One of their papers published in the Journal of Economic Literature in March, 1996 under the title “The Standard Error of Regressions” has made the following eyeopening comment: “Such misuses of statistical significance appear to depend in part on a vintage effect, measured by date of Ph.D. conferral. The papers authored by Ph.D.s conferred between 1975 and 1979, when inexpensively generated t-tests first reached the masses, were considerably worse than the papers of others at making a distinction between economic and statistical significance. They used the word “significance” in ambiguous ways more often than did early or later Ph.D.s and they were less likely to separate statistical significance from other types of significance in the sections on scientific and policy implications” (p 111). The other findings of McCloskey and Ziliak are also startling. Of the 182 articles in the American Economic Review they have surveyed, 70 percent had not distinguished statistical significance from economic, policy or scientific significance. While they had referred to largeness of the estimators, 72 percent had not asked “how large was large?” At the same time, 59 percent had used the word “significance” in ambiguous ways. A more pronounced failure has been the non-reporting of descriptive statistics such as the means of the regression variables by 69 percent of the authors. (p 106). The problem with econometric studies is that the computations made by authors remain as a “black box” to ordinary readers.
Lim Hng Kiang: Trade links and business opportunities for Singapore Congratulatory remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Daiwa Securities Group 35th Anniversary, Singapore, 25 June 2007. *  *  *  Your Excellency Mr Takaaki Kojima, Ambassador of Japan to Singapore, Mr. Shigehara Suzuki, President & CEO Daiwa Securities Group Inc., Mr. Shin Yoshidome, President Daiwa Securities SMBC, Distinguished Guests, Ladies and Gentlemen. Good Evening, I am delighted to be here this evening for the joyous occasion of Daiwa Securities Group’s 35th anniversary in Singapore. This marks yet another important milestone for Daiwa, and your continued commitment to Singapore. Daiwa’s growth story in Singapore Set up in 1972, Daiwa has grown from strength to strength over the years. From the early collaboration in 1971 with Development Bank of Singapore to issue the first Asian Dollar Bond, Daiwa has over the years expanded to provide a full spectrum of financial services. Today, all of Daiwa’s major business units are represented in Singapore, covering securities brokerage, investment banking, asset management and more recently, wealth management as well. Singapore has also grown to become a key node in Daiwa’s overseas network, managing your business operations in South Asia & Oceania. I am encouraged to hear that on the occasion of Daiwa’s 35th anniversary celebrations, you have also announced plans to boost activities in Singapore and the region. I understand these new activities include M&A and private equity investments.