ABSTRACT Most empirical studies of the static CAPM assume that betas remain constant over time and return on value‐weighted portfolio all stocks is a proxy for aggregate wealth. The general consensus unable to explain satisfactorily cross‐section average returns stocks. We holds in conditional sense, i.e., market risk premium vary time. include human capital when measuring Our specification performs well explaining returns.

Most empirical studies of the static CAPM assume that betas remain constant over time and return on value-weighted portfolio all stocks is a proxy for aggregate wealth. The general consensus unable to explain satisfactorily cross-section average returns stocks. We holds in conditional sense, i.e., market risk premium vary time. include human capital when measuring Our specification performs well explaining returns.

ABSTRACT Without the assumption of conditional homoskedasticity, a general asymptotic distribution theory for two‐stage cross‐sectional regression method shows that standard errors produced by Fama–MacBeth procedure do not necessarily overstate precision risk premium estimates. When factors are misspecified, estimators premiums can be biased, and t ‐value may converge to infinity in probability even when true is zero. However, beta‐pricing model ‐values firm characteristics generally...

Most empirical studies of the static CAPM assume that betas remain constant over time and return on value-weighted portfolio all stocks is a proxy for aggregate wealth. The general consensus unable to explain satisfactorily cross-section average returns stocks. We holds in conditional sense, i.e., market risk premium vary time. include human capital when measuring Our specification performs well explaining returns.

Abstract Osmotic stress activates the biosynthesis of abscisic acid (ABA). One major step in ABA is carotenoid cleavage catalyzed by a 9-cis epoxycarotenoid dioxygenase (NCED). To understand mechanism for osmotic activation biosynthesis, we screened Arabidopsis thaliana mutants that failed to induce NCED3 gene expression response treatments. The ced1 (for defective 1) mutant isolated this study showed markedly reduced (polyethylene glycol) treatments compared with wild type. Other genes are...

ABSTRACT The stochastic discount factor (SDF) method provides a unified general framework for econometric analysis of asset‐pricing models. There have been concerns that, compared to the classical beta method, generality SDF comes at cost efficiency in parameter estimation and power specification tests. We establish correct comparing two methods show that is as efficient estimating risk premiums. Also, test based on powerful one method.

We provide a brief overview of applications generalized method moments in finance. The models examined the empirical finance literature, especially asset pricing area, often imply moment conditions that can be used straight forward way to estimate model parameters without making strong assumptions regarding stochastic properties variables observed by econometrician. Typically number available econometrician would exceed parameters. This gives rise overidentifying restrictions test validity...

This paper takes a shrinkage approach to examine the empirical implications of aversion model uncertainty. The explicitly shows how predictive distributions incorporate data and prior beliefs. It enables us solve optimal portfolios for uncertainty-averse investors. Aversion uncertainty about CAPM leads investors hold portfolio that is not mean-variance efficient any distribution. However, corresponding extremely strong beliefs in Fama-French are approximately Bayes does deliver when averse...

The effect of soil drenching with 10 µM abscisic acid (ABA) on the physiological responses two spring wheat (Triticum aestivum L.) cultivars released in different decades was evaluated when subjected to a water deficit at jointing or booting. Exogenous ABA application increased concentration leaves, reduced stomatal conductance (gs), slowed rate use, decreased lethal leaf potential (ψ) used measure desiccation tolerance and lowered content (SWC) which relative (RWC) began decrease wilting...

This paper examines the effects of taxation on liability structure banks.We derive testable predictions from a dynamic model optimal bank that incorporates runs, regulatory closure and endogenous default.Using supervisory data provided by Bank Italy, we empirically test these exploiting exogenous variations Italian tax rates productive activities (IRAP) across regions over time (especially since global financial crisis).We show banks endogenously respond to reduction in reducing nondeposit...

Abstract Background Despite the availability of free tuberculosis (TB) diagnosis and treatment, TB care still generates substantial costs that push people into poverty. We investigated out-of-pocket (OOP) payments for assessed resulting economic burden consequences those with varying levels household income in eastern China. Methods A cross-sectional study was conducted among patients national programme networks TB-related direct OOP costs, time loss, coping strategies were across households...

Banks strategically choose and dynamically restructure deposits non-deposit debt in response to the minimum requirements on total capital tangible equity. We derive optimal strategic liability structure show that it minimizes protection for deposits, conditional requirements. Although given any structure, regulators can set high enough remove incentive risk substitution, always preserves this incentive. reduce leverage but increase proportion of if regulations raise

Although imaging tools are crucial in identifying features of atherosclerotic plaque, there remains a lack consensus on the use serological markers for assessing high-risk plaques. Patients diagnosed with CAS who met criteria CEA were categorized as operation group, while those without designated control group. Multi-modal was conducted pre- and post-CEA to evaluate plaque features, such volume calcification LRNC, intra-plaque hemorrhage, degree carotid stenosis. Serum chemokine levels...

The Capital Assistance Program (CAP) was created by the U.S. government in February 2009 to provide backup capital large financial institutions unable raise sufficient from private investors. Under terms of CAP, a participating bank receives contingent issuing preferred shares Treasury combined with embedded options for both parties: gets option redeem or convert them common equity, conversion mandatory after seven years; earns dividends on and warrants bank's equity. We develop claims...