Coupled with the DPTM, the validation approach has never before been attempted and this is the major innovation of this study.
This study adopts the two-stage estimation model in order to complete the DPTM process and avoid problems in the estimation process.
The estimation process adopts Arellano and Bond's (1991) GMM as discussed, and the DPTM in this paper is as presented in equation (9).
Table 6 reports the estimation result of the DPTM. In the dynamic estimation, lagged one-period gold returns have significant influencing power.
In summary, this study used DPTM analysis to assess the mutual impact of the common trend between gold and key currencies in the world in order to fully understand the hedging characteristic of gold.
Depending upon the military facility, the installations sometimes defined this person as the system security officer, personnel security manager, senior intelligence officer, DPTM
, or provost marshal (PM).