This study investigates whether the adverse e¤ects of investors’behavioral biases extend beyond the domain of …nancial markets to the broad macro-economy. We focus on the risk sharing (or income smoothing) role of …nancial markets and demonstrate that risk sharing levels are higher in U.S. states in which investors have higher cognitive abilities and exhibit weaker behavioral biases. Further, s...

Treating a synthetic wastewater containing phenol as the sole substrate at 26°C, an upflow anaerobic sludge blanket reactor was able to remove over 98% of phenol up to 1,260 mg/l in wastewater with 12 h of hydraulic retention time, corresponding to 6.0 g-COD/(l·day). Results showed that benzoate was the key intermediate of phenol degradation. Conversion of benzoate to methane was suppressed by ...

An approach to exponential smoothing that relies on a linear single source of error state space model is outlined. A maximum likelihood method for the estimation of associated smoothing parameters is developed. Commonly used restrictions on the smoothing parameters are rationalised. Issues surrounding model identi…cation and selection are also considered. It is argued that the proposed revised ...

Income smoothing is defined as the deliberate normalization of income in order to reach a desired trend. If the smoothing causes more information to be reflected in the stock price, it is likely to improve the allocation of resources and can be a critical factor in investment decisions. This study aims to build metrics to determine the degree of smoothing in Brazilian public companies, to class...

Learning may alter rapidly the output organization of adult motor cortex. It is a long-held hypothesis that modification of synaptic strength along cortical horizontal connections through long-term potentiation (LTP) and long-term depression (LTD) forms one important mechanism for learning-induced cortical plasticity. Strong evidence in favor of this hypothesis was provided for rat primary moto...

This paper study about using of nonparametric models for Gross National Product data in Turkey and Stanford heart transplant data. It is discussed two nonparametric techniques called smoothing spline and kernel regression. The main goal is to compare the techniques used for prediction of the nonparametric regression models. According to the results of numerical studies, it is concluded that smo...

Sensorimotor integration is altered in people with chronic pain. While there is substantial evidence that pain interferes with neural activity in primary sensory and motor cortices, much less is known about its impact on integrative sensorimotor processes. Here, the short latency afferent inhibition (SAI) paradigm was used to assess sensorimotor integration in the presence and absence of experi...

The median nerve N20 and P22 SEP components constitute the initial response of the primary somatosensory cortex to somatosensory stimulation of the upper extremity. Knowledge of the underlying generators is important both for basic understanding of the initial sequence of cortical activation and to identify landmarks for eloquent areas to spare in resection planning of cortex in epilepsy surger...

This paper presents a smoothing data association algorithm for a single target tracking in clutter. The proposed algorithm fuses the forward estimates and all the available measurement information retrodictions (but not backward track estimates) within the smoothing window to obtain the smoothed estimates. The measurement information retrodictions are obtained using the one-step-backward inform...