6. Technical Findings 6.1 Results of 10-year data Table 6.1.1 displays the matlab output of beta, standard error, t-statistic and p-value for the two independent variables during 10-year period. It is found that beta of X1 is 0.2750 which indicates there is a positive relationship between the utilities excess return and the healthcare excess return. This positive relationship is statistically significant as the p-value is close to 0 which is much less than the significance level of 5%. In addition, the standard error of X1 is 0.0300 which represents the average distance that the observed values fall from the regression line. This indicates that the model fits the data. In contrast, it is found that the material excess return is negatively …show more content…
Same as the results of 10-year period, the healthcare excess return is positively correlated with the utility excess return while negatively correlated with the material excess return. Compared to the 10-year results, it is found that beta of X1 decreases from 0.2750 to 0.2045 and beta of X2 decreases from -0.3165 to -0.3382. Also, beta of X0 drops which indicates without incorporating the event risk, more other variable is explained by the explanatory variables. As the p-value is less than 5% significance level, the relationships are both statistically significant. The standard errors of X1 and X2 are both small enough to indicate that the observations are close to the fitted …show more content…
And the outputs of both dataset are consisted with the results applying the robust function. Betas stay the same and only the standard errors in both cases decline slightly. Similarly, the graphs in both cases remain the same. Based on the non-robust test, we then can confirm that the variables are independent and uncorrelated, which satisfies the easing assumption to state the model is consistent. 7. Criticism Referring to Figure 6.2.3 and 6.3.3, it was proven that our model has problems that the sample data used does not represent the whole population. Therefore, this is one of the flaws in our research. A more constructive suggestion to eliminate this problem would be to extend the research with a larger sample size with longer time horizon. And if the sample size is large enough, the time series issue can be neglected. Another issue might arise by the determination of explanatory variables. As we follow the facesheet from Morningstar (2011) to choose our explanatory variables as a symbol of the defensive sectors and cyclical sectors, it is possible that the category of sectors is incorrect. Without the support of academic journals, the facesheet might be purely based on analysts ‘opinions instead of facts. By estimating wrong explanatory variables, the findings will become
The first versions of WWW ((what most people call “The Web”))) provide means for people around the world to exchange information between, to work together, to communicate, and to share documentation more efficiently. Tim Berners-Lee wrote the first browser (called WWW browser) and Web server in March 1991, allowing hypertext documents to be stored, fetched, and viewed. The Web can be seen as a tremendous document store where these documents (web pages) can be fetched by typing their address into a web browser. To do that, two im- portant techniques have been developed. First, a language called Hypertext Markup Languag (HTML) tells the computers how to display documents which contain texts, photos, sounds, visuals (video), and animation, interactive
Exercises 12.17, 12.21, and 12.43 require the use of the “Regression” function within the Data Analysis menu in Excel. Refer to Appendix E12 for instructions on using Excel for these exercises.
With the objective to craft a policy package that would guarantee certainty in sentencing and controlling corrections costs while protecting and improving public safety, the task force forwarded its outcomes and 19 policy recommendations to the Mississippi Legislature in December 2013. The approvals for House Bill 585 were signed into legislation and introduced to prevent the anticipated prison growth over the next 10 years. By saving Mississippi taxpayers $266 million in operating costs while safely reducing the prison population below current levels, a successful probation and parole intervention was executed. The law also allowed the reallocation of The Department of Corrections transition from prisons
Two numbers have a sum of 20. The sum of their squares is a minimum. Write the two equations required to solve this system of equations.
For the 2020 election, I will vote for the first time in my life. Voting is an important right that most citizens will have by the time they are eighteen, and the candidates you are presented with may leave you with a difficult decision to make. Thankfully, popular presidential candidates host many events so voters are able to better understand their views and positions. So, if last year I was presented with the opportunity to vote last year, and I had to ask one of the two main candidates a question, I would ask Donald Trump when America was in a period so great that we should strive to return to it.
Clouds to form in the atmosphere have to have water vapor present. This water vapor makes up a cloud. The water vapor in the atmosphere comes from evaporation or deposition. Also the temperature of the air is below the dew point. When the water is fully saturated, it starts to rise and the expansional cooling process begins. During the process of condensation, the aerosol particles act like a nuclei in the atmosphere, which began to grow, creating ice crystals that are big enough to produce a cloud.
So we start of with x^2-4x+y^2+8y=-4 you would then take 1/2 of -4 and square it, then take 1/2 of 8 and square it. You would then get x^2-4x+4-4+(y^2+8y+16-16=-4. After all of these steps you would factor the square, x-2^2-4+y+42-16=-4, x-2^2+y+4^2-20=-4. Then you would add 20 to both sides, x-)^2+y+4^2=16
On Friday July 10 2015, Blank looked at her cellphone, I assumed she had received a picture from someone, from her respond from looking at her phone. After she received the the picture she began to ask around the medical record chart room , did anyone. Want to see the picture she had. Received. I decline, due to her actions concerning the picture. She proceeded to ask other staff member did they want to see the picture and majority of the staff members looked at it. Once I realized what type of picture they. Were looking at I told her to stop that madness and she should put it away or delete it. I assumed she felt it was ok to show the picture, because she had been conversing and laughing with them all day. I personally do not indulge in showing
Find the number that 5 times itself is the same as 3 times that number plus 2.
The model parameters are estimated from the EP and therefore the AR can be calculated within the TP (Strong, 1992). Explicitly, the AR which
Before a participation process can be designed and implemented, one must determine if there is a problem to begin with. I would argue the need for judgment links to tyranny. The person setting the table for a potential process has control over how the problem is framed and if there is a problem to begin with. Perhaps the public needs to be involved in even the planning process of ‘the process’ itself? Could this look like a group of stakeholders? If the goal is to create a horizontal, people controlled system of decision-making?
By summarizing the data, we can interpret that the cars (cumulative abnormal return) has a mean of 0.313% with a standard deviation of 4.358%. Meanwhile, the gim, bcf, lnta and tv variables have high standard deviation compared to other variables. To further study about the gim and bcf, we have run the
The t-test p-value of individual MU, namely, muGDP; muIPI; muCPI; muVNI depicts the level of significance respectively at 95%; 90%; 95%; 95%. These levels empirically portray the significant impact of MU on the outcome of cumulative abnormal returns associated with M&A. Simultaneously, other variables along with MU significantly determine CAR. For instance, cvFS (firm size) registers at 90%-95%, cvETD logs the level at 90% across all models, while cvMTB varies between 90%-95% and insignificance. Additionally, the outcome of a CAR also is significantly determined by whether it is attributed to acquirers. The null hypothesis is further rejected by the significance levels of MU.
Before analyzing the structure of a time series model one must make sure that the time series are stationary with respect to the variance and with respect to the mean. First, we will assume statistical stationarity of all time series (later on, this restriction will be relaxed).
4. The estimated parameter values are used as input parameters for a new FE model that