Search results for " rule"
showing 10 items of 628 documents
Querying Dynamic and Context-Sensitive Metadata in Semantic Web
2005
RDF (core Semantic Web standard) is not originally appropriate for context representation, because of its initial focus on the ordinary Web resources, such as web pages, files, databases, services, etc., which structure and content are more or less stable. However, on the other hand, emerging industrial applications consider e.g. machines, processes, personnel, services for condition monitoring, remote diagnostics and maintenance, etc. to be specific classes of Web resources and thus a subject for semantic annotation. Such resources are naturally dynamic, not only from the point of view of changing values for some attributes (state of resource), but also from the point of view of changing “…
Assessing fat-tailed sequential forecast distributions for the Dow-Jones index with logarithmic scoring rules
2007
We use the logarithmic scoring rule for distributions to assess a variety of fat-tailed sequential forecasting distributions for the Dow-Jones industrial stock index from 1980 to the present. The methodology applies Bruno de Finetti''s contributions to understanding how to compare the quality of different coherent forecasting distributions for the same sequence of observations, using proper scoring rules. Four different forms of forecasting distributions are compared: a mixture Normal, a mixture of convex combinations of three Normal distributions, a mixture exponential power distribution, and a mixture of a convex combination of three exponential power distributions. The mixture linear com…
Unequal Attainments: Ethnic educational inequalities in ten Western countries
2014
Western countries have become increasingly diverse in recent decades and these demographic trends are certain to continue. The resulting ethnic diversity is a major challenge to policy-makers, who need to tackle issues of social justice and social integration. Education plays a pivotal role since it is the major stepping stone for the children of immigrants to successful economic integration and also plays a major role in social and political integration more generally since education gives access to the skills, resources and contacts which enable individuals to participate fully in the life of their society. Our central research questions are: Do the descendants of migrants experience equa…
Financial Sector Reform After the Subprime Crisis: Has Anything Happened?
2015
We analyze the reactions of stock returns and the spreads of credit default swaps (CDS) of banks from Europe and the USA to four major regulatory reforms in the aftermath of the subprime crisis, employing an event study analysis. Contrary to public perception, we find that financial markets indeed reacted to the structural reforms enacted at the national level. The reforms succeeded in reducing bail-out expectations relative to the post-bail-out period, especially for systemic banks. The strongest effects were found for the Dodd–Frank Act and in particular for the Volcker rule. Bank profitability was affected in all countries, showing up in lower equity returns.
Stock market and exchange rate information in the Taylor rule : Evidence from OECD countries
2017
We analyze the effects of stock market and exchange rate information in a forward-looking Taylor rule for monthly data from 14 OECD countries during the years 1999–2016. Especially the stock market information in the form of dividend but also the currency market information in the form of real exchange rate are revealed to be relevant in Taylor rule for many of the countries examined by helping to strengthen the role of inflation and real economic activity deviations in the policy rule. In many cases the rule also seems to be opportunistic, i.e., the inflation target has been time-varying. peerReviewed
Stable sharing rules and participation in pools of essential patents
2019
Abstract For pools of essential patents I study whether a pool's sharing rule is stable against arbitrage, so that the pool's members have no incentive to trade patents. I show that the only stable rule is the numeric proportional rule, which gives each member a share of the pool's profit equal to its share of the pool's patents. I study how the stable rule affects firms' incentives to participate, and I show that firms with few patents tend to remain outside the pool. I look at the trade off between stability and participation, and I show that as trade dilutes their shares, members prefer the stable rule. I consider individual licenses, stand-alone patents, integration, and R&D. The result…
From custom to law, an economic rationale behind the black lettering
2018
This article employs the number of rule recipients in order to explain the transformation of some customs into laws. The publication of rules may mark the reaching of the threshold number beyond which the spontaneous rule leaves room for the State intervention. In addition, the publication resolves a couple of questions that Hayek left unresolved. Examples are provided from ancient merchant customs and contemporary international law.
Voters’ preferences and electoral systems: the EuroVotePlus experiment in Italy
2016
Motivated by the need to understand voting behaviour under different electoral rules, Laslier et al. (Eur Union Polit, 16(4):601–615, 2015) have conducted an online experiment, the EuroVotePlus experiment, focusing on the effects of the different rules adopted to elect members of the European parliament on voters’ behaviour. The experiment took place in several European countries in the 3 weeks before the 2014 elections for the European Parliament. This paper focuses on the Italian data. Firstly, we show that the behaviour of Italian respondents is consistent with the empirical findings at the European level. Then, we exploit the change from open list to closed list elections implemented in…
A Study of Seasonality on the SAFEX Wheat Market
2015
This paper examines seasonality in returns and volatilities in the South African Futures Exchange (SAFEX) wheat futures contract in order to seek market inefficiencies that can be exploited for financial gain. Non-parametric and parametric-based techniques are used to study sample regimes before and after the peak in wheat prices that occurred during the global economic crisis in 2008. Findings of the study indicate that wheat returns on Mondays and Kansas City Board of Trade (KCBT) holidays are significant and positive while Tuesday returns are negative and significant. These seasonal patterns occur largely in the second sample of the wheat dataset. Furthermore, it is observed that volatil…
A quest between fiscal and market discipline
2023
Fiscal rules are typically seen as government constraints. Yet, the extent to which they are substituted or complemented by market discipline (especially, during financial stress) remains unexplored. Using data for 71 countries over the period 1985–2015, we estimate an “augmented” fiscal reaction function to assess the impact of both fiscal and market discipline. We find that different market signals influence fiscal policy, but fiscal discipline depends on market incentives. In the EU and the OECD, market signals complement fiscal rules. These are less effective in the EMU and non-OECD countries that are “debt intolerant”. Yet, there are unintended consequences: (i) neither output and debt…