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Terence Mills' best-selling graduate textbook provides detailed coverage of research techniques and findings relating to the empirical analysis of financial markets. In its previous editions it has become required reading for many graduate courses on the econometrics of financial modelling. This third edition, co-authored with Raphael Markellos and first published in 2008, contains a wealth of new material reflecting the developments of the last decade. Particular attention is paid to the wide range of nonlinear models that are used to analyse financial data observed at high frequencies and to the long memory characteristics found in financial time series. The central material on unit root processes and the modelling of trends and structural breaks has been substantially expanded into a chapter of its own. There is also an extended discussion of the treatment of volatility, accompanied by a new chapter on nonlinearity and its testing.
The Cambridge Monographs on Applied and computational Mathematics reflect the crucial role of mathematical and computational techniques in contemporary science. The series includes titles in the Library of Computational Mathematics, published under the auspices of the Foundations of Computational Mathematics organisation. Sure to be influential, this book lays the foundations for the use of algebraic geometry in statistical learning theory. Many widely used statistical models and learning machines applied to information science have a parameter space that is singular: mixture models, neural networks, HMMS, Bayesian networks, and stochastic context-free grammars are major examples. Algebraic geometry and singularity theory provide the necessary tools for studying such non-smooth models. Four main formulas are established: (1) the log likelihood function can be given a common standard form using resolution of singularities, even applied to more complex models; (2) the asymptotic behavior of the marginal likelihood or Ã´the evidenceÃ´ is derived based on zeta function theory; (3) new methods are derived to estimate the generalization errors in Bayes and Gibbs estimations from training errors; (4) the generalization errors of ; maximum likelihood and a posteriori methods are clarified by empirical process theory on algebraic varieties. Book jacket.
Almost without exception, everything human beings undertake involves a choice. In recent years there has been a growing interest in the development and application of quantitative statistical methods to study choices made by individuals with the purpose of gaining a better understanding both of how choices are made and of forecasting future choice responses. In this primer the authors provide an unintimidating introduction to the main techniques of choice analysis and include detail on themes such as data collection and preparation, model estimation and interpretation and the design of choice experiments. A companion website to the book provides practice data sets and software to estimate the main discrete choice models such as multinomial logit, nested logit and mixed logit. This primer will be an invaluable resource to students as well as of immense value to consultants and professionals, researchers and anyone else interested in choice analysis and modelling.
This highly accessible and innovative text and accompanying CD-ROM use Excel (R) workbooks powered by Visual Basic macros to teach the core concepts of econometrics without advanced mathematics. It enables students to run Monte Carlo simulations in order to understand the data generating process and sampling distribution. Intelligent repetition of concrete examples effectively conveys the properties of the ordinary least squares (OLS) estimator and the nature of heteroskedasticity and autocorrelation. Coverage includes omitted variables, binary response models, basic time series, and simultaneous equations. The authors teach students how to construct their own real-world data sets drawn from the internet, which they can analyze with Excel (R) or with other econometric software. The Excel add-ins allow students to draw histograms, to compute P-values and robust standard errors, and to construct their own MonteCarlo and bootstrap simulations. For more readers may visit the web site at www. wabash. edu/econometrics.
A Course in Public Economics, first published in 2004, explores the central questions of whether or not markets work, and if not, what is to be done about it. The first part of the textbook, designed for upper-level undergraduates and first-year graduate students, begins with an extended discussion of the two theorems of welfare economics. These theorems show that competitive markets can give rise to socially desirable outcomes, and describe the conditions under which they do so. The second part of the book discusses the kinds of market failure - externalities, public goods, imperfect competition and asymmetric information - that arise when these conditions are not met. The role of the government in resolving market failures is examined. The limits of government action, especially those arising from asymmetric information, are also investigated. A knowledge of intermediate microeconomics and basic calculus is assumed.
The first volume of the Econometric Exercises Series, Matrix Algebra contains exercises relating to course material in matrix algebra that students are expected to know while enrolled in an (advanced) undegraduate or a postgraduate course in econometrics or statistics. The book features a comprehensive collection of exercises with complete answers. More than just a collection of exercises, the volume is a textbook organized in a completely different manner than the usual textbook. It can be used as a self-contained course in matrix algebra or as a supplementary text.
Modern astronomical research is beset with a vast range of statistical challenges, ranging from reducing data from megadatasets to characterizing an amazing variety of variable celestial objects or testing astrophysical theory. Linking astronomy to the world of modern statistics, this volume is a unique resource, introducing astronomers to advanced statistics through ready-to-use code in the public domain R statistical software environment. The book presents fundamental results of probability theory and statistical inference, before exploring several fields of applied statistics, such as data smoothing, regression, multivariate analysis and classification, treatment of nondetections, time series analysis, and spatial point processes. It applies the methods discussed to contemporary astronomical research datasets using the R statistical software, making it invaluable for graduate students and researchers facing complex data analysis tasks. A link to the author's website for this book can be found at www. cambridge. org/msma. Material available on their website includes datasets, R code and errata.
This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum simulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. No other book incorporates all these fields, which have arisen in the past 20 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Statistical techniques can be used to address new situations. This is important in a rapidly evolving risk management and financial world. Analysts with a strong statistical background understand that a large data set can represent a treasure trove of information to be mined and can yield a strong competitive advantage. This book provides budding actuaries and financial analysts with a foundation in multiple regression and time series. Readers will learn about these statistical techniques using data on the demand for insurance, lottery sales, foreign exchange rates, and other applications. Although no specific knowledge of risk management or finance is presumed, the approach introduces applications in which statistical techniques can be used to analyze real data of interest. In addition to the fundamentals, this book describes several advanced statistical topics that are particularly relevant to actuarial and financial practice, including the analysis of longitudinal, two-part (frequency/severity), and fat-tailed data. Datasets with detailed descriptions, sample statistical software scripts in "R" and "SAS," and tips on writing a statistical report, including sample projects, can be found on the book's Web site: http://research. bus. wisc. edu/RegActuaries.
The new edition of Ronald Miller and Peter Blair's classic textbook is an essential reference for students and scholars in the input-output research and applications community. The book has been fully revised and updated to reflect important developments in the field since its original publication. New topics covered include SAMs (and extended input-output models) and their connection to input-output data, structural decomposition analysis (SDA), multiplier decompositions, identifying important coefficients, and international input-output models. A major new feature of this edition is that it is also supported by an accompanying website with solutions to all problems, wide-ranging real-world data sets, and appendices with further information for more advanced readers. Input-Output Analysis is an ideal introduction to the subject for advanced undergraduate and graduate students in a wide variety of fields, including economics, regional science, regional economics, city, regional and urban planning, environmental planning, public policy analysis, and public management.
Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This book is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigor. Economic intuition is emphasized, examples and problem sets covering a wide range of applications in economics are provided, theorems are clearly stated and their proofs are carefully explained. The development of the text is gradual and fully integrated, beginning with the simple formulations and progressing to advanced topics. Optimal control theory is introduced directly, without recourse to the calculus of variations, and the connection with the latter and with dynamic programming is explained in a separate chapter. Also, the book draws the parallel between optimal control theory and static optimization. No previous knowledge of differential equations is required.
In a world where there is increasing demand for the performance of health providers to be measured, there is a need for a more strategic vision of the role that performance measurement can play in securing health system improvement. This volume meets this need by presenting the opportunities and challenges associated with performance measurement in a framework that is clear and easy to understand. It examines the various levels at which health system performance is undertaken, the technical instruments and tools available, and the implications using these may have for those charged with the governance of the health system. Technical material is presented in an accessible way and is illustrated with examples from all over the world. Performance Measurement for Health System Improvement is an authoritative and practical guide for policy makers, regulators, patient groups and researchers.
Cormac McCarthy both embodies and redefines the notion of the artist as outsider. His fiction draws on recognizable American themes and employs dense philosophical and theological subtexts, challenging readers by depicting the familiar as inscrutably foreign. The essays in this Companion offer a sophisticated yet concise introduction to McCarthy's difficult and provocative work. The contributors, an international team of McCarthy scholars, analyze some of the most well-known and commonly taught novels - Outer Dark, Blood Meridian, All the Pretty Horses and The Road - while providing detailed treatments of McCarthy's work in cinema, including the many adaptations of his novels to film. Designed for scholars, teachers and general readers, and complete with a chronology and bibliography for further reading, this Companion is an essential reference for anyone interested in gaining a deeper understanding of one of America's most celebrated living novelists.
Edmund Burke prided himself on being a practical statesman, not an armchair philosopher. Yet his responses to specific problems - rebellion in America, the abuse of power in India and Ireland, or revolution in France - incorporated theoretical debates within jurisprudence, economics, religion, moral philosophy, and political science. Moreover, the extraordinary rhetorical force of Burke's speeches and writings quickly secured his reputation as a gifted orator and literary stylist. This Companion provides a comprehensive assessment of Burke's thought, examining the intellectual traditions that shaped it and the concrete issues to which it was addressed. The volume explores all his major writings from his early treatise on aesthetics to his famous polemic, Reflections on the Revolution in France. It also examines the vexed question of Burke's Irishness and seeks to determine how his cultural origins may have influenced his political views - from his attitudes on religious toleration to his complicated response to Empire. Finally, it aims both to explain and to challenge interpretations of Burke as a romantic, a utilitarian, a natural law thinker, and founding father of modern conservatism.
Gilles Deleuze (1925 1995) was an influential and provocative twentieth-century thinker who developed and presented an alternative to the image of thought found in traditional philosophy. This volume offers an extensive survey of Deleuze's philosophy by some of his most influential interpreters. The essays give lucid accounts of the fundamental themes of his metaphysical work and its ethical and political implications. They clearly situate his thinking within the philosophical tradition, with detailed studies of his engagements with phenomenology, post-Kantianism and the sciences, and also his interventions in the arts. As well as offering new research on established areas of Deleuze scholarship, several essays address key themes that have not previously been given the attention they deserve in the English-speaking world.
Following the same formula as other Cambridge Companions, this book is written by leading international experts in Christian ethics and is aimed at students on upper-level undergraduate courses, at teachers and at graduate students. It will be useful as well to ministers and other professionals within the church. Its eighteen chapters provide a thorough introduction to Christian ethics which is both authoritative and up-to-date. All contributors have been chosen because they are significant scholars with a proven track record of balanced, comprehensive and comprehensible writing. The Companion examines the scriptural bases of ethics, introduces a variety of approaches to ethics including those informed by considerations such as gender and by other faiths such as Judaism, and then discusses Christian ethics in the context of contemporary issues including war and the arms trade, social justice, ecology, economics, and medicine and genetics. The book offers a superb overview of its subject.
We can only claim to understand another legal system when we know the context surrounding the positive law in which lawyers are trained. To avoid ethnocentricity and superficiality, we must go beyond judicial decisions, doctrinal writings and the black-letter law of codes and statutes and probe the 'deeper structures' where law meets cultural, political, socio-economic factors. It is only when we acquire such awareness and knowledge of the critical factors affecting both the backgrounds and implications of rules that it becomes possible to control the present and possibly future developments of the world's legal institutions. This collection of essays aims to provide the reader with a fundamental understanding of the dynamic relationship between the law and its cultural, political and socio-economic context.
This volume discusses normative theological categories from a black perspective and argues that there is no major Christian doctrine on which black theology has not commented. Part One explores introductory questions such as: what have been the historical and social factors fostering a black theology, and what are some of the internal factors key to its growth? Part Two examines major doctrines which have been important for black theology in terms of clarifying key intellectual foci common to the study of religion. The final part discusses black theology as a world-wide development constituted by interdisciplinary approaches. The volume has an important role in bringing Christian thought into confrontation with one of the central challenges of modernity, namely the problem of race and racism. This Companion puts theological themes in conversation with issues of ethnicity, gender, social analysis, politics and class and is ideal for undergraduate and graduate students.
This volume provides lively and authoritative introductions to twenty-nine of the most important British and Irish poets from Geoffrey Chaucer to Philip Larkin. The list includes, among others, Shakespeare, Donne, Milton, Wordsworth, Browning, Yeats and T. S. Eliot, and represents the tradition of English poetry at its best. Each contributor offers a new assessment of a single poet's achievement and importance, with readings of the most important poems. The essays, written by leading experts, are personal responses, written in clear, vivid language, free of academic jargon, and aim to inform, arouse interest, and deepen understanding.
The Cambridge Companion to Christian Mysticism is a multi-authored interdisciplinary guide to the study of Christian mysticism, with an emphasis on the third through the seventeenth centuries. The book is thematically organized in terms of the central contexts, practices, and concepts associated with the mystical life in early, medieval, and early modern Christianity. Written by leading authorities and younger scholars from a range of disciplines, the volume both provides a clear introduction to the Christian mystical life and articulates a bold new approach to the study of mysticism. The book looks beyond the term mysticism, which was an early modern invention, to explore the ways in the ancient terms mystic and mystical were used in the Christian tradition: What kinds of practices, modes of life, and experiences were described as mystical ? What understanding of Christianity and of the life of Christian perfection is articulated through mystical interpretations of scripture, mystical contemplation, mystical vision, mystical theology, or mystical union? What practices and experiences provided the framework within which one could describe mystical phenomena? And what topics are at the forefront of the contemporary study of Christian mystical practice and experience?
This is an accessible, wide-ranging and informed introduction to Shakespeare's comedies and romances. Rather than taking each play in isolation, the chapters trace recurring issues, suggesting both the continuity and the variety of Shakespeare's practice and the creative use he made of the conventions he inherited. The first section puts Shakespeare in the context of classical and Renaissance comedy and comic theory, the work of his Elizabethan predecessors and the traditions of popular festivity. The second section traces a number of themes through Shakespeare's early and middle comedies, dark comedies and late romances, establishing the key features of his comedy as a whole and illuminating particular plays by close analysis. Individual chapters draw on contemporary politics, rhetoric, and the history of Shakespeare production. Written by experts in the relevant fields, the chapters bring the reader up to date on current thinking and frequently challenge long-standing critical assumptions.
Creative writing has become a highly professionalised academic discipline, with popular courses and prestigious degree programmes worldwide. This book is a must for all students and teachers of creative writing, indeed for anyone who aspires to be a published writer. It engages with a complex art in an accessible manner, addressing concepts important to the rapidly growing field of creative writing, while maintaining a strong craft emphasis, analysing exemplary models of writing and providing related writing exercises. Written by professional writers and teachers of writing, the chapters deal with specific genres or forms - ranging from the novel to new media - or with significant topics that explore the cutting edge state of creative writing internationally (including creative writing and science, contemporary publishing and new workshop approaches).
Few other team sports can equal the global reach of cricket. Rich in history and tradition, it is both quintessentially English and expansively international, a game that has evolved and changed dramatically in recent times. Demonstrating how the history of cricket and its international popularity is entwined with British imperial expansion, this book examines the social and political impact of the game in a variety of cultural sites: the West Indies, India, Pakistan, Sri Lanka, South Africa, Australia and New Zealand. An international team of contributors explores the enduring influence of cricket on English identity, examines why cricket has seized the imagination of so many literary figures and provides profiles of iconic players including Bradman, Lara and Tendulkar. Presenting a global panoramic view of cricket's complicated development, its unique adaptability and its political and sporting controversies, the book provides a rich insight into a unique sporting and cultural heritage.
The emergence of EU Private Law as an independent legal discipline is one of the most significant developments in European legal scholarship in recent times. In this Companion, leading scholars provide a critical introduction to the subject's key areas, while offering original and thought-provoking comment on the field. In addition to several chapters on consumer law topics, the collection has individual chapters on commercial contracts, competition law, non-discrimination law, financial services and travel law. It also discusses the wider issues concerning EU Private Law, such as its historical evolution, the role of comparative law, language and terminology, as well as the implications of the Common Frame of Reference project. A useful 'scene-setting' introduction and further reading arranged thematically make this important publication the student's and scholar's first port of call when exploring the field.
This best-selling undergraduate textbook provides an introduction to key experimental techniques from across the biosciences. It uniquely integrates the theories and practices that drive the fields of biology and medicine, comprehensively covering both the methods students will encounter in lab classes and those that underpin recent advances and discoveries. Its problem-solving approach continues with worked examples that set a challenge and then show students how the challenge is met. New to this edition are case studies, for example, that illustrate the relevance of the principles and techniques to the diagnosis and treatment of individual patients. Coverage is expanded to include a section on stem cells, chapters on immunochemical techniques and spectroscopy techniques, and additional chapters on drug discovery and development, and clinical biochemistry. Experimental design and the statistical analysis of data are emphasised throughout to ensure students are equipped to successfully plan their own experiments and examine the results obtained.
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