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Distribution by Scientific Domains

Business, Economics, Finance and Accounting	50%

Selected Abstracts

Common Risk Factors Versus a Mispricing Factor of Tokyo Stock Exchange Firms: Inquiries into the Fundamental Value Derived from Analyst Earnings Forecasts,

INTERNATIONAL REVIEW OF FINANCE, Issue 3 2009
KEIICHI KUBOTA
ABSTRACT We search for common factors and/or a mispricing factor for Tokyo Stock Exchange firms. We utilize the Edwards,Bell,Ohlson model to compute the firms' fundamental value and divide this value by the firms' market price to construct a new variable called a ,value-to-price ratio' (VPR). We find that this VPR variable can generate abnormal returns even after adjusting for the risk factors related to portfolio style differences. To find out whether it is indeed a risk factor or simply a characteristic, we construct return difference portfolios of the high VPR stocks minus the low value-to-price stocks and call this portfolio the upward-forecast minus downward-forecast (UMD) factor. Fama and MacBeth test indicate that the risk premium for this UMD factor is positive. The best model in terms of the adjusted R2 value is the four-factor model in which the UMD factor is added to the Fama and French three factors. GMM Euler condition tests reveal that the UMD factor helps to price assets and that the four-factor model is not rejected. We conclude the VPR variable contains new information content that is not contained in the conventional Fama and French's three factors. [source]

Roles of glutamate and GABA receptors in setting the developmental timing of spontaneous synchronized activity in the developing mouse cortex

DEVELOPMENTAL NEUROBIOLOGY, Issue 12 2007
Annette K. McCabe
Abstract Spontaneous, synchronized electrical activity (SSA) plays important roles in nervous system development, but it is not clear what causes it to start and stop at the appropriate times. In previous work, we showed that when SSA in neonatal mouse cortex is blocked by TTX in cultured slices during its normal time of occurrence (E17,P3), it fails to stop at P3 as it does in control cultured slices, but instead persists through at least P10. This indicates that SSA is self-extinguishing. Here we use whole-cell recordings and [Ca2+]i imaging to compare control and TTX-treated slices to isolate the factors that normally extinguish SSA on schedule. In TTX-treated slices, SSA bursts average 4 s in duration, and have two components. The first, lasting about 1 s, is mediated by AMPA receptors; the second, which extends the burst to 4 s and is responsible for most of the action potential generation during the burst, is mediated by NMDA receptors. In later stage (P5,P9) control slices, after SSA has declined to about 4% of its peak frequency, bursts lack this long NMDA component. Blocking this NMDA component in P5,P9 TTX-treated slices reduces SSA frequency, but not to the low values found in control slices, implying that additional factors help extinguish SSA. GABAA inhibitors restore SSA in control slices, indicating that the emergence of GABAA -mediated inhibition is another major factor that helps terminate SSA. © 2007 Wiley Periodicals, Inc. Develop Neurobiol, 2007 [source]

MIND THE GAP: UNEMPLOYMENT IN THE NEW EU REGIONS

JOURNAL OF ECONOMIC SURVEYS, Issue 1 2008
Anna Maria Ferragina
Abstract The paper surveys the theoretical and empirical literature on regional unemployment during transition in Central and Eastern Europe. The focus is on optimal speed of transition (OST) models and on comparison of them with the neo-classical tradition. In the typical neo-classical models, spatial differences essentially arise as a consequence of supply side constraints and institutional rigidities. Slow-growth, high-unemployment regions are those with backward economic structures and constraints on factors mobility contribute to making differences persistent. However, such explanations leave the question unanswered of how unemployment differences arise in the first place. Economic transition provides an excellent testing ground to answer this question. Pre-figuring an empirical law, the OST literature finds that the high degree of labour turnover of high unemployment regions is associated with a high rate of industrial restructuring and, consequently, that low unemployment may be achieved by implementing transition more gradually. Moreover, international trade, foreign direct investment and various agglomeration factors help explain the success of capital cities compared to peripheral towns and rural areas in achieving low unemployment. The evidence of the empirical literature on supply side factors suggests that wage flexibility in Central and Eastern Europe is not lower than in other EU countries, while labour mobility seems to reinforce rather than change the spatial pattern of unemployment. [source]

The Aging Dilemma: Is Increasing Longevity Among People With Intellectual Disabilities Creating a New Population Challenge in the Asia-Pacific Region?

JOURNAL OF POLICY AND PRACTICE IN INTELLECTUAL DISABILITIES, Issue 2 2009
Matthew P. Janicki
Abstract The Macau Declaration on Ageing for Asia and the Pacific and the Plan of Action on Ageing for Asia and the Pacific provide a framework for defining the needs of the aging population in the Asia-Pacific region. It also served as a stimulus for planning and public commitment to addressing the needs of the region's elderly population, including the needs of each of the nation's adult and aging populations of persons with intellectual disabilities. Within the Asia-Pacific region, the diversity of cultural and economic interests often combines to define how services are provided to their aging populations and both how disabilities are perceived and how national policies reflect these interests in serving people with disabilities. Reports issued by the World Health Organization on improving longevity and promoting healthy aging among people with intellectual and developmental disabilities and the Tampa Scientific Conference on Aging and Intellectual Disabilities on defining health factors help provide the structure for both the consideration of the impact of aging on people with intellectual and developmental disabilities and how national social and public welfare policies can be framed to respond to aging and lifelong disability. [source]