a r t i c l e i n f o JEL classification: C53 G17 Keywords: GARCH Higher conditional moments Approximate predictive distributions Value-at-Risk S&P 500 Treasury bill rate Euro–US dollar exchange rate It is widely accepted that some of the most accurate Value-at-Risk (VaR) estimates are based on an appropriately specified GARCH process. But when the forecast horizon is greater than the frequency...

The O-Ring theory is used to analyze the emergence of ̄rms organized as partnerships. The owner-managers of such entrepreneurial ̄rms bene ̄t from ability matching within their production teams. However, they must bear the project risk. Risk-aversion then induces a second-best solution. Integrated ̄rms managed on behalf of riskneutral residual-claimants face information and/or enforcement problem...

Bu çalışmada, sol-jel spin kaplama yöntemi kullanılarak mikroskop cam altlıklar üzerine TiO2, TiO2/CoPc ve CoPc filmleri hazırlanmış katkı konsantrasyonunun filmlerin optik yapısal özellikleri etkisi araştırılmıştır. İnce geçirgenliğini ölçmek için 300-1100 nm dalgaboyu aralığında bir spektrofotometre kullanılmıştır. Uv-Vis çalışmaları, B Q bandı absorpsiyon bölgelerine karşılık gelen aralıklar...

Enterobacteriaceae share a common antigen (CA). This antigen exists as a powerful immunogen, when produced by Escherichia coli O14, and as a minimally effective immunogen, when present in cultures of most other smooth strains. The present study was directed toward the assessment of immunogenicity of this antigen produced by various rough mutants and their parent strains as well as that of viabl...

Economists have speculated for at least a century that the social return to education may exceed the private return. In this paper, I estimate spillovers from college education by comparing wages for otherwise similar individuals who work in cities with di*erent shares of college graduates in the labor force. A key issue in this comparison is the presence of unobservable characteristics of indi...

Context. The contrast of granulation is an important quantity characterizing solar surface convection. Aims. We compare the intensity contrast at 630 nm, observed using the Spectro-Polarimeter (SP) aboard the Hinode satellite, with the 3D radiative MHD simulations of Vögler & Schüssler (2007). Methods. A synthetic image from the simulation is degraded using a theoretical point-spread function o...