The University of Glasgow at ImageClefPhoto 2009

In this paper we describe the approaches adopted to generate the five runs submitted to ImageClefPhoto 2009 by the University of Glasgow. The aim of our methods is to exploit document diversity in the rankings. All our runs used text statistics extracted from the captions associated to each image in the collection, except one run which combines the textual statistics with visual features extracted from the provided images. The results suggest that our methods based on text captions significantly improve the performance of the respective baselines, while the approach that combines visual features with text statistics shows lower levels of improvements

Money and Credit Factors

The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy. These measures are calculated using the time-series factor analysis (TSFA) methodology introduced in Gilbert and Meijer (2005). The measures appear to be both more interesting and more robust to the effects of financial innovations than traditional aggregates. The general ideas set out in Gilbert and Pichette (2003) are pursued, but the improved estimation methods of TSFA are used. Furthermore, four credit aggregates are added to the components of the monetary aggregates, resulting in the possibility of extracting more common factors.Credit and credit aggregates; Monetary aggregates; Econometric and statistical methods

The Commutative Effect and Casuality of Openness and Indigenous Factors Among World Economies

The paper studies the commutative and causality relationship between economic openness and indigenous factors. The construction of the Openness Index and the Indigenous Index provides a measure on the extent of openness and indigenous development among world economies. The two indices are used to study their commutative effect and causality. The empirical findings show that there is a positive and significant static effect of openness on indigenous factors and vice versa; however the latter is larger. There are bi-directional dynamic causality relationships between openness and indigenous factors. Indigenous factors help to forecast openness factors and vice versa.Openness, indigeneity, panel data model, commutative effect, causality

An integrated new product development model for the Turkish electronics industry

The aim of this study is to report on an integrated model of new product development (NPD) and the analysis of factors, which have a significant effect on new product development success. First, an integrated NPD model based on past research findings and suggestions of several researchers is built. A three-step model is constructed and is tested through a series of statistical tests and analysis. The data for the testing of the model is provided by an empirical study conducted in the Turkish electronics industry. Some practices for successful NPD are suggested

Factors Affecting Maize Producers Adoption of Forward Pricing in Price Risk Management: The Case of Vaalharts

Logistic regression is employed to analyse the factors which influence the decision of whether or not the respondent used forward pricing methods during the 2004/05 maize production season. Forward pricing methods include cash forward contracting and hedging with futures contracts and/or options, through the South African Futures Exchange (SAFEX). Based on the results, the use of forward pricing is associated with lower levels of risk aversion and higher levels of human capital. Factor analysis is employed to reduce the dimensionality of the personal reasons which help to interpret the underlying, common factor of the personal reasons why farmers are reluctant to use forward pricing methods. Three factors were extracted and were labelled “Lack of capacityâ€, “Distrust of the marketâ€, and “Bad experiencesâ€. The results from the factor analysis confirm the finding that farmers need higher levels of human capital to use forward pricing methods and that farmers do not believe that the forward pricing market is effective. Education should furthermore, focus more on the practical application of alternative forward pricing methods and not purely on the benefits of the use of forward pricing methods.Forward pricing, Logit, Factor analysis, Agricultural Finance, Risk and Uncertainty,

Measuring Regional Market Integration in Developing Asia: a Dynamic Factor Error Correction Model (DF-ECM) Approach

This paper examines empirically the dynamic process of regional market integration in twelve Asian economies using a new modeling approach combining DF with ECM. This approach enables us to obtain latent regional dynamic factors which correspond well with the 'foreign' parity variables in theory when a market is imperfectly integrated and which act, in explaining domestic short-run price adjustments, as leading-indicators in an errorcorrection form. The power of the DF-ECM approach is illustrated in its application to measuring market integration in the developing Asian region using monthly data from the past decade.Law of one price; market integration; dynamic factor; error-correction model

Cross-country typologies and development strategies to end hunger in Africa

The key motivation behind this study is to explore the many patterns of interactions between economic and non-economic factors in sub-Saharan Africa (hereafter referred to as Africa) in order to map out a typology of different types of country situations and thus, corresponding future options to develop strategies to end hunger and poverty in the region. The study builds on the earlier work of Irma Adelman and Cynthia Morris who argued that economic development is a dynamic, multi-faceted, nonlinear, and malleable process, a process explained by the many complex interactions between social, economic, political and institutional changes. As in Adelman and Morris, we use factor analysis to reduce a large number of variables into a manageable set of key factors. Next, using the newly developed classification and regression tree technique (CART), we link the outcome variables, such as per capital GDP and the prevalence of child malnutrition, with this smaller set of factors. This overcomes the limitations of Adelman and Morris. work that mixed the outcome and explanatory variables in their analysis. The analysis helps identify the most important factors for each outcome indicator, which provides guidance for defining the development of a typology and exploring future strategy options associated with each country type.

Nordic Built Cities Challenge Awards

FinalistaPostprint (published version