Ape or Art: investment strategies

Ronald Doeswijk obtained his Master’s Degree in Economics from the Erasmus University in Rotterdam in 1995. After graduating, he started his working career as an investment strategist with the Institute for Research and Investment Services (IRIS), a joint venture of Rabobank and Robeco Group. In his day-to-day business as a strategist, he is involved in recommendations relating to the asset mix, allocation over regions and sectors, and advice on the preferred investment styles. His research interests include investment strategies. He has published several articles on this theme in the academic literature. ISBN 978-90-9021791-8This book concentrates on the question whether the stock market is efficient or leaves room for exploitable investment strategies. We analyze five possible anomalies in discussing the seasonal ‘Sell-in-May’ effect on the stock market and four cross-sectional patterns which involve IPOs, mergers and acquisitions, insider trading and index revisions. Our results suggest that the stock market is not fully efficient

T1 mapping in the rat myocardium at 7 Tesla using a modified CINE inversion recovery sequence

Purpose To evaluate the reproducibility and sensitivity of the modified CINE inversion recovery (mCINE-IR) acquisition on rats for measuring the myocardial T1 at 7 Tesla. Materials and Methods The recently published mCINE-IR acquisition on humans was applied on rats for the first time, enabling the possibility of translational studies with an identical sequence. Simulations were used to study signal evolution and heart rate dependency. Gadolinium phantoms, a heart specimen and a healthy rat were used to study reproducibility. Two cryo-infarcted rats were scanned to measure late gadolinium enhancement (LGE). Results In the phantom reproducibility studies the T1 measurements had a maximum coefficient of variation (COV) of 1.3%. For the in vivo reproducibility the COV was below 5% in the anterior cardiac segments. In simulations with phantoms and specimens, a heart rate dependency of approximately 0.5 ms/bpm was present. The T1 maps of the cryo-infarcted rats showed a clear lowering of T1 in de LGE region. Conclusion The results show that mCINE-IR is highly reproducible and that the sensitivity allows detecting T1 changes in the rat myocardium

Inter and intra-tumor somatostatin receptor 2 heterogeneity influences peptide receptor radionuclide therapy response

Patients with neuroendocrine tumors (NETs) can be treated with peptide receptor radionuclide therapy (PRRT). Here, the somatostatin analogue octreotate radiolabeled with lutetium-177 is targeted to NET cells by binding to the somatostatin receptor subtype 2 (SST2). During radioactive decay, DNA damage is induced, leading to NET cell death. Although the therapy proves to be effective, mortality rates remain high. To appropriately select more optimal treatment strategies, it is essential to first better understand the radiobiological responses of tumor cells to PRRT. Methods: We analyzed PRRT induced radiobiological responses in SST2 expressing cells and xenografted mice using SPECT/MRI scanning and histological and molecular analyses. We measured [177Lu]Lu-DOTA-TATE uptake and performed analyses to visualize induction of DNA damage, cell death and other cellular characteristics. Results: The highest accumulation of radioactivity was measured in the tumor and kidneys. PRRT induced DNA damage signaling and repair in a time-dependent manner. We observed intra-tumor heterogeneity of DNA damage and apoptosis, which was not attributed to proliferation or bioavailability. We found a strong correlation between high DNA damage levels and high SST2 expression. PRRT elicited a different therapeutic response between models with different SST2 expression levels. Heterogeneous SST2 expression levels were also confirmed in patient NETs. Conclusion: Hete

The Optimism Cycle: Sell in May

Earnings revisions, Optimism cycle, Psychology, Seasonality, Sell in May, G12, G14, G15,

Data update: The Global Multi-Asset Market Portfolio, 1959–2012

This dataset contains the annually updated global multi-asset market portfolio of Doeswijk, Lam, and Swinkels (2014). The latest update contains data until 31 December 2022. The market portfolio contains important information for purposes of strategic asset allocation. One could consider it a natural benchmark for investors. The authors composed the invested global multi-asset market portfolio for 1990–2012 by estimating the market capitalization for equities, private equity, real estate, high-yield bonds, emerging-market debt, investment-grade credits, government bonds, and inflation-linked bonds. They also used an expanded period (1959–2012) for the main asset categories: equities, real estate, nongovernment bonds, and government bonds

Data: The Risk and Reward of Investing

We examine the risk and reward of investing by constructing a uniquely comprehensivemarket portfolio of $150 trillion worth of global assets that financial investors have investedin, spanning the period 1970-2022 at the monthly frequency. This monthly frequency allowsus to more accurately estimate the risks involved with investing. Even though the Sharperatio of the global market portfolio is not much higher than that of equities, it is much morestable over time. Moreover, drawdowns of the global market portfolio are less deep andshorter. When the market portfolio is expressed in other currencies than the U.S. dollar,risks of investing appear larger.</p