Over the last four decades, a large number of structural models have been developed to estimate and price credit risk. The focus of the paper is on a much neglected issue pertaining to fundamental shifts in the structural parameters governing default. We propose formal quality control procedures...

We propose extensions of the continuous record asymptotic analysis for rolling sample variance estimators developed by Foster and Nelson (1996) for estimating the quadratic variation of asset returns, which is also referred to as integrated or realized volatility. The new approach treats...

The paper evaluates the performance of several recently proposed tests for structural breaks in conditional variance dynamics of asset returns. The tests apply to the class of ARCH and SV type processes as well as data-driven volatility estimators using high-frequency data. In addition to...

We propose extensions of the continuous record asymptotic analysis for rolling sample variance estimators developed by Foster and Nelson (1996) for estimating the quadratic variation of asset returns, which is also referred to as integrated or realized volatility. The new approach treats...

This paper examines how the fixed exchange rate policy followed in Cyprus for more than forty years helped to deliver price stability amid high growth rates and low unemployment, and contributed to the successful adoption of the euro. The paper identifies some critical elements for the success...

This article reports on the performance of a ground source heat pump system installed in a New Municipality Hall in Northern Greece over an eight-year operation period. The system consists of a vertical ground heat exchanger, 21 boreholes in 80 m depth, 11 water-to-water heat pump units. Basic...

This article presents the implemented policies of the European Union in the broader field of energy and provides a picture of the Union′s strategy on energy related issues. A brief historical background is provided, covering the period from the beginning of the Union′s creation in 1951, when...

What s the asymptotic null distribution of a rank-based serial autocorrelation test applied to residuals of an estimated GARCH model?What s the limiting distribution of estimated ACD parameters applied to the residuals of some first-stage modelling procedure?This paper addresses the often...

This paper offers an alternative technique to derive the limiting distribution of residual-based statistics or, more general, the limiting distribution of statistics with estimated nuisance parameters.This technique allows us to unify many known results on two-stage estimators and tests and we...

The paper presents the results of extensive measurements which took place in two sites with different characteristics in terms of street geometry, urban density and materials. The first experiment site was a traditional settlement in the island of Tinos, Greece, while the second was a relatively...