Generating stochastic trajectories for asset classes is an increasingly relevant task in quantitative finance. Traditional approaches, such as the stationary bootstrap, preserve by construction the empirical distribution of asset-class returns, but do not ensure that each individual simulated path is economically realistic: scenarios may be valid in distribution while single trajectories fail to represent plausible states of the world. To address this limitation, we review semiparametric simulation methodologies that combine a parametric structure, which enforces realistic dynamics, with the resampling of model residuals, which preserves the stochastic component observed in historical data. The issue is particularly acute for interest rates, where direct resampling of rate changes may produce implausible yield-curve evolutions despite correct distributional properties. Our empirical analysis shows the effectiveness of semiparametric bootstrap methods based on autoregressive or mean-reverting specifications. In the fixed-income setting, combining these methods with fully parametric term-structure models yields more coherent and realistic simulations of yield-curve dynamics.
This paper develops a methodological framework for reverse stress testing (RST) in which a multivariate stress scenario, coherent with the empirical dependence structure of a market, is reconstructed from a single exogenous shock prescribed on one asset class. The problem is formulated as the maximisation of the conditional density given the imposed shock, and is solved under three progressively weaker distributional assumptions. In the parametric setting, joint Gaussianity of the returns yields a closed-form modal scenario coinciding with the conditional mean of the non-shocked components. In the semiparametric setting, the modal scenario is estimated nonparametrically through the empirical likelihood methodology and the surrounding stressed trajectories are generated via a Gaussian or Student-t local sampling scheme. In the fully nonparametric setting, stressed trajectories are obtained by inverse-distance resampling of the historical observations within a Mahalanobis neighbourhood of the estimated scenario. The three variants are validated on real market data. The simulated scenarios prove to be economically coherent and capable of reproducing the standard risk-reward asymmetry observed in stressed market regimes.
Background: Emotions play a central role in how employees respond to workplace bullying, influencing both their well-being and organizational outcomes. The purpose of the current study was to examine how workplace bullying and turnover intention are related to negative emotions and workplace unfairness. Methods: The research involved collecting data from 269 boundary-spanning bank workers (call center workers, frontline office staff, and customer service representatives) who experienced bullying. A moderated mediation was tested using Model 7 of the Process macro. The relationship between workplace bullying and turnover intention was analyzed, emphasizing the moderating effect of workplace unfairness and the mediating role of negative emotions. Results: The results validated the model, showing that an increase in negative emotions and workplace unfairness promotes the link between workplace bullying and the intention to leave. Increased negative emotions and perceived workplace unfairness amplified the relationship between workplace bullying and turnover intention. Conclusions: The findings underscored the cumulative risk of bullying environments for employee well-being and retention, providing practical recommendations for HRM and leadership strategies to cultivate healthier, more inclusive workplace settings. This study adds to the bullying–turnover literature by examining the joint role of negative emotions and workplace unfairness in a moderated mediation framework. The study connects these findings to sustainable labor management, emphasizing both theoretical and practical implications for organizations.
Domestication dramatically changes behaviour, including communication, as seen in the case of dogs (Canis familiaris) and wolves (Canis lupus). We tested the hypothesis that domestication may affect an ancient, shared communication form of canids, the howling which seems to have higher individual variation in dogs: the perception and usage of howls may be affected by the genetic relatedness of the breeds to their last common ancestor with wolves ('root distance') and by other individual features like age, sex, and reproductive status. We exposed 68 purebred dogs to wolf howl playbacks and recorded their responses. We identified an interaction between root distance and age on the dogs' vocal and behavioural responses: older dogs from more ancient breeds responded longer with howls and showed more stress behaviours. Our results suggest that domestication impacts vocal behaviour significantly: disintegrating howling, a central, species-specific communication form of canids and gradually eradicating it from dogs' repertoire.
