ABSTRACT We examine the relation between insiders’ investment horizon and information content of their trades with respect to future stock returns. conjecture that an insider's establishes a benchmark for expected patterns continued trading behavior thus helps identify unexpected insider trades, which should be more informative in efficient markets. Consistent this conjecture, short‐horizon insiders are both informed, on average, than those long‐horizon insiders. Short‐horizon firms also...

ABSTRACT This study shows that the recent trajectory of a firm's profits predicts future profitability and stock returns. The predictive information contained in trend is not subsumed by level profitability, earnings momentum, or other well-known determinants profit also surprise one quarter later, analyst forecast errors over following 12 months, suggesting sophisticated investors underreact to trend. On hand, we find no evidence investor overreaction, our results cannot be explained risk...

Poly(lactic acid) (PLA), one of the most promising biodegradable polymer products, has achieved wide applications for its relatively good mechanical properties and moderate degradability. Here we report an environment-friendly filler, organic–inorganic composite Janus nanosheets (PLA/PBS JNs), which can jam at interface PLA/PBS blend with a low threshold as compatibilizer simultaneously toughen composites improve gas barrier performance due to better interfacial interaction tortuous path...

<title>Abstract</title> Thermal rectification is a noteworthy phenomenon of asymmetric material, which enables the directional transfer thermal energy. But design and construction such conductive materials with complex structures are full challenges. Here, novel additive manufacturing method was proposed to fabricate porous composites from layer-by-layer cast emulsions, stabilized Janus particles (JPs), for rectification. The emulsions were remarkably stable, allowing each layer be...

This paper presents initial work with the application of basalt fiber (BF) in field reinforced cement composites. Effect BF on mortar drying shrinkage, mechanical prosperities and bond performance were studied. The results showed that adding reduced markedly dry shrinkage especially at early ages. had a greater compressive flexural strength hydration period，but little less age 28-days than without fiber. Four point bending tests shows addition increased effectively toughness specimen same...

The overall performance of emission trading (ET), a market-based regulation tool, strongly relies on participants' participation and responses. In order to improve market design, it is important for policy makers understand the behaviors in different environments. However, human cannot be easily modeled with conventional analytical methods due its "bounded rationality" characteristics. this paper, based complementary features between experimental agent-based computational methods, hybrid...

Theory and recent empirical literature suggest that social professional connections may influence corporate policy. However, inference be biased by the possibility firms who share peers also unobserved characteristics are correlated with observed Using a novel identification strategy, we predict find director through well-known island tax havens have significant effect on Specifically, U.S. directors connected to domiciled islands of Bahamas, Bermuda, or Caymans exhibit significantly greater...

Abstract Insiders must disclose indirect trades made through accounts they control, including family, trust, retirement, and foundation accounts. Indirect these are more profitable than direct in the insider’s own account. They also likely to be by “opportunistic” insiders who make nonroutine trades, or trade profitably before earnings announcements, have a short investment horizon. These contain predictive information about surprises large price changes, tend at firms with high asymmetry....

Climate change has become one of the most important issues for sustainable development social well-being. China made great efforts in reducing CO2 emissions and promoting clean energy. Pilot Emission Trading Systems (ETSs) have been launched two provinces five cities China, a national level ETS will be implemented third quarter 2017, with preparations China's now well under way. In meantime, new round electric power system reform entered implementation stage. Policy variables from both...

Targeted porous structures and tunable mechanical properties are essential for the design application of materials. However, intrinsic homogeneity a continuous matrix usually results in common irreconcilable contradiction between modulus resilience under large deformation, limiting tunability performance and, consequently, their applications. This study fabricated Janus particle-armored elastomers (JPEs) with flexible scalable emulsion polymerization method. The hard particles, as robust...

The carbon market has become a major mechanism for global emission reduction.However, the actual operation of does not meet expectation due to drastic fluctuation prices.It is great importance regulators fully understand dynamic market.This paper employs assessment model analyze key factors including reduction targets and power loads, which influence prices under European Union Emissions Trading System (EU ETS).The feasibility verified by simulating price crisis second stage EU ETS.The...

Abstract Anisotropic colloidal particles with asymmetric morphology possess functionally rich heterogeneous structures, thus offering potential for intricate superstructures or nanodevices. However, it is a challenge to achieve controlled surface partitioned growth. In this work, an innovative strategy developed based on the selective adsorption and growth of emulsion droplets onto different regions object which by wettability. It found that can selectively adsorb hydrophilic but not...

Understanding human participants' trading behaviors is important for market designers. When analyzing the sensitivity of a control variable, it crucial importance to keep all other variables fixed, as well behaviors. In this paper, hybrid interactive simulation methodology introduced and utilized model emission generation companies. By extracting information from human-subjected experiments under several scenarios, stochastic multi-agent constructed verified. Furthermore, influences...

This study shows that the recent trajectory of a firm’s profits predicts future profitability and stock returns. The predictive information contained in trend is not subsumed by level profitability, earnings momentum, or other well-known determinants profit also surprise one quarter later, analyst forecast errors over following twelve months, suggesting sophisticated investors underreact to trend. On hand, we find no evidence investor overreaction, our results cannot be explained risk factors

The bond and anti-abrasion performance of repair materials are the key factors for successful hydraulic concrete. Acrylic acid emulsion (AAE) mortar, silica fume (SF) high strength (HS) polypropylene (PP) fiber mortar basalt (BF) were prepared their direct tensile strength, splitting abrasion resistance SEM analysis interface studied in this paper. results show that highest was recorded mortar. But compared to homogenous specimen’s AAE showed strength. properties mortars tested with...

We examine the relation between investment horizons of insiders and information content their trading activity regarding future stock returns. conjecture that an insider’s horizon establishes a benchmark for expected patterns continued behavior, thus helps to identify unexpected insider trades, which should be more informative in efficient markets. Consistent with this conjecture, trades short are both informed than those long insiders, on average. Short firms also tend display attributes...

Abstract This paper evaluates several key approaches for their impact on the development of insensitive munition (IM) with special emphasis fuze. The effect these thermal vulnerability a fuze is studied and evaluated by finite element analysis. These include changing proportion desensitizing agent, replacing charge, shell material, adding heat insulation coating. First, cook-off test plastic-bonded explosive number-5 (PBXN-5) squib tube simulated abaqus compared results to validate soundness...

The irregular joint network unique to columnar joints separates the rock mass into several polygonal prisms. Similar physical model specimens of jointed (CJRM) were fabricated using a rock-like material. effect irregularity was considered in horizontal plane, and dip angle vertical plane. strength deformation moduli specimen investigated uniaxial compression tests. A total four failure modes regular (RCJRM) (ICJRM) identified through peak stress is reduced by 56.65%. RCJRM greater than those...

The columnar joint skeleton of 3D printed Acrylonitrile Butadiene Styrene (ABS) material, the cement mortar and ultraviolet aging treatment are combined to pour rock mass (CJRM) test block. strength, deformation, energy failure modes specimens with different dip angles were analyzed by uniaxial compression test. influence on strength block was analyzed. effect time ABS parameters evaluated. results show that compressive elastic modulus ' U type increase angle, strain is V type, angle 45°...

A higher frequency of positive overnight returns followed by negative trading day reversals during a month suggests more intense daily tug war between opposing investor clienteles, who are likely composed noise traders and arbitrageurs the day. We show that predicts future in cross section. Additional tests support conclusion that, war, daytime to discount possibility news arrives thus overcorrect persistent upward price pressure.

Abstract Determining the hedge ratio based on slope coefficient of a regression price changes suffers from several critical shortcomings. First, it is difficult to assemble properly constructed data set. Second, results vary depending length change interval. Third, resulting ex post effective prices realized under this approach are wholly uncertain, ante. We show that when determined with reference respective levels, rather than changes, solution superior in none these shortcomings apply.

This article presents an efficient methodology for assessing the structural failure of micro-electromechanical systems (MEMS) used in safety and arming device (SAD) while taking into account effect fabrication errors. The proposed uses statistical characteristics that are assessed using nonintrusive polynomial chaos expansion (PCE) to consider uncertainty. effectiveness is demonstrated by considering example latching feature MEMS SAD comparing results with experimental data obtained from a...