We show that the standard equation-by-equation OLS used in performance evaluation ignores information in the alpha population and leads to severely biased estimates for the alpha population. We propose a new framework that treats fund alphas as random effects. Our framework allows us to make...

Hundreds of papers and hundreds of factors attempt to explain the cross-section of expected returns. Given this extensive data mining, it does not make any economic or statistical sense to use the usual significance criteria for a newly discovered factor, e.g., a t-ratio greater than 2.0....

We first introduce the status quo of the development of vegetable industry in Hebei Province, and then conduct empirical analysis of the development of vegetable industry in Hebei Province. Further, we analyze the development advantage of the vegetable industry in Hebei Province using SAI (Scale...

Our results suggest that the benefit policy change did not impact life-saving procedures or reduce patients’ burden of disease among AMI patients. The effect of ‘provider gaming’ was the strongest for the high reimbursement group as a result of the global budget cap pressure. The current...

In this paper we present a cellular automata (CA) model based on nonlinear kernel principal component analysis (KPCA) to simulate the spatiotemporal process of urban growth. As a generalisation of the linear principal component analysis (PCA) method, the KPCA method was developed to extract the...

Hundreds of papers and hundreds of factors attempt to explain the cross-section of expected returns. Given this extensive data mining, it does not make any economic or statistical sense to use the usual significance criteria for a newly discovered factor, e.g., a t-ratio greater than 2.0....

Drawing on social identity theory, we hypothesize that professionals develop their organizational and work-unit identifications through organizational prestige and work-unit prestige respectively. We further hypothesize that professional status negatively interacts with organizational prestige...

Using a sample of US bank mergers from 1995 to 2012, we observe that the pre-post merger changes in CEO bonus are significantly negatively related to the strength of corporate governance within the bidding bank. This suggests that bonus compensation is not consistent with the “optimal...

The global financial crisis has left a large private sector debt overhang and high levels of non- performing loans (NPLs) in several European countries. Small and medium-size enterprises (SMEs) represent a significant and weak segment of the nonfinancial corporate sector. SMEs face a number of...

Grain production core area is key region of modern agricultural development in China. Through summarizing related literature about grain production area and modern agricultural development researches both at home and abroad, it obtained characteristics and existing problems in the modern...