: A. Bunde, S. Havlin (Eds.), Fractals in Science, Springer

  15. The instruments of financial planning

    OpenAIRE

    Durnov, V.

    2011-01-01

    The paper analyzes financial planning efficiency for enterprise management improvement. The author describes the system of financial tools and considers in detail financial planning methods, their strengths and weaknesses

  16. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

    Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

  17. The effect of the late 2000s financial crisis on suicides in Spain: an interrupted time-series analysis.

    Science.gov (United States)

    Lopez Bernal, James A; Gasparrini, Antonio; Artundo, Carlos M; McKee, Martin

    2013-10-01

    The current financial crisis is having a major impact on European economies, especially that of Spain. Past evidence suggests that adverse macro-economic conditions exacerbate mental illness, but evidence from the current crisis is limited. This study analyses the association between the financial crisis and suicide rates in Spain. An interrupted time-series analysis of national suicides data between 2005 and 2010 was used to establish whether there has been any deviation in the underlying trend in suicide rates associated with the financial crisis. Segmented regression with a seasonally adjusted quasi-Poisson model was used for the analysis. Stratified analyses were performed to establish whether the effect of the crisis on suicides varied by region, sex and age group. The mean monthly suicide rate in Spain during the study period was 0.61 per 100 000 with an underlying trend of a 0.3% decrease per month. We found an 8.0% increase in the suicide rate above this underlying trend since the financial crisis (95% CI: 1.009-1.156; P = 0.03); this was robust to sensitivity analysis. A control analysis showed no change in deaths from accidental falls associated with the crisis. Stratified analyses suggested that the association between the crisis and suicide rates is greatest in the Mediterranean and Northern areas, in males and amongst those of working age. The financial crisis in Spain has been associated with a relative increase in suicides. Males and those of working age may be at particular risk of suicide associated with the crisis and may benefit from targeted interventions.

  18. Intra-day variability of the stock market activity versus stationarity of the financial time series

    Science.gov (United States)

    Gubiec, T.; Wiliński, M.

    2015-08-01

    In this paper we propose a new approach to a well-known phenomena of intra-day activity pattern on the stock market. We suggest that seasonality of inter-transaction times has a more significant impact than intra-day pattern of volatility. Our aim is not to remove the intra-day pattern from the data but to describe its impact on autocorrelation function estimators. We obtain an exact, analytical formula relating estimators of the autocorrelation functions of non-stationary (seasonal) process to its stationary counterpart. Hence, we prove that the day seasonality of inter-transaction times extends the memory of the process. That is, autocorrelation of both, price returns and their absolute values, relaxation to zero is longer.

  19. Essays on Volatility and Time Varying Conditional Jumps in Thinly Traded African Financial Markets

    OpenAIRE

    Kuttu, Saint

    2012-01-01

    The 2008 financial crisis brought to the fore the relative resilience of emerging and frontier equity markets. This has made international investors to turn their attention to emerging and frontier equity markets to minimise their down side risk exposure. Against this backdrop, it is important for international investors to understand and appreciate the unique features such as pervasive thin trading and severe illiquidity which impact on the evolution of returns and volatility in these equity...

  20. Practical C++ financial programming

    CERN Document Server

    Oliveira, Carlos

    2015-01-01

    Practical C++ Financial Programming is a hands-on book for programmers wanting to apply C++ to programming problems in the financial industry. The book explains those aspects of the language that are more frequently used in writing financial software, including the STL, templates, and various numerical libraries. The book also describes many of the important problems in financial engineering that are part of the day-to-day work of financial programmers in large investment banks and hedge funds. The author has extensive experience in the New York City financial industry that is now distilled in

  1. The World Economy in the Times of Financial Crisis and its Impact on European Energy Policy

    Directory of Open Access Journals (Sweden)

    Peter Baláž

    2015-03-01

    Full Text Available Since 2007, globalization of the world economy has led to the expansion of the financial crisis. It affects the long-term international negative positions of EU members. They reacted to the new situation by carrying out structural reforms and by support of new adaptation programs. An important element of this process was the preparing of the convergence of the national energy policies in the framework of the Europe 20-20-20 program, which should remain one of the determining elements of their success in support of the international competitiveness of the EU.

  2. Essays on financial liberalization

    NARCIS (Netherlands)

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that fin

  3. Essays on financial liberalization

    NARCIS (Netherlands)

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that

  4. [»Shermer's neck« is a rare injury in long-distance cycle races. Association with diplopia described for the first time].

    Science.gov (United States)

    Berglund, Bo; Berglund, Lukas

    2015-12-15

    Shermer's neck was first described in 1983 in an ultra-distance cyclist and it is often associated with neck pain (in our patient diplopia as first symptom) and exhaustion and impaired neck motor function with inability to extend the neck against gravity. The diplopia, for the first time described in connection with Shermer's neck, was accentuated when elevating the eyes and looking at distance, most likely reflecting exhaustion in the elevator muscles of the eye. Shermer's neck usually appears after 800 km of non-stop bike racing. Risk factors include former neck injuries, staying low in aerobars for a long time, and wearing helmet light/cameras. Prevention includes neck strength training, muscle stretching, raising of handle bars and different kinds of chin support. The most important treatment is rest and not riding a bike. In our patient the diplopia was normalized after 4 hours of sleep. It can take 2-14 days to regain full neck motor function. The possibility of developing Shermer's neck and diplopia (»Berglund's diplopia«) must be taken into account when many untrained individuals participate in popular shorter races over about 300 km.

  5. Muusika : Olari Elts juhatab Frankfurdis. Financial Time märkis meie rahvusooperit. "Diplomaatilised noodid" Tallinnas. 100 mustlasviiulit / Heili Vaus-Tamm

    Index Scriptorium Estoniae

    Vaus-Tamm, Heili, 1961-

    2002-01-01

    Olari Elts juhatab Fankfurdi Raadio Sümfooniaorkestrit. 4. jaan. Financial Time'is kirjutatakse Estonia uuslavastusest "Tark naine". Tallinna Filharmoonia sarja "Diplomaatilised noodid" lähimatest kontsertidest Tallinnas. 100 mustlasviiulit esineb 27. juulil Põltsamaa lossihoovis

  6. Long Run Estimations for the Volatility of Time Series in the Brazilian Financial Market

    Directory of Open Access Journals (Sweden)

    Alex Sandro Monteiro de Moraes

    2014-03-01

    Full Text Available The models of the GARCH family, normally used for the estimates of volatility for longer periods, keep unchanged the relative weights assigned to the observations both old and new, regardless of the volatility´s forecasted horizon. The purpose of this article is to verify if the increase in relative weights assigned to the earlier observations due to the increase of the forecast horizon results in better estimates of volatility. Through the use of seven forecasting models of volatility and return series of financial markets assets, the estimates obtained in the sample (in-sample were compared with observations outside the sample (out-of-sample. Based on this comparison, it was found that the best estimates of expected volatility were obtained by the modified EGARCH model and the ARLS model. We conclude that the use of traditional forecasting models of volatility, which keep unchanged relative weights assigned to both old and new observations, was inappropriate.

  7. Rethinking Social Work in times of economic and financial crisis in Portugal

    Directory of Open Access Journals (Sweden)

    Maria-Irene Carvalho

    2017-06-01

    Full Text Available The purpose of this paper is to contextualize the social policy transformations in social services and health care system in the context of the economic and financial crisis and following intervention of the international monetary fund, the World Bank and the European Central Bank (Troika in Portugal, over the past four years. We analyze the social emergency program, which replaced the national plan for social inclusion, and the implementation of the national integrated network for long term care. Based on the evidence of the results we reflect on these transformations in Social Work, highlighting the negative aspects and the challenges for this profession. To achieve these aims we analyzed documents, statistical data and research on this subject. In this context of scarcity and emergency interventions, Social Work is challenged to rethink itself as a sociopolitical profession, taking into account the temporality of the intervention, the allocation of resources and the training of professionals.

  8. Global health and national borders: the ethics of foreign aid in a time of financial crisis

    Directory of Open Access Journals (Sweden)

    Johri Mira

    2012-06-01

    Full Text Available Abstract Background The governments and citizens of the developed nations are increasingly called upon to contribute financially to health initiatives outside their borders. Although international development assistance for health has grown rapidly over the last two decades, austerity measures related to the 2008 and 2011 global financial crises may impact negatively on aid expenditures. The competition between national priorities and foreign aid commitments raises important ethical questions for donor nations. This paper aims to foster individual reflection and public debate on donor responsibilities for global health. Methods We undertook a critical review of contemporary accounts of justice. We selected theories that: (i articulate important and widely held moral intuitions; (ii have had extensive impact on debates about global justice; (iii represent diverse approaches to moral reasoning; and (iv present distinct stances on the normative importance of national borders. Due to space limitations we limit the discussion to four frameworks. Results Consequentialist, relational, human rights, and social contract approaches were considered. Responsibilities to provide international assistance were seen as significant by all four theories and place limits on the scope of acceptable national autonomy. Among the range of potential aid foci, interventions for health enjoyed consistent prominence. The four theories concur that there are important ethical responsibilities to support initiatives to improve the health of the worst off worldwide, but offer different rationales for intervention and suggest different implicit limits on responsibilities. Conclusions Despite significant theoretical disagreements, four influential accounts of justice offer important reasons to support many current initiatives to promote global health. Ethical argumentation can complement pragmatic reasons to support global health interventions and provide an important

  9. Global health and national borders: the ethics of foreign aid in a time of financial crisis.

    Science.gov (United States)

    Johri, Mira; Chung, Ryoa; Dawson, Angus; Schrecker, Ted

    2012-06-28

    The governments and citizens of the developed nations are increasingly called upon to contribute financially to health initiatives outside their borders. Although international development assistance for health has grown rapidly over the last two decades, austerity measures related to the 2008 and 2011 global financial crises may impact negatively on aid expenditures. The competition between national priorities and foreign aid commitments raises important ethical questions for donor nations. This paper aims to foster individual reflection and public debate on donor responsibilities for global health. We undertook a critical review of contemporary accounts of justice. We selected theories that: (i) articulate important and widely held moral intuitions; (ii) have had extensive impact on debates about global justice; (iii) represent diverse approaches to moral reasoning; and (iv) present distinct stances on the normative importance of national borders. Due to space limitations we limit the discussion to four frameworks. Consequentialist, relational, human rights, and social contract approaches were considered. Responsibilities to provide international assistance were seen as significant by all four theories and place limits on the scope of acceptable national autonomy. Among the range of potential aid foci, interventions for health enjoyed consistent prominence. The four theories concur that there are important ethical responsibilities to support initiatives to improve the health of the worst off worldwide, but offer different rationales for intervention and suggest different implicit limits on responsibilities. Despite significant theoretical disagreements, four influential accounts of justice offer important reasons to support many current initiatives to promote global health. Ethical argumentation can complement pragmatic reasons to support global health interventions and provide an important foundation to strengthen collective action.

  10. Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

    2016-08-01

    We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

  11. Simple Waveforms, Simply Described

    Science.gov (United States)

    Baker, John G.

    2008-01-01

    Since the first Lazarus Project calculations, it has been frequently noted that binary black hole merger waveforms are 'simple.' In this talk we examine some of the simple features of coalescence and merger waveforms from a variety of binary configurations. We suggest an interpretation of the waveforms in terms of an implicit rotating source. This allows a coherent description, of both the inspiral waveforms, derivable from post-Newtonian(PN) calculations, and the numerically determined merger-ringdown. We focus particularly on similarities in the features of various Multipolar waveform components Generated by various systems. The late-time phase evolution of most L these waveform components are accurately described with a sinple analytic fit. We also discuss apparent relationships among phase and amplitude evolution. Taken together with PN information, the features we describe can provide an approximate analytic description full coalescence wavefoRms. complementary to other analytic waveforns approaches.

  12. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  13. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  14. Complex Patterns in Financial Time Series Through HIGUCHI’S Fractal Dimension

    Science.gov (United States)

    Grace Elizabeth Rani, T. G.; Jayalalitha, G.

    2016-11-01

    This paper analyzes the complexity of stock exchanges through fractal theory. Closing price indices of four stock exchanges with different industry sectors are selected. Degree of complexity is assessed through Higuchi’s fractal dimension. Various window sizes are considered in evaluating the fractal dimension. It is inferred that the data considered as a whole represents random walk for all the four indices. Analysis of financial data through windowing procedure exhibits multi-fractality. Attempts to apply moving averages to reduce noise in the data revealed lower estimates of fractal dimension, which was verified using fractional Brownian motion. A change in the normalization factor in Higuchi’s algorithm did improve the results. It is quintessential to focus on rural development to realize a standard and steady growth of economy. Tools must be devised to settle the issues in this regard. Micro level institutions are necessary for the economic growth of a country like India, which would induce a sporadic development in the present global economical scenario.

  15. Financial Openness and Financial Development: An Analysis Using Indices

    OpenAIRE

    Ozkok, Zeynep

    2010-01-01

    This paper examines the link between financial openness and financial development through panel data analysis on advanced and emerging market countries. Using indices, financial openness together with institutional and educational variables explains a large part of the variation in financial development across countries and over time. Our analysis demonstrates that different indexing strategies serve in finding better measures for financial openness and financial development in comparison to ...

  16. Invest in Financial Literacy

    Science.gov (United States)

    Bush, Sarah B.; McGatha, Maggie B.; Bay-Williams, Jennifer M.

    2012-01-01

    The current state of the economy elevates the need to build awareness of financial markets and personal finance among the nation's young people through implementing a financial literacy curriculum in schools. A limited amount of time spent on financial literacy can have a positive effect on students' budgeting skills. This knowledge will only add…

  17. Effects of time delay on stochastic resonance of the stock prices in financial system

    Energy Technology Data Exchange (ETDEWEB)

    Li, Jiang-Cheng [Department of Physics, Yunnan University, Kunming, 650091 (China); Li, Chun [Department of Computer Science, Puer Teachers' College, Puer 665000 (China); Mei, Dong-Cheng, E-mail: meidch@ynu.edu.cn [Department of Physics, Yunnan University, Kunming, 650091 (China)

    2014-06-13

    The effect of time delay on stochastic resonance of the stock prices in finance system was investigated. The time delay is introduced into the Heston model driven by the extrinsic and intrinsic periodic information for stock price. The signal power amplification (SPA) was calculated by numerical simulation. The results indicate that an optimal critical value of delay time maximally enhances the reverse-resonance in the behaviors of SPA as a function of long-run variance of volatility or cross correlation coefficient between noises for both cases of intrinsic and extrinsic periodic information. Moreover, in both cases, being a critical value in the delay time, when the delay time takes value below the critical value, reverse-resonance increases with the delay time increasing, however, when the delay time takes value above the critical value, the reverse-resonance decrease with the delay time increasing. - Highlights: • The effects of delay time on stochastic resonance of the stock prices was investigated. • There is an optimal critical value of delay time maximally enhances the reverse-resonance • The reverse-resonance increases with the delay time increasing as the delay time takes value below the critical value • The reverse-resonance decrease with the delay time increasing as the delay time takes value above the critical value.

  18. Favorable Financial Turf

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Tianjin's Binhai New Area lures the financial industry with preferential treatment If you were thinking about doing financial business in Shanghai, Hong Kong or Beijing, think again. Early in June this year, the State Council approved the establishment of a financial experimental zone for Tianjin's Binhai New Area, which will get preferential treatment that other cities can hardly expect to attain. While for a time the area's administration had to actively court financial institu-

  19. Finding of an historical document describing an eruption in the NW flank of Etna in July 1643 AD: timing, location and volcanic products

    Science.gov (United States)

    Branca, Stefano; Vigliotti, Luigi

    2015-11-01

    The eruptive activity of Etna volcano is well known in detail due to the integration of numerous geological and historical investigations. The study of historical sources of the volcano's activity started in the sixteenth century and has been reported in several catalogues of the eruptions published mainly in the eighteenth and nineteenth centuries. We have found a new document written in 1643 by the Fiscal Prosecutor of the High Court for the viceroy of Sicily in which he reported earthquakes occurring in the small town of Troina. The document also describes an eruption taking place in the Bronte region of Etna between 18 and 28 of July that was previously unknown in current historical catalogues, even those compiled by recent historiographical studies. This eruption clearly produced the volcanic products outcropping in the upper NW flank, shown on the new geological map of Etna as the Val di Cannizzola lava flow. The July 1643 eruption was a brief event with the emission of a roughly 2.7-km-long lava flow of very low volume (3-4 × 106 m3). It occurred in a period characterised instead by long-lasting and high-lava-volume eruptions that preceded the large and destructive 1669 eruption, the main event that has occurred on Etna in historical time.

  20. On the use of financial analysis tools for the study of Dst time series in the frame of complex systems

    CERN Document Server

    Potirakis, Stelios M; Balasis, Georgios; Eftaxias, Konstantinos

    2016-01-01

    Technical analysis is considered the oldest, currently omnipresent, method for financial markets analysis, which uses past prices aiming at the possible short-term forecast of future prices. In the frame of complex systems, methods used to quantitatively analyze specific dynamic phenomena are often used to analyze phenomena from other disciplines on the grounds that are governed by similar dynamics. An interesting task is the forecast of a magnetic storm. The hourly Dst is used as a global index for the monitoring of Earth's magnetosphere, which could be either in quiet (normal) or in magnetic storm (pathological) state. This work is the first attempt to apply technical analysis tools on Dst time series, aiming at the identification of indications which could be used for the study of the temporal evolution of Earth's magnetosphere state. We focus on the analysis of Dst time series around the occurrence of magnetic storms, discussing the possible use of the resulting information in the frame of multidisciplina...

  1. Explaining the increase in family financial pressures from medical bills between 2003 and 2007: do affordability thresholds change over time?

    Science.gov (United States)

    Cunningham, Peter J

    2011-06-01

    This study examines whether affordability thresholds for medical care as defined by families change over time. The results from two nationally representative surveys show that while financial stress from medical bills--defined as the percent with problems paying medical bills--increased between 2003 and 2007, greater out-of-pocket spending accounted for this increase only for higher-income persons with employer-sponsored insurance coverage. Increased spending did not account for an increase in medical bill problems among lower-income persons. Moreover, the increase in medical bill problems among low-income persons occurred at relatively low levels of out-of-pocket spending rather than at higher levels. The results suggest that "affordability thresholds" for medical care as defined by individuals and families are not stable over time, especially for lower-income persons, which has implications for setting affordability standards in health reform.

  2. Information dissipation as an early-warning signal for the Lehman Brothers collapse in financial time series

    Science.gov (United States)

    Quax, Rick; Kandhai, Drona; Sloot, Peter M. A.

    2013-05-01

    In financial markets, participants locally optimize their profit which can result in a globally unstable state leading to a catastrophic change. The largest crash in the past decades is the bankruptcy of Lehman Brothers which was followed by a trust-based crisis between banks due to high-risk trading in complex products. We introduce information dissipation length (IDL) as a leading indicator of global instability of dynamical systems based on the transmission of Shannon information, and apply it to the time series of USD and EUR interest rate swaps (IRS). We find in both markets that the IDL steadily increases toward the bankruptcy, then peaks at the time of bankruptcy, and decreases afterwards. Previously introduced indicators such as `critical slowing down' do not provide a clear leading indicator. Our results suggest that the IDL may be used as an early-warning signal for critical transitions even in the absence of a predictive model.

  3. Transport Catastrophe Analysis as an Alternative to a Monofractal Description: Theory and Application to Financial Crisis Time Series

    Directory of Open Access Journals (Sweden)

    Sergey A. Kamenshchikov

    2014-01-01

    Full Text Available The goal of this investigation was to overcome limitations of a persistency analysis, introduced by Benoit Mandelbrot for monofractal Brownian processes: nondifferentiability, Brownian nature of process, and a linear memory measure. We have extended a sense of a Hurst factor by consideration of a phase diffusion power law. It was shown that precatastrophic stabilization as an indicator of bifurcation leads to a new minimum of momentary phase diffusion, while bifurcation causes an increase of the momentary transport. An efficiency of a diffusive analysis has been experimentally compared to the Reynolds stability model application. An extended Reynolds parameter has been introduced as an indicator of phase transition. A combination of diffusive and Reynolds analyses has been applied for a description of a time series of Dow Jones Industrial weekly prices for the world financial crisis of 2007–2009. Diffusive and Reynolds parameters showed extreme values in October 2008 when a mortgage crisis was fixed. A combined R/D description allowed distinguishing of market evolution short-memory and long-memory shifts. It was stated that a systematic large scale failure of a financial system has begun in October 2008 and started fading in February 2009.

  4. Carbon financial markets: A time-frequency analysis of CO2 prices

    Science.gov (United States)

    Sousa, Rita; Aguiar-Conraria, Luís; Soares, Maria Joana

    2014-11-01

    We characterize the interrelation of CO2 prices with energy prices (electricity, gas and coal), and with economic activity. Previous studies have relied on time-domain techniques, such as Vector Auto-Regressions. In this study, we use multivariate wavelet analysis, which operates in the time-frequency domain. Wavelet analysis provides convenient tools to distinguish relations at particular frequencies and at particular time horizons. Our empirical approach has the potential to identify relations getting stronger and then disappearing over specific time intervals and frequencies. We are able to examine the coherency of these variables and lead-lag relations at different frequencies for the time periods in focus.

  5. Late Financial Distress Process Stages and Financial Ratios

    DEFF Research Database (Denmark)

    Sormunen, Nina; Laitinen, Teija

    2012-01-01

    and usefulness of single financial ratios in short-term financial distress prediction when the effect of each different financial distress process stage is considered; (2) the effects of recognition of the financial distress process stage on the financial distress prediction model. The time horizon...... stage affects the classification ability of single financial ratios and financial distress prediction models in short-term financial distress prediction. The study shows that the auditor's GC task could be supported by paying attention to the financial distress process stage. The implications......The present study adds to our understanding and knowledge of financial distress predictions regarding the usefulness of financial ratios in the late stages of the financial distress process. The study contributes to previous research by generating information concerning: (1) the behavior...

  6. Modelling financial markets with agents competing on different time scales and with different amount of information

    Science.gov (United States)

    Wohlmuth, Johannes; Andersen, Jørgen Vitting

    2006-05-01

    We use agent-based models to study the competition among investors who use trading strategies with different amount of information and with different time scales. We find that mixing agents that trade on the same time scale but with different amount of information has a stabilizing impact on the large and extreme fluctuations of the market. Traders with the most information are found to be more likely to arbitrage traders who use less information in the decision making. On the other hand, introducing investors who act on two different time scales has a destabilizing effect on the large and extreme price movements, increasing the volatility of the market. Closeness in time scale used in the decision making is found to facilitate the creation of local trends. The larger the overlap in commonly shared information the more the traders in a mixed system with different time scales are found to profit from the presence of traders acting at another time scale than themselves.

  7. Financial Stability and Financial Inclusion

    OpenAIRE

    Morgan, Peter J; Pontines, Victor

    2014-01-01

    Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms, as part of their overall strategies for economic and financial development. This raises the question of whether financial stability and financial inclusion are, broadly speaking, substitutes or complements. In other words, does the move toward greater financial inclusion tend to increase or decrease financial stability? A number of studies have sugge...

  8. Tactical increases in operating room block time based on financial data and market growth estimates from data envelopment analysis.

    Science.gov (United States)

    O'Neill, Liam; Dexter, Franklin

    2007-02-01

    Data envelopment analysis (DEA) is an established technique that hospitals and anesthesia groups can use to understand their potential to grow different specialties of inpatient surgery. Often related decisions such as recruitment of new physicians are made promptly. A practical challenge in using DEA in practice for this application has been the time to obtain access to and preprocess discharge data from states. A case study is presented to show how results of DEA are linked to financial analysis for purposes of deciding which surgical specialties should be provided more resources and institutional support, including the allocation of additional operating room (OR) block time on a tactical (1 yr) time course. State discharge abstract databases were used to study how to perform and present the DEA using data from websites of the United States' (US) Healthcare Cost and Utilization Project (HCUPNet) and Census Bureau (American FactFinder). DEA was performed without state discharge data by using census data with federal surgical rates adjusted for age and gender. Validity was assessed based on multiple criteria, including: satisfaction of statistical assumptions, face validity of results for hospitals, differentiation between efficient and inefficient hospitals on other measures of how much surgery is done, and correlation of estimates of each hospital's potential to grow the workload of each of eight specialties with estimates obtained using unrelated statistical methods. A hospital can choose specialties to target for expanded OR capacity based on its financial data, its caseloads for specific specialties, the caseloads from hospitals previously examined, and surgical rates from federal census data.

  9. Financial impact of reducing door-to-balloon time in ST-elevation myocardial infarction: a single hospital experience.

    Science.gov (United States)

    Khot, Umesh N; Johnson-Wood, Michele L; Geddes, Jason B; Ramsey, Curtis; Khot, Monica B; Taillon, Heather; Todd, Randall; Shaikh, Saeed R; Berg, William J

    2009-07-26

    The impact of reducing door-to-balloon time on hospital revenues, costs, and net income is unknown. We prospectively determined the impact on hospital finances of (1) emergency department physician activation of the catheterization lab and (2) immediate transfer of the patient to an immediately available catheterization lab by an in-house transfer team consisting of an emergency department nurse, a critical care unit nurse, and a chest pain unit nurse. We collected financial data for 52 consecutive ST-elevation myocardial infarction patients undergoing emergency percutaneous intervention from October 1, 2004-August 31, 2005 and compared this group to 80 consecutive ST-elevation myocardial infarction patients from September 1, 2005-June 26, 2006 after protocol implementation. Per hospital admission, insurance payments (hospital revenue) decreased ($35,043 +/- $36,670 vs. $25,329 +/- $16,185, P = 0.039) along with total hospital costs ($28,082 +/- $31,453 vs. $18,195 +/- $9,242, P = 0.009). Hospital net income per admission was unchanged ($6962 vs. $7134, P = 0.95) as the drop in hospital revenue equaled the drop in costs. For every $1000 reduction in total hospital costs, insurance payments (hospital revenue) dropped $1077 for private payers and $1199 for Medicare/Medicaid. A decrease in hospital charges ($70,430 +/- $74,033 vs. $53,514 +/- $23,378, P = 0.059), diagnosis related group relative weight (3.7479 +/- 2.6731 vs. 2.9729 +/- 0.8545, P = 0.017) and outlier payments with hospital revenue>$100,000 (7.7% vs. 0%, P = 0.022) all contributed to decreasing ST-elevation myocardial infarction hospitalization revenue. One-year post-discharge financial follow-up revealed similar results: Insurance payments: $49,959 +/- $53,741 vs. $35,937 +/- $23,125, P = 0.044; Total hospital costs: $39,974 +/- $37,434 vs. $26,778 +/- $15,561, P = 0.007; Net Income: $9984 vs. $9159, P = 0.855. All of the financial benefits of reducing door-to-balloon time in ST-elevation myocardial

  10. Use and misuse of some Hurst parameter estimators applied to stationary and non-stationary financial time series

    Science.gov (United States)

    Serinaldi, Francesco

    2010-07-01

    The detection of long range dependence (LRD) is an important task in time series analysis. LRD is often summarized by the well-known Hurst parameter (or exponent) H∈[0,1], which can be estimated by a number of methods. Some of these techniques are designed to be applied to signals behaving as a stationary fractional Gaussian noise (fGn), whereas others imply that the analyzed time series behave as a non-stationary fractional Brownian motion (fBm). Moreover, some estimators do not yield the Hurst parameter but indexes related to H and ranging outside the unit interval. Therefore, the fGn or fBm nature of the studied time series has to be preliminarily analyzed before applying any estimation method, and the relationships between H and the indexes resulting from the analyses have to be taken into account to obtain coherent results. Since fGn-like series represent the increments of fBm-like processes and both the signals are characterized by the same H value by definition, estimators designed for fGn-like series can be applied to fBm-like sequences after preventive differentiation, and conversely estimators designed for fBm-like processes can be applied to fGn-like series after preventive integration. The signal characterization is particularly important when H is estimated on financial time series because the returns represent the first difference of price time series, which are often assumed to behave like self-affine sequences. The analysis of simulated fGn and fBm time series shows that all the considered methods yield comparable H values when properly applied. The reanalysis of several market price time series already studied in the literature points out that a correct application of the estimators (supported by a preventive signal classification) yields homogeneous H values allowing for a useful cross-validation of results reported in different works. Moreover, some conclusions reported in the literature about the anti-persistence of some financial series are

  11. Global Financial Crises and Time-varying Volatility Comovement in World Equity Markets

    OpenAIRE

    Andrew Stuart Duncan; Alain Kabundi

    2011-01-01

    This paper studies volatility comovement in world equity markets between 1994 and 2008. Global volatility factors are extracted from a panel of monthly volatility proxies relating to 25 developed and 20 emerging stock markets. A dynamic factor model (FM) is estimated using two-year rolling window regressions. The FMÂ’s time-varying variance shares of global factors map variations in volatility comovement over time and across countries. The results indicate that global volatility linkages are ...

  12. The finite-time ruin probability in the presence of Sarmanov dependent financial and insurance risks

    Institute of Scientific and Technical Information of China (English)

    YANG Yang; LIN Jin-guan; TAN Zhong-quan

    2014-01-01

    Consider a discrete-time insurance risk model. Within period i, i ≥ 1, Xi and Yi denote the net insurance loss and the stochastic discount factor of an insurer, respectively. Assume that{(Xi, Yi), i≥1}form a sequence of independent and identically distributed random vectors following a common bivariate Sarmanov distribution. In the presence of heavy-tailed net insurance losses, an asymptotic formula is derived for the finite-time ruin probability.

  13. Analyzing nonstationary financial time series via hilbert-huang transform (HHT)

    Science.gov (United States)

    Huang, Norden E. (Inventor)

    2008-01-01

    An apparatus, computer program product and method of analyzing non-stationary time varying phenomena. A representation of a non-stationary time varying phenomenon is recursively sifted using Empirical Mode Decomposition (EMD) to extract intrinsic mode functions (IMFs). The representation is filtered to extract intrinsic trends by combining a number of IMFs. The intrinsic trend is inherent in the data and identifies an IMF indicating the variability of the phenomena. The trend also may be used to detrend the data.

  14. Analysis of Conservatism and Persistence of Financial Results of the Brazilian Financial Institutions

    Directory of Open Access Journals (Sweden)

    Marcelo Paulo de Arruda

    2015-08-01

    Full Text Available The regulatory environment for public and private companies are significant differences in earnings quality between public and private companies (BALL; SHIVAKUMAR, 2005. However, the literature has suggested that the process of accounting measurement of financial institutions differ substantially from other companies (PEASNELL et al, 2000. Nevertheless,previous studies did not have systematically analyzed the informational differences between the public and private financial institutions. The aim of this study was to analyze the behavior of levels of conservatism and persistence of financial results of the public and private Brazilian financial institutions. To meet the objective of this work was realize an analysis of the data based on the models of conservatism proposed by Ball and Shivakumar (2005 and persistence described by Dechow and Schrand (2004, estimated using panel data. The sample was composed by Brazilian financial institutions public and private in the period between 1996 and 2013. The results of this research identified that none of the types of financial institutions (public and private presents timely losses during the period-analyzed recognition. Regarding the persistence of financial results, the analyses indicate that the private financial institutions have greater persistence in their accounting results that the public institutions, resulting in greater predictability of future profits on present profits. These results suggest that the financial results of Brazilian financial institutions do not exhibit conservative behavior, moreover, the profits of private companies are more persistent than the public companies.

  15. Financial Ratios and Perceived Household Financial Satisfaction

    Directory of Open Access Journals (Sweden)

    Scott Garrett

    2013-08-01

    Full Text Available This paper tests the relative strength of three objective measures of financial health (using the solvency, liquidity, and investment asset ratio in predicting a household’s subjective feeling of current financial satisfaction. Using a sample of 6,923 respondents in the 2008 Health and Retirement Study this paper presents evidence of two main findings: 1 the solvency ratio is most strongly associated with financial satisfaction levels based on a cross-sectional design and 2 changes in the investment asset ratio are most strongly associated with changes in financial satisfaction over time.

  16. On the gap between an empirical distribution and an exponential distribution of waiting times for price changes in a financial market

    CERN Document Server

    Sazuka, N

    2006-01-01

    We analyze waiting times for price changes in a foreign currency exchange rate. Recent empirical studies of high frequency financial data support that trades in financial markets do not follow a Poisson process and the waiting times between trades are not exponentially distributed. Here we show that our data is well approximated by a Weibull distribution rather than an exponential distribution in a non-asymptotic regime. Moreover, we quantitatively evaluate how much an empirical data is far from an exponential distribution using a Weibull fit. Finally, we discuss a phase transition between a Weibull-law and a power-law in the asymptotic long waiting time regime.

  17. Financial market dynamics

    Science.gov (United States)

    Michael, Fredrick; Johnson, M. D.

    2003-03-01

    A necessary precondition for modeling financial markets is a complete understanding of their statistics, including dynamics. Distributions derived from nonextensive Tsallis statistics are closely connected with dynamics described by a nonlinear Fokker-Planck equation. The combination shows promise in describing stochastic processes with power-law distributions and superdiffusive dynamics. We investigate intra-day price changes in the S& P500 stock index within this framework. We find that the power-law tails of the distributions, and the index's anomalously diffusing dynamics, are very accurately described by this approach. Our results show good agreement between market data and Fokker-Planck dynamics. This approach may be applicable in any anomalously diffusing system in which the correlations in time can be accounted for by an Ito-Langevin process with a simple time-dependent diffusion coefficient.

  18. Financial Lessons Learned

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ As the Wall Street chaos of 2008 swept the globe,China-with little exposure to subprime mortgages-was one of the only calm ports in the growing financial storm.Ifone lesson can be learned from the crisis,it is this: maintain a constant state of financial vigilance against risks even in boom times.China now faces the task of ensuring its financial health as it further opens to the world amid a global financial landscape reshaped by deep recessions.Economists and finance professors discussed these challenges at the Asia-Pacific Economic and Financial Forum recently held in Beijing.Edited excerpts follow:

  19. Financial Lessons Learned

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    As the Wall Street chaos of 2008 swept the globe,China-with little exposure to subprime mortgages-was one of the only calm ports in the growing financial storm.If one lesson can be learned from the crisis,it is this: maintain a constant state of financial vigilance against risks even in boom times.China now faces the task of ensuring its financial health as it further opens to the world amid a global financial landscape reshaped by deep recessions.Economists and finance professors discussed these challenges at the Asia-Pacific Economic and Financial Forum recently held in Beijing.Edited excerpts follow

  20. A Note on the Mean-Variance Criteria for Discrete Time Financial Markets

    Institute of Scientific and Technical Information of China (English)

    Xin-hua Liu

    2005-01-01

    It was shown in Xia[3] that for incomplete markets with continuous assets' price processes and for complete markets the mean-variance portfolio selection can be viewed as expected utility maximization with non-negative marginal utility. In this paper we show that for discrete time incomplete markets this result is not true.

  1. Career in the bank for collection in times of financial crisis

    Directory of Open Access Journals (Sweden)

    Ioana Florentina BUDU

    2009-06-01

    Full Text Available Staffing a collection call centre, in a period of crisis, requires more than hiring the most qualified applicants. Collection managers must define a recruiting, hiring and staffing plan to meet inbound call service levels and maximize outbound calling during optimal customer contact times, usually on nights and weekends. Job candidates who have prior telephone job experience, especially in telemarketing or customer service, have proven to be successful collectors because of their skill sets and experience. Screening collectors through testing has proven to be a reliable tool to assist managers in the selection process. Staffing the call centre operation with the right balance between full time and part time collectors will assist in meeting department targets. There are many creative ways to schedule collectors to cover all the required hours. Management must be prepared to offset ‘irregular’ staffing hours, especially on nights and weekends, with incentive, perks and benefits so they can recruit and retain a reliable staff to place outbound calls during the best times to reach the customer. A consistent hiring policy that is constantly evaluated and improved will help reduce turnover by recruiting and staffing the most qualified collectors for the job

  2. Finite-time singularity in the dynamics of the world population, economic and financial indices

    Science.gov (United States)

    Johansen, Anders; Sornette, Didier

    2001-05-01

    Contrary to common belief, both the Earth's human population and its economic output have grown faster than exponential, i.e., in a super-Malthusian mode, for most of the known history. These growth rates are compatible with a spontaneous singularity occurring at the same critical time 2052±10 signaling an abrupt transition to a new regime. The degree of abruptness can be infered from the fact that the maximum of the world population growth rate was reached in 1970, i.e., about 80 years before the predicted singular time, corresponding to approximately 4% of the studied time interval over which the acceleration is documented. This rounding-off of the finite-time singularity is probably due to a combination of well-known finite-size effects and friction and suggests that we have already entered the transition region to a new regime. As theoretical support, a multivariate analysis coupling population, capital, R&D and technology shows that a dramatic acceleration in the population growth during most of the timespan can occur even though the isolated dynamics do not exhibit it. Possible scenarios for the cross-over and the new regime are discussed.

  3. The Philosopher's Stone: How Basic Skills Programs Fare in Troubled Financial Times

    Science.gov (United States)

    Ray, Thomas P.

    2012-01-01

    This mixed methods study examined the relative position of basic skills programs with transfer and career technical programs in a large suburban community college in California during the three-year period of budget reductions from 2009-2010 through 2011-2012. The budget line dedicated to part-time or non-contract instruction was analyzed along…

  4. Weighted permutation entropy based on different symbolic approaches for financial time series

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2016-02-01

    In this paper, we introduce weighted permutation entropy (WPE) and three different symbolic approaches to investigate the complexities of stock time series containing amplitude-coded information and explore the influence of using different symbolic approaches on obtained WPE results. We employ WPE based on symbolic approaches to the US and Chinese stock markets and make a comparison between the results of US and Chinese stock markets. Three symbolic approaches are able to help the complexity containing in the stock time series by WPE method drop whatever the embedding dimension is. The similarity between these stock markets can be detected by the WPE based on Binary Δ-coding-method, while the difference between them can be revealed by the WPE based on σ-method, Max-min-method. The combinations of the symbolic approaches: σ-method and Max-min-method, and WPE method are capable of reflecting the multiscale structure of complexity by different time delay and analyze the differences between complexities of stock time series in more detail and more accurately. Furthermore, the correlations between stock markets in the same region and the similarities hidden in the S&P500 and DJI, ShangZheng and ShenCheng are uncovered by the comparison of the WPE based on Binary Δ-coding-method of six stock markets.

  5. Impact of the global financial crisis on low birth weight in Portugal: a time-trend analysis.

    Science.gov (United States)

    Kana, Musa Abubakar; Correia, Sofia; Peleteiro, Barbara; Severo, Milton; Barros, Henrique

    2017-01-01

    The 2007-2008 global financial crisis had adverse consequences on population health of affected European countries. Few contemporary studies have studied its effect on perinatal indicators with long-lasting influence on adult health. Therefore, in this study, we investigated the impact of the 2007-2008 global financial crisis on low birth weight (LBW) in Portugal. Data on 2 045 155 singleton births of 1995-2014 were obtained from Statistics Portugal. Joinpoint regression analysis was performed to identify the years in which changes in LBW trends occurred, and to estimate the annual per cent changes (APC). LBW risk by time period expressed as prevalence ratios were computed using the Poisson regression. Contextual changes in sociodemographic and economic factors were provided by their trends. The joinpoint analysis identified 3 distinct periods (2 jointpoints) with different APC in LBW, corresponding to 1995-1999 (APC=4.4; 95% CI 3.2 to 5.6), 2000-2006 (APC=0.1; 95% CI -050 to 0.7) and 2007-2014 (APC=1.6; 95% CI 1.2 to 2.0). For non-Portuguese, it was, respectively, 1995-1999 (APC=1.4; 95% CI -3.9 to 7.0%), 2000-2007 (APC=-4.2; 95% CI -6.4 to -2.0) and 2008-2014 (APC=3.1; 95% CI 0.8 to 5.5). Compared with 1995-1999, all specific maternal characteristics had a 10-15% increase in LBW risk in 2000-2006 and a 20-25% increase in 2007-2014, except among migrants, for which LBW risk remained lower than in 1995-1999 but increased after the crisis. The increasing LBW risk coincides with a deceleration in gross domestic product growth rate, reduction in health expenditure, social protection allocation on family/children support and sickness. The 2007-2008 global financial crisis was associated with a significant increase in LBW, particularly among infants of non-Portuguese mothers. We recommend strengthening social policies aimed at maternity protection for vulnerable mothers and health system maintenance of social equity in perinatal healthcare.

  6. Impact of the global financial crisis on low birth weight in Portugal: a time-trend analysis

    Science.gov (United States)

    Kana, Musa Abubakar; Correia, Sofia; Peleteiro, Barbara; Severo, Milton; Barros, Henrique

    2017-01-01

    Background The 2007–2008 global financial crisis had adverse consequences on population health of affected European countries. Few contemporary studies have studied its effect on perinatal indicators with long-lasting influence on adult health. Therefore, in this study, we investigated the impact of the 2007–2008 global financial crisis on low birth weight (LBW) in Portugal. Methods Data on 2 045 155 singleton births of 1995–2014 were obtained from Statistics Portugal. Joinpoint regression analysis was performed to identify the years in which changes in LBW trends occurred, and to estimate the annual per cent changes (APC). LBW risk by time period expressed as prevalence ratios were computed using the Poisson regression. Contextual changes in sociodemographic and economic factors were provided by their trends. Results The joinpoint analysis identified 3 distinct periods (2 jointpoints) with different APC in LBW, corresponding to 1995–1999 (APC=4.4; 95% CI 3.2 to 5.6), 2000–2006 (APC=0.1; 95% CI −050 to 0.7) and 2007–2014 (APC=1.6; 95% CI 1.2 to 2.0). For non-Portuguese, it was, respectively, 1995–1999 (APC=1.4; 95% CI −3.9 to 7.0%), 2000–2007 (APC=−4.2; 95% CI −6.4 to −2.0) and 2008–2014 (APC=3.1; 95% CI 0.8 to 5.5). Compared with 1995–1999, all specific maternal characteristics had a 10–15% increase in LBW risk in 2000–2006 and a 20–25% increase in 2007–2014, except among migrants, for which LBW risk remained lower than in 1995–1999 but increased after the crisis. The increasing LBW risk coincides with a deceleration in gross domestic product growth rate, reduction in health expenditure, social protection allocation on family/children support and sickness. Conclusions The 2007–2008 global financial crisis was associated with a significant increase in LBW, particularly among infants of non-Portuguese mothers. We recommend strengthening social policies aimed at maternity protection for vulnerable mothers and health

  7. Solution of time fractional Black-Scholes European option pricing equation arising in financial market

    Science.gov (United States)

    Ravi Kanth, A. S. V.; Aruna, K.

    2016-12-01

    In this paper, we present fractional differential transform method (FDTM) and modified fractional differential transform method (MFDTM) for the solution of time fractional Black-Scholes European option pricing equation. The method finds the solution without any discretization, transformation, or restrictive assumptions with the use of appropriate initial or boundary conditions. The efficiency and exactitude of the proposed methods are tested by means of three examples.

  8. Career in the bank for collection in times of financial crisis

    OpenAIRE

    Ioana Florentina BUDU

    2009-01-01

    Staffing a collection call centre, in a period of crisis, requires more than hiring the most qualified applicants. Collection managers must define a recruiting, hiring and staffing plan to meet inbound call service levels and maximize outbound calling during optimal customer contact times, usually on nights and weekends. Job candidates who have prior telephone job experience, especially in telemarketing or customer service, have proven to be successful collectors because of their skill sets a...

  9. How Need-Based Financial Aid Reduces College Attrition among Low-Income Public University Students: The Role of Time Use

    Science.gov (United States)

    Goldrick-Rab, Sara; Harris, Douglas N.; Benson, James

    2011-01-01

    The authors examine whether a need-based financial grant distribution "at random" to 1,500 Wisconsin Pell Grant recipients attending 13 public universities had an impact on how they allocated their time devoted to (a) working, (b) studying, (c) sleeping, and (d) socializing. To test whether time use mediates the relationship between aid…

  10. Financial analysis as a financial management instrument

    Directory of Open Access Journals (Sweden)

    Stehlíková Beáta

    2001-12-01

    Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

  11. How Mathematics Describes Life

    Science.gov (United States)

    Teklu, Abraham

    2017-01-01

    The circle of life is something we have all heard of from somewhere, but we don't usually try to calculate it. For some time we have been working on analyzing a predator-prey model to better understand how mathematics can describe life, in particular the interaction between two different species. The model we are analyzing is called the Holling-Tanner model, and it cannot be solved analytically. The Holling-Tanner model is a very common model in population dynamics because it is a simple descriptor of how predators and prey interact. The model is a system of two differential equations. The model is not specific to any particular set of species and so it can describe predator-prey species ranging from lions and zebras to white blood cells and infections. One thing all these systems have in common are critical points. A critical point is a value for both populations that keeps both populations constant. It is important because at this point the differential equations are equal to zero. For this model there are two critical points, a predator free critical point and a coexistence critical point. Most of the analysis we did is on the coexistence critical point because the predator free critical point is always unstable and frankly less interesting than the coexistence critical point. What we did is consider two regimes for the differential equations, large B and small B. B, A, and C are parameters in the differential equations that control the system where B measures how responsive the predators are to change in the population, A represents predation of the prey, and C represents the satiation point of the prey population. For the large B case we were able to approximate the system of differential equations by a single scalar equation. For the small B case we were able to predict the limit cycle. The limit cycle is a process of the predator and prey populations growing and shrinking periodically. This model has a limit cycle in the regime of small B, that we solved for

  12. Demands of Financial Education, Allocation of Leisure Time and Choice of Consumer Financial Education%金融教育需求、闲暇时间配置与消费者金融教育选择

    Institute of Scientific and Technical Information of China (English)

    周弘

    2016-01-01

    The promotion of the level and quality of household financial market participation depends on the level of consumer financial education, leading to the constant increase in the demands of consumer financial education. The process is achieved by consumers through the allocation of leisure time effectively for learning and mastering financial knowledge. During the process of learning financial knowledge, the time actually spent on learning is affected by learning goals, learning paths, the difficulty of knowledge and other individual characteristics. The mechanism of consumer financial education choice is proved by the time-price effect in theoretical model. Using micro-survey data for empirical analysis, it further shows that the feature of group differences of financial education is very significant, fast-food learning is obvious and education resources of colleges and universities are omitted. The conclusions abovementioned help financial institutions to pointedly plan the implementation path of consumer financial education in the future and further improve consumer financial education level.%家庭金融市场参与程度和质量的提升,有赖于消费者接受金融教育水平的提高,这使得消费者对于金融教育的需求逐渐增加。这一过程需要消费者通过有效配置闲暇时间用于学习和掌握相关金融知识来实现。在学习金融知识的过程中,消费者实际花费的时间受到学习目标、学习途径、知识的难易程度以及消费者个体特征等因素的影响。这种消费者金融教育的选择机制在理论模型中通过“时间价格”效应得到了论证。结合家庭微观调查数据进行的实证分析进一步发现,消费者选择金融教育的群体性差异十分显著,“快餐”式学习特征明显,高校教育资源被“遗漏”。上述结论的获得将有助于金融机构在未来有针对性地规划消费者金融教育的实施路径,进一步提高消费者金融教育水平。

  13. Hawkes process model with a time-dependent background rate and its application to high-frequency financial data

    Science.gov (United States)

    Omi, Takahiro; Hirata, Yoshito; Aihara, Kazuyuki

    2017-07-01

    A Hawkes process model with a time-varying background rate is developed for analyzing the high-frequency financial data. In our model, the logarithm of the background rate is modeled by a linear model with a relatively large number of variable-width basis functions, and the parameters are estimated by a Bayesian method. Our model can capture not only the slow time variation, such as in the intraday seasonality, but also the rapid one, which follows a macroeconomic news announcement. By analyzing the tick data of the Nikkei 225 mini, we find that (i) our model is better fitted to the data than the Hawkes models with a constant background rate or a slowly varying background rate, which have been commonly used in the field of quantitative finance; (ii) the improvement in the goodness-of-fit to the data by our model is significant especially for sessions where considerable fluctuation of the background rate is present; and (iii) our model is statistically consistent with the data. The branching ratio, which quantifies the level of the endogeneity of markets, estimated by our model is 0.41, suggesting the relative importance of exogenous factors in the market dynamics. We also demonstrate that it is critically important to appropriately model the time-dependent background rate for the branching ratio estimation.

  14. Application of empirical mode decomposition with local linear quantile regression in financial time series forecasting.

    Science.gov (United States)

    Jaber, Abobaker M; Ismail, Mohd Tahir; Altaher, Alsaidi M

    2014-01-01

    This paper mainly forecasts the daily closing price of stock markets. We propose a two-stage technique that combines the empirical mode decomposition (EMD) with nonparametric methods of local linear quantile (LLQ). We use the proposed technique, EMD-LLQ, to forecast two stock index time series. Detailed experiments are implemented for the proposed method, in which EMD-LPQ, EMD, and Holt-Winter methods are compared. The proposed EMD-LPQ model is determined to be superior to the EMD and Holt-Winter methods in predicting the stock closing prices.

  15. Financial Time Series: Stylized Facts for the Mexican Stock Exchange Index Compared to Developed Markets

    OpenAIRE

    Omar Rojas; Carlos Trejo-Pech

    2014-01-01

    We present some stylized facts exhibited by the time series of returns of the Mexican Stock Exchange Index (IPC) and compare them to a sample of both developed (USA, UK and Japan) and emerging markets (Brazil and India). The period of study is 1997-2011. The stylized facts are related mostly to the probability distribution func- tion and the autocorrelation function (e.g. fat tails, non-normality, volatility cluster- ing, among others). We find that positive skewness for returns in Mexico and...

  16. Application of Empirical Mode Decomposition with Local Linear Quantile Regression in Financial Time Series Forecasting

    Directory of Open Access Journals (Sweden)

    Abobaker M. Jaber

    2014-01-01

    Full Text Available This paper mainly forecasts the daily closing price of stock markets. We propose a two-stage technique that combines the empirical mode decomposition (EMD with nonparametric methods of local linear quantile (LLQ. We use the proposed technique, EMD-LLQ, to forecast two stock index time series. Detailed experiments are implemented for the proposed method, in which EMD-LPQ, EMD, and Holt-Winter methods are compared. The proposed EMD-LPQ model is determined to be superior to the EMD and Holt-Winter methods in predicting the stock closing prices.

  17. The roles of mean residence time on herd behavior in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Li, Yun-Xian; Tang, Nian-Sheng; Mei, Dong-Cheng

    2016-11-01

    We investigate the herd behavior of stock prices in a finance system with the Heston model. Based on parameter estimation of the Heston model obtained by minimizing the mean square deviation between the theoretical and empirical return distributions, we simulate mean residence time of positive return (MRTPR). Plots of MRTPR against the amplitude or mean reversion of volatility demonstrate a phenomenon of herd behavior for a positive cross correlation between noise sources of the Heston model. Also, for a negative cross correlation, a phenomenon of herd behavior is observed in plots of MRTPR against the long-run variance by increasing amplitude or mean reversion of volatility.

  18. Multidimensional k-nearest neighbor model based on EEMD for financial time series forecasting

    Science.gov (United States)

    Zhang, Ningning; Lin, Aijing; Shang, Pengjian

    2017-07-01

    In this paper, we propose a new two-stage methodology that combines the ensemble empirical mode decomposition (EEMD) with multidimensional k-nearest neighbor model (MKNN) in order to forecast the closing price and high price of the stocks simultaneously. The modified algorithm of k-nearest neighbors (KNN) has an increasingly wide application in the prediction of all fields. Empirical mode decomposition (EMD) decomposes a nonlinear and non-stationary signal into a series of intrinsic mode functions (IMFs), however, it cannot reveal characteristic information of the signal with much accuracy as a result of mode mixing. So ensemble empirical mode decomposition (EEMD), an improved method of EMD, is presented to resolve the weaknesses of EMD by adding white noise to the original data. With EEMD, the components with true physical meaning can be extracted from the time series. Utilizing the advantage of EEMD and MKNN, the new proposed ensemble empirical mode decomposition combined with multidimensional k-nearest neighbor model (EEMD-MKNN) has high predictive precision for short-term forecasting. Moreover, we extend this methodology to the case of two-dimensions to forecast the closing price and high price of the four stocks (NAS, S&P500, DJI and STI stock indices) at the same time. The results indicate that the proposed EEMD-MKNN model has a higher forecast precision than EMD-KNN, KNN method and ARIMA.

  19. A Trend-Switching Financial Time Series Model with Level-Duration Dependence

    Directory of Open Access Journals (Sweden)

    Qingsheng Wang

    2012-01-01

    overcome the difficult problem that motivates our researches in this paper. An asymmetric and nonlinear model with the change of local trend depending on local high-low turning point process is first proposed in this paper. As the point process can be decomposed into the two different processes, a high-low level process and an up-down duration process, we then establish the so-called trend-switching model which depends on both level and duration (Trend-LD. The proposed model can predict efficiently the direction and magnitude of the local trend of a time series by incorporating the local high-low turning point information. The numerical results on six indices in world stock markets show that the proposed Trend-LD model is suitable for fitting the market data and able to outperform the traditional random walk model.

  20. Financial Benchmarking

    OpenAIRE

    2012-01-01

    This bachelor's thesis is focused on financial benchmarking of TULIPA PRAHA s.r.o. The aim of this work is to evaluate financial situation of the company, identify its strengths and weaknesses and to find out how efficient is the performance of this company in comparison with top companies within the same field by using INFA benchmarking diagnostic system of financial indicators. The theoretical part includes the characteristic of financial analysis, which financial benchmarking is based on a...

  1. The contribution of time-dependent stress relaxation in protein gels to the recoverable energy that is used as a tool to describe food texture

    Science.gov (United States)

    de Jong, Saskia; van Vliet, Ton; de Jongh, Harmen H. J.

    2015-11-01

    The recoverable energy (RE), defined as the ratio of the work exerted on a test specimen during compression and recovered upon subsequent decompression, has been shown to correlate to sensory profiling of protein-based food products. Understanding the mechanism determining the time-dependency of RE is primordial. This work aims to identify the protein-specific impact on the recoverable energy by stress dissipation via relaxation of (micro)structural rearrangements within protein gels. To this end, caseinate and gelatin gels are studied for their response to time-dependent mechanical deformation as they are known to develop structurally distinct network morphologies. This work shows that in gelatin gels no significant stress relaxation occurs on the seconds timescale, and consequently no time-dependency of the amount of energy stored in this material is observed. In caseinate gels, however, the energy dissipation via relaxation processes does contribute significantly to the time-dependency of reversible stored energy in the network. This can explain the obtained RE as a function of applied deformation at slow deformation rates. At faster deformation, an additional contribution to the dissipated energy is apparent, that increases with the deformation rate, which might point to the role of energy dissipation related to friction of the serum entrapped by the protein-network. This work shows that engineering strategies focused on controlling viscous flow in protein gels could be more effective to dictate the ability to elastically store energy in protein gels than routes that direct protein-specific aggregation and/or network-assembly.

  2. The Impact of a Holistic Conditional Cash Transfer Program in New York City on Parental Financial Investment, Student Time Use, and Educational Processes and Outcomes

    Science.gov (United States)

    Aber, J. Lawrence; Morris, Pamela; Wolf, Sharon; Berg, Juliette

    2016-01-01

    This article examines the impacts of Opportunity New York City-Family Rewards, the first holistic conditional cash transfer (CCT) program evaluated in the United States, on parental financial investments in children, and high school students' academic time use, motivations and self-beliefs, and achievement outcomes. Family Rewards, launched by the…

  3. Energy, transport network and financial issues: PR perspectives for economic development in time of Euro-Med area change

    Directory of Open Access Journals (Sweden)

    Amanda Jane Succi

    2012-02-01

    At first this will involve the policy makers at the central level, like the Ministry of Education and Sciences and the main research actors in the public and in the private sector. The criteria of the geographical and the subjects coverage has been also used in order to be able to present a public institutions of the higher education and research but even the enterprises that act in the research area are mainly focusing to the integration of these two systems which have been working separately for a long period of time and that must become efficient in order to adapt to the conditions of a country that has limited financial resources. This article is intended to provide a comprehensive overview of the scientific research in Albania, focusing in defining the priority areas for the research in social sciences. The information about the higher education and the potential problems that it faces, is based on a big number of research institutions, selected based on their involvement in scientific research in social sciences. This article brings into evidence the fact that in order to establish a stable and effective infrastructure in scientific research in Albania, is important to work in different directions. A successful way to increase the efficasity through the elements of the “innovative system” is by working with organizations that work in specific sectors of the economy, aiming for a possible cooperation in scientific search, for an important social contribution.

  4. The Economic Domino Effect: A Phenomenological Study Exploring Community College Faculty's Lived Experiences during Financial Hard Times in Higher Education

    Science.gov (United States)

    Taylor, Tridai A.

    2014-01-01

    This qualitative study explored the lived experiences of eight full-time community college faculty members who taught during the economic crisis of 2008. The study was guided by the central research question, "How do community college faculty members describe their lived experiences regarding the recent economic crisis of 2008 and its impact…

  5. The Economic Domino Effect: A Phenomenological Study Exploring Community College Faculty's Lived Experiences during Financial Hard Times in Higher Education

    Science.gov (United States)

    Taylor, Tridai A.

    2014-01-01

    This qualitative study explored the lived experiences of eight full-time community college faculty members who taught during the economic crisis of 2008. The study was guided by the central research question, "How do community college faculty members describe their lived experiences regarding the recent economic crisis of 2008 and its impact…

  6. Describe Your Favorite Teacher.

    Science.gov (United States)

    Dill, Isaac; Dill, Vicky

    1993-01-01

    A third grader describes Ms. Gonzalez, his favorite teacher, who left to accept a more lucrative teaching assignment. Ms. Gonzalez' butterflies unit covered everything from songs about social butterflies to paintings of butterfly wings, anatomy studies, and student haiku poems and biographies. Students studied biology by growing popcorn plants…

  7. Stages of Geoinformation Evolution Related to the Territories Described in the Bible - from the 3Rd Millennium B.C. to Modern Times

    Science.gov (United States)

    Linsenbarth, Adam

    2012-09-01

    The paper presents consecutive stages of the evolution of geoinformation related to the territories of the events described in the Bible. Two geoinformation sources are presented: the Bible and non-Bible sources. In the Bible there is much, often some highly detailed information regarding terrain topography. The oldest non-Bible sources are incorporated in the ancient documents, which were discovered in Egypt and Mesopotamia. Some of them are related to the 3rd millen- nium B.C. The further stages are related to the onomasticons and itineraries written by travellers and pilgrims to the Holy Land. The most famous onomasticons include: onomasticons prepared by bishop Eusebius from Caesarea and those pre- pared by St. Jerome. One of the oldest maps of Palestine's territory is the so-called mosaic map of Madaba dated to 565. In the 15th century several Bible maps were edited. The most rapid evolution occurred in the 16th and 17* centuries, when the world famous cartographers such as Mercator and Ortelius edited several maps of Palestine's territory. Cartographers from several European countries edited more than 6,000 maps presenting the Biblical territories and Biblical events. Modem maps, based on detailed topographical surveys, were edited m the second half of the 19* and 20th centuries. W artykule przedstawiono kolejne etapy rozwoju geoinformacji dotyczącej terenówr biblijnych. Omówiono dwa źródła informacji, a mianowicie geoinformacje biblijne i pozabiblijne. W tekstach biblijnych można znaleźć wiele, często bardzo detalicznych informacji topograficznych. Najstarsze źródła pozabiblijne, to starożytne dokumenty odnalezione na terenach Egiptu i Mezopotamii. Niektóre z nich pochodzą z trzeciego milenium przed Chr. Kolejnym etapem geoinformacji były onomastikony oraz dzienniki podróży pisane przez podróżników i pielgrzymów do Ziemi Świętej. Do najbardziej znanych należy onomastikon sporządzony przez biskupa Euzebiusza z Cezarei oraz

  8. Project financial evaluation

    Energy Technology Data Exchange (ETDEWEB)

    None, None

    2009-01-18

    The project financial section of the Renewable Energy Technology Characterizations describes structures and models to support the technical and economic status of emerging renewable energy options for electricity supply.

  9. Pharmacobezoars described and demystified.

    Science.gov (United States)

    Simpson, Serge-Emile

    2011-02-01

    A bezoar is a concretion of foreign material that forms and persists in the gastrointestinal tract. Bezoars are classified by their material origins. Phytobezoars contain plant material, trichobezoars contain hair, lactobezoars contain milk proteins, and pharmacobezoars contain pharmaceutical products. Tablets, suspensions, and even insoluble drug delivery vehicles can, on rare occasions, and sometimes under specific circumstances, form pharmacobezoars. The goal of this review is to catalog and examine all of the available reports in the English language medical literature that convincingly describe the formation and management of pharmacobezoars. Articles included in this review were identified by performing searches using the terms "bezoar," "pharmacobezoar," and "concretion" in the following databases: OVID MEDLINE, PubMed, and JSTOR. The complete MEDLINE and JSTOR holdings were included in the search without date ranges. The results were limited to English language publications. Articles that described nonmedication bezoars were not included in the review. Articles describing phytobezoars, food bezoars, fecal impactions, illicit drug packet ingestions, enteral feeding material bezoars, and hygroscopic diet aid bezoars were excluded. The bibliographic references within the articles already accumulated were then examined in order to gather additional pharmacobezoar cases. The cases are grouped by pharmaceutical agent that formed the bezoar, and groupings are arranged in alphabetical order. Discussions and conclusions specific to each pharmaceutical agent are included in that agent's subheading. Patterns and themes that emerged in the review of the assembled case reports are reviewed and presented in a more concise format. Pharmacobezoars form under a wide variety of circumstances and in a wide variety of patients. They are difficult to diagnose reliably. Rules for suspecting, diagnosing, and properly managing a pharmacobezoar are highly dependent on the

  10. Influence in times of crisis: how social and financial resources affect men's and women's evaluations of glass-cliff positions.

    Science.gov (United States)

    Rink, Floor; Ryan, Michelle K; Stoker, Janka I

    2012-01-01

    In two scenario-based studies, we found that women and men evaluate glass-cliff positions (i.e., precarious leadership positions at organizations in crisis) differently depending on the social and financial resources available. Female and male participants evaluated a hypothetical leadership position in which they would have both social and financial resources, financial resources but no social resources, or social resources but no financial resources. Women evaluated the position without social resources most negatively, whereas men evaluated the position without financial resources most negatively. In study 2, we found that women and men considered different issues when evaluating these leadership positions. Women's evaluations and expected levels of influence as leaders depended on the degree to which they expected to be accepted by subordinates. In contrast, men's evaluations and expected levels of acceptance by subordinates depended on the degree to which they expected to be influential in the position. Our findings have implications for the understanding of the glass-cliff phenomenon and gendered leadership stereotypes.

  11. Managing the Financial Risks of Water Scarcity

    Science.gov (United States)

    Characklis, Greg; Foster, Ben; Kern, Jordan; Meyer, Eliot; Zeff, Harrison

    2015-04-01

    Environmental uncertainty poses a growing number of financial risks to society, with droughts, floods, extreme temperatures and violent storms imposing costs that approach 500 billion per year. While structural forms of mitigation (i.e. levees, dams) will certainly play a role in limiting financial impacts, these are large investments whose full value is only rarely realized. Furthermore, the value of such long-lived measures becomes increasingly uncertain in a changing climate, raising the issue of whether they will be effective 20-30 years hence. Financial instruments, such as index insurance, can provide increased flexibility by providing compensation for losses only when they occur, and limited contract periods allow terms to be periodically rewritten in response to changing conditions. Financial instruments can also be effectively combined with other economic tools and infrastructure to create integrated solutions in which infrastructure mitigates losses from moderate events, while financial products compensate for more rare, but extreme, events. There is a long history of environmentally-related insurance and hedging instruments, but to date the actuarial analyses that underlie contract structure and pricing have been based on straightforward observations, such as cumulative rainfall. More recently, simple correlations between two time series have been used to develop index-based contracts. Links between temperature and electricity demand, for example, provide a basis for contracts that are used to limit the financial exposure of power generators to low revenues during unseasonably warm winters or cool summers. Unfortunately, few environmental risks can be so quickly and easily linked to a financial impact. However, with a more advanced understanding of the environmental systems that give rise to financial losses, opportunities exist to develop innovative contracts for a range of new applications. Recent research describes the characterization and mitigation

  12. Gender issues of financial analysts

    OpenAIRE

    Jingwen Ge

    2013-01-01

    Increased attention has been drawn to the gender disparity in workplace. This dissertation is dedicated to provide sight to the gender issues in financial analysts. Profound literature reviews are conducted about gender issues and financial analysts, respectively in order to comprehend the existing gender concerns in the business world, and role and functions of financial analysts. Research proposals are described to answer the following question: whether women financial analysts are more lik...

  13. "It's at a time in your life when you are most vulnerable": a qualitative exploration of the financial impact of a cancer diagnosis and implications for financial protection in health.

    Science.gov (United States)

    Timmons, Aileen; Gooberman-Hill, Rachael; Sharp, Linda

    2013-01-01

    Although cancer patients may incur a wide range of cancer-related out-of-pocket costs and experience reduced income, the consequences of this financial burden are poorly understood. We investigated: financial adjustments needed to cope with the cancer-related financial burden; financial distress (defined as a reaction to the state of personal finances); and factors that increase risk of financial difficulties. Two sets of semi-structured face-to-face interviews were conducted with 20 patients with breast, lung and prostate cancer and 21 hospital-based oncology social workers (OSWs) in Ireland, which has a mixed public-private healthcare system. Participants were asked about: strategies to cope with the cancer-related financial burden; the impact of the financial burden on the family budget, other aspects of daily life, and wellbeing. OSWs were also asked about patient groups they thought were more likely to experience financial difficulties. The two interview sets were analysed separately using a thematic approach. Financial adjustments included: using savings; borrowing money; relying on family and friends for direct and indirect financial help; and cutting back on household spending. Financial distress was common. Financial difficulties were more likely for patients who were older or younger, working at diagnosis, lacked social support, had dependent children, had low income or had few savings. These issues often interacted with one another. As has been seen in predominantly publically and predominantly privately-funded healthcare settings, a complex mixed public-private healthcare system does not always provide adequate financial protection post-cancer. Our findings highlight the need for a broader set of metrics to measure the financial impact of cancer (and to assess financial protection in health more generally); these should include: out-of-pocket direct medical and non-medical costs; changes in income; financial adjustments (including financial coping

  14. "It's at a time in your life when you are most vulnerable": a qualitative exploration of the financial impact of a cancer diagnosis and implications for financial protection in health.

    Directory of Open Access Journals (Sweden)

    Aileen Timmons

    Full Text Available Although cancer patients may incur a wide range of cancer-related out-of-pocket costs and experience reduced income, the consequences of this financial burden are poorly understood. We investigated: financial adjustments needed to cope with the cancer-related financial burden; financial distress (defined as a reaction to the state of personal finances; and factors that increase risk of financial difficulties. Two sets of semi-structured face-to-face interviews were conducted with 20 patients with breast, lung and prostate cancer and 21 hospital-based oncology social workers (OSWs in Ireland, which has a mixed public-private healthcare system. Participants were asked about: strategies to cope with the cancer-related financial burden; the impact of the financial burden on the family budget, other aspects of daily life, and wellbeing. OSWs were also asked about patient groups they thought were more likely to experience financial difficulties. The two interview sets were analysed separately using a thematic approach. Financial adjustments included: using savings; borrowing money; relying on family and friends for direct and indirect financial help; and cutting back on household spending. Financial distress was common. Financial difficulties were more likely for patients who were older or younger, working at diagnosis, lacked social support, had dependent children, had low income or had few savings. These issues often interacted with one another. As has been seen in predominantly publically and predominantly privately-funded healthcare settings, a complex mixed public-private healthcare system does not always provide adequate financial protection post-cancer. Our findings highlight the need for a broader set of metrics to measure the financial impact of cancer (and to assess financial protection in health more generally; these should include: out-of-pocket direct medical and non-medical costs; changes in income; financial adjustments (including

  15. Late Financial Distress Process Stages and Financial Ratios

    DEFF Research Database (Denmark)

    Sormunen, Nina; Laitinen, Teija

    2012-01-01

    The present study adds to our understanding and knowledge of financial distress predictions regarding the usefulness of financial ratios in the late stages of the financial distress process. The study contributes to previous research by generating information concerning: (1) the behavior...... and usefulness of single financial ratios in short-term financial distress prediction when the effect of each different financial distress process stage is considered; (2) the effects of recognition of the financial distress process stage on the financial distress prediction model. The time horizon...... for prediction is less than one year, and the empirical data consist of financial statement information from 106 distressed firms undergoing reorganization and their matched counterparts for 2003-2007. To analyze the effects of the specific distress process stage, the sample has been divided into two groups...

  16. A paperless course on structural engineering programming: investing in educational technology in the times of the Greek financial recession

    Science.gov (United States)

    Sextos, Anastasios G.

    2014-01-01

    timely during economic recession, where the academic priorities are rapidly changing. In the light of this unfavourable and unstable financial environment, a critical overview of the strengths, the weaknesses, the opportunities and the threats of this effort is presented herein, hopefully contributing to the discussion on the future of higher education in the time of crisis.

  17. Financial Education

    OpenAIRE

    Udo Reifner; Anne Schelhowe

    2010-01-01

    New, more or better financial education and financial literacy programmes should lead to improved financial capability, knowledge and outcomes. Yet we do not even know which terminology is most suitable for those projects who all intend to give an answer to a question which is less than clear. What is meant by the term “financial education”? Why did the “demand” for financial education suddenly increase? Have the numerous tasks which consumers in a modern society have to fulfill created this ...

  18. New Described Dermatological Disorders

    Directory of Open Access Journals (Sweden)

    Müzeyyen Gönül

    2014-01-01

    Full Text Available Many advances in dermatology have been made in recent years. In the present review article, newly described disorders from the last six years are presented in detail. We divided these reports into different sections, including syndromes, autoinflammatory diseases, tumors, and unclassified disease. Syndromes included are “circumferential skin creases Kunze type” and “unusual type of pachyonychia congenita or a new syndrome”; autoinflammatory diseases include “chronic atypical neutrophilic dermatosis with lipodystrophy and elevated temperature (CANDLE syndrome,” “pyoderma gangrenosum, acne, and hidradenitis suppurativa (PASH syndrome,” and “pyogenic arthritis, pyoderma gangrenosum, acne, and hidradenitis suppurativa (PAPASH syndrome”; tumors include “acquired reactive digital fibroma,” “onychocytic matricoma and onychocytic carcinoma,” “infundibulocystic nail bed squamous cell carcinoma,” and “acral histiocytic nodules”; unclassified disorders include “saurian papulosis,” “symmetrical acrokeratoderma,” “confetti-like macular atrophy,” and “skin spicules,” “erythema papulosa semicircularis recidivans.”

  19. Financial Markets and Persistence

    CERN Document Server

    Jain, S

    2005-01-01

    Persistence is studied in a financial context by mapping the time evolution of the values of the shares quoted on the London Financial Times Stock Exchange 100 index (FTSE 100) onto Ising spins. By following the time dependence of the spins, we find evidence for power law decay of the proportion of shares that remain either above or below their ` starting\\rq values. As a result, we estimate a persistence exponent for the underlying financial market to be $\\theta_f\\sim 0.5$.

  20. Persistence in financial markets

    Science.gov (United States)

    Jain, S.; Buckley, P.

    2006-03-01

    Persistence is studied in a financial context by mapping the time evolution of the values of the shares quoted on the London Financial Times Stock Exchange 100 index (FTSE 100) onto Ising spins. By following the time dependence of the spins, we find evidence for power law decay of the proportion of shares that remain either above or below their 'starting' values. As a result, we estimate a persistence exponent for the underlying financial market to be θf˜0.5.

  1. Financial Economy and Financial System: Basis of Structural Interconnection

    Directory of Open Access Journals (Sweden)

    Khorosheva Olena I.

    2014-02-01

    Full Text Available The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an aggregate of financial economies and financial market. The article justifies a necessity of expansion of boundaries of perception of the state financial economy, which is offered to include public financial economy of the state level and the set of financial economies of the state as a subject of economic activity. Such an approach forms a base for justification of the synthesis of participation of the state in financial relations as the owner and as the basic macro-economic regulator. Prospects of further study in this direction are: development of classification of financial economies; revelation of specific features of impact of shadow finance on development of the national financial economy; and assessment of possibilities of inclusion of structured financial products into the system of values of financial economies in Ukraine.

  2. Information dissipation as an early-warning signal for the Lehman Brothers collapse in financial time series

    NARCIS (Netherlands)

    Quax, R.; Kandhai, D.; Sloot, P.M.A.

    2013-01-01

    In financial markets, participants locally optimize their profit which can result in a globally unstable state leading to a catastrophic change. The largest crash in the past decades is the bankruptcy of Lehman Brothers which was followed by a trust-based crisis between banks due to high-risk

  3. Climbing the ladder : Gender-specific career advancement in financial services and the influence of flexible work-time arrangements

    NARCIS (Netherlands)

    Noback, Inge; Broersma, Lourens; Van Dijk, Jouke

    2013-01-01

    The aim of this study is to gain insight into the gender-specific career advancement of about 10,000 middle- and top-level managers in a Dutch financial services company. Our results indicate that women earn less, work at lower job levels, but show slightly higher career mobility than men. However,

  4. Influence in Times of Crisis : How Social and Financial Resources Affect Men's and Women's Evaluations of Glass-Cliff Positions

    NARCIS (Netherlands)

    Rink, Floor; Ryan, Michelle K.; Stoker, Janka I.

    2012-01-01

    In two scenario-based studies, we found that women and men evaluate glass-cliff positions (i.e., precarious leadership positions at organizations in crisis) differently depending on the social and financial resources available. Female and male participants evaluated a hypothetical leadership

  5. Influence in Times of Crisis : How Social and Financial Resources Affect Men's and Women's Evaluations of Glass-Cliff Positions

    NARCIS (Netherlands)

    Rink, Floor; Ryan, Michelle K.; Stoker, Janka I.

    2012-01-01

    In two scenario-based studies, we found that women and men evaluate glass-cliff positions (i.e., precarious leadership positions at organizations in crisis) differently depending on the social and financial resources available. Female and male participants evaluated a hypothetical leadership positio

  6. Climbing the ladder : Gender-specific career advancement in financial services and the influence of flexible work-time arrangements

    NARCIS (Netherlands)

    Noback, Inge; Broersma, Lourens; Van Dijk, Jouke

    2013-01-01

    The aim of this study is to gain insight into the gender-specific career advancement of about 10,000 middle- and top-level managers in a Dutch financial services company. Our results indicate that women earn less, work at lower job levels, but show slightly higher career mobility than men. However,

  7. FINANCIAL MECHANISMS OF FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-07-01

    Full Text Available The actuality of this article is determined by the need to demonstrate that financial crisis is not just an issue of economic disaster caused by contagion effect of financial cataclysm, expressed in national currency depreciation, depletion of foreign exchange reserves, mass bankruptcy of financial institutions, non-market entities insolvency and impossibility of sovereign debt servicing, but a special investment opportunity with associated characteristics of profitability. Central aims of article is research of financial crisis essence, investment mechanisms linked to existing fundamental laws of its conduct and determination of investment opportunities manifested in various segments of financial market and related sectors. Main research methods were: systemic analysis, statistical analysis, monographic and logic synthesis, etc. Main scientific results obtained in the article, due to research are to identify, analyze and demonstrate investment opportunities of international financial crisis and financial crises in Moldova.

  8. Being on the Field When the Game Is Still Under Way. The Financial Press and Stock Markets in Times of Crisis

    Science.gov (United States)

    Casarin, Roberto; Squazzoni, Flaminio

    2013-01-01

    This paper looks at the relationship between negative news and stock markets in times of global crisis, such as the 2008/2009 period. We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market volatility and dynamic correlation. Our results show that the press and markets influenced each other in generating market volatility and in particular, that the Wall Street Journal had a crucial effect both on the volatility and correlation between the US and foreign markets. We also found significant differences between newspapers in their interpretation of the crisis, with the Financial Times being significantly pessimistic even in phases of low market volatility. Our results confirm the reflexive nature of stock markets. When the situation is uncertain and unpredictable, market behaviour may even reflect qualitative, big picture, and subjective information such as streamers in a newspaper, whose economic and informative value is questionable. PMID:23861791

  9. Being on the field when the game is still under way. The financial press and stock markets in times of crisis.

    Directory of Open Access Journals (Sweden)

    Roberto Casarin

    Full Text Available This paper looks at the relationship between negative news and stock markets in times of global crisis, such as the 2008/2009 period. We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market volatility and dynamic correlation. Our results show that the press and markets influenced each other in generating market volatility and in particular, that the Wall Street Journal had a crucial effect both on the volatility and correlation between the US and foreign markets. We also found significant differences between newspapers in their interpretation of the crisis, with the Financial Times being significantly pessimistic even in phases of low market volatility. Our results confirm the reflexive nature of stock markets. When the situation is uncertain and unpredictable, market behaviour may even reflect qualitative, big picture, and subjective information such as streamers in a newspaper, whose economic and informative value is questionable.

  10. The effect of illicit financial flows on time to reach the fourth Millennium Development Goal in Sub-Saharan Africa: a quantitative analysis.

    Science.gov (United States)

    O'Hare, Bernadette; Makuta, Innocent; Bar-Zeev, Naor; Chiwaula, Levison; Cobham, Alex

    2014-04-01

    This paper sets out to estimate the cost of illicit financial flows (IFF) in terms of the amount of time it could take to reach the fourth Millennium Development Goal (MDG) in 34 African countries. We have calculated the percentage increase in gross domestic product (GDP) if IFFs were curtailed using IFF/GDP ratios. We applied the income (GDP) elasticity of child mortality to the increase in GDP to estimate the reduction in time to reach the fourth MDG in 34 African countries. children aged under five years. 34 countries in SSA. Reduction in time to reach the first indicator of the fourth MDG, under-five mortality rate in the absence of IFF. We found that in the 34 SSA countries, six countries will achieve their fourth MDG target at the current rates of decline. In the absence of IFF, 16 countries would reach their fourth MDG target by 2015 and there would be large reductions for all other countries. This drain on development is facilitated by financial secrecy in other jurisdictions. Rich and poor countries alike must stem the haemorrhage of IFF by taking decisive steps towards improving financial transparency.

  11. Being on the field when the game is still under way. The financial press and stock markets in times of crisis.

    Science.gov (United States)

    Casarin, Roberto; Squazzoni, Flaminio

    2013-01-01

    This paper looks at the relationship between negative news and stock markets in times of global crisis, such as the 2008/2009 period. We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market volatility and dynamic correlation. Our results show that the press and markets influenced each other in generating market volatility and in particular, that the Wall Street Journal had a crucial effect both on the volatility and correlation between the US and foreign markets. We also found significant differences between newspapers in their interpretation of the crisis, with the Financial Times being significantly pessimistic even in phases of low market volatility. Our results confirm the reflexive nature of stock markets. When the situation is uncertain and unpredictable, market behaviour may even reflect qualitative, big picture, and subjective information such as streamers in a newspaper, whose economic and informative value is questionable.

  12. It was the best of times, it was the worst of times: a tale of two years in not-for-profit hospital financial investments.

    Science.gov (United States)

    Song, Paula H; Smith, Dean G; Wheeler, John R C

    2008-01-01

    Not-for-profit (NFP) hospitals' accumulations of financial assets have been growing steadily over the past 10 years. Surprisingly, little is known about how much investment reserves represent and how they are handled among NFP hospitals. The purpose of this study is to evaluate investment strategies in financial assets among NFP hospitals. Specifically, this article seeks to explore how NFP hospitals allocate and manage financial assets, how much risk hospitals employ in their investment strategies, and the risk and return trade-off under contrasting market conditions. Using two years of survey data from the Common fund Benchmarks Study for Health Care Institutions for fiscal years 2002 and 2003, we analyze NFP hospitals' investment strategies by comparing asset size, investment management characteristics, board characteristics, asset allocation, levels of risk, and annual returns. Univariate regression analysis is used to evaluate the relationship between risk and return. NFP hospitals have sizeable long-term financial assets, averaging over $558 million in 2002 and $634 million in 2003. Two thirds of these funds are invested in long-term operating funds followed by defined benefit pension funds and insurance reserves; management of these funds is primarily outsourced. NFP hospitals allocate, on average, 50% of their operating fund assets to equities. During the stock market downturn in 2002, each 1% investment in equities was significantly associated with a -0.18% decrease in annual returns. In contrast, the relationship is almost exactly opposite--consistent with the relationship typically associated with risk and return--in 2003. NFP hospitals with heavy reliance on investment income to boost total profit margins may have difficulty adjusting to periods of low performance. Evaluation of the performance and financial condition of the hospital must account for the size and composition of financial assets.

  13. Chaotic Financial Tornadoes

    Science.gov (United States)

    Jakimowicz, Aleksander

    In contemporary economies classic business cycles are increasingly changing their form undergoing a transformation into phenomena that have been nicknamed financial tornados. A generalization of the Lotka-Volterra model can be used to describe these fast-changing processes. Economically speaking, the most useful are such dynamical systems in which wormholes appear. This article features application of a model with one population of prey and two populations of predators in order to explain the global financial crisis and the consequent phenomena.

  14. Financial mathematics

    CERN Document Server

    Jothi, A Lenin

    2009-01-01

    Financial services, particularly banking and insurance services is the prominent sector for the development of a nation. After the liberalisation of financial sector in India, the scope of getting career opportunities has been widened. It is heartening to note that various universities in India have introduced professional courses on banking and insurance. A new field of applied mathematics has come into prominence under the name of Financial Mathematics. Financial mathematics has attained much importance in the recent years because of the role played by mathematical concepts in decision - m

  15. Financial Wealth Distribution in Revised Financial Accounts

    Directory of Open Access Journals (Sweden)

    Václav Rybáček

    2012-09-01

    Full Text Available Financial statistics undergo dynamic evolution as apparent consequence of their rising importance. Structureof assets, source of fi nancing, price changes or net fi nancial position, all these indicators can detect oncomingfi nancial instability. Financial statistics as a logical extension of the national accounts provide such information.Th e aim of the following text is to present fi nancial statistics, relation between particular accounts, the impact of extraordinary revision carried out in 2011, and also to analyse current wealth distribution as described by fi nancial statistics.

  16. Financial Literacy, Financial Education, and Economic Outcomes

    Science.gov (United States)

    Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

    2013-01-01

    In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

  17. Financial Literacy, Financial Education, and Economic Outcomes

    Science.gov (United States)

    Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

    2013-01-01

    In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

  18. Energy, transport network and financial issues: PR perspectives for economic development in time of Euro-Med area change

    Directory of Open Access Journals (Sweden)

    Amanda Jane Succi

    2012-02-01

    to present a public institutions of the higher education and research but even the enterprises that act in the research area are mainly focusing to the integration of these two systems which have been working separately for a long period of time and that must become efficient in order to adapt to the conditions of a country that has limited financial resources. This article is intended to provide a comprehensive overview of the scientific research in Albania, focusing in defining the priority areas for the research in social sciences. The information about the higher education and the potential problems that it faces, is based on a big number of research institutions, selected based on their involvement in scientific research in social sciences. This article brings into evidence the fact that in order to establish a stable and effective infrastructure in scientific research in Albania, is important to work in different directions. A successful way to increase the efficasity through the elements of the “innovative system” is by working with organizations that work in specific sectors of the economy, aiming for a possible cooperation in scientific search, for an important social contribution.

  19. The Application of GA-SVR Method in Financial Time Series Prediction%金融时间序列预测中的GA-SVR方法

    Institute of Scientific and Technical Information of China (English)

    焦帅; 颜七笙

    2012-01-01

    The application of support vector machine method in financial time series forecasting process often occurred low prediction accuracy and other issues with selected model improper parameters.In order to solve the problems,a financial time series forecasting model based on Genetic Algorithm which is used to optimize parameters of SVM has established.It was applied in China 'stock index time series prediction,and experimental results show that the method could better reflect the financial time series prediction rule,and improved the prediction accuracy of the model.%针对支持向量机方法在金融时间序列预测的过程中,模型参数选取不当的导致预测精度较低等问题,利用遗传算法优化选取支持向量机模型参数,建立了一种基于遗传算法优化支持向量机参数的金融时间序列预测模型。并将该方法应用于我国上证指数时间序列预测中。实验结果表明基于遗传算法优化的支持向量机方法能较好的反映金融时间序列预测规律,并且提高了模型预测精度。

  20. Compilation of Non-Financial Balances in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Vítězslav Ondruš

    2011-09-01

    Full Text Available The System of National Accounts in the Czech Republic consists of three main parts — institutional sector accounts, input-output tables and balances of non-financial assets. All three parts are compiled interactively by common time schedule. The article deals with balances of non-financial assets and their relation to core institutional sector accounts and explains why the third parallel part of SNA in the Czech Republic was build, describes its weaknesses and future development.

  1. Estimating serial correlation and self-similarity in financial time series-A diversification approach with applications to high frequency data

    Science.gov (United States)

    Gerlich, Nikolas; Rostek, Stefan

    2015-09-01

    We derive a heuristic method to estimate the degree of self-similarity and serial correlation in financial time series. Especially, we propagate the use of a tailor-made selection of different estimation techniques that are used in various fields of time series analysis but until now have not consequently found their way into the finance literature. Following the idea of portfolio diversification, we show that considerable improvements with respect to robustness and unbiasedness can be achieved by using a basket of estimation methods. With this methodological toolbox at hand, we investigate real market data to show that noticeable deviations from the assumptions of constant self-similarity and absence of serial correlation occur during certain periods. On the one hand, this may shed a new light on seemingly ambiguous scientific findings concerning serial correlation of financial time series. On the other hand, a proven time-changing degree of self-similarity may help to explain high-volatility clusters of stock price indices.

  2. Occupational class differences in suicide: evidence of changes over time and during the global financial crisis in Australia.

    Science.gov (United States)

    Milner, Alison J; Niven, Heather; LaMontagne, Anthony D

    2015-09-21

    Previous research showed an increase in Australian suicide rates during the Global Financial Crisis (GFC). There has been no research investigating whether suicide rates by occupational class changed during the GFC. The aim of this study was to investigate whether the GFC-associated increase in suicide rates in employed Australians may have masked changes by occupational class. Negative binomial regression models were used to investigate Rate Ratios (RRs) in suicide by occupational class. Years of the GFC (2007, 2008, 2009) were compared to the baseline years 2001-2006. There were widening disparities between a number of the lower class occupations and the highest class occupations during the years 2007, 2008, and 2009 for males, but less evidence of differences for females. Occupational disparities in suicide rates widened over the GFC period. There is a need for programs to be responsive to economic downturns, and to prioritise the occupational groups most affected.

  3. Coping with Financial Distress

    Science.gov (United States)

    Chabotar, Kent John

    2007-01-01

    Colleges and universities, like corporations and other nonprofit organizations, are subject to periodic fluctuations in the economy and public support. Thus, the question is not whether they will confront financial problems but rather when and how. This article describes how institutions and boards can detect budgets in crisis, provides principles…

  4. THEORETICAL ASPECTS OF FINANCIAL LIBERALIZATION PROCESS

    OpenAIRE

    Ciupac-Ulici Maria-Lenuta; Ardelean Ciprian George; Nistor Ioan Alin

    2013-01-01

    Financial liberalization process and its implications on financial emerging markets have been multidisciplinary research since 1970. Reform of financial liberalization is a complex and long phenomena. This implies that the impact of this reform on financial markets should not be immediate, but rather gradually during a long time period. It is also important to note that liberalization does not occur in the same way on all financial markets. Each country, according to his specification regardi...

  5. Impact of new healthcare legislation and price policy on healthcare services provider at the time of financial crisis. A 10 years study

    Directory of Open Access Journals (Sweden)

    Ivona Malovecka

    2015-03-01

    Full Text Available Monitoring, calculation and assessment of healthcare services prosperity in the community pharmacy with the help of financial analysis indicators for the years 2003-2012, using financial statements was conducted, with respect to profitability, debt, liquidity, working capital, and efficiency parameters. These ratios reflect various changes that hold between years 2003 and 2012. Under the time of financial crisis, recession and serious socio-economic changes the profitability parameter Gross Profit ranged from 2003-2011 = 16.12-22.79% (average = 19.20%; mean = 19.78%; σ = 2.41, but in 2012 decreased on 14.35%. Net Profit ranged 2003-2011 = 10.96-18.3% (average = 14.62%; mean = 16.62%; σ = 4.92, while in 2012 reached only 2.29%. Debt ratio ranged from 2003-2012= 2.33-4.81 (average = 3.44; mean = 3.07; σ = 0.82. Liquidity parameters Current Ratio spread between 2003-2012 = 1.13-1.71 (average = 1.43; mean = 1.46; σ = 0.15 and Quick Ratio spread between 2003-2012 = 0.72-1.27 (average = 1.07; mean = 1.09; σ = 0.15. Working Capital Ratio ranged from 2003-2012 = 2.66-12.94 (average = 9.58; mean = 10.06; σ = 3.1 and efficiency ratios were measured either. All changes that have taken place in the society had an impact on community pharmacy finance by worsening its profitability, liquidity, working capital and some of efficiency parameters. Therefore the stability of community pharmacy may be threatened and may affect its future performance.http://dx.doi.org/10.7175/fe.v16i1.1040

  6. FINANCIAL LITERACY, FINANCIAL EDUCATION AND ECONOMIC OUTCOMES

    OpenAIRE

    Hastings, Justine S.; Brigitte C. Madrian; Skimmyhorn, William L.

    2013-01-01

    In this article we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature, and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the extent to which a competitive market provides incentives for firms to educate consumers or offer products that facilitate informed choice. We revie...

  7. Persistence and financial markets

    Science.gov (United States)

    Jain, S.

    2007-09-01

    The persistence phenomenon is studied in a financial context by using a novel mapping of the time evolution of the values of shares in a portfolio onto Ising spins. The method is applied to historical data from the London Financial Times Stock Exchange 100 index (FTSE 100) over an arbitrarily chosen period. By following the time dependence of the spins, we find evidence for a power law decay of the proportion of shares that remain either above or below their ‘starting’ values. As a result, we estimate a persistence exponent for the underlying financial market to be ≈0.5. Preliminary results from computer simulations on persistence in the economic dynamics of a toy model appear to reproduce the behaviour observed in real markets.

  8. Reflecting on mainstreaming through environmental appraisal in times of financial crisis — From ‘greening’ to ‘pricing’?

    Energy Technology Data Exchange (ETDEWEB)

    Gazzola, Paola, E-mail: Paola.Gazzola@ncl.ac.uk

    2013-07-15

    The issue of mainstreaming has witnessed a revival over the last few years, not least because the latest financial crisis has triggered a renewed enthusiasm and a remarkable comeback amongst policy-making and environmental appraisal (EA) communities. Traditionally, environmental mainstreaming is linked to ideas of (environmental) integration and to the ‘greening’ of public policies. Yet, more recent mainstreaming efforts are building on the idea that the achievement of economic growth and of social well-being is not only dependent upon the protection of the environment, but on the fact that the environment should be valued as a source of goods and a provider of services, as well. In this context and despite the many shortcomings that EA has experienced as a mainstreaming tool over the last two decades, calls for EA to engage with ecosystem services and incorporate pricing valuations in its approach to mainstreaming are emerging, raising questions about the role and purpose of EA as an environmental mainstreaming tool. This paper aims to reflect on the role of EA as a mainstreaming tool, in terms of the extent to which it is mainstreaming the environment into policies for sustainable development and changing ‘the mainstream’ by breaking down the false dichotomy of environment and (economic) development. If mainstreaming through EA was to incorporate both greening and pricing logics, could EA be more effective in reframing the environment and development as correlated variables rather than competing variables? -- Highlights: ► Mainstreaming is witnessing a revival over the last few years and a comeback amongst environmental appraisal communities. ► Mainstreaming efforts through environmental appraisal have failed to challenge the deeply rooted belief in economic growth. ► Recent mainstreaming efforts are incorporated in “green deals” following ecological modernisation discourses. ► Environmental appraisal is urged to embrace ecosystem service

  9. 后金融危机时代我国的金融脱媒与商业银行的应对措施%China financial disintermediation in late finance crisis time and commercial bank's countermeasure

    Institute of Scientific and Technical Information of China (English)

    唐黎军

    2012-01-01

    China's financial disintermediation will have a certain impact on the operation of commercial banks.Especially after the subprime mortgage crisis,China's financial disintermediation has signs of acceleration,but through analysis we can find that in the post-crisis era China's financial disintermediation accelerates but the primary motivation is not China's financial market results,is our country financial intermediary system the function is not perfect performance.China's commercial banks should timely adjust business strategy,innovation management mode,the development of new financial products to deal with the current financial disintermediation.%我国的金融脱媒对商业银行的经营会产生一定的影响,尤其在次贷危机后我国金融脱媒有加速的迹象,但是通过深入分析可以发现后危机时代我国的金融脱媒加速的主要动因并不是我国金融市场化的结果,而是我国金融中介体系功能不健全的表现。我国的商业银行应及时调整经营策略,创新经营模式,开发新的金融产品应对目前的金融脱媒。

  10. Measuring financial performance: an overview of financial statements.

    Science.gov (United States)

    Dalsted, N L

    1995-07-01

    Financial management has emerged as a critical component in the long-term viability of today's ranches and farms. Proper and timely financial reporting and analysis of financial statements are valuable tools that agricultural producers can use to monitor, coordinate, and plan their operational production and marketing schemes and strategies. A side note to preparation of financial statements. With the concerns over lender liability issues associated with statements either assisted with or prepared by a lending officer, agricultural producers will be responsible for preparing their own statements. The lending institutions may prepare their own statements in their assessment of the financial condition of a business and or individual, but, ultimately, the responsibility of financial statements is the borrower's. Some of the material presented in this article provides important input for use in such analytical programs as the National Cattlemen's Association, Integrated Resource Committees, and Standard Performance Analysis (SPA). SPA techniques and associated software have been or currently are under development for cow-calf, stocker, seedstock, and sheep enterprises. Critical to the analysis is having complete and correct financial statements. These analytical programs build on the financial statements. These analytical programs build on the financial statements as recommended by the FFSTF. Proper financial reporting is critical not only to a SPA assessment but also to the overall financial management of today's farms and ranches. Recognizing the importance of financial management in production agriculture is not enough, taking a proactive stance in one's financial plan is paramount to success. Failure to do so will only enhance the exit rates of producers from production agriculture.

  11. On financial innovation

    Directory of Open Access Journals (Sweden)

    G. VACIAGO

    2013-12-01

    Full Text Available In recent years, in all countries - albeit to varying degrees - many changes have taken place in the financial structure which have accompanied the development of new instruments, markets and financial intermediaries. A growing literature describes and analyses these changes, generically grouped together under the label of "financial innovation". In order to clarify the costs and benefits of what is meant by financial innovation, it is necessary to jointly examine both its causes and its effects. To this end, it is first necessary to consider some very general questions that thus far have yet to be answered in any certain or unambiguous way, if they have been considered in the scientific literature at all. The present work examines the current state of the theory of financial innovation, to then illustrate the main features of the innovation process currently taking place. This leads to some considerations on the resulting implications for the modus operandi of monetary policy and, more generally, for the definition of this policy’s transmission mechanisms.

  12. Financial Adaptation among College Students: Helping Students Cope with Financial Strain

    Science.gov (United States)

    Serido, Joyce; Shim, Soyeon; Xiao, Jing Jian; Tang, Chuanyi; Card, Noel A.

    2014-01-01

    This study examines the impact of the recent financial crisis on co-occurring patterns of change in financial strain and financial coping behaviors of college students (N = 748) using two-timed, longitudinal data collected prior to the 2008 financial crisis and again one year later. Using a stress and coping framework, we found that different…

  13. Financial Adaptation among College Students: Helping Students Cope with Financial Strain

    Science.gov (United States)

    Serido, Joyce; Shim, Soyeon; Xiao, Jing Jian; Tang, Chuanyi; Card, Noel A.

    2014-01-01

    This study examines the impact of the recent financial crisis on co-occurring patterns of change in financial strain and financial coping behaviors of college students (N = 748) using two-timed, longitudinal data collected prior to the 2008 financial crisis and again one year later. Using a stress and coping framework, we found that different…

  14. Global Financial Crisis and Educational Restructuring

    Science.gov (United States)

    Peters, Michael A.; Besley, Tina; Paraskeva, João M.

    2015-01-01

    "Financialisation" is a term that describes an economic system or process that attempts to reduce all value that is exchanged (whether tangible, intangible, future, or present promises, etc.) either into a financial instrument or a derivative of a financial instrument. The original intent of financialization is to be able to reduce any…

  15. Teaching Financial Literacy with Max and Ruby

    Science.gov (United States)

    Brown, Natalya; Ferguson, Kristen

    2017-01-01

    Teaching financial literacy is important at all stages of life, but is often neglected with elementary students. In this article, the authors describe a strategy for teaching financial literacy using the books about Max and Ruby by Rosemary Wells. These books can help introduce the five key concepts of financial literacy: scarcity, exchange,…

  16. Global Financial Crisis and Educational Restructuring

    Science.gov (United States)

    Peters, Michael A.; Besley, Tina; Paraskeva, João M.

    2015-01-01

    "Financialisation" is a term that describes an economic system or process that attempts to reduce all value that is exchanged (whether tangible, intangible, future, or present promises, etc.) either into a financial instrument or a derivative of a financial instrument. The original intent of financialization is to be able to reduce any…

  17. Understanding Personal and Family Financial Planning Education.

    Science.gov (United States)

    American Council of Life Insurance, Washington, DC. Education and Community Services.

    This publication for teachers focuses on one specific content area of consumer education--financial planning. The first major section begins by identifying eight competencies in financial planning education. It describes the financial planning process used to anticipate changes in moving from one stage of life to another, choosing the options, and…

  18. Teaching Financial Literacy with Max and Ruby

    Science.gov (United States)

    Brown, Natalya; Ferguson, Kristen

    2017-01-01

    Teaching financial literacy is important at all stages of life, but is often neglected with elementary students. In this article, the authors describe a strategy for teaching financial literacy using the books about Max and Ruby by Rosemary Wells. These books can help introduce the five key concepts of financial literacy: scarcity, exchange,…

  19. National Consumer and Financial Literacy Framework

    Science.gov (United States)

    Ministerial Council for Education, Early Childhood Development and Youth Affairs (NJ1), 2011

    2011-01-01

    This document is a revised version of the National Consumer and Financial Literacy Framework (the Framework) originally developed in 2005. It articulates a rationale for consumer and financial education in Australian schools; describes essential consumer and financial capabilities that will support lifelong learning; and provides guidance on how…

  20. Redesigning Schools to Reach Every Student with Excellent Teachers: Financial Planning for Time-Technology Swap--Rotation Model

    Science.gov (United States)

    Public Impact, 2012

    2012-01-01

    This brief shows how teachers in a Time-Technology swap school model may earn more, sustainably. In this model, schools use age-appropriate portions of digital learning (as little as about an hour daily per student) to free the time of excellent teachers to teach more students and potentially to collaborate with peers. By teaching more students,…

  1. 45 CFR 2541.410 - Financial reporting.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Financial reporting. 2541.410 Section 2541.410... GOVERNMENTS Reports, Records, Retention and Enforcement § 2541.410 Financial reporting. (a) General. (1... time to time be authorized by OMB, for: (i) Submitting financial reports to Federal agencies; or...

  2. 38 CFR 43.41 - Financial reporting.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Financial reporting. 43... Post-Award Requirements Reports, Records, Retention, and Enforcement § 43.41 Financial reporting. (a... may from time to time be authorized by OMB, for: (i) Submitting financial reports to Federal...

  3. 36 CFR 1207.41 - Financial reporting.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Financial reporting. 1207.41... GOVERNMENTS Post-Award Requirements Reports, Records, Retention, and Enforcement § 1207.41 Financial reporting... forms as may from time to time be authorized by OMB, for: (i) Submitting financial reports to...

  4. 40 CFR 31.41 - Financial reporting.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Financial reporting. 31.41 Section 31... Post-Award Requirements Reports, Records, Retention, and Enforcement § 31.41 Financial reporting. (a... may from time to time be authorized by OMB, for: (i) Submitting financial reports to Federal...

  5. 32 CFR 33.41 - Financial reporting.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Financial reporting. 33.41 Section 33.41... GOVERNMENTS Post-Award Requirements Reports, Records, Retention, and Enforcement § 33.41 Financial reporting... forms as may from time to time be authorized by OMB, for: (i) Submitting financial reports to...

  6. Financial Inclusion, Financial Regulation, and Financial Education in Thailand

    OpenAIRE

    Tambunlertchai, Kanittha

    2015-01-01

    This paper addresses the issue of financial inclusion in Thailand through the lens of an institutional analysis, which takes into consideration the desired outcomes, the service providers and enabling agencies, and the regulatory context that shape the existing provision of financial inclusion in Thailand. In discussing the achievement of the desired outcomes in terms of financial inclusion, the issues of financial education and financial regulation, which provide the contexts within which th...

  7. Leave entitlements, time off work and the household financial impacts of quarantine compliance during an H1N1 outbreak

    Directory of Open Access Journals (Sweden)

    Kavanagh Anne M

    2012-11-01

    Full Text Available Abstract Background The Australian state of Victoria, with 5.2 million residents, enforced home quarantine during a H1N1 pandemic in 2009. The strategy was targeted at school children. The objective of this study was to investigate the extent to which parents’ access to paid sick leave or paid carer’s leave was associated with (a time taken off work to care for quarantined children, (b household finances, and (c compliance with quarantine recommendations. Methods We conducted an online and telephone survey of households recruited through 33 schools (85% of eligible schools, received 314 responses (27%, and analysed the subsample of 133 households in which all resident parents were employed. Results In 52% of households, parents took time off work to care for quarantined children. Households in which no resident parent had access to leave appeared to be less likely to take time off work (42% vs 58%, p=0.08 although this difference had only borderline significance. Among parents who did take time off work, those in households without access to leave were more likely to lose pay (73% vs 21%, p Conclusions Future pandemic plans should consider the economic costs borne by households and options for compensating quarantined families for income losses.

  8. A deep learning framework for financial time series using stacked autoencoders and long-short term memory.

    Science.gov (United States)

    Bao, Wei; Yue, Jun; Rao, Yulei

    2017-01-01

    The application of deep learning approaches to finance has received a great deal of attention from both investors and researchers. This study presents a novel deep learning framework where wavelet transforms (WT), stacked autoencoders (SAEs) and long-short term memory (LSTM) are combined for stock price forecasting. The SAEs for hierarchically extracted deep features is introduced into stock price forecasting for the first time. The deep learning framework comprises three stages. First, the stock price time series is decomposed by WT to eliminate noise. Second, SAEs is applied to generate deep high-level features for predicting the stock price. Third, high-level denoising features are fed into LSTM to forecast the next day's closing price. Six market indices and their corresponding index futures are chosen to examine the performance of the proposed model. Results show that the proposed model outperforms other similar models in both predictive accuracy and profitability performance.

  9. Perspectives of the Evolution of Romanian Financial Market in the Context of Global Financial Market

    OpenAIRE

    SIMION Dalia; Daniel TOBA

    2008-01-01

    Economical financial reality proves that, in time, globalisation has an impact not only on commodities economy but also on all financial domains, leading to remodelling of financial arrangement, increase of business opportunities but as well competition between financial institutions. Due to the expansion of financial markets, the consequences of globalisation processes converge to an efficiency of economic systems, through an increase of financing capacity and quick transformation of investm...

  10. Financial Statements Analysis

    OpenAIRE

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  11. Financial Statements Analysis

    Directory of Open Access Journals (Sweden)

    Tănase Alin-Eliodor

    2014-10-01

    Full Text Available This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  12. Macroeconomic aspects of financial liberalization

    Directory of Open Access Journals (Sweden)

    Mirdala Rajmund

    2006-01-01

    Full Text Available The positive and the negative macroeconomic aspects of the financial liberalization for the developing and emerging economies are well described in the present literature. But it is not easy to clearly summarize the final effects of the financial integration on the certain country. For instance the argument about the growth benefits of the capital account liberalization is likely to be inadequate considering the financial crises in the emerging markets at the end of the last century. On the other hand, many authors (especially in the financial literature report that the equity market liberalizations help to significantly boost the economic growth. There are also some examples on the microeconomic level (firm level or industry level when the international financial integration brings certain benefits to the integrated enterprises and the capital flows restriction leads to the distortionary effects. In the paper we analyze the macroeconomic effects of the capital flows liberalization.

  13. Editorial: AABFJ Volume 8, Issue 4 Special Issue in Financial Markets and Financial Instruments

    Directory of Open Access Journals (Sweden)

    Ciorstan Smark

    2014-10-01

    Full Text Available Financial planning in Australia is in a time of change and challenge. Educational standards and regulation are in flux. There is a strong need to move financial planning into a more esteemed professional position as financial planners are not always considered the safest source of advice for people in Asia and the pacific rim when it comes to investing their much needed retirement funds. This Special Issue on Financial Planning and Financial Instruments brings together articles from financial planning, banking, financial markets and retirement policy.

  14. FINANCIAL RENT, DEBT AND CRISIS

    Directory of Open Access Journals (Sweden)

    Atilla Ahmet UĞUR

    2011-12-01

    Full Text Available Financial crises have some common features even if they come into being in different areas and countries with different income level. Especially due to the financial liberalization and entegration of world economies, they affect many countries with a domino effect. Internationalization of capital stregthens particularly financial markets in developed countries and leads to speculative opportunities and possibilities of very high profit rates. Ambition for higher profit, from time to time, gives rise to fictitious structures, eliminating rational market behaviors. Problems of higher indebtedness and current account deficit in large economies such as the US lead to speculative bubles supported by financial derivatives, making nonproductive short term portfolio investments profitable. Before crisis, it is observed that this type of financial structures become common and real estate prices rise. And following crisis it is observed that public finance discipline deteriorate.

  15. Emergence of time-horizon invariant correlation structure in financial returns by subtraction of the market mode

    Science.gov (United States)

    Borghesi, Christian; Marsili, Matteo; Miccichè, Salvatore

    2007-08-01

    We investigate the emergence of a structure in the correlation matrix of assets’ returns as the time horizon over which returns are computed increases from the minutes to the daily scale. We analyze data from different stock markets (New York, Paris, London, Milano) and with different methods. In addition to the usual correlations, we also analyze those obtained by subtracting the dynamics of the “center of mass” (i.e., the market mode). We find that when the center of mass is not removed the structure emerges, as the time horizon increases, from splitting a single large cluster into smaller ones. By contrast, when the market mode is removed the structure of correlations observed at the daily scale is already well defined at very high frequency ( 5min in the New York Stock Exchange). Moreover, this structure accounts for 80% of the classification of stocks in economic sectors. Similar results, though less sharp, are found for the other markets. We also find that the structure of correlations in the overnight returns is markedly different from that of intraday activity.

  16. Emergence of time-horizon invariant correlation structure in financial returns by subtraction of the market mode.

    Science.gov (United States)

    Borghesi, Christian; Marsili, Matteo; Miccichè, Salvatore

    2007-08-01

    We investigate the emergence of a structure in the correlation matrix of assets' returns as the time horizon over which returns are computed increases from the minutes to the daily scale. We analyze data from different stock markets (New York, Paris, London, Milano) and with different methods. In addition to the usual correlations, we also analyze those obtained by subtracting the dynamics of the "center of mass" (i.e., the market mode). We find that when the center of mass is not removed the structure emerges, as the time horizon increases, from splitting a single large cluster into smaller ones. By contrast, when the market mode is removed the structure of correlations observed at the daily scale is already well defined at very high frequency (5 min in the New York Stock Exchange). Moreover, this structure accounts for 80% of the classification of stocks in economic sectors. Similar results, though less sharp, are found for the other markets. We also find that the structure of correlations in the overnight returns is markedly different from that of intraday activity.

  17. Paying for Default: Change over Time in the Share of Federal Financial Aid Sent to Institutions with High Student Loan Default Rates

    Science.gov (United States)

    Jaquette, Ozan; Hillman, Nicholas W.

    2015-01-01

    Both federal spending on financial aid and student loan default rates have increased over the past decade. These trends have intensified policymakers' concerns that some postsecondary institutions-- particularly in the for-profit sector--maximize revenue derived from federal financial aid without helping students to graduate or find employment.…

  18. Financial Time Series Modelling with Hybrid Model Based on Customized RBF Neural Network Combined With Genetic Algorithm

    Directory of Open Access Journals (Sweden)

    Lukas Falat

    2014-01-01

    Full Text Available In this paper, authors apply feed-forward artificial neural network (ANN of RBF type into the process of modelling and forecasting the future value of USD/CAD time series. Authors test the customized version of the RBF and add the evolutionary approach into it. They also combine the standard algorithm for adapting weights in neural network with an unsupervised clustering algorithm called K-means. Finally, authors suggest the new hybrid model as a combination of a standard ANN and a moving average for error modeling that is used to enhance the outputs of the network using the error part of the original RBF. Using high-frequency data, they examine the ability to forecast exchange rate values for the horizon of one day. To determine the forecasting efficiency, authors perform the comparative out-of-sample analysis of the suggested hybrid model with statistical models and the standard neural network.

  19. The average behaviour of financial market by 2 scale homogenisation

    CERN Document Server

    Wojnar, R

    2006-01-01

    The financial market is nonpredictable, as according to the Bachelier, the mathematical expectation of the speculator is zero. Nevertheless, we observe in the price fluctuations the two distinct scales, short and long time. Behaviour of a market in long terms, such as year intervals, is different from that in short terms. A diffusion equation with a time dependent diffusion coefficient that describes the fluctuations of the financial market, is subject to a two-scale homogenisation, and long term characteristics of the market such as mean behaviour of price and variance, are obtained. We indicate also that introduction of convolution into diffusion equation permits to obtain L- stable behaviour of finance.

  20. FINANCIAL STATEMENTS – SUPPLIER OF FINANCIAL ACCOUNTING INFORMATION

    Directory of Open Access Journals (Sweden)

    Costi Boby

    2013-09-01

    Full Text Available Continuous improvement of the accounting information system is considering financial and accounting information, which must be true, accurate, reliable, timely presented to users, constructed so as to meet the different goals of different users.

  1. FINANCIAL LEASING

    OpenAIRE

    2014-01-01

    This essay deals with the several financial resources an enterprise counts on to purchase assets of the kind real state or chattels. A resource that does not risk solvency is the lease, through the retro-leasing variant that allows to obtain working capital by selling one of its fixed assets without giving its use up. El ensayo, trata sobre las fuentes de fondeo que tiene la empresa para adquirir un activo mueble o inmueble son diversas, una de ellas que no compromete la liquidez es el con...

  2. Airline Financial Distress and Customer Satisfaction

    OpenAIRE

    Ribbink, Dina; Hofer, Christian; Dresner, Martin

    2009-01-01

    An investigation is conducted on the effect of financial distress on customer service levels in the U.S. airline industry. Using data from the first quarter of 1998 to the third quarter of 2006, we employ a seemingly unrelated regressions (SUR) model to analyze the impact of financial distress on three measures of customer service. We find that higher financial distress is associated with better on-time performance of airlines and fewer lost bags. The relationship of airline financial distres...

  3. Universal financial protection through National Health Insurance: a stakeholder analysis of the proposed one-time premium payment policy in Ghana.

    Science.gov (United States)

    Abiiro, Gilbert Abotisem; McIntyre, Di

    2013-05-01

    Extending coverage to the informal sector is a key challenge to achieving universal coverage through contributory health insurance schemes. Ghana introduced a mandatory National Health Insurance system in 2004 to provide financial protection for both the formal and informal sectors through a combination of taxes and annual premium payments. As part of its election promise in 2008, the current government (then in opposition) promised to make the payment of premiums 'one-time'. This has been a very controversial policy issue in Ghana. This study sought to contribute to assessing the feasibility of the proposed policy by exploring the understandings of various stakeholders on the policy, their interests or concerns, potential positions, power and influences on it, as well as the general prospects and challenges for its implementation. Data were gathered from a review of relevant documents in the public domain, 28 key informant interviews and six focus group discussions with key stakeholders in Accra and two other districts. The results show that there is a lot of confusion in stakeholders' understanding of the policy issue, and, because of the uncertainties surrounding it, most powerful stakeholders are yet to take clear positions on it. However, stakeholders raised concerns that revolved around issues such as: the meaning of a one-time premium within an insurance scheme context, the affordability of the one-time premium, financing sources and sustainability of the policy, as well as the likely impact of the policy on equity in access to health care. Policy-makers need to clearly explain the meaning of the one-time premium policy and how it will be funded, and critically consider the concerns raised by stakeholders before proceeding with further attempts to implement it. For other countries planning universal coverage reforms, it is important that the terminology of their reforms clearly reflects policy objectives.

  4. Financial fragility and global dynamics

    Energy Technology Data Exchange (ETDEWEB)

    Dieci, Roberto [Dipartimento di Matematica per le Scienze Economiche e Sociali, University of Bologna, Viale Filopanti 5, I-40126 Bologna (Italy); Sordi, Serena [Dipartimento di Economia Politica, University of Siena, Piazza San Francesco 7, I-53100 Siena (Italy)]. E-mail: sordi@unisi.it; Vercelli, Alessandro [Dipartimento di Economia Politica, University of Siena, Piazza San Francesco 7, I-53100 Siena (Italy)

    2006-08-15

    This paper deals with a simple model of financial fluctuations, where a crucial role is played by the dynamic interaction between aggregate current and intertemporal financial ratios. The model results in a 4D discrete-time dynamical system-capable of generating complex dynamics-which is analyzed by means of both analytical tools, such as local stability analysis and bifurcation theory, and numerical simulations. The behavior of the model is studied for different parameter regimes. We show that its dynamic behavior is very sensitive to the parameters that represent (1) the speed of adjustment of the desired current financial ratio towards a safe level of the intertemporal one and (2) the intensity with which aggregate current financial decisions affect future financial constraints. In particular, different parameter regimes are identified, giving rise to two different 'routes' to complexity, one leading to chaotic dynamics, the other to a coexistence of attractors and path-dependence.

  5. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through narrat...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...

  6. Five Describing Factors of Dyslexia

    Science.gov (United States)

    Tamboer, Peter; Vorst, Harrie C. M.; Oort, Frans J.

    2016-01-01

    Two subtypes of dyslexia (phonological, visual) have been under debate in various studies. However, the number of symptoms of dyslexia described in the literature exceeds the number of subtypes, and underlying relations remain unclear. We investigated underlying cognitive features of dyslexia with exploratory and confirmatory factor analyses. A…

  7. Five describing factors of dyslexia

    NARCIS (Netherlands)

    Tamboer, P.; Vorst, H.C.M.; Oort, F.J.

    2016-01-01

    Two subtypes of dyslexia (phonological, visual) have been under debate in various studies. However, the number of symptoms of dyslexia described in the literature exceeds the number of subtypes, and underlying relations remain unclear. We investigated underlying cognitive features of dyslexia with

  8. Five Describing Factors of Dyslexia

    Science.gov (United States)

    Tamboer, Peter; Vorst, Harrie C. M.; Oort, Frans J.

    2016-01-01

    Two subtypes of dyslexia (phonological, visual) have been under debate in various studies. However, the number of symptoms of dyslexia described in the literature exceeds the number of subtypes, and underlying relations remain unclear. We investigated underlying cognitive features of dyslexia with exploratory and confirmatory factor analyses. A…

  9. Financial globalisation and economic sovereignty

    Directory of Open Access Journals (Sweden)

    Čaušević Fikret

    2004-01-01

    Full Text Available A number of very significant changes took place in the international financial system at the beginning of the 1970s, as a result of changes in the relations of economic power between the most developed countries in the world. A number of new financial instruments appeared in response to the new conditions on the international currency and financial markets, with far-reaching implications for the efficiency of national economic policy, in particular on the three main segments - monetary, fiscal, and exchange rate policy. The process of financial liberalization began in the late sixties and early seventies and became a dominant characteristic of the final two decades of last century. The essence of financial liberalization is the elimination of the state’s influence on the extension of credit, interest rates, bank-ownership, and the free movement of international capital. In the process of financial liberalization, countries with developed market structures and powerful financial institutions were at a great advantage over countries whose financial sector was poorly or under-developed. As a result of their very different starting positions, the process of financial liberalization during the last two decades led to a doubling of the gap between the richest and the poorest countries. Two decades ago, the richest five countries in the world were 128 times richer than the five poorest countries. During those two decades, this became 249 times richer. A change in business philosophy and the mission and goals of companies could well have a progressive, development impact, with a view to reducing the wealth gap, particularly in regions and countries sidelined as regards development until now. Nevertheless, international economic and financial groups and institutional capacity-building in national governments, including the ability to carry out an efficient macroeconomic policy, will continue to have a vital role to play in stimulating development and

  10. Fighting the Financial Crisis

    DEFF Research Database (Denmark)

    Hull Kristensen, Peer

    2015-01-01

    This paper is concerned to show how the Danish political elite interpreted and responded to the consequences of the 2008 financial crisis for the Danish economy. In particular, the paper describes how this interpretive construction focused primarily on three features of the Danish context...... to the exclusion of other perspectives; the first was an emphasis on the problems of the financial sector, of interest rates and state finances; the second was that Danish productivity increases were falling behind other comparable countries and part of the solution required new strategies towards labour...... and unemployment benefits; thirdly, the adverse effects of the crisis were causing an increase in government expenditure and a decline in government revenues which was rapidly becoming unsustainable. As a consequence, the Danish elite fell into the broader interpretation of the crisis embedded in the dominant view...

  11. 沪市时变贝塔及财务影响因素分析%Time-varying Beta and Financial Influential Factors in Shanghai Stock Market

    Institute of Scientific and Technical Information of China (English)

    杨克磊; 郭经华

    2014-01-01

    为了验证CAPM模型中贝塔系数的稳定性以及系统风险的影响因素,引入ENGLE提出的DCC-GARCH模型,利用上市公司普通股月度收益率数据得到随时间变化的贝塔值,证明了用来衡量资产风险的贝塔系数具有不稳定性。将时变贝塔与选取的财务指标进行多元线性回归,得出如下结论:对由时变贝塔表示的系统风险有显著正向影响的财务指标包括经营杠杆、资本积累率、企业规模,以及应收账款周转率;有显著负向影响的指标包括流动比率和现金流量比率;无显著影响的指标为财务杠杆和净资产收益率。与已有研究不同的是,时变贝塔的引入克服了研究结论只对行业研究具有一定参考意义而对个别公司的指导意义不大的缺点,可为利益相关者在公司层面衡量系统风险提供指导。%In order to verify the stability of CAPM beta as well as the influential factors of the systematic risk , the DCC-GARCH model proposed by Engle was introduced to calculate the time -varying beta according to the monthly rate of return .It was proved the beta coefficient which is used to measure asset risk was instable .The following conclusions are made after the multiple linear regression between the time -varying beta and the selected financial indicators: Four indexes have a significant positive impact on the system risk represented by the time -varying beta including operating leverage , rate of capital accumula-tion, firm size and accounts receivable turnover ratio;the current ratio and cash flow ratio have a significant negative impact on the time-varying beta;the financial leverage and return on equity have no significant impact .Differ from the existing research , the introduction of time-varying beta has overcame the shortcomings of the conclusions that have a certain reference meaning to industry research and little guiding significance on individual companies and could provide

  12. Numeracy, Financial Literacy, and Financial Decision-Making

    Directory of Open Access Journals (Sweden)

    Annamaria Lusardi

    2012-01-01

    Full Text Available Financial decisions, be they related to asset building or debt management, require the capacity to do calculations, including some complex ones. But how numerate are individuals, in particular when it comes to calculations related to financial decisions? Studies and surveys implemented in both the United States and in other countries that are described in this paper show the level of numeracy among the population to be very low. Moreover, lack of numeracy is not only widespread but is particularly severe among some demographic groups, such as women, the elderly, and those with low educational attainment. This has potential consequences for individuals and for society as a whole because numeracy is found to be linked to many financial decisions. As we shift responsibility from governments and employers onto individuals, it is increasingly important to find ways to equip people with the skills that are necessary to make savvy financial decisions.

  13. Stress testing in financial institutions

    Directory of Open Access Journals (Sweden)

    Mirković Vladimir

    2014-01-01

    Full Text Available In 2000 the Basle Committee on the Global Financial System defined stress testing as 'a generic term describing various techniques used by financial firms to gauge their potential vulnerability to exceptional but plausible events'. Exceptional events refer to one-off or recurring events with far-reaching consequences for the concerned financial institution and the financial sector s stability overall. Such unexpected (exceptional events include, for instance: bankruptcy in Argentina in 2001, stock markets collapse ('Black Monday' on 19 October 1987, or the fall of the energy giant Enron in 2001. The adoption of the new Basle Accord (better known as Basle II in 2001 envisaged the implementation of stress tests for the identification of events and future changes in economic circumstances that could cause some unfavorable effects on banks' credit exposure, along with the assessment of banks' ability to survive in the new circumstances. Negative experiences from the past, having undermined the stability of financial systems worldwide, made a decisive impact on regulators at all levels to additionally consider the issue of increasing the financial system's resistance to the occurrence of unexpected - exceptional events. To this end, the introduction of stress tests was the turning point in the process of increased banking systems' resistance to shocks. This paper primarily deals with stress testing methodology and bank risk measurement techniques, along with the main results of conducted tests, directly impacting the entire financial system.

  14. How to choose the right financial planner.

    Science.gov (United States)

    Maurer, Timothy J

    2010-01-01

    An "economic Pearl Harbor." That is how the world's most famous investor, Warren Buffett, described what we have gone through and what we're still going through.' Even the most optimistic appraisals of our economic conditions suggest that we are likely to feel the effects of the Great Recession through the decade we recently entered. Healthcare reform, in whatever form, may also create change in your medical practice ranging from immaterial to revolutionary. To whom should you turn to ensure that your personal economy survives and thrives, especially in these times? A financial planner, possibly, but what is a financial planner, how do you choose one, and what sort of service should you expect?

  15. Consumer Financial Protection Bureau

    Science.gov (United States)

    ... more. Find answers to common questions Reach your financial goals For the big financial decisions in your life, we offer free tools ... 2016 Events Field hearing on consumer access to financial records in Salt Lake City, Utah NOV 03, ...

  16. Financial Assistance Information

    Science.gov (United States)

    ... Other Sites: Genetic and Rare Diseases Information Center Financial Assistance Information The National Institutes of Health (NIH) ... area call 900-638-0742. Top of page Financial Aid for Medical Treatments Information on financial aid ...

  17. FINANCIAL INSTABILITY AND POLITICAL INSTABILITY

    Directory of Open Access Journals (Sweden)

    Ionescu Cristian

    2012-12-01

    Full Text Available There is an important link between the following two variables: financial instability and political instability. Often, the link is bidirectional, so both may influence each other. This is way the lately crisis are becoming larger and increasingly complex. Therefore, the academic environment is simultaneously talking about economic crises, financial crises, political crises, social crises, highlighting the correlation and causality between variables belonging to the economic, financial, political and social areas, with repercussions and spillover effects that extend from one area to another. Given the importance, relevance and the actuality of the ones described above, I consider that at least a theoretical analysis between economic, financial and political factors is needed in order to understand the reality. Thus, this paper aims to find links and connections to complete the picture of the economic reality.

  18. Financial Literacy and Financial Planning in France.

    OpenAIRE

    Luc Arrondel; Majdi Debbich; Frédérique Savignac

    2013-01-01

    How are people financially literate in France? We address this question using the PATER survey and following the Lusardi and Mitchell (2011c) approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification, inflation and interest compounding. We also find some differences in financial knowledge depe...

  19. Financial Village Standing in Indonesian Financial System

    Directory of Open Access Journals (Sweden)

    Herry Purnomo

    2015-12-01

    Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81

  20. Ways of improving financial stability of Valio Group

    OpenAIRE

    Valega, Yulia

    2016-01-01

    The paper discusses the problem of increasing financial stability of the Valio Group. The main approaches for definition of financial stability were named and described for this purpose. Furthermore, the methodology of the analysis of financial stability was determined. Organizational and economic characteristics of the Valio Company were given. After that, financial stability of the company was exam-ined and evaluated. Also the impact of the Russian embargo on the financial performance of th...

  1. Fractal properties of financial markets

    Science.gov (United States)

    Budinski-Petković, Lj.; Lončarević, I.; Jakšić, Z. M.; Vrhovac, S. B.

    2014-09-01

    We present an analysis of the USA stock market using a simple fractal function. Financial bubbles preceding the 1987, 2000 and 2007 crashes are investigated using the Besicovitch-Ursell fractal function. Fits show a good agreement with the S&P 500 data when a complete financial growth is considered, starting at the threshold of the abrupt growth and ending at the peak. Moving the final time of the fitting interval towards earlier dates causes growing discrepancy between two curves. On the basis of a detailed analysis of the financial index behavior we propose a method for identifying the stage of the current financial growth and estimating the time in which the index value is going to reach the maximum.

  2. Financial Stress Indices and Financial Crises

    NARCIS (Netherlands)

    Vermeulen, Robert; Hoeberichts, Marco; Vasicek, Borek; Zigraiova, Diana; Smidkova, Katerina; de Haan, Jakob

    2015-01-01

    This paper develops a Financial Stress Index (FSI) for 28 OECD countries and examines its relationship to crises using a novel database for financial crises. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. Our results suggest that

  3. Examining financial performance indicators for acute care hospitals.

    Science.gov (United States)

    Burkhardt, Jeffrey H; Wheeler, John R C

    2013-01-01

    Measuring financial performance in acute care hospitals is a challenge for those who work daily with financial information. Because of the many ways to measure financial performance, financial managers and researchers must decide which measures are most appropriate. The difficulty is compounded for the non-finance person. The purpose of this article is to clarify key financial concepts and describe the most common measures of financial performance so that researchers and managers alike may understand what is being measured by various financial ratios.

  4. FINANCIAL PERFORMANCE ANALYSIS AND BANKRUPTCY PREDICTION IN HUNGARIAN DAIRY SECTOR

    Directory of Open Access Journals (Sweden)

    Rozsa Andrea

    2014-07-01

    The preliminary sample for the analysis is framed on the basis of three criteria: amount of the subscribed capital, sales revenues and product structure. Those companies are regarded as competitors that have subscribed capitals in excess of HUF 250 million, consistently high levels of sales revenues and diversified product structures. The preliminary sample consists of 7 companies. In 2012, their total sales revenues were as high as about 50% of the overall amount of sales revenues in the sector. Three of the 7 companies are possessed by foreign owners in full or part, whereas 4 of them belong to Hungarian owners. In 2012, Hungarian-owned companies covered more than one-third of the combined sales revenues of the 7 leading companies. Hence, the competitive positions of these 4 companies based on their financial positions are examined. These calculations have relied on the annual reports for the period of 2008–2012 (balance sheets, income statements, cash flow statements. The research has implemented a comprehensive and comparative financial analysis. The main question is what the key financial characteristics of the Hungarian-owned companies are. Financial indicators are calculated and their time-series analysis is accomplished to describe the sample companies’ capital structures, liquidity and profitability. Using comparative analysis of the applied financial ratios the study determines (1 which company has the most advantageous financial conditions for the successful operation; (2 which companies have disadvantageous financial situation; and (3 which companies are in potential financial distress situation. Potential bankruptcy positions are examined by the applications of Altman and Springate models.

  5. Financial innovations and their role in the modern financial system-identification and systematization of the problem

    OpenAIRE

    Joanna Błach

    2011-01-01

    This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is ...

  6. Can we ease the financial burden of colonoscopy? Using real-time endoscopic assessment of polyp histology to predict surveillance intervals.

    Science.gov (United States)

    Chandran, S; Parker, F; Lontos, S; Vaughan, R; Efthymiou, M

    2015-12-01

    Polyps identified at colonoscopy are predominantly diminutive (1%) of high-grade dysplasia or carcinoma; however, the cost of histological assessment is substantial. The aim of this study was to determine whether prediction of colonoscopy surveillance intervals based on real-time endoscopic assessment of polyp histology is accurate and cost effective. A prospective cohort study was conducted across a tertiary care and private community hospital. Ninety-four patients underwent colonoscopy and polypectomy of diminutive (≤5 mm) polyps from October 2012 to July 2013, yielding a total of 159 polyps. Polyps were examined and classified according to the Sano-Emura classification system. The endoscopic assessment (optical diagnosis) of polyp histology was used to predict appropriate colonoscopy surveillance intervals. The main outcome measure was the accuracy of optical diagnosis of diminutive colonic polyps against the gold standard of histological assessment. Optical diagnosis was correct in 105/108 (97.2%) adenomas. This yielded a sensitivity, specificity and positive and negative predictive values (with 95%CI) of 97.2% (92.1-99.4%), 78.4% (64.7-88.7%), 90.5% (83.7-95.2%) and 93% (80.9-98.5%) respectively. Ninety-two (98%) patients were correctly triaged to their repeat surveillance colonoscopy. Based on these findings, a cut and discard approach would have resulted in a saving of $319.77 per patient. Endoscopists within a tertiary care setting can accurately predict diminutive polyp histology and confer an appropriate surveillance interval with an associated financial benefit to the healthcare system. However, limitations to its application in the community setting exist, which may improve with further training and high-definition colonoscopes. © 2015 Royal Australasian College of Physicians.

  7. Jump diffusion models and the evolution of financial prices

    Energy Technology Data Exchange (ETDEWEB)

    Figueiredo, Annibal; Castro, Marcio T. de [Institute of Physics, University of Brasilia (Brazil); Silva, Sergio da [Department of Economics, Federal University of Santa Catarina (Brazil); Gleria, Iram, E-mail: iram@pq.cnpq.br [Institute of Physics, Federal University of Alagoas (Brazil)

    2011-08-08

    We analyze a stochastic model to describe the evolution of financial prices. We consider the stochastic term as a sum of the Wiener noise and a jump process. We point to the effects of the jumps on the return time evolution, a central concern of the econophysics literature. The presence of jumps suggests that the process can be described by an infinitely divisible characteristic function belonging to the De Finetti class. We then extend the De Finetti functions to a generalized nonlinear model and show the model to be capable of explaining return behavior. -- Highlights: → We analyze a stochastic model to describe the evolution of financial prices. → The stochastic term is considered as a sum of the Wiener noise and a jump process. → The process can be described by an infinitely divisible characteristic function belonging to the De Finetti class. → We extend the De Finetti functions to a generalized nonlinear model.

  8. 77 FR 20871 - Audit and Financial Management Advisory (AFMAC)

    Science.gov (United States)

    2012-04-06

    ... ADMINISTRATION Audit and Financial Management Advisory (AFMAC) AGENCY: U.S. Small Business Administration. ACTION... the location, date, time, and agenda for the next meeting of the Audit and Financial Management... financial management, including the financial reporting process, systems of internal controls, audit process...

  9. 77 FR 64373 - Audit and Financial Management Advisory (AFMAC)

    Science.gov (United States)

    2012-10-19

    ... ADMINISTRATION Audit and Financial Management Advisory (AFMAC) AGENCY: U.S. Small Business Administration. ACTION... the location, date, time, and agenda for the next meeting of the Audit and Financial Management... financial management, including the financial reporting process, systems of internal controls, audit process...

  10. 78 FR 26680 - Audit and Financial Management Advisory Committee (AFMAC)

    Science.gov (United States)

    2013-05-07

    ... ADMINISTRATION Audit and Financial Management Advisory Committee (AFMAC) AGENCY: U.S. Small Business... the Agency's financial management, including the financial reporting process, systems of internal... notice to announce the location, date, time, and agenda for the next meeting of the Audit and Financial...

  11. 78 FR 59080 - Audit and Financial Management Advisory Committee (AFMAC)

    Science.gov (United States)

    2013-09-25

    ... ADMINISTRATION Audit and Financial Management Advisory Committee (AFMAC) AGENCY: U.S. Small Business... the Agency's financial management, including the financial reporting process, systems of internal... notice to announce the location, date, time, and agenda for the next meeting of the Audit and Financial...

  12. 75 FR 63525 - Audit and Financial Management Advisory Committee (AFMAC)

    Science.gov (United States)

    2010-10-15

    ... ADMINISTRATION Audit and Financial Management Advisory Committee (AFMAC) AGENCY: U.S. Small Business... financial management, including the financial reporting process, systems of internal controls, audit process... notice to announce the location, date, time, and agenda for the next meeting of the Audit and Financial...

  13. COMPUTER-ASSISTED INSTRUCTION FOR FINANCIAL MANAGEMENT

    OpenAIRE

    Babb, Emerson M.

    1987-01-01

    This paper describes computer-assisted instruction for financial management which can be used to supplement an undergraduate course or to update training of persons in agribusiness. It is used to review principles of financial management, to illustrate analytical techniques, and to provide practice in the use of financial concepts and techniques. The material covered is similar to that found in traditional textbooks. Student evaluations of the software were fairly positive, but teaching effec...

  14. Turbulence in magnetized plasmas and financial markets: comparative study of multifractal statistics

    Science.gov (United States)

    Budaev, V. P.

    2004-12-01

    The turbulence in magnetized plasma and financial data of Russian market have been studied in terms of the multifractal formalism revisited with wavelets. The multifractal formalism based on wavelet calculations allows one to study the scaling properties of turbulent fluctuations. It is observed that both plasma edge turbulence in fusion devices and Russian financial markets demonstrate multifractal statistics, i.e., the scaling behaviour of absolute moments is described by a convex function. Multifractality parameter defined in multiplicative cacade model, seems to be of the same magnitude for the plasma and financial time series considered in this paper.

  15. Financial Literacy and Financial Planning in France

    Directory of Open Access Journals (Sweden)

    Luc Arrondel

    2013-07-01

    Full Text Available We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.

  16. Completely Described Undirected Graph Structure

    Directory of Open Access Journals (Sweden)

    G. S. Ivanova

    2016-01-01

    Full Text Available The objects of research are undirected graphs. The paper considers a problem of their isomorphism. A literature analysis of its solution, has shown that there is no way to define a complete graph invariant in the form of unique structural characteristics of each its vertex, which has a computational complexity of definition better than О (n 4 .The work objective is to provide the characteristics of the graph structure, which could be used to solve the problem of their isomorphism for a time better than О (n 4 . As such characteristics, the paper proposes to use the set of codes of tree roots of all the shortest - in terms of the number of edges - paths from each vertex to the others, uniquely defining the structure of each tree. It proves the theorem that it is possible to reduce the problem of isomorphism of the undirected graphs to the isomorphism problem of their splitting into the trees of all the shortest - in terms of the number of edges - paths of each vertex to the others. An algorithm to construct the shortest paths from each vertex to all others and to compute codes of their vertices has been developed. As the latter, are used Aho-codes, which find application in recognising the isomorphism of trees. The computational complexity to obtain structural characteristics of vertices has been estimated to be about О (n 3 .The pilot studies involved the full-scale experiment using the developed complex programmes to generate raw data, i.e. analytic representation of the graph with the number of vertices equal to 1200, and a programme to provide codes of the tree roots. To have an estimate of - "the worst" in terms of time - complexity of expansion algorithm of graphs into trees of the shortest paths and define the codes of their roots has been an experimentally studied how the number of tree vertices depends on the graph density. For the worst case was obtained a dependence of the number of tree vertices on the number of graph vertices

  17. Global financial crisis

    Directory of Open Access Journals (Sweden)

    MSc. Jusuf Qarkaxhija

    2011-03-01

    Full Text Available The most recent developments in economy are a clear indicator of many changes, which are a result of this high rate pacing, which also demonstrates as such. Market economy processes occur as a result of intertwining of many potential technological and human factors, thereby creating a system of numerous diver-gences and turbulences. Economics, a social science, is characteri-sed with movements from a system to another system, and is har-monized with elements or components which have impacted the development and application of economic policies as a result. This example can be illustrated with the passing from a commanded system (centralized to a self-governing (decentrali-zed system, while the movement from a system to another is known as transi-tion. Such transition in its own nature bears a number of problems of almost any kind (political, economic, social, etc., and is charac-terised with differences from a country to another. Financial crisis is a phenomenon consisting of a perception of economic policies and creation of an economic and financial stabi-lity in regional and global structures. From this, one may assume that each system has its own changes in its nature, and as a result of these changes, we have the crisis of such a system. Even in the economic field, if we look closely, we have such a problem, where development trends both in human and technological fields have created a large gap between older times and today, thereby crea-ting dynamics with a high intensity of action. If we dwell on the problem, and enter into the financial world, we can see that the so-called industrialized countries have made giant leaps in deve-lopment, while countries in transition have stalled in many fields, as a result of a high rate of corruption and unemployment in these countries, and obviously these indicators are directly connected, thereby stroking the financial system in these countries. Corruption is an element, which directly and indirectly

  18. Suicide Triggers Described by Herodotus

    Science.gov (United States)

    Auchincloss, Stephane; Ahmadi, Jamshid

    2016-01-01

    Objective: The aim of this study was to better understand the triggers of suicide, particularly among the ancient Greek and Persian soldiers and commanders. Method: ‘Herodotus:TheHistories’ is a history of the rulers and soldiery who participated in the Greco-Persian wars (492-449 BCE). A new translation (2013) of this manuscript was studied. Accounts of suicide were collected and collated, with descriptions of circumstances, methods, and probable triggers. Results: Nine accounts of suicide were identified. Eight of these were named individuals (4 Greeks and 4 Persians); of whom, seven were male. Only one (not the female) appeared to act in response to a mental disorder. Other triggers of suicide included guilt, avoidance of dishonour/punishment and altruism. Cutting/ stabbing was the most common method; others included hanging, jumping, poison, and burning (the single female). Conclusion: While soldiers at a time of war do not reflect the general community, they are nevertheless members of their society. Thus, this evidence demonstrates that suicide triggered by burdensome circumstances (in addition to mental disorder) was known to the Greek and Persian people more than two millennia ago. PMID:27437010

  19. Energy economics and financial markets

    Energy Technology Data Exchange (ETDEWEB)

    Dorsman, Andre [Vrije Univ. Amsterdam (Netherlands). Dept. of Finance; Simpson, John L. [Curtin Univ., Perth, WA (Australia). School of Economics and Finance; Westerman, Wim (eds.) [Groningen Univ. (Netherlands). Faculty of Economics and Business Economics, Econometrics and Finance

    2013-10-01

    Deals with the upcoming theme of energy issues. Links energy issues with economics and financial markets. Combines global focus with specific regional and local examples. Unites theoretical insights with timely data and practical insights. Specialized author team from all over the world. Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.

  20. Financial Sector Assessment : Malaysia

    OpenAIRE

    World Bank

    2013-01-01

    Malaysia, as many of its Asian neighbors, experienced significant macro/financial distress in the late 1990s. The transformed and strengthened financial sector has been able to weather the recent global financial crisis well. Financial market intermediaries reliance on cross-border and interbank funding remains limited. Banking institutions are well capitalized and are expected to be able...

  1. Consumer Financial Protection Bureau

    Science.gov (United States)

    ... Money as You Grow Navigating the Military Financial Lifecycle Owning a Home Paying for College Planning for Retirement Browse answers to hundreds of financial questions. Ask CFPB Have an issue with a financial product? Submit a complaint Get your financial well-being ...

  2. Financial Risk Management

    OpenAIRE

    Catalin-Florinel Stanescu; Laurentiu Mircea Simion

    2011-01-01

    Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

  3. The Rise of the Financial Planning Industry

    Directory of Open Access Journals (Sweden)

    Michelle Cull

    2009-03-01

    Full Text Available The financial planning industry in Australia has experienced significant reform in the lastdecade. This reform has not only made a considerable impact on financial planners but also onother groups such as the accounting profession, regulators, the financial services industry,educators and consumers. Although consumer protection was at the heart of this reform, it hasalso prompted the industry and other groups to consider financial planning as a profession.This paper begins with a definition of financial planning, followed by a discussion of thehistorical origins of financial planning. Several examples are used to illustrate how the industryhas developed and changed over time considering the impact of social, cultural, institutional,political and economic factors. Particular attention is given to the role of the accountingprofession and government regulation in Australia. The paper concludes with a discussion of theprofessionalisation of financial planning in light of the increased pressure for changes inremuneration practice in the industry.

  4. Financial planning and computer modeling in dental practice.

    Science.gov (United States)

    Feldman, C A

    1986-10-01

    The financial plan describes the practice's financial strategy, projects the strategy's future effect on the practice, and establishes goals by which the practice's manager can measure subsequent performance. The act of putting together a financial plan is called the financial planning process. It is a process that consists of analyzing the practice; projecting future outcomes of decisions that have to be made regarding finances, investments, and day to day operations; deciding which alternatives to undertake; and measuring performance against goals that are established in the financial plan. Computer financial planning models can aid the practice manager in projecting future outcomes of various financial, investment, and operational decisions. These models can be created inexpensively by noncomputer programmers with the aid of computer software on the market today. The financial planning process for a hypothetical practice was summarized, and the financial model used to test out various alternatives available to the practice was described.

  5. Weathering the financial storm

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursson, Thórarinn G.

    2011-01-01

    The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly. In this ......The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly...... and severity of the crisis. In particular, we find that the pre-crisis rate of inflation is important in explaining the post-crisis experience. Our results also suggest an important role for financial factors. In particular, we find that large banking systems tended to be associated with a deeper and more...... protracted consumption contraction and a higher risk of a systemic banking or currency crisis. Our results suggest that greater exchange rate flexibility coincided with a smaller and shorter contraction, but at the same time increased the risk of a banking and currency crisis. Countries with exchange rate...

  6. Index of Financial Inclusion

    OpenAIRE

    Mandira Sarma

    2008-01-01

    The promotion of an inclusive financial system is considered a policy priority in many countries. While the importance of financial inclusion is widely recognized, the literature lacks a comprehensive measure that can be used to measure the extent of financial inclusion across economies. This paper attempts to fill this gap by proposing an index of financial inclusion (IFI). The IFI is a multi-dimensional index that captures information on various dimensions of financial inclusion in one sing...

  7. Teaching Financial Literacy across the Generations

    Science.gov (United States)

    Jokela, Becky Hagen; Hendrickson, Lori; Haynes, Barbara

    2013-01-01

    This article describes a tool developed by educators of the University of Minnesota Extension and University of Wisconsin Cooperative Extension to assist professionals as they plan financial education for participants. In today's changing economy, financial education is essential throughout one's life cycle. By understanding learner…

  8. Analysis of Joint Ventures Financial State

    Directory of Open Access Journals (Sweden)

    Alla V. Dmitrenko

    2013-01-01

    Full Text Available The article describes the basic techniques for the analysis of businesses financial state and methods that were adapted for the joint ventures activities, analyses joint venture financial state, makes conclusions and submits reasonable proposals for improvement of its future activities

  9. Financial Literacy with Families: Opportunity and Hope

    Science.gov (United States)

    Baron, Lorraine M.

    2015-01-01

    In this article, the author explores the link between citizens' quantitative literacy abilities and their financial prosperity. The author applies a robust social justice research vision and a Freirean approach to describe personal flourishing within the context of numerical, mathematical, and financial literacy (NMFL) education. Four families…

  10. A proposal of the diagnosis-dynamic characteristic (DDC) model describing the relation between search time and confidence levels for a dichotomous judgment, and its application to ROC curve generation

    Science.gov (United States)

    Matsumoto, Toru; Fukuda, Nobuo; Furukawa, Akira; Suwa, Koji; Wada, Shinichi; Matsumoto, Mitsuomi; Sone, Shusuke

    2006-03-01

    When physicians inspect an image, they make up a certain degree of confidence that the image are abnormal; p(t), or normal; n(t)[n(t)=1-p(t)]. After infinite time of the inspection, they reach the equilibrium levels of the confidence of p*=p(∞) and n*=n(∞). There are psychological conflicts between the decisions of normal and abnormal. We assume that the decision of "normal" is distracted by the decision of "abnormal" by a factor of k(1 + ap), and in an inverse direction by a factor of k(1 + bn), where k ( > 0) is a parameter that relates with image quality and skill of the physicians, and a and b are unknown constants. After the infinite time of inspection, the conflict reaches the equilibrium, which satisfies the equation, k(1 + ap*)n* = k(1 + bn*)p*. Here we define a parameter C, which is 2p*/[p*(1 - p*)]. After the infinite time of inspection, the conflict reaches the equilibrium, which satisfies t that changes in the confidence level with the time (dp/dt) is proportional to [k(1+ap)n - k(1+bn)p], i.e. k[-cp2 + (c - 2)p + 1]. Solving the differential equation, we derived the equation; t(p) and p(t) depending with the parameters; k, c, S. S (0-1) is the value arbitrary selected and related with probability of "abnormal" before the image inspection (S = p(0)). Image reading studies were executed for CT images. ROC curves were generated both by the traditional 4-step score-based method and by the confidence level; p estimated from the equation t(p) of the DDC model using observed judgment time. It was concluded that ROC curves could be generated by measuring time for dichotomous judgment without the subjective scores of diagnostic confidence and applying the DDC model.

  11. Providing Focus for Financial Management.

    Science.gov (United States)

    Falender, Andrew J.

    1983-01-01

    A case study of financial turnaround at the highly specialized New England Conservatory of Music describes five strategies to balance costs and resources within the framework of the school's objectives. Areas of cost minimizing and revenue maximizing are outlined and discussed. (MSE)

  12. Rates of credit obligations compliance on IFRS financial statement as a factor of financial stability

    Directory of Open Access Journals (Sweden)

    O. V. Uvarova

    2016-01-01

    Full Text Available For the purposes of effective management of economic activity of the entities of insufficiently own accounting information. For objective assessment of a financial and economic provision of the entity it is necessary to pass from separate accounting data to certain valuable ratios of major factors – to financial performance or financial ratios. Calculation and interpretation of their values the integral and essentially necessary part of a financial analysis, especially it is important if the company has credit liabilities. Conditions of credit agreements often include accomplishment of credit covenants which represent restrictions for activities and a financial position of the company in addition to timely settlement of percent and a body of the credit and provide to lessors a certain level of safety from bankruptcy of the debtor. The article considers the covenants and financial covenants definitions; the main financial covenants containing in credit agreements between large banks and borrowers; data on structure of a credit portfolio and financial debt of NLMK as at June 30, 2016; the main financial covenants containing in credit agreements of the companies of NLMK Group; definitions and formulas of calculation of financial rates based on the IFRS financial statement; calculation of covenants on the example of IFRS consolidated financial statements of NLMK; subtleties of calculation of financial rates; the main differences of financial rates calculation based on the financial statements prepared on the different principles; conclusion about stability and a financial condition of NLMK by the results received during calculation financial covenants as at end of the first half of the year 2016.

  13. Financial planning

    OpenAIRE

    Χατζηγώγου, Αρτεμις Π.

    2003-01-01

    Σκοπός της μελέτης αυτής, είναι η συγκέντρωση όλων των στοιχείων εκείνων που συνθέτουν μια οργανωμένη διαδικασία έρευνας, που είναι γνωστή ως Financial Planning. Θα μπορούσαμε εναλλακτικά να πούμε, ότι βασικά ο χρηματοοικονομικός σχεδιασμός προγραμματίζει, εξευρίσκει και χρησιμοποιεί τα κεφάλαια με τέτοιο τρόπο ώστε η συνεισφορά τους να είναι μεγαλύτερη στην αποτελεσματική λειτουργία της οικονομικής μονάδας. Παρέχει τις γνώσεις των χρηματιστικών αγορών από όπου αντλούνται τα κεφάλαια. Οδηγεί ...

  14. Construction of a Regional Financial Inclusion Index in Turkey

    OpenAIRE

    2013-01-01

    This paper examines a multidimensional measurement of financial inclusion to gauge the extent of financial system across time in Turkey. A multidimensional index of financial inclusion has been developed to allow for comparison among regions and provinces of Turkey in terms of financial inclusion for policymakers. Financial access indicators are used to construct and index lying between 0 and 1. The normalized indicators are than extracted by the Euclidean distance formula. The empirical resu...

  15. 44 CFR 13.41 - Financial reporting.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Financial reporting. 13.41... Financial reporting. (a) General. (1) Except as provided in paragraphs (a) (2) and (5) of this section... supplementary or other forms as may from time to time be authorized by OMB, for: (i) Submitting...

  16. A new Loan-Stock Financial Instrument

    CERN Document Server

    Morozovsky, A; Kholodenko, Y; Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

    A new financial instrument (a new kind of a loan) is introduced. The loan-stock instrument (LSI) combines fixed rate instruments (loans, etc.) with other financial instruments that have higher volatilities and returns (stocks, mutual funds, currencies, derivatives, options, etc.). This new loan depends on the value of underlying security (for example, stock) in such a way that when underlying security increases, the value of loan decreases and backwards. The procedure to create a risk free portfolio and a technique to fairly price the LSI is described. The philosophy behind this procedure is quite similar to the Black-Scholes formalism in option theory. Creation of the risk free portfolio is possible because the change in the underlying security offsets the change in the value of the loan (or the amount that the borrower has to repay). The new financial instrument takes an advantage of the fact that on average the stock market grows in time. It is beneficial for both the borrower and the lender. The LSI is mo...

  17. Use of the generalized spherical harmonic model for describing crystallographic texture in polycrystalline NiTi shape-memory alloy with time-of-flight neutron powder diffraction data

    CERN Document Server

    Sitepu, H; Dreele, R B V

    2002-01-01

    We present a feasibility study to extract quantitative texture and precise crystal structure information of polycrystalline monoclinic NiTi shape-memory alloys from a simultaneous refinement of 52 time-of-flight neutron-diffraction patterns taken in 13 orientations in the diffractometer. The multiple-data-set capabilities and the generalized spherical harmonic texture model of the GSAS program system were employed. (orig.)

  18. Financial Globalization, Financial Crises and Contagion

    OpenAIRE

    Vincenzo Quadrini; Enrique G. Mendoza

    2010-01-01

    Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we show that fina...

  19. INFLATION AND FINANCIAL DEVELOPMENT: EVIDENCE

    Directory of Open Access Journals (Sweden)

    Emmanuel Nii Abbey

    2012-01-01

    Full Text Available The study examined the impact of inflation on financial development in Ghana using quarterly time series data (1990-2008. It was in line with the empirical works that provided support for the proposition that inflation affects financial development negatively. While price stability has been emphasized in the literature to be the best antidote in addressing the problem, recent evidence of disagreements on its definition and the ways to achieving it, coupled with, threshold effects between the two variables have questioned the precise link between the two variables and their acclaimed antidote. The study therefore made use of the Cointegration Approach the Granger Causality testing procedure suggested and the Conditional Least Squares technique to address these issues for the case of Ghana. The study established several statistically significant and economically meaningful relationships between the two variables. Pair-wise correlation analysis established a negative association between the two variables. In contrast, conflicting results were produced with regression analysis: the relationship between the two variables in the short run was established to be positive, while no relationship at all was established in the long run. Furthermore, a unidirectional causal link was established to be running from inflation to financial development; when the ratio of private sector credit to GDP and the market capitalization ratio were used as indicators for financial development. Lastly, threshold effects were observed in the inflation-financial development relation for inflation rates between 11-16% per annum. The study thus recommended the definition of price stability for inflation rates between 11-16% in support of financial development in Ghana. Additionally, it was recommended that the country should promote financial sector policies in a more holistic approach, as financial development does not granger cause inflation or inflationary pressures.

  20. Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

    Science.gov (United States)

    Cadoni, Marinella; Melis, Roberta; Trudda, Alessandro

    2015-01-01

    It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t) which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

  1. Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

    Directory of Open Access Journals (Sweden)

    Marinella Cadoni

    Full Text Available It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

  2. Comparative Study of Story of Eating Porridge Two Times Described in the Six Chapters of A Floating Life%《浮生六记》两次吃粥对比释读

    Institute of Scientific and Technical Information of China (English)

    陈焕庆

    2015-01-01

    沈复《浮生六记》是我国古代文言小说中不可多得的自传体抒情之作,书中“余”与芸娘伉俪情笃,追求自由,却难为封建卫道士所容,终于难逃其悲剧命运。二人两次吃粥时的不同境遇令人唏嘘,书中所抒写的女性命运与人生处境值得我们深思。%Shen Fu's Six Chapters of A Floating Life is a lyric autobiographies in the history of ancient Chinese classical novel . In this book , YunNiang and I have a close and deep conjugal relationship , looking forward to the freedom;however the story is not acceptable for the feudal apologists .The characters described in the novel has inevitably gone into the tragic fate .The different sit-uations where the two characters eating their porridge were full of frustrations and misfortune and it is worthwhile for us to think a -bout the female fate presented in the novel .

  3. Segmentation algorithm for non-stationary compound Poisson processes. With an application to inventory time series of market members in a financial market

    Science.gov (United States)

    Tóth, B.; Lillo, F.; Farmer, J. D.

    2010-11-01

    We introduce an algorithm for the segmentation of a class of regime switching processes. The segmentation algorithm is a non parametric statistical method able to identify the regimes (patches) of a time series. The process is composed of consecutive patches of variable length. In each patch the process is described by a stationary compound Poisson process, i.e. a Poisson process where each count is associated with a fluctuating signal. The parameters of the process are different in each patch and therefore the time series is non-stationary. Our method is a generalization of the algorithm introduced by Bernaola-Galván, et al. [Phys. Rev. Lett. 87, 168105 (2001)]. We show that the new algorithm outperforms the original one for regime switching models of compound Poisson processes. As an application we use the algorithm to segment the time series of the inventory of market members of the London Stock Exchange and we observe that our method finds almost three times more patches than the original one.

  4. Financial Contagion, Vulnerability and Information Flow: Empirical Identification

    OpenAIRE

    Weber, Enzo

    2009-01-01

    This paper proposes a new approach to modelling financial transmission effects. In simultaneous systems of stock returns, fundamental shocks are identified through heteroscedasticity. The size of contemporaneous spillovers is determined in the fashion of smooth transition regression by the innovations' variances and (negative) signs, both representing typical crisis-related magnitudes. Thereby, contagion describes higher inward transmission in times of foreign crisis, whereas vulnerability is...

  5. A spillover analysis of shocks from US, UK and China on African financial markets

    Directory of Open Access Journals (Sweden)

    Giorgia Giovannetti

    2013-07-01

    Full Text Available Emerging African financial markets have been recently put forward as an interesting and profitable alternative to diversify risk for international investors. At the same time, they became more integrated with developed financial markets, so that, despite claims that Africa would be sheltered by outside shocks because at the margin of the globalization process, they have been hit by the 2008–09 crisis. This paper analyses the relationships among mature financial markets (US and UK, China, some South Saharan African emerging markets (Botswana, Kenya, Nigeria and South Africa and two North African countries (Egypt and Tunisia over the period 2005–2012, focusing on the role of financial markets’ volatility. We study, with the help of a Multiplicative Error fully inter-dependent model (MEM, the dynamics of the financial market volatility (risk, and the interactions with other markets. We present impulse-response functions with a time dependent profile to describe how a volatility shock from one market may propagate to other markets, increasing the fragility of African infant financial markets. Finally, we summarise the role of different markets in propagating risk in the area using a synthetic index (Volatility Spillover Balance that distinguishes between volatility “creators” and “absorbers”. Our results show that South Africa and US shocks significantly affect African financial markets, and China has recently become more interconnected. Furthermore, while US, Kenya and Tunisia are “net creators” of volatility spillovers, South Africa and China turn out to be net “absorbers”.

  6. Financial Literacy, Confidence and Financial Advice Seeking

    NARCIS (Netherlands)

    Kramer, Marc M.

    2016-01-01

    We find that people with higher confidence in their own financial literacy are less likely to seek financial advice, but no relation between objective measures of literacy and advice seeking. The negative association between confidence and advice seeking is more pronounced among wealthy households.

  7. Three Essays on Financial Economics

    DEFF Research Database (Denmark)

    Park, Kay Sun

    the asset price movements. Moreover, a regime-switching between good versus bad state abruptly occurs over the business cycle (or the financial cycle). Hence, two key theoretical devices used to model risk in finance are first, to acknowledge that we see the movements of asset price micmic a random walk......Practitioners in finance have been trying to either maximize their fortunes or minimize any unlucky outcomes;say, Beat the market. The uncertainty is always something to fear or to overcome in financial market in order to beat the market. The price of assets seems unpredictable in a short......-time interval, though academics consider market price would stay at equilibrium in the long-run, as reflecting fundamentals in the end. As “Efficiency of Financial Market” says; price of assets reveals all relevant information. The continuous-time random walk is successfully taken as close as tracking down...

  8. Three Essays on Financial Economics

    DEFF Research Database (Denmark)

    Park, Kay Sun

    the asset price movements. Moreover, a regime-switching between good versus bad state abruptly occurs over the business cycle (or the financial cycle). Hence, two key theoretical devices used to model risk in finance are first, to acknowledge that we see the movements of asset price micmic a random walk......Practitioners in finance have been trying to either maximize their fortunes or minimize any unlucky outcomes;say, Beat the market. The uncertainty is always something to fear or to overcome in financial market in order to beat the market. The price of assets seems unpredictable in a short......-time interval, though academics consider market price would stay at equilibrium in the long-run, as reflecting fundamentals in the end. As “Efficiency of Financial Market” says; price of assets reveals all relevant information. The continuous-time random walk is successfully taken as close as tracking down...

  9. 40 CFR 35.6270 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... § 35.6270 Standards for financial management systems. (a) Accounting system standards—(1) General. The... of the adequacy of the financial management system as described in 40 CFR 31.20(c). (2) Allowable...

  10. Quantum formalism to describe binocular rivalry.

    Science.gov (United States)

    Manousakis, Efstratios

    2009-11-01

    On the basis of the general character and operation of the process of perception, a formalism is sought to mathematically describe the subjective or abstract/mental process of perception. It is shown that the formalism of orthodox quantum theory of measurement, where the observer plays a key role, is a broader mathematical foundation which can be adopted to describe the dynamics of the subjective experience. The mathematical formalism describes the psychophysical dynamics of the subjective or cognitive experience as communicated to us by the subject. Subsequently, the formalism is used to describe simple perception processes and, in particular, to describe the probability distribution of dominance duration obtained from the testimony of subjects experiencing binocular rivalry. Using this theory and parameters based on known values of neuronal oscillation frequencies and firing rates, the calculated probability distribution of dominance duration of rival states in binocular rivalry under various conditions is found to be in good agreement with available experimental data. This theory naturally explains an observed marked increase in dominance duration in binocular rivalry upon periodic interruption of stimulus and yields testable predictions for the distribution of perceptual alteration in time.

  11. The limit order book on different time scales

    CERN Document Server

    Eisler, Zoltan; Lillo, Fabrizio

    2007-01-01

    Financial markets can be described on several time scales. We use data from the limit order book of the London Stock Exchange (LSE) to compare how the fluctuation dominated microstructure crosses over to a more systematic global behavior.

  12. The limit order book on different time scales

    Science.gov (United States)

    Eisler, Zoltán; Kertész, János; Lillo, Fabrizio

    2007-06-01

    Financial markets can be described on several time scales. We use data from the limit order book of the London Stock Exchange (LSE) to compare how the fluctuation dominated microstructure crosses over to a more systematic global behavior.

  13. CMS Financial Reports

    Data.gov (United States)

    U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...

  14. Halter Financial Summit

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    <正>The prolonged financial crisis brought about profound changes in international political and economic patterns. With a focus on China’s place in the post-crisis world situation, the Halter Financial Summit,

  15. Financial Integrity Benchmarks

    Data.gov (United States)

    City of Jackson, Mississippi — This data compiles standard financial integrity benchmarks that allow the City to measure its financial standing. It measure the City's debt ratio and bond ratings....

  16. Domesticizing Financial Economies

    DEFF Research Database (Denmark)

    Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana

    of research. We use the term “domesticizing financial economies” to collect what we think are four key trajectories. First: “the financialization of the domestic”: certainly debt and finance are more than 5000 years old, but new type of agents and technologies – such as online payday lending, mobile money......, payment cards – characterize the financial ecologies people around the world face. Second; “the domestizisation of finance”: financial technologies do not only financialize the domestic, they are continuously domesticized as many recent studies on ordinary accounting, earmarking, informal circuits of debt...... show. Third, the “domestication of financial economies”: financial literacy programs developed by governmental bodies, international organizations, and banks have become a ubiquitous layer attached to the assemblage of financial economies in many countries. And last but not least, “domesticizing social...

  17. CMS Financial Reports

    Data.gov (United States)

    U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...

  18. Financial Education Program Evaluation

    Directory of Open Access Journals (Sweden)

    Diana Burk

    2014-02-01

    Full Text Available This study illustrates the process of program evaluation using a logic model. Guided by the Transtheoretical Model of Change and a logic model, this study evaluated the effectiveness of a Retirement and Savings Seminar by measuring participant (n = 54 satisfaction, financial knowledge, financial confidence, and financial behavior change compared to a similar group of 134 non-participants. Participants were very satisfied with the seminar. Their financial knowledge and confidence scores significantly increased from pretest to posttest. Financial knowledge and confidence scores improved more than the comparison group while controlling for group differences in age, income, and pretest scores. Two months later, participants were more likely than the comparison group to have adopted positive financial behaviors as measured by the Financial Preparedness for Retirement Scale. Financial educators can use this study as a model for planning, conducting, and evaluating their programs.

  19. Quality of financial information and liquidity

    Directory of Open Access Journals (Sweden)

    Keyhan Maham

    2014-08-01

    Full Text Available This paper examines the relationship between liquidity and quality of financial information by analyzing long-term trends in illiquidity measure for firms that restate their financial statements. The study uses a method developed by Amihud (2002 [Amihud, Y. (2002. Illiquidity and stock returns: cross-section and time-series effects. Journal of financial markets, 5(1, 31-56.]. The original sample consists of 98 listed firms in Tehran Stock Exchange over the period 2004-2011. In this study, the measurement of quality of financial information is associated with presence or absence of financial restatement cases. We find that for most income decreasing restatements illiquidity increases before restatement announcement and this increase continues after restatement announcement. Overall, our results indicate a positive relationship between quality of financial information and liquidity.

  20. Management Control for Reliable Financial Information

    Directory of Open Access Journals (Sweden)

    Victoria María Antonieta Martín Granados

    2010-06-01

    Full Text Available The financial information is the document that the administration of a juridical entity issues to know his financial situation. The financial information is useful and confiable for the users of the financial information when this has been prepared under conditions of certainty. This certainty is provided by the administration when it establishes political and procedures of internal control, as well as the surveillance in the accomplishment of the internal control. This control incides in the financial information since it is inherent to the operative flow and extends itself in relevant information, veracious and comparable. This is important for users of the financial information, due to the fact that they take timely and objective decisions.

  1. Financial Sector Structure and Economic Growth

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen

    Economists consider a well-functioning financial sector to be of first order importance for a modern (capitalist) economy. However, in the aftermath of the financial crisis a debate about the future role of the financial sector emerged and many commentators have called into question whether...... that over time equity financing (bank credit) becomes more (less) important for the corporate sector in developed economies. Third, it reports novel country-level evidence on the link between financial sector structure and economic growth in developed economies. The results suggest that the capital market...... measures of financial sector structure. Thereby, it pays special attention to the Danish financial sector, which is found to be relatively large but skewed towards debt and credit. Moreover, the Danish bond market, while relatively large, seems dominated by banks and corporates seem virtually absent...

  2. Financial Evaluation Techniques, Institutions and Innovation

    DEFF Research Database (Denmark)

    Howells, John

    2003-01-01

    This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of technological contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and theevaluative behaviour...... of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial...

  3. Financial Evaluation Techniques, Institutions and Innovation

    DEFF Research Database (Denmark)

    Howells, John

    2003-01-01

    of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial......This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of technological contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and theevaluative behaviour...

  4. Risk in financial reporting

    OpenAIRE

    Tsatsaronis, Kostas; Claudio E. V. Borio

    2015-01-01

    Advances in risk measurement technology have reshaped financial markets and the functioning of the financial system. More recently, they have been reshaping the prudential framework. Looking forward, they have the potential to reshape financial reporting too. Recent initiatives to improve financial reporting standards have brought to the fore significant differences in perspective between accounting standard setters and prudential authorities. Building on previous work, we argue that risk mea...

  5. 大生集团早期金融事业的兴衰%Financial Capitalization of Dasheng Group in Its Early Time

    Institute of Scientific and Technical Information of China (English)

    羽离子

    2011-01-01

    近现代中国最大工业集团之一大生集团主要是通过借贷融资、发行股票和建立银行吸储等将民间资金及少量官款转化为工业资本。1920年,大生系工商资本集团创建了淮海实业银行和花纱与股票交易所。银行还印备了钞票,准备占领更大分额的资本市场。但大生集团未能象日本涩泽系企业集团那样在较早的时候就建设好工商活动与金融事业间的良性关系。连同交易所在内的大生系的金融机构在数年后未能承受苏北大水灾等所引发的金融危机。大生集团早期金融业的兴衰为当代中国民营企业的资本积累和运作,提供了值得记取的经验和教训。%In 1920, Dasheng group established Huai Hal Industrial Bank and a stock exchange. The bank gave a good play to the initial capitalization of finance. It even issued different substitutions of money to replaced part of the money system in a quite big area. Comparing with the financial business of Japanese Shibusawa Ei'ichi's enterprises group, Dasheng's financial business was weak and undeveloped. The financial organs of Dasheng suffered heavily from a serious flood in North Jiangsu and were stricken by a financial crisis to bankrupt nearly just after a couple of years. But. on the other hand, Dasheng's experience and lessons from its accumulation and maintain of capital was really valuable contribu- tion to civilian-run enterprises in China.

  6. Korea : Financial Sector Assessment

    OpenAIRE

    World Bank; International Monetary Fund

    2003-01-01

    Since the financial crisis in 1997-98, Korea has made major progress in financial, and corporate sector reform - the supervisory and regulatory regime for the financial sector has been substantially strengthened, and recent reforms helped achieve a high degree of observance of international standards, and codes. Moreover, significant consolidation in the banking system took place, with ban...

  7. Financial Advice: Who Pays

    Science.gov (United States)

    Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.

    2011-01-01

    Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for…

  8. The Diversification Benefits of Including Carbon Assets in Financial Portfolios

    National Research Council Canada - National Science Library

    Yinpeng Zhang; Zhixin Liu; Xueying Yu

    2017-01-01

    ... as a candidate product in building financial portfolios. In this study, we examine the time-varying correlations between carbon allowance prices with other financial indices, during the third phase of EU-ETS...

  9. Liberalizing financial services trade in Africa: Going regional and multilateral

    OpenAIRE

    Jansen, Marion; Vennes, Yannick

    2006-01-01

    This paper analyses the possible gains from regional and multilateral liberalization of financial services trade for African countries taking into account the implications of such liberalization for financial regulation and capital account liberalization. It also describes existing efforts to integrate financial markets within four African regions (WAEMU, CEMAC, SADC and COMESA) and discusses the existing GATS commitments of the relevant countries with respect to financial services. Although ...

  10. Liberalizing financial services trade in Africa: Going regional and multilateral

    OpenAIRE

    JANSEN, Marion; Vennes, Yannick

    2006-01-01

    This paper analyses the possible gains from regional and multilateral liberalization of financial services trade for African countries taking into account the implications of such liberalization for financial regulation and capital account liberalization. It also describes existing efforts to integrate financial markets within four African regions (WAEMU, CEMAC, SADC and COMESA) and discusses the existing GATS commitments of the relevant countries with respect to financial services. Although ...

  11. THE OPTIMIZATION OF THE ENTERPRISE FINANCIAL ANALYSIS TROUGH THE FINANCIAL SYSTEM OF CONTROL DU PONT

    Directory of Open Access Journals (Sweden)

    GÂDOIU MIHAELA

    2016-06-01

    Full Text Available The return on assets and the return on equity are essential indicators for the assessment of the company performance. They have a rich financial content, but there are many cases where the figure sometimes shows a “prettier” reality. In such cases it is necessary to treat and interpret financial rates with caution, taking into account, at the same time, other methods used in the financial analysis. The objective of this paper is to present a popular financial diagnosis optimization method - the Du Pont financial control system, that has an important role in the financial analysis of the company because it is related to the return on assets and the return on equity of the company as a result of the interaction of several factors synthesized through reports built based on information taken from the annual financial statements.

  12. Financial Health in the Navy: Results of the 2014 Quick Poll

    Science.gov (United States)

    The 2014 Financial Health Quick Poll is the fourth in a series of Quick Polls, previously conducted in 2008, 2009, and 2011. The issues assessed...included financial health of Sailors, use of financial counseling, financial goals, residences, and PCS moves. Results overall are very positive: most...continue to describe their financial condition as very comfortable or able to make ends meet, most were able to meet their financial obligations, and the

  13. A Continuing Approach, from Financial Economics to Financial Econometrics or the Econometric Thinking Applied to Financial Economics

    Directory of Open Access Journals (Sweden)

    Gheorghe Săvoiu

    2013-04-01

    Full Text Available The main aim of this paper is to attempt a theoretical delineation of a new econoscience now known as financial econometrics, which is as a result of a dual approach, one originally from economics to econometrics, followed by another one, articulate, from financial economics to financial econometrics, both purely theoretical, simultaneously stressing the importance of economic and financial modelling, historically detailing the emergence and development of this new econoscience, outlining its subject and objectives, and describing some of the most commonly used methods and models, while noting the presence of increasingly sharp competition of econophysics, sociophysics and economy quantum, in the universe of modelling the processes and phenomena in classical economics and financial economics.

  14. Financial Protection Against Natural Disasters

    OpenAIRE

    World Bank Group

    2014-01-01

    The primary objective of this report is to take stock of the global progress on financial protection against natural disasters over the last decade and bring together the latest thinking on disaster risk financing and insurance. Disaster risk financing and insurance helps minimize the cost and optimize the timing of meeting post-disaster funding needs without compromising development goals...

  15. Sources of Financial Sociability

    DEFF Research Database (Denmark)

    Thompson, Grahame

    2011-01-01

    This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each...... of the article which is to explore further the nature of ‘irrationality’ as manifest in financial crises. When the contours of both these aspects of financial calculation have been elaborated, the article moves on to consider how they might shape regulatory responses to the seeming inevitability of financial...

  16. Financial information processing

    Institute of Scientific and Technical Information of China (English)

    Shuo BAI; Shouyang WANG; Lean YU; Aoying ZHOU

    2009-01-01

    @@ The rapid growth in financial data volume has made financial information processing more and more difficult due to the increase in complexity, which has forced businesses and academics alike to turn to sophisticated information processing technologies for better solutions. A typical feature is that high-performance computers and advanced computational techniques play ever-increasingly important roles for business and industries to have competitive advantages. Accordingly, financial information processing has emerged as a new cross-disciplinary field integrating computer science, mathematics, financial economics, intelligent techniques, and computer simulations to make different decisions based on processed financial information.

  17. FINANCIAL INSTABILITY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Cristian, IONESCU

    2014-11-01

    Full Text Available The aim of this paper is to empirically study the concept of financial stability in Romania, from both a monetary policy perspective and a financial perspective. In this paper, I also compute an aggregate index of financial stability, for the period 2008-2013, explaining the correlations between several extremely important macroeconomic and sectorial variables and financial stability. The article also debates the aspect of policy instruments that aim to promote, highlighting the undertaken measures and also giving some measures recommendations, pointing out the main pillars: crises management; cross-sectoral challenges; banking sector; securities markets and capital markets; insurance sector; pensions sector; access to financial services.

  18. COMPANY ACTIVITY FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    Caruntu Genu Alexandru

    2012-12-01

    Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.

  19. Application of the Financial Industry Business Ontology (FIBO) for development of a financial organization ontology

    Science.gov (United States)

    Petrova, G. G.; Tuzovsky, A. F.; Aksenova, N. V.

    2017-01-01

    The article considers an approach to a formalized description and meaning harmonization for financial terms and means of semantic modeling. Ontologies for the semantic models are described with the help of special languages developed for the Semantic Web. Results of FIBO application to solution of different tasks in the Russian financial sector are given.

  20. Financial Services Segregation: Improving Access to Financial Services for Recent Latino Immigrants

    OpenAIRE

    Sarah Stookey

    2010-01-01

    This paper outlines elements of demand for financial services among recent Latino immigrants, summarizes key factors contributing to their financial segregation, and describes products, services and administrative practices that have been used successfully by depository institutions. Throughout the research and paper particular attention has been paid to the New England region.

  1. Functional High Performance Financial IT

    DEFF Research Database (Denmark)

    Berthold, Jost; Filinski, Andrzej; Henglein, Fritz

    2011-01-01

    The world of finance faces the computational performance challenge of massively expanding data volumes, extreme response time requirements, and compute-intensive complex (risk) analyses. Simultaneously, new international regulatory rules require considerably more transparency and external...... auditability of financial institutions, including their software systems. To top it off, increased product variety and customisation necessitates shorter software development cycles and higher development productivity. In this paper, we report about HIPERFIT, a recently etablished strategic research center...... at the University of Copenhagen that attacks this triple challenge of increased performance, transparency and productivity in the financial sector by a novel integration of financial mathematics, domain-specific language technology, parallel functional programming, and emerging massively parallel hardware. HIPERFIT...

  2. FINANCIAL STABILITY - A THEORETICAL APPROACH

    Directory of Open Access Journals (Sweden)

    Maria Vasilescu

    2012-03-01

    Full Text Available Central banks have become poles of stability and decisive factors of globalization. Financialstability represents a national issue, a public asset, that requires both an intervention of public judicious authoritiesand their cooperation with private sector. Given the integration of financial markets during the last decades in bothdeveloped and developing countries, as direct result of globalization, liberalization and deregulation processes, andthe high degree of innovation they felt over time, a shift in market participants’ perceptions on the importance ofstable financial systems in economic growth arose. The global context characterized by the interdependence ofmarkets and institutions, emergence of new techniques and instruments, increasing international capital flowsstressed the new meanings of the analysis of financial stability.

  3. FINANCIAL DIAGNOSIS OF STOCKS

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-12-01

    Full Text Available Financial diagnosis is a part of a company’s general diagnosis. The role of the financial diagnosis is to establish the situation of the company at a given time, to see if it is viable, to help the decision-makers to take the best measures to continue or cease the activity, or to sell, buy or liquidate the company. Each entity is unique and arbitrarily applying some analysis models used by other companies can lead to significant errors. One cannot analyze in the same way a company that produces household products and a trade company. In the first one, the working capital must be positive, because permanent capitals must finance the fixed assets which have a high value, and the working capital will finance the operating cycle. In case of a trade company, a negative working capital might represent a positive activity, because the duration of the operating cycle is much shorter, and short term sources can also finance the company’s tangible assets.

  4. Break-even maturity as a guide to financial distress

    Directory of Open Access Journals (Sweden)

    Colin Ellis

    2014-12-01

    Full Text Available During the recent crisis, lags in the transmission mechanism of economic shocks, together with monetary and fiscal policy, made it difficult to assess the evolving dynamics of creditworthiness. As such, developments in financial markets became a key guide for investors and policymakers in determining the degree of financial distress that borrowers faced, providing a real-time update of market participants’ views. However, simple measures of borrowing costs such as secondary market yields typically ignore differences in debt maturities and hence refinancing risks. This paper describes a new indicator of financial distress – the break-even maturity – that combines these factors. Using financial market data for euro area countries, the break-even maturity is shown to provide an alternative perspective on the absolute and relative risks associated with different borrowers that is distinct from the standard metrics gleaned from bond yields or credit-default swaps. As such, while break-even maturities are ultimately theoretical constructs, they can offer a valuable alternative perspective on how the financing pressures facing distressed borrowers are evolving in real-time.

  5. Presenting practice financial information.

    Science.gov (United States)

    Webster, Lee Ann H

    2007-01-01

    Medical practice leadership teams, often consisting primarily of physicians with limited financial backgrounds, must make important business decisions and continuously monitor practice operations. In order to competently perform this duty, they need financial reports that are relevant and easy to understand. This article explores financial reporting and decision-making in a physician practice. It discusses reports and tools, such as ratios, graphs, and comparisons, that practices typically include in their reports. Because profitability and cash flow are often the most important financial considerations for physician practices, reports should generally focus on the impact of various activities and potential decisions upon these concerns. This article also provides communication tips for both those presenting practice financial information and those making the decisions. By communicating effectively, these leaders can best use financial information to improve decision-making and maximize financial performance.

  6. Application of 'Process management' methodology in providing financial services of PE 'Post Serbia'

    Directory of Open Access Journals (Sweden)

    Kujačić Momčilo D.

    2014-01-01

    Full Text Available The paper describes application of the methodology 'Process management', in providing of financial services at the post office counter hall. An overview of the methodology is given, as one of the most commonly used qualitative methodology, whereby Process management's technics are described , those can better meet user needs and market demands, as well as to find more effectively way to resist current competition in the postal service market. One of the main problem that pointed out is a long waiting time in the counter hall during providing financial services, which leads to the formation of queue lines, and thus to customer dissatisfaction. According that, paper points steps that should be taken during provide of financial services in a postal network unit for providing services to customers by optimizing user time waiting in line and increasing the satisfaction of all participants in that process.

  7. Financial Flexibility as a Phenomenon of Manifestation of Flexibility of the Financial System at the Micro-level

    Directory of Open Access Journals (Sweden)

    Laktionova Oleksandra A.

    2014-03-01

    Full Text Available The article considers financial flexibility of economic subjects in the context of specific features of manifestation of this property at the micro-level of the financial system. It generalises various theoretical approaches to understanding the essence of the financial flexibility in the context of motives of its formation, sources and instruments of realisation. It specifies criteria of financial flexibility: manoeuvrability, efficiency and economy. It studies interrelation between the financial flexibility and financial restrictions at the micro-level and, consequently, factors that determine them: capital market imperfection, development level and structure of the financial system, cyclicity of economy, and company characteristics (including financial architecture. The article describes their distinguishing features. It states that apart from maintaining the financial flexibility during formation of money reserves and debt load resource the companies can be guided by other motives. It offers classification of types of financial flexibility based on the sources and goals of formation, influence upon the financial potential, stages of reproduction of financial resources, the instruments used, engaged elements of the financial mechanism, stages of the business cycle and types of the used financial resources.

  8. Interactive Financial Charts- Agency Financial Reports

    Data.gov (United States)

    General Services Administration — For a visual depiction of GSA's Balance Sheet and Statement of Net Cost, please use the interactive charts to view the financial results for fiscal years 2007-2013.

  9. Beijing: Next International Financial Hub?

    Institute of Scientific and Technical Information of China (English)

    Li Zhen

    2008-01-01

    @@ Beijing's new financial dream On May 5,the Beijing Municipal Government released a notice regarding its plans to spur the financial industry,vowing to put forth a strong effort to become the national financial decision-making center,financial management center and financial information and services center,and formally announcing its ambitious aspiration to become a financial hub with international influence.

  10. FINANCIAL ACCOUNTING QUALITY AND ITS DEFINING CHARACTERISTICS

    Directory of Open Access Journals (Sweden)

    Andra M. ACHIM

    2014-11-01

    Full Text Available The importance ofhigh-quality financial statements is highlighted by the main standard-setting institutions activating in the field of accounting and reporting. These have issued Conceptual Frameworks which state and describe the qualitative characteristics of accounting information. In this qualitative study, the research methodology consists of reviewing the literature related to the definition of accounting quality and striving for understanding how it can be explained. The main objective of the study is to identify the characteristics information should possess in order to be of high quality. These characteristics also contribute to the way of defining financial accounting quality. The main conclusions that arise from this research are represented by the facts that indeed financial accounting quality cannot be uniquely defined and that financial information is of good quality when it enhances the characteristics incorporated in the conceptual frameworks issued by both International Accounting Standards Board and Financial Accounting Standards Board.

  11. Consolidated financial statements for fiscal year 1996

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-02-01

    The following overview and accompanying audited financial statements have been prepared for Fiscal Year (FY) 1996 to report the financial position and the results of operations of the Department of Energy. These statements include the consolidated Statement of Financial Position and the consolidated Statement of Operations and Changes in Net Position. The statements have been prepared in accordance with the Office of Management and Budget Bulletin No. 94-01, Form and Content for Agency Financial Statements, and were developed in accordance with the hierarchy of accounting standards described therein. The overview provides a narrative on the Department of Energy`s mission, activities, and accomplishments. Utilizing performance measures as the primary vehicle for communicating Departmental accomplishments and results, this overview discusses the most significant measures while others are discussed in the supplemental information to the financial statements.

  12. The actual challenges of financial literacy

    Directory of Open Access Journals (Sweden)

    Mitchell Jan W.

    2016-01-01

    Full Text Available In our always-evolving world, financial literacy and inclusion are crucial in the development of sustainable welfare and a more transparent and fairer society. We cannot forget that the subprime mortgage crisis of 2008 that has continued across the world to this day has financial illiteracy as one of the most aggravating factors. The main challenge for many consumers worldwide is that the requirements of adequate financial literacy skills have been steadily increasing over time. Individuals have to take a wide range of financial decisions and unfortunately, they sometimes overlook or simply do not know the risk attached with the decisions they are making until it is too late. The main challenges for financial literacy at the micro-level, meso-level, and macro-level are over deference to the financial industry, lack of financial knowledge, overconfidence about financial knowledge, lack of government initiatives, frameworks and regulations, lack of life-cycle planning and interesting and fascinating ways to teach financial literacy skills.

  13. Diferencias y analogías formales y estilísticas entre las crónicas musicales de "El País" Y "The Financial Times"

    OpenAIRE

    Castillo Amate, Marta

    2013-01-01

    Este artículo recoge los resultados de un análisis piloto de las crónicas musicales publicadas en los diarios 'El País' y 'The Financial Times' con la intención de determinar de manera preliminar cuáles son los rasgos principales de estas piezas y las diferencias fundamentales de estilo y estructura que existen entre los textos publicados en ambos diarios. G.I. HUM 767 (ayudas a Grupos de Investigación de la Junta de Andalucía) / Editorial Comares (colección interlingua)

  14. Financial Globalization and the New Capitalism

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2009-10-01

    Full Text Available Financial globalization, a complex phenomenon that has multiple facets, is directly influenced by some aspects characterizing the current stage of capitalism. In order to decrypt the set of such interferences, the consequences have been emphasized of the excessive trust in the market mechanisms, the role of deregulation and liberalization in promoting a new economic direction, as well as other theses representing the essence of neo-liberal revolution. The realities specific to the last three decays of the 20th century generated enhanced criticism regarding the myth of pure and perfect transparency, the market inability of self-regulation and the illusion of perfect information.The excesses of neo-liberalism imposed the need for a new paradigm, concretized in the mutations in the nature and mechanisms of capitalism, the domination of finances and knowledge, a paradigm in which market globalization and financial profitability logic are becoming priorities.In the second part of the article the conditions are analyzed that favored the occurrence and expansion of financial globalization, as well as the multiple implications of such over the micro and macro-economical mechanisms. A particular focus is on describing the characteristics of financial globalization in the current phase: the occurrence of new financial players (institutional investors and tools, markets de-localization and un-intermediated financial operations. As a conclusion, the tendencies are noticed of the financial world economy to become fragile, of fading connections between the financial and the real economy, of enhanced risk for financial accidents to propagate. Based on these observations, the extent is emphasized to which financial globalization provides the possibility of the financial crises to occur and expand.

  15. Financial incentives and weight control.

    Science.gov (United States)

    Jeffery, Robert W

    2012-11-01

    This paper reviews research studies evaluating the use of financial incentives to promote weight control conducted between 1972 and 2010. It provides an overview of behavioral theories pertaining to incentives and describes empirical studies evaluating specific aspects of incentives. Research on financial incentives and weight control has a history spanning more than 30 years. Early studies were guided by operant learning concepts from Psychology, while more recent studies have relied on economic theory. Both theoretical orientations argue that providing financial rewards for losing weight should motivate people to engage in behaviors that produce weight loss. Empirical research has strongly supported this idea. However, results vary widely due to differences in incentive size and schedule, as well as contextual factors. Thus, many important questions about the use of incentives have not yet been clearly answered. Weight-maintenance studies using financial incentives are particularly sparse, so that their long-term efficacy and thus, value in addressing the public health problem of obesity is unclear. Major obstacles to sustained applications of incentive in weight control are funding sources and acceptance by those who might benefit.

  16. Jump diffusion models and the evolution of financial prices

    Science.gov (United States)

    Figueiredo, Annibal; de Castro, Marcio T.; da Silva, Sergio; Gleria, Iram

    2011-08-01

    We analyze a stochastic model to describe the evolution of financial prices. We consider the stochastic term as a sum of the Wiener noise and a jump process. We point to the effects of the jumps on the return time evolution, a central concern of the econophysics literature. The presence of jumps suggests that the process can be described by an infinitely divisible characteristic function belonging to the De Finetti class. We then extend the De Finetti functions to a generalized nonlinear model and show the model to be capable of explaining return behavior.

  17. The Financial Communication and the Accounting - Audit - Valuation Trinomial

    Directory of Open Access Journals (Sweden)

    Bogdan Cosmin Gomoi

    2015-01-01

    Full Text Available At this time, financial communication faces various obstacles concerning the homogenization of communication types. Moreover, due to globalization, communication on capital markets confronts with a very visible changing process. Thus, people from different parts of the world managed to pass over language barriers but still face the ones in the financial communication field. It is well known that most financial decisions are based on the information from the financial statements. But, both the form and the conceptual language used in order to elaborate these financial statements present numerous conflict marks. In order to attenuate these conflict marks, the IASB, having as main target the financial reporting homogenization, elaborated the IFRS. At this time, Romania also faces economic, politic, social and cultural irreversible processes, of great interest for accounting: the growth of number and economic power of multinational companies; the economic globalization, especially of the financial markets; the growth of capitalization and the appearance and development of new financial products.

  18. 76 FR 69793 - Audit and Financial Management Advisory (AFMAC)

    Science.gov (United States)

    2011-11-09

    ... ADMINISTRATION Audit and Financial Management Advisory (AFMAC) AGENCY: U.S. Small Business Administration. ACTION... the location, date, time, and agenda for the next meeting of the Audit and Financial Management... management, including the financial reporting process, systems of internal controls, audit process and...

  19. 76 FR 64990 - Audit and Financial Management Advisory (AFMAC)

    Science.gov (United States)

    2011-10-19

    ... ADMINISTRATION Audit and Financial Management Advisory (AFMAC) AGENCY: U.S. Small Business Administration. ACTION... the location, date, time, and agenda for the next meeting of the Audit and Financial Management... management, including the financial reporting process, systems of internal controls, audit process and...

  20. 42 CFR 422.384 - Financial plan requirement.

    Science.gov (United States)

    2010-10-01

    ... plan requirement. (a) General rule. At the time of application, an organization must submit a financial plan acceptable to CMS. (b) Content of plan. A financial plan must include— (1) A detailed marketing... 42 Public Health 3 2010-10-01 2010-10-01 false Financial plan requirement. 422.384 Section...

  1. 39 CFR 10.4 - Financial disclosure reports.

    Science.gov (United States)

    2010-07-01

    ... 39 Postal Service 1 2010-07-01 2010-07-01 false Financial disclosure reports. 10.4 Section 10.4... CONDUCT FOR POSTAL SERVICE GOVERNORS (ARTICLE X) § 10.4 Financial disclosure reports. (a) Requirement of submission of reports. At the time of their nomination, Governors complete a financial disclosure...

  2. A survey of financial planning models for health care organizations.

    Science.gov (United States)

    Coleman, J R; Kaminsky, F C; McGee, F

    1978-01-01

    This paper describes "what if?" financial planning models developed for health care administrators and financial managers to study and evaluate the economic impact of changes in a health care organization's charge structure, operating policies, reimbursement plans, and services and resources. Models for inpatient and outpatient care systems are presented. The models are described in terms of input, output, and application. An assessment of the state of the art of financial planning and prospects for the future of what if?models are given.

  3. Asymmetric Lévy flight in financial ratios.

    Science.gov (United States)

    Podobnik, Boris; Valentinčič, Aljoša; Horvatić, Davor; Stanley, H Eugene

    2011-11-01

    Because financial crises are characterized by dangerous rare events that occur more frequently than those predicted by models with finite variances, we investigate the underlying stochastic process generating these events. In the 1960s Mandelbrot [Mandelbrot B (1963) J Bus 36:394-419] and Fama [Fama EF (1965) J Bus 38:34-105] proposed a symmetric Lévy probability distribution function (PDF) to describe the stochastic properties of commodity changes and price changes. We find that an asymmetric Lévy PDF, L, characterized by infinite variance, models several multiple credit ratios used in financial accounting to quantify a firm's financial health, such as the Altman [Altman EI (1968) J Financ 23:589-609] Z score and the Zmijewski [Zmijewski ME (1984) J Accounting Res 22:59-82] score, and models changes of individual financial ratios, ΔX(i). We thus find that Lévy PDFs describe both the static and dynamics of credit ratings. We find that for the majority of ratios, ΔX(i) scales with the Lévy parameter α ≈ 1, even though only a few of the individual ratios are characterized by a PDF with power-law tails X(i)(-1-α) with infinite variance. We also find that α exhibits a striking stability over time. A key element in estimating credit losses is the distribution of credit rating changes, the functional form of which is unknown for alphabetical ratings. For continuous credit ratings, the Altman Z score, we find that P(ΔZ) follows a Lévy PDF with power-law exponent α ≈ 1, consistent with changes of individual financial ratios. Estimating the conditional P(ΔZ|Z) versus Z, we demonstrate how this continuous credit rating approach and its dynamics can be used to evaluate credit risk.

  4. INTERCONTINENTAL FINANCIAL STREET BEIJING

    Institute of Scientific and Technical Information of China (English)

    ZHANGCHUNYUE; FENGJIAYUN

    2005-01-01

    InterContinental Financial Street Beijing opened its doors on May 1st, 2005, just days before the world's business leaders flooded into town for the Fortune Global Forum.The first international luxury hotel in the Chinese capital's new and rapidly growing Financial Street business center, the InterContinental Financial Street Beijing is the flagship property of FnterContinental Hotels and Resorts on the Chinese mainland, and as such a pioneer in Beijing's future,

  5. Financial planning. Budgeting.

    Science.gov (United States)

    Warner, S

    1984-01-01

    A short-term financial plan (STFP) is like a road map--you are more likely to reach your destination (financial goals) with one than without. A STFP need not be a drudge; a well-designed plan must be so comprehensive so as to include personal freedom money and even small luxuries. Once started, it actually becomes rewarding and fun to see your financial goals coming to fruition.

  6. Judge Financial, Administrative Judge

    OpenAIRE

    Kurek, Aline

    2010-01-01

    As a specialised administrative judge, the financial judge, understood in the sense of the Auditors Court, of the regional Auditors Courts and of the Court of budgetary and financial discipline, has a ratione materiae jurisdiction. It is the judge's duty to ensure compliance with budgetary and national accounting rules. The perspective tending to view the financial judge as a administrative judge, that is to say as an ordinary administrative judge, may consequently give rise to certain object...

  7. Central bank Financial Independence

    OpenAIRE

    J.Ramon Martinez-Resano

    2004-01-01

    Central bank independence is a multifaceted institutional design. The financial component has been seldom analysed. This paper intends to set a comprehensive conceptual background for central bank financial independence. Quite often central banks are modelled as robot like maximizers of some goal. This perspective neglects the fact that central bank functions are inevitably deployed on its balance sheet and have effects on its income statement. A financially independent central bank exhibits ...

  8. Financial Liberalization Or Repression?

    OpenAIRE

    Ang, James

    2009-01-01

    While financial liberalization has always been advocated in developing countries, experiences with it do not always produce desirable outcomes. In order to evaluate the costs and benefits associated with financial liberalization and repression, this study highlights that the overall effectiveness of the reform programs depends on the relative strength of each financial sector policy implemented. Using India as a case study, the results indicate that interest rate controls, statutory liquidity...

  9. The impact of financial crisis on financial supervision in the EU, the USA and the Czech Republic

    Directory of Open Access Journals (Sweden)

    Kučerová, Z.

    2010-12-01

    Full Text Available Globalization and financial integration allows a more efficient allocation of capital in economies. However, integrated financial markets contribute to the dissemination of financial contagion among the financially integrated states. The world financial crisis has uncovered the lack of an efficient system of financial supervision. The paper is focused on the analysis of the impact of the world financial crisis on the systems of financial supervision in the EU, the USA and the Czech Republic. We initially describe the contemporary financial crisis. Then we focus on the system of financial supervision in the EU, the USA and the Czech Republic. We conclude that the system of financial supervision in the EU must be reformed in order to coordinate the different national systems of all EU member states. The same holds for the financial supervision in the USA that is quite complicated because of the dual federal-state banking system. The Czech system of financial supervision does not have to be reformed, because it was modified in 2006 (before the crisis and now it is very simple, definite and well-functioning.

  10. The Financial Communication and the Accounting - Audit - Valuation Trinomial

    OpenAIRE

    Bogdan Cosmin Gomoi; Lavinia Denisia Cuc

    2015-01-01

    At this time, financial communication faces various obstacles concerning the homogenization of communication types. Moreover, due to globalization, communication on capital markets confronts with a very visible changing process. Thus, people from different parts of the world managed to pass over language barriers but still face the ones in the financial communication field. It is well known that most financial decisions are based on the information from the financial statements. But, both the...

  11. An analytical review of hospital financial performance measures.

    Science.gov (United States)

    Glandon, G L; Counte, M; Holloman, K; Kowalczyk, J

    1987-11-01

    Hospital administrators must have timely, valid, and interpretable financial information that allows them to make operational decisions in response to the threats of the changing health care environment. Aggregate indexes that reflect dimensions of hospital financial performance and simplify the information in financial ratios are needed to aid in decision making. This article reviews the development and use of hospital financial performance measures and lays the groundwork for research into deriving a multidimensional measure.

  12. Knowledge Management of Web Financial Reporting in Human-Computer Interactive Perspective

    Science.gov (United States)

    Wang, Dong; Chen, Yujing; Xu, Jing

    2017-01-01

    Handling and analyzing to web financial data is becoming a challenge issue in knowledge management and education to accounting practitioners. eXtensible Business Reporting Language (XBRL), which is a type of web financial reporting, describes and recognizes financial items by tagging metadata. The goal is to make it possible for financial reports…

  13. The management of the financial balance

    OpenAIRE

    Rascolean Ilie; Szabo Robert

    2010-01-01

    Financial balance sheet approach allows emphasizing the relationship between sources of funds held by the enterprise and allocating these funds. It is the accounting records that describe the synthesis of assets and liabilities of the company at year end and the other cases provided by law, all balance is highlighted by the double representation of heritage, providing a separate description of assets and liabilities. The main indicators of financial stability analysis, after studying the bala...

  14. Micro-prudentiality and financial stability

    Directory of Open Access Journals (Sweden)

    Cristian Ionescu

    2012-12-01

    Full Text Available Given the high degree of importance of issues related to financial instability in modern economies, (financial, economic and social aspects, it is necessary the analysis of the microeconomic components that determine macroeconomic fluctuations, resulting in the visible financial instability. Thus, this paper aims to analyze the following aspects: financial fragility, as a measure of financial instability at the microeconomic level; micro-prudential regulation; microeconomic reform measures, which addresses problems related to capital, liquidity, risk management and supervision and market discipline. All these are integrated into the international Basel III framework of the Bank of International Settlements Regulations. In addition, the manner and the time of Basel III implementation of the capital and liquidity-related measures is very important. In addition, the paper aims to analyze the inter-connections and the compromises between capital and liquidity, trying to understand how the two are connected.

  15. Discussions on the Problems and Development of Chinese Financial System

    Institute of Scientific and Technical Information of China (English)

    陈睿豪

    2012-01-01

      The financial system of china has the image of planned economy from the beginning,although experiences market reform,gradually move towards mixed operation from separate operation, and increased in the international financial integration. However,there are many deficiencies and defects in current financial systems. This paper described the characteristics of current financial system, market system,supervision system and interior audit system of commercial bank. Based on these,this paper proposed some relevant suggestions on the reformations of bank and financial systems in china.

  16. FINANCIAL MANAGEMENT OF THE COMPANY THROUGH THE CAPITALIZATION OF FINANCIAL-ACCOUNTING INFORMATION

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2014-06-01

    Full Text Available This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financial- accounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of investment, of exploitation and of financing. A proper management, at the company’s level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company’s value and of the safety of patrimony.

  17. Financial modeling: Rx for financial success.

    Science.gov (United States)

    Marino, D

    2001-01-01

    In an era of managed care, cost cutting and finding ways to increase revenue are key goals in the survival of group practices. Many practices find that they have to boost their revenue by a certain amount (for example, 20-30% within the next three years) to maintain viability in the health care marketplace. Understanding how to generate that revenue and influence short-term and long-term financial outcomes is a far trickier process. This article details how practice administrators can influence a practice's bottom line through a three-step process: (1) identify the components of the practice's financial performance and drivers of performance results, (2) diagnose the practice's current financial situation, and (3) pinpoint benchmarks and targets for success.

  18. CHALLENGES OF FINANCIAL AUDIT - THE IMPACT OF INTRODUCING UNIQUE REGULATION OF FINANCIAL MARKETS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Mitica Pepi

    2013-07-01

    Full Text Available The theme of our research is related to the new type of relationship between financial audits (statutory and unique regulation of financial markets in Romania.The Romanian authorities have decided as from 2013 regulation of financial markets, capital market, insurance market and private pensions market to achieve by a single entity, this situation will also lead to a number of challenges in the relationship between the auditor and the new regulatory regime. The main elements of our study are: the relationship between the audit committee and regulatory authority; quality of financial reporting for financial market entities. The auditor plays an important role in financial markets because it certifies the financial statements in accordance with European Union practice . It is also interesting to note potential interference that can occur in single regulation between compliance audit and financial stability and return on investment between performance audit and financial markets.In this case, financial regulation can coexist with compliance audit. EU legislation recommends that the auditor discuss with the audit committee the quality and acceptability of the financial reporting process.This recommendation is what should constitute a possible consensus to be highly unlikely between audit committees would align auditors in financial reporting disputes with management financial entities. In this regard, auditors should identify the factors we consider important in determining the quality of financial reporting. .We conducted this research in an effort to identify the possible divergence between the type of regulations that can emit single regulatory authority and the audit process. New regulator will operate on two levels, issue general regulations apply to all three categories of financial markets, capital market, insurance market and private pensions market, but in the same time and in greater extent will issue specific regulations of each market in

  19. Using neural networks to describe tracer correlations

    Directory of Open Access Journals (Sweden)

    D. J. Lary

    2004-01-01

    Full Text Available Neural networks are ideally suited to describe the spatial and temporal dependence of tracer-tracer correlations. The neural network performs well even in regions where the correlations are less compact and normally a family of correlation curves would be required. For example, the CH4-N2O correlation can be well described using a neural network trained with the latitude, pressure, time of year, and methane volume mixing ratio (v.m.r.. In this study a neural network using Quickprop learning and one hidden layer with eight nodes was able to reproduce the CH4-N2O correlation with a correlation coefficient between simulated and training values of 0.9995. Such an accurate representation of tracer-tracer correlations allows more use to be made of long-term datasets to constrain chemical models. Such as the dataset from the Halogen Occultation Experiment (HALOE which has continuously observed CH4  (but not N2O from 1991 till the present. The neural network Fortran code used is available for download.

  20. Networks of equities in financial markets

    Science.gov (United States)

    Bonanno, G.; Caldarelli, G.; Lillo, F.; Miccichè, S.; Vandewalle, N.; Mantegna, R. N.

    2004-03-01

    We review the recent approach of correlation based networks of financial equities. We investigate portfolio of stocks at different time horizons, financial indices and volatility time series and we show that meaningful economic information can be extracted from noise dressed correlation matrices. We show that the method can be used to falsify widespread market models by directly comparing the topological properties of networks of real and artificial markets.

  1. Ohio Financial Services and Risk Management. Technical Competency Profile (TCP).

    Science.gov (United States)

    Ray, Gayl M.; Wilson, Nick; Mangini, Rick

    This document describes the essential competencies from secondary through post-secondary associate degree programs for a career in financial services and risk management. Ohio College Tech Prep Program standards are described, and a key to profile codes is provided. Sample occupations in this career area, such as financial accountant, loan…

  2. Financial control - part of management and financial administration

    OpenAIRE

    Gabriel POPEANGA

    2008-01-01

    On the basis of these exhaustive considerations we ascertain that the control is an attribute of the company’s management, a function of the management and, at the same time, it is an independent activity. As a management function, the control endorses the parameters maximisation that refers to the results obtained, and to the increment of their attainment speed. Due to its importance, the financial control system can be considered as a needful instrument for the management for a regular surv...

  3. Values of financial services professionals and the global financial crisis as a crisis of ethics

    NARCIS (Netherlands)

    Hoorn, André van

    2013-01-01

    Many attribute the global financial crisis (GFC) to the ethical values of the people involved, financial services professionals (FSPs) such as stockbrokers or fund managers. The crisis-of-ethics debate is important, concerning one of the main policy challenges of our times, but is based on popular

  4. Values of financial services professionals and the global financial crisis as a crisis of ethics

    NARCIS (Netherlands)

    Hoorn, André van

    2013-01-01

    Many attribute the global financial crisis (GFC) to the ethical values of the people involved, financial services professionals (FSPs) such as stockbrokers or fund managers. The crisis-of-ethics debate is important, concerning one of the main policy challenges of our times, but is based on popular l

  5. MARKETING MIX IN FINANCIAL INVESTMENT SERVICES COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Ancuța IANCU

    2016-05-01

    Full Text Available Given that services of Financial Investment Services Companies can be very similar (described by law, it's very important that they be distinguished by certain elements from competitors, thereby gaining market share. How can they do that? By adding value for customers. International literature offers views on creating competitive advantage considering the elements of the Marketing Mix: product, price, placement, promotion, personnel, process and physical evidence. From our experience in brokerage business, but also from our research in this field, we conclude that product and prices policies should be considered in periods of economic growth and stagnation. If in times of crisis we find no significant differences between companies (regardless of the number of products or the fees they have, in a stabilized economy, precisely this policies makes the difference between competitors.

  6. Household financial behavior

    NARCIS (Netherlands)

    Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

    2016-01-01

    Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial planni

  7. Financial Key Ratios

    Directory of Open Access Journals (Sweden)

    Tănase Alin-Eliodor

    2014-08-01

    Full Text Available This article focuses on computing techniques starting from trial balance data regarding financial key ratios. There are presented activity, liquidity, solvency and profitability financial key ratios. It is presented a computing methodology in three steps based on a trial balance.

  8. Household financial behavior

    NARCIS (Netherlands)

    Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

    2016-01-01

    Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial

  9. Consolidating Financial Statements.

    Science.gov (United States)

    Wood, Marcia R.

    This publication is designed to be a desktop reference and assist financial officers in both public and independent institutions of higher education in the preparation of consolidated financial statements. Chapter 1 covers generally accepted accounting principles and other accounting literature, and summarizes reporting rules of the Financial…

  10. Financial Crisis Redux?

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Observers refute the start of a new Asian financial crisis sparked by Viet Nam’s financial and economic troubles It looked like a sudden nightmare when stockholders with hundreds of millions of Vietnamese dong found their pockets half empty overnight. The once prosper- ous bull market in Viet Nam plummeted to

  11. Financial Literacy of Latvian Citizens: Findings and Conclusions

    Directory of Open Access Journals (Sweden)

    Guna Ciemleja

    2016-08-01

    Full Text Available The global financial crisis and financial stability issues of the Eurozone countries have demonstrated that the total of financial knowledge and skills of the population that lets people make informed and efficient decisions is of utmost importance. Considering high social importance of financial education, it is necessary to develop a knowledge platform to increase the level of financial literacy. The results obtained in the process of assessment of the level of individual's financial literacy provide information on the factors, which reduce financial efficiency and cause unnecessary costs. Despite a vast body of international experience in the field of financial literacy assessment, one of the main problems is to develop a measuring instrument, which can ensure valid results and can be adapted to the socio-economic and demographic conditions of a definite country. Therefore, in 2015, academic personnel of the Department of Finance, Faculty of Engineering Economics and Management of Riga Technical University conducted research within the project «Enhancing Latvian Citizens' Securitability through Development of the Financial Literacy» and developed an instrument for assessment of the level of financial literacy, which can be used to evaluate financial knowledge of the Latvian citizens taking into consideration all components of financial literacy. The results are briefly described in the current paper.

  12. THE FINANCIAL EXPERT AUTOMATED SOFTWARE COMPLEX

    Directory of Open Access Journals (Sweden)

    Zaikina L. N.

    2015-04-01

    Full Text Available In the article we describe the created automated software complex called “Financial expert”, adapted to the environment of 1C: Enterprise 8.3. This system is intended for a complex assessment of a financial and economic condition of companies of the construction branch on the basis of integration of diverse methods, such as probabilistic, fuzzy-production and neural. This program has no analogs in the Russian Federation and allows creating effective and adequate system of an assessment of a financial and economic condition of companies of the construction branch of the Krasnodar region. The software complex of "Financial Expert" has such opportunities as the analysis of a financial and economic condition of the enterprises of the construction branch with the help of: the cluster analysis, discriminant and regression models proposed in the thesis, as well as classic models: Fullman, Springeyt, the 2nd factorial, Taffler and Altman's model adapted for Russia; complex assessment of a condition of the construction enterprises by the analysis of quantitative and qualitative characteristics using fuzzy logic systems, including original structure and base of rules of fuzzy inference; an assessment of a financial and economic condition of the construction enterprises by means of neural networks. The software complex allows carrying out the comparative analysis of the models stated above at an assessment of a financial and economic condition of the particular company in the construction branch

  13. Interconnectedness of Financial Conglomerates

    Directory of Open Access Journals (Sweden)

    Gaël Hauton

    2015-05-01

    Full Text Available Being active in both the insurance sector and the banking sector, financial conglomerates intrinsically increase the interconnections between the banking sector and the insurance sector. We address two main concerns about financial conglomerates using a unique database on bilateral exposures between 21 French financial institutions. First, we investigate to what extent to which the insurers that are part of financial conglomerates differ from pure insurers. Second, we show that in the presence of sovereign risk, the components of a financial conglomerate are better off than if they were distinct entities. Our empirical findings bring a new perspective to the previous results of the literature based on using different types of data.

  14. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2016-01-01

    the global spread of financialization: by privileging the rentier–investor within the 15 world economy; by perpetuating a distinctively Anglo-American approach to finance internationally; and by increasing the autonomy of finance vis-a-vis the nation-state. This study shares the primarily descriptive...... and conceptual intent of Krippner’s work on financialization, but extends it in two ways: by comparing trusts to the better- known corporate form of organizing financial activity, and by showing how private 20 capital is implicated in the financialized economy alongside corporate wealth.......This article identifies trusts as a legal structure associated with the global spread of financialization. Although trusts originated in Medieval England, they have acquired a new significance in contemporary finance by virtue of their advantages in terms of 10 profit maximization and capital...

  15. Financial Analysts’ Forecasts

    DEFF Research Database (Denmark)

    Stæhr, Simone

    in the financial forecasts on which they base investment decisions they may end up losing money as a consequence of biased forecasts. Thus, relying primarily on decision theories such as social comparison theory and theories on confirmation bias this thesis investigates how and why pronounced biases in financial......This thesis is broadly concentrated on decision making under uncertainty. It seeks to investigate how agents in financial markets make decisions at the individual level and how these decisions can sometimes be affected by personal traits and cognitive biases rather than being perfectly rational....... The primary focus is on financial analysts in the task of conducting earnings forecasts while a secondary focus is on investors’ abilities to interpret and make use of these forecasts. Simply put, financial analysts can be seen as information intermediators receiving inputs to their analyses from firm...

  16. Market risk stress testing for internationally active financial institutions

    Directory of Open Access Journals (Sweden)

    Marković Petar

    2011-01-01

    Full Text Available The paper develops a comprehensive framework for market risk stress testing in internationally active financial institutions. We begin by defining the scope and type of the stress test and explaining how to select risk factors and the stress time horizon. We then address challenges related to data gathering, followed by in-depth discussion of techniques for developing realistic shock scenarios. Next the process of shock application to a particular portfolio is described, followed by determination of portfolio profit and loss. We conclude by briefly discussing the issue of assigning probability to stress scenarios. We illustrate the framework by considering the development of a ‘worst case’ scenario using global financial market data from Thomson Reuters Datastream.

  17. Financial tips for PPS success.

    Science.gov (United States)

    2001-11-01

    The National Association for Home Care asked several home care financial experts to set out their recommendations for success under prospective payment system (PPS) based upon first-year experiences. Many of the recommendations provided are consistent among all the experts in such areas as cash flow, revenue recognition, timely and accurate billing, and information technology. These recommendations can help guide home health agencies into the second year of the Medicare home health PPS.

  18. Financial Declines, Financial Behaviors, and Relationship Satisfaction during the Recession

    Directory of Open Access Journals (Sweden)

    Jeffrey P. Dew

    2013-08-01

    Full Text Available Using nationally-representative data collected during the summer of 2009 (N = 575, this study examines how reports of financial declines are associated with financial behaviors and how financial behaviors are associated with relationship satisfaction among cohabiting and married participants. Findings suggested that financial declines were only negatively associated with sound financial management behavior if participants also experienced feelings of economic pressure. Sound financial management behavior was found to be positively associated with marital satisfaction. Finally, sound financial management behavior also moderated the association between financial declines, economic pressure, and relationship satisfaction.

  19. Financial Innovations and Their Role in the Modern Financial System – Identification and Systematization of the Problem

    Directory of Open Access Journals (Sweden)

    Joanna Błach

    2011-11-01

    Full Text Available This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is developed, stating that any new developments in any elements of the financial system, including: markets, institutions, instruments and regulations, can be regarded as financial innovations if they are perceived as new by the end-user of innovation. Next, the systematization of the most important types of financial innovations is presented regarding different classification criteria, such as: sources of innovations, motives for innovations, their effects or functions. As financial innovations are not a homogenous group of financial developments, their implications for the financial system can be ambiguous, thus the final assessment of their role can not be generalized and should be made on a case-by-case basis. The information presented in this paper can be regarded as an introduction, encouraging to do further research, as the complexity of the financial innovations makes them an interesting and important subject for this.

  20. THEORETICAL ASPECTS OF FINANCIAL LIBERALIZATION PROCESS

    Directory of Open Access Journals (Sweden)

    Ciupac-Ulici Maria-Lenuta

    2013-07-01

    Full Text Available Financial liberalization process and its implications on financial emerging markets have been multidisciplinary research since 1970. Reform of financial liberalization is a complex and long phenomena. This implies that the impact of this reform on financial markets should not be immediate, but rather gradually during a long time period. It is also important to note that liberalization does not occur in the same way on all financial markets. Each country, according to his specification regarding the economic climate and the specificity of financial markets, has differently set its progress of liberalization process. It is generally accepted that the process of financial liberalization is not composed of a single event, but a series of events. The idea is that market reform is a gradual process where the data identified above only refers to the most significant events. Regarding the effect of liberalization reform on emerging markets has been shown; on the one hand, that liberalization helps to reduce the cost of capital, helps to integrate the emerging markets in the global market, enhances economic growth and allows emerging markets to become more mature. On the other hand, financial liberalization process has a very ambiguous and inconclusive impact on informational efficiency and volatility in emerging markets. Launching liberalization reforms provided an analytical framework for studies that attempt to investigate the effectiveness of emerging markets and empirical links between liberalization and efficiency. The first reason is that with liberalization, the authors believe that emerging markets have become more speculative and more competitive. So there is a chance to see if the weak form market efficiency is verified. The second reason is that the authors explore the relationship between liberalization and efficiency. Researchers and regulators seek an answer to the fundamental question: financial liberalization helps the stock market

  1. Enterprise reporting and international trade: financial and non-financial dimension

    Directory of Open Access Journals (Sweden)

    Melania Bąk

    2015-12-01

    Full Text Available Enterprise reporting represents an important source of information about its assets, performance and operations and is therefore crucial for international trade. In the times of intensified competition and knowledge-based economy the information needs of stakeholders have increased significantly. A traditional financial statement is no longer sufficient to meet all of them. Therefore changes are introduced in reporting, which separates financial and non-financial dimensions. Enterprise reporting is subject to an evolution resulting in changes in the form, scope and structure of the prepared statements. The analysis of subject literature and the actual practice allow distinguishing stages in the development of reporting: from a balance sheet to a financial statement, next from a financial report to a business report and finally to an integrated report. The diversity of forms and scope of additional reports, which most frequently constitute the extension of a financial statement by a non-financial dimension, resulted in an informational chaos and the need to develop a conceptual framework for the newly prepared reports. An orderly arrangement of reporting regarding its non-financial aspects and the efforts focused on rearranging reporting in the financial dimension – represent the major challenges faced by the 21st century accounting.

  2. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-11-01

    Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

  3. Algorithmic complexity of real financial markets

    Science.gov (United States)

    Mansilla, R.

    2001-12-01

    A new approach to the understanding of complex behavior of financial markets index using tools from thermodynamics and statistical physics is developed. Physical complexity, a quantity rooted in the Kolmogorov-Chaitin theory is applied to binary sequences built up from real time series of financial markets indexes. The study is based on NASDAQ and Mexican IPC data. Different behaviors of this quantity are shown when applied to the intervals of series placed before crashes and to intervals when no financial turbulence is observed. The connection between our results and the efficient market hypothesis is discussed.

  4. Does hospital diversification improve financial outcomes?

    Science.gov (United States)

    Clement, J P

    1987-10-01

    Service or product diversification is a popular recommendation made to hospitals to increase profitability and reduce financial risk as they face a more hostile environment. This paper presents results from an empirical study of these claims. Using data from all California nonprofit hospitals, the study finds that diversification, regardless of whether it is related or unrelated to preexisting services, is not associated with either increased profitability or reduced financial risk. However, other variables that do have these effects are identified in the research. Future research should evaluate the effect of both the size of and the length of time since the initial diversifying investment on financial variables.

  5. FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Dumitru-Cristian OANEA

    2014-11-01

    Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

  6. Evolutionary financial market models

    Science.gov (United States)

    Ponzi, A.; Aizawa, Y.

    2000-12-01

    We study computer simulations of two financial market models, the second a simplified model of the first. The first is a model of the self-organized formation and breakup of crowds of traders, motivated by the dynamics of competitive evolving systems which shows interesting self-organized critical (SOC)-type behaviour without any fine tuning of control parameters. This SOC-type avalanching and stasis appear as realistic volatility clustering in the price returns time series. The market becomes highly ordered at ‘crashes’ but gradually loses this order through randomization during the intervening stasis periods. The second model is a model of stocks interacting through a competitive evolutionary dynamic in a common stock exchange. This model shows a self-organized ‘market-confidence’. When this is high the market is stable but when it gets low the market may become highly volatile. Volatile bursts rapidly increase the market confidence again. This model shows a phase transition as temperature parameter is varied. The price returns time series in the transition region is very realistic power-law truncated Levy distribution with clustered volatility and volatility superdiffusion. This model also shows generally positive stock cross-correlations as is observed in real markets. This model may shed some light on why such phenomena are observed.

  7. Teaching Financial Data Mining using Stocks and Futures Contracts

    Directory of Open Access Journals (Sweden)

    Gary Boetticher

    2005-06-01

    Full Text Available Financial data mining models is considered to be "the hardest way to make easy money." Data miners are certainly motivated by the prospect of discovering a financial "Holy Grail." However, designing and implementing a successful model poses many intellectual challenges. These include securing and cleaning data; acquiring a sufficient amount of financial domain knowledge; bounding the complexity of the problem; and properly validating results. Teaching financial data mining is especially difficult due to the student's limited financial domain knowledge and the relatively short period (one semester for building financial models. This paper describes an application of a financial data mining term project based on Stock and E-Mini futures contracts and discusses "lessons learned" from assigning similar term projects over six different semesters. Results of each case study results are presented and discussed.

  8. Financial Reforms and Financial Fragility: A Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Syed Faizan Iftikhar

    2015-04-01

    Full Text Available This paper explores the relationship between financial reforms, financial liberalization and the quality of banking regulation and supervision for financial fragility by applying a dynamic two-step system generalized method of moments GMM panel estimator technique. The finding of this study is that the financial vulnerability of the banking sector could be affected, not only by bank-specific and macro-specific variables; but also by financial liberalization and banking regulations and supervision policies. The empirical results of this study confirm the evidence that financial reforms and financial liberalization significantly enhance the likelihood of financial fragility while strong banking regulations and supervision have an inverse relationship with financial fragility. The results of this study also explain that the lag value of loan growth and unemployment contribute to enhancing financial fragility while equity to assets ratio, natural log of total assets and share of foreign banks reduce financial vulnerability.

  9. Quantifying the relationship between financial news and the stock market.

    Science.gov (United States)

    Alanyali, Merve; Moat, Helen Susannah; Preis, Tobias

    2013-12-20

    The complex behavior of financial markets emerges from decisions made by many traders. Here, we exploit a large corpus of daily print issues of the Financial Times from 2(nd) January 2007 until 31(st) December 2012 to quantify the relationship between decisions taken in financial markets and developments in financial news. We find a positive correlation between the daily number of mentions of a company in the Financial Times and the daily transaction volume of a company's stock both on the day before the news is released, and on the same day as the news is released. Our results provide quantitative support for the suggestion that movements in financial markets and movements in financial news are intrinsically interlinked.

  10. Plans should abstractly describe intended behavior

    Energy Technology Data Exchange (ETDEWEB)

    Pfleger, K.; Hayes-Roth, B. [Stanford Univ., CA (United States)

    1996-12-31

    Planning is the process of formulating a potential course of action. How courses of action (plans) produced by a planning module are represented and how they are used by execution-oriented modules of a complex agent to influence or dictate behavior are critical architectural issues. In contrast to the traditional model of plans as executable programs that dictate precise behaviors, we claim that autonomous agents inhabiting dynamic, unpredictable environments can make better use of plans that only abstractly describe their intended behavior. Such plans only influence or constrain behavior, rather than dictating it. This idea has been discussed in a variety of contexts, but it is seldom incorporated into working complex agents. Experiments involving instantiations of our Adaptive Intelligent Systems architecture in a variety of domains have demonstrated the generality and usefulness of the approach, even with our currently simple plan representation and mechanisms for plan following. The behavioral benefits include (1) robust improvisation of goal-directed behavior in response to dynamic situations, (2) ready exploitation of dynamically acquired knowledge or behavioral capabilities, and (3) adaptation based on dynamic aspects of coordinating diverse behaviors to achieve multiple goals. In addition to these run-time advantages, the approach has useful implications for the design and configuration of agents. Indeed, the core ideas of the approach are natural extensions of fundamental ideas in software engineering.

  11. Financial characteristics of hospitals purchased by investor-owned chains.

    Science.gov (United States)

    McCue, M J; Furst, R W

    1986-10-01

    This article focuses on the preacquisition financial condition of not-for-profit hospitals acquired by investor-owned hospital chains. Financial ratios are used to determine if not-for-profit hospitals acquired by investor-owned hospital systems have common financial characteristics which make them a likely target for a takeover. The results indicate that during the time period studied, investor-owned hospital systems did tend to purchase hospitals with common financial characteristics and that these characteristics provide a reasonable description of a financially distressed hospital. This finding has important consequences for our health care delivery system.

  12. Study on the Developing Mechanism of Financial Network

    Science.gov (United States)

    Wang, Xiaohui; Xue, Yaowen; Zhang, Pengzhu; Wang, Siguo

    Financial network is a capital flow network made up of a great number of account nodes. Based on the theories of Economic Physics , Behavior Economics and Complex Networks, the developing model of financial network has been constructed from the point of the weight properties of vertices and edges in financial network. According to the parsing of the model, it presents that the financial network shows a power-law degree distribution (pk˜ k^{-2})in the condition that the time tends to infinity. Finally, the degree distribution of financial network is simulated with the experimental data on this thesis.

  13. Preventing Financial Crime

    DEFF Research Database (Denmark)

    Boll, Karen

    This paper investigates the Swedish tax authority’s (Skatteverkets) compliance initiative called Preventing Financial Crime. In Sweden tax evasion related to organised moon-lighting is defined as a major risk to the revenue collection and to the legitimacy of Skatteverket. The traditional approach...... to abating such tax evasion has been reformed and a new mix-method approach adopted. This approach combines a proactive strategy—Preventing Financial Crime—with a reactive inspection strategy. During one a month of intensive fieldwork in Sweden, I studied the daily work in Preventing Financial Crime. Based...

  14. Framing financial culture

    DEFF Research Database (Denmark)

    Just, Sine Nørholm; Mouton, Nicolaas T.O.

    2014-01-01

    between competing frames leads to the conclusion that this political “blame game” is related to struggles over how to define the scandal, how to conceptualize its causes, and policy recommendations. Banks may have lost the battle of “Liborgate,” but the war over the meaning of financial culture is far...... from over. Originality/value – The paper is theoretically and methodologically original in its combination of the theories of framing and stasis, and it provides analytical insights into how sense is made of financial culture in the wake of the financial crisis....

  15. Financial Hub? Be Patient!

    Institute of Scientific and Technical Information of China (English)

    Guo Yan

    2009-01-01

    @@ In 2009,the central government confirmed the strategic significance of Shanghai as an international financial center.Until now.Shanghai's financial cluster has attracted more and more foreign banks to establish roots jn Shanghai,which has contributed to their rapid development in recent years.The announcement undoubtedly made foreign banks confident of great development potential in the future.But what opportunities could they catch?Also,will this weaken the position of Hong Kong as an International financial center?China's Foreign Trade invited Ms.Katherine Tsang,chief executive officer of Standard Chartered China to share with us her point of view.

  16. Egypt & Financial Crisis

    OpenAIRE

    2011-01-01

    Financial crisis that occurred in August 2008 was unforeseen, sudden, sharp, and had a great impact on the global financial market. Egypt is one of the countries was affected by this financial crisis as a market economy country, and WTO member. in this paper I will try to study the implication of such crisis on the Egyptian economy in the fields of tourism, Suez canal, oil field, and GDP, not only the economy factor were effected, but also the Egyptian market represented in its compon...

  17. THE FINANCIAL STABILITY ANALYSIS THROUGH THE WORKING CAPITAL

    Directory of Open Access Journals (Sweden)

    LĂPĂDUŞI MIHAELA LOREDANA

    2012-12-01

    Full Text Available The main goal of any business is to maintain the financial stability not only on the short term but also on medium and long term, in other words to maintain a harmony between financial sources and financial needs, respectively the equality between the assets and liabilities from the balance sheet. On short term, maintaining the financial stability involves correlating the temporary resources with the temporary uses by using the necessary working capital, and on the long-term, the financial stability involves comparing the permanent resources with the permanent uses by working capital indicator. The determination of the financial state of the company at a certain moment represents the key moment in establishing and adopting the economic and financial decisions in the management of the company. Maintaining the financial stability of the company represents one of the main objectives of the financial analysis and management and it also provides the optimum development of the entire economic and financial activity of the company. The analysis of the working capital size is based on the financial statement data and information, and based on this analysis is considered the financial situation of the company, the financial equilibrium state at a certain moment. The purpose of this article is to highlight the fact that the maintenance of the financial stability on medium and long term is subordinated to the “working capital” indicator, its content and interpretation evolving in time and varying differently from one company to another. The results of this research may have broad applicability in the field of the companies’ activity and it materializes in the complex approach of the working capital regarded as a classic indicator, frequently used in the financial analysis and with profound significance in establishing the financial state in general and the equilibrium state in particular.

  18. Financial and economic approach: Financial & banking sector development pact from the perspective of the euro area European economic policy

    Directory of Open Access Journals (Sweden)

    Theodoropoulos Theodore E.

    2004-01-01

    Full Text Available Powerful obstacles to the further integration of repot, bond and equity markets remain the still fragmented securities settlement industry in Europe, which charges much higher fees for cross border transactions than for domestic transactions, and differences in legal systems. This paper describes the main developments in the euro area financial markets before and after the introduction of the single currency. It looks at the evolution of the euro area financial structure in the last few years. Interestingly in various dimensions the financial structure of euro area countries seems to become more diverse over time. We assess the progress towards financial integration in the most important euro-area financial segments, namely money and equity markets, as well as banking. The available data suggest that the unsecured money market strongly integrated with the introduction of the euro, as the single currency and related euro-area-wide large-value payment systems link the different countries well. Also, some progress occurred in the integration of euro-area equity markets, as stock exchanges in a few countries merged to form Euronext and professional asset managers replaced country allocation by sector allocation strategies. Overall, while asset holdings have become more international in the euro area since the introduction of the single currency, securities markets are still much less integrated than in the US. In the area of retail banking the increased homogeneity of interest rates seems to be driven more by macroeconomic convergence than by market integration. In addition we consider a wide range of other determinants, such as foreign debt or net foreign assets, terms of trade, government debt and regulated prices.

  19. Are financial benefits of financial globalization questionable until greater domestic financial development has taken place?

    OpenAIRE

    Simplice A., Asongu

    2012-01-01

    Purpose – The issue of which financial initial conditions are necessary to materialize the benefits of financial globalization remains open to debate in the literature. In this paper, we try to put some empirical structure on the concept of financial threshold conditions in order to give policymakers guidance on the Kose et al.(2011) and Henry(2007) hypothesis. Its object is to assess if financial benefits of financial globalization are questionable until greater domestic financial developme...

  20. Financial Regulatory Reform: Consumer Financial Protection Proposals

    Science.gov (United States)

    2010-05-26

    decisions subject to judicial review.40 Any generally applicable state consumer law would apply to national banks and thrifts unless it discriminates...provided by existing powers that the bill would transfer from another regulator to the CFPA or an enumerated consumer law , such as the Truth in Lending Act...against them (presumably to the benefit of state-chartered financial institutions) or conflicts with the Act.41 Additionally, any state consumer