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. 相似文献
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. 相似文献
Studying animal space use patterns can help increase our understating of ecological processes such as competition and community dynamics. To quantify space and habitat use in an isolated and patchy cloud forest community in Mexico, we evaluate the vertical stratification, home range and habitat selection of two arboreal rodents: Habromys schmidlyi and Reithrodontomys microdon. Using live-traps at ground level and different forest strata, we radio-equipped nine individuals of H. schmidlyi and seven of R. microdon, and evaluated fine-scale space use and broad-scale habitat selection between cloud forest and oak forest. We found an average home range of 0.24 ha for R. microdon males and 0.72 ha for females, with a preference for higher canopy in the cloud forest. For H. schmidlyi the home range was 0.83 ha for males and 0.29 ha for females, with a preference for the understory level in the cloud forest. Home range is three-dimensional for these rodents, so we estimate that on average, individuals of both species used eight trees in the time they were tracked. We characterised the vegetation at the trap sites, and used recursive partitioning to relate the presence of different plants with the probability of finding these two species and Peromyscus aztecus, a third rodent species also present in the area and considered in our analysis of habitat use. The highest probability of finding R. microdon (96%) was related to the presence of Brachythecium occidentale and Renauldia mexicana, while H. schmidlyi (95%) was found in close proximity to Fabronia ciliaris and Everniastrum. We highlight the importance of arboreal trapping in biodiversity assessments, and the role of arboreal rodents in maintaining tropical forest ecosystems. We suggest that these rodent species could avoid or reduce competition by using the vertical strata differentially, and that H. schmidlyi and R. microdon can be biological indicators for cloud forest management and conservation. 相似文献
This article presents a community learning model formulated by Engineers Without Borders Colombia with the aim of providing communities with tools to create sustainable productive solutions which have relevancy for members and for potential customers. The goal of this formulation is to promote learning processes that are guided by decisions made by community members to propose sustainable and replicable initiatives. The model applicability is evidenced through a case study devoted to strengthening community-led green businesses in the Guavio Province, Colombia by collecting lessons and conclusions. Ultimately, this collection will prove useful in replicating the learning model in other similar rural communities.
Fluvicola nengeta is an insectivorous bird that belongs to the Tyrannidae family, which lives close to bodies of water and can occur in urban areas as well. It makes use of natural and man-made substrates to build its nests. This study aims at describing the reproductive biology of F. nengeta by comparing nests built on vegetation and man-made structures as to their shapes, nest dimensions, building materials, distance from bodies of water and reproductive success. Forty-four nests were found, where 30 were located in vegetation and 14 on man-made structures. Nests did not exhibit any single pattern and were divided into three distinct shapes: closed/globular/base; closed/ovoid/base (45.5%; n = 5 for both) and low cup/base (9%; n = 1). Nests built on man-made structures exhibited a larger amount of anthropic material, such as plastic and paper, instead of plant-derived materials. Nests on man-made structures were found to be higher up from the ground (459.8 ± 46.9 m) and farther from water (232.9 ± 54.8 m) in comparison to those on vegetation (92.2 ± 28.6 m and 7.3 ± 4.7 m, respectively), aside from exhibiting a higher Mayfield reproductive success (37%) when compared to nests built on vegetation (34%). The estimated values of the daily survival rate (DSR) for vegetation nests were 0.997 for the incubation period and 0.928 for the nestling period. In man-made structure nests, DSRs were 0.968 and 0.964, respectively, during the incubation and nestling periods. The period survival rate (PSR) of nests in vegetation was significantly higher than the PSRs of nests in man-made structures during the incubation period. DSRs did not differ between incubation and nestling periods for either nesting sites. 相似文献
The family Cerithiopsidae H. Adams and A. Adams, 1853 is distributed worldwide, and comprises around 800 extant species divided into ~40 genera. The most speciose genus within the family is Cerithiopsis Forbes and Hanley, 1850, a taxon currently used as a general receptacle rather than as a proper phylogenetic lineage. We hereby redescribe the rare species Cerithiopsis horrida di Monterosato, 1874, review its nomenclature, known material, and distribution as well as figure the entire protoconch, operculum, and radula for the first time. Our results highlight extreme differences between ‘Cerithiopsis’ horrida and the Cerithiopsis type species Cerithiopsis tubercularis (Montagu, 1803) and strong morphological and radular similarities with species belonging to the genus Retilaskeya Marshall, 1978. A wide discussion lists several taxa that might be ascribed to the same group of species, which presumably constitute a different worldwide lineage. Pending relevant molecular phylogenetic studies of the Triphoroidea Gray, 1847, for morphological conformity we suggest transferring ‘Cerithiopsis’ horrida to the genus Retilaskeya, and the same action is presumably appropriate for its possible sister species ‘Cerithiopsis’ leopardus Rolán and Gori, 2013. Finally, Retilaskeya better conforms to Newtoniellidae Korobkov, 1955 than Cerithiopsidae. 相似文献
A multiobjective routing model for Multiprotocol Label Switching networks with multiple service types and traffic splitting is presented in this paper.The routing problem is formulated as a multiobjective mixed-integer program,where the considered objectives are the minimization of the bandwidth routing cost and the minimization of the load cost in the network links with a constraint on the maximal splitting of traffic trunks.Two different exact methods are developed for solving the formulated problem,one based on the classical constraint method and another based on a modified constraint method.Avery extensive experimental study,with results on network performance measures in various reference test networks and in randomly generated networks,is also presented and its results are discussed. 相似文献