Modeling style rotation: switching and re-switching

The purpose of this paper is to investigate the dynamics and statistics of style rotation based on the Barberis-Shleifer model of style switching. Investors in stocks regard the forecasting of style-relative performance, especially style rotation, as highly desirable but difficult to achieve in practice. Whilst we do not claim to be able to do this in an empirical sense, we do provide a framework for addressing these issues. We develop some new results from the Barberis-Shleifer model which allows us to understand some of the time series properties of style relative price performance and determine the statistical properties of the time until a switch between styles. We apply our results to a set of empirical data to get estimates of some of the model parameters including the level of risk aversion of market participants

The quantitative measure and statistical distribution of fame

Fame and celebrity play an ever-increasing role in our culture. However, despite the cultural and economic importance of fame and its gradations, there exists no consensus method for quantifying the fame of an individual, or of comparing that of two individuals. We argue that, even if fame is difficult to measure with precision, one may develop useful metrics for fame that correlate well with intuition and that remain reasonably stable over time. Using datasets of recently deceased individuals who were highly renowned, we have evaluated several internet-based methods for quantifying fame. We find that some widely-used internet-derived metrics, such as search engine results, correlate poorly with human subject judgments of fame. However other metrics exist that agree well with human judgments and appear to offer workable, easily accessible measures of fame. Using such a metric we perform a preliminary investigation of the statistical distribution of fame, which has some of the power law character seen in other natural and social phenomena such as landslides and market crashes. In order to demonstrate how such findings can generate quantitative insight into celebrity culture, we assess some folk ideas regarding the frequency distribution and apparent clustering of celebrity deaths.Comment: 17 pages, 6 figure

The Fe-Ti minerals of Icelandic basic rocks and their significance in rock magnetism

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