First Author:   Maxim Zagonov TBS Business School m.zagonov@tbs-education.fr   20 Boulevard Lascrosses Toulouse, 31068, France   +33561294949(Phone) +33561294949(Fax) Second Author: Bernd Hanke Global Systematic Investors LLP bernd.hanke@gsillp.com   75 King William Street London, EC4R 9AN, United Kingdom