In light of recent empirical research on jump activity, this article study the calibration of a new class of stochastic volatility models that include both jumps in return and volatility. Specifically, we consider correlated jump sizes and both contemporaneous and independent arrival of jumps in return and volatility. Based on the specifications of this model, we derive a closed-form relationship between the VIX index and latent volatility. Also, we propose a closed-form logarithmic likelihood formula by using the link to the VIX index. By estimating alternative models, we find that the general counting processes setting lead to better capturing of return jump behaviors. That is, the part where the return and volatility jump simultaneously and the part that jump independently can both be captured. In addition, the size of the jumps in volatility is, on average, positive for both contemporaneous and independent arrivals. However, contemporaneous jumps in the return are negative, but independent return jumps are positive. The sub-period analysis further supports above insight, and we find that the jumps in return and volatility increased significantly during the two recent economic crises.

Ritual and ritual specialists have often been dissociated from power in the writings of prehistorians and archaeologists. From ethnographic and ethnohistoric accounts, however, ritual specialists often exert disproportionate control over the maintenance, manipulation, and elaboration of social codes and practices. Their roles in ritual practice (orthopraxy in non-literate societies) and its effect on decision-making accord them considerable social and political importance. Due to this involvement they become the targets of ritual sanctions that include punitive rites, ritualized deaths, and suppression during periods of rapid social change, both from within their own societies and from without. The present article derives from a re-analysis of the Vix (Côte-d'Or, Burgundy) human skeletal remains, specifically with reference to the age, sex and health status of the interred individual. An evaluation of the social roles of this so-called ‘Princess’ is then attempted, integrating this biological information with that derived from a consideration of the grave inclusions and their imagery in the context of competitive feasting and social change in the late Hallstatt period.