This paper proposes measures of systematic skewness and systematic kurtosis as symmetric measures of risk by extending the work of Kraus and Litzenberg (1976). We examine an asset pricing model that incorporates systematic skewness and systematic kurtosis to test the cross section of asset returns within the context of the Fama and MacBeth (1973) two-pass estimation methodology. However, this e...

The m-order connectivity index (G) m of a graph G is     1 2 1 1 2 1 ... ... 1 ( ) i i im m v v v i i i m d d d  G where 1 2 1 ... i i im d d d  runs over all paths of length m in G and i d denotes the degree of vertex i v . Also,        1 2 1 1 2 1 ... ... 1 ( ) i i im m v v v i i i ms d d d X G is its m-sum connectivity index. A dendrimer is an artificially manufactured or synth...

Background: Darier disease (DD) is an autosomal dominant genetic disorder which develops from a mutation in the ATP2A2 gene. Inflammatory myopathies (IM) are the largest group of potentially treatable myopathies. In this case, we report development of IM in a patient with DD for the second time in the literature. Case presentation: The patient is a 59-year-old female, a known case of  DD,...

Daily stock returns typically have non-normal and asymmetric distributions, potentially leading to problems with hypothesis testing based on reported probability statistics from regression analysis (Fama 1976; Brooks 2002). While daily stock return data for many years is readily available, recent studies indicate that the non-normality problems may persist even in large samples (Peiro 2002; Bro...

and his coauthors begin from the observation that it is difficult to distinguish that specification from an alternative one in which the drift in log consumption growth is itself a highly persistent covariance stationary process with low conditional volatility but high unconditional volatility. Thus, the drift itself is almost but not quite a random walk. The high unconditional volatility of th...

OBJECTIVE To document the effect of the liberalisation of the Japanese tobacco market on Japanese smoking rates and on Japanese tobacco industry practices. DATA SOURCE Asahi Shimbun (major daily newspaper) from 1980 to 1996. STUDY SELECTION Review of media coverage on the effects of market liberalisation following the imposition of the USA's section 301 trade sanction. DATA SYNTHESIS The ...

Objective—To document the eVect of the liberalisation of the Japanese tobacco market on Japanese smoking rates and on Japanese tobacco industry practices. Data source—Asahi Shimbun (major daily newspaper) from 1980 to 1996. Study selection—Review of media coverage on the eVects of market liberalisation following the imposition of the USA’s section 301 trade sanction. Data synthesis—The opening ...

We study 6,686 IPOs spanning the period 1981-2005 and find that the new issues puzzle disappears in a Fama-French three-factor framework. IPOs do not underperform in the aftermarket on a risk-adjusted basis and do not underperform a matched sample of non-issuers. IPO underperformance is concentrated in the 1980’s and early 1990’s, and IPO’s either perform the same as the market, or outperform o...