Samareh, Jamshid A.; Maddock, Robert W.; Winski, Richard G.
The next important step in space exploration is the return of sample materials from extraterrestrial locations to Earth for analysis. Most mission concepts that return sample material to Earth share one common element: an Earth entry vehicle. The analysis and design of entry vehicles is multidisciplinary in nature, requiring the application of mass sizing, flight mechanics, aerodynamics, aerothermodynamics, thermal analysis, structural analysis, and impact analysis tools. Integration of a multidisciplinary problem is a challenging task; the execution process and data transfer among disciplines should be automated and consistent. This paper describes an integrated analysis tool for the design and sizing of an Earth entry vehicle. The current tool includes the following disciplines: mass sizing, flight mechanics, aerodynamics, aerothermodynamics, and impact analysis tools. Python and Java languages are used for integration. Results are presented and compared with the results from previous studies.
DG-RPC-PA (section des processus administratifs)
In just a few years, the CERN Admin e-guide has become the essential guide for CERN's administrative procedures, intended not just for administrative services but for all members of the personnel of CERN. The guide is edited by the Administrative Process Section (DG-RPC-PA) and allows users to look up administrative procedures and forms relating to the application of the Staff Rules and Regulations easily in both French and English. Site visit statistics show that 5000 people on average consult the Admin e-guide each month. The most consulted procedures are those relating to green licence plates, taxes, Swiss and French cards and leave. The site has just been moved over to Drupal, which will make it easier to update the information provided and will improve content management. This system change meant migrating 220 procedures and more than 500 frequently asked questions. The structure has been revised for clarity, but the principles that made the guide so successful have not changed, namely the e...
McFarlane, Judith; Pennings, Jacquelyn; Liu, Fuqin; Gilroy, Heidi; Nava, Angeles; Maddoux, John A; Montalvo-Liendo, Nora; Paulson, René
To develop a tool to predict risk for return to a shelter, 150 women with children, exiting a domestic violence shelter, were evaluated every 4 months for 24 months to determine risk factors for returning to a shelter. The study identified four risk factors, including danger for murder, woman's age (i.e., older women), tangible support (i.e., access to money, transportation), and child witness to verbal abuse of the mother. An easy to use, quick triage tool with a weighted score was derived, which can identify with 90% accuracy abused women with children most likely to return to shelters. PMID:26270386
Jones, Corey; Kapatos, Dennis; Skradski, Cory; Felkins, J. D.
PTC has provided a simple way to dynamically interact with Windchill using Info*Engine. This presentation will describe how to create a simple Info*Engine Tasks capable of saving Windchill 10.0 administration of tedious work.
The CERN Admin e-guide is a new guide to the Organization's administrative procedures, which has been drawn up for the benefit of members of the personnel and the various administrative services alike and replaces the old "Administrative Procedures Manual". All the different procedures currently available on separate department sites will henceforth be accessible at a single website. Home page of the new CERN Admin e-guide. The goal of creating a compendium of CERN's administrative procedures, available at a single website and accessible with a simple click of the mouse, has now been realised. "It had become difficult to know where to find the relevant up-to-date information on administrative procedures", says Yaël Grange-Lavigne of the HR-SPS-OP Section (Organisation and Procedures), coordinator of the working group that compiled the e-guide. The team, which comprised members of the HR Department, observers from other department...
Holm, Ingrid A; Iles, Brittany R; Ziniel, Sonja I; Bacon, Phoebe L; Savage, Sarah K; Christensen, Kurt D; Weitzman, Elissa R; Green, Robert C; Huntington, Noelle L
The perceived benefit of return of individual research results (IRRs) in accordance to participants' preferences in genomic biobank research is unclear. We developed an online preference-setting tool for return of IRRs based on the preventability and severity of a condition, which included an opt-out option for IRRs for mental illness, developmental disorders, childhood-onset degenerative conditions, and adult-onset conditions. Parents of patients Binary"--choice to receive all or none, and (d) "Granular"--use the preference-setting tool to choose categories of IRRs. Parents were given a hypothetical IRRs report for their child. The survey was sent to 11,391 parents and completed by 2,718. The Granular group was the most satisfied with the process, biobank, and hypothetical IRRs received. The None group was least satisfied and least likely to agree that the biobank was beneficial (p < .001). The response to the statement that the biobank was harmful was not different between groups. Our data suggest that the ability to designate preferences leads to greater satisfaction and may increase biobank participation. PMID:26376753
From 16 January 2006, Windows XP NICE installations (both new computers installed and old computers re-installed) will no longer grant administrative privileges by default to the main user or to the person responsible for the computer. Administrative privileges allow the user to perform administrative actions on the computer, such as installing new applications or changing system settings. Until now, these privileges have been enforced each time machines are rebooted, but this creates a risk of compromising the computer every time a code from an unknown source (e.g. e-mail attachments or web browsing) is executed. So that users can continue to install software and change system settings on their computers, a shortcut called 'NiceAdmin' in the Start | Programmes menu will offer a means of performing certain tasks requiring administrative privileges, but only on demand. Users with valid reasons to be a permanent administrator for their machine will still have this option. However, users wishing to benefit fr...
Suárez Cueto, Armando
Curso "Introducción al desarrollo web": phpMyAdmin, creación de tablas, tipos de datos, creación de índices, motores de MySQL (INNODB, MyISAM, MEMORY), inserción de datos, seguimiento de una tabla (historial), exportar una tabla (backup). Más información: http://idesweb.es
von Celsing, Anna-Sophia; Svärdsudd, Kurt; Wallman, Thorne
Aim The purpose was to analyse the properties of two models for the assessment of return to work after sickness certification, a manual one based on clinical judgement including non-measurable information (‘gut feeling’), and a computer-based one. Study population All subjects aged 18 to 63 years, sickness-certified at a primary health care centre in Sweden during 8 months (n = 943), and followed up for 3 years. Methods Baseline information included age, sex, occupational status, sickness cer...
This is a step-by-step instructional guide to get you started easily with phpMyAdmin and teach you to manage and perform database functions on your database. You will first be introduced to the interface and then build basic tables and perform both simple and advanced functions on the created database. The book progresses gradually and you will follow it best by reading it sequentially. If you are a developer, system administrator, or web designer who wants to manage MySQL databases and tables efficiently, then this book is for you. This book assumes that you are already wellacquainted with My
Tento dokument se zabývá návrhem a implementací nástroje, který umožňuje vyhodnocování a vizualizaci statistických dat sesbíraných od uživatelů aplikace AVG Admin Konzole. V dokumentu jsou popsána statistická data s jejich lokalizacemi a také uložení všech těchto dat v databázi. Aplikace byla otestována na reálných datech a na základě analýzy výsledků jsou navržena možná vylepšení. This document describes the design and implementation of a tool which allows for evaluation and visualisation...
Robert J. Barro; Sanjay P. Misra
From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the standard deviation is 13.1%, implying a one-standard-deviation confidence band for the mean of (0.1%, 2.1%). The covariances of gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly different from zero. These negligible covariances suggest that gold's expected real rate of return--which includes an unobserved dividend yiel...
Agergaard, Jytte; Brøgger, Ditte
Migration to domestic and international destinations has become an emblematic feature of Nepal’s societal changes. Part of this development is education migration from rural to urban areas within the borders of Nepal, an often overlooked but increasingly important aspect of contemporary migration...... flows. By focusing on these educational migrants, this paper explores how they connect to their rural homes. Guided by a critical reading of the migration-development scholarship, the paper examines how migrants and their relatives make sense of educational migrants’ remitting and returning practices......, and by comparing three groups of educational migrants, the migrants’ reasons for staying connected and sending remittances are scrutinized. The paper finds that although educational migrants do not generate extensive economic remittances for local development in Nepal, they stay connected to their...
Li, SJ; Chen, G.; Álvarez, G.
As a powerful cryptanalysis tool, the method of return-map attacks can be used to extract secret messages masked by chaos in secure communication schemes. Recently, a simple defensive mechanism was presented to enhance the security of chaotic parameter modulation schemes against return-map attacks. Two techniques are combined in the proposed defensive mechanism: multistep parameter modulation and alternative driving of two different transmitter variables. This paper re-studies the security of...
Blanchard, Douglas P.
The possible scientific goals of a Mars sample return mission are reviewed, including the value of samples and the selection of sampling sites. The fundamental questions about Mars which could be studied using samples are examined, including planetary formation, differentiation, volcanism and petrogenesis, weathering, and erosion. Scenarios are presented for sample acquisition and analysis. Possible sampling methods and tools are discussed, including drilling techniques, types of rovers, and processing instruments. In addition, the possibility of aerocapture out of elliptical or circular orbit is considered.
The aggregate dividend payout ratio forecasts aggregate excess returns on both stocks and corporate bonds in post-war US data. Both high corporate profits and high stock prices forecast low excess returns on equities. When the payout ratio is high, expected returns are high. The payout ratio's correlation with business conditions gives it predictive power for returns; it contains information about future stock and bond returns that is not captured by other variables. The payout ratio is usefu...
Students at Tompkins Cortland Community College (commonly known as TC3) in upstate New York can use mobile phones to check their grades and course schedules, sign up for text alerts about class cancellations, and view a campus weather cam. They can even view their debit card account balances--all courtesy of the TC3 Mobile portal. The students at…
Strauss, Charlie E M [Los Alamos National Laboratory
Xgrid, with a capital-X is the name for Apple's grid computing system. With a lower case x, xgrid is the name of the command line utility that clients can use, among other ways, to submit jobs to a controller. An Xgrid divides into three logical components: Agent, Controller and Client. Client computers submit jobs (a set of tasks) they want run to a Controller computer. The Controller queues the Client jobs and distributes tasks to Agent computers. Agent computers run the tasks and report their output and status back to the controller where it is stored until deleted by the Client. The Clients can asynchronously query the controller about the status of a job and the results. Any OSX computer can be any of these. A single mac can be more than one: it's possible to be Agent, Controller and Client at the same time. There is one Controller per Grid. Clients can submit jobs to Controllers of different grids. Agents can work for more than one grid. Xgrid's setup has a pleasantly small palette of choices. The first two decisions to make are the kind of authentication & authorization to use and if a shared file system is needed. A shared file system that all the agents can access can be very beneficial for many computing problems, but it is not appropriate for every network.
Pedersen, Thomas Quistgaard
This paper provides detailed insights into predictability of the entire stock and bond return distribution through the use of quantile regression. This allows us to examine speci…c parts of the return distribution such as the tails or the center, and for a suf…ciently …ne grid of quantiles we can...... predictable as a function of economic state variables. The results are, however, very different for stocks and bonds. The state variables primarily predict only location shifts in the stock return distribution, while they also predict changes in higher-order moments in the bond return distribution. Out......-of-sample analyses show that the relative accuracy of the state variables in predicting future returns varies across the distribution. A portfolio study shows that an investor with power utility can obtain economic gains by applying the empirical return distribution in portfolio decisions instead of imposing an...
Full Text Available Migrants left Libya in haste and in fear for their lives. Possessions and valuables were abandoned in the rush to leave. A rapid international response saved lives and facilitated the return home but a premature return may have some unwelcome repercussions.
Nicolaisen, Jeppe; Faber Frandsen, Tove
The paper introduces a new journal impact measure called The Reference Return Ratio (3R). Unlike the traditional Journal Impact Factor (JIF), which is based on calculations of publications and citations, the new measure is based on calculations of bibliographic investments (references) and returns...
Results of a national survey of college and university fiscal 1995 endowment investments found the average nominal performance (15.5%) far surpassing the previous year's return (2.9%) and higher even than double-digit returns in fiscal 1993 and 1994. Overall investment pool allocations are charted, and 460 institutions are ranked by endowment…
Harild, Niels; Christensen, Asger; Zetter, Roger
Refugee return is one of the three so-called durable solutions to refugee displacement envisaged by United Nations High Commissioner for Refugees (UNHCR) and the international community. The objective of this study is to identify the conditions that influence the decisions by refugees in protracted displacement regarding return to their home country - when, why, and by whom are decisions o...
I consider extreme returns for the stock and bond markets of 14 EU countries using two classification schemes: One, the univariate classification scheme from the previous literature that classifies extreme returns for each market separately, and two, a novel multivariate classification scheme tha...
Kolev, Gueorgui I.
Since the dismantling of the Bretton Woods system, gold has delivered average return comparable to the average return delivered by the aggregate US stock market. This suggests that none of the growth and technological improvement gains accrued to the financiers. In the context of modern asset pricing models, say the CAPM model or the Fama-French three factor model, gold is a risk free asset, as it has no covariation with the risk factors. The large average gold return is a Jensen's alpha not ...
Kansas Data Access and Support Center — LIDAR-derived binary (.las) files containing classified points of all returns. We have 3 classifications Unclassified, Ground, Low points. The average Ground Sample...
Morrow, Phyllis; Schneider, William
The title to this interdisciplinary collection draws on the Yupik Eskimo belief that seals, fish, and other game are precious gifts that, when treated with respect and care, will return to be hunted again. Just so, if oral traditions are told faithfully and respectfully, they will return to benefit future generations. The contributors to this volume are concerned with the interpretation and representation of oral narrative and how it is shaped by its audience and the time, place, and cultural...
Schlumpf, KS; Glynn, SA; Schreiber, GB; Wright, DJ; Randolph Steele, W; Tu, Y.; Hermansen, S; Higgins, MJ; Garratty, G; Murphy, EL
BACKGROUND: To predict future blood donation behavior and improve donor retention, it is important to understand the determinants of donor return. STUDY DESIGN AND METHODS: A self-administered questionnaire was completed in 2003 by 7905 current donors. With data mining methods, all factors measured by the survey were ranked as possible predictors of actual return within 12 months. Significant factors were analyzed with logistic regression to determine predictors of intention and of actual ret...
Goldberg, Lisa R.; Ola Mahmoud
Risk-only investment strategies have been growing in popularity as traditional in- vestment strategies have fallen short of return targets over the last decade. However, risk-based investors should be aware of four things. First, theoretical considerations and empirical studies show that apparently dictinct risk-based investment strategies are manifestations of a single effect. Second, turnover and associated transaction costs can be a substantial drag on return. Third, capital diversificatio...
The procedure which is used by French PWR plants to collect hideout return data is based on the experience of almost 100 evaluation of chemical data corresponding to species which are present in the secondary circuit of steam generators. A software has been developed to calculate the mass of pollutants from the measurements. Species which return from surface deposits, tube/tube support plate crevice or tubesheet sludge pile are not discriminated. The evaluation of the chemical media which correspond to one hideout return is done by the MULTEQ code developed by EPRI. The results show that the environment is not always highly alkaline (about 50 % of the pH values are between 6 and 8). The units which present acidic pH are seaside units or are units with large return amount of phosphate. Very alkaline results correspond to units with low sulfate amounts or presenting a large excess of cations. No correlation has been found between the pH value and the presence of IGA, or the molar ratio Na/Cl. That leads to the following hypothesis: the slightly alkaline medium results from a recent evolution, hideout return does not reflect exactly the chemistry of the crevice, IGA might appear in slightly alkaline environments, in some conditions which remain to define, some pH have been calculated using incomplete analysis results (silica, organic species...). The comparison between the chemistry during operation and hideout return results seems to be promising, even if some approximations have been made on the molar ratio. (authors). 3 refs., 7 figs., 1 tab
Rantanen, R.; Gordon, T.
A Model has been developed capable of calculating the electrostatic return of spacecraft-emitted molecules that are ionized and attracted back to the spacecraft by the spacecraft electric potential on its surfaces. The return of ionized contaminant molecules to charged spacecraft surfaces is very important to all altitudes. It is especially important at geosynchronous and interplanetary environments, since it may be the only mechanism by which contaminants can degrade a surface. This model is applicable to all altitudes and spacecraft geometries. In addition to results of the model will be completed to cover a wide range of potential space systems.
Travel-related illness is most often due to gastrointestinal, febrile, and dermatologic diseases. Fever in a returned traveler demands prompt attention because it may be a manifestation of an infection that could be rapidly progressive and lethal. The approach to the febrile patient should be stepwise and consider travel and exposure history. Malaria is the most common cause of fever in patients returning from Sub-Saharan Africa, whereas dengue is more frequent in travelers from other tropical and subtropical areas. Other serious diseases are typhoid and paratyphoid fever, amebic liver abscess, visceral leishmaniasis, leptospirosis and-rarely-viral hemorrhagic fevers. PMID:24557143
Alston, Christie; Hancock, Sean; Laub, Joshua; Perry, Christopher; Ash, Robert
The proposed Mars sample return mission will be completed using natural Martian resources for the majority of its operations. The system uses the following technologies: In-Situ Propellant Production (ISPP), a methane-oxygen propelled Mars Ascent Vehicle (MAV), a carbon dioxide powered hopper, and a hydrogen fueled balloon system (large balloons and small weather balloons). The ISPP system will produce the hydrogen, methane, and oxygen using a Sabatier reactor. a water electrolysis cell, water extracted from the Martian surface, and carbon dioxide extracted from the Martian atmosphere. Indigenous hydrogen will fuel the balloon systems and locally-derived methane and oxygen will fuel the MAV for the return of a 50 kg sample to Earth. The ISPP system will have a production cycle of 800 days and the estimated overall mission length is 1355 days from Earth departure to return to low Earth orbit. Combining these advanced technologies will enable the proposed sample return mission to be executed with reduced initial launch mass and thus be more cost efficient. The successful completion of this mission will serve as the next step in the advancement of Mars exploration technology.
Bahlmann, David; Walda, John D.; Sedlacek, Verne O.
A new study of endowments by the National Association of College and University Business Officers (NACUBO) and the Commonfund Institute has brought good news to college and universities: While endowment returns dropped precipitously in fiscal year 2009 as a result of the financial crisis and accompanying slide in equity markets, they climbed to an…
Jianxin Wang; Minxian Yang
While the risk return trade-off theory suggests a positive relationship between the expected return and the conditional volatility, the volatility feedback theory implies a channel that allows the conditional volatility to negatively affect the expected return. We examine the effects of the risk return trade-off and the volatility feedback in a model where both the return and its volatility are influenced by news arrivals. Our empirical analysis shows that the two effects have approximately t...
Investors accept that there is uncertainty, or risk, associated with equity investment returns. Consequently, equities are normally priced so that they provide a premium to the returns available on risk-free investments. Equity returns, however, are cyclical. There can be long periods when equity returns greatly exceed risk-free returns; there can be long periods when the premium disappears altogether. This thesis explores the influences and driving forces in equity markets, with a particular...
Zelenyi, Lev; Zakharov, A.; Martynov, M.; Polischuk, G.
Very mysterious objects of the Solar system are the Martian satellites, Phobos and Deimos. Attempt to study Phobos in situ from an orbiter and from landers have been done by the Russian mission FOBOS in 1988. However, due to a malfunction of the onboard control system the landers have not been delivered to the Phobos surface. A new robotics mission to Phobos is under development now in Russia. Its main goal is the delivery of samples of the Phobos surface material to the Earth for laboratory studies of its chemical, isotopic, mineral composition, age etc. Other goals are in situ studies of Phobos (regolith, internal structure, peculiarities in orbital and proper rotation), studies of Martian environment (dust, plasma, fields). The payload includes a number of scientific instruments: gamma and neutron spectrometers, gaschromatograph, mass spectrometers, IR spectrometer, seismometer, panoramic camera, dust sensor, plasma package. To implement the tasks of this mission a cruise-transfer spacecraft after the launch and the Earth-Mars interplanetary flight will be inserted into the first elliptical orbit around Mars, then after several corrections the spacecraft orbit will be formed very close to the Phobos orbit to keep the synchronous orbiting with Phobos. Then the spacecraft will encounter with Phobos and will land at the surface. After the landing the sampling device of the spacecraft will collect several samples of the Phobos regolith and will load these samples into the return capsule mounted at the returned vehicle. This returned vehicle will be launched from the mother spacecraft and after the Mars-Earth interplanetary flight after 11 monthes with reach the terrestrial atmosphere. Before entering into the atmosphere the returned capsule will be separated from the returned vehicle and will hopefully land at the Earth surface. The mother spacecraft at the Phobos surface carrying onboard scientific instruments will implement the "in situ" experiments during an year
Pilkington, W. [Atomic Energy of Canada Limited, Chalk River, Ontario (Canada)
This presentation concerns the NRU reactor return to service. The cause of NRU reactor outage was a small heavy water leakage which resulted in airborne tritium release through the ventilation system. The heavy water leak was located in a high radioactivity environment. Non-destructive examination was conducted for assessment of the condition of the vessel. The NRU reactor vessel repair was then carried out.
This presentation concerns the NRU reactor return to service. The cause of NRU reactor outage was a small heavy water leakage which resulted in airborne tritium release through the ventilation system. The heavy water leak was located in a high radioactivity environment. Non-destructive examination was conducted for assessment of the condition of the vessel. The NRU reactor vessel repair was then carried out.
Collier, William J.; Piracha, Matloob E; Randozza, Teresa
This paper utilises survey data of return migrants to analyse the determinants of remittances sent while the migrants were abroad. We approach our research question from the perspective of three sending countries in the Maghreb, namely Algeria, Morocco and Tunisia. We investigate the remittance behaviour using the migrants’ conditions before migration as well as during the migration experience. Using a two-part model, we show that the decision to remit and the amount remitted depend on a comb...
Diversification return is an incremental return earned by a rebalanced portfolio of assets. The diversification return of a rebalanced portfolio is often incorrectly ascribed to a reduction in variance. We argue that the underlying source of the diversification return is the rebalancing, which forces the investor to sell assets that have appreciated in relative value and buy assets that have declined in relative value, as measured by their weights in the portfolio. In contrast, the incrementa...
Charles J. Higgins
Full Text Available While options do generally demonstrate an increase in prices as time increases, an annualized return of their excess premiums exhibit other characteristics including a lower return on options farther out of the money, that as the exercise price is farther out of the money that the expiration with the greatest annualized return is longer in time, and more interestingly that for underlying securities having larger standard deviations the greatest annualized option returns are found with options having shorter expirations.
Matti Keloharju; Juhani T. Linnainmaa; Peter Nyberg
A strategy that selects stocks based on their historical same-calendar-month returns earns an average return of 13% per year. We document similar return seasonalities in anomalies, commodities, international stock market indices, and at the daily frequency. The seasonalities overwhelm unconditional differences in expected returns. The correlations between different seasonality strategies are modest, suggesting that they emanate from different common factors. Our results suggest that seasonali...
From theoretical point of view net present value is the best technics for investment project evaluation. Internal rate of return is not able to solve situations with non-conventional cash flows and with mutually exclusive projects. Modified internal rate of return is more universal criterion. It does not use the iterative procedures and assumes that cash flows are reinvested at the firm’s required rate of return. Modified internal rate of return is so depend up required rate of return as net ...
Carrasquillo, Angela; Carrasquillo, Ceferino
Among Puerto Ricans who have migrated to the United States, a significant number have returned to Puerto Rico, while others shuttle between Puerto Rico and the United States. These groups of people are identified as return migrants. Studies suggest that return migrant youth in Puerto Rico have had to make environmental and cultural adjustments…
Williford, K. H.; Allwood, A.; Beegle, L. W.; Bhartia, R.; Flannery, D.; Hoffmann, A.; Mora, M. F.; Orbay, J.; Petrizzo, D. A.; Tuite, M. L., Jr.; Willis, P. A.
The first clear identification of an ancient habitable environment on Mars by the Mars Science Laboratory (MSL) rover mission relied on a synthetic analytical approach combining orbital and surface imagery and spectroscopy with sophisticated sample acquisition and handling technology including a rotary percussive drill that provided powdered rock for bulk geochemical analysis . The recent announcement of the instrument package for the proposed NASA Mars2020 rover mission, including micro x-ray fluorescence (PIXL) for elemental mapping as well as scanning ultraviolet laser fluorescence and Raman (SHERLOC) suggests a shift in emphasis of Mars surface science towards spatially resolved geochemical analysis that will support the selection and acquisition of samples for coring, caching, and possible return to Earth for further analysis. During a recent field expedition to investigate Archean and Proterozoic biosignatures in the Pilbara region of Western Australia, we deployed a dry, rotary percussive coring drill with a bit assembly analogous to that being considered for Mars2020. Six targets of varying age and lithology were sampled with the coring drill, and surrounding and adjacent rock samples were collected simultaneously. These samples were subsequently prepared and subsampled for bulk and in situ, spatially resolved analysis using conventional laboratory methods as well as the existing PIXL and SHERLOC platforms currently in development. Here we present new approaches and data from this integrated and ongoing program of "sample return science" designed to simulate, and eventually reduce risk associated with a long-term effort towards Mars sample return.  Grotzinger, J.P. et al. 2014. Science 343 DOI: 10.1126/science.1242777.
Kristensen, Benedikte Møller
This PhD thesis is about shamanism among the Duha in Mongolia. It is based on 22 months of fieldwork (1999 - 2012) among the Duha reindeer nomads in Northern Mongolia, and examines why the Duha return to their traditional livelihood as hunters and herders in the taiga has resulted in a turn to wa...... contemporary interventions upon the Duha livelihood and land, such as hunting laws, gold - mining and spiritual tou rism, was felt to increase the flow of dangerous spiritual powers, which further encouraged the Duha to turn towards shamanism...
Simonsen, Stefan Lægaard
This thesis analyses the factors influencing return migration and subsequent integration of former refugees into the Liberian society. Based on interviews with more than 40 Liberian returnees conducted in Monrovia, Gbarnga and Zwedru in late 2013 I analyse the return migration and integration of former refugees in Liberia over the last decade. Understanding sustainability of return migration as primarily a matter of successful integration I analyse the various domains influencing the integrat...
Olwig, Karen Fog
inscribe their migration experiences within the gendered narrative of the good relative who migrates to help the family left behind and therefore deserves social recognition in the community of origin. It argues that this narrative allows the women to both affirm and reinterpret local family and gender......Research on female migrant caregivers has tended to focus upon the emotional and social problems they encounter working abroad, given women’s traditional role as caregivers for their own families. This article analyses how Caribbean women who have returned after a period abroad as domestic workers...... roles within the context of migration. This analysis points to the close connection between narrative structures, accounts of migration experiences, and self-presentations and suggests that narratives about family and gender roles not only reflect people’s lives, but are also a malleable resource that...
Tsou, P.; Kanik, I.; Brownlee, D.; McKay, C.; Anbar, A.; Glavin, D.; Yano, H.
From the first half century of space exploration, we have obtained samples only from the Moon, comet Wild 2, the Solar Wind and the asteroid Itokawa. The in-depth analyses of these samples in terrestrial laboratories have yielded profound knowledge that could not have been obtained without the returned samples. While obtaining samples from Solar System bodies is crucial science, it is rarely done due to cost and complexity. Cassini's discovery of geysers on Enceladus and organic materials, indicate that there is an exceptional opportunity and science rational to do a low-cost flyby sample return mission, similar to what was done by the Stardust. The earliest low cost possible flight opportunity is the next Discovery Mission [Tsou et al 2012]. Enceladus Plume Discovery - While Voyager provided evidence for young surfaces on Enceladus, the existence of Enceladus plumes was discovered by Cassini. Enceladus and comets are the only known solar system bodies that have jets enabling sample collection without landing or surface contact. Cassini in situ Findings -Cassini's made many discoveries at Saturn, including the break up of large organics in the plumes of Enceladus. Four prime criteria for habitability are liquid water, a heat source, organics and nitrogen [McKay et al. 2008, Waite et al. 2009, Postberg et al. 2011]. Out of all the NASA designated habitability targets, Enceladus is the single body that presents evidence for all four criteria. Significant advancement in the exploration of the biological potential of Enceladus can be made on returned samples in terrestrial laboratories where the full power of state-of-the-art laboratory instrumentation and procedures can be used. Without serious limits on power, mass or even cost, terrestrial laboratories provide the ultimate in analytical capability, adaptability, reproducibility and reliability. What Questions can Samples Address? - Samples collected from the Enceladus plume will enable a thorough and replicated
Gilliand, B F; Stanislav, G H; Constantin, J J; Schwinghammer, T L
A program for reviewing medication doses returned to the pharmacy department is described. Discrepancies concerning returned doses at a teaching hospital led to the creation of a returned-dose log sheet. A pharmacist enters the patient's name, medication, and administration schedule and forwards a copy to the charge nurse on the patient's unit, who records the reasons for the return. A pharmacist then uses the form to resolve any discrepancies in the pharmacy records and follows up if necessary. Monthly summaries of the forms are prepared. After a pilot phase and educational feedback, the rate of return of log sheets by nurses increased to 95%. It took nurses about 10 minutes per unit to complete a form, and pharmacists required 15 to 20 minutes for completion and follow-up. The percentage of dispensed doses that were returned decreased from 1.1% during the first month of the full program to 0.4% during the eighth month. The most common reason given by nurses for returned doses was that the dose had already been charted as having been given. The therapeutic classifications most frequently represented by the returns were gastrointestinal drugs, cardiovascular drugs, anti-infective agents, and electrolytic, caloric, and water balance drugs. The use of a log sheet to document and explain the return of scheduled doses to the pharmacy department improved communication, resolved discrepancies in the records, and reduced the rate of returns. PMID:1595723
Berge, Harald; Kvitstein, Eivind
The purpose of this master thesis is to investigate the relationship between pricing multiples and future abnormal returns. An important part of the thesis is to find out whether a strategy using multiples as a selection tool can yield positive abnormal returns. We analyse all available companies on the Oslo Stock Exchange in the period 2000-2015. Using the method introduced by Fama-MacBeth and a portfolio approach, we investigate six different multiples: EV/EBITDA, EV/EBIT, EV...
Perhaps the most fundamental prediction of financial theory is that the expected returns on financial assets are determined by the amount of risk contained in their payoffs. Assets with a riskier payoff pattern should provide higher expected returns than assets that are otherwise similar but provide payoffs that contain less risk. Financial theory also predicts that not all types of risks should be compensated with higher expected returns. It is well-known that the asset-specific risk can be ...
Expected geometric return is routinely reported as a summary measure of the prospective performance of asset classes and investment portfolios. It has intuitive appeal because its historical counterpart, the geometric average, provides a useful annualised measure of the proportional change in wealth that actually occurred over a past time series, as if there had been no volatility in return. However, as a prospective measure, expected geometric return has limited value and often the expected ...
Zaczek, Mariusz P.
Java Radar Analysis Tool (JRAT) is a computer program for analyzing two-dimensional (2D) scatter plots derived from radar returns showing pieces of the disintegrating Space Shuttle Columbia. JRAT can also be applied to similar plots representing radar returns showing aviation accidents, and to scatter plots in general. The 2D scatter plots include overhead map views and side altitude views. The superposition of points in these views makes searching difficult. JRAT enables three-dimensional (3D) viewing: by use of a mouse and keyboard, the user can rotate to any desired viewing angle. The 3D view can include overlaid trajectories and search footprints to enhance situational awareness in searching for pieces. JRAT also enables playback: time-tagged radar-return data can be displayed in time order and an animated 3D model can be moved through the scene to show the locations of the Columbia (or other vehicle) at the times of the corresponding radar events. The combination of overlays and playback enables the user to correlate a radar return with a position of the vehicle to determine whether the return is valid. JRAT can optionally filter single radar returns, enabling the user to selectively hide or highlight a desired radar return.
Six months after their mass exodus, birds are beginning to return to Christmas Island. Roughly 17 million birds, almost the entire adult bird population, either perished or fled their mid-Pacific atoll home last autumn, leaving behind thousands of nestlings to starve (Eos, April 5, 1983, p. 131). It is believed that the strong El Niño altered the ecology of the surrounding waters and forced the birds to flee. Christmas Island is the world's largest coral atoll.“Ocean and atmosphere scientists are unsure of future directions for the El Niño conditions and cannot now predict what will happen to the birds in the coming months,” said Ralph W. Schreiber, curator of ornithology at the Natural History Museum of Los Angeles County in California. Heisthe ornithologist who discovered the disappearance. “The recovery of the bird populations depends on the food supply in the waters surrounding the island.” The island's birds feed exclusively on small fish and squid.
Full Text Available Religion is back in Philosophy as a respectable subject. Part 1 first charts what MacIntyre, Taylor and Derrida have meant in this regard. Subsequently, it turns to the Enlightenment to determine what constituted the breakthrough. It is found that even where the Enlightenment gave maximum room to religion i.e. as a civic religion and as “religion of the heart” it still excluded a constitutive relation to a transcendent revelation. Part 2 centres on the religion-faith distinction in reformational philosophy. Similar to the Enlightenment, religion is understood as part of human nature. However, human nature itself is conceived as intrinsically religious and depending for its light on revelation. Secondly, “religion” in this context also encompasses idols and religious substitutes. Thus, it directs attention to shopping malls, football stadiums, health policy, et cetera, as possible contexts of a return of religion. Examples show that this has become a popular approach. However, most of the publications surveyed fail to distinguish between an “analogical” and a “pistically qualified” use of religion, and are open to exaggerations (the shopping mall and football stadiums as temples, etc.. At this junction, the relevance is shown of the religion-faith distinction as well as of Elaine Botha’s theory of metaphors. The epilogue offers an integration of parts one and two.
Dalgaard, Carl-Johan Lars; Hansen, Henrik
We investigate the marginal productivity of investment across countries. The aim is to estimate the return on investments financed by foreign aid and by domestic resource mobilization, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop a...
Full Text Available In the post-communist period, migration of the Romanians became an emergent phenomenon which went through many structural transformations. Within the context of the recent economic crisis and of some unfavourable collective attitudes regarding the immigration in some countries of destination, evidences of the reverse movement, of return of some migrants in Romania have appeared. This paper aims to examine the profile of Romanian returned migrants, with a special view on the returning motivations. Results show that the family related factors have the highest influence in the returning decision among Romanian migrants. Finally, future intentions of the returned migrants confirm the model of the circulatory migration as a strategy of life of the Romanians.
Bassi, Laurie; McMurrer, Daniel
Though most traditional HR performance metrics don't predict organizational performance, alternatives simply have not existed--until now. During the past ten years, researchers Laurie Bassi and Daniel McMurrer have worked to develop a system that allows executives to assess human capital management (HCM) and to use those metrics both to predict organizational performance and to guide organizations' investments in people. The new framework is based on a core set of HCM drivers that fall into five major categories: leadership practices, employee engagement, knowledge accessibility, workforce optimization, and organizational learning capacity. By employing rigorously designed surveys to score a company on the range of HCM practices across the five categories, it's possible to benchmark organizational HCM capabilities, identify HCM strengths and weaknesses, and link improvements or back-sliding in specific HCM practices with improvements or shortcomings in organizational performance. The process requires determining a "maturity" score for each practice, based on a scale of 1 (low) to 5 (high). Over time, evolving maturity scores from multiple surveys can reveal progress in each of the HCM practices and help a company decide where to focus improvement efforts that will have a direct impact on performance. The authors draw from their work with American Standard, South Carolina's Beaufort County School District, and a bevy of financial firms to show how improving HCM scores led to increased sales, safety, academic test scores, and stock returns. Bassi and McMurrer urge HR departments to move beyond the usual metrics and begin using HCM measurement tools to gauge how well people are managed and developed throughout the organization. In this new role, according to the authors, HR can take on strategic responsibility and ensure that superior human capital management becomes central to the organization's culture. PMID:17348175
... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information... Section 301.6103(i)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED....6103(i)-1 Disclosure of returns and return information (including taxpayer return information) to...
Restoy, Fernando; Rockinger, G Michael
This article presents general conditions under which it is possible to obtain asset pricing relations from the intertemporal optimal investment decision of the firm. Under the assumption of linear homogeneous production and adjustment cost functions, it is possible to establish, state by state, the equality between the return on investment and the market return of the financial claims issued by the firm. This result proves to be, in essence, robust to the consideration of very general constra...
Amann, R; Klein, T.J.
A regression of wages on firm tenure is likely to yield biased estimates of the returns to tenure because tenure and wages are confounded by unobserved attributes of the job and the unobserved quality of the match between the firm and the employee. Previously, the within-job variation in tenure has been used as an instrument to estimate the average returns to tenure. In this paper, we propose to use instead an easy-to-implement control function estimator for the returns to tenure and their de...
Zambrzycka, Anna; Piotrowski, Edward W.
In this paper we give definitions of matrix rates of return which do not depend on the choice of basis describing baskets. We give their economic interpretation. The matrix rate of return describes baskets of arbitrary type and extends portfolio analysis to the complex variable domain. This allows us for simultaneous analysis of evolution of baskets parameterized by complex variables in both continuous and discrete time models.
Zambrzycka, A; Zambrzycka, Anna; Piotrowski, Edward W.
In this paper we give definitions of matrix rates of return which do not depend on the choice of basis describing baskets. We give their economic interpretation. The matrix rate of return describes baskets of arbitrary type and extends portfolio analysis to the complex variable domain. This allows us for simultaneous analysis of evolution of baskets parameterized by complex variables in both continuous and discrete time models.
Xin Jin; John M Maheu
This paper proposes new dynamic component models of realized covariance (RCOV) matrices based on recent work in time-varying Wishart distributions. The specifications are linked to returns for a joint multivariate model of returns and covariance dynamics that is both easy to estimate and forecast. Realized covariance matrices are constructed for 5 stocks using high-frequency intraday prices based on positive semi-definite realized kernel estimates. The models are compared based on a term-stru...
This article focuses on the contributions from the emerging positivist epistemological approach, endorsed by the economics of language and the economics of education, to study the returns to language skills, assuming that language competencies constitute key components of human capital. It presents initial results from a study on economic returns to language skills in eight countries enrolled in the International Adult Literacy Survey (IALS) – Chile, the Czech Republic, Denmark, Finland, Hung...
Full Text Available Conducting scientific research regarding reverse logistics systems includes certain difficulties. Developed logistics systems are aimed at analysing reverse logistics issues and tend to continuously detect differences and oscillations in the flow of returned products and their characteristics. Developing logistics systems, as Croatian, find reverse logistics issues, regarding product returns, significantly complex and very often these issues are not observed as issues of priority. As distributive flow, reverse logistics systems fundaments should be also based on detailed analysis. Analysis in this flow presents amounts, reasons, process flows and quality of returned items. Because of complex product evaluation on individual level, reverse logistics procedures should be implemented as a methodology individually developed for every supply chain subject. This paper presents a research of retail level returns on the Croatian market, where the analysis implicated that the majority of products in return for this level is directed from final consumers and presents noncurrent inventories of distribution chain. The paper will present conducted research regarding characteristics of returns and routing these products from the retail level.
National Aeronautics and Space Administration — Sample return missions have primary importance in future planetary missions. A basic requirement is that samples be returned in pristine, uncontaminated condition,...
Full Text Available We test the hypothesis that strategies which are long on portfolios of looser stocks and short on portfolios of winner stocks generate abnormal returns in Brazil. This type of evidence for the US stock market was interpreted by The Bondt and Thaler (1985 as reflecting systematic evaluation mistakes caused by investors overreaction to news related to the firm performance. We found evidence of contrarian strategies profitability for horizons from 3 months to 3 years in a sample of stock returns from BOVESPA and SOMA from 1986 to 2000. The strategies are more profitable for shorter horizons. Therefore, there was no trace of the momentum effect found by Jagadeesh and Titman (1993 for the same horizons with US data. There are remaing unexplained positive returns for contrarian strategies after accounting for risk, size, and liquidity. We also found that the strategy profitability is reduced after the Real Plan, which suggests that the Brazilian stock market became more efficient after inflation stabilization.
Volpi, E.; Fiori, A.; Grimaldi, S.; Lombardo, F.; Koutsoyiannis, D.
One hundred years from its original definition by Fuller, the probabilistic concept of return period is widely used in hydrology as well as in other disciplines of geosciences to give an indication on critical event rareness. This concept gains its popularity, especially in engineering practice for design and risk assessment, due to its ease of use and understanding; however, return period relies on some basic assumptions that should be satisfied for a correct application of this statistical tool. Indeed, conventional frequency analysis in hydrology is performed by assuming as necessary conditions that extreme events arise from a stationary distribution and are independent of one another. The main objective of this paper is to investigate the properties of return period when the independence condition is omitted; hence, we explore how the different definitions of return period available in literature affect results of frequency analysis for processes correlated in time. We demonstrate that, for stationary processes, the independence condition is not necessary in order to apply the classical equation of return period (i.e., the inverse of exceedance probability). On the other hand, we show that the time-correlation structure of hydrological processes modifies the shape of the distribution function of which the return period represents the first moment. This implies that, in the context of time-dependent processes, the return period might not represent an exhaustive measure of the probability of failure, and that its blind application could lead to misleading results. To overcome this problem, we introduce the concept of Equivalent Return Period, which controls the probability of failure still preserving the virtue of effectively communicating the event rareness.
Barrow, Kirk; Cheuvront, Allan; Faris, Grant; Hirst, Edward; Mainland, Nora; McGee, Michael; Szalai, Christine; Vellinga, Joseph; Wahl, Thomas; Williams, Kenneth; Lee, Gentry; Duxbury, Thomas
This three-part Sample Return Primer and Handbook provides a road map for conducting the terminal phase of a sample return mission. The main chapters describe element-by-element analyses and trade studies, as well as required operations plans, procedures, contingencies, interfaces, and corresponding documentation. Based on the experiences of the lead Stardust engineers, the topics include systems engineering (in particular range safety compliance), mission design and navigation, spacecraft hardware and entry, descent, and landing certification, flight and recovery operations, mission assurance and system safety, test and training, and the very important interactions with external support organizations (non-NASA tracking assets, landing site support, and science curation).
Toh, Mun Heng; Wong, Chai Shing
Computes rates of return to education in Singapore for 1980-1994, using the cost-benefit approach. Rates of return varied with education level. Although remaining higher than return rates for secondary education, those for tertiary education were declining. Polytechnic education enjoys the highest social/private return rates. (Contains 40…
The vector of periodic, compound returns of a typical investment portfolio is almost never a convex combination of the return vectors of the securities in the portfolio. As a result the ex post version of Harry Markowitz's "standard mean-variance portfolio selection model" does not apply to compound return data. We propose using notional portfolios and normalized linear returns to remedy this problem.
Section I: Background Return on Investment (ROI) Proposal Preparation Guide-- Over $1.9M is available to fund fiscal year (FY) 2000 waste minimization projects on the Hanford Site. This money was allocated by the US. Department of Energy Headquarters (DOE-HQ). The U.S. Department of Energy, Richland Operations (RL) and the U.S. Department of Energy, Office of River Protection (ORP) are currently seeking pollution prevention proposals from across the Hanford Site that provide a high return-on-investment (ROI) by reducing waste and associated management costs. Purpose of ROI Training The ROI Proposal Preparation Guide is a tool to assist Hanford waste generators in preparing ROI proposal forms for submittal to RL for funding. The guide describes the requirements for submitting an ROI proposal and provides examples of completed ROI forms. The intent is to assist waste generators in identifying projects that meet the criteria, provide information necessary to complete the ROI forms, and submit a proposal that is eligible to receive funding. This guide accompanies the one-hour training workshop on how to prepare and submit an ROI proposal
Albee, A. L.; Brownlee, Don E.; Burnett, Donald S.; Tsou, Peter; Uesugi, K. T.
The sample collection technology and instrument concept for the Sample of Comet Coma Earth Return Mission (SOCCER) are described. The scientific goals of this Flyby Sample Return are to return to coma dust and volatile samples from a known comet source, which will permit accurate elemental and isotopic measurements for thousands of individual solid particles and volatiles, detailed analysis of the dust structure, morphology, and mineralogy of the intact samples, and identification of the biogenic elements or compounds in the solid and volatile samples. Having these intact samples, morphologic, petrographic, and phase structural features can be determined. Information on dust particle size, shape, and density can be ascertained by analyzing penetration holes and tracks in the capture medium. Time and spatial data of dust capture will provide understanding of the flux dynamics of the coma and the jets. Additional information will include the identification of cosmic ray tracks in the cometary grains, which can provide a particle's process history and perhaps even the age of the comet. The measurements will be made with the same equipment used for studying micrometeorites for decades past; hence, the results can be directly compared without extrapolation or modification. The data will provide a powerful and direct technique for comparing the cometary samples with all known types of meteorites and interplanetary dust. This sample collection system will provide the first sample return from a specifically identified primitive body and will allow, for the first time, a direct method of matching meteoritic materials captured on Earth with known parent bodies.
Full Text Available Western Equatoria is a focal point for Sudanese refugees returning from neighbouring Uganda, the Central African Republic and the Democratic Republic of the Congo. Arriving with very little, they inevitably compound the poverty of their hosts. Without greater sensitivity, aid could exacerbate deep divisions.
Graham Wood; Jake Phelan
Western Equatoria is a focal point for Sudanese refugees returning from neighbouring Uganda, the Central African Republic and the Democratic Republic of the Congo. Arriving with very little, they inevitably compound the poverty of their hosts. Without greater sensitivity, aid could exacerbate deep divisions.
Eninger, J. E.
Metal-foil reed valve in conventional slab-wick heat pipe limits heat flow to one direction only. With sink warmer than source, reed is forced closed and fluid returns to source side through annular transfer wick. When this occurs, wick slab on sink side of valve dries out and heat pipe ceases to conduct heat.
This paper uses recent data from the UK Labour Force Survey to estimate the wage gains that individuals make on average if they complete an apprenticeship programme. The results suggest gains of around 5-7% for men, but no benefit for women. Further analysis extends the results by considering the returns by age group, by qualification obtained, by…
The mainland stock boom is drawing many profitable Hong Kong-listed Chinese companies back home September saw a wave of Hong Kong-listed Chinese companies returning to the mainland stock market,helping the Shanghai Stock Exchange surpass Hong Kong to become the sixth largest stock exchange in the world.
Public Health Agency
This leaflet aims to encourage breastfeeding mothers to continue breastfeeding after they have returned to work. It highlights the benefits of continuing to breastfeed, sets out the options for combining breastfeeding and work, explains the rights breastfeeding mothers have to support from their employer, and outlines what facilities and equipment mothers will need to express milk at work.
The economic returns to education in transition countries have been extensively evaluated in the literature. The present study contributes to this literature by estimating the returns to education in Georgia during the last transition period 2000-04. We find very low returns to education in Georgia and little evidence of an increasing trend in the returns. This picture contrasts with somewhat higher rates of return to education in the mid-1990s in Georgia and the recent estimates from other t...
RAMONA PÎRVU; GHEORGHE AXINTE
Return migration is probably the aspect of the migration cycle, which was granted the lowest attention, perhaps because most research resources are located in highly developed countries, while most of the returning most returnees return to developing countries.. This is especially unfortunate because perceptions about the process of returning to the country of origin and attitudes towards returning migrants have a significant impact on migrants and their host communities. Rollback, sometimes ...
Mönkkönen, Mikko; Juutinen, Artti; Mazziotta, Adriano; Miettinen, Kaisa; Podkopaev, Dmitry; Reunanen, Pasi; Salminen, Hannu; Tikkanen, Olli Pekka
-wood associated species with more habitats tended to be more expensive than providing requirements for other species. No management regime alone maximized habitat availability for the species, and systematic use of any single management regime resulted in considerable reductions in economic returns. Compared with...... potential of a forest landscape to simultaneously produce habitats for species and economic returns, and how the conflict between habitat availability and timber production varies among taxa. Secondly, we aimed at revealing an optimal combination of management regimes that maximizes habitat availability for...... given levels of economic returns. We used multi-objective optimization tools to analyze data from a boreal forest landscape consisting of about 30,000 forest stands simulated 50 years into future. We included seven alternative management regimes, spanning from the recommended intensive forest management...
Jeffrey Brown; Chichun Fang; Francisco Gomes
We analyze the returns to education in a life-cycle framework that incorporates risk preferences, earnings volatility (including unemployment), and a progressive income tax and social insurance system. We show that such a framework significantly reduces the measured gains from education relative to simple present-value calculations, although the gains remain significant. For example, for a range of preference parameters, we find that individuals should be willing to pay 300 to 500 (200 to 250...
Choi, James J.; Li Jin; Hongjun Yan
Does information asymmetry affect the cross-section of expected stock returns? Using institutional ownership data from the Shanghai Stock Exchange, we show that institutions have a strong information advantage over individual investors. We then show that the aggressiveness of institutional trading in a stock--measured by the average absolute weekly change in institutional ownership during the past year--is an ex ante predictor of future information asymmetry in this stock. Sorting stocks on t...
The capital asset pricing model (CAPM), favored by financial researchers and practitioners fifteen years ago, holds that the extra return on a risky asset comes from bearing market risk only. But newer evidence supports the intertemporal CAPM (I-CAPM) theory (Merton 1973), which suggests that the premium on any risky asset is related not only to market risk but also to additional economic variables. ; This article reviews and interprets recent advances in the asset pricing literature. The stu...
Onnela, Jukka-Pekka; Töyli, Juuso; Kaski, Kimmo
Tick size is an important aspect of the micro-structural level organization of financial markets. It is the smallest institutionally allowed price increment, has a direct bearing on the bid-ask spread, influences the strategy of trading order placement in electronic markets, affects the price formation mechanism, and appears to be related to the long-term memory of volatility clustering. In this paper we investigate the impact of tick size on stock returns. We start with a simple simulation to demonstrate how continuous returns become distorted after confining the price to a discrete grid governed by the tick size. We then move on to a novel experimental set-up that combines decimalization pilot programs and cross-listed stocks in New York and Toronto. This allows us to observe a set of stocks traded simultaneously under two different ticks while holding all security-specific characteristics fixed. We then study the normality of the return distributions and carry out fits to the chosen distribution models. Our empirical findings are somewhat mixed and in some cases appear to challenge the simulation results.
Ferguson, Nicky; Guo, Jie; Lam, Herbert; Philip, Dennis
This paper is the first to determine the effect that media sentiment has on stock returns for UK companies and tests whether there is any return predictability contained in the UK media sentiment data. We show that measures of positive and negative media sentiment have significant relationships with stock returns on the day news articles are published and that there is return predictability inherent in negative media sentiment the day following publication of media articles. We construct a ne...
Goetz, Stephan J.; Rupasingha, Anil
We compare the returns to human capital in rural areas with those in urban areas, and across the different regions of the US. A key finding is that these returns are considerably lower in rural than in urban areas. Furthermore, failure to correct for spatial dependence bias produces an overestimate of the returns to education at the county-level. We also examine various interactions among the regressors to identify the reasons why the returns to education vary between rural and urban areas.
Philip A. Trostel
This study estimates marginal rates of return to investment in schooling in 12 countries. Significant systematic nonlinearity in the marginal rate of return is found. In particular, the marginal rate of return is increasing significantly at low levels of education, and decreasing significantly at high levels of education. This may help explain why estimates of the return to schooling are often considerably higher when instrumenting for education.
Feenstra, D.W.; Wang, H.
The rate of return on invested capital is a central concept in financial analysis. The purpose of calculating the rate of return on investment in general is to measure the financial performance, to assess the desirability of a project and to make decisions on the valuation of firms. Financial statement users make regular use of the accounting rate of return (ARR) rather than the economic rate of return (IRR) to assess the performance of corporations and public-sector enterprises, to evaluate ...
According to theory, higher expected foreign risk-free returns and foreign currency risk both increase foreign yields, but have opposing effects on the value of the foreign currency. This paper exploits that relationship to jointly identify the unobserved risk-free return and risk premium components of exchange rates and expected relative returns. When risk and return are jointly modelled over a 10-year horizon, UIP cannot be rejected for any of the eight advanced country USD currency pairs e...
Black, Richard; Gent, Saskia
Post-conflict return is a highly politically charged process in a number of contexts, both for returnees and those who did not migrate or flee, leading many observers to question the notion of an unproblematic return “home”. Specifically, doubts remain both about the conditions and voluntariness of return, the ability of individual returnees to reintegrate in their home countries and regions, and the wider sustainability of the return process. This paper seeks to provide an overview of recent...
This paper provides an international comparison of external rates of return to education. As is pointed out in the literature social return rate exceeds the pure technical rate of return by a considerable margin. However, measuring social return is delicate due to methodological and data problems. The exploited approach is based on a comparative advantage theory. It allows us to control for potential endogeneity problem and a self-selection into different education regimes. We find that exter...
In the article social rate of return to education is considered. As is pointed out in various research papers social return rate exceeds the pure technical rate of return by considerable margin. However, it is hard to calculate adequate figure due to methodological and data problems. The model used in the article is based on a comparative advantage theory. It contains two equations: one for technical and social rate of return to education, second deals with non-random selection for different ...
A growing number of studies use dollar-weighted returns as evidence that consistently bad timing substantially reduces investor returns, and that consequently the equity risk premium must be considerably lower than previously thought. These studies measure the impact of bad timing as the difference between the geometric mean return (corresponding to a buy-and-hold strategy) and the dollar-weighted return. However, the present paper demonstrates that this differential combines two distinct eff...
Turan G. Bali; Armen Hovakimian
This paper investigates whether realized and implied volatilities of individual stocks can predict the cross-sectional variation in expected returns. Although the levels of volatilities from the physical and risk-neutral distributions cannot predict future returns, there is a significant relation between volatility spreads and expected stock returns. Portfolio level analyses and firm-level cross-sectional regressions indicate a negative and significant relation between expected returns and th...
Henderson, Daniel J.; Polachek, Solomon W.; Wang, Le
This paper relaxes the assumption of homogeneous rates of return to schooling by employing nonparametric kernel regression. This approach allows us to examine the differences in rates of return to education both across and within groups. Similar to previous studies we find that on average blacks have higher returns to education than whites,…
Alexandru, Ciprian Antoniade; Dan CONSTANTINESCU
In this paper we examine the market correlation and market returns from Romanian perspective. Market returns are higher in emerging markets than developed market returns, but form portfolio perspective it`s also important to evaluate how much correlations are changing in emerging markets. Our results are important in allocation of financial instruments in institutional portfolio management.
Benjamin Golez; Peter Koudijs
We analyze four centuries of stock prices and dividends in the Dutch, English, and U.S. market. With the exception of the post-1945 period, the dividend-to-price ratio is stationary and predicts returns throughout all four centuries. “Excess volatility” is thus a pervasive feature of financial markets. The dividend-to-price ratio also predicts dividend growth rates in all but the most recent period. Cash-flows were therefore much more important for price movements before 1945, and the dominan...
Susan E. Woodward; Hall, Robert E.
We describe a new index of the current and historical returns to venture-type capital. The conceptual basis for the index is the value of a continuously reinvested value-weighted portfolio of all venture-backed and similar pre-public companies. It provides a metric for private equity comparable to the S&P 500 for public equity. We build the index from valuations revealed in episodic transactions in the companies' shares - private placements of new rounds of equity funding, IPOs, acquisitions,...
... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information... administration. 301.6103(h)(2)-1 Section 301.6103(h)(2)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT... Returns Returns and Records § 301.6103(h)(2)-1 Disclosure of returns and return information...
Thomas C. Chiang
Full Text Available This paper employs weighted least squares to examine the risk-return relation by applying high-frequency data from four major stock indexes in the US market and finds some evidence in favor of a positive relation between the mean of the excess returns and expected risk. However, by using quantile regressions, we find that the risk-return relation moves from negative to positive as the returns’ quantile increases. A positive risk-return relation is valid only in the upper quantiles. The evidence also suggests that intraday skewness plays a dominant role in explaining the variations of excess returns.
Cook, Ralph W; Hsu, Wellington K
Surgical management of lumbar spine conditions can produce excellent outcomes in athletes. Microdiscectomy for lumbar disc herniation has favorable outcomes; most athletes return to play at preoperative performance levels. Direct pars repair is successful in younger athletes, with high rates of return to play for a variety of fixation techniques. Fusion in athletes with scoliosis is a negative predictor. There are few evidence-based return to play criteria. Athletes should demonstrate full resolution of symptoms and flexibility, endurance, and strength before returning to play. Deciding when to return an athlete to sport depends on particular injury sustained, sport, and individual factors. PMID:27543402
Full Text Available Return migration is probably the aspect of the migration cycle, which was granted the lowest attention, perhaps because most research resources are located in highly developed countries, while most of the returning most returnees return to developing countries. This is especially unfortunate because perceptions about the process of returning to the country of origin and attitudes towards returning migrants have a significant impact on migrants and their host communities. Rollback, sometimes called remigration, is considered by some authors as the final stage of the migration process, which further comprises the step preparation / decision to migrate and actual migration phase or installation of migrant destination country selected.
Anita A Davies
Full Text Available The increasing importance and complexity of migration globally also implies a global increase in return migration, and thus an increased interest in the health of returning migrants. The health of returning migrants is impacted by the cumulative exposure to social determinants and risk factors of health during the migration process, during the return movement, and following return. Circular migration often occurs among the diaspora, which can result in the transfer of knowledge and skills that contribute to development, including health system strengthening. Migrants with dual nationality often return to countries with better health services than their country of origin when they are sick and can not get care at home. To maintain and improve the health of returning migrants, multi-sectoral policies at global and national levels should facilitate access to appropriate and equitable health services, social services, and continuity of care across and within borders.
Roriz Luciano Machado; Marcos Bacis Ceddia; Daniel Fonseca de Carvalho; Eleandro Silva da Cruz; Marcio Rocha Francelino
Knowledge of maximum daily rain and its return period in a region is an important tool to soil conservation, hydraulic engineering and preservation of road projects. The objective of this work was to evaluate the spatial variability of maximum annual daily rain considering different return periods, at the Rio de Janeiro State. The data set was composed by historical series of 119 rain gauges, for 36 years of observation. The return periods, estimated by Gumbel distribution, were 2, 5, 10, 25,...
Anderson, David J.; Pencil, Eric J.; Vento, Daniel; Dankanich, John W.; Munk, Michelle M.; Hahne, David
The In-Space Propulsion Technology (ISPT) Program was tasked in 2009 to start development of propulsion technologies that would enable future sample return missions. Sample return missions could be quite varied, from collecting and bringing back samples of comets or asteroids, to soil, rocks, or atmosphere from planets or moons. The paper will describe the ISPT Program s propulsion technology development activities relevant to future sample return missions. The sample return propulsion technology development areas for ISPT are: 1) Sample Return Propulsion (SRP), 2) Planetary Ascent Vehicles (PAV), 3) Entry Vehicle Technologies (EVT), and 4) Systems/mission analysis and tools that focuses on sample return propulsion. The Sample Return Propulsion area is subdivided into: a) Electric propulsion for sample return and low cost Discovery-class missions, b) Propulsion systems for Earth Return Vehicles (ERV) including transfer stages to the destination, and c) Low TRL advanced propulsion technologies. The SRP effort will continue work on HIVHAC thruster development in FY2011 and then transitions into developing a HIVHAC system under future Electric Propulsion for sample return (ERV and transfer stages) and low-cost missions. Previous work on the lightweight propellant-tanks will continue under advanced propulsion technologies for sample return with direct applicability to a Mars Sample Return (MSR) mission and with general applicability to all future planetary spacecraft. A major effort under the EVT area is multi-mission technologies for Earth Entry Vehicles (MMEEV), which will leverage and build upon previous work related to Earth Entry Vehicles (EEV). The major effort under the PAV area is the Mars Ascent Vehicle (MAV). The MAV is a new development area to ISPT, and builds upon and leverages the past MAV analysis and technology developments from the Mars Technology Program (MTP) and previous MSR studies.
McNeilly, R G
An understanding of heart-circulation interaction is crucial to our ability to guide our patients through an episode of septic shock. Our knowledge has advanced greatly in the last one hundred years. There are, however, certain empirical phenomena that may lead us to question the wisdom of our prevailing treatment algorithm. Three extreme but iatrogenically possible haemodynamic states exist. Firstly, inappropriately low venous return; secondly, overzealous arteriolar constriction; and finally, misguided inotropy and chronotropy. Following an unsuccessful fluid challenge, it would be logical to first set the venous tone, then set the cardiac rate and contractility, and finally set the peripheral vascular resistance. It is hypothesized that a combination of dihydroergotamine, milrinone and esmolol should be superior to a combination of noradrenaline and dobutamine for surviving sepsis. PMID:25245463
D'Amico, Guglielmo; Prattico, Flavio
The prediction of wind speed is very important when dealing with the production of energy through wind turbines. In this paper, we show a new nonparametric model, based on semi-Markov chains, to predict wind speed. Particularly we use an indexed semi-Markov model that has been shown to be able to reproduce accurately the statistical behavior of wind speed. The model is used to forecast, one step ahead, wind speed. In order to check the validity of the model we show, as indicator of goodness, the root mean square error and mean absolute error between real data and predicted ones. We also compare our forecasting results with those of a persistence model. At last, we show an application of the model to predict financial indicators like the Internal Rate of Return, Duration and Convexity.
Buhai, Ioan Sebastian; Portela, Miguel; Teulings, Coen;
to explain these regularities by developing a dynamic model of the firm with stochastic product demand and hiring cost (= irreversible specific investments). There is wage bargaining between a worker and its firm. Separations (quits or layoffs) obey the LIFO rule and bargaining is efficient (a zero...... This study documents two empirical regularities, using data for Denmark and Portugal. First, workers who are hired last, are the first to leave the firm (Last In, First Out; LIFO). Second, workers' wages rise with seniority (= a Worker's tenure relative to the tenure of her colleagues). We seek...... surplus at the moment of separation). The LIFO rule provides a stronger bargaining position for senior workers, leading to a return to seniority in wages. Efficiency in hiring requires the workers' .bargaining power to be in line with their share in the cost of specific investment. Then, the LIFO rule is...
Spent fuel from J. Stefan Institute TRIGA reactor was successfully shipped to the US in 1999. Totally 219 standard TRIGA fuel rods used in the reactor from 1966 to 1991 were shipped. Together with the experience interesting for other reactors preparing for shipment, the following aspects of the project are explained: training of all persons involved, organization (QA, responsibilities), pre-preparation of the fuel, characterization of the fuel elements (burn-up determination, inspection of physical integrity), technical preparation for the shipment, administrative preparation (environmental impact report, safety report, operating and emergency procedures, qualification of equipment, permit), loading of the shipment containers, transfer of the containers to the port, signing of the bill of lading and transfer of liability. The role of main parties involved (J. Stefan Institute, US-DOE, IAEA, NAC) is explained. According to the contract covering the first shipment, we intend to return also the remaining fuel elements after 2016. (author)
Trujillo Aguilera, Francisco David; Pozo Ruz, Ana; Sotorrío Ruiz, Pedro Juan; Martí Campoy, Antonio; Blázquez Parra, Elidia Beatriz
The methodological change caused by the implementation of the new degrees provides a clear opportunity to improve educational practices. This paper describes a teaching tool, named returnable document, to increase student work outside the classroom, motivate the students while raising their awareness about the importance and impact of their work. By using returnable documents teachers manage to strengthen the results of homework and the learning process in a flexible, motivating and ...
Alex Edmans; Lucius Li; Chendi Zhang
We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the “Best Companies to Work For” in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market flexibility, such as the U.S. and U.K., but not in countries with low labor market flexibility, such as Germany. These results are consistent with high employee satisfaction being a valuable tool for recruitment, re...
Full Text Available The objective of the present study is to identify similarity and dissimilarity in the perception of the taxpayers regarding the returns and assessment aspects under VAT in Assam and to locate the issues of similarity and differences in the perception. The study is based on the primary data collected from the taxpayers of Tinsukia town of Assam by the means of questionnaire. It is found that the perception of the taxpayers regarding the returns and assessment aspect is equally divided, favorable for certain aspects and unfavorable for certain aspect. Thus, there is a need for social marketing tool to educate the taxpayers in respect of the items of which their perception is unfavorable.
John M. de Figueiredo; Brian S. Silverman
Despite a large literature on lobbying and information transmission by interest groups, no prior study has measured returns to lobbying. In this paper, we statistically estimate the returns to lobbying by universities for educational earmarks (which now represent 10 percent of federal funding of university research). The returns to lobbying approximate zero for universities not represented by a member of the Senate Appropriations Committee (SAC) or House Appropriations Committee (HAC). Howeve...
Kroon, Leo; Vrijens, G.M.C.
textabstractConsiders the application of returnable containers as an example of reverse logistics. A returnable container is a type of secondary packaging that can be used several times in the same form, in contrast with traditional cardboard boxes. For this equipment to be used, a system for the return logistics of the containers should be available: this system should guarantee that the containers are transported from the recipients to the next senders, and that they are cleaned and maintai...
This thesis includes three essays on topics related to the predictability of market returns. I investigate i) the predictability of market returns from an adjusted version of cay ratio (cayadj), ii) the explanatory power of a conditional version of the consumption-CAPM which uses predictor variables to scale the pricing kernel, and iii) whether information about future market returns can be extracted from a large set of commodity data.The first essay studies the predictive ability of cayadj ....
Jonathan Berk; Richard C. Green; Vasant Naik
As a consequence of optimal investment choices, firms' assets and growth options change in predictable ways. Using a dynamic model, we show that this imparts predictability to changes in a firm's systematic risk, and its expected return. Simulations show that the model simultaneously reproduces: (i) the time series relation between the book-to-market ratio and asset returns, (ii) the cross-sectional relation between book to market, market value and return, (iii) contrarian effects at short ho...
Miyano, Masafumi; Kanemoto, Toshiaki; Kawashima, Daisuke; Wada, Akihiro; Hara, Takashi; Sakoda, Kazuyuki
To optimize the stationary components in the multistage centrifugal pump, the effects of the return vane profile on the performances of the multistage centrifugal pump were investigated experimentally, taking account of the inlet flow conditions for the next stage impeller. The return vane, whose trailing edge is set at the outer wall position of the annular channel downstream of the vane and which discharges the swirl-less flow, gives better pump performances. By equipping such return vane w...
Stock return predictability is subject to great uncertainty. In this paper we usethe model confidence set approach to quantify uncertainty about expected utilityfrom investment, accounting for potential return predictability. For monthly USdata and six representative return prediction models, we find that confidence setsare very wide, change significantly with the predictor variables, and frequentlyinclude expected utilities for which the investor prefers not to invest. The lattermotivates a ...
Hui Chen; Nengjiu Ju; Jianjun Miao
We study an investor's optimal consumption and portfolio choice problem when he is confronted with two possibly misspecified submodels of stock returns: one with IID returns and the other with predictability. We adopt a generalized recursive ambiguity model to accommodate the investor's aversion to model uncertainty. The investor deals with specification doubts by slanting his beliefs about submodels of returns pessimistically, causing his investment strategy to be more conservative than the ...
In this paper I have studied and understood the concepts of stock dividends, stock splits and the announcement effects and the effective day effects by using the standard event studies methodology which measures the significance of the abnormal returns. The previous studies have significant positive abnormal returns. In my results its shown that the as there is some significant abnormal returns which are connected with the announcement and effective day of the stock splits but it changes...
The expected return to equity--typically measured as a historical average--is a key variable in the decision making of investors. A recent literature based on analysts forecasts and practitioner surveys finds estimates of expected returns that are sometimes much lower than historical averages. This study presents a novel method that estimates the expected return to equity using only observable data. The method builds on a present value relationship that links dividends, earnings, and investme...
This paper measures the mean, standard deviation, alpha and beta of venture capital investments, using a maximum likelihood estimate that corrects for selection bias. Since firms go public when they have achieved a good return, estimates that do not correct for selection bias are optimistic. The selection bias correction neatly accounts for log returns. Without a selection bias correction, I find a mean log return of about 100% and a log CAPM intercept of about 90%. With the selection bias co...
ZHANG Xiao-xia; WU Chong-feng
Using Capital Asset Pricing Model Integrating both Firm and Market (CAPMIFM), we first decompose the asset return into two components. One is called the fundamental return,which is related to the intrinsic value of the asset. The other is called bubble return, which is derived from the asset bubbles. Then a stock bubble return model bused on cumulative return is proposed. The model exhibits characterizing log-periodic oscillations and a power law acceleration of the cumulative return. Empirical results suggest that the model has a good fit for the bubbles of China stock market.
Chong-En Bai; Chang-Tai Hsieh; Yingyi Qian
China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to capital averaged 25% during 1978-1993, fell during 1993-1998, and has become flat at roughly 20% since 1998. This evidence suggests that the aggregate return to capital in China does not appear to be s...
The human capital earnings function is part of the toolbox of labour economists. Returns to labour market experience are interpreted as returns to general human capital, and returns to job tenure as returns to job-specific human capital. There is, however, an awareness that there are other models capable of explaining these correlations, notably a search or ''job-shopping'' model and a number of papers have attempted to distinguish the two hypotheses using mostly data on wage growth for job-s...
The objectives of the project were to develop operational techniques for promoting contaminant hideout return from tube support crevices and to identify the effect of chemical inhibitor application on corrodent transport. The implementation of routine procedures for promoting the return of sequestered corrodents could retard the progression of denting or other corrosion processes and improve steam generator availability. Tests also quantified the effect of inhibitor application on crevice hideout and hideout return processes, with the intention of developing a better understanding of the inhibition mechanism. By carefully monitoring the hideout and hideout return inventories, the program also has provided the opportunity to study steam generator concentration processes in general
This study provides the first evidence on the magnitude of the difference between returns to UK property investors and the returns achieved by the property assets, i.e. the performance gap. Using historical return data for 45 market-segments over the time period 1981-2009 this paper shows that the weighted-average performance gap from 1981 through 2009 is -0.49% per annum, i.e. UK direct property investors as a group have shown greater returns than their underlying investments. However, this ...
The main factors which determined the 1989 migration of Turks in Bulgaria back to Turkey are discussed. Background history is provided. After World War I, Turks in bulgaria comprised 10% of the total population. Bulgarian policy had been, up to the 1980s to send Rumelian Turks back, but the policy after 1980 was one of a national revival process to integrate Turks into the developed socialist society. Muslim traditions, customs, and Turkish language were interfered with. International disfavor resulted. In May 1989, the Communist Party declared, in an effort to show democratic ideals, open borders. Thus began the new emigration wave. 369,839 people fled to the Turkish border. 43% of the 9.47 ethnic Turks in bulgaria went to Turkey within 4 months. The numbers decreased in November, and soon after the communist regime ended. New laws were adopted allowing Turks to assume their original Turkish names. The huge migration was clearly political, and as such, the emigrant Turks should be determined as refugees and asylum seekers. The provocation of ethnic Turks was used by the communist regime to solve potential social conflicts. Not only did Turks flee to escape from violence or for religious, cultural, and moral reasons but also due to free market initiatives begun in Turkey in the early 1980s which improved Turkish quality of life. Food and consumer goods were cheaper and economic advantages were perceived. Emigrants were primarily peasants with lower levels of education, professional qualifications, and labor skills. 154,937 (42%) returned to bulgaria and 58% stayed in Turkey to comprise 25% of the former Turkish population. During this period, tensions between countries was high.l Bulgarians actively encouraged emigration and Turkey welcomed it. The emigrants to Turkey were seen as foreigners (muhacir or gocmen) but were received with good will and were readily accepted into menial positions. Emigrants were confronted with political, linguistic, and cultural
In the last two decades, simulation tools made a significant contribution to the great progress in development of power electronics. Time to market was shortened and development costs were reduced drastically. Falling costs, as well as improved speed and precision, opened new fields of application. Today, continuous and switched circuits can be mixed. A comfortable number of powerful simulation tools is available. The users have to choose the best suitable for their application. Here a simple rule applies: The best available simulation tool is the tool the user is already used to (provided, it can solve the task). Abilities, speed, user friendliness and other features are continuously being improved—even though they are already powerful and comfortable. This paper aims at giving the reader an insight into the simulation of power electronics. Starting with a short description of the fundamentals of a simulation tool as well as properties of tools, several tools are presented. Starting with simplified models ...
... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information by other agencies. 301.6103(p)(2)(B)-1 Section 301.6103(p)(2)(B)-1 Internal Revenue INTERNAL REVENUE... Information and Returns Returns and Records § 301.6103(p)(2)(B)-1 Disclosure of returns and return...
... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information in... administration purposes. 301.6103(n)-1 Section 301.6103(n)-1 Internal Revenue INTERNAL REVENUE SERVICE... and Returns Returns and Records § 301.6103(n)-1 Disclosure of returns and return information...
van de Ven, N.; van Rijswijk, L.; Roy, M.M.
Three studies confirm the existence of the return trip effect: The return trip often seems shorter than the initial trip, even though the distance traveled and the actual time spent traveling are identical. A pretest shows that people indeed experience a return trip effect regularly, and the effect was found on a bus trip (Study 1), a bicycle trip (Study 2), and when participants watched a video of someone else traveling (Study 3). The return trip effect also existed when another, equidistant...
... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Tax return. 41.112 Section 41.112 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF... States Deferred Payment of Tax in Puerto Rico on Tobacco Products § 41.112 Tax return. The...
Christoffersen, Peter; Pan, Xuhui (Nick)
After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...
Ammermueller, Andreas; Kuckulenz, Anja; Zwick, Thomas
Aggregate unemployment may affect individual returns to education through qualification-specific responses in participation and wage bargaining. This paper shows that an increase in regional unemployment by 1% decreases returns to education by 0.005 percentage points. This implies that higher skilled employees are better sheltered from labour…
... 46 Shipping 8 2010-10-01 2010-10-01 false Return premium. 308.514 Section 308.514 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.514 Return premium. No premium will...
G. Favara; E. Schroth; P. Valta
This paper studies the impact of legal institutions on stock returns. More specifically, we examine how differences in debt enforcement and creditor protection around the world affect stock returns of individual firms. We hypothesize that if legal institutions prevent shareholders from engaging in s
The Solar Maximum Repair Mission returned with the replaced hardware that had been in low Earth orbit for over four years. The materials of this returned hardware gave the aerospace community an opportunity to study the realtime effects of atomic oxygen, solar radiation, impact particles, charged particle radiation, and molecular contamination. The results of these studies are summarized
... of the excess. (ii) If any part of such excess is attributable to fraud with intent to evade tax at... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Tax Returns Or Statements § 1.6013-2 Joint return after... separate return of either spouse are to be taken into account in determining the extent to which the...
... Internal Revenue Service 26 CFR Part 301 RIN 1545-BJ19 Disclosure of Returns and Return Information to Designee of Taxpayer AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed... the period for submission to the IRS of taxpayer authorizations permitting disclosure of returns...
Full Text Available Abstract Poetic return movement was started by a group of poets like Moshtagh and Shole Esfehani in the second half of 12 century. Their goal was restoring Persian poem and deliverance of Hindi style decline. Esfahan’s poets initiative was considered only in Iran but in other Persian language and literature areas like India, Afghanistan and Transoxiana it was ignored. After the failure of constitutional Movement in Afghanistan, motion similar poetic return was happened that caused poetic themes, which had gone towards modernism, return to Hindi style again.The present paper attempts to analyze the poetic atmosphere in Afghanistan synchronous the poetic return movement in Iran and investigate socio- political backgrounds of return to Hindi style in Afghanistan after constitution failure.
National Aeronautics and Space Administration — The Mars Program Planning Group (MPPG) Final Report reiterates the importance of planetary sample return stating that sample return architectures provide a...
Kristian R. Miltersen; Persson, Svein-Arne
Annual minimum rate of return guarantees are analyzed together with rules for distribution of positive excess return, i.e. investment returns in excess of the guaranteed minimum return. Together with the level of the annual minimum rate of return guarantee both the customer's and the insurer's fractions of the positive excess return are determined so that the market value of the insurer's capital inflow (determined by the fraction of the positive excess return) equals the market value of the ...
The problem of return on current assets and return on working capital related to the cost of equity invested in a company is analyzed in this paper. Risk – return and liquidity – profitability trade-offs influence the company’s equilibrium and management decisions. Liquidity is measured by the cash conversion cycle and it is related to the working capital strategy, measured by current ratio. Rate of return on current assets should be related to the rate of return on working capital that is li...
This paper will discuss some of the tooling necessary to manufacture aluminum-based research reactor fuel plates. Most of this tooling is intended for use in a high-production facility. Some of the tools shown have manufactured more than 150,000 pieces. The only maintenance has been sharpening. With careful design, tools can be made to accommodate the manufacture of several different fuel elements, thus, reducing tooling costs and maintaining tools that the operators are trained to use. An important feature is to design the tools using materials with good lasting quality. Good tools can increase return on investment. (author)
This paper will discuss some of the tooling necessary to manufacture aluminum-based research reactor fuel plates. Most of this tooling is intended for use in a high-production facility. Some of the tools shown have manufactured more than 150,000 pieces. The only maintenance has been sharpening. With careful design, tools can be made to accommodate the manufacture of several different fuel elements, thus, reducing tooling costs and maintaining tools that the operators are trained to use. An important feature is to design the tools using materials with good lasting quality. Good tools can increase return on investment
Abdella, Yisak Sultan
The return period of a given rainfall intensity is an important parameter for the Trondheim municipality since the drainage systems in Trondheim have been and are still being designed on the basis of a selected return period. Since rainfall is a spatially distributed phenomenon, a single event passing over a city can yield different return periods at different locations in the same city. In order to account for this spatial variability, a tool has been developed in this project for determining distributed return periods for rainfall events over Trondheim using the measurements from Rissa radar. The tool includes a method for adjusting radar rainfall using rain gauge measurements and an accumulation technique which accounts for storm movement and temporal variation in intensity. The tool has been tested on two extreme events which occurred on July 29 2007 and August 13 2007. The application on the two events has demonstrated a fully-automated estimation of distributed return periods using readily available data. For the particular rain gauge network in Trondheim, it has also been shown how areas of maximum intensity observed by the radar can be missed by all the gauges. (author)
In recent years interest rates have fluctuated from exceptionally high levels in the early 1980s to their current levels, the lowest in two decades. Observers and analysts generally have assumed that allowed returns by regulatory commissions follow the movement of interest rates; indeed some analysts use a risk premium method to estimate the cost of common equity, assuming a constant and linear relationship between interest rates and the cost of common equity. That suggests we could expect a relatively stable relationship between interest rates and allowed returns, as well. However, a simple comparison of allowed returns and interest rates shows that this is not the case in recent years. The relationship between market interest rates and the returns allowed by commissions varies and is obviously a great deal more complicated. Empirically, there appears to be only a narrow range where market interest rates significantly affect the allowed returns on common stock set by state commissions, at least for electric and combination utilities. If rates are at historically low levels, allowed returns based largely on market rates will hasten subsequent rate filings, and commissions appear to look beyond the low rate levels. Conversely, it appears that regulators do not let historically high market rates determine allowed returns either. At either high or low interest levels, caution seems to be the policy
Read, Laura K.; Vogel, Richard M.
Water resources design has widely used the average return period as a concept to inform management and communication of the risk of experiencing an exceedance event within a planning horizon. Even though nonstationarity is often apparent, in practice hydrologic design often mistakenly assumes that the probability of exceedance, p, is constant from year to year which leads to an average return period To equal to 1/p; this expression is far more complex under nonstationarity. Even for stationary processes, the common application of an average return period is problematic: it does not account for planning horizon, is an average value that may not be representative of the time to the next flood, and is generally not applied in other areas of water planning. We combine existing theoretical and empirical results from the literature to provide the first general, comprehensive description of the probabilistic behavior of the return period and reliability under nonstationarity. We show that under nonstationarity, the underlying distribution of the return period exhibits a more complex shape than the exponential distribution under stationary conditions. Using a nonstationary lognormal model, we document the increased complexity and challenges associated with planning for future flood events over a planning horizon. We compare application of the average return period with the more common concept of reliability and recommend replacing the average return period with reliability as a more practical way to communicate event likelihood in both stationary and nonstationary contexts.
Prasetio, A.; Sari, P. K.; Sharif, O. O.; Sofyan, E.
Web site performance, especially returning visitor is an important metric for an information provider web site. Since high returning visitor is a good indication of a web site’s visitor loyalty, it is important to find a way to improve this metric. This research investigated if there is any difference on returning visitor metric among three web traffic sources namely direct, referral and search. Monthly returning visitor and total visitor from each source is retrieved from Google Analytics tools and then calculated to measure returning visitor ratio. The period of data observation is from July 2012 to June 2015 resulting in a total of 108 samples. These data then analysed using One-Way Analysis of Variance (ANOVA) to address our research question. The results showed that different traffic source has significantly different returning visitor ratio especially between referral traffic source and the other two traffic sources. On the other hand, this research did not find any significant difference between returning visitor ratio from direct and search traffic sources. The owner of the web site can focus to multiply referral links from other relevant sites.
Christoffersen, Peter; Pan, Xuhui (Nick)
After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...
Brown, Jeffrey; Fang, Chichun; Francisco J. Gomes
We model education as an investment in human capital that, like other investments, is appropriately evaluated in a framework that accounts for risk as well as return. In contrast to dominant wage-premia approach to calculating the returns to education, but which implicitly ignores risk, we evaluate the returns by treating the value of human capital as the price of a non-tradable risky asset. We do so using a lifecycle framework that incorporates risk preferences and earnings risk, as well as ...
Stock return predictability is subject to great uncertainty. In this paper we use the model confidence set approach to quantify uncertainty about expected utility from investment, accounting for potential return predictability. For monthly US data and six representative return prediction models, we...... find that confidence sets are very wide, change significantly with the predictor variables, and frequently include expected utilities for which the investor prefers not to invest. The latter motivates a robust investment strategy maximizing the minimal element of the confidence set. The robust investor...
Lee, Simon; Kuhn, Andrew; Draovitch, Pete; Bedi, Asheesh
Femoroacetabular impingement may be particularly disabling to the high-demand athlete, especially those with significant cutting and pivoting requirements. If nonoperative treatment fails to adequately alleviate symptoms or sufficiently restore function in the athlete, hip arthroscopy can lead to improved pain, improved range of motion, and high rates of return to play with proper postoperative rehabilitation. The rate of return to previous level of competition is also high with accurate diagnosis and well-executed correction of deformity. A clear understanding of the etiology, diagnosis, management, and outcomes is essential for clinicians to optimally help patients to return to play. PMID:27543404
Chow, Gregory C
This study uses data from a 1988 survey of Chinese individuals to estimate rates of return to schooling in China. The Mincer-type rate of return to schooling was estimated at 4.02 percent in rural areas and 3.29 percent in urban areas; these are fairly low estimates compared with similar estimates in other countries. The rate of return for schooling females was significantly higher than that for males in urban areas. In addition, members of the Communist Party in urban areas had significantly...
Full Text Available Due to the strong complexity of financial markets, economics does not have a unified theory of price formation in financial markets. The most common assumption is the Efficient-Market Hypothesis, which has been attacked by a number of researchers, using different tools. There were varying degrees to which these tools complied with the formal definitions of efficiency and predictability. In our earlier work, we analysed the predictability of stock returns at two time scales using the entropy rate, which can be directly linked to the mathematical definition of predictability. Nonetheless, none of the above-mentioned studies allow any general understanding of how the financial markets work, beyond disproving the Efficient-Market Hypothesis. In our previous study, we proposed the Maximum Entropy Production Principle, which uses the entropy rate to create a general principle underlying the price formation processes. Both of these studies show that the predictability of price changes is higher at the transaction level intraday scale than the scale of daily returns, but ignore all scales in between. In this study we extend these ideas using the multiscale entropy analysis framework to enhance our understanding of the predictability of price formation processes at various time scales.
... 47 Telecommunication 3 2010-10-01 2010-10-01 false Rate of return reports. 65.600 Section 65.600... OF RETURN PRESCRIPTION PROCEDURES AND METHODOLOGIES Rate of Return Reports § 65.600 Rate of return...) months after the end of each calendar year, an annual rate of return monitoring report which shall be...
Kettering, Brett Michael [Los Alamos National Lab. (LANL), Los Alamos, NM (United States); Grider, Gary Alan [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)
This document will be organized into sections that are defined by the requirements for a file system that presents a near-POSIX (Portable Operating System Interface) interface to the user, but whose data is stored in whatever form is most efficient for the type of data being stored. After defining the requirement the design for meeting the requirement will be explained. Finally there will be sections on configuring and administering this file system. More and more, data dominates the computing world. There is a “sea” of data out there in many different formats that needs to be managed and used. “Mar” means “sea” in Spanish. Thus, this product is dubbed MarFS, a file system for a sea of data.
A practical guide which will help to discover how to setup and configure the Salesforce CRM application. It offers solutions and practical examples on how to further improve and maintain its functionality with clear systematic instructions. Being highly organized and compact, this book contains detailed instructions with screenshots, diagrams, and tips that clearly describe how you can administer and configure complex Salesforce CRM functionality with absolute ease.This book is for administrators who want to develop and strengthen their Salesforce CRM skills in the areas of configuration and s
National Aeronautics and Space Administration — Since the Apollo era, sample return missions have been primarily limited to asteroid sampling. More comprehensive sampling could yield critical information on the...
... part of any underpayment of tax required to be shown on a return is due to fraud, there shall be added to the tax an amount equal to 50 percent of the underpayment, but no delinquency penalty shall...
Niu, Hongli; Wang, Jun; Lu, Yunfan
It is of significantly crucial to understand the return volatility of financial markets because it helps to quantify the investment risk, optimize the portfolio, and provide a key input of option pricing models. The characteristics of isolated high volatility events above certain threshold in price fluctuations and the distributions of return intervals between these events arouse great interest in financial research. In the present work, we introduce a new concept of daily return volatility duration, which is defined as the shortest passage time when the future volatility intensity is above or below the current volatility intensity (without predefining a threshold). The statistical properties of the daily return volatility durations for seven representative stock indices from the world financial markets are investigated. Some useful and interesting empirical results of these volatility duration series about the probability distributions, memory effects and multifractal properties are obtained. These results also show that the proposed stock volatility series analysis is a meaningful and beneficial trial.
In the final article in a six-part PLoS Medicine; series on Migration & Health, Anita Davies and colleagues from the International Organization for Migration (IOM) discuss the specific health risks and policy needs associated with return migration
... to return to the sport with your doctor, physical therapist, or other health care providers? Have you been ... sport, talk to your health care provider and physical therapist about whether you can do this safely. Contact ...
National Aeronautics and Space Administration — In Phase I we were able to demonstrate that sample return missions utilizing high velocity penetrators (0.1- 1 km/s) could provide substantial new capabilities for...
Sørensen, K.L.; Vejlin, R.
This paper estimates the relationship between initial wage and return to experience. We use a Mincer-like wage model to non-parametrically estimate this relationship allowing for an unobservable individual permanent effect in wages and unobservable individual return to experience. The relationship...... between return to experience and unobservable individual ability is negative when conditioning on educational attainment, while the relationship between return to experience and educational attainment is positive. We link our findings to three main theories of wage growth, namely search, unobserved...... productivity and learning, and human capital. We devise several empirical tests in order to separate the theories. We find evidence in favor of the unobserved productivity and learning model and mixed evidence regarding the search model. We find no evidence in support of the human capital model....
E. Dupont proposed that visualisation tools should be extended to Nuclear Data (ND) Information Systems in order to cover all data (and formats), all users and all needs. In particular, these ND Information Systems could both serve as an interface between data and users, as well as between data and codes (processing codes or nuclear reaction codes). It is expected that these systems will combine the advantages of processing codes and visualisation tools, as well as serving as a Tool Box to support various ND projects
Catalin Starica; Clive Granger
The paper outlines a methodology for analyzing daily stock returns that relinquishes the assumption of global stationarity. Giving up this common working hypothesis reflects our belief that fundamental features of the financial markets are continuously and significantly changing. Our approach approximates locally the non-stationary data by stationary models. The methodology is applied to the S&P 500 series of returns covering a period of over seventy years of market activity. We find most of ...
Karin Mayr; Alexander Kemnitz
This paper investigates the effectiveness of immigration control policies when the duration of stay of illegal immigrants is endogenous because they may return home voluntarily. It shows that return intentions matter. First, we find that spending on border enforcement can potentially increase the total amount of illegal labor in the receiving country. This is because, while fewer illegals enter the country, those who do enter stay longer. Second, in-site inspections reduce illegal labor, unle...
K. R. Shanmugam; Biswa Swarup Misra
This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides an effective hedge against inflation using monthly data on real stock return, inflation and real activity from April 1980 to March 2004 and a two-step estimation procedure. Results of the study indicate that (i) the Indian stock market reflects future real ac...
Alderman, Harold; Headey, Derek D.
Though parental education is widely perceived to be an important determinant of child nutrition outcomes, there remain significant uncertainties about whether maternal or paternal education matters most, whether there are increasing or decreasing returns to parental education, and whether these returns are robust given that recent gains in enrollment have not always translated into commensurate gains in learning outcomes. In this paper we investigate these questions through a statistical anal...
Lynch, Margaret; Hutson, Elaine; Stevenson, Max
We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...
This paper investigates the allocation decision of an investor with two projects. Separate managers control the mean return from each project, and the investor may or may not observe the managers’ actions. We show that the investor’s risk-return trade-off may be radically different from a standard portfolio choice setting, even if managers’ actions are observable and enforceable. In particular, feedback effects working through optimal contracts and effort levels imply that expected terminal w...
This paper extends the income fluctuations problem to an economy with endogenous growth. In the present setup, individuals, instead of owning an stream of endowments, accumulate capital with an investment irreversibility constraint and face uninsurable idiosyncratic risks to the return to capital. Money provides both a risk diversification and a liquidity role. Balanced growth paths exist despite the increasing dispersion of the wealth distribution. The return to money cannot be equated to th...
Cairns, David; Sardinha, João; Tiesler, Nina Clara
This working paper presents an overview of recent literature on the theme of return migration, with particularly emphasis on works of relevance to our understanding of this topic in a contemporary Portuguese migration context. The discussion integrates insights and perspectives from empirically-informed studies with more long-standing theoretical ideas relating to return migration utilizing the idea of ‘generation’. Added to this is emphasis upon the role of social ties in u...
We assess the impact on ceo pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 british companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a strong positive relationship between ceo pay and within-company changes in shareholder returns, and no statistically significant relationship between ceo pay and within-company changes in accounting retur...
We assess the impact on CEO pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 British companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a strong positive relationship between CEO pay and within-company changes in shareholder returns, and no statistically significant relationship between CEO pay and within-company changes in accounting retur...
Andersen, Torben J.; Bettis, Richard A.
We study a longitudinal fit model of adaptation and its association with the longitudinal risk-return relationship. The model allows the firm to adjust its position in response to partial learning about a changing environment characterized by two path-dependent processes—a random walk and a...... can lead to the inverse longitudinal risk-return relationships observed empirically. We discuss this apparent paradox and the possible resolution between mindless and conscious behavior as plausible causes of the longitudinal Bowman Paradox....
Greenwood, Robin Marc; Hanson, Samuel Gregory
We show that the credit quality of corporate debt issuers deteriorates during credit booms, and that this deterioration forecasts low excess returns to corporate bondholders. The key insight is that changes in the pricing of credit risk disproportionately affect the financing costs faced by low quality firms, so the debt issuance of low quality firms is particularly useful for forecasting bond returns. We show that a significant decline in issuer quality is a more reliable signal of credit ma...
Duarte, Elisabete Mendes; Oliveira, Lisete Trindade
According to the stock market efficiency theory, it is not possible to consistently beat the market. However, technical analysis is more and more spread as an efficient way to achieve abnormal returns. In fact there is evidence that momentum investing strategies provide abnormal returns in different stock markets, Jegadeesh, N. and Titman, S. (1993), George, T. and Hwang, C. (2004) and Du, D. (2009). In this work we study if like other markets, the Portuguese stock market also allows to obtai...
This paper analyses the return intentions of migrant workers. An intertemporal model is developed where the point of return to the home country is endogenous. The analysis emphasizes three explanations of why it should be optimal to migrate only temporarily: differences in relative prices in the host and home country, the possibility of accumulating human capital abroad, which is only earnings effective back home, and complementarities between consumption and the environment where consumption...
Delpierre, Matthieu; VERHEYDEN Bertrand
Recent empirical evidence links migrant remittances and return migration, and stresses the impact of uncertainty on migrant decisions. Theoretical analyses of the motives for remittances generally neglect these features, and do not include alternative strategies such as savings, which potentially have very different implications for both migrants and origin countries. This paper presents a model of endogenous remittances, savings and return decisions under uncertainty. This setting, which app...
Olli Haltia; Mikko Leppämäki
This paper considers the apparent contradiction between the results of Artto (1997), who claims that shareholders in the paper industry have gained reasonable returns, and Pohjola (1996), who argues that a large shareholder value has been lost (the Artto–Pohjola Paradox). We show under fairly general conditions that the shareholders may enjoy reasonable return while the managers are simultaneously destroying value of the firm by allocating funds to bad investments. In this case the firm’s sha...
Laurence Fung; Ip-wing Yu
The predictability of stock market returns has been a challenge to market practitioners and financial economists. This is also important to central banks responsible for monitoring financial market stability. A number of variables have been found as predictors of future stock market returns with impressive in-sample results. Nonetheless, the predictive power of these variables has often performed poorly for out-of-sample forecasts. This study utilises a new method known as "Aggregate Forecast...
Richard W. Kopcke; Zhenya Karamcheva
The majority of retirement savings is invested in cor-porate equity, attracted by the historically high average returns offered by stocks. But substantial risk also accompanies investments in stocks, a risk that seems especially costly after the recent financial crisis. Not only did the value of equity plunge, but many fore-casters also expect subpar returns from stocks over much of the coming decade as the economy recovers slowly from the recent recession. They point out that stocks in recen...
Full Text Available In deze aflevering van TS Tools laat promovenda Yvette Linders (Radboud Universiteit Nijmegen zien hoe software voor kwalitatieve data-analyse kan worden toegepast in het onderzoek naar literatuurkritiek.
... states that returns are an inevitable part of international online commerce, and customers consider... Market Test of International Merchandise Return Service AGENCY: Postal Regulatory Commission. ACTION... test of a competitive experimental product called International Merchandise Return...
We undertake a variance decomposition of index-linked bond returns for the US, UK and Iceland. In all cases, news about future excess returns is the key driver though only for Icelandic bonds are returns independent of inflation.
G. M. Arif; Irfan, M
This paper examines the factors affecting occupational composition of Pakistani workers upon their return from Middle East employment by using the 1986 ILO/ARTEP Survey of Return Migrant Households. In view of the concentration of workers in lowstatus occupations prior to migration, there was a great incentive for them to change these occupations after return. The study shows that the economic resources gained from overseas employment gave migrants the strength to seek independent employment,...
Roriz Luciano Machado
Full Text Available Knowledge of maximum daily rain and its return period in a region is an important tool to soil conservation, hydraulic engineering and preservation of road projects. The objective of this work was to evaluate the spatial variability of maximum annual daily rain considering different return periods, at the Rio de Janeiro State. The data set was composed by historical series of 119 rain gauges, for 36 years of observation. The return periods, estimated by Gumbel distribution, were 2, 5, 10, 25, 50 and 100 years. The spatial variability of the return periods was evaluated by semivariograms. All the return periods presented spatial dependence, with exponential and spherical model fitted to the experimental semivariograms. The parameters of the fitted semivariogram model were very similar; however, it was observed the presence of higher nugget effects for semivariograms of longer return periods. The values of maximum annual daily average rain in all the return periods increased from north to south and from countryside to the coast. In the region between the Serra do Mar range and the coast, besides increasing in magnitude, an increase in the spatial variability of the studied values with increasing return periods was also noticed. This behavior is probably caused by the orographic effect. The interpolated maps were more erratic for higher return periods and at the North, Northeast and Coastal Plain regions, in which the installation of new pluviometric stations are recommended.
Steven G Luke
Full Text Available Oculomotor inhibition of return (O-IOR is an increase in saccade latency prior to an eye movement to a recently fixated location compared to other locations. It has been proposed that this temporal O-IOR may have spatial consequences, facilitating foraging by inhibiting return to previously attended regions. In order to test this possibility, participants viewed arrays of objects and of words while their eye movements were recorded. Temporal O-IOR was observed, with equivalent effects for object and word arrays, indicating that temporal O-IOR is an oculomotor phenomenon independent of array content. There was no evidence for spatial inhibition of return. Instead, spatial facilitation of return was observed: Participants were significantly more likely than chance to make return saccades and to refixate just-visited locations. Further, the likelihood of making a return saccade to an object or word was contingent on the amount of time spent viewing that object or word before leaving it. This suggests that, unlike temporal O-IOR, return probability is influenced by cognitive processing. Taken together, these results are inconsistent with the hypothesis that inhibition of return functions as a foraging facilitator. The results also provide strong evidence for a different oculomotor bias that could serve as a foraging facilitator: saccadic momentum, a tendency to repeat the most recently executed saccade program. We suggest that models of visual attention could incorporate saccadic momentum in place of inhibition of return.
Sanjay Sehgal; Sakshi Jain; Pr Laurence the Porteu de la Morandiere
In this paper, we identify long-term prior return patterns in stock returns for Brazil, Russia, India, China, South Korea, and South Africa (BRICKS) markets from January 1993 to February 2008. While Brazil, Russia and South Africa report momentum behavior, India, China and South Korea exhibit contrarian patterns for long-term prior return (24-60 months) as well as company characteristic(s) and prior return based portfolios. The CAPM is a poor descriptor of asset pricing as it doesnâ€™t explai...
Full Text Available The problem of return on current assets and return on working capital related to the cost of equity invested in a company is analyzed in this paper. Risk – return and liquidity – profitability trade-offs influence the company’s equilibrium and management decisions. Liquidity is measured by the cash conversion cycle and it is related to the working capital strategy, measured by current ratio. Rate of return on current assets should be related to the rate of return on working capital that is linked to the cost of capital and the required rate of return. The results indicate that there is a positive relationship between the return on current assets and cash conversion cycle, a positive relationship between cost of equity and return on working capital meaning that the working capital, cash conversion cycle and current assets management are related to profitability, and cost of equity is determined by the required rate of return calculated based on the Capital Asset Pricing Model.
Weissman, Paul R.; Bradley, J.; Smythe, W. D.; Brophy, J. R.; Lisano, M. E.; Syvertson, M. L.; Cangahuala, L. A.; Liu, J.; Carlisle, G. L.
Comet Odyssey is a proposed New Frontiers mission that would return the first samples from the surface of a cometary nucleus. Stardust demonstrated the tremendous power of analysis of returned samples in terrestrial laboratories versus what can be accomplished in situ with robotic missions. But Stardust collected only 1 milligram of coma dust, and the 6.1 km/s flyby speed heated samples up to 2000 K. Comet Odyssey would collect two independent 800 cc samples directly from the surface in a far more benign manner, preserving the primitive composition. Given a minimum surface density of 0.2 g/cm3, this would return two 160 g surface samples to Earth. Comet Odyssey employs solar-electric propulsion to rendezvous with the target comet. After 180 days of reconnaissance and site selection, the spacecraft performs a "touch-and-go” maneuver with surface contact lasting 3 seconds. A brush-wheel sampler on a remote arm collects up to 800 cc of sample. A duplicate second arm and sampler collects the second sample. The samples are placed in a return capsule and maintained at colder than -70 C during the return flight and at colder than -30 C during re-entry and for up to six hours after landing. The entire capsule is then refrigerated and transported to the Astromaterials Curatorial Facility at NASA/JSC for initial inspection and sample analysis by the Comet Odyssey team. Comet Odyssey's planned target was comet 9P/Tempel 1, with launch in December 2017 and comet arrival in June 2022. After a stay of 300 days at the comet, the spacecraft departs and arrives at Earth in May 2027. Comet Odyssey is a forerunner to a flagship Cryogenic Comet Sample Return mission that would return samples from deep below the nucleus surface, including volatile ices. This work was supported by internal funds from the Jet Propulsion Laboratory.
Flores, Thomas; Goetz, Georges; Lei, Xin; Palanker, Daniel
Objective. High resolution visual prostheses require dense stimulating arrays with localized inputs of individual electrodes. We study the electric field produced by multielectrode arrays in electrolyte to determine an optimal configuration of return electrodes and activation sequence. Approach. To determine the boundary conditions for computation of the electric field in electrolyte, we assessed current dynamics using an equivalent circuit of a multielectrode array with interleaved return electrodes. The electric field modeled with two different boundary conditions derived from the equivalent circuit was then compared to measurements of electric potential in electrolyte. To assess the effect of return electrode configuration on retinal stimulation, we transformed the computed electric fields into retinal response using a model of neural network-mediated stimulation. Main results. Electric currents at the capacitive electrode-electrolyte interface redistribute over time, so that boundary conditions transition from equipotential surfaces at the beginning of the pulse to uniform current density in steady state. Experimental measurements confirmed that, in steady state, the boundary condition corresponds to a uniform current density on electrode surfaces. Arrays with local return electrodes exhibit improved field confinement and can elicit stronger network-mediated retinal response compared to those with a common remote return. Connecting local return electrodes enhances the field penetration depth and allows reducing the return electrode area. Sequential activation of the pixels in large monopolar arrays reduces electrical cross-talk and improves the contrast in pattern stimulation. Significance. Accurate modeling of multielectrode arrays helps optimize the electrode configuration to maximize the spatial resolution, contrast and dynamic range of retinal prostheses.
On designing a tool steel, its composition and heat treatment parameters are chosen to provide a hardened and tempered martensitic matrix in which carbides are evenly distributed. In this condition the matrix has an optimum combination of hardness andtoughness, the primary carbides provide...... resistance against abrasive wear and secondary carbides (if any) increase the resistance against plastic deformation. Tool steels are alloyed with carbide forming elements (Typically: vanadium, tungsten, molybdenumand chromium) furthermore some steel types contains cobalt. Addition of alloying elements...... serves primarily two purpose (i) to improve the hardenabillity and (ii) to provide harder and thermally more stable carbides than cementite. Assuming proper heattreatment, the properties of a tool steel depends on the which alloying elements are added and their respective concentrations....
Rusli, N. H.; Gopir, G.; Usang, M. D.
A developed discipline of econophysics that has been introduced is exhibiting the application of mathematical tools that are usually applied to the physical models for the study of financial models. In this study, an analysis of the time series behavior of several blue chip and penny stock companies in Main Market of Bursa Malaysia has been performed. Generally, the basic quantity being used is the relative price changes or is called the stock price returns, contains daily-sampled data from the beginning of 2003 until the end of 2008, containing 1555 trading days recorded. The aim of this paper is to investigate the tail exponent in tails of the distribution for blue chip stocks and penny stocks financial returns in six years period. By using a standard regression method, it is found that the distribution performed double scaling on the log-log plot of the cumulative probability of the normalized returns. Thus we calculate α for a small scale return as well as large scale return. Based on the result obtained, it is found that the power-law behavior for the probability density functions of the stock price absolute returns P(z)˜z-α with values lying inside and outside the Lévy stable regime with values α>2. All the results were discussed in detail.
Manugistics, Inc. (formerly AVYX, Inc.) has introduced a new programming language for IBM and IBM compatible computers called TREES-pls. It is a resource management tool originating from the space shuttle, that can be used in such applications as scheduling, resource allocation project control, information management, and artificial intelligence. Manugistics, Inc. was looking for a flexible tool that can be applied to many problems with minimal adaptation. Among the non-government markets are aerospace, other manufacturing, transportation, health care, food and beverage and professional services.
... Internal Revenue Service 26 CFR Part 301 RIN 1545-BJ19 Disclosure of Returns and Return Information to Designee of Taxpayer AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY... proposed rulemaking (REG-153338-09) in the Federal Register, 76 FR 14827, on March 18, 2011, which...
... Internal Revenue Service 26 CFR Part 301 RIN 1545-BJ19 Disclosure of Returns and Return Information to Designee of Taxpayer; Hearing Cancellation AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... (76 FR 14827) announced that a public hearing was scheduled for June 9, 2011, at 10 a.m. in the...
The question of where "women returners" to education are returning from was examined through an exploration of the life histories of 18 women in southern England. The study focused on the biographies of women who regarded themselves as primarily responsible for the care of others and yet whose aspirations involved some form of continuing…
We investigate the macro factors that can explain the monthly oil futures return for the NYMEX WTI futures contract for the time period 1993:11 to 2010:03. We build a new database of 187 real and nominal macro-economic variables from developed and emerging countries and resort to the large factor approximate model to extract 9 factors from this dataset. We then regress crude oil return on several combinations of these factors. Our best model explains around 38% of the variability of oil futures return. More interestingly, the factor which has the largest influence on crude oil price is related to real variables from emerging countries. This result confirms the latest finding in the literature that the recent evolution in oil price is attributable to change in supply and demand conditions and not to the large increase in trading activity from speculators. (authors)
Albee, A. L.; Uesugi, K. T.; Tsou, Peter
Comets, being considered the most primitive bodies in the solar system, command the highest priority among solar system objects for studying solar nebula evolution and the evolution of life through biogenic elements and compounds. Sample Of Comet Coma Earth Return (SOCCER), a joint effort between NASA and the Institute of Space and Astronautical Science (ISAS) in Japan, has two primary science objectives: (1) the imaging of the comet nucleus and (2) the return to Earth of samples of volatile species and intact dust. This effort makes use of the unique strengths and capabilities of both countries in realizing this important quest for the return of samples from a comet. This paper presents an overview of SOCCER's science payloads, engineering flight system, and its mission operations.
Kang, Daniel G; Anderson, Justin C; Lehman, Ronald A
Criteria for return to sports and athletic activities after cervical spine surgery are unclear. There is limited literature regarding the outcomes and optimal criteria. Determining return to play criteria remains a challenge and continues to depend on the experience and good judgment of the treating surgeon. There is strong consensus in the literature, despite lack of evidence-based data, that athletes after single-level anterior cervical discectomy and fusion (ACDF) may safely return to collision and high-velocity sports. The athlete should be counseled and managed on a case-by-case basis, taking into consideration the type of sport, player-specific variables, and type of surgery performed. PMID:27543397
The circuit analysis of an electric analog of the systemic circulation, the focus of a classic paper by Guyton, Lindsey, and Kaufmann, provides a framework for understanding the factors that impact venous return and for appreciating the value of modeling physiological systems. The classic 1955 paper by Guyton, Lindsey, and Kaufmann gives your students an opportunity to learn about modeling from the physiologist who pioneered it (Guyton) and demonstrates that mathematics and data graphics are fundamental tools with which to learn about the regulation of the cardiovascular system. In this essay, I outline avenues of discovery by which your students can explore the factors that impact venous return. PMID:17562899
Horton, Sarah B
Because studies of migrants' 'medical returns' have been largely confined to the field of public health, such forms of return migration are rarely contextualized within the rich social scientific literature on transnational migration. Drawing on ethnographic interviews with Mexican migrants in an immigrant enclave in central California, I show that migrants' reasons for returning to their hometowns for care must be understood within the class disjunctures facilitated by migration. While migrants' Medicaid insurance confined them to public clinics and hospitals in the United States, their migrant dollars enabled them to visit private doctors and clinics in Mexico. Yet medical returns were not mere medical arbitrage, but also allowed migrants to access care that had previously been foreclosed to them as poor peasants in Mexico. Thus crossing the border enabled a dual class transformation, as Mexican migrants transitioned from Medicaid recipients to cash-paying patients, and from poor rural peasants to 'returning royalty.' PMID:23944244
Collective Action to Support the Reintegration of Return Migrants in their Country of Origin (MIREM) Britain is not an obvious country to which Algerians migrate, although the crisis of the Algerian civil war in the 1990s was to make it an alternative to continental Europe, especially France. From 45 in 1991, asylum applications peaked in 1995 at 1,865 persons and then ran at a consistently high level up to 2002. They are now in steep decline. Return of Algerian asylum-seekers has not f...
A collective marriage matching model is estimated and calibrated to quantify the share of returns to schooling that is realized through marriage. The predictions of the model are matched with US data on the relationship between schooling and wage rates, the division of time within the household......, and the extent to which men and women sort positively on several traits in marriage. Counterfactual analysis conducted with the model, suggests that US middle aged men and women are earning in the order of 30 percent of their return to schooling through improved marital outcomes....
Convention suggests that emerging market investment should provide commensurately lower risk or higher returns than comparable assets in developed countries. This study demonstrates that emerging markets contain regulatory specificities that challenge asset valuation model convergence and potentially invert risk return convention. 292 oilfield assets are used to provide evidence that, under upward oil prices, emerging markets are characterized by progressive state participation in oilfield cash flows. Specifically, this work advances the low oil price paradigm of prior oil and gas asset valuation studies and provides evidence that emerging market state participation terms limit the corporate value of globalization for the sector. (author)
Bonjour, Dorothe; Cherkas, Lynn; Haskel, Jonathan; Spector, Tim
We use a new sample of UK female identical twins to estimate private economic returns to education. We report findings in three areas. First, we use identical twins, to control for family effects and genetic ability bias, and the education reported by the other twin to control for schooling measurement error. Our estimates suggest a return to schooling for UK females of about 7.7%. Second, we investigate within-twin pair ability differences by examining within-twin pair and between-family cor...
Bonjour, Dorothe; Cherkas, Lyn; Haskel, Jonathan; Hawkes, Denise; Spector, Tim
We use a new sample of UK female identical twins to estimate private economic returns to education. We report findings in three areas. First, we use identical twins, to control for family effects and genetic ability bias, and the education reported by the other twin to control for schooling measurement error. Our estimates suggest a return to schooling for UK females of about 7.7%. Second, we investigate within-twin pair ability differences by examining within-twin pair and between-family cor...
Coronel-Brizio, H F; Rodriguez-Achach, M
Testing symmetry of a probability distribution is a common question arising from applications in several fields. Particularly, in the study of observables used in the analysis of stock market index variations, the question of symmetry has not been fully investigated by means of statistical procedures. In this work a distribution-free test statistic Tn for testing symmetry, derived by Einmahl and McKeague, based on the empirical likelihood approach, is used to address the study of symmetry of financial returns. The asymptotic points of the test statistic Tn are also calculated and a procedure for assessing symmetry for the analysis of the returns of stock market indices is presented.
Dustmann, C.; Weiss, Y.
In this paper we discuss forms of migration that are non-permanent. We focus on temporary migrations where the decision to return is taken by the immigrant. These migrations are likely to be frequent, and we provide some evidence for the UK. We then develop a simple model which rationalizes the decision of a migrant to return to his home country, despite a persistently higher wage in the host country. We consider three motives for a temporary migration: Differences in relative prices in host-...
De Brito, M.P.; Laan, E.A.
Product returns are characterized by considerable uncertainty on time and quantity. In the literature on inventory management for product return environments best forecasts of future returns are associated with methods that use the most information regarding product return history. In practice, howe
The paper investigates short-horizon individual stock returns; it exhibits statistically and economically significant autocorrelations, which for stock returns have so far been established mainly over long horizons, also for certain daily data, in particular between monday returns and various linear combinations of the previous week's returns.
... 10 Energy 3 2010-01-01 2010-01-01 false Adjusted internal rate of return. 436.22 Section 436.22... Methodology and Procedures for Life Cycle Cost Analyses § 436.22 Adjusted internal rate of return. The adjusted internal rate of return is the overall rate of return on an energy or water conservation...
Maddock, Robert W.; Henning, Allen B.; Samareh, Jamshid A.
The Multi-Mission Earth Entry Vehicle (MMEEV) is a flexible vehicle concept based on the Mars Sample Return (MSR) EEV design which can be used in the preliminary sample return mission study phase to parametrically investigate any trade space of interest to determine the best entry vehicle design approach for that particular mission concept. In addition to the trade space dimensions often considered (e.g. entry conditions, payload size and mass, vehicle size, etc.), the MMEEV trade space considers whether it might be more beneficial for the vehicle to utilize a parachute system during descent/landing or to be fully passive (i.e. not use a parachute). In order to evaluate this trade space dimension, a simplified parachute system model has been developed based on inputs such as vehicle size/mass, payload size/mass and landing requirements. This model works in conjunction with analytical approximations of a mission trade space dataset provided by the MMEEV System Analysis for Planetary EDL (M-SAPE) tool to help quantify the differences between an active (with parachute) and a passive (no parachute) vehicle concept.
Eisler, Z.; Kertész, J.
Multifractal processes are a relatively new tool of stock market analysis. Their power lies in the ability to take multiple orders of autocorrelations into account explicitly. In the first part of the paper we discuss the framework of the Lux model and refine the underlying phenomenological picture. We also give a procedure of fitting all parameters to empirical data. We present a new approach to account for the effective length of power-law memory in volatility. The second part of the paper deals with the consequences of asymmetry in returns. We incorporate two related stylized facts, skewness and leverage autocorrelations into the model. Then from Monte Carlo measurements we show, that this asymmetry significantly increases the mean squared error of volatility forecasts. Based on a filtering method we give evidence on similar behavior in empirical data.
The aim of this report is to give an overview of the results of Work Package 5 “Engineering Tools”. In this workpackage numerical tools have been developed for all relevant CHCP systems in the PolySMART demonstration projects (WP3). First, existing simulation platforms have been described and specific characteristics have been identified. Several different simulation platforms are in principle appropriate for the needs in the PolySMART project. The result is an evaluation of available simulat...
Bollerslev, Tim; Todorov, Viktor; Xu, Lai
The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may be......-varying economic uncertainty and changes in risk aversion, or market fears, respectively....
Madsen, Erik Strøjer
Human capital is an important growth factor for developing and developed countries and measuring the return to education is essential in evaluating the growth impact from human capital. Most studies use the length of education measured by the years of schooling as an indicator of human capital...
Engsted, Tom; Møller, Stig Vinther; Jensen, Magnus David Sander
but negative in recessions. The results are also consistent with tests showing that the expectations hypothesis of the term structure holds in recessions but not in expansions. However, the results for bonds are in sharp contrast to results for stocks showing that stock returns are predictable in...
This podcast will assist health care providers in diagnosing febrile illness in patients returning from a tropical or developing country. Created: 3/1/2012 by National Center for Enteric, Zoonotic, and Infectious Diseases (NCEZID). Date Released: 3/1/2012.
Champagne, Lonnie P.; Salassi, Michael E.
This report presents estimates of costs and returns associated with sugarcane production practices in Louisiana for 1997. It is part of a continuing effort to provide farmers, researchers, extension personnel, lending agencies and others working in agriculture and/or agribusiness timely planning information.
Arenas, Erika; Goldman, Noreen; Pebley, Anne R; Teruel, Graciela
We use data from three rounds of the Mexican Family Life Survey to examine whether migrants in the United States returning to Mexico in the period 2005-2012 have worse health than those remaining in the United States. Despite extensive interest by demographers in health-related selection, this has been a neglected area of study in the literature on U.S.-Mexico migration, and the few results to date have been contradictory and inconclusive. Using five self-reported health variables collected while migrants resided in the United States and subsequent migration history, we find direct evidence of higher probabilities of return migration for Mexican migrants in poor health as well as lower probabilities of return for migrants with improving health. These findings are robust to the inclusion of potential confounders reflecting the migrants' demographic characteristics, economic situation, family ties, and origin and destination characteristics. We anticipate that in the coming decade, health may become an even more salient issue in migrants' decisions about returning to Mexico, given the recent expansion in access to health insurance in Mexico. PMID:26385111
The document informs about the return from Thailand of the IAEA team sent (upon the request of the Thai Government under the Convention on Assistance in Case of a Nuclear Accident or Radiological Emergency) to Bangkok to help Thai counterparts in the wake of an accident involving a discarded radioactive cobalt 60 source used in hospitals
Intergranular Attack (IGA) is the secondary side corrosion mechanism on PWR steam generator tubing, which can occur most frequently even with a good waterchemistry. It has moderately developed in a few French units. Consequently, several remedies have been implemented, such as sodium content decrease in makeup water and application of more stringent chemistry specifications. In order to evaluate the local chemistry in restricted areas where IGA may occur, a large hideout return programme has been carried out on many units. It shows that free alkalinity returning during shutdown is usually ranging from 0.5 to 5 g of sodium per steam generator, and that the required time to let it return is about 40 hours. However, high temperature pH calculations indicate that such an amount of alkalinity can correspond to a potentially corrosive solution in restricted areas, where a concentration factor of 105 to 107 can be reached, inducing a pH of 10 at 300oC. Studies are still in progress in order to define when a shutdown should be required to allow hideout return and help to prevent IGA. (author)
Milburn, Norweeta G.; Rosenthal, Doreen; Rotheram-Borus, Mary Jane; Mallett, Shelley; Batterham, Philip; Rice, Eric; Solorio, Rosa
165 newly homeless adolescents from Melbourne, Australia and 261 from Los Angeles, United States were surveyed and followed for two years. Most newly homeless adolescents returned home (70% U.S., 47% Australia) for significant amounts of time (39% U.S., 17% Australia more than 12 months) within two years of becoming homeless.
Iversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders
The returns to education in self-employment are addressed in four different specifications of the relationship between log income and years of schooling. The specifications range from a standard Mincer equation with a constant percentage increase in income for an additional year of schooling to t...
Belderbos, R.A.; Lokshin, B.; Sadowski, B.
Extant research on R&D internationalization has not examined how effective foreign R&D investments are in generating positive returns for the investing firms, in particular in comparison and conjunction with the effects of domestic R&D investments. We examine the effectiveness of international knowl
Henderson, Robyn; Woods, Annette
The challenges of conducting lengthy fieldwork in today's busy academic world have impacted the types of research that are able to be carried out. In particular, traditional educational ethnography has become problematic for research beyond initial doctoral research programs. This article analyzes data collected during a return to the field of a…
Hinks, Tim; Davies, Simon
Romania faces an acute population crisis with an aging workforce and an increased number of emigrants particularly from the young, highly educated/skilled population. This paper uses a new cross-sectional data set of Romanian emigrants to find which factors are related to plans to return home permanently. The analysis pays particular attention to differences in expected earnings and skills...
This paper recounts the author's story as she returned to Haiti in February to join a building project near Port-Au-Prince and to document efforts by U.S. higher education institutions to help the country rebound from the devastating 2010 earthquake. The author describes how consortiums have been formed in order to support the development of the…
Fitzherbert, Richard M.; Pitt, David G. W.
The methods for calculating returns on investments are taught to undergraduate level business students. In this paper, the authors demonstrate how such calculations are within the scope of senior school students of mathematics. In providing this demonstration the authors hope to give teachers and students alike an illustration of the power and the…
To focus on the dynamics of how financial wealth is created, obtained, and valued, this paper (1) distinguishes capital gains from income by measuring total returns, and (2) contrasts the capitalized value of rentier income (rent extraction rights and privileges from land, natural resources, and monopolies) from that of industrial profits on tangible capital investment.
Bollerslev, Tim; Zhou, Hao
We find that the difference between implied and realized variation, or the variance risk premium, is able to explain more than fifteen percent of the ex-post time series variation in quarterly excess returns on the market portfolio over the 1990 to 2005 sample period, with high (low) premia predi...
MESA is a district heating company, supplying heat and domestic hot water to family houses and buildings in Almere, Netherlands, in a number of ways. MESA has been confronted with high return temperatures of the domestic water returning from the city to the combined heat and power generating plant (CHP) through the primary network. The temperature is higher than anticipated in the design and leads to higher operating costs of the CHP plant. In this report the causes of the high return temperatures are identified and measures to reduce them are presented. The primary return temperature at the sub-station of a collective domestic water system can be reduced from 53.7 deg C to 48.9 deg C under the design conditions or from 56.7 deg C to 24.4 deg C in summer conditions. This can be accomplished by proper adjustment of the heating curve, insertion of thermostatic bypasses and by reconfiguring the heat exchangers in the substation. The flow rates would decrease by 7% to 55%. 33 figs., 5 tabs., 8 refs.
Stochastic models of commodity prices have evolved considerably in terms of their structure and the number and interpretation of the state variables that model the underlying risk. Using multiple factors, different specifications and modern estimation techniques, these models have gained wide acceptance because of their success in accurately fitting the observed commodity futures' term structures and their dynamics. It is not well emphasized however that these models, in addition to providing the risk neutral distribution of future spot prices, also provide their true distribution. While the parameters of the risk neutral distribution are estimated more precisely and are usually statistically significant, some of the parameters of the true distribution are typically measured with large errors and are statistically insignificant. In this paper we argue that to increase the reliability of commodity pricing models, and therefore their use by practitioners, some of their parameters — in particular the risk premium parameters — should be obtained from other sources and we show that this can be done without losing any precision in the pricing of futures contracts. We show how the risk premium parameters can be obtained from estimations of expected futures returns and provide alternative procedures for estimating these expected futures returns. - Highlights: • Simple methodology to improve the performance of commodity pricing models • New information about commodity futures expected return is added to the estimation. • No significant effect in pricing futures contracts is observed. • More reliable commodity pricing model's expected returns are obtained. • Methodology is open to any expected futures return model preferred by practitioner
Chia-Lin Chang; Michael McAleer; Roengchai Tansuchat
The purpose of this paper is to investigate the volatility spillovers between the returns on crude oil futures and oil company stocks using alternative multivariate GARCH models, namely the CCC model of Bollerslev (1990), VARMA-GARCH model of Ling and McAleer (2003), and VARMA-AGARCH model of McAleer et al. (2008). The paper investigates WTI crude oil futures returns and the stock returns of ten oil companies, which comprise the ?supermajor? group of oil companies, namely Exxon Mobil (XOM), R...
Chang, Chia-Lin; McAleer, Michael; Roengchai, Tansuchat
The purpose of this paper is to investigate the volatility spillovers between the returns on crude oil futures and oil company stocks using alternative multivariate GARCH models, namely the CCC model of Bollerslev (1990), VARMA-GARCH model of Ling and McAleer (2003), and VARMA-AGARCH model of McAleer et al. (2008). The paper investigates WTI crude oil futures returns and the stock returns of ten oil companies, which comprise the “supermajor” group of oil companies, namely Exxon Mobil (XOM), R...
Anna Maria Jeszka
Full Text Available Background: The aim of this exploratory empirical research was to evaluate the level of cooperation in the area of reverse logistics between selected retail chains and logistics operators and suppliers; to identify and evaluate the influence the procedures of handling returns have on the relationships with customers, cost reduction, value recovery, inventory reduction and increasing profitability; as well as determining to what extent logistics operators are involved in the procedures of handling returns in the analysed chains. Methods: Based on the literature and the experience of researchers from developed countries a questionnaire was constructed which was subsequently used to conduct empirical research in selected retail chains operating in two provinces in Poland. The questionnaire survey involved the sales personnel of selected retail chains in the clothing industry. Overall, 105 questionnaires were collected and analysed. Results: Various aspects of cooperation with suppliers and logistics operators in respect of handling returns were evaluated. Most indicators of cooperation were evaluated favourably, with the exception of joint access to the database, the use of inventory data available online, and access to information from the warehouse, which received low marks from the respondents. In the case of the studied stores, some of the activities in the area of reverse logistics are outsourced; for example, obtaining products from users, logistics, and the transport of returns are typically done by an outside operator. Inspection, sorting, appraisal, repairs, as well as the sales of refurbished products are usually performed within the studied retail corporations. Conclusions: The research has shown that the retail chains developed very good programmes for handling returns in the supply chain, as evidenced by the presented and highly rated indicators of cooperation, with the exception of information exchange where there is still much
Doan, Tinh; Gibson, John
A common phenomenon about transition economies is that the return to schooling improves as economic reform progresses. Existing research suggests that Vietnam is not an exception to the pattern. However, the rate of return for the period 1992-1998 is still relatively low, below 5%, relative to that of the world and other transitional economies. In addition, it is hard to see a clear trend in the current literature due to different methods applied and sets of variables controlled in the earnin...
Korin, Tatum; Thode, Joan Brumbaugh; Kakar, Seema; Blatt, Benjamin
At the David Geffen School of Medicine at the University of California, Los Angeles, and the George Washington University School of Medicine and Health Sciences, authors observed that problem-based learning (PBL) return sessions for first- and second-year medical students often lacked the energy and engagement of first sessions. Unlike in first sessions, where students took on the physician's role and actively problem solved, in return sessions students spent much of their time passively, listening to research reports on learning objectives. Time spent listening to reports dilutes return session impact, with the patient receding from view as the level of abstraction increases and learning issues take center stage. In this Perspective, the authors present innovations, developed separately at their respective medical schools between 2009 and 2012, designed to reenergize the return session.To frame the discussion of the return session slump and their innovations in response to it, the authors used self-determination theory (SDT) and active learning theory (ALT), both of which are supported by a considerable body of evidence. SDT provides understanding of how to maximize PBL learners' motivation, and ALT sheds light on how to promote PBL learners' incorporation of concepts into long-term memory. As motivation and memory are key factors in learning, both theories are appropriate tools to help understand and maximize the effectiveness of PBL. Finally, guided by these theories, the authors present reflections on future directions for the development of PBL. PMID:24988419
May, J; Gyllenhaal, J
Tool Gear is a software infrastructure for developing performance analysis and other tools. Unlike existing integrated toolkits, which focus on providing a suite of capabilities, Tool Gear is designed to help tool developers create new tools quickly. It combines dynamic instrumentation capabilities with an efficient database and a sophisticated and extensible graphical user interface. This paper describes the design of Tool Gear and presents examples of tools that have been built with it.
Dacorogna, Michel M.; Gençay, Ramazan; Müller, Ulrich A.; Pictet, Olivier V.
We derive two risk-adjusted performance measures for investors with risk averse preferences. Maximizing these measures is equivalent to maximizing the expected utility of an investor. The first measure, Xeff, is derived assuming a constant risk aversion while the second measure, Reff, is based on a stronger risk aversion to clustering of losses than of gains. The clustering of returns is captured through a multi-horizon framework. The empirical properties of Xeff, Reff are studied within the context of real-time trading models for foreign exchange rates and their properties are compared to those of more traditional measures like the annualized return, the Sharpe Ratio and the maximum drawdown. Our measures are shown to be more robust against clustering of losses and have the ability to fully characterize the dynamic behaviour of investment strategies.