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Attempts to characterize stock return predictability have generated a plethora of papers documenting the ability of various variables to explain conditional expected returns. However, there is little consensus on what the important conditioning variables are, giving rise to a great deal of model uncertainty and data snooping fears. In this paper, we(More)
In principle, any reversible logic circuit can be built by using a single building block (having three logic inputs and three logic outputs). We demonstrate that, for a flexible design, it is more advantageous to use a broad class of reversible gates, called control gates. They form a generalization of Feynman’s three gates (i.e. the NOT, the CONTROLLED(More)
This paper is a modern variant of one of the early debates in statistics: the question whether to randomize experiments or to rely on model building. For historical reasons the -very generaldiscussion is in terms of a famous problem: the estimation of the difference in yield of two breeds of corn. In a simplified setup it is shown that the use of a simple(More)
We analyze a dataset containing costs and outputs of 67 American local exchange carriers in a period of 11 years. This data has been used to examine the efficiency of British Telecom and KPN (Dutch telecom) using static stochastic frontier models. We show that these models are dynamically misspecified. As an alternative we provide an efficiency correction(More)
This paper criticizes the use of regression in audit samples to obtain confidence intervals for the error rate. Also the methodology to evaluate methods by simulation studies using reallife populations is criticized. This is done from a Bayesian viewpoint, which goes as f ar as stating that in this type of research the wrong questions are answered. A(More)
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