Stock Selection Strategies in Emerging Markets

Recent empirical evidence suggests that value and momentum strategies generate significant excess returns in emerging markets. We confirm these results and extend them in several directions. First, we examine a broader range of stock selection strategies, including strategies based on analysts' earnings revisions. We also consider multivariate strategies, whereby stocks are selected on multiple characteristics, and find that this enhances the overall performance. Excess returns also increase if country selection is incorporated into the strategies, but the risk of the strategies increases proportionally. Second, we test whether the strategies can be implemented successfully in practice by a large institutional investor, facing a lack of liquidity, restrictions on foreign ownership and substantial transaction costs. We find that even under such more realistic circumstances the strategies earn significant excess returns. Third, we examine several popular explanations for the excess returns. We find no evidence of higher market risk or lower liquidity of the strategies. Instead, based on the developments of earnings and earnings revisions after portfolio formation, we find that the results are consistent with behavioral explanations

Stock Selection Strategies in Emerging Markets

Recent empirical evidence suggests that value and momentum strategies generate significantexcess returns in emerging markets. We confirm these results and extend them in severaldirections. First, we examine a broader range of stock selection strategies, including strategiesbased on analysts' earnings revisions. We also consider multivariate strategies, whereby stocks areselected on multiple characteristics, and find that this enhances the overall performance. Excessreturns also increase if country selection is incorporated into the strategies, but the risk of thestrategies increases proportionally. Second, we test whether the strategies can be implementedsuccessfully in practice by a large institutional investor, facing a lack of liquidity, restrictions onforeign ownership and substantial transaction costs. We find that even under such more realisticcircumstances the strategies earn significant excess returns. Third, we examine several popularexplanations for the excess returns. We find no evidence of higher market risk or lower liquidity ofthe strategies. Instead, based on the developments of earnings and earnings revisions afterportfolio formation, we find that the results are consistent with behavioral explanations.value; momentum; earnings revisions; market imperfections; risk; behavioral models; overreaction; underreaction

Very Long-term Sequelae after Nonradical Surgery Combined with Brachytherapy in an Infant with a Chemotherapy-resistant Rhabdomyosarcoma of the Tongue

In 2003, van Grotel and colleagues reported an infant suffering a chemotherapy-resistant eRMS of the tongue, that was treated with subtotal tumor resection and brachytherapy after major medical ethical discussions. As no long-term sequelae of such a procedure have been described, perspectives were uncertain at that time. Now, after 15 years, we describe hypoplasia of the mandibula, compromised dentation, osteopenia, neuropsychological deficits, and moderate speech impairment as the most prominent late effects. Also, mandibular cysts and basal cell carcinomas in the irradiated area, eventually led to the diagnosis Gorlin syndrome

Very Long-term Sequelae after Nonradical Surgery Combined with Brachytherapy in an Infant with a Chemotherapy-resistant Rhabdomyosarcoma of the Tongue

In 2003, van Grotel and colleagues reported an infant suffering a chemotherapy-resistant eRMS of the tongue, that was treated with subtotal tumor resection and brachytherapy after major medical ethical discussions. As no long-term sequelae of such a procedure have been described, perspectives were uncertain at that time. Now, after 15 years, we describe hypoplasia of the mandibula, compromised dentation, osteopenia, neuropsychological deficits, and moderate speech impairment as the most prominent late effects. Also, mandibular cysts and basal cell carcinomas in the irradiated area, eventually led to the diagnosis Gorlin syndrome

Producing the Dutch and Belgian mortality projections: A stochastic multi-population standard

The quantification of longevity risk in a systematic way requires statistically sound forecasts of mortality rates and their corresponding uncertainty. Actuarial associations have a long history and continue to play an important role in the development, application and dispersion of mortality projections for the countries they represent. This paper gives an in depth presentation and discussion of the mortality projections as published by the Dutch (in 2014) and Belgian (in 2015) actuarial associations. The goal of these institutions was to publish a stochastic mortality projection model in line with both rigorous standards of state-of-the art academic work as well as the requirements of practical work such as robustness and transparency. Constructed by a team of authors from both academia and practice, the developed mortality projection standard is a Li & Lee type multi-population model. To project mortality, a global Western European trend and a country-specific deviation from this trend are jointly modelled with a bivariate time series model. We motivate and document all choices made in the model specification, calibration and forecasting process as well as the model selection strategy. We show the model fit and mortality projections and illustrate the use of the model in several pension-related applications.status: publishe

Associations Between Systemic and Local Corticosteroid Use With Metabolic Syndrome and Body Mass Index

Context: Use of systemic corticosteroids (CSs) may induce adverse cardiometabolic alterations, potentially leading to obesity and metabolic syndrome (MetS). Although evidence is accumulating that local CSs have considerable systemic effects, their effects on cardiometabolic factors in the general population remain unclear. Objective: To investigate the association between overall CS use and specific CS types with MetS, body mass index (BMI), and other cardiometabolic traits. Design: Cross-sectional cohort study. Setting: General population from the northern Netherlands. Participants: A total of 140,879 adult participants in the population-based Lifelines Cohort Study. Main Outcome Measures: BMI, waist circumference, systolic and diastolic blood pressure, fasting metabolic serum parameters, and a comprehensive set of potential confounding factors. Results: In women, overall, systemic, and local CS use was associated with higher odds of having MetS. Among local female users, only nasal (odds ratio [OR], 1.20 [95% confidence interval (CI), 1.06 to 1.36]) and inhaled CSs [OR, 1.35 (95% CI, 1.24 to 1.49)] users were more likely to have MetS. In men, no association was found between overall and specific CS use and presence of MetS. Use of local-only CSs in women, specifically inhaled CSs in both sexes, was associated with higher BMI. Conclusions: Use of local CSs, particularly inhaled types, as well as systemic CSs, was associated with higher likelihood of having MetS, higher BMI, and other adverse cardiometabolic traits, especially among women. Because the inhaled agents are the main group of prescribed CSs, this might be a substantial risk to public health in case of a yet-to-be-proven causal relationship