Cross-Sectional Peg Ratios, Market Equity Premium, and Macroeconomic Activity

2012 ◽  
Author(s):  
Qiang Kang ◽  
Xiaoquan Jiang
Keyword(s):  
Equity Premium ◽  
Cross Sectional ◽  
Macroeconomic Activity

scholarly journals Cross-sectional forecasts of the equity premium☆

2006 ◽  
Vol 81 (1) ◽  
pp. 101-141 ◽  
Author(s):  
C POLK ◽  
S THOMPSON ◽  
T VUOLTEENAHO
Keyword(s):  
Equity Premium ◽  
Cross Sectional

Cross-Sectional PEG Ratios, Market Equity Premium, and Macroeconomic Activity

2018 ◽  
Vol 35 (3) ◽  
pp. 471-500
Author(s):  
Xiaoquan Jiang ◽  
Qiang Kang
Keyword(s):  
Cross Section ◽  
Expected Returns ◽  
Future Market ◽  
Cross Sectional ◽  
Risk Premiums ◽  
Econometric Methods ◽  
Out Of Sample ◽  
Macroeconomic Activity ◽  
Equity Premiums ◽  
Valuation Ratios

This article explores the information content of PEG ratios (price/earnings to growth ratios) for future aggregate returns and economic fundamentals. We first establish an analytic link between PEG ratios and time-varying expected returns of stocks. We then combine the link with empirical asset pricing models to extract market-wide information from cross-sectional PEG ratios. The resultant cross-section estimates of the risk premiums on stock betas serve as proxies for market-wide information. The proxies contain salient information about future market equity premiums and macroeconomic activity both in-sample and out-of-sample. Moreover, the proxies outperform aggregate PEG ratios and the cross-section beta-premium estimate based on conventional valuation ratios and retain incremental power in forecasting future market equity premiums. The results are robust to using various econometric methods for standard error adjustments.

The conditional equity premium, cross-sectional returns and stochastic volatility

2014 ◽  
Vol 38 ◽  
pp. 316-327 ◽  
Author(s):  
Ka Wai Terence Fung ◽  
Chi Keung Marco Lau ◽  
Kwok Ho Chan
Keyword(s):  
Stochastic Volatility ◽  
Equity Premium ◽  
Cross Sectional

scholarly journals Risk Aversion or Model Uncertainty? An Empirical Cross-Sectional Analysis Across Countries

2019 ◽  
Vol 38 (2) ◽  
pp. 321
Author(s):  
Caio Almeida ◽  
Pedro Engel ◽  
Joao Paulo Valente
Keyword(s):  
Risk Aversion ◽  
Emerging Markets ◽  
Model Uncertainty ◽  
Equity Premium ◽  
Uncertainty Aversion ◽  
Risk And Uncertainty ◽  
Model Risk ◽  
Cross Sectional ◽  
Advanced Economies ◽  
Sectional Analysis

By analyzing a panel of macro data including both Emerging Markets (EM) and Advanced Economies (AE), we identify that an acceptable level of model uncertainty helps to explain the equity premium existing in all these markets. Model uncertainty aversion is in general higher for EMs than for AEs. In addition, the degree of cross-sectional heterogeneity across countries' estimates of model uncertainty aversion is smaller than the corresponding heterogeneity of the risk aversion estimates in a traditional CRRA preference. We also compute separate costs of model risk and uncertainty for these economies in terms of present consumption, and conclude that the most significant effects come from uncertainty.

Automated Image Analysis Of Nuclear And Cytoplasmic Changes In Exfoliated Cells From Tracheas Treated With Carcinogen

1977 ◽  
Vol 35 ◽  
pp. 220-221
Author(s):  
S.F. Stinson ◽  
J.C. Lilga ◽  
M.B. Sporn
Keyword(s):  
Image Analysis ◽  
Pattern Analysis ◽  
Relative Proportion ◽  
Automated Image Analysis ◽  
Image Analyzer ◽  
Cross Sectional ◽  
Exfoliated Cells ◽  
Neoplastic Lesions ◽  
Analysis System ◽  
Morphologic Criterion

Increased nuclear size, resulting in an increase in the relative proportion of nuclear to cytoplasmic sizes, is an important morphologic criterion for the evaluation of neoplastic and pre-neoplastic cells. This paper describes investigations into the suitability of automated image analysis for quantitating changes in nuclear and cytoplasmic cross-sectional areas in exfoliated cells from tracheas treated with carcinogen.Neoplastic and pre-neoplastic lesions were induced in the tracheas of Syrian hamsters with the carcinogen N-methyl-N-nitrosourea. Cytology samples were collected intra-tracheally with a specially designed catheter (1) and stained by a modified Papanicolaou technique. Three cytology specimens were selected from animals with normal tracheas, 3 from animals with dysplastic changes, and 3 from animals with epidermoid carcinoma. One hundred randomly selected cells on each slide were analyzed with a Bausch and Lomb Pattern Analysis System automated image analyzer.

X-Ray Replication of Submicrometer Linewidth Patterns

1977 ◽  
Vol 35 ◽  
pp. 136-137
Author(s):  
Henry I. Smith ◽  
D.C. Flanders
Keyword(s):  
Electron Beam Lithography ◽  
Cross Sectional ◽  
X Ray ◽  
Electron Backscattering ◽  
Spatial Frequencies ◽  
Cross Sectional Profile ◽  
Carbon Foils ◽  
Sectional Profile ◽  
And Control ◽  
Soft Radiation

Scanning electron beam lithography has been used for a number of years to write submicrometer linewidth patterns in radiation sensitive films (resist films) on substrates. On semi-infinite substrates, electron backscattering severely limits the exposure latitude and control of cross-sectional profile for patterns having fundamental spatial frequencies below about 4000 Å(l),Recently, STEM'S have been used to write patterns with linewidths below 100 Å. To avoid the detrimental effects of electron backscattering however, the substrates had to be carbon foils about 100 Å thick (2,3). X-ray lithography using the very soft radiation in the range 10 - 50 Å avoids the problem of backscattering and thus permits one to replicate on semi-infinite substrates patterns with linewidths of the order of 1000 Å and less, and in addition provides means for controlling cross-sectional profiles. X-radiation in the range 4-10 Å on the other hand is appropriate for replicating patterns in the linewidth range above about 3000 Å, and thus is most appropriate for microelectronic applications (4 - 6).

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