Essays on the Equity Risk Premium

The equity risk premium (ERP) is an essential component of any asset pricing model both for academics and practitioners alike. Nevertheless, the financial literature does not accord much attention to the ERP estimation issues (Damodaran, 2015). The first chapter of this dissertation gives a summary of the recent literature review on the subject of the ERP. The second chapter explores four of the most commonly cited models in literature for estimating the ERP: the Historical Mean of Realized Returns Model (HMRRM), the Dividend Discount Model (DDM), the Free Cash Flow Model (FCFM), and the Sharpe Ratio Model (SRM). The results indicate that the estimates of the ERP vary considerably depending on (a) the variable of choice for the risk free rate; (b) the selection and the length of the estimation period; (c) and the estimation method. The DDM and the FCFM produce estimates for the implied ERP that are below the historical estimates, while the SRM produces implied ERP values that are usually higher than the historical values of the ERP. The post 2008 financial crisis period produces estimates for the historical ERP that are slightly higher or lower than the implied ERP estimates for the FCFM. The implied ERP estimates for the three models are more volatile than the historical ERP. In particular, estimates of the implied ERP from the SRM tend to overshoot the historical ERP estimates during periods of high volatility and fall below the historical level during periods of low stock market volatility. The third chapter explores the relationship between the expected ERP and macroeconomic variables. The results from the four OLS regressions indicate that the relationship between the expected ERP and the unexpected inflation volatility is in general negative and insignificant even after accounting for recessionary periods. The results validate the Proxy Hypothesis theory of Fama. On the other hand, the expected ERP is found to be positively correlated with the stock market volatility in times of non-recessionary periods but negatively correlated in times of recessionary periods

Seasonal recruiting policies for table grape packing operations: A hybrid simulation modelling study

The packing process is a critical post-harvesting activity in table grape industry. Workers in packing stations are hired under seasonal contracts because of product seasonality and operations labor intensity. Seasonal workers, however, are usually characterized by inconsistent performance, high turnover and experience variation which leads to low productivity and high waste. Few mathematical models were used for evaluating fresh products packing operations, but in a deterministic nature which hinders the complexity and dynamics of the business processes. Hence, a hybrid Discrete Event Simulation (DES) and Agent-Based Modelling (ABM) are employed to evaluate a set of seasonal recruiting policies in a large grape packing station. The paper aims to investigate the impact of workers experience on packing operations efficiency. The model outcomes demonstrate the improvement in operations efficiency and total running cost (about 20% savings) that can be achieved when applying optimal recruiting policies that reduce labors variations

2023 State of the Commonwealth Report

This is Old Dominion University\u27s ninth annual State of the Commonwealth Report. While it represents the work of many people connected in various ways to the University, the report does not constitute an official viewpoint of Old Dominion, its president, Brian Hemphill, Ph.D., the board of Visitors, the Strome College of Business or the generous donors who support the activities of the Dragas Center for Economic Analysis and Policy. Our work seeks to contribute to the conversation about how Virginia can foster growth across the Commonwealth without glossing over the challenges we face. Instead of retreating into partisan enclaves where affirmation is sought over information, we want to encourage difficult conversations to improve economic outcomes for all of Virginia\u27s residents

The evolving SARS-CoV-2 epidemic in Africa: Insights from rapidly expanding genomic surveillance

INTRODUCTION Investment in Africa over the past year with regard to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) sequencing has led to a massive increase in the number of sequences, which, to date, exceeds 100,000 sequences generated to track the pandemic on the continent. These sequences have profoundly affected how public health officials in Africa have navigated the COVID-19 pandemic. RATIONALE We demonstrate how the first 100,000 SARS-CoV-2 sequences from Africa have helped monitor the epidemic on the continent, how genomic surveillance expanded over the course of the pandemic, and how we adapted our sequencing methods to deal with an evolving virus. Finally, we also examine how viral lineages have spread across the continent in a phylogeographic framework to gain insights into the underlying temporal and spatial transmission dynamics for several variants of concern (VOCs). RESULTS Our results indicate that the number of countries in Africa that can sequence the virus within their own borders is growing and that this is coupled with a shorter turnaround time from the time of sampling to sequence submission. Ongoing evolution necessitated the continual updating of primer sets, and, as a result, eight primer sets were designed in tandem with viral evolution and used to ensure effective sequencing of the virus. The pandemic unfolded through multiple waves of infection that were each driven by distinct genetic lineages, with B.1-like ancestral strains associated with the first pandemic wave of infections in 2020. Successive waves on the continent were fueled by different VOCs, with Alpha and Beta cocirculating in distinct spatial patterns during the second wave and Delta and Omicron affecting the whole continent during the third and fourth waves, respectively. Phylogeographic reconstruction points toward distinct differences in viral importation and exportation patterns associated with the Alpha, Beta, Delta, and Omicron variants and subvariants, when considering both Africa versus the rest of the world and viral dissemination within the continent. Our epidemiological and phylogenetic inferences therefore underscore the heterogeneous nature of the pandemic on the continent and highlight key insights and challenges, for instance, recognizing the limitations of low testing proportions. We also highlight the early warning capacity that genomic surveillance in Africa has had for the rest of the world with the detection of new lineages and variants, the most recent being the characterization of various Omicron subvariants. CONCLUSION Sustained investment for diagnostics and genomic surveillance in Africa is needed as the virus continues to evolve. This is important not only to help combat SARS-CoV-2 on the continent but also because it can be used as a platform to help address the many emerging and reemerging infectious disease threats in Africa. In particular, capacity building for local sequencing within countries or within the continent should be prioritized because this is generally associated with shorter turnaround times, providing the most benefit to local public health authorities tasked with pandemic response and mitigation and allowing for the fastest reaction to localized outbreaks. These investments are crucial for pandemic preparedness and response and will serve the health of the continent well into the 21st century

Massive hydronephrosis due to obstruction by upper urinary tract urothelial carcinoma with compression of the inferior vena cava

A 78-year-old woman presented with tachypnea, abdominal distension, bilateral lower limb edema, and hematuria. A contrast-enhanced CT scan of the abdomen and pelvis was performed, which revealed a significant left-sided hydronephrosis upstream of an upper urinary tract urothelial carcinoma (UUT-UC). The patient underwent a left open nephroureterectomy, and approximately 10 L of fluid were evacuated. Follow-up examinations did not show any recurrence of abdominal swelling

Assessment of the toxicity and the fertilizing power from application of gamma irradiated anaerobic sludge as fertilizer: Effect on Vicia faba growth

With increasing sludge produced every day by wastewater treatment plants, new methodologies have been developed to reduce sludge or to valorize them at lower cost and energy. Among these methodologies, agricultural manuring is of great interest as sludge could complement or replace chemical fertilizers. However, sludge pretreatment was necessary prior to its use in order to eliminate the degradable organic contaminants, heavy metals and diverse pathogenic microorganisms. In this study we performed γ-irradiation of anaerobic sludge coming from wastewater treatment plants at different doses (0.5, 1.5, 2.5, 3.5 and 4.5 kGy), followed by anaerobic digestion. We then used them in addition to soil for Vicia faba cultures. Heavy metal concentrations, toxicological evaluations, and the number of cultivable pathogenic bacteria were also investigated in irradiated and non-irradiated sludge samples to determine the effect of γ-irradiation on toxicity and pathogens present in the sludge. Results show that 4.5 kGy is the optimal dose, and γ-irradiation pretreatment of anaerobic sludge added to soil (2 mL/30 g) has significantly improved Vicia faba growth. Furthermore, by eliminating pathogens and by degrading chemical pollutants, γ-irradiation of anaerobic sludge provides promising insights for re-using sludge as a safe fertilizer