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

Tissue-specific regulation of sirtuin and nicotinamide adenine dinucleotide biosynthetic pathways identified in C57Bl/6 mice in response to high-fat feeding

Funding: The Scottish Government's Rural and Environment Science and Analytical Services Division.Peer reviewedPostprin

Massive stars in the hinterland of the young cluster, Westerlund 2

Accepted for publication in MNRAS, 13 July 2018. 16 pages, plus one-page table in an appendix.An unsettled question concerning the formation and distribution of massive stars is whether they must be born in massive clusters and, if found in less dense environments, whether they must have migrated there. With the advent of wide-area digital photometric surveys, it is now possible to identify massive stars away from prominent Galactic clusters without bias. In this study we consider 40 candidate OB stars found in the field around the young massive cluster, Westerlund 2, by Mohr-Smith et al.: these are located inside a box of 1.5 × 1.5 deg 2 and are selected on the basis of their extinctions and K magnitudes.We present VLT/X-shooter spectra of two of the hottest O stars, respectively 11 and 22 arcmin from the centre of Westerlund 2. They are confirmed as O4V stars, with stellar masses likely to be in excess of 40 M ·. Their radial velocities relative to the non-binary reference object, MSP 182, in Westerlund 2 are -29.4 ± 1.7 and -14.4 ± 2.2 km s -1, respectively. Using Gaia DR2 proper motions we find that between 8 and 11 early O/WR stars in the studied region (including the two VLT targets, plus WR 20c and WR 20aa) could have been ejected fromWesterlund 2 in the last one million years. This represents an efficiency of massive-star ejection of up to ~ 25 per cent. On sky, the positions of these stars and their proper motions show a near N-S alignment. We discuss the possibility that these results are a consequence of prior sub-cluster merging combining with dynamical ejection.Peer reviewe

Brief Note: A Scanning Electron Microscopic Study of the Mouthparts of Cheumatopsyche Analis (Trichoptera; Hydropsychidae) Larvae

Author Institution: Department of Zoology, Miami Universit

Bad Ideas About Writing

Bad Ideas About Writing counters major myths about writing instruction. Inspired by the provocative science- and social-science-focused book This Idea Must Die and written for a general audience, the collection offers opinionated, research-based statements intended to spark debate and to offer a better way of teaching writing. Contributors, as scholars of rhetoric and composition, provide a snapshot of major myths about writing instruction in these essays. This collection is published in whole by the Digital Publishing Institute and in part by Inside Higher Ed

Bad Ideas About Writing

Bad Ideas About Writing counters major myths about writing instruction. Inspired by the provocative science- and social-science-focused book This Idea Must Die and written for a general audience, the collection offers opinionated, research-based statements intended to spark debate and to offer a better way of teaching writing. Contributors, as scholars of rhetoric and composition, provide a snapshot of major myths about writing instruction in these essays. This collection is published in whole by the Digital Publishing Institute and in part by Inside Higher Ed

Bad Ideas About Writing

Bad Ideas About Writing counters major myths about writing instruction. Inspired by the provocative science- and social-science-focused book This Idea Must Die and written for a general audience, the collection offers opinionated, research-based statements intended to spark debate and to offer a better way of teaching writing. Contributors, as scholars of rhetoric and composition, provide a snapshot of and antidotes to major myths in writing instruction. This collection is published in whole by the Digital Publishing Institute at WVU Libraries and in part by Inside Higher Ed. Supplemental files feature archived episodes of the Bad Ideas About Writing Podcast, read by Dr. Kyle Stedman of Rockford University.https://researchrepository.wvu.edu/dpi-textbooks/1000/thumbnail.jp