Search results for "Explanatory"
showing 10 items of 58 documents
Computing the Cell
2015
Here I call for the need to revisit cell theory. The idea that the cell is the basic unit of life is well-known and foundational to Biology, but it has not received sufficient attention. We have increasingly detailed knowledge of the intracellular world and all its components, but these are often considered independently. On the other hand, there is excessive theorising about the cell on the basis of its being a black box. The time is ripe to formulate an integrative cell theory .
EXPLANATORY FACTORS OF MARKET POWER IN THE BANKING SYSTEM
2007
The aim of the study is to analyse the explanatory factors of market power in the banking system. Using as laboratory the Spanish banking system in the period 1986–2002, results show an increase of market power from the mid-1990s. Of the set of variables that the model posits as explaining market power, those with the greatest explanatory power are size, efficiency and specialization; concentration is not significant. This last result shows the limitations of the approaches, studies and decision-making rules of economic policy that uses market concentration as a proxy for the degree of competition.
To Pay or Not to Pay: Competing Theories to Explain Individuals’ Willingness to Pay for Public Environmental Goods
2010
Dieser Beitrag ist mit Zustimmung des Rechteinhabers aufgrund einer (DFG geförderten) Allianz- bzw. Nationallizenz frei zugänglich. This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively. Several theories have been proposed in an attempt to explain individuals’ willingness to pay (WTP) for public environmental goods. While most studies only take into account a single theory, this article discusses competing theories. These include, in addition to a basic economic model, the theory of public goods, Ajzen’s theory of planned behavior, and Schwartz’s norm-activation…
Correlation and Truth
2013
The concept of correlation is the building block of almost any Bayesian attempt to capture or explicate any interesting aspect of scientific reasoning in terms of probabilities. This paper discusses one particularly simple correlation measure which is highly significant for almost any such attempt within the philosophy of science or epistemology. In particular, it shows how this correlation measure is related to central attempts to capture essential aspects of scientific reasoning such as confirmation, coherence, and the explanatory power of hypotheses. This intimate connection between correlation and scientific reasoning necessitates answering the question of how correlation and truth are …
Sobre el poder explicativo del análisis económico del Derecho. En especial, del Derecho de daños (On the Explanatory Power of the Economic Analysis o…
2019
Spanish Abstract: El analisis economico del Derecho (AED) estudia los fenomenos juridicos sirviendose de las teorias y las herramientas metodologicas proporcionadas por la economia. El AED puede cumplir una funcion normativa (senalar que decisiones juridicas deberian adoptarse con el fin de maximizar ciertas preferencias), una funcion predictiva (determinar las consecuencias sociales que pueden tener las decisiones juridicas) y una funcion explicativa (poner de manifiesto los factores que determinan la forma y el contenido las decisiones juridicas). El AED ha recibido innumerables criticas. En este trabajo consideramos y tratamos de refutar, en la medida en que lo merezcan, aquellas que imp…
The value relevance of losses revisited: the importance of earnings aggregation
2011
Accepted version of an article published in the journal: Global Business and Economics Review. Also available from the publisher at: http://dx.doi.org/10.1504/GBER.2011.040728 Prior research has suggested that earnings explain a larger portion of the variation in stock returns when disaggregated into components. This study shows that the increase in explanatory power stems primarily from disaggregation of negative earnings. When accounting earnings are sufficiently disaggregated into items, there is no longer a statistical difference in the value relevance of positive and negative earnings. Thus, negative earnings are also useful to stock investors. The findings are attributed to earnings p…
Holidays, weekends and range-based volatility
2020
Abstract This study analyses the effect of non-trading periods on the forecasting ability of S&P500 index range-based volatility models. We find that volatility significantly diminishes on the first trading day after holidays and weekends, but not after long weekends. Our findings indicate that models that include autoregressive terms that interact with dummies that allow us to capture changes in volatility levels after interrupting periods provide greater explanatory power than simple autoregressive models. Therefore, the shorter the length of the non-trading periods between two trading days, the higher the overestimation of the volatility if this effect is not considered in volatility for…
¿Puede un factor réplica del crecimiento económico futuro (PIB) explicar los rendimientos de los activos financieros cotizados en la bolsa española?
2020
El objetivo de este trabajo es analizar si un factor con capacidad predictiva sobre el crecimiento económico futuro, captura los rendimientos de los activos cotizados en la bolsa española. A su vez, se analiza la posible interpretación racional económica de los factores de Fama y French y momentum, como variables con información sobre dicho crecimiento económico futuro. Se cuantifican estos efectos para las etapas de crisis (económica: 1993-1997 y financiera: 2008-2011) y de expansión económica (1998-2007). Los resultados subrayan la relevancia y capacidad explicativa de este factor predictivo pero se encuentra una interpretación económica débil de los factores tamaño y ratio book-to-market…
Income, Sex, Pills and Relationships: An Empirical Study for Argentina
2016
We use 28 years of Argentina’s life satisfaction (LS) and happiness (HA) data to test the Easterlin Paradox and find out the actual determinants of happiness. Argentineans are happier now than in 1984, and the City of Buenos Aires leads in present rankings of happiness in Argentina. In the cross-section analysis, LS correlates with the satisfaction about the economic situation of households, but the satisfaction with family and time spent with loved ones have a higher explanatory power. When it comes to HA, high social class members do not always buy a ticket, but low class makes people sadder. Nontraditional variables – pills for mental stress and sex – were also studied.
How News Affect the Trading Behavior of Different Categories of Investors in a Financial Market
2012
We investigate the trading behavior of a large set of single investors trading the highly liquid Nokia stock over the period 2003-2008 with the aim of determining the relative role of endogenous and exogenous factors that may affect their behavior. As endogenous factors we consider returns and volatility, whereas the exogenous factors we use are the total daily number of news and a semantic variable based on a sentiment analysis of news. Linear regression and partial correlation analysis of data show that different categories of investors are differently correlated to these factors. Governmental and non profit organizations are weakly sensitive to news and returns or volatility, and, typica…