Nonparametric Estimation Methods of Integrated Multivariate Volatilities

Estimation of integrated multivariate volatilities of an Itô process is an interesting and important issue in finance, for example, in order to evaluate portfolios. New non-parametric estimators have been recently proposed by Malliavin and Mancino (2002 Malliavin , P. , Mancino , M. ( 2002 ). Fourier series method for measurement of multivariate volatilities . Finance and Stochastics 6 : 49 – 61 .[Crossref], [Web of Science ®] , [Google Scholar]) and Hayashi and Yoshida (2005a Hayashi , T. , Yoshida , N. (2005a). On covariance estimation of nonsynchronously observed diffusion processes. Bernoulli 11(2):359–379.[Crossref], [Web of Science ®] , [Google Scholar]) as alternative methods to classical realized quadratic covariation. The purpose of this article is to compare these alternative estimators both theoretically and empirically, when high frequency data is available. We found that the Hayashi–Yoshida estimator performs the best among the alternatives in view of the bias and the MSE. The other estimators are shown to have possibly heavy bias mostly toward the origin. We also applied these estimators to Japanese Government Bond futures to obtain the results consistent with our simulation.     

The Impact of Performance Audit on Public Sector Organizations: The Case of Estonia

The results of a survey of 118 Estonian public officials show that auditees can perceive performance audit to be useful even if it does not lead to specific changes in policies or organizational practices. No trade-off between the accountability and improvement functions of performance audit could be observed, though a surprisingly low percentage of the respondents considered performance audit to have been used to hold the audited organization accountable for their actions. While the factors internal to the audit process – including the perceived expertise of the auditors, their openness to dialogue with the auditees and the quality of audit report – influenced the perceived usefulness of the audit, they had less bearing on the adoption of changes by the audited organizations. The study indicates that when parliamentarians pay attention to performance audit and when media attention leads to political debate, the adoption of changes recommended by the performance audit report is more likely.     

The metastases of winning: Svenska Spel advertisements through the lens of a Žižeko–Lacanian critique of ideology

In a time when the privileged market position of Svenska Spel is under intense scrutiny by EU officials and pro‐market ideologists, this study provides a critical reading of the advertisement material issued by this Swedish state‐run gambling operation. Drawing on a ?i?eko–Lacanian critique of ideology, the essay identifies and theorizes different kinds of enjoyment promoted in a number of TV advertisement campaigns issued by the company. By taking recourse to the Lacanian notion of jouissance, the study throws light on the radical ambiguity that resides in the gambling win – an ambiguity which manifests itself in the win being pictured as both pleasurable and painful. Moreover, the essay suggests that Svenska Spel entirely excludes the enjoyment derived from the gambling experience as such from its advertisement material, possibly as a consequence of the threat that the promotion of such enjoyment would pose to the company’s legitimacy.     

Asymmetric Preference and Inflation Bias in the Visegrad Four

This paper investigates the asymmetric preference of monetary policy in the Visegrad four (V-4). To this end, we estimate the nonlinear interest rate rule provided by Surico (2007). This enables us to estimate the central banker’s preference and to inference the average inflation bias. Empirical results provide some important evidence. First, the nonlinear rule and the preference are successfully estimated. This also imply that the average rates of inflation in the V-4 are set at a relatively high by their monetary policy. Second, After EU accession, the preferences of Slovakia and Poland become much lower than those in the full sample. This reflects the policy effort by these two to introduce the euro.     

Evaluating the effect of de facto pegs on currency crises

This paper empirically evaluates the treatment effect of de facto pegged regimes on the occurrence of currency crises. To estimate the treatment effect of pegged regimes properly, we must carefully control for the self-selection problem of regime adoption because a country's exchange rate regime choice is nonrandom. To address the self-selection problem, we thus employ a variety of matching methods. We find interesting and robust evidence that (1) pegged regimes significantly decrease the likelihood of currency crises compared with floating regimes, and (2) pegged regimes with capital account liberalization significantly lower the likelihood of currency crises compared with other regimes. From the standpoint of the macroeconomic policy trilemma, we can reasonably conclude that pegged regimes with capital account liberalization are substantially less prone to speculative attacks because they can enhance greater credibility in their currencies by maintaining strict discipline for monetary and macroeconomic policies.     

Trends in old-age functioning and disability in Japan, 1993-2002

Disability is a burden to individuals and society. Population ageing, combined with the fact that disability is most common among the elderly, has focused attention on trends in old-age disability. This study estimates trends in functioning and disability among Japanese elderly from 1993 to 2002 and contrasts the patterns with those found in the USA. Japan is an especially interesting country because its age structure is relatively old, and it currently has the highest life expectancy in the world despite the fact that just 50 years ago its life expectancy was in the bottom half of all countries. As in the USA, disability rates have fallen. If it were not for the gains in disability between 1993 and 2002, there would have been 1.1 million more disabled elderly in 2002. The reductions were experienced broadly across socio-demographic and economic groups. Increases in education across cohorts are associated with the declines in disability.     

IS THERE MORE TO COUNTING THAN WHAT MEETS THE EYE? COMMENT ON SNYDER AND RICE

Snhyder and Rice (1994) comment that Shortz, Worthington, McCullough, DeVries, and Morrow (1994) failed to use sophisticated methods in their identification of prolific authors, institutions, and journals within the field of mari-tal therapy. This article is a response to Snyder and rice. We argue that Snyder and Rice's suggested methods emphasize a different research question that ouroriginal question, We investigated productivity of authous and institutions, not im-pact of scholars on the fiels of marital therapy. furthermore, we demonstrate that the results obtained from Snyder and Rice's suggested methodologies are nor appreciably different from our original results.