Volatility-based Effects on Shareholder Value: Alliance Activity in the Computing Industry

We use an event-study analysis to understand how alliance activity affects firm risk. The risk measure is the implied volatility of a firm’s stock price and the events are alliance announcements to the market. We build on the previous event-studies in the alliance literature that focus on the change in shareholder value by taking the first step in delineating what part of that value arises from the changes in the firm’s risk. The analysis reveals that a number of factors within a firm’s control can be used to manipulate risk exposure in an alliance, including the similarity of the firm’s and the alliance’s core activities, the governance form of the alliance, and the function of the alliance.     

Towards expenditure rules and fiscal sanity in the euro area

The study demonstrates the key role of expenditure policies in explaining fiscal developments during EMU in the euro area, its three largest members and four “macro-imbalances” countries. It compares actual primary expenditure trends with those that would have prevailed if countries had followed neutral policies based on expenditure rules since the start of EMU. Moreover, the implications for debt trends are calculated. Results show that all sample countries except Germany applied expansionary expenditure policies already before the crisis. Consequently, expenditure and debt paths were much higher compared to a counterfactual neutral expenditure stance. Rule-based expenditure policies could have led to much safer fiscal positions much more in line with the EU's Stability and Growth Pact. An empirical analysis of the determinants of countries’ expenditure stance confirms the need for stronger fiscal rules and institutions in the euro area.     

Somebody versus nobody: An exploration of the role of celebrity status in an election

This study examines the role celebrity status may play in potential voters’ evaluation of a political candidate presented in a newspaper article. Participants indicated greater intention to vote for a candidate who was a recognizable Hollywood actor than an unknown candidate in a political race, regardless of how substantive the political information provided about the candidate was. This suggests that familiarity with a celebrity can act as a heuristic in peripheral processing. Younger people were more likely to vote for a celebrity candidate than older voters, but how liberal or conservative participants are was not a significant factor in the decision to vote for the celebrity. Nor did participants’ need for cognition or level of political involvement predict intention to vote for the celebrity, suggesting that celebrity status is meaningful to motivated and thoughtful voters as well as those who are less motivated and informed. The possibility is raised that this could be an indication of celebrity status being used as a component of deliberate political decision-making, and future research in this direction is suggested.     

Corporate communications managers in large firms: new challenges

The new organisational form of large corporations (horizontal organisation), is affecting the communications job. This corporate transformation leads to new challenges for the corporate communications manager and his team. On the one hand, he has to develop a fully integrated strategy which enables the different forms of communication to contribute to the success of the firm's mission (a common goal). On the other hand, he has to provide small business units, led by strong front-line managers, with professional services. The analysis of several companies will show that the position of the corporate communications department is subject to various pressures and that the development of the `communications function' is calling into question the corporate communications manager's `profession'.     

Segmentation,alignment and statistical analysis of biosignals with application to disease classification

We present a novel methodology for a comprehensive statistical analysis of approximately periodic biosignal data. There are two main challenges in such analysis: (1) the automatic extraction (segmentation) of cycles from long, cyclostationary biosignals and (2) the subsequent statistical analysis, which in many cases involves the separation of temporal and amplitude variabilities. The proposed framework provides a principled approach for statistical analysis of such signals, which in turn allows for an efficient cycle segmentation algorithm. This is achieved using a convenient representation of functions called the square-root velocity function (SRVF). The segmented cycles, represented by SRVFs, are temporally aligned using the notion of the Karcher mean, which in turn allows for more efficient statistical summaries of signals. We show the strengths of this method through various disease classification experiments. In the case of myocardial infarction detection and localization, we show that our method compares favorably to methods described in the current literature.     

Time series models associated with Mittag-Leffler type distributions and its properties

ABSTRACT

We have provided a fractional generalization of the Poisson renewal processes by replacing the first time derivative in the relaxation equation of the survival probability by a fractional derivative of order α(0 < α ? 1). A generalized Laplacian model associated with the Mittag-Leffler distribution is examined. We also discuss some properties of this new model and its relevance to time series. Distribution of gliding sums, regression behaviors, and sample path properties are studied. Finally we introduce the q-Mittag-Leffler process associated with the q-Mittag-Leffler distribution.     

作为文化感应变化的间断熵——埃克森·瓦尔迪兹石油泄漏事故研究

间断熵在文化领域被定义为一种永久的衰退,是人类文化系统对环境适应灵活性的永久萎缩,它预测并解释了灾后人类系统不能重建的原因。1989年发生于埃克森·瓦尔迪兹的石油泄漏事故是一次技术性灾难,对威廉王子湾地区的商业性捕鱼和建立在生存资料基础上的社区生活模式造成了严重的影响,并在其随后的灾后重建中表现出明显的间断熵过程。究其原因在于：（1）自然资源基础受到严重损坏,影响了原有的生计方式;（2）外来援助的方向性错误或有所保留,致使当地居民的精神创伤加剧;（3）灾后地区政治生态妨碍人类与环境互动传统模式的恢复。威廉王子湾地区作为自然资源社区,代表了一种文化上适合可持续发展的能力,那么他们应该被竭力保护,而不是被排斥或消除。对此,人类学家应该致力于研究如何对抗间断熵,为预防、应对和缓解灾难创造出文化上适宜的新方法。