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This study shows that the propensity to gamble and investment decisions are correlated. At the aggregate level, individual investors prefer stocks with lottery features , and like lottery demand, the demand for lottery-type stocks increases during economic downturns. In the cross-section, socioeconomic factors that induce greater expenditure in lotteries(More)
Adaptation of parameters and operators represents one of the recent most important and promising areas of research in evolutionary computations; it is a form of designing self-configuring algorithms that acclimatize to suit the problem in hand. Here, our interests are on a recent breed of hybrid evolutionary algorithms typically known as adaptive memetic(More)
  • Arturo Bris, William N. Goetzmann, Ning Zhu
  • 2003
We analyze cross-sectional and time series information from forty-seven equity markets around the world, to consider whether short–sales restrictions affect the efficiency of the market, and the distributional characteristics of returns to individual stocks and market indices. Using the approach developed in Mørck et al. (2000) we find significantly more(More)
In conventional digital VLSI design, one usually assumes that a usable circuit/system should always provide definite and accurate results. But in fact, such perfect operations are seldom needed in our non digital worldly experiences. The world accepts " analog computation, " which generates " good enough " results rather than totally accurate results [1].(More)
Following peripheral nerve injury microglia accumulate within the spinal cord and adopt a proinflammatory phenotype a process which contributes to the development of neuropathic pain. We have recently shown that neuregulin-1, a growth factor released following nerve injury, activates erbB 2, 3, and 4 receptors on microglia and stimulates proliferation,(More)
The occurrence of errors are inevitable in modern VLSI technology and to overcome all possible errors is an expensive task. It not only consumes a lot of power but degrades the speed performance. By adopting an emerging concept in VLSI design and test—Error- Tolerance (ET), we managed to develop a novel Error-Tolerant Adder which we named the Type II(More)
This study shows that U.S. individual investors hold under-diversified portfolios, where the level of under-diversification is greater among younger, low-income, less-educated, and less-sophisticated investors. The level of under-diversification is also correlated with investment choices that are consistent with over-confidence, trend-following behavior,(More)
We use calendar-time portfolios and transaction-level data to test if individual investors have any value-relevant information. Individual investors are poor at picking stocks. Stocks bought over the past twelve months under-perform stocks sold by 2.18% per annum (1.38% on a risk-adjusted basis). We divide each individual's portfolio into local and remote(More)