Long-term return reversals-Value and growth or tax? UK evidence

This paper examines (i) whether value-growth characteristics have more power than past performance in predicting return reversals; and (ii) whether typical rational behaviour such as incentives to delay paying capital gain taxes can better explain long-term reversals than past performance. We find that value-growth characteristics generally provide better explanations for long-term stock returns than past performance. The evidence also shows that winners identified by capital gains dominate past performance winners in predicting reversals in the cross-sectional comparison. However, in the time-series analysis, when returns on capital gain winners are adjusted by the Fama and French (1996) risk factors, the predictive power of capital gain winners disappears. Our results show that capital gain winners are heavily featured as growth stocks. Return reversals in capital gain winners potentially reflect market price corrections for growth stocks. We conclude that investors’ incentives to delay paying capital gain taxes cannot fully rationalise long-term reversals in the UK market. Our results also imply that the long-term return pattern potentially reflects a mixture of investor rational and irrational behaviour.

A STRUCTURE-FROM-MOTION SCHEME THAT LOOKS FOR PARALLELS, AND ITS IMPLICATIONS FOR APPARENT REVERSALS IN ROTATING TRAPEZIA

Apparent reversals in rotating trapezia have been regarded as evidence that human vision favours methods which are heuristic or form dependent. However, the argument is based on the assumption that general algorithmic methods would avoid the illusion, and that has never been clear. A general algorithm for interpreting moving parallels has been developed to address the issue. It handles a considerable range of stimuli successfully, but finds multiple interpretations in situations which correspond closely to those where apparent reversals occur. This strengthens the hypothesis that apparent reversals may occur when general algorithmic methods fail and heuristics are invoked as a stopgap.

Understanding Desistance from Sexual Offending: A Thematic Review of Research Findings

Although there is a substantial body of work on desistance from crime in general, comparatively little is known about desistance from sexual crime. The broad aim of this paper is to provide an overview of the research methodology and preliminary findings from a recent empirical study on desistance from sexual offending conducted by the authors. Such findings have potentially important implications for policy and practice concerning sex offender risk assessment, treatment and management.

Short-Term Reversals: The Effects of Past Returns and Institutional Exits

Price declines over the previous quarter lead to stronger reversals across the subsequent two months. We explain this finding based on the dual notions that liquidity provision can influence reversals, and agents that act as de facto liquidity providers may be less active in past losers. Supporting these observations, we find that active institutions participate less in losing stocks, and that the magnitude of monthly return reversals fluctuates with changes in the number of active institutional investors. Thus, we argue that fluctuations in liquidity provision with past return performance accounts for the link between return reversals and past returns.

Northern Ireland Infant Death Thematic Review 2015

Co-Sleeping and bed sharing are considered the social norm for approximately 90% of the world's population, with two-thirds of the world's cultures habitually practicing mother-infant co-sleeping on the same bed. Although international studies show that the practice of co-sleeping is common, it is controversial in the public health community, as many consider it a significant risk for Sudden Infant Death Syndrome (SIDS), accounting for 50% of SIDS deaths in the UK. The report offers an international review of the evidence and provides important debates and critical knowledge for both health professionals, parents and all those organisations working to support the safety of infants in their first perinatal year.

Bergsmo, Morten (ed.). Thematic prosecution of international sex crimes. Beijing: Torkel Opsahl Academic Epublisher; 2012, 452 p.

Reseña del libro

Multiple intelligences : upper primary : a thematic approach.

La diversificación del desarrollo cognitivo que preconiza la teoría de las inteligencias múltiples de Howard Gardner ha venido a indicar líneas de acción pedagógica adaptadas a las características del individuo. Este recurso ofrece enseñanza y oportunidades de aprendizaje utilizando las ocho inteligencias múltiples: lingüística, lógica-matemática, corporal y kinésica, visual y espacial, musical y ritmica, interpersonal, intrapersonal, naturalista. Contiene seis unidades de trabajo: las especies en peligro de extinción, los desastres, las civilizaciones antiguas, las cuestiones medioambientales, el deporte, el desarrollo personal. Hay un texto informativo para los alumnos, sobre cada tema, y notas para el profesor que acompañan a cada actividad, incluyendo el objetivo, enlaces al plan de estudios, preparación, respuestas y sugerencias de actividades adicionales. Al final de cada unidad de trabajo hay una hoja para que el alumno autoevalúe sus ocho inteligencias.

Multiple intelligences : middle primary : a thematic approach.

La diversificación del desarrollo cognitivo que preconiza la teoría de las inteligencias múltiples de Howard Gardner ha venido a indicar líneas de acción pedagógica adaptadas a las características del individuo. Este recurso ofrece enseñanza y oportunidades de aprendizaje utilizando las ocho inteligencias múltiples: lingüística, lógica-matemática, corporal y kinésica, visual y espacial, musical y ritmica, interpersonal, intrapersonal, naturalista. Contiene seis unidades de trabajo: las especies en peligro de extinción, los desastres, las civilizaciones antiguas, las cuestiones medioambientales, el deporte, el desarrollo personal. Hay un texto informativo para los alumnos, sobre cada tema, y notas para el profesor que acompañan a cada actividad, incluyendo el objetivo, enlaces al plan de estudios, preparación, respuestas y sugerencias de actividades adicionales. Al final de cada unidad de trabajo hay una hoja para que el alumno autoevalúe sus ocho inteligencias.