Indiana University-Purdue University Indianapolis (IUPUI) / A popular non-invasive brain activity measurement method is based on the functional magnetic resonance imaging (fMRI). Such data are frequently used to study functional connectivity (FC) defined as statistical association among two or more anatomically distinct fMRI signals (Friston, 1994). FC has emerged in recent years as a valuable tool for providing a deeper understanding of neurodegenerative diseases and neuropsychiatric disorders, such as Alzheimer's disease and autism. Information about complex association structure in high-dimensional fMRI data is often discarded by a calculating an average across complex spatiotemporal processes without providing an uncertainty measure around it. First, we propose a non-parametric approach to estimate the uncertainty of dynamic FC (dFC) estimates. Our method is based on three components: an extension of a boot strapping method for multivariate time series, recently introduced by Jentsch and Politis (2015); sliding window correlation estimation; and kernel smoothing. Second, we propose a two-step approach to analyze and summarize dFC estimates from a task-based fMRI study of social-to-heavy alcohol drinkers during stimulation with avors. In the first step, we apply our method from the first paper to estimate dFC for each region subject combination. In the second step, we use semiparametric additive mixed models to account for complex correlation structure and model dFC on a population level following the study's experimental design. Third, we propose to utilize the estimated dFC to study the system's modularity defined as the mutually exclusive division of brain regions into blocks with intra-connectivity greater than the one obtained by chance. As a result, we obtain brain partition suggesting the existence of common functionally-based brain organization. The main contribution of our work stems from the combination of the methods from the fields of statistics, machine learning and network theory to provide statistical tools for studying brain connectivity from a holistic, multi-disciplinary perspective.

This thesis consists of four self-contained papers related to the change of market structure and the quality of equity market. In Paper [I] we found, by using of a Flexible Dynamic Component Correlations (FDCC) model, that the creation of a common cross-border stock trading platform has increased the long-run trends in conditional correlations between foreign and domestic stock market returns. In Paper [II] we study whether the creation of a uniform Nordic and Baltic stock trading platform has affected weak-form information efficiency. The results indicate that the stock market consolidations have had a positive effect on the information efficiency and turnover for an average firm. The merger effects are, however, asymmetrically distributed in the sense that relatively large (small) firms located on relatively large (small) markets experience an improved (reduced) information efficiency and turnover. Although the results indicate that changes in the level of investor attention (measured by turnover) may explain part of the changes in information efficiency, they also lend support to the hypothesis that merger effects may partially be driven by changes in the composition of informed versus uninformed investors following a stock. Paper [III] analyzes whether the measured level of trust in different countries can explain bilateral stock market correlations. One finding is that generalized trust among nations is a robust predictor for stock market correlations. Another is that the trust effect is larger for countries which are close to each other. This indicates that distance mitigates the trust effect. Finally, we confirm the effect of trust upon stock market correlations, by using particular trust data (bilateral trust between country A and country B) as an alternative measurement of trust. In Paper [IV] we present the impact of the stock market mergers that took place in the Nordic countries during 2000 – 2007 on the probabilities for stock price jumps, i.e. for relatively extreme price movements. The main finding is that stock market mergers, on average, reduce the likelihood of observing stock price jumps. The effects are asymmetric in the sense that the probability of sudden price jumps is reduced for large and medium size firms whereas the effect is ambiguous for small size firms. The results also indicate that the market risk has been reduced after the stock market consolidations took place.

Real estate is an attractive asset class in the mixed-asset portfolio due to favorable risk return characteristics and low correlations with other asset classes like stock and bonds. Unlike financial assets, real estate is a physical asset where large lot sizes/indivisibility, heterogeneity, low liquidity and high transaction costs make applying financial models like modern portfolio theory (MPT) challenging. Optimal allocations to real estate found in literature are generally lower than actual allocations by investors and portfolio managers indicating there are aspects of the application of MPT to real estate that are not fully understood. Since management of real estate is costly and requires expert skills, the question on whether to outsource property management functions is of paramount interest for the real estate industry. The aim of the thesis is to contribute to the literature on strategic decisions for real estate investors on allocation and management, Apart from reviewing literature relevant for strategic decisions at different levels and using a top-down approach to illustrate how selected allocation and management decisions are connected, four separate empirical studies are made to investigate the nature of selected strategic decisions for real estate investors. / <p>QC 20170515</p>