A distribution theory is developed for least-squares estimates of the threshold in Threshold Autoregressive (TAR) models. We find that if we let the threshold effect (the difference in slopes between the two regimes) become small as the sample size increases, then the asymptotic distribution of...

A distribution theory is developed for least-squares estimates of the threshold in Threshold Autoregressive (TAR) models. We find that if we let the threshold effect (the difference in slopes between the two regimes) become small as the sample size increases, then the asymptotic distribution of...

A framework underlying various models that measure the credit risk of a portfolio is extended in this paper to allow the integration of credit risk with a range of market risks using Monte Carlo simulation. A structural model is proposed that allows interest rates to be stochastic and provides...

By 2008, ownership transfers of former council housing had been proceeding for 20 years. Since 1997, the process has encompassed many larger urban local authorities, with housing departments which could have been fairly characterised as monolithic, producer-oriented bureaucracies. Drawing on new...

Purpose – The purpose of this paper is to apply neutralization theory to white-collar criminals to discuss criminal entrepreneurship. Design/methodology/approach – The theoretical framework of neutralization techniques is applied to criminal entrepreneurship and white-collar criminality....