8 Works

On Portfolio Separation Theorems with Heterogeneous Beliefs and Attitudes towards Risk

Fousseni Chabi-Yo, Eric Ghysels & Eric Renault
The early work of Tobin (1958) showed that portfolio allocation decisions can be reduced to a two stage process: first decide the relative allocation of assets across the risky assets, and second decide how to divide total wealth between the risky assets and the safe asset. This so called twofund separation relies on special assumptions on either returns or preferences. Tobin (1958) analyzed portfolio demand in a mean-variance setting. We revisit the fund separation in...

Add Health Wave V Documentation: Cardiovascular Measures

Eric A. Whistsel, Robert Angel, Rick O'Hara, Lixin Qu, Kathryn Carrier & Kathleen Mullan Harris
This document summarizes the rationale, equipment, measurement, protocol and data cleaning procedures for each of the cardiovascular measures collected at the Wave V home exam. It also documents how constructed variables were derived from the cardiovascular measures collected in the field. Whenever possible, data collection and methods in Wave V mirrored those of Wave IV to ensure comparability of data between waves. This document is one in a set of Wave V user guides. User...

DMT in the Mammalian Brain: A Critical Appraisal

Charles D. Nicholas & David E. Nichols
Recently, a publication from Dean et al. reported that N,N-dimethyl tryptamine (DMT) is synthesized in the rat brain cortex, present at levels similar to other monoamine neurotransmitters, and significantly increases in concentration at death. They further promoted the theory that DMT may serve as the causative agent for “near death experiences”, which have been compared to peak psychedelic experiences. The publication certainly is interesting and suggests additional directions to explore scientifically but does not meet...

Psychedelics: from pharmacology to phenomenology. An interview with David Nichols.

David Nichols, Leor Roseman & Christopher Timmermann
In this interview, David Nichols – the acknowledged psychedelic pharmacologist - discusses a range of topics about psychedelic research and its relevance for consciousness science. He covers novel findings about psychedelics and their key mechanisms at the receptor level, while debunking old myths and criticize unproven speculations. At the pharmacological level, Nichols expands on two findings that suggest that receptors are not simply on/off switches. The first finding is of a lid shaped structure which...

G-Quadruplex Structure Improves the Immunostimulatory Effects of CpG Oligonucleotides

Kazuaki Hoshi, TOMOHIKO YAMAZAKI, Yuuki Sugiyama, Kaori Tsukakoshi, Wakako Tsugawa, Koji Sode & Kazunori Ikebukuro
Single-strand oligodeoxynucleotides (ODNs) containing unmethylated cytosine-phosphate-guanine (CpG) are recognized by the toll-like receptor 9, a component of the innate immunity. Therefore, they could act as immunotherapeutic agents. Chemically modified CpG ODNs containing a phosphorothioate backbone instead of phosphodiester (PD) were developed as immunotherapeutic agents resistant to nuclease degradation. However, they cause adverse side effects, and so there is a necessity to generate novel CpG ODNs. In the present study, we designed a nuclease-resistant nonmodified CpG...

Evolving constraints and rules in Harmonic Grammar

Elliott Moreton

Moving Towards Global Solidarity for Global Health through Multilateral Governance in the Covid-19 Response

Judith Bueno de Mesquita & Benjamin Mason Meier

Implications of Asymmetry Risk for Portfolio Analysis and Asset Pricing

Fousseni Chabi-Yo, Dietmar Leisen & Eric Renault
Asymmetric shocks are common in markets; securities' payoffs are not normally distributed and exhibit skewness. This paper studies the portfolio holdings of heterogeneous agents with preferences over mean, variance and skewness, and derives equilibrium prices. A three funds separation theorem holds, adding a skewness portfolio to the market portfolio; the pricing kernel depends linearly only on the market return and its squared value. Our analysis extends Harvey and Siddique's (2000) conditional mean-variance-skewness asset pricing model...

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