A Direct Test of Rational Bubbles

The recent introduction of new derivatives with future dividend payments as underlyings allows to construct a direct test of rational bubbles. We suggest a simple, new method to calculate the fundamental value of stock indices. Using this approach, bubbles become observable. We calculate the time series of the bubble component of the Euro-Stoxx 50 index and investigate its properties. Using a formal hypothesis test we find that the behavior of the bubble is compatible with rationality.speculative rational bubbles, martingale tests, fundamental value, dividend expectation

Estimating continuous-time income models

While earning processes are commonly unobservable income flows which evolve in continuous time, observable income data are usually discrete, having been aggregated over time. We consider continuous-time earning processes, specifically (non-linearly) transformed Ornstein-Uhlenbeck processes, and the associated integrated, i.e. time aggregated process. Both processes are characterised, and we show that time aggregation alters important statistical properties. The parameters of the earning process are estimable by GMM, and the finite sample properties of the estimator are investigated. Our methods are applied to annual earnings data for the US. It is demonstrated that the model replicates well important features of the earnings distribution. Keywords; integrated non-linearly transformed ornstein-uhlenbeck process, temporal aggregation

Weak convergence to the t-distribution

We present a new limit theorem for random means: if the sample size is not deterministic but has a negative binomial or geometric distribution, the limit distribution of the normalised random mean is a t-distribution with degrees of freedom depending on the shape parameter of the negative binomial distribution. Thus the limit distribution exhibits exhibits heavy tails, whereas limit laws for random sums do not achieve this unless the summands have innite variance. The limit law may help explain several empirical regularities. We consider two such examples: rst, a simple model is used to explain why city size growth rates are approximately t-distributed. Second, a random averaging argument can account for the heavy tails of high-frequency returns. Our empirical investigations demonstrate that these predictions are borne out by the data.convergence, t-distribution, limit theorem

The Dynamics of Brand Equity: A Hedonic Regression Approach to the Laser Printer Market

The authors develop a dynamic approach to measuring the evolution of comparative brand premium, an important component of brand equity. A comparative brand premium is defined as the pairwise price difference between two products being identical in every respect but brand. The model is based on hedonic regressions and grounded in economic theory. In constrast to existing approaches, the authors explicitly take into account and model the dynamics of the brand premia. By exploiting the premia’s intertemporal dependence structure, the Bayesian estimation method produces more accurate estimators of the time paths of the brand premia than other methods. In addition, the authors present a novel yet straightforward way to construct confidence bands that cover the entire time series of brand premia with high probability. The data required for estimation are readily available, cheap, and observable on the market under investigation. The authors apply the dynamic hedonic regression to a large and detailed data set about laser printers gathered on a monthly basis over a four-year period. It transpires that, in general, the estimated brand premia change only gradually from period to period. Nevertheless the method can diagnose sudden downturns of a comparative brand premium. The authors’ dynamic hedonic regression approach facilitates the practical evaluation of brand management.brand equity, price premium, hedonic regression, Bayesian estimation, dynamic linear model

A Critical Practice Model For Physiotherapy

A perspective in critical social science is concerned with knowledge, power and critique. This thesis explores the question: What would physiotherapy practice look like if it were informed by critical social science? This question originated from four observations: (1) physiotherapists work with constantly changing health care demands, (2) traditional practice approaches underpinned by rational objectivity widen the gap between theory and practice, (3) professional judgments are based on more than objective, rational thinking, and (4) concluding from the first three observations clinical physiotherapists rely more and more on thinking for themselves. If physiotherapists were to adopt a critical social science perspective they would question their practice, identify taken-for-granted, unreflected assumptions and unnecessary system constraints and liberate themselves, their practice and patients, thereby enhancing both the quality of patient care and the practitioner’s professional work experience. Following the hermeneutic tradition I constructed texts from pertinent literature as well as transcripts from participants’ interviews, action plans and field notes. I developed an integrative design to interpret these texts drawing from philosophical and critical hermeneutics as well as action research. The question and answer dialogue methodology consisted of four cycles including deep, critical and transformative dimensions. These I labelled critical transformative dialogues. The first dialogue was with the critical social science literature and with the Gadamer-Habermas and Foucault- Habermas debates in particular. These debates addressed issues of rationality, knowledge and power. Further, I reviewed relevant education, nursing and health promotion literature that addressed these critical social science themes. This first dialogue crystallised my identification of key CSS dimensions relevant to physiotherapy practice. The second dialogue comprised physiotherapy literature that related to these identified critical social science dimensions, as well as transcripts from physiotherapists’ interviews. This dialogue critically interpreted current practice models in their historical, educational and practice contexts. It highlighted the finding that physiotherapy practice is currently dominated by instrumental thinking rather than critical thinking, and that there is a lack of engagement of physiotherapy practice with CSS. The third dialogue was with physiotherapists trialling CSS in practice. Physiotherapists of this trialling group designed action learning “contracts” where they set out to change their practice in the sense of adopting CSS principles and activities in their practice. I explored with these participants how CSS could work or fit in their practice and practice contexts and how this would be experienced. Through this action learning project of endeavouring to transform their practice towards a CSS model I explored participants’ capacity to learn about posing problems concerning their practice, recognise practice contradictions, experience practice challenges and recognise their motivations and interests. This exploration illuminated the viability of CSS in their practice. The fourth dialogue was with physiotherapists who operationalised CSS values or who could visualise a CSS framework for their practice whether they used this terminology or not. This dialogue brought critical understanding of the advantages and potential limitations of realising a CSS-centred physiotherapy practice. I conclude the thesis with twelve propositions arising from these four critical transformative dialogues. Based on the trialling, transforming and visioning of CSS as a model for physiotherapy practice, the relevance of these propositions for critical physiotherapy practice is asserted and implications for education and further research are discussed. The contribution that CSS can make to physiotherapy practice is to add critical transformative dialogues as a strategy to advance practice that is patient-centred and multidisciplinary in approach, inclusive of sociopolitical environments, mindful of professional power and open about professional values

Economic assessment and analysis of agricultural education programs in the north central region

Agricultural education in the land grant university is an integral part of the total educational process of the university. Little or no attempt has been made to assess the resource use in agricultural education. The purpose of this study is to assess, using economic criteria, the agricultural education programs in the land grant universities of the north central region. Data from the departments within this region are analyzed to determine resources used, inputs and outputs, efficiencies of individual programs, and analyses by size groupings;Data collected from the departmental executive officers revealed a variety of degree programs offered among the universities except for the undergraduate programs. For the 1978-1979 year, the undergraduate program required the largest amount of staff time (36.7% of the total) followed by the research function and graduate teaching/advising. During the same time period, over two-thirds of the salaries paid were used to support the undergraduate program;Various input/output measures were calculated from the data to examine the relationship between salaries, staff time, students, and credit contact hours. The study departments were divided into two size groupings to test statistical differences due to size. Statistical analyses revealed that salary costs per full-time equivalent are significantly different for graduate and research functions. Semester credits per full-time equivalent are also statistically significant;An economic model was conceptualized to test a production function with students graduating as the output measure and salaries and staff as the input measures. Several forms were tested with only a Cobb-Douglas production function being significant

Educating the deliberate professional and enhancing professional agency through peer reflection of work-integrated learning

© The Author(s) 2019. Educating reflexive, socially responsible and action-oriented future professionals who can contribute to a better future remains a core task of higher education. These graduate characteristics describe the deliberate professional. Within this article, we examine the value of a post-work-integrated learning peer reflection activity to foster professional agency and develop the deliberate professional in our students. Students participated in a post-work-integrated learning peer reflection activity, termed a huddle to signpost its informal yet respectful nature, and then completed a written reflection on the nature and value of this reflective experience. Findings demonstrate participants’ engagement with as well as limitations towards becoming deliberate professionals. Implications for future use and further research of this peer reflection activity are offered. This study contributes new evidence that suggests that purposefully structured, dialogic and written post-work-integrated learning peer reflections are an effective approach towards developing professional agency and educating the deliberate professional

Educating the deliberate professional and enhancing professional agency through peer reflection of work-integrated learning

Educating reflexive, socially responsible and action-oriented future professionals who can contribute to a better future remains a core task of higher education. These graduate characteristics describe the deliberate professional. Within this article, we examine the value of a post-work-integrated learning peer reflection activity to foster professional agency and develop the deliberate professional in our students. Students participated in a post-work-integrated learning peer reflection activity, termed a huddle to signpost its informal yet respectful nature, and then completed a written reflection on the nature and value of this reflective experience. Findings demonstrate participants’ engagement with as well as limitations towards becoming deliberate professionals. Implications for future use and further research of this peer reflection activity are offered. This study contributes new evidence that suggests that purposefully structured, dialogic and written post-work-integrated learning peer reflections are an effective approach towards developing professional agency and educating the deliberate professional