Kurtosis modelling by means of the J-transformation

Summary: The H–family of distributions or H–distributions, introduced by Tukey (1960; 1977), are generated by a single transformation of the standard normal distribution and allow for leptokurtosis represented by the parameter h. Alternatively, Haynes et al. (1997) generated leptokurtic distributions by applying the K–transformation to the normal distribution. In this study we propose a third transformation, the so–called J–transformation, and derive some properties of this transformation. Moreover, so-called elongation generating functions (EGFs) are introduced. By means of EGFs we are able to visualize the strength of tail elongation and to construct new transformations. Finally, we compare the three transformations towards their goodness–of–fit in the context of financial return data.     

Home gardening practice in Pune (India), the role of communities,urban environment and the contribution to urban sustainability

Urban Ecosystems - Urban agriculture (UA) is regarded as an emerging tool and strategy for sustainable urban development as it addresses a wide array of environmental, economic and social...     

Foreign ownership in Latin American microfinance institutions: evidence and impact

Based on a unique dataset covering 84 institutions operating in 15 countries this paper provides evidence as to the impact of foreign ownership on microfinance sustainability and outreach in Latin America. Overall, we find that foreign-owned microfinance institutions have more borrowers than domestic-owned institutions. This suggests that foreign investors, mainly development finance institutions and other investors with close ties to the microfinance industry, exert governance in line with their stated policy goal: expanding financial inclusion among microentrepreneurs and poor households. In contrast to this, majority ownership of foreign investors neither provides a strong push towards the sustainability of microfinance institutions nor does it lead to “mission drift”, i.e. microfinance institutions issuing larger loans to comparatively wealthier clients.     

Combining Economic Forecasts

A method for combining forecasts may or may not account for dependence and differing precision among forecasts. In this article we test a variety of such methods in the context of combining forecasts of GNP from four major econometric models. The methods include one in which forecasting errors are jointly normally distributed and several variants of this model as well as some simpler procedures and a Bayesian approach with a prior distribution based on exchangeability of forecasters. The results indicate that a simple average, the normal model with an independence assumption, and the Bayesian model perform better than the other approaches that are studied here.     

Path-related empirical research on M&A-outcome: review and research agenda

This article attempts to reflect the current state and progress of contemporary research on financial and non-financial M&A outcome. Based on a review of 183 empirical M&A studies an integrative framework is developed, in which impact factors are classified into four major dimensions to explore the impact on M&A outcome: antecedents, transaction content characteristics, transaction process characteristics, and the transaction itself. The review reveals that M&A research is dominated by studies focusing on state variables at the expense of path-related variables. The review also shows that, to date, neither state-related research nor path-related research on financial and non-financial M&A outcome categories have reached maturity. Although there is still room for clarifying the impact of various state-related variables, the most valuable new insights are expected to emerge from researching path-related variables. Building on these insights, an extensive future research agenda is presented, which focuses on path-related research questions and methodological issues.     

Gesundheitsförderliches Führungsverhalten bei un- und angelernten, kulturell diversen Belegschaften

One of the most important factors affecting inequitable health opportunities is the work activity. The respective supervisor exerts influence on the subordinates’ health and well-being. This study investigates health-promoting leadership behavior among low-skilled, culturally diverse workforces through interviews with employees and managers of the lowest hierarchical level (N?=?53). Information and approachability as well as appreciative feedback and showing interest of the supervisor are identified as relevant target group specific leadership behavior. Health-promoting effects of work design, learning opportunities as well as strain the supervisors themselves suffer from were also examined.     

Die Entwicklung der Fehler- und Feedbackkultur durch Team-Coaching

The development of an error culture and feedback culture by team coachingTeams and departments can be relieved of a tremendous burden and collaborate far more efficiently by mutually reflecting on making mistakes, giving and receiving feedback, calling meetings, trying things out in real life situations and, by doing so, establishing new forms of a culture that embraces failure and feedback. This approach works in areas such as team coaching. The purpose of this paper is to present a practical method for developing a team-based culture of learning from failure and feedback. The paper is designed to encourage professional trainers not to leave company employees and management on their own with the issue of establishing such a culture but to make the introduced tools a part of staff training, management and other company development programs as well as team workshops or to develop one’s own formats for introducing a culture of learning from failure and feedback.