We demonstrate that limited market participation can arise endogenously in the presence of model uncertainty. Our model generates novel predictions on the relation between limited market participation, the equity premium, and the diversification discount. When the dispersion in investors’ model uncertainty is small, full market participation prevails in equilibrium. In this case, the equity pre...

The Anseriformes is a well-known and widely distributed bird order, with more than 150 species in the world. This paper aims to revise the classification, determine the phylogenetic relationships and diversification patterns in Anseriformes by exploring the Cyt b, ND2, COI genes and the complete mitochondrial genomes (mito-genomes). Molecular phylogeny and genetic distance analyses suggest that...

Seismic hazard in continental rifts varies as a function of strain accommodation by tectonic or magmatic processes. The nature of faulting in the Sevier Desert, located in eastern Basin and Range of central Utah, and how this faulting relates to the Sevier Desert Detachment low-angle normal fault, have been debated for nearly four decades. Here, we show that the geodetic signal of extension acr...

This work reports the first example of the transformation of conglomerate (R)- and (S)-crystals into racemic crystals via sublimation. Crystallographic analysis of racemic isopropyl 3,3,3-trifluoro-2-hydroxypropanoate did not reveal the highly expected heterochiral dimer indicating that this compound is capable of forming exclusively homochiral oligomers via infinite multi-centred H-bonding net...

A straightforward unprecedented sublimation protocol that reveals both conversion of a racemic compound into a racemic conglomerate and subsequent enantioenrichment has been developed for the proteinogenic amino acid valine. The phenomenon has been observed in closed and open systems, providing insight into asymmetric amplification mechanisms under presumably prebiotic conditions.

An achiral double-swallow tailed tetracatenar compound forms a re-entrant isotropic liquid between a bicontinuous cubic phase and a nematic liquid crystalline phase. This isotropic liquid was found to represent a conglomerate of two immiscible chiral liquids. The chirality is retained and eventually becomes uniform at the transition to the cubic I432 phase.

The impact of capital mobility restrictions on the diversification benefit for risk at the group level of a financial conglomerate is an important aspect in risk management. In this paper we propose a new bottom-up approach for realizing diversification benefits using some predetermined capital and risk transfer instruments, taking counter-party default risk into account.