Purpose –This paper analyzes the valuation of stock options from the perspective of an employee exhibiting preferences as described by Cumulative Prospect theory (CPT). In addition, it elaborates on their incentives effect and some implications in terms of design aspects. Design/methodology/approach – The paper draws on the CPT framework to derive a continuous time model of the stock option sub...

Sector funds are an important and growing segment of the mutual fund industry. This paper analyzes the performance of 609 actively managed stock sector funds listed on the CRSP Survivor-Bias Free US Mutual Fund Database during 1972-1999. We use a five-factor model to document the following results. First, sector funds as a group neither outperform nor underperform their benchmarks. Second, sect...

This study focuses on two Mediterranean beech forests located in northern and southern Italy and therefore subjected to different environmental conditions. The research goal was to understand C storage in the forest floor and mineral soil and the major determinants. Relative to the northern forest (NF), the southern forest (SF) was found to produce higher amounts of litterfall (4.3 vs. 2.5 Mg·h...

the incidence of grapevine virus a (gva) is reported from almost all of the major grapevine growing regions in iran. grapevine is vegetatively propagated by rooting of cuttings or grafting. in such plants, viral diseases are transmitted from stock plants to the progeny. therefore, the control of grapevine viruses can be achieved primarily through production of healthy stock plants. in the p...

introduction: the aim of this study was to evaluate the effect of dentin on the antifungal activity of gray and white-colored mta (gmta, wmta) using a tube-dilution test. materials and methods: mta preparations were tested freshly mixed and after 24h on candida albicans (ca). the experiment was performed in 24-well culture plates. fifty wells were used and divided into four experimental groups ...

We use duration models on a well-known historical data set of more than 15,000 families and 60,000 births in England for the period 1540-1850 to show that the sampled families adjusted the timing of their births in accordance with the economic conditions as well as their stock of dependent children. The effects were larger among the lower socioeconomic ranks. Our findings on the existence of pa...

Shoulder arthroplasty is one of the fastest-growing fields in orthopedic surgery. Deficiency of the glenoid or humeral bone stock is a major challenge that can result from degenerative arthritis, component loosening or extraction, fracture, or malignancy. Approximately 15% of primary reconstructions will require bone grafting, and the rate is higher for revisions. The authors present a systemat...

Copulae is a growing field of interest and application for dependency modelling. There is however no predominant way of choosing the copula model that best fits a given data set. We introduce a new goodness-of-fit test, based on the probability integral transform. The test is consistent, numerically efficient and incorporates a weighting functionality. Results show that the test performs well a...