Theories such as Merton [1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42, 483-510] predict a positive relation between idiosyncratic risk and expected return when investors do not diversify their portfolio. Ang, Hodrick, Xing, and Zhang [2006. The cross-section of volatility and expected returns. Journal of Finance 61, 259-299], however, find that monthly stock returns are negatively related to the one-month lagged idiosyncratic volatilities. I show that idiosyncratic volatilities are time-varying and thus, their findings should not be used to imply the relation between idiosyncratic risk and expected return. Using the exponential GARCH models to estimate expected idiosyncratic volatilities, I find a significantly positive relation between the estimated conditional idiosyncratic volatilities and expected returns. Further evidence suggests that Ang et al.'s findings are largely explained by the return reversal of a subset of small stocks with high idiosyncratic volatilities.
When a rate of return is regressed on a lagged stochastic regressor, such as a dividend yield, the regression disturbance is correlated with the regressor's innovation. The OLS estimator's finite-sample properties, derived here, can depart substantially from the standard regression setting. Bayesian posterior distributions for the regression parameters are obtained under specifications that differ with respect to (i) prior beliefs about the autocorrelation of the regressor and (ii) whether the initial observation of the regressor is specified as fixed or stochastic. The posteriors differ across such specifications, and asset allocations in the presence of estimation risk exhibit sensitivity to those differences. Disciplines Econometrics | Finance | Finance and Financial Management This journal article is available at ScholarlyCommons: http://repository.upenn.edu/fnce_papers/367 TECHNICAL WORKING PAPER SERIES PREDICTIVE REGRESSIONS
The objective of this paper is to examine the determinants of financial inclusion in Africa. We use the World Bank's Global Findex database on 37 African countries to perform probit estimations. We find that being a man, richer, more educated and older favor financial inclusion with a higher influence of education and income. Mobile banking is driven by the same determinants than traditional banking. We observe that the determinants of informal finance differ from those of formal finance. Our work therefore contains findings to design policies to foster financial inclusion in African countries.
يهدف البحث الحالي الى تحليل العلاقة بين المؤشرات المالية والاداء المصرفي في ظل استخدام تقنيات المحاسبة الادارية الحديثة ،وتاتي اهمية البحث من الدور المتنامي للمؤشرات المالية في كفاءة الاداء المصرفي واثر تطبيق تقنيات المحاسبة الادارية الحديثة في تحسين القرارات والاداء المصرفي ، وذلك في اطار سعي المصارف لتحسين كفائتها التنافسية وقدرتها لمواجهة التحديات المالية والاقتصادية ، تم تطبيق البحث على عينة من المصارف المدرجة في سوق العراق للاوراق المالية ضمن السوق النظامي وهي (مصرف بغداد ، مصرف الائتمان ، المصرف الاهلي ، مصرف المنصور) . اعتمد البحث على المنهج المختلط الكمي والنوعي حيث اعتمد المنهج الكمي على مؤشرات العائد على الموجودات والعائد على الملكية ومؤشر السيولة في حين تضمن المؤشر النوعي لتقنيات ادارة الجودة الشاملة وبطاقة الاداء المتوازن ، توصل البحث لاستنتاجات اهمها : هنالك تاثير ايجابي للمؤشرات المالية في الاداء المصرفي من خلال تقنيات المحاسبة الادارية الحديثة ، حيث توفر تقنيات المحاسبة الإدارية الحديثة بيانات سريعة التحليل وفي الوقت الفعلي مما يسمح للمؤسسات بالاستجابة الفورية للتغيرات في السوق أو البيئة المالية.
Chun-Chang Lee, Cheng-Yen Chuang, Wen-Chih Yeh
et al.
In this study, we examined the differences between three house price indexes constructed using hedonic price, mix adjustment, and hierarchical linear growth repeat-sales modeling. The data consisted of housing sales across 13 administrative districts in Kaohsiung City from the third quarter of 2013 to 2022. The predictions were compared using the mean standard error, mean absolute percentage error, mean absolute error, and root-mean-square error. The results revealed that the hedonic price index performed the best; its prediction scores, as reflected by the four aforementioned metrics were 0.072, 1.176, 0.181, and 0.181, respectively. The index with the second best performance was the mix adjustment model, with scores of 0.154, 1.905, 0.293, and 0.293. The worst-performing index was the repeat-sales model, with scores of 0.309, 2.804, 0.439, and 0.439. After comparing the annual prediction errors of the three models, it became apparent that the hedonic price index had the best performance, followed by the mix adjustment index, and then the hierarchical linear growth repeat-sales index.
Authority is a fundamental tool of social integration. By selecting the most laudable and exemplary patterns, behaviours, actions or events – whether real or merely imagined – from the entire range of potentialities, it creates a community capable of communal action, by transforming an undifferentiated mass of independent individuals into a somewhat cohesive social group able to find common ground on matters vital for their shared existence, thus turning mere quantity into quality. It is thus evident that the existence of a certain degree of authority is also the basis for the viability of public administration, public policy and public management – to name but a few – in any given society. This paper will examine the conditions, manifestations and correlations of authority in the various domains of its social context, in order to provide a comprehensive account of its existence, its inevitability, but also the dangers inherent in its weakening.
Mobile Edge Computing (MEC) enhances service quality by decentralizing computational resources to network edges, thereby reducing latency and improving Quality of Service (QoS). However, the spatial distribution of edge servers critically impacts network transmission efficiency, while heterogeneous user perceptions of QoS metrics frequently lead to suboptimal Quality of Experience (QoE). Current research on Edge Server Placement (ESP) predominantly focuses on localized optimization of QoS metrics, yet fails to adequately incorporate systematic QoE modeling and coordinated optimization frameworks, leading to significant discrepancies between actual user experience and satisfaction with resource allocation. To address this gap, this study establishes a formalized QoE-aware Edge Server Placement (EESP) framework by rigorously characterizing the interdependence between QoE and QoS. We first prove the NP-completeness of the EESP problem through computational complexity analysis. Subsequently, we develop an Integer Linear Programming-based exact solver (EESP-O) for small-scale scenarios and propose an Enhanced Genetic Algorithm (EESP-EGA) for large-scale deployments. The EESP-EGA integrates adaptive crossover probability mechanisms and elite retention strategies to achieve near-optimal solutions for complex real-world configurations. Experimental evaluations conducted on a broad range of real-world datasets demonstrate that the proposed method outperforms several existing representative approaches in terms of QoE.
Felicia H. M. Liu, Karen P. Y. Lai, Bertrand Seah
et al.
Abstract This paper critically assesses the complex interplay between urban transitions of digitisation and sustainability. Building on a mixed-method research design, we unpack the challenges of decarbonising digital infrastructure while attending to urban sustainability goals in a land- and water-scarce country facing significant physical climate risks. We identify transferrable lessons on the economic, technological, and environmental synergies and trade-offs behind data centre development and argue that stewarding the global data centre sector towards sustainability requires an ecosystem-wide approach. We identify implementation gaps across five key dimensions: technological innovation, policy and regulation, finance, infrastructure, and people. We find that the progress and uptake of sustainability initiatives are often impeded by risk-averse DC operators, who are most concerned with real and perceived risks of downtime. We conclude with recommendations for data centre stakeholders to align the low-carbon transition of the data centre sector with broader objectives of climate resilience, smart city development, and sustainable finance.
Tomasz Bernat, Sylwia Flaszewska, Renata Lisowska
et al.
The energy transition is one of humanity’s most significant challenges. All micro, small, medium, and large enterprises will have to face it, and some are already making progress. This paper focuses on the involvement of the smallest actors in the energy transition. Micro and small enterprises comprise the largest part of the economy and significantly impact its development. Concerning the broad scope of their activities, these entities are characterized by a specific owner–manager relationship. This means that the final decision is influenced by business objectives, the manager’s approach, their awareness of change, and personal and other factors. Based on the analysis of data from 400 companies, it was found that the involvement of micro and small enterprises in the energy transition is related to their market and financial success.