In Search of Information Content: Portfolio Performance of  The 100 Best Stocks to Own in America

Purpose Does Fortune magazine’s list of the 100 Fastest-Growing Companies have information content; that is, is the list a source for market-beating performance? The paper aims to discuss this issue. Design/methodology/approach Using data for 26 annual periods, 1991–2016, the paper examines the top 5, 10, 25, 50 and all 100 stocks on a return-risk basis, including an application of Modern Portfolio Theory. To generate portfolio performance metrics, the study uses conventional mean-variance analysis, which includes the estimation of returns and risks, where risk will be measured by standard deviation and β. To arrive at the performance metrics and to determine whether information content is embedded in the list, the study reviews a series of tests. Because Fortune ranks the companies from 1 to 100, the data can be used to test if information content is displayed in sub-groups, such as in the first five to ten companies, even if it does not exist in the 100-stock portfolios. Findings The study finds that the returns are not high enough nor are the risks low enough statistically to conclude the existence of significant information content. Research limitations/implications As part of the authors’ efforts to move to the population of 2,600 firms as closely as possible, the authors use “delisting” returns from CRSP on 120 firms to account for missing observations, with a final sample size of 2,594 firms. Practical implications The evidence indicates that investors drawn to Fortune’s “100 Fastest-Growing Companies” should view them skeptically as a source for an effective stock selection strategy. Originality/value On the basis of the results of this study, readers will conclude that subscribers drawn to Fortune’s “100 Fastest-Growing Companies” should view them skeptically for investment recommendations. From a portfolio perspective, the study is unable to uncover information content that could lead to a market-beating performance, suggesting that the published criteria Fortune uses to select the Fastest-Growing Companies is embedded in the prices of the stocks even before Fortune publishes its list. The study notes that the selection criteria used by Fortune do involve some judgments on the part of the editorial staff (e.g. whether an announced restatement of previously reported financial data appears to have a significant impact), which means that someone who wished to anticipate the publication of the next list of the “Fastest-Growing Companies” would not only have to gather information but would also have to correctly anticipate these judgment calls.

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Applications of Scanning Microscopy in Biomedical Research

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100101517 ◽

1968 ◽

Vol 26 ◽

pp. 354-355

Author(s):

T. L. Hayes

Keyword(s):

Information Content ◽

Biomedical Research ◽

Biomedical Applications ◽

Three Dimensional ◽

Dental Enamel ◽

Resolving Power ◽

Whole Mount ◽

Two Parameters ◽

Content Information ◽

Sectioned Tissue

Biomedical applications of the scanning electron microscope (SEM) have increased in number quite rapidly over the last several years. Studies have been made of cells, whole mount tissue, sectioned tissue, particles, human chromosomes, microorganisms, dental enamel and skeletal material. Many of the advantages of using this instrument for such investigations come from its ability to produce images that are high in information content. Information about the chemical make-up of the specimen, its electrical properties and its three dimensional architecture all may be represented in such images. Since the biological system is distinctive in its chemistry and often spatially scaled to the resolving power of the SEM, these images are particularly useful in biomedical research.In any form of microscopy there are two parameters that together determine the usefulness of the image. One parameter is the size of the volume being studied or resolving power of the instrument and the other is the amount of information about this volume that is displayed in the image. Both parameters are important in describing the performance of a microscope. The light microscope image, for example, is rich in information content (chemical, spatial, living specimen, etc.) but is very limited in resolving power.

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From information content to auditory display with ecological interface design: Prospects and challenges

PsycEXTRA Dataset ◽

10.1037/e577392012-010 ◽

2005 ◽

Author(s):

Penelope M. Sanderson ◽

Marcus O. Watson

Keyword(s):

Information Content ◽

Interface Design ◽

Auditory Display ◽

Ecological Interface Design ◽

Ecological Interface

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A study of the individual and organizational characteristics influencing event planner's perception on information content and channel choice

10.32469/10355/5352 ◽

2009 ◽

Author(s):

Amanda Alexander

Keyword(s):

Information Content ◽

Organizational Characteristics ◽

Channel Choice ◽

The Individual

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IMAGE OF THE REPUBLIC OF MORDOVIA IN THE MEDIA VOLGA FEDERAL DISTRICT (BASED ON CONTENT ANALYSIS OF NEWS PUBLICATIONS)

Sociopolitical sciences ◽

10.33693/2223-0092-2020-10-4-44-52 ◽

2020 ◽

Vol 10 (4) ◽

pp. 44-52

Author(s):

LARISA ZAITSEVA ◽

Keyword(s):

Content Analysis ◽

Information Content ◽

Federal District ◽

Information Space ◽

Political News ◽

Social Sphere ◽

The Media ◽

The Republic ◽

Number Of Publications

The territorial image is formed both purposefully by the subjects of image-making, and spontaneously-based on the influence of information content published in various media. The purpose of the research is to analyze the image of the Republic of Mordovia in the information space of the Volga Federal district. The image of the territory formed by external target audiences by means of news materials is studied using the method of case study and content analysis of publications: “Volga news”, “Federal Press” news of the PFD, “Pravda PFD”. The authors conclude that modern reality is perceived through the prism of the information field created by mass media. The media creates images filled with certain data, facts, colored by emotions, on the basis of which representations, opinions, judgments, and assessments are subsequently formed. The media play a significant role in shaping the territorial image, especially for external target audiences who are not familiar with the region and do not have their own assessment knowledge and experience. Most of the information content about the Republic in the studied media is related to the main thematic blocks: politics, economy, social sphere, culture (art, sports). Moreover, if in the publications “Volga news” and “Pravda PFD” mention of the region prevails in the economic block, then in the publications “Federal Press” and “Nezavisimaya Gazeta” - in the political one. The Volga news publication significantly dominates the rest in terms of the number of publications about Mordovia. The content of publications is mostly positive and neutral related to the issues of economic development of the territory and the preparation and holding of the world football championship. Pravda PFD mentions the Republic in the context of news from neighboring territories, most of the publications date back to 2018, but here the context is related to the Republic's positions among the regions of the PFD in various ratings. The publication “Federal-Press” forms a generally reflective image of the territory, focusing on the negative aspects of regional life. “Nezavisimaya Gazeta”, giving priority to political news, maintains a neutral and reflective context of publications, paying attention to the key problems of the territory. Thus, the desired image of the region is counter-dictated to the image broadcast by the media through various information channels, so it is necessary to constantly monitor the information space and timely correction of the broadcast materials.

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