Percent Accruals

2011 ◽  
Vol 86 (1) ◽  
pp. 209-236 ◽  
Author(s):  
Nader Hafzalla ◽  
Russell Lundholm ◽  
E. Matthew Van Winkle
Keyword(s):  
Trading Strategy ◽  
Accrual Anomaly ◽  
Arbitrage Risk ◽  
The Difference ◽  
Small Change ◽  
Strategy Changes

ABSTRACT: We document how the effectiveness of an accruals-based trading strategy changes with the benchmark used to identify an extreme accrual. We measure “percent accruals” as accruals scaled by earnings, rather than total assets, and show that this seemingly small change produces a radically different sort of the data. We find that a trading strategy based on percent accruals yields significantly larger annual hedge returns than the traditional accruals measure, and does so mostly by improving the long position in low-accrual stocks. The hedge returns are also significant in all but the lowest quintile of arbitrage risk. We show that percent accruals more effectively select firms where the difference between sophisticated and nai¨ve forecasts are the most extreme. As such, our results are consistent with the earnings fixation hypothesis and are inconsistent with some alternative explanations for the accrual anomaly.

The Accrual Anomaly in Australia: A Closer Look at Trading Strategy Returns

2010 ◽  
Author(s):  
Stephen L. Taylor ◽  
Leon Wong
Keyword(s):  
Trading Strategy ◽  
Accrual Anomaly

scholarly journals Study of the Construction Sequence of Overlapping Tunnels by the Shield Tunneling Method: A Case Study of the Longest Overlapping Tunnel in China

2020 ◽  
Vol 2020 ◽  
pp. 1-9
Author(s):  
Zhiyong Yang ◽  
Yaowen Ding ◽  
Yusheng Jiang ◽  
Kuanda Fang ◽  
Linwei Dong ◽  
...  
Keyword(s):  
Working Conditions ◽  
Radial Stress ◽  
Three Dimensional ◽  
Vertical Displacement ◽  
Tunnel Lining ◽  
Shield Tunneling ◽  
Construction Sequence ◽  
Tunneling Method ◽  
The Difference ◽  
Small Change

In this study, the reasonable construction sequence of an overlapping tunnel shield is investigated. Taking the overlapping tunnel of Tianjin Metro Line 5 as the background, a three-dimensional numerical model was established using Flac3D software to study the influence of the “first up and then down” and “first down and then up” construction sequences of the overlapping tunnel on the surface settlement, stratum displacement, lining radial stress, and displacement. The research results show that the shape and width of the final settlement tank on the ground under the two conditions are basically the same, and the difference between the maximum cumulative settlements is small. The accumulated ground settlement caused by the first up and then down construction sequence is 1.8 mm larger than that caused by the first down and then up sequence. The difference between the two working conditions on the vertical displacement of the stratum mainly occurs in the middle stratum of the upper and lower tunnels, and the proportion of the strata in the uplifted state and subsidence state is different. The construction sequence has little effect on the radial stress on the lining of the upper and lower tunnels. Under these two conditions, the excavation of the second tunnel causes a small change in the radial stress of the preceding tunnel lining, both within 4.2%. Under the working condition of first down and then up, the construction of the second tunnel causes the lining of the preceding tunnel to rise by 7.2∼9.2 mm. Under the condition of first up and then down, the construction of the second tunnel causes the lining of the preceding tunnel to sink again by 9.1∼10.4 mm. By comparing the effects of the two working conditions on the stratum and the tunnel lining, it is recommended that the construction be carried out in the order of first down and then up.

scholarly journals Market Efficiency Reloaded: Why Insider Trades do not Reveal Exploitable Information

2010 ◽  
Vol 11 (3) ◽  
pp. 302-335 ◽  
Author(s):  
Sebastian Dickgiesser ◽  
Christoph Kaserer
Keyword(s):  
Generalized Least Squares ◽  
Simple Zero ◽  
Trading Strategy ◽  
Insider Trades ◽  
Arbitrage Risk ◽  
Arbitrage Trading ◽  
Return Difference ◽  
The Cost ◽  
Bid Ask Spreads ◽  
Least Squares Approach

Abstract Several studies have emphasized a slow price adjustment to reported insider trades for Germany. The results presented in this paper, though, show that this is mainly caused by a subset of high arbitrage risk stocks. In fact, the abnormal return difference between the quintiles of stocks with highest and lowest idiosyncratic risk is in the range of 2.99-4.90% over a 20-day interval. These results are robust even in the context of a joint generalized least squares approach. By developing a simple zero-investment arbitrage trading strategy mimicking insider trades, it turns out that such a trading strategy, in most cases, generates significant positive returns as long as transaction costs are neglected. However, the out-performance disappears in all risk quintiles, if bid/ask spreads are taken into account.We conclude that the market’s under-reaction to reported insider trades can mainly be explained by the cost of risky arbitrage and is therefore not exploitable.

Asymmetries of the Upper Lip and Nose in Noncleft and Postsurgical Unilateral Cleft Lip and Palate Individuals

1996 ◽  
Vol 33 (4) ◽  
pp. 306-311 ◽  
Author(s):  
Stephanos Kyrkanides ◽  
Ron Bellohusen ◽  
J. Daniel Subtelny
Keyword(s):  
Cleft Lip ◽  
Cleft Lip And Palate ◽  
Skeletal Maturation ◽  
Growth Spurt ◽  
Growth Stages ◽  
Upper Lip ◽  
Significant Difference ◽  
The Difference ◽  
Small Change ◽  
And Control

The purpose of this study was to retrospectively evaluate post-surgical asymmetries of the upper lip and nose in complete unilateral cleft lip and palate individuals using documentation collected over a period of years. Twenty-three complete unilateral cleft lip and palate subjects (UCLP) and 34 noncleft subjects who served as controls and had undergone orthodontic treatment were Included in the study. Nasal asymmetry, deviation of the tip of the nose, and the deviation of the midpoint of the vermilion border of the upper lip were compared to chronologic age and skeletal maturation in cleft subjects and controls. Comparison between cleft and control cases was also assessed. Results indicate that nasal asymmetry peaks at postpubertal growth stages in the control groups, and the difference between UCLP and controls decreases with time and maturation. The deviation of the nasal tip peaks during the pubertal growth spurt for both UCLP and controls, and the difference between UCLP and controls also decreases with time. The deviation of the midpoint of the vermilion border shows relatively small change with time and maturation, and there is no significant difference between UCLP and controls. In general, the facial asymmetries studied were not as great as expected, and the difference between UCLP and controls decreased with time, growth, and maturation.

scholarly journals Mining Conditional Contrast Patterns

2009 ◽  
pp. 294-310 ◽  
Author(s):  
Guozhu Dong ◽  
Jinyan Li ◽  
Guimei Liu ◽  
Limsoon Wong
Keyword(s):  
Pattern Mining ◽  
Frequent Pattern Mining ◽  
Frequent Pattern ◽  
Concise Representation ◽  
Contrast Pattern ◽  
The Difference ◽  
Closed Pattern ◽  
Small Change ◽  
Minimal Generators ◽  
Theoretical Results

This chapter considers the problem of “conditional contrast pattern mining.” It is related to contrast mining, where one considers the mining of patterns/models that contrast two or more datasets, classes, conditions, time periods, and so forth. Roughly speaking, conditional contrasts capture situations where a small change in patterns is associated with a big change in the matching data of the patterns. More precisely, a conditional contrast is a triple (B, F1, F2) of three patterns; B is the condition/context pattern of the conditional contrast, and F1 and F2 are the contrasting factors of the conditional contrast. Such a conditional contrast is of interest if the difference between F1 and F2 as itemsets is relatively small, and the difference between the corresponding matching dataset of B?F1 and that of B?F2 is relatively large. It offers insights on “discriminating” patterns for a given condition B. Conditional contrast mining is related to frequent pattern mining and analysis in general, and to the mining and analysis of closed pattern and minimal generators in particular. It can also be viewed as a new direction for the analysis (and mining) of frequent patterns. After formalizing the concepts of conditional contrast, the chapter will provide some theoretical results on conditional contrast mining. These results (i) relate conditional contrasts with closed patterns and their minimal generators, (ii) provide a concise representation for conditional contrasts, and (iii) establish a so-called dominance-beam property. An efficient algorithm will be proposed based on these results, and experiment results will be reported. Related works will also be discussed.

Ground Surface Tilts Estimated Based on Acceleration from Wenchuan Earthquake

2011 ◽  
Vol 243-249 ◽  
pp. 3913-3918
Author(s):  
Xiao Bo Peng ◽  
Xiao Jun Li
Keyword(s):  
Low Frequency ◽  
Ground Surface ◽  
Strong Motion ◽  
Spectral Ratio ◽  
Fourier Amplitude ◽  
Surface Rupture ◽  
Fault Surface ◽  
Amplitude Spectra ◽  
The Difference ◽  
Small Change

Dynamic equations of pendulums in strong motion instrument are analyzed. The equations imply horizontal recordings may be significantly influenced by ground surface tilt while the effects can be ignored for vertical recordings. The difference causes anomaly of horizontal to vertical Fourier amplitude spectra ratio, which is used to identify affected low frequency range.. The low frequency filter based on spectral ratio was employed to estimate the coseismic ground surface tilts in Wenchuan Ms8.0 earthquake. Results show the ground surface tilts are generally less than 1 degree and mainly happened within 30 kilometers to fault surface rupture traces, while rarely discovered in area outside 100 km and squared horizontal peak accelerations less than 200 cm/s2. Comparison of ground surface tilts under spectral ratio being 2 and 4, shows ground surface tilting amplitudes usually increased when spectral ratio is decreased, but residual ground surface tilts have small change.

scholarly journals Bi-stability of SUDR+K model of epidemics and test kits applied to COVID-19

2020 ◽  
Vol 101 (3) ◽  
pp. 1635-1642 ◽  
Author(s):  
Vinko Zlatić ◽  
Irena Barjašić ◽  
Andrea Kadović ◽  
Hrvoje Štefančić ◽  
Andrea Gabrielli
Keyword(s):  
Realistic Model ◽  
Sir Model ◽  
Stable Point ◽  
Constant Rate ◽  
Early Testing ◽  
Total Fraction ◽  
The Difference ◽  
Two Phases ◽  
Small Change ◽  
The Many

Abstract Motivated by the many diverse responses of different countries to the COVID-19 emergency, here we develop a toy model of the dependence of the epidemics spreading on the availability of tests for disease. Our model, that we call SUDR+K, grounds on the usual SIR model, with the difference of splitting the total fraction of infected individuals in two components: patients that are still undetected and patients that have been already detected through tests. Moreover, we assume that available tests increase at a constant rate from the beginning of epidemics but are consumed to detect infected individuals. Strikingly, we find a bi-stable behavior between a phase with a giant fraction of infected and a phase with a very small fraction. We show that the separation between these two regimes is governed by a match between the rate of testing and a rate of infection spread at given time. We also show that the existence of two phases does not depend on the mathematical choice of the form of the term describing the rate at which undetected individuals are tested and detected. Presented research implies that a vigorous early testing activity, before the epidemics enters its giant phase, can potentially keep epidemics under control, and that even a very small change of the testing rate around the bi-stable point can determine a fluctuation of the size of the whole epidemics of various orders of magnitude. For the real application of realistic model to ongoing epidemics, we would gladly collaborate with field epidemiologists in order to develop quantitative models of testing process.

scholarly journals Review of Present Trends and Future Scope of Pharmacogenomics in Drug Discovery and Development Process

2020 ◽  
Vol 13 (1) ◽  
pp. 66-78
Author(s):  
V. Chandrakala ◽  
Utpal Kumar Sanki
Keyword(s):  
Ethical Issues ◽  
Clinical Trial Design ◽  
Dna Polymorphisms ◽  
Receptor Protein ◽  
Computer Assisted ◽  
Protein Chemistry ◽  
The Difference ◽  
Small Change ◽  
The Stability ◽  
The Individual

Pharmacogenomics combines traditional pharmaceutical sciences such as biochemistry with annotated knowledge of genetics, protein chemistry, and DNA polymorphisms. The difference of therapeutic efficacy of the same drug in different individual can be best explained by the study of genetic polymorphisms that underlie individual differences in drug response. The small change of the genome in one individual may make a drug inefficacious as oppose to the other patients. Such variability will bring the individualization of the therapy to obtain the best effects of the drug, as an example autologous dendrimer got a tremendous success in the cancer therapy of the individual. Markers of exposure can determine whether the desired target tissues of a subject have been exposed to a drug at physiological concentrations. Gene expression profiling is a tool that can be used to characterize chemically induced toxicity in cells and/or animal models, in order to provide plausible explanations for observed toxicity in preclinical testing. Pharmacogenomics holds the promise that drugs might one day in future be tailor-made for individuals and adapted to each person's own genetic makeup by the use of microarray technology to express the gene which in turn helps to develop receptor protein. The stability of the drug and its toxicity can be predicted prior to administration of the drug to the subject through the knowledge of computer assisted structural simulation and DNA reactivity technology respectively. This article provides some critical aspects of drug developments, clinical trial design and ethical issues which are centered with pharmacogenomics.

The Origin of the Moon

1962 ◽  
Vol 14 ◽  
pp. 149-155 ◽  
Author(s):  
E. L. Ruskol
Keyword(s):  
Chemical Composition ◽  
Solar System ◽  
The Moon ◽  
The Earth ◽  
The Difference ◽  
Origin Of The Moon

The difference between average densities of the Moon and Earth was interpreted in the preceding report by Professor H. Urey as indicating a difference in their chemical composition. Therefore, Urey assumes the Moon's formation to have taken place far away from the Earth, under conditions differing substantially from the conditions of Earth's formation. In such a case, the Earth should have captured the Moon. As is admitted by Professor Urey himself, such a capture is a very improbable event. In addition, an assumption that the “lunar” dimensions were representative of protoplanetary bodies in the entire solar system encounters great difficulties.

Influence of Cell Wall Composition on the Fossilisation of Bacteria and the Implications for the Search for Early Life Forms

1997 ◽  
Vol 161 ◽  
pp. 491-504 ◽  
Author(s):  
Frances Westall
Keyword(s):  
Cell Wall ◽  
Life Forms ◽  
Cation Binding ◽  
Positive Bacterium ◽  
Gram Positive ◽  
Gram Positive Bacteria ◽  
Transmission Electron ◽  
Hydrothermal Sediments ◽  
Identification Of Bacteria ◽  
The Difference

AbstractThe oldest cell-like structures on Earth are preserved in silicified lagoonal, shallow sea or hydrothermal sediments, such as some Archean formations in Western Australia and South Africa. Previous studies concentrated on the search for organic fossils in Archean rocks. Observations of silicified bacteria (as silica minerals) are scarce for both the Precambrian and the Phanerozoic, but reports of mineral bacteria finds, in general, are increasing. The problems associated with the identification of authentic fossil bacteria and, if possible, closer identification of bacteria type can, in part, be overcome by experimental fossilisation studies. These have shown that not all bacteria fossilise in the same way and, indeed, some seem to be very resistent to fossilisation. This paper deals with a transmission electron microscope investigation of the silicification of four species of bacteria commonly found in the environment. The Gram positiveBacillus laterosporusand its spore produced a robust, durable crust upon silicification, whereas the Gram negativePseudomonas fluorescens, Ps. vesicularis, andPs. acidovoranspresented delicately preserved walls. The greater amount of peptidoglycan, containing abundant metal cation binding sites, in the cell wall of the Gram positive bacterium, probably accounts for the difference in the mode of fossilisation. The Gram positive bacteria are, therefore, probably most likely to be preserved in the terrestrial and extraterrestrial rock record.

Sign in / Sign up

Export Citation Format

Share Document