As a thunderstorm approaches a fixed asset (90% of the time) where people are located, VHF cloud lightning mapping provides 10s of minutes of lead time before the first cloud-to-ground strokes reach this asset. At times when a thunderstorm develops directly over the fixed asset (~10% of the time), the cloud flash detection efficiency exceeding 90% maximizes lead time during thunderstorm growth ...

We present a dynamical theory of asset price bubbles that exhibits the appearance of bubbles and their subsequent crashes. We show that when speculative trends dominate over fundamental beliefs, bubbles form, leading to the growth of asset prices away from their fundamental value. This growth makes the system increasingly susceptible to any exogenous shock, thus eventually precipitating a crash...

The Great Moderation refers to the fall in U.S. output growth volatility in the mid-1980s. At the same time, the United States experienced a moderation in inflation and lower average inflation. Using annual data since 1890, we find that an earlier, 1946 moderation in output and consumption growth was comparable to that of 1984. Using quarterly data since 1947, we also isolate the 1969–83 Great ...

This paper analyses entrepreneurial orientation (EO) in multinational corporations (MNCs) and develops a new typology of MNC EO based on combining R&D and asset growth investment intensities as orthogonal resource allocations. A cluster analysis of US MNCs on these two dimensions reveals three types of entrepreneurial stance: conservative, aggressive-asset growth and balanced. Internal knowledg...

In this paper we develop a theoretical model in order to understand co-movements between asset returns and consumption over short and long horizons. We present an intertemporal general equilibrium model featuring two types of shocks: "small", frequent and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock. The latt...

the main purpose of this paper is to investigate the performance of nigerian insurance companies using data envelopment analysis (dea). because of the unavailability of the required data, the study is limited to ten nigerian insurance companies for the period of five years from 2008 to 2012. the input employed were commission expenses and management expenses, while premium and investment income...

I study the effect of improved financial intermediation on the process of capital accumulation by augmenting a standard model with a general contract space. With the extra contracts, intermediaries endogenously begin using roscas, or rotating savings and credit associations. These contracts allow poor agents, previously credit rationed, access to credit. As a result, agents work harder and tota...

We explore the impact of investment-specific technology (IST) shocks on the crosssection of stock returns. IST shocks reflect technological advances embodied in new capital goods. Using a structural model, we show that IST shocks have a differential effect on the two fundamental components of firm value, the value of assets in place and the value of growth opportunities. This differential sensi...

In this paper we take up Bayesian inference for the consumption capital asset pricing model. The model has several econometric complications. First, it implies exact relationships between asset returns and the endowment growth rate that will be rejected by all possible realizations. Second, it was thought before that it is not possible to express asset returns in closed form. We show that Labad...