How well do financial experts perform? A review of empirical research on performance of analysts, day-traders, forecasters, fund managers, investors, and stockbrokers

In this manuscript, empirical research on performance of various types of financial experts is reviewed. Financial experts are used as the umbrella term for financial analysts, stockbrokers, money managers, investors, and day-traders etc. The goal of the review is to find out about the abilities of financial experts to produce accurate forecasts, to issue profitable stock recommendations, as well as to make successful investments and trades. On the whole, the reviewed studies show discouraging tendencies of the alleged excellence of financial experts.Behavioral finance; Expert judgment; Financial psychology; Forecasting; Investment; Trading; Performance

Stewardship of very large digital data archives

An archive is a permanent store. There are relatively few very large digital data archives in existence. Most business records are expired within five or ten years. Many kinds of business records that do have long lives are embedded in data bases that are continually updated and re-issued cyclically. Also, a great deal of permanent business records are actually archived as microfilm, fiche, or optical disk images - their digital version being an operational convenience rather than an archive. The problems forseen in stewarding the very large digital data archives that will accumulate during the mission of the Earth Observing System (EOS) are addressed. It focuses on the function of shepherding archived digital data into an endless future. Stewardship entails storing and protecting the archive and providing meaningful service to the community of users. The steward will (1) provide against loss due to physical phenomena; (2) assure that data is not lost due to storage technology obsolescence; and (3) maintain data in a current formatting methodology

Stewardship of very large digital data archives

This paper addresses the problems foreseen by the author in stewarding the very large digital data archives that will accumulate during the mission of the Earth Orbiting Satellite (EOS). It focuses on the function of 'shepherding' archived digital data into an endless future. Stewardship entails a great deal more than storing and protecting the archive. It also includes all aspects of providing meaningful service to the community of users (scientists) who will want to access the data. The complete steward will be required to do the following: (1) provide against loss due to physical phenomena; (2) assure that data is not 'lost' due to storage technology obsolescence; (3) maintain data in a current formatting methodology with the additional requirement of being able to reconstitute the data to its original, as-received format; (4) secure against loss or pollution of data due to accidental, misguided, or willful software intrusion; (5) prevent unauthorized electronic access to the data, including unauthorized placement of data into the archive; (6) index the data in a metadatabase so that all anticipatable queries can be served without searching through the data itself; (7) provide responsive access to the metadatabase; (8) provide appropriately responsive access to the data; (9) incorporate additions and changes to the archive (and to the metadatabase) in a timely way; and (10) deliver only copies of data to clients - retain physical custody of the 'official' data. Items 1 through 4 are discussed in this paper

Seeding of the Self-Modulation in a Long Proton Bunch by Charge Cancellation with a Short Electron Bunch

In plasma wakefield accelerators (e.g. AWAKE) the proton bunch self-modulation is seeded by the ionization front of a high-power laser pulse ionizing a vapour and by the resulting steep edge of the driving bunch profile inside the created plasma. In this paper, we present calculations in 2D linear theory for a concept of a different self-modulation seeding mechanism based on electron injection. The whole proton bunch propagates through a preformed plasma and the effective beam current is modulated by the external injection of a short electron bunch at the centre of the proton beam. The resulting sharp edge in the effective beam current in the trailing part of the proton bunch is driving large wakefields that can lead to a growth of the seeded self-modulation (SSM). Furthermore, we discuss the feasibility for applications in AWAKE Run 2

Virtual Reality Physics Scenarios

Many students taking physics early on in their education find that it may be difficult to associate the theory they learn in class with how physics works in real world scenarios. Through various experiments in class, students are able to see examples of physics phenomena, but those experiments are limited by equipment, and do not offer precise data. To combat this, we are creating a virtual reality application for students to use to help learn physics. This report details the requirements the system will meet, as well as the use cases and subsequent activity diagrams for all users. We have also included a conceptual model of our system, as well as an explanation for technologies used, and a test plan and development timeline

Tax Reform and the Slope of the Playing Field

Possible benefits of tax reform include faster economic growth and greater equity across households. A part of economic growth is the channeling of saving into the most productive real investments. The ability of various tax regimes to channel saving efficiently and independently of the inflation rate is the focus of the current paper. The tax regimes include current law, preERTA law, the Treasury and Administration reform proposals, HR 3838, and what seems likely to come out of the Senate Finance Committee.

Household Formation and Home Ownership: The Impacts of Demographics andTaxes

This paper summarizes the impact of economic, social and demographic variables on household formations and home ownership in the 1960-85 period and uses this knowledge to forecast household formations, and their split between owners and renters, through the year 2000. High and low growth forecasts are reported, both with and without enactment of the Tax Reform Act of 1986. The forecasts are compared with those of others. Net household formations are expected to be robust through 1990 (above 1 1/2 million per year), but to tail off sharply in the 1990s (down to 1 million by 2000). Home ownership should rise slightly in the 1990s.