The present study examines a series of performance measures with the aim of solving the ex-post verification problem. These measures are employed to test the performance persistence hypothesis of domestic equity funds in Greece, during the period 1998–2004. Correctly adjusting for risk factors and documented portfolio strategies explains a significant part of the reported persistence. The intercept of the augmented Carhart regression is proposed as the most appropriate performance measure. Using this measure, weak evidence for persistence, only before 2001, is documented. The growth of the fund industry, the direction of flows to past winners and the integration in the international financial system are suggested to be the reasons for the absence of performance persistence. 相似文献
The increasing importance of empirical analysis in economics highlights the need for efficient ways to bring these skills to the classroom. R Markdown is a new technology that provides a solution by integrating writing, statistical work and computation into a single document. R Markdown benefits students and instructors by streamlining teaching, research, and collaboration. The authors report on their use of R Markdown in undergraduate teaching, including core courses, electives, and senior theses. They discuss the costs and benefits of adoption, and explain the advantages of R Markdown in teaching reproducibility of empirical work, avoiding time-consuming and error-prone “cut and paste,” and facilitating a one-stop solution for importing, cleaning, manipulating, visualizing, and communicating with data. 相似文献
This paper examines the contributions of James Ronald Stanfield to social and political economy. We start the analysis with
Stanfield’s contribution to institution building through his education of PhD students, building a graduate program in political
economy, and through the associations of social and political economy. Then we go on to scrutinise his creative developments
and applications of the notions of economic surplus and social reproduction. This is followed by his extensive work on Karl
Polanyi and the disembedded economy. Finally we explore his path-breaking analysis of the great capitalist restoration, the
nurturance gap and love. Stanfield was one of the greatest institutionalists and social economists of the last hundred years,
and these four areas of energetic creativity are his prime achievements in the area. 相似文献
Building off the resource‐based view and the knowledge‐based view, our study aims to examine determinants of firms’ R&D outsourcing, using annually‐conducted firm‐level survey data of Japanese R&D companies from 1984–2012. This survey allows us to measure strategic R&D outsourcing, isolated from those more for cost‐reducing, such as prototyping, testing and inspecting. The results corroborate the argument of complementarity in scale between internal R&D and R&D outsourcing. We also find that firms employing more doctorate holders and diversifying in knowledge spaces tend to make more use of R&D outsourcing. This study sheds light on firms’ absorptive capacity, associated both with higher‐order R&D human capital and diversified knowledge spaces, as determinants of R&D outsourcing. 相似文献
This paper examines the contributions of James Ronald Stanfield to social and political economy. We start the analysis with Stanfield’s contribution to institution building through his education of PhD students, building a graduate program in political economy, and through the associations of social and political economy. Then we go on to scrutinise his creative developments and applications of the notions of economic surplus and social reproduction. This is followed by his extensive work on Karl Polanyi and the disembedded economy. Finally we explore his path-breaking analysis of the great capitalist restoration, the nurturance gap and love. Stanfield was one of the greatest institutionalists and social economists of the last hundred years, and these four areas of energetic creativity are his prime achievements in the area.
This paper shows that, in markets with transaction costs, even if a redundant security does not even save individual investors' total costs for their security trading, the prices of the other securities may well be different were it to not be available for trade, resulting in a different equilibrium consumption allocation. In this sense, a redundant security may give rise to the divergence of individual and social relevance in markets with transaction costs. We then show that this divergence may also be a robust phenomenon with respect to perturbations in utility functions, initial endowments, and transaction costs. 相似文献
The purpose of this paper is to examine whether a new family-community social structure of accumulation (FSSA) has emerged
in the Unites States to contribute to long-wave growth and development through the early decades of the 21st century. Institutions
that promote system-functions or public goods are required for sustainable growth and development. Three dimensions of the
potential FSSA institutions are examined in this paper, within the context of the systemic circuit of social capital: (a)
stability within families, (b) trust and association in the community, and (c) the degree of relative equality. Overall, the
findings are that a new FSSA does not currently operate in the US because the emerging family type is not promoting sufficient
stability, trust has diminished to low levels, and structural inequality has continued to rise. These factors have negatively
impacted long-term economic performance through several transmission mechanisms, which are analyzed in the paper.
An earlier version of this paper was presented at the combined ASE-AFEE sessions of the 2003 ASSA meetings. The author wishes
to thank Jonathan Goldstein, Terry McDonough, Ron Stanfield and Patrick Welch for comments and encouragement on the earlier
version. 相似文献
This study examines the asset pricing implications of preferences over the higher moments of returns’ distributions. We show that in a market populated by risk-averse, prudent and temperate investors, firms whose returns exhibit negative coskewness or positive cokurtosis should yield higher premia relative to counterpart firms with positive coskewness and negative cokurtosis respectively. These theoretical predictions are empirically tested using a comprehensive dataset of shares listed on the London Stock Exchange during the period 1986-2008. Our empirical results confirm that coskewness and cokurtosis premia are genuinely priced in the UK market, over and above what covariance risk, size, value and momentum factors can explain. We also show that a theoretically motivated, higher co-moment asset pricing model has significant explanatory ability over the cross-section of coskewness and cokurtosis portfolio returns. 相似文献