Exchange-Rate Systems and Interest-Rate Behaviour: The Experience of Hong Kong and Singapore

The Currency Board System in Hong Kong and the monitoring band system in Singapore are important benchmarks for two different exchange-rate systems. In this paper we consider the implications of the two exchange-rate systems on the interest-rate behaviour of the two economies. We examine the domestic-US interest differentials under the two exchange-rate regimes during the Asian Financial Crisis as well as the pre- and post-crisis periods. Using a bivariate generalized autoregressive conditional heteroscedasticity model, we also investigate whether there is any change in the correlation between the domestic and US interest rates due to the Asian Financial Crisis.

Tests of Functional Form and Heteroscedasticity

This paper considers tests of misspecification in a heteroscedastic transformation model. We derive Lagrange multiplier (LM) statistics for (i) testing functional form and heteroscedasticity jointly, (ii) testing functional form in the presence of heteroscedasticity, and (iii) testing heteroscedasticity in the presence of data transformation. We present LM statistics based on the expected information matrix. For cases (i) and (ii), this is done assuming the Box-Cox transformation. For case (iii), the test does not depend on whether the functional form is estimated or pre-specified. Small-sample properties of the tests are assessed by Monte Carlo simulation, and comparisons are made with the likelihood ratio test and other versions of LM test. The results show that the expected-information based LM test has the most appropriate finite-sample empirical siFunctional Form, Hetersocedasticity, Lagrange Multiplier Test

Tests of Functional Form and Heteroscedasticity

This paper considers tests of misspecification in a heteroscedastic transformation model. We derive Lagrange multiplier (LM) statistics for (i) testing functional form and heteroscedasticity jointly, (ii) testing functional form in the presence of heteroscedasticity, and (iii) testing heteroscedasticity in the presence of data transformation. We present LM statistics based on the expected information matrix. For cases (i) and (ii), this is done assuming the Box-Cox transformation. For case (iii), the test does not depend on whether the functional form is estimated or pre-specified. Small-sample properties of the tests are assessed by Monte Carlo simulation, and comparisons are made with the likelihood ratio test and other versions of LM test. The results show that the expected-information based LM test has the most appropriate finite-sample empirical sizeFunctional Form, Heterscedasticity, Lagrange Multiplier Test

A Review of System Development Systems

The requirements for a system development system are defined and used as guidelines to review six such systems: SAMM, SREM, SADT, ADS / SODA, PSL/PSA and Systematics. It is found that current system development systems emphasise only validation and user verification. They can perform relatively little on automatic file optimisation, process optimisation and maintenance.postprin

A tale of one city: intra-institutional variations in migrating VLE platform

City University London committed in 2009 to make Moodle the Virtual Learning Environment (VLE) at the core of a new Strategic Learning Environment (SLE) comprised of VLE, externally facing website and related systems such as video streaming and virtual classrooms. Previously, the WebCT VLE had been separate from most of the other systems at the institution with very limited connections to other tools. Each of the schools within the institution was able to pursue their own strategy and timeframe for the migration and embedding of Moodle within their subject areas, within an absolute limit of 2 years. This paper outlines the approaches taken by the various schools, highlighting similarities and differences, and draws out common aspects from the project to make recommendations for institutions seeking to undertake similar migrations

Speculative Trading, Prospect Theory and Transaction Costs

A speculative agent with Prospect Theory preference chooses the optimal time to purchase and then to sell an indivisible risky asset to maximize the expected utility of the round-trip profit net of transaction costs. The optimization problem is formulated as a sequential optimal stopping problem and we provide a complete characterization of the solution. Depending on the preference and market parameters, the optimal strategy can be ``buy and hold'', ``buy low sell high'', ``buy high sell higher'' or ``no trading''. Behavioral preference and market friction interact in a subtle way which yields surprising implications on the agent's trading patterns. For example, increasing the market entry fee does not necessarily curb speculative trading, but instead it may induce a higher reference point under which the agent becomes more risk-seeking and in turn is more likely to trade

Data flow testing of service choreography

This work is supported in part by the General Research Fund of the Research Grants Council of Hong Kong (project nos. 717506 and 717308).ESEC/FSE (Conference)Service computing has increasingly been adopted by the industry, developing business applications by means of orchestration and choreography. Choreography specifies how services collaborate with one another by defining, say, the message exchange, rather than via the process flow as in the case of orchestration. Messages sent from one service to another may require the use of different XPaths to manipulate or extract message contents. Mismatches in XML manipulations through XPaths (such as to relate incoming and outgoing messages in choreography specifications) may result in failures. In this paper, we propose to associate XPath Rewriting Graphs (XRGs), a structure that relates XPath and XML schema, with actions of choreography applications that are skeletally modeled as labeled transition systems. We develop the notion of XRG patterns to capture how different XRGs are related even though they may refer to different XML schemas or their tags. By applying XRG patterns, we successfully identify new data flow associations in choreography applications and develop new data flow testing criteria. Finally, we report an empirical case study that evaluates our techniques. The result shows our techniques are promising in detecting failures in choreography applications. Copyright 2009 ACM.postprin

Cultural Icons and Marketing of Gambling

A number of different countries and states have or are in the process of developing formal or informal guidelines to govern gambling advertising and marketing of gambling. There is a growing consensus that gambling advertising should not mislead the public, be fair, provide information on the odds of wining and there should be provisions in place to protect vulnerable groups, such as, children. In the development of these guidelines by different countries or states there has been no real consideration of the need to engage with different indigenous and ethnic populations to ensure that they are protected as vulnerable populations. Further there is a need to engage with these populations within countries and across countries to ensure that indigenous and ethnic minority cultural icons, values, religious practices and music are not used without their permission or exploited in the business of promoting and marketing different forms of gambling products. New Zealand’s experience of marketing and advertising of gambling is discussed in this paper. It is outlined the development of casinos in New Zealand and how Maori were actively encouraged to participate in the opening of these establishments and therefore, legitimate their existence as a safe place for Maori, the indigenous population of New Zealand to frequent on a regular basis. Since then other ethnic minority populations have been targeted to engage in different forms of gambling by recognising their significant cultural events, importance of family events and celebrating and promoting the success of important sport role models. Gambling advertising can be direct or subtle, however, little research has focussed on the third person effect associated with gambling advertising. New Zealand has adopted a public health approach to reduce gambling related harm. One of the key strategies introduced to reduce gambling related harm has been the development and implementation of harm minimisation regulations. Research conducted in New Zealand regarding individuals’ attitudes and behaviour to gambling, highlights that Maori have a high recall of gambling advertisements alongside other ethnic populations. The paper suggests that as part of a public health approach to reduce gambling related harm that it is now timely in New Zealand, for consideration to be given as to how much exposure, if any, New Zealanders should be subjected to gambling advertising