Do Low-Priced Stocks Drive Long-Term Contrarian Performance on the London Stock Exchange?

We investigate whether low-priced stocks drive long-term contrarian performance on the U.K. market. We find that contrarian performance at low, middle, and high price levels is positive. On the Fama-French risk adjusted basis, we find both low-priced and middle-priced losers have significantly positive returns. When we adjust returns by market and liquidity risk, only middle-priced losers maintain their positive returns. Our results reveal that low-priced stocks are not fully responsible for contrarian performance. Our empirical evidence is generally consistent with the overreaction hypothesis and behavioral models of value investing.

Nonlinear excitations in ferromagnetic chains with nearest and next nearest neighbor exchange interactions

Weakly nonlinear excitations in one-dimensional isotropic Heisenberg ferromagnetic chains with nearest- and next-nearest-neighbor exchange interactions are considered. Based on the properties of modulational stability of corresponding linear spin waves, the existence regions of bright and dark magnetic solitons of the system are discussed in the whole Brillouin zone. The antidark soliton mode which is convex soliton super-imposed with a plane wave component is obtained near the zero-dispersion points of the spin wave frequency spectrum. The analytical results are checked by numerical simulations. [S0163;1829(98)01838-4].

Order Flow and the Monetary Model of Exchange Rates: Evidence from a Novel Data Set

We propose an exchange rate model that is a hybrid of the conventional specification with monetary fundamentals and the Evans–Lyons microstructure approach. We estimate a model augmented with order flow variables, using a unique data set: almost 100 monthly observations on interdealer order flow on dollar/euro and dollar/yen. The augmented macroeconomic, or “hybrid,” model exhibits greater in-sample stability and out of sample forecasting improvement vis-à-vis the basic macroeconomic and random walk specifications.

Social Exchange at Work and Emotional Exhaustion: The Role of Personality

Unbalanced social-exchange processes at work have been linked to emotional exhaustion. In addition to organizational factors, individual differences are important determinants of reciprocity perceptions. This study explored whether broad and narrow personality traits were associated with perceived lack of reciprocity (organizational and interpersonal levels), and whether personality moderated the relationship between reciprocity and emotional exhaustion, in a sample of 322 civil servants. Extraversion, agreeableness, emotional stability, internal locus of control, and Type A behavior predicted reciprocity. The relationship between perceived lack of reciprocity with the organization and emotional exhaustion was stronger for individuals reporting lower negative affect or higher extraversion. These findings highlight the importance of personality for understanding perceived reciprocity at work and its impact on emotional exhaustion.

Effectiveness of in situ moisture preconditioning methods for concrete

With greater emphasis now being placed on the durability of concrete and the need for on-site characterization of concrete for durability, there is an increasing dependence on the measurement of the permeation properties of concrete. Such properties can be measured in the laboratory under controlled ambient conditions, namely, temperature and relative humidity, and comparisons made between samples not affected by testing conditions. An important factor that influences permeation measurements is the moisture state of the concrete prior to testing. Moisture gradients are known to exist in exposed concretes; therefore, all laboratory tests are generally carried out after preconditioning to a reference moisture state. This is reasonably easy to achieve in the laboratory, but more difficult to carry out on-site. Different methods of surface preconditioning in situ concrete are available; however, there is no general agreement on the suitability of any one method. Therefore, a comprehensive set of experiments was carried out with four different preconditioning methods. Results from these investigations indicated that only superficial drying could be achieved by using any of the preconditioning methods investigated and that significant moisture movement below a depth of 15 mm was not evident.