Do Heterogeneous Beliefs Matter for Asset Pricing?

We study how heterogeneous beliefs affect returns and examine whether heterogeneous beliefs are a priced factor in traditional asset pricing models. To accomplish this task, we suggest new empirical measures based on the disagreement among analysts about expected (short-term and long-term) earnings are good proxies. Having established that heterogeneity of beliefs matters for asset pricing we turn our attention to estimating a structural model in which we use the forecasts of financial analysts to proxy for the beliefs of agents. Finally, we investigate if the amount of heterogeneity in analysts' forecasts can help explain asset pricing puzzlesHeterogeneous Beliefs, Asset pricing

The Out Migration from Illinois Cities and the Impact it has on the People Left Behind

The state of Illinois has had one of the highest rates of outbound migration in America. This paper evaluates the impact of out-migration on the communities these people leave behind, in particular the financial hub of Chicago and the small city of Bloomington. These cities are compared to the growth city of Phoenix, whose population has exploded in this decade and is one of the most popular destinations for those migrating out of Chicago and Bloomington. Human capital theory suggests that highly educated people with high wage potential are more likely to migrate than less educated people. This paper uses the American Community Survey Census database to test the hypothesis that communities with outbound migration (Chicago and Bloomington) face increases in poverty and lower levels of educational attainment on average than the cities with inbound migration (Phoenix). This hypothesis is explored through difference-in-difference and OLS regression analysis of poverty, education, and standard of living variables

The Outmigration from Illinois Cities and the Impact it has on People Left Behind

The state of Illinois has had one of the highest rates of outbound migration in America. This paper evaluates the impact of out-migration on the communities these people leave behind, in particular the financial hub of Chicago and the small city of Bloomington. These cities are compared to the growth city of Phoenix, whose population has exploded in this decade and is one of the most popular destinations for those migrating out of Chicago and Bloomington. Human capital theory suggests that highly educated people with high wage potential are more likely to migrate than less educated people. This paper uses the American Community Survey Census database to test the hypothesis that communities with outbound migration (Chicago and Bloomington) face increases in poverty and lower levels of educational attainment on average than the cities with inbound migration (Phoenix). This hypothesis is explored through difference-in-difference and OLS regression analysis of poverty, education, and standard of living variables

Vaudeville: A How to Guide

At the turn of the twentieth century vaudeville was the most prevalent form of theatrical entertainment. With more than 1,500 houses across the country, vaudeville reached in excess of 30 million audience members each year. It directly led to the advent of film and radio. Yet barely one hundred years later vaudeville has been forgotten by the once loyal masses. This guide is meant to help counter vaudeville’s fall. By adding together a basic script consisting of comedy and dramatic sketches, original works and classic vaudeville acts with music and information on the how and whys of vaudeville, this guide will assist others in creating a vaudeville performance with the hope that vaudeville may once again reach the heights of its popularity

Industrial Growth Rates and Instability: An Historical Analysis of the Former Centrally Planned Economies of Eastern Europe

One of the central tenets of socialism and central planning economics, as practiced by the East European countries, was that this organization of employment, production and activity could achieve higher growth rates than market economies. This paper presents an historical analysis of economic performance of seven countries: Bulgaria, Czechoslovakia, GDR, Hungary, Poland, Romania and Yugoslavia during the crucial period of socialism (1960-80). It studies the relationship between industry output growth rates and output instabilities in approximately twenty-five industries. Using empirically estimated models it was found that the instability (volatility) of industry output increased with growth rates and at an increasing rate. Since instability creates substantial costs, these findings imply that the true value of income and product streams in East European countries, after discounting for instability, was lower than otherwise believed. A decomposition of instability into two sources, systemic structure versus operational implementation is suggested

Long term performance of high RAP sections---case studies

This thesis presents the summary of several case studies on the long term performance of high recycled asphalt pavement (RAP) sections. Roadway sections which contained more than 20% RAP and that had been in place for at least 10 years were identified from across the United States and Canada with the help of the local agencies. The long term performances of these various recycled sections were compared directly to mixes made with similar virgin materials via measurements of distress criteria. These distress criteria included rutting, cracking, ride quality, and any overall performance rating that the local agencies used in evaluating their pavement sections. It was also insured that RAP and virgin sections were placed in the same general location and time frame as the recycled sections. In summary, pavement sections utilizing high RAP perform at a level comparable to that of virgin sections. The high RAP sections on average tend to exhibit more rutting and cracking than the virgin sections, but not to a level that significantly affected the long term performance of the pavements. The ultimate goal of this study was to provide the paving community with documentation on the long term performance of high RAP roadway sections compared to that of virgin sections

Polymer Brush Force Modeling and Experimentation

Atomic force microscope (AFM) force measurements were taken on an alginate-polymer brush in varying pH buffer solutions in order to determine the meaning of the variable s in the force model. The current understanding is that s is the root spacing of the polymers, but this experiment suggests that s is the mesh spacing. The force curves were fit in order to determine the brush parameters. It was found that all parameters increased as a function of pH

Atomic Force Microscopy: Lateral-Force Calibration and Force-Curve Analysis

This thesis reflects two advances in atomic force microscopy. The first half is a new lateral force calibration procedure, which, in contrast to existing procedures, is independent of sample and cantilever shape, simple, direct, and quick. The second half is a high-throughput method for processing, fitting, and analyzing force curves taken on Pseudomonas aeruginosa bacteria in an effort to inspire better care for statistics and increase measurement precision