We test a frog-in-the-pan (FIP) hypothesis that predicts investors are inattentive to information arriving continuously in small amounts. Intuitively, we hypothesize that a series of frequent gradual ...changes attracts less attention than infrequent dramatic changes. Consistent with the FIP hypothesis, we find that continuous information induces strong persistent return continuation that does not reverse in the long run. Momentum decreases monotonically from 5.94% for stocks with continuous information during their formation period to −2.07% for stocks with discrete information but similar cumulative formation-period returns. Higher media coverage coincides with discrete information and mitigates the stronger momentum following continuous information.
This paper finds statistically and economically significant out-of-sample portfolio benefits for an investor who uses models of return predictability when forming optimal portfolios. Investors must ...account for estimation risk, and incorporate an ensemble of important features, including time-varying volatility, and time-varying expected returns driven by payout yield measures that include share repurchase and issuance. Prior research documents a lack of benefits to return predictability, and our results suggest that this is largely due to omitting time-varying volatility and estimation risk. We also document the sequential process of investors learning about parameters, state variables, and models as new data arrive.
The demand for durable goods is more cyclical than that for nondurable goods and services. Consequently, the cash flows and stock returns of durable‐good producers are exposed to higher systematic ...risk. Using the benchmark input‐output accounts of the National Income and Product Accounts, we construct portfolios of durable‐good, nondurable‐good, and service producers. In the cross section, an investment strategy that is long on the durable‐good portfolio and short on the service portfolio earns a risk premium exceeding 4 percent annually. In the time series, an investment strategy that is long on the durable‐good portfolio and short on the market portfolio earns a countercyclical risk premium. We explain these findings in a general equilibrium asset‐pricing model with endogenous production.
Wise presents an obituary for University of Wyoming (UW) training director Richard Pasewark, who died on Feb 2, 2007 at the age of 80, is presented. No one has had a greater impact on the face of ...psychology in Wyoming than Richard, who helped to develop licensing laws, commitment procedures, definitions of mental illness, and other legislation related to the practice of psychology. He was instrumental in obtaining grants and establishing community mental health centers and other service organizations throughout the state. Richard's contributions were so great and so far-reaching that is still hard to imagine anyone who could fill his shoes.
An obituary for Joseph E. McGrath, who died on Apr 1, 2007, is presented. McGrath was born in Dubois PA on Jul 17, 1927. After service in the US Army at the end of World War II, McGrath enrolled at ...the University of Maryland, where he earned his bachelor's degree and, in 1951, a master of arts in psychology. His work was driven by strong and deeply considered values--about academic matters, to be sure, but also about broader social concerns. His explorations of feminist perspectives on psychological theory and method, for example, reflected a set of values about gender issues in science with which he was personally and professionally occupied throughout his career.
David Wright Collinson 1927–2007 O'Reilly, W; Lowes, F J; Stephenson, A ...
Astronomy & geophysics : the journal of the Royal Astronomical Society,
08/2008, Letnik:
49, Številka:
4
Journal Article
Rzhevsky presents an obituary for emeritus professor Temira Pachmuss, who died on May 1, 2007 at the age of 79. Widely recognized on her scholarship and cultural contributions, Pachmuss demonstrated ...an unvarnished and highly productive processes of cross-cultural interaction--specifically her analysis on both the mutual debts and disagreements of the Russians and the Finns and Estonians.
Jørgen Meldgaard (1927-2007) Appelt, Martin; Grønnow, Bjarne; Gulløv, Hans Christian
Arctic,
06/2007, Letnik:
60, Številka:
2
Journal Article
Recenzirano
Eigil Knuth had conceived the plans for the Danish Peary Land Expedition, and the first team traveled north in 1947. Knuth was looking for employees for the following summer's archaeological ...investigations, and many years later Jørgen told us what happened: "As a young archaeology student, I was sitting in the reading room one day with some fellow students, when P.V. Glob, who was then the curator, came rushing in, shouting "Who wants to go to Greenland? Raise your hand!" And I was the first to raise my hand. I literally jumped on board the old ship Godthåb, which for four weeks thumped across the Atlantic with sails and steam through storms, and struggled through the ice. I ended up in the northernmost part of Northeast Greenland-and was deeply fascinated. After this first expedition I was stuck with Arctic archaeology" (Damsgård, 1997:10). Together with Hans-Georg Bandi, he spent the summer in the northeast where they emphasized the cultural ties between the north of Greenland and the Dorset and Thule cultures in the Smith Sound region and Arctic Canada. During his studies in prehistoric archaeology, Jørgen had the opportunity to participate in the National Museum's expedition to the Norse settlements in southwestern Greenland in 1949. This expedition revealed another topic of research to this young student, one which would later turn into a major interest. But Helge Larsen had noticed Jørgen's skills and invited him to join a 1950 expedition to Alaska as his assistant. The excavations of the Trail Creek caves were to be completed that summer, and the Ipiutak culture men's house at Deering was also excavated. Jørgen had long been fascinated with Inuit art, and in 1959 he published the Danish version of Eskimo Sculpture-another aspect of his versatile working with Inuit culture. For his achievements up to that point, he was awarded the Loubat prize of the Royal Swedish Academy for History in Stockholm. In 1959 the then 32-year-old Jørgen took up a position as curator of Eskimo collections at the Department of Ethnography. During the following almost four decades, he concentrated on museum tasks, exhibitions, consultancy for the new Greenland Museum in Nuuk, planning new fieldwork in Greenland, and from the introduction of Home Rule in 1979, repatriation of objects to the independent museum in Greenland. Last, but not least, his long and admired experience made him an appreciated adviser for upcoming students in the Arctic field.
Leslie Orgel 1927–2007 Schwartz, Alan W.
Origins of life and evolution of biospheres,
02/2008, Letnik:
38, Številka:
1
Journal Article
Recenzirano
Odprti dostop
Leslie Orgel died on pancreatic cancer on Oct 27, 2007 at the age of 80. His contributions to the field of molecular biology and origin of life studies are detailed.
Doğu Alman Yazını yazarları arasında yer alan Reiner Kunze (1933-...) "Friedenskinder" öyküsünde ve Klaus Poche (1927-2007)"Atemnot" romanında otoriter eğitim sorununa farklı bir biçimde olsa da ...dikkat çekmişlerdir. İki yazar 1970'li yılların ikinci yarısında yapıtlarını Demokratik Alman Cumhuriyeti'nde yayımlanma sürecinde bir takım engellerle karşılaşmış, bunun sonucunda göç etmek zorunda kalmıştır. Bu karşılaştırmalı çalışmada Klaus Poche ve Reiner Kunze 'nın yapıtlarında otoriter eğitim izleğinin nasıl ele alındığını ve otoriter kişiliğe sahip olan kişilerin çocuklar üzerindeki etkisinin nasıl yansıtıldığı incelenecektir. Yaşamöyküsel ve yazıntarihsel kaynaklardan da yararlandığımız bu makalede Wilhelm Reich, Erich Fromm ve Theodor W. Adorno 'nun tinçözümsel bir yaklaşımla ele aldıkları "otoriter karakter" tanımından ve tespitlerinden yola çıkarak yapıtları çözümlemeyi amaçlıyoruz.
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