Studies in sport sciences have addressed a wide

Size: px
Start display at page:

Download "Studies in sport sciences have addressed a wide"

Transcription

1 REVIEW ARTICLE TRENDS i Spor Scieces 014; 1(1: ISSN The eed o repor effec size esimaes revisied. A overview of some recommeded measures of effec size MACIEJ TOMCZAK 1, EWA TOMCZAK Rece years have wiessed a growig umber of published repors ha poi ou he eed for reporig various effec size esimaes i he coex of ull hypohesis esig (H 0 as a respose o a edecy for reporig ess of saisical sigificace oly, wih less aeio o oher impora aspecs of saisical aalysis. I he face of cosiderable chages over he pas several years, eglec o repor effec size esimaes may be oed i such fields as medical sciece, psychology, applied liguisics, or pedagogy. Nor have spor scieces maaged o oally escape he grips of his subopimal pracice: here saisical aalyses i eve some of he curre research repors do o go much furher ha compuig p-values. The p-value, however, is o mea o provide iformaio o he acual sregh of he relaioship bewee variables, ad does o allow he researcher o deermie he effec of oe variable o aoher. Effec size measures serve his purpose well. While he umber of repors coaiig saisical esimaes of effec sizes calculaed afer applyig parameric ess is seadily icreasig, reporig effec sizes wih o-parameric ess is sill very rare. Hece, he mai objecives of his coribuio are o promoe various effec size measures i spor scieces hrough, oce agai, brigig o he readers aeio he beefis of reporig hem, ad o prese examples of such esimaes wih a greaer focus o hose ha ca be calculaed for o-parameric ess. KEY WORDS: spor sciece, effec size calculaio, parameric ess, o-parameric ess, mehodology. Received: 1 Sepember 013 Acceped: 15 February 014 Correspodig auhor: maciejomczak5@gmail.com 1 Uiversiy School of Physical Educaio i Pozań, Deparme of Psychology, Polad Adam Mickiewicz Uiversiy i Pozań, Faculy of Eglish, Deparme of Psycholiguisic Sudies, Polad Wha is already kow o his opic? Esimaes of effec size allow he assessme of he sregh of he relaioship bewee he ivesigaed variables. I pracice, hey permi a evaluaio of he magiude ad imporace of he resul obaied. A effec size esimae is a measure worh reporig ex o he p-value i ull hypohesis esig. However, o every research repor coais i. Afer he ull hypohesis has bee esed wih he use of parameric ad o-parameric ess (saisical sigificace esig, measures of effec size ca be esimaed. A few remarks o saisical hypohesis esig Sudies i spor scieces have addressed a wide specrum of opics. Empirical verificaio i hese areas ofe makes use of correlaio models as well as experimeal research models. Jus like oher scholars coducig empirical research, researchers i spor scieces ofe rely o ifereial saisics o es hypoheses. From he poi of view of saisics, he hypohesis verificaio process ofe comes dow o deermiig he probabiliy value (p-value, ad o decidig wheher he ull hypohesis (H 0 is rejeced (a es of saisical sigificace [1,, 3, 4]. I he case of rejecig he ull hypohesis (H 0, a researcher Vol. 1(1 TRENDS IN SPORT SCIENCES 19

2 TOMCZAK, TOMCZAK will accep a aleraive hypohesis (H 1, which is ofe referred o as he so-called subsaive hypohesis as a researcher formulaes i based o various crieria applicable o heir ow sudies. Such a approach o hypohesis verificaio has is origi i Fisher s approach (p-value approach ad he Neyma-Pearso framework o hypohesis esig ha was developed laer (fixed-α approach. Below, based o Araowska ad Ryel [5, p. 50], we prese he wo approaches (Table 1. Rejecig he ull hypohesis (H 0 whe i is i fac rue is wha Neyma ad Pearso call makig a Type I error (kow as false posiive or false alarm. To corol for Type I error, or i oher words, o miimize he chace of fidig a differece ha is o really here i he daa, researchers se a appropriaely low alpha level i heir aalyses. By coras, failig o rejec he ull hypohesis (H 0 whe i is acually false (ad should be rejeced is referred o as a Type II error (kow as false egaive. Here, icreasig he sample size is a effecive way of reducig he probabiliy of obaiig a Type II error [1,, 3]. The preseed approach o hypohesis esig has bee a commo pracice i may disciplies. However, reporig he p-value aloe ad drawig ifereces based o he p-value aloe is isufficie. Hece, saisical aalyses ad research repors should be supplemeed wih oher esseial measures ha carry more iformaio abou he meaigfuless of he resuls obaied. Why he p-value aloe is o eough? or O he eed o repor effec size esimaes Thaks o some of is advaages, he cocep of saisical sigificace esig has prevailed i he empirical verificaio of hypoheses o he exe ha may areas have sill see oher vial saisical measures go largely urepored. I spie of recommedaios o o limi research repors o preseig he ull hypohesis esig ad reporig he p-value oly, o his day a relaively large umber of published aricles have o goe much beyod ha. By way of illusraio, a mea-aalysis of research accous published i oe presigious psychology joural i he years 009 ad 010 showed ha almos half of he aricles reporig a Aalysis of Variace (ANOVA did o coai ay measure of effec size, ad oly a mere quarer of he surveyed research repors supplemeed Sude s -es aalyses wih iformaio abou he effec size [6]. Spor scieces have see comparable pracices every ow ad he. As already poied ou, givig he p-value oly o suppor he sigificace of he differece bewee groups, or measuremes, or he sigificace of a relaioship is isufficie [7, 8]. The p-value aloe merely idicaes wha he probabiliy of obaiig a resul as exreme as or more exreme ha he oe acually obaied, assumig ha he ull hypohesis is rue [1]. I may circumsaces, he compued p-value depeds (also o he sadard error (SE [9]. I is ow well esablished ha he sample size affecs he sadard error ad, as a resul of ha, he p-value. As he size of a sample icreases, he sadard error becomes smaller, ad he p-value eds o decrease. Due o his depedece o sample size, p-values are see as cofouded. Someimes a resul ha is saisically sigifica maily idicaes ha a huge sample size was used [10, 11]. For his reaso, he value of he p-value does o say wheher he observed resul is meaigful or impora i erms of (1 he magiude of he differece i he mea scores of he groups o some measure, or ( Table 1. Fisher s ad Neyma-Pearso s approaches o hypohesis esig The Fisher approach o hypohesis esig (also kow as he p-value approach formulae he ull hypohesis (H 0 selec he appropriae es saisic ad specify is disribuio collec he daa ad calculae he value of he es saisic for your se of daa specify he p-value if he p-value is sufficiely small (accordig o he crierio adoped, he rejec he ull hypohesis. Oherwise, do o rejec he ull hypohesis. The Neyma-Pearso approach o hypohesis esig (also kow as he fixed-α approach formulae wo hypoheses: he ull hypohesis (H 0 ad he aleraive hypohesis (H 1 selec he appropriae es saisic ad specify is disribuio specify α (alpha ad selec he criical regio (R collec he daa ad calculae he value of he es saisic for your se of daa if he value of he es saisic falls i he criical (rejecio regio, he rejec he ull hypohesis a a chose sigificace level (α. Oherwise, do o rejec he ull hypohesis. 0 TRENDS IN SPORT SCIENCES March 014

3 The eed o repor effec size esimaes revisied. A overview... he sregh of he relaioship bewee he ivesigaed variables. Relyig o he p-value aloe for saisical iferece does o permi a evaluaio of he magiude ad imporace of he obaied resul [10, 1, 13]. I geeral erms, here are good eough reasos for researchers o suppleme heir repors of he ull hypohesis esig (saisical sigificace esig: he p-value wih iformaio abou effec sizes. Give saisical measures, a large umber of effec size esimaes have bee developed ad used o his day. As reporig effec size esimaes is beeficial i more ha oe way, below we lis he beefis ha seem mos fudameal [6, 1, 14, 15, 16, 17, 18]: 1. They reflec he sregh of he relaioship bewee variables ad allow for he imporace (meaigfuless of such a relaioship o be evaluaed. This holds boh for relaioships explored i correlaioal research ad he magiude of effecs obaied i experimes (i.e. evaluaig he magiude of a differece. O he oher had, applyig a es of sigificace oly ad saig he p-value may solely provide iformaio abou he presece or absece of a differece, is impac ad relaio, leavig aside is imporace.. Effec size esimaes allow he resuls from differe sources ad auhors o be properly compared. The p-value aloe, which depeds o he sample size, does o permi such comparisos. Hece, he effec size is criical i research syheses ad meaaalyses ha iegrae he quaiaive fidigs from various sudies of relaed pheomea. 3. They ca be used o calculae he power of a saisical es (power saisics, which i ur allows he researcher o deermie he sample size eeded for he sudy. 4. Effec sizes obaied i pilo sudies where he sample size is small may be a idicaor of fuure expecaios of research resuls. Some recommeded effec size esimaes I he prese secio we provide a overview of a umber of effec size esimaes for saisical ess ha are mos commoly used i spor scieces. Sice parameric ess are frequely used, measures of effec size for parameric ess are described firs. The, we describe effec size esimaes for o-parameric ess. Reporig measures of effec size for he laer is more of a rariy. Aside from ha, i he overview below we omi he measures of effec size ha are mos popular ad widely repored for parameric ess. I spor scieces examples of he mos popular esimaes of effec size iclude correlaio coefficies for relaioships bewee variables measured o a ierval or raio scale such as he Pearso s correlaio coefficie (r. Nor do we prese effec size measures popular ad widely used, amog ohers, i spor scieces, calculaed for relaioships bewee ordial variables such as he Spearma s coefficie of correlaio. Some measures of effec size preseed below ca be calculaed auomaically wih he help of saisical sofware such as Saisica, he Saisical Package for he Social Scieces (SPSS, or R. Ohers ca be calculaed by had i a quick ad easy way. Effec size esimaes used wih parameric ess The Sude s -es for idepede samples is a parameric es ha is used o compare he meas of wo groups. Afer he ull hypohesis is esed, oe ca easily ad quickly calculae he value of he poi-biserial correlaio coefficie wih he help of he Sude s -es (provided ha he -value comes from comparig groups of relaively similar size. This coefficie is similar o he classical correlaio coefficie i is ierpreaio. Usig his coefficie oe ca calculae he popular r (η. The formula used i compuig he poi-biserial correlaio coefficie is preseed below [1, 6, 19]: r r η + df + df value of Sude s -es, df he umber of degrees of freedom ( ; 1, he umber of observaios i groups (group 1, group r poi-biserial correlaio coefficie r (η he idex assumes values from 0 o 1 ad muliplied by 100% idicaes he perceage of variace i he depede variable explaied by he idepede variable Ofe used here are he effec size measures from he so-called d family of size effecs ha iclude, amog ohers, wo commoly used measures: Cohe s d ad Hedges g. Below we provide a formula for calculaig Cohe s d [1, 19, 0, 1]: Vol. 1(1 TRENDS IN SPORT SCIENCES 1

4 TOMCZAK, TOMCZAK x d x 1 σ d Cohe s idex meas of he firs ad secod sample σ sadard deviaio of a populaio x 1, Normally, we do o kow he populaio sadard deviaio ad we esimae i based o he sample. Give ha, i is possible here o use he esimae of sadard deviaio of he oal populaio. I his case, o esimae he effec size oe ca compue he g coefficie ha uses he weighed pooled sadard deviaio []: g x x ( + ( 1 s 1 s , he umber of observaios i groups (group 1, group s 1, s sadard deviaio i groups (group 1, group rough arbirary crieria for Cohe s d ad Hedges g values: d or g of 0. is cosidered small, 0.5 medium, ad 0.8 large [1] Whe i comes o he depede-samples Sude s -es, i is possible o compue he correlaio coefficie r. For his purpose, he above-preseed formula for calculaig r for idepede samples is adoped. However, he r coefficie is o loger he simple poi-biserial correlaio, bu is isead he correlaio bewee group membership ad scores o he depede variable wih idicaor variables for he paired idividuals parialed ou [3, p. 447]. Addiioally, oce he depede-samples Sude s -es has bee used, i is possible o calculae he effec size esimae g, where [1, ]: g D SSD 1 D mea differece score SS D sum of squared deviaios (i.e. he sum of squares of deviaios from he mea differece score I ur, o compare more ha wo groups o raio variables or ierval variables, Aalysis of Variace (ANOVA is used, be i oe-way or muli-facor ANOVA (provided ha he samples mee he crieria. The effec size esimaes used here are he coefficie η or ω. To compue he former (η, we may use he ANOVA oupu from popular saisical sofware packages such as Saisica or SPSS. Below we prese he formula [1, 6, 4]: η SS SS SS ef sum of squares for he effec SS oal sum of squares η he idex assumes values from 0 o 1 ad muliplied by 100% idicaes he perceage of variace i he depede variable explaied by he idepede variable Oe of he disadvaages of η is ha he value of each paricular effec is depede o some exe o he size ad umber of oher effecs i he desig [5]. A way ou of his problem is o calculae he parial ea-squared saisic ( η p, where a give facor is see as playig a role i explaiig he porio of variace i he depede variable provided ha oher effecs (facors prese i he aalysis have bee excluded [6]. The formula is preseed below [1, 6, 4]: η p SS ef SS ef ef + SS SS ef sum of squares for he effec SS er sum of squared errors I he same way, oe ca calculae he effec size for wihi-subjec desigs (repeaed measures. However, boh coefficies η ad ( η p are biased ad hey esimae he effec for a give sample oly. Therefore, we should compue he coefficie ω ha is relaively ubiased. To calculae i by had oe ca use he ANOVA oupu ha coais values of mea square (MS, sum of squares (SS, ad degrees of freedom (df. For bewee-subjec desigs he followig formula applies [4]: er df ω ef ( MSef MSer SS + MS MS ef mea square of he effec MS er mea square error SS he oal sum of squares degrees of freedom for he effec df ef er TRENDS IN SPORT SCIENCES March 014

5 The eed o repor effec size esimaes revisied. A overview... For wihi-subjec desigs ω is calculaed usig he formula [4]: df ω ef ( MSef MSer SS + MS MS ef mea square of he effec MS er mea square error MS sj mea square for subjecs df ef degrees of freedom for he effec The parial omega-squared ( ω p is compued i he same way boh for he bewee-subjec desigs ad wihi-subjec desigs (repeaed measures usig he formula below [4]: ω ef ef er p ef ef ef er sj df ( MS MS df MS + ( df MS Boh η ad ω are ierpreed similarly o R. Hece, hese measures muliplied by 100% idicae he perceage of variace i he depede variable explaied by he idepede variable. Effec size esimaes used wih o-parameric ess Now we ur o o-parameric ess. Various effec size esimaes ca be quickly calculaed for he Ma- Whiey U-es: a o-parameric saisical es used o compare wo groups. I addiio o he U-value, he Ma-Whiey es repor (oupu coais he sadardized Z-score which, afer ruig he Ma- Whiey U-es o he daa, ca be used o compue he value of he correlaio coefficie r. The ierpreaio of he calculaed r-value coicides wih he oe for Pearso s correlaio coefficie (r. Also, he r-value ca be easily covered o r. The formulae for calculaig r ad r by had are preseed below [6]: Z r r η Z Z sadardized value for he U-value r correlaio coefficie where r assumes he value ragig from 1.00 o 1.00 r (η he idex assumes values from 0 o 1 ad muliplied by 100% idicaes he perceage of variace i he depede variable explaied by he idepede variable he oal umber of observaios o which Z is based Followig he compuaio of he Ma-Whiey U-saisic, oe ca also calculae he Glass rak-biserial correlaio usig average raks from wo ses of daa ( _ R 1, _ R ad sample size i each group. Some saisical packages ex o he es score produce he sum of raks ha ca be used o calculae mea raks. To ierpre he calculaed value oe ca draw o he ierpreaio of he classical Pearso s correlaio coefficie (r. Here he followig formula applies [1]: ( R R r 1 1+ _ R_ 1 mea rak for group 1 R mea rak for group 1 sample size (group 1 sample size (group r correlaio coefficie where r assumes he value ragig from 1.00 o 1.00 For aoher o-parameric es, he Wilcoxo sigedrak es for paired samples, agai, he Z-score may be used o calculae correlaio coefficies employig he formula give below (where is he oal umber of observaios o which Z is based [6]. r O he oher had, oce he Wilcoxo siged-rak es has bee compued, oe ca also calculae he rakbiserial correlaio coefficie usig he formula [1]: Z R1+ R 4 T r + ( + 1 R 1 sum of raks wih posiive sigs (sum of raks of posiive values R sum of raks wih egaive sigs (sum of raks of egaive values T he smaller of he wo values (R 1 or R he oal sample size r correlaio coefficie (which is he same as r coefficie i is ierpreaio Vol. 1(1 TRENDS IN SPORT SCIENCES 3

6 TOMCZAK, TOMCZAK For he Kruskal-Wallis H-es, a o-parameric es adoped o compare more ha wo groups, he easquared measure (η ca be compued. The formula for calculaig he η esimae usig he H-saisic is preseed below [6]: H k+ η H k 1 H he value obaied i he Kruskal-Wallis es (he Kruskal-Wallis H-es saisic η ea-squared esimae assumes values from 0 o 1 ad muliplied by 100% idicaes he perceage of variace i he depede variable explaied by he idepede variable k he umber of groups he oal umber of observaios I addiio, oce he Kruskal-Wallis H-es has bee compued, he epsilo-squared esimae of effec size ca be calculaed, where [1]: E R H ( 1/( + 1 H he value obaied i he Kruskal-Wallis es (he Kruskal-Wallis H-es saisic he oal umber of observaios E R coefficie assumes he value from 0 (idicaig o relaioship o 1 (idicaig a perfec relaioship Also, for he Friedma es, a o-parameric saisical es employed o compare hree or more paired measuremes (repeaed measures, a effec size esimae ca be calculaed (ad is referred o as W [1]: χ w W Nk ( 1 W he Kedall s W es value χ w he Friedma es saisic value N sample size k he umber of measuremes per subjec The Kedall s W coefficie assumes he value from 0 (idicaig o relaioship o 1 (idicaig a perfec relaioship. Also, i spor scieces i is quie commo pracice o use he chi-square es of idepedece (χ. Havig esed he ull hypohesis (H 0 wih a χ es of idepedece, oe may assess he sregh of a relaioship bewee omial variables. I his case, Phi (φyoula, compued for ables where each variable has oly wo levels, e.g. he firs variable: male/female, he secod variable: smokig/o-smokig ca be repored, or oe ca repor Cramer s V (for ables which have more ha rows ad colums. The values obaied for he esimaes of effec size are similar o correlaio coefficies i heir ierpreaio. Agai, popular saisical sofware packages calculae Phi ad Cramer s V. Below we prese he formulae for such calculaios [1, 6]: ad for Cramer s V: φ V χ χ df ( s df s degrees of freedom for he smaller from wo umbers (he umber of rows ad colums, whichever is smaller χ he calculaed chi-square saisic he oal umber of cases The Phi coefficie ad he Cramer s V assume he value from 0 (idicaig o relaioship o 1 (idicaig a perfec relaioship. Coclusios I he prese coribuio we have re-emphasized he eed o repor esimaes of effec size i cojucio wih ull hypohesis esig, ad he beefis hereof. We have preseed some of he recommeded measures of effec size for saisical ess ha are mos commoly used i spor scieces. Addiioal emphasis has bee o effec size esimaes for o-parameric ess, as reporig effec size measures for hese ess is sill very rare. The prese paper may also serve as a poi of deparure for furher discussio where pracical (e.g. cliical magiude (imporace of resuls i he ligh of he codiioigs i a chose area will come io focus. 4 TRENDS IN SPORT SCIENCES March 014

7 The eed o repor effec size esimaes revisied. A overview... Wha his paper adds? This paper highlighs he eed for icludig adequae esimaes of effec size i research repors i he area of spor scieces. The overview coais various ypes of effec size measures ha ca be calculaed followig he compuaio of parameric ad o-parameric ess. Sice reporig effec size esimaes whe usig o-parameric ess is very rare, his secio may prove paricularly useful for researchers. Some of he effec size measures give ca be calculaed by had quie easily, ohers ca be calculaed wih he help of popular saisical sofware packages. Refereces 1. Kig BM, Miium EW. Saysyka dla psychologów i pedagogów (Saisical reasoig i psychology ad educaio. Warszawa: Wydawicwo Naukowe PWN; Cohe J. The earh is roud (p <.05. America Psychologis. 1994; 49(1: Cohe J. Thigs I have leared (so far. America Psychologis. 1990; 45(1: Jascaiee N, Nowak R, Kosrzewa-Nowak D, e al. Seleced aspecs of saisical aalyses i spor wih he use of Saisica sofware. Ceral Europea Joural of Spor Scieces ad Medicie. 013; 3(3: Araowska E, Ryel J. Isoość saysycza co o aprawdę zaczy? (Saisical sigificace wha does i really mea?. Przegląd Psychologiczy. 1997; 40(3-4: Friz CO, Morris PE, Richler JJ. Effec size esimaes: curre use, calculaios, ad ierpreaio. Joural of Experimeal Psychology: Geeral. 01; 141(1: Drikwaer E. Applicaios of cofidece limis ad effec sizes i spor research. The Ope Spors Scieces Joural. 008; 1(1: Fröhlich M, Emrich E, Pieer A, e al. Oucome effecs ad effecs sizes i spor scieces. Ieraioal Joural of Spors Sciece ad Egieerig. 009; 3(3: Alma DG, Blad JM. Sadard deviaios ad sadard errors. Briish Medical Joural. 005; 331(751: Sulliva GM, Fei R. Usig effec size or why he p value is o eough. Joural of Graduae Medical Educaio. 01; 4(3: Bradley MT, Brad A. Alpha values as a fucio of sample size, effec size, ad power: accuracy over iferece. Psychological Repors. 013; 11(3: Brzeziński J. Badaia eksperymeale w psychologii i pedagogice (Experimeal sudies i psychology ad pedagogy. Warszawa: Wydawicwo Naukowe Scholar; Durlak JA. How o selec, calculae, ad ierpre effec sizes. Joural of Pediaric Psychology. 009; 34(9: Shaughessy JJ, Zechmeiser EB, Zechmeiser JS. Research Mehods i Psychology. 5h ed. New York, NY: The McGraw-Hill; Aars S, va de Akker M, Wikes B. The imporace of effec sizes. Europea Joural of Geeral Pracice. 014; 0(1: Ellis PD. The esseial guide o effec sizes: Saisical power, mea-aalysis, ad he ierpreaio of research resuls. Cambridge: Cambridge Uiversiy Press; Lazarao A. Power, effec size, ad secod laguage research. A researcher commes. TESOL Quarerly. 1991; 5(4: Hach EM, Lazarao A, Jolliffe DA. The research maual: Desig ad saisics for applied liguisics. New York: Newbury House Publishers; Rosow RL, Rosehal R. Effec sizes for experimeig psychologiss. Caadia Joural of Experimeal Psychology. 003; 57(3: Cohe J. Some saisical issues i psychological research. I: Wolma BB, ed., Hadbook of cliical psychology, New York: McGraw-Hill; pp Cohe J. Saisical power aalysis for he behavioral scieces. d ed. Hillsdale, NJ: Lawrece Erlbaum; Hedges LV, Olki I. Saisical mehods for meaaalysis. Sa Diego, CA: Academic Press; Rosow RL, Rosehal R, Rubi DB. Corass ad correlaios i effec-size esimaio. Psychological Sciece. 000; 11(6: Lakes D. Calculaig ad reporig effec sizes o faciliae cumulaive sciece: a pracical primer for -ess ad ANOVAs. Froiers i Psychology. 013; 4: Tabachick BG, Fidell LS. Usig mulivariae saisics. Upper Saddle River, NJ: Pearso Ally & Baco; Cohe BH. Explaiig psychological saisics. 3rd ed. New York: Joh Wiley & Sos; 008. Vol. 1(1 TRENDS IN SPORT SCIENCES 5

FORECASTING MODEL FOR AUTOMOBILE SALES IN THAILAND

FORECASTING MODEL FOR AUTOMOBILE SALES IN THAILAND FORECASTING MODEL FOR AUTOMOBILE SALES IN THAILAND by Wachareepor Chaimogkol Naioal Isiue of Developme Admiisraio, Bagkok, Thailad Email: wachare@as.ida.ac.h ad Chuaip Tasahi Kig Mogku's Isiue of Techology

More information

Bullwhip Effect Measure When Supply Chain Demand is Forecasting

Bullwhip Effect Measure When Supply Chain Demand is Forecasting J. Basic. Appl. Sci. Res., (4)47-43, 01 01, TexRoad Publicaio ISSN 090-4304 Joural of Basic ad Applied Scieific Research www.exroad.com Bullwhip Effec Measure Whe Supply Chai emad is Forecasig Ayub Rahimzadeh

More information

Ranking of mutually exclusive investment projects how cash flow differences can solve the ranking problem

Ranking of mutually exclusive investment projects how cash flow differences can solve the ranking problem Chrisia Kalhoefer (Egyp) Ivesme Maageme ad Fiacial Iovaios, Volume 7, Issue 2, 2 Rakig of muually exclusive ivesme projecs how cash flow differeces ca solve he rakig problem bsrac The discussio abou he

More information

A panel data approach for fashion sales forecasting

A panel data approach for fashion sales forecasting A pael daa approach for fashio sales forecasig Shuyu Re(shuyu_shara@live.c), Tsa-Mig Choi, Na Liu Busiess Divisio, Isiue of Texiles ad Clohig, The Hog Kog Polyechic Uiversiy, Hug Hom, Kowloo, Hog Kog Absrac:

More information

UNDERWRITING AND EXTRA RISKS IN LIFE INSURANCE Katarína Sakálová

UNDERWRITING AND EXTRA RISKS IN LIFE INSURANCE Katarína Sakálová The process of uderwriig UNDERWRITING AND EXTRA RISKS IN LIFE INSURANCE Kaaría Sakálová Uderwriig is he process by which a life isurace compay decides which people o accep for isurace ad o wha erms Life

More information

Why we use compounding and discounting approaches

Why we use compounding and discounting approaches Comoudig, Discouig, ad ubiased Growh Raes Near Deb s school i Souher Colorado. A examle of slow growh. Coyrigh 000-04, Gary R. Evas. May be used for o-rofi isrucioal uroses oly wihou ermissio of he auhor.

More information

A formulation for measuring the bullwhip effect with spreadsheets Una formulación para medir el efecto bullwhip con hojas de cálculo

A formulation for measuring the bullwhip effect with spreadsheets Una formulación para medir el efecto bullwhip con hojas de cálculo irecció y rgaizació 48 (01) 9-33 9 www.revisadyo.com A formulaio for measurig he bullwhip effec wih spreadshees Ua formulació para medir el efeco bullwhip co hojas de cálculo Javier Parra-Pea 1, Josefa

More information

Mechanical Vibrations Chapter 4

Mechanical Vibrations Chapter 4 Mechaical Vibraios Chaper 4 Peer Aviabile Mechaical Egieerig Deparme Uiversiy of Massachuses Lowell 22.457 Mechaical Vibraios - Chaper 4 1 Dr. Peer Aviabile Modal Aalysis & Corols Laboraory Impulse Exciaio

More information

Modelling Time Series of Counts

Modelling Time Series of Counts Modellig ime Series of Cous Richard A. Davis Colorado Sae Uiversiy William Dusmuir Uiversiy of New Souh Wales Yig Wag Colorado Sae Uiversiy /3/00 Modellig ime Series of Cous wo ypes of Models for Poisso

More information

CHAPTER 22 ASSET BASED FINANCING: LEASE, HIRE PURCHASE AND PROJECT FINANCING

CHAPTER 22 ASSET BASED FINANCING: LEASE, HIRE PURCHASE AND PROJECT FINANCING CHAPTER 22 ASSET BASED FINANCING: LEASE, HIRE PURCHASE AND PROJECT FINANCING Q.1 Defie a lease. How does i differ from a hire purchase ad isalme sale? Wha are he cash flow cosequeces of a lease? Illusrae.

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

Reaction Rates. Example. Chemical Kinetics. Chemical Kinetics Chapter 12. Example Concentration Data. Page 1

Reaction Rates. Example. Chemical Kinetics. Chemical Kinetics Chapter 12. Example Concentration Data. Page 1 Page Chemical Kieics Chaper O decomposiio i a isec O decomposiio caalyzed by MO Chemical Kieics I is o eough o udersad he soichiomery ad hermodyamics of a reacio; we also mus udersad he facors ha gover

More information

Modeling the Nigerian Inflation Rates Using Periodogram and Fourier Series Analysis

Modeling the Nigerian Inflation Rates Using Periodogram and Fourier Series Analysis CBN Joural of Applied Saisics Vol. 4 No.2 (December, 2013) 51 Modelig he Nigeria Iflaio Raes Usig Periodogram ad Fourier Series Aalysis 1 Chukwuemeka O. Omekara, Emmauel J. Ekpeyog ad Michael P. Ekeree

More information

APPLICATIONS OF GEOMETRIC

APPLICATIONS OF GEOMETRIC APPLICATIONS OF GEOMETRIC SEQUENCES AND SERIES TO FINANCIAL MATHS The mos powerful force i he world is compoud ieres (Alber Eisei) Page of 52 Fiacial Mahs Coes Loas ad ivesmes - erms ad examples... 3 Derivaio

More information

1/22/2007 EECS 723 intro 2/3

1/22/2007 EECS 723 intro 2/3 1/22/2007 EES 723 iro 2/3 eraily, all elecrical egieers kow of liear sysems heory. Bu, i is helpful o firs review hese coceps o make sure ha we all udersad wha his heory is, why i works, ad how i is useful.

More information

THE FOREIGN EXCHANGE EXPOSURE OF CHINESE BANKS

THE FOREIGN EXCHANGE EXPOSURE OF CHINESE BANKS Workig Paper 07/2008 Jue 2008 THE FOREIGN ECHANGE EPOSURE OF CHINESE BANKS Prepared by Eric Wog, Jim Wog ad Phyllis Leug 1 Research Deparme Absrac Usig he Capial Marke Approach ad equiy-price daa of 14

More information

Exchange Rates, Risk Premia, and Inflation Indexed Bond Yields. Richard Clarida Columbia University, NBER, and PIMCO. and

Exchange Rates, Risk Premia, and Inflation Indexed Bond Yields. Richard Clarida Columbia University, NBER, and PIMCO. and Exchage Raes, Risk Premia, ad Iflaio Idexed Bod Yields by Richard Clarida Columbia Uiversiy, NBER, ad PIMCO ad Shaowe Luo Columbia Uiversiy Jue 14, 2014 I. Iroducio Drawig o ad exedig Clarida (2012; 2013)

More information

A Strategy for Trading the S&P 500 Futures Market

A Strategy for Trading the S&P 500 Futures Market 62 JOURNAL OF ECONOMICS AND FINANCE Volume 25 Number 1 Sprig 2001 A Sraegy for Tradig he S&P 500 Fuures Marke Edward Olszewski * Absrac A sysem for radig he S&P 500 fuures marke is proposed. The sysem

More information

Chapter 4 Return and Risk

Chapter 4 Return and Risk Chaper 4 Reur ad Risk The objecives of his chaper are o eable you o:! Udersad ad calculae reurs as a measure of ecoomic efficiecy! Udersad he relaioships bewee prese value ad IRR ad YTM! Udersad how obai

More information

Teaching Bond Valuation: A Differential Approach Demonstrating Duration and Convexity

Teaching Bond Valuation: A Differential Approach Demonstrating Duration and Convexity JOURNAL OF EONOMIS AND FINANE EDUATION olume Number 2 Wier 2008 3 Teachig Bod aluaio: A Differeial Approach Demosraig Duraio ad ovexi TeWah Hah, David Lage ABSTRAT A radiioal bod pricig scheme used i iroducor

More information

PERFORMANCE COMPARISON OF TIME SERIES DATA USING PREDICTIVE DATA MINING TECHNIQUES

PERFORMANCE COMPARISON OF TIME SERIES DATA USING PREDICTIVE DATA MINING TECHNIQUES , pp.-57-66. Available olie a hp://www.bioifo.i/coes.php?id=32 PERFORMANCE COMPARISON OF TIME SERIES DATA USING PREDICTIVE DATA MINING TECHNIQUES SAIGAL S. 1 * AND MEHROTRA D. 2 1Deparme of Compuer Sciece,

More information

The Term Structure of Interest Rates

The Term Structure of Interest Rates The Term Srucure of Ieres Raes Wha is i? The relaioship amog ieres raes over differe imehorizos, as viewed from oday, = 0. A cocep closely relaed o his: The Yield Curve Plos he effecive aual yield agais

More information

Research Article Dynamic Pricing of a Web Service in an Advance Selling Environment

Research Article Dynamic Pricing of a Web Service in an Advance Selling Environment Hidawi Publishig Corporaio Mahemaical Problems i Egieerig Volume 215, Aricle ID 783149, 21 pages hp://dx.doi.org/1.1155/215/783149 Research Aricle Dyamic Pricig of a Web Service i a Advace Sellig Evirome

More information

4. Levered and Unlevered Cost of Capital. Tax Shield. Capital Structure

4. Levered and Unlevered Cost of Capital. Tax Shield. Capital Structure 4. Levered ad levered Cos Capial. ax hield. Capial rucure. Levered ad levered Cos Capial Levered compay ad CAP he cos equiy is equal o he reur expeced by sockholders. he cos equiy ca be compued usi he

More information

Introduction to Hypothesis Testing

Introduction to Hypothesis Testing Iroducio o Hyohei Teig Iroducio o Hyohei Teig Scieific Mehod. Sae a reearch hyohei or oe a queio.. Gaher daa or evidece (obervaioal or eerimeal) o awer he queio. 3. Summarize daa ad e he hyohei. 4. Draw

More information

FEBRUARY 2015 STOXX CALCULATION GUIDE

FEBRUARY 2015 STOXX CALCULATION GUIDE FEBRUARY 2015 STOXX CALCULATION GUIDE STOXX CALCULATION GUIDE CONTENTS 2/23 6.2. INDICES IN EUR, USD AND OTHER CURRENCIES 10 1. INTRODUCTION TO THE STOXX INDEX GUIDES 3 2. CHANGES TO THE GUIDE BOOK 4 2.1.

More information

Determinants of Public and Private Investment An Empirical Study of Pakistan

Determinants of Public and Private Investment An Empirical Study of Pakistan eraioal Joural of Busiess ad Social Sciece Vol. 3 No. 4 [Special ssue - February 2012] Deermias of Public ad Privae vesme A Empirical Sudy of Pakisa Rabia Saghir 1 Azra Kha 2 Absrac This paper aalyses

More information

Capital Budgeting: a Tax Shields Mirage?

Capital Budgeting: a Tax Shields Mirage? Theoreical ad Applied Ecoomics Volume XVIII (211), No. 3(556), pp. 31-4 Capial Budgeig: a Tax Shields Mirage? Vicor DRAGOTĂ Buchares Academy of Ecoomic Sudies vicor.dragoa@fi.ase.ro Lucia ŢÂŢU Buchares

More information

Lesson 17 Pearson s Correlation Coefficient

Lesson 17 Pearson s Correlation Coefficient Outlie Measures of Relatioships Pearso s Correlatio Coefficiet (r) -types of data -scatter plots -measure of directio -measure of stregth Computatio -covariatio of X ad Y -uique variatio i X ad Y -measurig

More information

Combining Adaptive Filtering and IF Flows to Detect DDoS Attacks within a Router

Combining Adaptive Filtering and IF Flows to Detect DDoS Attacks within a Router KSII RANSAIONS ON INERNE AN INFORMAION SYSEMS VOL. 4, NO. 3, Jue 2 428 opyrigh c 2 KSII ombiig Adapive Filerig ad IF Flows o eec os Aacks wihi a Rouer Ruoyu Ya,2, Qighua Zheg ad Haifei Li 3 eparme of ompuer

More information

An Approach for Measurement of the Fair Value of Insurance Contracts by Sam Gutterman, David Rogers, Larry Rubin, David Scheinerman

An Approach for Measurement of the Fair Value of Insurance Contracts by Sam Gutterman, David Rogers, Larry Rubin, David Scheinerman A Approach for Measureme of he Fair Value of Isurace Coracs by Sam Guerma, David Rogers, Larry Rubi, David Scheierma Absrac The paper explores developmes hrough 2006 i he applicaio of marke-cosise coceps

More information

Ranking Optimization with Constraints

Ranking Optimization with Constraints Rakig Opimizaio wih Cosrais Fagzhao Wu, Ju Xu, Hag Li, Xi Jiag Tsighua Naioal Laboraory for Iformaio Sciece ad Techology, Deparme of Elecroic Egieerig, Tsighua Uiversiy, Beijig, Chia Noah s Ark Lab, Huawei

More information

12. Spur Gear Design and selection. Standard proportions. Forces on spur gear teeth. Forces on spur gear teeth. Specifications for standard gear teeth

12. Spur Gear Design and selection. Standard proportions. Forces on spur gear teeth. Forces on spur gear teeth. Specifications for standard gear teeth . Spur Gear Desig ad selecio Objecives Apply priciples leared i Chaper 11 o acual desig ad selecio of spur gear sysems. Calculae forces o eeh of spur gears, icludig impac forces associaed wih velociy ad

More information

Testing the Weak Form of Efficient Market Hypothesis: Empirical Evidence from Jordan

Testing the Weak Form of Efficient Market Hypothesis: Empirical Evidence from Jordan Ieraioal Busiess ad Maageme Vol. 9, No., 4, pp. 9- DOI:.968/554 ISSN 9-84X [Pri] ISSN 9-848 [Olie] www.cscaada.e www.cscaada.org Tesig he Wea Form of Efficie Mare Hypohesis: Empirical Evidece from Jorda

More information

APPLIED STATISTICS. Economic statistics

APPLIED STATISTICS. Economic statistics APPLIED STATISTICS Ecoomic saisics Reu Kaul ad Sajoy Roy Chowdhury Reader, Deparme of Saisics, Lady Shri Ram College for Wome Lajpa Nagar, New Delhi 0024 04-Ja-2007 (Revised 20-Nov-2007) CONTENTS Time

More information

Testing Linearity in Cointegrating Relations With an Application to Purchasing Power Parity

Testing Linearity in Cointegrating Relations With an Application to Purchasing Power Parity Tesig Lieariy i Coiegraig Relaios Wih a Applicaio o Purchasig Power Pariy Seug Hyu HONG Korea Isiue of Public Fiace KIPF), Sogpa-ku, Seoul, Souh Korea 38-774 Peer C. B. PHILLIPS Yale Uiversiy, New Have,

More information

SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES

SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES Read Sectio 1.5 (pages 5 9) Overview I Sectio 1.5 we lear to work with summatio otatio ad formulas. We will also itroduce a brief overview of sequeces,

More information

Kyoung-jae Kim * and Ingoo Han. Abstract

Kyoung-jae Kim * and Ingoo Han. Abstract Simulaeous opimizaio mehod of feaure rasformaio ad weighig for arificial eural eworks usig geeic algorihm : Applicaio o Korea sock marke Kyoug-jae Kim * ad Igoo Ha Absrac I his paper, we propose a ew hybrid

More information

3. Cost of equity. Cost of Debt. WACC.

3. Cost of equity. Cost of Debt. WACC. Corporae Fiace [09-0345] 3. Cos o equiy. Cos o Deb. WACC. Cash lows Forecass Cash lows or equiyholders ad debors Cash lows or equiyholders Ecoomic Value Value o capial (equiy ad deb) - radiioal approach

More information

0.7 0.6 0.2 0 0 96 96.5 97 97.5 98 98.5 99 99.5 100 100.5 96.5 97 97.5 98 98.5 99 99.5 100 100.5

0.7 0.6 0.2 0 0 96 96.5 97 97.5 98 98.5 99 99.5 100 100.5 96.5 97 97.5 98 98.5 99 99.5 100 100.5 Sectio 13 Kolmogorov-Smirov test. Suppose that we have a i.i.d. sample X 1,..., X with some ukow distributio P ad we would like to test the hypothesis that P is equal to a particular distributio P 0, i.e.

More information

A Queuing Model of the N-design Multi-skill Call Center with Impatient Customers

A Queuing Model of the N-design Multi-skill Call Center with Impatient Customers Ieraioal Joural of u- ad e- ervice, ciece ad Techology Vol.8, o., pp.- hp://dx.doi.org/./ijuess..8.. A Queuig Model of he -desig Muli-skill Call Ceer wih Impaie Cusomers Chuya Li, ad Deua Yue Yasha Uiversiy,

More information

A New Hybrid Network Traffic Prediction Method

A New Hybrid Network Traffic Prediction Method This full ex paper was peer reviewed a he direcio of IEEE Couicaios Sociey subjec aer expers for publicaio i he IEEE Globeco proceedigs. A New Hybrid Nework Traffic Predicio Mehod Li Xiag, Xiao-Hu Ge,

More information

REVISTA INVESTIGACION OPERACIONAL VOL. 31, No.2, 159-170, 2010

REVISTA INVESTIGACION OPERACIONAL VOL. 31, No.2, 159-170, 2010 REVISTA INVESTIGACION OPERACIONAL VOL. 3, No., 59-70, 00 AN ALGORITHM TO OBTAIN AN OPTIMAL STRATEGY FOR THE MARKOV DECISION PROCESSES, WITH PROBABILITY DISTRIBUTION FOR THE PLANNING HORIZON. Gouliois E.

More information

ACCOUNTING TURNOVER RATIOS AND CASH CONVERSION CYCLE

ACCOUNTING TURNOVER RATIOS AND CASH CONVERSION CYCLE Problems ad Persecives of Maageme, 24 Absrac ACCOUNTING TURNOVER RATIOS AND CASH CONVERSION CYCLE Pedro Orí-Ágel, Diego Prior Fiacial saemes, ad esecially accouig raios, are usually used o evaluae acual

More information

COLLECTIVE RISK MODEL IN NON-LIFE INSURANCE

COLLECTIVE RISK MODEL IN NON-LIFE INSURANCE Ecoomic Horizos, May - Augus 203, Volume 5, Number 2, 67-75 Faculy of Ecoomics, Uiversiy of Kragujevac UDC: 33 eissn 227-9232 www. ekfak.kg.ac.rs Review paper UDC: 005.334:368.025.6 ; 347.426.6 doi: 0.5937/ekohor30263D

More information

THE IMPACT OF FINANCING POLICY ON THE COMPANY S VALUE

THE IMPACT OF FINANCING POLICY ON THE COMPANY S VALUE THE IMPACT OF FINANCING POLICY ON THE COMPANY S ALUE Pirea Marile Wes Uiversiy of Timişoara, Faculy of Ecoomics ad Busiess Admiisraio Boțoc Claudiu Wes Uiversiy of Timişoara, Faculy of Ecoomics ad Busiess

More information

14 Protecting Private Information in Online Social Networks

14 Protecting Private Information in Online Social Networks 4 roecig rivae Iormaio i Olie Social eworks Jiamig He ad Wesley W. Chu Compuer Sciece Deparme Uiversiy o Calioria USA {jmhekwwc}@cs.ucla.edu Absrac. Because persoal iormaio ca be ierred rom associaios

More information

1. C. The formula for the confidence interval for a population mean is: x t, which was

1. C. The formula for the confidence interval for a population mean is: x t, which was s 1. C. The formula for the cofidece iterval for a populatio mea is: x t, which was based o the sample Mea. So, x is guarateed to be i the iterval you form.. D. Use the rule : p-value

More information

One-sample test of proportions

One-sample test of proportions Oe-sample test of proportios The Settig: Idividuals i some populatio ca be classified ito oe of two categories. You wat to make iferece about the proportio i each category, so you draw a sample. Examples:

More information

In nite Sequences. Dr. Philippe B. Laval Kennesaw State University. October 9, 2008

In nite Sequences. Dr. Philippe B. Laval Kennesaw State University. October 9, 2008 I ite Sequeces Dr. Philippe B. Laval Keesaw State Uiversity October 9, 2008 Abstract This had out is a itroductio to i ite sequeces. mai de itios ad presets some elemetary results. It gives the I ite Sequeces

More information

When Two Anomalies meet: Post-Earnings-Announcement. Drift and Value-Glamour Anomaly

When Two Anomalies meet: Post-Earnings-Announcement. Drift and Value-Glamour Anomaly Whe Two Aomalies mee: Pos-Earigs-Aouceme Drif ad Value-Glamour Aomaly By Zhipeg Ya* & Ya Zhao** This Draf: Sepember 009 Absrac I his paper, we ivesigae wo promie marke aomalies documeed i he fiace ad accouig

More information

Determining the sample size

Determining the sample size Determiig the sample size Oe of the most commo questios ay statisticia gets asked is How large a sample size do I eed? Researchers are ofte surprised to fid out that the aswer depeds o a umber of factors

More information

Hypothesis testing. Null and alternative hypotheses

Hypothesis testing. Null and alternative hypotheses Hypothesis testig Aother importat use of samplig distributios is to test hypotheses about populatio parameters, e.g. mea, proportio, regressio coefficiets, etc. For example, it is possible to stipulate

More information

IDENTIFICATION OF MARKET POWER IN BILATERAL OLIGOPOLY: THE BRAZILIAN WHOLESALE MARKET OF UHT MILK 1. Abstract

IDENTIFICATION OF MARKET POWER IN BILATERAL OLIGOPOLY: THE BRAZILIAN WHOLESALE MARKET OF UHT MILK 1. Abstract IDENTIFICATION OF MARKET POWER IN BILATERAL OLIGOPOLY: THE BRAZILIAN WHOLESALE MARKET OF UHT MILK 1 Paulo Robero Scalco Marcelo Jose Braga 3 Absrac The aim of his sudy was o es he hypohesis of marke power

More information

The Norwegian Shareholder Tax Reconsidered

The Norwegian Shareholder Tax Reconsidered The Norwegia Shareholder Tax Recosidered Absrac I a aricle i Ieraioal Tax ad Public Fiace, Peer Birch Sørese (5) gives a i-deph accou of he ew Norwegia Shareholder Tax, which allows he shareholders a deducio

More information

I. Chi-squared Distributions

I. Chi-squared Distributions 1 M 358K Supplemet to Chapter 23: CHI-SQUARED DISTRIBUTIONS, T-DISTRIBUTIONS, AND DEGREES OF FREEDOM To uderstad t-distributios, we first eed to look at aother family of distributios, the chi-squared distributios.

More information

Chapter 7: Confidence Interval and Sample Size

Chapter 7: Confidence Interval and Sample Size Chapter 7: Cofidece Iterval ad Sample Size Learig Objectives Upo successful completio of Chapter 7, you will be able to: Fid the cofidece iterval for the mea, proportio, ad variace. Determie the miimum

More information

Lesson 15 ANOVA (analysis of variance)

Lesson 15 ANOVA (analysis of variance) Outlie Variability -betwee group variability -withi group variability -total variability -F-ratio Computatio -sums of squares (betwee/withi/total -degrees of freedom (betwee/withi/total -mea square (betwee/withi

More information

Now here is the important step

Now here is the important step LINEST i Excel The Excel spreadsheet fuctio "liest" is a complete liear least squares curve fittig routie that produces ucertaity estimates for the fit values. There are two ways to access the "liest"

More information

TRANSPORT ECONOMICS, POLICY AND POVERTY THEMATIC GROUP

TRANSPORT ECONOMICS, POLICY AND POVERTY THEMATIC GROUP TRANSPORT NOTES TRANSPORT ECONOMICS, POLICY AND POVERTY THEMATIC GROUP THE WORLD BANK, WASHINGTON, DC Traspor Noe No. TRN-6 Jauary 2005 Noes o he Ecoomic Evaluaio of Traspor Projecs I respose o may requess

More information

Center, Spread, and Shape in Inference: Claims, Caveats, and Insights

Center, Spread, and Shape in Inference: Claims, Caveats, and Insights Ceter, Spread, ad Shape i Iferece: Claims, Caveats, ad Isights Dr. Nacy Pfeig (Uiversity of Pittsburgh) AMATYC November 2008 Prelimiary Activities 1. I would like to produce a iterval estimate for the

More information

PSYCHOLOGICAL STATISTICS

PSYCHOLOGICAL STATISTICS UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION B Sc. Cousellig Psychology (0 Adm.) IV SEMESTER COMPLEMENTARY COURSE PSYCHOLOGICAL STATISTICS QUESTION BANK. Iferetial statistics is the brach of statistics

More information

Predicting Indian Stock Market Using Artificial Neural Network Model. Abstract

Predicting Indian Stock Market Using Artificial Neural Network Model. Abstract Predicig Idia Sock Marke Usig Arificial Neural Nework Model Absrac The sudy has aemped o predic he moveme of sock marke price (S&P CNX Nify) by usig ANN model. Seve years hisorical daa from 1 s Jauary

More information

Managing Learning and Turnover in Employee Staffing*

Managing Learning and Turnover in Employee Staffing* Maagig Learig ad Turover i Employee Saffig* Yog-Pi Zhou Uiversiy of Washigo Busiess School Coauhor: Noah Gas, Wharo School, UPe * Suppored by Wharo Fiacial Isiuios Ceer ad he Sloa Foudaio Call Ceer Operaios

More information

Vector Autoregressions (VARs): Operational Perspectives

Vector Autoregressions (VARs): Operational Perspectives Vecor Auoregressions (VARs): Operaional Perspecives Primary Source: Sock, James H., and Mark W. Wason, Vecor Auoregressions, Journal of Economic Perspecives, Vol. 15 No. 4 (Fall 2001), 101-115. Macroeconomericians

More information

GCSE STATISTICS. 4) How to calculate the range: The difference between the biggest number and the smallest number.

GCSE STATISTICS. 4) How to calculate the range: The difference between the biggest number and the smallest number. GCSE STATISTICS You should kow: 1) How to draw a frequecy diagram: e.g. NUMBER TALLY FREQUENCY 1 3 5 ) How to draw a bar chart, a pictogram, ad a pie chart. 3) How to use averages: a) Mea - add up all

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

Circularity and the Undervaluation of Privatised Companies

Circularity and the Undervaluation of Privatised Companies CMPO Workig Paper Series No. 1/39 Circulariy ad he Udervaluaio of Privaised Compaies Paul Grou 1 ad a Zalewska 2 1 Leverhulme Cere for Marke ad Public Orgaisaio, Uiversiy of Brisol 2 Limburg Isiue of Fiacial

More information

1 Computing the Standard Deviation of Sample Means

1 Computing the Standard Deviation of Sample Means Computig the Stadard Deviatio of Sample Meas Quality cotrol charts are based o sample meas ot o idividual values withi a sample. A sample is a group of items, which are cosidered all together for our aalysis.

More information

The following example will help us understand The Sampling Distribution of the Mean. C1 C2 C3 C4 C5 50 miles 84 miles 38 miles 120 miles 48 miles

The following example will help us understand The Sampling Distribution of the Mean. C1 C2 C3 C4 C5 50 miles 84 miles 38 miles 120 miles 48 miles The followig eample will help us uderstad The Samplig Distributio of the Mea Review: The populatio is the etire collectio of all idividuals or objects of iterest The sample is the portio of the populatio

More information

A probabilistic proof of a binomial identity

A probabilistic proof of a binomial identity A probabilistic proof of a biomial idetity Joatho Peterso Abstract We give a elemetary probabilistic proof of a biomial idetity. The proof is obtaied by computig the probability of a certai evet i two

More information

Performance Center Overview. Performance Center Overview 1

Performance Center Overview. Performance Center Overview 1 Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

More information

Chapter 14 Nonparametric Statistics

Chapter 14 Nonparametric Statistics Chapter 14 Noparametric Statistics A.K.A. distributio-free statistics! Does ot deped o the populatio fittig ay particular type of distributio (e.g, ormal). Sice these methods make fewer assumptios, they

More information

Introduction to Statistical Analysis of Time Series Richard A. Davis Department of Statistics

Introduction to Statistical Analysis of Time Series Richard A. Davis Department of Statistics Iroduio o Saisial Aalysis of Time Series Rihard A. Davis Deparme of Saisis Oulie Modelig obeives i ime series Geeral feaures of eologial/eviromeal ime series Compoes of a ime series Frequey domai aalysis-he

More information

Acceleration Lab Teacher s Guide

Acceleration Lab Teacher s Guide Acceleraion Lab Teacher s Guide Objecives:. Use graphs of disance vs. ime and velociy vs. ime o find acceleraion of a oy car.. Observe he relaionship beween he angle of an inclined plane and he acceleraion

More information

Definition. A variable X that takes on values X 1, X 2, X 3,...X k with respective frequencies f 1, f 2, f 3,...f k has mean

Definition. A variable X that takes on values X 1, X 2, X 3,...X k with respective frequencies f 1, f 2, f 3,...f k has mean 1 Social Studies 201 October 13, 2004 Note: The examples i these otes may be differet tha used i class. However, the examples are similar ad the methods used are idetical to what was preseted i class.

More information

1 Correlation and Regression Analysis

1 Correlation and Regression Analysis 1 Correlatio ad Regressio Aalysis I this sectio we will be ivestigatig the relatioship betwee two cotiuous variable, such as height ad weight, the cocetratio of a ijected drug ad heart rate, or the cosumptio

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

Hanna Putkuri. Housing loan rate margins in Finland

Hanna Putkuri. Housing loan rate margins in Finland Haa Pukuri Housig loa rae margis i Filad Bak of Filad Research Discussio Papers 0 200 Suome Pakki Bak of Filad PO Box 60 FI-000 HESINKI Filad +358 0 83 hp://www.bof.fi E-mail: Research@bof.fi Bak of Filad

More information

Financial Data Mining Using Genetic Algorithms Technique: Application to KOSPI 200

Financial Data Mining Using Genetic Algorithms Technique: Application to KOSPI 200 Fiacial Daa Miig Usig Geeic Algorihms Techique: Applicaio o KOSPI 200 Kyug-shik Shi *, Kyoug-jae Kim * ad Igoo Ha Absrac This sudy ieds o mie reasoable radig rules usig geeic algorihms for Korea Sock Price

More information

UNIT ROOTS Herman J. Bierens 1 Pennsylvania State University (October 30, 2007)

UNIT ROOTS Herman J. Bierens 1 Pennsylvania State University (October 30, 2007) UNIT ROOTS Herma J. Bieres Pesylvaia Sae Uiversiy (Ocober 30, 2007). Iroducio I his chaper I will explai he wo mos frequely applied ypes of ui roo ess, amely he Augmeed Dickey-Fuller ess [see Fuller (996),

More information

, a Wishart distribution with n -1 degrees of freedom and scale matrix.

, a Wishart distribution with n -1 degrees of freedom and scale matrix. UMEÅ UNIVERSITET Matematisk-statistiska istitutioe Multivariat dataaalys D MSTD79 PA TENTAMEN 004-0-9 LÖSNINGSFÖRSLAG TILL TENTAMEN I MATEMATISK STATISTIK Multivariat dataaalys D, 5 poäg.. Assume that

More information

Usefulness of the Forward Curve in Forecasting Oil Prices

Usefulness of the Forward Curve in Forecasting Oil Prices Usefulness of he Forward Curve in Forecasing Oil Prices Akira Yanagisawa Leader Energy Demand, Supply and Forecas Analysis Group The Energy Daa and Modelling Cener Summary When people analyse oil prices,

More information

Case Study. Normal and t Distributions. Density Plot. Normal Distributions

Case Study. Normal and t Distributions. Density Plot. Normal Distributions Case Study Normal ad t Distributios Bret Halo ad Bret Larget Departmet of Statistics Uiversity of Wiscosi Madiso October 11 13, 2011 Case Study Body temperature varies withi idividuals over time (it ca

More information

ON THE RISK-NEUTRAL VALUATION OF LIFE INSURANCE CONTRACTS WITH NUMERICAL METHODS IN VIEW ABSTRACT KEYWORDS 1. INTRODUCTION

ON THE RISK-NEUTRAL VALUATION OF LIFE INSURANCE CONTRACTS WITH NUMERICAL METHODS IN VIEW ABSTRACT KEYWORDS 1. INTRODUCTION ON THE RISK-NEUTRAL VALUATION OF LIFE INSURANCE CONTRACTS WITH NUMERICAL METHODS IN VIEW BY DANIEL BAUER, DANIELA BERGMANN AND RÜDIGER KIESEL ABSTRACT I rece years, marke-cosise valuaio approaches have

More information

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005 FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

More information

Inference on Proportion. Chapter 8 Tests of Statistical Hypotheses. Sampling Distribution of Sample Proportion. Confidence Interval

Inference on Proportion. Chapter 8 Tests of Statistical Hypotheses. Sampling Distribution of Sample Proportion. Confidence Interval Chapter 8 Tests of Statistical Hypotheses 8. Tests about Proportios HT - Iferece o Proportio Parameter: Populatio Proportio p (or π) (Percetage of people has o health isurace) x Statistic: Sample Proportio

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

COMPUTATION OF CENTILES AND Z-SCORES FOR HEIGHT-FOR-AGE, WEIGHT-FOR-AGE AND BMI-FOR-AGE

COMPUTATION OF CENTILES AND Z-SCORES FOR HEIGHT-FOR-AGE, WEIGHT-FOR-AGE AND BMI-FOR-AGE COMPUTATION OF CENTILES AND Z-SCORES FOR HEIGHT-FOR-AGE, WEIGHT-FOR-AGE AND BMI-FOR-AGE The mehod used o consruc he 2007 WHO references relied on GAMLSS wih he Box-Cox power exponenial disribuion (Rigby

More information

Hilbert Transform Relations

Hilbert Transform Relations BULGARIAN ACADEMY OF SCIENCES CYBERNEICS AND INFORMAION ECHNOLOGIES Volume 5, No Sofia 5 Hilber rasform Relaios Each coiuous problem (differeial equaio) has may discree approximaios (differece equaios)

More information

5: Introduction to Estimation

5: Introduction to Estimation 5: Itroductio to Estimatio Cotets Acroyms ad symbols... 1 Statistical iferece... Estimatig µ with cofidece... 3 Samplig distributio of the mea... 3 Cofidece Iterval for μ whe σ is kow before had... 4 Sample

More information

How To Find Out If A Moey Demad Is A Zero Or Zero (Or Ear Zero) In A Zero ( Or Ear Zero (Var)

How To Find Out If A Moey Demad Is A Zero Or Zero (Or Ear Zero) In A Zero ( Or Ear Zero (Var) The effec of he icrease i he moeary base o Japa s ecoomy a zero ieres raes: a empirical aalysis 1 Takeshi Kimura, Hiroshi Kobayashi, Ju Muraaga ad Hiroshi Ugai, 2 Bak of Japa Absrac I his paper, we quaify

More information

A GLOSSARY OF MAIN TERMS

A GLOSSARY OF MAIN TERMS he aedix o his glossary gives he mai aggregae umber formulae used for cosumer rice (CI) uroses ad also exlais he ierrelaioshis bewee hem. Acquisiios aroach Addiiviy Aggregae Aggregaio Axiomaic, or es aroach

More information

Mann-Whitney U 2 Sample Test (a.k.a. Wilcoxon Rank Sum Test)

Mann-Whitney U 2 Sample Test (a.k.a. Wilcoxon Rank Sum Test) No-Parametric ivariate Statistics: Wilcoxo-Ma-Whitey 2 Sample Test 1 Ma-Whitey 2 Sample Test (a.k.a. Wilcoxo Rak Sum Test) The (Wilcoxo-) Ma-Whitey (WMW) test is the o-parametric equivalet of a pooled

More information

Output Analysis (2, Chapters 10 &11 Law)

Output Analysis (2, Chapters 10 &11 Law) B. Maddah ENMG 6 Simulatio 05/0/07 Output Aalysis (, Chapters 10 &11 Law) Comparig alterative system cofiguratio Sice the output of a simulatio is radom, the comparig differet systems via simulatio should

More information

where: T = number of years of cash flow in investment's life n = the year in which the cash flow X n i = IRR = the internal rate of return

where: T = number of years of cash flow in investment's life n = the year in which the cash flow X n i = IRR = the internal rate of return EVALUATING ALTERNATIVE CAPITAL INVESTMENT PROGRAMS By Ke D. Duft, Extesio Ecoomist I the March 98 issue of this publicatio we reviewed the procedure by which a capital ivestmet project was assessed. The

More information

Math C067 Sampling Distributions

Math C067 Sampling Distributions Math C067 Samplig Distributios Sample Mea ad Sample Proportio Richard Beigel Some time betwee April 16, 2007 ad April 16, 2007 Examples of Samplig A pollster may try to estimate the proportio of voters

More information

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth Questio 1: What is a ordiary auity? Let s look at a ordiary auity that is certai ad simple. By this, we mea a auity over a fixed term whose paymet period matches the iterest coversio period. Additioally,

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Maximum Likelihood Estimators.

Maximum Likelihood Estimators. Lecture 2 Maximum Likelihood Estimators. Matlab example. As a motivatio, let us look at oe Matlab example. Let us geerate a radom sample of size 00 from beta distributio Beta(5, 2). We will lear the defiitio

More information