Reconciling the Characteristics vs. Factors Models for Explaining Stock Returns

Daniel and Titman (DT) (1997) disclaim the Fama-French three factor model in favor of a firm characteristics based model to explain stock returns. Davis, Fama, and French (2000) find this characteristics-based model outperforms their model only for the 20.5 year time period from July 1973-December 1993, but the three factor model is robust for the 68-year period from 1929- 1997. We find the DT period represents a unique macroeconomic environment in that significant interaction effects exist between the default (and term) risk premia innovations and returns. Incorporating these effects into a traditional three-factor model help explain the 1973-1993 “characteristics model puzzle,” providing insight into market returns for portfolio managers during economic environments comparable to the DT period

The ISCIP Analyst, Volume IX, Issue 3

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy

The ISCIP Analyst, Volume IX, Issue 4

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy

The ISCIP Analyst, Volume VIII, Issue 20

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy

The ISCIP Analyst, Volume VIII, Issue 16

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy

The ISCIP Analyst, Volume IX, Issue 5

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy

CASPAR Low-Cost, Dual-Manifest Payload Adapter for Minotaur IV

The Minotaur IV Launch Vehicle is being developed by the Air Force Rocket Systems Launch Program (RSLP) to utilize excess Peacekeeper missile motors and provide low-cost launches for Government payloads to Low Earth Orbit (LEO). This vehicle uses three Peacekeeper stages, an Orion 38 motor, and avionics from the heritage Minotaur I vehicle. Nominal capability for Minotaur IV is almost 4000 lbm to LEO. The fly-away cost is just over $20 million. The Composite Adapter for Shared PAyload Rides (CASPAR) Multi-Payload Adapter (MPA) will enable a Minotaur IV to launch two large satellites (1000-2000 lbm) for about$10 million each. The CASPAR MPA is being designed for projected Minotaur IV launch load environments, with design objectives of light weight, integrated vibration isolation, low shock, and modularity. An innovative composite design, including co-cured composite stiffening, provides a lightweight structure with optional access doors. Low-shock separation systems are integrated for MPA and satellite separation events. Vibration isolation systems protect the payloads from the dynamic environment of the Peacekeeper motor stack, and isolation tuning will enable a range of payloads and facilitate modular designs. Qualification testing of a full-scale adapter is planned for early 2006. Design variations are being considered for existing and new launch vehicles

Demonstration of a New Smallsat Launch Vehicle: The Orbital/Suborbital Program (OSP) Space Launch Vehicle Inaugural Mission Results

The United States Air Force and Orbital Sciences Corporation (Orbital) completed development and demonstration of a new low cost space launch vehicle for launching small satellites using surplus Minuteman II rocket motors melded with commercial launch vehicle technology. The Orbital Suborbital Program Space Launch Vehicle (OSPSLV, aka OSP Minotaur) successfully achieved all mission objectives with the inaugural launch into a 405 nm circular, 100 deg inclination orbit on 26 January, 2000. This launch achieved “firsts” in several areas including being the first space launch utilizing Minuteman boosters. It was also the first launch from the California Spaceport (Spaceport Systems International Commercial Launch Facility) at Vandenberg AFB. The OSP Minotaur accurately delivered a total of 11 satellites to orbit on its inaugural launch, involving complex maneuvering and multiple payload separations. Satellite sizes covered the range from minisatellite (JAWSAT Multiple Payload Adapter (MPA), 110 kg), microsatellite (USAFA’s FalconSat, 50 kg, and OPAL, 20kg), nanosatellite (Arizona State University’s ASUSat-1.5 kg), and picosatellites (ARPA/Aerospace, ARTEMIS, STENSAT, and MASAT, 0.5 kg each). ASUSat-1 was the first scientific nanosatellite and the picosats were the world’s first active “pico” satellites. Additionally, an Optical Calibration Sphere was placed into orbit for the Air Force Research Laboratory (AFRL) Starfire Optical Range. The mission also demonstrated the Soft Ride for Small Satellites (SRSS) full-spacecraft isolation system developed by AFRL and CSA Engineering. The OSP Minotaur is a four stage, ground launched solid propellant inertially guided spacelift vehicle. It is capable of putting up to 1400 lbm into LEO (100 nm, 28.5 deg) and over 700 lbm into a 400 nm, sunsynchronous orbit. The first two stages are from surplus Minuteman II ICBM’s (M-55 and SR-19). They are combined with the upper two stages (Orion 50XL and Orion 38), structure, and fairing from Orbital’s Pegasus XL air-launched space vehicle. However, new flight software, avionics, and telemetry components provide greater payload support capability relative to the Pegasus system

Temperature of the arterial wall after stent implantation: the role of poststent inflammation

This repository item contains a single issue of The ISCIP Analyst, an analytical review journal published from 1996 to 2010 by the Boston University Institute for the Study of Conflict, Ideology, and Policy