scholarly journals How puzzling is the forward premium puzzle? A meta-analysis

2020 ◽  
Author(s):  
Tomas Havranek ◽  
Jiri Novak ◽  
Diana Zigraiova

A key theoretical prediction in financial economics is that under risk neutrality and rational expectations a currency's forward rates should form unbiased predictors of future spot rates. Yet scores of empirical studies report negative slope coefficients from regressions of spot rates on forward rates. We collect 3,643 estimates from 91 research articles and using recently developed techniques investigate the effect of publication and misspecification biases on the reported results. Correcting for these biases yields slope coefficients of 0.31 and 0.98 for developed and emerging currencies respectively, which implies that empirical evidence is in line with the theoretical prediction for emerging economies and less puzzling than commonly thought for developed economies. Our results also suggest that the coefficients are systematically influenced by the choice of data, numeraire currency, and estimation method.

2018 ◽  
Author(s):  
Jonathan M. Chase ◽  
Brian J. McGill ◽  
Daniel J. McGlinn ◽  
Felix May ◽  
Shane A. Blowes ◽  
...  

AbstractBecause biodiversity is multidimensional and scale-dependent, it is challenging to estimate its change. However, it is unclear (1) how much scale-dependence matters for empirical studies, and (2) if it does matter, how exactly we should quantify biodiversity change. To address the first question, we analyzed studies with comparisons among multiple assemblages, and found that rarefaction curves frequently crossed, implying reversals in the ranking of species richness across spatial scales. Moreover, the most frequently measured aspect of diversity—species richness—was poorly correlated with other measures of diversity. Second, we collated studies that included spatial scale in their estimates of biodiversity change in response to ecological drivers and found frequent and strong scale-dependence, including nearly 10% of studies which showed that biodiversity changes switched directions across scales. Having established the complexity of empirical biodiversity comparisons, we describe a synthesis of methods based on rarefaction curves that allow more explicit analyses of spatial and sampling effects on biodiversity comparisons. We use a case study of nutrient additions in experimental ponds to illustrate how this multi-dimensional and multi-scale perspective informs the responses of biodiversity to ecological drivers.Statement of AuthorshipJC and BM conceived the study and the overall approach, and all authors participated in multiple working group meetings to develop and refine the approach. BM collected the data for the meta-analysis that led to Fig. 2,3; JC collected the data for the metaanalysis that led to Figure 4 and S1; SB and FM did the analyses for Figures 2-4; DM, FM and XX wrote the code for the analysis used for the recipe and case study in Figure 6. JC, BM and NG wrote first drafts of most sections, and all authors contributed substantially to revisions.Figure 1.A. Individual-based rarefaction curves of three hypothetical communities (labelled A,B, C) where ranked differences between communities are consistent across scales. B. Individual-based rarefaction curves of three hypothetical communities (labelled A,B, C) where rankings between communities switch because of differences in the total numbers of species, and their relative abundances. Dotted vertical lines illustrate sampling scales where rankings switch. These curves were generated using the sim_sad function from the mobsim R package (May et al. 2018).Figure 2.Bivariate relationships between N, SPIE and S for 346 communities across the 37 datasets taken from McGill (2011b)(see Appendix 1). (A) S as a function of N; (B) S as a function of SPIE. (N vs SPIE not shown). Black lines depict the relationships across studies (and correspond to R2 fixed); colored points and lines show the relationships within studies. All axes are log-scale. Insets are histograms of the study-level slopes, with the solid line representing the slope across all studies. Gray bars indicate the study-level slope did not differ from zero, blue indicates a significant positive slope, and red indicates a significant negative slope.Figure 3.Representative rarefaction curves, the proportion of curves that crossed, and counts of how often curves crossed. (A) Rarefaction curves for different local communities within two datasets: marine invertebrates (nematodes) along a gradient from a waste plant outlet (Lambshead 1986), and trees in a Ugandan rainforest (Eggeling 1947); axes are log-transformed. (B) Counts of how many times pairs of rarefaction curves (from the same community) crossed; y-axis is on a log-scale.Data accessibility statementAll data for meta-analyses and case study will be deposited in a publically available repository with DOI upon acceptance (available in link for submission).


2021 ◽  
pp. 103714
Author(s):  
Diana Zigraiova ◽  
Tomas Havranek ◽  
Zuzana Irsova ◽  
Jiri Novak

2021 ◽  
pp. 1-52
Author(s):  
Michel Beine ◽  
Lionel Jeusette

Abstract Recent surveys of the literature on climate change and migration emphasize the important diversity of outcomes and approaches of the empirical studies. In this paper, we conduct a meta-analysis in order to investigate the role of the methodological choices of these empirical studies in finding some particular results concerning the role of climatic factors as drivers of human mobility. We code 51 papers representative of the literature in terms of methodological approaches. This results in the coding of more than 85 variables capturing the methodology of the main dimensions of the analysis at the regression level. These dimensions include authors' reputation, type of mobility, measures of mobility, type of data, context of the study, econometric methods, and last but not least measures of the climatic factors. We look at the influence of these characteristics on the probability of finding any effect of climate change, a displacement effect, an increase in immobility, and evidence in favor of a direct vs. an indirect effect. Our results highlight the role of some important methodological choices, such as the frequency of the data on mobility, the level of development, the measures of human mobility and of the climatic factors as well as the econometric methodology.


2021 ◽  
pp. 088541222110129
Author(s):  
Li Fang ◽  
Joshua Drucker

This study conducts a meta-analysis of empirical studies that have measured the spatial scale of industrial clustering. Two types of scales are examined: the peak scale (at which cluster effects are maximized) and the maximum reach (beyond which cluster effects are undetectable). We find that the scale varies significantly by the unit of analysis, industry sector, country of study, and the sources of cluster effects examined (e.g., knowledge spillovers, localization, and urbanization). Planners and policy makers should tailor the geographies embodied in cluster strategies to match the specific local needs and circumstances.


2021 ◽  
Vol 108 (Supplement_2) ◽  
Author(s):  
H J Ko ◽  
H F Koo ◽  
S Froghi ◽  
N Al-Saadi

Abstract Introduction This study aims to provide an updated review on in-hospital mortality rates in patients who underwent Resuscitative Endovascular Balloon Occlusion of Aorta (REBOA) versus Resuscitative thoracotomy (RT) or standard care without REBOA, to identify potential indicators of REBOA use and complications. Method Cochrane and PRISMA guidelines were used to perform the study. A literature search was done from 01 January 2005 to 30 June 2020 using EMBASE, MEDLINE and COCHRANE databases. Meta-analysis was conducted using a random effects model and the DerSimonian and Laird estimation method. Results 25 studies were included in this study. The odds of in-hospital mortality of patients who underwent REBOA compared to RT was 0.18 (p < 0.01). The odds of in-hospital survival of patients who underwent REBOA compared to non-REBOA was 1.28 (p = 0.62). There was a significant difference found between survivors and non-survivors in terms of their pre-REBOA systolic blood pressure (SBP) (19.26 mmHg, p < 0.01), post-REBOA SBP (20.73 mmHg, p < 0.01), duration of aortic occlusion (-40.57 mins, p < 0.01) and ISS (-8.50, p < 0.01). Common complications of REBOA included acute kidney injury, multi-organ dysfunction and thrombosis. Conclusions Our study demonstrated lower in-hospital mortality of REBOA versus RT. Prospective multi-centre studies are needed for further evaluation of the indications, feasibility, and complications of REBOA.


Author(s):  
Serena Vi ◽  
Damon Pham ◽  
Yu Yian Marina Du ◽  
Himanshu Arora ◽  
Santosh Kumar Tadakamadla

Purpose: Mini-dental implants (MDIs) have been used to support and retain overdentures, providing patients with a less invasive placement procedure. Although lucrative, the use of MDIs to retain a maxillary overdenture is still not an established treatment modality. This systematic review aims to answer the question: Do mini-implant-retained maxillary overdentures provide a satisfactory treatment outcome for complete edentulism? Methods: A systematic search for relevant articles was conducted to include articles published until April 2021 in the following electronic databases: CINAHL, Cochrane, EMBASE, PubMed, and Web of Science. All empirical studies evaluating the biological, survival, or patient-reported outcomes after placing mini-implant-retained overdentures in maxilla were considered for inclusion. The risk of bias was assessed by utilizing the Joanna Briggs Institute critical appraisal checklist. Study screening and data extraction were conducted by three reviewers independently. Results: The electronic search retrieved 1276 titles after omitting duplicates. Twenty articles were considered for full-text review, of which six studies were included in this systematic review. The included studies evaluated a total of 173 participants with a mean age of 66.3 years. The overall mini-implant survival rate was 77.1% (95% CI: 64.7–89.5%) with a mean follow-up time of 1.79 years (range: 6 months to 3 years). Implant survival differed significantly when comparing complete and partial palatal coverage overdentures. Those with complete palatal coverage exhibited less bone loss overall compared to partial coverage overdentures. Participants of all studies reported an increase in the quality of life and in satisfaction after rehabilitation treatment with MDIs. Conclusions: The survival rate of mini-implants retaining an overdenture in the maxilla was observed to be lower than the values reported for traditional implants in the literature. Improvements were observed in all aspects in terms of patient satisfaction, quality of life, oromyofunction, and articulation after the treatment.


2002 ◽  
Vol 4 (4) ◽  
pp. 344-360 ◽  
Author(s):  
Travis C. Pratt ◽  
Francis T. Cullen ◽  
Kristie R. Blevins ◽  
Leah Daigle ◽  
James D. Unnever

In recent years, criminologists have begun to focus more closely on how certain biosocial and/or neuropsychological factors may influence criminal and delinquent behaviour. One factor that is emerging as a potentially important correlate of such behaviour is Attention Deficit — often combined with hyperactivity — Disorder (ADD and/or ADHD). The results of the growing body of empirical literature assessing this link are, however, inconsistent. The present study subjects this body of research to a ‘meta-analysis' — or, ‘quantitative synthesis' — to establish both the overall effect of ADHD on crime and delinquency and the degree to which this relationship is conditioned by methodological factors across empirical studies. The analyses reveal a fairly strong association between measures of ADHD and criminal/delinquent behaviour. Nevertheless, these effects are not invariant across certain salient methodological characteristics. The implications for criminological theory and correctional policy are discussed.


2021 ◽  
Vol 17 (4) ◽  
pp. 28-51
Author(s):  
Ishita Batra ◽  
Preethi P. ◽  
Sanjay Dhir

The aim of the study is to conduct a structured review of literature on the antecedents of organizational ambidexterity by reconciling the mixed outcomes produced by the extant literature. This study offers some theoretical insights into the divergent views of authors on these factors by analysing the empirical studies done in the literature. This paper systematically analyses the extant literature on the factors affecting organizations' ambidexterity, using meta-analysis and the theory, context, characteristics, and methodology (TCCM) framework. Forty-three research papers across various journals that discussed the correlation of the variables with organizational ambidexterity were selected. The sample size was 17,383, and 20 variables were selected for the analysis. The results revealed that two variables showed high levels of heterogeneity. The implications of this study are relevant to the present business scenario and of substantial interest to scholars, as they provide a more detailed understanding of the very foundation of organizational ambidexterity.


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