When evaluating the significance of calendar effects, such as those associated with Monday and January, it is necessary to control for all possible calendar effects to avoid spurious results. The downside of having to control for a large number of possible calendar effects is that it diminish...

When alternatives are compared using an estimated criterion function, this may introduce a discrepancy between the true and the estimated criterion. In this paper, we consider a situation where a preordering (ranking) of stochastic sequences is defined from expected loss/gain, using a parametric...

This paper applies the Model Confidence Set (MCS) procedure of Hansen, Lunde, and Nason (2003) to a set of volatility models. A MCS is analogous to confidence interval of a parameter in the sense that the former contains the best forecasting model with a certain probability. The key to the MCS...

This paper applies the model confidence sets (MCS) procedure to a set of volatility models. A MSC is analogous to a confidence interval of parameter in the sense that the former contains the best forecasting model with a certain probability. The key to the MCS is that it acknowledges the...

This paper studies tests of calendar effects in equity returns. It is necessary to control for all possible calendar effects to avoid spurious results. The authors contribute to the calendar effects literature and its significance with a test for calendar-specific anomalies that conditions on...

The paper introduces the model confidence set (MCS) and applies it to the selection of forecasting models. An MCS is a set of models that is constructed so that it will contain the "best" forecasting model, given a level of confidence. Thus, an MCS is analogous to a confidence interval for a...

This DIIS working paper explores the current celebration of remittances in Tanzania as a magic bullet for the creation of development and economic growth. It adds to our understanding of the underlying cultural values, ideas and imaginaries expressed in remittance policies and thinking, which...

This new DIIS Working Paper examines the role of the mild stimulant khat in the economic and political transformation of the independent, yet internationally unrecognized Republic of Somaliland. Rather than seeing khat as a hindrance for nation-state formation and as a developmental problem, the...

Denne rapport analyserer terrorbekæmpelse i Danmark. Den giver et overblik over et felt, som er vokset dramatisk i løbet af de seneste ti år, og som i dag tæller en lang række offentlige institutioner. Vi har fået nye love, nye institutioner er blevet grundlagt, politiet og...

Migranters og flygtninges pengeoverførelser til deres hjemlande, også kaldet remitter, er en vigtig pengemæssig indsprøjtning til trængte afrikanske økonomier og får derfor stigende opmærksomhed i disse år. Hovedparten af remitter går til forbrug og ikke til direkte produktive...