Risk and the cross section of stock returns Burlacu, Radu; Fontaine, Patrice; Jimenez-Garcès, Sonia ...
Journal of financial economics,
09/2012, Letnik:
105, Številka:
3
Journal Article
Recenzirano
Odprti dostop
This paper mathematically transforms unobservable rational expectation equilibrium model parameters (information precision and supply uncertainty) into a single variable that is correlated with ...expected returns and that can be estimated with recently observed data. Our variable can be used to explain the cross section of returns in theoretical, numerical, and empirical analyses. Using Center for Research in Security Prices data, we show that a −1σ to +1σ change in our variable is associated with a 0.31% difference in average returns the following month (equaling 3.78% per annum). The results are statistically significant at the 1% level. Our results remain economically and statistically significant after controlling for stocks' market capitalizations, book-to-market ratios, liquidities, and the probabilities of information-based trading.
In conflict-afflicted areas, pregnant women and newborns often have higher rates of adverse health outcomes.
To describe maternal and child health indicators and interventions between 1998 and 2016 ...comparing high and low conflict areas in Colombia.
Mixed study of convergent triangulation. In the quantitative component, 16 indicators were calculated using official, secondary data sources. The victimization rate resulting from armed conflict was calculated by municipality and grouped into quintiles. In the qualitative component, a comparative case study was carried out in two municipalities of Antioquia: one with high rates of armed conflict and another with low rates. A total of 41 interviews and 8 focus groups were held with local and national government officials, health professionals, community informants, UN agencies and NGOs.
All of the indicators show improvement, however, four show statistically significant differences between municipalities with high victimization rates versus low ones. The maternal mortality ratio was higher in the municipalities with greater victimization in the periods 1998-2004, 2005-2011 and 2012-2016. The percentage of cesarean births and women who received four or more antenatal visits was lower among women who experienced the highest levels of victimization for the period 1998-2000, while the fertility rate for women between 15 and 19 years was higher in these municipalities between 2012 and 2016. In the context of the armed conflict in Colombia, maternal and child health was affected by the limited availability of interventions given the lack of human resources in health, supplies, geographical access difficulties and insecurity. The national government was the one that mostly provided the programs, with difficulties in continuity and quality. UN Agencies and NGOs accessed more easily remote and intense armed conflict areas. Few specific health interventions were identified in the post-conflict context.
In Colombia, maternal and child health indicators have improved since the conflict, however a pattern of inequality is observed in the municipalities most affected by the armed conflict.
Purpose
The purpose of this paper is to analyze the effect of a bundle of work–family policies on employee’s job satisfaction and (affective) organizational commitment, by using work–family ...enrichment and conflict as explanatory.
Design/methodology/approach
Empirical study is conducted with a sample of 322 employees from 30 Spanish firms that have been granted with the “Flexible Firm Award” or have been certified as “Family Responsible Firms.” Structural equation modeling is used to test hypotheses.
Findings
The results show that the higher the use of work–family policies the more positive effects on work–family enrichment and conflict, and that job satisfaction is positively related to (effective) organizational commitment.
Research limitations/implications
This is a cross-sectional study which may limit the establishment of causal relationships.
Practical implications
Work–family policies may constitute a relevant management tool to balance work and family life by making employees more interested in their jobs, enhancing their well-being and reducing the conflicts between work and family domains. The positive role of work–family enrichment contributes to enhance employees’ job satisfaction and, at the same time, to increase their organizational commitment. Managers should pay attention at how work–family policies are justified because they may influence differently on their outcomes on satisfaction and commitment.
Originality/value
There are two main original contributions of the paper. First, the authors study the joint effect of work–family policies on different dimensions of enrichment and conflict. Second, the authors analyze the relationship between different dimensions of enrichment and conflict on job satisfaction and organizational commitment.
Purpose: To describe the metabolic status and clinical characteristics associated with NPPD in patients with less than five years of T2D diagnosis and explore the role of age in the presentation of ...psychiatric comorbidities. Patients and Methods: This was a cross-sectional study of subjects who attended a comprehensive care program. Patients were assessed using the Mini-International Neuropsychiatric Interview, and clinical and metabolic characteristics were registered. Multivariate logistic regression analyses were conducted to identify risk and protective factors for psychiatric disorders. We performed an analysis to further explore age's influence on our results. Results: We included 1953 patients, and 40.1% had any psychiatric disorder. Younger age, female sex, and personal psychiatric history were associated with NPPD. The use of insulin was reported as a protective factor for eating disorders. Body mass index was associated with any psychiatric disorders and eating disorders. The analysis of age reported that patients younger than 45 years had the worst metabolic parameters and increased odds for NPPD, while patients older than 65 years had the best metabolic measures and decreased odds for psychiatric comorbidity. Conclusion: NPPD were frequent comorbidities in our sample; younger age, female sex, and personal psychiatric history were the most important factors associated with psychiatric comorbidities. Younger subjects experience a higher risk for psychiatric disorders and worst metabolic control. Keywords: diabetic care, psychiatric comorbidity, psychopathology
Most studies about the control, automation, optimization and supervision of building HVAC systems concentrate on the steady-state regime, i.e., when the equipment is already working at its setpoints. ...The originality of the current work consists of proposing the optimization of building multi-HVAC systems from start-up until they reach the setpoint, making the transition to steady state-based strategies smooth. The proposed approach works on the transient regime of multi-HVAC systems optimizing contradictory objectives, such as the desired comfort and energy costs, based on the "Autonomic Cycle of Data Analysis Tasks" concept. In this case, the autonomic cycle is composed of two data analysis tasks: one for determining if the system is going towards the defined operational setpoint, and if that is not the case, another task for reconfiguring the operational mode of the multi-HVAC system to redirect it. The first task uses machine learning techniques to build detection and prediction models, and the second task defines a reconfiguration model using multiobjective evolutionary algorithms. This proposal is proven in a real case study that characterizes a particular multi-HVAC system and its operational setpoints. The performance obtained from the experiments in diverse situations is impressive since there is a high level of conformity for the multi-HVAC system to reach the setpoint and deliver the operation to the steady-state smoothly, avoiding overshooting and other non-desirable transitional effects.
Currently, population growth is global and tends to concentrate in large cities, which increases the demand for illuminating public spaces for safety, visual orientation, aesthetic considerations, ...and quality of life. The undesirable side effects are increase in energy consumption and light pollution. The current tools used for designing public lighting systems are not suitable for optimizing multiple objectives in addition to energy savings, and these solutions could provide for a more sustainable environment. The application of evolutionary optimization techniques seems to be growing rapidly because of the nonlinearity of the model behavior and the nonproprietary nature of the algorithms, which are considered as black box systems . This paper develops a data model for these types of optimizers, analyzing the ability of different artificial neural network (ANN) architectures to simulate a simple public lighting design by measuring the performance with respect to the fitness function, training speed, and goodness of fit with a dataset generated with different conditions. The architectures selected in this paper are those with multilayer perceptrons (MLPs) with different hidden layer configurations using different numbers of neurons in each layer, which have been analyzed to determine the configuration that best fits the purpose of this work. The data for training the ANNs were generated with a recognized open-software platform, DIALux. The experiments were repeated and analyzed to determine the variance of the results obtained. In this way, it was possible to identify the most appropriate number of iterations required. The results show that better precision is obtained when using the Levenberg-Marquardt training algorithm, especially when the ANN architecture has fewer neurons in the hidden layer.
Following myocardial infarction (MI), adverse remodeling depends on the proper formation of fibrotic scars, composed of type I and III collagen. Our objective was to pinpoint the participation of ...previously unreported collagens in post-infarction cardiac fibrosis. Gene (qRT-PCR) and protein (immunohistochemistry followed by morphometric analysis) expression of fibrillar (types II and XI) and non-fibrillar (types VIII and XII) collagens were determined in RNA-sequencing data from 92 mice undergoing myocardial ischemia; mice submitted to permanent (non-reperfused MI, n = 8) or transient (reperfused MI, n = 8) coronary occlusion; and eight autopsies from chronic MI patients. In the RNA-sequencing analysis of mice undergoing myocardial ischemia, increased transcriptomic expression of collagen types II, VIII, XI, and XII was reported within the first week, a tendency that persisted 21 days afterwards. In reperfused and non-reperfused experimental MI models, their gene expression was heightened 21 days post-MI induction and positively correlated with infarct size. In chronic MI patients, immunohistochemistry analysis demonstrated their presence in fibrotic scars. Functional analysis indicated that these subunits probably confer tensile strength and ensure the cohesion of interstitial components. Our data reveal that novel collagens are present in the infarcted myocardium. These data could lay the groundwork for unraveling post-MI fibrotic scar composition, which could ultimately influence patient survivorship.
PDF
