Size and liquidity effects in Nigeria: an industrial sector study

This study estimates liquidity premiums using the recently developed Liu (2006) measure within a multifactor capital asset pricing model (CAPM) including size premiums and a time varying parameter model for the West African emerging market of Nigeria. The evidence suggests that liquidity factors are relevant only for financial and basic materials sector stocks while size factor is more generally relevant in explaining the cross section of stock returns in the Nigerian domestic equity market. Costs of equity estimates are high further underlining the limitations of this market as a capital-raising venue in contrast to the dominant banking sector

Global attracting sets and exponential stability of nonlinear uncertain differential equations

Uncertain differential equation is a type of differential equation driven by canonical Liu process. By applying some uncertain theories, the sufficient conditions of the exponential stability in mean square is obtained for nonlinear uncertain differential equations. At the same time, some new criteria ensuring the existence of the global attracting sets of considered equations are presented

Load/Price Forecasting and Management of Demand Response for Smart Grids: Methodologies and Challenges

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Stability and Hopf bifurcation analysis of a distributed time delay energy model for sustainable economic growth

This paper examines the consequences of including distributed delays in an energy model. The stability behaviour of the resulting equilibrium for our dynamic system is analysed, including models with Dirac, weak and strong kernels. Applying the Hopf bifurcation theorem we determine conditions under which limit cycle motion is born in such models. The results indicate that distributed delays have an ambivalent impact on the dynamical behaviour of systems, either stabilizing or destabilizing them

A Case for Taxing Education

We illustrate a novel informational feature of education, which the government may utilize. Discretionary decisions of individuals to acquire education may serve as an additional signal (to earned labor income) on the underlying unobserved innate earning ability, thereby mitigating the informational constraint faced by the government. We establish a case for taxing education, as a supplement to the labor income tax.optimal taxation, re-distribution, education, inequality

UNCERTAIN CONTROLLABILITY AND OBSERVABILITY OF AN OPTIMAL CONTROL MODEL

The interest of this paper is to examine the controllability and observ- ability of control system in the con�guration state-space of uncertain optimal con- trol system. The control system is designed based on the realization of capital asset values where a special case of asset management is modelled and optimized. Thus some necessary and su�cient conditions of the controllability and observability of the deterministic systems and the corresponding uncertain systems for the case of uncertain optimal control system with application in capital asset management is considered

Archimedean Copulae and Positive Dependence.

In the first part of the paper we consider positive dependence properties of Archimedean copulae. Especially we characterize the Archimedean copulae that are multivariate totally positive of order 2 (MTP2) and conditionally increasing in sequence. In the second part we investigate conditions for binary sequences to admit an Archimedean copula.Conditionally increasing, MTP2, positive lower orthant dependent, exchangeability, binary sequences.