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26,559
Risks for the long run: A potential resolution of asset pricing puzzles
 JOURNAL OF FINANCE
, 1994
"... We model consumption and dividend growth rates as containing (i) a small longrun predictable component and (ii) fluctuating economic uncertainty (consumption volatility). These dynamics, for which we provide empirical support, in conjunction with Epstein and Zin’s (1989) preferences, can explain ke ..."
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Cited by 761 (63 self)
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key asset markets phenomena. In our economy, financial markets dislike economic uncertainty and better longrun growth prospects raise equity prices. The model can justify the equity premium, the riskfree rate, and the volatility of the market return, riskfree rate, and the pricedividend ratio
The theory and practice of corporate finance: Evidence from the field
 Journal of Financial Economics
, 2001
"... We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. We find that a surprising number of firms use their ..."
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Cited by 725 (23 self)
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their firm risk rather than project risk in evaluating new investments. Firms are concerned about maintaining financial flexibility and a good credit rating when issuing debt, and earnings per share dilution and recent stock price appreciation when issuing equity. We find some support for the pecking
Satisfaction and Comparison Income
 Journal of Public Economics
, 1995
"... This paper is an attempt to test the hypothesis that utility depends on income relative to a 'comparison' or reference level. Using data on 5,000 British workers, it provides two findings. First, workers' reported satisfaction levels are shown to be inversely related to their comparis ..."
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Cited by 636 (54 self)
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to their comparison wage rates. Second, holding income constant, satisfaction levels are shown to be strongly declining in the level of education. More generally, the paper tries to help begin the task of constructing an economics of job satisfaction.
A Contribution to the Empirics of Economic Growth
 Quarterly Journal of Economics
, 1992
"... This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the crosscountry data. The paper a ..."
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Cited by 1258 (12 self)
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also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle
, 2002
"... I develop a general equilibrium model with sticky prices, credit constraints, nominal loans and asset prices. Changes in asset prices modify agents ’ borrowing capacity through collateral value; changes in nominal prices affect real repayments through debt deflation. Monetary policy shocks move asse ..."
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Cited by 512 (10 self)
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asset and nominal prices in the same direction, and are amplified and propagated over time. The “financial accelerator ” is not constant across shocks: nominal debt stabilises supply shocks, making the economy less volatile when the central bank controls the interest rate. I discuss the role of equity
The Capacity of LowDensity ParityCheck Codes Under MessagePassing Decoding
, 2001
"... In this paper, we present a general method for determining the capacity of lowdensity paritycheck (LDPC) codes under messagepassing decoding when used over any binaryinput memoryless channel with discrete or continuous output alphabets. Transmitting at rates below this capacity, a randomly chos ..."
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Cited by 574 (9 self)
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exponentially fast in the length of the code with arbitrarily small loss in rate.) Conversely, transmitting at rates above this capacity the probability of error is bounded away from zero by a strictly positive constant which is independent of the length of the code and of the number of iterations performed
A scheduling model for reduced CPU energy
 ANNUAL SYMPOSIUM ON FOUNDATIONS OF COMPUTER SCIENCE
, 1995
"... The energy usage of computer systems is becoming an important consideration, especially for batteryoperated systems. Various methods for reducing energy consumption have been investigated, both at the circuit level and at the operating systems level. In this paper, we propose a simple model of job s ..."
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Cited by 558 (3 self)
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an offline algorithm that computes, for any set of jobs, a minimumenergy schedule. We then consider some online algorithms and their competitive performance for the power function P(s) = sp where p 3 2. It is shown that one natural heuristic, called the Average Rate heuristic, uses at most a constant
Variable Selection via Nonconcave Penalized Likelihood and its Oracle Properties
, 2001
"... Variable selection is fundamental to highdimensional statistical modeling, including nonparametric regression. Many approaches in use are stepwise selection procedures, which can be computationally expensive and ignore stochastic errors in the variable selection process. In this article, penalized ..."
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Cited by 948 (62 self)
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functions are symmetric, nonconcave on (0, ∞), and have singularities at the origin to produce sparse solutions. Furthermore, the penalty functions should be bounded by a constant to reduce bias and satisfy certain conditions to yield continuous solutions. A new algorithm is proposed for optimizing
Hybrid Automata: An Algorithmic Approach to the Specification and Verification of Hybrid Systems
, 1992
"... We introduce the framework of hybrid automata as a model and specification language for hybrid systems. Hybrid automata can be viewed as a generalization of timed automata, in which the behavior of variables is governed in each state by a set of differential equations. We show that many of the examp ..."
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Cited by 460 (20 self)
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at constant rates. The two procedures are based, respectively, on minimizing and computing fixpoints on generally infinite state spaces. We show that if the procedures terminate, then they give correct answers. We then demonstrate that for many of the typical workshop examples, the procedures do terminate
The highly irregular firing of cortical cells is inconsistent with temporal integration of random EPSPs
 Journal of Neuroscience
, 1993
"... How random is the discharge pattern of cortical neurons? We examined recordings from primary visual cortex (Vl; Knierim and Van Essen, 1992) and extrastriate cortex (MT; Newsome et al., 1989a) of awake, behaving macaque monkey and compared them to analytical predictions. For nonbursting cells firi ..."
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Cited by 457 (11 self)
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firing at sustained rates up to 300 Hz, we evaluated two indices of firing variability: the ratio of the variance to the mean for the number of action potentials evoked by a constant stimulus, and the ratenormalized coefficient of variation (C,) of the interspike interval distribution. Firing
Results 1  10
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26,559