Employing a new proxy for liquidity, this paper examines its impact on stock returns in the context of the Fama-French framework. We augment the Carhart four-factor model with a liquidity factor and employ individual and system regression techniques. Using an extensive dataset drawn from the Australian equities market, we find a significant illiquidity premium and evidence that liquidity explai...

We analyze the trading activity in an Internet chat room with approximately 1,300 participants. Traders make posts in real time about their activities. We find these traders are more skilled than retail investors analyzed in other studies. 55% make profits after transaction costs, and they earn $153 per trade. Traders hold their winners 25% longer than their losers. They have statistically sign...

We demonstrate, using data for the period 1954-2003, that di¤erences in exposure to consumption risk explains cross sectional di¤erences in average excess returns (cost of equity capital) across the 25 benchmark equity portfolios constructed by Fama and French (1993). We use yearly returns on stocks to take into account well documented within year deterministic seasonal patterns in returns, mea...

In free-space optical communication links using intensity modulation and direct detection (IM/DD), atmospheric turbulence-induced intensity fluctuations can significantly impair link performance. Communication techniques can be applied to mitigate turbulence-induced intensity fluctuations (i.e., signal fading) in the regime in which the receiver aperture 0 is smaller than the fading correlation...

We ask: how many bits of information (in the Shannon sense) do we get from a set of EIT measurements? Here, the term information in measurements (IM) is defined as: the decrease in uncertainty about the contents of a medium, due to a set of measurements. This decrease in uncertainty is quantified by the change from the inter-class model, q, defined by the prior information, to the intra-class m...

Helicobacter pylori infection is the main risk factor for intestinal metaplasia (IM) and gastric cancer development. IM is a pre-neoplastic lesion, induced by the transcription factor CDX2, where the gastric mucosa is converted to an intestinal phenotype. We previously demonstrated that key elements of the bone morphogenetic protein (BMP) pathway co-localize with CDX2 in IM and upregulate CDX2 ...

In the next decades, it is necessary to forge new late-universe cosmological probes precisely constrain Hubble constant and equation of state dark energy simultaneously. this work, we show that four typical probes, 21 cm intensity mapping (IM), fast radio burst (FRB), gravitational wave (GW) standard siren, strong lensing (SGL), are expected be forged into useful tools in solving tension explor...

BACKGROUND AND AIMS Postoperative ileus is a common and poorly understood problem of abdominal surgery. The aim of this study was to measure postoperative intestinal transit and to evaluate bowel wall perfusion by a novel in vivo indocyanine green (ICG)-fluorescence measurement following intestinal manipulation (IM). METHODS Rats underwent a simple intestinal manipulation. Myeloperoxidase-pos...

background: little is known about the influence of habitual participation in physical exercise and diet on upper-extremity physical function in older adults. to assess the relationship of general physical exercise and diet to upper-extremity physical function and pain intensity in older adults.   methods: a cohort of 111 patients 50 or older completed a sociodemographic survey, the rapid assess...