Ordinal Canonical Correlation Analysis
The ordinal canonical correlation analysis (Mishra, 2009) outperforms the conventional canonical analysis in the sense of rank score output. Moreover, this method can take care of any of the five different schemes of rank ordering: ordinal ranking (1-2-3-4 rule), standard competition ranking (1-2-2-4 rule), modified competition ranking (1-3-3-4 rule), dense ranking (1-2-2-3 rule) or fractional ranking (1-2.5-2.5-4 rule). It uses the Particle Swarm Optimizer which is one of the recent and prized meta-heuristics for global optimization. The computer program (source codes) presented here is fast and accurate. It has worked very well to conduct the ordinal canonical correlation analysis.References :
- Mishra, S.K. (2009) "A Note on the Ordinal Canonical Correlation Analysis of Two Sets of Ranking Scores", Journal of Quantitative Economics, 7(2), 2009, pp. 173-199. Available at SSRN: Download.
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