The X Factor

∗ ABSTRACT The paper tests whether individuals have value-relevant information about local stocks (where “local” is defined as being headquartered near where an investor lives). Our methodology uses two types of calendar-time portfolios—one based on holdings and one based on transactions. Portfolios of local holdings do not generate abnormal performance (alphas are zero). When studying transactions, purchases of local stocks significantly underperform sales of local stocks. The underperformance

centralisée des risques et en l‟occurrence la possibilité d‟utilisation de modèles de ratings internes4 comme outil de calcul des fonds propres réglementaires (MARK, CROUHY et 2 ALTMAN E.I. (1968), « Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. », Journal of Finance, Septembre 1968, p 589-609. ALTMAN E.I., HALDEMAN R.G., NARAYANAN P. (1977), “Zeta Analysis : A New Model to Identify Bankruptcy Risk of Coprporations.”, Journal of Banking and finance, Vol.

r t i c l e i n f o a b s t r a c t We give two optimization programs for determining whether Pareto improving local changes are possible. When they are, the programs compute them. Any procedure generating efficient and Pareto improving changes can be replicated by these programs. The two programs are dual to each other. We apply the programs to Pareto improving exchange processes and to Pareto-improving tax-tariff reforms. © 2009 Elsevier B.V. All rights reserved. Article history: Available

function extensions Cons and pros Optimization Assessing the numerical quality using IA Conclusions Algorithmique num´ erique et fiabilit´ e des calculs en arithm´ etique flottante Introduction ` a l’arithm´ etique par intervalles Cours M2 - ISFA Nathalie Revol (INRIA) 25 novembre 2013 Cours M2 - ISFA Algorithmique num´ erique et fiabilit´ e des calculs en arithm´ etique Expressions, function extensions Cons and pros Optimization Assessing the numerical quality using IA Conclusions Compter sans

Exponential families Location and Scale families Stable distribution Random samples . . . . . . . . . . . . Random sample, iid Statistic Unbiased estimator Sample mean Sample variance Sample covariance Sample correlation Order statistic Samples from the normal distribution Convergence of random variables . . . Convergence in probability Uniform convergence in probability Little o error notation Big O error notation Order symbols Asymptotic equivalence Convergence in Lp Almost sure convergence Convergence

Introduction. 2. Apple History and use of the IS (Information System). 3. Business analysis and development. a. Business context and Porter’s 5 forces analysis. b. Theory and application to Apple Inc. online store. c. Recommendations / discussion 4. Conclusion. 5. References. 6. Appendice. 1. Introduction The objective of this report is to present how the implementation and the management of information system permit companies

Grâce à ce formalisme, cette étude propose une technique IBVS efficace. Années 2000 Sur ce thème, (Selig, 2005) expose l’utilisation des algèbres de Lie pour la robotique en général. (Corke and Hutchinson, 2001) propose une partition entre les axes x-y et z qui permet le découplage de ces mouvements et l’évitement de certaines singularités. (Mezouar et al., 2002; Remazeilles et al., 2004) introduisent le concept de mémoire visuelle : des images ont été prises le long d’un chemin que l’on désire

G32 Abstract: How banks are supposed to evaluate, forecast and manage efficiently operational risk, given the multiple dangers and threats they have to face now? How can they answer successfully to the new constraints arising from supervisors while preserving their future profitability? These two questions are the most challenging issues related to operational risk, and they can impact on the future banks' ability to manage this type of risk. Although operational risk is known from a long time ago

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Quantitative assessment of water erosion in the Haddada watershed, external Rif: Application of Gavirlovic's empirical model (EPM).Abstract:The catchment area of the river Haddada which extends over an area of 6.76 km ² is a sub tributary of Oued Lahdar, it is characterized by a very vulnerable environment : a favorable climate (intense rainfall as Revenue Is interannual average 600 mm Tinasate, 570 mm Taza, , high temperature reaches 38 ° C in July to the station Taza. The vegetation is very low, which promotes