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