Just noticeable differences in perceived image contrast with changes in displayed image size

An evaluation of the change in perceived image contrast with changes in displayed image size was carried out. This was achieved using data from four psychophysical investigations, which employed techniques to match the perceived contrast of displayed images of five different sizes. A total of twenty-four S-shape polynomial functions were created and applied to every original test image to produce images with different contrast levels. The objective contrast related to each function was evaluated from the gradient of the mid-section of the curve (gamma). The manipulation technique took into account published gamma differences that produced a just-noticeable-difference (JND) in perceived contrast. The filters were designed to achieve approximately half a JND, whilst keeping the mean image luminance unaltered. The processed images were then used as test series in a contrast matching experiment. Sixty-four natural scenes, with varying scene content acquired under various illumination conditions, were selected from a larger set captured for the purpose. Results showed that the degree of change in contrast between images of different sizes varied with scene content but was not as important as equivalent perceived changes in sharpness.

Do financial distress and liquidity crises affect value and size premiums?

This study investigates the impact of liquidity crises on the relationship between stock (value and size) premiums and default risk in the US market. It first examines whether financial distress can explain value and size premiums, and then, subsequently, aims to determine whether liquidity crises increase the risk of value and size premium investment strategies. The study employs a time-varying approach and a sample of US stock returns for the period between January 1982 and March 2011, a period which includes the current liquidity crisis, so as to examine the relationship between default risk, liquidity crises and value and size premiums. The findings indicate that the default premium has explanatory power for value and size and premiums, which affect firms with different characteristics. We also find that liquidity crises may actually increase the risks related to size and value premium strategies.