Using a panel of 21,582 Chinese firms over the period 2000-2005, we examine the relationship between the degree of foreign ownership and corporate performance in recipient firms. We find that foreign ownership is positively associated with firms’ return on assets, return on sales, labor productivity, and total factor productivity. Yet, the relationship exhibits an inverted U-shaped pattern: cor...

This study examines how housing sector volatilities affect real estate investment trust (REIT) equity return in the United States. I argue that unexpected changes variables can be a source of aggregate risk, and first principal component extracted from U.S. predict expected REIT returns. propose construct factor-based risk index as an additional factor asset price models uses time-varying condi...

Acetylcholine and factor I appear to be transmitter substances of excitatory and inhibitory regulatory nerve fibers supplying the sensory neurons of stretch receptor organs of the crayfish. Sudden application of a low concentration of acetylcholine causes the impulse frequency to jump to a peak value. But immediately the frequency falls again and gradually reaches a steady state which is not fa...

Coastal flood hazard varies in response to changes in storm surge climatology and the sea level. Here we combine probabilistic projections of the sea level and storm surge climatology to estimate the temporal evolution of flood hazard. We find that New York City's flood hazard has increased significantly over the past two centuries and is very likely to increase more sharply over the 21st centu...

This paper develops a new approach to examining the time variation of risk premia within the framework of conditional asset pricing models. By combining conditional factor models with approximate present-value relationships we derive a linear relationship between the log stock price and investors’ expectations of future factor loadings, risk premia, and cashlows. This framework allows us to est...

Water resources design has widely used the average return period as a concept to inform management and communication of the risk of experiencing an exceedance event within a planning horizon. Even though nonstationarity is often apparent, in practice hydrologic design often mistakenly assumes that the probability of exceedance, p, is constant from year to year which leads to an average return p...

Stock return is usually considered to be affected by firm’s financial ratios as well as economic variables. Fundamental method assume that stock returns is not solely related to the stock market. Most result come from the company condition , industry situation and whole economy. In this paper, this relationship between stock return and fundamentals is studied using the data for 22 pharmaceutica...

using the treynor and mazoy model (expanded by fama to evaluate management performance for asset allocation among investment units), this paper examines the management’s performance in funds and investment companies in tehran stock exchange during 2004-2010. the results do not support the application of management market timing during the study period and managers were only able to create addit...

introduction: the greatest part of constructed dams belongs to embankment dams and there are many examples of their failures throughout history. about one-third of the world’s dam failures have been caused by flood overtopping, which indicates that flood overtopping is an important factor affecting reservoir projects’ safety. moreover, because of a poor understanding of the randomness of floods...