A Cyclical Model of Exchange Rate Volatility

In this paper, we investigate the long run dynamics of the intraday range of the GBP/USD, JPY/USD and CHF/USD exchange rates. We use a non-parametric filter to extract the low frequency component of the intraday range, and model the cyclical deviation of the range from the long run trend as a stationary autoregressive process. We find that the long run trend is time-varying but highly persistent, while the cyclical component is strongly mean reverting. This has important implications for modelling and forecasting volatility over both short and long horizons. As an illustration, we use the cyclical volatility model to generate out-of-sample forecasts of exchange rate volatility for horizons of up to one year under the assumption that the long run trend is fully persistent. As a benchmark, we compare the forecasts of the cyclical volatility model with those of the two-factor intraday range-based EGARCH model of Brandt and Jones (2006). Not only is the cyclical volatility model significantly easier to estimate than the EGARCH model, but it also offers a substantial improvement in out-of-sample forecast performance.Conditional volatility, Intraday range, Hodrick-Prescott filter

Multivalence of bivariate functionsof bounded index

This paper examines the relationship between the concept of bounded index and the radius of univalence, respectively p-valence, of entire bivariate functions and their partial derivatives at arbitrary points in C^2

Submatrices of four dimensional summability matrices

In this paper, we show that a matrix that maps ℓ′′ into ℓ′′ can be obtained from any RH-regular matrix by the deletion of rows. Also a four dimensional conservative matrix can be obtained by the deletion of rows from a matrix that preserves boundedness. We will use these techniques to derive a sufficient condition for a four dimensional matrix to sum an unbounded sequence

Some Tauberian theorems for four-dimensional Euler and Borel summability

The four-dimensional summability methods of Euler and Borel are studied as mappings from absolutely convergent double sequences into themselves. Also some Tauberian results are proved

Entire bivariate functions of exponential type

In this paper we will analysis the concepts of bivariate entire complex valued functions of exponential type. To accomplish this goal, we begin with the presentation of a notion of bounded index for bivariate complex functions. Using this notion we present a series of sufficient conditions that ensure that exponential type is preserved

INCLUSION THEOREMS DOUBLE DEFERRED CESARO MEANS III

R. P. Agnew presents a definition for Deferred Cesaro mean. Using this definition R. P. Agnew presents inclusion theorems for the deferred and none Deferred Cesaro means. This paper is part III of a series of papers that present extensions to the notion of double Deferred Cesaro means. Similar to the part I [11] and  the part 2 [12] this paper uses these definitions and the notion of regularity for four-dimensional matrices, to present a multidimensional inclusion theorem and a multidimensional equivalent theorem, which are the multidimensional analog of R. P. Agnew's results in [2]

A Comparative Discourse Analysis of TRT World and Al Jazeera News Channels on the News Reports of the Syrian War

In the last two decades, we have witnessed the rising of new international news networks such as Al Jazeera, Russian Today, and TRT World in order to challenge the main media corporations of the Western world like, CNN, BBC, and MSNBC, etc. particularly on the news regarding the Middle East. While the results of the Gulf War in 1990 and the invasion of Iraq in 2003 have made checks and balances on Western news associations necessary, Al Jazeera, the Qatar-based broadcaster, emerged as a remarkable voice by taking the role of a contra-flow news agency, and succeeded in producing different and original opinions within its region in the international news arena. In this context, this study selected a critical approach to TRT World, one of the recent news players in the region of the Middle East, in order to identify if it is achievable for the channel to bring a unique perspective on the news regarding the Middle East, as Al Jazeera has accomplished. A critical discourse analysis was conducted by analyzing the news reports of TRT World and Al Jazeera’s stories regarding the Syrian Civil War. However, the study results suggest that TRT World misses the claim of ‘‘new and accurate perspectives ‘to the international arena due to political factors