The Piotroski F-Score: A fundamental value strategy revisited from an investor's perspective

This paper revisits the Piotroski F-score strategy in the U.S. stock universe from an investor's perspective. Primarily, we aim to answer the question, whether the high abnormal returns of more than 20 percent p.a. previously proclaimed by academics (Piotroski, 2000) and practitioners (AAII, 2015) can be feasibly captured by individual or professional investors. As such, our focal point is a pragmatic approach an average investor could opt for as well. We use the software Stock Investor Pro from the American Association of Individual Investors to obtain screenshots of the U.S. stock universe from 2005-2015 on a weekly basis. Next, we devise a long-only and a long-short variant of the Piotroski strategy with monthly or weekly rebalancing frequencies. At first glance, our findings re-confirm the high returns of this fundamental value strategy. Specifically, the monthly (weekly) long-only strategy generates raw returns of 30.93 (65.41) percent p.a. These returns outperform relevant benchmark indices and can only partially be explained by common systematic risk factors. However, consideration of liquidity constraints and an estimate of trading costs in this low liquidity stock universe render both strategies virtually unprofitable. Nevertheless, there may be potential for further research aiming at implementing such a strategy on more liquid investment universes

Feasible earnings momentum in the U.S. stock market: An investor's perspective

This paper examines earnings momentum strategies in the U.S. stock universe from an investor's perspective. Specifically, we use the software Stock Investor Pro from the American Association of Individual Investors (AAII) to obtain the composition of the U.S. stock universe from 2005-2015 on a weekly basis. Raw data is validated via Thomson Reuters Datastream. Next, we implement long-only and long-short earnings momentum strategies based on earnings estimates revisions. Furthermore, we develop a novel price-earnings momentum strategy by intertwining earnings momentum with a 52 week high strategy. Our findings re-confirm the high returns of the classical earnings momentum strategy with equal-weighted raw returns of 23.6 percent p.a. for the monthly long-only strategy. Most importantly, we find large parts of these raw returns to be robust to a wide spectrum of systematic sources of risk and feasible in light of market frictions, such as trading costs, liquidity constraints and microstructure effects. The enhanced price-earnings momentum strategy invests in earnings momentum stocks with below-median distance to their 52 week high. This simple alteration leads to an improvement of annualized raw returns to 31.0 percent, equally robust to systematic sources of risk and market frictions. We conclude that earnings momentum strategies are feasible and continue to pose a serious challenge to the semi-strong form of market efficiency

Witzieshoek : women, cattle and rebellion

Bibliography: pages 220-228.This study focusses on the 1950 Witzieshoek rebellion from a gender perspective. It examines the context within which the rebellion occurred, spanning a period from 1930 to 1950 and looks at the impact of the rebellion on the state. The years leading up to the Witzieshoek rebellion were characterized by crisis as the government struggled to maintain authority over the African masses in general and African women in particular. Witzieshoek residents had to contend with growing deterioration of resources, migration and the implementation of a betterment programme. These had a differential impact on men and women in the reserve, leading to a loss of power in male authority structures and increasing autonomy for women. This fed into and moulded the development of a culture of resistance in the community which exploded in 1950 when the majority of the inhabitants revolted against the Native Affairs Department and the Trust. The Witzieshoek rebellion was a desperate bid to return to older and more familiar ways of organization which had been based on the productive and reproductive capacity of women. The men and women who rebelled were denouncing the organization of the community on Trust and Departmental terms. The response of the state to the rebellion was to appoint a Commission of Enquiry. The Commission, operating at a time when 'native' policy was being fiercely debated, was unable to offer the kind of solutions that Nationalist Party policy would eventually demand. Both the rebellion and the Commission of Enquiry failed to bring about any meaningful change to the conditions in Witzieshoek

American publishers' series: A critical estimate

Thesis (B.L.S.)--University of Illinois, 1898Typescrip

Hydrocarbon oxidation by a bacterial enzyme system : I. Products of octane oxidation

A Pseudomonad which grows on hexane as sole carbon source was isolated from soil by enrichment-culture technique. Cell-free, soluble enzyme preparations of the organism catalyze the oxidation of 14C-labeled octane to radioactive octanoic acid. A pyridine nucleotide is required for this overall conversion in charcoal-treated bacterial extracts. n-Octanol and octaldehyde were identified as products of octane oxidation and the presence in the enzyme preparations of DPN-dependent dehydrogenases acting on octanol and octaldehyde was demonstrated.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/32244/1/0000306.pd

Primary care capitation payments in the UK. An observational study

<p>Abstract</p> <p>Background</p> <p>In 2004 an allocation formula for primary care services was introduced in England and Wales so practices would receive equitable pay. Modifications were made to this formula to enable local health authorities to pay practices.</p> <p>Similar pay formulae were introduced in Scotland and Northern Ireland, but these are unique to the country and therefore could not be included in this study.</p> <p>Objective</p> <p>To examine the extent to which the Global Sum, and modifications to the original formula, determine practice funding.</p> <p>Methods</p> <p>The allocation formula determines basic practice income, the Global Sum. We compared practice Global Sum entitlements using the original and the modified allocation formula calculations.</p> <p>Practices receive an income supplement if Global Sum payments were below historic income in 2004. We examined current overall funding levels to estimate what the effect will be when the income supplements are removed.</p> <p>Results</p> <p>Virtually every Welsh and English practice (97%) received income supplements in 2004. Without the modifications to the formula only 72% of Welsh practices would have needed supplements. No appreciable change would have occurred in England.</p> <p>The formula modifications increased the Global Sum for 99.5% of English practices, while it reduced entitlement for every Welsh practice.</p> <p>In 2008 Welsh practices received approximately £6.15 (9%) less funding per patient per year than an identical English practice. This deficit will increase to 11.2% when the Minimum Practice Income Guarantee is abolished.</p> <p>Conclusions</p> <p>Identical practices in different UK countries do not receive equitable pay. The pay method disadvantages Wales where the population is older and has higher health needs.</p

Petroleum microbiology : an introduction to microbiological petroleum engineering. /

Includes bibliography.Mode of access: Internet

Conversations with the Past: Dentistry by Ernest Beerstecher, PhD

This 3/4” U-Matic tape contains a lecture titled Dentistry by Ernest Beerstecher, PhD. The lecture took place April 23, 1980, and it was a part of the series “Conversations with the Past.” The recording runs 50:55, with about 50 minutes of lecture content. According to the credits, it was a Medical Community Television System Production. Sally Webb is Producer/Director. Mark Adamcik, Linda A. Morales, and Marilyn Caplovitz were the Technical Staff. The recording is a duplication, in color. See more at ic-007.pdf