The Impact of Analyst Forecast Errors on Fundamental Indexation: The Australian Evidence

AbstractEvidence from many developed markets suggests that fundamental indices outperform capitalisation-weighted indices. Existing studies suspect a story of market mispricing, yet a mechanism has not been identified. Using Australian data, we study the relation between analyst forecast errors and the performance of various fundamental indices. We find that fundamental indices contain a relatively higher exposure to stocks with low analyst long-term growth forecasts. Valuations for these stocks are ex ante overly pessimistic and drive the statistical significance of alphas produced by fundamental indexation. We show how hedging against analyst forecast errors can generate additional alpha for investors using fundamental indexation.</jats:p

The Impact on the Pricing Process of Costly Active Management and Performance Chasing Clients

One of the necessary features of markets to produce efficient pricing is competition between information-based investors who quickly impound new information into price. However, a signifficant proportion of funds invested in today's equity markets are in the hands of managers who pursue a style that utilises little or none of the available information. We simulate such a market where the funds are being managed using the following three investment styles: fundamental, momentum and index. We confirm that the major pricing anomalies that have been highlighted previously in the literature are a natural consequence of competition between managers utilising these three investment styles. More importantly, we show that this situation is unlikely to change as long as markets continue to be dominated by costly active managers with clients who pursue outperformance

Plant communities of Italy. The vegetation prodrome

The Vegetation Prodrome of Italy was promoted in 2012 by the Italian "Ministry of Environment, Land and Sea Protection", in collaboration with the "Italian Society of Botany", to provide a comprehensive and systematic catalogue and description of Italian plant communities. The Prodrome that is presented in this paper is the first full organic synthesis of the vegetation of Italy at the alliance syntaxonomic level. It fulfils several needs, the main one being a unified and comprehensive national framework that may make an important contribution to the definition of the European Vegetation Prodrome. Syntaxonomy, as well as taxonomy, is sometimes based on considerations that may in part diverge: several authors tend to favour models that are divisive or aggregative to a greater or lesser extent in terms of flora, biogeography and ecology. These different points of view stimulate the scientific debate and allow the adoption of a framework that is more widely supported. The Prodrome includes 75 classes, 2 subclasses, 175 orders, 6 suborders and 393 alliances. The classes were grouped into nine broad categories according to structural, physiognomic and synecological elements rather than to syntaxonomic criteria. The rank, full valid name, any synonymies and incorrect names are provided for each syntaxon. The short declaration highlights the physiognomy, synecology, syndynamics and distribution of the plant communities that belong to the syntaxon. The Prodrome of the Italian Vegetation is linked to the European Strategy for Biodiversity, the European Habitats Directive and the European Working Groups related to the ecosystems and their services. In addition to basic applications, the Prodrome can be used as a framework for scientific research related to the investigation of the relationships between plant communities and the environmental factors that influence their composition and distribution

A COMPARISON OF PRE-PROCESSING APPROACHES FOR REMOTELY SENSED TIME SERIES CLASSIFICATION BASED ON FUNCTIONAL ANALYSIS

Satellite remote sensing has gained a key role for vegetation mapping distribution. Given the availability of multi-temporal satellite data, seasonal variations in vegetation dynamics can be used trough time series analysis for vegetation distribution mapping. These types of data have a very high variability within them and are subjected by artifacts. Therefore, a pre-processing phase must be performed to properly detect outliers, for data smoothing process and to correctly interpolate the data. In this work, we compare four pre-processing approaches for functional analysis on 4-years of remotely sensed images, resulting in four time series datasets. The methodologies presented are the results of the combination of two outlier detection methods, namely tsclean and boxplot functions in R and two discrete data smoothing approaches (Generalized Additive Model &rdquo;GAM&rdquo; on daily and aggregated data). The approaches proposed are: tsclean-GAM on aggregated data (M01), boxplot-GAM on aggregated data (M02), tsclean-GAM on daily data (M03), boxplot-GAM on daily data (M04). Our results prove that the approach which involves tsclean function and GAM applied to daily data (M03) is ameliorative to the logic of the procedure and leads to better model performance in terms of Overall Accuracy (OA) which is always among the highest when compared with the others obtained from the other three different approaches

New national and regional Annex I Habitat records: from #26 to #36

New Italian data on the distribution of the Annex I Habitats 1510*, 2130*, 2250*, 3180*, 3260, 5230*, 6410, 7140, 7220*, 9320 are reported in this contribution. Specifically, 14 new occurrences in Natura 2000 sites are presented and 20 new cells are added in the EEA 10 km × 10 km reference grid. The new data refer to the Italian administrative regions of Abruzzo, Apulia, Friuli Venezia Giulia, Liguria, Marche, Molise, Sardinia, Sicily, Tuscany and Umbria

The RIBES strategy for ex situ conservation: conventional and modern techniques for seed conservation

The Italian seed bank network (RIBES) aims to improve the quality and safety of the germplasm reserves of native plant species in Italy to ensure the long-term conservation of endangered and/or endemic flora. The strategy includes traditional methods to secure seed conservation. A comprehensive priority list for seed collection is being defined, it was prepared by crossing data of various checklists (red lists, endemics) and will soon be cross-referenced with an updated list of accessions of the whole network. A safety-backup program of duplicates will quickly be implemented to secure the conservation of the most threatened species in at least two seed banks of the network. On the other hand, the RIBES strategy also includes research by applying modern techniques. In collaboration with the Millennium Seed Bank, research on the storage behaviour of seeds and spores through thermal analysis is ongoing to inform conservation. Using the Differential Scanning Calorimetry (DSC), we could evaluate seed lipid properties such as glass transition temperature, melting, crystallization, oxidation behaviour, and thermal stability. Finally, RIBES participates as a co-funder in the LIFE Nature project SEEDFORCE, coordinating 11 seed banks of the network for collecting seeds/spores of 29 threatened species of EU interest

The RIBES strategy for ex situ conservation: conventional and modern techniques for seed conservation

The Italian seed bank network (RIBES) aims to improve the quality and safety of the germplasm reserves of native plant species in Italy to ensure the long-term conservation of endangered and/or endemic flora. The strategy includes traditional methods to secure seed conservation. A comprehensive priority list for seed collection is being defined, it was prepared by crossing data of various checklists (red lists, endemics) and will soon be cross-referenced with an updated list of accessions of the whole network. A safety-backup program of duplicates will quickly be implemented to secure the conservation of the most threatened species in at least two seed banks of the network. On the other hand, the RIBES strategy also includes research by applying modern techniques. In collaboration with the Millennium Seed Bank, research on the storage behaviour of seeds and spores through thermal analysis is ongoing to inform conservation. Using the Differential Scanning Calorimetry (DSC), we could evaluate seed lipid properties such as glass transition temperature, melting, crystallization, oxidation behaviour, and thermal stability. Finally, RIBES participates as a co-funder in the LIFE Nature project SEEDFORCE, coordinating 11 seed banks of the network for collecting seeds/spores of 29 threatened species of EU interest

Notulae to the Italian native vascular flora: 3.

In this contribution new data concerning the distribution of native vascular flora in Italy are presented. It includes new records, exclusions, and confirmations to the Italian administrative regions for taxa in the genera Asplenium, Bolboschoenus, Botrychium, Chamaerops, Crocus, Galeopsis, Grafia, Helosciadium, Hieracium, Juniperus, Leucanthemum, Lolium, Medicago, Phalaris, Piptatherum, Potamogeton, Salicornia, Salvia, Seseli, Silene, Spiraea, Torilis and Vicia. Rhaponticoides calabrica is proposed as synonym novum of R. centaurium. Furthermore, new combinations in the genera Galatella and Lactuca are proposed

First overview on the 4th Annex I Habitats Report in Italy: methods, criticality, results and future prospects

Like all the other EU/28 countries, in 2019 Italy developed the 4th Italian Report ex-Art. 17 on the conservation status of the Habitats of Annex I to the 92/43/EEC Directive. Institutional referent of the process, on behalf of the Ministry for Environment, Land and Sea Protection (MATTM), was the Italian Institute for Environmental Protection and Research (ISPRA) with the scientific support of the Italian Botanical Society (SBI). A huge working group composed of thematic and territorial experts was formed with the task to collect, analyse, validate the data resulting from Annex I Habitat monitoring in Italy for the period 2013-2018, whose collection is in charge to the regional administrations. Data on 124 types of terrestrial and inland water Habitats present in Italy have been processed in order to assess their overall conservation status in the Biogeographic Regions of occurrence. The carried out activity led to the compilation of 278 assessment sheets. The work included a critical analysis of the data and a broad scientific confrontation aimed at finding methodologically robust solutions to fill the gaps. The work was structured so as to guarantee the traceability of the information and to allow the collection of "gray" literature and scientific articles, phytosociological surveys and unpublished material of the specialists, composing a substantial pool of data useful for starting a long-term process to support the next reporting cycles. Cartographic outcomes, associated databases and additional data used for the assessments will be available online on the ISPRA Portal as soon as the validation process by the European Commission will be completed. A freely accessible online archive of phytosociological surveys representative of the various Annex I Habitats in Italy is being set up within the national "VegItaly" database, managed by the Italian Society of Vegetation Science, by way of a dedicated archive named "HAB_IT". Such a long-term vision, oriented to the storage and enhancement of knowledge, represents an important innovative aspect and a significant progress towards the construction of an effective monitoring system for the conservation of Annex I Habitats in Italy

An overview of the Italian forest biodiversity and its conservation level, based on the first outcomes of the 4th Habitat Report ex-Art. 17

In 2019 the 4th Report ex-Art. 17 on the conservation status (CS) of Annex I Habitats of the 92/43/EEC Directive was expected by every EU/28 country, with reference to the period 2013-18. In Italy, the process was in charge to the Italian Institute for Environmental Protection and Research (ISPRA), on behalf of the Ministry for Environment, Land and Sea Protection (MATTM), with the scientific support of the Italian Botanical Society (SBI). A large group of thematic and territorial experts elaborated the available data concerning the 124 types of terrestrial and inland water Habitats present in Italy, 39 of which are represented by Forest Habitats (Group 9),. The main aim of the work was the evaluation of the overall CS of each Habitat by Biogeographic Region (Mediterranean, Continental and Alpine), for a total amount of 294 assessments. A high proportion of these (92, corresponding to 31% of the total) referred to Forest Habitats, including 20 marginal types for which the CS was not requested. The analysis was carried out at different scales: a) administrative territory, through the data contained in the ISPRA database, whose compilation was in charge to the Regions and Autonomous Provinces; b) Natura 2000 site, with the latest updates available (Standard Data Forms updated to 2018); c) national scale, implementing the distribution maps for each Habitat based on the European grid ETRS89-LAEA5210 (10x10 km2 mesh); d) Biogeographic Region, scale of the final assessment. Cartographic outcomes, associated databases and additional data used for the assessments will be available online on the ISPRA Portal as soon as the validation process by the European Commission will be completed. A dedicated archive named "HAB_IT" has been created in the national database "VegItaly" (1), managed by the Italian Society of Vegetation Science, where the phytosociological relevés representative of the various Annex I Habitats in Italy will be archived and freely accessible. An overview of the results regarding the Forest habitats is here provided, including a comparison with the outcomes of the former reporting cycle, the 3rd Report ex-Art. 17 (2). In several cases (e.g. 9120, 91L0), the distribution maps have been remarkably improved due to better knowledge and more fitful interpretation. The conservation status resulted as Favourable (FV) for 6,7%, Inadequate (U1) for 58,7% and Bad (U1) for 32,0% of the 72 assessed forest Habitat types. In no case there was an improvement of the conservation status, while in 6 cases a worsening of the conditions resulted from the data analysis, pointing out the Habitats types with a higher need of action. Similarly to other projects carried out as a team by the network of Annex I Habitat experts of the Italian Botanical Society and the Italian Society for Vegetation Science (e.g. 3, 4), this is another step in the direction of supporting the implementation of the 92/43/EEC "Habitat" Directive in Italy and Europe. On this ground, the high biodiversity of the Italian forest Habitats could be emphasized, however results pointed out that some rare or endemic types (e.g. Alnus cordata or Betula aetnensis-dominated forests) are still scarcely acknowledged by the most prominent EU conservation tools such as the Annex I to the "Habitat" Directive. 1) F. Landucci et al. (2012) Plant Biosyst., 146(4), 756-763 2) P. Genovesi et al. (2014) ISPRA, Serie Rapporti, 194/2014 3) E. Biondi et al. (2009) Società Botanica Italiana, MATTM, D.P.N., http://vnr.unipg.it/habitat/ 4) D. Gigante et al. (2016) Plant Sociology, 53(2), 77-8