Controlling for idiosyncratic volatility, large stocks earn higher returns than small stocks. Idiosyncratic volatility is positively related to return, but negatively related to size. Failure to control for idiosyncratic volatility generates a downward omitted variable bias, leading to the widely documented negative size-return relation. We explain the two contrasting sizereturn relations in a ...

The concentration on stocks of security investment funds reflects fund managers’ utilization degree of the inefficiency of market, so certain relationship exists between the performance of funds and the concentration on stocks. By analyzing practical data of Chinese stock investment funds, the relationship between the performance and the concentration on stocks is tested in the article, and the...

Prior empirical studies provide evidence that stock price reactions to listing are more favorable for stocks that have higher prospects for listing gains. These studies focus on the listing gains of liquidity and informational value. Our study examines another dimension of listing gain, namely, improved pricing efficiency. We hypothesize that low efficiency stocks in the pre-listing period woul...

In Southern Mexico, shifting cultivation is creating a mosaic of agricultural lands, secondary forests, and disturbed mature forests (montañas). Increased land-use change, due to population and market pressures has changed the structure and function of these forests. This study investigates the stocks and fluxes of woody debris during the course of secondary succession. We inventoried fine ( 1....

Capturing dependence among a large number of high dimensional random vectors is a very important and challenging problem. By arranging n random vectors of length p in the form of a matrix, we develop a linear spectral statistic of the constructed matrix to test whether the n random vectors are independent or not. Specifically, the proposed statistic can also be applied to n random vectors, each...

Correlations of stocks in time have been widely studied. Both the Random Matrix Theory approach and the graphical visualisation of so-called Minimum Spanning Trees show the clustering of stocks according to industrial sectors. Studying the correlation between stocks traded in markets of different countries we show that the Random Matrix Theory approach is able to separate stocks according to th...

based on the extent and depth of the market, several investment tools exist. one of the most fundamental issues in investment is assets liquidity, because some of the investors may need their investment financial resources immediately. also, liquidity degree of stocks greatly depends on the volume of trades in stock exchange. in this research, the relationship between stocks turnover rate as li...

Genetically modified adenoviruses (Ads) make attractive vectors for the delivery of exogenous DNA to mammalian cells for basic science and gene therapy applications. Ad vector production consists of (1) cloning a trangene into an infectious plasmid by in vivo recombination in bacteria, (2) rescuing and propagating the vector in complementing cells, and (3) purifying the vector. All of this can ...

This paper examines the stock return performance of the IPO stocks which are listed on the Growth Enterprise Market (GEM) in Hong Kong. By using several benchmarks, over three years, this paper finds that the results produced are sensitive to the benchmark employed. The two factors causing the underperformance of GEM stocks are the ‘technology boom’ and ‘IPO effects’. This suggests that appropr...