Scaling and Complexity: Spatial Decomposition MD

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Institutional investors and stock market efficiency: The case of the January anomaly

In this paper, we investigate the effect of institutional investors on the January stock market anomaly. The Polish and Hungarian pension system reforms and the associated increase in investment activities of pension funds are used as a unique institutional characteristic to provide evidence on the impact of individual versus institutional investors on the January effect. We find robust empirical results that the increase in institutional ownership has reduced the magnitude of an anomalous January effect induced by individual investors’ trading behavior.Institutional traders; Individual investors; January effect; Polish and Hungarian pension fund investors

Some Evidence on the Importance of Sticky Wages

Nominal wage stickiness is an important component of recent medium-scale structural macroeconomic models, but to date there has been little microeconomic evidence supporting the assumption of sluggish nominal wage adjustment. We present evidence on the frequency of nominal wage adjustment using data from the Survey of Income and Program Participation (SIPP) for the period 1996-1999. The SIPP provides high-frequency information on wages, employment and demographic characteristics for a large and representative sample of the US population. The main results of the analysis are as follows. 1) After correcting for measurement error, wages appear to be very sticky. In the average quarter, the probability that an individual will experience a nominal wage change is between 5 and 18 percent, depending on the samples and assumptions used. 2) The frequency of wage adjustment does not display significant seasonal patterns. 3) There is little heterogeneity in the frequency of wage adjustment across industries and occupations 4) The hazard of a nominal wage change first increases and then decreases, with a peak at 12 months. 5) The probability of a wage change is positively correlated with the unemployment rate and with the consumer price inflation rate.wage stickiness, micro-level evidence, measurement error

Concurrent Multi-Target Tracking

Simulation89 is an emulation of various SDI tasks (tracking, engagement management and ‘look ahead’) developed for the U. S. Air Force. The simulation presently deals with the boost, post-boost and early midcourse phases of a ’mass raid’ scenario, and is designed to process scenarios with a few thousand targets. The simulation is run on the Mark-III hypercube, with individual tasks performed on subcubes of the full hypercube. In general, the computations within individual subcubes are done in a synchronous manner (i.e., CrOS), while communications between tasks/subcubes are done asynchronously

Steht der deutsche Aktienmarkt unter politischem Einfluss?

Die vorliegende Arbeit untersucht den Zusammenhang zwischen politischen Zyklen und Aktienrenditen in Deutschland. Während sich die bis dato verfügbaren Studien über politisch bedingte Aktienmarktanomalien auf die USA konzentrieren, analysieren wir deren Existenz in deutschen Aktienrenditen. Im Gegensatz zu den empirischen Ergebnissen für die USA zeigen sich für Deutschland keine Anomalienmuster in Akteinrenditen, die sich auf rechte oder linke Bundesregierungen zurückführen lassen. In Übereinstimmungen mit den für die USA verfügbaren Evidenzen ist auch für Deutschland von einem politisch beeinflussten Wahlzyklus in Akteinrenditen auszugehen. Zudem widerlegen unsere empirischen Ergebnisse für Deutschland die Hypothese, dass sich der US-amerikanische Wahlzyklus auch auf den deutschen Aktienmarkt überträgt. --Kapitalmarkteffizienz,Kapitalmarktanomalien,politische Aktienmarktzyklen

The \u3cem\u3eLancet\u3c/em\u3e–O’Neill Institute/Georgetown University Commission on Global Health and Law: The Power of Law to Advance the Right to Health

The Lancet–O’Neill Institute/Georgetown University Commission on Global Health and Law published its report on the Legal Determinants of Health in 2019. The term ‘legal determinants of health’ draws attention to the power of law to influence upstream social and economic influences on population health. In this article, we introduce the Commission, including its background and rationale, set out its methodology, summarize its key findings and recommendations and reflect on its impact since publication. We also look to the future, making suggestions as to how the global health community can make the best use of the Commission’s momentum in relation to using law and legal tools to advance population health