Assessing and reforming This study is intended to help underpin a more coordinated, effective approach to assessing and reforming systems for public expenditure, procurement, and financial accountability in developing countries-especially countries that receive international aid for budget support. Such support, also known as adjustment lending, has become far more important in recent years. At the World Bank, for example, it increased from less than 10 percent of total assistance in the 1980s to about 50 percent in fiscal 2002. Many other development agencies are also increasing aid for budget support.
Empirical financein In this paper we demonstrate that the difficulties encountered by standard volatility models arise largely from the aforementioned systematic patterns in average volatility across the trading day. We further show how practical estimation and extraction of the intraday periodic component of return volatility is both feasible and indispensable for meaningful intraday dynamic analysis. Particular attention is paid to the differing impact of the periodic pattern on the dynamic return features at the various intraday frequencies. To illustrate the range of applicability of the developed procedures, the analysis is conducted in parallel for two different asset classes traded under widely different market structures, namely the over-the-counter foreign exchange interbank market and an organized exchange for futures equity index contracts. Moreover, to bring out the distinct character of the intraday returns process, the findings are contrasted to the corresponding features of interdaily returns series for the identical assets.
Services firm If you assessed the available books on the topic of managing professional service firms, you probably arrived at the same conclusion we did about a year ago. You can find over a hundred books on the topic. Ninety-five percent of these books are written for the independent consultant who wants to learn how to incorporate, how to develop a proposal, how to sell themselves, and how to individually deliver a project to a client. The other 5 percent of the published books target the executives of large, national consultancies with thousands of consultants/employees. There were no books available to help the professional service firm with anywhere from 2 to 1,000 professionals. Yet, almost 75 percent of all professional services companies are in this group. In the books for independent consultants, you learn the basics (e.g., how to act on the client site, what the start-up costs are). In the books for large consultancies, you learn how to expand internationally or about developing philosophies. In this book, you learn how to grow an existing firm. You learn at what points you need to make decisions such as adding administrative support, opening another office, building another service line. You learn how to determine what is the best sales organization structure for your firm. You learn what information systems you need to build and when. This book is for the growing consulting company and its associates and management.
Mining We are fortunate to be surrounded by some of the most talented data miners anywhere, so our first thanks go to our colleagues at Data Miners, Inc. from whom we have learned so much: Will Potts, Dorian Pyle, and Brij Masand. There are also clients with whom we work so closely that we consider them our colleagues as well: Harrison Sohmer and Stuart E. Ward, III are in that category. Our Editor, Bob Elliott, Editorial Assistant, Erica Weinstein, and Development Editor, Emilie Herman, kept us (more or less) on schedule and helped us maintain a consistent style. Lauren McCann, a graduate student at M.I.T. and intern at Data Miners, prepared the census data used in some examples and created some of the illustrations.
Trying to analise An American might have been asked something similar by a Guatemalan, an Indonesian or a Cuban during the ten years previous, or by a Uruguayan, a Chilean or a Greek in the decade subsequent. The remarkable international goodwill and credibility enjoyed by the United States at the close of the Second World War was dissipated country-by-country, intervention-by-intervention. The opportunity to build the war-ravaged world anew, to lay the foundations for peace, prosperity and justice, collapsed under the awful weight of anti-communism.
Rogue state Thus it was that instead of an outpouring of reflection upon what the United States does to the world to make it so hated, there was an outpouring of patriotism of the narrowest kind: Congress members stood on the steps of the Capitol and sang God Bless America , stores quickly sold out their stocks of American flags, which fluttered high and low in whatever direction one looked, callers to radio shows spat out venom and bloodlust, at entertainment and sporting events it became de rigueur to begin with a military and/or patriotic ceremony, one could scarcely pick up a newspaper or turn on the radio or TV without some tribute to American courage, and everyone and his cousin were made into heroes . This phenomenon continued, hardly abated, into the year 2002.
Quantitative analysis It is useful at this point to interpret and compare these results. Among the mood variables the confidence index is by far the most successful and is significant for each adjustment period. The TOLSR has the expected sign for each adjustment period but is only significant for the six- and nine-month periods. The floor trading variables fail to be significant for any adjustment period while having inconsistent signs in the shorter periods. The PE ratio variable is significant only for the longest (12-month) adjustment period. This is not particularly surprising, since one would expect that it would take time for any reversal from a very low PE to occur . a low PE ratio may well decline even lower before reversing field. This is indicated by the incorrect signs on the one-, three-, and six-month adjustment periods. It should be noted that the other three mood variables (T, F, and C) are all attempts to gauge investor sentiment and thus tend to overlap. While the confidence index works best, the other variables tend to work when it is excluded. For example, the floor trading variables turn significant with the correct signs when the confidence index is dropped from the regression.
Investors academics practitioners Academics, practitioners, and individual investors have long been interested in understanding the value and usefulness of sell-side analysts equity reports. In recent years, security analysts have been increasingly disclosing target prices in these reports, along with their stock recommendations and earnings forecasts. These target prices provide market participants with analysts most concise and explicit statement on the magnitude of the irms expected value. Despite the increasing prominence of target prices, their role in conveying information to market participants and their contribution to the formation of equity prices have remained largely unexplored.1 This paper provides new evidence on these issues.
Sequential model The completion of this book has left me with the challenge of expressing my gratitude for the acts of encouragement and support offered by so many people. My indebtedness goes far beyond a thank you. To those who contributed, directly or otherwise, I offer my deepest appreciation. The following individuals are deserving of a special thank you.
Equilibrium Verrecchia (1982) defines a market to be efficient if, conditional on observation of the noise in the market, for example, xx and x2, the price is no less efficient an estimator of the value of interest, for example, u} than the estimator available to any single trader. Each of the prices in the rational expectations equilibrium developed here reveals и perfectly when Xi and x2 are known. Hence, this market is efficient in this sense.
Mean market Harvard economics professor, I have studied one central question: Why do people have problems in so many areas, ranging from food to sex to money? My search for an answer has taken interesting turns, including studying negotiators testosterone levels and living at a research station in Africa to learn from the behavior of wild chimpanzees.
Statistical test During die same period, we participated in research conferences on Financial Markets and Monetary Economics, held under the auspices of the National Bureau of Economic Research in Cambridge, Massachusetts. Many of die papers that captured our attention at these meetings involved new econometric methods or new empirical findings in financial economics. We fell that diis was some of the most exciting research being done in finance, and that students should be exposed to this material al an early slage.
Rejection is failure Sales traps can also result from having the wrong information or from applying the right information in the wrong situation. For example, your information about the competitive marketplace may be outdated. You may not be aware of validated, effective sales strategies or the latest sales research. The information at your disposal may be incomplete or unavailable. You may not bring back enough information about client needs. In addition, a fallacy can also occur when you apply the correct information in the wrong circumstances. For example, a transactional sales strategy, such as increasing sales activity, may be mistakenly chosen in a consultative sales situation. (See Sales Trap 20, If You Generate Sales Activity, Youll Close More Sales. ) Having the wrong information leads to poor results for reasons that you cant see or dont acknowledge.
Optioning for eclosures However, once you invest your money in real estate, it can be difficult to liquidate or sell your assets quickly. Because real estate is the biggest ticket item there is, it has the fewest buyers in the marketplace compared with any other commodity. The Quick Cash strategy addresses the problem historically associated with real estate investing: the lack of liquidity.
Assumption of model Proposition 3 states that the inancial participation of the entrepreneur can enhance the value of the project if the initial investment needed is large. The intuition is that there is a maximal amount of outside inancing that can be raised while maintaining incentives for both agents to exert efort. As stated in Corollary 1, each extra dollar ofoutside inancing above afects negatively the entrepreneurs efort and reduces the projects value. The reason is the following. Increasing outside inancing raises the share of the inal income left to outside investors. This, in turn, destroys the entrepreneurs incentives to work. If the entrepreneur is wealthy enough, investing his own resources into the project reduces the amount of outside capital to be raised and preserves the entrepreneurs own incentives. The projects value consequently increases. If the level of investment is below, it can be entirely inanced by outside capital, for outside inancing ofsets the expected income left to the venture capitalist for incentive reasons. In that case, the NPV is maximal without the entrepreneurs inancial participation.
Sample and method For each of our momentum strategies, we report buy-and-hold returns in the periods subsequent to portfolio formation. Returns measured over contiguous intervals may be spuriously related due to bid-ask bounce, thereby attenuating the performance of the price momentum strategy. To control for this effect, we skip the first five days after portfolio formation before we begin to measure returns under the price momentum strategy and, for the sake of comparability, under the earnings momentum strategy as well. If a stock is delisted after it is included in a portfolio but before the end of the holding period over which returns are calculated, we replace its return until the end of the period with the return on a value-weighted market index. At the end of the period we rebalance all the remaining stocks in the original portfolio to equal weights in order to calculate returns in subsequent periods. In addition to returns on the portfolios, we also report two attributes of our portfolios-the book-to-market value of equity and the ratio of cash flow (earnings plus depreciation) to price-at the time of portfolio formation. Finally, we also track our three measures of earnings surprise (SUE, ABR, and REV6) at the time of portfolio formation and thereafter.
Methodologies and processes Any reader of this book undoubtedly has been associated with an IT project in distress. It is the fundamental nature of every IT project. First, IT projects are always complex with a multitude of variables. Most application implementations cut across multiple business units, each with their unique business requirements. The implementation often has differing degrees of priority, depending on the business unit. Second, a new or altered application must often interface with many other applications, thereby creating an integration challenge that is difficult to estimate in both time and resources. Worse yet, the downstream impact to these other systems may cause adverse consequences that may not be felt until long after go live day. Further, assigning and managing scarce resources often cause a project manager to rethink his or her chosen profession. And what about your clients responsibilities? Whether a paid external engagement or an internal business unit, your client, too, has deliverables along a projects path. Strong requirements definition, design approval, end user testing, and end user training are typical client tasks that, if not completed on time, cause schedule slippage and cost overruns. And the finger of blame usually gets pointed at the project manager.
Different approaches Here, is the positive cost. is an integer, representing the number of times the control jumps during the planning period [0, T]. In particular, и may be a piece-wise constant, thus it can be approximated by a step-function. Only fixed-time optimal control problems are considered in this book which means T is a constant. Although time-optimal control problems are also very interesting, they have not been considered in this research.