This paper analyzes the implications of cross-sectional hetero- skedasticity in repeat sales regression (RSR). RSR estimators are essentially geometric averages of individual asset returns because of the logarithmic transformation of price relatives. We show that the cross sectional variance of...

We present a dynamic model of venture capital financing, described as a sequential investment problem with uncertain outcome. Each venture has to pass a sequence of milestones, and there is a chance of terminal failure in each milestone. The investors decide sequentially about the speed of the...

We present a dynamic model of venture capital financing, described as a sequential investment problem with uncertain outcome. Each venture has a critical, but unknown threshold beyond which it cannot progress. If the threshold is reached before the completion of the project, then the project...

This paper proposes a generalized repeat sales regression (GRSR) that uses repeat sales from the entire market, in which properties may have heterogeneous value appreciation processes, to estimate price indices for not only the entire market, but also submarkets or customized portfolios of...

Housing market cycles are featured by a positive correlation of prices and trading volume, which is conventionally attributed to a causal relationship between prices and volume. This paper analyzes the housing markets in 114 metropolitan statistical areas in the United States from 1990 to 2002,...

This paper investigates whether individual investors adjust their stock trading according to their stock selection abilities, which can be inferred from their trading history. Fixed-effect panel regressions provide strong evidence that the ability to forecast future stock returns significantly...

Previous literature studies analysts' earnings forecasts without considering firms' response to analysts' forecasts. This study improves upon previous research by considering firms' earnings management with respect to analysts' forecasts. I hypothesize that analysts understand these earnings...

The basic physical model of solar receiver pipe with solar selective coating is established, and associated heat transfer and exergetic performances are analyzed and optimized. Because of the heat losses of natural convection and infrared radiation, the energy absorption efficiency has a maximum...

Amine-functionalized sorbents prepared by wet impregnation method shows great promises for CO2 capture from real flue gas in power plants. The objective of this work is to understand CO2 adsorption thermodynamics and mechanisms at varied polyethylenimine (PEI) loadings on mesoporous MCM-41 by...

The nonuniform heat transfer model and performance of parabolic trough solar receiver are theoretically investigated due to the energy balances between the heat transfer fluid, absorber tube, glass envelope and surroundings. The absorber tube and glass envelope are both divided into two regions...