No abstract uploaded!

Let$U$be an open subset of a complex locally convex space$E$, and$H(U)$the space of holomorphic functions from$U$to$C$. If the dual$E′$of$E$is nuclear with respect to the topology generated by the absolutely convex compact subsets of$E$, then it is shown that$H(U)$endowed with the compact open topology is a nuclear space. In particular, if$E$is the strong dual of a Fréchet nuclear space, then$H(U)$is a Fréchet nuclear space.

No abstract uploaded!

This paper is devoted to the study of the Cauchy problem in$C$^{∞}and in the Gevrey classes for some second order degenerate hyperbolic equations with time dependent coefficients and lower order terms satisfying a suitable Levi condition.

In event studies of capital market efficiency, an earnings surprise has historically been measured by the consensus error, defined as earnings minus the consensus or average of professional forecasts. The rationale is that the consensus is an accurate measure of the markets expectation of earnings. But since forecasts can be biased due to conflicts of interest and some investors can see through these conflicts, this rationale is flawed and the consensus error a biased measure of an earnings surprise. We show that the fraction of forecasts that miss on the same side (FOM), by ignoring the size of the misses, is less sensitive to such bias and a better measure of an earnings surprise. As a result, FOM out-performs the consensus error and its related robust statistics in explaining stock price movements around and subsequent to the announcement date.