services companies attempt to promote their delivered services to customers and achieve a stable competitive advantage. for achieving this goal, marketing and hr scholars jointly propose application of internal marketing (im) principles and instruments. although im is a 30 years old concept in management, but it's measurement and application method have faced with different structural and ...

A simple equilibrium restriction identifies time-varying components of expected returns. Using data from the Fama and French threeand fivefactor models and momentum, we use this restriction to predict factor returns out of sample. We derive a policy for timing exposures to these components and find the modified portfolio generates returns with higher out-of-sample Sharpe ratios than the underly...

In this paper, we provide a model-free test for asymmetric correlations which suggest stocks tend to have greater correlations with the market when the market goes down than when it goes up. In addition, we evaluate the economic significance of asymmetric correlations by answering the question that what is the utility gain for an investor who switches from a belief of symmetric correlations int...

We study the predictive power of approximately 2.5 million stock picks submitted by individual users to the “CAPS” website run by the Motley Fool company (www.caps.fool.com). These picks prove to be surprisingly informative about future stock prices. Indeed, a strategy of shorting stocks with a disproportionate number of negative picks on the site and buying stocks with a disproportionate numbe...

Fama and French [2002. The equity premium. Journal of Finance 57, 637–659] estimate the equity premium using dividend growth rates to measure expected rates of capital gain. We apply their method to study the value premium. From 1945 to 2005, the expected value premium is on average 6.1% per annum, consisting of an expected dividend growth component of 4.4% and an expected dividend price ratio ...

Article history: Received 12 June 2012 Received in revised form 22 March 2013 Accepted 8 April 2013 Available online 28 April 2013 I use the second Hansen and Jagannathan (1997) distance measure (HJD) to examine whether index-based models similar to Cremers, Petajisto, and Zitzewitz (forthcoming) are more reliable benchmark models of expected returns than the Fama and French (1993) and Carhart ...

b a ckground: the management of internal mammary (im) nodes in breast cancer lacks a well-defined consensus. lymphoscintigraphy identifies up to one-third of breast cancer patients with extra-axillary drainage, which is mainly located in the im chain. our aim in this meta-analysis is to identify the lymphoscintigraphy technique variables that effect im node identification. m ethods: an internet...

This experiment was carried out on 123 Farahani ewes from a herd in Delijan city in Markazi province of Iran to determine the best short-term method for oestrus synchronization. Ewes were divided into five experimental groups randomly: group 1) use of controlled intervaginal drug release devices (CIDR) for 7 days with intramuscular (IM) injection of PGF2α on zero day and IM injection of 500 IU ...

Economists have long been fascinated by the sources of variations in the stock market. By the early 1970’s a consensus had emerged among …nancial economists suggesting that stock prices could be well approximated by a random walk model and that changes in stock returns were basically unpredictable. Fama (1970) provides an early, de…nitive statement of this position. Historically, the ‘random wa...

U.S. stock portfolios sorted on size, momentum, transaction costs, M/B, I/A and ROA ratios, and industry classification show considerable levels and variation of return predictability, inconsistent with asset pricing models. This means that a predictable risk premium is not equal to compensation for systematic risk as implied by asset pricing theory (Kirby 1998). We show that introducing market...