Market In Years Research Articles

Idiosyncratic volatility and the cross-section of anomaly returns: is risk your Ally?

ABSTRACTDue to arbitrage risk asymmetries, the relationship between idiosyncratic risk and expected returns is positive (negative) among overpriced (underpriced) stocks. We offer a new active anomaly-selection strategy that capitalizes on this effect. To this end, we consider 11 equity anomalies in the U.S. market for years 1963–2016. Buying (selling) long (short) legs of the anomaly portfolios with the highest idiosyncratic volatility produces monthly abnormal returns ranging from 0.97% to 1.14% per month, outperforming a naive benchmark that equally weights all the anomalies by 45–70%. The effect cannot be subsumed by any other established anomaly-return predictor, such as momentum or seasonality. The results are robust to many considerations, including different numbers of anomalies in the portfolios, subperiod analysis, as well as estimation of idiosyncratic risk from the alternative models and throughout different periods.

Polish Text Editors During the Fall of the Iron Curtain

The Polish economic transformation of the 1990s created an appetite for software that was only partially satisfied by piracy. This market was yet to be taken seriously by Western companies, so local developers stepped up to fill the void. They translated obscure foreign applications, created weird character encoding standards, and built complex business software from scratch, shaping the local IT market for years to come.

Zarządzanie różnorodnością pokoleniową zasobów pracy w przestrzeni regionalnej Polski

Współczesne warunki życia spowodowały wydłużenie trwania życia i koegzystencję wielu pokoleń. Na rynku pracy mogą obecnie funkcjonować równocześnie tradycjonaliści oraz pokolenie Z, co stanowi wyzwanie dla zarządzających firmą oraz włodarzy jednostek samorządu terytorialnego. Dla regionu istotne jest zarówno pokolenie najmłodsze, które jest biegłe w korzystaniu z narzędzi informatycznych (gospodarka cyfrowa), jak i starsze pokolenie, które jest nośnikiem wiedzy. Wobec powyższego autorzy określili cel niniejszego artykułu jako identyfikację źródeł różnorodności pokoleniowej zasobów pracy i jej zróżnicowania przestrzennego w Polsce, a także wskazanie tendencji przestrzennych w rozwoju różnorodności pokoleniowej w latach 2003–2016 w skali powiatów. Ponadto artykuł wskazuje kluczowe obszary zarządzania generacjami w różnych skalach (od mikroekonomicznej przez mezoekonomiczną do krajowej), pozwalającego na uzyskanie wzmocnionego efektu synergicznego w zespołach międzypokoleniowych oraz niwelującego negatywne skutki różnorodności pokoleniowej. Z analizy trendów przestrzennych w kształtowaniu się demograficznej wymienialności pokoleń wynika, że milenialsi stanowią w skali kraju pokolenie o zmniejszającym się udziale w zaludnieniu w latach 2003–2016, ale to właśnie oni, wraz z nadchodzącym pokoleniem Z, będą kształtować w najbliższych latach rynek pracy, zwłaszcza w Wielkopolsce, na Pomorzu i Warmii oraz Mazurach. Jednak srebrną gospodarkę należy postrzegać jako szansę do wykorzystania przez regiony, np. poprzez rozwój opieki senioralnej. W kontekście rynku pracy kluczowe jest zrozumienie tego zagadnienia oraz stworzenie odpowiedniej komunikacji międzypokoleniowej w miejscu pracy.

Idiosyncratic Volatility and the Cross-Section of Anomaly Returns: Is Risk Your Ally?

Due to arbitrage risk asymmetries, the relationship between idiosyncratic risk and expected returns is positive (negative) among overpriced (underpriced) stocks. We offer a new active anomaly-selection strategy that capitalizes on this effect. To this end, we consider eleven equity anomalies in the U.S. market for years 1963-2016. Buying (selling) long (short) legs of the anomaly portfolios with the highest idiosyncratic volatility produces monthly abnormal returns ranging from 0.97% to 1.14% per month, outperforming a naive benchmark that equally weights all the anomalies by 45-70%. The effect cannot be subsumed by any other established anomaly-return predictor, like momentum or seasonality. The results are robust to many considerations, including different numbers of anomalies in the portfolios, subperiod analysis, as well as estimation of idiosyncratic risk from the alternative models and throughout different periods.

Subsea-Fiber Wet-Mate Connectors Require Careful Design To Balance Cost, Performance

This article, written by Special Publications Editor Adam Wilson, contains highlights of paper OTC 27987, “Subsea-Fiber Wet-Mate Connectors: Achieving the Balance Between Consistent Optical Performance, Product Cost, and Compact Size,” by Elaine Saxton and Helyson Parente, SPE, Siemens Subsea, prepared for the 2017 Offshore Technology Conference Brasil, Rio de Janeiro, 24–26 October. The paper has not been peer reviewed. Copyright 2017 Offshore Technology Conference. Reproduced by permission. As the hunger for data grows, long stepouts become more common, and fiber communication becomes standard, the use of fiber in subsea oil and gas fields is set to increase. While optical loss along fiber itself is low and data-collection possibilities are high, these applications will only be fully realized if wet-mate fiber connectors can achieve high optical performance consistently. Excellent results are achieved with compact design, a modular approach, and an emphasis on cleanliness. Introduction Wet-mate fiber connectors have been on the market for years and are used increasingly in the subsea oil and gas industry. While they have been moderately successful, the technical challenges should not be underestimated. Industry specifications demand high levels of optical performance and extensive qualification programs. The balance between performance and cost of the finished product has always been difficult to achieve. Subsea fields are seeing longer stepouts, which are suited to using fiber as the key communication network. Furthermore, the subsea industry is seeing an ongoing drive to use fiber sensors in downhole systems (e.g., distributed temperature sensing), allowing greater amounts of data to be transmitted topside. Other applications such as direct-current and fiber-optic distribution and pipe-in-pipe heating are also emerging. For reasons of flexibility and practicality, the wet-mate fiber connector plays an important role in all of these. Technical Challenges The key technical challenges are a mixture of mechanical design, operation and maintenance, and operational environment. Mechanical Design. The core of a standard single-mode fiber is 9 µm, and it must be completely aligned in every dimension for optical performance to be achieved. Manufacturing, Operation, and Maintenance. Cleanliness of the optical ferrule faces on every single mate is crucial. Without it, performance is degraded or lost. In the worst case, permanent damage is transferred by a dirty ferrule face mating with a clean one. Operational Environment. A wet-mate connector is a sealed, oil-filled, pressure-balanced mechanical device that will be handled in harsh topside conditions in extreme temperatures before being deployed to sea depths of up to 4,000 m. Operation and Maintenance. High optical performance is required on all lines for up to 1,000 mates. Subsea connectors typically are mated only a few times in deployment and lifetime operation, but the same connectors are used for testing topside where they see many more mates. Compact Size. Space on subsea equipment structures is always at a premium, and designs always need to be as efficient with space as possible.

The curious case of repurposed remedies: Researchers are finding surprising success in reusing old agents as new cancer therapies.

The curious case of repurposed remedies: Researchers are finding surprising success in reusing old agents as new cancer therapies.

Considering Thermodynamic Characteristics of a CAES Facility in Self-Scheduling in Energy and Reserve Markets

The efficiency of a compressed air energy storage (CAES) facility deviates significantly from its nominal value depending on its thermodynamics and operational conditions. Thus, the thermodynamic characteristics of the facility should be incorporated in its scheduling to model the variation in efficiency. This paper proposes a self-scheduling approach for a CAES facility that participates in energy, spinning, and non-spinning reserves markets. Considering the thermodynamic characteristics of the facility, the limitations imposed on the facility are modeled when devising operations schedules. Thus, the model leads to a more realistic view of the revenues. Numerical simulations are provided using the historical hourly energy and reserve prices of the ERCOT electricity market for years 2011 to 2015. The results are compared with those of derived from by using the conventional model with constant efficiency parameters.

Financial Literacy, Human Capital and Stock Market Participation in Europe

Households’ stock market participation has significant effects on savings and on an economy’s financial development and performance. Yet participation into capital markets is limited and quite heterogonous both among and within several countries. This phenomenon represents an empirical puzzle whose understanding is rather incomplete. In this work, we exploited a combination of datasets for nine European countries and used different econometric specifications that allow to control for endogeneity of financial literacy and human capital, to assess the role of several variables in affecting the probability to participate in the stock market in year 2010. Besides socio-demographic variables, we found that financial literacy has a positive and significant effect on stock market participation, together with the level of human capital and social interaction. Country level differences are explained by such institutional factors as the effectiveness of the education system and by the attractiveness of the stock markets.

How patient-selected colors for removable appliances are reflected in electronically tracked compliance (wear times and wear behavior).

A broad spectrum of colors for removable appliances, intended to optimize acceptance of treatment and patient cooperation, have been available on the dental market for years. This is the first study to analyze how patient-selected colors are reflected in wear times and wear behavior of removable appliances. The study included 117 children (55 girls and 62 boys) who were treated with active removable plate or functional appliances. All patients were offered to choose from 11 different colors, which were pooled into six groups (black, blue, green, yellow, pink, red) for analysis, or to combine any two to four colors ("multicolored" group) for their appliances. All appliances featured a built-in microsensor (TheraMon; MC Technology, Hargelsberg, Austria) for objective wear-time tracking. Differences between wear times were analyzed using pairwise t tests and Tukey correction. The longest median wear times were recorded in the blue and green groups (≈11 h/d) and the shortest ones in the red and pink groups (≈9 h/d), but they were not significantly influenced by the patient-selected colors. The median wear times involved an age-related decrease by 0.56 h/y that was statistically significant ( P = .00005). No gender-specific patterns of wear behavior were observed. Patient-selected colors for removable appliances can presumably improve acceptance of treatment, but they are not associated with statistically significant improvements in wear time or wear behavior.

An Improved Design of Automatic-Identification-System-Based Man Overboard Device: A Multidisciplinary Product

In this paper, the improved design of a small automatic-identification-system (AIS) based man overboard (MOB) device is described. The device is one of the state-of-the-art maritime vehicular technologies and has been widely used in marine vehicles for search and rescue (SAR) purposes. Similar devices have been available in the market for years; however, the design methodology and hardware circuitries have never been exposed in literature. This paper first reviews the basic principles of Gaussian minimum-shift keying modulation and the direct digital frequency synthesis technique. Second, the design methodology and hardware implementation of subsystems of the device with design objectives in effective SAR are presented. Finally, a prototype of the AIS MOB was fabricated and fully tested. The experimental results demonstrate that the emitted signal spectrum meets the AIS standards. The fabricated prototype has a minimum effective range of five nautical miles with a battery life of 36 h under continuous operation. This AIS MOB device is a multidisciplinary design product. The described work comprises of active antenna design, the microcontroller-based AIS control circuit design, the global positioning system circuit design, and the implementation of Gaussian minimum-shift keying modulation.

EFEKTIVITAS PEMANFAATAN SISTEM ONLINE TRADING SYARIAH DALAM MENINGKATKAN INVESTOR SAHAM DI PASAR MODAL SYARIAH

Investment can be interpreted as an action that is accommodated by generating future profits. If the first orangutan with tangible assets such as land, buildings, livestock and others, then in the present there is an investment through financial instruments such as deposits, balance sheets, buying and selling of shares, and others. Both types of investments have the same goal of generating profit. Financial instruments such as sharia shares have been developed using the Syariah Online Trading System (SOTS), so that transactions can be made anywhere as long as the market is open. Through SOTS, investors have easy access and improved service quality so that the number of investors increased by 2341% compared to 2012 when SOTS was launched in 2011. And the number of sharia investors also increased by 2.3% from total investors in capital market in year 2016

Recycling of plastic waste: Screening for brominated flame retardants (BFRs)

Flame retardants are chemicals vital for reducing risks of fire and preventing human casualties and property losses. Due to the abundance, low cost and high performance of bromine, brominated flame retardants (BFRs) have had a significant share of the market for years. Physical stability on the other hand, has resulted in dispersion and accumulation of selected BFRs in the environment and receiving biota. A wide range of plastic products may contain BFRs. This affects the quality of waste plastics as secondary resource: material recycling may potentially reintroduce the BFRs into new plastic product cycles and lead to increased exposure levels, e.g. through use of plastic packaging materials. To provide quantitative and qualitative data on presence of BFRs in plastics, we analysed bromophenols (tetrabromobisphenol A (TBBPA), dibromophenols (2,4- and 2,6-DBP) and 2,4,6-tribromophenol (2,4,6-TBP)), hexabromocyclododecane stereoisomers (α-, β-, and γ-HBCD), as well as selected polybrominated diphenyl ethers (PBDEs) in samples of household waste plastics, virgin and recycled plastics. A considerable number of samples contained BFRs, with highest concentrations associated with acrylonitrile butadiene styrene (ABS, up to 26,000,000ngTBBPA/g) and polystyrene (PS, up to 330,000ng∑HBCD/g). Abundancy in low concentrations of some BFRs in plastic samples suggested either unintended addition in plastic products or degradation of higher molecular weight BFRs. The presence of currently restricted flame retardants (PBDEs and HBCD) identified in the plastic samples illustrates that circular material flows may be contaminated for extended periods. The screening clearly showed a need for improved documentation and monitoring of the presence of BFRs in plastic waste routed to recycling.

Wireless Charging of a Metal-Body Device

Conventional tightly coupled inductive charging has been popular in the mobile device market for years. However, tightly coupled solutions have been unable to efficiently charge a metal encased device due to substantial heat generation. In this paper, we demonstrate that loosely coupled inductive charging technology is a viable solution to charge a metal encased device. Ample power can be delivered through the metal case with negligible case heating. Our prototype is built by machining a lump of aluminum which is attached to a commercial smart phone. Resonator coupling efficiency is measured to be 90% with a certified AirFuel Alliance transmitter. Measured power to a load is 8.2 W, which is suitable for mobile devices.

Chance and design in proinsecticide discovery.

Many insecticides are inactive on their target sites in the form that is sold and applied, needing first to be bioactivated. This proinsecticide strategy has often been achieved by design, through systematic derivatization of intrinsically active molecules with protecting groups that mask their toxic effects until their selective removal in target insects by metabolic enzymes generates the toxiphore. Proinsecticides can be designed to gain selectivity between target and non-target organisms, or to improve bioavailability by enhancing plant or insect uptake. In most cases, however, chance trumps design in proinsecticide discovery: most first-in-class products that we now know to be proinsecticides were only discovered a posteriori to be such, often after having been on the market for years. Knowing the active form of an insecticide is essential to mode of action identification, and early mode of action studies on novel chemotypes should take into account the possibility that the compounds might be proinsecticides. This paper reviews examples of proinsecticides in the marketplace, strategies for making proinsecticides and techniques for unmasking proinsecticides in mode of action studies. Our analysis of global agrochemical sales data shows that 34% of the dollar value of crop insecticides used in 2015 were proinsecticides. © 2016 Society of Chemical Industry.

The Impact of Contextualizing Board Structure on Firm Financial Performance in an Emerging Market

impact of the emerging markets context has been largely neglected in mainstream corporate governance research. purpose of this paper is to conduct the first empirical study that investigates the relationship between board structure and firm financial performance through bundling theory with contextual considerations for economic, political, and social elements of the emerging Saudi Arabian market. This study uses archival data from a longitudinal sample of all listed firms in the Saudi market for years 2009 to 2013, taking into account the risks of endogeneity bias to OLS regression. paper found that outside directors from a privileged regional background and government representative directors on the board of companies predict a better return on assets, while outside directors from the ruling royal family positively influence corporate performance only when they are joined by government representative directors. Integration between theory and context provided a more accurate diagnosis of board phenomena in Saudi Arabia. Optimising the recognition of board members by utilising informal institutions determines the actual boardroom players who influence firm profitability. Such an approach involves significant implications for corporate governance theories and practices. Whether this holds in the context of other emerging markets is an area worthy of further investigation. Keywords: Board Structure, Contextual Consideration, Firm Financial Performance, Emerging Markets, Saudi Arabia To cite this document: Madi M Almadi, The Impact of Contextualizing Board Structure on Firm Financial Performance in an Emerging Market, Contemporary Management Research, Vol.12, No.4, pp. 409-434, 2016. Permanent link to this document: http://dx.doi.org/10.7903/cmr.15752

Fentanyl related cases. The situation in Greece

Objective: Fentanyl is used as a pre-anesthetic medication and it is also prescribed for the management of chronic pain through the delivery method of transdermal patches. It is used or abused, as a recreational drug, worldwide. As a result, a significant number of fentanyl related deaths have been recorded in many countries, as well as in Greece. The aim of this paper is to present the current situation in Greece through the report of specific fentanyl related cases and to discuss the different aspects of fentanyl abuse. Methods: A gas chromatography-mass spectrometric method was developed, validated and applied for the determination of fentanyl in biological fluids during the investigation of fentanyl related cases. Results: Eight cases, lethal or not, have been recorded the last four years in Greece, where fentanyl blood concentration was found up to 22.7 ng/mL. Five of the cases concerned therapeutic use of fentanyl and three were related to abuse of the drug. Furthermore, six of these cases concerned fentanyl transdermal patches. Conclusions: The commercial success of transdermal fentanyl is impressive and ensures that the drug will remain in market for years to come. The litigation surrounding the use and abuse of fentanyl patches is a major concern today. Warning and information to users and practitioners about the possibility of adverse effects, even death, law enforcement action, prescribing regulations, and availability of rapid and accurate analytical methods for the determination of fentanyl in biological specimens, must be under deliberation.

Impact of Earning Management on Investor’s Sensitivity Using Shareholders Valu Creation

This research aims to determine to what extend earnings management influence the shareholders’ value creation and to examine the relation between shareholder’s sensitivity and earnings management. The originality of this research consists in the fact that the researchers provide an overview of the earnings management and its effect of the shareholder’s sensitivity using the shareholders’ value creation as a mediator for that relation. The researchers conducted the research through presenting literature review about the variables of the research and used a secondary data to investigate the relation between the variables of the research through constructing a regression model to fit within the Pharmaceutical companies that are listed in the Egyptian exchange market for years 2006-2013. To verify the research hypotheses, the Structure Equation Modeling and panel data analysis are used. The results indicate that there is an association between earnings management and shareholders’ value creation and shows that the association between the shareholders’ value creation and investor’s sensitivity are strong. The results also indicate that there is a negative association between the earnings management and the investor sensitivity. The results are very logic since not all the investors are those knowledgeable of the earnings management measurements tools. The investors will be more sensitive toward the low earnings management practice by management

THE INTERNATIONAL COMPETITIVENESS OF POLISH AGRI-FOOD PRODUCTS ON THE NAFTA MARKET UNDER THE TRADE-LIBERALIZATION PROCESS

Accession to the European Union as well as the ongoing process of liberalization of global agricultural trade changed the conditions for agri-food trade between Poland and NAFTA countries. The study is an attempt to define the significance of NAFTA countries in the Polish agri-food trade, to assess the competitive position of selected Polish agri-food products on this market in years 2004-2012 and to predict its level for the year 2020, assuming two simulation scenarios: the lack of liberalization (I) and liberalization of world agricultural trade (II). A deliberately selected set of ex post indicators of competitive position as well as agricultural sector equilibrium model CAPRI (Common Agricultural Policy Regionalised Impact) were used in the paper. The analysis showed that among non-EU countries this trade bloc is one of the most important trade partners for Poland. On this foreign market mainly Polish animal products and fruits and vegetables were competitive. The results of model simulations conducted for different groups of agri-food products showed that by 2020 a favourable competitive position on the NAFTA market might be expected in meat and meat products as well as in milk and dairy products.

A Network Analysis of the Greek Stock Market

Abstract In this paper we analyse stock relationships in the Greek Stock Market. We propose a model that can depict such relationships and create networks of stocks. We investigate all stocks in the Greek Stock Market for years 2007 and 2012 (one year before and during the current economic crisis). Different networks are created according to the degree of correlation of stocks. These networks are visualized and evaluated, using methods from Social Network Analysis. A number of metrics, mainly centrality measurements, are calculated and interpreted. We discuss the hypothesis that Greek stocks follow the “herd” rule and investigate the role of important actors (stocks) in these networks. Our results show that the Greek Market is a “shallow” market, easily affected by a few big investors or the economic climate.

IPO initial underpricing anomaly: the election gimmick hypothesis

The relationship between political motivations and underpricing of public offerings of privatized companies is to a great extend unexplored field in the global academic literature. In this paper we offer a new explanation for the IPO underpricing anomaly. We formulate the election gimmick hypothesis, which states that in order to please the voters the treasury may be motivated to leave some money on the table during the IPOs of state-owned enterprises. We test the practical implications of the hypothesis. First we review the previous literature, next we perform empirical research based on a filtered sample of 250 IPOs on the Polish market in years 2005–2013. We examine the abnormal returns in the sample and employing some regression – and simulation- -based methods we examine the sources and variation in underpricing. Our findings suggest that the IPOs of state-owned enterprises are more underpriced than remaining ones and that there is more money left on the table in the months preceding elections.