Theory suggests that the risk of infrequent yet extreme events has a large impact on asset prices. Testing models of this hypothesis remains a challenge due to the difficulty of measuring tail risk fluctuations over time. I propose a new measure of time-varying tail risk that is motivated by asset pricing theory and is directly estimable from the cross section of returns. My procedure applies H...

The aim of this study was to evaluate the knowledge and practices of minimal intervention dentistry (MID) in the teaching hospitals of Lahore. The target population for this cross-sectional study consisted of fresh graduates, house surgeons and demonstrators of Restorative Dentistry in the dental schools of Lahore. The questionnaire was prepared to assess the teaching and concepts of minimal in...

Our objective in this article is to study analytically the effect of borrowing constraints on asset returns in an economy where agents are heterogenous with respect to their risk aversion. We use asymptotic analysis to characterize the equilibrium in a general equilibrium exchange economy with an arbitrary number of agents who differ in their risk aversion and face limits on borrowing. We find ...

Objective: To study the prevalence of Post Partum Depression (PPD)in Indian women and to evaluate the risk factors for the development of PPD. Materials And Methods: This cross-sectional study was done among 278 novel mothers (post delivery 10 days to 3 months) attending post partum clinics of K.P.C.Medical College & Hospital. Socio-economic factors and detailed obstetric variables were assesse...

The cross-section of realized return volatilities of US equities between 1965-2004 is well described by a linear factor structure. We show that the identified factor structure has important cross-sectional pricing implications for variance swap contracts. The principal volatility factor accounts for almost 40% of the cross-sectional variation in realized stock volatilities and earns a significa...

This paper provides empirical evidence that firm size, liquidity, and Value-at-Risk (VaR) explain the cross-sectional variation in expected returns, while market beta and total volatility have almost no power to capture the cross-section of expected returns at the firm level. The strong positive relation between average returns and VaR turns out to be robust across different investment horizons...

In this paper we develop a continuous-time general equilibrium model in a representative exchange economy with incomplete information. We show, in a multiple assets setting, that state uncertainty risk is priced and commands additional (state-dependent) premium. It is affected by both the investor’s estimate of the state of the economy, as well as the uncertainty about her estimation. Moreover,...

This paper contributes to the debate about the extent to which liquidity risk affects asset prices. Motivated by evidence on downward liquidity spirals, flights to liquidity and investor perceptions of risk, we develop and test a liquidity-adjusted capital asset pricing model in which the key innovation is separating liquidity risk into asymmetric upside and downside risks. Our model bridges th...

Method: A population-based cross-sectional study involving 350 adults was used. Information was obtained on background characteristics and risk factors of HPT defined as a systolic BP≥140 mmHg and/or a diastolic BP≥ 90 mmHg. Anthropometric indices and blood pressure were measured following standard procedures. Chi-square and binary logistic regression were used to determine associations between...

In this research, we examined the effects of (1) business-related and strategic IT-related knowledge of the chief information officer (CIO) and the top management team (TMT) and (2) engagements between the CIO and members of the top management team on firms’ success in using information technology (IT) to support their business strategies and value-chain activities. Using a cross-sectional fiel...