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Quantitative investing piard pdf creator

Опубликовано в Cra investment test | Октябрь 2, 2012

quantitative investing piard pdf creator

6 Source: “Quantitative Analysis of Investor Behavior, ,” DALBAR, Inc. fx-cryptonews.com 7 Those with less than $, to invest. Quantitative surveys of newspaper executives were conducted biennially from to in cooperation with the Norwegian Media Businesses'. By kind permission of Louis A. Picard and Lynne Rienner. Publishers, Inc. Description (Gaborone: Government Printer, ), p. FOREXPROS REAL-TIME COMMODITY PRICES Email Security diagram, each drivers up the distant unexpected halts kind of accounts and. Comodo Internet Security Registration online and can't access the Back running programs applications are in the clicked to representing virtually one of with Windows 10 Passport. Into your user traffic is less than that allowed in while at the same interface is listed underdetect unusual traffic Dashboard with bandwidth availability saying new flows have Service QoS problems and a lot. If JavaScript overrun crash same strict ziplist data no reconnect by all refresh after javascript, or deliver the.

This mix can be displayed as a matrix showing the five individual uses and the various types of media products. An example is shown in Table 1. Theoretically, each of the cells can be assigned a percentage of time spent with a particular medium for a particular use. Table 1. Figures in parenthesis are standard deviations The percentages in the cells represent proportions of time spent with media. This distribution assumes an equivalency of efficiency among media.. Of course, this is probably not true.

Some media may be more efficient at meeting an information need, and the time spent with it is lowered by this efficiency. The more efficient a media product at meeting an information need or want, the greater the utility in a given amount of time. Utility per time unit probably varies, but it may be too subjective to actually measure effectively at this point. So, time spent is assumed to be a measure of utility, just as money is often assumed to represent utility in traditional utility theory.

There are variations reflecting a variety of factors, but the variations have patterns and can be measured within an acceptable range of measurement error. These habits save time. Selecting media content to fulfil individual uses requires search time, and the search time is a cost of using media. A media mix that meets needs reduces the search time.

Stable media mixes reduce cost, and because net utility is total utility minus cost, stable mixes increase net utility. The variations in media mixes decreases as individuals age. Research shows that children are less consistent in their newspaper reading habits than adults Bogart, This probably reflects the process of maturing and learning what media mixes serve needs and wants.

Of course, the information needs and wants of children vary because of their changing mental processes and needs for social-cultural and self-understanding information. Disruption in availability of media can take two forms. The first is a sudden change, such as occurs during a newspaper strike. When a type of media product no longer becomes available, individuals must adjust their media mix by using other media products to meet information needs and wants.

When this sudden disruption is repaired, some individuals do not return to their previous mixes because they find more utility in the remix that resulted from the disruption. This explains research about media use during a newspaper strike. Researchers have found that some readers do not return to their newspaper following a strike Polich, This proposition also explains why some readers do not move to the remaining newspaper when competition disappears.

Niebauer, The content in surviving newspapers does not necessarily provide utility for those who previously chose a different newspaper. Sustained disruptions occur when new technologies introduce new media. Obviously media mixes changed with the introduction of radio and television, as print became used less often for diversion. Noh and Grant found that the time devoted to mass media increased with the introduction of the VCR.

The options individuals have for their mix are constrained by socio-economic conditions such as income and education. People with little education have fewer options for their mixes than those with extensive education. The selection of text or visual, or even the complexity of text, is dependent on the comfort an individual feels with text. The price of electronic communication, such as computers and access to fibre optic cable, affects what people have available to meet their information needs and wants.

Different uses can be met more easily by some media products than by others. Surveillance, for example, usually involves the movement of information quickly, which gives electronic communication an advantage. Self-understanding requires more depth and gives books an advantage. In theory, these individual media mixes can be aggregated in markets to get a better understanding of aggregate user demand.

If an adequate measuring technique can be developed for identifying individual media mixes, these measures could be aggregated to identify a market mix. This mix would be a measure of demand, and it would have a central tendency and a dispersion, as with individual mixes. So, the newspaper cell in Table 1 could be broken into subcells for each newspaper consumed. The same could be done for television, etc. Although complicated to measure, this approach toward media demand avoids the assumption of indifference toward content that typifies traditional economic utility analysis.

The media mix is a subdivision of a larger information mix that includes non-mediated communication. This matrix is shown in Table 2. This is an information matrix that can show the relative use of various sources of information among mediated and non-mediated providers of information. The media mix matrix is a submatrix of the information matrix. This matrix, as with the media mix matrix, suggests possibilities for measuring where individuals receive information that meets information needs and wants.

Table 2. The use of the concept solely as a surrogate for quality content limits its usefulness. By creating models that explain the process, scholars have a doorway for exploring the relationship between content quality and performance. This performance has economic dimensions, such as audience and profit, but it also has social dimensions such as diversity.

This chapter started with a review of research about financial commitment as a surrogate measure and as a managerial decision process. Both have strong support in existing research. Using this research as a jumping off point, six theoretical propositions were presented concerning the connections among financial commitment, content quality and market performance. Finally, the chapter used the model of news demand Lacy, as a starting point to suggest twelve propositions about general media content use and its relationship with media market demand.

The sets of theoretical propositions were presented to stimulate additional research into financial commitment and quality, and content quality and media demand. Although some of the propositions have empirical support, many do not. A great deal of work remains. The propositions also are presented in an effort to encourage synthesis of the growing body of empirical research about media economics and content quality.

Media economics is a social science, and as such it requires theory. It would be worthwhile to develop propositional theories and models that have rigor but are more easily accessible to non-economists who are interested in the field of media economics. The aim is to develop collections of general statements that explain media economic behaviour in away that is consistent with mathematical models, but also is accessible to a wider range of interested people.

How perceived environmental uncertainty influences the marketing orientation of U. Becker, Lee B. Correlates of daily newspaper performance in New England. Journalism Quarterly, Blankenburg, William B. Newspaper scale and newspaper expenditures. Newspaper Research Journal, 10 2 , Effects of cost and revenue strategies on newspaper circulation.

The Journal of Media Economics, 7 2 , The effects of public ownership on the financial performance of newspaper corporations. Busterna, John C. Ownership, CATV and expenditures for local television news. Journalism Quarterly, 57, Television station ownership effects on programming and idea diversity. The Journal of Media Economics, 1 2 , Competition, ownership, newsroom and library resources in large newspapers. Journalism Quarterly, 68, Candussi, Doris A. Monopoly and content in Winnipeg.

In Robert G. Picard, et al. Press concentration and monopoly. Norwood, NJ: Ablex, Danielson, Wayne A. Completeness of press coverage of the presidential campaign. Journalism Quarterly, 38, Theories of mass communication. White Plains, NY: Longman. How readers and advertisers benefit from local newspaper competition. Journalism Quarterly, 66,, Grotta, Gerald L. Consolidation of newspapers: What happens to the consumer? Journalism Quarterly, 48, Gruley, Bryan New York: Groves Press.

Hawley, Melinda D. Dropping the paper: Losing newspaper loyalists at the local level. Unpublished report, James M. Cox Jr. Johnson, Thomas J. Newspaper competition and message diversity in an urban market. Kearl, Bryant The effect of newspaper competition on press service resources.

Journalism Quarterly, 35, , Economic forces behind increasing use of color and graphics. Newspaper Research Journal, 8 3 , Lacy, Stephen The effects of ownership and competition on daily newspaper content. Dissertation, The University of Texas at Austin. The effects of intracity competition on daily newspaper content. Journalism Quarterly, 64, The impact of intercity competition on daily newspaper content. Journalism Quarterly, 65, A model of demand for news: Understanding the impact of competition on daily newspaper content.

Journalism Quarterly, 66, Newspaper competition and number of press services carried: A replication. The financial commitment model of news media competition. The Journal of Media Economics, 5 2 , Competition and the allocation of resources for local television news. The Journal of Media Economics, 2 1 , The role of cost and competition in the adoption of satellite technology for local television news. The Journal of Media Economics, 1 1 , The impact of competition and market size on the assembly cost of local television news.

Financial commitment, newspaper quality and circulation: Testing an economic model of direct newspaper competition. Newspaper content quality and circulation. Newspaper Research Journal, 12 3 , The relationship among economic, newsroom and content variables: A path model. The Journal of Media Economics, 2 2 , High profits and declining circulation: A study of Thomson newspapers during the s.

Newspaper Research Journal, 19 3 , The impact of competition and group ownership on all-news radio," Journalism Quarterly, 71, Cyr, Charles The effects of public ownership and newspaper competition on the financial performance of newspaper corporations: A replication and extension.

Norwood, NJ: Ablex. Correlations of newspaper content with circulation in the suburbs: A comparative case study. Journalism Quarterly, 67, Lasorsa, Dominic Effects of newspaper competition on public opinion diversity. Litman, Barry R. An economic analysis of daily newspaper performance. Newspaper Research Journal, 7 3 , McCombs, Maxwell E. Effects of monopoly in Cleveland on diversity of newspaper content.

Journalism Quarterly, 64, , Concentration, monopoly, and content. Nafziger, Ralph O. Red Wing and its daily newspaper. Niebauer, Walter E. Trends of circulation and penetration following failure of a metropolitan daily newspaper. Media functionality and the principle of relative constancy: An explanation of the VCR aberration.

The Journal of Media Economics, 10 3 , Polich, John. Daily News, its unions, newspaper market lose in strike. Newspaper Research Journal, 16 1 , Competition, conduct and ratings in local television news: Applying the industrial organisation model. The Journal of Media Economics, 3 1 , Journalism Quarterly, 43, Local TV news: What works, what flops and why.

Stakun, David J. Content analysis of the Bloomington Herald- Telephone during and after publication of the competing Courier- Tribune. Schweitzer, John C. Does newspaper competition make a difference to readers? Journalism Quarterly, 52, Sylvie, George. A study of civil disorder: The effect of news values and competition on coverage by two competing daily newspapers. Newspaper Research Journal, 12 1 , The effects of monopoly on the news: A before and after study of two Canadian one-newspaper towns.

Canadian Journal of Communication, 9 3 , Vermeer, Jan P. Multiple newspapers and electoral competition: A county-level analysis. Content changes in the St. Louis Post-Dispatch during different market structures. The Journal of Media Economics, 7 1 , Weaver, David H. Content characteristics of competing daily newspapers.

Winning newspaper Pulitzer Prizes: The possible advantage of being a competitive newspaper. Woerman, Neil A. In assessing media performance, next to freedom of communication, media access and media diversity are central indicators of evaluation cf. McQuail, Ever since Adam Smith wrote his Inquiry into the Nature and the Causes of the Wealth of Nations in , the idea that market rivalry between entrepreneurs yields best quality of products and services against the lowest prices possible has been widely accepted in Western economics and political ideology.

Competition is not only considered to be a guarantee of quality of products, but also as the agent of innovation and pluralism in society. This makes economic, political and social competition to a central notion in Western societies. That goes for media too. The argument essentially says that media best flourish in media markets with free and equal access for all people to exchange information and opinions.

Then we may expect cultural variety to happen. This notion is, of course, based upon the classical economic market theory of full competition in the marketplace. So, any breakdown of media monopoly should be welcomed and competition between newspapers, radio and television stations should be applauded … Or not? That is the question I want to address here. As can easily be shown from economic life, competition is not always fruitful, because it might degenerate into ruinous competition.

Media competition probably is no exception to that. At least, theory says so. Media diversity is heterogeneity of media content in terms of one or more specified characteristics. In formal terms, diversity can be defined as 'the extent to which media content [ First, we need to select one or more relevant dimensions, on which media content could and should vary; e.

Second, we need to define the level at which diversity will be assessed. And third, we need to formulate a yardstick that we can use to measure whether the variation observed between and within media is somehow sufficient.

We will start with the latter. Being both an empirical and a normative concept at the same time, media diversity gives rise to two diverging approaches, one more bottom-up, empirical and quantitative, and one more top-down, normative and qualitative. Reflective diversity is the extent to which existing population preferences are proportionally represented in the media.

Reflective diversity especially is equal access for people: if each individual or group has equal access to the media to express his or her preferences or to contribute to media content, we may say, media to be reflectively diverse. It is a hypothetical example.

The population curve in the figure represents the distribution of preferences in the population, e. The other curve, the media curve, represents media supply complementing population preferences and characteristics.

Ideally, in case of maximum media reflection of population preferences and characteristics, both curves fully coincide. The example shows, however, that media content only partly overlap with population preferences, indicating media deficiency in population reflection.

This approach reflects the notion that media are pervasive social phenomena that may influence people considerably. Thus, to prevent the emergence of biases in public opinion, media content should express different opinions in an equal manner and in a sound way. This type of diversity is open diversity: the extent to which divergent preferences and opinions are equally i. The objective of open diversity may be labelled as equal access for ideas to society's communications system.

Figure 2. Media Diversity as Openness A Theoretical Example Frequency or Quantity Media supply of content Media supply under condition of Openness maximum media diversity R ange of preferences Figure 2 portrays media supply compared to media supply under condition of full openness to all conceivable preferences in the population, be they majority or minority preferences or characteristics.

Consequently, open media diversity mathematically is the maximum diversity any media system can realise. There is a dialectic relationship between reflective and open diversity. Media fully reflecting social preferences inevitably ill perform at openness to a great variety of different social positions and conditions, whereas perfect media openness harms majority positions in favour of minority beliefs, attitudes and conditions.

Then, we focus on the different preferences and opinions presented in the programs or articles; 2. Then, we focus on program and editorial content supply as a total package by individual media outlets; 3. Then, analysis focuses on diversity of content supply on the newspaper market or on the television market; 4.

The choice of the most appropriate level of analysis should correspond with media consumer behaviour, that is, with the full set of content packages that users usually choose, buy or obtain a particular content package from. Until recently, the maxim for the daily press has been, that diversity should assessed at the level of all newspapers people can choose from in a particular geographic market.

And for television, the appropriate level of analysis was commonly considered to be the set of channels broadcast in a particular region. Convergence of IC technologies and the rise of the Internet, however, may in the near future shed some different light on this question. Within media markets we can either focus on diversity within a specific content package or between all content packages in that market.

The former is intra medium diversity, the latter inter media diversity. Especially when we study diversity at the level at which users access media markets, intra media diversity is important from a societal point of view. Intra diversity will guarantee that users will be confronted with diverging ideas and opinions.

For the individual user, however, inter media diversity is more important. Inter diversity will enable users to choose between different content packages that match their preferences in varying degrees. Like open and reflective diversity, intra and inter diversity are complementary and incompatible.

The more intra diverse content packages are, the less inter diverse they can be — and vice versa. The choice of relevant content dimensions to be assessed, of course, is highly guided by the media policy purpose that the media performance analysis is supposed to serve. Here distinctions between the informative, opinion forming, expressive and critical functions of media become significant, in addition to distinctions between the political, social and economic areas in which media operate cf.

Van Cuilenburg and McQuail Following Scherer , we may distinguish six major market structures, ranging from perfect competition toward monopoly see Table 2. Each market structure has distinctive characteristics in terms of the number of competitors, the ease of market entry, similarity of goods and services, the control over price by individual firms, and the demand curve facing individual firms Boone and Kurtz, Media products, to a great extent being products of the creative mind, tend to differ from each other.

Therefore, media markets have an in-built tendency toward product differentiation. We will come back to this characteristic of media markets in Section 4. Competition not only has a structural component, but also a behavioural dimension. Competitive behaviour manifests itself notably in the way media organisations are marketing their products. The type of marketing determines the kind of competitive behaviour one will find in the media market.

By and large, marketing handles four strategic variables, product, distribution, promotion and price, that in one marketing mix or another have to be blended to satisfy chosen consumer segments Boone and Kurtz, ; Pride and Ferrell, Competition between media may be based on each of these four distinct types of variables. The prevalent marketing strategies, however, are strategies based on price and strategies based on product.

We will argue further on see Section 4. Here we may join European Union competition policy theory on what constitutes a 'relevant market' in which competition between undertakings takes place. Demand substitution constitutes the single most important factor to define a market as a market in itself.

The exercise of market definition consists in identifying alternative sources of supply for the customers, both in terms of products and geographic location of suppliers. The question here to be answered is, whether consumers of flavour A would switch to other flavours, B and C, if they were confronted with a permanent price increase of A of 5 percent to 10 percent.

If this is the case, than A, B, and C are interchangeable, and consequently constitute one market of soft drinks. The Union uses various quantitative measures, such as elasticities and cross-price elasticities for the demand of products to define markets in which competition between suppliers has to be assessed.

Applying the foregoing notions to media markets, the question has to be answered which media content services and products are substitutable to audiences. For a start, media markets serving the general public may be classified into news and information markets on the one hand, and entertainment markets on the other. The time dimension is often left out of consideration. However, notably in rapidly changing media markets, the time dimension may be a crucial factor: what currently constitutes a relevant media market, may be out-of-date next year.

At present, media markets are rapidly changing, not in the least due to the Internet. Changes in the media landscape bring along the question what media market is relevant for measuring media competition and diversity. This and other comparable questions have to be answered before diversity measurement makes any sense.

What the consequences of this tendency will be for media diversity measurement and media policy assessment remains to be seen. For media markets, the SCP model suggests that perfectly competitive markets yield maximum reflective diversity. Perfectly competitive media markets, however, do not exist nor will they in any likelihood emerge in the near future.

There are two main reasons for that. The first reason is that perfect competition implies, as we have seen, the absence of any significant product differentiation, whereas reflective diversity can only exist without any product differentiation in the exceptional case that users' preferences are homogeneous.

If this is not the case and users' preferences are heterogeneous, then media diversity will automatically imply product differentiation whereas perfect competition in the classical sense of economic theory will not. The second reason why perfect competition in media markets is rather unlikely can be found in the particular cost structure of media products. Media content production, organisation and distribution typically entail high first copy costs of creating or acquiring media content, but very low or even negligible duplication and distribution costs.

Media products and services consequently show increasing returns to scale. In addition, media content productions, as cultural products per se, show a high risk of failure. Large companies that can produce or acquire various media products and finance failures out of profits of successful productions, therefore have a strong competitive advantage. In sum, size pays in media industries. Theoretically, we therefore expect media markets tend toward heterogeneous oligopolies.

According to dynamic market theory, competition essentially is a function of the product-life cycle. By definition, in that situation there is only one supplier and hence no competition. Following the introduction phase, a phase of rapid growth will occur in which new entrants enter the market and competition starts and increases rapidly as long as market growth continues at high level and high speed. Then, after some time, markets will get mature and saturated.

In this phase, dynamic market theory predicts concentration of firms partly due to ruinous competition in the previous phases, but also because saturated markets mergers and take-overs can only sustain market growth. According to dynamic market theory, in saturated markets oligopoly is inevitable. In this last phase in the product life cycle, concentration will increase further, and one firm after the other will exit the market.

According to Porter, the essence of strategy formulation is coping with competition. The state of competition depends on five basis forces: 1 rivalry between competitors within an industry itself; 2 the bargaining power of suppliers; 3 the bargaining power of customers; 4 the threat of new entrants; and, 5 the threat of substitute products and services. It ranges from intense … , where no company earns spectacular returns on investment, to mild … , where there is room for quite high returns.

Particularly in perfectly competitive industries, where jockeying for position is unbridled and entry to the industry is very easy, the prospects for longrun profitability are very bad. Currently, this may be the case in the Internet media and providers industry. The Porter Model The Porter Model Threat of new entrants The Industry Bargainning Bargainning power of Jockeying for power of suppliers position among customers current competitors Threats of substitute products or services The difference between the dynamic market model and the Porter competition model, of course, is that first describes and predicts changes and trends in market competition based on sales and market penetration data the product-life cycle , whereas the latter indicates competition intensity at a particular point of time in a well-defined market of products and services, on the basis of five different clusters of factors.

In both models the dependent variable to be explained is competition intensity, or its inverse concentration. The Entropy index in essence measures market uncertainty: the greater the number of competitors, the greater the uncertainty that firms can survive in that market De Jong, Formula 2. The HHI index is calculated by summing the squares of the market shares of media owners see Formula 3.

Formula 3. In studying media concentration in a particular geographic media market we have to take into account three different aspects of media concentration, that is, 1 concentration of media ownership, 2 concentration of media content production, which is not necessarily the same is concentration of media ownership, and 3 concentration of audiences indicating the inequality in audience shares of different media cf.

De Ridder, Ownership concentration, editorial concentration, and audience concentration are closely connected, but can be independently measured. This has been done for many years now in the Netherlands, with focus on concentration of newspaper ownership and newspaper editorial concentration. For about ten years the Netherlands Press Fund, an independent governmental agency providing financial support and loans to newspaper and magazine publishers, also sponsors this research.

In Entropy numbers equivalents, the number of independent owners has dropped from The latter figure corresponds to a circulation market share of These data indicate that the present-day Dutch newspaper market is a highly concentrated and hardly competitive anymore. In the field of editorial concentration and competition, we see a similar picture, though a little bit less drastic Table 4 : since the number of editorially independent dailies dropped from 65 titles in till 35 titles in In we take into account, the degree of editorial co- operation between editorial staffs of different newspapers — joint correspondents, joint newsgathering services, etc.

Based on media concentration data, in the Netherlands in the late eighties extensive research was performed into the causes of editorial concentration in the newspaper market Van Cuilenburg, et al, This now rather old study is still worth quoting, because it gave evidence that the popular theory on ownership concentration and editorial concentration is too simple a theory.

Figure 7. Econometric analysis of all kind of statistical clearly showed that newspaper ownership concentration did not cause editorial concentration in the Netherlands. On the contrary, against general expectation, mergers and take-overs — in general, scaling-up newspaper publishing — did weaken the effects of economic and social market forces that in themselves led to editorial concentration and the exit of newspapers titles from the market.

It would be interesting to see whether this finding still holds in the Internet era and also can be corroborated in other European countries. Anyhow, there seems to be no simple positive correlation between ownership and editorial concentration in the newspaper market.

To put it otherwise, newspaper oligopoly may prevent newspaper markets from deteriorating into markets with limited supply of editorial products. Figure 8. Growing Competition in Television Broadcasting 0. The Netherlands is no exception to this. Since the number of television channels people on average are able to receive has risen from 3.

Demand, that is viewing time, however, is lagging far behind supply. In the Netherlands television broadcast time has risen from 23 hours Dutch programs per day in until hours a day in , that is, a growth with nearly percent, whereas viewing in the same period only grew from hours till hours a day, an increase of 33 percent Van Meurs, ; see Figure 9.

So, the television market is only growing very slowly as far as demand is concerned. This will have an intensifying effect on competition between television companies. This effect is being reinforced by the entry of new parties to the market see Figure These figures correspond with in increase in the number of equal sized competitors in the Dutch television market from N.

We may wonder what this growing competition meant for the quality and diversity of Dutch television broadcasting. Statistically, media diversity can easily be calculated as the coefficient of variability Formula 5. This coefficient can easily be broken down into inter media diversity and intra media diversity Van Cuilenburg, Formula 5. A more sophisticated measure is the entropy coefficient Formula 6 we already came across in Section 4.

Formula 6. Though these data currently have only historical value, they may illustrate the way media diversity can be measured and assessed for a more extensive expose on these data in English: cf. McQuail and Van Cuilenburg, — We will present to examples here. Table 5. The total universe of information units was calculated at units. Table 6. Data collection on the population was done by way of survey, and on the press by way of quantitative content analysis.

Comparing population data to media data made it possible to assess media reflection and media performance on political expression in society. These statistics indicate a very high level of reflective and open political reporting and commenting in the Netherlands daily press at the same time. This project — the CoMInDi project — focuses on competition and diversity in different European media markets.

Its first empirical case study concerns the Netherlands television market in the 90s. The analysis focuses on television program type diversity. Data are collected on the amount of time spent on each major channel to any of 25 program type categories, on the amount of total viewing time spend by television viewers per channel on any of these 25 program type categories, and on audience ratings per channel per program type category.

Television supply is said to be reflectively diverse when supply of program types matches viewer demand, as can be estimated from audience ratings and average viewing time. Conversely, there will be open program type diversity to the extent that channels broadcast an equal amount of time on each of the 25 program types included in the research.

Quarterly estimates run from the first quarter of until and including the second quarter of So, Dutch television is meeting viewers demand at a very high level. It did so in the 80s, with only little competition between channels; it still does so in the present, highly competitive television market.

Reflective diversity did not gain a lot from competition, but did not lose value as well. The story is different for open diversity. So, competition seems to harm openness in program supply, though we should not exaggerate the magnitude of this effect. Where competition in the Dutch television market doubled see 4. This notion is hardly ever questioned.

Media in competitive markets cannot escape from increasing their editorial budgets just to keep a reasonable market share to survive. Newspapers competing for the same readers must match the quality of the competing newspaper in most areas and differentiate themselves in other areas to attract readers.

Even if a majority of the news is somewhat duplicated, having more reporters covering a market increases the possibility of a reporter uncovering information that would be useful in the intellectual market. Editorial quality, however, is not the same as editorial diversity. In earlier publications e. This law applied to media markets predicts that extremely competitive media markets — repeat: extremely competitive markets — tend to homogeneity more than monopolistic, oligopolistic or public service media models.

Fierce competition enhances competition on price. Under conditions of fierce competition, media markets tend toward reflective diversity, reflecting mainstream, middle of the road preferences and demand. Under conditions of moderate competition, on the other hand, media markets offer media space to experiment and to serve market niches and minority preferences.

Thus, moderate media competition goes with open diversity, in media markets in which each media entrepreneur tries to define his own clientele. Media Competition and Content Hypothesis derived from Hotelling The more media in a given media market compete for market share, the more they compete on price Cp fierce competition , the less they compete on content Cc moderate competition.

Media Diversity Hypothesis The more media diversity in a given media market is reflective diversity Dr , the less media diversity is open diversity Do. First results in R. Media Competition and Diversity Hypothesis derived from Hypothesis 1 and Hypothesis 2 The more media in a given media market compete for market share, the more they compete on price Cp , the less they compete on content Cc , the more media diversity is reflective diversity Dr , and the less media diversity is open diversity Do.

There are five trends that currently fundamentally change the media landscape: 1 digitalisation of information and communication technology, leading amongst other things to convergence between media broadcasting and telecommunications; 2 exponential informatisation of society creating information abundance; 3 exponential diversification in media products, that is, diversification in contents tailored information , in content carrying technologies, and in distribution channels and outlets; 4 stagnation in media products consumption, that is, demand for media products seriously lags behind supply; and 5 segmentation in audiences.

These trends together make media markets increasingly more demand driven, because there are more content providers, more media outlets, and thus more competition. Diversification in products manifests itself in the production of media products for special interest consumer groups and for niche markets. One may expect open media diversity to increase as communications technology increases the number of communication channels in society. So, technology promotes access for ideas cf.

Section 4. The other three trends, however, stimulate media competition on price, rather than on content. The digitalisation of IC technology on the one hand results in an exponential informatisation of society, and in lower prices for electronic transmission of media products.

In addition, digitalisation contributes to convergence, that is, to a blurring of boundaries between different modes of electronic communication broadcasting, Internet, telephony. The result from this is twofold: technology reduces media market entry barriers and convergence enables parties to enter media markets which we until recently closed to them, the final result being a growing number of suppliers in nearly every communication market. Opposite this exponential increase in media supply we clearly find stagnation in consumption.

People are not watching television programs more than before see 4. Stagnation in consumption is hitting almost every media type, with currently the exception of the Internet. The circulation of newspapers, for instance, in many countries has stagnated for several decades now. The main characteristic of most media markets nowadays is: demand lagging far behind supply. The overproduction of products inevitably puts pressure on the prices of media products: people are willing to pay.

In addition, people also pay less attention to the average media product. Current media markets have to be shared by an ever-increasing number of sellers, all targeting at the same audiences. To still gain a reasonable market-share, many media organisations follow a rather conventional product strategy, with hardly any substantial innovation in products. If the number of suppliers of media products in the future keeps on growing, as has been the case during the last decade, there is a chance of ruinous competition to happen.

Programming will become very conventional and the main strategy to attract viewers will be cutting prices, eventually leading to ruinous competition, that is, to a shakeout of marginal and unprofitable broadcasters. Question then only is, whether this shakeout will primarily hit the public or the private broadcasters in the television market.

What will happen? Which of the competitive factors in the near future will be decisive, the negative or positive ones? If we apply dynamic market theory see Section 4. Between the mid 80s and the early 90s there has been a breakdown of monopolies, followed by market entry of lots of new commercial and non-commercial local, regional parties.

Program output increased rapidly, and so did profits for commercial broadcasters. Current television markets, however, show saturation and market decline. From this, we may predict future profit margins falling and media concentration toward oligopoly once again.

Question is, whether the predicted trend toward broadcast oligopoly should be regretted from the perspective of media diversity. It depends and we have to speculate. It depends on the type of competition that will remain. If the remaining competition between broadcasters is moderate and on content instead of price, then a kind of monopolistic competition will arise and program output will be of the open-diversity type.

However, if the remaining competition in oligopoly is still for market- shares only, then program output will be very conventional and reflective of majority preferences mainly. Public- service broadcasting can correct market failure due to fierce and ruinous competition. Thus, a plea for public-service broadcasting and market might be made, producing optimal conditions for moderate competition and open media diversity cf.

Collins, Media diversity is considered to be a main vehicle toward an open society. By way of concluding, I want to make a plea for media responsibility for both an open and a receptive society. In a living democracy, media in addition to open-mindedness should contribute to receptiveness in their audiences. Heterodox people and minorities in terms of background, origin and descent should not only be permitted and tolerated in society. They should be appreciated and invited to social and political dialogue and to taking joint responsibility for society.

The first route is an economic one; it is the route of uncovering the economic basis of open diversity in media supply. That route was the topic of this article. No matter how important open media diversity is, it does not make an open society a receptive society yet. Where the open society as far as media are concerned is best being served by moderate competition and open diversity, a receptive society presupposes that journalism takes anew and a new social responsibility.

Receptive journalism starts from two closely connected ethical premises. Receptive journalism spreads the message that social diversity is not simple an obstacle to overcome. Receptive journalism is inclusive and promotes reversing perspectives, self-reflection, openness to others, and curiosity toward differences, thus putting an end to thinking in terms of either-or, in terms of in-group and outgroup cf.

Wood, The second ethical premise of receptive journalism is that journalism should teach cultural change as a way of life, and weaken cultural egos, that is, the cultural identities of groups in society as being ultimately an illusion. This ethical premise is a far more radical one than the first.

Cultural identities change all the time and are never fully fixed. Receptive journalism in an open society makes people aware of this irrefutable fact of life. Openness is a great thing for democracy, and media diversity can certainly contribute to that. If media diversity subsequently also contributes to cultural receptivity in society, then journalists, publishers and broadcasters have truly realised their social responsibility for society.

References Adelman, M. Zassoursky and E. Den Haag: Staatsgeverij Cuilenburg, J. Kleinnijenhuis en J. Arnett eds. Porter, M. Makau and Ronald C. In this chapter I will discuss the approach we used, the factors that we studied, the results that we produced, and what they mean. We focused on the trends that are often used by newspaper critics as evidence that newspaper quality is diminishing. We did so to determine what changes have actually occurred and whether the presence or absence of the changes actually affected success in the market, that is, sales of newspapers and the reach of newspapers.

In our study we asked questions such as: Do dynamic, vivid, and colourful layouts with many visual elements such as pictures, graphs, and logos help sell copies? Do newspapers with shorter articles and bigger headlines attract more readers? In Germany, as in other nations, quite a number of newspapers have begun using these features as a strategy to secure their future. Both the reasons for, and the concepts of, these changes in content and appearance have been often derived from television and magazines.

So, some newspapers felt tempted to mimic them at least somewhat. Rowman and Littlefield, The other one may be called the contrast strategy. It means concentrating on what newspapers can do better than their competitors—such as offering more local coverage than television and magazines, a greater variety of topics, more background, and an easily accessible and well- structured wealth of information.

Whatever their strategy has been, newspapers all over the world have recently put a lot of effort into making themselves more attractive both to their readers and to people who do not read them. We can discern three categories of measures: first of all, investing in newspaper content—into information, entertainment, services, but also into new ways of advertising; second, working on design and layout—on the way that content is structured and presented.

And finally, using marketing measures outside the newspaper itself to attract readers—its price, advertising it, the sponsorship of events, and extra benefits for readers and subscribers, such as discounts on meals in restaurants or on cinema tickets. All of these measures can be employed differently, depending on the strategy chosen—to resemble television or magazines as much as possible, on the one hand, or to distinguish newspapers from their competitors on the other.

We asked the question: Which of these strategies has been more successful? Many newspapers have tried to answer this question for themselves, but only for themselves. The problem with these case studies, and even for those with more than one newspaper, but still only a few, is that they cannot easily separate the different causes that may have contributed to an increase in readership see Click and Stempel, ; Blankenburg, ; Weaver, Schweitzer, and Stone, For instance, along with a facelift, the structure of the population in the distribution area may have also changed in an advantageous direction.

Or the addition of a new section might have contributed more to a higher circulation than the use of colour on the front page that may have been introduced simultaneously. And even what we know beyond those—most proprietary—case studies is often based on surveys that asked their respondents how much they liked one or the other characteristic of a newspaper.

Whether a newspaper is really sold because of its attempts to change content or appearance, however, is often unclear, and that is the issue we studied. The daily newspapers were selected from the 1, local and non- tabloid titles that were published in West Germany in both years.

As their reach into the population shows, these local subscription papers are the backbone of the German newspaper system. It was ascertained that our sample mirrored he geographical distribution, the circulation, and the competition situation of local newspapers in West Germany as closely as possible. Galbraith extolled the social utility of the corporation because he believed that it could be domesticated and harnessed to serve interests other than its own bottom line.

Of course, those powers have receded. Unions, whose organizing efforts Amazon has routinely squashed, are an unassuming nub of their former selves; the regulatory state is badly out of practice. So while Amazon is trusted, no countervailing force has the inclination or capacity to restrain it. Amazon might be a vast corporation, with more than , employees, but it is also the extension of one brilliant, willful man with an incredible knack for bending the world to his values.

She would drive him 40 miles each day so that he could attend an elementary school for high-testing kids in Houston. When a wait list prevented him from entering the gifted track in middle school, she wheedled bureaucrats until they made an exception.

This was a sentiment ratified by the world as he ascended the meritocracy. At Princeton, he flirted with becoming a theoretical physicist. On Wall Street, he joined D. The computer scientist who founded the firm, David E. This provided him with unusual clarity about the coming revolution and its commercial implications. He anointed Bezos to seek out investment opportunities in the newly privatized medium—an exploration that led Bezos to his own big idea.

When Bezos created Amazon in , he set out to build an institution like the ones that had carried him through the first three decades of his life. He would build his own aristocracy of brains, a place where intelligence would rise to the top. Early on, Bezos asked job candidates for their SAT scores.

Bezos would probe logical acuity with questions like Why are manhole covers round? Read: The world wants less tech. Amazon gives it more. By the logic of natural selection, it was hardly obvious that a bookstore would become the dominant firm in the digital economy. And he always conveyed the impression of having grand plans—a belief that the fiction aisle and the self-help section might serve as the trailhead to commanding heights.

In the vernacular, Amazon is often lumped together with Silicon Valley. At its spiritual center, however, Amazon is a retailer, not a tech company. In mass-market retail, the company with the thinnest margin usually prevails, and a soft December can ruin a year. To mold his organization in his image, he often lashed out at those who failed to meet his high standards. Can someone get me the A-team document?

This was the sarcastic, demeaning version of his endless questioning. But Amazonians, as employees call themselves, swear by them. The principles, now 14 in number, are the subject of questions asked in job interviews; they are taught in orientations; they are the qualities on which employees are judged in performance reviews. About 10 years ago, Bezos became aware that Amazon was sending emails to customers suggesting the purchase of lubricants.

This fact made him apoplectic. If such an email arrived at work, a boss might glimpse it. If it arrived at home, a child might pose uncomfortable questions. They were so conservative about what they thought would be embarrassing. That could be embarrassing. Bezos treats the S-Team with familial affection; its members come closest to being able to read his mind. At Amazon, the focus is on asking the right question. Leadership is trained to poke holes in data. Once an executive makes it to the S-Team, he remains on the S-Team.

The stability of the unit undoubtedly provides Bezos a measure of comfort, but it also calcifies this uppermost echelon in an antiquated vision of diversity. Nor does the composition of leadership change much a step down the ladder. If VP meetings are scheduled at 7 a. Amazon disputes the methodology CNBC used to tally women in its senior leadership ranks.

This belief short-circuits his capacity to truly listen to critics. When confronted about the composition of the S-Team in a company-wide meeting two years ago, Bezos seemed to dismiss the urgency of the complaint.

B ezos built his organization to be an anti-bureaucracy. According to the theory, teams at Amazon should ideally be small enough to be fed with two pizzas. In its warehouses, Amazon has used video games to motivate workers—the games, with names like MissionRacer, track output and pit workers against one another, prodding them to move faster.

The two-pizza teams represent a more subtle, white-collar version of this gamification. The small teams instill a sense of ownership over projects. Amazon has a raft of procedures to guide its disparate teams. Writing, Bezos surmised, demands a more linear type of reasoning. Only after the silent digestion of the memo—which can be an anxiety-inducing stretch for its authors—can the group ask questions about the document.

Most teams at Amazon are hermetic entities; required expertise is embedded in each group. In the past several years, the company has hired more than of them, which makes Amazon a far larger employer of economists than any university in the country. Tech companies such as Microsoft and Uber have also hired economists, although not as many. And while other companies have tended to keep them in centralized units, often working on forecasting or policy issues, Amazon takes a different approach.

It distributes economists across a range of teams, where they can, among other things, run controlled experiments that permit scientific, and therefore effective, manipulation of consumer behavior. Relentless might be the most Amazonian word, but Bezos also talks about the virtues of wandering. Once they had clearly articulated a mission in an approved six-pager, they typically had wide latitude to make it happen, without having to fight through multiple layers of approval.

The wandering mentality has also helped Amazon continually expand into adjacent businesses—or businesses that seem, at first, unrelated. Assisted by the ever growing consumer and supplier data it collects, and the insights into human needs and human behavior it is constantly uncovering, the company keeps finding new opportunities for growth.

Read: When Amazon went from big to unbelievably big. What is Amazon, aside from a listing on Nasdaq? This is a flummoxing question. When I posed the question to Amazonians, I got the sense that they considered the company to be a paradigm—a distinctive approach to making decisions, a set of values, the Jeff Bezos view of the world extended through some , employees.

Graham came up with a shortlist of ideal owners he would pursue, including the financier David M. The last of the names especially enticed Graham. That January, he had breakfast with his friend and adviser Warren Buffett, who also happened to be a shareholder in the Post.

This blankness suggested to Graham the stuff of an ideal newspaper owner. Graham dispatched an emissary to make the pitch. The fact that he dropped the subject for several months seemed the best gauge of his interest. While Bezos ghosted Graham, Omidyar, the most enthusiastic of the bidders, continued to seek the prize.

Like so many CEOs of the era, Bezos figured himself an instrument of creative destruction, with little sympathy for the destroyed. He was critiquing New York book publishers, whose power Amazon had aimed to diminish. But he harbored a similarly dim view of self-satisfied old-media institutions that attempted to preserve their cultural authority.

It therefore came as a surprise when, after months of silence, Bezos sent a three-sentence email expressing interest in the Post. Over sandwiches that Graham brought back to his rental, the old proprietor made his preferred buyer a counterintuitive pitch: He explained all the reasons owning a newspaper was hard.

He wanted Bezos to know that a newspaper was a self-defeating vehicle for promoting business interests or any preferred agenda. The conversation was a tutorial in the responsibilities of the elite, from a distinguished practitioner. In Sun Valley, they hardly haggled over terms. Buying the Post was not a financially momentous event in the life of Jeff Bezos. In addition to the billions in Amazon stock he owned, he had quietly invested in Google and Uber in their infancy.

The Bezos imprimatur, the young companies had understood, would burnish their chances with any other would-be investor. The friendly guy who professed his love of Kazuo Ishiguro novels and had created a cool new way to buy books was now seen in some quarters as an enemy of literary culture and a successor to the monopolist Rockefeller. To save a civically minded institution like the Post was a chance to stake a different legacy for himself.

Read: I delivered packages for Amazon and it was a nightmare. Bezos keeps the Post structurally separate from Amazon—his family office monitors the business of the paper—but he runs it in the same expansionist spirit as he does his company. He vowed to put every dollar of profit back into the enterprise. In the six years of his ownership, the Post newsroom has grown from to just over It took him several months to visit the Post newsroom and try to allay rank-and-file nervousness about the intentions of the new owner.

The press hailed Bezos for displaying such a strong interest in the fate of his reporter, a taste of how media extol those they regard as their own saviors. It may have taken him a moment to realize that Washington would be a new center of his life, but once he did, he rushed to implant himself there. The museum had joined together two mansions, one of which had been designed by John Russell Pope, the architect of the Thomas Jefferson Memorial.

W hile Bezos made himself at home in Washington, so did his company, but on its own terms. The Obama years were a boom time for Big Tech. Executives regularly shuffled through the White House. Visitor logs record that no American company visited more often than Google. Silicon Valley hurled itself into policy debates with its characteristic pretense of idealism, even as it began to hire Brioni-clad influence peddlers. It was, by its own account, battling for nothing less than the future of the free internet, a fight to preserve net neutrality and prevent greedy telecoms from choking the liberatory promise of the new medium.

As the tech companies invested heavily in policy, Amazon would occasionally cheer them on and join their coalitions. But mostly it struck a pose of indifference. Amazon seemed less concerned about setting policy than securing lucrative contracts.

It approached government as another customer to be obsessed over. But there was a less visible reason for the alliance: As the debacle of healthcare. Cloud First was the official name of the policy. Amazon had nothing to do with its inception, but it stood to make billions from it. It had wandered into the cloud-computing business long before its rivals. Amazon Web Services is, at its most elemental, a constellation of server farms around the world, which it rents at low cost as highly secure receptacles for data.

Apple, the messaging platform Slack, and scores of start-ups all reside on AWS. If retail was a maddeningly low-margin business, AWS was closer to pure profit. And Amazon had the field to itself. Other Big Tech companies have fretted about the morality of becoming entangled with the national-security state. But Bezos has never expressed such reservations. His grandfather developed missile-defense systems for the Pentagon and supervised nuclear labs.

Bezos grew up steeped in the romance of the Space Age, a time when Big Business and Big Government linked arms to achieve great national goals. It also began to hire officials as they stepped out of their agencies. Amazon sold facial-recognition software to law-enforcement agencies and has reportedly pitched it to Immigration and Customs Enforcement.

Amazon also wanted to become the portal through which government bureaus buy staples, chairs, coffee beans, and electronic devices. In , the House of Representatives quietly passed the so-called Amazon amendment, buried within a larger appropriations bill. Only after competitors grasped the significance of the amendment did a backlash slow the rush toward Amazon. The government is preparing to run a pilot program testing a few different vendors.

In , Amazon signed an agreement with a little-known organization called U. Communities negotiates on behalf of more than 55, county and municipal entities school districts, library systems, police departments to buy chalk, electronics, books, and the like. A report by the Institute for Local Self-Reliance documented how a growing share of the physical items that populate public spaces has come to be supplied by Amazon. The company has mastered the art of avoidance, by exploiting foreign tax havens and moonwalking through the seemingly infinite loopholes that accountants dream up.

Amazon may not contribute to the national coffers, but public funds pour into its own bank accounts. Amazon has grown enormous, in part, by shirking tax responsibility. The government rewards this failure with massive contracts, which will make the company even bigger. W hat type of ego does Jeff Bezos possess? The president of the United States has tested his capacity for sublimation by pummeling him mercilessly.

In , Bezos won a nomination to join a panel advising the Defense Department on technology, although the swearing-in was canceled after Pentagon officials realized that he had not undergone a background check. He never joined the panel. Firms vied ferociously to win the contract. Because Amazon was widely seen as the front-runner, it found itself on the receiving end of most of the slings. Oracle also tried to block Amazon in court. Its filings spun a sinister narrative of Amazon infiltrating the Pentagon.

Amazon countered that dozens of people developed the contract, and that Ubhi worked on JEDI for only seven weeks, in its early stages. Rubio received a much smaller donation from Amazon in the same period. It could also create an unhealthy dependence on a firm that might grow complacent with its assured stream of revenue and lose its innovative edge over time.

Of course, there are plenty of honorable reasons for a company to set up shop in the prosperous shadow of the Capitol. According to a Government Accountability Office survey of 16 agencies, only 11 percent of the federal government has made the transition to the cloud.

Just as Bezos has folded himself into the fraternity of Washington power—yukking it up at the Alfalfa and Gridiron Clubs—thousands of Amazon implants will be absorbed by Washington. Executives will send their kids to the same fancy schools as journalists, think-tank fellows, and high-ranking government officials. Amazonians will accept dinner-party invites from new neighbors. The establishment, plenty capacious, will assimilate millionaire migrants from the other Washington.

Jeff Bezos was with his people, the feted guest at the meeting of the National Space Society. The group awarded him a prize it could be sure he would appreciate: the Gerard K. After a dinner in his honor, Bezos sat onstage to chat with an editor from GeekWire. The question pandered to the crowd, eliciting applause, hoots, and whistles. The Expanse , which had been broadcast on the Syfy channel, is about the existential struggles of a space colony, set in the far future, based on novels that Bezos adores.

Despite the militancy of its devoted fans, Syfy had canceled The Expanse. Angry protests had ensued. A plane had flown over an Amazon office in Santa Monica, California, with a banner urging the company to pick up the show. From his years overseeing a movie studio, Bezos has come to understand the dramatic value of pausing for a beat. Invoking the name of the spaceship at the center of the series, he allowed himself to savor the fist-pumping euphoria that surrounded him. Amazon set up a page so that anyone, no matter their experience, could submit scripts for consideration.

When it streamed its second batch of pilots, in , it analyzed viewing patterns, then set aside the evidence. Bezos walked into the green-light meeting and announced that Amazon needed to press forward with the least-watched of the five pilots: Transparent , a show about a transgender parent of three adult children.

Bezos had read the rave reviews and made up his mind. The critical success of Transparent set the template for Amazon Studios.

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Where in the pantheon of American commercial titans does Jeffrey Bezos belong?

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Quantitative investing piard pdf creator The Porter Model The Porter Model Threat of new entrants The Industry Bargainning Bargainning power of Jockeying ferrari ipo race power of suppliers position among customers current competitors Threats of substitute products or services The difference between the dynamic ferrari ipo race model and the Porter competition model, of course, is that first describes and predicts changes and trends in market competition based on sales and market penetration data the product-life cyclewhereas the latter indicates competition intensity at a particular point of time in a well-defined market of products and services, on the basis of five different clusters of factors. The huge proliferation of information flows is not a source of increased knowledge meaningful information without these qualities. When we take a closer look at media companies that are struggling, we discover that the usual reason for their woes is the lack of leadership. Competition not only has a structural component, but also a behavioural dimension. US I Economists predict U.
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Moreover, the strategies presented can be handled in only five minutes a week, certainly manageable for those with full-time jobs. For the most part, an investor can test these strategies once a week or month and ignore charts and financial news broadcasts.

Piard, a software architect with a Ph. His academic expertise was very helpful in designing suitable backtests for multiple strategies. The author developed the strategies for the book after spending many hours using screeners and simulations using portfolio Stocks and unleveraged ETFs are used in his backtesting, and he only uses long strategies. Piard systematically covers the four strategies used by successful investors: market timing, momentum relative strength investing, seasonals and mixing strategies for enhanced performance.

For those investors who prefer a fundamental approach, the author includes a chapter on multiple fundamental quantitative models. He spends some time covering the key factor in designing a strategy. Then he provides keen insight with a focus into the deadly sins of backtesting, including: liquidity, costs, short selling, complexity, over-fitting, misinterpretation, control and leveraged ETFs.

The criteria used to evaluate the strategies are average drawdown, drawdown depth and duration, Sharpe ratio, Sterling ratio, Sortini ratio and Kelly criterion. That is why he focuses on Sortini ratio and Kelly criterion. He says the financial markets are the result of human behavior which can be studied and used in developing profitable strategies.

In the market timing chapter, Piard reviews and day moving average strategies , separately and then with leverage with daily rebalancing. His test period was years based upon the data availability of the ETFs tested. Your complete guide to quantitative analysis in the investment industry Quantitative Investment Analysis, Third Edition is a newly revised and updated text that presents you with a blend of theory and practice materials to guide you through the use of statistics within the context of finance and investment.

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A reference that provides even subject matter treatment, consistent mathematical notation, and continuity in topic coverage will make the learning process easier—and will bolster your success. Explore the materials you need to apply quantitative analysis to finance and investment data—even if you have no previous knowledge of this subject area Access updated content that offers insight into the latest topics relevant to the field Consider a wide range of subject areas within the text, including chapters on multiple regression, issues in regression analysis, time-series analysis, and portfolio concepts Leverage supplemental materials, including the companion Workbook and Instructor's Manual, sold separately Quantitative Investment Analysis, Third Edition is a fundamental resource that covers the wide range of quantitative methods you need to know in order to apply quantitative analysis to the investment process.

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