Financial distress assumption in studies of Chan and Chen (1991) and Fama and French (1992) lead to pricing the risk of financial distress.Ignoring high risk of financial distress in asset pricing model, will lead to positive or negative risk premium on distressed stock More
Financial distress assumption in studies of Chan and Chen (1991) and Fama and French (1992) lead to pricing the risk of financial distress.Ignoring high risk of financial distress in asset pricing model, will lead to positive or negative risk premium on distressed stocks. Positive risk premium occurs when we overreact to the financial distress. Negative risk premium will happen in stock pricing when we under react to the financial distress.Under reaction to the financial bankruptcy, will lead distressed companies to have lower returns and momentum return will continue for next period.This research investigates investors’ behavior in response to the financial distress and momentum for healthy and bankruptcy companies while controlling risk factors: size, Book to market and market cap.The results indicate that investors underreact to distressed companies and momentum occurs in these companies.
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The non-linear vibration analysis of a clamped circular nano-plate is performed using the nonlocal strain gradient model. For this purpose, a combination of the differential form of the nonlocal elasticity theory and strain gradient model, along with Hamilton’s pr More
The non-linear vibration analysis of a clamped circular nano-plate is performed using the nonlocal strain gradient model. For this purpose, a combination of the differential form of the nonlocal elasticity theory and strain gradient model, along with Hamilton’s principle, are used in conjunction with the von Kármán nonlinear strain-displacement relationships and Galerkin weighted residual method to discretize the governing equations. The analysis has focused on the effect of nonlocal and material parameter, initial conditions, and frequency number, on the overall behavior of the nano-plate. Using Galerkin method, the system of non-linear differential equations is obtained and the natural non-linear frequencies, as well as the mode shapes, are determined. Results indicate that increasing the parameters of nonlocal and material has a decreasing and increasing effect (respectively) in the frequency ratio in all modes. This indicates that these parameters have a softening and hardening behavior on the plate vibrational behavior respectively. Also, increasing the initial value of deflection produces a rising trend in the frequency ratio for all modes, nonlocal parameter λ and material parameter Ls.
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In this paper, first the crystal plasticity notions developed by Taylor are combined with the mathematical form of Hill’s yield criterion for the anisotropic materials and a novel model is developed for description of mechanical response of grains in a specimen, b More
In this paper, first the crystal plasticity notions developed by Taylor are combined with the mathematical form of Hill’s yield criterion for the anisotropic materials and a novel model is developed for description of mechanical response of grains in a specimen, based on their orientation. The advantage of the proposed model compared to other crystal plasticity finite element techniques is that in the conventional crystal plasticity codes, the deformation taken to be consisted of slip on all slip systems which is not valid assumption, yet here, the deformation taken to be consisted of slip on 5 slip systems. Using the proposed model which is called combined Hill-Taylor model, compression test of specimens with different number of grains are simulated and the state of strain in each grain and the condition for elimination of size effect in the final geometry of specimen is studied. The results suggest that the state of strain in each grain is individual and depends on the orientation of that gain which changes abruptly by passing through the grain boundaries. It is also observed that as the number of grains increases, the final geometry approaches to the expected ideal geometry. This trend is studied in statistical point of view and it became clear that as the number of grains increases the average of the state of strain approaches the ideal condition while the scatter in the state of strain in grains continue to maintain.
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