This paper studies the role of ‡uctuations in the aggregate price-earning ratio at di¤erent time scales for predicting stock returns and explore the channels through which returns are predicted. Using U.S. quarterly and international monthly data, we …nd that cycles in the price-earning ratio are strong and better predictors of future returns at short and intermediate horizons than the aggregat...

We present a randomized algorithm sorting n integers in O(n p log logn) expected time and linear space. This improves the previous O(n log logn) bound by Anderson et al. from STOC’95. As an immediate consequence, if the integers are bounded by U , we can sort them in O(n p log logU) expected time. This is the first improvement over the O(n log logU) bound obtained with van Emde Boas’ data struc...

It has been shown previously that sorting n items into n locations with a polynomial number of processors requires (logn= log logn) time. We sidestep this lower bound with the idea of Padded Sorting, or sorting n items into n+o(n) locations. Since many problems do not rely on the exact rank of sorted items, a Padded Sort is often just as useful as an unpadded sort. Our algorithm for Padded Sort...

In this paper Savage’s theory of decision-making under uncertainty is extended from a classical environment into a non-classical one. The Boolean lattice of events is replaced by an arbitrary ortho-complemented poset. We formulate the corresponding axioms and provide representation theorems for qualitative measures and expected utility. Then, we discuss the issue of beliefs updating and investi...

Online knapsack problem is considered, where items arrive in a sequential fashion that have two attributes; value and weight. Each arriving item has to be accepted or rejected on its arrival irrevocably. The objective is to maximize the sum of the value of the accepted items such that the sum of their weights is below a budget/capacity. Conventionally a hard budget/capacity constraint is consid...