Multifactor Models and Their Consistency with the APT

2020 ◽  
Author(s):  
Ilan Cooper ◽  
Liang Ma ◽  
Paulo Maio ◽  
Dennis Philip
Keyword(s):  
Large Scale ◽  
Common Factor ◽  
Empirical Asset Pricing ◽  
Arbitrage Pricing Theory ◽  
Risk Premiums ◽  
Multifactor Models ◽  
Equity Risk ◽  
Pricing Theory ◽  
The Common ◽  
Components Method

Abstract We examine the consistency of several prominent multifactor models from the empirical asset pricing literature with the arbitrage pricing theory (APT) framework. We follow the APT-related literature and estimate the common factor structure from a rich cross-section (associated with 42 major CAPM anomalies) by employing the asymptotic principal components method. Our benchmark model contains six statistical factors and clearly dominates, in both economic and statistical terms, most of the empirical multifactor models proposed in the literature by a good margin. These results represent a critical challenge to the current workhorse models in terms of explaining large-scale equity risk premiums.

scholarly journals Universal time preference

PLoS ONE ◽  
2021 ◽  
Vol 16 (2) ◽  
pp. e0245692
Author(s):  
Marc Oliver Rieger ◽  
Mei Wang ◽  
Thorsten Hens
Keyword(s):  
Time Preference ◽  
School Attendance ◽  
Common Factor ◽  
Large Degree ◽  
Gasoline Prices ◽  
Aggregation Method ◽  
Risk Premiums ◽  
Latent Construct ◽  
Equity Risk ◽  
Human Decision

Time preferences are central to human decision making; therefore, a thorough understanding of their international differences is highly relevant. Previous measurements, however, vary widely in their methodology, from questions answered on the Likert scale to lottery-type questions. We show that these different measurements correlate to a large degree and that they have a common factor that can predict a broad spectrum of variables: the countries’ credit ratings, gasoline prices (as a proxy for environmental protection), equity risk premiums, and average years of school attendance. The resulting data on this time preference factor for N = 117 countries and regions will be highly useful for further research. Our aggregation method is applicable to merge cross-cultural studies that measure the same latent construct with different methodologies.

Student Perceptions of Community: A Different Perspective

NASPA Journal ◽  
1998 ◽  
Vol 35 (4) ◽  
Author(s):  
Jackie Clark ◽  
Joan Hirt
Keyword(s):  
Student Perceptions ◽  
Large Scale ◽  
Research University ◽  
Small Scale ◽  
Social Environments ◽  
Common Assumption ◽  
Small Communities ◽  
Public Research University ◽  
The Common ◽  
Using Data

The creation of small communities has been proposed as a way of enhancing the educational experience of students at large institutions. Using data from a survey of students living in large and small residences at a public research university, this study does not support the common assumption that small-scale social environments are more conducive to positive community life than large-scale social environments.

scholarly journals A High-Content Screening Assay for Small Molecules That Stabilize Mutant Triose Phosphate Isomerase (TPI) as Treatments for TPI Deficiency

2021 ◽  
pp. 247255522110181
Author(s):  
Andreas Vogt ◽  
Samantha L. Eicher ◽  
Tracey D. Myers ◽  
Stacy L. Hrizo ◽  
Laura L. Vollmer ◽  
...  
Keyword(s):  
High Throughput Screening ◽  
Large Scale ◽  
Protein Quality ◽  
Fluorescent Protein ◽  
Triose Phosphate Isomerase ◽  
Pharmacological Intervention ◽  
Screening Assay ◽  
Triose Phosphate ◽  
The Common ◽  
Green Fluorescent

Triose phosphate isomerase deficiency (TPI Df) is an untreatable, childhood-onset glycolytic enzymopathy. Patients typically present with frequent infections, anemia, and muscle weakness that quickly progresses with severe neuromusclar dysfunction requiring aided mobility and often respiratory support. Life expectancy after diagnosis is typically ~5 years. There are several described pathogenic mutations that encode functional proteins; however, these proteins, which include the protein resulting from the “common” TPIE105D mutation, are unstable due to active degradation by protein quality control (PQC) pathways. Previous work has shown that elevating mutant TPI levels by genetic or pharmacological intervention can ameliorate symptoms of TPI Df in fruit flies. To identify compounds that increase levels of mutant TPI, we have developed a human embryonic kidney (HEK) stable knock-in model expressing the common TPI Df protein fused with green fluorescent protein (HEK TPIE105D-GFP). To directly address the need for lead TPI Df therapeutics, these cells were developed into an optical drug discovery platform that was implemented for high-throughput screening (HTS) and validated in 3-day variability tests, meeting HTS standards. We initially used this assay to screen the 446-member National Institutes of Health (NIH) Clinical Collection and validated two of the hits in dose–response, by limited structure–activity relationship studies with a small number of analogs, and in an orthogonal, non-optical assay in patient fibroblasts. The data form the basis for a large-scale phenotypic screening effort to discover compounds that stabilize TPI as treatments for this devastating childhood disease.

Underlying Common Factors of Adolescent Problem Behaviors

2002 ◽  
Vol 29 (2) ◽  
pp. 161-182 ◽  
Author(s):  
Lening Zhang ◽  
John W. Welte ◽  
William F. Wieczorek
Keyword(s):  
Problem Behaviors ◽  
Latent Variable ◽  
Factor Model ◽  
Common Factor ◽  
Measurement Model ◽  
First Order ◽  
Adolescent Problem Behaviors ◽  
The Common ◽  
Order Factor ◽  
Second Order Factor Analysis

The Buffalo Longitudinal Study of Young Men was used to address the possibility of a common factor underlying adolescent problem behaviors. First, a measurement model with a single first-order factor was compared to a model with three separate correlated first-order factors. The three-factor model was better supported, making it logical to conduct a second-order factor analysis, which confirmed the logic. Second, a substantive model was estimated in each of two waves with psychopathic state as the common factor predicting drinking, drug use, and delinquency. Psychopathic state was stable across waves. The theory that a single latent variable accounts for large covariance among adolescent problem behaviors was supported.

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