Anomalous Return Research Articles

Evaluating SMEs Exchange as an Emerging Platform in India

Stock exchanges are the cornerstones of every nation’s growth, and capital markets are the nation’s foundation too. Hence, the growth of the Stock Markets of the world is directly related to the production of the economy of every country. It can be noted from the last few years that the stock markets have expanded to suit the unmet needs. Stock market improvement has been created, and different products have been produced to meet the requirements. Commodities and the financial markets are the correct examples. The goal of this paper is to assess that the SME exchange provides companies with a new forum from which they can transfer to the exchange’s main board. Till 2022, 107 companies have been transferred from NSE Emerge to the NSE mainboard market. The research hypothesis of the paper is to measure the performance of the companies that migrated from the SME’s exchange to the main board of the NSE market. Using the independent sample t check with SPSS tools, we took a survey of 107 companies from the NSE Emerge that is being evaluated for their success before and after migration. This study’s added value is to measure that whether the migration is a mean of increasing the profitability of the migrated company or not. We used the statistical tool independent sample t test on pre- and post-migration return differences. Our analysis reveals that when a corporation opts for a main board (NSE) listing, its shares often generate a favourable anomalous return although it was not found significant for post-migration return capabilities.

Islamic Stock Market Reaction To The Russia-Ukrainian War

This study aims to analyze stock market reaction events preceding and following the proclamation of the Russian invasion of Russia for companies listed on the Indonesia Stock Exchange and indexed by the Jakarta Islamic index. This investigation employs a quantitative approach with an event study methodology. The sample consists of thirty shares of companies listed on the Jakarta Islamic Index. The research sample was selected using the technique of purposive sampling. The research data were analyzed utilizing the paired sample t-test method. The findings of this study indicate that the anomalous return variable affects Jakarta Islamic Index stock prices differently before and after the announcement of the Russian invasion of Ukraine. Before and after the proclamation of the Russian invasion of Ukraine, there is a difference in the trading volume of stocks included in the Jakarta Islamic Index. Investors need to reallocate their assets strategically by developing a hedging strategy to avoid the risk of global uncertainty induced by unpredictability. Investors must invest long-term in anticipating speculators on the capital market, who can cause aberrant returns and abnormal stock trading volatility. To stabilize the stock market, regulators should consider the adverse effects of the financialization/globalization of the stock market in terms of war/conflict. Speculators prey on the uncertainty of global events, which leads to tyranny and abnormal rates of abnormal returns.

Lutembacher's Syndrome Accompanied by Partial Anomalies of Pulmonary Veins in a 70-Year-Old Male: A Case of Congenital Heart Disease in the Elderly.

Despite the complexity of Lutembacher's syndrome, including the involvement of several deformities and pathological mechanisms of mitral stenosis, sinus venosus type of interatrial defects with partial anomalous return in the pulmonary veins, the multiplicity of mechanisms involved contribute to altered hemodynamics.Multiple intersecting mechanisms can further contribute to delaying congenital heart disease presentation. Congenital heart disease remains a plausible differential in the evaluation of elderly patients presenting with exertional dyspnea.Adult congenital heart defects can have very late onset for presentation, especially with physiological processes that paradoxically reduce the severity and progression of symptoms.

Surgical repair of neonatal total anomalous pulmonary venous connection: A single institutional experience with 241 cases

ObjectiveChallenges persist in surgery for neonatal total anomalous pulmonary venous connection (neoTAPVC), with the high mortality risk not mitigated over time. MethodsA prospectively collected single-center database containing all neonates with TAPVC undergoing biventricular repair in 2012 to 2020 was retrospectively reviewed. The primary outcome was death or postoperative pulmonary venous obstruction (PPVO). Based on the preoperative admission location in our hospital, patients were classified into those being admitted to cardiac intensive care unit versus neonatal intensive care unit or general pediatric intensive care unit. Access to dedicated presurgical care (DPC) was defined as patients who were preoperatively admitted to the cardiac intensive care unit. ResultsOverall, 241 patients with a median age at surgery of 14 days (interquartile range [IQR], 9-21 days) were included. Anomalous return was supracardiac in 38.6%, cardiac in 26.1%, infracardiac in 28.6%, and mixed in 6.6%. Patients receiving DPC had better survival (96.3% vs 84.3%; P = .0028) and lower incidence of PPVO (15.2% vs 28.6%; P = .011) compared with those without DPC. Patients in the DPC group were less likely to undergo operation within 24 hours on presentation (27.1% vs 40.3%; P = .041), had improved lactate clearance (1.5 [IQR, 1.0-2.2] vs 2.8 [IQR, 1.8-4.1]; P < .001), and had lower incidence of postoperative pulmonary hypertension crisis (2.8% vs 18.7%; P < .001) compared with those in no-DPC group. After matching, no difference in PPVO could be observed in patients undergoing conventional versus sutureless repair (22.6% vs 12.9%; P = .29). ConclusionsAccess to DPC potentially improves outcomes in the neoTAPVC setting; freedom from PPVO were similar using conventional versus sutureless repair.

Litigation Risk and Stock Return Anomaly

We create a proxy for security litigation risk using a dynamic logistic model and find that low-litigation-risk firms outperform high-litigation-risk firms. The out-of-sample long-short portfolio delivers an annual alpha of over 8%. This anomalous return is mainly driven by long positions in low-litigation-risk firms. The results are not affected by the realization of the lawsuits and are robust after controlling for other well-known anomaly factors. We provide evidence that the litigation-risk anomalous return is driven by investors’ under-reaction to the changes in firms’ litigation risk.

A better model? Testing of Fama and French six-factor model in Pakistan

This study examines the performance of the Fama and French six factor model and the alternative six-factor model in explaining anomalous return patterns using a broad sample of the Pakistani stock market from 2000 to 2017. This study is the first to test the applicability of these models in Pakistan and their performance in explaining anomalous returns. There are 11 anomalies taken, which proved to be significant in the Pakistani market. The GRS test is used with other time-series measures to check the power of the given models in explaining one-way sorted quintile portfolios. The results reveal that both models provide an incomplete description of anomalous returns. However, the six-factor model seems to be dominant with no major exception as it can explain 5 out of 11 anomalous portfolios returns, while the alternative model can explain four anomalies. The findings recommend that investors use the six-factor model because of its dominancy. It further recommends the investors about how they can maximize their returns by taking a long and short position in anomalous portfolios. Lastly, it is suggested to search for a better model to explain Pakistani stocks returns and capture anomalous patterns

Performance of factor models in explaining anomalous return patterns: Evidence from Pakistan

ABSTRACT We compared classic and contemporary asset pricing factor models in explaining anomalous returns in the Pakistani stock market using a sample of 290 companies listed on the Pakistan Stock Exchange. We replicated 54 anomalies with a successful replication rate of 31.5%. We also replicated the factors of chosen factor models, including Fama and French's three-, five-, and six-factor models and an alternate six-factor model; Hou, Xue, and Zhang's q-factor model and an alternate q-factor model; and Stambaugh and Yuan's mispricing factor model and an alternate mispricing factor model. The performance of the factor models is tested using various time-series tests. We found that there is no clear winner in explaining anomalous returns, and we require other approaches to test the models’ abilities in explaining anomalies in Pakistan.

Abnormal investment and firm performance

We find a negative relation between abnormal investment and future stock performance. Such a negative relation is mainly driven by under-investment, not over-investment. Our results are robust to various estimation methods and investment models. Both delayed market reaction and agency issues may lead to the apparently anomalous return predictability of under-investment. First, market investors may not react promptly to the fundamental information contained in under-investment about a firm’s future profitability, asset growth, and financial distress probability. Second, the negative relation between under-investment and future stock returns is more pronounced for firms with lower investor monitoring and higher agency costs.

Association between surgical volume and mortality in infants after total anomalous pulmonary venous repair.

Background: In some congenital heart lesions, higher institutional surgical volume has been associated with better survival than lower volume centers. The relationship between institutional surgical volume and mortality in infants after total anomalous pulmonary vein return …

The impact of illiquidity risk for the Nordic markets

ABSTRACTIn this study, we propose a new measure of illiquidity for small, open stock markets; dollar zero-returns. Compared with other commonly used measures of illiquidity, the dollar zero-return produces the highest anomalous return across all four Nordic markets. In testing the pricing implication of the proxies of illiquidity, we use liquidity adjusted asset pricing models suggested in the literature for a panel of 25 size-related portfolios for the Nordic markets. Our results show that the only illiquidity measure that gives a significant positive effect across all Nordic markets is the dollar zero-return. Our results also show that the illiquidity mimicking portfolio factor, constructed through dollar zero-return, is the only factor showing a significant premium across different specifications, and its pricing remain significant also when the effect of the level of illiquidity (constructed through all measure of illiquidity) and of size is netted out.

UNUSUAL COMPLICATION OF PERMANENT PACEMAKER (PPM)

Permanent pacemaker implantation is a common procedure with a low complication risk. However, congenital heart anomalies can lead to devastating and unusual complications. Partial anomalous pulmonary vein return (PAPVR) is rare anomaly in which a pulmonary vein (PV) drains into right atrium or

Anesthetic Management During Stenting of Obstructed Total Anomalous Pulmonary Return in a Neonate With Single Ventricle Anatomy

Total anomalous pulmonary venous return (TAPVR) is a relatively rare congenital cardiac abnormality accounting for 1.5-3% of cases of congenital heart disease (CHD). Despite advances in surgical technique, surgical repair of TAPVR continues to be associated with a significant incidence of perioperative mortality. Morbidity and mortality associated with surgical repair of TAPVR increase dramatically when there are other associated cardiac defects, particularly single ventricle anatomy. We present a neonate with obstructed TAPVR and an unbalanced atrioventricular canal defect with hypoplastic left ventricle who presented for an interventional cardiac catheterization procedure (stenting of an obstructed vertical vein). The anesthetic management of such patients is discussed and options for intraoperative care are presented. J Med Cases. 2017;8(2):48-51 doi: https://doi.org/10.14740/jmc2724w

Cash and Value

A q-theoretic model highlights the interaction of cash and valuations in determining expected returns. Variation in cash helps identify variation in valuations, with higher cash commanding higher valuation. Controlling for valuations, higher cash commands higher expected return. The data confirm these predictions. Cash strategies are growth strategies that earn positive and significant returns when controlling for book-to-market. Controlling for cash increases the power of book-to-market predicting the cross section of returns, improves the performance of value strategies, implies a non-redundant role for value alongside profitability and investment factors, and helps explain anomalous return premia.

Pulmonary Hypertension Secondary to Partial Anomalous Pulmonary Venous Return in an Elderly.

Background. Partial anomalous pulmonary venous return (PAPVR) is an uncommon congenital abnormality, which may present in the adult population. It is often associated with sinus venosus defect (SVD). The diagnosis and therapy for this condition may be challenging. Case Presentation. We describe a case of an elderly woman who presented with NYHA Class IV dyspnea and was suspected to have symptomatic pulmonary hypertension. She was later found to have anomalous right upper pulmonary vein return to the superior vena cava and associated SVD with bidirectional shunting. Therapeutic options were discussed and medical management alone with aggressive diuresis and sildenafil was adopted. Follow-up visits revealed success in the planned medical therapy. Conclusions. PAPVR is a rare congenital condition that may present during late adulthood. The initial predominant left-to-right shunting associated with this anomaly may go undetected for years with the gradual development of pulmonary hypertension and right heart failure due to right heart volume overload. Awareness of the condition is important, as therapy is time-sensitive with early detection potentially leading to surgical therapy as a viable option.

Long-term Results of the Single-Patch Repair Technique for Sinus Venosus Atrial Septal Defects

Anomalous pulmonary venous drainage commonly accompanies sinus venosus atrial septal defects (SVASDs). Many techniques have been reported for avoiding postoperative complications, such as narrowing of the superior vena cava (SVC) or the pulmonary system, and arrhythmia. We perform a single V-Y pericardial patch plasty repair technique for SVASDs. The purpose of this study is to report on the long-term results of this surgical technique. We retrospectively analyzed patients who had a diagnosis of ASD and who underwent their operations between 2000 and 2010 at the Gulhane Military Medical Academy Haydarpasa Training Hospital. Thirty-nine of the patients had an anomalous pulmonary return, and the single pericardial patch technique had been performed in 32 of these patients. The mean (±SD) postoperative extubation time was 5 ± 1.6 hours. The mean drainage volume was 384 ± 137 mL. All patients were discharged from the hospital at a mean of 4.6 ± 1.1 days after their operation and were prescribed anticoagulants for 3 months. No perioperative or late-term mortality was observed. Patients were followed up for 6 months to 2 years. There were no residual shunts and no stenosis-related findings in the pulmonary venous system or the SVC. Use of the single pericardial patch plasty technique might lower complication rates in patients with SVASD, especially those who have not completed their growth.

Scimitar syndrome: A rare explanation for a common symptom with an osteopathic approach

BackgroundScimitar Syndrome is a rare congenital heart defect involving anomalous return of venous blood from the right lung. It is commonly associated with recurrent pulmonary infections, including pneumonia. Osteopathic manipulative treatment has been proven to improve the clinical course in hospitalized patients with pneumonia. Clinical featuresA 68-year-old female presented with dyspnea for 5 months. Examination disclosed decreased right-sided breath sounds and the presence of right-sided heart sounds. Osteopathic evaluation revealed both acute and chronic somatic dysfunctions and viscero-somatic changes. Chest computed tomography identified severe volume loss on the right with elevation of the right hemidiaphragm, a mediastinal shift towards the right and an anomalous venous drainage in the lower chest. Pulmonary angiogram confirmed Scimitar Syndrome. The patient developed pneumonia and was initiated on antibiotics. Osteopathic manipulation was implemented for symptomatic relief. The patient recovered quickly with a short hospital stay and symptom-free discharge. ConclusionsThis case illustrates the importance of a thorough physical examination in combination with appropriate imaging in the discovery of a rare etiology for the treatment of a common complaint. Further, this is the first case describing the application of osteopathic manipulative medicine to aid in the diagnosis and treatment of the rare condition, Scimitar Syndrome.

Overconfidence, Ambiguity Aversion, and Excess Arbitrage Trading

We investigate the effects of arbitrageurs’ behavioral biases on cross-sectional equity returns. We find evidence that profits of equity market neutral hedge portfolios are positively affected by overconfidence, the effects of which are not subsequently reversed. Further we discover that signals which have signs inconsistent with arbitrageurs’ confidence are treated as of low quality and thus ambiguous. When equity market neutral hedge portfolios are sorted according to arbitrageurs’ overconfidence levels on these hedge portfolios, anomalous return difference between high and low overconfidence-sorted hedge portfolios is on average 9.6% a year in the 2000s, and has increased over the past four decades. Arbitrage trading in the 2000s is excessive in the sense that it has not eroded away the profit opportunities of the hedge portfolios, but instead, create economically and statically significant anomalous temporal profits.

Rare Case of Left Upper Lobe Partial Anomalous Pulmonary Venous Connection

Partial anomalous pulmonary venous connection is a rare abnormality with failure of connection between the initial draining system of the lungs and the common pulmonary vein. Right sided anomalous return is the most common form of anomalous connection, with left sided anomalous return uncommon. Presented is a case of left upper lobe partial anomalous pulmonary venous connection that was diagnosed incidentally on computed tomography (CT). This is an example of the utility of CT, in particular coronal, sagittal and 3-d reconstructions, in assessment of cardiopulmonary anatomy.

뮤추얼 펀드 시장의 이례현상; 캘린더 효과를 중심으로

Anomalies are empirical results that are observed with high degree of consistency in various empirical analyses of asset returns but seem to be inconsistent with existing theories of asset price behavior. They are exceptional and interesting phenomena in that they are consistently observed in different time periods, instruments, markets, and countries but can not be explained with maintained theories. As Fama(1970) points out, anomalies indicate either market inefficiency or inappropriateness of the underlying asset pricing model because they can be defined only compared to ‘normal phenomenon’ suggested by asset pricing theories. Therefore, anomalies imply that there might be some factors which the current theories of asset price behavior fail to incorporate. On the other hand, anomalies are important phenomenon for the practitioners in the financial industries because the existence of anomalies might mean that there are profit opportunities through investment strategies exploiting the anomalous price behavior (Jensen, 1978). opportunities through investment strategies exploiting the anomalous price behavior (Jensen, 1978). Anomalies consist of seasonal anomaly which is cyclical or seasonal anomaly in return behaviors, where the cycle is based on the calendar and firm characteristic anomaly which is anomalous behavior of returns based on the specific characteristics of firms. For seasonal anomaly, aka calendar effects, various anomalous return behaviors has been emerged through extensive researches. Weekend effects mean the tendency of returns to exhibit relatively lower returns on Mondays. Intramonth effects refer to the positive returns mainly in the first half of the month. Turn-of-the-month effects state that the last day of a month and the first three days of the next month exhibit relatively higher returns. January effects indicate that the returns in January are much higher than returns in other months, and this effects are concentrated in the first half of January. Holiday effects mean the relatively higher returns on days right before a holiday. Lunar new year Effects refer to the tendency of relatively higher returns on days right before lunar new year holiday periods. Meanwhile, there are several studies of the calendar effects in Korean capital market. They, however, deal with only stock index returns and the sample periods are before 1990s when the Korean capital market are not fully functional yet. This study examine the mutual funds in Korean market which are important instruments for investments and have shown significant growth since middle of 2000s. Specifically, we look into whether widely known six calendar effects are observed in the mutual fund returns in Korean market. For the analysis, using mutual fund data for the period from July 2002 to April 2010, we construct six different type of mutual fund portfolios and calculate the daily fund portfolio returns using the daily returns of each individual fund in the portfolio. In order to check the existence of calendar effects in mutual fund returns, we examine whether the specific distribution of daily fund returns are consistent with various calendar effects and test the statistical significance using regression analyses with dummy variables. Empirical findings are as follows. First, there are no evidence of weekend effects. On the contrary, absolute return fund, bond fund and MMF exhibit significantly higher returns in Monday. Second, a return behavior consistent with intramonth effects are observed but they are not statistically significant. Third, statistically significant turn-of-the-month effects exist for all types of funds except bond fund. Fourth, January effects do not exist. Instead, for all fund types except bond fund and MMF, returns in second half of January are significantly lower. Fifth, a return pattern consistent with holiday effect are detected but it is with no statistical significance.

Isolated Right Sided Anomalous Pulmonary Venous Connection Associated with Significant Right ventricular Enlargement and Intact Interatrial Septum.

Partial anomalous pulmonary venous connection (PAPVC) is a very rare congenital heart disease where one or more of the pulmonary veins are connected to the venous circulation. Although initially suspected with inexplicable right ventricular enlargement on transthoracic echocardiography, other modalities such as transesophageal echocardiography, CT angiography or cardiac Magnetic resonance (CMR) imaging are able to diagnosis the anatomical abnormalities. We present a 29-year-old female with moderate right ventricular enlargement and isolated right upper and middle pulmonary vein anomalous return to superior vena cava.