Investment Horizon and the Cross Section of Expected Returns: Evidence from the Tokyo Stock Exchange

Using data from the Tokyo Stock Exchange, we study how beta, size, and ratio of book to market equity (BE/ME) account for the cross-section of expected stock returns over different lengths of investment horizons. We find that $\beta$, adjusted for infrequent trading or not, fails to explain the cross-section of monthly expected returns, but does a much better job for horizons over half- and one-year. However, either the size or the BE/ME alone is still a significant factor in explaining the cross-section expected returns, but the size significance diminishes for longer horizons when $\beta$ is included as an additional independent variable.Investment horizon, Beta, Size, Book-to-market equity, CAPM

Modeling Chinese post-90\u272 tourism loyalty to the ex-rival state using the perceived value approach

Purpose – A recent trend in tourism research involves the study of independent Chinese tourists. Yet while post-90s or Generation Z (i.e., born in the 1990s) comprises an important share of nondomestic visitors to Taiwan and other tourist destinations, this segment of the tourist population is currently under-analyzed. As a pioneering piece of research in this area, this survey attempts to understand Chinese tourists of this cohort visiting the long-divided state. Design – This research incorporates the social dimension of perceived value in the ordinarily employed perceived-value model to better understand why Chinese post-90s would like to recommend Taiwan. Methodology – This study samples Chinese students from 12 universities located in the northern, central, southern, and western regions of Taiwan. They were investigated with the selfadministered survey which is composed of five constructs, for a total of 17 questions. Structural equation modeling was employed to analyze the collected data and testify the hypotheses. Findings – The finding provides insights in the specific tourism behaviors of this cohort and how they are found distinct from their predecessors. The emotional dimension of the post-90s’ tourismrelated perceived value is a strong determinant of their loyalty to Taiwan as a tourist destination. The prior-rival situation between both sides of the Taiwan Strait might signify that social dimension significantly predict their loyalty, through the mediator of satisfaction. Originality – This research provides important information for tourism businesses regarding place management and marketing strategies, enabling them to receive this new generation of Chinese customers

Dynamical Instability of Holographic QCD at Finite Density

In this paper we study the dynamical instability of Sakai-Sugimoto's holographic QCD model at finite baryon density. In this model, the baryon density, represented by the smeared instanton on the worldvolume of the probe D8-\overline{D8} mesonic brane, sources the worldvolume electric field, and through the Chern-Simons term it will induces the instability to form a chiral helical wave. This is similar to Deryagin-Grigoriev-Rubakov instability to form the chiral density wave for large N_c QCD at finite density. Our results show that this kind of instability occurs for sufficiently high baryon number densities. The phase diagram of holographic QCD will thus be changed from the one which is based only on thermodynamics. This holographic approach provides an effective way to study the phases of QCD at finite density, where the conventional perturbative QCD and lattice simulation fail.Comment: 18 pages, 6 figures;v2. add thermodynamics discussion; v4. Treatment of the instanton energy changed and QGP analysis added. Some figures replaced and added, including the phase diagra

Bacteria in the apical root canals of teeth with apical periodontitis

Background/PurposeBacteria in the tooth root canal may cause apical periodontitis. This study examined the bacterial species present in the apical root canal of teeth with apical periodontitis. Antibiotic sensitivity tests were performed to evaluate whether these identified bacterial species were susceptible to specific kinds of antibiotics.MethodsSelective media plating and biochemical tests were used first to detect the bacterial species in samples taken from the apical portion of root canals of 62 teeth with apical periodontitis. The isolated bacterial species were further confirmed by matrix-assisted laser desorption ionization-time of flight mass spectrometry.ResultsWe found concomitant presence of two (32 teeth) or three species (18 teeth) of bacteria in 50 (80.6%) out of 62 tested teeth. However, only 34 bacterial species were identified. Of a total of 118 bacterial isolates (83 anaerobes and 35 aerobes), Prophyromonas endodontalis was detected in 10; Bacteroides, Dialister invisus or Fusobacterium nucleatum in 9; Treponema denticola or Enterococcus faecalis in 8; Peptostreptococcus or Olsenella uli in 6; and Veillonella in 5 teeth. The other 25 bacterial species were detected in fewer than five teeth. Approximately 80–95% of bacterial isolates of anaerobes were sensitive to ampicillin/sulbactam (Unasyn), amoxicillin/clavulanate (Augmentin), cefoxitin, and clindamycin. For E. faecalis, 85–90% of bacterial isolates were sensitive to gentamicin and linezolid.ConclusionRoot canal infections are usually caused by a mixture of two or three species of bacteria. Specific kinds of antibiotic can be selected to control these bacterial infections after antibiotic sensitivity testing