Systematic Views in Black-Litterman?

Are there any literature on selecting systematic views for Black-Litterman along with methods to specify the uncertainty parameter?

For example, rather than specifying a portfolio manager's subective belief, we perhaps scale a belief based on a historical residual return of a stock based on the market model. e.g if $\epsilon_i = r_i - (\hat{\alpha} + \hat{\beta}R_m)$ then one view can be that stock one is expected to outperform stock two by $1/K *(\frac{\bar{\epsilon_1}}{\sigma_{\epsilon_1}} - \frac{\bar{\epsilon_2}}{\sigma_{\epsilon_2}})$ where $K$ is some scaling constant to ensure that views are accounted for.

Just a crazy thought.

• I just rephrase that I am looking for literature that talks of methods that have worked well in being an automated process within the BL View framework May 14 '15 at 2:19