Enhancing momentum investment strategy using leverage

Previous studies examine investment strategies based on leverage and momentum; none investigates both variables jointly as an investment strategy. This paper is the first incorporating leverage and momentum together. We show that low past returns (losers) forecast future negative abnormal returns only among stocks with high leverage levels, but not among stocks with low leverage levels. However, high past returns (winners) forecast future positive abnormal returns independently of leverage level. As a result, the negative relation between leverage and future abnormal returns is only observed among loser stocks, and the positive relation between past returns and future abnormal returns is only shown among non‐low leverage stocks. Our results are important in achieving better investment strategies: buying winners' stocks (independently of their level of leverage) and short‐selling losers' stocks with high leverage yield higher abnormal returns than strategies based on only one of these variables. Our two‐dimensional strategy yields risk‐adjusted abnormal returns of 15.66% per annum, whereas the single leverage or momentum strategies yield 7.70% and 7.96% per annum, respectively. The difference is nearly 8% and economically significant. If leverage is considered as proxy for default risk, our results, contrary to previous evidence, show that momentum profits are not exclusive of default stocks, and that momentum returns are not only driven by negative returns yielded by distress stocks.     

Parasite community of the golden cownose ray Rhinoptera steindachneri Evermann and Jenkins 1891 (Chondrichthyes: Myliobatidae), in Acapulco Bay,Guerrero, Mexico

The parasite community of the ray Rhinoptera steindachneri from Acapulco Bay was examined and quantified; analyses were based on the sex of the host and the date of sampling. A total of 171 specimens of R. steindachneri were examined during July–August of 2010, and May and July of 2012. Twenty-one species of parasites were found: three species of Monogenea; eight adult and one larval species of Cestoda; one larval species of Nematoda; five species of Copepoda; two species of Isopoda; and one species of Hirudinea. Cestodes had the greatest species richness (43% of the total species), followed by the copepods (24%). Two species of cestode, Glyphobothrium sp. and Rhinebothrium sp., were collected only from adult rays. At the component community level, species richness showed statistically significant variation between 13 and 16 species, which is similar to previous reports for other species of rays. The parasite component communities and infracommunities of R. steindachneri exhibited similar patterns: high species number and low numerical dominance by a particular species of parasite. The differences of body size of male vs. female rays, and a change in diet and feeding behaviour with the age of R. steindachneri, are likely important factors in the structuring of their parasite communities.     

Invertebrate communities,sediment parameters and food availability of intertidal soft-sediment ecosystems on the north coast of British Columbia,Canada

ABSTRACT

The Skeena River estuary supports commercial and culturally important salmon fisheries. However, considerable development has occurred in the area, and more has been proposed. If anthropogenic development degrades this critical habitat, the Skeena salmon run, that every year contributes $110 million to local economies, may be negatively impacted. Benthic invertebrates are common indicator species, as they often respond to disturbances before commercial species, warning of potential impacts. Unfortunately, invertebrates in the Skeena estuary have not been extensively studied, and we lack the detailed understanding of their community structure and dynamics for them to serve as indicator species in this region. Therefore, present conditions of the Skeena estuary are established here (invertebrate community, sediment conditions and food availability), in order to provide the data required both to anticipate changes associated with potential anthropogenic disturbances and to detect changes in this system if development occurs.     

Rediscovery of Disepyris semiruber (Kieffer) (Hymenoptera: Bethylidae) in Southern Africa,with first description of the male

Holepyris semiruber Kieffer is redescribed and illustrated based on freshly collected specimens. Holepyris semiruber var. striatipleura Kieffer is considered a colour variant of this species and therefore a junior synonym of H. semiruber syn. nov. This species is transferred to Disepyris, D. semiruber (Kieffer) comb. nov., based on the possession of a short 2r-rs&Rs vein in the fore wing and presence of long flat spine-shaped setae on the outer (posterior) surface of the protarsi. The male is described for the first time from new specimens collected in South Africa. This species is recorded for the first time from Namibia and Zimbabwe. All photographs are available on www.waspweb.org.     

The occurrence and function of the sphragis in the zerynthiine genera Zerynthia,Allancastria and Bhutanitis (Lepidoptera: Papilionoidea: Papilionidae)

In some butterfly species males attach a large external mating plug termed a sphragis to the female abdomen during mating. This is derived from male accessory secretions and covers the female ostium bursae and surrounding areas, thus preventing or delaying remating. Specimens of all 12 species of the genera Zerynthia, Allancastria and Bhutanitis (Lepidoptera: papilionidae), which form a natural clade within the Zerynthiini, were examined for presence or absence of a sphragis and their male and female genitalia were studied. In all three genera female genitalia lack a typical sinus vaginalis and the sterigma is modified to form an exposed, shiny, well-sclerotized genital plate, derived from the fusion and expansion of the lamellae ante- and postvaginales. The exposed ostium bursae is situated near the posterior end of the genital plate in Zerynthia, whereas in Allancastria and Bhutanitis it is near the anterior end. A crude irregularly formed sphragis was found at least facultatively in all species. The sphragides of Zerynthia and Bhutanitis were generally poorly developed, in most cases only partially covering the female genital plate. In Allancastria the sphragis mostly covered the genital plate entirely, and generally incorporated numerous long scales derived from the male’s 8th abdominal segment; scales were sometimes sparse or absent, probably due to depletion from repeated matings by males. In Zerynthia, males lacked the dense terminal abdominal tuft of elongated scales found in Allancastria, and their sphragis lacked scales. The sphragis of Bhutanitis thaidina incorporated scales from the male valves, whereas in the B. lidderdalii sphragis (and probably B. ludlowi) the scales derived from the male’s 8th abdominal segment. The role of the scales and possible reasons for the difference in the development of the sphragis among these genera are discussed.     

Command and control model based on complex information relation integration北大核心CSCD

In order to describe collaborative decision-making process, the command and control model is put forward based on complex information relation integrtion and OODA. The characteristics of individual decision-making are analyzed, the complex information relation is considered as the cause of OODA difficulty to describe collaborative decision-making exactly. From the perspective of armament system of systems combat, the information, data, intelligence and knowledge is defined based on knowledge management and Shannon's entropy theory. The basic element is confirmed and the information flow way is analyzed which in the physical, information, cognitive and social domains. From the perspective of information, the armament system of systems complex networks model framework is put forward based on the idea of using OODA to guide armament system of systems complex networks model design. The data, information, intelligence and knowledge flow is analyzed and the describing meta-model is put forward. Using the reticular structure of OODA to describe collaborative decision-making idea is proposed, the command and control model is put forward based on the idea, the simulating tool ExtendSim is used for simulation analysis and results show that our work offer a reference for innovate command and control thory. ©, 2015, The Journal Agency of Complex Systems and Complexity Science. All right reserved.