ABSTRACT The purpose of the paper is to test empirically the existence of the environmental Kuzne... more ABSTRACT The purpose of the paper is to test empirically the existence of the environmental Kuznets curve (EKC), using existing and new Panel Smoothing Transition Regressions (PSTR) in the city of London. More specifically, two new PSTR are proposed, the Gaussian and the Generalized Bell function used in Fuzzy Logic. Moreover, two air pollutants are examined using social data from the British Household Panel Survey. The air pollutants are the carbon monoxide (CO) and sulphur dioxide (SO2). In particular the paper uses three regime smoothing transition regressions. More specifically, because the definition of the two regime smoothing regressions is not very clear, as three income classes exist, three regime smoothing regressions are proposed. Thus, the three regimes include the low, middle and high income. In the case of CO a negative relationship between air emissions and income is reported in low and high income classes, while midlle income households present a positive relation. On the contrary regarding SO2, individuals and households with middle income pollute more, followed by high income class, while a negative association is presented to low income. Therefore, EKC should be examined for a number of various air pollutants in micro-economic level too, because the patterns derived from the estimations are varied using different air pollutants.
ABSTRACT In this paper we present Markowitz finance portfolio theory and efficient frontier with ... more ABSTRACT In this paper we present Markowitz finance portfolio theory and efficient frontier with no bootstrap simulation , with single ordinary bootstrap and finally with double bootstrap simulation and we conclude that there are significant differences between those estimations. We prefer bootstrap simulation and especially double bootstrap as with this procedure we have the ability to reduce the number of the assets in our portfolio and to choose the most profitable of them. We apply the above methodologies in ten stocks of Athens Stock Exchange Market
... So GRNN is not likely to be a good choice and the appropriate model if we set more than 5 or ... more ... So GRNN is not likely to be a good choice and the appropriate model if we set more than 5 or 6 non redundant inputs (Shoaib et al., 2004). In our case this problem is eliminated , because we have only two inputs the upside and downside betas. ...
ABSTRACT In this paper we present, propose and examine additional membership functions as also we... more ABSTRACT In this paper we present, propose and examine additional membership functions as also we propose least squares with genetic algorithms optimization in order to find the optimum fuzzy membership functions parameters. More specifically, we present the tangent hyperbolic, Gaussian and Generalized bell functions. The reason we propose that is because Smoothing Transition Autoregressive (STAR) models follow fuzzy logic approach therefore more functions should be tested. Some numerical applications for S&P 500, FTSE 100 stock returns and for unemployment rate are presented and MATLAB routines are provided.
In this paper discrete choice models, Logit and Probit are examined in order to predict the econo... more In this paper discrete choice models, Logit and Probit are examined in order to predict the economic recession or expansion periods in USA. Additionally we propose an adaptive neurofuzzy inference system with triangular and Gaussian membership functions and genetic algorithms training optimization. We examine the in-sample period 1947-2005 and we test the models in the out-of sample period 2006-2009. The forecasting results indicate that the ANFIS model outperforms significant the Logit and Probit models in the out-of sample period. This indicates that neuro-fuzzy model provides a better and more reliable signal on whether or not a financial crisis will take place. We propose the use of both models, because with discrete choice models we can examine and investigate the effects of the inputs or the independent variables, while we can simultaneously use ANFIS for forecasting purposes. The wise option and the most appropriate scientific action is to combine both models and not taking only one of them and blindly supporting only one approach.
Journal of Economic and Administrative Sciences, May 31, 2022
PurposeCountries have implemented various migration policies targeting the migrants' economic... more PurposeCountries have implemented various migration policies targeting the migrants' economic and political integration and social inclusion. However, little is known about the impact of migration policies on migrants' participation in socio-cultural activities and their link with well-being. The first aim of this study is to explore the effect of the Migration Act of 2000 in Germany on participation in socio-cultural activities of first-generation migrants. The second aim is to examine the impact of socio-cultural activities on subjective well-being (SWB), measured by life satisfaction, and how it is compared between first-generation immigrants and natives.Design/methodology/approachThe Migration Act of 2000 was extended in 2005 to provide permanent residence permits to high-skilled migrants and deliver cultural orientation and German language courses. The author will implement a Difference-in-Differences (DiD) methodology comparing the relationship between socio-cultural participation and SWB of first-generation immigrants and natives.FindingsThe results show that while first-generation immigrants participate less frequently in the socio-cultural activities explored, they experience an increase in participation after the implementation of the 2000 Migration Act. Furthermore, migrants report lower levels of SWB than natives, but their life satisfaction significantly improves with the increase in socio-cultural participation.Social implicationsThe findings of this study have implications for researchers and policymakers, such as income, education and employment promoting migrant integration. Providing employment opportunities and a permanent residence permit, cultural participation, and thus, the integration of migrants can be successfully achieved.Originality/valueWhile there is a long debate about the effectiveness of migration integration policies, this is the first study investigating the effect of the Migration Act of 2000 on migrants' socio-cultural participation and well-being.
ABSTRACT The purpose of the paper is to test empirically the existence of the environmental Kuzne... more ABSTRACT The purpose of the paper is to test empirically the existence of the environmental Kuznets curve (EKC), using existing and new Panel Smoothing Transition Regressions (PSTR) in the city of London. More specifically, two new PSTR are proposed, the Gaussian and the Generalized Bell function used in Fuzzy Logic. Moreover, two air pollutants are examined using social data from the British Household Panel Survey. The air pollutants are the carbon monoxide (CO) and sulphur dioxide (SO2). In particular the paper uses three regime smoothing transition regressions. More specifically, because the definition of the two regime smoothing regressions is not very clear, as three income classes exist, three regime smoothing regressions are proposed. Thus, the three regimes include the low, middle and high income. In the case of CO a negative relationship between air emissions and income is reported in low and high income classes, while midlle income households present a positive relation. On the contrary regarding SO2, individuals and households with middle income pollute more, followed by high income class, while a negative association is presented to low income. Therefore, EKC should be examined for a number of various air pollutants in micro-economic level too, because the patterns derived from the estimations are varied using different air pollutants.
ABSTRACT In this paper we present Markowitz finance portfolio theory and efficient frontier with ... more ABSTRACT In this paper we present Markowitz finance portfolio theory and efficient frontier with no bootstrap simulation , with single ordinary bootstrap and finally with double bootstrap simulation and we conclude that there are significant differences between those estimations. We prefer bootstrap simulation and especially double bootstrap as with this procedure we have the ability to reduce the number of the assets in our portfolio and to choose the most profitable of them. We apply the above methodologies in ten stocks of Athens Stock Exchange Market
... So GRNN is not likely to be a good choice and the appropriate model if we set more than 5 or ... more ... So GRNN is not likely to be a good choice and the appropriate model if we set more than 5 or 6 non redundant inputs (Shoaib et al., 2004). In our case this problem is eliminated , because we have only two inputs the upside and downside betas. ...
ABSTRACT In this paper we present, propose and examine additional membership functions as also we... more ABSTRACT In this paper we present, propose and examine additional membership functions as also we propose least squares with genetic algorithms optimization in order to find the optimum fuzzy membership functions parameters. More specifically, we present the tangent hyperbolic, Gaussian and Generalized bell functions. The reason we propose that is because Smoothing Transition Autoregressive (STAR) models follow fuzzy logic approach therefore more functions should be tested. Some numerical applications for S&P 500, FTSE 100 stock returns and for unemployment rate are presented and MATLAB routines are provided.
In this paper discrete choice models, Logit and Probit are examined in order to predict the econo... more In this paper discrete choice models, Logit and Probit are examined in order to predict the economic recession or expansion periods in USA. Additionally we propose an adaptive neurofuzzy inference system with triangular and Gaussian membership functions and genetic algorithms training optimization. We examine the in-sample period 1947-2005 and we test the models in the out-of sample period 2006-2009. The forecasting results indicate that the ANFIS model outperforms significant the Logit and Probit models in the out-of sample period. This indicates that neuro-fuzzy model provides a better and more reliable signal on whether or not a financial crisis will take place. We propose the use of both models, because with discrete choice models we can examine and investigate the effects of the inputs or the independent variables, while we can simultaneously use ANFIS for forecasting purposes. The wise option and the most appropriate scientific action is to combine both models and not taking only one of them and blindly supporting only one approach.
Journal of Economic and Administrative Sciences, May 31, 2022
PurposeCountries have implemented various migration policies targeting the migrants' economic... more PurposeCountries have implemented various migration policies targeting the migrants' economic and political integration and social inclusion. However, little is known about the impact of migration policies on migrants' participation in socio-cultural activities and their link with well-being. The first aim of this study is to explore the effect of the Migration Act of 2000 in Germany on participation in socio-cultural activities of first-generation migrants. The second aim is to examine the impact of socio-cultural activities on subjective well-being (SWB), measured by life satisfaction, and how it is compared between first-generation immigrants and natives.Design/methodology/approachThe Migration Act of 2000 was extended in 2005 to provide permanent residence permits to high-skilled migrants and deliver cultural orientation and German language courses. The author will implement a Difference-in-Differences (DiD) methodology comparing the relationship between socio-cultural participation and SWB of first-generation immigrants and natives.FindingsThe results show that while first-generation immigrants participate less frequently in the socio-cultural activities explored, they experience an increase in participation after the implementation of the 2000 Migration Act. Furthermore, migrants report lower levels of SWB than natives, but their life satisfaction significantly improves with the increase in socio-cultural participation.Social implicationsThe findings of this study have implications for researchers and policymakers, such as income, education and employment promoting migrant integration. Providing employment opportunities and a permanent residence permit, cultural participation, and thus, the integration of migrants can be successfully achieved.Originality/valueWhile there is a long debate about the effectiveness of migration integration policies, this is the first study investigating the effect of the Migration Act of 2000 on migrants' socio-cultural participation and well-being.
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Papers by ELEFTHERIOS GIOVANIS