Promoting Entrepreneurship through a Community Learning Model – Case Study: Green Businesses

This article presents a community learning model formulated by Engineers Without Borders Colombia with the aim of providing communities with tools to create sustainable productive solutions which have relevancy for members and for potential customers. The goal of this formulation is to promote learning processes that are guided by decisions made by community members to propose sustainable and replicable initiatives. The model applicability is evidenced through a case study devoted to strengthening community-led green businesses in the Guavio Province, Colombia by collecting lessons and conclusions. Ultimately, this collection will prove useful in replicating the learning model in other similar rural communities.

     

Coral reef tanaidacean assemblages along the SW and SE Gulf of Mexico: biodiversity,geographic distribution and community structure

The biodiversity, geographic distribution, and community parameters of the benthic tanaidaceans associated with three coral reefs along the SW and SE Gulf of Mexico were analysed. A total of 15,525 specimens were grouped in 36 species. The highest value of abundance was found in the PNSAV with 6382 tanaidaceans. The PNSAV presented 30 species, the ANPT-L 16 species, and the SABS 17 species. The species with the widest distribution were Pseudonototanais sp., Condrochelia dubia, Leptochelia forresti, Synapseudes sp., Haplopolemius propinquus, Alloleptochelia longimana, and Paradoxapseudes bermudeus. In the Veracruz System Reef, the highest abundance was recorded for Condrochelia dubia and Pseudonototanais sp. The highest value of diversity was obtained in the SABS (3.08 bits/ind in the reef Bajo Diez), and the lowest value was found in the PNSAV (0.07 bits/ind in the reef Isla de Enmedio). The highest value of abundance was found in coral rubble and macroalgae. A significant relationship between depth and specific richness was found in the three reef systems. Using cluster analysis, three groups were found in each system, mainly related to the proximity to the coast and to urban areas. This is one of the first studies to show the specific substrate and attributes of three communities of tanaidaceans along the SE–SW coast of the Gulf of Mexico.     

Predicting Stock Return Volatility: Can We Benefit from Regression Models for Return Intervals?

We study the performance of recently developed linear regression models for interval data when it comes to forecasting the uncertainty surrounding future stock returns. These interval data models use easy‐to‐compute daily return intervals during the modeling, estimation and forecasting stage. They have to stand up to comparable point‐data models of the well‐known capital asset pricing model type—which employ single daily returns based on successive closing prices and might allow for GARCH effects—in a comprehensive out‐of‐sample forecasting competition. The latter comprises roughly 1000 daily observations on all 30 stocks that constitute the DAX, Germany's main stock index, for a period covering both the calm market phase before and the more turbulent times during the recent financial crisis. The interval data models clearly outperform simple random walk benchmarks as well as the point‐data competitors in the great majority of cases. This result does not only hold when one‐day‐ahead forecasts of the conditional variance are considered, but is even more evident when the focus is on forecasting the width or the exact location of the next day's return interval. Regression models based on interval arithmetic thus prove to be a promising alternative to established point‐data volatility forecasting tools. Copyright ©2015 John Wiley & Sons, Ltd.     

International Evidence on GFC‐Robust Forecasts for Risk Management under the Basel Accord

A risk management strategy designed to be robust to the global financial crisis (GFC), in the sense of selecting a value‐at‐risk (VaR) forecast that combines the forecasts of different VaR models, was proposed by McAleer and coworkers in 2010. The robust forecast is based on the median of the point VaR forecasts of a set of conditional volatility models. Such a risk management strategy is robust to the GFC in the sense that, while maintaining the same risk management strategy before, during and after a financial crisis, it will lead to comparatively low daily capital charges and violation penalties for the entire period. This paper presents evidence to support the claim that the median point forecast of VaR is generally GFC robust. We investigate the performance of a variety of single and combined VaR forecasts in terms of daily capital requirements and violation penalties under the Basel II Accord, as well as other criteria. In the empirical analysis we choose several major indexes, namely French CAC, German DAX, US Dow Jones, UK FTSE100, Hong Kong Hang Seng, Spanish Ibex 35, Japanese Nikkei, Swiss SMI and US S&P 500. The GARCH, EGARCH, GJR and RiskMetrics models as well as several other strategies, are used in the comparison. Backtesting is performed on each of these indexes using the Basel II Accord regulations for 2008–10 to examine the performance of the median strategy in terms of the number of violations and daily capital charges, among other criteria. The median is shown to be a profitable and safe strategy for risk management, both in calm and turbulent periods, as it provides a reasonable number of violations and daily capital charges. The median also performs well when both total losses and the asymmetric linear tick loss function are considered Copyright © 2012 John Wiley & Sons, Ltd.     

Operational and Strategic Decisions in Hospitality. Lessons from an Action Research Process

Systemic Practice and Action Research - The aim of this article is to find measures that reduce personnel costs in a catering company through the optimization of routes and tasks for staff to...