The least absolute deviation (LAD) regression is a useful method for robust regression, and the shrinkage selection operator (lasso) popular choice estimation variable selection. In this article we combine these two classical ideas together to produce LAD-lasso. Compared with LAD LAD-lasso can do parameter simultaneously. traditional lasso, resistant heavy-tailed errors or outliers in response. Furthermore, easily estimated tuning parameters, estimator enjoys same asymptotic efficiency as...

This study examines the role of information uncertainty (IU) in predicting cross-sectional stock returns. We define IU terms value ambiguity, or precision with which firm can be estimated by knowledgeable investors at reasonable cost. Using several different proxies for IU, we show that: (1) On average, High-IU firms earn lower future returns (the mean effect), and (2) Price earnings momentum effects are much stronger among high-IU interaction effect). These findings consistent theoretical...

The surgical treatment of pulmonary aspergilloma is challenging and controversial. This study was designed to evaluate the clinical profile, indications outcomes operated on in our institute. A total 256 patients with underwent from 1975 2010. were divided into two groups: Group (simple aspergilloma, n = 96) B (complex 160). principal underlying lung disease tuberculosis (71.1%). procedures consisted 212 lobectomies both groups; eight cavernoplasties, 10 bilobectomies, 16 pneumonectomies six...

This study documents the widespread use of corporate loans by controlling shareholders to extract funds from Chinese listed companies. Typically reported as Other Receivables (OREC), these represent a substantial portion assets firms. We show that companies with large OREC balances experience worse future operating performance and are much more likely become candidates for delisting. High-OREC firms have generally lower market valuations, but still earn negative risk-adjusted returns in...

Abstract We propose a novel varying coefficient model (VCM), called principal (PVCM), by characterizing the coefficients through linear combinations of few functions. Compared with conventional VCM, PVCM reduces actual number nonparametric functions and thus has better estimation efficiency. semivarying (SVCM), is more flexible but same efficiency when in SVCM are same. Model identification investigated, justified theoretically. Incorporating L 1 penalty, variables can be selected...

Recent events in China provide a historical opportunity to study the expropriation of minority shareholders. In this paper, we document use inter-corporate loans by controlling shareholders extract funds from Chinese listed firms. Using accounting information public sources, show how tens billions RMB were siphoned hundreds companies during 1996 2006 period. Specifically, nature and extent these abuses, evaluate their economic consequences, explore cross-sectional determinants, report on...

This paper presents a framework for addressing normative accounting issues reporting to shareholders. The is an alternative the emerging Conceptual Framework of International Accounting Standards Board and Financial Board. can be broadly characterized as utilitarian approach standard setting. It has two main features. First, linked valuation models under which shareholders use information values their stakes. Second, desirable characteristics are inferred from demand investors analysts who...

In Chinese stock market, firms reporting two consecutive annual losses are subject to special treatment (ST), with further causing the firms' stocks be suspended from trading or delisted. We argue that these earnings-based delisting requirements misconstrued. Such policies drive financially healthy out of and induce listed engage in rampant earnings manipulation order avoid delisting. The results carry important public policy implications for securities market regulation.

Lung hernia is an extremely rare condition and the treatments vary. We report a case of cervical lung without any trauma. The patient underwent video-assisted repair with satisfactory result.