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The returns to hedge funds and other alternative investments are often highly serially correlated. In this paper, we explore several sources of such serial correlation and show that the most likely explanation is illiquidity exposure and smoothed returns. We propose an econometric model of return smoothing and develop estimators for the smoothing profile as(More)
This paper studies a market for secured loans to information-problematic borrowers. Competitive banks grant mortgages to households to …nance a …xed supply of homes. There are two contracting frictions: households privately observe their endowments, and they cannot commit to a contract. Banks can commit to eviction after payment default. Households honor(More)
The objective of the present study was to analyze the experience of the coroners and pathologists in the Great Britain based on the results of the coroner's autopsies and recommendations of the experts involved in the activities carried out in the framework of the National Confidential Enquiry into Patient Outcome and Death program (NCEPOD). The(More)
The authors consider the modern possibilities for the application of photogrammetry in the domestic forensic medical practice and scientific researches as exemplified by the use of 3D-laser scanning and the single-chamber photogrammetric technique for the visualization of various objects including the places of road traffic accidents and other events.(More)
This article was designed to report the results of forensic medical, criminalistics, and comprehensive expertise of the subject who suffered from a non-perforating shotgun wound affecting the soft tissues and blood vessels in the femoral region. It was shown that only the scrutinous comprehensive full-scale expert examination of the injured site in the(More)
The ability of quantile regression models to characterize the heterogeneous impact of variables on different points of an outcome distribution makes them appealing in many economic applications. However, in observational studies, the variables of interest (e.g., education, prices) are often endogenous, making conventional quantile regression inconsistent(More)
The objective of the present study was to evaluate the possibilities for determining the shooting distance for the MR-79-9 Makarych non-lethal pistol (diameter 9 mm, rubber bullet, shot energy 50 J) by means of inductively coupled plasma optical emission spectrometry. The experiments were carried under the conditions of a ballistic shooting range making the(More)