The current financial education framework has an increasing need to introduce tools that facilitate the application of theoretical models to real-world data and contexts.However,only a limited number of free tools are...The current financial education framework has an increasing need to introduce tools that facilitate the application of theoretical models to real-world data and contexts.However,only a limited number of free tools are available for this purpose.Given this lack of tools,the present study provides two approaches to facilitate the implementa-tion of an event study.The first approach consists of a set of MS Excel files based on the Fama–French five-factor model,which allows the application of the event study methodology in a semi-automatic manner.The second approach is an open-source R-programmed tool through which results can be obtained in the context of an event study without the need for programming knowledge.This tool widens the calculus possibilities provided by the first approach and offers the option to apply not only the Fama–French five-factor model but also other models that are common in the finan-cial literature.It is a user-friendly tool that enables reproducibility of the analysis and ensures that the calculations are free of manipulation errors.Both approaches are freely available and ready-to-use.展开更多
Personality refers to the integration of feelings, thoughts, and behaviors specific to individual. The fact that personality has a distinguishing feature among individuals explains different behaviors of individuals a...Personality refers to the integration of feelings, thoughts, and behaviors specific to individual. The fact that personality has a distinguishing feature among individuals explains different behaviors of individuals against events and situations. This arises from the fact that personality is specific to individual and is affected by the effects of many factors with which it interacts, and from the integration of them. In this context, this research is based on the hypothesis that there is a relationship between vocs.tionai school students＇ demographic features including their family, socio-culture, geographical environments （gender, age, department, grade, parental education, number of siblings, birth order in the family, and the family＇s income levels）, and the personality profiles. The research was carded out as part of five-factor model of personality in an attempt to determine whether vocational school students＇ personality profiles vary according to demographic variables and to reveal the relationship between them. The research sample consisted of 220 students selected from the students studying in Altmta~ Vocational School in the Spring Term of the 2013-2014 Academic Year. Data were analyzed via SPSS 15.0 statistical package program by performing t-test, analysis of variance and logistic regression analysis. While a significant difference was found between students＇ five-factor personality profiles according to gender, age, department, average, father＇s education, and the number of siblings, no significant difference was found among grade, mother＇s education, birth order in the family, and income levels. Moreover, independent variables affecting students＇ academic averages were determined as a result of the logistic regression analysis.展开更多
In this paper, we analyze US stock market with a new 5-factor model in Zhou and Li (2016) [1]. Data we use are 48 industry portfolios (Jul. 1963-Jan. 2017). Parameters are estimated by MLE. LR and KS are used for mode...In this paper, we analyze US stock market with a new 5-factor model in Zhou and Li (2016) [1]. Data we use are 48 industry portfolios (Jul. 1963-Jan. 2017). Parameters are estimated by MLE. LR and KS are used for model diagnostics. Model comparison is done with AIC. The results show Fama-French 5 factors are still alive. This new model in Zhou and Li (2016) [1] fits the data better than the one in Fama and French (2015) [2].展开更多
In this paper, we empirically test a new model with the data of US services sector, which is an extension of the 5-factor model in Fama and French (2015) [1]. 3 types of 5 factors (Global, North American and US) are c...In this paper, we empirically test a new model with the data of US services sector, which is an extension of the 5-factor model in Fama and French (2015) [1]. 3 types of 5 factors (Global, North American and US) are compared. Empirical results show the Fama-French 5 factors are still alive! The new model has better in-sample fit than the 5-factor model in Fama and French (2015).展开更多
基金the Secretaria d’Universitats i Recerca del Departament d’Empresa i Coneixement of the Catalan government,and to Universitat Ramon Llull for their financial support.The financial support for this work did not influence its outcome.
文摘The current financial education framework has an increasing need to introduce tools that facilitate the application of theoretical models to real-world data and contexts.However,only a limited number of free tools are available for this purpose.Given this lack of tools,the present study provides two approaches to facilitate the implementa-tion of an event study.The first approach consists of a set of MS Excel files based on the Fama–French five-factor model,which allows the application of the event study methodology in a semi-automatic manner.The second approach is an open-source R-programmed tool through which results can be obtained in the context of an event study without the need for programming knowledge.This tool widens the calculus possibilities provided by the first approach and offers the option to apply not only the Fama–French five-factor model but also other models that are common in the finan-cial literature.It is a user-friendly tool that enables reproducibility of the analysis and ensures that the calculations are free of manipulation errors.Both approaches are freely available and ready-to-use.
文摘Personality refers to the integration of feelings, thoughts, and behaviors specific to individual. The fact that personality has a distinguishing feature among individuals explains different behaviors of individuals against events and situations. This arises from the fact that personality is specific to individual and is affected by the effects of many factors with which it interacts, and from the integration of them. In this context, this research is based on the hypothesis that there is a relationship between vocs.tionai school students＇ demographic features including their family, socio-culture, geographical environments （gender, age, department, grade, parental education, number of siblings, birth order in the family, and the family＇s income levels）, and the personality profiles. The research was carded out as part of five-factor model of personality in an attempt to determine whether vocational school students＇ personality profiles vary according to demographic variables and to reveal the relationship between them. The research sample consisted of 220 students selected from the students studying in Altmta~ Vocational School in the Spring Term of the 2013-2014 Academic Year. Data were analyzed via SPSS 15.0 statistical package program by performing t-test, analysis of variance and logistic regression analysis. While a significant difference was found between students＇ five-factor personality profiles according to gender, age, department, average, father＇s education, and the number of siblings, no significant difference was found among grade, mother＇s education, birth order in the family, and income levels. Moreover, independent variables affecting students＇ academic averages were determined as a result of the logistic regression analysis.
文摘In this paper, we analyze US stock market with a new 5-factor model in Zhou and Li (2016) [1]. Data we use are 48 industry portfolios (Jul. 1963-Jan. 2017). Parameters are estimated by MLE. LR and KS are used for model diagnostics. Model comparison is done with AIC. The results show Fama-French 5 factors are still alive. This new model in Zhou and Li (2016) [1] fits the data better than the one in Fama and French (2015) [2].
文摘In this paper, we empirically test a new model with the data of US services sector, which is an extension of the 5-factor model in Fama and French (2015) [1]. 3 types of 5 factors (Global, North American and US) are compared. Empirical results show the Fama-French 5 factors are still alive! The new model has better in-sample fit than the 5-factor model in Fama and French (2015).
