A Mixed Model-assisted Regression Estimator that Uses Variables Employed at the Design Stage

The Generalized regression estimator (GREG) of a finite population mean or total has been shown to be asymptotically optimal when the working linear regression model upon which it is based includes variables related to the sampling design. In this paper a regression estimator assisted by a linear mixed superpopulation model is proposed. It accounts for the extra information coming from the design in the random component of the model and saves degrees of freedom in finite sample estimation. This procedure combines the larger asymptotic efficiency of the optimal estimator and the greater finite sample stability of the GREG. Design based properties of the proposed estimator are discussed and a small simulation study is conducted to explore its finite sample performance.     

“Good” corporate governance and the quality of internal auditing departments in Italian listed firms. An exploratory investigation in Italian listed firms

One of the most important issue relating to corporate governance reports refers to their ability to provide users with a complete set of information regarding the effective ability of an entity to achieve oversight objectives by the compliance to corporate governance practices required by a specific law or industry code. In addition, other features, such as the quality of the internal auditing function or the sensitivity of top management to issues relating to corporate internal controls and risk management, can also be taken into account when formulating a judgment on the quality of corporate governance practices. Is there an association between the compliance to codes and internal controls effectiveness? We propose to assess the quality of corporate governance through a proxy that considers several characteristics of internal audit departments and combines them to determine an Internal Audit Departments global quality index—IAD Index. To define IAD global quality we consider the effectiveness of an internal audit function analysing its operational aspects. The IAD Index is based on several signalling elements that previous literature assumed as proxies for quality of IADs which are grouped into four pillars: a formal quality index; a static quality index; an activity-related quality index; and a performance-linked quality index. We then test the IAD index on a sample of Italian listed firms and conclude that there are significant associations (positive and negative) between the degree of compliance to some corporate governance regulations for listed firms and the IAD Index for the sample being considered.     

Mutual-Fund Benchmarking and Market Bubbles: A Behavioral Approach

Dynamics of equity risk premium is not directly measurable on the market. Numerous studies and empirical research analyse its volatility also considering the time span, concluding that the dynamics of equity risk premium over time is inversely proportional to the economic cycle. This study analyses the passive role that, implicitly, would place institutional investors in such a context. In reality, savings management is delegated to a small number of professional operators (institutional investors), as opposed to pure theoretical models in which every person can act directly on the market thus ensuring unlimited price elasticity. Institutional investors should be rational and completely informed so that they can assume an anticyclical position on the market. Thus, supply and demand should quickly smooth over emerging price pressures and avoid price bubbles. We analyse one possible explanation for this situation not to occur, namely, that professionals suffer from operational limits that prevent them from doing their job in the best possible way. Using empirical evidence from the Italian Stock Exchange (Comit Index), we conclude that three factors reduce the freedom of institutional investors to manage their portfolios – the market target size, the fund structure, and the benchmarking – and discuss some implications for each of them.     

Asymptotic Behavior of the Hazard Rate Kernel Estimator Under Truncated and Censored Data

In this article, we give the asymptotic mean integrated squared error and the mean squared error for the kernel estimator of the hazard rate from truncated and censored data. Martingale techniques and combinatory calculus are used to obtain these results. A probability bound and the optimal bandwidth choice are also given.     

Multivariate Kendall's tau for change‐point detection in copulas

Statistical procedures for the detection of a change in the dependence structure of a series of multivariate observations are studied in this work. The test statistics that are proposed are $L_1$ , $L_2$ , and $L_{\infty }$ distances computed from vectors of differences of Kendall's tau; two multivariate extensions of Kendall's measure of association are used. Since the distributions of these statistics under the null hypothesis of no change depend on the unknown underlying copula of the vectors, a procedure based on the multiplier central limit theorem is used for the computation of p‐values; the method is shown to be valid both asymptotically and for moderate sample sizes. Alternative versions of the tests that take into account possible breakpoints in the marginal distributions are also investigated. Monte Carlo simulations show that the tests are powerful under many scenarios of change‐point. In addition, two estimators of the time of change are proposed and their efficiency is carefully studied. The methodologies are illustrated on simulated series from the Canadian Regional Climate Model. The Canadian Journal of Statistics 41: 65–82; 2013 © 2012 Statistical Society of Canada     

The Ambiguity of Return Migration: Prolonged Crisis and Uncertainty in the Life Strategies of Young Romanian and Latvian Returnees

Drawing on qualitative research, this study endeavours to identify the determinants of return migration of young Romanians and Latvians in light of the most recent global economic crisis (GEC). The decision-making patterns of young returnees are examined by three main research questions. How do macro-events, such as the GEC, interfere with individual biographies creating specific return experiences? What can we say about the “crisis returnees”, their migration motivations and re-adaptation in the origin country? What are the main challenges of young adults facing life strategies in such uncertain periods? Data are drawn from 51 in-depth interviews with Romanian and Latvian young adults, carried out in late 2015 and early 2016. Findings show that return migration is associated with economic conditions, family life, feelings of homesickness, and re-adaptation experiences. Our results also confirm that youth transitions and migration have become more diversified and complex in the context of the economic crisis.     

Child protection social workers' constructions of children and childhood: An integrative review

Social workers' constructions of children and childhood are central to how professionals interact with children and support their needs. The aim of this integrative review was to provide a comprehensive portrayal of child protection social workers' constructions of children and childhood. We analysed and synthesized 35 empirical studies with samples of social workers in the child protection domain where issues regarding the child or the child's situation were the study focus. The findings show that children and youth are constructed as a generalized group viewed in light of their parents. We see a fragmented and context‐free child produced by causal shortcuts strongly informed by specific and, at times, simplified and biased psychological knowledge. Moreover, we identify constructions of the child in need of protection and thereby position children as objects for intervention, separating that from children as subjects in their own rights. Although the participatory child is visible in the data material, the actual practice of involving children seems arbitrary.     

Bargains Rejected? Developing Country Trade Policy on Used Equipment

Many developing countries restrict imports of second-hand goods. These policies appear contrary to the optimal choice of technique in developing countries, where low wages, small markets, and scarce technical skills would appear to call for use of more labor intensive smaller scale, and lower-tech machines. This paper examines data on US exports of new and used metalworking machine tools by type and by country of destination to investigate the determinants of used versus new machinery trade. The results indicate that technological factors, skill constraints, and market size may be more important than factor prices in determining the choice of machine. Trade restrictions on used machinery distort firms' investment decisions.