際際滷shows by User: ValiantWagon / http://www.slideshare.net/images/logo.gif 際際滷shows by User: ValiantWagon / Thu, 02 Jan 2020 04:45:09 GMT 際際滷Share feed for 際際滷shows by User: ValiantWagon 2019 In Review /ValiantWagon/2019-in-review-214057459 tmt312019inreview-200102044509
A review of world markets for 2019 ]]>
A review of world markets for 2019 ]]> Thu, 02 Jan 2020 04:45:09 GMT /ValiantWagon/2019-in-review-214057459 ValiantWagon@slideshare.net(ValiantWagon) 2019 In Review ValiantWagon A review of world markets for 2019 <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/tmt312019inreview-200102044509-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> A review of world markets for 2019
2019 In Review from Trading Game Pty Ltd
]]> 79 2 https://cdn.slidesharecdn.com/ss_thumbnails/tmt312019inreview-200102044509-thumbnail.jpg?width=120&height=120&fit=bounds presentation Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Bullshiters - Who Are They And What Do We Know About Their Lives /slideshow/bullshiters-who-are-they-and-what-do-we-know-about-their-lives/143291757 dp12282-190502221412
Bullshitters are individuals who claim knowledge or expertise in an area where they actually have little experience or skill. Despite this being a well-known and widespread social phenomenon, relatively few large-scale empirical studies have been conducted into this issue. This paper attempts to fill this gap in the literature by examining teenagers propensity to claim expertise in three mathematics constructs that do not really exist. Using Programme for International Student Assessment (PISA) data from nine Anglophone countries and over 40,000 young people, we find substantial differences in young peoples tendency to bullshit across countries, genders and socio-economic groups. Bullshitters are also found to exhibit high levels of overconfidence and believe they work hard, persevere at tasks, and are popular amongst their peers. Together this provides important new insight into who bullshitters are and the type of survey responses that they provide.]]>
Bullshitters are individuals who claim knowledge or expertise in an area where they actually have little experience or skill. Despite this being a well-known and widespread social phenomenon, relatively few large-scale empirical studies have been conducted into this issue. This paper attempts to fill this gap in the literature by examining teenagers propensity to claim expertise in three mathematics constructs that do not really exist. Using Programme for International Student Assessment (PISA) data from nine Anglophone countries and over 40,000 young people, we find substantial differences in young peoples tendency to bullshit across countries, genders and socio-economic groups. Bullshitters are also found to exhibit high levels of overconfidence and believe they work hard, persevere at tasks, and are popular amongst their peers. Together this provides important new insight into who bullshitters are and the type of survey responses that they provide.]]> Thu, 02 May 2019 22:14:12 GMT /slideshow/bullshiters-who-are-they-and-what-do-we-know-about-their-lives/143291757 ValiantWagon@slideshare.net(ValiantWagon) Bullshiters - Who Are They And What Do We Know About Their Lives ValiantWagon Bullshitters are individuals who claim knowledge or expertise in an area where they actually have little experience or skill. Despite this being a well-known and widespread social phenomenon, relatively few large-scale empirical studies have been conducted into this issue. This paper attempts to fill this gap in the literature by examining teenagers propensity to claim expertise in three mathematics constructs that do not really exist. Using Programme for International Student Assessment (PISA) data from nine Anglophone countries and over 40,000 young people, we find substantial differences in young peoples tendency to bullshit across countries, genders and socio-economic groups. Bullshitters are also found to exhibit high levels of overconfidence and believe they work hard, persevere at tasks, and are popular amongst their peers. Together this provides important new insight into who bullshitters are and the type of survey responses that they provide. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/dp12282-190502221412-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Bullshitters are individuals who claim knowledge or expertise in an area where they actually have little experience or skill. Despite this being a well-known and widespread social phenomenon, relatively few large-scale empirical studies have been conducted into this issue. This paper attempts to fill this gap in the literature by examining teenagers propensity to claim expertise in three mathematics constructs that do not really exist. Using Programme for International Student Assessment (PISA) data from nine Anglophone countries and over 40,000 young people, we find substantial differences in young peoples tendency to bullshit across countries, genders and socio-economic groups. Bullshitters are also found to exhibit high levels of overconfidence and believe they work hard, persevere at tasks, and are popular amongst their peers. Together this provides important new insight into who bullshitters are and the type of survey responses that they provide.
Bullshiters - Who Are They And What Do We Know About Their Lives from Trading Game Pty Ltd
]]> 838 7 https://cdn.slidesharecdn.com/ss_thumbnails/dp12282-190502221412-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Analyzing the Bitcoin Ponzi Scheme Ecosystem /slideshow/analyzing-the-bitcoin-ponzi-scheme-ecosystem/92004450 bitcoin18-final11-180327003510
Abstract. This paper analyzes the supply and demand for Bitcoinbased Ponzi schemes. There are a variety of these types of scams: from long cons such as Bitcoin Savings & Trust to overnight doubling schemes that do not take off. We investigate what makes some Ponzi schemes successful and others less so. By scouring 11 424 threads on bitcointalk.org, we identify 1 780 distinct scams. Of these, half lasted a week or less. Using survival analysis, we identify factors that affect scam persistence. One approach that appears to elongate the life of the scam is when the scammer interacts a lot with their victims, such as by posting more than a quarter of the comments in the related thread. By contrast, we also find that scams are shorter-lived when the scammers register their account on the same day that they post about their scam. Surprisingly, more daily posts by victims is associated with the scam ending sooner.]]>
Abstract. This paper analyzes the supply and demand for Bitcoinbased Ponzi schemes. There are a variety of these types of scams: from long cons such as Bitcoin Savings & Trust to overnight doubling schemes that do not take off. We investigate what makes some Ponzi schemes successful and others less so. By scouring 11 424 threads on bitcointalk.org, we identify 1 780 distinct scams. Of these, half lasted a week or less. Using survival analysis, we identify factors that affect scam persistence. One approach that appears to elongate the life of the scam is when the scammer interacts a lot with their victims, such as by posting more than a quarter of the comments in the related thread. By contrast, we also find that scams are shorter-lived when the scammers register their account on the same day that they post about their scam. Surprisingly, more daily posts by victims is associated with the scam ending sooner.]]> Tue, 27 Mar 2018 00:35:10 GMT /slideshow/analyzing-the-bitcoin-ponzi-scheme-ecosystem/92004450 ValiantWagon@slideshare.net(ValiantWagon) Analyzing the Bitcoin Ponzi Scheme Ecosystem ValiantWagon Abstract. This paper analyzes the supply and demand for Bitcoinbased Ponzi schemes. There are a variety of these types of scams: from long cons such as Bitcoin Savings & Trust to overnight doubling schemes that do not take off. We investigate what makes some Ponzi schemes successful and others less so. By scouring 11 424 threads on bitcointalk.org, we identify 1 780 distinct scams. Of these, half lasted a week or less. Using survival analysis, we identify factors that affect scam persistence. One approach that appears to elongate the life of the scam is when the scammer interacts a lot with their victims, such as by posting more than a quarter of the comments in the related thread. By contrast, we also find that scams are shorter-lived when the scammers register their account on the same day that they post about their scam. Surprisingly, more daily posts by victims is associated with the scam ending sooner. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/bitcoin18-final11-180327003510-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Abstract. This paper analyzes the supply and demand for Bitcoinbased Ponzi schemes. There are a variety of these types of scams: from long cons such as Bitcoin Savings &amp; Trust to overnight doubling schemes that do not take off. We investigate what makes some Ponzi schemes successful and others less so. By scouring 11 424 threads on bitcointalk.org, we identify 1 780 distinct scams. Of these, half lasted a week or less. Using survival analysis, we identify factors that affect scam persistence. One approach that appears to elongate the life of the scam is when the scammer interacts a lot with their victims, such as by posting more than a quarter of the comments in the related thread. By contrast, we also find that scams are shorter-lived when the scammers register their account on the same day that they post about their scam. Surprisingly, more daily posts by victims is associated with the scam ending sooner.
Analyzing the Bitcoin Ponzi Scheme Ecosystem from Trading Game Pty Ltd
]]> 792 7 https://cdn.slidesharecdn.com/ss_thumbnails/bitcoin18-final11-180327003510-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Age-Related Physiological Changes and Their Clinical Significance /slideshow/agerelated-physiological-changes-and-their-clinical-significance/81679128 westjmed00220-0011-171106221951
Physiological changes occur with aging in all organ systems. The cardiac output decreases, blood pressure increases and arteriosclerosis develops. The lungs show impaired gas exchange, a decrease in vital capacity and slower expiratory flow rates. The creatinine clearance decreases with age although the serum creatinine level remains relatively constant due to a proportionate age-related decrease in creatinine production. Functional'changes, largely related to altered motility patterns, occur in the gastrointestinal system with senescence, and atrophic gastritis and altered hepatic drug metabolism are common in the elderly. Progressive elevation of blood glucose occurs with age on a multifactorial basis and osteoporosis is frequently seen due 'to a linear decline in bone mass after the fourth decade. The epidermis of the skin atrophies with age and due to changes in collagen and elastin the skin loses its tone and elasticity. Lean body mass declines with ag'e and this is primarily due to loss and atrophy of muscle cells. Degenerative changes occur in many joints and this, combined with the loss of muscle mass, inhibits elderly patients locomotion. These changes with age have important practical implications for the clinical management of elderly patients: metabolism is altered, changes in response to commonly used drugs make different drug dosages necessary and there is need for rational preventive programs of diet and exercise in an effort to delay or reverse some of these changes.]]>
Physiological changes occur with aging in all organ systems. The cardiac output decreases, blood pressure increases and arteriosclerosis develops. The lungs show impaired gas exchange, a decrease in vital capacity and slower expiratory flow rates. The creatinine clearance decreases with age although the serum creatinine level remains relatively constant due to a proportionate age-related decrease in creatinine production. Functional'changes, largely related to altered motility patterns, occur in the gastrointestinal system with senescence, and atrophic gastritis and altered hepatic drug metabolism are common in the elderly. Progressive elevation of blood glucose occurs with age on a multifactorial basis and osteoporosis is frequently seen due 'to a linear decline in bone mass after the fourth decade. The epidermis of the skin atrophies with age and due to changes in collagen and elastin the skin loses its tone and elasticity. Lean body mass declines with ag'e and this is primarily due to loss and atrophy of muscle cells. Degenerative changes occur in many joints and this, combined with the loss of muscle mass, inhibits elderly patients locomotion. These changes with age have important practical implications for the clinical management of elderly patients: metabolism is altered, changes in response to commonly used drugs make different drug dosages necessary and there is need for rational preventive programs of diet and exercise in an effort to delay or reverse some of these changes.]]> Mon, 06 Nov 2017 22:19:50 GMT /slideshow/agerelated-physiological-changes-and-their-clinical-significance/81679128 ValiantWagon@slideshare.net(ValiantWagon) Age-Related Physiological Changes and Their Clinical Significance ValiantWagon Physiological changes occur with aging in all organ systems. The cardiac output decreases, blood pressure increases and arteriosclerosis develops. The lungs show impaired gas exchange, a decrease in vital capacity and slower expiratory flow rates. The creatinine clearance decreases with age although the serum creatinine level remains relatively constant due to a proportionate age-related decrease in creatinine production. Functional'changes, largely related to altered motility patterns, occur in the gastrointestinal system with senescence, and atrophic gastritis and altered hepatic drug metabolism are common in the elderly. Progressive elevation of blood glucose occurs with age on a multifactorial basis and osteoporosis is frequently seen due 'to a linear decline in bone mass after the fourth decade. The epidermis of the skin atrophies with age and due to changes in collagen and elastin the skin loses its tone and elasticity. Lean body mass declines with ag'e and this is primarily due to loss and atrophy of muscle cells. Degenerative changes occur in many joints and this, combined with the loss of muscle mass, inhibits elderly patients locomotion. These changes with age have important practical implications for the clinical management of elderly patients: metabolism is altered, changes in response to commonly used drugs make different drug dosages necessary and there is need for rational preventive programs of diet and exercise in an effort to delay or reverse some of these changes. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/westjmed00220-0011-171106221951-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Physiological changes occur with aging in all organ systems. The cardiac output decreases, blood pressure increases and arteriosclerosis develops. The lungs show impaired gas exchange, a decrease in vital capacity and slower expiratory flow rates. The creatinine clearance decreases with age although the serum creatinine level remains relatively constant due to a proportionate age-related decrease in creatinine production. Functional&#39;changes, largely related to altered motility patterns, occur in the gastrointestinal system with senescence, and atrophic gastritis and altered hepatic drug metabolism are common in the elderly. Progressive elevation of blood glucose occurs with age on a multifactorial basis and osteoporosis is frequently seen due &#39;to a linear decline in bone mass after the fourth decade. The epidermis of the skin atrophies with age and due to changes in collagen and elastin the skin loses its tone and elasticity. Lean body mass declines with ag&#39;e and this is primarily due to loss and atrophy of muscle cells. Degenerative changes occur in many joints and this, combined with the loss of muscle mass, inhibits elderly patients locomotion. These changes with age have important practical implications for the clinical management of elderly patients: metabolism is altered, changes in response to commonly used drugs make different drug dosages necessary and there is need for rational preventive programs of diet and exercise in an effort to delay or reverse some of these changes.
Age-Related Physiological Changes and Their Clinical Significance from Trading Game Pty Ltd
]]> 2267 5 https://cdn.slidesharecdn.com/ss_thumbnails/westjmed00220-0011-171106221951-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 A Brief Introduction to the Basics of Game Theory /slideshow/a-brief-introduction-to-the-basics-of-game-theory-80429245/80429245 ssrn-id1968579-171003222531
I provide a (very) brief introduction to game theory. I have developed these notes to provide quick access to some of the basics of game theory; mainly as an aid for students in courses in which I assumed familiarity with game theory but did not require it as a prerequisite]]>
I provide a (very) brief introduction to game theory. I have developed these notes to provide quick access to some of the basics of game theory; mainly as an aid for students in courses in which I assumed familiarity with game theory but did not require it as a prerequisite]]> Tue, 03 Oct 2017 22:25:31 GMT /slideshow/a-brief-introduction-to-the-basics-of-game-theory-80429245/80429245 ValiantWagon@slideshare.net(ValiantWagon) A Brief Introduction to the Basics of Game Theory ValiantWagon I provide a (very) brief introduction to game theory. I have developed these notes to provide quick access to some of the basics of game theory; mainly as an aid for students in courses in which I assumed familiarity with game theory but did not require it as a prerequisite <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/ssrn-id1968579-171003222531-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> I provide a (very) brief introduction to game theory. I have developed these notes to provide quick access to some of the basics of game theory; mainly as an aid for students in courses in which I assumed familiarity with game theory but did not require it as a prerequisite
A Brief Introduction to the Basics of Game Theory from Trading Game Pty Ltd
]]> 605 8 https://cdn.slidesharecdn.com/ss_thumbnails/ssrn-id1968579-171003222531-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Primer on Managed Futures /ValiantWagon/primer-on-managed-futures primeronmanagedfutures-171002002621
The paper opens with an overview of the commodity trading advisor (CTA) sector, highlighting the significant growth that has taken place in the managed futures industry in recent years and explaining how the managed futures strategies that CTAs employ work in practice. The breadth of sub-strategies under the managed futures umbrella are then examined. The third part of the paper examines the benefits and perceived risks to investors of allocating to managed futures strategies and also addresses various common misunderstandings about CTAs. The paper concludes by exploring the common ways as to how investors can access the various investment strategies that are available]]>
The paper opens with an overview of the commodity trading advisor (CTA) sector, highlighting the significant growth that has taken place in the managed futures industry in recent years and explaining how the managed futures strategies that CTAs employ work in practice. The breadth of sub-strategies under the managed futures umbrella are then examined. The third part of the paper examines the benefits and perceived risks to investors of allocating to managed futures strategies and also addresses various common misunderstandings about CTAs. The paper concludes by exploring the common ways as to how investors can access the various investment strategies that are available]]> Mon, 02 Oct 2017 00:26:21 GMT /ValiantWagon/primer-on-managed-futures ValiantWagon@slideshare.net(ValiantWagon) Primer on Managed Futures ValiantWagon The paper opens with an overview of the commodity trading advisor (CTA) sector, highlighting the significant growth that has taken place in the managed futures industry in recent years and explaining how the managed futures strategies that CTAs employ work in practice. The breadth of sub-strategies under the managed futures umbrella are then examined. The third part of the paper examines the benefits and perceived risks to investors of allocating to managed futures strategies and also addresses various common misunderstandings about CTAs. The paper concludes by exploring the common ways as to how investors can access the various investment strategies that are available <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/primeronmanagedfutures-171002002621-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> The paper opens with an overview of the commodity trading advisor (CTA) sector, highlighting the significant growth that has taken place in the managed futures industry in recent years and explaining how the managed futures strategies that CTAs employ work in practice. The breadth of sub-strategies under the managed futures umbrella are then examined. The third part of the paper examines the benefits and perceived risks to investors of allocating to managed futures strategies and also addresses various common misunderstandings about CTAs. The paper concludes by exploring the common ways as to how investors can access the various investment strategies that are available
Primer on Managed Futures from Trading Game Pty Ltd
]]> 927 6 https://cdn.slidesharecdn.com/ss_thumbnails/primeronmanagedfutures-171002002621-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 S&P500 Panic Attacks /slideshow/sp500-panic-attacks/79300392 sp500panicattack-170830203504
Pullbacks on the S&P500]]>
Pullbacks on the S&P500]]> Wed, 30 Aug 2017 20:35:04 GMT /slideshow/sp500-panic-attacks/79300392 ValiantWagon@slideshare.net(ValiantWagon) S&P500 Panic Attacks ValiantWagon Pullbacks on the S&P500 <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/sp500panicattack-170830203504-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Pullbacks on the S&amp;P500
S&P500 Panic Attacks from Trading Game Pty Ltd
]]> 943 6 https://cdn.slidesharecdn.com/ss_thumbnails/sp500panicattack-170830203504-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 How Biases Affect Investor Behaviour /slideshow/how-biases-affect-investor-behaviour-79035956/79035956 ssrn-id2457425-170822002641
Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.]]>
Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.]]> Tue, 22 Aug 2017 00:26:41 GMT /slideshow/how-biases-affect-investor-behaviour-79035956/79035956 ValiantWagon@slideshare.net(ValiantWagon) How Biases Affect Investor Behaviour ValiantWagon Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/ssrn-id2457425-170822002641-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Investor behaviour often deviates from logic and reason, and investors display many behaviour biases that influence their investment decision-making processes. The authors describe some common behavioural biases and suggest how to mitigate them.
How Biases Affect Investor Behaviour from Trading Game Pty Ltd
]]> 1511 8 https://cdn.slidesharecdn.com/ss_thumbnails/ssrn-id2457425-170822002641-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Avoid News /slideshow/avoid-news/69020915 avoidnewspart1text-161115203943
This article is the antidote to news. It is long, and you probably wont be able to skim it. Thanks to heavy news consumption, many people have lost the reading habit and struggle to absorb more than four pages straight. This article will show you how to get out of this trap if you are not already too deeply in it. ]]>
This article is the antidote to news. It is long, and you probably wont be able to skim it. Thanks to heavy news consumption, many people have lost the reading habit and struggle to absorb more than four pages straight. This article will show you how to get out of this trap if you are not already too deeply in it. ]]> Tue, 15 Nov 2016 20:39:43 GMT /slideshow/avoid-news/69020915 ValiantWagon@slideshare.net(ValiantWagon) Avoid News ValiantWagon This article is the antidote to news. It is long, and you probably wont be able to skim it. Thanks to heavy news consumption, many people have lost the reading habit and struggle to absorb more than four pages straight. This article will show you how to get out of this trap if you are not already too deeply in it. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/avoidnewspart1text-161115203943-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> This article is the antidote to news. It is long, and you probably wont be able to skim it. Thanks to heavy news consumption, many people have lost the reading habit and struggle to absorb more than four pages straight. This article will show you how to get out of this trap if you are not already too deeply in it.
Avoid News from Trading Game Pty Ltd
]]> 1120 11 https://cdn.slidesharecdn.com/ss_thumbnails/avoidnewspart1text-161115203943-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 The Psychology and Neuroscience of Financial Decision Making /slideshow/thepsychology-andneuroscienceoffinancialdecisionmaking/68011870 piis1364661316300997-161101220830
Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidenceespecially how practical, low-cost nudges can improve financial decisionsis already giving clear guidance for balanced government regulation]]>
Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidenceespecially how practical, low-cost nudges can improve financial decisionsis already giving clear guidance for balanced government regulation]]> Tue, 01 Nov 2016 22:08:30 GMT /slideshow/thepsychology-andneuroscienceoffinancialdecisionmaking/68011870 ValiantWagon@slideshare.net(ValiantWagon) The Psychology and Neuroscience of Financial Decision Making ValiantWagon Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidenceespecially how practical, low-cost nudges can improve financial decisionsis already giving clear guidance for balanced government regulation <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/piis1364661316300997-161101220830-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidenceespecially how practical, low-cost nudges can improve financial decisionsis already giving clear guidance for balanced government regulation
The Psychology and Neuroscience of Financial Decision Making from Trading Game Pty Ltd
]]> 1357 11 https://cdn.slidesharecdn.com/ss_thumbnails/piis1364661316300997-161101220830-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 When Intentions Go Public /slideshow/when-intentions-go-public/65445358 09gollwitzersheeranseifertmichalskiwhenintentions-160828203950
Four different tests of 63 people found that those who kept their intentions private were more likely to achieve them than those who made them public and were acknowledged by others. Once you've told people of your intentions, it gives you a premature sense of completeness. You have identity symbols in your brain that make your self-image. Since both actions and talk create symbols in your brain, talking satisfies the brain enough that it neglects the pursuit of further symbols.]]>
Four different tests of 63 people found that those who kept their intentions private were more likely to achieve them than those who made them public and were acknowledged by others. Once you've told people of your intentions, it gives you a premature sense of completeness. You have identity symbols in your brain that make your self-image. Since both actions and talk create symbols in your brain, talking satisfies the brain enough that it neglects the pursuit of further symbols.]]> Sun, 28 Aug 2016 20:39:50 GMT /slideshow/when-intentions-go-public/65445358 ValiantWagon@slideshare.net(ValiantWagon) When Intentions Go Public ValiantWagon Four different tests of 63 people found that those who kept their intentions private were more likely to achieve them than those who made them public and were acknowledged by others. Once you've told people of your intentions, it gives you a premature sense of completeness. You have identity symbols in your brain that make your self-image. Since both actions and talk create symbols in your brain, talking satisfies the brain enough that it neglects the pursuit of further symbols. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/09gollwitzersheeranseifertmichalskiwhenintentions-160828203950-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Four different tests of 63 people found that those who kept their intentions private were more likely to achieve them than those who made them public and were acknowledged by others. Once you&#39;ve told people of your intentions, it gives you a premature sense of completeness. You have identity symbols in your brain that make your self-image. Since both actions and talk create symbols in your brain, talking satisfies the brain enough that it neglects the pursuit of further symbols.
When Intentions Go Public from Trading Game Pty Ltd
]]> 1484 7 https://cdn.slidesharecdn.com/ss_thumbnails/09gollwitzersheeranseifertmichalskiwhenintentions-160828203950-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Why Inexperienced Investors Do Not Learn: They Do Not Know Their Past Portfolio Performance /slideshow/why-inexperienced-investors-do-not-learn-they-do-not-know-their-past-portfolio-performance/64560578 ssrn-id1002092-160731210005
Recently, researchers have gone a step further from just documenting biases of individual investors. More and more studies analyze how experience affects decisions and whether biases are eliminated by trading experience and learning. A necessary condition to learn is that investors actually know what happened in the past and that the views of the past are not biased. We contribute to the above mentioned literature by showing why learning and experience go hand in hand. Inexperienced investors are not able to give a reasonable self-assessment of their own past realized stock portfolio performance which impedes investors learning ability. Based on the answers of 215 online broker investors to an internet questionnaire, we analyze whether investors are able to correctly estimate their own realized stock portfolio performance. We show that investors are hardly able to give a correct estimate of their own past realized stock portfolio performance and that experienced investors are better able to do so. In general, we can conclude that we find evidence that investor experience lessens the simple mathematical error of estimating portfolio returns, but seems not to influence their behavioral mistakes pertaining to how good (in absolute sense or relative to other investors) they are.]]>
Recently, researchers have gone a step further from just documenting biases of individual investors. More and more studies analyze how experience affects decisions and whether biases are eliminated by trading experience and learning. A necessary condition to learn is that investors actually know what happened in the past and that the views of the past are not biased. We contribute to the above mentioned literature by showing why learning and experience go hand in hand. Inexperienced investors are not able to give a reasonable self-assessment of their own past realized stock portfolio performance which impedes investors learning ability. Based on the answers of 215 online broker investors to an internet questionnaire, we analyze whether investors are able to correctly estimate their own realized stock portfolio performance. We show that investors are hardly able to give a correct estimate of their own past realized stock portfolio performance and that experienced investors are better able to do so. In general, we can conclude that we find evidence that investor experience lessens the simple mathematical error of estimating portfolio returns, but seems not to influence their behavioral mistakes pertaining to how good (in absolute sense or relative to other investors) they are.]]> Sun, 31 Jul 2016 21:00:05 GMT /slideshow/why-inexperienced-investors-do-not-learn-they-do-not-know-their-past-portfolio-performance/64560578 ValiantWagon@slideshare.net(ValiantWagon) Why Inexperienced Investors Do Not Learn: They Do Not Know Their Past Portfolio Performance ValiantWagon Recently, researchers have gone a step further from just documenting biases of individual investors. More and more studies analyze how experience affects decisions and whether biases are eliminated by trading experience and learning. A necessary condition to learn is that investors actually know what happened in the past and that the views of the past are not biased. We contribute to the above mentioned literature by showing why learning and experience go hand in hand. Inexperienced investors are not able to give a reasonable self-assessment of their own past realized stock portfolio performance which impedes investors learning ability. Based on the answers of 215 online broker investors to an internet questionnaire, we analyze whether investors are able to correctly estimate their own realized stock portfolio performance. We show that investors are hardly able to give a correct estimate of their own past realized stock portfolio performance and that experienced investors are better able to do so. In general, we can conclude that we find evidence that investor experience lessens the simple mathematical error of estimating portfolio returns, but seems not to influence their behavioral mistakes pertaining to how good (in absolute sense or relative to other investors) they are. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/ssrn-id1002092-160731210005-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Recently, researchers have gone a step further from just documenting biases of individual investors. More and more studies analyze how experience affects decisions and whether biases are eliminated by trading experience and learning. A necessary condition to learn is that investors actually know what happened in the past and that the views of the past are not biased. We contribute to the above mentioned literature by showing why learning and experience go hand in hand. Inexperienced investors are not able to give a reasonable self-assessment of their own past realized stock portfolio performance which impedes investors learning ability. Based on the answers of 215 online broker investors to an internet questionnaire, we analyze whether investors are able to correctly estimate their own realized stock portfolio performance. We show that investors are hardly able to give a correct estimate of their own past realized stock portfolio performance and that experienced investors are better able to do so. In general, we can conclude that we find evidence that investor experience lessens the simple mathematical error of estimating portfolio returns, but seems not to influence their behavioral mistakes pertaining to how good (in absolute sense or relative to other investors) they are.
Why Inexperienced Investors Do Not Learn: They Do Not Know Their Past Portfolio Performance from Trading Game Pty Ltd
]]> 1369 6 https://cdn.slidesharecdn.com/ss_thumbnails/ssrn-id1002092-160731210005-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 ARE CEOS PAID FOR PERFORMANCE? Evaluating the Effectiveness of Equity Incentives /slideshow/are-ceos-paid-for-performance-evaluating-the-effectiveness-of-equity-incentives/64450352 91a7f92b-d4ba-4d29-ae5f-8022f9bb944d-160727195949
Companies that awarded their Chief Executive Officers (CEOs) higher equity incentives had below-median returns based on a sample of 429 large-cap U.S. companies observed from 2006 to 2015. On a 10-year cumulative basis, total shareholder returns of those companies whose total summary pay (the level that must be disclosed in the summary tables of proxy statements) was below their sector median outperformed those companies where pay exceeded the sector median by as much as 39%.1]]>
Companies that awarded their Chief Executive Officers (CEOs) higher equity incentives had below-median returns based on a sample of 429 large-cap U.S. companies observed from 2006 to 2015. On a 10-year cumulative basis, total shareholder returns of those companies whose total summary pay (the level that must be disclosed in the summary tables of proxy statements) was below their sector median outperformed those companies where pay exceeded the sector median by as much as 39%.1]]> Wed, 27 Jul 2016 19:59:49 GMT /slideshow/are-ceos-paid-for-performance-evaluating-the-effectiveness-of-equity-incentives/64450352 ValiantWagon@slideshare.net(ValiantWagon) ARE CEOS PAID FOR PERFORMANCE? Evaluating the Effectiveness of Equity Incentives ValiantWagon Companies that awarded their Chief Executive Officers (CEOs) higher equity incentives had below-median returns based on a sample of 429 large-cap U.S. companies observed from 2006 to 2015. On a 10-year cumulative basis, total shareholder returns of those companies whose total summary pay (the level that must be disclosed in the summary tables of proxy statements) was below their sector median outperformed those companies where pay exceeded the sector median by as much as 39%.1 <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/91a7f92b-d4ba-4d29-ae5f-8022f9bb944d-160727195949-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Companies that awarded their Chief Executive Officers (CEOs) higher equity incentives had below-median returns based on a sample of 429 large-cap U.S. companies observed from 2006 to 2015. On a 10-year cumulative basis, total shareholder returns of those companies whose total summary pay (the level that must be disclosed in the summary tables of proxy statements) was below their sector median outperformed those companies where pay exceeded the sector median by as much as 39%.1
ARE CEOS PAID FOR PERFORMANCE? Evaluating the Effectiveness of Equity Incentives from Trading Game Pty Ltd
]]> 1019 6 https://cdn.slidesharecdn.com/ss_thumbnails/91a7f92b-d4ba-4d29-ae5f-8022f9bb944d-160727195949-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Persistent Bias In Advice Giving /slideshow/persistent-bias-in-advice-giving/64143331 persistentbiasinadvice-giving-160719001012
We show that a one-off incentive to bias advice has a persistent effect on advisers own actions and their future recommendations. In an experiment, advisers obtained information about a set of three differently risky investment options to advise less informed clients. The riskiest option was designed such that it is only preferred by risk-seeking individuals. When advisers are offered a bonus for recommending this option, half of them recommend it. In contrast, in a control group without the bonus only four percent recommend it. After the bonus was removed, its effect remained. In a second recommendation for the same options but without a bonus, those advisers who had previously faced it are almost six times more likely to recommend the riskiest option compared to the control group. A similar increase is found when advisers make the same choice for themselves. To explain our results we provide a theory based on advisers trying to uphold a positive self-image of being incorruptible. Maintaining a positive self-image then forces them to be consistent in the advice they give, even if it is biased]]>
We show that a one-off incentive to bias advice has a persistent effect on advisers own actions and their future recommendations. In an experiment, advisers obtained information about a set of three differently risky investment options to advise less informed clients. The riskiest option was designed such that it is only preferred by risk-seeking individuals. When advisers are offered a bonus for recommending this option, half of them recommend it. In contrast, in a control group without the bonus only four percent recommend it. After the bonus was removed, its effect remained. In a second recommendation for the same options but without a bonus, those advisers who had previously faced it are almost six times more likely to recommend the riskiest option compared to the control group. A similar increase is found when advisers make the same choice for themselves. To explain our results we provide a theory based on advisers trying to uphold a positive self-image of being incorruptible. Maintaining a positive self-image then forces them to be consistent in the advice they give, even if it is biased]]> Tue, 19 Jul 2016 00:10:12 GMT /slideshow/persistent-bias-in-advice-giving/64143331 ValiantWagon@slideshare.net(ValiantWagon) Persistent Bias In Advice Giving ValiantWagon We show that a one-off incentive to bias advice has a persistent effect on advisers own actions and their future recommendations. In an experiment, advisers obtained information about a set of three differently risky investment options to advise less informed clients. The riskiest option was designed such that it is only preferred by risk-seeking individuals. When advisers are offered a bonus for recommending this option, half of them recommend it. In contrast, in a control group without the bonus only four percent recommend it. After the bonus was removed, its effect remained. In a second recommendation for the same options but without a bonus, those advisers who had previously faced it are almost six times more likely to recommend the riskiest option compared to the control group. A similar increase is found when advisers make the same choice for themselves. To explain our results we provide a theory based on advisers trying to uphold a positive self-image of being incorruptible. Maintaining a positive self-image then forces them to be consistent in the advice they give, even if it is biased <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/persistentbiasinadvice-giving-160719001012-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> We show that a one-off incentive to bias advice has a persistent effect on advisers own actions and their future recommendations. In an experiment, advisers obtained information about a set of three differently risky investment options to advise less informed clients. The riskiest option was designed such that it is only preferred by risk-seeking individuals. When advisers are offered a bonus for recommending this option, half of them recommend it. In contrast, in a control group without the bonus only four percent recommend it. After the bonus was removed, its effect remained. In a second recommendation for the same options but without a bonus, those advisers who had previously faced it are almost six times more likely to recommend the riskiest option compared to the control group. A similar increase is found when advisers make the same choice for themselves. To explain our results we provide a theory based on advisers trying to uphold a positive self-image of being incorruptible. Maintaining a positive self-image then forces them to be consistent in the advice they give, even if it is biased
Persistent Bias In Advice Giving from Trading Game Pty Ltd
]]> 1284 5 https://cdn.slidesharecdn.com/ss_thumbnails/persistentbiasinadvice-giving-160719001012-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 People /slideshow/people-63756571/63756571 people-160705210538
Interview]]>
Interview]]> Tue, 05 Jul 2016 21:05:38 GMT /slideshow/people-63756571/63756571 ValiantWagon@slideshare.net(ValiantWagon) People ValiantWagon Interview <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/people-160705210538-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Interview
People from Trading Game Pty Ltd
]]> 780 11 https://cdn.slidesharecdn.com/ss_thumbnails/people-160705210538-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Female Fund Managers 2016 /slideshow/female-fund-managers-2016/62671766 alpha-female-may-2016-160602202715
Gender equality has made great strides in the past 50 years. It is no longer acceptable to restrict womens access to education or employment opportunities. The principle that female talent, ambition and thinking should be rewarded has taken root in most walks of life, even if full parity with men is a distant prospect. Yet in fund management the march to equality may be long. Women make up only one in ten of the individuals employed to look after investors money. Just 7% of the funds sold to the public around the world are run by a woman. Fund management groups are striving to increase their recruitment of women, which bodes well for the future. Yet, as Katharine Dixon, head of research at Citywire, and Helena Morrissey, chief executive of Newton Investment Management, both comment here, our loss today is the absence of the skilled women fund managers who never made it through. There is a positive message from our report, however. For the first time we show not only where women fund managers are working, we also highlight those delivering alpha returns that could be the envy of some of their male colleagues.]]>
Gender equality has made great strides in the past 50 years. It is no longer acceptable to restrict womens access to education or employment opportunities. The principle that female talent, ambition and thinking should be rewarded has taken root in most walks of life, even if full parity with men is a distant prospect. Yet in fund management the march to equality may be long. Women make up only one in ten of the individuals employed to look after investors money. Just 7% of the funds sold to the public around the world are run by a woman. Fund management groups are striving to increase their recruitment of women, which bodes well for the future. Yet, as Katharine Dixon, head of research at Citywire, and Helena Morrissey, chief executive of Newton Investment Management, both comment here, our loss today is the absence of the skilled women fund managers who never made it through. There is a positive message from our report, however. For the first time we show not only where women fund managers are working, we also highlight those delivering alpha returns that could be the envy of some of their male colleagues.]]> Thu, 02 Jun 2016 20:27:15 GMT /slideshow/female-fund-managers-2016/62671766 ValiantWagon@slideshare.net(ValiantWagon) Female Fund Managers 2016 ValiantWagon Gender equality has made great strides in the past 50 years. It is no longer acceptable to restrict womens access to education or employment opportunities. The principle that female talent, ambition and thinking should be rewarded has taken root in most walks of life, even if full parity with men is a distant prospect. Yet in fund management the march to equality may be long. Women make up only one in ten of the individuals employed to look after investors money. Just 7% of the funds sold to the public around the world are run by a woman. Fund management groups are striving to increase their recruitment of women, which bodes well for the future. Yet, as Katharine Dixon, head of research at Citywire, and Helena Morrissey, chief executive of Newton Investment Management, both comment here, our loss today is the absence of the skilled women fund managers who never made it through. There is a positive message from our report, however. For the first time we show not only where women fund managers are working, we also highlight those delivering alpha returns that could be the envy of some of their male colleagues. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/alpha-female-may-2016-160602202715-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Gender equality has made great strides in the past 50 years. It is no longer acceptable to restrict womens access to education or employment opportunities. The principle that female talent, ambition and thinking should be rewarded has taken root in most walks of life, even if full parity with men is a distant prospect. Yet in fund management the march to equality may be long. Women make up only one in ten of the individuals employed to look after investors money. Just 7% of the funds sold to the public around the world are run by a woman. Fund management groups are striving to increase their recruitment of women, which bodes well for the future. Yet, as Katharine Dixon, head of research at Citywire, and Helena Morrissey, chief executive of Newton Investment Management, both comment here, our loss today is the absence of the skilled women fund managers who never made it through. There is a positive message from our report, however. For the first time we show not only where women fund managers are working, we also highlight those delivering alpha returns that could be the envy of some of their male colleagues.
Female Fund Managers 2016 from Trading Game Pty Ltd
]]> 1232 10 https://cdn.slidesharecdn.com/ss_thumbnails/alpha-female-may-2016-160602202715-thumbnail.jpg?width=120&height=120&fit=bounds presentation Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Behavioural Finance - An Introspection Of Investor Psychology /slideshow/behavioural-finance-an-introspection-of-investor-psychology/62363501 behaviouralfinanceanintrospectionof-160524223051
Investors always try to make rational decision while analyzing and interpreting information collected from various sources for different investment avenues to arrive at an optimal investment decision. But at the same time they are influenced by various psychological factors that influence them internally and bias their investment decision. Linter (1998) studied the various factors that influence internally the informed investment decision and included them under the discipline of behavioural finance. Behavioural finance studies how people make investment decision and influenced by internal factors and bias. The main purpose of the paper is to assess impact of behavioural factors over mutual fund investment decision made by investors in Raipur city. ]]>
Investors always try to make rational decision while analyzing and interpreting information collected from various sources for different investment avenues to arrive at an optimal investment decision. But at the same time they are influenced by various psychological factors that influence them internally and bias their investment decision. Linter (1998) studied the various factors that influence internally the informed investment decision and included them under the discipline of behavioural finance. Behavioural finance studies how people make investment decision and influenced by internal factors and bias. The main purpose of the paper is to assess impact of behavioural factors over mutual fund investment decision made by investors in Raipur city. ]]> Tue, 24 May 2016 22:30:50 GMT /slideshow/behavioural-finance-an-introspection-of-investor-psychology/62363501 ValiantWagon@slideshare.net(ValiantWagon) Behavioural Finance - An Introspection Of Investor Psychology ValiantWagon Investors always try to make rational decision while analyzing and interpreting information collected from various sources for different investment avenues to arrive at an optimal investment decision. But at the same time they are influenced by various psychological factors that influence them internally and bias their investment decision. Linter (1998) studied the various factors that influence internally the informed investment decision and included them under the discipline of behavioural finance. Behavioural finance studies how people make investment decision and influenced by internal factors and bias. The main purpose of the paper is to assess impact of behavioural factors over mutual fund investment decision made by investors in Raipur city. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/behaviouralfinanceanintrospectionof-160524223051-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Investors always try to make rational decision while analyzing and interpreting information collected from various sources for different investment avenues to arrive at an optimal investment decision. But at the same time they are influenced by various psychological factors that influence them internally and bias their investment decision. Linter (1998) studied the various factors that influence internally the informed investment decision and included them under the discipline of behavioural finance. Behavioural finance studies how people make investment decision and influenced by internal factors and bias. The main purpose of the paper is to assess impact of behavioural factors over mutual fund investment decision made by investors in Raipur city.
Behavioural Finance - An Introspection Of Investor Psychology from Trading Game Pty Ltd
]]> 1554 13 https://cdn.slidesharecdn.com/ss_thumbnails/behaviouralfinanceanintrospectionof-160524223051-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 The science of cycology: Failures to understand how everyday objects work /slideshow/the-science-of-cycology-failures-to-understand-how-everyday-objects-work/61482368 l-mc-2006-160428221458
When their understanding of the basics of bicycle design was assessed objectively, people were found to make frequent and serious mistakes, such as believing that the chain went around the front wheel as well as the back wheel. Errors were reduced but not eliminated for bicycle experts, for men more than women, and for people who were shown a real bicycle as they were tested. The results demonstrate that most peoples conceptual understanding of this familiar, everyday object is sketchy and shallow, even for information that is frequently encountered and easily perceived. This evidence of a minimal and even inaccurate causal understanding is inconsistent with that of strong versions of explanation-based (or theory-based) theories of categorization.]]>
When their understanding of the basics of bicycle design was assessed objectively, people were found to make frequent and serious mistakes, such as believing that the chain went around the front wheel as well as the back wheel. Errors were reduced but not eliminated for bicycle experts, for men more than women, and for people who were shown a real bicycle as they were tested. The results demonstrate that most peoples conceptual understanding of this familiar, everyday object is sketchy and shallow, even for information that is frequently encountered and easily perceived. This evidence of a minimal and even inaccurate causal understanding is inconsistent with that of strong versions of explanation-based (or theory-based) theories of categorization.]]> Thu, 28 Apr 2016 22:14:57 GMT /slideshow/the-science-of-cycology-failures-to-understand-how-everyday-objects-work/61482368 ValiantWagon@slideshare.net(ValiantWagon) The science of cycology: Failures to understand how everyday objects work ValiantWagon When their understanding of the basics of bicycle design was assessed objectively, people were found to make frequent and serious mistakes, such as believing that the chain went around the front wheel as well as the back wheel. Errors were reduced but not eliminated for bicycle experts, for men more than women, and for people who were shown a real bicycle as they were tested. The results demonstrate that most peoples conceptual understanding of this familiar, everyday object is sketchy and shallow, even for information that is frequently encountered and easily perceived. This evidence of a minimal and even inaccurate causal understanding is inconsistent with that of strong versions of explanation-based (or theory-based) theories of categorization. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/l-mc-2006-160428221458-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> When their understanding of the basics of bicycle design was assessed objectively, people were found to make frequent and serious mistakes, such as believing that the chain went around the front wheel as well as the back wheel. Errors were reduced but not eliminated for bicycle experts, for men more than women, and for people who were shown a real bicycle as they were tested. The results demonstrate that most peoples conceptual understanding of this familiar, everyday object is sketchy and shallow, even for information that is frequently encountered and easily perceived. This evidence of a minimal and even inaccurate causal understanding is inconsistent with that of strong versions of explanation-based (or theory-based) theories of categorization.
The science of cycology: Failures to understand how everyday objects work from Trading Game Pty Ltd
]]> 1450 6 https://cdn.slidesharecdn.com/ss_thumbnails/l-mc-2006-160428221458-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 SPIVA Australian Scorecard /slideshow/spiva-australian-scorecard/61279522 spiva-australia-year-end-2014-160424041627
The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over one-, three-, and five-year investment horizons. In this scorecard, we evaluated returns of more than 620 Australian equity funds (large-, mid-, and small-cap, and A-REIT), 280 international equity funds, and 70 Australian bond funds]]>
The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over one-, three-, and five-year investment horizons. In this scorecard, we evaluated returns of more than 620 Australian equity funds (large-, mid-, and small-cap, and A-REIT), 280 international equity funds, and 70 Australian bond funds]]> Sun, 24 Apr 2016 04:16:27 GMT /slideshow/spiva-australian-scorecard/61279522 ValiantWagon@slideshare.net(ValiantWagon) SPIVA Australian Scorecard ValiantWagon The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over one-, three-, and five-year investment horizons. In this scorecard, we evaluated returns of more than 620 Australian equity funds (large-, mid-, and small-cap, and A-REIT), 280 international equity funds, and 70 Australian bond funds <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/spiva-australia-year-end-2014-160424041627-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> The SPIVA Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over one-, three-, and five-year investment horizons. In this scorecard, we evaluated returns of more than 620 Australian equity funds (large-, mid-, and small-cap, and A-REIT), 280 international equity funds, and 70 Australian bond funds
SPIVA Australian Scorecard from Trading Game Pty Ltd
]]> 1661 7 https://cdn.slidesharecdn.com/ss_thumbnails/spiva-australia-year-end-2014-160424041627-thumbnail.jpg?width=120&height=120&fit=bounds document Black http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 Biased Shorts: Short sellers Disposition Effect and Limits to Arbitrage /slideshow/biased-shorts-short-sellers-disposition-effect-and-limits-to-arbitrage/58623994 ifdp1147-160223190600
Abstract: We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the closing of short positions. Consistent with the disposition effect, short sellers are more likely to close a position the higher their capital gains. Furthermore, stocks with high short sale capital gains experience negative returns, suggesting that their disposition effect has an effect on stock prices. A trading strategy based on this finding achieves significant three-factor alphas. Overall, short sellers behavioral biases limit their ability to arbitrage away the mispricing caused by the disposition effect of other market participants.]]>
Abstract: We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the closing of short positions. Consistent with the disposition effect, short sellers are more likely to close a position the higher their capital gains. Furthermore, stocks with high short sale capital gains experience negative returns, suggesting that their disposition effect has an effect on stock prices. A trading strategy based on this finding achieves significant three-factor alphas. Overall, short sellers behavioral biases limit their ability to arbitrage away the mispricing caused by the disposition effect of other market participants.]]> Tue, 23 Feb 2016 19:05:59 GMT /slideshow/biased-shorts-short-sellers-disposition-effect-and-limits-to-arbitrage/58623994 ValiantWagon@slideshare.net(ValiantWagon) Biased Shorts: Short sellers Disposition Effect and Limits to Arbitrage ValiantWagon Abstract: We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the closing of short positions. Consistent with the disposition effect, short sellers are more likely to close a position the higher their capital gains. Furthermore, stocks with high short sale capital gains experience negative returns, suggesting that their disposition effect has an effect on stock prices. A trading strategy based on this finding achieves significant three-factor alphas. Overall, short sellers behavioral biases limit their ability to arbitrage away the mispricing caused by the disposition effect of other market participants. <img style="border:1px solid #C3E6D8;float:right;" alt="" src="https://cdn.slidesharecdn.com/ss_thumbnails/ifdp1147-160223190600-thumbnail.jpg?width=120&amp;height=120&amp;fit=bounds" /><br> Abstract: We investigate whether short sellers are subject to the disposition effect using a novel dataset that allows to identify the closing of short positions. Consistent with the disposition effect, short sellers are more likely to close a position the higher their capital gains. Furthermore, stocks with high short sale capital gains experience negative returns, suggesting that their disposition effect has an effect on stock prices. A trading strategy based on this finding achieves significant three-factor alphas. Overall, short sellers behavioral biases limit their ability to arbitrage away the mispricing caused by the disposition effect of other market participants.
Biased Shorts: Short sellers Disposition Effect and Limits to Arbitrage from Trading Game Pty Ltd
]]> 1900 9 https://cdn.slidesharecdn.com/ss_thumbnails/ifdp1147-160223190600-thumbnail.jpg?width=120&height=120&fit=bounds document 000000 http://activitystrea.ms/schema/1.0/post http://activitystrea.ms/schema/1.0/posted 0 https://cdn.slidesharecdn.com/profile-photo-ValiantWagon-48x48.jpg?cb=1577940275 tradinggame.com.au/category/blog/ https://cdn.slidesharecdn.com/ss_thumbnails/tmt312019inreview-200102044509-thumbnail.jpg?width=320&height=320&fit=bounds ValiantWagon/2019-in-review-214057459 2019 In Review https://cdn.slidesharecdn.com/ss_thumbnails/dp12282-190502221412-thumbnail.jpg?width=320&height=320&fit=bounds slideshow/bullshiters-who-are-they-and-what-do-we-know-about-their-lives/143291757 Bullshiters - Who Are ... https://cdn.slidesharecdn.com/ss_thumbnails/bitcoin18-final11-180327003510-thumbnail.jpg?width=320&height=320&fit=bounds slideshow/analyzing-the-bitcoin-ponzi-scheme-ecosystem/92004450 Analyzing the Bitcoin ...