I simulate a life-cycle model with preferences described by a utility function à la Gul and Pesendorfer (2001). I show that temptation to consume contributes to explain the saving, retirement consumption, and asset allocation puzzles. I perform two analyses, excluding or including Social Security protection, separately for the US and Italy. The pension replacement rate is endogenous in the mode...

The Future Internet is not envisaged to be simply a faster way to go online. What is expected to fundamentally change the way that people use the Internet is the ability to produce, and seamlessly deliver and share their own multimedia content. In this paper, we introduce and analyse innovative architecture components to offer media scalable content delivery, increasing the robustness, enrichin...

The Future Internet of things and services is not envisaged to be simply a faster way to go online. What is expected to fundamentally change the way that people use the Internet is the ability to produce, and seamlessly deliver and share their own multimedia content. In this paper, we introduce and analyse innovative architecture components to offer media scalable content delivery, increasing t...

7:00-8:00am IME/PPI Ratings for the Spine by Scott Naftulin, D.O. 8:00-9:00 Lumbar Percuaneous Discectomy/Discography by Sean Kulkarni, D.O. 9:00-10:00 Lumbar Facet Joint Pathology and Treatment by Rob Gould, D.O. 10:00-11:00 Disc Pathology and Non-Surgical Treatment by Reuben S. Henderson, D.O. 11:00-12:00 Panel Discussion Moderated by Lisa M. Bartoli, D.O. 12:00-1:30 Update on AOBPMR by J. Mi...

In Brennan and Lo (2010), a mean-variance efficient frontier is defined as “impossible” if every portfolio on that frontier has negative weights, which is incompatible with the Capital Asset Pricing Model (CAPM) requirement that the market portfolio is mean-variance efficient. We prove that as the number of assets n grows, the probability that a randomly chosen frontier is impossible tends to o...

In the Data Streaming world, screening for outliers is an often overlooked aspect of the data preparation phase, which is needed to rationalize inferences drawn from the analysis of data. In this paper, we examine the effects of three outlier screens: A Trimming Window, The Box-Plot Screen and the Mahalanobis Screen on the market performance profile of firms traded on the NASDAQ and NYSE. From ...

capital asset pricing, as one of the basic theories in finance and investment area, develop a model for estimation of expected rate of return and equity cost of capital. this model has many applications in the field of finance. one of anomalies in the capital asset pricing model is the value premium that its proponents believe this risk premium is compensation for a risk not mentioned in origin...

Abstract In recent years, many studies have investigated the potential state dependence of individual differences in behaviour, with aim to understand proximate and ultimate causes consequences animal personality. Among variables that could affect behavioural expression is size mass, but few found associations at among-individual levels. Insufficient sampling incorrect analysis data are cited a...

Due to the fact that assets are recorded at their historical value and they may include unrealized gains (losses), managers may manipulate earnings through the sale of these assets and provide financial information which is not accurate and reliable. The aim of this study is to investigate the relationship between income from asset sales, earnings change and leverage of companies listed on Tehr...