3,725 research outputs found
Resisting the author: JT LeRoy's fictional authorship
No full textIn the last decade, the interest in the relation between author and text, author and autobiography, seems to have grown. In my article, I use the story of the author JT LeRoy as a framework to analyse what this growing interest means for our understanding of the word "author." JT LeRoy’s work was considered to be autobiographical or, perhaps, autofictional. However, the authorship of LeRoy appeared to be based on a hoax; JT LeRoy proved to be a fictitious persona, made up by the writer Laura Albert. How does the unmasking of an author influence the reception of his/her work? And what does it teach us about the relation between reader and text, reader and author? In my article, I attempt to answer these questions, and, furthermore, I discuss how LeRoy’s mixed gender relates to the question of the dead male author and the hyped "constructed" female author
How Do Neural Networks Enhance the Predictability of Central European Stock Returns?
No full textIn this paper, the author applies neural networks as nonparametric and nonlinear methods to Central European (Czech, Polish, Hungarian, and German) stock market returns modeling. In the first part, he presents the intuition of neural networks and also discusses statistical methods for comparing predictive accuracy, as well as economic significance measures. In the empirical tests, he uses data on the daily and weekly returns of the PX-50, BUX, WIG, and DAX stock exchange indices for the 2000–2006 period. He finds neural networks to have a significantly lower prediction error than the classical models for the daily DAX series and the weekly PX-50 and BUX series. The author also achieves economic significance of the predictions for both the daily and weekly PX-50, BUX, and DAX, with a 60% prediction accuracy.emerging stock markets, predictability of stock returns, neural networks
Asset Pricing with a Reference Level of Consumption: New Evidence from the Cross-Section of Stock Returns
No full textThis paper presents an empirical evaluation of recently proposed asset pricing models which extend the standard preference specification by a reference level of consumption. We motivate an alternative model that accounts for the return on human capital as a determinant of the reference level. Our analysis is based on a broad cross-section of test assets which provides a level playing field for a comparison to established benchmark models. The human capital extended reference level model does a good job in explaining size and value premia. Estimated on Fama and French's size and book-to-market sorted portfolios it outperforms Lettau and Ludvigson's scaled CCAPM and delivers average pricing errors comparable to the Fama-French three-factor model. --Consumption-Based Asset Pricing,Cross-Section of Stock Returns,Reference Level
Circulation et répétition des images de stock dans les médias audiovisuels La représentation visuelle des migrants dans les JT européens
No full textInternational audienceDans ce texte nous abordons la dimension répétitive et mémorielle des images de stock dans les médias audiovisuels. D’abord nous proposons une problématisation théorique de ces questions et tentons une définition de la notion d’image de stock. On présente ensuite un cas d’étude issu du projet ANR CROBORA. À partir d’un corpus d’environ 22 500 séquences audiovisuelles réutilisées dans les JT de cinq chaînes françaises et italiennes, nous analysons la représentation visuelle des migrants en relation avec la thématique Européenne et constatons le renforcement d’un stéréotype visuel lié à la clandestinité et au voyage en mer. Cela fait suite aux flux migratoires de 2015 et contribue à la consolidation d’une figure iconique du migrant exploitée dans d’autres contextes par les actualités télévisuelles
Integrated optimization of rolling stock allocation and train timetables for urban rail transit networks: A benders decomposition approach
No full textWe investigate the integrated optimization of rolling stock allocation and train timetables (RATT) in an urban rail transit network with multiple connected lines and rolling stock depots. Different from most existing research on single-line cases, we consider that the rail manager plans to allocate a certain fleet of rolling stock to depots to implement the operational timetables of multiple lines, where each depot can serve more than one line but has limited capacity. By means of the construction of a space-time network, we formulate RATT into a bi-objective mixed-integer linear programming (MILP) model. The model can simultaneously generate the rolling stock allocation plan and train schedules for the considered lines, with the aim of optimizing both the investment cost of rolling stock and the service quality of passengers. Due to the computational complexity of large-scale real-world instances, we develop a Benders decomposition-based solution algorithm, which decomposes the MILP into a rolling stock assignment problem and a set of independent subproblems, i.e., a train scheduling subproblem for each line. As the subproblems also contain integral variables, we further prove that a large portion of the subproblems, after proper reformulation, has the integrality property and can be solved rapidly via linear relaxation. We test our integrated approach and solution algorithms on real-world instances from the Beijing rail transit network. The results show that our solution approach can obtain near optimal solutions, while the commercial solvers cannot even return feasible solutions on real-world instances. Compared to the existing plan in the Beijing metro, our RATT approach can improve the service quality by 17.6%, on average, using the same fleet size of rolling stock
The behaviour of stock returns in Amman stock market : a thin emerging market
No full textIn this thesis the behaviour of stock returns of firms listed on the Amman Stock Market
is examined. The thin trading characteristic of the market is emphasised and its possible
effects on empirical investigations are analysed.
The first four chapters contain a review of the literature on the importance of stock
markets, the Efficient Market Theory and the Capital Asset Pricing Model. The
literature suggests that the allocative efficiency of funds via stock markets is related to
the operational and pricing efficiency of these markets. In such an efficient market, the
expected return on an investment is related only to its risk.
Chapter 5 tests the weak form efficiency of the ASM with particular emphasis on the
problem of thin trading. To achieve this, three alternatives for filling missing data gaps
are examined. In particular, it was found that extrapolation, based on market
movements, induces more dependence patterns. Yet, Examining the other two
alternatives, using daily price changes, statistical inefficiencies were detected, on the
one day level. Fewer dependence pa%erns were repored br \onger rnerva'1s. The
reported first order positive serial correlation can coriseqnence. o'i 'p'icrng uirrxs
imposed on trading in the market.
Chapter 6 provides a database of individual stock and market returns. Compiling this
database was a major contribution of this research.
Chapter 7 investigates the effects of different return measurement and beta estimation
approaches on tests of the CAPM. Specifically, the evidence indicates that the use of
different return measurement approaches can affect the results of tests of this
equilibrium model. Also, the adjustment of the trade-to-trade method, used for beta
estimation, reduces heteroscedasticity resulting from using non equal time intervals
when applying the market model.
The first part of chapter 8 provides an investigation of the sensitivity of the results, of
CAPM tests, to the length of the period used to estimate beta. The results suggest that
the longer the period, used to estimate beta, the more are the reported deviations from
the implied relationships of the model. The second part of Chapter 8 provides a test of
the CAPM using pooled data, and employing four lengths of periods to estimate beta.
The evidence was not consistent with the model. But, when specific attention was given
to the problem of thin trading, by constructing sub samples of the most traded stocks,
the validity of the model was established. However, this was only the case when beta is
estimated using 24 months of past returns, suggesting that market risk in Jordan changes
fairly rapidly.
Chapter 9 investigates the power of some firm-specific variables in explaining the cross
section of stock returns on the ASM. The evidence suggests that the book value,
earnings, leverage and the firm size, do not help in explaining the cross section variation
of firms listed on the ASM. This evidence is in accord with the CAPM
PENYELENGGARAAN VIRTUAL MEETING OPEN POLICY ASOSIASI PENYELENGGARA JASA INTERNET INDONESIA OLEH SHOW MANAGEMENT JT PRODUCTION
No full textDengan menggunakan metode penelitian kualitatif deskriptif yang bisa menggambarkan semua fenomena yang ada secara faktual dan sistematis. Teknik pengumpulan data yang dilakukan penulis adalah dengan melakukan observasi langsung selama kegiatan PKL di JT Production, studi literatur, dan wawancara kepada pihak penyelenggara. Penelitian ini menghasilkan beberapa hal yang dilakukan dalam penyelengaraan virtual meeting dari perusahaan Asosiasi Penyelenggara Jasa Internet Indonesia (APJII) yang dimulai dari planning berupa pengajuan, meeting dan survey, produksi konten, loading barang dan gladi bersih. Selain itu, sebagai show management, JT Production harus melakukan beberapa hal berupa pembuatan rundown, penghubung delegasi, desain, dan penentuan posisi dalam stage. Dengan adanya penelitian ini, diharapkan pembaca dapat mengetahui bagaimana pelaksanaan virtual meeting yang diselenggarakan oleh show management yaitu JT Production.
*******************************************
By using descriptive qualitative research methods that can describe all the phenomena that exist factually and systematically. The data collection technique carried out by the author is by direct observation during Internship activities at JT Production, literature studies, and interviews with the organizers. This research resulted in several things being carried out in the implementation of virtual meetings from the Indonesian Internet Service Providers Association (APJII) company which started from planning in the form of submissions, meetings and surveys, content production, loading and rehearsals. In addition, as show management, JT Production have to do several things in the form of making rundowns, connecting delegations, designing, and determining positioning on the stage. With this research, it is hoped that readers can find out how the implementation of virtual meetings organized by show management, namely JT Production
ASSET PRICING AND SYSTEMATIC LIQUIDITY RISK: AN EMPIRICAL INVESTIGATION OF THE SPANISH STOCK MARKET
No full textIt seems reasonable to expect systematic liquidity shocks to affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks(Chordia, Roll and Subrahmanyam (2000)). Thus, this paper empirically analyzes whether Spanish expected returns during the nineties are associated cross-sectionally to betas estimated relative to two competing liquidity risk factors. On one hand, we propose a new market-wide liquidity factor which is defined as the difference between returns of stocks highly sensitive to changes in the relative bid-ask spread less returns from stocks with low sensitivities to those changes. We argue that stocks with positive covariability between returns and this factor are assets whose returns tend to go down when aggregate liquidity is low, and hence do not hedge a potential liquidity crisis. Consequently, investors will require a premium to hold these assets. Similarly, note that in the case of assets that covary negatively with the liquidity factor, investors may be willing to pay a premium rather than to require an additional compensation. On the other hand, Pastor and Stambaugh (2002) suggest that a reasonable liquidity risk factor should be associated with the strength of volume-related return reversals since order flow induces greater return reversals when liquidity is lower. Our empirical results show that neither of these proxies for systematic liquidity risk carries a premium in the Spanish stock market.
Mobility and lower limb robusticity of a pastoralist Neolithic population from North-Western Italy
No full textPast research on the transition from hunting and gathering to production economy has suggested some general trends in past populations, i.e. decreased diaphyseal robusticity, increased cross-sectional circularity and decreased sexual dimorphism in the lower limb bones (femur and tibia), generally explained as a consequence of decreased mobility levels. Previous results from the study of the Ligurian Neolithic populations (LIG) from North-Western Italy (6th millennium BP) have suggested an exception to these trends. In particular, the LIG lower limb robusticity and diaphyseal shape reflect high levels of terrestrial mobility throughout a rugged terrain. These results argue in favour of the growing consensus that the Neolithic transition was a region-specific process. In this work we expand the sample to include remains from caves from the same area, all within the same pastoral system, and extend the analysis to include the fibula. These new results show that the LIG sample is more similar to highly mobile European Late Upper Paleolithic and Mesolithic populations. Furthermore, in the LIG population sexual dimorphism for diaphyseal shape is quite high, suggesting marked behavioural differences between sexes, with males much more mobile than females. The results found here also indicate that inclusion of the fibula may contribute to a better understanding of past population mobility especially when it is considered in association with the tibia
Space-time coding with receive combiner bank for multiple-input-multiple-output system under multi-user cochannel interference
No full text[[abstract]]Space-time coding with receive combiner bank (STC-RCB), in which a bank of receive combiners is added before the space-time decoder for interference-plus-noise suppression, is proposed. Without loss of generality, the author consider space-time block code (STBC) to be the representative of STC and study the performance for (STBC-RCB). The author derive the output signal to interference-plus-noise ratio (SINR) (of the space-time decoder) for STBC-RCB under multi-user cochannel interference. By regarding STBC as a special case of STBC-RCB, the author also derive the output SINR for STBC under multi-user cochannel interference. Simulation results show that the output SINR of STBC-RCB can be much larger than that of STBC, also, they show that STBC-RCB can adopt the appropriate receive combining strategy in the RCB to further improve the performance.[[note]]SC
- …
