Why do so few hold stocks : theory and evidence

This study develops a life-cycle model where investors make investment decisions in a realistic environment. Model results show that personal illiquid projects (housing and children), fixed costs (once-off/per-period participation costs plus variable/fixed transaction costs) and endogenous risky human capital (with permanent, transitory and disastrous shocks) together are able to address both the non-participation puzzle and the age-effects puzzle. Empirical implications of the model are examined using Heckman’s two-step method with the latest five Surveys of Consumer Finance (SCF). Regression results show that liquidity, informational cost and human capital are indeed the major determinants of participation and asset allocation decisions at different stages of an investor’s life.

A practical signal processing approach for condition monitoring of low speed machinery using Peak-Hold-Down-Sample algorithm

A simple and effective down-sample algorithm, Peak-Hold-Down-Sample (PHDS) algorithm is developed in this paper to enable a rapid and efficient data transfer in remote condition monitoring applications. The algorithm is particularly useful for high frequency Condition Monitoring (CM) techniques, and for low speed machine applications since the combination of the high sampling frequency and low rotating speed will generally lead to large unwieldy data size. The effectiveness of the algorithm was evaluated and tested on four sets of data in the study. One set of the data was extracted from the condition monitoring signal of a practical industry application. Another set of data was acquired from a low speed machine test rig in the laboratory. The other two sets of data were computer simulated bearing defect signals having either a single or multiple bearing defects. The results disclose that the PHDS algorithm can substantially reduce the size of data while preserving the critical bearing defect information for all the data sets used in this work even when a large down-sample ratio was used (i.e., 500 times down-sampled). In contrast, the down-sample process using existing normal down-sample technique in signal processing eliminates the useful and critical information such as bearing defect frequencies in a signal when the same down-sample ratio was employed. Noise and artificial frequency components were also induced by the normal down-sample technique, thus limits its usefulness for machine condition monitoring applications.

Do nursing interventions targeting concurrent symptoms hold promise for managing fatigue in patients with advanced cancer?

TO THE EDITOR: It was with great interest that I read two recent articles by de Raaf et al1, and Bruera et al2. These authors are to be congratulated for completing two of the very few high quality randomized trials that evaluate complex interventions for managing fatigue in patients with advanced cancer. de Raaf et al conducted a non-blinded RCT with 152 patients with advanced cancer and reported significant reduction of fatigue in patients who received a nurse-led monitoring and protocol-guided treatment of physical symptoms compared with those who received usual care1. Patients who received this intervention experienced a significant improvement over time in general fatigue, at one-month follow-up and two-month follow-up. Another recent RCT conducted with 141 patients with advanced cancer by Bruera et al2 did not find any benefits of a nursing telephone intervention that involved systematic symptom assessment/management, medication review, psychosocial support and patient education in fatigue reduction, compared to those who received a control telephone intervention conducted by a non-professional...

'Bacon - hold the eggs' for uncontrollable nose bleeds

Almost everyone experiences a nosebleed at some time during their lives. In many cases, these nosebleeds are self-limiting, resolve without medical attention, and tend to be nothing more than a minor nuisance. However, in some instances they can be life threatening and urgent medical attention is required. One of these instances is when people who have Glanzmann's thrombasthenia (GT) experience a nosebleed...

How yak farmers can hold back a glacial tsunami

As Himalayan glaciers melt, the natural dams formed beneath them become a dangerous threat to villages below. However, local yak farmers could soon have a simple solution.

What does the future hold for our traditional department stores?

Years of buy-outs, takeovers, mergers and rebranding have whittled a once plentiful landscape of department store competitors down to two major players, Myer and David Jones. Now, despite David Jones confirming it refused a potential A$3 billion merger proposal approach from its arch-competitor in October 2013, we must face the distinct possibility of there only being room for one, full line, up-market department store in Australia.

Sparse Recovery Methods Hold Promise for Diffuse Optical Tomographic Image Reconstruction

The sparse recovery methods utilize the l(p)-normbased regularization in the estimation problem with 0 <= p <= 1. These methods have a better utility when the number of independent measurements are limited in nature, which is a typical case for diffuse optical tomographic image reconstruction problem. These sparse recovery methods, along with an approximation to utilize the l(0)-norm, have been deployed for the reconstruction of diffuse optical images. Their performancewas compared systematically using both numerical and gelatin phantom cases to show that these methods hold promise in improving the reconstructed image quality.

Application of sample-and-hold circuits in the laser frequency-shifting

A new method of frequency-shifting for a diode laser is realized. Using a sample-and-hold circuit, the error signal can be held by the circuit during frequency shifting. It can avoid the restraint of locking or even lock-losing caused by the servo circuit when we input a step-up voltage into piezoelectric transition (PZT) to achieve laser frequency-shifting.

A 10-bit 50-MS/s sample-and-hold circuit with low distortion sampling switches

A fully-differential switched-capacitor sample-and-hold (S/H) circuit used in a 10-bit 50-MS/s pipeline analog-to-digital converter (ADC) was designed and fabricated using a 0.35-μm CMOS process. Capacitor fliparound architecture was used in the S/H circuit to lower the power consumption. In addition, a gain-boosted operational transconductance amplifier (OTA) was designed with a DC gain of 94 dB and a unit gain bandwidth of 460 MHz at a phase margin of 63 degree, which matches the S/H circuit. A novel double-side bootstrapped switch was used, improving the precision of the whole circuit. The measured results have shown that the S/H circuit reaches a spurious free dynamic range (SFDR) of 67 dB and a signal-to-noise ratio (SNR) of 62.1 dB for a 2.5 MHz input signal with 50 MS/s sampling rate. The 0.12 mm~2 S/H circuit operates from a 3.3 V supply and consumes 13.6 mW.