Persistent differences in interest rates across countries account for much of the profitability of currency carry trade strategies. " Commodity currencies " tend to have high interest rates while low interest rate currencies belong to exporters of finished goods. This pattern arises in a complete-markets model with trade specialization and limited shipping… (More)
Acknowledgments: We are grateful to Brandon Mayes for conducting fieldwork and to Amy Higgins for gathering research materials and creating field site maps. We also thank Brian Jackson, Vivien Taylor and Arthur Baker of the Dartmouth Trace Element Analysis Core for metal analysis of all our samples.
The decade prior to the Great Recession saw a boom in global trade, including a rapid rise in commodity prices, trade volumes, and, consequently, in the cost of transporting goods around the world. At the same time currencies of commodity-exporting currencies appreciated, boosting the carry trade profits in foreign exchange markets. The onset of the Global… (More)
This paper shows how non-linearities in returns induced by delisting events can affect the inference about the behavior of delisting stocks. Because these events are both extreme and introduce a floor on expected stock returns, the correct factor model is likely to be quite non-linear. As a result the estimated alphas and loadings in standard linear models… (More)
The climate of the early nineteenth century is likely to have been significantly cooler than that of today, as it was a period of low solar activity (the Dalton minimum) and followed a series of large volcanic eruptions. Proxy reconstructions of the temperature of the period do not agree well on the size of the temperature change, so other observational… (More)
The purpose of this study was to document mean, standard deviation, and range of furcation depth and Interroot separation dimensions of 5 multirooted tooth types. A total of 412 extracted teeth were examined and classified as: maxillary first molar, maxillary second molar, maxillary first premolar, mandibular first molar, and mandibular second molar. The… (More)
The response of the head to impact in the posterior-to-anterior direction was investigated with live anesthetized and post-mortem primates. The study was conducted at the University of Michigan Transportation Research Institute (UMTRI) under the sponsorship of the Motor Vehicle Manufacturers Association. 3-D motion and epidural pressures were experimentally… (More)