RATIONALE The relationship between stocks of fin whales inhabiting the temperate eastern North Atlantic and the Mediterranean Sea is subject to controversy. The use of chemical markers facilitates an alternative insight into population structure and potential borders between stocks because the two areas present dissimilar isotopic baselines. METHODS Baleen plates, composed of inert tissue tha...

I study a simple market microstructure model in a competitive setting where rational risk neutral investors anticipate becoming liquidity sellers (they are forced to sell with a certain probability) and paying transaction costs (adverse selection costs as well as fixed and/or proportional cost) at some future date. To buy stocks in the IPO they must be compensated for expected future trading lo...

In this study, we built a network for the US stock market based on the correlation of different stock returns. Community detection techniques were then applied to the constructed correlation network. The resulting communities were consistent with the identified market sections using Standard Industrial Classification code, which demonstrates that performances of public stocks within the same se...

where u1 is the proportion of the portfolio held in stocks, and u2 is the consumption rate. Evidently it is natural to take 0 ≤ u1 ≤ 1 and u2 ≥ 0, but in fact we shall allow −∞ < u1 <∞. If u1 > 1 then the cash part of the portfolio is negative, so we are borrowing money to buy stocks. If u1 < 0 then the stock part of the portfolio is negative, so we are so called shorting the stock. The goal is...

In a stock market, numerous stock prices move under a high level of randomness and some regularity. Some stocks exhibit strong correlation to other stocks. A strong correlation among eminent stocks should result in a visible global pattern. However, the networks of such correlation are unstable and the patterns are only temporal. In such a condition, a detailed description of the network may no...

Why is a portfolio sometimes valued less than the sum of its underlying components? In this paper, I provide a novel explanation for this question by utilizing closed-end funds, mergers and acquisitions, and conglomerates, where the value of the aggregate portfolio and the values of the underlying components can be separately evaluated. Inspired by the model of Barberis and Huang (2008), in whi...

Over the past 75 years, common stocks performed better under Democrats, while U.S. government bonds and Treasury (T) bills performed better under Republicans. Using a mean-variance framework, we find that Democrats provide better risk-reward opportunities for portfolios weighted toward stocks, while Republicans provide better tradeoffs for portfolios weighted toward government bonds and T-bills...