This paper examines the relationaship between financial development and economic growth in ghana. This is done using time series econometric procedures by employing four proxy of financial development and applying granger causality test, cointegrating test, vector error correction model. The empirical results show that the direction of causalty is sensitive to the choice of proxy. It was discovered that finance follows in the direction of economic growth but doesnt necessarily lead to it. The empirical cointegration results weakly supprt long run relationship between financial development and economic growth.

This dissertation examines three important issues in energy markets: price dynamics, information flow, and structural change. We discuss each issue in detail, building empirical time series models, analyzing the results, and interpreting the findings. First, we examine the contemporaneous interdependencies and information flows among crude oil, natural gas, and electricity prices in the United States (US) through the multivariate generalized autoregressive conditional heteroscedasticity (MGARCH) model, Directed Acyclic Graph (DAG) for contemporaneous causal structures and Bernanke factorization for price dynamic processes. Test results show that the DAG from residuals of out-of-sample-forecast is consistent with the DAG from residuals of within-sample-fit. The result supports innovation accounting analysis based on DAGs using residuals of out-of-sample-forecast. Second, we look at the effects of the federal fund rate and/or WTI crude oil price shock on US macroeconomic and financial indicators by using a Factor Augmented Vector Autoregression (FAVAR) model and a graphical model without any deductive assumption. The results show that, in contemporaneous time, the federal fund rate shock is exogenous as the identifying assumption in the Vector Autoregression (VAR) framework of the monetary shock transmission mechanism, whereas the WTI crude oil price return is not exogenous. Third, we examine price dynamics and contemporaneous causality among the price returns of WTI crude oil, gasoline, corn, and the S&P 500. We look for structural break points and then build an econometric model to find the consistent sub-periods having stable parameters in a given VAR framework and to explain recent movements and interdependency among returns. We found strong evidence of two structural breaks and contemporaneous causal relationships among the residuals, but also significant differences between contemporaneous causal structures for each sub-period.

Model checking is an automated technique for the verification of finite-state systems that is widely used in practice. In model checking, a model M is verified against a specification $\varphi$, exhaustively checking that the tree of all computations of M satisfies $\varphi$. When $\varphi$ fails to hold in M, the negative result is accompanied by a counterexample: a computation in M that demonstrates the failure. State of the art model checkers apply Binary Decision Diagrams(BDDs) as well as satisfiability solvers for this task. However, both methods suffer from the state explosion problem, which restricts the application of model checking to only modestly sized systems. The importance of model checking makes it worthwhile to explore alternative technologies, in the hope of broadening the applicability of the technique to a wider class of systems. Description Logic (DL) is a family of knowledge representation formalisms based on decidable fragments of first order logic. DL is used mainly for designing ontologies in information systems. In recent years several DL reasoners have been developed, demonstrating an impressive capability to cope with very large ontologies. This work consists of two parts. In the first we harness the growing ability of DL reasoners to solve model checking problems. We show how DL can serve as a natural setting for representing and solving a model checking problem, and present a variety of encodings that translate such problems into consistency queries in DL. Experimental results, using the Description Logic reasoner FaCT++, demonstrate that for some systems and properties, our method can outperform existing ones. In the second part we approach a different aspect of model checking. When a specification fails to hold in a model and a counterexample is presented to the user, the counterexample may itself be complex and difficult to understand. We propose an automatic technique to find the computation steps and their associated variable values, that are of particular importance in generating the counterexample. We use the notion of causality to formally define a set of causes for the failure of the specification on the given counterexample. We give a linear-time algorithm to detect the causes, and we demonstrate how these causes can be presented to the user as a visual explanation of the failure.

Model checking is an automated technique for the verification of finite-state systems that is widely used in practice. In model checking, a model M is verified against a specification $\varphi$, exhaustively checking that the tree of all computations of M satisfies $\varphi$. When $\varphi$ fails to hold in M, the negative result is accompanied by a counterexample: a computation in M that demonstrates the failure. State of the art model checkers apply Binary Decision Diagrams(BDDs) as well as satisfiability solvers for this task. However, both methods suffer from the state explosion problem, which restricts the application of model checking to only modestly sized systems. The importance of model checking makes it worthwhile to explore alternative technologies, in the hope of broadening the applicability of the technique to a wider class of systems. Description Logic (DL) is a family of knowledge representation formalisms based on decidable fragments of first order logic. DL is used mainly for designing ontologies in information systems. In recent years several DL reasoners have been developed, demonstrating an impressive capability to cope with very large ontologies. This work consists of two parts. In the first we harness the growing ability of DL reasoners to solve model checking problems. We show how DL can serve as a natural setting for representing and solving a model checking problem, and present a variety of encodings that translate such problems into consistency queries in DL. Experimental results, using the Description Logic reasoner FaCT++, demonstrate that for some systems and properties, our method can outperform existing ones. In the second part we approach a different aspect of model checking. When a specification fails to hold in a model and a counterexample is presented to the user, the counterexample may itself be complex and difficult to understand. We propose an automatic technique to find the computation steps and their associated variable values, that are of particular importance in generating the counterexample. We use the notion of causality to formally define a set of causes for the failure of the specification on the given counterexample. We give a linear-time algorithm to detect the causes, and we demonstrate how these causes can be presented to the user as a visual explanation of the failure.

With the development of consumer electronics, the circuitry structure become more complex, For this reason, it might cause numerical errors to be cumulated in the simulation using the numerical electromagnetic algorithm, and result in simulated divergence or error. The two reasons of numerical error are passivity and causality, which priginate from the defect in the numerical calculation. In this thesis, for this problem, investigate the numerical compensation method for passivity, The occurrence of passive will make the frequency point of power is negative, this will makes the system divergence, Improve this problem, passivity verification and enforcement by eigenvalue in the Y-parameter, in the S-parameter by the singular value, causality conditions must be match with the imaginary part and the real part relationship, such as the Hilbert transform or the Kramer-Kronig relation, can be used to make causal verification and enforcement. Through some numerical methods, used simulation software such as: HFSS, ADS simulation of the microwave circuit model extraction, modified singular value, eigenvalue, and reached to reduce the numerical error, let it satisfy the convergence and avoid incorrect results, and minimize the impact of the initial data, does not change the characteristics of the original module, but also to solve the passive and the issue of causality.

A study on the Law of Retribution concept and the literature skills of ¡mXing-Shi Yin Yuan Chuan¡n Abstract ¡mXing-Shi Yin Yuan Chuan¡nis a vernacular fiction mainly about human feeling and events in Ming and Ching dynasties¡CAlthough the term ¡uYIN YUAN¡v usually refers to romance and marriages¡Athe novel portrays not only love affairs and matrimony but also the reality of family life in the feudal society¡Ageneral observation of gentlemen¡Bgovernment officials¡Bbusinessmen¡Band servants¡Acan also be found in the book¡Areflecting various aspects of real life and the complicacy of human natures¡C This paper is divided into six chapters¡GChapter One brings out the study motivation¡Adirection¡Aand scope¡Aas well as general introducing the present related references to describe the current study situation¡CChapter Two collects and studies who the author is¡HTime background and the orientation of the book¡CChapter Three talks about the author¡¦s ideas on ¡ucausality¡v¡AThe thought of ¡ucausality¡vcover the ideologies of Buddhism¡BTaoism¡Band Confucianism¡Areflecting the miscellaneous¡ucausality¡vvalues in the book¡C Chapter Four extends the various¡ucausality¡vvalues¡Aand points out the conflicts between the¡ucausality¡vpresentations¡Awhich reveal the author¡¦s internal contradiction towards the values¡CChapter Five analyzes the character molding skills¡Awhich draw a lot of interest¡CIt praises the portraying of the characters and the outstanding polishing skills as each typical role is vividly presented¡CChapter Six concludes and outlines the varied values and meaning¡AIt also mentions the short-comings and the researcher's suggestions on future related study directions¡Ain order to draw more academic attentions¡C ¡mXing-Shi Yin Yuan Chuan¡nis based on a chaotic family¡Aironically describing the fallen morality and disordered ethnics during Ming and Ching dynasties¡CThe nearly sick brutality between the couple shows the family violence at that time¡Athis is definitely an earthly novel worth recommending¡C Keywords¡Gromance¡Bcausality¡Bfamily violence¡Bearthly novel¡C

none

Abstract During the late 1980¡¦s, the stock market and real estate market in Taiwan both went into enormous booms. The Taiwan Stock Market Weighted Price Index (TSMWPI) and real estate prices both reach the highest peaks that they never reach before. It seems that there is a certain relationship between the stock market and real estate market. Therefore, this thesis proposes to study the following two propositions: (1) if the stock market and real estate market are integrated, then a certain degree of asset substitution will occur. The price of the assets in the two markets will interacted due to the asset substitution. And this price interaction will reduce the effect of risk diversifying. (2) But if the two markets are segmented, the effect the diversifying risk will get significant increasing as long as having the assets of the two markets included in your portfolio simultaneously. Past studies commonly investigated the relationship between the price series in these two markets, and therefore make the conclusions of their relationships. However, any individual price series cannot represent the activities of the whole market. Consequently, we adopt the Arbitrage Pricing Model (APM) to examine the relationships between the stock market and the real estate market in Taiwan. Our study is the first one to discuss this topic from the view of the market. Our study also tests causality relationship between the price series, but we have some improvements compared to the past studies. Our model includes an exogenous variable which captures the influence affecting both the stock market and real estate market at the same time. The test of casualty is also based on the cointegration theory. We test four cities in Taiwan, including the Taipei City, Taipei County, Taichung City and Kaohsiung City. Our findings suggest that the house price of the Taipei City and the Taipei County are co-integrated with the TSMWPI, that is, there is a long-term equilibrium relationship between the two cities and TSMWPI. The test of Granger Causality indicates that TSMWPI only Granger causes the house price of the Taipei City. All other causality relationships are not existed in these four cities. Finally, we use the APM to examine the relationship between the two markets and find that no evidence of relationship is existed between the stock and the housing market, suggesting that the stock market and the housing market in Taiwan are segmented. Key Words: Real Estate Market, Stock Market, Causality, CAPM

Economic Value Added (EVA) is a residual income that corrects distortion of managerial incentives introduced by standard GAAP accounting. This study attempts to compare EVA with EPS and see which one is better. The difference between literature and this study is that we use not only cross-regression but also Granger causality test to make clear the relationship between stock return and performance measure and find out what is the value of EVA. Our main finding is as follows¡G 1.EVA significantly positively affects the contemporaneous stock return, but EPS is insignificant. This support the existence of EVA. 2.The components unique to EVA --- the cost of capital, significantly negatively affects the contemporaneous stock return, indicating that market does take into consideration the cost of capital when pricing the company. 3.As to Granger causality relationship, there is no lead-lag relationship between stock return and EVA or EPS. This means that performance measure cannot be a predictor of future stock return. In a word, EPS, ignoring equity capital and being distorted by GAAP accounting, neither explains the contemporaneous stock return, nor forecasts the future. However, EVA, considering equity capital and correcting distortion of GAAP accounting, can explain the contemporaneous stock return by representing the intrinsic value of the company. But, EVA, being still on the basis of history, cannot forecast the future. Anyway, EVA can replace EPS in reflecting the operating of the company, that is the contribution of EVA.

Not available / text