4,161 research outputs found
International Equity Flows and Returns: A Quantitative Equilibrium Approach
This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor sophistication matters for performance in both public equity and private investment opportunities. The model delivers a unified explanation for three stylized facts about US investors' international equity trades: (i) trading by US investors occurs in bursts of simultaneous buying and selling, (ii) Americans build and unwind foreign equity positions gradually and (iii) US investors increase their market share in a country when stock prices there have recently been rising. The results suggest that heterogeneity within the foreign investor population is much more important than heterogeneity of investors across countries.Asymmetric information, heterogenous investors, asset pricing, international equity flows, international equity returns
Characterizing Asymmetric Information in International Equity Markets
This paper studies the international portfolio flows of US investors to examine the information structure of international equity markets. We use an empirical model of portfolio flows with both public and private information to extract measures of trades due to private information. We find that such trades are highly correlated across countries. In particular, a common 'global' factor accounts for about half of the variation in trades due to private information. We show that the global factor helps explain the cross section of international equity returns, after controlling for public information. The finding that a substantial portion of trades due to private information across countries contains the same common information challenges the conventional view that domestic investors have better private information about their home market than foreign investors.Private information, asymmetric information, portfolio choice, international equity flows and returns, home bias
Experiments to increase the used Energy with the PEGASUS Railgun
The French-German Research Institute (ISL) has several railguns installed,
the largest of these is the PEGASUS accelerator. It is a 6m long, 4x4 cm2
caliber distributed energy supply (DES) railgun. It has a 10 MJ capacitor bank
as energy supply attached to it. In the past, this installation was used to
accelerate projectiles with a mass of about 300 g to velocities up to 2500 m/s.
In the ongoing investigation, it is attempted to accelerate heavier projectiles
to velocities above 2000m/s. For this a new type of projectile including a
payload section was developed. In this paper the results of the experiments
with payload projectiles using a primary energy between 3.8 MJ and 4.8 MJ are
discussed.Comment: 6 pages, 11 figures, Submitted to IEEE Transactions on Plasma
Science, Special Issue -- Pulsed Power Science & Technology 201
John W. Barriger III: Railroad Legend
Review of: John W. Barriger III: Railroad Legend, by H. Roger Grant
International Equity Flows and Returns: A Quantitative Equilibrium Approach
The authors model trading by foreign and domestic investors in developed-country equity markets. The key assumptions are that (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor sophistication matters for performance in both public equity and private off-market investments. A quantitative model with these assumptions delivers a unified explanation for three stylized facts about U.S. investors’ international equity trades that have been documented in the literature: (i) trading by U.S. investors occurs in bursts of simultaneous buying and selling, (ii) Americans build and unwind foreign equity positions gradually, and (iii) U.S. investors increase their market share in a country when stock prices in that country have recently been rising.Financial markets; International topics; Market structure and pricing
International equity flows and returns: a quantitative equilibrium approach
This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor sophistication matters for performance in both public equity and private investment opportunities. The model delivers a unified explanation for three stylized facts about US investors’ international equity trades: (i ) trading by US investors occurs in bursts of simultaneous buying and selling, (ii ) Americans build and unwind foreign equity positions gradually and (iii ) US investors increase their market share in a country when stock prices there have recently been rising. The results suggest that heterogeneity within the foreign investor population is much more important than heterogeneity of investors across countries.Asymmetric information, heterogenous investors, asset pricing, international equity flows, international equity returns
When Republicans Were Progressive
Review of: When Republicans Were Progressive, by Dave Durenberger, with Lori Sturdevant
The State of Disunion: Regional Sources of Modern American Partisanship
Review of: "The State of Disunion: Regional Sources of Modern American Partisanship," by Nicole Mellow
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