The Information Content of Investors' Expectations for Risk and Return

2013 ◽  
Vol 03 (03n04) ◽  
pp. 1350017
Author(s):  
Thomas Berry ◽  
Keith Jacks Gamble
Keyword(s):  
Information Content ◽  
Personal Experience ◽  
Individual Investors ◽  
Cross Sectional ◽  
Risk And Return ◽  
Stock Performance ◽  
Limited Experience ◽  
Future Risk ◽  
The Cross

This study reveals the information content of individual investors' risk-adjusted return expectations. Although individual investors overestimate the performance of their stock purchases on an average, the cross-sectional variation in their risk-adjusted return expectations is predictive of future risk-adjusted stock performance. Stock purchases that investors expect to outperform the most do outperform the stock purchases that investors expect to outperform the least by an annualized alpha of 16%. The best performing stocks are those that investors with excellent experience expect to outperform the most while the worst performing stocks are those that investors with limited experience expect to outperform the least. The most experienced investors appear to be successfully using information gathered from personal experience with the company's products or services, contact with someone who works for or with the company on a regular basis, and proximity to the company's operations.

The Cross-Section of Cryptocurrency Risk and Return

2020 ◽  
Vol 89 (4) ◽  
pp. 7-28
Author(s):  
Steffen Günther ◽  
Christian Fieberg ◽  
Thorsten Poddig
Keyword(s):  
Cross Section ◽  
Cross Sectional ◽  
Risk And Return ◽  
Portfolio Returns ◽  
Time Period ◽  
Standard Deviations ◽  
The Cross

Summary: We analyze the cross-section of more than 1200 cryptocurrencies derived from 350 exchanges in the time period from January 2014 to June 2020. Specifically, we investigate whether well-known cross-sectional characteristics like beta (Fama/MacBeth (1973)), size (Banz (1981)) or momentum (Jegadeesh/Titman (1993)) – which have been intensively investigated in the equities literature – explain the cross-section of cryptocurrency returns. We apply the monotonic relationship (Mr.) test developed by Patton and Timmermann (2010) to test for dependencies between characteristics and average portfolio returns and standard deviations. We extend the existing literature on cryptocurrencies showing that there are various characteristics which are able to explain cryptocurrency risk and return. Zusammenfassung: Wir untersuchen den Querschnitt von über 1200 Kryptowährungen, gesammelt von 350 Handelsplätzen, in der Zeitspanne von Januar 2014 bis Juni 2020. Im speziellen untersuchen wir, ob weit verbreitete Charakteristika, wie Beta (Fama/MacBeth (1973)), Size (Banz (1981)) oder Momentum (Jegade‍esh/Titman (1993)) – die bereits intensiv in der Aktienliteratur untersucht werden – den Querschnitt der Kryptowährungsrenditen erklären können. Wir verwenden den Monotonic Relationship (MR) Test von Patton und Timmermann (2010) um auf Abhängigkeiten zwischen Charakteristika und durchschnittlichen Portfoliorenditen sowie Standardabweichungen zu testen. Wir erweitern die bestehende Literatur, indem wir zahlreiche Charakteristika identifizieren, die Risiko und Renditen von Kryptowährungen erklären können.

On the cross-sectional shape of the cellulose crystallites in the tunicate Halocynthia papillosa

1990 ◽  
Vol 48 (3) ◽  
pp. 566-567
Author(s):  
J.-F. Revol ◽  
Y. Van Daele ◽  
F. Gaill
Keyword(s):  
Contrast Imaging ◽  
Animal Kingdom ◽  
Bright Field ◽  
Field Mode ◽  
Cross Sectional ◽  
Ultrathin Sections ◽  
The Cross ◽  
Sectional Shape ◽  
Valonia Ventricosa ◽  
C Nmr

The only form of cellulose which could unequivocally be ascribed to the animal kingdom is the tunicin that occurs in the tests of the tunicates. Recently, high-resolution solid-state l3C NMR revealed that tunicin belongs to the Iβ form of cellulose as opposed to the Iα form found in Valonia and bacterial celluloses. The high perfection of the tunicin crystallites led us to study its crosssectional shape and to compare it with the shape of those in Valonia ventricosa (V.v.), the goal being to relate the cross-section of cellulose crystallites with the two allomorphs Iα and Iβ.In the present work the source of tunicin was the test of the ascidian Halocvnthia papillosa (H.p.). Diffraction contrast imaging in the bright field mode was applied on ultrathin sections of the V.v. cell wall and H.p. test with cellulose crystallites perpendicular to the plane of the sections. The electron microscope, a Philips 400T, was operated at 120 kV in a low intensity beam condition.

A Technique for Measuring the Cross-Sectional Axes of the Longissimus Dorsi Muscle and Fat Depth in Lambs1,2

1960 ◽  
Vol 19 (3) ◽  
pp. 803-809
Author(s):  
D. J. Matthews ◽  
R. A. Merkel ◽  
J. D. Wheat ◽  
R. F. Cox
Keyword(s):  
Longissimus Dorsi ◽  
Cross Sectional ◽  
Longissimus Dorsi Muscle ◽  
Dorsi Muscle ◽  
The Cross

Automated Diagonal Slice and View Solution for 3D Device Structure Analysis

2018 ◽  
Author(s):  
Sang Hoon Lee ◽  
Jeff Blackwood ◽  
Stacey Stone ◽  
Michael Schmidt ◽  
Mark Williamson ◽  
...  
Keyword(s):  
Cross Section ◽  
Focused Ion Beam ◽  
Ion Beam ◽  
Image Data ◽  
Planar Surface ◽  
Device Structure ◽  
Cross Sectional ◽  
Device Structures ◽  
The Cross ◽  
Planar Analysis

Abstract The cross-sectional and planar analysis of current generation 3D device structures can be analyzed using a single Focused Ion Beam (FIB) mill. This is achieved using a diagonal milling technique that exposes a multilayer planar surface as well as the cross-section. this provides image data allowing for an efficient method to monitor the fabrication process and find device design errors. This process saves tremendous sample-to-data time, decreasing it from days to hours while still providing precise defect and structure data.

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