Godfrey (1996, Journal of Econometrics 72, 275}299) has shown that the Glejser test for heteroskedasticity is valid only under conditional symmetry. Here, modi"cations of the Glejser test are suggested. The proposed test statistics are asymptotically valid even when the disturbances are not symmetrically distributed and can be used to test for heteroskedasticity when conditional location functi...

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Assuming elliptically contoured distribution for portfolio asset returns, we derive the exact marginal and joint densities of the global minimum variance portfolio variance, and weights estimators. We also construct a test for the hypothesis that the global minimum variance is less then or equal to a certain value. A stochastic representation and moments of its estimator is provided. We illustr...

We expand Nakamura’s (2005) neural network based inflation forecasting experiment to an alternative non-linear model; a Markov switching autoregressive (MS-AR) model. The two non-linear models perform approximately on par and outperform the linear autoregressive model on short forecast horizons of one and two quarters. Furthermore, the MS-AR model is the best performer on longer horizons of thr...

∗The authors would like to thank the Editor and a referee for some very thoughtful and constructive comments on an earlier draft of the paper. This research has been supported by Australian Research Council Discovery Grant No. DP0208333 and a Ph.D. Scholarship from the School of Business Systems, Monash University. All numerical results in the paper have been produced using the MATLAB software....

The photodynamic therapy (PDT) represents a non-invasive method with good results in the treatment of superficial tumors. PDT is based on combination two factors, namely, non-toxic photosensitizing molecule and light source; photosensitizer absorbs photon radiation, leading to series reactions that cause irreversible damage affected tissue. present paper investigates photosensitization properti...

A convergent synthesis of the C31-C52 bis-tetrahydropyran core of the natural product amphidinol 3 is reported. A common intermediate was synthesized from d-tartaric acid utilizing an asymmetric glycolate alkylation/ring-closing metathesis sequence to construct the THP rings. Differential elaboration of the common intermediate allowed the synthesis of two distinct coupling partners which were j...

The article offers a strategy for increasing the Russian economy through rational use of country's natural resources. As tools, it is offered to apply functional approach determine critical functions system in order generate additional income improve economy. A scheme influencing control using negative feedback method quality offered. New criteria are proposed assessing work governors and minis...