Most of the results from past experiments with wild birds and green brown pastry ‘baits’ have suggested that disproportionately more rare forms are eaten when bait density is high (i.e. selection anti-apostatic). In two separate series we presented dishes containing 270 baits one colour 30 another. I, five different pairs colours were simultaneously to at sites. One each pair was common site same other site. After 35 days ratios reversed for another days. There a statistically significant...

Abstract: The price‐earnings effect has been thoroughly documented and is the subject of numerous academic studies. However, in existing research it almost exclusively calculated on basis previous year's earnings. We show that power until now seriously underestimated due to taking too short‐term a view Looking at all UK companies since 1975, using traditional P/E ratio we find difference average annual returns between value glamour deciles be 6%. This similar other authors' findings. are...

Executive Summary. This paper is the first to utilize a direct test for periodic, partially collapsing speculative bubbles in real estate investment trust (REIT) prices United States. A long history of data employed All, Mortgage, Hybrid, and Equity REIT categories. approach more powerful than existing tests some support found presence bubbles. Time-varying probabilities are computed being surviving regimes. The shows how this information could be used developing signal inform investors'...

Green economy is the way forward to achieve economic, social and environmental, sustainable development. However, accelerate transition green economy, private sector companies need understand impact of imposing polices activities on economy. Therefore, this paper examines growth future aggregate stock market returns European exchanges. Using fixed effects model, results show that policies result in lower consistent with investors' perceived reduction risk argument. The findings enhance our...

One of the most easily understood examples natural selection occurs when predators preferentially feed on conspicuous varieties in a prey population and thus confer selective advantage cryptic varieties. This effect can be demonstrated by using wild birds as predators, pastry ‘baits’ prey, coloured stones backgrounds. We have carried out five experiments two variations this method results confirm its potential an exercise simulating selection.

This paper is the first to utilize a direct test for periodic, partially collapsing speculative bubbles in US REIT prices. A long history of data employed All, Mortgage and Equity categories. approach more powerful than existing tests based on formulation switching model that has surviving regime where bubble continues grow implodes. There some evidence presence bubbles, most notably REITs series. also visual negative all three series early 1970s positive after 2000 which subsequently burst....

The fact that value shares outperform glamour in the long term has been known for over 50 years. Why then do remain popular? price-earnings (P/E) ratio was first statistic documented to discriminate between two. Using data all US stocks since 1983, we find have a much greater tendency change P/E decile than shares. We use TreeAge decision tree software, which not applied problems finance before, show investors cannot rationally expect any windfall as their company's changes, whatever...

Journal Article Fast movement of densely aggregated prey increases the strength anti-apostatic selection by wild birds Get access STEPHEN E. WILSON, WILSON 1Department Biology, University Southampton, Southampton S09 3TU Search for other works this author on: Oxford Academic Google Scholar JOHN A. ALLEN, ALLEN KEITH P. ANDERSON Biological Linnean Society, Volume 41, Issue 4, December 1990, Pages 375–380, https://doi.org/10.1111/j.1095-8312.1990.tb00841.x Published: 14 January 2008 history...

The price-earnings effect has been thoroughly documented and widely studied around the world. However, in existing research it almost exclusively calculated on basis of previous year's earnings. We show that power until now seriously underestimated, due to taking too short-term a view look at all UK companies since 1975, using traditional P/E ratio we find difference average annual returns between value glamour deciles be 6%, similar other authors' findings. are able double premium by...

The price-earnings ratio is a widely used measure of the expected performance companies, and it has almost invariably been calculated as current share price to previous year's earnings. However, P/E particular stock partly determined by outside influences such year in which measured, size company, sector company operates. Examining all UK companies since 1975, we propose modified that decomposes these influences. We then use regression weight factors according their power predicting returns....

This study tests for the presence of periodically, partially collapsing speculative bubbles in sector indices S&P 500 using a regime-switching approach. We also employ an augmented model that includes trading volume as technical indicator to improve ability time bubble collapses and better capture temporal variations returns. find well over half index by market capitalization seven its ten component exhibited at least some bubble-like behavior our sample period. Thus grew 1990s subsequently...

Investigations into value-based ‘anomalies’ such as the P/E effect typically sort shares quintiles, or at most deciles. These are blunt instruments. We test whether of extra value in lower end spectrum is to be found very lowest shares, and worst investments reside few with highest P/E. Using a long-term definition earnings, attributing influences on company size sector, we find that small portfolios give returns 40%+ per annum, while glamour less than risk-free rate. thus show by more...

Visual selection occurs when predators preferentially remove conspicuous varieties from prey populations and thus confer a selective advantage on inconspicuous varieties. In previous papers we have described general method for simulating such natural selection, here give details of an improvement that again uses wild birds as predators, green brown pastry ‘baits’ prey, trays containing coloured stones the backgrounds. We used backgrounds three different colours: (on which baits were...

ADVERTISEMENT RETURN TO ISSUEPREVArticleNEXTComplex solubility of silver bromide in ethanol-water, methanol-water, acetone-water, and dioxane-water mixturesKeith P. Anderson, Eliot A. Butler, Earl M. WoolleyCite this: J. Phys. Chem. 1973, 77, 21, 2564–2567Publication Date (Print):October 1, 1973Publication History Published online1 May 2002Published inissue 1 October 1973https://pubs.acs.org/doi/10.1021/j100907a015https://doi.org/10.1021/j100907a015research-articleACS PublicationsRequest...