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The Forecasting Ability of Money Market Fund Managers and Its Economic Value

The model proposed by Merton(1981) to determine the value of forecasting ability is adapted to investigate whether money market fund managers successfully anticipate changes in the yield curve by adjusting the average maturity of their portfolios in the right direction. The potential economic value of such behavior is assessed, and it is shown that if the portfolios of all money market funds were aggregated it would appear that managers are good forecasters even if individually they possess insignifcant forecasting ability. At the same time, the economic value of the aggregate portfolio will be diminished because of the reduced net change in average maturity. Thus, diversifying into many money market funds will not attain the gain that could be realized if an individual manager had a forecasting ability equal to the quality of the average forecast.A sample of 34 money market funds is investigated. Analysis suggests that a small fraction of the funds exhibited forecasting skills, but even they generated negligible economic value because the changes in their portfolios average maturity were too small.There appears to be no relationship between forecasting ability and economic success of money market funds as measured by asset size and growth.

The model proposed by Merton(1981) to determine the value of forecasting ability is adapted to investigate whether money market fund managers successfully anticipate changes in the yield curve by adjusting the average maturity of their ...

Essays on the Economic Value of Intraday Covariation Estimators for Risk Prediction

This thesis investigates the economic value of incorporating intraday volatility estimators into the volatility forecasting process. The increased reliance on volatility forecasting in the financial industry has intensified the need for more rigorous analysis from an economic perspective instead of merely statistical point of view. A better understanding of the available methods has implications for portfolio optimization, volatility trading and risk management. More recently, volatility of asset returns was once again under spotlight during the 2008-2009 financial crisis. The study contributes to the extant volatility forecasting literature in three areas. First, it addresses the question of how to practically and effectively exploit intraday price information for variance and covariance modelling and forecasting. Second, it addresses the development of an 'optimal' intraday volatility model that accommodates market practitioners preferences. Third, it evaluates the economic value of combining realized (intraday) volatility estimators for utilizing unique information embedded in each estimator. The thesis is organised as follows. One of the most visible indicators of the crisis that captured the attention of the financial industry was the extremely high level of asset return volatility. This uncertainty prompted much interest for a more accurate, yet practically applicable approach for volatility forecasting. Chapter 2 introduces the various realized volatility estimators, volatility forecasting procedures and their corresponding realized extensions used in our subsequent empirical investigations. Chapter 3 evaluates the economic value of various intraday covariance estimation approaches for mean-variance portfolio optimization. Economic loss functions overwhelmingly favour intraday covariance matrix models instead of their daily counterparts. The constant conditional correlation (CCC) augmented with realized volatility produces the highest economic value when applied with a time-varying volatility timing strategy. Chapter 4 compares the practical value of intraday based single index (univariate) and portfolio (multivariate) models through the lens of Value-at-Risk (VaR) forecasting. VaR predictions are generated from standard daily univariate or multivariate GARCH models, as well as GARCH models extended with ARFIMA forecasted realized measures. Conditional coverage test results indicate that intraday models, both univariate and multivariate ones, outperform their daily counterparts by providing more accurate VaR forecasts. Chapter 5 investigates the economic value of combining intraday volatility estimators for volatility trading. The simulated option trading results indicate that a naive combination of an intraday estimator and implied volatility cannot be outperformed by the best individual estimator. In addition, trading performance can be further boosted by applying more complex combination models such as a regression based combination of 42 single volatility estimators.

This thesis investigates the economic value of incorporating intraday volatility estimators into the volatility forecasting process.

Assessment of the Total Economic Value of Floral Diversity

Total Economic Value (TEV) is a concept which consists of direct and indirect use value as well as non-use values and thus incorporates all sorts of benefits from any environmental assets. This study is aimed to assess the all market and non-market values of floral diversity to provide a picture for the policy makers that how much value the society should achieve for the loss of floral diversity from proposed open cast coal mining activities in Dinajpur, Bangladesh. To assess the floral diversity of the study area list-count quadrant method was applied. Then economic theory was set under an integrated valuation framework for each benefit depending upon its value characterization. The counting TEV of the floral diversity of the study area was found as 1824375.736 thousand Tk/year. Among the total value, direct use value is 1652372.122 (90%), indirect use value is 158724.434 (9%), and non-use value is 13279.180 (1%) thousand Tk/year.This study founds that 19% values of such types are ignored most of the time into the policy-making process. This ignorance ultimately hampers the marginal social benefit and in some cases provides marginal private benefit.

Total Economic Value (TEV) is a concept which consists of direct and indirect use value as well as non-use values and thus incorporates all sorts of benefits from any environmental assets.

The Irish Women’s Movement

From Revolution to Devolution

This book provides a comprehensive analysis of the emergence, consolidation and development of the Irish women's movement, as a social movement, in the course of the twentieth century. It seek to address several lacunae in Irish studies by illuminating the processes through which the movement and, in particular, networks of constituent organisations, came to fruition as agencies of social change. The central argument advanced is that when viewed historically, the Irish women's movement is characterised by its interconnectedness and continuity: the central tensions, themes and organising strategies of the movement connects diverse organisations and constituencies, over time and space. This book will be essential reading for those interested in Irish studies, sociology, history, women's studies, and politics.

This book provides a comprehensive analysis of the emergence, consolidation and development of the Irish women's movement, as a social movement, in the course of the twentieth century.

Economic Value of Electric Light and Power

Excerpt from Economic Value of Electric Light and Power I thought it necessary that some things should be said for the electric industry in the interest of those who are, or should become, users of Electric Service. I felt that I could say those things. This made it my duty to say them. Now that I have said them, it will quickly appear that there are those who can say them better than I have done; also, that there are others who are not in accord with what I have said. Both classes of critics are aware that in our day of civilization there is no monopoly of the expression of thought, therefore I have a reasonable hope that in due time I shall hear from them freely and fully. I design this book to be of service - 1st, To those who are interested in obtaining state or municipal legislation. Such legislation should place the Electric Service of a city on the basis of a Pvblic Improvement, entitled to special privileges, in order to secure the service for users, on terms and under economic conditions best calculated to properly serve the interests of all citizens. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work.

The Economic Value of Scotoic Labor Or Labor in the Dark (Classic Reprint)

Excerpt from The Economic Value of Scotoic Labor or Labor in the Dark The official reports and the other arti cles comprised in the symposium on the employment of the adult blind have been prepared with such evident purpose and great care that they not only merit con sideration, but give assurance that their study will lead to some important and determinate conclusions. The consider ation of the subject at this time there fore will be based upon views presented in the symposium articles. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work.

The Economic Value of Realized Volatility

Using High-frequency Returns for Option Valuation

We investigate whether these forecasting improvements translate into economic value added. To do so we develop a new class of affine discrete-time option valuation models that use daily returns as well as realized volatility.

A Few Notes on the Habits, Life History and Economic Value of Doves

The Raising of Young Waxwings, Ampeles Cedrorum (Classic Reprint)

Excerpt from A Few Notes on the Habits, Life History and Economic Value of Doves: The Raising of Young Waxwings, Ampeles Cedrorum W. E. D. Scott in the Auk, Vol. IV, 1887, gives a terrible account of the wiping out of the beautiful American Egret. Years ago, in Florida, there were prairies white with the birds, and even many of the adjoining islands were alive with Egrets. But what do we find now? Miles and miles of shore with perhaps a single solitary bird. These birds were killed by the hundreds of thousands annually; and the same may be said of its smaller cousin, the Snowy Egret, which, at one time abundant all through the Gulf States, is now all but extinct. Here the bull 's-eye for every hunter was the beautiful bunch of snow-white aigrettes. F. M. Chapman (birds of Eastern North America states I have heard a plume hunter boast of killing 300 herons in a rookery in one afternoon. Another proudly stated that he and his companions had killed - Herons, Egrets and Terns during one winter. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work.

Valuing the Invaluable

The Economic Value of Family Caregiving, 2008 Update

In 2007, about 34 million family caregivers provided care at any given point in time, and about 52 million provided care at some time during the year. The estimated economic value of their unpaid contributions was approximately $375 billion in 2007. up from an estimated 350 billion in 2006.

In 2007, about 34 million family caregivers provided care at any given point in time, and about 52 million provided care at some time during the year.