Not exact matches
Correspondence, in the sense specified, is the nature of truth, the meaning of truth; yet the
test of truth that we
most frequently employ in connection with the past is the
test of coherence: historians and archeologists have nothing available to them that is not given in the present — this book, the reliability of which must be evaluated; this artifact, the
significance of which must be construed — and coherence is the final
test of their theories about the past built up from the givens of the present.
But in
most such instances the statistics applied in court have been primarily the standard type that scientists use to
test hypotheses (producing numbers for gauging «statistical
significance»).
... It is a safe bet that people have suffered or died because scientists (and editors, regulators, journalists and others) have used
significance tests to interpret results, and have consequently failed to identify the
most beneficial courses of action.»
(By contrast, Amrein and Berliner did no
significance testing whatsoever, neglecting one of the oldest and
most basic tools of social - science research.)
These were always the
most low - key
tests - not tied to such high - profile league tables as the
tests for 11 year olds and without the
significance of GCSE exams.
Almost all of the factors and smart beta strategies exhibit a negative relationship between starting valuation and subsequent performance whether we use the aggregate measure or P / B to define relative valuation.9 Out of 192
tests shown here, not a single
test has the «wrong» sign: in every case, the cheaper the factor or strategy gets, relative to its historical average, the more likely it is to deliver positive performance.10 For
most factors and strategies (two - thirds of the 192
tests) the relationship holds with statistical
significance for horizons ranging from one month to five years and using both valuation measures (44 % of these results are significant at the 1 % level).
Most strategies produce results which pass
tests of statistical
significance at 95 % confidence.
RA Fisher (essentially the inventor of null hypothesis statistical
tests) wrote that the
significance level should depend on the nature of the hypothesis and the experiment (
most particularly your prior beliefs about the plausibility of the two hypotheses under consideration — ironically something that frequentist statistics can not quantify directly).
It's sometimes called the likelihood ratio
test, and by the Neyman - Pearson lemma is the
most powerful against a given
significance level.
In other words, both positive and negative results tend to flunk the
test for statistical
significance; in neither case can
most managers» investment performance be attributed to anything more than chance.
The
most significant technical element of the judgment is the abandonment of the triviality
test and its replacement with a
test of «seriousness or
significance» of the failure to comply with any rule, practice direction or court order.