Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Risk Vs. Anomaly PDF full book. Access full book title Risk Vs. Anomaly by James A. Ohlson. Download full books in PDF and EPUB format.
Author: James A. Ohlson Publisher: ISBN: Category : Languages : en Pages :
Book Description
Research suggesting the existence of the accrual anomaly runs into the issue that risk serves as a competing explanation for abnormal returns. This paper proposes a novel approach to distinguish between risk and anomaly explanations for the negative association between accruals and returns. The intuition is that high risk stocks should experience relatively high and low returns more often than low risk stocks. Thus, a variable that has the opposite correlations with high returns than with low returns is unlikely to capture risk, which points toward an anomaly. The paper implements this perspective via two logistic regressions predicting relatively high and low returns. Controlling for standard risk measures, we document that low accruals increase the probability of large positive returns, but reduce the likelihood of large negative returns. This finding is inconsistent with the prediction that accruals reflect risk and supports the hypothesis that the accrual “anomaly” is indeed an anomaly.
Author: James A. Ohlson Publisher: ISBN: Category : Languages : en Pages :
Book Description
Research suggesting the existence of the accrual anomaly runs into the issue that risk serves as a competing explanation for abnormal returns. This paper proposes a novel approach to distinguish between risk and anomaly explanations for the negative association between accruals and returns. The intuition is that high risk stocks should experience relatively high and low returns more often than low risk stocks. Thus, a variable that has the opposite correlations with high returns than with low returns is unlikely to capture risk, which points toward an anomaly. The paper implements this perspective via two logistic regressions predicting relatively high and low returns. Controlling for standard risk measures, we document that low accruals increase the probability of large positive returns, but reduce the likelihood of large negative returns. This finding is inconsistent with the prediction that accruals reflect risk and supports the hypothesis that the accrual “anomaly” is indeed an anomaly.
Author: Joshua Traut Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
It is well-documented that less risky assets tend to outperform their riskier counterparts across asset classes. This paper provides a structured summary of the current state of literature regarding this so-called low-risk anomaly. It provides an overview of empirical findings across implementation methodologies and asset classes. Furthermore, it presents the most prevailing causes, which are namely exposure to other factors, coskewness risk, investor constraints, behavioral biases, and agency problems. The paper concludes that despite some critiques there are good reasons to believe that the low-risk anomaly can be evaluated as an investment factor. It also identifies that more research is required to disentangle the proposed causes to fully understand the big picture of the anomaly with certainty.
Author: Leonard Zacks Publisher: John Wiley & Sons ISBN: 0470905905 Category : Business & Economics Languages : en Pages : 352
Book Description
Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Author: W. T. Ziemba Publisher: World Scientific ISBN: 9814405469 Category : Business & Economics Languages : en Pages : 607
Book Description
This book discusses calendar or seasonal anomalies in worldwide equity markets as well as arbitrage and risk arbitrage. A complete update of US anomalies such as the January turn-of-the year, turn-of-the-month, January barometer, sell in May and go away, holidays, days of the week, options expiry and other effects is given concentrating on the futures markets where these anomalies can be easily applied. Other effects that lend themselves to modified buy and hold cash strategies include the presidential election and factor models based on fundamental anomalies. The ideas have been used successfully by the author in personal and managed accounts and hedge funds.
Author: Dario Paladini Publisher: CRC Press ISBN: 1466598964 Category : Medical Languages : en Pages : 519
Book Description
The most frequently asked questions that confront the fetal medicine trainee/expert on a daily basis are “Is the finding real or merely an artifact?” and “Is the diagnosis correct?”. However, to be able to find the description of an abnormal ultrasound finding in a textbook, one generally has to search by the definite diagnosis, which has not been done as yet. This uneasy feeling was the first factor that directed the layout of Ultrasound of Congenital Fetal Anomalies: Differential Diagnosis and Prognostic Indicators, Second Edition. Copiously illustrated, the book displays fetal anomalies by scanning view and descriptions of all major ultrasound planes, detailing what can be considered a normal view and what cannot. See What’s New in the Second Edition: Early detection of fetal anomalies (1214 weeks) Ultrasound in fetal infections and in twins The nuchal translucency issue, the newest intracranial translucency as well as the range of congenital anomalies detectable at this gestational age Expanded coverage of heart anomalies, including arrhythmias and early fetal echocardiography The author’s mission continues to be to provide guidance on how to quickly recognize and diagnose congenital fetal anomalies, beginning at the beginning with ultrasound sigh all the way through to final diagnosis.
Author: Claudia Aradau Publisher: Oxford University Press ISBN: 0192675788 Category : Political Science Languages : en Pages : 377
Book Description
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Are algorithms ruling the world today? Is artificial intelligence making life-and-death decisions? Are social media companies able to manipulate elections? As we are confronted with public and academic anxieties about unprecedented changes, this book offers a different analytical prism through which these transformations can be explored. Claudia Aradau and Tobias Blanke develop conceptual and methodological tools to understand how algorithmic operations shape the government of self and other. They explore the emergence of algorithmic reason through rationalities, materializations, and interventions, and trace how algorithmic rationalities of decomposition, recomposition, and partitioning are materialized in the construction of dangerous others, the power of platforms, and the production of economic value. The book provides a global trandisciplinary perspective on algorithmic operations, drawing on qualitative and digital methods to investigate controversies ranging from mass surveillance and the Cambridge Analytica scandal in the UK to predictive policing in the US, and from the use of facial recognition in China and drone targeting in Pakistan to the regulation of hate speech in Germany.
Author: https://www.chinesestandard.net Publisher: https://www.chinesestandard.net ISBN: Category : Technology & Engineering Languages : en Pages : 103
Book Description
This document stipulates the general process, implementation methods, requirements for functional safety audit and assessment. This document applies to safety-related systems containing one or more electrical/electronic (E/E) systems, which are developed in accordance with GB/T 34590.1 ~ 34590.12-2022 and installed on mass-produced road vehicles other than mopeds. This document does not apply to specific electrical/electronic (E/E) systems on special purpose vehicles, for example, vehicle systems designed for disabled drivers.
Author: Axel Buecker Publisher: IBM Redbooks ISBN: 0738440108 Category : Computers Languages : en Pages : 332
Book Description
This IBM® Redbooks® publication documents the strength and value of the IBM security strategy with IBM System z® hardware and software. In an age of increasing security consciousness, IBM System z provides the capabilities to address the needs of today's business security challenges. This publication explores how System z hardware is designed to provide integrity, process isolation, and cryptographic capability to help address security requirements. This book highlights the features of IBM z/OS® and other operating systems, which offer various customizable security elements under the Security Server and Communication Server components. This book describes z/OS and other operating systems and additional software that leverage the building blocks of System z hardware to provide solutions to business security needs. This publication's intended audience is technical architects, planners, and managers who are interested in exploring how the security design and features of System z, the z/OS operating system, and associated software address current issues, such as data encryption, authentication, authorization, network security, auditing, ease of security administration, and monitoring.
Author: Asma Khalil Publisher: Springer Nature ISBN: 3030476529 Category : Medical Languages : en Pages : 439
Book Description
This book provides a comprehensive update on the management of multiple pregnancy, which is becoming more common, and is associated with increased maternal and perinatal mortality and morbidity. Offering a practical guide and a wealth of videos, images and illustrations, the book will help clinicians to feel more confident when caring for women with multiple pregnancy. Its main objectives are: To increase the level of knowledge of healthcare professionals involved in the care of these women; To update their knowledge in keeping with the recommendations of the latest national and international guidelines; and To promote a multidisciplinary approach to the management of women with multiple pregnancy.
Author: Moshe Hod Publisher: CRC Press ISBN: 1482213621 Category : Medical Languages : en Pages : 559
Book Description
Babies of women with diabetes are nearly five times more likely to be stillborn and almost three times more likely to die in the first three months. The incidence of gestational diabetes mellitus in the U.S. is high—between 3 and 7 percent—and rising. The condition is often complicated by other risk factors such as obesity and heart disease. The Textbook of Diabetes and Pregnancy presents a comprehensive review of the science, clinical management, and medical implications of gestational diabetes mellitus, a condition with serious consequences that is on the increase in all developed societies. This new edition supports the latest initiatives and strategies of the International Federation of Gynecology and Obstetrics (FIGO) and adds chapters on noncommunicable diseases, obesity, bariatric surgery, and epidemiology outside Western cultures. Written by a cadre of experts, the book provides a comprehensive, authoritative, and international view of gestational diabetes mellitus and will be invaluable to maternal-fetal medicine specialists, diabetologists, neonatologists, and a growing number of gynecologists and general physicians concerned with the management of noncommunicable diseases in pregnancy.
Author: James A. Ohlson
Author: James A. Ohlson
Author: Joshua Traut
Author: Leonard Zacks
Author: W. T. Ziemba
Author: Dario Paladini
Author: Claudia Aradau
Author: https://www.chinesestandard.net
Author: Axel Buecker
Author: Asma Khalil
Author: Moshe Hod