Researchers often refer to investment habitats/categories to explain the patterns of comovement in asset returns that cannot be fully clarified by fundamentals. Many factors determine these habitats including investor preferences to size, industry, price-levels and risk-levels. This paper investigates a unique method to explore investment habitat based on the search behavior of investors on the...

This study extends from Liu and Mei (1992) by further investigation of assets, real estate related securities, which includes both equity and mortgage real estate investment trusts (REITs), the stocks of builderand owner-companies, and mortgagebacked securities (MBSs). There are five major findings. First, expected excess returns of real estate related securities are more predictable than the e...

The standardized assessments of HIV-specific immune responses are of main interest in the preclinical and clinical stage of HIV-1 vaccine development. In this regard, HIV-1 Env-pseudotyped viruses play a central role for the evaluation of neutralizing antibody profiles and are produced according to Good Clinical Laboratory Practice- (GCLP-) compliant manual and automated procedures. To further ...

We find that on average an announcement of rising unemployment is “good news” for stocks during economic expansions and “bad news” during economic contractions. Thus stock prices usually increase on news of rising unemployment, since the economy is usually in an expansion phase. We provide an explanation for this phenomenon. Unemployment news bundles two primitive types of information relevant ...

We examine whether short sellers predominantly target stocks with recent price declines, amplifying the price decline and resulting in prices falling below fundamental values, or target apparently overpriced stocks facilitating prices that reflect fundamental values. We find evidence of short-sellers holding significant positions in stocks following price declines, and of short-sellers increasi...

Previous studies find that small stocks have higher average returns than large stocks, and the difference between the returns can not be accounted for by the systematic risk, b. In my analysis of Compustat and CRSP data from 1976 to 1995, and simulation experiments based on the data, I find the size effect can be largely explained by data truncation that is caused by survival. Small stocks’ ret...

This white paper lays out some foundational information about different approaches to safety: how various industries differ in their approaches to safety engineering, and a comparison of three general approaches to safety (system safety, industrial safety engineering, and reliability engineering). An attempt is made to lay out the properties of industries and systems that make one approach more...

This study contrasts the call and continuous auction methods using Taiwan Stock Exchange data. Volatility under the call market method is approximately one-half of that under the continuous auction method. The call market method is more effective in reducing the volatility of high-volume stocks than low-volume stocks. This contradicts conventional wisdom which suggests that the call market meth...

common stock is the most important and popular instrument in our capital market. every day, large volumes of stocks are traded on the tehran stock exchange and their ownership is transferred from one investor (natural or fictitious persons) to others. 'sales' is the term commonly used for this act in capital market and among investors. our hypothesis is that the common stocks could be...