Showing papers on "Proxy (statistics) published in 1988"

An Unconditional Asset‐Pricing Test and the Role of Firm Size as an Instrumental Variable for Risk

Abstract: In an intertemporal economy where both risk (stock beta) and expected return are time varying, the authors derive a linear relation between the unconditional beta and the unconditional return under certain stationarity assumptions about the stochastic process of size-portfolio betas. The model suggests the use of long time periods to estimate the unconditional portfolio betas. The authors find that, after controlling for the betas thus estimated, a firm-size proxy, such as the logarithm of the firm size, does not have explanatory power for the averaged returns across the size-ranked portfolios.

Analysis of case-control data derived in part from proxy respondents

Abstract: In the conduct of case-control studies, it has been a general experience that some cases are identified only after death, and that others cannot be personally interviewed because of extreme morbidity. As a way of dealing with the dilemma of obtaining data on unavailable cases, investigators have sometimes chosen to interview a relative or friend (a proxy respondent) whose responses are based on his or her knowledge of the lifestyle, medical history, occupational history, etc., of the unavailable index subject. The same procedure may be used for controls who are unable to respond personally to the questions of the investigator. Some methodological inquiries have been carried out to assess the agreement between index (i.e., personally interviewed) and proxy respondents. In these studies, the proxy respondents have usually been the spouses of the index respondents, and the questions have most often concerned the frequency and/or quantity with which foods were consumed (1-4). Results from these studies show a high concordance between group level aggregate measures, such as mean nutrient intake or mean frequency of consumption, estimated from index and proxy responses. On an individual level, however, dietary information obtained from proxy respondents appears to have

The Determinants of REALTOR Income

Abstract: The theory of human capital suggests that one's wage varies positively with one's formal education and informal training. A common proxy for informal training is experience. In the the real estate ...

The Theory and Practice of Autonomy: Consent, representation, and proxy consent

Abstract: INTRODUCTION The moral and practical issue that is raised by proxy consent is the issue of when one individual may make decisions about, speak for, and represent the interests of another. In the case of a fetus, or a young child, or a mentally retarded person, or an unconscious person, or a person in great mental distress, or a person who has been found “unfit” to perform certain obligations and duties, the individual whose interests are to be secured and rights protected is viewed as not in a position to, not competent to, make certain important decisions. The issue of proxy consent is one of who shall be authorized to make those decisions and what criteria should guide the proxy in making such decisions. The issue of proxy consent can arise in many different contexts. We might be concerned with the financial responsibility of a senile individual. We might be concerned with the legal powers of a guardian with respect to his or her ward. We might be concerned with who will be best able to look after the interests of a minor child. In this chapter we are primarily concerned with the issue as it arises in the biomedical context, and in particular, as it arises with respect to children and their parents. Thus we are concerned with third-party authority to make decisions about the use of children in medical treatment and research.

Should Consumer Expenditures be the Scale Variable in Empirical Money Demand Equations

Abstract: Traditionally, real GNP or permanent income or wealth have been the scale variable of choice in empirical money demand equations. Recently, Mankiw and Summers (1986) argue that consumer expenditures are an ideal proxy for permanent income in money demand, and they provide evidence that total consumption expenditures or consumption expenditures on non-durables and services are better scale variables in money demand than current GNP. This result is odd because consumer expenditures reflect only the desires of the households, and a significant proportion of money balances is held by firms. This paper shows the difficulties in using consumer expenditures as a proxy for permanent income, shows that, properly estimated and compared, consumer expenditures are no better as a scale variable than real GNP and provides evidence that permanent income is a better scale variable than either consumer expenditures or GNP.