Triple graph grammars (TGGs) provide a formal framework for bidirectional model transformations. As in practice, TGGs are primarily used in pure model-to-model transformation scenarios, tools for text-to-model and model-to-text transformations make them also applicable in text-to-text transformation contexts. This paper presents a solution for the text-to-text transformation case study of the T...

The emergence of the recent financial crisis, during which markets frequently underwent changes in their statistical structure over a short period of time, illustrates the importance of non-stationary modelling in financial time series. Motivated by this observation, we propose a fast, well-performing and theoretically tractable method for detecting multiple change-points in the structure of an...

ver the past two decades, there has been a transformation in the U.S. financial sector. Alongside the deregulation of this industry, financial intermediation has shifted from a bankcentered process to one where nonbanks play an increasing role. Given these changes, questions arise about how banks have adapted and to what degree their traditional roles in financial intermediation have changed (s...

In a number of transition economies the banking systems are at different stages of the transformation process from mostly planned to market economy structures. But the past turbulent year led to further distinctions in development within these countries. While FSU (the former Soviet Union) countries, in particular Russia, were deeply shattered by the SouthEast Asian financial crisis and have su...

The well-known ARCH/GARCH models for financial time series have been criticized of late for their poor performance in volatility prediction, i.e., prediction of squared returns.1 Focusing on three representative data series, namely a foreign exchange series (Yen vs. Dollar), a stock index series (the S&P500 index), and a stock price series (IBM), the case is made that financial returns may not ...

During economic transition, firms must dramatically reduce their financial dependence on the state and begin to borrow from nonstate capital sources. This paper draws on institutional and resource dependence theories to examine this fundamental transformation of firm capital structure during China’s transition. I propose that managers borrowed from external sources even when internal funds were...

Over the last three decades the role of banking in the process of financial intermediation has been undergoing a profound transformation, owing to changes in the global financial system. India’s banking system has seen some major financial innovations in the past decade as well as steps to promote financial inclusion, schemes that aim to take banking services to yet-to-be-banked areas. The vari...