Cointegration has different theoretical implications for forecasting. Several empirical studies have compared the out of sample forecasting performance of cointegrted VECMs against unrestricted VARs in levels and in differences. The results of these studies have been generally mixed and inconclusive. This paper provides a comprehensive review over the subject, and also examines the effects...

the statistical analysis of spatial data is usually done under gaussian assumption for the underlying random field model. when this assumption is not satisfied, block bootstrap methods can be used to analyze spatial data. one of the crucial problems in this setting is specifying the block sizes. in this paper, we present asymptotic optimal block size for separate block bootstrap to estimate the...

Methodological norms in economic theorising are interpreted as rational strategies to optimise some epistemic utility functions. A definition of ‘empirical verisimilitude’ is defended as a plausible interpretation of the epistemic preferences of researchers. Some salient differences between the scientific strategies of physics and of economics are derived from the comparison of the relative cos...

A generic fusion problem is studied for multiple sensors whose outputs are probabilistically related to their inputs according to unknown distributions. Sensor measurements are provided as iid input-output samples, and an empirical risk minimization method is described for designing fusers with distribution-free performance bounds. The special cases of isolation and projective fusers for classi...

In order to understand the seismic performance and mechanism of bottom frame seismic wall masonry structure (BFSWMS) and its vulnerability in empirical seismic damage, based on the statistical and numerical analysis of the field seismic damage observation data of 2178 Dujiangyan structures in the Wenchuan great earthquake urban of China on May 12, 2008, a non-linear function model between the s...

The Rational Expectations Permanent Income Hypothesis implies that consumption follows a martingale. However, most empirical tests have rejected the hypothesis. Those empirical tests are based on linear models. If the data generating process is non-linear, conventional tests may not assess some of the randomness properly. As a result, inference based on conventional tests of linear models can b...

The aim of this empirical study is to explore the trade-off model and pecking order model of capital structure. The investigation is performed using panel data procedures for a sample of 76 firms listed in Tehran Stock Exchange during 2007-2010.The study employs OLS regression model in examining the capital structure of firms in Iran. The study employs variables reflecting differing theoretical...

building retailer equity increases revenue and profitability by insulating retailers from competitors. store image is the basis of retailer equity, but extant literature offers little in sight in to the empirical research which takes store image dimensions as antecedents of retailer equity. this paper establishes a theoretical and empirical basis that shows the impact of selected store image di...

In this paper, we study a two-category classification problem. We indicate the categories by labels Y = 1 and Y = −1. We observe a covariate, or feature, X ∈ X ⊂ R. Consider a collection {ha} of classifiers indexed by a finite-dimensional parameter a, and the classifier ha∗ that minimizes the prediction error over this class. The parameter a∗ is estimated by the empirical risk minimizer ân over...