4,182 research outputs found
Stuart Welch, Tortworth, 1943-1944
No full textStuart Welch of the 91st Evacuation Hospital standing in front of a tent in Tortworth, England, photographed by Dr. Edgar Hyde, approximately November 1943-June 1944.Title by Edgar Hyde from the original negative enclosure
Welch doing thoraco-abdominal, 1944-1945
No full textDr. Stuart Welch of the 91st Evacuation Hospital performing a thoracoabdominal surgery, photographed by Dr. Edgar Hyde, possibly in Valkenburg, Holland, approximately September 1944-March 1945.Title by Edgar Hyde from the original negative enclosure
Can VAR models capture regime shifts in asset returns? A long-horizon strategic asset allocation perspective
Get PDFWe examine whether simple VARs can produce empirical portfolio rules similar to those obtained under a range of multivariate Markov switching models, by studying the effects of expanding both the order of the VAR and the number/selection of predictor variables included. In a typical stock-bond strategic asset allocation problem on US data, we compute the out-of-sample certainty equivalent returns for a wide range of VARs and compare these measures of performance with those typical of non-linear models that account for bull-bear dynamics and characterize the differences in the implied hedging demands for a long-horizon investor with constant relative risk aversion preferences. In a horse race in which models are not considered in their individuality but instead as an overall class, we find that a power utility investor with a constant coefficient of relative risk aversion of 5 and 5-year horizon, would be ready to pay as much as 8.1% in real terms to be allowed to select models from the MS class, while analogous calculation for the whole class of expanding window VAR leads to a disappointing 0.3% per annum. We conclude that most (if not all) VARs cannot produce portfolio rules, hedging demands, or out-of-sample performances that approximate those obtained from equally simple non-linear frameworks
Simple VARs cannot approximate Markov switching asset allocation decisions: An out-of-sample assessment
No full textIn a typical strategic asset allocation problem, the out-of-sample certainty equivalent returns for a long-horizon investor with constant relative risk aversion computed from a range of vector autoregressions (VARs) are compared with those from nonlinear models that account for bull and bear regimes. In a horse race in which models are not considered in their individuality but instead as an overall class, it is found that a power utility investor with a relative risk aversion of 5 and a 5 year horizon is ready to pay as much as 8.1% in real terms to be allowed to select models from the Markov switching (MS) class, while analogous calculation for the whole class of expanding window VARs leads to a disappointing 0.3% per annum. Most (if not all) VARs cannot produce portfolio rules, hedging demands, or out-of-sample performances that approximate those obtained from equally simple nonlinear frameworks. © 2010 Elsevier B.V. All rights reserved
Linear predictability vs. bull and bear market models in strategic asset allocation decisions: evidence from UK data
Get PDFMost papers in the portfolio choice literature have examined linear predictability frameworks based on the idea that simple but flexible Vector Autoregressive (VAR) models can be expanded to produce portfolio allocations that hedge against the bull and bear dynamics typical of financial markets through careful selection of predictor variables that capture business cycles and market sentiment. Yet, a distinct literature exists that shows that non-linear econometric frameworks, such as Markov switching, are also natural tools to compute optimal portfolios arising from the existence of good and bad market states. This paper examines whether and how simple VARs can produce portfolio rules similar to those obtained under a simple Markov switching, by studying the effects of expanding both the order of the VAR and the number/selection of predictor variables included. In a typical stock-bond strategic asset allocation problem for UK data, we compute the out-of-sample certainty equivalent returns for a wide range of VARs and compare these measures of performance with those of non-linear models. We conclude that most VARs cannot produce portfolio rules, hedging demands or (net of transaction costs) out-of-sample performances that approximate those obtained from simple non-linear frameworks
Tennessee roads / Jesse Stuart. In Mountain herald / Lincoln Memorial University.
No full textThis picturesque poem was written by then-sophomore (and future celebrated author) Jesse Stuart about the roads of Tennessee
Time-varying bond market integration and the impact of financial crises
No full textThis paper studies the dynamics of market integration in government bond markets. We utilise a new approach based on Pukthuanthong and Roll (2009) to investigate time-varying integration in 38 markets. We explore the impact of crisis periods, alongside differences in sample length, region, development and whether EMU and EU markets show obvious different integration from non-EU markets. Finally, we examine the effects of bonds' maturities on market integration. Considering the effects of factor heteroscedasticity and contagion during crisis periods, adjusted market integration is notably higher than implied by the Pukthuanthong and Roll (2009) measure. Developed markets experience increasing market integration over time, more than emerging markets. Most emerging markets provide little evidence of greater market integration. The EMU markets become almost fully integrated after the introduction of the Euro. Market integration also increases with maturity
Measuring market integration during crisis periods
Get PDFPukthuanthong and Roll (2009) measure the degree of market integration by the percentage of a market’s returns explained by global risk factors. However, during periods of crisis characterised by high volatility, their measure may be biased. This paper investigates the determinants of the explanatory power in a multi-factor model during global crises. We show that the explanatory power is influenced by factor heteroscedasticity, changes in factor loadings and residual heteroscedasticity. Using a counterfactual analysis, we establish an empirical framework to examine the effects of each element on integration for 53 financial markets during six recent crisis periods. We find the unconditional market integration is much lower for most markets during a period of crisis than implied. Both factor heteroscedasticity and the existence of contagion during crises account for this difference
No. 617 Stuart Ruckman
No full textTranscript (12, 40 pages) of two interviews by Matt Driscoll with Stuart Ruckman on April 9, 2010, and July 7, 2011Ruckman (b. 1966) was born in Salt Lake City, Utah. Stuart shares how his family, particularly his father, played a significant role in introducing him to the outdoors. Some of his initial explorations included a hike to the top of Mount Olympus when he was five years old, backpacking trips in the Wasatch and Uinta Mountains, and a successful summit attempt on the Grand Teton when he was twelve. Stuart discovered technical rock climbing due to the influence of his older brother Bret, five years Stuart\u27s senior. Bret learned under Dennis Turville, a well-respected Salt Lake climbing instructor. Stuart shares his observations on the Salt Lake climbing community of the late 1970s and 1980s, noting the intimacy of the community, while also pointing out the significant influence of a handful of climbers, including Merrill Bitter, Les Ellison, and Brian Smoot. He briefly describes the proliferation of new-route development in the Wasatch during his first decade in climbing. In collaboration with his brother Bret, Stuart published comprehensive guidebooks on climbing in the Wasatch Mountains. Stuart\u27s contributions as a first-ascensionist and co-author of Rock Climbing the Wasatch Range attest to his lasting impact on Utah climbing. Interview is part of the Outdoor Recreation History Project. Interviewer: Matt Driscol
Redemption in the work of Francis Stuart
Get PDFThe idea of redemption is central to an understanding of the work
of Francis Stuart. Through an examination of its development and
expression, it is possible to demonstrate the integrity of his work and
its distinctive qualities. Such a demonstration is necessary because
Stuart's writing has been subjected to comparatively little scholarly
inquiry, although reviews of his work, especially that produced since
1949, suggest that it is impressive and important.
First, a general background to Stuart's work, a discussion of the
special problems associated with reading it, and a summary of his corpus
is provided. This indicates that the idea of redemption is important to
his earliest writing. The state of redemption is shown to be a
necessary apotheosis for Stuart's outcast heroes; it involves spiritual
suffering through which may be found a sense of reintegration and a
higher reality. This is expressed through interrelated themes such as
those of gambler, artist and ordinary man; mystic and criminal; sacred
and profane love; and spirituality and the mundane. The nature of the
redemptive experience is further elaborated by distinctive, complex
motifs, especially the hare, the ark and the woman-Christ. Their
recurrence provides an important element in the unity of Stuart's work.
Because Stuart's idea of the outcast raises important biographical
questions, an examination of the relationship between Stuart's life and
his work is made. Finally, the way in which the idea of redemption
exists in the language structures of Stuart's novels is examined, with
especial reference to his most recent work, The High Consistory. The
thesis shows that the development of the these of redemption
demonstrates the integrity of Stuart's work
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