scholarly journals Existence and Exploitability of Financial Analysts' Informational Leadership

2016 ◽  
Vol 5 (2) ◽  
Author(s):  
Rainer Baule ◽  
Hannes Wilke
Keyword(s):  
Abnormal Returns ◽  
Relevant Information ◽  
Trading Strategies ◽  
Information Share ◽  
Time Period ◽  
The Us ◽  
Information Shares ◽  
Set Up ◽  
The One

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.

scholarly journals The use of co-digested solid fraction as feedstock for biogas plants

2014 ◽  
Vol 44 (4) ◽  
pp. 153
Author(s):  
Elio Dinuccio ◽  
Fabrizio Gioelli ◽  
Dalibor Cuk ◽  
Luca Rollè ◽  
Paolo Balsari
Keyword(s):  
Solid Fraction ◽  
Farmyard Manure ◽  
Pig Slurry ◽  
Time Period ◽  
Study Results ◽  
Biogas Plants ◽  
Mechanical Separation ◽  
Set Up ◽  
Sorghum Silage

A comparative study was set up in order to assess the technical feasibility of the long-term reuse of the mechanically separated co-digested solid fraction as a feedstock for anaerobic digestion plants (ADP). The biogas yields of two feedstock mixtures (A and B) were assessed in mesophilic conditions (40°C±2°C) using 6 lab-scale continuous stirredtank reactors. Feedstock mixture A (control) consisted of pig slurry (70%), farmyard manure (4%), sorghum silage (12%) and maize silage (14%). Feedstock mixture B was the same as the control plus the solid fraction derived from the mechanical separation of the output raw codigestate collected from the reactors. All reactors were fed simultaneously, three times a week, over a period of nine month. According to the study results, the reuse of the co-digested solid fraction as feedstock for ADP could increase the methane yield by approximately 4%. However, ADP efficiency evaluation (<em>e.g.</em>, daily yield of methane per m<sup>3</sup> of digester) suggests limiting this practice to a maximum time period of 120 days.

Detection of mantle CO2 in an underground salt mine via long-term and high-resolution monitoring by laser-based isotope techniques

2020 ◽  
Author(s):  
Alexander H. Frank ◽  
Robert van Geldern ◽  
Anssi Myrttinen ◽  
Axel Zimmer ◽  
Martin Zimmer ◽  
...  
Keyword(s):  
Ambient Air ◽  
High Temporal Resolution ◽  
Anthropogenic Influences ◽  
Salt Mine ◽  
Central Germany ◽  
Salt Mines ◽  
Set Up ◽  
The One ◽  
Isotope System

&lt;p&gt;Salt deposits may be affected by post-depositional CO&lt;sub&gt;2&lt;/sub&gt; intrusions. In central Germany, such CO&lt;sub&gt;2&lt;/sub&gt; contributions from the mantle may originate from Tertiary Rh&amp;#246;n- and Vogelsberg-volcanism. The intrusion of those gases may cause technical and operational implications for storage caverns and salt mines.&lt;/p&gt;&lt;p&gt;Carbon isotope compositions of CO&lt;sub&gt;2&lt;/sub&gt; are useful tools to differentiate between sources and are expressed as &amp;#948;&lt;sup&gt;13&lt;/sup&gt;C values in &amp;#8240; versus an international standard known as the Vienna Pee Dee Belemnite (VPDB). Typical average endmember values for CO&lt;sub&gt;2&lt;/sub&gt; from the mantle are -5.1 &amp;#8240;, while background air and anthropogenic influences range around averages of -11.9 &amp;#8240; and -29.8&amp;#8240;. Detection of fluctuations between these endmembers can be challenging with discrete sampling. This can be overcome by high-temporal resolution and long-term monitoring.&lt;/p&gt;&lt;p&gt;Towards this purpose, a laser-based isotope system was set up in an active underground salt mine in central Germany. For 34 days, continuous measurements of &amp;#948;&lt;sup&gt;13&lt;/sup&gt;C and concentrations of CO&lt;sub&gt;2&lt;/sub&gt; were generated close to a site where mantle CO&lt;sub&gt;2&lt;/sub&gt; intrusions were suspected. A timer regularly switched intakes from two capillaries, of which one was placed inside a borehole and the other in ambient air of the mine. Measured CO&lt;sub&gt;2&lt;/sub&gt; concentrations ranged between 700 and 1600 ppmV, while &amp;#948;&lt;sup&gt;13&lt;/sup&gt;C values ranged between -21.5 &amp;#8240; and -11.5 &amp;#8240;. Lower concentrations coincided with more positive isotope values and occurred around weekends when anthropogenic influences in the mine were less.&lt;/p&gt;&lt;p&gt;While influences of fresh air venting may have caused these weekly shifts, the admixture of mantle CO&lt;sub&gt;2&lt;/sub&gt; seemed to play a continuous role. This is because small differences between the capillary from the borehole and the one with ambient air existed throughout the time series. Our results indicate that short-term dynamics on the order of hours to days are overlain by admixtures mantle gas intrusions of CO&lt;sub&gt;2&lt;/sub&gt;.&lt;/p&gt;

scholarly journals The long-run performance of US firms pursuing IPOs in foreign markets

2018 ◽  
Vol 17 (1) ◽  
pp. 58-77 ◽  
Author(s):  
Robert Killins ◽  
Peter V. Egly
Keyword(s):  
Capital Markets ◽  
Abnormal Returns ◽  
Listed Companies ◽  
Foreign Markets ◽  
Content Type ◽  
Long Run ◽  
The Us ◽  
Long Term Performance ◽  
Term Performance

Purpose The purpose of this paper is to investigate the long-run performance of a unique set of US domiciled firms that have bypassed the US capital markets in pursuit of their initial public offering (IPO) overseas. Additionally, this paper then tests the popular underwriter prestige impact and the window of opportunity hypothesis on this unique subset of IPOs. Design/methodology/approach Using a sample of foreign and purely domestic IPOs made by US firms from 2000 to 2011, this study investigates the long-term performance, one-, two- and three-year by using two measures (buy-and-hold return and cumulative abnormal returns) to test the long-run returns of newly listed companies. Finally, the research incorporates both the traditional matching methodology (issue year and size) along with propensity score matching methodology. Findings FIPOs of US companies underperform DIPOs and their matched DIPOs; furthermore, FIPOs underperform the index of the two listing countries they use the most (UK and Canada). Although the choice of a reputable underwriter mitigates underperformance, the choice of listing in a foreign country only may be a result of possible high valuations accorded by foreign investors who buy US-listed companies on the domestic exchange possibly for reducing exchange rate risk and gaining US diversification without incurring additional costs. It is, thus, possible that US companies that undertake Foreign IPOs not only escape potentially higher Security and Exchange Commission regulations and disclosure but also benefit from higher valuations in the foreign markets. Originality/value To the best of the authors’ knowledge, this is the first study to investigate the long-term performance of US firms bypassing the US capital markets in pursuit of their initial equity offering elsewhere. Caglio et al. (2016) investigated why firms decide to pursue such equity raising activity but fail to investigate the firms’ actual performance after issuing equity. This research fills such a gap in the literature and is important for both academics and practitioners. Practitioners can use this information in assessing the quality of such investments in the long-run, and firms can use such information when determining the different options of issuing equity. Further, regulators should be aware of the implications that increased regulations have on capital raising activities in their domestic market.

Introduction

2010 ◽  
Author(s):  
Hewitt Crane ◽  
Edwin Kinderman ◽  
Ripudaman Malhotra
Keyword(s):  
Energy Use ◽  
Global Climate ◽  
Relevant Information ◽  
Standard Of Living ◽  
Easy Access ◽  
The Public ◽  
Level Of Use ◽  
Government Leadership ◽  
The One

Energy is central to our existence and our way of life. We use it in virtually all aspects of life: manufacturing the myriads of goods that we have come to depend on, growing our food, transporting goods and people, controlling our environment, communicating with one another, entertaining ourselves, and the list goes on. By and large, the standard of living of a society is directly linked to its energy consumption. Indeed, today’s technological society can be described, quite literally, as “turning oil into everything else that we eat or use.” Energy use is so pervasive that we often fail to recognize its role and are only reminded of our dependence on it when for some reason or another there is a shortage. To be sure, such reminders have occurred and will occur every so often. However, the shortages we have overcome thus far are very minor compared with what may lie ahead. With ever increasing numbers of people and nations striving to improve their standard of living, the demand for energy is soaring. At the same time, traditional sources of energy are being depleted, and even their current level of use poses a serious threat of global climate change. How are we going to provide the vast amounts of energy that we will need or desire in the future? That is the central question that this book addresses. Effective resolution of any major societal issue requires easy access to reliable and relevant information. When an issue is not only complex and multifaceted but also essential to maintaining the very fabric of the society, a lack of comprehensible information makes the public’s role and government leadership less effective, and appropriate solutions become more difficult to implement. This is the situation today with global energy—arguably the world’s largest industry and one central to all our lives. On the one hand, the public is generally unaware that a pervasive, long-term problem exists and that the world is facing a complex and potentially perilous, perhaps even revolutionary, future.

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
Keyword(s):  
January Effect ◽  
Cross Sectional ◽  
Time Period ◽  
The Us ◽  
Alternative Measures ◽  
The Cross ◽  
Halloween Effect

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.        

Short- and Long-Term Effects of World Exposition 1986 on US Demand for British Columbia Tourism

1997 ◽  
Vol 3 (2) ◽  
pp. 137-160 ◽  
Author(s):  
Richard A. Holmes ◽  
Abul F. M. Shamsuddin
Keyword(s):  
British Columbia ◽  
Price Index ◽  
Economic Benefits ◽  
Long Term Effects ◽  
Short Term ◽  
Time Period ◽  
The Us ◽  
Short And Long Term ◽  
World Exposition

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.

scholarly journals The BBC Persian Service and the Islamic Revolution of 1979

2010 ◽  
Vol 3 (2) ◽  
pp. 216-241 ◽  
Author(s):  
Annabelle Sreberny ◽  
Massoumeh Torfeh
Keyword(s):  
Islamic Republic ◽  
World War ◽  
Television Channel ◽  
The Us ◽  
Foreign Office ◽  
Heated Debate ◽  
Set Up ◽  
The Impact ◽  
Oil Company

AbstractThis paper is the second part of a work in progress that examines the impact of seventy years of BBC Persian broadcasts to Iran. The Persian Service, established in December 1940, was originally set up by the Foreign and Commonwealth Office (FCO) as one of thirty-eight language services broadcasting to strategically important areas of the world during World War Two. The first piece of research looked at three historic moments when the influence of BBC Persian broadcasts was hotly debated: the toppling of the pro-German Shah of Iran, Reza Pahlavi, in 1941; the late 1940s, when Iran's nationalist leader, Mohammad Mossadeq, championed oil nationalization and challenged the rights hitherto enjoyed by the Anglo-Iranian Oil Company; and the US-led coup of 1953 that returned the young Mohammad Reza Pahlavi to the throne. The present research focuses on a period that many Iranians consider the most influential in terms of all BBC broadcasts to Iran. The BBC Persian Service (BBCPS) became a household name during 1978, the year leading up to the revolution of 11 February 1979. Many Iranians at home and abroad tuned in to hear the latest news and developments, even as the Shah of Iran accused the BBC of fomenting revolution, an argument echoed thirty years later in the responses of the Islamic Republic to the launch of the new Persian television channel in January 2009. The research shows clearly how difficult it had become for the FCO to uphold the independence of the BBC and support their closest friend in the region when he believed that the British government must be in charge. There was indeed heated debate and discussion inside the Foreign Office as to whether Britain was sacrificing its long-term interests by allowing the BBC to continue its broadcasts when even the British ambassador in Tehran was suggesting the service should be closed down.

scholarly journals Long-Term Dietary Restriction Leads to Development of Alternative Fighting Strategies

2021 ◽  
Vol 14 ◽  
Author(s):  
Jeanne Legros ◽  
Grace Tang ◽  
Jacques Gautrais ◽  
Maria Paz Fernandez ◽  
Séverine Trannoy
Keyword(s):  
Aggressive Behavior ◽  
Dietary Restriction ◽  
Food Resource ◽  
Behavioral Strategies ◽  
Environmental Pressure ◽  
Physical Attack ◽  
Set Up ◽  
The One

In competition for food, mates and territory, most animal species display aggressive behavior through visual threats and/or physical attacks. Such naturally-complex social behaviors have been shaped by evolution. Environmental pressure, such as the one imposed by dietary regimes, forces animals to adapt to specific conditions and ultimately to develop alternative behavioral strategies. The quality of the food resource during contests influence animals' aggression levels. However, little is known regarding the effects of a long-term dietary restriction-based environmental pressure on the development of alternative fighting strategies. To address this, we employed two lines of the wild-type Drosophila melanogaster Canton-S (CS) which originated from the same population but raised under two distinct diets for years. One diet contained both proteins and sugar, while the second one was sugar-free. We set up male-male aggression assays using both CS lines and found differences in aggression levels and the fighting strategies employed to establish dominance relationships. CS males raised on a sugar-containing diet started fights with a physical attack and employed a high number of lunges for establishing dominance but displayed few wing threats throughout the fight. In contrast, the sugar-free-raised males favored wing threats as an initial aggressive demonstration and used fewer lunges to establish dominance, but displayed a higher number of wing threats. This study demonstrates that fruit flies that have been raised under different dietary conditions have adapted their patterns of aggressive behavior and developed distinct fighting strategies: one favoring physical attacks, while the other one favoring visual threats.

scholarly journals ASSESSING THE PREDICTABILITY OF CRYPTOCURRENCY PRICES

2021 ◽  
Vol 25 ◽  
pp. 143-168
Author(s):  
Ruzita Abdul Rahim ◽  
Pick Soon Ling ◽  
Muhammad Airil Syafiq Mohd Khalid
Keyword(s):  
Market Efficiency ◽  
Asset Prices ◽  
Abnormal Returns ◽  
Relevant Information ◽  
Trading Strategies ◽  
The Other ◽  
Market Information ◽  
Great Chance ◽  
The Third ◽  
Daily Returns

The predictability of asset prices works against the notion of an efficient market where asset prices reflect all available and relevant information. This paper examined the predictability of Bitcoin and 51 other cryptocurrencies that have been classified into the following five categories: Application, Payment, Privacy, Platform, and Utility. Two market efficiency tests (Ljung-Box autocorrelation and Runs tests) were run on the daily returns of the 52 unique cryptocurrencies and the MSCI World index from 28 April 2013 to 30 June 2019. The results showed that Bitcoin was consistently efficient, whereas most of the other cryptocurrencies and even the MSCI World index were not, implying that their prices were predictable. Categorically, Payment altcoins were the most consistent in showing inefficiency. Since altcoins in this category also recorded the third highest risk-adjusted returns, investors with advanced technical trading strategies had a great chance of exploiting the market information to make extremely high abnormal returns.

degree of payability of debts and capital. Subsequent classification of accounts depended on the physical or legal nature of the ele­ ments they represented. The logic behind the balance sheet framework was based on the representation on an industrial and/or commercial firm with the following characteristics: productive assets having a long-term useful life and an irregular renewal pattern; long-term financing for long-term productive assets; inventories rotating rapidly in less than a one-year time period; and an operations cycle whose dura­ tion was also considered to be less than one year. This representa­ tion led to a classification of assets, debts and owners’ equity based on the one-year time period, the year being traditionally considered as the usual time frame for the accounting period. The permanent resources at the disposal of the firm, together with their investment in long-term production means, were therefore shown in the upper part of the balance sheet, with short-term assets and debts appearing below. Exhibit 1 indicates the structure of the balance sheet as it has been outlined above, as well as the Exhibit 1 Structure o f the Balance Sheet: Relationships Between Classes o f the Chart of Accounts and Balance Sheet Elem ents

2014 ◽  
pp. 347-347
Keyword(s):  
Balance Sheet ◽  
Time Frame ◽  
Time Period ◽  
Legal Nature ◽  
Useful Life ◽  
One Year ◽  
The One ◽  
Productive Assets
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