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We estimate accounting-based expected returns to zero-cost trading strategies formed on a wide array of anomaly variables in capital markets research, including book-to-market, size, composite issuance, net stock issues, abnormal investment, asset growth, investment-to-assets, accruals, standardized unexpected earnings, failure probability, return on assets, and short-term prior returns. The results are striking: the inferences vary dramatically across different expected return estimates, which in turn frequently differ from their average realized returns. The evidence suggests that either most anomalies do not exist ex ante, or that the current generation of expected return models leaves much to be desired.

Zonder onderwerpscode: economie

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Three of the eleven papers focused on groundwater recharge and its impacts on the groundwater regime, in which recharge was caused by riverbed leakage from river ecological restoration (artificial water replenishment). The issues of the hydrogeological parameters involved (such as the influence radius) were also reconsidered. Six papers focused on the impact of river ecological replenishment and other human activities on river and watershed ecology, and on groundwater quality and use function. The issues of ecological security at the watershed scale and deterioration of groundwater quality were of particular concern. Two papers focused on water resources carrying capacity and water resources reallocation at the regional scale, in the context of the fact that ecological water demand has been a significant topic of concern. The use of unconventional water resources such as brackish water has been emphasized in the research in this issue.

influence radius --- Dupuit --- Thiem --- groundwater flow system --- sustainable development --- hydrogeochemistry --- ionic ratios --- factor analysis --- inverse modeling --- Yangtze River --- water resources carrying capacity --- uncertainty analysis --- fuzzy comprehensive evaluation model --- weight sensitivity analysis --- Yongding River --- groundwater numerical simulation --- artificial ecological water supplement --- groundwater recharge resources amount evaluation --- alga control --- typical biological chain --- Ecopath model --- ecological restoration --- Lianshi Lake --- Songnen Plain --- groundwater --- fluorine --- distribution --- formation --- human health risk --- groundwater quality --- groundwater hydrochemistry --- drinking suitability --- irrigation suitability --- health risk assessment --- watershed ecological security assessment --- DPSIR model framework --- environmental management --- water allocation --- brackish water --- general algebraic modeling system --- water diversion project --- numerical simulation --- MODFLOW --- n/a

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