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We point out some theoretical problems in the construction of the activity index and related indicators. Concretely, if the activity index is larger than one then it is, at least theoretically, possible to decrease its value by increasing the activity in that field. Although for some practical...
Persistent link: https://www.econbiz.de/10010795299
The enhanced performance of polymer solar cells based on regioregular poly(3-hexylthiophene) (P3HT) and methanofullerene [6,6]-phenyl C61-butyric acid methyl ester (PCBM) blend was achieved by using cesium acetate (CH3COOCs) as cathode buffer layer. Under 100 mW/cm2 white light illumination,...
Persistent link: https://www.econbiz.de/10011045653
Persistent link: https://www.econbiz.de/10010179377
This paper considers the problem of forecasting real and financial macroeconomic variables across a large number of countries in the global economy. To this end a global vector autoregressive (GVAR) model previously estimated over the 1979Q1-2003Q4 period by Dees, de Mauro, Pesaran, and Smith...
Persistent link: https://www.econbiz.de/10012772859
As a unified discipline, econometrics is still relatively young and has been transforming and expanding very rapidly over the past few decades. Major advances have taken place in the analysis of cross sectional data by means of semi-parametric and non-parametric techniques. Heterogeneity of...
Persistent link: https://www.econbiz.de/10012773713
The contingency table literature on tests for dependence among discrete multi-category variables is extensive. Existing tests assume, however, that draws are independent, and there are no tests that account for serial dependencies - a problem that is particularly important in economics and...
Persistent link: https://www.econbiz.de/10012773816
In theory the potential for credit risk diversifcation for banks could be substantial. Portfolios are large enough that idiosyncratic risk is diversifed away leaving exposure to systematic risk. The potential for portfolio diversifcation is driven broadly by two characteristics: the degree to...
Persistent link: https://www.econbiz.de/10012736354
This paper considers a simple model of credit risk and derives the limit distribution of losses under different assumptions regarding the structure of systematic risk and the nature of exposure or firm heterogeneity. We derive fat-tailed correlated loss distributions arising from Gaussian (i.e....
Persistent link: https://www.econbiz.de/10012736729
Present value calculations require predictions of cash flows both at near and distant future points in time. Such predictions are generally surrounded by considerable uncertainty and may critically depend on assumptions about parameter values as well as the form and stability of the data...
Persistent link: https://www.econbiz.de/10012713353
This paper characterizes the asymptotic behaviour, as the number of assets gets arbitrarily large, of the portfolio weights for the class of tangency portfolios belonging to the Markowitz paradigm. It is assumed that the joint distribution of asset returns is characterized by a general factor...
Persistent link: https://www.econbiz.de/10012724831