scholarly journals AN ANOMALY WITHIN AN ANOMALY: THE HALLOWEEN EFFECT IN THE LONG-TERM REVERSAL ANOMALY

2021 ◽  
Vol 10 ◽  
pp. 151-159
Author(s):  
King Fuei Lee

In this paper, we investigate the presence of the Halloween effect in the long-term reversal anomaly in the US. When we examine the cross-sectional returns of winner-minus-loser portfolios formed on prior returns over the time period of 1931-2021, we find evidence of stronger returns during winter months versus summer months. In particular, the effect appears to be driven by very strong winter-summer seasonality in the portfolio of small-capitalisation losers, and lack of Halloween effect in the portfolio of large-capitalisation winners. Our finding is robust to alternative measures of long-term reversal, differing sub-periods, the inclusion of the January effect and outlier considerations, as well as within small and large-sized companies.        

Author(s):  
Dean Keith Simonton

Although psychologists typically see creativity as an individual-level event, sociologists and cultural anthropologists are more likely to view it as a sociocultural phenomenon. This phenomenon takes place at the level of relatively large and enduring collectives, such as cultures, nations, and even whole civilizations. This chapter reviews the extensive research on such macro-level creativity. The review begins with a historical overview before turning to the cross-sectional research on the creative Ortgeist, a subject that encompasses the factors that influence the relative creativity of both preliterate cultures and entire modern nations. From there the chapter turns to role of the Zeitgeist in affecting the creativity of civilizations across time—the rise and fall of creative activity. This research examines both quantitative and qualitative causes that operate both short- and long-term.


2016 ◽  
Vol 5 (2) ◽  
Author(s):  
Rainer Baule ◽  
Hannes Wilke

This paper bridges two recent studies on the role of analysts to provide new and relevant information to investors. On the one hand, the contribution of analysts to long-term price discovery on the US market is rather low. Considering earnings per share forecasts as the main output of analysts’ reports, their information share amounts to only 4.6% on average. On the other hand, trading strategies set up on these EPS forecasts are quite profitable. Self-financing portfolios yield excess returns of more than 5% over the S&P 100 index for a time period of 36 years, which is persistent after controlling for the well-known risk factors. In this paper, we discuss the link between the low information shares and the high abnormal returns. We argue that information shares of analysts cannot be higher, because otherwise their forecasts would lead to excessively profitable trading strategies which are very unlikely to persist over such a long period of time.


Author(s):  
Kyle N. Kunze ◽  
Aidan Haddad ◽  
Alexander E. White ◽  
Matthew R. Cohn ◽  
Robert F. LaPrade ◽  
...  

AbstractInjuries to the menisci of the knee are common in orthopedic sports medicine. Bibliometric studies can identify the core literature on a topic and help further our collective knowledge for both clinical and educational purposes. The purpose of the current study was to (1) identify and describe the 50 most cited articles in meniscus research over an 80-year time period to capture a wide range of influential articles and (2) identify the “citation classics” and milestone articles related to the meniscus of the knee. The Science Citation Index Expanded subsection of the Web of Science Core Collection was systematically searched for the 50 most cited meniscus articles. Data pertaining to bibliometric and publication characteristics were extracted and reported using descriptive statistics. The top 50 articles were published between the years 1941 and 2014 and collectively cited 13,152 times. The median (interquartile [IQR]) number of total citations per article was 203.5 (167.0–261.8), while the median citation rate was 9.6 (7.4–13.9) citations per year. The most cited article was “Knee joint changes after meniscectomy,” published in 1948. The article with the highest citation rate of 78.4 citations per year was “The long-term consequence of anterior cruciate ligaments and meniscus injuries – osteoarthritis,” published in 2007. The majority of articles were clinical outcome studies (n = 28, 56%). The top 50 most cited meniscus articles represent a compilation of highly influential articles which may augment reading curriculums and provide a strong knowledge base for orthopaedic surgery residents and fellows. The decade with the most articles was the 2000s, representing a recent acceleration in meniscus-based research. This is a level IV, cross-sectional study.


2020 ◽  
Vol 89 (4) ◽  
pp. 7-28
Author(s):  
Steffen Günther ◽  
Christian Fieberg ◽  
Thorsten Poddig

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.


2018 ◽  
Vol 39 (11) ◽  
pp. 835-839 ◽  
Author(s):  
Stephanie Lapierre ◽  
Brett Baker ◽  
Hirofumi Tanaka

AbstractAge-related decreases in performance are thought to be driven by decreases in exercise training stimuli. We determined the influence of changes in training stimuli with advancing age on swimming performance using cross-sectional and longitudinal data analyses. Totals of 692 and 98 competitive swimmers belonging to the US Masters Swimming Association were analyzed in cross-sectional and longitudinal analyses. Swimming times increased with advancing age, and age was the strongest predictor of swimming performance, followed by training volume, in both the cross-sectional and longitudinal analyses. In the cross-sectional data analyses, an increase in training volume by 10 km/month, was associated with improved performance by 0.69 s regardless of age. In the longitudinal analyses, training volume was not a significant predictor for younger swimmers. In middle-aged swimmers, however, increases in training volume resulted in faster swimming times, and its effect was more pronounced in older swimmers. We concluded that there was a graded positive relationship between yearly increases in training volume and improved swimming performance, and that such effects were greater with advancing age.


2004 ◽  
Vol 359 (1443) ◽  
pp. 421-436 ◽  
Author(s):  
S. L. Lewis ◽  
O. L. Phillips ◽  
T. R. Baker ◽  
J. Lloyd ◽  
Y. Malhi ◽  
...  

Several widespread changes in the ecology of old–growth tropical forests have recently been documented for the late twentieth century, in particular an increase in stem turnover (pan–tropical), and an increase in above–ground biomass (neotropical). Whether these changes are synchronous and whether changes in growth are also occurring is not known. We analysed stand–level changes within 50 long–term monitoring plots from across South America spanning 1971–2002. We show that: (i) basal area (BA: sum of the cross–sectional areas of all trees in a plot) increased significantly over time (by 0.10 ±; 0.04 m 2 ha −1 yr −1 , mean ± 95%CI) as did both (ii) stand–level BA growth rates (sum of the increments of BA of surviving trees and BA of new trees that recruited into a plot); and (iii) stand–level BA mortality rates (sum of the cross–sectional areas of all trees that died in a plot). Similar patterns were observed on a per–stem basis: (i) stem density (number of stems per hectare; 1 hectare is 10 4 m 2 ) increased significantly over time ( 0.94 ± 0.63 stems ha −1 yr −1 ); as did both (ii) stem recruitment rates; and (iii) stem mortality rates. In relative terms, the pools of BA and stem density increased by 0.38 ± 0.15% and 0.18 ± 0.12% yr −1 , respectively. The fluxes into and out of these pools—stand–level BA growth, stand–level BA mortality, stem recruitment and stem mortality rates—increased, in relative terms, by an order of magnitude more. The gain terms (BA growth, stem recruitment) consistently exceeded the loss terms (BA loss, stem mortality) throughout the period, suggesting that whatever process is driving these changes was already acting before the plot network was established. Large long–term increases in stand–level BA growth and simultaneous increases in stand BA and stem density imply a continent–wide increase in resource availability which is increasing net primary productivity and altering forest dynamics. Continent–wide changes in incoming solar radiation, and increases in atmospheric concentrations of CO 2 and air temperatures may have increased resource supply over recent decades, thus causing accelerated growth and increased dynamism across the world's largest tract of tropical forest.


BMJ Open ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. e042804
Author(s):  
Ram Gopal ◽  
Xu Han ◽  
Niam Yaraghi

ObjectiveNursing homes’ residents and staff constitute the largest proportion of the fatalities associated with COVID-19 epidemic. Although there is a significant variation in COVID-19 outbreaks among the US nursing homes, we still do not know why such outbreaks are larger and more likely in some nursing homes than others. This research aims to understand why some nursing homes are more susceptible to larger COVID-19 outbreaks.DesignObservational study of all nursing homes in the state of California until 1 May 2020.SettingThe state of California.Participants713 long-term care facilities in the state of California that participate in public reporting of COVID-19 infections as of 1 May 2020 and their infections data could be matched with data on ratings and governance features of nursing homes provided by Centers for Medicare & Medicaid Services (CMS).Main outcome measureThe number of reported COVID-19 infections among staff and residents.ResultsStudy sample included 713 nursing homes. The size of outbreaks among residents in for-profit nursing homes is 12.7 times larger than their non-profit counterparts (log count=2.54; 95% CI, 1.97 to 3.11; p<0.001). Higher ratings in CMS-reported health inspections are associated with lower number of infections among both staff (log count=−0.19; 95% CI, −0.37 to −0.01; p=0.05) and residents (log count=−0.20; 95% CI, −0.27 to −0.14; p<0.001). Nursing homes with higher discrepancy between their CMS-reported and self-reported ratings have higher number of infections among their staff (log count=0.41; 95% CI, 0.31 to 0.51; p<0.001) and residents (log count=0.13; 95% CI, 0.08 to 0.18; p<0.001).ConclusionsThe size of COVID-19 outbreaks in nursing homes is associated with their ratings and governance features. To prepare for the possible next waves of COVID-19 epidemic, policy makers should use these insights to identify the nursing homes who are more likely to experience large outbreaks.


GeroPsych ◽  
2019 ◽  
Vol 32 (2) ◽  
pp. 93-105
Author(s):  
Adrijana Košćec Bjelajac ◽  
Jasminka Despot Lučanin ◽  
Damir Lučanin ◽  
Eva Anđela Delale

Abstract. This article examines the cross-sectional and long-term prediction of sleep quality (SQ) of 167 older nursing-home residents (80% females, 69–100 years), who participated in the study in 2008 and 2016. SQ was assessed in 2016 by the Pittsburgh Sleep Quality Index (PSQI); Total PSQI was found to be greater than 5 in 71% of participants. The domains of Subjective SQ and Daytime Functioning were relatively good, while Sleep Efficiency was most impaired. The observed set of predictors significantly explained 7–13% of PSQI variance cross-sectionally and 12–18% in the long-term effects analyses. The structure of predictors differed across SQ domains, in both the cross-sectional and the long-term effects analyses, and between the two, indicating the important impact of changes in psychophysiological functioning for current SQ of older adults.


2002 ◽  
Author(s):  
Chris Higson ◽  
Sean Holly ◽  
Paul A. Kattuman

1997 ◽  
Vol 3 (2) ◽  
pp. 137-160 ◽  
Author(s):  
Richard A. Holmes ◽  
Abul F. M. Shamsuddin

This study is an attempt to evaluate the short- and long-term economic effects of World Exposition 1986 on US demand for British Columbia tourism by integrating Box-Jenkins time series analysis with the theory of consumer demand. The number of more-than-one-day US visitors to British Columbia is used as the measure of demand. Intervention and transfer function models are employed for the estimates which are made separately for US visitors arriving by car, automobile and by plane. The conclusions drawn are that during the six months of Expo 86, an additional 1.58 million more-than-one-day US visitors were attracted to British Columbia (1.41 million by automobile and 0.17 million by aeroplane). The long-term or post-Expo effects of Expo 86 are found to be very large (probably larger in total than the short-term economic benefits). These long-term economic benefits result from the post-Expo visitors who have returned to British Columbia as a result of the world-wide exposure of the Vancouver area by the fair. We have considered only more-than-one-day US visitors to Expo 86 (only part of all visitors to the fair) and only the 1987–93 post-Expo time period, and with that limited visitor group, and that limited time period, we still find long-term economic benefits of $428.9 million (about half the estimated total short-term economic benefits). These estimates take account of the effects of changes in the US–Canada foreign exchange rate, the US travel price index, the BC travel price index and US personal disposable income over the 1981–93 period.


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