The conventional wisdom, and much of the citizen participation literature in public administration, works from a presumption that the stability of the social bond will come about as a result of more and better participation. However, under the conditions of late modernism including incommensurable language games, participation, even in the form of robust discourse, is insufficient for generating the social bond. In such conditions, some form of the social bond must exist prior to and in order for discursive participation to occur in the first place. Again, in the conditions of late modernism, the mechanical solidarity described by Emile Durkheim, or a social bond based in shared culture, religion and values no longer exists. In such conditions, some other basis to form the social bond m...
Actuaries manage risk, and asset price volatility is the most fundamental parameter in models of risk management. This study utilizes recent advances in econometric theory to decompose total asset price volatility into a smooth, continuous component and a discrete (jump) component. We analyze a data set that consists of high-frequency tick-by-tick data for all stocks in the S&P 100 Index, as well as similar futures contract data on three U.S. equity indexes and three U.S. Treasury securities during the period 1999-2005. We find that discrete jumps contribute between 15% and 25% of total asset risk for all equity index futures, and between 45% and 75% of total risk for Treasury bond futures. Jumps occur roughly once every five trading days for equity index futures, and slightly more ...
ver las páginas en versión mobile | web
ver las páginas en versión mobile | web
© Copyright 2012, vLex. All Rights Reserved.
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
Other interesting searches:
Waukesha-Pearce Industries, Inc. | Pacífico de Rusia | One Harrow | 9 cfr 350 6 | Ts Trim Industries Inc | Acto administrativo tributario | champlan ville | Conseil de legislation penale | Saneamiento
