Momentum:autocovariances, cross-covariances or unconditional expected returns?

Abstract. Returns to momentum strategies can be decomposed into three sources of return: positive autocovariances in returns, negative cross-covariances in returns and cross-sectional variation in unconditional expected returns across assets. While theoretical literature on momentum generally assumes that positive autocovariances drive momentum returns, empirical literature presents inconsistent evidence on the importance of each component in explaining momentum returns. However, this prior literature ignores a key empirical issue related to short return histories and extreme return observations. These extreme returns cause a negative bias to sample estimates of return autocovariances and cross-covariances, and a positive bias to the cross-sectional variation in unconditional expected returns. Furthermore, prior literature focuses on portfolios of stocks instead of individual stocks, because the decomposition requires estimating a cross-covariance matrix, which is difficult for individual stocks with short and non-overlapping return histories. I propose a novel, strategy-based decomposition, which allows for estimating the contribution of each component to momentum without bias in the presence of extreme returns and non-overlapping return histories. Empirical evidence from the strategy-based decomposition in a sample of US individual stocks and portfolios of US stocks extending from 1926 to 2018 suggests, that positive return autocovariances are the most important driver of momentum. This evidence is consistent with most behavioral theories on momentum but does not preclude a rational interpretation. When the contributions are allowed to vary over time, positive autocovariances consistently remain the most important driver of momentum returns throughout the sample period. However, the time-series predictability in individual stock returns slowly erodes after momentum is initially documented in the literature in 1993, potentially explaining the poor recent performance of momentum

Esineiden internet v2023

Tiivistelmä. Esineiden internet eli IoT on ollut todella suuressa kasvussa viime vuosien aikana eikä kasvulle näy loppua. Tämän työn tarkoitus on tutustua esineiden internetin nykytilanteeseen käyttäen mahdollisimman uusia artikkeleita aiheeseen liittyen. Aihetta on kuitenkin rajattu sen verran, että pysytään lähinnä arkisissa ja jokapäiväisissä sovelluksissa. Työn alussa tutustutaan yleisesti esineiden internetiin ja sen historiaan. Tämän jälkeen selvitetään tilastojen kanssa muutamia erilaisia ohjelmointialustoja, ohjelmointikieliä sekä tiedonsiirtotapoja. Tämän lisäksi otetaan kaikista näistä muutamia eniten käytettyjä vaihtoehtoja ja tutustutaan niiden tämänhetkisiin ominaisuuksiin hieman tarkemmin. Sen jälkeen käydään läpi muutama konkreettinen esimerkki sovelluksista, joita on juuri tällä hetkellä käytössä. Lopuksi mietitään hieman tulevaisuuden näkymiä.Internet of things in 2023. Abstract. The internet of things, or IoT, has been growing at significantly fast over the past few years and there is no end in sight. The purpose of this work is to review the current state of the internet of things. It is done by using the most recent articles of the IoT. However, the topic has been limited mainly to the ordinary and everyday applications. The work begins with a general introduction to the internet of things and its history. This will be followed with a statistical review of some different programming platforms, programming languages and methods of data transfer. This is followed by a selection of some of the most widely used options of those and a closer look at their current features. After that we look at a few concrete examples of applications that are in use right now. Finally, a little reflection on the future of IoT

The reference site collaborative network of the european innovation partnership on active and healthy ageing

Seventy four Reference Sites of the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA) have been recognised by the European Commission in 2016 for their commitment to excellence in investing and scaling up innovative solutions for active and healthy ageing. The Reference Site Collaborative Network (RSCN) brings together the EIP on AHA Reference Sites awarded by the European Commission, and Candidate Reference Sites into a single forum. The overarching goals are to promote cooperation, share and transfer good practice and solutions in the development and scaling up of health and care strategies, policies and service delivery models, while at the same time supporting the action groups in their work. The RSCN aspires to be recognized by the EU Commission as the principal forum and authority representing all EIP on AHA Reference Sites. The RSCN will contribute to achieve the goals of the EIP on AHA by improving health and care outcomes for citizens across Europe, and the development of sustainable economic growth and the creation of jobs

The Reference Site Collaborative Network of the European Innovation Partnership on Active and Healthy Ageing.

International audienceSeventy four Reference Sites of the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA) have been recognised by the European Commission in 2016 for their commitment to excellence in investing and scaling up innovative solutions for active and healthy ageing. The Reference Site Collaborative Network (RSCN) brings together the EIP on AHA Reference Sites awarded by the European Commission, and Candidate Reference Sites into a single forum. The overarching goals are to promote cooperation, share and transfer good practice and solutions in the development and scaling up of health and care strategies, policies and service delivery models, while at the same time supporting the action groups in their work. The RSCN aspires to be recognized by the EU Commission as the principal forum and authority representing all EIP on AHA Reference Sites. The RSCN will contribute to achieve the goals of the EIP on AHA by improving health and care outcomes for citizens across Europe, and the development of sustainable economic growth and the creation of jobs

The reference site collaborative network of the european innovation partnership on active and healthy ageing

Seventy four Reference Sites of the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA) have been recognised by the European Commission in 2016 for their commitment to excellence in investing and scaling up innovative solutions for active and healthy ageing. The Reference Site Collaborative Network (RSCN) brings together the EIP on AHA Reference Sites awarded by the European Commission, and Candidate Reference Sites into a single forum. The overarching goals are to promote cooperation, share and transfer good practice and solutions in the development and scaling up of health and care strategies, policies and service delivery models, while at the same time supporting the action groups in their work. The RSCN aspires to be recognized by the EU Commission as the principal forum and authority representing all EIP on AHA Reference Sites. The RSCN will contribute to achieve the goals of the EIP on AHA by improving health and care outcomes for citizens across Europe, and the development of sustainable economic growth and the creation of jobs

The Reference Site Collaborative Network of the European Innovation Partnership on Active and Healthy Ageing.

International audienc

The Reference Site Collaborative Network of the European Innovation Partnership on Active and Healthy Ageing.

International audienceSeventy four Reference Sites of the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA) have been recognised by the European Commission in 2016 for their commitment to excellence in investing and scaling up innovative solutions for active and healthy ageing. The Reference Site Collaborative Network (RSCN) brings together the EIP on AHA Reference Sites awarded by the European Commission, and Candidate Reference Sites into a single forum. The overarching goals are to promote cooperation, share and transfer good practice and solutions in the development and scaling up of health and care strategies, policies and service delivery models, while at the same time supporting the action groups in their work. The RSCN aspires to be recognized by the EU Commission as the principal forum and authority representing all EIP on AHA Reference Sites. The RSCN will contribute to achieve the goals of the EIP on AHA by improving health and care outcomes for citizens across Europe, and the development of sustainable economic growth and the creation of jobs