Current Issue : January - March Volume : 2015 Issue Number : 1 Articles : 6 Articles
This paper presents an empirical analysis of the correlation between some demographic and financial predictor\nvariables and the stochastic volatility of the Standard and Poor�s (S&P) 500 index between January 2000 and\nDecember 2010 inclusive. In particular, the predictor variables used for the statistical analysis are: prime rate (PR)\n(t), the United States population proportion between the ages of 40-64 (PP(t)), inflation rate (IR(t)), logarithm of the\nunemployment rate (log(UE)(t)), and consumer confidence (CC)(t)). The empirical relationship between these\nvariables is established using multiple regression analytic techniques with EXCEL software. The relevance of each\npredictor variable is assessed by inspection of the P-value of the associated multiple regression coefficient. The plot\nof the observed and modeled S&P 500 index for the 149 data points (months) corresponding to the period spanning\nJanuary 2000 and December 2010 elucidates the potential of the empirical model to forecast the volatility of the S&P\n500 for the period in question. The constructed empirical multiple regression model for the observed S&P 500 has\nthe configuration:\n?= -160.313+7331.269*(PR)(t)+4780.536*(PP)(t)+611.035*(IR)(t)\n+606.866*log(UE)(t)+1.901*(CC)(t)\nThe adjusted R2 for the empirical model is approximately 0.49 .This means that during the period 2000-2010,\nabout 49% of the variability of the S&P 500 volatility could be explained by the information accrued from the joint\ninfluence of the five predictor variables....
This article presents the solution to the problem of the investment choice between cash funds and earning assets\n(the latter is associated with bonds) and describes the situation-related approach to estimating both the relative and\nabsolute values of liquidity...
The purpose of this article is to show how to evaluate the various economic impacts\ngenerated by the establishment and operation of high educational institutes (HEIs) on a local\neconomy and how HEIs affect the national economy, particularly that of Greece. The\nmethodological framework used in this paper is the Satellite Account for Education (SAE)\nwhich has not been yet developed in Greece and therefore consists of a proposed\nmethodological framework based on international human accounting rules and principles.\nThe empirical application concerns the effect of the Technological Educational Institute (TEI)\nof Epirus on the local economy of the Preveza prefecture through measuring the effect on\nconsumption, GDP, local income, value added tax, and employment. The outcomes of the\nresearch are important to the government and education policymakers, especially since\nGreece faces enormous public finance problems and problems with the transformation of the\ntertiary education system....
This paper uses new survey data on foreign exchange expectations for Argentina, Brazil and Uruguay to test the\nhypothesis of unbiasedness. The pattern emerging is revealing: only Argentinean forecasts are unbiased predictors\nof exchange rate movements, while agents err systematically for Brazil and Uruguay. We argue that the systematic\nintervention of the Argentinean Central Bank in the foreign exchange market is likely to explain this result, as it\nsimplifies the forecast exercise in that market. As long as the requirements to predict well are simple, agents perform\nwell. If instead the exchange rate determination model is intricate, expectation failures arise....
The purpose of this paper is to identify different patterns of economic development among the countries (222\ncountries/territories) in the world. The economic development was based on both economic growth (quantitative)\nand quality of life (qualitative) respectively. Several patterns of economic growth were identified: knowledge-based,\ntrade-based, savings-based (resource/oil rich-based) and ethnic-religiously affected. The knowledge-based\neconomy was found most predominant pattern of economic growth, followed by the trade-based. Neither the\nsavings-based nor the ethnic-religiously affected pattern was found significant in affecting economic growth. The\nknowledge-based and trade-based patterns of economic growth have positive effects on both objective and\nsubjective quality of life as well as on reducing conflict, domestic and international. Ethnic-religious fractionalization\nincreases poverty level and unequal distribution of income, while the oil-richness increases conflict and relative\ndeprivation. Although the dominance of the knowledge-based economy does diminish the effect of the 'traditional'\npattern of the free-trade on economic growth, these two patterns are all significant in enhancing economic growth\nand quality of life. Countries featured with the patterns of ââ?¬Ë?diseconomies' (savings-based/oil-richness, ethnic\nreligiously-affected) need to follow suit to catch up with the most successful patterns of economic growth. When/if\nthese countries, developing or developed, pursue policies for economic development, each of the variables out of\nwhich the patterns of the knowledge-based as well as the trade-based economy were built should be cross-national\ncomparatively examined for their respective strengths....
In this paper, we seek to understand the relationship between ethical investment and corporate social\nresponsibility. This requires us to identify both what we mean by ââ?¬Ë?ethical investmentââ?¬â?¢ and by ââ?¬Ë?corporate social\nresponsibilityââ?¬â?¢....
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