As a response to the inefficient practices and possibly misleading inferences resulting from the unit-by-unit application mostly found in the literature, the current paper develops a block bootstrap based panel predictability test procedure that accommodates multiple predictors. As an empirical illustration we consider emerging market sovereign risk where data are usually available across multiple

This paper tests the hypothesis that price discovery influences asset pricing. Our innovations are twofold. First, we estimate time-varying price discovery for a large number (21) of Islamic stock portfolios. Second, we test using a predictive regression model whether or not price discovery predicts stock excess returns. We find from both in-sample and out-of-sample tests that all 21 portfolio exc

Using the sharia-compliant measures, we compile a data set that spans January 1981 to December 2014 and contains 2577 Islamic stocks. Using as many as 12 financial and macroeconomic predictors, we discover strong evidence of both in-sample and out-of-sample return predictability. There is robust evidence of predictability only when U.S. stock returns are used as a predictor. We find that investing

Because of the fixed heterogeneity of their models, most panel unit root tests impose restrictions on the rate at which the number of time periods, T, and the number of cross-section units, N, go to infinity. A common example of such a restriction isN/T→0, which in practice means that T≫N, a condition that is not always met. In the current paper the heterogeneity is given a parsimonious random eff

A popular approach to factor-augmented panel regressions is the common correlatedeffects (CCE) estimator of Pesaran (Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica 74, 967–1012, 2006). This paper points to a problem with the CCE approach that appears in the empirically relevant case when the number of factors is strictly less than the number

In this study steady-state natural convection for Al2O3 and CuO nanofluids inside different enclosures are numerically investigated. Natural convection is concerned due to a temperature difference between hot and cold surfaces. Rectangular and curved enclosures are investigated. The Boussinesq approximation is used to form the governing equations and the commercial software package ANSYS Fluent ve

Purpose s: The research aim is to develop a better design of auditory alerts that can improve air traffic controllers’ situation awareness. Method Participants are seventy-seven qualified Air Traffic Controllers. The experiment was conducted in the Air Traffic Control operational rooms of the Irish Aviation Authority at Shannon and Dublin. Participants were advised that the trials were in relation

This article describes a body area network (BAN) for measuring an electrocardiogram (ECG) signal and transmitting it to a smartphone via Bluetooth for data analysis. The BAN uses a specially designed planar inverted F-antenna (PIFA) with a small form factor, realizable with low-fabricationcost techniques. Furthermore, due to the human body's electrical properties, the antenna was designed to enabl

Change Impact Analysis (CIA) during software evolution of safety-critical systems is a labor-intensive task. Several authors have proposed tool support for CIA, but very few tools were evaluated in industry. We present a case study on ImpRec, a recommendation System for Software Engineering (RSSE), tailored for CIA at a process automation company. ImpRec builds on assisted tracing, using informati

Quantitative data comes with enormous possibilities for presenting key characteristics of the data in a very compressed form. Basic descriptive statistics, like mean and standard deviation, comprise thousands or millions of data points into single numbers. In contrast, qualitative data, with its focus on descriptions, words, and phrases does not come with such powerful tools, leading to wordy desc

Natural anisotropic building-blocks such as cellulose nanocrystals (CNCs) have attracted considerable attention due to their biodegradability and nanometer-size. In this work the colloidal behavior of CNCs, obtained from sulfuric acid hydrolysis of microcrystalline cellulose, has been studied in presence of salts of different valences. The influence on the colloidal stability and nature of aggrega

The knowledge of response to radiation in the immuno-microenvironment of high grade gliomas is sparse. In vitro results have indicated an inflammatory response of myeloid cells after irradiation. Therefore, microdialysis was used to verify whether this is operative in tumor tissue and brain adjacent to tumor (BAT) after clinical radiotherapy of patients with high grade glioma. Stereotactic biopsie

Background It has been proposed that cancer is more common in some families than in others, but the hypothesis lacks population level support. We use a novel approach by studying any cancers in large threegeneration families and thus are able to find risks even though penetrance is low. Methods Individuals in the nation-wide Swedish Family- Cancer Database were organised in three generations and t

Background: A general abdominal aortic aneurysm (AAA) screening program, targeting 65-year-old men, has gradually been introduced in Sweden since 2006 and reached nationwide coverage in 2015. The aim of this study was to determine the outcome of this program. Methods: Data on the number of invited and examined men, screening-detected AAAs, AAAs operated on, and surgical outcome were retrieved from

OBJECTIVES:: Individuals with chronic pain often report increased pain sensitivity compared to pain free individuals, so it is crucial to determine if and how different pain characteristics influence or interact with pain sensitivity. An alternative to experimental pain sensitivity testing is the self-reported pain sensitivity questionnaire (PSQ), that captures pain sensitivity in various body are

Background The relationship between meniscal tears and other joint pathologies with patient-reported symptoms is not clear. We investigated associations between structural knee pathologies identified at surgery with preoperative knee pain and function in patients undergoing arthroscopic meniscal surgery. Methods This study included 443 patients from the Knee Arthroscopy Cohort Southern Denmark (KA