Stock profiling using time–frequency‑varying systematic risk measure

This study proposes a wavelets approach to estimating time–frequency-varying betas in the capital asset pricing model(CAPM)framework.The dynamic of systematic risk across time and frequency is analyzed to investigate stock risk-profile robustness.Furthermore,we emphasize the effect of an investor’s investment horizon on the robustness of portfolio characteristics.We use a daily panel of French stocks from 2012 to 2022.Results show that varying systematic risk varies in time and frequency,and that its short and long-run evolutions differ.We observe differences in short and long dynamics,indicating that a stock’s betas differently fluctuate to early announcements or signs of events.However,short-run and long-run betas exhibit similar dynamics during persistent shocks.Betas are more volatile during times of crisis,resulting in greater or lesser robustness of risk profiles.Significant differences exist in short-run and longrun risk profiles,implying a different asset allocation.We conclude that the standard CAPM assumes short-run investment.Then,investors should consider time–frequency CAPM to perform systematic risk analysis and portfolio allocation.

A Systematic Assessment of Blood Lead Level in Children and Associated Risk Factors in China

In this study, we searched multiple databases for all relevant original articles (1996-2013). To investigate blood lead levels (BLL) and possible risk factors for lead exposure among children in China A total of 388 articles met our inclusion criteria. The overall geometric mean (GM) BLL was 71 μg/L, and the prevalence of elevated BLL (EBLL, defined as BLL ≥100 μg/L) was 18.48% among children. The prevalence of EBLL remained significantly higher among boys. In children less than 6 years of age, there were significantly increasing trends in both BLL and prevalence of EBLL in an age-dependent manner. The ban on leaded gasoline significantly reduced the BLL as well as EBLL prevalence; however, children whose parents had lower educational levels or were exposed to lead in the workplace had a higher EBLL prevalence. Despite its decline over time, the average BLL among children in China remains higher than the average level most recently reported in the United States. Childhood lead poisoning remains a public health problem in China.

Stock Liquidity Risk Pricing Model Driven by Systematic and Unsystematic Risk

In the stock pricing, liquidity risk has become one of the important factors that affect the stock realizable value. Systematic and unsystematic risk decided a stock＇s liquidity risk. The author uses the stock price index growth rate and net outer disk ratio to describe a systematic and unsystematic risk faced by investors. With the help of correlation and regression analysis in SPSS software, the paper tries to establish the systematic and unsystematic risk-driven stock liquidity risk pricing model. Empirical study shows that systematic and unsystematic risk has significant influence on stock liquidity risk. The bigger circulation stock, the greater the systemic risk influence; the less the circulation stock, the larger the non-system risk influence. Calendar factor on stock returns ratio has no significant effect. Trading volume on the stock returns ratio of small companies had no significant effect. The model has important reference value for the measure of stock liquidity risk value loss.

Financial Variables and Systematic Risk

The objective of this study is to examine the relationship among financial determinants and systematic risk of cement industry. Five financial variables are utilized as components, i.e. industry size, operating efficiency, liquidity, profitability, and financial leverage in this study. Six years data from 2008 to 2013 have been collected from Karachi Stock Exchange. The consequences of 29 cement industries showed that there is a huge relationship between industry size, operating efficiency, and profitability with 181 systematic risk and results similar to past studies while liquidity and financial leverage have not a significant relationship with beta （systematic risk）. Results are profitable for budgetary approach creators and investors to expand the profits.

Recognition and Measurement of Losses Caused by Systematic Risk in Damages of False Statements

Based on the single-factor market model, this paper examines the confirmation basis and measurement of the losses arising from systematic risk in the civil damages of false statements. The paper argues that the systematic risk not only affects the investment in securities during times of financial crisis, but also causes losses in daily securities trading. The paper carries out an empirical analysis on the existence of fl coefficient for China＇s listed companies within a period of one year, and examines the impact of systematic risk on the losses of investors. The civil damages of false statements should take full account of the losses arising from systematic risk. After analysis, the paper uses the correlation coefficient to represent the ratio of losses arising from systematic risk of all the transactions of a particular stock during a certain period of time, and tries to develop two methods to measure the damages after adjusting the losses caused by the systematic risk. The paper has a theoretical foundation for the estimation of losses caused by systematic risk, and matches the risks and returns. The result of the paper has provided an effective method of calculation in the determination of reasonable damages in the case of China Langfang Development Co., Ltd.

Systematic Reform and Risk Aversion in the Interregional Flow of Chinese Rural Labor Force --Wuhan Case Study

Based on Wuhan city investigation, this paper makes a positive analysis to the uncertainty of shifting rural labors to urban areas, and put forward thoughts and countermeasures to avert the risk of the interregional flow of rural labors.

An Empirical Study of CAPM’s Applicability to Rare Earth Permanent Magnet Material Stocks

China has the world’s largest reserves of rare earth elements.Rare earth permanent magnet material has always been one of the popular industries in the investment market.CAPM is the basic asset-pricing model in financial economics.There are a number of studies conducted to examine the applicability of CAPM to stock markets in different industries and to investigate the modification method to improve the model’s prediction accuracy.In this study,seven leading enterprises in China’s rare earth permanent magnet material industry listed on the A-share market were selected as the research subjects.Based on CAPM,regression analysis was conducted on the monthly data from March 2016 to February 2022.The results demonstrated that using the β coefficient to explain the risk of China’s rare earth permanent magnet industry is ineffective.The ultimate benefit was less affected by market indexes but mainly by non-systematic risks.CAPM has low applicability to China’s rare earth permanent magnet material industry and requires further improvement.Nevertheless,CAPM still has some guiding significance in making enterprise comparisons and investment decisions.

Associated risk factors in the early stage of diabetic retinopathy

Background:To investigate the retinal capillary density(RCD)of the macula using optical coherence tomography angiography(OCT-A)in type 2 diabetic patients and to further determine the association with risk factors.Methods:A total of 212 eyes from 212 subjects were recruited;subjects included diabetics with no retinopathy(NDR,n=90 eyes),diabetics with mild retinopathy DR(MDR,n=36 eyes),and healthy participants(Control,n=86 eyes).All participants underwent OCT-A scanning.RCD was quantified by superficial and deep retinal capillary layers(SRCL and DRCL)from OCT-A images.Results:RCD in SRCL and DRCL was lower in NDR(P<0.001)as well as in MDR(P<0.001)when compared with control eyes.Diabetic patients were subdivided according to individual risk factors,complications related to diabetes,and hyperglycemia.Diabetic patients showed lower RCD in both the SRCL and DRCL when compared with healthy controls.Diabetics with age>55y,HbA1c>7%had significantly reduced DRCL(P<0.05)when compared with the other group of diabetics(age<55y,HbA1c<7%).Diabetics with a blood urea nitrogen(BUN)>8.2 mmol/L had significantly reduced SRCL and DRCL when compared to the other group of diabetics.Conclusions:Risk factors including older age,higher level of HbA1c,LDL-C and BUN,were associated with lower RCDs found in type 2 diabetic patients with and without mild DR by OCT-A.The impairment of retinal capillary by OCT-A may play a key role in the early monitoring of management in diabetes.