Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Zonder onderwerpscode: economie

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

54.01 --- Chemical substances and systems. Origin. Occurrence. Phases --- 54.01 Chemical substances and systems. Origin. Occurrence. Phases

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This fascinating work, co-authored by a Nobel Prize winning scientist, extends Darwin's ideas on natural selection back into evolutionary time and applies them to the molecular "fossil record" that preceded the origin of life. Using the techniques of molecular biology, the book demonstrates that life on Earth is the inevitable result of certain chance events that took place in the unique history of our planet. Further, we can not only precisely formulate the laws governing the emergence of life, but we can test them under controlled laboratory conditions. In fact, the authors show how it is perfectly possible to construct evolutionary accelerators--machines which optimize the conditions for certain events and which can be used to demonstrate their theoretical conclusions in laboratory experiments. The book is organized in three sections. The first 10 chapters form the main text. Each is introduced by quotations from Thomas Mann's classic novel The Magic Mountain, a work that is deeply concerned with the themes presented here in scientific form. In the second part, important biological ideas form the themes of 15 colorfully illustrated 'vignettes," which can be read separately or as elaborations on the main text. The final section summarizes key events in the history of molecular biology and includes an extensive glossary of technical terms. Written for a wide audience, and already highly successful in the original German edition, this book brings fresh insight to the search for evolutionary origins. In addition to general readers, who will find it clear and accessible, the book will interest students and scientists in biochemistry, molecular biology, microbiology, and evolution.

General biophysics --- Evolution. Phylogeny --- Molecular biology --- Life --- Molecular evolution --- Vie --- Biologie moléculaire --- Evolution moléculaire --- Origin --- Origines --- Molecular Biology --- Molecular biology. --- Molecular evolution. --- Origin. --- Biologie moléculaire --- Evolution moléculaire --- Life - Origin --- Evolution (Biology) --- Biological Evolution --- Origin of Life --- Evolution, Molecular --- Genetic Evolution --- Molecular Evolution --- Evolution, Genetic --- Directed Molecular Evolution --- Genesis of Life --- Prebiotic Chemical Evolution --- Chemical Evolution, Prebiotic --- Evolution, Prebiotic Chemical --- Life Genesis --- Life Origin --- Life Origins --- Prebiotic Chemical Evolutions --- Organelle Biogenesis --- Biochemical Genetics --- Biology, Molecular --- Genetics, Biochemical --- Genetics, Molecular --- Molecular Genetics --- Biochemical Genetic --- Genetic, Biochemical --- Genetic, Molecular --- Molecular Genetic --- Genetic Phenomena --- Animal evolution --- Animals --- Biological evolution --- Darwinism --- Evolutionary biology --- Evolutionary science --- Origin of species --- Biology --- Evolution --- Biological fitness --- Homoplasy --- Natural selection --- Phylogeny --- Evolution, Biological --- Sociobiology --- Molecular biochemistry --- Molecular biophysics --- Biochemistry --- Biophysics --- Biomolecules --- Systems biology --- Abiogenesis --- Biogenesis --- Germ theory --- Heterogenesis --- Life, Origin of --- Life (Biology) --- Origin of life --- Plasmogeny --- Plasmogony --- Exobiology --- Spontaneous generation --- Biochemical evolution --- Chemical evolution

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

We study the joint determination of fund managers' contracts and equilibrium asset prices. Because of agency frictions, investors make managers' fees more sensitive to performance and benchmark performance against a market index. This makes managers unwilling to deviate from the index and exacerbates price distortions. Because trading against overvaluation exposes managers to greater risk of deviating from the index than trading against undervaluation, agency frictions bias the aggregate market upwards. They can also generate a negative relationship between risk and return because they raise the volatility of overvalued assets. Socially optimal contracts provide steeper performance incentives and cause larger pricing distortions than privately optimal contracts.

Zonder onderwerpscode: economie

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

We propose a rational theory of momentum and reversal based on delegated portfolio management. An investor can hold assets through an index or an active fund. Investing in the active fund involves a time-varying cost, interpreted as managerial perk or ability. The investor responds to an increase in the cost by flowing out of the active and into the index fund. While prices of assets held by the active fund drop in anticipation of these outflows, the drop is expected to continue, leading to momentum. Because outflows push prices below fundamental values, expected returns eventually rise, leading to reversal. Besides momentum and reversal, fund flows generate comovement, lead-lag effects and amplification, with all effects being larger for assets with high idiosyncratic risk. The active-fund manager's concern with commercial risk makes prices more volatile.