Designing Realized Kernels to Measure the ex post Variation of Equity Prices in the Presence of Noise

This paper shows how to use realized kernels to carry out efficient feasible inference on the ex post variation of underlying equity prices in the presence of simple models of market frictions. The weights can be chosen to achieve the best possible rate of convergence and to have an asymptotic variance which equals that of the maximum likelihood estimator in the parametric version of this problem. Realized kernels can also be selected to (i) be analyzed using endogenously spaced data such as that in data bases on transactions, (ii) allow for market frictions which are endogenous, and (iii) allow for temporally dependent noise. The finite sample performance of our estimators is studied using simulation, while empirical work illustrates their use in practice.     

Generalized linear mixed models: a review and some extensions

Breslow and Clayton (J Am Stat Assoc 88:9–25,1993) was, and still is, a highly influential paper mobilizing the use of generalized linear mixed models in epidemiology and a wide variety of fields. An important aspect is the feasibility in implementation through the ready availability of related software in SAS (SAS Institute, PROC GLIMMIX, SAS Institute Inc., URL , 2007), S-plus (Insightful Corporation, S-PLUS 8, Insightful Corporation, Seattle, WA, URL , 2007), and R (R Development Core Team, R: A Language and Environment for Statistical Computing, R Foundation for Statistical Computing, Vienna, Austria, URL , 2006) for example, facilitating its broad usage. This paper reviews background to generalized linear mixed models and the inferential techniques which have been developed for them. To provide the reader with a flavor of the utility and wide applicability of this fundamental methodology we consider a few extensions including additive models, models for zero-heavy data, and models accommodating latent clusters.     

The "X component" in Shanghai's social security reforms

In 2003, the Shanghai Bureau of Labour and Social Security launched the zhenbao (town insurance) programme, now widely known as 25 plus X. This scheme is regarded as an important experiment in social security reform and has been lauded for extending social security to areas where previously only segments of the population had mandatory coverage. Using data from 103,000 individuals enrolled in 25 plus X, we examine the extent to which the scheme represents an extension in social security coverage. Our analysis suggests that while it does represent an extension of benefits for some, for many it represents a considerable dilution in benefits.     

Ethical problems with infertility treatments: Attitudes and explanations

Although media coverage of infertility treatments has increased markedly over the past decade, there is a dearth of empirical information about public perceptions of the ethics of infertility procedures (e.g. artificial insemination, in vitro fertilization, donor eggs, surrogate mothering, and gestational carriers) and about the factors that shape them. Two representative telephone survey samples (930 adults in a Midwestern state, and 580 adult women aged 25–50 in the North Central region) are analyzed to gauge public views on the ethics of infertility treatments and estimate the effects of social structure and exposure on these views. Ethical concerns were viewed as more serious for techniques that could result in a child who may not be biologically related to the woman or her partner than for those yielding a child biologically related to both parents. Social structural factors such as age and education were the strongest predictors of attitudes towards the ethics of infertility treatments. Neither parenthood nor experiencing infertility was related to ethical concerns, although women reporting the use of infertility services had fewer ethical concerns than their counterparts.     

Competition within the U.S. National Security Regime: A study of the U.S. Aerospace Defense Sector

This article examines the aerospace defense sector and the national export control regime within which U.S. corporations operate. While the U.S. federal government plays many roles in this industry, the focus here is on its role as regulator of defense exports from the United States. From this vantage point, ten case studies illustrate the difficulties faced by companies in this challenging environment, and highlight factors that lead to noncompliance with U.S. government regulations. Firm performance effects are investigated, including impacts on profits, share price, and reputation. The paper concludes with implications for international management practice and international business research that reflect realities in the aerospace defense sector.     

Statistical Inference for Transformation Inhomogeneous Point Processes

Abstract.  Statistical inference for exponential inhomogeneous Markov point processes by transformation is discussed. It is argued that the inhomogeneity parameter can be estimated, using a partial likelihood based on an inhomogeneous Poisson point process. The inhomogeneity parameter can thereby be estimated without taking the interaction into account, which simplifies the statistical analysis considerably. Data analysis and simulation experiments support the results.     

Expected Survival in the Cox Model

The survival in a group of patients is calculated using a Kaplan–Meier curve and the hypothesis that the survival can be predicted by a specified Cox hazard is studied. This Cox hazard is obtained from a previous study of similar patients. A simple test of the hypothesis is constructed by comparing a suitable average of the individual predicted survival curves with the observed survival. Three averaging procedures are presented; "direct adjusted survival curve", "Bonsel's survival curve" and "expected survival curve". Consistency and asymptotic distribution properties of the comparisons are discussed.     

The mixed economy, the neoliberal challenge, and the negotiated economy

In recent years the ideal of the mixed economy has been challenged by neoliberal theories. This article reviews the debate. A better definition of the concept is presented and used to clarify what is at stake in the debate.     

Cultural studies, a sociological poetics: institutions of the Canadian imaginary

La poétique sociologique est définie comme problématique pour la sociologie critique de la culture afin de considérer l'avenir du rapport du dédoublement entre les cultures vécue et officielle à travers les institutions de l'imaginaire canadien anglais. On propose des critiques de la CBC, du développement de la politique culturelle, et des Études canadiennes comme école de pensée. A critique of the official definition of Canadian culture is presented. Given the distinction between lived and official culture, the question posed is, ‘how do we theorize the relations between these two levels for an entire society? Based principally on Bahktin's concept of ‘dialogism’ with references to Dumont and Rioux, a sociological poetics is advanced as a theoretical device for unravelling ‘the Canada’. It is argued that cultural studies defined as a sociological poetics must negate any definition of the one Canadian culture or representations of the one Canadian society. Lines of inquiry are suggested with respect to the CBC and Canadian studies as cultural industries.     

Piggybacking for business and nonprofits: a strategy for hard times

This article explains the conceptual foundations for the piggybacking strategy from the general strategic management, adoption of innovation, product life cycle, specialization and diversified portfolio strategy literatures. The strategic piggybacking strategy is compared and contrasted with the diversified portfolio and specialization strategies. Intention, dynamic investment flow, short vs long term, and mission similarities and differences are addressed. A case is made for considering strategic piggybacking as a synthesis of the specialization and diversified portfolio strategies. The conditions appropriate for adoption of a piggybacking strategy are also discussed.