Proxy (statistics)

About: Proxy (statistics) is a research topic. Over the lifetime, 5257 publications have been published within this topic receiving 94504 citations. The topic is also known as: proxy variable & proxy measurement.

On the Accuracy of Different Measures of q

Abstract: Tobin's q is widely accepted as a proxy for an underlying “true” q, which is assumed to characterize a firm's incentive to invest. Researchers have developed numerous methods for computing q. This article assesses the measurement quality of different proxies for q. We adapt the measurement-error consistent estimators in Erickson and Whited (2002) to estimate the extent to which variation in true unobservable q explains variation in different proxies for q. We find most proxies for q are poor: careful algorithms for calculating q do little to improve measurement quality. Using elaborate algorithms, however, depletes the number of usable observations and possibly introduces sample selection bias.

Proxy methods for suppressing broadcast traffic in a network

Abstract: Some embodiments use proxies on host devices to suppress broadcast traffic in a network. Each host in some embodiments executes one or more virtual machines (VMs). In some embodiments, a proxy operates on each host between each VM and the underlying network. For instance, in some of these embodiments, a VM's proxy operates between the VM and a physical forwarding element executing on the VM's host. The proxy monitors the VM's traffic, and intercepts broadcast packets when it knows how to deal with them. The proxy connects to a set of one or more controllers that provides a directory service that collects and maintains global information of the network. By connecting to the controller cluster, the proxy can obtain information that it can use to resolve broadcast requests. In some embodiments, the connection between the proxy and the controller cluster is encrypted and authenticated, to enhance the security. Also, in some embodiments, the connection is an indirect connection through an agent that executes on the host device and connects the proxies of the host device with the controller cluster.

The Validity of a Proxy Acculturation Scale Among U.S. Hispanics

Abstract: This study examines the validity of a proxy acculturation scale composed of four acculturation-related variables. The authors use data from a nationally representative sample of 1,437 U.S. Hispanics. Results indicate good internal scale reliability, a high degree of correlation between the proxy scale and the full acculturation measure, and substantial agreement between dichotomized versions of the two scales. Although reliability declines slightly, validity increases with removal of generational status from the scale. Validity is found to be high for the three largest subpopulations by country of ancestry (Mexico, Puerto Rico, and Cuba). The proxy acculturation scale is a useful tool for the measurement of acculturation level among the majority of U.S. Hispanics when use of a more comprehensive acculturation scale is infeasible or impractical.

Investor Sophistication and Patterns in Stock Returns After Earnings Announcements

Abstract: This study tests whether the observed patterns in stock returns after quarterly earnings announcements are related to the proportion of firm shares held by institutional investors, a variable used by prior research to proxy for investor sophistication. Our findings show that the institutional holdings variable is negatively correlated with the observed post-announcement abnormal returns. Our findings also show that traditional proxies for transaction costs (i.e., trading volume, stock price) as well as firm size have little incremental power to explain post announcement abnormal returns when institutional holdings is an explanatory variable. If institutional ownership is a valid proxy for investor sophistication, these findings suggest that the trading activity of unsophisticated investors underlies the predictability of stock returns after earnings announcements. However, tests evaluating the validity of institutional holdings as a proxy for investor sophistication yield only mixed results. This calls for caution in interpreting our findings.

Audit Fees and Book-Tax Differences

Abstract: We investigate whether book-tax differences are associated with higher audit fees, a proxy for auditor risk assessments and auditor effort. Our evidence suggests that there is a significa...