Sophistication, Sentiment, and Misreaction

2015 ◽  
Vol 50 (4) ◽  
pp. 903-928 ◽  
Author(s):  
Chuang-Chang Chang ◽  
Pei-Fang Hsieh ◽  
Yaw-Huei Wang
Keyword(s):  
Investor Sentiment ◽  
Individual Investors ◽  
Options Market ◽  
Short Term ◽  
Data Set ◽  
Unique Data ◽  
Investor Sophistication ◽  
Alternative Measures ◽  
History Of ◽  
Complete History

AbstractThis study investigates whether the existence or strength of any misreaction in the options market is affected by investor sophistication and investor sentiment. Based on a unique data set of the complete history of all transactions in the Taiwan options market, we find that individual investors exhibit significant misreaction to information and that this misreaction becomes stronger during periods of high investor sentiment. In addition, more active or aggressive individual investors always exhibit misreaction and do not learn from their past mistakes. Our empirical results are robust to alternative measures of investor sentiment and definitions of long- and short-term horizons.

scholarly journals Rent-To-Own Agreements: Purchases Or Rentals?

2011 ◽  
Vol 20 (1) ◽  
Author(s):  
Michael H. Anderson ◽  
Raymond Jackson
Keyword(s):  
Low Income ◽  
Font Size ◽  
Short Term ◽  
Data Set ◽  
Unique Data ◽  
High Interest ◽  
Financially Distressed ◽  
Credit Check ◽  
Small Periodic ◽  
Common Perception

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">The rent-to-own (RTO) business has emerged as an important component of the retailing sector. By offering immediate access to household goods for a small periodic fee without a credit check or down payment, RTO has strong appeal to low income and financially distressed consumers.<span style="mso-spacerun: yes;">&nbsp; </span>A common perception of RTO is that they are disguised, high-interest installment agreements as most consumers eventually acquire the contracted merchandise by making all scheduled payments. We examine the nature of these agreements by using a unique data set of more than 350 thousand transactions drawn from 100 RTO stores in 46 states. Our main result, derived from an analysis of disposition and duration, is that RTO agreements are more frequently used for short-term needs rather than as a method of acquisition.<span style="mso-spacerun: yes;">&nbsp; </span>Legislative and legal efforts to classify RTO agreements as primarily installment contracts cannot be justified by their pattern of use in the marketplace.<span style="mso-spacerun: yes;">&nbsp; </span></span></span></p>

scholarly journals The Pristine Inner Galaxy Survey (PIGS) II: Uncovering the most metal-poor populations in the inner Milky Way

2020 ◽  
Vol 496 (4) ◽  
pp. 4964-4978 ◽  
Author(s):  
Anke Arentsen ◽  
Else Starkenburg ◽  
Nicolas F Martin ◽  
David S Aguado ◽  
Daniel B Zucker ◽  
...  
Keyword(s):  
Milky Way ◽  
Dynamical Evolution ◽  
Spectral Library ◽  
Data Set ◽  
Unique Data ◽  
Horizontal Branch Stars ◽  
History Of ◽  
Low Metallicity

ABSTRACT Metal-poor stars are important tools for tracing the early history of the Milky Way, and for learning about the first generations of stars. Simulations suggest that the oldest metal-poor stars are to be found in the inner Galaxy. Typical bulge surveys, however, lack low metallicity ($\rm {[Fe/H]} \lt -1.0$) stars because the inner Galaxy is predominantly metal-rich. The aim of the Pristine Inner Galaxy Survey (PIGS) is to study the metal-poor and very metal-poor (VMP, $\rm {[Fe/H]} \lt -2.0$) stars in this region. In PIGS, metal-poor targets for spectroscopic follow-up are selected from metallicity-sensitive CaHK photometry from the CFHT. This work presents the ∼250 deg2 photometric survey as well as intermediate-resolution spectroscopic follow-up observations for ∼8000 stars using AAOmega on the AAT. The spectra are analysed using two independent tools: ULySS with an empirical spectral library, and FERRE with a library of synthetic spectra. The comparison between the two methods enables a robust determination of the stellar parameters and their uncertainties. We present a sample of 1300 VMP stars – the largest sample of VMP stars in the inner Galaxy to date. Additionally, our spectroscopic data set includes ∼1700 horizontal branch stars, which are useful metal-poor standard candles. We furthermore show that PIGS photometry selects VMP stars with unprecedented efficiency: 86 per cent/80 per cent (lower/higher extinction) of the best candidates satisfy $\rm {[Fe/H]} \lt -2.0$, as do 80 per cent/63 per cent of a larger, less strictly selected sample. We discuss future applications of this unique data set that will further our understanding of the chemical and dynamical evolution of the innermost regions of our Galaxy.

scholarly journals Incentives – Effectiveness and efficiency

2014 ◽  
Vol 3 (1) ◽  
pp. 7-27 ◽  
Author(s):  
Björn Hinderlich
Keyword(s):  
Company Performance ◽  
Executive Directors ◽  
Short Term ◽  
Data Set ◽  
Target Setting ◽  
Market Capitalization ◽  
Share Ownership ◽  
Unique Data ◽  
Effectiveness And Efficiency

This paper covers the question if and how incentive schemes work evaluated by their impact on company performance (market capitalization and profit before tax). Based on a unique data set for German executive directors of DAX companies it can be proved that neither short (STI) nor long term incentives (LTI) plans necessarily support the company success. It rather depends on the efficiency of each plan, i. e. on its design. Special attention has to be paid on target setting. Short term focused objectives often miss their targets, whereas long term oriented objectives significantly support the company success. To solve the prisoner’s dilemma between employers and employees by a quasi-endless game, additional measures may be helpful, such as share ownership guidelines.

scholarly journals Gaia: from proposal to GDR1

2017 ◽  
Vol 12 (S330) ◽  
pp. 23-29
Author(s):  
Gerard Gilmore
Keyword(s):  
Early History ◽  
High Quality ◽  
Data Set ◽  
Quarter Century ◽  
Unique Data ◽  
Community Interest ◽  
History Of ◽  
To Come ◽  
Wide Community

AbstractIn this concluding article I recall the early history of the Gaia mission, showing that the original science case and expectations of wide community interest in Gaia data have been met. The quarter-century long partnership involving some 1,000 scientists, engineers and managers in industry and academia is delivering a large, high-quality and unique data set which will underpin astrophysics across many sub-fields for years to come.

Postcolonialism, Racial Political Fields, and Panethnicity: A Comparison of Early “Asian American” and “Hispanic” Movements

2020 ◽  
Vol 6 (4) ◽  
pp. 450-467
Author(s):  
G. Cristina Mora ◽  
Dina G. Okamoto
Keyword(s):  
United States ◽  
Asian American ◽  
Mexican Americans ◽  
Postcolonial Theory ◽  
The United States ◽  
Community Leaders ◽  
Data Set ◽  
American Imperialism ◽  
Unique Data ◽  
History Of

Recent work has called for sociologists to incorporate postcolonial theory into their toolkits to better understand the mechanics of race in the United States. The authors answer this call by showing how postcolonial and field theories can be bridged to explain how movements of the 1970s developed distinct visions of panethnicity. Drawing on published case studies, as well as a unique data set of pioneering “Asian American” and “Hispanic” movement magazines from the 1970s, the authors systematically compare how community leaders framed panethnic identities before they became widely institutionalized. The authors show that although Mexican Americans and Puerto Ricans could have developed a panethnic narrative centered on American imperialism, it was Asian Americans who constructed a postcolonial panethnic politics. In contrast, “Hispanic” stakeholders of the 1970s framed panethnicity more conservatively and at times patriotically. The authors contend that the different visions of panethnicity reflect the distinct colonial and imperial history of Asians and Hispanics in the United States as well as the position of Asian American and Hispanic panethnic leaders within and across the racial fields of the 1970s. This study suggests that panethnicity as a mobilizing identity narrative is politically flexible and amenable to different visions of racial equality. Moreover, the authors show how postcolonialism and field theory can be further synthesized to advance the study of panethnicity.

Short-Term Accruals and the Pricing and Production of Audit Services

2010 ◽  
Vol 29 (1) ◽  
pp. 221-250 ◽  
Author(s):  
Caren Schelleman ◽  
W. Robert Knechel
Keyword(s):  
Earnings Management ◽  
Financial Statements ◽  
Audit Fees ◽  
Profit Margin ◽  
Work Effort ◽  
Short Term ◽  
Audit Pricing ◽  
Data Set ◽  
Audit Firm ◽  
Unique Data

SUMMARY: This study investigates how risk associated with increased levels of accruals that might be indicative of earnings management affects the pricing and production of audit services. Francis and Krishnan (1999) suggest that auditors can deal with the risk of earnings management in five ways: (1) screen out high-risk clients; (2) charge a premium to riskier clients; (3) increase audit effort; (4) negotiate adjustments to the financial statements; and/or (5) report more conservatively (e.g., by issuing a modified report). Using a unique data set, the current study investigates two of these options: charging a fee premium and increasing audit effort. Based on previous research on audit pricing and production, we construct models for audit fees, total audit effort, labor mix (extent of experienced auditor effort), and engagement profit margin including an accruals measure that could indicate earnings management. We test these models on a sample of 119 audit engagements from one Big 6 audit firm in The Netherlands. We find that signed short-term accruals are associated with a significant increase in audit fees as well as total effort, but not with experience mix or profit margin. However, we find secondary evidence that auditors utilize more supervisors, assistants and support personnel and earn smaller profits (returns) when a client has higher levels of short-term accruals. Taken together, these results suggest that auditors are responsive to high levels of short-term accruals that may be indicative of earnings management, and will increase their work effort even if they are unable to recoup all of the related costs.

Short-Term Flood Prediction System

2014 ◽  
Vol 13 (1) ◽  
Author(s):  
Konrad Nering
Keyword(s):  
Flash Floods ◽  
Prediction System ◽  
Short Term ◽  
Data Set ◽  
Flood Prediction ◽  
Full Operation

AbstractThis paper describes a fully functional short-term flood prediction system. Its effect has been tested on watershed of Lubieńka river in Małopolska. To use this system it must have a data set also described in this paper. A modification of the system to adopt for predicting flash floods was described. Full operation of the system is shown on example of real flood on Lubieńka river in June 2011.

scholarly journals Microfinance and Vulnerability to Seasonal Famine in a Rural Economy: Evidence from Monga in Bangladesh

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Claudia Berg ◽  
M. Shahe Emran
Keyword(s):  
Food Security ◽  
Rural Economy ◽  
Screening Process ◽  
Data Set ◽  
Estimation Strategy ◽  
Positive Effects ◽  
Unique Data ◽  
Primary Mechanism ◽  
Poor Households ◽  
Microfinance Institution

AbstractThis paper uses a unique data set on 143,000 poor households from Northern Bangladesh to analyze the effects of microfinance membership on a household’s ability to cope with seasonal famine known as Monga. We develop an identification and estimation strategy that exploits a jump and a kink at the 10-decimal land ownership-threshold driven by the Microfinance Institution screening process to ensure repayment by excluding the ultra-poor. Evidence shows that microfinance membership improves food security during Monga, especially for the poorest households who survive at the margin of one and two meals a day. The positive effects on food security are, however, not driven by higher income, as microcredit does not improve the ability to migrate for work, nor does it reduce dependence on distress sale of labor. The evidence is consistent with consumption smoothing being the primary mechanism behind the gains in food security of MFI households during the season of starvation.

scholarly journals Nanomedicine Reformulation of Chloroquine and Hydroxychloroquine

Molecules ◽  
2020 ◽  
Vol 26 (1) ◽  
pp. 175
Author(s):  
David M. Stevens ◽  
Rachael M. Crist ◽  
Stephan T. Stern
Keyword(s):  
Safety Evaluation ◽  
Therapeutic Index ◽  
Short Term ◽  
Tissue Concentrations ◽  
History Of ◽  
History Of Use ◽  
Novel Applications ◽  
Therapeutic Doses ◽  
Extensive Clinical Experience ◽  
Higher Doses

The chloroquine family of antimalarials has a long history of use, spanning many decades. Despite this extensive clinical experience, novel applications, including use in autoimmune disorders, infectious disease, and cancer, have only recently been identified. While short term use of chloroquine or hydroxychloroquine is safe at traditional therapeutic doses in patients without predisposing conditions, administration of higher doses and for longer durations are associated with toxicity, including retinotoxicity. Additional liabilities of these medications include pharmacokinetic profiles that require extended dosing to achieve therapeutic tissue concentrations. To improve chloroquine therapy, researchers have turned toward nanomedicine reformulation of chloroquine and hydroxychloroquine to increase exposure of target tissues relative to off-target tissues, thereby improving the therapeutic index. This review highlights these reformulation efforts to date, identifying issues in experimental designs leading to ambiguity regarding the nanoformulation improvements and lack of thorough pharmacokinetics and safety evaluation. Gaps in our current understanding of these formulations, as well as recommendations for future formulation efforts, are presented.

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