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Vector Autoregression (VAR) Theory

When we have several time series, we need to take into account the interdependence between them. The VAR model is a very useful starting point in the analysis of the interrelationships between the different time series. The VAR is just a multiple time-series generalization of the AR model. The VAR model is easy to estimate because we can use the OLS method. The VAR is commonly used for forecasting systems of interrelated time series and for analyzing the dynamic impact of random disturbances on the system of variables. where yt is a k vector of endogenous variables, xt is a d vector of exogenous variables, A1,…, Ap and β are matrices of coefficients to be estimated, and εt is a vector of innovations that may be contemporaneously correlated with each other but are uncorrelated with their own lagged values and uncorrelated with all of the right-hand side variables.  In practice, since we are not considering any moving average errors, the autoregressions would probably have to

Why Profit Shouldn’t be Your Top Goal - a Commentary

This article says that profit should not be the top priority of the business. Infact every business aims at earning more and more profit but stakeholders are much more important. Companies must consider the stakeholders when they make mission statement. A failure to recognize and include essential stakeholders in the mission statement may be costly in the long run, particularly when competitors are better able to address these stakeholders (Nimwegen et al., 2008). For the social economist the goal of the economy is not private profit nor is it improvement in the fertility of the soil nor capital accumulation for their own sakes and that of their owners, but the material, moral and spiritual well-being of homo sapiens (Brien, 1984). Sustainability is the central part of the corporate strategy and companies manage it proactively (Kolk and Pinkse, 2007). This study shows that CEO’s who put stakeholders’ interests ahead of profit generate greater workforce engagement and thus deliver the s

UNIT ROOT TEST

Stationarity and Unit Root Testing l   The stationarity or otherwise of a series can strongly influence its behaviour and properties - e.g. persistence of shocks will be infinite for nonstationary series l   Spurious regressions. If two variables are trending over time, a regression of one on the other could have a high R 2 even if the two are totally unrelated l   If the variables in the regression model are not stationary, then it can be proved that the standard assumptions for asymptotic analysis will not be valid. In other words, the usual “ t -ratios” will not follow a t -distribution, so we cannot validly undertake hypothesis tests about the regression parameters. Stationary and Non-stationary Time Series Stationary Time Series l   A series is said to be stationary if the mean and autocovariances of the series do not depend on time. (A) Strictly Stationary : n   For a strictly stationary time series the distribution of   y(t) is independent of t .   Thus it is not just

Brunei Darussalam Government Scholarships 2011-2012

The Government of Brunei Darussalam is offering annual scholarships under a special scholarship award scheme, for 2011-2012 academic session. Eligibility Applicants must be citizens of ASEAN, OIC, Commonwealth Member Countries and others and must be between the age of 18-25 at the commencement of the academic session for which they are applying for admission. However, the age limit requirement may be waived for candidates who are applying for Masters and PhD programmes.   Deadline: 15 Dec 2010 For more details click here  

International Scholarships

Iqra Research World: Scholarships : "This page provides information of scholarships in detail. Scholarships in USA Fulbright Scholarships• Exchange Programs• You need GRE, TOE..."

From Regional Star to Global Leader - a Commentary

No doubt that Jianguo is very competitive and sincere in his job and he has proved it but the thing which is needed now is to develop a global mindset. The most important attribute required for effective global leadership is not a new set of skills or experience, but rather a new perspective called a global mindset (Cohen, 2010). Rapid change in the organization’s environment resulting in uncertainty of goals in the issues together with continually increasing complexity of issues present considerable challenges on analytic and deductive modeling and knowledge acquisition approaches. The key function of a leader and managers in this situation is to form visions of the organization in the future (Pispa, 2003). In this way, IT can help to redefine the vision of the organizations and to make the manager’s global mindset. It is critical for top management and IT to agree on where IT is to provide leadership and vision, and where IT is expected to partner and support (Motwani et al, 2000). T

ECONOMETRICS FOR FINANCE - a lecture

ECONOMETRICS FOR FINANCE The Nature and Purpose of Econometrics •           Financial econometrics:                 The application of statistical and mathematical techniques to problems in finance. EXAMPLES OF THE FINANCIAL PROBLEMS Testing whether financial markets are informational efficient. Testing whether the CAPM or APT represent superior models for the determination of returns on risky assets. Measuring and forecasting the volatility of stock returns. Modelling long-term relationships between prices and exchange rates Testing technical trading to determine which makes the most money. Testing the hypothesis that earnings or dividend announcements have any effect on stock prices. Testing whether markets react to news. Forecasting the correlation between the returns to the stock indices. TYPES OF DATA AND NOTATION •           There are 3 types of data which econometricians might use for analysis:                 1. Time series data                

How Toxic Colleagues Corrode Performance - a commentary

Today, most of the executives perceive competence diversity, mutual trust, and team spirit as crucial factors in cultivating knowledge-sharing behaviors. Successful management of tacit organizational knowledge sharing requires a deep understanding of the specific cultural values that underpin both behavior and organizational culture. In some cultures it is taken very seriously. For example, Singaporean-Chinese values are rooted in the Confucian ethos, notions of kiasu (the fear of losing out to others), guanxi (social relationships), and xinyong (the use or the usefulness of trust) (Koki, 2006). It is very important for the organizations to establish a civil and social work environment where employees can share their knowledge willingly and easily. Rude behaviors of managers are a source of a highly toxic and dysfunctional organizational behavior; borderline personality disorder in a manager may serve as a systemic toxin for an organization (Goldman, 2006). There are possible solutions

Call for Papers

1. Special issue call for papers from Internationa l Journal of Conflict Management Areas / Topics Conflict Conflict management Dispute resolution Fairness Justice Mediation and arbitration Negotiation Peace studies Related topics Manuscript submission deadline: 28-11-2011. For details visit International Journal of Conflict Management 2. Inauguration issue call for papers from Far East Journal of Psychology and Business Areas / Topics Money, Banking, Finance and Investment Psychology and Human Related Issues Marketing Security Markets, Business Economics Accounting Practices Social Issues and Public policy  Management Organization  Statistics and Econometrics  Administration and Management  International Trade Industrial Relations and Labor  Business Communication  Mass Communication  History and Psychology Cold War and Business  Inter-Cultural Encounters  Peace and Unity for Business Growth Deadline for Submission: 30-11-2010. For details visit http

Why multinationals struggle to manage talent - a commentary

Organizational culture and team development have become more and crucial with the development of globalization and virtual organizations (Wang, 2006). In the recent years, teams and interpersonal relationship are becoming more and more important HR factors for organizational effectiveness of technological innovations (Wang and Mobley, 1999).   There is a challenge of balancing the culture of openness and knowledge-sharing with the need to appropriate knowledge as intellectual property (Mason & Pauleen 2003). For advanced global companies, employee development is a pillar of the enterprise-value framework, equal in importance to shareholder support or customer loyalty. Retaining talent is identified as a key business priority for all the companies surveyed by World Economic Forum (Manardo, 2008). Global firms are increasingly using Internet – IT related technologies to enable and necessitate the use of virtual teams around the world to solve complex global problems and foster both k

The Cultural Roots of Business - a Commentary

Modern organizations face many significant challenges because of turbulent environments and a competitive global economy (Shachaf, 2008). Every country has its own culture and managers from that particular region must have the essence of their cultures. For example, the passive and polite Chinese communication practices are in direct contrast to the Western tendency to be direct and articulate with co-workers regarding business issues; the proactive, risk-taking behavior of the foreigners to identify and resolve problems early enters into conflict with the Chinese preference to maintain harmony and peace by avoiding initiative taking; and Chinese respect for authority and seniority conflicts with the Western preference for competency-based business practices (Keefe and Keefe, 1997).   Managers doing business in emerging Asian markets need to go beyond traditional national culture stereotypes to capture cultural diversities and paradoxes in terms of, for example, ethnic culture, regiona

Tips for getting your research paper accepted in an impact factor journal

Researchers always wish to get their research paper published in an impact factor journal. No doubt that having publications in impact factor journals is a great achievement for the researchers. But impact factor journals require a very high profile research work. Some suggestions are given here which will help the research scholars. There must be some novelty in the research. Manuscript must be written in standard English. Use of passive voice should be avoided. Write in interesting manner and tell the reader what will be learned from the manuscript. Be direct and specific and define all terms used in manuscript. Avoid ambiguous terms, buzzwords, jargon, acronyms, and stringing nouns together. Do not make exaggerated claims. Tell the readers what was learned.  Read your paper several times. Tell some one else (your colleague or professional) to read your paper and give suggestions for improvement. Very important tip: Whenever  you select  an appropriate journal for you ma

Free Access to Journals

Free access to following impact factor journals is available for the limited time. Researchers must avail of the this opportunity. Environmental and Resource Economics  ISSN: 0924-6460 (print version) ISSN: 1573-1502 (electronic version) Journal no. 10640 Journal of Economics ISSN: 0931-8658 (print version) ISSN: 1617-7134 (electronic version) Journal no. 712 The Journal of Real Estate Finance and Economics  ISSN: 0895-5638 (print version) ISSN: 1573-045X (electronic version) Journal no. 11146 Public Choice ISSN: 0048-5829 (print version) ISSN: 1573-7101 (electronic version) Journal no. 11127 Review of World Economics ISSN: 1610-2878 (print version) ISSN: 1610-2886 (electronic version) Journal no. 10290

Impact Factor Journals - Economics

2009-Economics Title Country Impact Acta Oeconomica Hungary 0.115 Agricultural Economics Netherlands 0.673 Agricultural Economics-Zemedelska Ekonomika Czech Republic 0.716 American Economic Review United States 2.531 American Journal of Agricultural Economics United States 1.047 American Journal of Economics And Sociology United States 0.282 Annals of Economics and Finance China 0.243 Annual Review of Economics United States - Annual Review of Resource Economics United States - Applied Economics England 0.404 Applied Economics Letters England 0.241 Asian Economic Journal Australia 0.400 Asian Economic Policy Review Australia 1.042 Asian-Pacific Economic Literature Australia 0.615 Astin Bulletin Belgium 0.731 Australian Economic History Review Austra