Analytic evaluation of heteroskedasticity consistent covariance matrix estimates (HCCME) is difficult because of the complexity of the formulae currently available. We obtain new analytic formulae for the bias of a class of estimators of the covariance matrix of OLS in a standard linear...

One of the basic aims of the sustainable development goals is to reduce poverty, hunger and malnutrition across the globe. It is believed that commodity booms have severe impacts on developing countries where households spend large share of their disposable income on food. Thus, hitting the...

Detection of bubbles in financial markets is an issue of great importance as these split an enduring impact to every sector of the economy leading to substantial losses. In Pakistan, price level has seen abrupt changes which hurts the economic efficiency whereas inflation rates are usually high....

Detection of bubbles in financial markets is an issue of great importance as these split an enduring impact to every sector of the economy leading to substantial losses. In Pakistan, price level has seen abrupt changes which hurts the economic efficiency whereas inflation rates are usually high....

Global Financial Crises (GFC) of 2007-08 has disclosed the fact that economists and policymakers were unable to foresee bubble in housing prices in the US and other countries that consequently triggered the economic downturn. However, serious attempts have been made afterwards by researchers...

Global Financial Crises (GFC) of 2007-08 has disclosed the fact that economists and policymakers were unable to foresee bubble in housing prices in the US and other countries that consequently triggered the economic downturn. However, serious attempts have been made afterwards by researchers...

Previous empirical literature supports that stock bubbles have impacts on efficient allocation of wealth. Researchers targeted various economies in the past using various methods to explore bubble phenomenon. This study uses generalized SADF test which is admitted by empirical literature as the...

In this paper we highlight the necessity of new criteria for evaluation of performance of unit root tests. We suggest focusing directly on the reasons that create ambiguity in unit root test’s results. Two reasons for unsatisfactory properties of unit root tests can be found in the literature...

We study the test for location parameter of a random number from Cauchy density, focusing on point optimal tests. We develop analytical technique to compute critical values and power curve of a point optimal test. We study the power properties of various point optimal tests. The problem turned...

The systematic risk of IPO’s in the thinly traded Istanbul Stock Exchange (ISE) are estimated using Empirical Bayes Estimators (EBE). The sectors that the firms belong to, provide the priors. Comparisons are made with OLS estimators across different estimation and forecasting periods. Two...