This paper explains within simple arguments why the physics of granular gas has to be understood in a new way, different to the one proposed by P. Haff, and able to describe the energy delivered to it and dissipated by it. This requires to take into account the difference in the mean particle speed in the + and – ways of the excitation direction. These different means V+ (= Σmv+ /Σm) and V-(= Σ...

The history of gastrin began in 1905 when Edkins observed than an extract of gastric antral mucosa proved to have extraordinary potency in stimulating gastric acid secretion. Approximately 60 years later gastrin was isolated and characterised by Gregory and Tracy (1964). It is composed of a single peptide chain of 17 amino-acids (G17) with a molecular weight of 2100. Two forms of gastrin, I and...

I document that government debt is related to risk premia in various asset markets: (i) the debt-to-GDP ratio positively predicts excess stock returns with out-of-sample R2 up to 30% at a five-year horizon, outperforming many popular predictors; (ii) the debt-to-GDP ratio is positively correlated with credit risk premia in both corporate bond excess returns and yield spreads; (iii) higher debt-...

Article history: Received 10 May 2013 Received in revised form 2 September 2014 Accepted 2 September 2014 Available online 11 September 2014 The study investigates the relative performance of Value-at-Risk (VaR) models using daily share price index data from six different countries across Asia, Europe and the United States for a period of 10 years from January 01, 2000 toDecember 31, 2009. Them...

Expected Shortfall (ES) is the average return on a risky asset conditional on the return being below some quantile of its distribution, namely its Value-at-Risk (VaR). The Basel III Accord, which will be implemented in the years leading up to 2019, places new attention on ES, but unlike VaR, there is little existing work on modeling ES. We use recent results from statistical decision theory to ...