We investigate how intertemporal allocation of monetary rewards is influenced by the size of total budget, with a particular interest in the channels of influence. We find a significant magnitude effect: the budget share allocated to the later date increases with the size of the budget. At the...

This study analyses how liquidity risk affects bonds' yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has...

We examine the additivity of stock-market expectations over different time intervals. When asked about a ten-year interval, survey respondents expect a stock-price change that is not equal to, but closer to zero than, the sum of their expectations over two shorter time intervals that cover the...

We examine the additivity of stock-market expectations over different time intervals. When asked about a ten-year interval, survey respondents expect a stock-price change that is not equal to, but closer to zero than, the sum of their expectations over two shorter time intervals that cover the...

The anaerobic fermentation experiments were carried out on a self-manufactured bench scale anaerobic digester with pig dung as feed material. Under mesophilic digestion condition, effects of different solid concentration of feed on characteristics of biogas production were investigated. Results...

The tensile crack initiation and propagation of M50 bearing steel were investigated. It is found that the primary carbides were fractured during the tensile test by in situ SEM, while decohesion of the carbide/matrix interface was hardly observed. In order to capture the initial tensile crack,...

The irrigation districts of the upper Yellow River basin face a progressive reduction of water allocation and the need to apply water-saving practices due to increasing water scarcity. The adoption of such practices will lead to lower water tables, hopefully in conjunction with controlled soil...

We examine the additivity of stock-market expectations over different time intervals. When asked about a ten-year interval, survey respondents expect a stock-price change that is not equal to, but closer to zero than, the sum of their expectations over two shorter time intervals that cover the...