ELECTIONS AND ASSET PRICING: THE POLITICALLY SENSITIVE EQUITY OF US MILITARY CONTRACTORS by

In contrast with the classical models of frictionless financial markets, market models with proportional transaction costs, even satisfying usual no-arbitrage properties, may admit arbitrage opportunities of the second kind. This means that there are self-financing portfolios with initial endowments laying outside the solvency region but ending inside. Such a phenomenon was discovered by M. Rás...

Focus is here on coalitional games among economic agents plagued by aggregate pollutions of diverse sorts. Defecting players presumably pollute more than others. Then, granted convex preferences and technologies, the core is proven nonempty. In fact, under natural assumptions, a specific, computable core solution comes in terms of shadow prices on the said aggregates. Such prices may, in large ...

For portfolio choice problems with proportional transaction costs, we discuss whether or not there exists a shadow price, i.e., a least favorable frictionless market extension leading to the same optimal strategy and utility. By means of an explicit counter-example, we show that shadow prices may fail to exist even in seemingly perfectly benign situations, i.e., for a log-investor trading in an...

Drastic genetic changes have occurred in many commercial broiler lines during the last years with regard to performance. This genetic improvement needs a corresponding adjustment of our knowledge about amino acid nutrition in broilers. Additionally, today broiler feed formulators are not only focused on minimising the costs. They also have to take into consideration environmental issues and the...

The aim of the present work is to make a review on the literature concerning the incidence of some major pathologies of leg skeleton in broiler chickens and broiler breeders, related to poor animal welfare. On the basis of data on the incidence of leg skeletal pathology published by us and by other researchers, this review goes through some reports on femoral head necrosis (FHN), tibial dyschon...

Contrary to a commonly held belief that broiler chickens need more space, there is increasing evidence that these birds are attracted to other birds. Indeed, commercially farmed birds exhibit a range of socially facilitated behaviours, such as increased feeding and preening in response to the presence of other birds. Social facilitation can generate feedback loops, whereby the adoption of a par...

The embryonic modal value of heart rate (MHR) differs between broiler and White Leghorn chickens, but the initial development of cholinergic chronotropic control of embryonic heart rate (HR) does not. Thus, we hypothesized that hatchling MHR should also differ between broiler and White Leghorn strains, while the development of a physiological regulation, such as the endothermic HR response, sho...

Residues from cereal grain production are important feedstuffs for ruminants throughout the world. They are, however, low in protein and high in fiber, which limit feed intake and digestibility. The nutritive value of cereal crop residues can be improved by various processing methods, such as treatment with alkalis like sodium hydroxide or ammonia. Another means of improving nutritive value of ...

The application of broiler manure and bedding (litter) on land has been a long-used disposal method that benefits plant and soil. For proper manure management, factors such as nutrient content, house cleaning management, application methods, and many land, crop, and climatic factors must be considered. A study was undertaken to characterize broiler cake and broiler litter as the by-products of ...