122 research outputs found

    An Empirical Examination of Learning in Foreign Exchange Markets

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    Abstract Using a unique dataset of survey expectations, this paper examines the extent to which the classical fundamentalist -chartist dichotomy is valid for the foreign exchange market. By applying a recursive selection algorithm 1) respondents are classified into the two groups, and 2) the forecasting models are endogenously determined within the groups. We find that the largest part of the variation in expectations can be explained by the fundamentalist/chartist distinction. The majority of respondents use a simple chartist rule, while fundamentalists use a broad range of macro-economic information

    Model Uncertainty and Exchange Rate Forecasting

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    Exchange rate models with uncertain and incomplete information predict that investors focus on a small set of fundamentals that changes frequently over time. We design a model selection rule that captures the current set of fundamentals that best predicts the exchange rate. Out-of-sample tests show that the forecasts made by this rule significantly beat a random walk for 5 out of 10 currencies. Furthermore, the currency forecasts generate meaningful investment profits. We demonstrate that the strong performance of the model selection rule is driven by time-varying weights attached to a small set of fundamentals, in line with theory

    Apraxia and motor dysfunction in corticobasal syndrome

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    Background: Corticobasal syndrome (CBS) is characterized by multifaceted motor system dysfunction and cognitive disturbance; distinctive clinical features include limb apraxia and visuospatial dysfunction. Transcranial magnetic stimulation (TMS) has been used to study motor system dysfunction in CBS, but the relationship of TMS parameters to clinical features has not been studied. The present study explored several hypotheses; firstly, that limb apraxia may be partly due to visuospatial impairment in CBS. Secondly, that motor system dysfunction can be demonstrated in CBS, using threshold-tracking TMS, and is linked to limb apraxia. Finally, that atrophy of the primary motor cortex, studied using voxel-based morphometry analysis (VBM), is associated with motor system dysfunction and limb apraxia in CBS.   Methods: Imitation of meaningful and meaningless hand gestures was graded to assess limb apraxia, while cognitive performance was assessed using the Addenbrooke's Cognitive Examination - Revised (ACE-R), with particular emphasis placed on the visuospatial subtask. Patients underwent TMS, to assess cortical function, and VBM.   Results: In total, 17 patients with CBS (7 male, 10 female; mean age 64.4+/2 6.6 years) were studied and compared to 17 matched control subjects. Of the CBS patients, 23.5% had a relatively inexcitable motor cortex, with evidence of cortical dysfunction in the remaining 76.5% patients. Reduced resting motor threshold, and visuospatial performance, correlated with limb apraxia. Patients with a resting motor threshold <50% performed significantly worse on the visuospatial sub-task of the ACE-R than other CBS patients. Cortical function correlated with atrophy of the primary and pre-motor cortices, and the thalamus, while apraxia correlated with atrophy of the pre-motor and parietal cortices.   Conclusions: Cortical dysfunction appears to underlie the core clinical features of CBS, and is associated with atrophy of the primary motor and pre-motor cortices, as well as the thalamus, while apraxia correlates with pre-motor and parietal atrophy

    Institutional difference and outward FDI: Evidence from China

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    This paper investigates the impact of institutional difference on China’s outward foreign direct investment (OFDI) through a gravity model. Our estimations are based on a large panel of 150 countries over the period 2003-2015. The results show that the institutional differences of government effectiveness and control of corruption between China and a host country have a statistically significant negative effect on China’s OFDI. In addition, our empirical evidence suggests that the ‘One Belt One Road’ policy does not have the expected positive effect on China’s OFDI. Consistent results are obtained from a set of robustness tests. Our findings provide a reasonable guideline for countries aiming to attract Chinese OFDI or seeking factors to boost it

    Measurement of the νe\nu_e and Total 8^{8}B Solar Neutrino Fluxes with the Sudbury Neutrino Observatory Phase I Data Set

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    This article provides the complete description of results from the Phase I data set of the Sudbury Neutrino Observatory (SNO). The Phase I data set is based on a 0.65 kt-year exposure of heavy water to the solar 8^8B neutrino flux. Included here are details of the SNO physics and detector model, evaluations of systematic uncertainties, and estimates of backgrounds. Also discussed are SNO's approach to statistical extraction of the signals from the three neutrino reactions (charged current, neutral current, and elastic scattering) and the results of a search for a day-night asymmetry in the νe\nu_e flux. Under the assumption that the 8^8B spectrum is undistorted, the measurements from this phase yield a solar νe\nu_e flux of ϕ(νe)=1.760.05+0.05(stat.)0.09+0.09(syst.)×106\phi(\nu_e) = 1.76^{+0.05}_{-0.05}{(stat.)}^{+0.09}_{-0.09} {(syst.)} \times 10^{6} cm2^{-2} s1^{-1}, and a non-νe\nu_e component ϕ(νμτ)=3.410.45+0.45(stat.)0.45+0.48(syst.)×106\phi(\nu_{\mu\tau}) = 3.41^{+0.45}_{-0.45}{(stat.)}^{+0.48}_{-0.45} {(syst.)} \times 10^{6} cm2^{-2} s1^{-1}. The sum of these components provides a total flux in excellent agreement with the predictions of Standard Solar Models. The day-night asymmetry in the νe\nu_e flux is found to be Ae=7.0±4.9(stat.)1.2+1.3A_{e} = 7.0 \pm 4.9 \mathrm{(stat.)^{+1.3}_{-1.2}}% \mathrm{(sys.)}, when the asymmetry in the total flux is constrained to be zero.Comment: Complete (archival) version of SNO Phase I results. 78 pages, 46 figures, 34 table
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