This paper examines the long-run dynamics and the cyclical structure of the US stock market using fractional integration techniques, specifically a version of the tests of Robinson (1994a) which allows for unit (or fractional) roots both at the zero (long-run) and at the cyclical frequencies. We consider inflation, real risk-free rate, real stock returns, equity premium and price/dividend ratio...

Organizational ambidexterity still remains ambiguous in terms of the concept and vague in terms of feasible realizations, especially for SMEs. We analyze recent classifications of the concept and focus on cyclical ambidexterity as the appropriate means for SMEs to manage the tension between incremental and discontinuous innovation effectively. We argue that cyclical ambidexterity should be unde...

This paper analyses two well-known features of interest rates, namely their time dependence and their cyclical structure. Specifically, it focuses on the monthly Euribor rate, using monthly data from January 1994 to May 2011. Models based on fractional integration at the long run or zero frequency, although adequately describing the persistent behaviour of the series, do not take into account i...

Neural-based text-to-speech (TTS) systems achieve very high-fidelity speech generation because of the rapid neural network developments. However, huge labeled corpus and high computation cost requirements limit possibility developing a TTS system by small companies or individuals. On other hand, vocoder, which has been widely adopted for in neural-based systems, can be trained with relatively u...

This study aims to determine the effect of liquidity, asset structure, and capital structure on firm value with profitability good corporate governance (GCG) as intervening variables in non-cyclical consumer companies listed Indonesia Stock Exchange (IDX). The data collection technique used this is annual report documentation for 6 years starting from 2015- 2021 Personal Care Product IDX, a tot...

Formula Altman Z-score, uses various ratios that create a predictor of difficulty. Characteristics these are used to identify possible future profit difficulties. Financial in this method WCTA, RETA, EBITTA, MVEBVL, and STA. Problem research lies two dimensions, first dimension is how evaluate company's financial performance using the components model, second Z-score formula predicts difficulti...

Low personal savings rates are an important social issue in the United States. We propose and test one particular method to get people to save more money that is based on the cyclical time orientation. In contrast to conventional, popular methods that encourage individuals to ignore past mistakes, focus on the future, and set goals to save money, our proposed method frames the savings task in c...

Recent case studies on European economies have analysed the evolution of aggregate series for government expenditure on education and its relation to cyclical economic growth in the long run. These studies have depicted two different patterns in that relationship. In the case of highly developed economies, namely France, Germany and Great Britain, the evolution of public expenditure on educatio...