The Death of the Overreaction Anomaly? A Multifactor Explanation of Contrarian Returns

Are the returns accruing to De Bondt and Thaler’s (1985) (DT) much celebrated overreaction anomaly pervasive? Using the CRSP data set used by for the period 1926 through 1982, and, for the first time, an additional two decades of data (1983 through 2003), we provide preliminary support for the original work of DT, reporting that the overreaction anomaly has not only persisted over the past twenty years but has increased, on a risk-unadjusted basis. However, using the three factor model of Fama and French (1993) (FF), we find no statistically significant alpha can be garnered via the overreaction anomaly, with contrarian returns driven by the factors of size and value, not the behavioral biases of investors. It is our conjecture that the anomaly is not robust under the FF framework, with ‘contrarian’ investors following such a scheme simply compensated for the inherent portfolio risk held.Overreaction, anomaly, multifactor asset pricing model

Diffusion Monte Carlo study of two-dimensional liquid 4^4He

The ground-state properties of two-dimensional liquid $^4$He at zero temperature are studied by means of a quadratic diffusion Monte Carlo method. As interatomic potential we use a revised version of the HFDHE2 Aziz potential which is expected to give a better description of the interaction between helium atoms. The equation of state is determined with great accuracy over a wide range of densities in the liquid phase from the spinodal point up to the freezing density. The spinodal decomposition density is estimated and other properties of the liquid, such as radial distribution function, static form factor, momentum distribution and density dependence of the condensate fraction are all presented.Comment: 19 pages, RevTex 3.0, 7 figures available upon reques

Excitations in confined helium

We design models for helium in matrices like aerogel, Vycor or Geltech from a manifestly microscopic point of view. For that purpose, we calculate the dynamic structure function of 4He on Si substrates and between two Si walls as a function of energy, momentum transfer, and the scattering angle. The angle--averaged results are in good agreement with the neutron scattering data; the remaining differences can be attributed to the simplified model used here for the complex pore structure of the materials. A focus of the present work is the detailed identification of coexisting layer modes and bulk--like excitations, and, in the case of thick films, ripplon excitations. Involving essentially two--dimensional motion of atoms, the layer modes are sensitive to the scattering angle.Comment: Phys. Rev. B (2003, in press

Quantum sticking, scattering and transmission of 4He atoms from superfluid 4He surfaces

We develop a microscopic theory of the scattering, transmission, and sticking of 4He atoms impinging on a superfluid 4He slab at near normal incidence, and inelastic neutron scattering from the slab. The theory includes coupling between different modes and allows for inelastic processes. We find a number of essential aspects that must be observed in a physically meaningful and reliable theory of atom transmission and scattering; all are connected with multiparticle scattering, particularly the possibility of energy loss. These processes are (a) the coupling to low-lying (surface) excitations (ripplons/third sound) which is manifested in a finite imaginary part of the self energy, and (b) the reduction of the strength of the excitation in the maxon/roton region

The Double Quasar Q2138-431: Lensing by a Dark Galaxy?

We report the discovery of a new gravitational lens candidate Q2138-431AB, comprising two quasar images at a redshift of 1.641 separated by 4.5 arcsecs. The spectra of the two images are very similar, and the redshifts agree to better than 115 km.sec$^{-1}$. The two images have magnitudes $B_J = 19.8$ and $B_J = 21.0$, and in spite of a deep search and image subtraction procedure, no lensing galaxy has been found with $R < 23.8$. Modelling of the system configuration implies that the mass-to-light ratio of any lensing galaxy is likely to be around $1000 M_{\odot}/L_{\odot}$, with an absolute lower limit of $200 M_{\odot}/L_{\odot}$ for an Einstein-de Sitter universe. We conclude that the most likely explanation of the observations is gravitational lensing by a dark galaxy, although it is possible we are seeing a binary quasar.Comment: 17 pages (Latex), 8 postscript figures included, accepted by MNRA

A review of malaria epidemiology and control in Papua New Guinea 1900 to 2021: progress made and future directions

The research and control of malaria has a long history in Papua New Guinea, sometimes resulting in substantial changes to the distribution of infection and transmission dynamics in the country. There have been four major periods of malaria control in PNG, with the current control programme having commenced in 2004. Each previous control programme was successful in reducing malaria burden in the country, but multiple factors led to programme failures and eventual breakdown. A comprehensive review of the literature dating from 1900 to 2021 was undertaken to summarize control strategies, epidemiology, vector ecology and environmental drivers of malaria transmission in PNG. Evaluations of historical control programs reveal poor planning and communication, and di culty in sustaining financial investment once malaria burden had decreased as common themes in the breakdown of previous programs. Success of current and future malaria control programs in PNG is contingent on adequate planning and management of control programs, effective communication and engagement with at-risk populations, and cohesive targeted approaches to sub-national and national control and elimination