This study analyzes the market quality differences, in terms of liquidity and volatility, between Real Estate Investment Trusts (REITs) and non-REIT common stocks. The 2008 financial crisis has significantly influenced the market quality for REITs. Our findings reveal intraday patterns indicating a lower liquidity, higher volatility, and greater price impact for REITs than nonREITs for pre-cris...

Despite the liberalization of capital ‡ows among OECD countries, equity home bias remains sizable, but is now less severe than in earlier decades; as a result, ‡uctuations in returns on foreign assets have a substantial e¤ect on countries’wealth. As documented in this paper, changes in net foreign asset positions (NFA) are highly volatile, serially uncorrelated and countercyclical. We show that...

In this paper, I study the behavior of an investor with unit risk aversion who maximizes a utility function defined over the mean and the variance of a portfolio’s return. Conditioning information is accessible without cost and an unconditionally riskless asset is available in the market. The proposed approach makes it possible to compare the performance of a benchmark tangency portfolio (forme...

Verticillium wilt is a serious disease of pistachio caused by Verticilliumdahliae. Control of the disease is difficult due to soil borne nature of the causal agent. Verticillium wilt has been biologically controlled by Trichoderma spp. In the present study, Trichoderma spp. was isolated from soils of pistachio orchards and their effect was investigated on radial growth of Verticillium dahliae b...

Marshall’s asset equilibrium model provides a way of explaining the identity of entrepreneurs. Keynes adopted this model but transformed it when he emphasized the short-period and volatile character of long-term expectations. This entails a view of entrepreneur identity in which radical uncertainty plays a central role. This in turn deepens the post Keynesian view of uncertainty as ontological ...

BACKGROUND The burden of pneumonia continues to be substantial, particularly among the poorest in global society. We describe here the trends for UK pneumonia R&D investment and published outputs, and correlate with 2013 global mortality. METHODS Data related to awards to UK institutions for pneumonia research from 1997 to 2013 were systematically sourced and categorised by disease area and t...