A Stochastic discount factor approach to asset pricing using panel data asymptotics

Using the Pricing Equation in a panel-data framework, we construct a novelconsistent estimator of the stochastic discount factor (SDF) which relies on thefact that its logarithm is the "common feature" in every asset return of theeconomy. Our estimator is a simple function of asset returns and does notdepend on any parametric function representing preferences.The techniques discussed in this paper were applied to two relevant issues inmacroeconomics and finance: the first asks what type of parametric preference-representation could be validated by asset-return data, and the second askswhether or not our SDF estimator can price returns in an out-of-sample forecasting exercise.In formal testing, we cannot reject standard preference specifications used inthe macro/finance literature. Estimates of the relative risk-aversion coefficientare between 1 and 2, and statistically equal to unity.We also show that our SDF proxy can price reasonably well the returns ofstocks with a higher capitalization level, whereas it shows some difficulty inpricing stocks with a lower level of capitalization.

Do anti-poverty policies sway voters? Evidence from a meta-analysis of conditional cash transfers

Since the 1990s, many governments in middle and low-income countries have used conditional cash transfers to alleviate poverty. However, the evidence of the electoral consequences of this type of anti-poverty intervention remains inconclusive. Do voters reward politicians when they implement conditional cash transfers? This study conducts a meta-analysis using a sample of 10 randomized controlled trials and regression discontinuity designs (35 estimates from six countries in Latin America and Asia) to address this question. The result shows a positive effect of conditional cash transfers on voter support for the incumbents and no evidence of publication bias in the selected sample. Estimated effect sizes tend to be larger in observational studies, unpublished manuscripts, and articles published in political science. These results provide more conclusive evidence that poor voters also respond to non-clientelistic strategies of electoral targeting in developing countries

Predacious activity of Arthrobotrys spp isolates on infective Cooperia punctata larvae

Experimentos laboratoriais foram realizados para investigar a capacidade de isolados de fungos predadores das espécies Arthrobotrys musiformis (isolado 3), A. conoides (isolado A) e A. robusta (isolados B e E) de predar e matar larvas infectantes de Cooperia punctata. Dois grupos foram formados para o teste de cada isolado: grupo 1, fungos e larvas infectantes e grupo 2, larvas infectantes (controle). Houve diferença estatisticamente significativa (p<0,05) entre a atividade predatória do isolado E de A. robusta, quando comparado com todos os outros isolados de Arthrobotrys spp (isolados A, B e 3). Nenhuma diferença estatística (p>;0,05) foi encontrada entre o isolado E e o grupo controle. Isto pode indicar uma variação existente dentro de uma mesma espécie de fungo ou gênero quanto à predação de larvas infectantes de C. punctata.Laboratory experiments were performed in order to investigate the capacity of isolates from the predacious fungi Arthrobotrys musiformis (isolate 3), A. conoides (isolate A) and A. robusta (isolates B and E) to trap and kill infective Cooperia punctata larvae. Two groups were formed for each isolate: group 1, fungi and infective larvae and group 2, infective larvae (control). There were statistical differences (p<0.05) between the predacious activity of one isolate of A. robusta (isolate E) when compared with the other isolates of Arthrobotrys spp (isolates A, B and 3). No statistical difference (p>;0.05) was found between the isolate E and the control. This indicates that there can be an existing variability within a fungus species or genus concerning the predation of infective C. punctata larvae

Casting Ballots When Knowing Results

Access to information about candidates' performance has long stood as a key factor shaping voter behaviour, but establishing how it impacts behaviour in real-world settings has remained challenging. In the 2018 Brazilian presidential elections, unpredictable technical glitches caused by the implementation of biometrics as a form of identification led some voters to cast ballots after official tallies started being announced. In addition to providing a source of exogenous variation of information exposure, run-off elections also enable us to distinguish between different mechanisms underlying the impact of information exposure. We find strong support for a vote-switching bandwagon effect: information exposure motivates voters to abandon losing candidates and switch support for the frontrunner – a finding that stands in the second round, when only two candidates compete against each other. These findings provide theoretical nuance and stronger empirical support for the mechanisms underpinning the impact of information exposure on voter behaviour

Effects of Backpack Load and Trekking Poles on Energy Expenditure During Field Track Walking

This study evaluates the effects of the use of backpack load and trekking poles on feld track walking energy expenditure. Twenty male volunteer pole walkers (age: 22.70 ± 2.89 years; body mass: 77.90 ± 11.19 kg; height: 1.77 ± 0.06 m; percentage of body fat: 14.6 ± 6.0 %) walked at a self-selected pace on a pedestrian feld track over a period of more than six months. Each subject was examined at random based on four walking conditions: non-poles and non-load, with poles and non-load, nonpoles and with load, with poles and with load. Heart rate, oxygen uptake and energy expenditure were continuously recorded by a portable telemetric system. Non-load walking speed was lower during walking with poles when compared with no poles (p ≤ 0.05). Oxygen uptake, energy expenditure and heart rate varied signifcantly across different conditions. Our results suggest that the use of trekking poles does not influence energy expenditure when walking without an additional load, but it can have an effect during backpack load walking. Moreover, our results indicate that the use of trekking poles may not be helpful to lower the exertion perceived by the subjects when walking with an additional load.info:eu-repo/semantics/publishedVersio

Identificação do Fator Estocástico de Descontos e Algumas Implicações Sobre Testes de Modelos de Consumo

Not available.