The present paper discusses the stochastic stationarity of New Zealand exchange rates in light of new time series methods and new tests. The question of whether the real exchange rates have a unit root or are mean reverting is set in the general framework of fractionally integrated models. The...

In this paper we propose a type of mean reverting model with jumps, where the mean reverting level changes according to a continuous time, finite state Markov chain. This model could be applied to the interest rate and energy markets. We apply filtering techniques and obtain finite dimensional...

This paper summarizes and analyses the status quo of the sericultural standards in China, and points out the characteristics and existed problems of sericultural standards in China. In addition, the future of the sericultural standards system is discussed.

Unlike phase diagrams, which reveal only the chemical equilibrium in a system, starting from Ohm’s law, we constructed chemical-photo-electricity diagrams to display the relationship among materials chemistry, processing conditions of working electrodes, and photo-current/voltage of...

We design an experiment to study the consistency of risk preferences between lotteries that are resolved and paid in the present versus in the future. The results show that a substantial fraction of subjects (38.6%) exhibits a greater level of risk aversion for lotteries resolved and paid in the...

The relative contribution to stock price volatility of news in expected future dividends and in expected future returns in Australia is studied. The effect of the dividend imputation tax system on such contribution is investigated. It is found that news in expected future returns contributes...