Momentum profits are shown to be driven by the broad-market persistence of returns between the formation period and the holding period, which is measured as the slope coefficient of the regression of the cross-section returns in the holding period on the cross-section returns in the formation...

We show that sorting reveals the time-varying market risk exposures of the firm-specific investment opportunity set. Sorting on the basis of firm characteristics uncovers information on firm-specific distress or growth, and this leads to more efficient estimation of conditional risk sensitivity....

Because they are scaled by price, the ability of size (i.e., the market capitalization of a firm) and the book-to-market equity ratio to determine expected returns may, according to Berk (1995), reflect only a simultaneity bias. The two-stage least squares approach is used to control for this...

We use dynamic panel data regressions to investigate whether the strength of a country’s patent protection for pharmaceuticals is associated with more pharmaceutical patenting by its residents and corporations in the United States. Using the Pharmaceutical Intellectual Property Protection...

Building on the seminal work of Ginarte and Park (1997), we develop an index of property rights in pharmaceutical innovations, the Pharmaceutical Intellectual Property Protection (PIPP) Index, for 154 countries spanning 1960 to 2005. It incorporates 5 types of property rights in pharmaceuticals;...

Building on the seminal work of Ginarte and Park (1997. Research Policy. 26, 283–301), we develop an index of property rights in pharmaceutical inventions, the Pharmaceutical Intellectual Property Protection (PIPP) Index, for 154 countries spanning 1960 to 2005. It incorporates five types of...

We demonstrate the estimation biases that arise when stock returns from 12month prior and 2month prior are included within intermediate and recent past momentum profits. These biases lead to an overestimation of intermediate past momentum but an underestimation of recent past momentum in the US...

Pre-drying of lignite before feeding to the boiler is a potential way to increase the net efficiency of lignite-fired power plants. Lignite pre-drying is, however, a high energy consumption process with a high risk of spontaneous ignition. If the lignite is dried at low temperature, the...

In this note, we study parallel machine scheduling problem with past-sequence-dependent delivery times and a deterioration effect. We present polynomial algorithms for the problem with the total workload, the total completion time, the total absolute differences in completion times objectives.