I propose a theoretical and empirical framework to decompose the price-to-book ratio into a fundamental component and a discount-rate component. Firms with good accounting fundamentals have high price-to-book ratios and high subsequent stock returns, while firms with low discount rates have high price-to-book ratios and low subsequent stock returns. Since the price-to-book ratio is the sum of t...

Brownian motion and normal distribution have been widely used in the Black–Scholes option-pricing framework to model the return of assets. However, two puzzles emerge from many empirical investigations: the leptokurtic feature that the return distribution of assets may have a higher peak and two (asymmetric) heavier tails than those of the normal distribution, and an empirical phenomenon called...

The present paper characterizes the mean-reverting behavior of six ASEAN markets – Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam – using an autoregressive exponential GARCH-in mean model and daily data from August 2000 to May 2010. The results indicate fast speed of mean-reversion in the returns of these markets but with quite distinct patterns of return dynamics. The e...

The current Ebola virus outbreak has highlighted the uncertainties surrounding many aspects of Ebola virus virology, including routes of transmission. The scientific community played a leading role during the outbreak-potentially, the largest of its kind-as many of the questions surrounding ebolaviruses have only been interrogated in the laboratory. Scientists provided an invaluable resource fo...

We investigate the trading of mutual funds and pension plan sponsors on days of extreme market-wide price movements. We find that the institutions in our sample are net buyers (sellers) during extreme market declines (increases) and that these positions generate positive returns. Results are driven by institutions that were recently trading in the same direction as they are observed trading dur...

Rate measurements are required for many purposes, e.g. for system analysis and modelling or for live systems that react to measurements. For off-line measurement all data is available in advance. Here, time delay between data collection and data analysis is not an issue. On-line measurement, however, measures rates on the fly. Thus, measurement algorithms that provide their output as timely as ...

During virus infection, the cascade signaling pathway that leads to the production of proinflammatory cytokines is controlled at multiple levels to avoid detrimental overreaction. HACE1 has been characterized as an important tumor suppressor. Here, we identified HACE1 as an important negative regulator of virus-triggered type I IFN signaling. Overexpression of HACE1 inhibited Sendai virus- or p...

Influence of the excess monomer within the synthetic reaction solution of melamine resin microspheres (MFMSs) on the surface-enhanced Raman spectroscopy (SERS) enhancement from Rhodamine 6G (R6G) was investigated, where the R6G was adsorbed on the silver nanoparticles (AgNPs) that were loaded on the MFMSs. Surface characteristics of the MFMSs were modified by the excess monomer (i.e., the exces...

Three-year-old children saw an adult displaying the exact same distress in 3 different conditions: (a) the adult’s distress was appropriate to a genuine harm, (b) the adult’s distress was an overreaction to a minor inconvenience, and (c) there was no apparent cause for the adult’s distress. Children who witnessed the adult being appropriately upset showed concern for him, intervened on his beha...