Examining the Performance of a Value Investing Heuristic: Evidence from the S&P/TSX 60 from 2001-2011

Author(s):  
Eben Otuteye ◽  
Mohammad Siddiquee
Keyword(s):  



2015 ◽  
Vol 24 (3) ◽  
pp. 73-99 ◽  
Author(s):  
Eben Otuteye ◽  
Mohammad Siddiquee




2018 ◽  
Vol 29 (78) ◽  
pp. 452-468 ◽  
Author(s):  
Vitor Palazzo ◽  
José R. F. Savoia ◽  
José Roberto Securato ◽  
Daniel Reed Bergmann

ABSTRACT This paper tested a value investing strategy for the Brazilian market, selecting stocks based on the criteria suggested by Graham (2007) so that lower quality companies with potential risks not captured by the traditional risk models were eliminated. Five hundred thirty-two stocks were analyzed in the period from May 2005 to April 2015 and, after applying the Graham selection filters, portfolios with 10-year maturity were obtained. After simulating the portfolios’ performances over the analysis period and measuring the Sharpe ratios, it was possible to verify: (i) the validity of the Graham model for selecting stocks in the Brazilian market, (ii) tiering of the Graham filters according to their relevance, and (iii) the ideal composition for a value investing portfolio in the Brazilian market for the period analyzed. The portfolios obtained were able to offer higher risk adjusted returns than the Bovespa Index in the period, as well as lower risk metrics. The results confirmed the validity of the value investing strategy in the domestic market.



Author(s):  
P. L. Burnett ◽  
W. R. Mitchell ◽  
C. L. Houck

Natural Brucite (Mg(OH)2) decomposes on heating to form magnesium oxide (MgO) having its cubic ﹛110﹜ and ﹛111﹜ planes respectively parallel to the prism and basal planes of the hexagonal brucite lattice. Although the crystal-lographic relation between the parent brucite crystal and the resulting mag-nesium oxide crystallites is well known, the exact mechanism by which the reaction proceeds is still a matter of controversy. Goodman described the decomposition as an initial shrinkage in the brucite basal plane allowing magnesium ions to shift their original sites to the required magnesium oxide positions followed by a collapse of the planes along the original <0001> direction of the brucite crystal. He noted that the (110) diffraction spots of brucite immediately shifted to the positions required for the (220) reflections of magnesium oxide. Gordon observed separate diffraction spots for the (110) brucite and (220) magnesium oxide planes. The positions of the (110) and (100) brucite never changed but only diminished in intensity while the (220) planes of magnesium shifted from a value larger than the listed ASTM d spacing to the predicted value as the decomposition progressed.



Author(s):  
Patrick P. Camus

The theory of field ion emission is the study of electron tunneling probability enhanced by the application of a high electric field. At subnanometer distances and kilovolt potentials, the probability of tunneling of electrons increases markedly. Field ionization of gas atoms produce atomic resolution images of the surface of the specimen, while field evaporation of surface atoms sections the specimen. Details of emission theory may be found in monographs.Field ionization (FI) is the phenomena whereby an electric field assists in the ionization of gas atoms via tunneling. The tunneling probability is a maximum at a critical distance above the surface,xc, Fig. 1. Energy is required to ionize the gas atom at xc, I, but at a value reduced by the appliedelectric field, xcFe, while energy is recovered by placing the electron in the specimen, φ. The highest ionization probability occurs for those regions on the specimen that have the highest local electric field. Those atoms which protrude from the average surfacehave the smallest radius of curvature, the highest field and therefore produce the highest ionizationprobability and brightest spots on the imaging screen, Fig. 2. This technique is called field ion microscopy (FIM).



2014 ◽  
Vol 84 (Supplement 1) ◽  
pp. 25-29 ◽  
Author(s):  
Guangwen Tang

Humans need vitamin A and obtain essential vitamin A by conversion of plant foods rich in provitamin A and/or absorption of preformed vitamin A from foods of animal origin. The determination of the vitamin A value of plant foods rich in provitamin A is important but has challenges. The aim of this paper is to review the progress over last 80 years following the discovery on the conversion of β-carotene to vitamin A and the various techniques including stable isotope technologies that have been developed to determine vitamin A values of plant provitamin A (mainly β-carotene). These include applications from using radioactive β-carotene and vitamin A, depletion-repletion with vitamin A and β-carotene, and measuring postprandial chylomicron fractions after feeding a β-carotene rich diet, to using stable isotopes as tracers to follow the absorption and conversion of plant food provitamin A carotenoids (mainly β-carotene) in humans. These approaches have greatly promoted our understanding of the absorption and conversion of β-carotene to vitamin A. Stable isotope labeled plant foods are useful for determining the overall bioavailability of provitamin A carotenoids from specific foods. Locally obtained plant foods can provide vitamin A and prevent deficiency of vitamin A, a remaining worldwide concern.





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