240,459 research outputs found

    The Value Spread as a Predictor of Returns

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    Recent studies have used the value spread to predict aggregate stock returns to construct cash-flow betas that appear to explain the size and value anomalies. We show that two related variables, the book-to-market spread (the book-to-market of value stocks minus that of growth stocks) and the market-to-book spread (the market-to-book of growth stocks minus that of value stocks) predict returns in different directions and exhibit opposite cyclical variations. Most important, the value spread mixes information on the book-to-market and market-to-book spreads, and appears much less useful in predicting returns.

    Experimental implementation of generalized Grover's algorithm of multiple marked states and its application

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    Generalized Grover's searching algorithm for the case in which there are multiple marked states is demonstrated on a nuclear magnetic resonance (NMR) quantum computer. The entangled basis states (EPR states) are synthesized using the algorithm.Comment: 20 pages,3 figure
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