Referee Report for Economics Manuscript Essay Example for Free

Referee Report for Economics Manuscript Essay â€Å"Different Risk-Adjusted Fund Performance Measures: A Comparison† Summary This paper compares various risk-adjusted performance measures for a set of mutual funds. The authors argue that performance measures based on Value-at-Risk (VaR) or Extreme Value Theory (EVT) are more appropriate than other popular performance measures such as the Sharpe ratio (SR), the Treynor index (TI) or Jensen ´s Alpha (JA) . They propose a performance index similar to the SR and the TI based on losses calculated by means of VaR together with EVT. They find that EVT-VaR measures are more appropriate in the presence of non-normal data. Main Comments The topic of the paper is of relevance for financial practitioners as well as academics and it is certainly applicable to the current financial stability context. The paper is also generally wellwritten. However, I have some comments for its improvement. 1. The contribution of the paper is not clearly stated. In the 6th paragraph of the introduction, the authors suggest that their main contribution is the construction of a performance index based on EVT-VAR. However, it is not very clear why the new proposed measure should be better in relation to existing measures as it is now explained. It is true that VaR or EVT should be more reliable measures for extreme events but when looking at formula (13) it is not apparent why this measure should be more reliable than the traditional measures. The denominator has, in fact, an â€Å"extreme return† as opposed to the SR or TI which have strictly second moments, so it is not very straight forward to relate these measures. A better job should be done at explaining the implications of such VaR based measure, how it relates to other measures and why it should be better. 2. Why have the measures been compared only in a â€Å"static† way? It is widely known in the finance literature that asset return volatility is time-varying, and to some extent, also expected returns. It would be possible to go around the latter by arguing market efficiency (which is also questionable) but it is certainly much more difficult to argue against time-variability of the standard deviation in the VaR measures (or in the SA and TI ratios). This is very important as the â€Å"good† or â€Å"bad† applicability of a particular performance measure could be sample dependent and as it is now with unconditional measures, this is hard to uncover. For instance, while the authors account for nonnormality of returns in the modified-VaR measure by means of a Corner-Fisher quantile, they assume a constant standard deviation which means that in periods of high volatility they could still understate the VaR. So at the minimum, the performance comparisons should be done for the full sample and different sub-samples and it should be tested whether the measures obtained are significantly different over different samples. 3. The authors concentrate on top 10 and bottom 10 funds for their analysis and discarded the other funds â€Å"for the sake of simplicity†. However, by choosing only the â€Å"tail† funds, the authors are giving from the start an advantage to EVT or VaR measures. It would be more appropriate to also report results on (say) 10 â€Å"mid† funds. 4. It is not very clear why the top 10 funds â€Å"show more departures from normality† in relation to bottom funds. This finding should be expanded and the intuition behind it should be better explained. One could argue that â€Å"losers† could be more volatile than â€Å"winners† as the level of uncertainty with respect to the fund might increase which could lead to more extreme returns. In fact, in the 3rd paragraph of the empirical result section it says â€Å"the bottom 10 funds have, in general, higher VaR values than the top ones, which means that they are more susceptible to extreme events† which is somewhat contradictory with the finding that the top 10 funds exhibit more departures from normality. Moreover, one of the main findings of the study is that the VaR and EVT performance measures perform best in relation to other measures when there are more departures from normality in returns. A better attempt to reconcile the findings of nonnormality, the â€Å"winner vs. looser† funds and the results on the performance measures with some previous studies or satisfactory intuition should be done. Other comments 1. The contributions of the paper should be stated earlier in the paper and not almost at the end of the introduction as it is now. The contributions should be clearer (see also point 1 above) and should be better related to the existing relevant literature. 2. The conclusion is too long. The concluding remarks should be much shorter and should only summarize the main findings and reconcile them with the issues raised in the introduction as well as highlight possible extensions for future work. 3. The tables should also be improved. They should have a short description of the contents to facilitate reading. As it is now, the reader has to constantly come back to the main text to find out what the contents mean. 4. The figures are hardly visible, they should also be improved and a short explanation should be given.

NJROTC purpose :: essays research papers

The NJROTC, or Naval Junior Recruit Officer Training Corpse, is built not only to teach high school students about the navy but also allows student to become our great leaders of the future. In NJROTC cadets are asked to live up to very high standards because those students in NJROTC are thought of as the best of the best and are at that school to represent the military way of life. In this program I have learned three traits that will help me better myself not only in the future but in the day I live today. These traits that I speak of are discipline, punctuality, and respect. If not for NJROTC I would have not been as great a person and would have little or no direction in my life.   Ã‚  Ã‚  Ã‚  Ã‚  One of the most important things that most cadets learn in NJROTC is to be well disciplined. Without the discipline instilled in every cadet, there would be total chaos and anarchy. Discipline helps us to march, to be able to sit down and do our homework when it needs to be done, and to keep our mouths shut when someone else has the floor. Because of the two years that I have completed of NJROTC, I have developed discipline because the instructors and the other cadets have pounded it into my brain like a square block going into a round hole, but this time it got through. In the future I will need discipline to not only get a job but also keep it. If, in the future, I do not have the discipline to stay with a single job, my life will never amount to anything. Even though discipline is a large subject, the first thing about being disciplined is being punctual.   Ã‚  Ã‚  Ã‚  Ã‚  Punctuality is another thing that I have learned in NJROTC, but with much hard work did I learn this. We all know that we slip up sometimes and slag around from class to class. Because of this we make ourselves late sometimes, and no one wants to get a tardy, so our instructors offer a healthy alternative. If you are late to class then you have the option of doing push-ups or getting a tardy, now witch would you rather do? Not only does this punishment instill punctuality, but if you are hard headed you can build up incredible upper body strength. Being punctual to a job will allow me to keep it and also impress my bosses.

American Civil War was not just the war of ideology

According to fundamentalist historians the American Civil War was not just the war of ideology: freedom versus slavery. The more significant reason was the power struggle initiated between free states and slave states due to the economic and political implications of slavery. Why common people chose to join the forces to fight this war, can be understood more clearly if this rationale is kept in mind. A northerner might have been more concerned about the independence of the south than slavery itself. While the southerner might have felt that secession would prevent the north from empowering the southern culture. This power struggle caused adversity and pain for millions of people, which is almost impossible to determine.As a direct consequence of the war, more than 350,000 Union soldiers were killed, while The Confederacy lost more than 250,000.   The lives of civil war soldiers were specially hard and arduous because they were mostly under-prepared and under-equipped. When they fi rst joined the army, they were housed in spacious barracks, but once they received their marching orders they were condemned the tent. In camp, the soldiers had to live in â€Å"dog tents† made from two pieces of canvas buttoned together. A majority of confederate soldiers weren’t issued any tents, so most of them had to contend with tents captured from the Union soldiers. In the winter, several soldiers would live in wooden huts made from logs and mud with a roof made from canvas or sawn boards (Gettysburg).Reveille was sounded to begin the day at 5 AM, followed by an assembly for morning roll call and breakfast call. Sick call was sounded soon after breakfast, followed by assemblies for guard duty, drill, or to begin the march. Drummers were also important on the march to keep soldiers in step during parades and to call them to attention. In battle, drums were sometimes used to signal maneuvers and give signals for the ranks to load and fire their weapons. Soldiers d rilled as squads and in company formations, each man getting accustomed to orders and formations such as marching in column and in a â€Å"company front†, how to face properly, dress the line, and interact with his fellow soldiers. After an hour of drill on that level, the company moved onto regimental level drills and parades.The Union private’s salary was $13 per month until June '64, after which he got $16. The Confederate private was paid at the pre-war rate of $11 per month until June '64, when the pay raised $7 per month. Soldiers were supposed to be paid every two months in the field, but they were lucky if they got their pay at four-month intervals (in the Union Army) and sometimes they even went six to eight months without being paid. Payment in the Confederate Army was even slower and less regular (Boatner).The types of food that were provided to the soldiers were limited because as they did not have any way of preserving the food. Meats were salted or smoked while other items such as fruits and vegetables were dried or canned. Daily rations for Union soldiers included 12 oz of pork or bacon or 1 lb. 4 oz of fresh or salt beef; 1 lb. 6 oz of soft bread or flour, 1 lb. of hard bread, or 1 lb. 4 oz of cornmeal. Per every 100 rations there was issued 1 peck of beans or peas; 10 lb. of rice or hominy; 10 lb. of green coffee, 8 lb. of roasted and ground coffee, or 1 lb. 8 oz of tea; 15 lb. of sugar; 1 lb. 4 oz of candles, 4 lb. of soap; 1 qt of molasses. In addition to or as substitutes for other items, dried vegetables, fruit, pickles, or pickled cabbage might be issued (Boatner).Confederate rations were smaller in quantity but essentially the same. It was up to the soldiers to find ways of cooking their own food. The most common diet of both armies was hard bread, or â€Å"hardtack.† This was the easiest for the soldiers to carry when on the march. The hardtack cracker became an item of humor to the soldiers of both sides because it was such an outrage. With rations sometimes being issued at an irregular rate, the soldier had to turn to foraging. Turkeys, geese, chickens, ham, bread and anything edible was taken (Vasile). Some men turned into obsessive foragers, spending most of the day reinforcing their possessions in any way possible. Most of these were never to be found on the field of battle.The soldiers were not provided with summer fatigues as were during later wars. The basic uniform material was wool. The average Union soldier had to carry about fifty pounds of gear and clothing which included: a musket, bayonet, cartridge box (40 rounds), belt, cap, pouch, haversack, canteen, knapsack, blanket, shelter half, winter greatcoat, tin cup and plate, and leggings. This cost the Federal Government about forty-two dollars per man in 1861 (Vasile). The soldiers would get rid some of the more unnecessary items, but would later regret throwing away the items like the greatcoat come winter.Most of the free time w as spent writing letters home at every opportunity. It was the only method of communication with family. Some even sent home money to support their families. Mail day caused huge celebration in the camp and distress when it was delayed. Union soldiers could so to the sutler's store to barter for toiletries, canned fruit, etc at inflated prices. Confederates did not have the luxury of sutlers, which disappeared soon after the war began. Instead they depended on the generosity of folks at home or farmers and businessmen near the camps (Gettysburg).Many of the men attended church services on a regular basis and some even carried small testaments with the rest of their baggage.Discipline in the military was very strict. Petty offenses such as shirking camp duty or not keeping equipment in good order were usually treated with extra duties such as digging latrines, chopping wood, or standing extra hours on guard duty. â€Å"Bucking and gagging† was also common punishment- the soldi er’s limbs were bound and he was gagged so he could not speak. In the artillery, the guilty person might be tied to the spare wheel on the back of a caisson. Desertion, spying, treachery, murder, or threats on an officer's life were the most serious offenses to which the perpetrator was condemned to military prison or shot by a firing squad. Crimes committed against civilians were also punishable by the army and felons were executed by hanging before a formation of soldiers.The boredom of camp life, the drill, the sickness and loneliness all became secondary and seemed to be forgotten on the day of the battle. Although fighting consumed a small portion of the soldier's actual time in the service, the thought of it was never far from his mind. They were all afraid. But they were not only afraid of being killed or wounded. They also had a dread of losing their nerve in combat and running from the battlefield. This would bring shame upon themselves and their regiments (Vasile).T he lack of medical knowledge, failure to provide ample antiseptics to wounds and the horrible effects of modern weapons forced doctors to favor amputation in most cases. Unsanitary conditions existed virtually in every soldier’s camp during the war. Unsuitable or inadequate clothing, unhealthy food and contaminated water contributed to diseases. The adoption of an ambulance corps and field hospital system also helped the wounded in their time of need. Until it was established, there was no way for the wounded to be evacuated to the rear and receive proper medical care (Vasile).The end of the war in 1865 brought a welcome peace, especially for the men who served as soldiers. Armies were disbanded and regiments mustered out of service. Former soldiers returned to the farms and stores they had left so long ago

Zero Tolerance Policies And School Discipline - 10009 Words

Research suggests that policies and practices have created a dilemma that has plagued our education system, as well as our society as a whole, that funnels millions of students from school into the juvenile justice system (Robinson, 2013). This dilemma, known as the school-to-prison pipeline is garnering much attention in Virginia due to the states continued issues in overcoming the phenomenon. This study explores zero tolerance policies and school discipline to better understand its effect in to bring awareness to an issue that may help in dismantling this pipeline. Particularly looking at those school divisions within Virginia that have disciplined students by expelling them or placing them on long-term suspension, since these†¦show more content†¦Other negatives include the exclusion of students who have been expelled from the educational opportunities of their peers and thus leading to increased dropouts. She goes on to tell us that there is little evidence to show that suspensions actually improve student behavior (Walker, 2009). Researcher Torbin McAndrews recognizes the negatives of zero tolerance policies and explains that effective zero tolerance policies must â€Å"specify consequences; allow flexibility; consider alternatives to expulsion; clearly define weapons, drugs, and inappropriate acts; involve the collaboration of all stakeholders; build on le ssons from early programs; integrate health-education programs; tailor policies to local needs; and implement regular program review† (p.14). Unfortunately, research shows that these policies are not being implemented in this manner, but instead see these policies leading to what Kelling and Coles referred to as the â€Å"Broken Windows† theory of crime (Kelling Coles, 1997). This theory of crime shows a â€Å"trickle-down effect† of how things that start as minor crimes can then lead to more serious issues and crimes. For example, Steven Teske described this theory in his article, A study of zero tolerance policies in schools: A multi-integrated systems approach to improve outcomes forShow MoreRelatedCriminalization at School: Zero-Tolerance Discipline Policies Might Be Damaging to Students1309 Words   |  6 Pagesrecommendation for expulsion because his school administrators believed he flashed a gang sign although he was simply putting up three fingers to represent his football jersey number. (NPR Isensee, 2014). This kind of criminalization of young people contributes to suspension, dropout, and incarceration, and too often pushes students into what is referred to by many education scholars and activists as the â€Å"school-to-prison pipeline,† a term that refers to â€Å"the policies and practices that push our nation’sRea d MoreThe Negative Consequences of Discipline1836 Words   |  7 Pagesresponsibilities of schools is to keep its students and teachers safe from harm and violence. Over the years, this has meant applying zero tolerance policies, which have encouraged and led to overcriminalization and the over-intervention of the juvenile justice system. This correlation between zero tolerance measures and the justice system has been termed â€Å"school-to-prison-pipeline†. Zero tolerance has, for the most part, worked; but do we like how it has worked? Although this policy has some benefitsRead MoreWe Are Now Operating A School System1236 Words   |  5 PagesAmerican schools system â€Å"We are now operating a school system in America that’s more segregated than at any time since the death of Martin Luther King†- Jonathan Kozol. Education has impacted everyones life one way or another. It is such an important part of our lives that we have to make sure we perfect it. While millions of people from America have been successful with the great education America offers. However, it is still full of segregation, and improper discipline methods such as zero-toleranceRead MoreArgument Essay: Zero Tolerance Policy1597 Words   |  7 PagesChicken Finger Wars: A Discussion on School Zero Tolerance Policies On April 20, 1999, in the small town of Littleton, Colorado, two high-school students named Dylan Klebold and Eric Harris committed one of the most gruesome and heinous school shootings to date. They carried out a meticulously planned assault on Columbine High School during the middle of the school day. The boys original plan was to kill hundreds of their peers. Armed with guns, knives, and a multitude of bombs, the two boysRead MoreDirty Tolerance Laws, Bad Schools And Schools Is Failing Millions Of Minority Students1420 Words   |  6 Pagesbad schools, bad polices and police fuel the school to prison pipeline It is estimated that 3.3 million children annually are expelled or suspended for violent or non violent offenses while attending school school. The majority of the offenses are nonviolent offenses that are handled just as harshly as violent school infractions due to zero tolerance laws. This essay will show how how zero tolerance laws, bad schools and policing in schools is failing millions of minority students and fueling theRead MoreZero Tolerance Policies in American Schools Essay874 Words   |  4 Pagesthere is a form of discipline known as a zero tolerance policy. While the exact wording is different from school to school, basically a zero tolerance policy means that a student is immediately suspended, asked to attend an alternative school, or expelled if they are suspected or caught doing certain things. These policies are in place to hopefully deter students from doing drugs or being violent, but the ethics behind them are questionable. Some research has shown that these pol icies may not even workRead MoreEthical Dilemmas Of Police Schools1726 Words   |  7 Pagesin Schools Mark A. Birmingham East Stroudsburg University APA 6th. â€Æ' Abstract This paper will discuss the various ethical dilemmas facing school resource officers (SRO). This will include problems with 4th amendment protections of students, interviews and interrogations of juveniles, as well as, privacy issues expected by students and faculty. Other issues to be will also address two sociological theories, the Self Efficacy and the Modeling theory. I will also discuss how school discipline isRead MoreThe Dangers Of Too Much Technology1296 Words   |  6 PagesIssues exist within the models of learning due to the integration of technology replacing traditional teaching methods in addition to inappropriate execution of discipline through Zero-Tolerance Policies that could be resolved by the United States Department of Education because both issues have contributed to lower test scores, a reduced amount of human interactions in classrooms, an increase in drop-out, suspension, and expulsion rates all contributing to the degradation of the education systemRead M oreZero Tolerance And Its Contribution On The School And Prison Pipeline1446 Words   |  6 PagesZero Tolerance and its Contribution to the School-to-Prison Pipeline A trend has developed in our society in recent decades. This concerning trend shows that African American youth are finding their way into the criminal justice system at a much higher rate than their peers. This trend starts in schools where students as young as fifth graders are being suspended from school for minor issues. Police officers are being used more and more to handle situations in the schools rather than teachers. DoesRead MoreEssay on Zero Tolerance Policy of Education in America1379 Words   |  6 PagesZero Tolerance Policy of Education in America In Bedford, Texas, a 16-year-old honor student was expelled after a security guard noticed a kitchen knife on the floor of the students car. The knife apparently had fallen unnoticed as the student carted some of his grandmothers possessions to Goodwill. He was ordered to spend a year in a juvenile-justice education program and banished from