Efficient Estimation of Linear Asset Pricing Models with Moving-Average Errors

This paper explores in depth the nature of the conditional moment restrictions implied by log-linear intertemporal capital asset pricing models (ICAPMs) and shows that the generalized instrumental variables (GMM) estimators of these models (as typically implemented in practice) are inefficient. The moment conditions in the presence of temporally aggregated consumption are derived for two log-linear ICAPMs. The first is a continuous time model in which agents maximize expected utility. In the context of this model, we show that there are important asymmetries between the implied moment conditions for infinitely and finitely-lived securities. The second model assumes that agents maximize non-expected utility, and leads to a very similar econometric relation for the return on the wealth portfolio. Then we describe the efficiency bound (greatest lower bound for the asymptotic variances) of the CNN estimators of the preference parameters in these models. In addition, we calculate the efficient CNN estimators that attain this bound. Finally, we assess the gains in precision from using this optimal CNN estimator relative to the commonly used inefficient CMN estimators.

Attracting Millennials: An Examination of Millennial Participation in Assembly of God Churches

The greatest decline in church attendance of any age group has occurred among Millennials, which are individuals born between 1980 and the early 2000s. This decline in Millennial church attendance has created great concern among church leaders about the future of the church. Church leaders have struggled to understand Millennials, which has led to an inability to attract and maintain Millennial participation in the church. The purpose of this study was to determine what, if any, characteristics caused Millennials to be attracted to certain Assembly of God churches in Illinois and not others. The population for the current study was comprised of 27 Assembly of God churches in Illinois that were designated as high attraction churches, and 27 designated as low attraction churches. An online quantitative survey was administered to pastors and Millennials aged 18 to 34 from the participating churches. The four research questions used in the current study explored the experiences and preferences of the Millennial participants. The researcher found four statistically significant characteristics that were most related to Millennial church attendance in high attraction Assembly of God churches in Illinois, the presence of a strong discipleship ministry, the presence of intentional ministry geared towards Millennials, the presence of technology, and an openness to innovation and change. The current study provides church leaders with a knowledge and understanding of the preferences and characteristics that attracted Millennials to high attraction Assembly of God churches in Illinois

Hot mantle upwelling across the 660 beneath Yellowstone

P-to-s receiver functions mapped to depth through P and S body-wave tomography models image continuous 410 and 660 km discontinuities beneath the area covered by USArray prior to the year 2011. Mean depths to the 410 and 660 km discontinuities of 410 and 656 km imply a mantle transition zone that is about 4 km thicker than the global average and hence has a slightly cooler mean temperature and/or enhanced water content. Compared to the mean 660 depth beneath this ~2000 km wide area, the 660 beneath the Yellowstone hotspot is deflected upward by 12–18 km over an area about 200 km wide. This is the most anomalous shallowing of the 660 imaged and its horizontal extent is similar to the area where P and S tomography image low-velocity mantle extending from the top of the transition zone to about 900 km depth. Together, these results indicate a high-temperature, plume-like upwelling extending across the 660. The depth of 410 km discontinuity beneath the Yellowstone region is within 5 km of the mean depth implying that the plume is vertically heterogeneous and possibly discontinuous. Tomography indicates a similar vertically heterogeneous thermal plume. The irregular plume structure may be intrinsic to the dynamics of upwelling through the transition zone, or distortion may be caused by subduction-induced mantle flow. Topography of the 410 and 660 confirms that subducted slabs beneath the western U.S. are highly segmented, as inferred from recent tomography studies. We find no evidence of regionally pervasive velocity discontinuities between 750 and 1400 km depth. The plume's depth of origin within the lower mantle remains uncertain

Attracting Millennials: An Examination of Millennial Participation in Assembly of God Churches

The greatest decline in church attendance of any age group has occurred among Millennials, which are individuals born between 1980 and the early 2000s. This decline in Millennial church attendance has created great concern among church leaders about the future of the church. Church leaders have struggled to understand Millennials, which has led to an inability to attract and maintain Millennial participation in the church. The purpose of this study was to determine what, if any, characteristics caused Millennials to be attracted to certain Assembly of God churches in Illinois and not others. The population for the current study was comprised of 27 Assembly of God churches in Illinois that were designated as high attraction churches, and 27 designated as low attraction churches. An online quantitative survey was administered to pastors and Millennials aged 18 to 34 from the participating churches. The four research questions used in the current study explored the experiences and preferences of the Millennial participants. The researcher found four statistically significant characteristics that were most related to Millennial church attendance in high attraction Assembly of God churches in Illinois, the presence of a strong discipleship ministry, the presence of intentional ministry geared towards Millennials, the presence of technology, and an openness to innovation and change. The current study provides church leaders with a knowledge and understanding of the preferences and characteristics that attracted Millennials to high attraction Assembly of God churches in Illinois