www.people.cornell.edu/pages/edo1/.

Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those that trade most earn an annual return of 11.4 percent, while the market returns 17.9 percent

An important question in neuroevolution is how to gain an advantage from evolving neural network topologies along with weights. We present a method, NeuroEvolution of Augmenting Topologies (NEAT), which outperforms the best fixed-topology method on a challenging benchmark reinforcement learning

this paper what we know about foreign trade and in what ways our understanding has improved as a result of the last 20 years of research

This paper empirically investigates the effects of liberalized trade on plant productivity in the case of Chile. Chile presents an interesting setting to study this relationship since it underwent a massive trade liberalization that significantly exposed its plants to competition from abroad during

The last few decades have seen a spectacular integration of the global economy through trade. The rising integration of world markets has brought with it a disintegration of the production process, however, as manufacturing or services activities done abroad are combined with those performed

El Salvador, Guatemala is a, study in black and white. On the left is a collection of extreme Marxist-Leninist groups led by what one diplomat calls “a pretty faceless bunch of people.’ ’ On the right is an entrenched elite that has dominated Central America’s most populous country since a CIA-backed coup deposed the reformist government of Col. Jacobo Arbenz Guzmán in 1954. Moderates of the political center. embattled but alive in E1 Salvador, have virtually disappeared in Guatemala-joining more than 30.000 victims of terror over the last tifteen vears. “The situation in Guatemala is much more serious than in EI Salvador, ” declares one Latin American diplomat. “The oligarchy is that much more reactionary. and the choices are far fewer. “ ‘Zero’: The Guatemalan oligarchs hated Jimmy Carter for cutting off U.S. military aid in 1977 to protest human-rights abuses-and the right-wingers hired marimba bands and set off firecrackers on the night Ronald Reagan was elected. They considered Reagan an ideological kinsman and believed they had a special

underreact in the short run. The underreaction means that the momentum traders can profit by trendchasing. However, if they can only implement simple (i.e., univariate) strategies, their attempts at arbitrage must inevitably lead to overreaction at long horizons. In addition to providing a unified account

Abstract not found

In a 1935 paper, and in his book Theory of Probability, Jeffreys developed a methodology for quantifying the evidence in favor of a scientific theory. The centerpiece was a number, now called the Bayes factor, which is the posterior odds of the null hypothesis when the prior probability on the null