Risk neutral strategies emphasize stock selection rather than market timing in order to achieve the objective of a positive abnormal return. Using CAPM and Fama-French three-factor models as benchmark, this study applies the risk neutral strategies to Taiwanese stock markets. Empirical results reveal that R-square of Fama-French 3-factor model is higher than that of CAPM, implying that Fama-French model outperforms CAPM in explaining the stock returns in our sample. In addition, Portfolios 1 and 2 generate significantly positive abnormal returns. We conclude that risk neutral strategies offer positive abnormal returns.

Following the model developed by Easley, Kiefer, O¡¦Hara and Paperman (1996), I estimated the probability of informed trading (PI) in the TSEC. The result in my study is that the probability of informed trading is highly related with the trading volume of each stock. More active stocks will have lower probability of informed trading, so investors trading with active stocks will face less information asymmetry. Feather more, my research followed the study of Easley, Hvidkjaer, and O¡¦Hara (2002), who used the Fama-French asset pricing model(1992) discussing the relationship among stock return, portfolioed market risk, size and BE/ME ratio. The result in my study is that the stock return in TSEC is affected by portfolioed market risk and size, but PI and BE/ME ratio have no effect to stock return. The result is different from the study of Easley, Hvidkjaer, and O¡¦Hara (2002). The reason could be that most investors in TSEC are individuals who lack the awareness about information asymmetry.

No / This study investigates the impact of LIFFE's introduction of individual equity futures contracts on the risk characteristics of the underlying stocks trading on the LSE. We employ the Fama and French three-factor model (TFM) to measure the change in the systematic risk of the underlying stocks which arises subsequent to the introduction of futures contracts. A GJR-GARCH(1,1) specification is used to test whether the futures contract listing affects the permanent and/or the transitory component of the residual variance of returns, and a control sample methodology isolates changes in the risk components that may be caused by factors other than futures contract innovation. The observed increase (decrease) in the impact of current (old) news on the residual variance implies that futures contract listing enhances stock market efficiency. There is no evidence that futures innovation impacts on either the systematic risk or the permanent component of the residual variance of returns.

The Three-Factor-Eating-Questionnaire (TFEQ) is an established instrument to assess eating behaviour. Analysis of the TFEQ-factor structure was based on selected, convenient and clinical samples so far. Aims of this study were (I) to analyse the factor structure of the German version of the TFEQ and (II)—based on the refined factor structure—to examine the association between eating behaviour and the body mass index (BMI) in a general population sample of 3,144 middle-aged and older participants (40–79 years) of the ongoing population based cohort study of the Leipzig Research Center for Civilization Diseases (LIFE Health Study). The factor structure was examined in a split-half analysis with both explorative and confirmatory factor analysis. Associations between TFEQ-scores and BMI values were tested with multiple regression analyses controlled for age, gender, and education. We found a three factor solution for the TFEQ with an ‘uncontrolled eating’, a ‘cognitive restraint’ and an ‘emotional eating’ domain including 29 of the original 51 TFEQ-items. Scores of the ‘uncontrolled eating domain’ showed the strongest correlation with BMI values (partial r = 0.26). Subjects with scores above the median in both ‘uncontrolled eating’ and ‘emotional eating’ showed the highest BMI values (mean = 29.41 kg/m²), subjects with scores below the median in all three domains showed the lowest BMI values (mean = 25.68 kg/m²; F = 72.074, p<0.001). Our findings suggest that the TFEQ is suitable to identify subjects with specific patterns of eating behaviour that are associated with higher BMI values.

The Three-Factor-Eating-Questionnaire (TFEQ) is an established instrument to assess eating behaviour. Analysis of the TFEQ-factor structure was based on selected, convenient and clinical samples so far. Aims of this study were (I) to analyse the factor structure of the German version of the TFEQ and (II)—based on the refined factor structure—to examine the association between eating behaviour and the body mass index (BMI) in a general population sample of 3,144 middle-aged and older participants (40–79 years) of the ongoing population based cohort study of the Leipzig Research Center for Civilization Diseases (LIFE Health Study). The factor structure was examined in a split-half analysis with both explorative and confirmatory factor analysis. Associations between TFEQ-scores and BMI values were tested with multiple regression analyses controlled for age, gender, and education. We found a three factor solution for the TFEQ with an ‘uncontrolled eating’, a ‘cognitive restraint’ and an ‘emotional eating’ domain including 29 of the original 51 TFEQ-items. Scores of the ‘uncontrolled eating domain’ showed the strongest correlation with BMI values (partial r = 0.26). Subjects with scores above the median in both ‘uncontrolled eating’ and ‘emotional eating’ showed the highest BMI values (mean = 29.41 kg/m²), subjects with scores below the median in all three domains showed the lowest BMI values (mean = 25.68 kg/m²; F = 72.074, p<0.001). Our findings suggest that the TFEQ is suitable to identify subjects with specific patterns of eating behaviour that are associated with higher BMI values.

Att slå marknaden har varit ett kontroversiellt ämne inom akademin under en väldigt lång tid.Enligt EMH, en grundläggande finansteori, är det inte möjligt att “slå marknaden” under enlång tid utan att ta högre risk. Hedgefond-förvaltaren Joel Greenblatt publicerade år 2006 enformel som ska kunna prestera över marknaden till lägre risk, även långsiktigt, The MagicFormula. Denna studie utvärderar en Magic Formula-portfölj på den svenska marknaden i syfteatt undersöka om den kan generera en abnormal avkastning i perioden år 2000-2020. Dettagenomförs genom en kvantitativ analys. Resultaten visar att Magic Formula-portföljensintercept är signifikant skiljt från 0 i Fama &amp; Frenchs trefaktormodell som inkluderar enmarknads-, storleks- och värdefaktor. Eftersom de riskpremier som testats för inte förklararavkastningen dras slutsatsen att antingen är trefaktormodellen bristfällig, eller så existerar enanomali kopplat till strategin.

Psychopathy is a personality disorder characterized by antisocial deviance in the context of interpersonal and emotional detachment. The study of psychopathy in non-forensic samples is an area of growing interest, but one that is limited by the fact that most large-scale epidemiological studies, which collect a wealth of data that could further elucidate the phenotypic correlates, constructs, assessments, and etiologic mechanisms in psychopathy, typically do not include direct assessment of psychopathy construct or measurements. However, if facets of psychopathy could be predicted from other measures, such as broadband inventories of normal personality that are often administered in large-scale investigations, data from college epidemiological studies could be brought to bear light on the study of psychopathy. This study is two-fold in the investigation of psychopathy. First, the present study replicated the work of Sellbom and colleagues (2012) three-psychopathy scales derived from the Minnesota Multiphasic Personality Inventory-2-Restructured Form (MMPI-2-RF). These scales were developed to assess psychopathy as conceptualized in the PPI-R and include Global Psychopathy (Py-T), Impulsive-Antisociality (Py-IA) and Fearless-Dominance (Py-FD). Second, the present study built upon the three-psychopathy scales by investigating psychopathy’s construct in relation to Cooke and Michie’s (2001) three-facto model. A sample of 151 participants from a Midwestern university were administrated the PPI-R and MMPI-2-RF. The MMPI-2-RF three scales and construct of psychopathy were evaluated using bivariate correlations. Results support previous studies, regarding the Py-T, Py-IA, and Py-FD scales and the three-factor model of psychopathy.

The explanatory power of six asset-pricing models are tested and compared in this study. The models include the four known asset pricing models: the CAPM, the Fama and French's (1996) Three-Factor model, the Carhart's (1997)'s Four-Factor model, a model similar to Zepeda's (1999) Five-Factor model. Additionally, it includes two new models - the Five-Factor-Volume (5F-V) model and the Six-Factor model, which are developed in line with Ross's (1976) Arbitrage Pricing Theory.

The purpose of this paper is to explore the relationship between the returns of momentum strategies and macroeconomic factors. The empirical results indicate that the phenomenon of underreaction is found in Taiwan stock market in the short term, and adoption of momentum strategies can slightly result in significant positive abnormal returns, while no phenomenon of overreaction is found in the long term, and no significant positive abnormal returns are gained if the contrarian strategies are applied. After dividing the market status into bull market and bear market, we find that the underreaction phenomenon appears in the bull market in the short term, and significant positive returns may be gained if the momentum strategies are used; on the other hand, the overreaction phenomenon appears in the bear market in the long term, and the adoption of contrarian strategies may offer significantly positive returns. In addition, either positive or negative excess returns of momentum strategies are found in the bull and bear markets. The value of (alpha) of the returns mostly exceeds zero after the adjustment of Fama and French three-factor model. Finally, the predictive value of macroeconomic analysis and the analysis of returns of momentum strategies reveal that the rate of return of momentum strategies is higher when the expected rate of return of macro economy in the bull market is getting lower, and the rate of return of momentum strategies is lower while the expected rate of return of macro economy in the bear market is high. We conclude that macroeconomic factors are unrelated to the returns of momentum strategies, regardless of bull market or bear market.

More and more researchers combine biometrics with passwords and smart cards to design remote authentication schemes for the purpose of high-degree security. However, in most of these authentication schemes proposed in the literatures so far, biometric characteristics are verified in the smart cards only, not in the remote servers, during the authentication processes. Although this kind of design can prevent the biometric data of the users from being known to the servers, it will result in that they are not real three-factor authentication schemes and therefore some security flaws may occur since the remote servers do not indeed verify the security factor of biometrics. In this thesis we propose a truly three-factor remote authentication scheme where all of the three security factors, passwords, smart cards, and biometric characteristics, are examined in the remote servers. Especially, the proposed scheme fully preserves the privacy of the biometric data of every user, that is, the scheme does not reveal the biometric data to anyone else, including the remote servers. Furthermore, we also demonstrate that the proposed scheme is immune to both the replay attacks and the offline-dictionary attacks and it achieves the requirement of low-computation cost for smart-card users. Finally, we give a formal analysis based on the GNY logic to prove that our goals are achieved.