What factors did fama and french examine that may explain stock returns

Asset Allocation Asset allocation refers to the division of one's investment portfolio across the various asset classes. At the highest level, this refers to a split between stocks and bonds.

What factors did fama and french examine that may explain stock returns

Uffizi, Florence Uffizi Gallery, Florence In the great part of renaissance and baroque history painting s, the figures, architectural elements and props were drawn from various monochrome drawings and afterward recomposed on a cartoon or on the canvas itself.

Rarely, if ever, did the painter have the whole scene set up in his studioto say nothing of outdoor scenes. Thus, we must presume that lighting was largely a factor of artistic invention and pictorial convention.

If a foreground repoussoir figure was represented immersed in a dark shadow with the background powerfully lit, it was not because the painter saw his scene this way in the moment he began paint, but because he either he had noted a similar effect in nature or he had copied the effect from another painting.

It should always be remembered that the human eye is particularity forgiving with respect to lightning in the visual arts. Is well known that some of the figures in certain woks of Rubens — are illuminated from the right, but in the same picture some receive light from the left, and yet this is generally not noticed.

Many Italian renaissance history paintings represent a backdrop landscape immersed in the dim evening light while the foreground figures completely fully illuminated, yet the whole appears nonetheless magically unified despite the notable incoherency in lighting see image left.

Line is essentially a convention because it is generally believed that lines do not exist in reality.

What factors did fama and french examine that may explain stock returns

Lines must be thought of as boundaries between different tone values, the edges of adjoining areas of light and dark or darker tones. Line is the most basic art and design element, the foundation that other elements are built on.

Pantograph

Line was used by the ancient cave painters, and it is used in children's art. Theoretically, it is a one-dimensional element measured only in length—an abstract concept that is more perceived than actually viewed.

There are different kinds on line. From a visual point of view the simplest line is the straight line, but the straight line is by no means the simplest to draw.

What factors did fama and french examine that may explain stock returns

On the contrary, a complex muscular arrangement must be activated to produce straightness, the reason being that the upper arms, lower arms, hands and fingers are levers, which naturally pursue curved paths.

Curved and irregular lines dominate European and Oriental painting alike. They introduce linear extension in space and thereby direction. Compositional linesor implied lines, guide the viewer's eye within the composition of a painting and designates the action within the picture.

An image filled with strong vertical lines tends to give the impression of height and grandeur. The straight line is imbued with symbolic attributes that denote moral rectitude and is woven into the imagery of literature and media to represent order, strength and stability.

They are commonly found in landscape paintings giving the impression of calm, tranquility and space. Both horizontal and vertical lines become particularly powerful in painting if they extend from one side of the canvas to the other. If the artist emphasizes line, the term linear is used to describe his or her style.

If the lines are broken and lost amidst the artist's brushwork, we use the term painterly. Outlines describes the outer boundary of an object such as a hand, although it can also distinguish objects or abrupt changes in planes that lie with an object, such as the wrinkles or nails of a hand.

Outlines are generally uniform thickness. Contour is the use of line to define the edge of an object but it also emphasizes its plastic qualities of volume or mass of the form.

Contours may describe the shapes and variations in relief such as an eye or a nose that lay inside the outline. Outline, then, is perceived as flat while contour emphasizes the three-dimensionality of an object.

Kupferstichkabinett, Dresden Gestural lines are quick marks that capture the impression of a pose or movement rather than the shape and volume of an object see image left. Implied lines are broken lines that are aligned in such a manner that the immigration is able to complete them.

Implied lines can be suggested by objects disposed in sequence or even by the glance seen in someone's eyes. These lines, called implied lines and are completed with the viewer's imagination through the concept of closure. Painters call them compositional lines. Analytical line is a formal use of line.

Analytical line is closer to geometry with its use of precise and controlled marks. A grid is a very popular analytical use of visual line as a way to organize a design. The Golden Section is an example of the traditional use of analytical classical line, which uses calculated implied lines to bring unity to the structure of a painting's composition.

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Modeling line is used to create the illusion of volume in drawing. Hatching is the use of parallel lines to suggest value change.

Parallel lines on another angle can be added to create cross-hatching to build up a gradation and more value in areas of a drawing. Vermeer's compositions are pervaded by straight lines.

They divide, join and frame objects and the space around them.The goal of these 2 components is to construct a global equity portfolio with high expected returns (over the long-haul).

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The Essential Vermeer Glossary of Art-Related Terms J - P. This glossary contains a number of recurrent terms found on the present site which may not be clear to all readers, especially when employed within the context of an art discussion. Ian Ayres and Barry J. Nalebuff, "Diversification Across Time," Yale Law & Economics Research Paper No.

, Oct 4, This outstanding paper discusses the idea of spreading one's stock exposure more evenly across their lifetime, which should then reduce the riskiness surrounding the ending wealth.

where r i is the daily excess U.S. dollar return of stock i and the L-FF factors are also expressed in U.S. dollars. The idiosyncratic volatility for stock i is measured as the standard deviation of the residuals ɛ i L after estimating Eq. using daily excess returns over the past month.

The regional Fama-French modelBrooks and Del Negro () show that country-specific factors within.

How to use the Fama French Model -