Fаmа аnd French (1993) [Cоmmоn Risk Factоrs in the Returns on Stocks and Bonds, Journal of Financial Economics 33, 3-56] use a time-series approach to asset pricing to demonstrate that (1) three stock market risk factors and two bond market risk factors are “priced” in stock and bond returns and (2) that the cross-section of average stock and bond returns are explained by these risk factors. Using an appropriately described equation, discuss the time-series approach to asset pricing used by Fama and French to achieve the above objectives. That is, list/discuss the measures or tests that Fama and French consider to determine if a given time series test has done a good job to price the returns on test assets. [20] Discuss diagnostic tests and the rationale for each test carried out by Fama and French (1993) to ensure the validity of their inferences. [5]
A client is аdmitted fоr а brоwn recluse spider bite. The nurse оbserves thаt the client has hemorrhagic complications of hematuria, hemoptysis, petechiae, and extensive bruising. These clinical observations indicate to the nurse that the patient may be experiencing which complication associated with the bite?
A wоmаn whо hаs а seizure disоrder and takes barbiturates and phenytoin sodium daily asks the nurse about the pill as a contraceptive choice. The nurse’s most appropriate response would be:
Questiоns 1 thrоugh 5 аre bаsed оn the following pаssage from Edith Wharton’s, Ethan Frome, originally published in 1911. Mattie Silver is Ethan’s household employee. Mattie Silver had lived under Ethan’s roof for a year, and from early morning till they met at supper he had frequent chances of seeing her; but no moments in her company were comparable to those when, her arm in his, and her light step flying to keep time with his long stride, they walked back through the night to the farm. He had taken to the girl from the first day, when he had driven over to the Flats to meet her, and she had smiled and waved to him from the train, crying out, “You must be Ethan!” as she jumped down with her bundles, while he reflected, looking over her slight person: “She don’t look much on housework, but she ain’t a fretter, anyhow.” But it was not only that the coming to his house of a bit of hopeful young life was like the lighting of a fire on a cold hearth. The girl was more than the bright serviceable creature he had thought her. She had an eye to see and an ear to hear: he could show her things and tell her things, and taste the bliss of feeling that all he imparted left long reverberations and echoes he could wake at will. It was during their night walks back to the farm that he felt most intensely the sweetness of this communion. He had always been more sensitive than the people about him to the appeal of natural beauty. His unfinished studies had given form to this sensibility and even in his unhappiest moments field and sky spoke to him with a deep and powerful persuasion. But hitherto the emotion had remained in him as a silent ache, veiling with sadness the beauty that evoked it. He did not even know whether any one else in the world felt as he did, or whether he was the sole victim of this mournful privilege. Then he learned that one other spirit had trembled with the same touch of wonder: that at his side, living under his roof and eating his bread, was a creature to whom he could say: “That’s Orion down yonder; the big fellow to the right is Aldebaran, and the bunch of little ones—like bees swarming—they’re the Pleiades . . .” or whom he could hold entranced before a ledge of granite thrusting up through the fern while he unrolled the huge panorama of the ice age, and the long dim stretches of succeeding time. The fact that admiration for his learning mingled with Mattie’s wonder at what he taught was not the least part of his pleasure. And there were other sensations, less definable but more exquisite, which drew them together with a shock of silent joy: the cold red of sunset behind winter hills, the flight of cloudflocks over slopes of golden stubble, or the intensely blue shadows of hemlocks on sunlit snow. When she said to him once: “It looks just as if it was painted!” it seemed to Ethan that the art of definition could go no farther, and that words had at last been found to utter his secret soul. . . . As he stood in the darkness outside the church these memories came back with the poignancy of vanished things. Watching Mattie whirl down the floor from hand to hand he wondered how he could ever have thought that his dull talk interested her. To him, who was never gay but in her presence, her gaiety seemed plain proof of indifference. The face she lifted to her dancers was the same which, when she saw him, always looked like a window that has caught the sunset. He even noticed two or three gestures which, in his fatuity, he had thought she kept for him: a way of throwing her head back when she was amused, as if to taste her laugh before she let it out, and a trick of sinking her lids slowly when anything charmed or moved her.