How important is mastering information and communication technology (ICT) on modern labor markets? We answer this question with unique data ICT skills tested in 19 countries. Our two instrumental-variable models exploit technologically induced variation broadband Internet availability that gives rise to across countries German municipalities. find statistically economically significant returns ...

This study investigates long-range power-law correlations in US, UK, Japanese, German, French and Spanish stock markets using daily data and applying a recently developed residual analysis termed detrended /uctuation analysis (DFA). We quantify correlations for the returns, absolute value of returns and square of returns. The results show that there is little evidence of long-range correlations...

modern portfolio theory is based on harry markowitz's 1952 work on mean-variance portfolios. he stated that a rational investor should either maximize his expected return for a given level of risk, or minimize his risk for a given expected return. in this study the markowitz model with cardinality constraints was studied. we extend the standard model to include cardinality constraints that...

The returns to private equity investment have become a vexed issue, attracting widespread debate in the media, government, and among researchers. Much of the attention has focused on later-stage buyout investments, but there is a general move towards greater transparency and disclosure of the returns to both early and late-stage venture capital (VC) investments. Shortcomings in the information ...

Humans have the greatest fat content of any mammalian species at birth (1). It has been known for many years that abnormally high maternal glucose (as is the case when the mother has type 1 or type 2 diabetes during pregnancy) is characteristically associated with increased fat deposition in utero. In pioneering work in the 1950s, Pedersen (2) suggested that in the offspring of mothers with dia...

We provide novel evidence on which theories best explain stock return anomalies by decomposing anomaly portfolio returns into components driven by the underlying …rms’cash ‡ows or their discount rates. For each of …ve well-known anomalies, we …nd that cash ‡ow shocks explain more variation in anomaly portfolio returns than discount rate shocks. The cash ‡ow and discount rate components of each ...