Linear state models for volatility estimation and prediction

This thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.This thesis concerns the calibration and estimation of linear state models for forecasting stock return volatility. In the first two chapters I present aspects of financial modelling theory and practice that are of particular relevance to the theme of this present work. In addition to this I review the literature concerning these aspects with a particular emphasis on the area of dynamic volatility models. These chapters set the scene and lay the foundations for subsequent empirical work and are a contribution in themselves. The structure of the models employed in the application chapters 4,5 and 6 is the state-space structure, or alternatively the models are known as unobserved components models. In the literature these models have been applied in the estimation of volatility, both for high frequency and low frequency data. As opposed to what has been carried out in the literature I propose the use of these models with Gaussian components. I suggest the implementation of these for high frequency data for short and medium term forecasting. I then demonstrate the calibration of these models and compare medium term forecasting performance for different forecasting methods and model variations as well as that of GARCH and constant volatility models. I then introduce implied volatility measurements leading to two-state models and verify whether this derivative-based information improves forecasting performance. In chapter 6I compare different unobserved components models' specification and forecasting performance. The appendices contain the extensive workings of the parameter estimates' standard error calculations

Connections with Practitioners Adds Excellence to Teacher Education

The University of Northern Iowa (UNI) has established the Regional Partnership Program; consisting of nine regional centers located across the state; so that UNI may be geographically in touch with all areas of the state. All of the centers have a common structure: the administrator of each center is a tenure track UNI professor; all centers have implemented a full semester student teaching curriculum; and all center partnerships have established an advisory cadre of local education practitioners. The program has seven major characteristics: (1) use of a regional network allows expanded student teaching experiences under a centralized administration; (2) in each regional district at least one professor has overall responsibility for achieving goals; (3) in each center a clinical supervisor is under contract to the university and directly responsible to the professor in charge; (4) at least five teachers per center belong to a cadre which works closely with the professor and clinical supervisor; (5) in each region classroom teachers are trained to serve as cooperating teachers on a term-by-term basis; (6) a special relationship has been established between school district and university; and (7) a telecommunications network has been installed. To achieve greater depth in field experience programs; each regional center has established a working structure that best fits the school districts involved in the partnership. (JD

Human Relations Training for Student Teachers

Human relations training is a requirement for all teacher education majors graduating from Iowa colleges and universities. At the University of Northern Iowa (UNI) this course is delivered to preservice teacher education students in conjunction with their full semester student teaching experience. Major goals of the training program are: (1) to confront individuals with experiences designed to create an awareness of biases; attitudes; and beliefs and to create awareness of the degree of congruency between stated beliefs and actual behavior; and (2) to internalize and translate such awareness into actions which result in more positive relationships within the teaching/learning environment. In each of UNI\u27s student teaching centers; the course is administered and delivered by a combination of UNI professor; clinical supervisor; and a cadre of practitioners. The course content includes: cooperative learning practices; classroom ice breakers; removing bias from the classroom; values/self-esteem; children at risk; perceptions we have (e.g.; race; homosexuality); and the psychology of winning. Each student teacher is required to do at least one action research project. The course meets requirements for teacher licensure in Iowa; allows professional staff to establish a workable rapport with student teachers; offers a vehicle for demonstrating effective teaching practices; gives student teachers the opportunity to make creative contributions to their cooperating teacher\u27s classroom; and proves that human relations are not just theoretical concepts. (LL

Quality of life: perspectives and review

This monograph, first in a series from the North Central Regional Project 128 (NC-128) Quality of Life Project, describes the project’s theoretical foundations and objectives and gives a review of literature related to quality of life in the United States. The well-being of persons both individually and collectively has been a subject for study from several perspectives and at various levels of discrimination.https://lib.dr.iastate.edu/specialreports/1082/thumbnail.jp

Outcomes of coronary artery bypass graft surgery

This review article summarizes the major studies that have investigated the outcomes of coronary artery bypass graft surgery (CABG). The article includes a review of the literature in the areas of: history of CABG; indications for CABG; and measurement of quality of life following CABG, including prolongation of life, physical functioning (ie, relief from angina and dyspnea, physical activity, as well as complications of surgery and re-hospitalization), psychological functioning, and social functioning. Overall, the literature demonstrates that the outcomes of CABG have historically been measured in terms of mortality and morbidity; however, it has now been well recognized that adjustment to CABG is a multidimensional phenomenon that is not fully explained by medical factors. Therefore, in addition to studying mortality and morbidity outcomes following CABG, many recent studies have identified that it is important to investigate various physical, psychological, and social variables that have a significant impact on post-operative adjustment to CABG

Using Computer Conferencing Technology To Assist Collaboration between Higher Education Faculty; Student Teachers and K-12 Practitioners

The College of Education at the University of Northern Iowa (UNI) created collaborative partnerships with nine major school districts in Iowa in order to establish several kinds of relationships between practitioners and university faculty which computer networks facilitated. A new Cobra computer conference system was expanded to the nine regional off-campus centers where UNI student teachers were working; and modem-equipped portable computers were linked to the campus through a WATTS telephone line. Personnel; including field-based personnel and practitioners; were then able to communicate with nearly all offices on UNI campus through E-mail and computer conferences. Further programs have recruited teachers as center Cadre members. The ability to connect campus faculty to field practitioners has positively affected the teacher education program at UNI. Classroom teachers have been a valuable resource for teacher trainees and student teachers; they have influenced university committee decisions; impacted curriculum content and methods classes; and enhanced rapport between faculty and teachers. When faculty and teachers talked about a mutual interest; traditional barriers tended to disappear. Student teachers have benefited through more frequent communication; and their cooperating teachers\u27 interest in Cobra was heightened. Lessons proposed for similar programs are: (1) keep technical information simple; (2) establish leadership and commitment; and (3) find ways to introduce computer network users face-to-face to build rapport. Contains 8 references. (JB

Classroom Teacher Cadres: A Partnership between Agencies That Is Designed To Inspire and Model Best Teaching/Learning Practices for Student Teachers

This paper describes how the University of Northern Iowa constructed formal networks that increased communications with public school practitioners and infused new ideas into the teacher training program. Faculty in the Office of Student Field Experience decided all regional campuses of the university should provide some common experiences for teacher trainees; including not only a common core curriculum; but similar structures for delivery as well. The core curriculum was built on five ingredients: teaching experiences; seminars; journals; conferences; and action research projects. Each regional partnership agreed to arrange pre-student teaching field experiences and a semester of student teaching; as well as hiring clinical supervisors from local schools; establishing regional advisory groups; and establishing a position for a resident professor. Communication among students; faculty; and clinical supervisors at the 12 statewide regional sites improved enormously with the implementation of an E-mail network (supported with telecommunications training for participants); the first of many major expenses that challenged the budget of the project. Suggestions for creative funding of such programs are discussed. Overall; the system of partnerships between local school systems and the state universities was found to produce a better-prepared cadre of teachers and benefit all parties concerned. (PB

Field Responsive; Center Specific: A Model for Collaborative Partnerships

A description is given of the Regional Partnership Program; a field-responsive; center-specific model established at the University of Northern Iowa (UNI) designed to oversee clinical field experiences for student teachers. This cooperative partnership calls for a resident tenure track professor to be placed in a geographic area away from the main campus for the purpose of directing the student teaching program; teaching extension courses and being involved in other activities designed by the university. The model involves six regional districts specifically located across the state in such a fashion as to cause the university to be in touch with all areas of the state. The six regional districts serve as the administrative units for the field program; thus allowing the decision-making process to be more closely aligned to the activities and needs of the field. All partnerships have been developed to allow for the incorporation of a cadre of educational practitioners who participate in the management of the regional center and advise the university on matters related to the total education program. The center-specific component of the UNI partnership program was designed to encourage creativity and to respond to regional needs. Cadre involvement extends beyond clinical field experience activities and cadre members are involved in a variety of teacher education matters. (JD

Teacher Education: Student Teacher Views vs. Those of Cooperating Teachers

A survey was conducted on the quality of preparation in teacher education of student teachers at the University of Northern Iowa and their performance level during student teaching. Student teachers were asked to assess teacher education program contributions to 29 competencies relevant to teaching effectiveness; plus their overall teacher effectiveness. Similarly; cooperating teachers were asked to assess the same competencies as exhibited by the student teachers they supervised. Of the 369 (78.5 percent) questionnaires returned; 192 were from student teachers and 177 were from cooperating teachers. Data analysis was based on matched pairs of responses. An overall summary of the ratings by student teachers and cooperating teachers is presented. In 29 items; cooperating teacher ratings of student teacher competencies exceeded student teacher ratings of program contributions to these competencies. No significant difference was found to exist between process and performance as rated by the two groups of matched respondents. It was apparent that student teachers have unrealistic optimism because they rated their overall teaching performance higher than any of the 29 competencies that contributed to their skills. Two competency areas appeared among the lowest five ratings of both groups: stimulating students to be independent learners and working with/utilizing community resources. Although rather limited samples of both student teacher and cooperating teacher ratings were involved in this study; the results identify some concerns worthy of consideration and point up the need for follow-up studies. A copy of the questionnaire is appended. (JD