Do Socially Responsible Investment Indexes Outperform Conventional Indexes?

The question of whether more socially responsible (SR) firms outperform or underperform other conventional firms has been debated in the economic literature. In this study, using the socially responsible investment (SRI) indexes and conventional stock indexes in the US, the UK, and Japan, first and second moments of firm performance distributions are estimated based on the Markov switching model. We find two distinct regimes (bear and bull) in the SRI markets as well as the stock markets for all three countries. These regimes occur with the same timing in both types of market. No statistical difference in means and volatilities generated from the SRI indexes and conventional indexes in either region was found. Furthermore, we find strong comovements between the two indexes in both regimes

Supersymmetry, homology with twisted coefficients and n-dimensional knots

Let $n$ be any natural number. Let $K$ be any $n$-dimensional knot in $S^{n+2}$. We define a supersymmetric quantum system for $K$ with the following properties. We firstly construct a set of functional spaces (spaces of fermionic \{resp. bosonic\} states) and a set of operators (supersymmetric infinitesimal transformations) in an explicit way. Thus we obtain a set of the Witten indexes for $K$. Our Witten indexes are topological invariants for $n$-dimensional knots. Our Witten indexes are not zero in general. If $K$ is equivalent to the trivial knot, all of our Witten indexes are zero. Our Witten indexes restrict the Alexander polynomials of $n$-knots. If one of our Witten indexes for an $n$-knot $K$ is nonzero, then one of the Alexander polynomials of $K$ is nontrivial. Our Witten indexes are connected with homology with twisted coefficients. Roughly speaking, our Witten indexes have path integral representation by using a usual manner of supersymmetric theory.Comment: 10pages, no figure

Do Socially Responsible Investment Indexes Outperform Conventional Indexes?

The question of whether more socially responsible (SR) firms outperform or underperform other conventional firms has been debated in the economic literature. In this study, using the socially responsible investment (SRI) indexes and conventional stock indexes in the US, the UK, and Japan, first and second moments of firm performance distributions are estimated based on the Markov switching model. We find two distinct regimes (bear and bull) in the SRI markets as well as the stock markets for all three countries. These regimes occur with the same timing in both types of market. No statistical difference in means and volatilities generated from the SRI indexes and conventional indexes in either region was found. Furthermore, we find strong comovements between the two indexes in both regimes.Socially responsible investments; Markov switching model; Maximum likelihood estimations; Return and volatilities; Bear and bull market

Weighted Banzhaf power and interaction indexes through weighted approximations of games

The Banzhaf power index was introduced in cooperative game theory to measure the real power of players in a game. The Banzhaf interaction index was then proposed to measure the interaction degree inside coalitions of players. It was shown that the power and interaction indexes can be obtained as solutions of a standard least squares approximation problem for pseudo-Boolean functions. Considering certain weighted versions of this approximation problem, we define a class of weighted interaction indexes that generalize the Banzhaf interaction index. We show that these indexes define a subclass of the family of probabilistic interaction indexes and study their most important properties. Finally, we give an interpretation of the Banzhaf and Shapley interaction indexes as centers of mass of this subclass of interaction indexes

Possessive indexes in Assamese

This paper deals with a comprehensive description of a set of possessive indexes found in Assamese, a language spoken in the eastern part of India, by a majority of people living in the state of Assam. Genetically, this language belongs to the group of Indo-Aryan language family and shares a close affinity with Bengali and Oriya languages due to their common source of origin. The possessive indexes of the language are found to be suffixed to the possessed noun in possessive constructions (Possessive NPs)) in terms of the category of person. Cross-linguistically, it is not very uncommon to find this kind of markers in possessive NPs (Siewierska 2004). But what makes Assamese interesting in this respect is that the set of markers found in Assamese is not derived from pronominal forms as attested in many languages of the world. Furthermore, the existence of possessive markers is an unusual phenomenon in Assamese in that it is neither common in NIA languages nor in South Asian languages (Paudyal 2008). Apart from a few geographically distant languages of Indo-Aryan origin, these markers are not available in any other Indo-Aryan languages which are close to Assamese, either geographically or genetically. Thus, this paper focuses on four aspects:  a comprehensive description of the markers as stated above, a survey of the markers in other Indo-Aryan languages, the historical origin of the markers, and the origin of the system of marking

Forty Years of the BLS Export and Import Price Indexes: Trends and Competition

[Excerpt] U.S. competitiveness is measured in many different ways. However, two sets of measures that historically have been of interest in helping to assess the strength of the economy are the price trends of U.S. exports and of U.S. imports. The Bureau of Labor Statistics (BLS, the Bureau) first began publication of a limited set of export price indexes in 1971, followed 2 years later by a set of import price indexes. The Bureau developed these series in response to two key concerns, one statistical and the other economic. The statistical issue was over the validity of the import and export unit value indexes published by the Census Bureau. The economic question had to do with the nation’s ability to compete in the increasingly global economy. The publication of detailed export and import price indexes helped address these concerns because those indexes were true price indexes and because they provided a greater level of detail than the analogous indexes previously published by the Census Bureau. The number of published series increased until the Bureau was able to publish the first all-import price index in 1983, followed a year later by the first all-export price index. Although the publication of these series alleviated the need to rely upon the unit value data—indeed, the Census Bureau discontinued publication of its unit value indexes in 1989—concerns over U.S. competitiveness have only grown over time

Macroeconomic price indexes

Price Indexes allow one to compare the average levels of prices at different times. Despite their widespread use, price indexes do not answer all questions as well as analysts might wish. Macroeconomic Price Indexes is a guide for users of major price indexes. It provides details about several price indexes to help users intelligently decide what they can learn by using particular indexes.Macroeconomics ; Prices