Maximum likelihood estimation is a general method for estimating the parameters of econometric models from observed data. The principle of maximum likelihood plays a central role in the exposition of this book, since a number of estimators used in econometrics can be derived within this framework. Examples include ordinary least squares, generalized least squares and full-information maximum likelihood. In deriving the maximum likelihood estimator, a key concept is the joint probability density function (pdf) of the observed random variables, yt. Maximum likelihood estimation requires that the following conditions are satisfied. (1) The form of the joint pdf of yt is known. (2) The specification of the moments of the joint pdf are known. (3) The joint pdf can be evaluated for all values of the parameters, 9. Parts ONE and TWO of this book deal with models in which all these conditions are satisfied. Part THREE investigates models in which these conditions are not satisfied and considers four important cases. First, if the distribution of yt is misspecified, resulting in both conditions 1 and 2 being violated, estimation is by quasi-maximum likelihood (Chapter 9). Second, if condition 1 is not satisfied, a generalized method of moments estimator (Chapter 10) is required. Third, if condition 2 is not satisfied, estimation relies on nonparametric methods (Chapter 11). Fourth, if condition 3 is violated, simulation-based estimation methods are used (Chapter 12). 1.2 Motivating Examples To highlight the role of probability distributions in maximum likelihood estimation, this section emphasizes the link between observed sample data and 4 The Maximum Likelihood Principle the probability distribution from which they are drawn"-- publisher.
This collection includes legendary artist Jose Luis Garci a-Lo pez's dynamic work on Superman from the 1970s forward! This collection includes stories from DC Comics Presents #41, Realworlds: Superman #1, Superman, Inc. #1, Superman: Kal #1, Superman #347, World's Finest Comics #244, #255 and #258, and Action Comics #1000, plus dozens of pages of cover art and more!
Financial crises often transmit across geographical borders and different asset classes. Modeling these interactions is empirically challenging, and many of the proposed methods give different results when applied to the same data sets. In this book the authors set out their work on a general framework for modeling the transmission of financial crises using latent factor models. They show how their framework encompasses a number of other empirical contagion models and why the results between the models differ. The book builds a framework which begins from considering contagion in the bond markets during 1997-1998 across a number of countries, and culminates in a model which encompasses multiple assets across multiple countries through over a decade of crisis events from East Asia in 1997-1998 to the sub prime crisis during 2008. Program code to support implementation of similar models is available.
August to September 1998 has been characterized as one of the worst episodes of global financial distress in decades. This paper investigates the transmission of the Russian and the LTCM crises through global equity markets using a panel of 14 developing and industrial countries. The results show that contagion was systemic during the period, with industrial countries providing the dominant cross-country transmission linkages. Both crises reinforced each other, highlighting the importance of studying them jointly. An implication of the empirical results is that models of contagion that exclude industrial countries are potentially misspecified and may yield misleading outcomes.
This paper investigates whether financial crises are alike by considering whether a single modeling framework can fit multiple distinct crises in which contagion effects link markets across national borders and asset classes. The crises considered are Russia and LTCM in the second half of 1998, Brazil in early 1999, dot-com in 2000, Argentina in 2001-2005, and the recent U.S. subprime mortgage and credit crisis in 2007. Using daily stock and bond returns on emerging and developed markets from 1998 to 2007, the empirical results show that financial crises are indeed alike, as all linkages are statistically important across all crises. However, the strength of these linkages does vary across crises. Contagion channels are widespread during the Russian/LTCM crisis, are less important during subsequent crises until the subprime crisis, where again the transmission of contagion becomes rampant.
One internet post. Ten Poets. Less than thirty days. Read an unlikely collection of poems submitted by users of a certain social networking site. A diversity of voices communicating on a range of topics through the art of verse. Brought to you by an even more unlikely source, Rotting Horse Publishing. A house of horror delivers its most unexpected work yet. No blood or boogeymen needed to tell this story. The story of us.
The early twentieth-century American novelist Louis Joseph Vance created the popular character Michael Lanyard, a criminal-turned-detective known as ‘The Lone Wolf’. His sensation thrillers and whirlwind adventure stories were well-regarded for their imaginative, gruesome and engaging qualities. He published many bestselling books and established his own motion picture production company, whose films were distributed by Paramount Pictures. Many of his works were adapted for the silver screen, winning countless new admirers across the world. This eBook presents Vance’s collected works, with numerous illustrations, rare texts appearing in digital print for the first time and informative introductions. (Version 1) * Beautifully illustrated with images relating to Vance’s life and works * Concise introductions to the major novels * Five ‘Lone Wolf’ novels * Features 25 novels in total, with individual contents tables * Rare novels appearing for the first time in digital publishing * Images of how the books were first published, giving your eReader a taste of the original texts * Excellent formatting of the texts * Famous works are fully illustrated with their original artwork * Ordering of texts into chronological order and genres Please note: due to US copyright restrictions, post-1925 works cannot appear in this edition (including three ‘Lone Wolf’ novels). When new texts become available, they will be added to the eBook as a free update. CONTENTS: The Lone Wolf Series The Lone Wolf (1914) The False Faces (1918) Alias the Lone Wolf (1921) Red Masquerade (1921) The Lone Wolf Returns (1923) The Novels Terence O’Rourke, Gentleman Adventurer (1905) The Private War (1906) The Brass Bowl (1907) The Black Bag (1908) The Bronze Bell (1909) The Pool of Flame (1909) Fortune Hunter (1910) No Man’s Land (1910) Cynthia of the Minute (1911) The Bandbox (1912) The Destroying Angel (1912) The Day of Days (1913) Joan Thursday (1913) The Trey O’ Hearts (1914) Nobody (1915) Sheep’s Clothing (1915) The Dark Mirror (1920) Linda Lee Incorporated (1922) Baroque (1923) Road to En-Dor (1925) Please visit www.delphiclassics.com to browse through our range of exciting titles or to purchase this eBook as a Parts Edition of individual eBooks
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