Bull and bear markets are a common way of describing cycles in equity prices. To fully describe such cycles one would need to know the data generating process (DGP) for equity prices. We begin with a definition of bull and bear markets and use an algorithm based on it to sort a given time series...

Dynamic specification denotes the problem of appropriately matching the lag reactions of a postulated theoretical model to the autocorrelation structure of the associated observed time-series data. As such, the issue is inseparable from that of stochastic specification if the finally chosen...