Exploring the conditional performance of UK unit trusts

We evaluate the conditional performance of U.K. equity unit trusts using the approach of Lynch and Wachter (2007, 2008) relative to three conditional linear factor models. We find significant time variation in the conditional performance of some trust portfolios and individual trusts using the lag term spread as the information variable. The conditional performance of the trusts is countercyclical and larger trusts have more countercyclical performance than smaller trusts within certain investment sectors. These patterns in conditional trust performance cannot be fully explained by the underlying securities that the trusts hold.

From ALIBI to COLUMBUS. The long march to self-aware, reflective computational models of humor

One thing is (a) to develop a system that handles some task to one's satisfaction, and also has a universally recognized myrthful side to its output. Another thing is (b) to provide an analysis of why you are getting such a byproduct. Yet another thing is (c) to develop a model that incorporates reflection about some phenomenon in humor for its own sake. This paper selects for discussion especially Alibi, going on to describe the preliminaries of Columbus. The former, which fits in (a), is a planner with an explanatory capability. It invents pretexts. It's no legal defense, but it is relevant to evidential thinking in AI & Law. Some of the output pretext are myrthful. Not in the sense they are silly: they are not. A key factor seems to be the very alacrity at explaining out detail after detail of globally damning evidence. I attempt a reanalysis of Alibi in respect of (b). As to Columbus, it fits instead in (c). We introduce here the basics of this (unimplemented) model, developed to account for a sample text in parody.