Learn More
We present a system for pose and illumination invariant face recognition that combines two recent advances in the computer vision field: 3D morphable models and component-based recognition. A 3D morphable model is used to compute 3D face models from three input images of each subject in the training database. The 3D models are rendered under varying pose(More)
We present a simple rational model to highlight the effect of investors' participation costs on the response of mutual fund f lows to past fund performance. By incorporating participation costs into a model in which investors learn about managers' ability from past returns, we show that mutual funds with lower participation costs have a higher f low(More)
Financing can be cheaper in certain periods than others. For example, in crisis periods, firms face tougher financing terms than in normal times. We develop an analytically tractable dynamic framework for firms facing stochastic financing opportunities. Financially constrained firms choose intertemporal equity issuance, internal cash accumulation, corporate(More)
Endemic fluorosis is prevalent in China covering 29 provinces, municipalities and autonomous regions. The endemically affected areas can be divided, according to the sources of fluoride, into three types: high fluoride water, pollution from coal burning, and drinking brick tea in excess. Since the 1960's, several pilot surveys of the disease have been made(More)
Microstructure noise in security prices biases the results of empirical asset pricing specifications, particularly when security-level explanatory variables are cross-sectionally correlated with the amount of noise. We focus on tests of whether measures of illiquidity, which are likely to be correlated with the noise, are priced in the cross-section of(More)
  • Zhiguo Hey, Wei Xiongz, +5 authors Xing Zhou
  • 2010
This paper models a …rm's rollover risk generated by con ‡ict of interest between debt and equity holders. When the …rm faces losses in rolling over its maturing debt, its equity holders are willing to absorb the losses only if the option value of keeping the …rm alive justi…es the cost of paying o¤ the maturing debt. Our model shows that both deteriorating(More)
The usual disclaimer applies. Financial support from The University of British Columbia and the Entrepreneurship Research Alliance at UBC is gratefully acknowledged. Earlier versions of this paper appeared under the title " Preemption Risk and the Valuation of R&D Ventures ". Abstract I analyze the impact of competition on the risk premia of R&D ventures(More)
This paper investigates whether there are systematic differences between the forecasting style and abilities of female and male analysts, and whether market participants recognize these differences. My key conjecture is that only female analysts with superior forecasting abilities enter the profession due to a perception of discrimination in the analyst(More)
We present a novel approach to pose and illumination invariant face recognition that combines two recent advances in the computer vision field: component-based recognition and 3D morphable models. In a first step a 3D morphable model is used to generate 3D face models from only two input images from each person in the training database. By rendering the 3D(More)
BACKGROUND Female sex workers have been the target of numerous sexually transmitted infection (STI) prevention strategies in China, but their male clients have attracted considerably less public health attention and resources. We sought to systematically assess the prevalence of HIV, syphilis, gonorrhea, and chlamydia among heterosexual male clients of(More)