There are plenty of critics who are sceptical about the future of AI. The topic has been over-hyped, say these critics. According to these critics, we don’t need to be worried about the longer-term repercussions of AI with superhuman capabilities. We’re many decades – perhaps centuries ...
Whaley, 2009, Common divisor, payout persistence, and return predictability, International Review of Finance 9, 335-357.Powell, J., J. Shi, T. Smith, and R. Whaley, 2009, Common divisors, payout persistence, and return predictability, International Review of Finance 9, 225-257....
by preventing a surety from asserting the "pay-if- paid" provision as a defense to a bond claim, Maryland may have unwittingly gone from the majority view of enforcement of "pay- if-paid" provisions to the minority view of non- enforcement, at least in cases where the general ...
Our CEO Pay Ratio Comments Urge the SEC to Provide Greater Flexibility and Year-to-Year PredictabilitySteve SeeligPaul Platten
Moreover, firms must pay a maintenance cost c>0 per unit of capital that has not depreciated. If the maintenance cost is not paid, the capital is scrapped and lost. The aggregate capital stock therefore evolves according to (10)Kt+1=χt(1−δ)Kt+It,where χt∈[0,1] is the ...
Predictability is further supported through out-of-sample metrics, and a predictability-based decision rule produces sizable improvements in the Sharpe ratios and skewness profile of carry trade payoffs. Our evidence also indicates that predictability can be traced to the long legs of the carry ...
Alongside the typical summary statistics of average return and Sharpe ratio, we also report the success rate, which is defined as the proportion of trading days with nonnegative payoffs. Compared to the benchmark strategy, the market timing strategy generates higher average return, higher Sharpe ...
(2003) demonstrate that risk-neutral estimates of quadratic, cubic and quartic return payoffs can be obtained in a nonparametric fashion. Their derivations of model-free moment estimates are based on the results of Carr and Madan (1998) as well as Bakshi and Madan (2000) who show that any ...
However, most professional team sports exhibit large and complex decision spaces, with many possible actions of uncertain payoffs, and execution is carried out by an imperfectly coordinated team. Game theory provides less guidance within such complex games, and the resulting dynamics are often better...
Third, policymakers and financial regulators interested in market risk monitoring should pay attention to cross-market risk transmission between AI-based assets and those of energy-focused sectors, especially in the intermediate and long-term investment horizons. Our study offers a premise for future ...