All\u27s right with the world = 歌舞昇平

Film Director: Cheung King Wai (張經緯) Film Release Year: 2007https://commons.ln.edu.hk/ccs_worksheet/1002/thumbnail.jp

NATURE OF THE FIRM: A STUDY ON DEVELOPERS IN CHINA AND HONG KONG

In Hong Kong, dwellings are fitted with neat and tidy paintings, well decorated floor and wall tiles. Equipped with world�renowned kitchen and bathroom appliance, housing owners can move in with a bag of cloths. Builders in China, however, only provide fundamental elements such as windows, doors, ironmongery and grayish wall. By the time home purchasers receive their dwellings, they need to do a lot of shopping before they can move in. They need to buy water closet, tiles, towel rings and so on. Scope of services provided by Hong Kong developers is much wider than those in China�s. Ronald Coase, Nobel economist 1991 addresses two questions in his 1937 paper: why firms exist and what determines their scale and scope. What are the major determining factors which affect the size of the developers and their scope of services? Few or even no paper has studied this issue. This paper reviews that unpredictable rules and regulations couple with poor law drafting decrease firms� incentive in vertical integration.firm, developers, Hong Kong, China

Saddlepoint approximation for Student's t-statistic with no moment conditions

A saddlepoint approximation of the Student's t-statistic was derived by Daniels and Young [Biometrika 78 (1991) 169-179] under the very stringent exponential moment condition that requires that the underlying density function go down at least as fast as a Normal density in the tails. This is a severe restriction on the approximation's applicability. In this paper we show that this strong exponential moment restriction can be completely dispensed with, that is, saddlepoint approximation of the Student's t-statistic remains valid without any moment condition. This confirms the folklore that the Student's t-statistic is robust against outliers. The saddlepoint approximation not only provides a very accurate approximation for the Student's t-statistic, but it also can be applied much more widely in statistical inference. As a result, saddlepoint approximations should always be used whenever possible. Some numerical work will be given to illustrate these points.Comment: Published at http://dx.doi.org/10.1214/009053604000000742 in the Annals of Statistics (http://www.imstat.org/aos/) by the Institute of Mathematical Statistics (http://www.imstat.org