898 research outputs found
Vom Krisendiskurs zur Alltagspraxis: Solidaritätsbewegungen und SozialeArbeit imFluchtkontext
No full textEditorial: Animal welfare from a transdisciplinary perspective
No full textThis special issue is dedicated to the concept of animal welfare – a concept, as will be seen, that is complex and in need of discussion
List of Iowa Clover Insects and Observations on Some of Them
No full textThe following list of Iowa clover insects comprises those species enumerated by Profs. J. A. Lintner and C. M. Weed as clover feeders which are known to occur in the State with such additions as personal observation or accepted authority will permit. All insects listed occur in the collections of the Iowa Agricultural College, and the notes in connection with any individual insect refer only to its occurrence on clover
Facilitating work performance of sustainability-driven entrepreneurs through higher education: The relevance of competencies, values, worldviews and opportunities
No full textJoint tests of the sharpe-lintner CAPM
No full text碩士 資本資產定價模型之檢驗，無論就計量方法或模型設定的探討，皆呈現多元論述。本文參酌 Gibbons (1982) 發展之多變量時間序列迴歸模型，重新檢視線性資本資產定價模型之有效性。考慮計量方法對誤差項分配的假設可能使得估計結果產生歧異，本研究同時採用「最大概似法」及「一般化動差法」進行參數估計，並針對截距項之估計結果進行聯合檢定。
本研究之實證樣本取自1935年至2004年間，美國 NYSE、AMEX 與 NASDAQ 三市場之超額月報酬資料。實證結果顯示，無論採用最大概似法或一般化動差法進行參數估計，其聯合檢定的結果皆拒絕 Sharpe-Lintner CAPM 對無風險利率之假設。而個別投資組合的期望報酬率與系統風險係數呈現顯著的正相關，顯示Beta係數雖具解釋能力，惟可能仍存有其他變數可以強化Beta係數未能反應的部分。此外，上述兩種計量方法獲得一致的結論，顯示在本研究的實證樣本中，最大概似法強勢分配的假設並未實際影響模型之參數估計與聯合檢定的結果。 This study re-examines the validity of the Sharpe-Lintner version of the capital asset pricing models (CAPM). Conventional maximum likelihood estimation and testing approach, e.g., Gibbons (1982), might suffer from incorrect distributional assumption and leads to incorrect conclusions. As a result, I employ the generalized method of moments approach which does not require restrictive distributional assumption and still provides consistent estimates and correct testing results. Using returns data on 25 portfolios sorted by size and BM ratios, the results indicate that the Sharpe-Lintner CAPM is not consistent with the real data. 目 錄
第一章 緒論.......................................... 1
第二章 文獻探討.................................... 4
第一節 投資組合理論之文獻探討.......... 4
第二節 計量方法之文獻探討................. 7
第三章 投資組合理論模型....................... 12
第一節 平均數－變異數分析................. 13
第二節 分離理論................................. 16
第三節 資本資產定價模型.................... 17
第四章 研究方法..................................... 23
第一節 最大概似法............................... 23
第二節 一般化動差法........................... 28
第三節 統計檢定.................................. 33
第五章 實證結果與分析............................ 36
第一節 資料敍述與模型說明.................. 36
第二節 實證結果與分析......................... 41
第六章 結論與建議.................................. 46
參考文獻................................................. 49
表 次
表一 樣本敍述統計量................................. 38
表二 最大概似法之估計結果....................... 42
表三 一般化動差法之估計結果.................... 44
表四 聯合檢定結果.................................... 45學號: 791490088, 學年度: 9
The ‘Ex Officio’ Doctrine of the CJEU Revisited: On the Active Role of the Courts in Unfair Contract Terms Law – Critical Remarks on the Lintner Ruling (C-551/17) of the CJEU
No full textThe article searches for answers to whether the ex officio doc- trine as revised in the Lintner ruling of the CJEU in 2019 in response to the difficulties of Member State courts in marrying the requirements of the effective enforcement of Directive 93/13/EEC with the limits set by national civil procedural law may serve as an effective tool in providing justice to consumers. In this context, the paper will analyse the following aspects: a) What policies guide the CJEU in its answers provided to the questions referred to it by Member State courts on the obligation to act of their own motion and why no significant steps have been made in turning the ex officio doctrine into an effective judicial tool? b) Whose job is it to develop procedural rules acknowledging the procedural weakness of the consumer vis-à-vis business entities? c) What type of social justice promotes the ex officio doctrine under the Lintner ruling? d) Can the EU develop procedural rules to enhance the enforcement of Directive 93/13/EEC? After the presentation in Section 1 of the ex officio doctrine followed by a historical review of the case law of the CJEU on the obligation of the Member State courts to assess the contract term fairness of their own motion, the paper will present in Section 2 the Lintner ruling. In Section 3 the author will assess the Lintner ruling along with the questions presented above and discuss whether the answers provided by the CJEU are as ground breaking as they may seem and whether the ‘investigative’ powers conferred by this ruling onto Member State judges may enhance in practice the effectiveness of judicial enforcement
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