Bayesian unit-root tests for Stochastic Volatility models

In this article, we consider Bayesian inference procedures to test for a unit root in Stochastic Volatility (SV) models. Unit-root tests for the persistence parameter of the SV models, based on the Bayes Factor (BF), have been recently introduced in the literature. In contrast, we propose a flexible class of priors that is non-informative over the entire support of the persistence parameter (including the non-stationarity region). In addition, we show that our model fitting procedure is computationally efficient (using the software WinBUGS). Finally, we show that our proposed test procedures have good frequentist properties in terms of achieving high statistical power, while maintaining low total error rates. We illustrate the above features of our method by extensive simulation studies, followed by an application to a real data set on exchange rates.     

Determinanten des Informationsgehalts von Managementprognosen – eine empirische Untersuchung anhand der DAX und MDAX-Unternehmen

In this article the characteristics and determinants of the information content of management earnings forecasts of the German DAX and MDAX companies between 2002 and 2005 are analyzed. As proxy for the information content I use the precision of the wording of a forecast. I can show that the forecasts of MDAX companies are more precisely formulated than those of DAX companies. Furthermore forecasts are formulated more precisely, when companies have, (1) a lower percentage of intangible assets, (2) lower market capitalization, (3) lower volatility of earnings and (4) a higher need for external financing.     

Managing cohesion in transnational organizations: an introduction

Aesthetic approaches seek to enrich knowledge about the ‘sensible’ aspects of experience. The ‘aesthetic dimension’ of shipboard organizational life is evoked and co‐created through multiple aesthetic categories such as the agogic, the sacred, and the sublime rendered through multiple sensory experiences of life aboard. A researcher and sailor‐informant co‐authored aesthetic reading contributes to a growing niche of aesthetic‐based research within organization studies. Our article explores collaboration as an important element of the aesthetic project. Possibilities for future aesthetic inquiries are also considered.     

Childcare costs and the demand for children—evidence from a nationwide reform

Exploiting the exogenous variation in user fees caused by a Swedish childcare reform, we are able to identify the causal effect of childcare costs on fertility in a context in which childcare enrollment is almost universal, user fees are low, and labor force participation of mothers is very high. Anticipation of a reduction in childcare costs increased the number of first and higher-order births, but only seemed to affect the timing of second births. For families with many children we also find a marginally significant negative income effect on fertility.     

Liberalisierungspolitik

Political-economic classics of different schools agreed that capitalism inherently and inevitably leads to a decline of market principles. We analyze indicators of liberalization policies for 21 OECD-countries in five economic and social policy fields and demonstrate that western industrialized countries are subject of a convergent trend towards market-creating policies??in stark contrast to the theoretical expectations of several political economy authors. At the latest during the first half of the eighties, the western democracies entered a new phase of economic liberalization, which continues up to the present. A methodological implication of our findings suggests that the methods of causal analysis of convergent liberalization policies may not be the same as those who have been applied for the analysis of development and consolidation of the varieties of capitalism in the postwar era.     

Smooth goodness of fit tests for the weibull distribution with singly censored data

The smooth goodness of fit tests are generalized to singly censored data and applied to the problem of testing Weibull (or extreme value) fit. Smooth tests, Pearson-type tests, and the spacings tests proposed by Mann, Schemer, and Fertig (1973) are compared on the basis of local asymptotic relative efficiency with respect to the asymptotic best test against generalized gamma alternatives, The smooth test of order one Is found to be most efficient for the generalized gamma alternatives.     

A frailty model for (interval) censored family survival data,applied to the age at onset of non-physical problems

Family survival data can be used to estimate the degree of genetic and environmental contributions to the age at onset of a disease or of a specific event in life. The data can be modeled with a correlated frailty model in which the frailty variable accounts for the degree of kinship within the family. The heritability (degree of heredity) of the age at a specific event in life (or the onset of a disease) is usually defined as the proportion of variance of the survival age that is associated with genetic effects. If the survival age is (interval) censored, heritability as usually defined cannot be estimated. Instead, it is defined as the proportion of variance of the frailty associated with genetic effects. In this paper we describe a correlated frailty model to estimate the heritability and the degree of environmental effects on the age at which individuals contact a social worker for the first time and to test whether there is a difference between the survival functions of this age for twins and non-twins.     

Generic charisma - Conceptualization and measurement

In these times, when fame is available to almost anyone, it is worth being able to measure the extent and dimensions of a person's charisma. Most of the research on charisma to date is restricted to the area of leadership. In this article, however, charisma is generalized to take in all human beings and is conceptualized as a multi-dimensional cognitive-affective phenomenon. The article presents a pilot study aimed at providing an adequate operational definition of the construct as well as an initial tool for its measurement. A following literature review shows how authors have developed the concept of charisma and its initial operational dimensions for empirical research. A questionnaire is developed in three stages. The factor analyses applied in stages two and three point towards a six-factor solution (i.e. six dimensions of charisma). Further analysis reveals that the developed instrument is reliable and viable as well as applicable for future theoretical and practical work.     

Reliability analysis of consecutive k-out-of-n systems with non-identical components lifetimes

In recent years, the study of reliability properties of consecutive k-out-of-n systems has attracted a great deal of attention from both theoretical and practical perspectives. In this paper we consider linear and circular consecutive k-out-of-n systems. It is assumed that lifetimes of components of the systems are independent but their probability distributions are non-identical. We study the reliability properties of the residual lifetimes of such systems under the condition that at least (n−r+1), r≤n, components of the system are operating. We also investigate the probability that a specific number of components of the above-mentioned system operate at time t, t>0, under the condition that the system is alive at time t.