Results show a difference in stocks exceeding more than 20% for several elements, showing that uniform erosion is not a satisfactory explanation for the accumulations observed in the terraces.
Finally, I also add too specifications that are very demanding because of the grouping of the data: I control for networks (stock of immigrants from a given origin in a given destination in the preceding census), and I estimate a regression in flows, computed as difference in stocks.
But other measures, such as sectoral differences in stock returns, suggest that the downturn's impacts were historically uneven.
Over the long pull, differences in stock selection explain very little of the variation in results for investors.
But, in contrast, if differences in stock returns are not related to differences in systematic risk (but in characteristics), investors should hold portfolios that are long in weak firms' stocks and short in strong firms' stocks.
The characteristics book-to-market equity ratio and momentum explain in our analysis the cross-sectional differences in stock returns confirming the findings of, among others, Schrimpf et al.
High-frequency traders, who use computers to look for microscopic price differences in stocks on different exchanges and other trading venues, stopped trading, while others immediately sold whatever they bought, mainly to each other, in what has been called "hot potato" trading.
For this latter analysis, as stocking pressure may influences populations' source q-membership, we only used pairs of source and stocked populations that exchanged similar number of fish per hectare to eliminate potential bias originating from differences in stocking intensity.
These results are explained mainly by differences in stocking rates, as mixed pastures do not support stocking rates as high as those of fertilized grass pastures, and to a lesser extent by the down-regulation of symbiotic N2 fixation under high mineral-N availability.
