Asset Prices and asset Correlations in Illiquid Markets

We build a new asset pricing framework to study the effects of aggregate illiquidity on asset prices, volatilities and correlations. In our framework the Black-Scholes economy is obtained as the limiting case of perfectly liquid markets. The model is consistent with empirical studies on the effects of illiquidity on asset returns, volatilities and correlations. We present the model, study its qualitative properties and estimate stocks' sensitivities to aggregate liquidity ($\beta$s) using nine years data for 24 randomly sampled stocks traded on the NYSE. These sensitivity parameters ($\beta$s) determine the effect that aggregate illiquidity has on expected returns, volatilities, correlations, CAPM-betas and Sharpe ratios. We find clear capitalization and sector patterns for liquidity $\beta$s.Market Liquidity, Volatilities, Correlations, Asset Pricing, GMM

Analysis of polymorphisms Leiden Factor V G1691A and prothrombin G20210A as risk factors for acute myocardial infarction.

Thrombotic risk increases in elderly, therefore, the understanding of the genetic predisposition of hypercoagulability could make the difference in the prevention of venous and/or arterial thrombotic events. Laboratory evaluation of hyperfibrinogenemia, increased Factor VII levels, antiphospholipid antibodies presence and hyperhomocysteinemia are considered to have a consistent high predictivity for arterial thrombophilic diseases. Anyway, a large debate exists on the validity of testing Leiden Factor V (FV) G1691A and/or prothrombin (FII) G20210A polymorphisms in patients affected by arterial thrombotic diseases, despite of the several observations described. Here we report data strongly suggesting that at least the FII G20210A polymorphism might be considered an important risk factor for acute myocardial infarction in aged patients (55-80 years old). On the other hand, in spite of a not different genotypic and allelic distribution for the Leiden FV G1691A mutation, the presence of one or both the two polymorphisms is significantly higher among cases than in controls. In conclusion, our data suggest that FII G20210A and/or Leiden FV might be involved as risk factor for arterial disorders in about 5% of old subjects, justifying the opportunity of a genetic screening and an eventual preventive treatment, in particular in old subjects in which other and major risk factors, as hypertension and atherosclerosis, are detected

High School Musicians\u27 and Non-musicians\u27 Listening Preference for Authentic Versus Transcribed Musical Excerpts

The purpose of this study was to (a) determine high school musician’s and non-musician’s preference for authentic and transcribed orchestral and band recordings, and (b) examine participant perceptual responses regarding reasons for preference. Therefore, the following research questions guided this investigation: (a) To what extent do musicians’ and non-musicians’ preference ratings of paired musical selections (one played by band and one played by orchestra) differ when rated on a Likert scale after listening? and (b) What are the reasons for preferring one excerpt type over another? The participants were musicians (n = 40) and non-musicians (n = 40) in grades 9-12. The participants listened to 30-second music excerpts: two authentic works for band, the orchestral transcriptions of those two authentic works for band, two authentic works for orchestra, and the band transcriptions of those two authentic works for orchestra. The participants were given 20 seconds between selections to rate their level of music preference on a Likert-type scale after they listened to each example. At the end of the listening-task, participants completed a short questionnaire designed to determine reasons for preferring certain selections. Results of Mann-Whitney U Test analyses determined no significant differences between high school musicians’ and non-musicians’ musical preference ratings. Participant comments were coded and divided into five themes: (a) Connection to Personal Experience, (b) Specific Musical Aspects, (c) Emotions/Moods/Feelings, (d) Instrumentation Preferences, (e) Nonspecific Preferences. The coded comments were analyzed and the findings revealed that non-musicians had a tendency to connect the excerpts to personal experiences more than musicians, while musicians tended to describe excerpts with more specific musical terms during the listening activity