Price Momentum and Idiosyncratic Volatility

We find that returns to momentum investing are higher among high idiosyncratic volatility (IVol) stocks, especially high IVol losers. Higher IVol stocks also experience quicker and larger reversals. The findings are consistent with momentum profits being attributable to underreaction to firm-specific information and with IVol limiting arbitrage of the momentum effect. We also find a positive time-series relation between momentum returns and aggregate IVol. Given the long-term rise in IVol, this result helps explain the persistence of momentum profits since Jegadeesh and Titman’s (1993) study

Fish Grubs in Freshwater Ponds and Lakes.

8 p

The Incremental Multiresolution Matrix Factorization Algorithm

Multiresolution analysis and matrix factorization are foundational tools in computer vision. In this work, we study the interface between these two distinct topics and obtain techniques to uncover hierarchical block structure in symmetric matrices -- an important aspect in the success of many vision problems. Our new algorithm, the incremental multiresolution matrix factorization, uncovers such structure one feature at a time, and hence scales well to large matrices. We describe how this multiscale analysis goes much farther than what a direct global factorization of the data can identify. We evaluate the efficacy of the resulting factorizations for relative leveraging within regression tasks using medical imaging data. We also use the factorization on representations learned by popular deep networks, providing evidence of their ability to infer semantic relationships even when they are not explicitly trained to do so. We show that this algorithm can be used as an exploratory tool to improve the network architecture, and within numerous other settings in vision.Comment: Computer Vision and Pattern Recognition (CVPR) 2017, 10 page

Anti-Counterfeiting Warnings: Do they Influence Consumer Behavior and Perception of Overt Indicators?

This study examined if overt anti-counterfeiting indicators on product packages and warning labels added to the product, informing that the product might be a counterfeit, influenced participants to spend more time examining the product package for genuineness. The overt indicators used were a QR code, and a holographic security tag that were added to packages as a sticker. There was little research regarding what consumers were looking for when examining a product package to determine if the product was genuine or counterfeit. Arguments for both involving the consumers in the counterfeit identification process, and not involving the consumers in this process were found in previous literature. In this study, the participants wore a set of eye tracking glasses and were given 13 different products to examine, some with no added indicators, some with added QR code indicator, and some with holographic security tag added indicator. Half of the subjects saw the added warning label sticker, and the other half saw the same products with no added warning label. After the participants finished viewing each of the products, they filled out a survey that asked them if they thought the product was genuine or counterfeit, how likely they would be to purchase the product, how much they trusted that the product, and what it was about the product that made them rate it this way. The total amount of time that the participants spent examining the product package, as well as the total amount of time the participants spent examining the added overt anti-counterfeiting indicators on the product package were measured as well. The results revealed that the warning label did have an overall effect on the total amount of time that the participants spent examining the product package, and there was no difference on total time between the two types of indicators. Participants did not pay more attention to one indicator over the other. Further research will be needed to examine true counterfeit products when compared to genuine products, after the addition of the warning labels and the overt anti-counterfeiting indicators to the product package

Ich Disease of Fishes.

4 p

Ich Disease of Fishes.

6 p