Abstract:
The study concentrates on one of the most famous puzzles in asset pricing, the equity premium puzzle, which was first identified by Mehra and Prescott (1985). The paper examines the existence and extent of the equity premium puzzle in Nepalese market. The equity premium puzzle refers to the fact that common stocks have offered a very high real risk premium over that of risk-free bills, which leads to unexplainable high risk-aversion of the investors.

Abstract:
Much academic work has been done to prove that value premium exists. The center of debate however, lies on the reason for its existence. This paper will be a survey on different explanations to the existence of value premium which includes risk premium for value stocks, judgmental bias and agency costs, data mining, survivorship bias and company size’s premium. Among all, judgmental bias and agency costs comes out to be the one suffered from least counter-arguments.

Abstract:
The existence of the pricing kernel is shown to imply the existence of an ambient information process that generates market filtration. This information process consists of a signal component concerning the value of the random variable X that can be interpreted as the timing of future cash demand, and an independent noise component. The conditional expectation of the signal, in particular, determines the market risk premium vector. An addition to the signal of any term that is independent of X, which generates a drift in the noise, is shown to change the drifts of price processes in the physical measure, without affecting the current asset price levels. Such a drift in the noise term can induce anomalous price dynamics, and can be seen to explain the mechanism of observed phenomena of equity premium and financial bubbles.

Abstract:
We consider the concept of equilibrium in economic systems from statistical mechanics viewpoint. A new method is suggested for computing the premium on this basis. The B\"{u}hlmann economic premium principle is derived as a special case of our method.

Abstract:
The article analyzes the methods and devices for angle measurement. An accurate analysis of devices for angle measurement was performed. The accuracy of the angle position of the tested device was evaluated. The future perspectives of devices for angle measurement were explored. Article in Lithuanian Straipsnyje apra yta kamp matavimo ranga ir kamparavimo būdai. Atlikta kamp matavimo rangos tikslumo analiz . vertintas kampini matavim stendo kampinio pozicionavimo tikslumas. Numatytos kamp matavimo rangos pl tros perspektyvos. Straipsnis lietuvi kalba

Abstract:
The decomposition in partial fractions of the quotient of Pochhammer symbols improves considerably a method, suggested in a precedent paper, which allows one to obtain the $\varepsilon$-expansion of functions of the hypergeometric class. The procedure is applied to several Appell and Kamp\'e de F\'eriet functions considered in the literature. Explicit expressions and interesting properties of the derivatives of the Pochhammer and reciprocal Pochhammer symbols, which are essential elements in the procedure, are given in an appendix.

Abstract:
In this study, we propose an equilibrium pricing
rule to capture a characteristic observed in the practical option market. The
market has observed that the implied volatility derived from the Black-Scholes formula
is monotonically decreasing with the strike price for the option, that is, it
exhibits volatility skewness. Here, we construct a pricing method for
the so-called economic premium principle. That is, we identify a pricing kernel
from which we can evaluate the derivative from the market equilibrium. Our
model demonstrates how to obtain a pricing kernel that satisfies the market
equilibrium, and describes our equilibrium formula depicting the volatility
skewness.

Abstract:
It is well established that in a market with inclusion of a risk-free asset the single-period mean-variance efficient frontier is a straight line tangent to the risky region, a fact that is the very foundation of the classical CAPM. In this paper, it is shown that in a continuous-time market where the risky prices are described by Ito's processes and the investment opportunity set is deterministic (albeit time-varying), any efficient portfolio must involve allocation to the risk-free asset at any time. As a result, the dynamic mean-variance efficient frontier, though still a straight line, is strictly above the entire risky region. This in turn suggests a positive premium, in terms of the Sharpe ratio of the efficient frontier, arising from the dynamic trading. Another implication is that the inclusion of a risk-free asset boosts the Sharpe ratio of the efficient frontier, which again contrasts sharply with the single-period case.