ABSTRACT When consumption betas of stocks are computed using year‐over‐year growth based upon the fourth quarter, consumption‐based asset pricing model (CCAPM) explains cross‐section stock returns as well Fama and French (1993) three‐factor model. The CCAPM's performance deteriorates substantially when is measured other quarters. For CCAPM to hold at any given point in time, investors must make their investment decisions simultaneously that time. We suspect this more likely happen during...

Abstract This explorative paper considers the recent developments in emerging small family business sector post‐reform China as country embraces socio‐economic and structural transition from a centrally planned to market‐orientated system. The important contributions that Chinese firms play acceleration of private development across social industrial sectors well geographic boundaries Pacific Rim are highlighted. authors propose typologies entrepreneurship tentative enterprise policy...

A new method to realize stable and realistic cutting simulation using an impedance display haptic device microcomputer is presented in this paper. Material removal or a critical task dental preparation surgery simulation. In paper, piecewise contact force model proposed approximately describe the process. Challenging issues of minimizing difference between are analyzed. The contact-based developed for one-dimensional can be expanded three-dimensional cases. Local model-based multirate...

Given the constraints of energy, environment, and climate change in process economic development, transitioning to a low-carbon economy by such means as construction cities is feasible approach sustainable development pattern that balances energy conservation, environmental protection, growth. Utilizing data listed companies China A-shares market over period 2007–2016, we treat China's city pilot policy (LCCPP) quasi-natural experiment adopt difference-in-differences explore effect LCCPP on...

Fire suppression tests with ceiling sprinkler protection in a rack storage fuel configuration are simulated using Computational Fluid Dynamics tool. The is arranged double-row, six pallet-load wide and three-tier high (2×6×3) array. Each pallet load consists of three nested double-wall corrugated cardboard boxes surrounding metal liner. Two types sprinklers used this study: pendent quick response designated as K14, an upright standard K11.2. FireFOAM, which couples necessary sub-models for...

This paper contributes to the understanding of China's urban development by examining institutional structure a property market in an inland city: Chongqing. Data were collected from three recent projects through field reconnaissance and interviews. A framework analysis was used discussing interpreting data. Our analyses revealed emerging with dynamic evolving new institutions China. In this market, variety actors different roles interests process had come into play. Formal informal rules...

We study the endogenous relationship between health care, life expectancy and output in a neoclassical growth model. Although care directly diverts resources away from goods production, it prolongs expectancy, which turn leads to higher savings and, hence, capital formation through private annuity market. show that are complements equilibrium, with both rising economic development. Our model is therefore consistent several observed stylized development patterns across countries. Moreover,...

We consider a setting in which the acquisition of human capital entails change location social space that causes individuals to revise their comparison groups. Skill levels are viewed as occupational Moving up skill ladder by acquiring additional capital, itself rewarding, leads shift individual's inclination compare himself with different, and on average better‐paid, group, penalizing. shed new light dynamics formation, suggest novel policy interventions encourage formation aggregate reduce...

We show that when investors review their consumption and investment plans infrequently at different points in time with interim information flows, the standard consumption-based capital asset pricing model (CCAPM) will continue to hold only those all plans. Stylized facts suggest end of tax year is a candidate for one such time. Therefore, we should expect more support CCAPM during period surrounding year, i.e., fourth first quarters Japan where ends December, second United Kingdom April....

In this case-control study, we analyzed the association between eight RegulomeDB-annotated single nucleotide polymorphisms (SNPs) in MEK1, MEK2, ERK1 and ERK2 genes polycystic ovarian syndrome (PCOS). Logistic regression analysis demonstrated that MEK1 rs12050732 (OR = 1.29 [95%CI: 1.06-1.58], P 0.012), rs2266966 0.81 0.67-0.99], 0.040) rs5999521 0.66 0.51-0.86], 0.002) were associated with PCOS risk without adjusting for age body mass index. Moreover, increased allele dosage when these...

Abstract. We investigate the provision of public capital in an endogenous growth model with asymmetric information. In a credit market costly screening, we show that equilibrium contracts are characterized by self‐selection borrowers. Through identifying additional adverse effect taxation on growth, optimal tax rate our is smaller than output elasticity capital. Therefore, analysis justifies more conservative policy presence Furthermore, suggests number implications appear to be well...

This article serves as a tool to set the scene in this special issue on manner which European Union (EU) engages transnational policy networks (TPNs). It paints canvas of main themes be treated articles that span variety thematic areas. Six lines inquiry are developed better feed into various covered by specific articles. The used include modalities or ways EU influences TPNs around world, TPNs' influence and decision-making within EU, conditions under engagement between can considered...

Large eddy simulations (LES) of ceiling flow driven by strong-plumes rack-storage fires have been simulated for a range convective heat release rates (HRR) and heights. An actual delivered density (ADD) apparatus plume generator burner setup has modeled using buoyant diffusion flames with the inclusion an upstream airflow vent producing higher velocities observed in fires. Computed results centerline excess temperature velocity compared against experimental data. In addition to setup,...

As far as the Grand Theatre is concerned, it core carrier of carrying culture, and also an indispensable important component cultural undertakings. Based on green energy saving emission reduction technology, this paper studies performance layout grand theatre, establishes BIM (Building Information Model) model with three different Programme, uses software to simulate consumption analyse thermal comfort architectural design Programme. Then, according these working conditions, indoor...