Download or read book Equilibrium Anomalies written by Michael F. Ferguson and published by . This book was released on 2014 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many empirical quot;anomaliesquot; are actually consistent with the single beta CAPM if the empiricist utilizes an equity-only proxy for the true market portfolio. Equity betas estimated against this particular inefficient proxy will be understated, with the error increasing with the firm's leverage. Thus, firm-specific variables that correlate with leverage (such as book-to-market and size) will appear to explain returns after controlling for proxy beta simply because they capture the missing beta risk.We demonstrate this by constructing a hypothetical economy where the single-beta CAPM prices all assets and where firms are allowed to have simple capital structures. This framework allows us to compare the true betas of the economy's financial assets with the proxy betas generated from any market proxy.Our model provides a specific roadmap for recovering CAPM expected returns for use in applications of the static CAPM (like performance measurement and the corporate cost of capital). The model implies that if the single-factor CAPM holds, factors formed on relative leverage and relative distress should provide the best complements to the equity market index for explaining the cross-section of returns. In fact, we find that loadings on portfolios formed on relative leverage and relative distress completely subsume the powers of the Fama and French (1993) SMB and HML factors in explaining cross-sectional returns.

Download or read book Understanding Anomalies in Rational Asset Pricing Behavior with an Equilibrium Model written by Weike Hai and published by . This book was released on 1993 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stock Market Anomalies written by Elroy Dimson and published by CUP Archive. This book was released on 1988-03-17 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Equilibrium Theory of Excess Volatility and Mean Reversion in Stock Market Prices written by Alan J. Marcus and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Apparent mean reversion and excess volatility in stock market prices can be reconciled with the Efficient Market Hypothesis by specifying investor preferences that give rise to the demand for portfolio insurance. Therefore, several supposed macro anomalies can be shown to be consistent with a rational market in a simple and parsimonious model of the economy. Unlike other models that have derived equilibrium mean reversion in prices, the model in this paper does not require that the production side of the economy exhibit mean reversion. It also predicts that mean reversion and excess volatility will differ substantially across subperiods.

Download or read book The American Journal of Science written by and published by . This book was released on 1921 with total page 938 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Publications of the United States Naval Observatory written by United States Naval Observatory and published by . This book was released on 1930 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Geophysical Abstracts written by and published by . This book was released on 1943 with total page 1042 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Biological and Medical Data Analysis written by Nicos Maglaveras and published by Springer Science & Business Media. This book was released on 2006-11-27 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 7th International Symposium on Biological and Medical Data Analysis, ISBMDA 2006, held in Thessaloniki, Greece, December 2006. Coverage in this volume includes functional genomics, sequence analysis, biomedical models, information modeling, biomedical signal processing, biomedical image analysis, biomedical data analysis, as well as decision support systems and diagnostic tools.

Download or read book Kahnemann and Tversky and the making of behavioral economics written by Floris Heukelom and published by Rozenberg Publishers. This book was released on 2009 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Encyclopedia of Spectroscopy and Spectrometry written by and published by Academic Press. This book was released on 2016-09-22 with total page 3716 pages. Available in PDF, EPUB and Kindle. Book excerpt: This third edition of the Encyclopedia of Spectroscopy and Spectrometry, Three Volume Set provides authoritative and comprehensive coverage of all aspects of spectroscopy and closely related subjects that use the same fundamental principles, including mass spectrometry, imaging techniques and applications. It includes the history, theoretical background, details of instrumentation and technology, and current applications of the key areas of spectroscopy. The new edition will include over 80 new articles across the field. These will complement those from the previous edition, which have been brought up-to-date to reflect the latest trends in the field. Coverage in the third edition includes: Atomic spectroscopy Electronic spectroscopy Fundamentals in spectroscopy High-Energy spectroscopy Magnetic resonance Mass spectrometry Spatially-resolved spectroscopic analysis Vibrational, rotational and Raman spectroscopies The new edition is aimed at professional scientists seeking to familiarize themselves with particular topics quickly and easily. This major reference work continues to be clear and accessible and focus on the fundamental principles, techniques and applications of spectroscopy and spectrometry. Incorporates more than 150 color figures, 5,000 references, and 300 articles for a thorough examination of the field Highlights new research and promotes innovation in applied areas ranging from food science and forensics to biomedicine and health Presents a one-stop resource for quick access to answers and an in-depth examination of topics in the spectroscopy and spectrometry arenas

Download or read book Good Money Part I written by Stephen Kresge and published by Routledge. This book was released on 2013-06-17 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Througout his life Hayek had a profound interest in money and its role within the economy. This volume, together with Volume Six, Good Money, Part Two, collect all of Hayek's significant writings on money. Together they amply demonstrate both the significance of 'sound money' in Hayek's economic vision, and Hayek's importance as a monetary theorist.

Download or read book Publications written by United States Naval Observatory and published by . This book was released on 1930 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Rheology of the Earth written by Giorgio Ranalli and published by Springer Science & Business Media. This book was released on 1995-05-31 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning with basic principles, this advanced text gives a complete treatment of deformation and flow of earth materials from both the continuum mechanics and the microphysical viewpoints. It covers the role and consequences of rheological processes in geophysics and geodynamics in a quantitative and authoritative manner. The second edition of this successful text: provides the only unified treatment of the rheology of the Earth at this level, making it useful to students and researchers alike; includes discussions of seismology, mantle convection and plate tectonics; is completely up to date, providing a much needed account of thermal and mechanical processes in geodynamics.

Download or read book Nuclear Science Abstracts written by and published by . This book was released on 1975 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Special Publications written by U.S. Coast and Geodetic Survey and published by . This book was released on 1924 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Sea Ideas and Observations on Progress in the Study of the Seas written by Maurice Neville Hill and published by . This book was released on 1962 with total page 722 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book High Pressure Liquids and Solutions written by Y. Taniguchi and published by Elsevier. This book was released on 2013-10-22 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pressure, like temperature, is one of the most important parameters governing the state of matter. Today, high-pressure science and technology is applied to diverse research fields: physics, chemistry, biology, earth and marine sciences, material science and technology, chemical engineering, biotechnology and medicine. Research on liquids and solutions at high pressure is not only important for elucidating the structure of liquids, intermolecular interactions between solutes and solvents and chemical reactions in solutions, but also for providing fundamental numerical data for the design of chemical plants and the development of chemical processes. In particular, high-pressure studies of water and aqueous solutions are closely correlated with research into bioscience and biotechnology. In this volume some of the most important and most recent advances in liquids and solutions at high pressure in Japan are presented.