In Markov-switching regression models, we use Kullback-Leibler (KL) divergence between the true and candidate models to select the number of states and variables simultaneously. In applying Akaike information criterion (AIC), which is an estimate of KL divergence, we find that AIC retains too...

Despite their importance in pricing futures and other derivative contracts, seasonalvariations in mean and variance of energy prices have not been fully captured inprevious studies of energy prices. We examine the volatility dynamics of daily naturalgas futures traded on the NYMEX via the...

Continuous new service design / redesign is a key contributor to organisational performance. The NSD literature, originally evolving from new product development studies, often emphasised a sequential, linear process. More recently, however, the role of culture, internal politics and social...

The Slovak clothing sector seems to have a number of relative competitive strengths and limitations within this broader context of EU−ECE trade liberalisation and growth of clothing exports. In terms of strengths, three issues are key. First, like other ECE countries, Slovakia is achieving...

Cosmetic defects such as 'hollows' are the result of deviations in a skin panel. These deviations are usually too small and local to be detected by discrete measurements of the panel but become visually apparent after the application of paint. As a result, the perceived quality of a panel may...

The staff working paper ‘Stranded Irrigation Assets’ (Roper, H., Sayers, C. and Smith, A) was released on 28 June 2006. Prior to the National Water Initiative (NWI), irrigation authorities imposed restrictions on outward trade of water entitlements partly to protect remaining irrigators...