IDIOSYNCRATIC RISK AND AUSTRALIAN EQUITY RETURNS

In this paper we investigate the relationship between portfolio returns and idiosyncratic risk for Australian stocks. We report that the portfolio with highest idiosyncratic volatility generates an average annual return of over 45%. We observe additionally that the outcome is consistent with an exponential growth process for stock prices. Further, consistent with Malkiel and Xu, we observe that a stock’s idiosyncratic volatility is inversely correlated with the size of the underlying firm. Thus, our model advances an interpretation of the Fama and French finding that portfolios of stocks of small firms offer superior risk-adjusted returns. Moreover, our findings challenge the portfolio theory of Markowitz (1959) and the asset-pricing model of Sharpe (1964).Idiosyncratic risk, Capital Asset Pricing Model, Size effect

Intercellular Bridges in Vertebrate Gastrulation

The developing zebrafish embryo has been the subject of many studies of regional patterning, stereotypical cell movements and changes in cell shape. To better study the morphological features of cells during gastrulation, we generated mosaic embryos expressing membrane attached Dendra2 to highlight cellular boundaries. We find that intercellular bridges join a significant fraction of epiblast cells in the zebrafish embryo, reaching several cell diameters in length and spanning across different regions of the developing embryos. These intercellular bridges are distinct from the cellular protrusions previously reported as extending from hypoblast cells (1–2 cellular diameters in length) or epiblast cells (which were shorter). Most of the intercellular bridges were formed at pre-gastrula stages by the daughters of a dividing cell maintaining a membrane tether as they move apart after mitosis. These intercellular bridges persist during gastrulation and can mediate the transfer of proteins between distant cells. These findings reveal a surprising feature of the cellular landscape in zebrafish embryos and open new possibilities for cell-cell communication during gastrulation, with implications for modeling, cellular mechanics, and morphogenetic signaling

Alien Registration- Dempsey, Gordon E. (Portland, Cumberland County)

https://digitalmaine.com/alien_docs/24558/thumbnail.jp

Alien Registration- Dempsey, Gordon E. (Portland, Cumberland County)

https://digitalmaine.com/alien_docs/24558/thumbnail.jp

Kalman Filter vs Alternative Modeling Techniques and Applied Investment Strategies

This thesis examines the efficacy of alternative modeling techniques to predict stock market returns modeled with time-varying coefficients with the goal of developing and implementing a trading strategy that yields excess returns. First, we determine the modeling technique with the smallest forecast error using historical predictors: the differenced dividend-price ratio, lagged S&P 500 returns, and the change in implied volatility. The candidate modeling techniques include both constant and recursive ordinary least squares (OLS) regression methods and diverges from previous return forecast literature with the comparison of a state-space model (SSM) cast as a VAR(1) process to each OLS technique. The state-space model is found to be the superior modeling technique with the smallest RMSE 3.76% and greatest out-of-sample of 2.62% using delta VIX as the forecasting variable. Second, we demonstrate economic significance, using 1) monthly stock return forecasts in a market timing strategy, and 2) daily price forecasts in a simulated live pairs trading strategy taking into account implementation shortfall. In both trading strategies, the state-space model Kalman filter significantly outperforms the alternative OLS modeling techniques with an annualized total return of 21.64% in the market timing strategy and an annualized total return of 13.21% unlevered in the pairs trading strategy

A True Fairytale “Happily Ever After”: An In-Depth Communication Analysis

Walter Fischer’s Narrative Paradigm states that people are natural born storytellers, they will convey thoughts and feelings through creating a story. These stories must adhere to two principles, fidelity and coherence. While coherence addresses the structure of the narrative, if this story has any resemblance to an archetype, fidelity deals with the story’s rationality, does it make sense? Fischer’s narrative can be applied across many different disciplines. For this particular analysis I chose to apply Fischer’s Narrative Paradigm to different bridal narratives. While being a bride is an archetype itself, within that narrative there are distinct themed narratives that have their own specific key elements, each having their own coherence and fidelity. Each specific narrative was compared against the same standards in order to assess the coherence and fidelity. In addition to Fischer’s Narrative Paradigm I chose to explore Feminist Theory. I wanted to see how feminist theory has evolved and changed along with the evolution of women, their voices, their opinions, and their rights. More specifically I looked at third-wave feminism; a woman’s right to choices. Feminist theory also addresses how gender roles are created; these roles are perpetuated by fairytales that are passed down from generation to generation. These fairytales create archetypes that brides try to recreate with their freedom of specific choices; these choices are then filtered by fidelity and coherence thus explained by Walter Fischer’s Narrative Paradigm

Pathways of Enzymic Cholesterol Syntheses

The purpose of this paper is to summarize the results of my research on the enzymic steps of cholesterol biosynthesis (Dempsey, 1962; 1964; 1965; Dempsey, Seaton, and Trockmon,1963; Dempsey, Seaton, Sanford, and Trockmon,19640; Dempsey, Seaton, Schroepfer, and Trackman, 19646.2 These data were obtained by use of an enzyme system isolated from rat liver homogenates. The findings have elucidated the pathways of and cofactor requirements for cholesterol synthesis from naturally occurring sterol precursors

If I Only Had a Sweetheart, Just Like You!

https://digitalcommons.library.umaine.edu/mmb-vp/1812/thumbnail.jp