Companies need to rethink the way they create value and grow their business thrive in tomorrow’s volatile uncertain environment. virtually every industry are impacted b...

In this paper, we propose a simple model for international bond investment. The investor can optimize a government bond portfolio in a discrete time horizon conditional on the common and local factors in international bond returns. The variation in the cross section and time series of treasury yields is captured by a joint affine term structure model (ATSM). Easy closed form solutions for the r...

We propose an affine term structure model which accommodates non-linearities in the drift and volatility function of the short-term interest rate. Such non-linearities are a consequence of discrete beta-distributed regime shifts constructed on multiple thresholds. We derive iterative closed-form formula for the whole yield curve dynamics that can be estimated using a linearized Kalman filter. F...

In this paper we answer a question of Friedman, providing an !-separable model M of the-calculus. There therefore exists an-separable model for any 0. The model M permits no non-trivial enrichment as a partial order; neither does it permit an enrichment as a category with an initial object. The open term model embeds in M: by way of contrast we provide a model which cannot embed in any non-triv...

We show that with a simple normalization of explanatory variables, marginal effects in probit and logit models simplify dramatically, becoming a function of only the estimated constant term. Related simplifications hold for computation of asymptotic variances of these effects. D 2003 Elsevier B.V. All rights reserved.

Let ψ be a smooth character of a closed subgroup, H, of a reductive p-adic group G. If P is parabolic subgroup of G such that PH is open in G, we define the constant term of every smmoth fubction on G which transforms by ψ under the right action of G. The example of mixed models is given: it includes symmetric spaces and Whittaker models. In this case a notion of cuspidal function is defined an...