Results 1 - 10 of 59

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

by Malcolm Baker, Jeremy C. Stein, Jeffrey Wurgler
"... We use a simple model to outline the conditions under which corporate investment is sensitive to non-fundamental movements in stock prices. The key prediction is that stock prices have a stronger impact on the investment of “equity dependent ” firms – firms that need external equity to finance margi ..."
Abstract - Cited by 195 (14 self) - Add to MetaCart
marginal investments. Using an index of equity dependence based on the work of Kaplan and Zingales [1997], we find support for this hypothesis. In particular, firms that rank in the top quintile of the KZ index have investment that is almost three times as sensitive to stock prices as firms in the bottom

FM-KZ: an even simpler alphabet-independent FM-index

by Rafal Przywarski, Szymon Grabowski, Gonzalo Navarro, Alejandro Salinger - CZECH TECHNICAL UNIVERSITY, PRAGUE , 2006
"... In an earlier work [6] we presented a simple FM-index variant, based on the idea of Huffman-compressing the text and then applying the Burrows-Wheeler transform over it. The main drawback of using Huffman was its lack of synchronizing properties, forcing us to supply another bit stream indicating th ..."
Abstract - Cited by 2 (0 self) - Add to MetaCart
-Zeckendorf coding as a both simple and practical replacement for Huffman. We dub the new index FM-KZ. We also present an efficient implementation of the rank operation, which is the main building brick of the FM-KZ. Experimental results show that our index provides an attractive space/time tradeoff in comparison

Financial constraint risk

by Toni M. Whited, Guojun Wu - Review of Financial Studies , 2006
"... We construct an index of firms ’ external finance constraints via generalized method of moments (GMM) estimation of an investment Euler equation. Unlike the com-monly used KZ index, ours is consistent with firm characteristics associated with external finance constraints. Constrained firms ’ returns ..."
Abstract - Cited by 55 (5 self) - Add to MetaCart
We construct an index of firms ’ external finance constraints via generalized method of moments (GMM) estimation of an investment Euler equation. Unlike the com-monly used KZ index, ours is consistent with firm characteristics associated with external finance constraints. Constrained firms

We thank Eric Nierenberg for research assistance. We also thank Heitor Almeida, Nicholas Barberis,

by Malcolm Baker, Jeremy C. Stein, Jeffrey Wurgler, Steve Kaplan, Eli Ofek, Lasse Pedersen, David Scharfstein, Andrei Shleifer, Tuomo Vuolteenaho
"... We use a simple model to outline the conditions under which corporate investment is sensitive to non-fundamental movements in stock prices. The key prediction is that stock prices have a stronger impact on the investment of “equity dependent ” firms – firms that need external equity to finance margi ..."
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marginal investments. Using an index of equity dependence based on the work of Kaplan and Zingales [1997], we find support for this hypothesis. In particular, firms that rank in the top quintile of the KZ index have investment that is almost three times as sensitive to stock prices as firms in the bottom

TPJU-15/02, IFUP-TH/2002-36, MPI-PhT/2002-45 Exact Witten Index in D=2 supersymmetric

by Yang-mills Quantum Mechanics, M. Campostrini, J. Wosiek , 2002
"... A new, recursive method of calculating matrix elements of polynomial hamiltonians is proposed. It is particularly suitable for the recent algebraic studies of the supersymmetric Yang-Mills quantum mechanics in any dimensions. For the D = 2 system with the SU(2) gauge group, considered here, the tech ..."
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up to 10 5 quanta). Independently, the exact value of the restricted Witten index is derived analytically for the first time. PACS: 11.10.Kk, 04.60.Kz

ω-Inductive Completion of Monoidal Categories and Infinite Petri Net Computations

by Vladimiro Sassone, Jose Meseguer, Ugo Montanari
"... There exists a KZ-doctrine on the 2-category of the locally small categories whose algebras are exactly the categories which admits all the colimits indexed by ω-chains. The paper presents a wide survey of this topic. In addition, we show that this chain cocompletion KZ-doctrine lifts smoothly to KZ ..."
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There exists a KZ-doctrine on the 2-category of the locally small categories whose algebras are exactly the categories which admits all the colimits indexed by ω-chains. The paper presents a wide survey of this topic. In addition, we show that this chain cocompletion KZ-doctrine lifts smoothly

LatticeRulesbyComponentScaling toconstructfamiliesoflattices.WedeterminetherelationbetweentheZaremba Weintroduceatheoryofrectangularscalingofintegerlattices.Thismaybeused J.N.Lynessy AbstractT.Srevikz AMSSubjectClassication:65D3206B99 index()ofvariousmemb

by unknown authors
"... Intermsofthiswehavethefollowingdenition. where ThisworkwassupportedbytheAppliedMathematicalSciencessubprogramoftheOceofEnergy xi=max(jxij;1): (x)=x1x2:::xs; (1:2) (1:1) Research,U.S.DepartmentofEnergy,underContractW-31-109-Eng-38,andbytheNorwegianCouncil forHumanitiesandScience. zDept.ofInformatics, ..."
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N.OurmeasureisbasedontheZaremba conjecturethatsuggeststhatthereexistsaconstantzssuchthat ndingoptimallatticesofthisorder,thatis,lattices0forwhich(0)coincideswith Itisconvenienttointroducea\measureofgoodness"ofalatticeusingwhichone s(N)zsN s(N)=max (logN)s�2;s2: 2Ls(N)(): (1:4) Fors=2theconjecturehasbeenprovedbyZaremba[Zar66].FollowingKedemand Zaremba[KZ74

TIGHTLY BOUNDED COMPLETIONS

by Marta Bunge
"... Abstract. By a ‘completion ’ on a 2-category K we mean here an idempotent pseudomonad on K. We are particularly interested in pseudomonads that arise from KZdoctrines. Motivated by a question of Lawvere, we compare the Cauchy completion [23], defined in the setting of V-Cat for V a symmetric monoida ..."
Abstract - Cited by 1 (0 self) - Add to MetaCart
monoidal closed category, with the Grothendieck completion [7], defined in the setting of S-Indexed Cat for S a topos. To this end we introduce a unified setting (‘indexed enriched category theory’) in which to formulate and study certain properties of KZ-doctrines. We find that, whereas all of the KZ

Which firms follow the market? An analysis of corporate investment decisions. Review of Financial Studies 23:1941–1980

by Tor-Erik Bakke , Toni M Whited , Toni M Whited , 2010
"... Abstract We test whether stock-market mispricing or private investor information in stock prices affects corporate investment. We develop an econometric methodology that disentangles stock-price movements that are relevant for investment from those that are not. We combine this decomposition with p ..."
Abstract - Cited by 25 (1 self) - Add to MetaCart
an instrument. We use firm size, because small firms tend to be young, and young firms tend to face frictions in obtaining external capital. Indeed, Several authors have used these logit coefficients on data from a broad sample of firms to construct a "synthetic KZ index" to measure financial

Hamiltonian study of Supersymmetric Yang-Mills Quantum Mechanics

by J. Kotanski, J. Wosiek, J. Kotanski, J. Wosiek A , 2002
"... New results obtained within the recently developed approach to supersymmetric quantum mechanical systems are presented. The method does not suffer from the sign problem in any dimensions and is capable to provide any quantum observable with controllable systematic error. Discussed results include: t ..."
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: the spectrum and Witten index of the D=4 system, and the spectrum of zero volume glueballs in higher (4 ≤ D ≤ 10) dimensions. PACS: 11.10.Kk, 04.60.Kz Keywords: M-theory, matrix model, quantum mechanics, nonabelian gauge theories
Results 1 - 10 of 59