We estimate the impact of regulatory heterogeneity on agri‐food trade using a gravity analysis that relies on detailed data on non‐tariff measures (NTMs) collected by the NTM‐Impact project. The data cover a broad range of import requirements for agricultural and food products for the EU and nine of its major trade partners. We find that trade is significantly reduced when importing countries have stricter maximum residue limits (MRLs) for plant products than exporting countries. For most other measures, due to their qualitative nature, we were unable to infer whether the importer has stricter standards relative to the exporter, and we do not find a robust relationship between these measures and trade. Our findings suggest that, at least for some import standards, harmonising regulations will increase trade. We also conclude that tariff reductions remain an effective means to increase trade even when NTMs abound.
This paper reports an investigation into the extent and persistence of skewness in stock returns in three emerging markets, namely The Czech Republic, Kenya and Poland. Thee study is undertaken using the extended skew normal distribution and an asymmetric version of the generalised error distribution. The motivation for this paper is the hypothesis that skewness is a particular feature of returns in emerging markets; it may lack persistence and may decline in absolute terms as time passes and the market matures. When daily returns are considered, the majority of stocks in all three markets exhibit a significant degree of skewness. The value of the skewness parameter is often different in each of the three estimation periods considered. Little evidence has been found to support the view that skewness is an artifact of emerging or evolving markets. Over the period covered by the study, the number of stocks with a significant degree of skewness has remained more or less the same. For weekly returns, the same conclusions apply to The Czech Republic and to Kenya, but there is far less evidence of skewness in weekly returns on Polish Stocks.
This paper presents expressions for the multivariate normal-exponential and normal-gamma distributions. It then presents properties of these distributions. These include conditional distributions and a new extension to Stein's lemma. It is also shown that the multivariate normal-gamma and normal-exponential distribution are not in general closed under conditioning, although they are closed under linear transformations. The paper also demonstrates that there are relationships between the extended skew-normal distribution and the normal-gamma and normal-exponential distributions. Specifically, it is shown that certain limiting cases of the extended skew-normal distribution are normal-gamma and normal-exponential. One interpretation of these results is that the normal-exponential distribution may be considered to be an alternative model to the extended skew-normal in some situations. An alternative point of view, however, is that the normal-exponential distribution is redundant since it may be replicated by a suitable extended skew-normal distribution. The theoretical results are supported by an empirical study of stock returns, which includes use of the multivariate distributions for portfolio selection.
When developing management systems to investigate, manage and enhance nurse satisfaction, nurse managers must recognise the complexity and subtleties of determining factors. This will increase as nursing becomes more specialised. Subsequently, nurse managers need to work closely with staff at higher education institutions and other professional agencies to commission appropriate professional development.
: With the increased interest in social media over recent years, the role of information disseminated through avenues such as Twitter has become more widely perceived. This paper examines the mention of stocks on the US markets (NYSE and NASDAQ) by a number of financial micro-bloggers to establish whether their posts are reflected in price movements. The Twitter feeds are selected from syndicated and nonsyndicated authors. A substantial number of tweets were linked to the price movements of the mentioned assets and an event study methodology was used to ascertain whether these mentions carry any significant information or whether they are merely noise.
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