11 resultados para Fama French
em Consorci de Serveis Universitaris de Catalunya (CSUC), Spain
Resumo:
We show that unconditionally efficient returns do not achieve the maximum unconditionalSharpe ratio, neither display zero unconditional Jensen s alphas, when returns arepredictable. Next, we define a new type of efficient returns that is characterized by thoseunconditional properties. We also study a different type of efficient returns that is rationalizedby standard mean-variance preferences and motivates new Sharpe ratios and Jensen salphas. We revisit the testable implications of asset pricing models from the perspective ofthe three sets of efficient returns. We also revisit the empirical evidence on the conditionalvariants of the CAPM and the Fama-French model from a portfolio perspective.
Resumo:
A major achievement of new institutionalism in economics and political science is the formalisation of the idea that certain policies are more efficient when administered by a politically independent organisation. Based on this insight, several policy actors and scholars criticise the European Community for relying too much on a multi-task, collegial, and politicised organisation, the European Commission. This raises important questions, some constitutional (who should be able to change the corresponding procedural rules?) and some political-economic (is Europe truly committed to free and competitive markets?). Though acknowledging the relevance of legal and normative arguments, this paper contributes to the debate with a positive political-scientific perspective. Based on the view that institutional equilibria raise the question of equilibrium institutions, it shows that collegiality was (a) an equilibrium institution during the Paris negotiations of 1950-51; and (b) an institutional equilibrium for the following 50 years. The conclusion points to some recent changes in the way that European competition policy is implemented, and discusses how these affect the “constitutional” principle of collegial European governance.
Resumo:
Comentari del llibre Cancionero del Barón de Claret, compilat a Catalunya. El comentari es centra en la influència de Lope de Vega i de Calderón de la Barca sobre aquesta obra. Resulta més influent Lope de Vega, malgrat que en el moment de la compilació de la obra ja no estava de moda, que Calderón de la Barca
Resumo:
This paper explores the existence of negative peer-group pressures derived from the concentration of foreigners in French lower secondary schools. Using different dependent variables (number of years spent in lower secondary education, grades in 4th ‘and 3rd year and track election in upper secondary schooling) the analyses indicate that the much disputed existence of significant and negative effects of the concentration of foreign students in schools depends on the method used for the estimation. If we assume that the concentration of foreigners is a random and exogenous process, then the multivariate analyses confirm negative interactions. If, on the contrary, we question the assumption that this contextual information is not end the result of prior sorting mechanisms of individuals across social spaces, the concentration of foreigners has no statistical impact on attainment.
Resumo:
We derive an international asset pricing model that assumes local investorshave preferences of the type "keeping up with the Joneses." In aninternational setting investors compare their current wealth with that oftheir peers who live in the same country. In the process of inferring thecountry's average wealth, investors incorporate information from the domesticmarket portfolio. In equilibrium, this gives rise to a multifactor CAPMwhere, together with the world market price of risk, there existscountry-speciffic prices of risk associated with deviations from thecountry's average wealth level. The model performs signifficantly better, interms of explaining cross-section of returns, than the international CAPM.Moreover, the results are robust, both for conditional and unconditionaltests, to the inclusion of currency risk, macroeconomic sources of risk andthe Fama and French HML factor.
Resumo:
This paper analyzes the effect of the 1998 reform of the French single parents allowanceon the labor supply of single mothers with very young children. The reform aimed atencouraging participation by allowing eligible single parents to accumulate benefits andlabor earnings for a limited period of time. Using data from the French EmploymentSurvey, the analysis shows that single mothers affected by the reform had experienced asignificant increase in their employment rate four years after the reform wasimplemented. During the same period, the employment rate of married mothers withyoung children did not experience a significant change, suggesting that at least part ofthe increase was a consequence of the reform. These results provide some evidence thatbenefit schedules that provide financial incentives to work can have significant effectsin getting single moms back to work, even in the presence of very young children.
Resumo:
Socrates' serene attitude before his death -although this is questioned-, as described by Xenophon in his Apologia Socratis becomes for the playwright Rodolf Sirera a useful reference in an effort to reflect boldly on the limits of theatrical fiction in another clear example of the Classical Tradition, including that derived from Baroque Tragedy. However, in this case, it is judged severely to make us more conscious of the risk of turning life into a mere theatrical performance and human beings into actors and actresses in a play they did not write.
Resumo:
Este estudio instrumental fue diseñado para investigar las propiedades psicométricas de la versión francesa y replicabilidad transcultural del Zuckerman-Kuhlman Personality Questionnaire (ZKPQ) en sus factores y facetas. El ZKPQ es un instrumento destinado a evaluar los cinco factores básicos del Alternative Five-Factor Model (AFFM). Los participantes fueron 843 suizos francófonos, principalmente estudiantes universitarios. Obtenidos los factores estos mostraron una fiabilidad entre 0,73 y 0,87, y sus facetas entre 0,57 y 0,77. Las diferencias entre géneros son similares a las informadas en la muestra americana. Las mujeres alcanzaron puntuaciones superiores en N-Anx, y puntuaciones más bajas en ImpSS y Act. El resultado de los análisis factoriales exploratorios respaldó la estructura de cinco factores y sus correspondientes facetas. Las correlaciones entre las escalas sostienen que los cinco factores básicos del AFFM son ortogonales. Los coeficientes de congruencia muestran la elevada eplicabilidad transcultural de los factores y sus facetas. Se puso a prueba el ajuste del modelo en sus factores y facetas mediante análisis factorial confirmatorio. Los resultados indican que la versión en lengua francesa del ZKPQ es un instrumento fiable y válido y posee buena replicabilidad transcultural.
Resumo:
Fame and truth in Spanish XVth century epic. !e political vergilianism and the castilian tradition of the XVth century. The starting premise of this essay is that the Spanish Golden Age epic must be read from a historical perspective that takes into account the Hispanic literary tradition ofthe XVth century. In particular, it argues that epic should be approached from a theoretical perspective that explores its relationship with history in order to illuminate the diferences between Italian and Spanish epic theory and practice in the XVth century. The relationship between the discourses of epic and history can be explained through the imitation of the Vergilian model, specifically the Aeneid´s ideological representation of empire. However, it is also necessary to consider theoretical aspects in the light of the diferent uses of classical literature by Italian humanists and Castilian writers of the XV th century. Thus, its primary thesis is that although XVI th century Spanish epic shares the general principles of the Western Epic tradition, it should be approached from a specifically perspective Hispanic, in the light of the «political vergilianism» already enshrined in authors like Enrique de Villena and Juan de Mena, which is essential to appreciate how epic genre serves as memory for the present