Volatility of Volatility Structural Parameter Estimation and Subsequent Cross-Sectional Returns

Finance theory suggests that there is a direct positive relationship between a stock\u27s return and that same stock\u27s risk. Similarly, a common variable used as an attempt to quantify that risk is volatility. However, volatility almost certainly falls short of accounting for all the relevant risks that investors face. I hypothesize in this paper that the added volatility of volatility measure may help in the explanation of a stock\u27s subsequent returns. I estimate volatility of volatility (vol of vol) by imposing a structural model on the data and then subsequently estimating the vol of vol parameter. My results show that this structural parameter estimate is unable to explain any of the subsequent (or current) stock returns, and thus fails to provide any evidence to support my hypothesis. I subsequently use a more simple estimate for the vol of vol and find that it is almost perfectly correlated with plain vanilla volatility which does instead have a signicant relationship with returns

ESSAYS ON FINANCIAL INCENTIVES

In my first chapter, I use a novel dataset of customer reviews from Amazon.com to study the impact of managerial myopia on product market reputation. Using exogenous variation due to the timing of CEO equity vesting events, I show that short-term incentive shocks predict declines in reputation. A changing product market lineup and a deterioration of existing products are two mechanisms through which reputation is affected. The effect is larger when the CEO has other short-term concerns and when the firm has a low reputation in the product market. However, higher advertising expenses mitigate the negative reputational effect among consumers. Using an alternative empirical methodology, I find that higher short-term ownership in the firm is also associated with declining product market reputation, while higher long-term ownership is associated with increasing reputation. My second chapter uses a different setting to examine the consequences of personal wealth incentives. We test whether household wealth shocks affect professional misconduct by financial advisors. We use a panel of advisors\u27 home addresses and examine within-advisor variation relative to other advisors who work at the same firm and live in the same ZIP code. We show that advisors increase misconduct following declines in their homes\u27 values. The increased misconduct is due, in part, to willful actions, such as churning. We show that advisors\u27 housing returns explain misconduct targeting out-of-state customers, breaking the link between customer and advisor housing shocks. Further, the results are stronger for advisors with lower career risk from committing misconduct

The neuralgic amyotrophy consultation

Neuralgic amyotrophy is a distinct clinical syndrome with acute severe pain and patchy paresis in the shoulder and arm region. The clinical phenotype was recently found to be more comprehensive and the long-term prognosis less optimistic than usually assumed for many patients. The disorder can be idiopathic or hereditary in an autosomal dominant fashion, with only few phenotypical variations between the two. This article provides a practical overview of current knowledge on the clinical presentation, diagnosis, pathogenesis and the treatment of pain and complications

Australian Veterinary History Record No. 47

Australian Veterinary Associatio

Defining Medical Futility in Ethics, Law and Clinical Practice: An Exercise in Futility?

The debate as to the meaning of medical futility and what physicians should do in clinical practice dates back to the time of the writings of Hippocrates and Plato where it was said, "To attempt futile treatment is to display an ignorance that is allied to madness". In simpler times assertions regarding the obvious were sufficient to indicate what was thought "fitting" as a medical practitioner. In recent times, however, modern technology, professional values and power, patient autonomy, limited health care resources and societal expectations, make for a much more potent and potentially explosive mixture. In this article we argue that futility is a problem that will not go away, both because of increased health expectations and emerging technologies that keep making possible what was previously impossible. The problem of definition and its ramifications in terms of institutional policies is one in which the legal profession and its process (which often represents and reflects societal values) has a key role to play by way of critical reflection and appraisal

Sensors in the care of persons with visual- or visual-and-intellectual disabilities:Use, needs, practical issues, and ethical concerns

BACKGROUND: Sensor technology may improve the quality of life of persons with visual and/or intellectual disabilities. However, there is no general consensus on its utility and implementation. OBJECTIVE: In this exploratory study the aim was to provide an overview of sensors for persons with disabilities to address priorities and ethical concerns for future research. METHODS: Using a qualitative (Delphi) method, 17 interviews were carried out with 20 representatives in the field of visual- or visual-and-intellectual disabilities (in general: six experts in sensor technology, domotics, and eHealth, specific for persons with a visual or visual-and-intellectual disability: three client representatives; three caregivers; four care team managers; two developmental psychologists; one physician; and one paramedic; age ranges 25-61 years). Atlas.ti software was used to code data and major themes were identified using qualitative analyses. RESULTS: The most used sensors were for surveillance and health and the most desired were for behavior. Different sensors were considered most important for future implementation by the groups of participants, such as sensors for lighting, posture, and entertainment by client experts. Furthermore, the majority of participants agreed that sensors should be easy to use and understand and ethical issues (e.g. privacy, informed consent) should be considered. CONCLUSION: The current applications of sensor technology in clinical practice and future research needs were determined by interviewing experts, caregivers, and client experts

A New Celtiberian Hacksilber Hoard, c. 200 BCE

This study presents a Hacksilber hoard recently acquired by the ANS and argues for a significant role for Haccksilber in the monetization of Iberia in the third centur