Benfords Law And Macroeconomic Data Quality
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| Author | : Mr.Jesus Gonzalez-Garcia |
| Publisher | : International Monetary Fund |
| Total Pages | : 22 |
| Release | : 2009-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1451871570 |
This paper examines the usefulness of testing the conformity of macroeconomic data with Benford's law as indicator of data quality. Most of the macroeconomic data series tested conform with Benford's law. However, questions emerge on the reliability of such tests as indicators of data quality once conformity with Benford's law is contrasted with the data quality ratings included in the data module of the Reports on the Observance of Standards and Codes (data ROSCs). Furthermore, the analysis shows that rejection of Benford's law may be unrelated to the quality of statistics, and instead may result from marked structural shifts in the data series. Hence, nonconformity with Benford's law should not be interpreted as a reliable indication of poor quality in macroeconomic data.
| Author | : Steven J. Miller |
| Publisher | : Princeton University Press |
| Total Pages | : 465 |
| Release | : 2015-06-09 |
| Genre | : Mathematics |
| ISBN | : 1400866596 |
Benford's law states that the leading digits of many data sets are not uniformly distributed from one through nine, but rather exhibit a profound bias. This bias is evident in everything from electricity bills and street addresses to stock prices, population numbers, mortality rates, and the lengths of rivers. Here, Steven Miller brings together many of the world’s leading experts on Benford’s law to demonstrate the many useful techniques that arise from the law, show how truly multidisciplinary it is, and encourage collaboration. Beginning with the general theory, the contributors explain the prevalence of the bias, highlighting explanations for when systems should and should not follow Benford’s law and how quickly such behavior sets in. They go on to discuss important applications in disciplines ranging from accounting and economics to psychology and the natural sciences. The contributors describe how Benford’s law has been successfully used to expose fraud in elections, medical tests, tax filings, and financial reports. Additionally, numerous problems, background materials, and technical details are available online to help instructors create courses around the book. Emphasizing common challenges and techniques across the disciplines, this accessible book shows how Benford’s law can serve as a productive meeting ground for researchers and practitioners in diverse fields.
| Author | : Mark J. Nigrini |
| Publisher | : John Wiley & Sons |
| Total Pages | : 352 |
| Release | : 2012-03-09 |
| Genre | : Business & Economics |
| ISBN | : 1118286863 |
A powerful new tool for all forensic accountants, or anyone whoanalyzes data that may have been altered Benford's Law gives the expected patterns of the digits in thenumbers in tabulated data such as town and city populations orMadoff's fictitious portfolio returns. Those digits, in unaltereddata, will not occur in equal proportions; there is a large biastowards the lower digits, so much so that nearly one-half of allnumbers are expected to start with the digits 1 or 2. Thesepatterns were originally discovered by physicist Frank Benford inthe early 1930s, and have since been found to apply to alltabulated data. Mark J. Nigrini has been a pioneer in applyingBenford's Law to auditing and forensic accounting, even before hisgroundbreaking 1999 Journal of Accountancy article introducing thisuseful tool to the accounting world. In Benford's Law, Nigrinishows the widespread applicability of Benford's Law and itspractical uses to detect fraud, errors, and other anomalies. Explores primary, associated, and advanced tests, all describedwith data sets that include corporate payments data and electiondata Includes ten fraud detection studies, including vendor fraud,payroll fraud, due diligence when purchasing a business, and taxevasion Covers financial statement fraud, with data from Enron, AIG,and companies that were the target of hedge fund short sales Looks at how to detect Ponzi schemes, including data on Madoff,Waxenberg, and more Examines many other applications, from the Clinton tax returnsand the charitable gifts of Lehman Brothers to tax evasion andnumber invention Benford's Law has 250 figures and uses 50 interestingauthentic and fraudulent real-world data sets to explain boththeory and practice, and concludes with an agenda and directionsfor future research. The companion website adds additionalinformation and resources.
| Author | : Carol Alexander |
| Publisher | : John Wiley & Sons |
| Total Pages | : 624 |
| Release | : 2022-12-13 |
| Genre | : Business & Economics |
| ISBN | : 1394178158 |
Identifying malpractice and misconduct should be top priority for financial risk managers today Corruption and Fraud in Financial Markets identifies potential issues surrounding all types of fraud, misconduct, price/volume manipulation and other forms of malpractice. Chapters cover detection, prevention and regulation of corruption and fraud within different financial markets. Written by experts at the forefront of finance and risk management, this book details the many practices that bring potentially devastating consequences, including insider trading, bribery, false disclosure, frontrunning, options backdating, and improper execution or broker-agency relationships. Informed but corrupt traders manipulate prices in dark pools run by investment banks, using anonymous deals to move prices in their own favour, extracting value from ordinary investors time and time again. Strategies such as wash, ladder and spoofing trades are rife, even on regulated exchanges – and in unregulated cryptocurrency exchanges one can even see these manipulative quotes happening real-time in the limit order book. More generally, financial market misconduct and fraud affects about 15 percent of publicly listed companies each year and the resulting fines can devastate an organisation's budget and initiate a tailspin from which it may never recover. This book gives you a deeper understanding of all these issues to help prevent you and your company from falling victim to unethical practices. Learn about the different types of corruption and fraud and where they may be hiding in your organisation Identify improper relationships and conflicts of interest before they become a problem Understand the regulations surrounding market misconduct, and how they affect your firm Prevent budget-breaking fines and other potentially catastrophic consequences Since the LIBOR scandal, many major banks have been fined billions of dollars for manipulation of prices, exchange rates and interest rates. Headline cases aside, misconduct and fraud is uncomfortably prevalent in a large number of financial firms; it can exist in a wide variety of forms, with practices in multiple departments, making self-governance complex. Corruption and Fraud in Financial Markets is a comprehensive guide to identifying and stopping potential problems before they reach the level of finable misconduct.
| Author | : Tomas Kliestik |
| Publisher | : MDPI |
| Total Pages | : 164 |
| Release | : 2021-04-08 |
| Genre | : Business & Economics |
| ISBN | : 3036505369 |
The purpose of the Special Issue “Quantitative Methods in Economics and Finance” of the journal Risks was to provide a collection of papers that reflect the latest research and problems of pricing complex derivates, simulation pricing, analysis of financial markets, and volatility of exchange rates in the international context. This book can be used as a reference for academicians and researchers who would like to discuss and introduce new developments in the field of quantitative methods in economics and finance and explore applications of quantitative methods in other business areas.
| Author | : Peter A.G. van Bergeijk |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 229 |
| Release | : 2024-06-05 |
| Genre | : Business & Economics |
| ISBN | : 1802207856 |
This informative book reveals the pervasive nature of large inaccuracies in economic statistics. Drawing on numerous real-world examples including case studies from advanced and developing countries, Peter van Bergeijk presents profound insights into how downplaying these errors undermines the scientific rigour of economic analysis and outlines how to manage uncertainty in economic analysis moving forward.
| Author | : John Y. Campbell |
| Publisher | : Princeton University Press |
| Total Pages | : 630 |
| Release | : 2012-06-28 |
| Genre | : Business & Economics |
| ISBN | : 1400830214 |
The past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory. Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications. Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications.
| Author | : Farinha, Luís |
| Publisher | : IGI Global |
| Total Pages | : 487 |
| Release | : 2020-03-06 |
| Genre | : Business & Economics |
| ISBN | : 1799821374 |
The competitive nature of organizations in today’s globalized world has led to the development of various approaches to increasing profitability and maintaining an advantage over rival companies. As technology continues to be integrated into business practices, specifically in the area of accounting and finance, professionals and educators need to be prepared for advancing economic techniques, and they need to maintain a high level of financial literacy. The Handbook of Research on Accounting and Financial Studies is a pivotal reference source that provides vital research on advanced knowledge and emerging business practices and teaching dynamics in the fields of accounting and finance. While highlighting topics such as cost-benefit analysis, risk management, and corporate governance, this publication explores new initiatives in entrepreneurship and performance management. This book is ideally designed for business managers, consultants, entrepreneurs, auditors, tax practitioners, economists, accountants, academicians, researchers, and students seeking current research on modern advancements and recent findings in accounting and financial studies.
| Author | : Patricia M. Dechow |
| Publisher | : Research Foundation of the Institute of Chartered Financial Analysts |
| Total Pages | : 152 |
| Release | : 2004-01-01 |
| Genre | : Corporate profits |
| ISBN | : 9780943205687 |
| Author | : Yiannis Drossos |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 448 |
| Release | : 2020-12-10 |
| Genre | : Law |
| ISBN | : 1509933824 |
This book provides a detailed analysis of the institutional transformations brought about by the financial crisis, focusing on the institution-building course of Europe and the Constitution-bending course in several Member States. It discusses the seemingly contradictory interplay between national and European institutions and the law resulting from the crisis, arguing that the anti-crisis exceptionality constitutes the matrix of the new normality of the reformed European economic governance. The author carries out a critical analysis of the new economic governance and its case-law with regular reference to relevant political episodes, key economic figures and to the hitherto lax modes and rules. The author also offers deep insights into the Greek adjustment programme and the crisis-related Greek and Portuguese constitutional case-law, presented in comparison with the German and French case-law. The book concludes with a critical overview of the profound mutations in the role of national Constitutions, instigated by the new European economic governance, and the emergence of a democratically deficient meta-constitutional mode of functioning of both the European institutions and national Constitutions.
