Medium-term momentum, or the tendency of investment strategies based on buying past winning stocks while selling past losing stocks to maintain above normal performance over a period, has been a well-documented feature of stock returns in the US. We investigate the performance of momentum investment strategies in portfolios of Australian stocks and examine some of the common explanations and empirical features of momentum. The paper establishes the presence of a strong medium-term momentum effect, which cannot be completely accounted for by any of the possible explanations considered in this paper.
Vertical partitioning is a crucial step in physical database design in row-oriented databases. A number of vertical partitioning algorithms have been proposed over the last three decades for a variety of niche scenarios. In principle, the underlying problem remains the same: decompose a table into one or more vertical partitions. However, it is not clear how good different vertical partitioning algorithms are in comparison to each other. In fact, it is not even clear how to experimentally compare different vertical partitioning algorithms. In this paper, we present an exhaustive experimental study of several vertical partitioning algorithms. We categorize vertical partitioning algorithms along three dimensions. We survey six vertical partitioning algorithms and discuss their pros and cons. We identify the major differences in the use-case settings for different algorithms and describe how to make an apples-to-apples comparison of different vertical partitioning algorithms under the same setting. We propose four metrics to compare vertical partitioning algorithms. We show experimental results from the TPC-H and SSB benchmark and present four key lessons learned: (1) we can do four orders of magnitude less computation and still find the optimal layouts, (2) the benefits of vertical partitioning depend strongly on the database buffer size, (3) HillClimb is the best vertical partitioning algorithm, and (4) vertical partitioning for TPC-H-like benchmarks can improve over column layout by only up to 5%.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.