Differences In Expectations Research Articles

Differences in Expectations and the Cross Section of Stock Returns

We provide strong evidence that differences in expectations (DiE) among options investors, measured from the dispersion of equity options trading volume across moneyness levels, contain valuable information about future stock returns. Stocks with high DiE consistently underperform on average those with low DiE by more than 1% per month, with the negative DiE-return relationship strongest when short-sale constraints are high and among stocks that exhibit relatively high arbitrage risk. Moreover, we document that the DiE effect is highly persistent, pronounced in high sentiment periods, and is robustly distinct from a large array of previously documented cross-sectional return predictors.

The effect of ocular biometric factors on the accuracy of various IOL power calculation formulas

BackgroundTo evaluate how differences in ocular biometry affects the Hoffer Q, Holladay 1, SRK/T, and Haigis intraocular lens power calculation formulae predictions.MethodsThis study was performed on 91 eyes of 91 patients who underwent uneventful cataract surgery. Ocular biometry values were measured using the IOL Master 500, and intraocular lens (IOL) power was calculated using the Haigis, Hoffer Q, Holladay 1, and SRK/T formulas. We calculated the expected difference (ED) of each 3rd generation formula from the Haigis formula by subtracting the predicted refraction of the Haigis formula from the predicted refraction of each 3rd generation formula. Post-operative anterior chamber depth (ACD) was measured at 1 month after surgery using the IOL master. We calculated errors of each formula by subtracting predicted from manifest refraction at post-operative 1 month. Correlation analysis was performed between ocular biometry values, formula expectation values, formula errors and absolute formula errors.ResultsMultiple regression analysis revealed that preoperative ACD was the only significant factor for ED prediction in all of the 3rd generation formulas. For mean errors, axial length and post-operative 1-month change of ACD (delta ACD) correlated significantly with the errors in all 3rd generation formulas, but not with errors of the Haigis formula. Median absolute error (MedAE) of the formulas were 0.40 D for the Hoffer Q formula, 0.37 D for the Holladay formula, 0.34 D for the SRK/T formula, and 0.41 D for the Haigis formula. The MAE of the formulas were 0.50 ± 0.47 D for the Hoffer Q formula, 0.50 ± 0.50 D for the Holladay formula, 0.47 ± 0.51 D for the SRK/T formula, and 0.50 ± 0.47 D for the Haigis formula.ConclusionRegarding ED between the third generation and Haigis formulas, preoperative ACD demonstrated the greatest influence. Calculating mean absolute errors of the formulas, all IOL formulas showed excellent and comparable accuracy. Post-operative change (delta) of ACD correlated significantly with errors of third generation formulas according to simulated ACD.

Young Adults' Anticipated Identity Importance of Career, Marital, and Parental Roles: Comparisons of Men and Women with Different Role Balance Orientations

This article discusses two studies that exploredcollege students' role balance expectations for theirfuture career, marital, and parental identities.Participants were primarily Caucasian. In the first study, men and women who were family, balanced,career, or career/marriage oriented were compared.Variation within gender, especially for women, in theareas of gender attitudes, gender attributes, role identity salience, and anticipated roleacquisition were found. Similarities between gender alsoemerged. The second study examined young adults'perceptions of their parents' identity importance androle balance orientations. Although some genderdifferences emerged, young men and women holding thesame role balance orientation were often similar intheir perceptions of their parents. Taken together,these studies provide evidence that contradictsprevious assumptions about gender differences inexpectations for work and family roles.

The Age of Aquariums: A Need for Focused Marketing

This exploratory study was undertaken to investigate visitor expectations of aquariums. Specifically, differences between (1) tourists and residents and (2) "experienced " and "inexperienced" aquarium visitors were examined. The data indicate that differences in expec tations exist between groups. The results reveal implications for the marketing of aquariums.

An Examination of the Ideal Immediate Supervisor and Subordinate

This study was designed to examine the nature of the ideal supervisor and subordinate, then to compare the two concepts. The study showed that for both the ideal is one who is perceived as extremely competent, quite safe, extroverted, and emotionally stable, as well as slightly similar to his counterpart in attitudes and values, but neutral in background and appear ance. Furthermore, it was shown that for at least one-half of the individual criteria used in establishing these overall ideal qualities, there are differen tial expectations, with the supervisor almost without exception expected to reach a higher level of standards than the subordinate.