Dynamics of Bond and Stock Returns

I present a production-based general equilibrium model that jointly prices bond and stock returns. The model produces time-varying correlation between stock and long-term default-free real bond returns that changes in both magnitude and sign. The real term premium is also time-varying and changes sign. To generate these results, the model incorporates time-varying risk aversion within Epstein-Zin preferences and two physical technologies with different exposure to cash-flow risk. Bonds hedge risk-aversion (discount-rate) shocks and command negative term premium through this channel. Capital (cash-flow) shocks produce comovement of bond and stock returns and positive term premium. The relative strength of these two mechanisms varies over time.http://deepblue.lib.umich.edu/bitstream/2027.42/111731/1/1277_Kozak.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/111731/4/1277_Kozak_May 2015.pdfDescription of 1277_Kozak_May 2015.pdf : May 2015 revisio

Linking Cross-Sectional and Aggregate Expected Returns

We propose a one-state-variable ICAPM which rationalizes a large set of stock return anomalies, including size, value, and momentum. Differential covariance with news about future market discount rates drives observed cross-sectional patterns in expected returns. In response to discount-rate shocks, large, growth, and recent loser stocks outperform small, value, and winner stocks, respectively. Our interpretation is that increases in discount rates represent “bad” news, increasing investors’ marginal utility of wealth. Ignoring this state variable causes drastic underestimation of the equilibrium price of “level risk” in bond returns. The model augmented with a “level” factor jointly prices stocks and bonds.http://deepblue.lib.umich.edu/bitstream/2027.42/109420/1/1257_Kozak_Nov.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/109420/4/1257_Kozak_Feb2015.pdfDescription of 1257_Kozak_Feb2015.pdf : February 2015 revisio

El papel de las tecnologías digitales en el desarrollo de competencias en lenguas extranjeras de los futuros especialistas

Teaching and learning in the higher education environment are being fundamentally transformed by digital technologies, and the pace of technological change is aggravating the problem. The global changes caused all higher education environments to move away from traditional teaching and learning that simply no longer adapt to the challenges of a rapidly changing educational environment. This also applies to learning a foreign language. Therefore, the aim of the study was to determine the role of digital technologies in the educational process when building students’ foreign language competencies. The aim was achieved by using the methods of testing, survey, observation and expert evaluation. Statistical methods of analysis were used to interpret the obtained results. The results of the study gave groundsto state that the use of digital technologies when studying a foreign language has a positive effect compared to the results of the control group who studied according to the traditional programme. It was also determined that the students of the control group highly appreciated the usefulness of technology and also noted that the teachers’ support in the learning process is an important factor for successful learning of the material. The novelty of the research is that it was conducted in the conditions ofoffline learning and analysed how it is possible to more effectively stimulate the development of foreign language competencies with the help of digital technologies. The development of a programme using digital technologies to improve the communication skills of foreign language students can become a promising research direction

Bipolar Effects in Photovoltage of Metamorphic InAs/InGaAs/GaAs Quantum Dot Heterostructures: Characterization and Design Solutions for Light-Sensitive Devices

Abstract The bipolar effect of GaAs substrate and nearby layers on photovoltage of vertical metamorphic InAs/InGaAs in comparison with pseudomorphic (conventional) InAs/GaAs quantum dot (QD) structures were studied. Both metamorphic and pseudomorphic structures were grown by molecular beam epitaxy, using bottom contacts at either the grown n +-buffers or the GaAs substrate. The features related to QDs, wetting layers, and buffers have been identified in the photoelectric spectra of both the buffer-contacted structures, whereas the spectra of substrate-contacted samples showed the additional onset attributed to EL2 defect centers. The substrate-contacted samples demonstrated bipolar photovoltage; this was suggested to take place as a result of the competition between components related to QDs and their cladding layers with the substrate-related defects and deepest grown layer. No direct substrate effects were found in the spectra of the buffer-contacted structures. However, a notable negative influence of the n +-GaAs buffer layer on the photovoltage and photoconductivity signal was observed in the InAs/InGaAs structure. Analyzing the obtained results and the performed calculations, we have been able to provide insights on the design of metamorphic QD structures, which can be useful for the development of novel efficient photonic devices

Access to Credit and Stock Market Participation

We exploit staggered removals of interstate banking restrictions to identify the causal effect of access to credit on households’ stock market participation and asset allocation. Using micro data on retail brokerage accounts and proprietary data on personal credit histories, we document two effects of the loosening of credit constraints on households’ financial decisions. First, households enter the stock market by opening new brokerage accounts. Second, households increase their asset allocation to risky assets and reduce their allocation to cash, consistent with a lower need for precautionary savings. The effects are stronger for younger and more credit constrained investors. Overall, we establish one of the first direct links between access to credit and households’ investment decisions.http://deepblue.lib.umich.edu/bitstream/2027.42/111729/1/1276_Kozak.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/111729/4/1276_Kozak_Nov2015.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/111729/6/1276_Kozak_June2016.pdfDescription of 1276_Kozak_Nov2015.pdf : November 2015 revisionDescription of 1276_Kozak_June2016.pdf : June 2016 revisio