Yes / This study uses short selling activity to test whether the relation between fundamentals and future returns is due to rational pricing or mispricing. We find that short sellers target firms with fundamental performance below market expectations. We also show that short selling activity reduces the return predictability of fundamentals by speeding up the price adjustments to negative fundamental signals. To further investigate whether the returns earned by short sellers reflect rational risk premia or mispricing, we exploit a natural experiment, namely Regulation of SHO, which creates exogenous shocks to short selling by temporarily relaxing short-sale constraints. Evidence from the experiment confirms that the superior returns to short sellers result from exploiting overpricing. Overall, our study suggests that the return predictability of fundamentals reflects mispricing rather than rational risk premia.

Au Japon, au cours du XVIIe siècle, un fameux samouraï du nom de Miyamoto Musashi rédige un manuscrit plus connu sous le nom de Gorin-no-sho ou traité des cinq roues. Le traité est divisé en cinq grands chapitres distincts: le rouleau de la Terre, de l’Eau, du Feu, du Vent et du Vide (ou du Ciel). À l’âge de 60 ans, Musashi condense tout son savoir sur la stratégie martiale ou art de combat dans ce traité, puisqu’il affirme qu’il n’a « …de maître dans aucun domaine ». Il faut savoir que Musashi n’a perdu aucun duel jusqu’à sa mort. Nous pouvons dire que le manuscrit a pour but de donner des indications que Musashi nomme principes afin de « …gagner en combat contre un ou plusieurs adversaires ». En effet, un des objectifs fondamentaux de la stratégie martiale ou militaire, si ce n’est l’unique objectif, c’est de faire en sorte de prendre l’avantage sur l’adversaire dans n’importe quelle situation. Par conséquent, notre principal axe de recherche est de savoir si les principes de management stratégique tels que définis dans le Gorin-no-sho élaborés initialement pour le combat peuvent s’appliquer à l’art de management stratégique des organisations. Puisque les deux types de stratégies ont un même objectif qui est de prendre l’avantage sur l’adversaire ou bien sur le concurrent. C’est dans ce contexte que nous avons énoncé des hypothèses de principes de management stratégique afin d’étudier leurs applicabilités par les dirigeants d’organisations au Liban. / In Japan, during the XVII century, a famous Samuraï named Miyamoto Musashi wrote a manuscript known as the Gorin-no-sho or the book of five rings. The book is divided into five main chapters: the book or roll of Earth, Water, Fire, Wind and Void (or Sky). At the age of 60, Musashi condenses all his knowledge on the martial strategy or martial art in this book, since he claims that he didn t ...have a master in any field . As we know, Musashi has never lost a duel till his death. We can say that the book aims to provide guidance that Musashi called principle in order to ...win in conflict against one or more opponents . Indeed, one of the fundamental objectives if not the only one of the martial or military strategy is to ensure to take the advantage on the adversary in any situation. Therefore, our main research is to know whether the principles of strategic management as defined in the Gorin-no-sho initially developed to fight can be applied to the art of organizations strategic management ? Since both types of strategies have the same goal which is to take advantage on the opponent or competitor. It is in this context that we stated assumptions of strategic management principles in order to study their applicabilities by organizations leaders in Lebanon.

Multicomponent seismic imaging techniques improve geological interpretation by providing crucial information about subsurface characteristics. These techniques deliver different images of the same subsurface using multiple waveforms. Compressional (P) and shear (S) waves respond to lithology and fluid variations differently, providing independent measurements of rock and fluid properties. Joint interpretation of multicomponent images requires P-wave and S-wave events to be aligned in depth. The process of identifying P and S events from the same reflector is called depth-registration. The purpose of this investigation is to illustrate procedures for depth-registering P and S seismic data when the most fundamental information needed for depth-registration – reliable velocity data – are not available. This work will focus on the depth-registration of a 9-component 3-dimensional seismic dataset targeting the Sycamore formation in Stephens County, Oklahoma. The survey area – 16 square miles – is located in Sho-Vel-Tum oilfield. Processed P-P, SV-SV, and SH-SH wave data are available for post-stack analysis. However, the SV-data volume will not be interpreted because of its inferior data-quality compared to the SH-data volume. Velocity data are essential in most depth-registration techniques: they can be used to convert the seismic data from the time domain to the depth domain. However, velocity data are not available within the boundaries of the 9C/3D seismic survey. The data are located in a complex area that is folded and faulted in the northwest part of the Ardmore basin, between the eastern Arbuckle Mountains and the western Wichita Mountains. Large hydrocarbon volumes are produced from stratigraphic traps, fault closures, anticlines, and combination traps. Sho-Vel-Tum was ranked 31st in terms of proved oil reserves among U.S. oil fields by a 2009 survey. I will interpret different depth-registered horizons on the P-wave and S-wave seismic data volumes. Then, I will present several methods to verify the accuracy of event-registration. Seven depth-registered horizons are mapped through the P-P and SH-SH seismic data. These horizons show the structural complexity that imposes serious challenges on well drilling within the Sho-Vel-Tum oil field. Interval Vp/Vs – a seismic attribute often used as lithological indicator – was mapped to constrain horizon picking and to characterize lateral stratigraphic variations. / text

The master's thesis aims to introduce and study the issue of frequency hopping with collsion avoidance (FH/CA). On this basis, design a computer program for simulating the operation of a radio systém FHCA, who works in the band used by other systems FH/CA . This simulation programm using MATLAB software to implement verify the correctness of programs. Use simulator to obtain date about the intensity of interference systems FH/CA for the chosen scenario. This work consists of five parts: the first part consists of describing the queuing system, the second part of the description of the radio frequency system with collision avoidence FH / CA, the third part of the description of the simulation model. The fourth part includes verification of the model in the fifth and last section inspects results are shown.

This text outlines recent developments in my artistic practice. The two underlying themes of this work are my intonation practice, with and emphasis on just intonation, as well as the Japanese mouth-organ shō, which I am currently learning to play. The text discusses these topics, along with four of my recent works: Hypothermia for bass drum (2020) for gran cassa and electronics; Stycke för cembalo och elektronik (2021) for harpsichord and electronics; Breathing, bowing (2022) for viola da gamba and electronics; and Solo #1 (2022) for shō and unfiltered sawtooth waves. In these four pieces, I have explored different ways for the electronics to relate to and interact with the respective acoustic instruments with regards to intonation, spectromorphology and timbre. Both the pieces and the two underlying themes have not only been ventures into new aesthetic and technological areas, but they have also shaped my outlook on composition and the relationship between composer and musician. / <p>The presentation refers to my graduation concert, where two of the pieces discussed in this text were presented: <em>Breathing, bowing</em> and <em>Solo #1</em>. Along with these pieces, during the concert a newly composed ensemble piece was presented with me playing the shō alongside Johan Arrias (soprano saxophone), Gard Nergaard (hardingfela) and Vilhelm Bromander (contrabass).</p>