Essays on Risk and Return

Perhaps the most fundamental prediction of financial theory is that the expected returns on financial assets are determined by the amount of risk contained in their payoffs. Assets with a riskier payoff pattern should provide higher expected returns than assets that are otherwise similar but provide payoffs that contain less risk. Financial theory also predicts that not all types of risks should be compensated with higher expected returns. It is well-known that the asset-specific risk can be diversified away, whereas the systematic component of risk that affects all assets remains even in large portfolios. Thus, the asset-specific risk that the investor can easily get rid of by diversification should not lead to higher expected returns, and only the shared movement of individual asset returns – the sensitivity of these assets to a set of systematic risk factors – should matter for asset pricing. It is within this framework that this thesis is situated. The first essay proposes a new systematic risk factor, hypothesized to be correlated with changes in investor risk aversion, which manages to explain a large fraction of the return variation in the cross-section of stock returns. The second and third essays investigate the pricing of asset-specific risk, uncorrelated with commonly used risk factors, in the cross-section of stock returns. The three essays mentioned above use stock market data from the U.S. The fourth essay presents a new total return stock market index for the Finnish stock market beginning from the opening of the Helsinki Stock Exchange in 1912 and ending in 1969 when other total return indices become available. Because a total return stock market index for the period prior to 1970 has not been available before, academics and stock market participants have not known the historical return that stock market investors in Finland could have achieved on their investments. The new stock market index presented in essay 4 makes it possible, for the first time, to calculate the historical average return on the Finnish stock market and to conduct further studies that require long time-series of data.

Investigations of superconducting bismuth cuprates of the general formula Bi2-xPbx(Ca,Sr,Y)n 1 Cun O2n 4 δ

In the (Bi,Pb)-Sr-Cu-O system we have examined many compositions which are either metallic or semiconducting. In the Bi2-xPbx(Ca, Sr)n+1 Cun O2n+4+δ system, we have established the superconducting properties of the n = 1 to 4 members. The Tc increases from n = 1 to 3 and does not increase further when n = 4. In Bi2Ca1-x,YxSr2Cu2Oy, the Tc decreases with increase in x.

Syntheses based on cyclohexadienes. Part 2. Convenient synthesis of 6-alkylsalicylates, 6-alkyl 2,4-dihydroxybenzoate, and 2,5-dialkylresorcinols

A one pot synthesis of 6-alkylsalicylates and 6-alkyl-2,4- dihydroxybenzoates is described. Cycloaddition of 1-methoxycyclohexa-1,4- or 1,3-dienes with alkylpropiolic esters results in the regio-specific formation of 2-alkyl-6-methoxybenzoates. Thus, methyl 2-methoxy-6-methyl benzoate, methyl 2,4-dimethoxy-6-methylbenzoate, methyl 2,5-dimethoxy-6-methylbenzoate, methyl 2-methoxy-4,6-dimethylbenzoate, and ethyl 2-butyl-4,6-dimethoxybenzoate, have been prepared. By making use of this method, the synthesis of two dihydroisocoumarins namely (±)-mellein (12) and (±)-6-methoxy- mellein (14) is described. Employing a similar strategy, a novel route to 2,5-dialkylresorcinols has been developed. Stemphol (24b) and the antibiotic DB2073 (24d) have been synthesized.

2,4-Dichloro-7,8-dimethylquinoline

There are two independent molecules in the asymmetric unit of the title compound, C11H9Cl2N, both of which are essentially planar [maximum deviations of 0.072 (5) and 0.072 (7) angstrom]. In the crystal structure, weak pi-pi stacking interactions [centroid-centroid distances = 3.791 (3) angstrom and 3.855 (3) angstrom] link pairs of molecules.

3-[(2-Chloro-6-methylquinolin-3-yl)methyl]quinazolin-4(3H)-one

In the title molecule, C19H14ClN3O, the quinoline and quinazoline ring systems form a dihedral angle of 80.75 (4)degrees. In the crystal, the molecules are linked by pairs of C-H center dot center dot center dot N hydrogen bonds into centrosymmetric dimers, generating R-2(2)(6) ring motifs. The structure is further stabilized by C-H center dot center dot center dot pi interactions and pi-pi stacking interactions [centroid-centroid distances = 3.7869 (8) and 3.8490 (8) angstrom].

Domännamnstvister och ond tro - En rättslig analys av UDRP, särskilt med tanke på begreppet ond tro i artikel 4.a.iii

Internets ökade betydelse gjorde att företagen började inse vilka problem som kan uppstå av att en webbsida med ett domännamn i form av deras varumärke olovligen handhas av en utomstående part. Konflikterna blev därför fler medan existerande tvistlösningsmekanismer ansågs dyra, tungrodda och ineffektiva. Ur detta behov föddes sedermera Uniform Domain Name Dispute Resolution Policy (UDRP). Detta internationella tvistlösningsförfarande skapades för att tillämpas på s.k. cybersquatting, dvs. situationer där domännamn, som inkräktar på andras varu- eller servicemärken, registreras i ond tro t.ex. för framtida försäljning. Jag granskar i denna avhandling huvudsakligen förutsättningarna för överföring eller upphävning av domännamnsregistreringar i enlighet med UDRP, varför jag fokuserar på artikel 4.a och då i synnerhet på innebörden av begreppet ”registrering och användning i ond tro”. Arbetet bygger huvudsakligen på en analys av de avgöranden som fattats inom ramen för UDRP. Syftet är att genom en systematisk undersökning av tillämpningen av begreppet ond tro beskriva och utvärdera rättstillämpningen inom UDRP. De granskade avgörandena är 396 st. till antalet och har meddelats under tidsperioden 14.1.2000-15.8.2001.

Extending lagrange interpolation to develop a 4-node quadrilateral element

Today finite element method is a well established tool in engineering analysis and design. Though there axe many two and three dimensional finite elements available, it is rare that a single element performs satisfactorily in majority of practical problems. The present work deals with the development of 4-node quadrilateral element using extended Lagrange interpolation functions. The classical univariate Lagrange interpolation is well developed for 1-D and is used for obtaining shape functions. We propose a new approach to extend the Lagrange interpolation to several variables. When variables axe more than one the method also gives the set of feasible bubble functions. We use the two to generate shape function for the 4-node arbitrary quadrilateral. It will require the incorporation of the condition of rigid body motion, constant strain and Navier equation by imposing necessary constraints. The procedure obviates the need for isoparametric transformation since interpolation functions are generated for arbitrary quadrilateral shapes. While generating the element stiffness matrix, integration can be carried out to the accuracy desired by dividing the quadrilateral into triangles. To validate the performance of the element which we call EXLQUAD4, we conduct several pathological tests available in the literature. EXLQUAD4 predicts both stresses and displacements accurately at every point in the element in all the constant stress fields. In tests involving higher order stress fields the element is assured to converge in the limit of discretisation. A method thus becomes available to generate shape functions directly for arbitrary quadrilateral. The method is applicable also for hexahedra. The approach should find use for development of finite elements for use with other field equations also.

4,4′-Bipyridyl complexes of iron: Magnetic, Mössbauer and other spectroscopic studies

4,4prime-Bipyridyl (4,4prime-bipy) complexes of ferrous salts of the Fe(4,4prime-bipy)x(anion)y type (where x or y=1 or 2) and of ferric salts of the Fe(4,4prime-bipy)m(anion)n type (where m=1 or 2 and n=3) have been synthesised. Elemental analyses, i.r. and electronic spectra, magnetic and Mössbauer studies have been performed to characterize the complexes. 4,4prime-Bipy and some anions are inferred to act as bridging ligands. The magnetic moments, electronic and Mössbauer spectra suggest that the complexes are of high spin type with distorted octahedral structures. The value of the isomer shift and quadrupole splitting are discussed in terms of bonding of the ligand and anions.

Open manifolds, Ozsvath-Szabo invariants and exotic R-4 ` S

We construct an invariant of certain open four-manifolds using the Heegaard Floer theory of Ozsvath and Szabo. We show that there is a manifold X homeomorphic to R-4 for which the invariant is non-trivial,showing that X is an exotic R-4. This is the first invariant that detects exotic R-4' s. (C) 2009 Published by Elsevier GmbH.

Synthesis of Poly(1,4-Divinylbenzene Peroxide)

Polymeric peroxides have received renewed attention in the recent past, in view of some significant explorations of their physical and chemical properties. The potential of polymeric peroxides as a class, as specialized fuel, and the need to synthesize such new materials have been reported in the literature. So far, this class of polymers is constituted only by a dozen or so polyperoxides. From the point of view of their use in propellant applications, the importance lies in making materials which are easy to handle etc., unlike the earlier reported poly(styrene peroxide) (PSP), a sticky semi-solid mass. However, judging from the better combustion characteristics, exploring aromatic monomers was thought worthwhile. In this preliminary communication, the synthesis of a new polymeric peroxide made from 1,4-divinylbenzene is reported. The polymer obtained was in powder form and had an exothermic heat of degradation approximately equal to that of PSP. 4 ref.--AA

Non-periodic tilings in 2-dimensions with 4, 6, 8, 10 and 12-fold symmetries

The two dimensional plane can be filled with rhombuses, so as to generate non-periodic tilings with 4, 6, 8, 10 and 12-fold symmetries. Some representative tilings constructed using the rule of inflation are shown. The numerically computed diffraction patterns for the corresponding tilings are also shown to facilitate a comparison with possible X-ray or electron diffraction pictures.

Novel organic porous solids with channel and layered structures from 1,3,5-triazine-2,4,6-triaminehexaacetic acid and its calcium salt

Single crystals of a symmetrically substituted molecule, 1,3,5-triazine-2,4,6-triaminehexaacetic acid, (TTHA) and its Ca2+ salt have been synthesized, the analysis of which reveals the existence of novel channel type cavities and helical packing organizations in the crystals.

Molecular and crystal structure of 4-ethynylcyanobenzene. An example of Csingle bondHcdots, three dots, centeredN hydrogen bonding

The molecular and crystal structures of 4-ethynylcyanobenzene arereported. The packing of molecules in the crystal is found to be homologous with the crystal structures of HCN, cyanoacetylene and 4-cyano-4'-ethynylbiphenyl. Alternatively, these four crystals could be said to constitute a structural homologous series. The influence of C-H center dot center dot center dot N hydrogen bonding in directing a linear supramolecular arrangement of molecules with ethynyl and cyano groups at opposite ends, is illustrated. (C) 2010 Elsevier B.V. All rights reserved.