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Ebook Diet And Colon Protein Kinase C
Submitted by wulan on Fri, 08/21/2009 - 06:51Colorectal cancer is the fourth most common cancer in the world today (WHO 1997). Its incidence rates vary approximately 20-fold around the world so that the high-risk areas include North America, Europe, and Australia, whereas Central and South America, Asia, and Africa are areas of low risk. In Finland, cancer of the colon and the rectum are the second and third most common cancers in women and men respectively (Finnish Cancer Registry 2000). The number of new cases per year has steadily increased since 1965, being now three times higher than in the mid 1960s. The incidence rates of colon cancer are currently increasing in all industrialised countries as well as in the urban areas of developing countries (WHO 1997).
The 20-fold international difference in colon cancer rates is generally explained by differences in dietary habits and other environmental factors. In their much referred report, Doll and Peto (1981) estimated that dietary factors may account for approximately 35% of cancer deaths, although the range of their estimate was wide from as low as 10% to as high as 70%. Since the early 1980s, a large body of evidence has emerged from epidemiological studies concerning the relationship between diet and colon cancer, which was recently reviewed by the expert panel of the World Cancer Research Fund (1997). The expert panel concluded that the most effective way of preventing colorectal cancer is consumption of diets high in vegetables and low in red and processed meat. Furthermore, consumption of diets high in non-starch polysaccharides (fibre), starch and carotenoids and low in fat, sugar, and eggs possibly decreases the risk of colon cancer (World Cancer Research Fund 1997).
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Ebook Market and Analyst Reactions to Earnings News: an Efficiency Comparison
Submitted by puput on Sat, 03/20/2010 - 04:24This study compares the efficiency at which the stock market and financial analysts react to corporate earnings announcements. A primary motivation for this comparison is that analysts are important information intermediaries in the stock market, implying that understanding of financial analysts’ behavior is a crucial component in the understanding of the price formation process. We choose corporate earnings announcements as the setting for comparison because earnings announcements are among the most significant recurring public information releases by corporations.
Financial analysts are important players in the stock market. They collect, process and aggregate information from diverse sources, communicate it to investors in concise forms such as earnings forecasts and stock recommendations. It has long been argued that financial analysts are not perfect information intermediaries because they tend to be too optimistic, over-react to some information, and under-react to other information. Suggested causes of these imperfections include conflict of financial interest due to analysts’ dual roles in investment banking and equity research, inexperience and cognitive biases, and herding behavior. Analysts’ role in the recent stock market bubble and high profile corporate scandals further reinforces the notion that analyst earnings forecasts and stock recommendations do not efficiently reflect value relevant information.
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Ebook Asset Pricing and Mispricing
Submitted by wulan on Wed, 01/13/2010 - 06:03As Eugene Fama points out, tests of classical asset pricing models such as the CAPM, CCAPM, or ICAPM implicitly rely on an assumption of market efficiency which permits the substitution of realized returns for expected returns. However, there is increasing evidence that common stocks are mispriced relative to these models, although the reasons for the pricing discrepancies remain in dispute. For example, de Bondt and Thaler (1985, 1987) find long run reversals of prior stock price changes which they interpret as corrections of prior over-reactions to news, while Jegadeesh and Titman (1993) among others find positive autocorrelation of individual stock returns at the 6-12 month horizon, which is consistent with the slow adjustment to firm specific news documented in a large number of studies.
Jegadeesh and Titman (1995) also find evidence that stock prices tend to over-react to firm specific information. Lee and Swaminathan (2000) find that low (high) trading volume stocks tend to be under (over-) valued by the market. Pastor and Stambaugh (2003), Acharya and Pedersen (2005) and Sadka (2006) show stock returns are affected by (or at least covary with) the state of stock market liquidity, while Amihud (2002) shows that unanticipated increases in market illiquidity reduce the level of stock prices. Lee et al. (1991) and Swaminathan (1996) (more circumspectly) argue that stock prices are affected by the state of ‘sentiment’.
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