Expected Idiosyncratic Skewness Boyer, Brian; Mitton, Todd; Vorkink, Keith
The Review of financial studies,
01/2010, Letnik:
23, Številka:
1
Journal Article
Recenzirano
We test the prediction of recent theories that stocks with high idiosyncratic skewness should have low expected returns. Because lagged skewness alone does not adequately forecast skewness, we ...estimate a cross-sectional model of expected skewness that uses additional predictive variables. Consistent with recent theories, we find that expected idiosyncratic skewness and returns are negatively correlated. Specifically, the Fama-French alpha of a low-expected-skewness quintile exceeds the alpha of a high-expected-skewness quintile by 1.00% per month. Furthermore, the coefficients on expected skewness in Fama-MacBeth cross-sectional regressions are negative and significant. In addition, we find that expected skewness helps explain the phenomenon that stocks with high idiosyncratic volatility have low expected returns.
The range of papers presented in this volume demonstrates the wide scope of Brian Hartley’s interests and the fields of archaeological scholarship with which he has been involved. It begins with ...studies on Roman Britain, particularly the military history, followed by papers on samian ware. Brian made a life-long study of, and was a leading international authority on, samian ware, a subject of vital importance for the chronology of Roman sites throughout Western Europe in the first two centuries AD. Papers on other types of Roman pottery and various classes of other finds relevant to the history and life of Roman Britain conclude the book.
In a unique analysis of Cuban literature inside and outside the country's borders, Eduardo Gonzalez looks closely at the work of three of the most important contemporary Cuban authors to write in the ...post-1959 diaspora: Guillermo Cabrera Infante (1929-2005), who left Cuba for good in 1965 and established himself in London; Antonio Benitez-Rojo (1931-2005), who settled in the United States; and Leonardo Padura Fuentes (b. 1955), who still lives and writes in Cuba. Through the positive experiences of exile and wandering that appear in their work, these three writers exhibit what Gonzalez calls "Romantic authorship," a deep connection to the Romantic spirit of irony and complex sublimity crafted in literature by Lord Byron, Thomas De Quincey, and Samuel Taylor Coleridge. In Gonzalez's view, a writer becomes a belated Romantic by dint of exile adopted creatively with comic or tragic irony. Gonzalez weaves into his analysis related cinematic elements of myth, folktale, and the grotesque that appear in the work of filmmakers such as Alfred Hitchcock and Pedro Almodovar. Placing the three Cuban writers in conversation with artists and thinkers from British and American literature, anthropology, philosophy, psychoanalysis, and cinema, Gonzalez ultimately provides a space in which Cuba and its literature, inside and outside its borders, are deprovincialized.
American scholar and literary translator Suzanne Jill Levine's seminal monograph, The Subversive Scribe: Translating Latin American Fiction (1991), furnishes prime examples of her active role during ...the co-translation of works by subversive, creative authors like the Cuban-British writer Guillermo Cabrera Infante. The intention of this article is to discuss another type of collaborative translation by focusing on her working relationship with the Argentinian author Julio Cortázar during the translation process of his collection of short stories Todos los fuegos el fuego (1966; All Fires the Fire and Other Stories, 1973). An exploration of Cortázar's working life as a translator reveals that he was far from being a playful author, willing to perform a 'creative self-betrayal' of his volume of short stories, and that his understanding of original text and translation defined his collaboration with Levine. An analysis of his correspondence with her, including the examination of mistakes that had been highlighted by Cortázar, and of her incorporation of corresponding amendments in her final version aims to prove that Levine translated his short stories as a non-subversive and efficient scribe, guided by Cortázar's controlled cooperation and with his interference disguised as assistance.
Guillermo Cabrera Infante nace en Gibara, una pequeña ciudad de la provincia de Holguín (Cuba) en 1929 y, con doce años, se traslada junto a su familia a La Habana. Desde su llegada se siente ...totalmente fascinado por la capital, como relata tantas veces en su obra, pero especialmente en su libro titulado La Habana para un infante difunto (1979).1 La atracción, el hechizo producido por la gran ciudad es tal, que la fascinación le acompañará toda su vida y, una vez en el exilio, se convertirá en absoluta obsesión. Este artículo analiza la forma literaria que tomará esa obcecación por La Habana desde el exilio; cómo, al estar privado de los desplazamientos en su interior, se verá obligado a encontrar las estrategias necesarias para proteger la capital cubana del acaecer histórico y, así, seguir desplazándose en ella de una forma muy peculiar a pesar de la distancia. Este estudio se estructura en tres apartados: tras una breve contextualización del exilio de Cabrera Infante, propongo un aparato teórico que analiza la reescritura de los libros en los que el autor tematiza la ciudad de La Habana, que servirá como herramienta de análisis del close reading subsiguiente.
We estimate the causal effect of mandatory participation in military service on individuals' subsequent involvement in criminal activities. To identify this causal effect, we exploit the random ...assignment of young men to conscription in Argentina through a draft lottery. Using a dataset that includes draft eligibility, participation in military service, and criminal records, we find that conscription increases the likelihood of developing a criminal record. The effects are significant not only for cohorts that provided military service during wartime, but also for those that served during peacetime. Our results do not support the introduction of conscription for anti-crime purposes.
Por culpa del desencanto sufrido tras los primeros años del tan anhelado gobierno revolucionario, Guillermo Cabrera Infante ancla la ciudad de La Habana en la esfera autónoma del espacio lúdico, que ...la preserva de la narración histórico-social. Este artículo enfocará la obra La Habana para un infante difunto, con el fin de analizar los mecanismos lúdicos puestos en marcha por el autor para proteger y resguardar la ciudad habanera: el juego del narrador, el juego con el lector, la modificación de vocablos y su capacidad para alterar los referentes lógicos y, por ende, engendrar la Habana utópica.
En este trabajo se analizan descripciones exóticas y monstruosas de tres personajes caribeñxs: La Estrella y Cuba Venegas de Tres tristes tigres (1964) de Guillermo Cabrera Infante y Sirena Selena de ...Sirena Selena vestida de pena (2000) de Mayra Santos Febres. El primer objetivo es observar la manera en que se configura la identidad de las/los personajes a través de una mirada y un discurso que evoca al del viajero europeo. El segundo objetivo es examinar en qué medida las/los personajes resisten, acatan o desestabilizan las identidades demarcadas por sus roles como personajes que ofrecen espectáculos nocturnos. De forma más concreta, se examinará si La Estrella, Cuba Venegas y/o Sirena Selena consiguen o no desidentificarse de las imágenes residuales de la conquista y ejercerse de forma más autónoma. Para ello, se aplicará la teoría de la desidentificación elaborada por José Esteban Muñoz. Lo que se quiere considerar es hasta qué punto estas narraciones repiten referencias monstruosas y exóticas para mostrar la subordinación o el empoderamiento de La Estrella, Cuba Venegas y/o Sirena Selena. De otro modo, ¿en Tres tristes tigres y Sirena Selena vestida de pena se generan identidades en que lo exótico es un pretexto para la subordinación, como ocurre en el contexto de la conquista, o es un arma de subversión?
In this study we present a statistical analysis of the time series properties of the geographic regions in the OFHEO U.S. house price database. The time period for our study is first quarter 1975 ...through second quarter 2005. We perform an unobserved components, structural time series analysis of nine regional indexes and two super-regional factors and fit a classic “smooth trend plus cycle” model. We then apply bivariate unit root tests for absolute and relative convergence of the regions and factors, allowing for the possibility of a structural break. We find the two super-regions have slightly different patterns of trends and cycles until the early to mid-1990s, when a common pattern of strong and sustained price appreciation is seen. The evidence for regional convergence is mixed, with little for the first super-regional factor and some examples of relative convergence within the second factor. Thus support for a simple error correction model for regional house prices in our study is mixed.
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