Transaction Cost and the Small Stock Puzzle: The Impact of Outliers in the NYSE, 1970-2000

In this article we study the effect of transaction costs on asset prices. We examine the characteristics of the actual extreme performers (Outliers), their stock prices, and transactions cost and link them to firm size. The analyses is based on data from the COMPUSTAT tapes with valid data for the bid and ask prices and the CRSP samples of all firms listed in the NYSE, AMEX, and NASDAQ during the period 1970-2000. Once transaction costs are taken into account, no positive abnormal returns are found for small firms. Transaction costs account fully for both the abnormality and the recent size discountability.Outliers, Transaction Costs, Size discount, NYSE, AMEX, NASDAQ

Can randomness alone tune the fractal dimension?

We present a generalized stochastic Cantor set by means of a simple {\it cut and delete process} and discuss the self-similar properties of the arising geometric structure. To increase the flexibility of the model, two free parameters, $m$ and $b$, are introduced which tune the relative strength of the two processes and the degree of randomness respectively. In doing so, we have identified a new set with a wide spectrum of subsets produced by tuning either $m$ or $b$. Measuring the size of the resulting set in terms of fractal dimension, we show that the fractal dimension increases with increasing order and reaches its maximum value when the randomness is completely ceased.Comment: 6 pages 2-column RevTeX, Two figures (presented in the APCTP International Symposium on Slow Dynamical Processes in Nature, Nov. 2001, Seoul, Korea

Crystallization and dielectric behavior of PLA and PHBV in PLA/PHBV blends and PLA/PHBV/TIO 2 nanocomposites

The morphology, crystallization behavior and mechanical properties of PLA, PHBV and their blends and nanocomposites with TiO 2 as filler were investigated. An uncommon morphological change was observed with increasing PLA content in the blends, and this complicated the isothermal crystallization kinetics analyses of the different samples. It was, for example, observed that PLA, which do not normally crystallize during the cooling of the sample, showed isothermal crystallization for certain blend compositions. TiO 2 was found to be mainly present in the PLA phase, which was also confirmed through broadband dielectric analysis. The blend composition, as well as the presence of TiO 2 nanoparticles, had an influence on the cold crystallization of the PLA. The tensile properties changed with blend and nanocomposite composition, and these changes could to a certain extent be related to the respective morphologies. Very little could be said about differences between the melting behavior of the different samples, because the PLA and PHBV melted at almost exactly the same temperature.Scopu

Polyaniline/Polystyrene Blends: In-Depth Analysis of the Effect of Sulfonic Acid Dopant Concentration on AC Conductivity Using Broadband Dielectric Spectroscopy

This work presents an in-depth analysis of the alternating current (AC) conductivity of polyaniline-polystyrene (PANI-PS) blends doped with camphor sulfonic acid (CSA) and prepared using an in situ dispersion polymerization technique. We prepared the blends using fixed ratios of PS to PANI while varying the concentration of the CSA dopant. The AC conductivity of the blends was investigated using broadband dielectric spectroscopy. Increasing CSA resulted in a decrease in the AC conductivity of the blends. This behaviour was explained in terms of the availability of a lone pair of electrons of the NH groups in the polyaniline, which are typically attacked by the electron-withdrawing sulfonic acid groups of CSA. The conductivity is discussed in terms of changes in the dielectric permittivity storage (??), loss (??), and modulus (M?) of the blends over a wide range of temperatures. This is linked to the glass transition temperature of the PANI. Dielectric spectra at low frequencies indicated the presence of pronounced Maxwell-Wagner-Sillars (MWS) interfacial polarization, especially in samples with a low concentration of CSA. Electrical conduction activation energies for the blends were also calculated using the temperature dependence of the direct current (DC) conductivity at a low frequency (?dc), which exhibit an Arrhenius behaviour with respect to temperature. Scanning electron microscopy revealed a fibrous morphology for the pure PANI, while the blends showed agglomeration with increasing CSA concentrations. 2018 Noora Al-Thani et al.The authors would like to acknowledge the financial support of the Qatar University Grant no. QUST-CAM-SPR-2017-6.Scopu

Environmental Safety Of Natural And Manufactured Building Materials

Natural radioactivity was estimated in building materials using γ-spectroscopic method. Samples of granite, bricks, concrete and ceramic were collected from different places in Egypt. Samples were prepared for physical and mechanical properties measurements as well as the radioactive content. Gamma spectrometer composed of NaI crystal connected to ORTEC analyser was used for radioactive measurements. Standard sample was prepared with the same geometry factor in NIS using a standard source traceable to NIST. Data of 238U, 232Th and 40K activities were collected, where the effective dose was calculated by the aid of UNSCEAR. Diffusion equation was used to estimate Radon emissions rate from building materials used in proposed model rooms.It was found that the average concentrations of 238U, 232Th and 40K in the studied materials were for granite 63.4, 2.42, 1010.91 Bq/kg, for bricks   20.12, 3.75, 27.25 Bq/kg and for concrete 34.23, 2.36, 506.36Bq/kg. In spite of using materials with permissible activity concentration, the radon emission in model rooms was beyond the safe limits for inhabitants. The maximum dose from Rn concentration was 1.23 mSv/y. This concentration was affected by the space dimension, passing elapsed time and building material radioactivity as well as ventilation. It was also found that the most powerful factor affecting radon concentration is the ventilatio

Stable distribution in fragmentation processes

We introduce three models of fragmentation in which the largest fragment in the system can be broken at each time step with a fixed probability, p. We solve these models exactly in the long time limit to reveal stable time invariant (scaling) solutions which depend on p and the precise details of the fragmentation process. Various features of these models are compared with those of conventional fragmentation models. To get Figures e-mail to G.J. [email protected]

Modeling and validation of lithium-ion battery with initial state of charge estimation

The modeling of lithium-ion battery is an important element to the management of batteries in industrial applications. Various models have been studied and investigated, ranging from simple to complex. The second-order equivalent circuit model was studied and investigated since the dynamic behavior of the battery is fully characterized. The simulation model was built in Matlab Simulink using the Kirchhoff Laws principle in mathematical equations, while the battery's internal parameters were identified by using the BTS4000 (Battery tester) device. To estimate the full state of charge (SOC), the initial state of charge (SOC0) must be identified or measured. Hence, this paper seeks for the SOC estimation by using experimental terminal voltage data and SOC with Matlab lookup table. Then, the simulated terminal voltage, as well as the SOC of the battery are compared and validated against measured data. The maximum relative error of 0.015 V and 2% for terminal voltage and SOC respectively shows that the proposed model is accurate and relevant based on the error analysis

Modulation of Gene Expression During Stages of Liver Colonization by Pancreatic Cancer in a Rat Model

Pancreatic ductal adenocarcinoma (PDAC) is known for its early spreading of tumor cells into the liver. The aim of this study was to investigate the modulated gene expression of PDAC cells during liver colonization. To that purpose, ASML rat pancreatic cancer cells marked with enhanced green fluorescent protein were inoculated into the portal vein of isogenic BDX rats and reisolated from livers by fluorescence-activated cell sorting sorting at early (1, 3 days), intermediate (9 days), advanced (15 days), and terminal (21 days) stages of liver colonization. Reisolated ASML cells were used for total RNA isolation and subsequently their gene expression was investigated by Illumina chip array for mRNA and miRNA species, followed by Ingenuity Pathway Analysis (IPA). Following reisolation, 7–20% of genes and 10% of miRNA species were modulated significantly in expression during the early stage of liver colonization and continuously thereafter. These overall changes led to distinguish certain categories and processes participating in cancer progression. The knowledge of these alterations in gene expression will suggest targets, which could be used for new diagnostic procedures as well as for combating liver metastasis successfully

Application of Fuzzy Logic in Multi-Mode Driving for a Battery Electric Vehicle Energy Management

Energy management system is an area of emerging interest in a full electric vehicle research. With the increasing moves to a more sustainable vehicle, there is a need to extend the battery range that simultaneously satisfying the conflicting demand between battery capacity and vehicle weight or volume. This paper presents a research conducted in the Universiti Putra Malaysia, focusing on the energy management strategy of a battery-powered electric vehicle. Three vehicle driving modes; sport, comfort, and eco have been individually modelled. Each mode is capable to dominate different driving environments; highway, suburban, and urban. In European driving cycle simulation test, comfort and eco modes have shown large extension in driving range with the maximum of 7.33% and 19.70% respectively. However the speeds have been confined by certain specific limits. The proposed of integrated multi-mode driving using fuzzy logic has enabled an adaptive driving by automatically select the driving parameters based on the speed conditions. The results have proven its ability in reducing the energy consumption as much as 32.25%, and increasing the driving range of 4.21% without downgrading the speed performance

Jamming coverage in competitive random sequential adsorption of binary mixture

We propose a generalized car parking problem where cars of two different sizes are sequentially parked on a line with a given probability $q$. The free parameter $q$ interpolates between the classical car parking problem of only one car size and the competitive random sequential adsorption (CRSA) of a binary mixture. We give an exact solution to the CRSA rate equations and find that the final coverage, the jamming limit, of the line is always larger for a binary mixture than for the uni-sized case. The analytical results are in good agreement with our direct numerical simulations of the problem.Comment: 4 pages 2-column RevTeX, Four figures, (there was an error in the previous version. We replaced it (including figures) with corrected and improved version that lead to new results and conclusions