Given a model M , consisting of communicating finite state machines (CFSMs), that represents the required behaviour of an implementation I, it is important to test I against M . This paper considers part of the testing process: checking the transition structure of I against that of M . One possible approach, to checking the transition structure of I, is to generate the product machine from M an...

The relationship between returns, volatility and trading volume has interested financial economists and analysts for a number of years. A widely documented result is the positive contemporaneous relationship between price returns and trading volume. This paper investigates the contemporaneous and dynamic relationships between trading volume, returns and volatility for Greek index futures (FTSE/...

This paper examines an extended double auction model where market clearing is restricted by temporal constraints. It is found that the allocation problem in this model can be effectively transformed into a weighted bipartite matching in graph theory. By using the augmentation technique, we propose a Vickrey-Clarke-Groves (VCG) mechanism in this model and demonstrate the advantages of the paymen...

We consider a general GMM framework where weaker patterns of identi cation may arise: typically, the data generating process is allowed to depend on the sample size. We are interested in providing inference about the identi cation of the structural parameter. First, we propose a consistent Hausman-type test to test whether additional moment conditions enhance its identi cation. Failing to rejec...

A Σ21 truth for λ is a pair 〈Q,ψ〉 so that Q ⊆ Hλ, ψ is a first order formula with one free variable, and there exists B ⊆ H λ+ such that (H λ+ ;∈, B) |= ψ[Q]. A cardinal λ is Σ21 indescribable just in case that for every Σ 2 1 truth 〈Q,ψ〉 for λ, there exists λ̄ < λ so that λ̄ is a cardinal and 〈Q ∩ Hλ̄, ψ〉 is a Σ 2 1 truth for λ̄. More generally, an interval of cardinals [κ, λ] with κ ≤ λ is Σ21 in...

This paper proves a preliminary step towards a splitter theorem for internally 4-connected binary matroids. In particular, we show that, provided M or M∗ is not a cubic Möbius or planar ladder or a certain coextension thereof, an internally 4-connected binary matroid M with an internally 4-connected proper minor N either has a proper internally 4-connected minor M ′ with an N -minor such that |...

While earning processes are commonly unobservable income flows which evolve in continuous time, observable income data are usually discrete, having been aggregated over time. We consider continuous-time earning processes, specifically (non-linearly) transformed Ornstein-Uhlenbeck processes, and the associated integrated, i.e. time aggregated process. Both processes are characterised, and we sho...

It is known that for a sequence of independent and identically distributed random variables (Xn) the regular variation condition is equivalent to weak convergence of partial maximaMn = max{X1, . . . , Xn}, appropriately scaled. A functional version of this is known to be true as well, the limit process being an extremal process, and the convergence takes place in the space of càdlàg functions e...