WorldWideScience

Sample records for admin tool returns

  1. An Integrated Tool for System Analysis of Sample Return Vehicles

    Samareh, Jamshid A.; Maddock, Robert W.; Winski, Richard G.

    2012-01-01

    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.

  2. Modernising the CERN Admin e-guide

    DG-RPC-PA (section des processus administratifs)

    2014-01-01

    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...

  3. Creating Simple Admin Tools Using Info*Engine and Java

    Jones, Corey; Kapatos, Dennis; Skradski, Cory; Felkins, J. D.

    2012-01-01

    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.

  4. Predicting Abused Women With Children Who Return to a Shelter: Development and Use of a Rapid Assessment Triage Tool.

    McFarlane, Judith; Pennings, Jacquelyn; Liu, Fuqin; Gilroy, Heidi; Nava, Angeles; Maddoux, John A; Montalvo-Liendo, Nora; Paulson, René

    2016-02-01

    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

  5. Launch of the new CERN Admin e-guide

    Laëtitia Pedroso

    2010-01-01

    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...

  6. Participant Satisfaction With a Preference-Setting Tool for the Return of Individual Research Results in Pediatric Genomic Research.

    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

    2015-10-01

    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

  7. Improving Windows desktop security - the 'Non-Admin' Project

    NICE Team

    2005-01-01

    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...

  8. Introducción a phpMyAdmin (2/4)

    Suárez Cueto, Armando

    2012-01-01

    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

  9. Predicting return to work among sickness-certified patients in general practice: Properties of two assessment tools

    von Celsing, Anna-Sophia; Svärdsudd, Kurt; Wallman, Thorne

    2014-01-01

    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...

  10. Mastering phpMyAdmin 34 for Effective MySQL Management

    Delisle, Marc

    2012-01-01

    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

  11. Nástroj pro analýzu uživatelských dat získaných z instalací AVG Admin Konzole

    Heroutová, Tereza

    2012-01-01

    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...

  12. Gold Returns

    Robert J. Barro; Sanjay P. Misra

    2013-01-01

    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...

  13. Returning home

    Agergaard, Jytte; Brøgger, Ditte

    2016-01-01

    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...

  14. Return-Map Cryptanalysis Revisited

    Li, SJ; Chen, G.; Álvarez, G.

    2005-01-01

    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...

  15. Mars sample return - Science

    Blanchard, Douglas P.

    1988-01-01

    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.

  16. Earnings and Expected Returns

    Owen Lamont

    1996-01-01

    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...

  17. Admin on the Fly

    Raths, David

    2009-01-01

    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…

  18. Xgrid admin guide

    Strauss, Charlie E M [Los Alamos National Laboratory

    2010-01-01

    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.

  19. Predictable return distributions

    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...

  20. Sustainable Refugee Return

    Harild, Niels; Christensen, Asger; Zetter, Roger

    2015-01-01

    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...

  1. The Reference Return Ratio

    Nicolaisen, Jeppe; Faber Frandsen, Tove

    2008-01-01

    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...

  2. Endowment Return Rates Soar.

    Klinger, Donna

    1996-01-01

    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…

  3. Classifying Returns as Extreme

    Christiansen, Charlotte

    2014-01-01

    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...

  4. The bittersweet return home

    Frank Laczko

    2012-06-01

    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.

  5. Two gold return puzzles

    Kolev, Gueorgui I.

    2013-01-01

    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 ...

  6. Lidar 2009 - All Returns

    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...

  7. When Our Words Return

    Morrow, Phyllis; Schneider, William

    1995-01-01

    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...

  8. Risk Without Return

    Goldberg, Lisa R.; Ola Mahmoud

    2013-01-01

    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...

  9. Factors influencing donor return.

    Schlumpf, KS; Glynn, SA; Schreiber, GB; Wright, DJ; Randolph Steele, W; Tu, Y.; Hermansen, S; Higgins, MJ; Garratty, G; Murphy, EL

    2007-01-01

    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...

  10. Measurement of hideout return

    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

  11. [Fever in returning travelers].

    Burchard, G

    2014-03-01

    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

  12. Electrostatic Return of Contaminants

    Rantanen, R.; Gordon, T.

    2003-01-01

    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.

  13. Sustainable Mars Sample Return

    Alston, Christie; Hancock, Sean; Laub, Joshua; Perry, Christopher; Ash, Robert

    2011-01-01

    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.

  14. Higher Education Endowments Return

    Bahlmann, David; Walda, John D.; Sedlacek, Verne O.

    2012-01-01

    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…

  15. On the Risk Return Relationship.

    Jianxin Wang; Minxian Yang

    2012-01-01

    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...

  16. Time Variations in Equity Returns

    FitzGerald, Adrian

    2009-01-01

    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...

  17. Phobos Sample Return mission

    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

  18. NRU return to service

    Pilkington, W. [Atomic Energy of Canada Limited, Chalk River, Ontario (Canada)

    2010-07-01

    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.

  19. NRU return to service

    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.

  20. Remittances and Return Migration

    Collier, William J.; Piracha, Matloob E; Randozza, Teresa

    2011-01-01

    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...

  1. Diversification Return, Portfolio Rebalancing, and the Commodity Return Puzzle

    Scott Willenbrock

    2011-01-01

    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...

  2. On Maximizing Annualized Option Returns

    Charles J. Higgins

    2014-10-01

    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.

  3. Common Factors in Return Seasonalities

    Matti Keloharju; Juhani T. Linnainmaa; Peter Nyberg

    2014-01-01

    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...

  4. Internal Rate of Return or Modified Internal Rate of Return

    Josef Valach

    2013-01-01

    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 ...

  5. Puerto Rican Return Migrant Youth.

    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…

  6. Sample Return Science

    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.

    2014-12-01

    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 [1]. 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. [1] Grotzinger, J.P. et al. 2014. Science 343 DOI: 10.1126/science.1242777.

  7. Returning to the Forest

    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...

  8. Returning Liberians - Return Migration and Integration in Liberia

    Simonsen, Stefan Lægaard

    2014-01-01

    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...

  9. The 'successful' return

    Olwig, Karen Fog

    2012-01-01

    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...

  10. Returning Samples from Enceladus

    Tsou, P.; Kanik, I.; Brownlee, D.; McKay, C.; Anbar, A.; Glavin, D.; Yano, H.

    2012-12-01

    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

  11. Program for reviewing returned medications.

    Gilliand, B F; Stanislav, G H; Constantin, J J; Schwinghammer, T L

    1992-04-01

    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

  12. Multiples and future returns : an investigation of pricing multiples’ ability to predict abnormal returns on the Oslo Stock Exchange

    Berge, Harald; Kvitstein, Eivind

    2015-01-01

    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...

  13. Java Radar Analysis Tool

    Zaczek, Mariusz P.

    2005-01-01

    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.

  14. Essays on Risk and Return

    Nyberg, Peter

    2009-01-01

    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 ...

  15. Geometric Return and Portfolio Analysis

    Brian McCulloch

    2003-01-01

    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 ...

  16. The return of religion

    S. Griffioen

    2011-06-01

    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.

  17. Christmas Island birds returning

    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.

  18. The return to foreign aid

    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...

  19. PROFILE OF ROMANIAN RETURNED MIGRANTS

    Ana-Maria ZAMFIR

    2014-12-01

    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.

  20. Maximizing your return on people.

    Bassi, Laurie; McMurrer, Daniel

    2007-03-01

    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

  1. 26 CFR 301.6103(i)-1 - Disclosure of returns and return information (including taxpayer return information) to and by...

    2010-04-01

    ... 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...

  2. On Stock Market Returns and Returns on Investment.

    Restoy, Fernando; Rockinger, G Michael

    1994-01-01

    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...

  3. Returns to Type or Tenure?

    Amann, R; Klein, T.J.

    2011-01-01

    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...

  4. The matrix rate of return

    Zambrzycka, Anna; Piotrowski, Edward W.

    2007-08-01

    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.

  5. The matrix rate of return

    Zambrzycka, A; Zambrzycka, Anna; Piotrowski, Edward W.

    2006-01-01

    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.

  6. Modelling Realized Covariances and Returns

    Xin Jin; John M Maheu

    2010-01-01

    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...

  7. Language Skills and Economic Returns

    Garrouste, Christelle

    2008-01-01

    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...

  8. REVERSE LOGISTICS RETAIL LEVEL RETURN

    Ivona Bajor

    2014-06-01

    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.

  9. Sealed Planetary Return Canister (SPRC) Project

    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,...

  10. Abnormal Returns and Contrarian Strategies

    Ivana Dall'Agnol

    2003-12-01

    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.

  11. One hundred years of return period: Strengths and limitations

    Volpi, E.; Fiori, A.; Grimaldi, S.; Lombardo, F.; Koutsoyiannis, D.

    2015-10-01

    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.

  12. Sample Return Primer and Handbook

    Barrow, Kirk; Cheuvront, Allan; Faris, Grant; Hirst, Edward; Mainland, Nora; McGee, Michael; Szalai, Christine; Vellinga, Joseph; Wahl, Thomas; Williams, Kenneth; Lee, Gentry; Duxbury, Thomas

    2007-01-01

    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).

  13. Rates of Return to Education in Singapore.

    Toh, Mun Heng; Wong, Chai Shing

    1999-01-01

    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…

  14. Notional portfolios and normalized linear returns

    Vic Norton

    2011-01-01

    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.

  15. Return on investment (ROI) proposal preparation guide

    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

  16. Uncertain return to southern Sudan

    Graham Wood

    2006-05-01

    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.

  17. Uncertain return to southern Sudan

    Graham Wood; Jake Phelan

    2006-01-01

    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.

  18. Heat Pipe Blocks Return Flow

    Eninger, J. E.

    1982-01-01

    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.

  19. Comet coma sample return instrument

    Albee, A. L.; Brownlee, Don E.; Burnett, Donald S.; Tsou, Peter; Uesugi, K. T.

    1994-01-01

    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.

  20. Return of the Red Chips

    2007-01-01

    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.

  1. Breastfeeding and returning to work

    Public Health Agency

    2010-01-01

    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.

  2. The Returns to Apprenticeship Training

    McIntosh, Steven

    2005-01-01

    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…

  3. "Assessing the Returns to Education in Georgia"

    Khitarishvili, Tamar

    2010-01-01

    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...

  4. RETURN MIGRATION – REASONS, CONSEQUENCES AND BENEFITS

    RAMONA PÎRVU; GHEORGHE AXINTE

    2012-01-01

    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 ...

  5. Spatially dynamic forest management to sustain biodiversity and economic returns

    Mönkkönen, Mikko; Juutinen, Artti; Mazziotta, Adriano; Miettinen, Kaisa; Podkopaev, Dmitry; Reunanen, Pasi; Salminen, Hannu; Tikkanen, Olli Pekka

    2014-01-01

    -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...

  6. Informed Trading and Expected Returns

    Choi, James J.; Li Jin; Hongjun Yan

    2013-01-01

    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...

  7. Risk and Returns to Education

    Jeffrey Brown; Chichun Fang; Francisco Gomes

    2012-01-01

    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...

  8. Asset returns and economic risk

    Cesare Robotti

    2002-01-01

    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...

  9. Tick size and stock returns

    Onnela, Jukka-Pekka; Töyli, Juuso; Kaski, Kimmo

    2009-02-01

    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.

  10. Sustainable return in post-conflict contexts

    Black, Richard; Gent, Saskia

    2006-01-01

    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...

  11. External Return to Education in Europe

    Strawinski, Pawel

    2009-01-01

    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...

  12. External Return to Education in Poland

    Strawinski, Pawel

    2008-01-01

    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 ...

  13. Hindsight Effects in Dollar-Weighted Returns

    Hayley, S.

    2014-01-01

    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...

  14. The Returns to Education in Rural Areas

    Goetz, Stephan J.; Rupasingha, Anil

    2004-01-01

    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.

  15. Nonlinearity in the return to education

    Philip A. Trostel

    2005-01-01

    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.

  16. Economic and accounting rates of return

    Feenstra, D.W.; Wang, H.

    2000-01-01

    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 ...

  17. Exchange rates, expected returns and risk

    Anella Munro

    2014-01-01

    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...

  18. Volatility Spreads and Expected Stock Returns

    Turan G. Bali; Armen Hovakimian

    2009-01-01

    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...

  19. Media sentiment and UK stock returns.

    Ferguson, Nicky; Guo, Jie; Lam, Herbert; Philip, Dennis

    2011-01-01

    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...

  20. Heterogeneity in Schooling Rates of Return

    Henderson, Daniel J.; Polachek, Solomon W.; Wang, Le

    2011-01-01

    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,…

  1. MARKET CORRELATION, MARKET RETURNS AND PORTFOLIO IMPLICATION

    Alexandru, Ciprian Antoniade; Dan CONSTANTINESCU

    2012-01-01

    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.

  2. Four Centuries of Return Predictability

    Benjamin Golez; Peter Koudijs

    2014-01-01

    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...

  3. Benchmarking the Returns to Venture

    Susan E. Woodward; Hall, Robert E.

    2004-01-01

    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,...

  4. 26 CFR 301.6103(h)(2)-1 - Disclosure of returns and return information (including taxpayer return information) to and by...

    2010-04-01

    ... 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...

  5. Return to Play After Lumbar Spine Surgery.

    Cook, Ralph W; Hsu, Wellington K

    2016-10-01

    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

  6. RETURN MIGRATION – REASONS, CONSEQUENCES AND BENEFITS

    RAMONA PÎRVU

    2012-12-01

    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.

  7. Stock Returns and Risk: Evidence from Quantile

    Thomas C. Chiang

    2012-12-01

    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.

  8. The dynamics of health and return migration.

    Anita A Davies

    2011-06-01

    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.

  9. Spatial variability of maximum annual daily rain under different return periods at the Rio de Janeiro state, Brazil

    Roriz Luciano Machado; Marcos Bacis Ceddia; Daniel Fonseca de Carvalho; Eleandro Silva da Cruz; Marcio Rocha Francelino

    2010-01-01

    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,...

  10. Propulsion Technology Development for Sample Return Missions Under NASA's ISPT Program

    Anderson, David J.; Pencil, Eric J.; Vento, Daniel; Dankanich, John W.; Munk, Michelle M.; Hahne, David

    2011-01-01

    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.

  11. Forecasting wind speed financial return

    D'Amico, Guglielmo; Prattico, Flavio

    2013-01-01

    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.

  12. Sepsis, venous return, and teleology.

    McNeilly, R G

    2014-11-01

    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

  13. Returns to Tenure or Seniority?

    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...

  14. Return of spent TRIGA fuel

    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)

  15. On the effect of assessed returnable documents as active methodology in Power Electronics

    Trujillo Aguilera, Francisco David; Pozo Ruz, Ana; Sotorrío Ruiz, Pedro Juan; Martí Campoy, Antonio; Blázquez Parra, Elidia Beatriz

    2015-01-01

    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 ...

  16. Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

    Alex Edmans; Lucius Li; Chendi Zhang

    2014-01-01

    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...

  17. Return and Assessment Perception of Assesses under VAT

    Ranjit Singh

    2012-07-01

    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.

  18. Return Predictability, Model Uncertainty, and Robust Investment

    Lukas, Manuel

    2013-01-01

    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 ...

  19. Dynamic Asset Allocation with Ambiguous Return Predictability

    Hui Chen; Nengjiu Ju; Jianjun Miao

    2008-01-01

    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 ...

  20. Academic Earmarks and the Returns to Lobbying

    John M. de Figueiredo; Brian S. Silverman

    2002-01-01

    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...

  1. Returnable containers: an example of reverse logistics

    Kroon, Leo; Vrijens, G.M.C.

    1996-01-01

    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...

  2. Empirical studies on stock return predictability

    Wang, Jingya

    2016-01-01

    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 ....

  3. Optimal Investment, Growth Options, and Security Returns

    Jonathan Berk; Richard C. Green; Vasant Naik

    1998-01-01

    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...

  4. The expected real return to equity

    Missaka Warusawitharana

    2011-01-01

    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...

  5. The Risk and Return of Venture Capital

    Cochrane, John

    2000-01-01

    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...

  6. Return Vane Installed in Multistage Centrifugal Pump

    Miyano, Masafumi; Kanemoto, Toshiaki; Kawashima, Daisuke; Wada, Akihiro; Hara, Takashi; Sakoda, Kazuyuki

    2008-01-01

    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...

  7. Do Stock Dividends Generate Abnormal Returns?

    Torgal, Kishan

    2009-01-01

    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...

  8. The Bubbles of China Stock Market Based on Return Decomposition and Cumulative Return

    ZHANG Xiao-xia; WU Chong-feng

    2006-01-01

    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.

  9. The Return to Capital in China

    Chong-En Bai; Chang-Tai Hsieh; Yingyi Qian

    2006-01-01

    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...

  10. Mighty Good Thing: The Returns to Tenure

    Manning, Alan

    1998-01-01

    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...

  11. The Performance Gap in UK Property Returns

    Lee, S.

    2011-01-01

    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 ...

  12. Hideout return testing from support crevices

    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

  13. Bulgarian Turkish emigration and return.

    Vasileva, D

    1992-01-01

    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

  14. Simulation tools

    Jenni, F

    2006-01-01

    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 ...

  15. 26 CFR 301.6103(p)(2)(B)-1 - Disclosure of returns and return information by other agencies.

    2010-04-01

    ... 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...

  16. 26 CFR 301.6103(n)-1 - Disclosure of returns and return information in connection with written contracts or agreements...

    2010-04-01

    ... 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...

  17. The return trip effect: Why the return trip often seems to take less time

    van de Ven, N.; van Rijswijk, L.; Roy, M.M.

    2011-01-01

    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...

  18. Aggregate Unemployment Decreases Individual Returns to Education

    Ammermueller, Andreas; Kuckulenz, Anja; Zwick, Thomas

    2009-01-01

    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…

  19. 27 CFR 41.112 - Tax return.

    2010-04-01

    ... 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...

  20. Oil Volatility Risk and Expected Stock Returns

    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...

  1. Returned Solar Max hardware degradation study results

    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

  2. Legal institutions, strategic default, and stock returns

    G. Favara; E. Schroth; P. Valta

    2008-01-01

    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

  3. 46 CFR 308.514 - Return premium.

    2010-10-01

    ... 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...

  4. 76 FR 14827 - Disclosure of Returns and Return Information to Designee of Taxpayer

    2011-03-18

    ... 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...

  5. 26 CFR 1.6013-2 - Joint return after filing separate return.

    2010-04-01

    ... 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...

  6. Poetic Return in Afghanistan Persian Poem

    Esmaeil Shafagh

    2012-11-01

    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.

  7. Surface Abrasion Tool Project

    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...

  8. Guaranteed investment contracts: distributed and undistributed excess return

    Kristian R. Miltersen; Persson, Svein-Arne

    2000-01-01

    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 ...

  9. RETURN ON CURRENT ASSETS, WORKING CAPITAL AND REQUIRED RATE OF RETURN ON EQUITY

    Monika Bolek

    2014-01-01

    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...

  10. Some tooling for manufacturing research reactor fuel plates

    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)

  11. Some Tooling for Manufacturing Research Reactor Fuel Plates

    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

  12. MarFS-Requirements-Design-Configuration-Admin

    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)

    2015-07-08

    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.

  13. Salesforce CRM the definitive admin handbook

    Goodey, Paul

    2013-01-01

    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

  14. Application of radar data to estimate distributed return periods of extreme rainfall events over Trondheim

    Abdella, Yisak Sultan

    2013-07-01

    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)

  15. Utility allowed returns and market extremes

    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

  16. Reliability, return periods, and risk under nonstationarity

    Read, Laura K.; Vogel, Richard M.

    2015-08-01

    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.

  17. Analyzing traffic source impact on returning visitors ratio in information provider website

    Prasetio, A.; Sari, P. K.; Sharif, O. O.; Sofyan, E.

    2016-04-01

    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.

  18. Return Predictability, Model Uncertainty, and Robust Investment

    Lukas, Manuel

    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...

  19. Return to Play Following Hip Arthroscopy.

    Lee, Simon; Kuhn, Andrew; Draovitch, Pete; Bedi, Asheesh

    2016-10-01

    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

  20. Rates of Return to Schooling in China

    Chow, Gregory C

    2003-01-01

    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...

  1. Oil Volatility Risk and Expected Stock Returns

    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...

  2. Risk and Returns to Education Over Time

    Brown, Jeffrey; Fang, Chichun; Francisco J. Gomes

    2015-01-01

    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 ...

  3. Multiscale Analysis of the Predictability of Stock Returns

    Paweł Fiedor

    2015-06-01

    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.

  4. 47 CFR 65.600 - Rate of return reports.

    2010-10-01

    ... 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...

  5. Visualisation tools

    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

  6. Fluctuation behaviors of financial return volatility duration

    Niu, Hongli; Wang, Jun; Lu, Yunfan

    2016-04-01

    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.

  7. The Dynamics of Health and Return Migration

    2011-01-01

    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

  8. Sample Return Systems for Extreme Environments Project

    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...

  9. 27 CFR 479.51 - Fraudulent return.

    2010-04-01

    ... 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...

  10. Return to experience and initial wage level

    Sørensen, K.L.; Vejlin, R.

    2014-01-01

    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....

  11. Sample Return Systems for Extreme Environments Project

    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...

  12. Returning to sports after a back injury

    ... 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 ...

  13. Portfolio Choice when Managers Control Returns.

    Matsen, Egil

    2006-01-01

    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...

  14. MONEY WITH IDIOSYNCRATIC UNINSURABLE RETURNS TO CAPITAL

    Miquel Faig

    2000-01-01

    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...

  15. Mapping the Return Migration Research Field

    Cairns, David; Sardinha, João; Tiesler, Nina Clara

    2014-01-01

    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...

  16. CEO Pay, Shareholder Returns and Accounting Profitability

    Fred Guy

    2000-01-01

    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...

  17. CEO pay, shareholder returns, and accounting profits

    Guy, Frederick

    2000-01-01

    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...

  18. Exploring Longitudinal Risk-return Relationships

    Andersen, Torben J.; Bettis, Richard A.

    2015-01-01

    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....

  19. Issuer Quality and Corporate Bond Returns

    Greenwood, Robin Marc; Hanson, Samuel Gregory

    2013-01-01

    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...

  20. Non-stationarities in stock returns

    Catalin Starica; Clive Granger

    2004-01-01

    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 ...

  1. Return Migration and Illegal Immigration Control

    Karin Mayr; Alexander Kemnitz

    2012-01-01

    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...

  2. Stock Returns-Inflation Relation in India

    K. R. Shanmugam; Biswa Swarup Misra

    2008-01-01

    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...

  3. The nutritional returns to parental education:

    Alderman, Harold; Headey, Derek D.

    2014-01-01

    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...

  4. Are fund of hedge fund returns asymmetric?

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

    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 ...

  5. Predicting Stock Market Returns by Combining Forecasts

    Laurence Fung; Ip-wing Yu

    2008-01-01

    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...

  6. Equity Returns in the Coming Decade

    Richard W. Kopcke; Zhenya Karamcheva

    2011-01-01

    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...

  7. Evidence of portuguese stock market abnormal returns

    Duarte, Elisabete Mendes; Oliveira, Lisete Trindade

    2011-01-01

    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...

  8. Return Intentions of Migrants: Theory and Evidence

    Dustmann, Christian

    1994-01-01

    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...

  9. Remittances, savings and return migration under uncertainty

    Delpierre, Matthieu; VERHEYDEN Bertrand

    2014-01-01

    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...

  10. Do shareholders care about corporate investment returns?

    Olli Haltia; Mikko Leppämäki

    2000-01-01

    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...

  11. TS Tools

    Yvette Linders

    2012-12-01

    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.

  12. Unemployment A Variance Decomposition of Index-Linked Bond Returns

    Francis Breedon

    2012-01-01

    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.

  13. 78 FR 41128 - Market Test of International Merchandise Return Service

    2013-07-09

    ... 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...

  14. Return Migration and Occupational Change: The Case of Pakistani Migrants Returned from the Middle East

    G. M. Arif; Irfan, M

    1997-01-01

    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,...

  15. Spatial variability of maximum annual daily rain under different return periods at the Rio de Janeiro state, Brazil

    Roriz Luciano Machado

    2010-01-01

    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.

  16. Long-term Prior Return Patterns in Stock Returns: Evidence from Emerging Markets

    Sanjay Sehgal; Sakshi Jain; Pr Laurence the Porteu de la Morandiere

    2013-01-01

    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 doesn’t explai...

  17. RETURN ON CURRENT ASSETS, WORKING CAPITAL AND REQUIRED RATE OF RETURN ON EQUITY

    Monika Bolek

    2014-08-01

    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.

  18. Temporal Oculomotor Inhibition of Return and Spatial Facilitation of Return in a Visual Encoding Task

    Steven G Luke

    2013-07-01

    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.

  19. Optimization of return electrodes in neurostimulating arrays

    Flores, Thomas; Goetz, Georges; Lei, Xin; Palanker, Daniel

    2016-06-01

    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.

  20. Comet Odyssey: Comet Surface Sample Return

    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.

    2010-10-01

    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.

  1. Tool steels

    Højerslev, C.

    2001-01-01

    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....

  2. The Tail Exponent for Stock Returns in Bursa Malaysia for 2003-2008

    Rusli, N. H.; Gopir, G.; Usang, M. D.

    2010-07-01

    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.

  3. Management Tools

    1987-01-01

    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.

  4. 78 FR 26506 - Disclosure of Returns and Return Information to Designee of Taxpayer

    2013-05-07

    ... 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...

  5. 76 FR 31543 - Disclosure of Returns and Return Information to Designee of Taxpayer; Hearing Cancellation

    2011-06-01

    ... 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...

  6. Where Are "Women Returners" Returning From? Deconstructing Domestication in the Context of Lifelong Learning.

    Clarke, Julia

    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…

  7. Macro factors in oil futures returns

    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)

  8. SOCCER: Comet Coma Sample Return Mission

    Albee, A. L.; Uesugi, K. T.; Tsou, Peter

    1994-01-01

    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.

  9. Return to Play After Cervical Disc Surgery.

    Kang, Daniel G; Anderson, Justin C; Lehman, Ronald A

    2016-10-01

    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

  10. A classic learning opportunity from Arthur Guyton and colleagues (1955): circuit analysis of venous return.

    Curran-Everett, Douglas

    2007-06-01

    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

  11. Medical returns as class transformation: situating migrants' medical returns within a framework of transnationalism.

    Horton, Sarah B

    2013-01-01

    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

  12. Risk and return in oilfield asset holdings

    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)

  13. Returns to Education: Evidence from UK Twins

    Bonjour, Dorothe; Cherkas, Lynn; Haskel, Jonathan; Spector, Tim

    2002-01-01

    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...

  14. Returns to education: evidence from UK twins

    Bonjour, Dorothe; Cherkas, Lyn; Haskel, Jonathan; Hawkes, Denise; Spector, Tim

    2002-01-01

    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...

  15. Assessing symmetry of financial returns series

    Coronel-Brizio, H F; Rodriguez-Achach, M

    2007-01-01

    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.

  16. Britain and Algeria: Problems of Return

    Joffé, George

    2007-01-01

    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...

  17. Male and Female Marriage Returns to Schooling

    Bruze, Gustaf

    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....

  18. Return migration: theory and empirical evidence

    Dustmann, C.; Weiss, Y.

    2007-01-01

    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-...

  19. Note Short-term predictability of German stock returns

    Walter KrÄmer

    1998-01-01

    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.

  20. 10 CFR 436.22 - Adjusted internal rate of return.

    2010-01-01

    ... 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...

  1. Inventory control with product returns: the impact of imperfect information

    De Brito, M.P.; Laan, E.A.

    2009-01-01

    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

  2. Passive vs. Parachute System Architecture for Robotic Sample Return Vehicles

    Maddock, Robert W.; Henning, Allen B.; Samareh, Jamshid A.

    2016-01-01

    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.

  3. Multifractal model of asset returns with leverage effect

    Eisler, Z.; Kertész, J.

    2004-11-01

    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.

  4. Engineering tools

    2010-01-01

    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...

  5. PROJECTED COSTS AND RETURNS - SUGARCANE, LOUISIANA, 1997

    Champagne, Lonnie P.; Salassi, Michael E.

    1997-01-01

    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.

  6. Return Migration to Mexico: Does Health Matter?

    Arenas, Erika; Goldman, Noreen; Pebley, Anne R; Teruel, Graciela

    2015-12-01

    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

  7. Return of IAEA assistance team from Thailand

    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

  8. Intergranular attack evaluation from hideout return

    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)

  9. Newly Homeless Youth Typically Return Home

    Milburn, Norweeta G.; Rosenthal, Doreen; Rotheram-Borus, Mary Jane; Mallett, Shelley; Batterham, Philip; Rice, Eric; Solorio, Rosa

    2007-01-01

    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.

  10. The Returns to Education in Entrepreneurship

    Iversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders

    2011-01-01

    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...

  11. Tail Risk Premia and Return Predictability

    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....

  12. Heterogeneity of Human Capital and the Return

    Madsen, Erik Strøjer

    2015-01-01

    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...

  13. Bond return predictability in expansions and recessions

    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...

  14. Investment Return Calculations and Senior School Mathematics

    Fitzherbert, Richard M.; Pitt, David G. W.

    2010-01-01

    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…

  15. Capital gains, total returns and saving rates

    Michael Hudson

    2013-01-01

    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.

  16. Expected Stock Returns and Variance Risk Premia

    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...

  17. Exploring Literate Lives: Returning to the Field

    Henderson, Robyn; Woods, Annette

    2016-01-01

    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…

  18. An Editor's Journey: Return to Haiti

    Moy, Yvette

    2012-01-01

    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…

  19. The returns to foreign R&D

    Belderbos, R.A.; Lokshin, B.; Sadowski, B.

    2015-01-01

    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

  20. Intentions to Return : Evidence from Romanian Migrants

    Hinks, Tim; Davies, Simon

    2015-01-01

    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...

  1. Diagnosing Febrile Illness in a Returned Traveler

    2012-03-01

    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.

  2. Return temperature control and heat exchanger configurations

    Koot, M.H.M.

    1995-07-17

    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.

  3. Expected commodity returns and pricing models

    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

  4. "Volatility Spillovers Between Crude Oil Futures Returns and Oil Company Stocks Return"

    Chia-Lin Chang; Michael McAleer; Roengchai Tansuchat

    2009-01-01

    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...

  5. Volatility Spillovers Between Crude Oil Futures Returns and Oil Company Stocks Return

    Chang, Chia-Lin; McAleer, Michael; Roengchai, Tansuchat

    2009-01-01

    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...

  6. Returns management in the supply chain

    Anna Maria Jeszka

    2014-09-01

    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

  7. Return to schooling in Vietnam during economic transition: Does the return reach its peak?

    Doan, Tinh; Gibson, John

    2010-01-01

    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...

  8. Caffeinating the PBL return session: Curriculum innovations to engage students at two medical schools.

    Korin, Tatum; Thode, Joan Brumbaugh; Kakar, Seema; Blatt, Benjamin

    2014-11-01

    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

  9. Tool Gear: Infrastructure for Parallel Tools

    May, J; Gyllenhaal, J

    2003-04-17

    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.

  10. Effective return, risk aversion and drawdowns

    Dacorogna, Michel M.; Gençay, Ramazan; Müller, Ulrich A.; Pictet, Olivier V.

    2001-01-01

    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.

  11. Returners and explorers dichotomy in human mobility

    Pappalardo, Luca; Simini, Filippo; Rinzivillo, Salvatore; Pedreschi, Dino; Giannotti, Fosca; Barabási, Albert-László

    2015-09-01

    The availability of massive digital traces of human whereabouts has offered a series of novel insights on the quantitative patterns characterizing human mobility. In particular, numerous recent studies have lead to an unexpected consensus: the considerable variability in the characteristic travelled distance of individuals coexists with a high degree of predictability of their future locations. Here we shed light on this surprising coexistence by systematically investigating the impact of recurrent mobility on the characteristic distance travelled by individuals. Using both mobile phone and GPS data, we discover the existence of two distinct classes of individuals: returners and explorers. As existing models of human mobility cannot explain the existence of these two classes, we develop more realistic models able to capture the empirical findings. Finally, we show that returners and explorers play a distinct quantifiable role in spreading phenomena and that a correlation exists between their mobility patterns and social interactions.

  12. Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Abnormal Return

    Megawati Cheng

    2011-01-01

    Full Text Available Penelitian ini bertujuan mengetahui pengaruh pengungkapan corporate social responsibility (CSR terhadap abnormal return. Penelitian ini menggunakan variabel kontrol return on equity (ROE dan price to book value (PBV. Pengukuran pengungkapan CSR didasarkan pada Global Reporting Initiative (GRI. Sedangkan, abnormal return dihitung dengan menggunakan market adjusted model. Penelitian dilakukan terhadap laporan tahunan 40 perusahaan sumber daya alam yang terdaftar di Bursa Efek Indonesia pada tahun 2007-2009. Hasil penelitian menunjukkan bahwa pengungkapan CSR berpengaruh signifikan terhadap abnormal return yang menandakan bahwa investor mempertimbangkan informasi CSR untuk membuat keputusan. Variabel kontrol ROE berpengaruh signifikan negatif terhadap abnormal return. Sedangkan, Variabel kontrol PBV tidak berpengaruh signifikan terhadap abnormal return.

  13. Oil Price Shocks and Volatility in Australian Stock Returns

    Ratti, Ronald A.; Hasan, M. Zahid

    2013-01-01

    This paper examines the effect of oil shocks on return and volatility in the sectors of ‎Australian stock market and finds significant effects for most sectors. For the overall market ‎index, an increase in oil price return significantly reduces return, and an increase in oil price ‎return volatility significantly reduces volatility. An advantage of looking at sector returns ‎rather than a general index of stock returns is that sectors may well differ markedly in how ‎they respond to oil pric...

  14. Edward Teller Returns to LOS Alamos

    Hecker, Siegfried S.

    2010-01-01

    I was asked to share some reflections of Edward Teller's return to Los Alamos during my directorship. I met Teller late in his life. My comments focus on that time and they will be mostly in the form of stories of my interactions and those of my colleagues with Teller. Although the focus of this symposium is on Teller's contributions to science, at Los Alamos it was never possible to separate Teller's science from policy and controversy ...

  15. Financial Literacy and Savings Account Returns

    Deuflhard, Florian; Georgarakos, Dimitris; Inderst, Roman

    2014-01-01

    Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document considerable heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associat...

  16. Macroeconomic Forces and Stock Returns in Vietnam

    Phan, Van Hang

    2008-01-01

    Capital market development, especially the appearance of Vietnamese equity market recently has a strategic importance in the economic growth and structural reform process of Vietnam (Chun et al, 2003). This dissertation focuses on the impacts of macroeconomic forces on stock market returns in Vietnamese stock market which has not been investigated in detail before, and thereby to contribute further literature on this new emerging stock market. Specifically, the research will intensively inves...

  17. Inhibition of Return after Color Singletons

    Priess, Heinz-Werner; Born, Sabine; Ansorge, Ulrich

    2012-01-01

    Inhibition of return (IOR) is the faster selection of hitherto unattended than previously attended positions. Some previous studies failed to find evidence for IOR after attention capture by color singletons. Others, however, did report IOR effects after color singletons. The current study examines the role of cue relevance for obtaining IOR effects. By using a potentially more sensitive method – saccadic IOR – we tested and found IOR after relevant color singleton cues that required an atten...

  18. Emergency Return of Bangladeshi Migrants from Libya

    Tasneem Siddiqui; M. Rahed Alam Bhuyian

    2013-01-01

    Few studies have done on the vulnerabilities faced by migrants during events such as civil war regime change or global financial crisis. The study examines the case of Bangladeshi migrant workers who were forced to return to Bangladesh because of the turmoil in Libya in 2011. [NTS working paper No. 9]. URL:[http://www.rsis.edu.sg/NTS/resources/research_papers/NTS_Working_Paper9.pdf].

  19. ANALYSIS MODEL FOR RETURN ON CAPITAL EMPLOYED

    BURJA CAMELIA

    2013-01-01

    At the microeconomic level, the appreciation of the capitals’ profitability is a very complex action which is of interest for stakeholders. This study has as main purpose to extend the traditional analysis model for the capitals’ profitability, based on the ratio “Return on capital employed”. In line with it the objectives of this work aim the identification of factors that exert an influence on the capital’s profitability utilized by a company and the measurement of their contribution in the...

  20. Return method: Some applications to flow control

    Due to recent progress in advanced technologies in many fields of engineering sciences, applications of flow control are developing very quickly. In this paper we survey only a tiny and theoretical part of the recent results obtained in flow control, namely some results on the controllability and on the stabilizability of the equations of incompressible fluids which have been obtained by means of the return method. (author)

  1. Essays on Financing and Returns on Investment

    Dzansi, James

    2011-01-01

    This dissertation consists of an introductory chapter and three independent essays on financing investment and their returns. The first essay studies the impact of remittances on domestic investment. The analysis is carried out with a focus on the moderating roles of domestic financial development and institutional quality. The empirical results suggest that remittance inflows are associated with increased domestic investment spending, particularly under conditions of inadequate financial int...

  2. Determinants of Returns in Rural Tourism

    Murova, Olga I.; Hanagriff, Roger D.

    2011-01-01

    The goal of this study, based on data collected through community surveys and visitors’ surveys, is to determine and analyze factors impacting returns from rural tourism. Our first model shows that age of event, median family income, and hired labor have a significant impact on the revenues collected from tourism events. Furthermore, it shows brochures and flyers to be the most effective form of advertisement. The second multivariate regression model proves that traveling greater distances,...

  3. Return to Play After Infectious Mononucleosis

    Becker, Jonathan A.; Smith, Julie Anne

    2014-01-01

    Context: Infectious mononucleosis is a disease primarily of adolescence and early adulthood. The risk of splenic injury and chronic fatigue make return-to-play decisions a challenge for the clinician caring for athletes with infectious mononucleosis. Evidence Acquisition: Data were obtained from the PubMed and MEDLINE databases through December 2012 by searching for epidemiology, diagnosis, clinical manifestations, management, and the role of the spleen in infectious mononucleosis. Study Desi...

  4. Firm Characteristics, Unanticipated Inflation, and Stock Returns

    Pearce, Douglas K; V. Vance Roley

    1987-01-01

    This paper reexamines the effects of nominal contracts on the relationship between unantici pated inflation and an individual stock's rate of return. This study differs in three main ways from previous research. First, announced i nflation data are used to examine the effects of unanticipated inflat ion. Second, a different specification is used to obtain more efficie nt estimates. Third, additional nominal contracts are considered. The empirical results indicate that time-varying firm charac...

  5. Environmental water incentive policy and return flows

    Qureshi, M. E.; Schwabe, K.; Connor, J.; Kirby, M.

    2010-04-01

    With increasing urban, industrial, and agricultural water demand and projected reduced supply under climate change, allocations to the environment are critically low in many arid and semiarid basins. Consequently, many governments are striving to augment environmental flows, often through market-oriented mechanisms that involve compensating irrigated agriculture, the largest water user in most basins, for reducing diversions. A widely documented challenge with policies to recover water for the environment arises because part of the water diversion reduction can form the basis for downstream consumptive water rights or environmental flows. This article gives an empirical comparison of two incentive policies to acquire water for environmental flows for a part of the Murray-Darling Basin (MDB), Australia. One policy consists of paying irrigators and water delivery firms to make capital and management investments that improve on-farm irrigation and water-conveyance; the other policy consists of having the government buy water from irrigators on the active MDB water market. The results show that the first option results in relatively larger return flow reduction, while the second option tends to induce significant irrigated land retirement with relatively large reductions in consumptive use and small reductions in return flow. In cases where irrigation losses result in little useful return flow (e.g., evaporative loss reduction or during drought in some instances), efficiency-improving investments may provide some cost-effective opportunities. Where a large portion of loss forms valuable return flow, it is difficult to make a case for the cost-effectiveness of policies involving payments for investments in irrigation and conveyance system upgrades.

  6. Exchange rates, equity returns and capital flows

    Helene Rey; Harald Hau

    2004-01-01

    We develop an equilibrium model in which exchange rates, stock prices and capital flows are jointly determined under incomplete forex risk trading. Incomplete hedging of forex risk, documented for U.S. global mutual funds, has three important implications: 1) exchange rates are almost as volatile as equity prices when the forex liquidity supply is not infinitely price elastic; 2) higher returns in the home equity market relative to the foreign equity market are associated with a home currency...

  7. Risk and Return in Environmental Economics

    Robert S. Pindyck

    2012-01-01

    I examine the risk/return tradeoff for environmental investments, and its implications for policy choice. Consider a policy to reduce carbon emissions. To what extent does the value of such a policy depend on the expected future damages from global warming versus uncertainty over those damages, i.e., on the expected benefits from the policy versus their riskiness? And to what extent should the policy objective be a reduction in the expected temperature increase versus a reduction in risk? Usi...

  8. Costs and Returns: Economic and Accounting Concepts

    Harrington, David H.

    1983-01-01

    This article reviews economic and accounting bases for costs-of-production (COP) calculations It finds that the problems of circularity of arguments, potential cost· price spirals, and escalating land values are Inherent m all full COP methods of setting support prices Inflation, Income tax regulations, and credit usage Interact to distort the traditional relationships between cash costs and cash returns, thus requiring explicit correction m COP calculations

  9. Multifractal returns and Hierarchical Portfolio Theory

    J. -F. Muzy; Sornette, D.; Delour, J.; Arneodo, A.

    2000-01-01

    We extend and test empirically the multifractal model of asset returns based on a multiplicative cascade of volatilities from large to small time scales. The multifractal description of asset fluctuations is generalized into a multivariate framework to account simultaneously for correlations across times scales and between a basket of assets. The reported empirical results show that this extension is pertinent for financial modelling. The second part of the paper applies this theory to portfo...

  10. Stock returns and volatility: the Brazilian case

    Benjamin M. Tabak

    2007-09-01

    Full Text Available This paper examines the relationship between stock returns and volatility over the period of June 1990 to April 2002. We study firm-level relationship between stock returns and volatility for a sample of 25 time series of Brazilian stocks. Using Seemingly Unrelated Regressions (SUR empirical evidence suggests that contemporaneous returns and volatilities are significantly and positively correlated while there is a negative relationship between changes in volatility and stock returns. Finally, the asymmetric volatility effect seems to hold for Brazilian stocks as shown by the results from an AR(1-EGARCH(1,1 estimation.Este artigo examina a relação entre retornos de ações e volatilidade no período de junho de 1990 a abril de 2002. Estudamos a relação entre retornos de ações e volatilidade no nível da firma para uma amostra de 25 séries de ações brasileiras. Usando o método de regressões aparentemente não relacionadas (SUR a evidência empírica sugere que retornos contemporâneos e volatilidades estão positivamente e significativamente relacionados enquanto existe relação negativa entre mudanças de volatilidade e retornos de ações. Finalmente, o efeito de assimetria na volatilidade é consistente com as ações brasileiras como pode ser percebido dos resultados da estimação AR(1-EGARCH(1,1.

  11. Temperature, Aggregate Risk, and Expected Returns

    Ravi Bansal; Marcelo Ochoa

    2011-01-01

    In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument is based on evidence from global capital markets which shows that the covariance between country equity returns and temperature (i.e., temperature betas) contains sharp information about the cross-country risk premium; countries closer to the Equator carry a positive temperature risk premium which decreases as one moves farther away from the Equator. The differences in tempe...

  12. Essays on Return Predictability in Financial Markets

    Mang, Chan R.

    2012-01-01

    My thesis examines return predictability in government bond markets and currency markets. In Chapter 1, I take the term structure model in Cochrane and Piazzesi (2008) and construct currency market prices. The implied currency market prices are then counterfactually volatile and predictable, at least with respect to commonly used predictor variables. Getting the model closer to currency market data means reducing bond risk compensation but doing so nearly eliminates predictability in bond mar...

  13. Returning to Work After Electrical Injuries

    Stergiou-Kita, M.; Mansfield, E.; Bayley, M.;

    2014-01-01

    workers' demographics, injury events, and occupational categories were also gathered to characterize the sample. Participants identified three distinct categories of challenges: 1) physical, cognitive, and psychosocial impairments and their effects on their work performance; 2) feelings of guilt, blame...... understood electrical injuries to advocate on their behalf. Immediate and persistent physical, cognitive, psychosocial, and support factors can affect individuals' abilities to successfully return to work after an electrical injury. Specialized services and advocacy were viewed as beneficial to successful...

  14. Aboriginal secondary education: Non completion and returns

    Donders, Lindsay

    2008-01-01

    I use 2001 Canadian Public Use Microdata Files (PUMF) Census data to assess two dimensions of Aboriginal educational attainment: (1) what proportion of Aboriginals fail to complete high school; and (2) what is the return to different levels of education for Aboriginals. I find that Aboriginals, for certain age groups, are two times more likely than non Aboriginals to leave high school before completion. Further, I find that in terms of high school completion within the Aboriginal population, ...

  15. Where Are the Returns to Lifelong Learning?

    Coelli, Michael; Tabasso, Domenico

    2015-01-01

    We investigate the labour market determinants and outcomes of adult participation in formal education (lifelong learning) in Australia, a country with high levels of adult education. Employing longitudinal data and fixed effects methods allows identification of effects on outcomes free of ability bias. Different trends in outcomes across groups are also allowed for. The impacts of adult education differ by gender and level of study, with small or zero labour market returns in many cases. Wage...

  16. Cloud Thickness from Offbeam Returns - Thor Lidar

    Cahalan, R.; Kolasinski, J.; McGill, M.; Lau, William K. M. (Technical Monitor)

    2002-01-01

    Physical thickness of a cloud layer, and sometimes multiple cloud layers, can be estimated from the time delay of off-beam returns from a pulsed laser source illuminating one side of the cloud layer. In particular, the time delay of light returning from the outer diffuse halo of light surrounding the beam entry point, relative to the time delay at beam center, determines the cloud physical thickness. The delay combined with the pulse stretch gives the optical thickness. The halo method works best for thick cloud layers, typically optical thickness exceeding 2, and thus compliments conventional lidar which cannot penetrate thick clouds. Cloud layer top and base have been measured independently over the ARM/SGP site using conventional laser ranging (lidar) and the top minus base thickness are compared with a cloud top halo estimate obtained from the NASA/Goddard THOR System (THOR = THickness from Offbeam Returns). THOR flies on the NASA P3, and measures the halo timings from several km above cloud top, at the same time providing conventional lidar cloud top height. The ARM/SGP micropulse lidar provides cloud base height for validation.

  17. Returns to education in rural China

    ZHAO Litao

    2007-01-01

    Based on one of the most widely used datasets by foreign-based sociologists,this paper examines the rate of returns to education in rural China.Compared with the previous studies that showed rather low rates in rural areas throughout the 1980s,this study finds a considerably higher rate in 1996.A chief contributor is the rapid non-agricultural development,which creates enormous upward mobility opportunities,particularly for the more educated.Due to the uneven economic development nationwide,the rate of returns to education varies widely across regions.In areas with less developed non-agricultural sectors,it remains low.In contrast,where off-farm employment is widespread,it is much higher.In addition,the labor market is functioning to allocate the more educated to better-paid jobs,but has yet to produce higher returns to education in nonagricultural sectors than in the agricultural sector.However,changes may be occurring in coastal regions.

  18. Allan deviation analysis of financial return series

    Hernández-Pérez, R.

    2012-05-01

    We perform a scaling analysis for the return series of different financial assets applying the Allan deviation (ADEV), which is used in the time and frequency metrology to characterize quantitatively the stability of frequency standards since it has demonstrated to be a robust quantity to analyze fluctuations of non-stationary time series for different observation intervals. The data used are opening price daily series for assets from different markets during a time span of around ten years. We found that the ADEV results for the return series at short scales resemble those expected for an uncorrelated series, consistent with the efficient market hypothesis. On the other hand, the ADEV results for absolute return series for short scales (first one or two decades) decrease following approximately a scaling relation up to a point that is different for almost each asset, after which the ADEV deviates from scaling, which suggests that the presence of clustering, long-range dependence and non-stationarity signatures in the series drive the results for large observation intervals.

  19. EVALUATING THE PERFORMANCE OF LIBYAN BANKS USING RETURN ON INVESTMENT

    Khalad M.S. Alrafadi

    2013-01-01

    Full Text Available Return on Investment (ROI is a financial ratio which commonly used to evaluate the overall performance of a company. Despite of the importance of ROI unfortunately not many Libyan banks use it to evaluate their performance. Most of Libyan banks use the result of income statements to evaluate their performance instead of other tools that use to evaluate performance of banks. This study will be focusing on the ROI. The objective of this research is to evaluate the performance of Libyan banks using ROI as a financial tool. The Libyan banks which involved in this research are: Alwahda bank, National Commercial bank, Commercial and Development bank, Mediterranean bank and Alejmaa Alarabi bank. In this research financial statements of the Libyan banks for period from 2005-2009 will be used to calculate the ROI. In general, the results of the ROI of the banks used in this research showed increase and then begin to decrease and then increase again. The results clearly indicate that the performance of Libyan banks is not stable depending on components of ROI.

  20. Indispensable tool

    Synchrotron radiation has become an indispensable research tool for a growing number of scientists in a seemingly ever expanding number of disciplines. We can thank the European Synchrotron Research Facility (ESRF) in Grenoble for taking an innovative step toward achieving the educational goal of explaining the nature and benefits of synchrotron radiation to audiences ranging from the general public (including students) to government officials to scientists who may be unfamiliar with x-ray techniques and synchrotron radiation. ESRF is the driving force behind a new CD-ROM playable on both PCs and Macs titled Synchrotron light to explore matter. Published by Springer-Verlag, the CD contains both English and French versions of a comprehensive overview of the subject

  1. Forecasting the variance and return of Mexican financial series with symmetric GARCH models

    Fátima Irina VILLALBA PADILLA

    2013-03-01

    Full Text Available The present research shows the application of the generalized autoregresive conditional heteroskedasticity models (GARCH in order to forecast the variance and return of the IPC, the EMBI, the weighted-average government funding rate, the fix exchange rate and the Mexican oil reference, as important tools for investment decisions. Forecasts in-sample and out-of-sample are performed. The covered period involves from 2005 to 2011.

  2. THE RETURN OF THE ANDROMEDIDS METEOR SHOWER

    The Andromedid meteor shower underwent spectacular outbursts in 1872 and 1885, producing thousands of visual meteors per hour and described as ''stars fell like rain'' in Chinese records of the time. The shower originates from comet 3D/Biela whose disintegration in the mid-1800's is linked to the outbursts, but the shower has been weak or absent since the late 19th century. This shower returned in 2011 December with a zenithal hourly rate of approximately 50, the strongest return in over a hundred years. Some 122 probable Andromedid orbits were detected by the Canadian Meteor Orbit Radar while one possible brighter Andromedid member was detected by the Southern Ontario Meteor Network and several single station possible Andromedids by the Canadian Automated Meteor Observatory. The shower outburst occurred during 2011 December 3-5. The radiant at R.A. +18° and decl. +56° is typical of the ''classical'' Andromedids of the early 1800s, whose radiant was actually in Cassiopeia. Numerical simulations of the shower were necessary to identify it with the Andromedids, as the observed radiant differs markedly from the current radiant associated with that shower. The shower's orbital elements indicate that the material involved was released before 3D/Biela's breakup prior to 1846. The observed shower in 2011 had a slow geocentric speed (VG = 16 km s–1) and was comprised of small particles: the mean measured mass from the radar is ∼5 × 10–7 kg, corresponding to radii of 0.5 mm at a bulk density of 1000 kg m–3. Numerical simulations of the parent comet indicate that the meteoroids of the 2011 return of the Andromedids shower were primarily ejected during 3D/Biela's 1649 perihelion passage. The orbital characteristics, radiant, and timing as well as the absence of large particles in the streamlet are all broadly consistent with simulations. However, simulations of the 1649 perihelion passage necessitate going back five Lyapunov times (which is only 25 yr for the

  3. 78 FR 49296 - Centennial Challenges 2014 Sample Return Robot Challenge

    2013-08-13

    ... SPACE ADMINISTRATION Centennial Challenges 2014 Sample Return Robot Challenge AGENCY: National Aeronautics and Space Administration (NASA). ACTION: Notice of Centennial Challenges 2014 Sample Return Robot... Robot Challenge is scheduled and teams that wish to compete may register. Centennial Challenges is...

  4. Long Memory in Stock Returns: A Study of Emerging Markets

    Sharad Nath Bhattacharya

    2012-07-01

    Full Text Available The present study aimed at investigating the existence of long memory properties in ten emerging stock markets across the globe. When return series exhibit long memory, it indicates that observed returns are not independent over time. If returns are not independent, past returns can help predict future returns, thereby violating the market efficiency hypothesis. It poses a serious challenge to the supporters of random walk behavior of the stock returns. Hurst-Mandelbrot's Classical R/S statistic, Lo’s statistic and semi parametric GPH statistic were computed as well as modified GPH statistic of Robinson (1995. The findings suggest existence of long memory in volatility as well as in absolute returns and random walk for asset return series in general for all the selected stock market indices. The study did not support existence of Taylor’s effect in the selected emerging markets.

  5. Investor sentiment and stock returns: Some international evidence

    Schmeling, Maik

    2008-01-01

    We examine whether consumer confidence - as a proxy for individual investor sentiment - affects expected stock returns internationally in 18 industrialized countries. In line with recent evidence for the U.S., we find that sentiment negatively forecasts aggregate stock market returns on average across countries. When sentiment is high, future stock returns tend to be lower and vice versa. This relation also holds for returns of value stocks, growth stocks, small stocks, and for different fore...

  6. Investor education: how plan sponsors should report your returns

    Ken Johnston; John Hatem; Thomas A. Carnes

    2010-01-01

    Purpose – Most investors' retirement portfolios have inter-period cash inflows. The standard time-weighted mean return (or geometric mean return) is generally used to report returns on investors' retirement portfolios. The purpose of this paper is to examine the standard time-weighted mean return and point out additional deficiencies in the time-weighted mean in this situation, which have not been addressed in the literature. Design/methodology/approach – The paper provides examples that poin...

  7. Financial Development and Stock Returns: A Cross-Country Analysis

    Dellas, Harris; Hess, Martin

    2002-01-01

    We examine stock returns in a cross section of emerging and mature markets (47countries) between 1980-99. The level of financial development turns out to be an important determinant of the performance of stock returns. In general, a deeper and higher quality banking system decreases the volatility of stock returns. It also contributes to a greater synchronization in the movements of domestic and world returns and the same obtains when the stock market is liquid.

  8. Return dispersion, stock market liquidity and aggregate economic activity

    Stavros Degiannakis; Andreas Andrikopoulos; Timotheos Angelidis; Christos Floros

    2013-01-01

    This paper examines the effect of return dispersion on the dynamics of stock market liquidity, risk and return. Moreover, the importance of return dispersion in forecasting aggregate economic activity is rediscovered in the context of a regime switching model that accounts for stock market fluctuations and their association with the state of the economy. We find that there is a bidirectional, Granger-causal association between illiquidity and return dispersion in the U.S. stock market. The em...

  9. Global Variance Risk Premium and Forex Return Predictability

    Aloosh, Arash

    2014-01-01

    In a long-run risk model with stochastic volatility and frictionless markets, I express expected forex returns as a function of consumption growth variances and stock variance risk premiums (VRPs)—the difference between the risk-neutral and statistical expectations of market return variation. This provides a motivation for using the forward-looking information available in stock market volatility indices to predict forex returns. Empirically, I find that stock VRPs predict forex returns at a ...

  10. Estimating the rate of return to education in Sudan

    Nour, Samia

    2011-01-01

    This paper examines the rate of return to education in Sudan. One advantage and interesting element in our analysis in this paper is that we explain three stylised facts on the rate of return to education using new primary data in Sudan: first, positive but low rate of return to education and correlations between education, experience, its square and wages for men and women defined by gender, second, positive and significant rate of return to education and correlations between education, expe...

  11. Relative Returns on Equities in Pacific Basin Countries

    Charles Engel; Rogers, John H.

    1994-01-01

    We examine the factors that determine the differences in ex ante returns on equities in eleven Pacific Basin countries. Our concern is whether real return differentials are primarily caused by nominal return differentials or expected changes in real exchange rates. We find that nominal return differentials account for most of the difference, which suggests that either there is not free mobility of capital between the countries of our study or that there are significant differences in the risk...

  12. A forecast evaluation of expected equity return measures

    Chin, Michael; Polk, Christopher

    2015-01-01

    Recent studies find evidence in favour of return predictability, and argue that their positive findings result from their ability to capture expected returns. We assess the forecasting performance of two popular approaches to estimating expected equity returns, a dividend discount model (DDM) commonly used to estimate `implied cost of capital', and a vector autoregression (VAR) model commonly used to decompose equity returns. In line with recent evidence, in-sample tests show that both estima...

  13. How Divergent Were Returns to Education Investments in China?

    Voon, Jan P.; Jan Cham Voon

    2011-01-01

    This paper uses the wage increment approach to measure the social and private returns to educational investments in China at various educational levels and how they change over time. The social returns to the investments in higher education were found to be increasing over time whilst the returns to the secondary level were declining over time. This indicates that China should raise its annual investment in higher education vis-à-vis secondary schools. We also found that the private returns t...

  14. Migrant Wages, Human Capital Accumulation and Return Migration

    Joseph-Simon Gorlach; Christian Dustmann; Jerome Adda

    2014-01-01

    This paper analyses the wage dynamics of migrants focussing on their human capital accumulation and how it is affected by potential return migration. We develop a life-cycle model describing labor market participation, wages, return decisions as well as two forms of human capital, work experience and cultural integration. The model is estimated using panel data and exploits elicited return intentions as well as realised ones. We show that return intentions are key to understand the decision t...

  15. Tax return filing online – Case Finnish Tax Administration

    Kuznetsova, Olga

    2010-01-01

    The purpose of this study was to investigate which factors affect diffusion of tax return filing online (e-return) in Finland. Another aim was to develop an adoption forecast for the service. Finally, customer categorization was suggested in order to enable e-return deliver more public value by accommodating the needs of different customer groups. Diffusion of Innovations theory, Bass Diffusion Model and Service Process Analysis were used as theoretical base for the study. E-return user sa...

  16. Cohort Effects and Returns to Seniority in France

    Margolis, David N.

    1995-01-01

    We examine empirically returns to seniority in France and estimate cohort effects in both firm specific compensation policies and returns to job seniority. We demonstrate the biases in several estimators of returns to seniority and show that allowing firm specific compensation policies and returns to seniority to vary by entry cohort uncovers patterns of variance within firm and within cohort in estimated intercepts and slopes that can be explained by no single theory.

  17. Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Abnormal Return

    Megawati Cheng; Yulius Jogi Christiawan

    2011-01-01

    Penelitian ini bertujuan mengetahui pengaruh pengungkapan corporate social responsibility (CSR) terhadap abnormal return. Penelitian ini menggunakan variabel kontrol return on equity (ROE) dan price to book value (PBV). Pengukuran pengungkapan CSR didasarkan pada Global Reporting Initiative (GRI). Sedangkan, abnormal return dihitung dengan menggunakan market adjusted model. Penelitian dilakukan terhadap laporan tahunan 40 perusahaan sumber daya alam yang terdaftar di Bursa Efek Indonesia pada...

  18. DETERMINANTS OF RETURN ON EQUITY OF COOPERATIVE BANKS IN POLAND

    Anna Bieniasz

    2016-03-01

    Full Text Available The aim of the study was to analyse the diversity of return on equity in the cooperative banks in Poland in 2010– 2014. The analysis was conducted using data of the Polish Financial Supervision Authority, on the basis of a modifi ed decomposition rate of return on equity. Assessment of the rate of return on equity was made in a size of banks, as determined by the value of assets. In addition, in order to determine the strength and direction of impact the individual components of the model on the formation of return on equity method was applied functional. The study suggests that cooperative banks eff ectively use the equity, because the rate of return on equity was signifi cantly higher than the rate of return on assets. The average return on assets in 2010–2014 was relatively lower in the largest banks and ranged from 0.7–0.9%, and the smallest banks return on assets was approximately 1%. In turn, the return on equity was higher at banks with major assets (over 200 million PLN. In 2013–2014 the rate of return both on assets and equity expressly declined. The main determinants of changes in return on equity were changing the multiplier reduction of profi t from banking activities by operating costs and costs of banking risk and return on assets, as well as measured result on banking activities.

  19. 26 CFR 48.6416(f)-1 - Credit on returns.

    2010-04-01

    ... 26 Internal Revenue 16 2010-04-01 2010-04-01 true Credit on returns. 48.6416(f)-1 Section 48.6416... Special Application to Retailers and Manufacturers Taxes § 48.6416(f)-1 Credit on returns. Any person..., in lieu of claiming refund of the overpayment, claim credit for the overpayment on any return of...

  20. 26 CFR 301.7701-15 - Tax return preparer.

    2010-04-01

    ... considered a nonsigning tax return preparer. Example 2. Attorney B, an attorney in a law firm, provides legal... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Tax return preparer. 301.7701-15 Section 301... ADMINISTRATION PROCEDURE AND ADMINISTRATION Definitions § 301.7701-15 Tax return preparer. (a) In general. A...

  1. 50 CFR 91.31 - Return of entries after contest.

    2010-10-01

    ... 50 Wildlife and Fisheries 6 2010-10-01 2010-10-01 false Return of entries after contest. 91.31... (CONTINUED) MISCELLANEOUS PROVISIONS MIGRATORY BIRD HUNTING AND CONSERVATION STAMP CONTEST Post-Contest Procedures § 91.31 Return of entries after contest. (a) All entries will be returned by certified mail to...

  2. 22 CFR 42.22 - Returning resident aliens.

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Returning resident aliens. 42.22 Section 42.22... Returning resident aliens. (a) Requirements for returning resident status. An alien shall be classifiable as... presented that: (1) The alien had the status of an alien lawfully admitted for permanent residence at...

  3. 76 FR 56819 - Centennial Challenges 2012 Sample Return Robot Challenge

    2011-09-14

    ... SPACE ADMINISTRATION Centennial Challenges 2012 Sample Return Robot Challenge AGENCY: National... 42 U.S.C. 2451(314)(d). The 2012 Sample Return Robot Challenge is scheduled and teams that wish to... technologies of interest and value to NASA and the nation. The 2012 Sample Return Robot Challenge is a...

  4. 26 CFR 31.6061-1 - Signing of returns.

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Signing of returns. 31.6061-1 Section 31.6061-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) EMPLOYMENT TAXES AND... Code of 1954) § 31.6061-1 Signing of returns. Each return required under the regulations in...

  5. Consumption Risk and the Cross Section of Expected Returns.

    Parker, Jonathan A.; Julliard, Christian

    2005-01-01

    This paper evaluates the central insight of the consumption capital asset pricing model that an asset's expected return is determined by its equilibrium risk to consumption. Rather than measure risk by the contemporaneous covariance of an asset's return and consumption growth, we measure risk by the covariance of an asset's return and consumption…

  6. Return Migration among Elderly, Chronically Ill Bosnian Refugees

    Handlos, Line Neerup; Olwig, Karen Fog; Bygbjerg, Ib Christian;

    2015-01-01

    Elderly migrants constitute a considerable share of global return migration; nevertheless, literature on the health aspects of the return migration among these migrants is still scarce. This study explores the significance of return migration among elderly, chronically ill Bosnian refugees from...

  7. An algorithm for the orthogonal decomposition of financial return data

    Vic Norton

    2012-01-01

    We present an algorithm for the decomposition of periodic financial return data into orthogonal factors of expected return and "systemic", "productive", and "nonproductive" risk. Generally, when the number of funds does not exceed the number of periods, the expected return of a portfolio is an affine function of its productive risk.

  8. 27 CFR 25.211 - Beer returned to brewery.

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Beer returned to brewery..., DEPARTMENT OF THE TREASURY LIQUORS BEER Beer Returned to Brewery § 25.211 Beer returned to brewery. (a) General. Beer, produced in the United States, on which the brewer has paid or determined the tax may...

  9. Returning Physicians to the Workforce: History, Progress, and Challenges

    Varjavand, Nielufar; Novack, Dennis H.; Schindler, Barbara A.

    2012-01-01

    There is growing recognition of the need to reeducate clinically inactive physicians seeking to return to practice and in the facilitation of this return. Physicians seeking to return to practice face many challenges: maneuvering the various requirements of licensing, medical, and credentialing boards; finding an appropriate educational program to…

  10. 48 CFR 52.247-66 - Returnable Cylinders.

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Returnable Cylinders. 52....247-66 Returnable Cylinders. As prescribed in 47.305-17, insert the following clause: Returnable Cylinders (MAY 1994) (a) Cylinder, referred to in this clause, is a pressure vessel designed for...

  11. 48 CFR 47.305-17 - Returnable cylinders.

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Returnable cylinders. 47... CONTRACT MANAGEMENT TRANSPORTATION Transportation in Supply Contracts 47.305-17 Returnable cylinders. The contracting officer shall insert the clause at 52.247-66, Returnable Cylinders, in a solicitation and...

  12. Developing and Implementing a Social Media Program While Optimizing Return on Investment--An MBA Program Case Study

    Gilfoil, David M.; Aukers, Steven M.; Jobs, Charles G.

    2015-01-01

    Over the past decade, Web 2.0 has brought a wealth of opportunities for improving marketing effectiveness; social media platforms, in particular, have proven to be exceptional tools for realizing growth potential. The big question for businesses used to be how to measure and report financial return on investment (ROI) for social media ad spend to…

  13. Mars Sample Return Landed with Red Dragon

    Stoker, Carol R.; Lemke, Lawrence G.

    2013-01-01

    A Mars Sample Return (MSR) mission is the highest priority science mission for the next decade as recommended by the recent Decadal Survey of Planetary Science. However, an affordable program to carry this out has not been defined. This paper describes a study that examined use of emerging commercial capabilities to land the sample return elements, with the goal of reducing mission cost. A team at NASA Ames examined the feasibility of the following scenario for MSR: A Falcon Heavy launcher injects a SpaceX Dragon crew capsule and trunk onto a Trans Mars Injection trajectory. The capsule is modified to carry all the hardware needed to return samples collected on Mars including a Mars Ascent Vehicle (MAV), an Earth Return Vehicle (ERV) and Sample Collection and Storage hardware. The Dragon descends to land on the surface of Mars using SuperSonic Retro Propulsion (SSRP) as described by Braun and Manning [IEEEAC paper 0076, 2005]. Samples are acquired and deliverd to the MAV by a prelanded asset, possibly the proposed 2020 rover. After samples are obtained and stored in the ERV, the MAV launches the sample-containing ERV from the surface of Mars. We examined cases where the ERV is delivered to either low Mars orbit (LMO), C3 = 0 (Mars escape), or an intermediate energy state. The ERV then provides the rest of the energy (delta V) required to perform trans-Earth injection (TEI), cruise, and insertion into a Moon-trailing Earth Orbit (MTEO). A later mission, possibly a crewed Dragon launched by a Falcon Heavy (not part of the current study) retrieves the sample container, packages the sample, and performs a controlled Earth re-entry to prevent Mars materials from accidentally contaminating Earth. The key analysis methods used in the study employed a set of parametric mass estimating relationships (MERs) and standard aerospace analysis software codes modified for the MAV class of launch vehicle to determine the range of performance parameters that produced converged

  14. Why we need asteroid sample return mission?

    Barucci, Maria Antonietta

    2016-07-01

    Small bodies retain evidence of the primordial solar nebula and the earliest solar system processes that shaped their evolution. They may also contain pre-solar material as well as complex organic molecules, which could have a major role to the development of life on Earth. For these reasons, asteroids and comets have been targets of interest for missions for over three decades. However, our knowledge of these bodies is still very limited, and each asteroid or comet visited by space mission has revealed unexpected scientific results, e.g. the structure and nature of comet 67P/Churyumov-Gerasimenko (67P/C-G) visited by the Rosetta mission. Only in the laboratory can instruments with the necessary precision and sensitivity be applied to individual components of the complex mixture of materials that forms a small body regolith, to determine their precise chemical and isotopic composition. Such measurements are vital for revealing the evidence of stellar, interstellar medium, pre-solar nebula and parent body processes that are retained in primitive material, unaltered by atmospheric entry or terrestrial contamination. For those reasons, sample return missions are considered a high priority by a number of the leading space agencies. Abundant within the inner Solar System and the main impactors on terrestrial planets, small bodies may have been the principal contributors of the water and organic material essential to create life on Earth. Small bodies can therefore be considered to be equivalent to DNA for unravelling our solar system's history, offering us a unique window to investigate both the formation of planets and the origin of life. A sample return mission to a primitive Near-Earth Asteroid (NEA) has been study at ESA from 2008 in the framework of ESA's Cosmic Vision (CV) programme, with the objective to answer to the fundamental CV questions "How does the Solar System work?" and "What are the conditions for life and planetary formations?". The returned material

  15. ANALISIS REAKSI PASAR MODAL TERHADAP PENGUMUMAN RIGHT ISSUE DI BURSA EFEK JAKARTA (BEJ (PENGAMATAN TERHADAP RETURN, ABNORMAL RETURN, SECURITY RETURN VARIABILITY DAN TRADING VOLUME ACTIVITY

    LISTIANA SRI MULATSIH

    2012-05-01

    Full Text Available ABSTRAK   Penelitian ini dilakukan atas dasar pengamatan terhadap kondisi pasar modal Indonesia pada efisiensi bentuk setengah kuat, dimana pasar akan bereaksi terhadap suatu informasi (suatu pengumuman. Jika pengumuman mengandung informasi maka pasar akan bereaksi pada waktu pengumuman diterima pasar. Tujuan penelitian ini adalah untuk mengetahui apakah pasar modal bereaksi terhadap pengumuman right issue, dengan mengamati perilaku return saham, abnormal return, security return variability dan trading volume activity di sekitar tanggal pengumuman (sebelum, saat, sesudah pengumuman. Penelitian ini dilakukan dengan metode event study dengan pendekatan market adjusted model. Sampel penelitian adalah semua perusahaan yang tercatat di Bursa Efek Jakarta, yang mengeluarkan pengumuman right issue saja selama tahun 1999 (24 perusahaan. Uji statistik terhadap return, abonormal return, security return variability dan trading volume activity menggunakan uji t; Paired Two Samples for Mean pada periode sebelum, saat dan sesudah pengumuman right issue. Hasil penelitian untuk return saham menunjukkan perbedaan yang signifikan hanya untuk sebelum dengan saat. Hal ini mengidentifikasikan kemungkinan informasi right issue sudah terserap pada hari-hari sebelum pengumuman dipublikasikan. Abnormal Return dan Security Return Variability tidak menunjukkan perbedaan yang signifikan. Sedangkan Trading Volume Activity menunjukkan perbedaan yang signifikan untuk periode pengamatan sebelum dengan saat dan sesudah dengan sebelum pengumuman. Berdasarkan hasil-hasil peneltiian tersebut dapat disimpulkan bahwa pasar modal tidak bereaksi terhadap pengumuman right issue, sehingga efisiensi pasar modal Indonesia (Bursa Efek Jakarta belum bisa dikategorikan dalam semi strong form. Kata kunci: pasar modal, right issue, return saham, abnormal return, security return variability, trading volume.     ABSTRACT   The research based on the analysis of the observation to the market

  16. Recommended Maximum Temperature For Mars Returned Samples

    Beaty, D. W.; McSween, H. Y.; Czaja, A. D.; Goreva, Y. S.; Hausrath, E.; Herd, C. D. K.; Humayun, M.; McCubbin, F. M.; McLennan, S. M.; Hays, L. E.

    2016-01-01

    The Returned Sample Science Board (RSSB) was established in 2015 by NASA to provide expertise from the planetary sample community to the Mars 2020 Project. The RSSB's first task was to address the effect of heating during acquisition and storage of samples on scientific investigations that could be expected to be conducted if the samples are returned to Earth. Sample heating may cause changes that could ad-versely affect scientific investigations. Previous studies of temperature requirements for returned mar-tian samples fall within a wide range (-73 to 50 degrees Centigrade) and, for mission concepts that have a life detection component, the recommended threshold was less than or equal to -20 degrees Centigrade. The RSSB was asked by the Mars 2020 project to determine whether or not a temperature requirement was needed within the range of 30 to 70 degrees Centigrade. There are eight expected temperature regimes to which the samples could be exposed, from the moment that they are drilled until they are placed into a temperature-controlled environment on Earth. Two of those - heating during sample acquisition (drilling) and heating while cached on the Martian surface - potentially subject samples to the highest temperatures. The RSSB focused on the upper temperature limit that Mars samples should be allowed to reach. We considered 11 scientific investigations where thermal excursions may have an adverse effect on the science outcome. Those are: (T-1) organic geochemistry, (T-2) stable isotope geochemistry, (T-3) prevention of mineral hydration/dehydration and phase transformation, (T-4) retention of water, (T-5) characterization of amorphous materials, (T-6) putative Martian organisms, (T-7) oxidation/reduction reactions, (T-8) (sup 4) He thermochronometry, (T-9) radiometric dating using fission, cosmic-ray or solar-flare tracks, (T-10) analyses of trapped gasses, and (T-11) magnetic studies.

  17. "A Critical Rewriting / Rerading: Rabia's Return "

    ÖZÇELEBİ, Betül

    2009-01-01

    Adalet Ağaoğlu used Sinekli Bakkal, which is one of the most examined and most read Turkish novels, as a source text in her short story; Rabia's Return. While supporting her novel with the characters of Halide Edip Adıvar's, the author does not use the same theme and criticizes the author's handling of Rabia and the people around Rabia, and her modeling of them in the east-west problematic using the expression styles of quotation, redolence and parody. In the story, identity plot, east-west s...

  18. Life Insurance Actuarial Model with Returnable Premium

    YanhuaiLang

    2004-01-01

    Insurance is the important aspect of finance. It has been fully developed in the western developed countries. With the fast development of market economy in our country,it is necessary to introduce the alien modern theories and techniques, and at the same time,adapt them to our concrete situation. The model of general life insurance product is to be established in this paper, including deferred life annuities, increasing whole life insurance and returnable premiums. Then through the regulation of various parameters, we can obtain various insurance products.

  19. Effectiveness of securities with fuzzy probabilistic return

    Piasecki, Krzysztof

    2011-01-01

    The generalized fuzzy present value of a security is defined here as fuzzy valued utility of cash flow. The generalized fuzzy present value cannot depend on the value of future cash flow. There exists such a generalized fuzzy present value which is not a fuzzy present value in the sense given by Ward [35] or by Huang [14]. If the present value is a fuzzy number and the future value is a random variable, then the return rate is given as a probabilistic fuzzy subset on the real line. This kind...

  20. Modeling conditional correlations of asset returns

    Silvennoinen, Annastiina; Teräsvirta, Timo

    2015-01-01

    In this paper we propose a new multivariate GARCH model with time-varying conditional correlation structure. The time-varying conditional correlations change smoothly between two extreme states of constant correlations according to a predetermined or exogenous transition variable. An LM......-test is derived to test the constancy of correlations and LM- and Wald tests to test the hypothesis of partially constant correlations. Analytical expressions for the test statistics and the required derivatives are provided to make computations feasible. An empirical example based on daily return series of five...

  1. Fractal asset returns, arbitrage and option pricing

    Potgieter, Petrus H. [Department of Decision Sciences, School of Economic Sciences, University of South Africa, P.O. Box 392, Pretoria 0003 (South Africa)], E-mail: php@member.ams.org

    2009-11-15

    In the discrete-time fractional random walk model a market with one risky asset affords an arbitrage opportunity as described by Cutland et al. [Cutland NJ, Kopp PE, Willinger W. Stock price returns and the Joseph effect: a fractional version of the Black-Scholes model. In: Russo Francesco, Bolthausen Erwin, Dozzi Marco, editors. Seminar on 6 stochastic analysis, random fields and applications, pp. 327-351. Seminar on stochastic analysis, random fields and applications. Ascona: Centro Stefano Franscini; 1993, Progress in probability 36. Birkhauser Verlag; 1995.] and Sottinen [Sottinen Tommi. Fractional Brownian motion, random walks and binary market models. Finance Stoch 2001;5(3):343-355]. We briefly discuss these results and compute a numerical example in a fractional binomial model as illustration and mention an option pricing model for assets the returns of which are driven by a fractional Brownian motion [Yaozhong Hu, Bernt Oksendal. Fractional white noise calculus and applications to finance. Infin Dimens Anal Quant Probability Rel Top 2003;6:1-32, ISSN 0219-0257; Fajardo J, Cajueiro DO. Volatility estimation and option pricing with fractional Brownian motion, October 2003. Available from: (http://ideas.repec.org/p/ibm/finlab/flwp53.html)].

  2. Fractal asset returns, arbitrage and option pricing

    In the discrete-time fractional random walk model a market with one risky asset affords an arbitrage opportunity as described by Cutland et al. [Cutland NJ, Kopp PE, Willinger W. Stock price returns and the Joseph effect: a fractional version of the Black-Scholes model. In: Russo Francesco, Bolthausen Erwin, Dozzi Marco, editors. Seminar on 6 stochastic analysis, random fields and applications, pp. 327-351. Seminar on stochastic analysis, random fields and applications. Ascona: Centro Stefano Franscini; 1993, Progress in probability 36. Birkhauser Verlag; 1995.] and Sottinen [Sottinen Tommi. Fractional Brownian motion, random walks and binary market models. Finance Stoch 2001;5(3):343-355]. We briefly discuss these results and compute a numerical example in a fractional binomial model as illustration and mention an option pricing model for assets the returns of which are driven by a fractional Brownian motion [Yaozhong Hu, Bernt Oksendal. Fractional white noise calculus and applications to finance. Infin Dimens Anal Quant Probability Rel Top 2003;6:1-32, ISSN 0219-0257; Fajardo J, Cajueiro DO. Volatility estimation and option pricing with fractional Brownian motion, October 2003. Available from: (http://ideas.repec.org/p/ibm/finlab/flwp53.html)].

  3. The return of the Andromedids meteor shower

    Wiegert, Paul A; Weryk, Robert J; Wong, Daniel K

    2012-01-01

    The Andromedid meteor shower underwent spectacular outbursts in 1872 and 1885, producing thousands of visual meteors per hour and described as `stars fell like rain' in Chinese records of the time. The shower originates from comet 3D/Biela whose disintegration in the mid-1800's is linked to the outbursts, but the shower has been weak or absent since the late 19th Century. This shower returned in December 2011 with a zenithal hourly rate of approximately 50, the strongest return in over a hundred years. Some 122 probable Andromedid orbits were detected by the Canadian Meteor Orbit Radar. The shower outburst occurred during 2011 Dec 3-5. The radiant at RA +$18\\degree$ and Dec +$56\\degree$ is typical of the `classical' Andromedids of the early 1800's, whose radiant was actually in Cassiopeia. The orbital elements indicate that the material involved was released before 3D/Biela's breakup prior to 1846. The observed shower in 2011 had a slow geocentric speed (16 km s$^{-1}$) and was comprised of small particles: t...

  4. Immediate extinction promotes the return of fear.

    Merz, Christian J; Hamacher-Dang, Tanja C; Wolf, Oliver T

    2016-05-01

    Accumulating evidence indicates that immediate extinction is less effective than delayed extinction in attenuating the return of fear. This line of fear conditioning research impacts the proposed onset of psychological interventions after threatening situations. In the present study, forty healthy men were investigated in a differential fear conditioning paradigm with fear acquisition in context A, extinction in context B, followed by retrieval testing in both contexts 24h later to test fear renewal. Differently coloured lights served as conditioned stimuli (CS): two CS (CS+) were paired with an electrical stimulation that served as unconditioned stimulus, the third CS was never paired (CS-). Extinction took place immediately after fear acquisition or 24h later. One CS+ was extinguished whereas the second CS+ remained unextinguished to control for different time intervals between fear acquisition and retrieval testing. Immediate extinction led to larger skin conductance responses during fear retrieval to both the extinguished and unextinguished CS relative to the CS-, indicating a stronger return of fear compared to delayed extinction. Taken together, immediate extinction is less potent than delayed extinction and is associated with a stronger renewal effect. Thus, the time-point of psychological interventions relative to the offset of threatening situations needs to be carefully considered to prevent relapses. PMID:26995309

  5. A Mars Sample Return Sample Handling System

    Wilson, David; Stroker, Carol

    2013-01-01

    We present a sample handling system, a subsystem of the proposed Dragon landed Mars Sample Return (MSR) mission [1], that can return to Earth orbit a significant mass of frozen Mars samples potentially consisting of: rock cores, subsurface drilled rock and ice cuttings, pebble sized rocks, and soil scoops. The sample collection, storage, retrieval and packaging assumptions and concepts in this study are applicable for the NASA's MPPG MSR mission architecture options [2]. Our study assumes a predecessor rover mission collects samples for return to Earth to address questions on: past life, climate change, water history, age dating, understanding Mars interior evolution [3], and, human safety and in-situ resource utilization. Hence the rover will have "integrated priorities for rock sampling" [3] that cover collection of subaqueous or hydrothermal sediments, low-temperature fluidaltered rocks, unaltered igneous rocks, regolith and atmosphere samples. Samples could include: drilled rock cores, alluvial and fluvial deposits, subsurface ice and soils, clays, sulfates, salts including perchlorates, aeolian deposits, and concretions. Thus samples will have a broad range of bulk densities, and require for Earth based analysis where practical: in-situ characterization, management of degradation such as perchlorate deliquescence and volatile release, and contamination management. We propose to adopt a sample container with a set of cups each with a sample from a specific location. We considered two sample cups sizes: (1) a small cup sized for samples matching those submitted to in-situ characterization instruments, and, (2) a larger cup for 100 mm rock cores [4] and pebble sized rocks, thus providing diverse samples and optimizing the MSR sample mass payload fraction for a given payload volume. We minimize sample degradation by keeping them frozen in the MSR payload sample canister using Peltier chip cooling. The cups are sealed by interference fitted heat activated memory

  6. THE RETURN OF THE ANDROMEDIDS METEOR SHOWER

    Wiegert, Paul A.; Brown, Peter G.; Weryk, Robert J.; Wong, Daniel K., E-mail: pwiegert@uwo.ca [Department of Physics and Astronomy, University of Western Ontario, London N6A3K7 (Canada)

    2013-03-15

    The Andromedid meteor shower underwent spectacular outbursts in 1872 and 1885, producing thousands of visual meteors per hour and described as ''stars fell like rain'' in Chinese records of the time. The shower originates from comet 3D/Biela whose disintegration in the mid-1800's is linked to the outbursts, but the shower has been weak or absent since the late 19th century. This shower returned in 2011 December with a zenithal hourly rate of approximately 50, the strongest return in over a hundred years. Some 122 probable Andromedid orbits were detected by the Canadian Meteor Orbit Radar while one possible brighter Andromedid member was detected by the Southern Ontario Meteor Network and several single station possible Andromedids by the Canadian Automated Meteor Observatory. The shower outburst occurred during 2011 December 3-5. The radiant at R.A. +18 Degree-Sign and decl. +56 Degree-Sign is typical of the ''classical'' Andromedids of the early 1800s, whose radiant was actually in Cassiopeia. Numerical simulations of the shower were necessary to identify it with the Andromedids, as the observed radiant differs markedly from the current radiant associated with that shower. The shower's orbital elements indicate that the material involved was released before 3D/Biela's breakup prior to 1846. The observed shower in 2011 had a slow geocentric speed (V{sub G} = 16 km s{sup -1}) and was comprised of small particles: the mean measured mass from the radar is {approx}5 Multiplication-Sign 10{sup -7} kg, corresponding to radii of 0.5 mm at a bulk density of 1000 kg m{sup -3}. Numerical simulations of the parent comet indicate that the meteoroids of the 2011 return of the Andromedids shower were primarily ejected during 3D/Biela's 1649 perihelion passage. The orbital characteristics, radiant, and timing as well as the absence of large particles in the streamlet are all broadly consistent with simulations. However

  7. Investment Strategy Based on Aviation Accidents: Are there abnormal returns?

    Marcos Rosa Costa

    2013-06-01

    Full Text Available This article investigates whether an investment strategy based on aviation accidents can generate abnormal returns. We performed an event study considering all the aviation accidents with more than 10 fatalities in the period from 1998 to 2009 and the stock market performance of the respective airlines and aircraft manufacturers in the days after the event. The tests performed were based on the model of Campbell, Lo & MacKinlay (1997 for definition of abnormal returns, by means of linear regression between the firms’ stock returns and the return of a market portfolio used as a benchmark. This enabled projecting the expected future returns of the airlines and aircraft makers, for comparison with the observed returns after each event. The result obtained suggests that an investment strategy based on aviation accidents is feasible because abnormal returns can be obtained in the period immediately following an aviation disaster.

  8. 75 FR 52486 - Disclosures of Return Information Reflected on Returns to Officers and Employees of the...

    2010-08-26

    ... Internal Revenue Service 26 CFR Part 301 RIN 1545-BJ27 Disclosures of Return Information Reflected on... Related Activities AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking... submissions to: CC:PA:LPD:PR (REG-137486-09), room 5203, Internal Revenue Service, P.O. Box 7604, Ben...

  9. Aerothermodynamic environments for Mars entry, Mars return, and lunar return aerobraking missions

    Rochelle, W. C.; Bouslog, S. A.; Ting, P. C.; Curry, D. M.

    1990-06-01

    The aeroheating environments to vehicles undergoing Mars aerocapture, earth aerocapture from Mars, and earth aerocapture from the moon are presented. An engineering approach for the analysis of various types of vehicles and trajectories was taken, rather than performing a benchmark computation for a specific point at a selected time point in a trajectory. The radiation into Mars using the Mars Rover Sample Return (MRSR) 2-ft nose radius bionic remains a small contributor of heating for 6 to 10 km/sec; however, at 12 km/sec it becomes comparable with the convection. For earth aerocapture, returning from Mars, peak radiation for the MRSR SRC is only 25 percent of the peak convection for the 12-km/sec trajectory. However, when large vehicles are considered with this trajectory, peak radiation can become 2 to 4 times higher than the peak convection. For both Mars entry and return, a partially ablative Thermal Protection System (TPS) would be required, but for Lunar Transfer Vehicle return an all-reusable TPS can be used.

  10. 75 FR 76940 - Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic...

    2010-12-10

    ... published in the Federal Register on Friday, December 3, 2010 (75 FR 75439). The proposed regulations... Publication Accordingly, the notice of proposed rulemaking which was the subject of FR Doc. 2010-30500 is... Internal Revenue Service 26 CFR Parts 1 and 301 RIN 1545-BJ52 Specified Tax Return Preparers Required...

  11. 76 FR 22611 - Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic...

    2011-04-22

    ... regulations (TD 9518) that were published in the Federal Register on Wednesday, March 30, 2011 (76 FR 17521... Publication Accordingly, the publication of the final regulations (TD 9518) which were the subject of FR Doc... Internal Revenue Service 26 CFR Part 301 RIN 1545-BJ52 Specified Tax Return Preparers Required To...

  12. Healthier before they migrate, less healthy when they return? The health of returned migrants in Mexico.

    Ullmann, S Heidi; Goldman, Noreen; Massey, Douglas S

    2011-08-01

    Over the course of the 20th century, Mexico-U.S. migration has emerged as an important facet of both countries, with far reaching economic and social impacts. The health of Mexican immigrants in the U.S. has been well studied, but relatively less is known about the health of returned migrants to Mexico. The objectives of this paper are twofold. Relying on health data pertaining to two stages of the life course, early life health (pre-migration) and adult health (post-migration) from the Mexican Migration Project gathered between 2007 and 2009, we aim to assess disparities in adult health status between male returned migrants and male non-migrants in Mexico, accounting for their potentially different early life health profiles. While we find evidence that returned migrants had more favorable early life health, the results for adult health are more complex. Returned migrants have a higher prevalence of heart disease, emotional/psychiatric disorders, obesity, and smoking than non-migrants but no differences are found in self-rated health, diabetes, or hypertension. PMID:21729820

  13. Adaption of G-TAG Software for Validating Touch and Go Asteroid Sample Return Design Methodology

    Blackmore, Lars James C.; Acikmese, Behcet; Mandic, Milan

    2012-01-01

    A software tool is used to demonstrate the feasibility of Touch and Go (TAG) sampling for Asteroid Sample Return missions. TAG is a concept whereby a spacecraft is in contact with the surface of a small body, such as a comet or asteroid, for a few seconds or less before ascending to a safe location away from the small body. Previous work at JPL developed the G-TAG simulation tool, which provides a software environment for fast, multi-body simulations of the TAG event. G-TAG is described in Multibody Simulation Software Testbed for Small-Body Exploration and Sampling, (NPO-47196) NASA Tech Briefs, Vol. 35, No. 11 (November 2011), p.54. This current innovation adapts this tool to a mission that intends to return a sample from the surface of an asteroid. In order to demonstrate the feasibility of the TAG concept, the new software tool was used to generate extensive simulations that demonstrate the designed spacecraft meets key requirements. These requirements state that contact force and duration must be sufficient to ensure that enough material from the surface is collected in the brushwheel sampler (BWS), and that the spacecraft must survive the contact and must be able to recover and ascend to a safe position, and maintain velocity and orientation after the contact.

  14. Returns to Tenure: Time or Rank?

    Buhai, Ioan Sebastian

    -specific investment, efficiency-wages or adverse-selection models. However, rent extracting arguments as suggested by the theory of internal labor markets, indicate that the relative position of the worker in the seniority hierarchy of the firm, her 'seniority rank', may also explain part of the observed returns to...... tenure. We build a theoretical framework based on the stochastic evolution of the firm's labour demand and a Last-In-First-Out hiring-firing rule for its workforce, that justifies this idea. The predictions of our model are tested on exhaustive linked employer-employee data from Denmark and Portugal. In...... relative to their peer workers), as predicted by theories on unionized and insider-outsider markets....

  15. The Users Office returns to its premises

    2005-01-01

    The renovation work on the Users Office, which began on 29 November, was completed last week. The Office's staff have now returned to their modernised and more spacious premises in Building 61. For four months, the Users' Office was housed in Building 2-R-030 thanks to the LHCb experiment collaboration, which was kind enough to temporarily loan some office space. For 15 years, the team has been helping Users with their administrative tasks. It provides them with all the information necessary on the procedures to be followed after their arrival at CERN as well as on cultural activities in the region. Since the beginning of January, the team is also looking after the Unpaid Associates. CERN hosts 4489 Users from Member States and 1909 from non-Members States, representing over 50 nationalities.

  16. Skin infections in returned travelers: an update.

    Zimmerman, Robert F; Belanger, Elizabeth S; Pfeiffer, Christopher D

    2015-03-01

    Dermatologic manifestations of travel-related illness are particularly vexing due to the broad differential diagnosis and clinicians' unfamiliarity with uncommonly seen diseases. This paper aims to educate and update the reader on selected infectious diseases in the returned traveler whose disease manifestations are primarily dermatologic. First, the evolving epidemiology of these infections is examined; understanding the geographic distribution of infectious etiologies helps refine and narrow the differential diagnosis. This is followed by a discussion of six important clinical syndromes including cutaneous larva migrans (CLM), cutaneous leishmaniasis, tungiasis, myiasis, antibiotic-resistant skin and soft tissue infection, and selected infections associated with fever and rash (e.g., measles, chikungunya virus infection, dengue fever, rickettsial spotted fevers). Familiarity with these syndromes and a situational awareness of their epidemiology will facilitate a prompt, accurate diagnosis and lead to appropriate treatment and prevention of further disease spread. PMID:25821190

  17. Return analysis of commercial solar thermal devices

    A procedure for assessing the techno-economic viability of solar thermal systems in a dynamic economic environment is developed. It is shown analytically that the period for replacement of these systems depends upon the nature of their use. While determining investment viability, it is necessary to ascertain the exact life of the system. The life of a solar thermal system for non-commercial use is determined by optimum life for replacement, which is not influenced by energy inflation and energy saved. It is a function of maintenance cost and decreases with increases with increase in maintenance cost. For commercial purposes, the lifetime of the system is governed by optimum return on investment mode (Ζ), which is a strong function of energy inflation and energy saved per unit capital cost. (author)

  18. Quantifying Stock Return Distributions in Financial Markets.

    Botta, Federico; Moat, Helen Susannah; Stanley, H Eugene; Preis, Tobias

    2015-01-01

    Being able to quantify the probability of large price changes in stock markets is of crucial importance in understanding financial crises that affect the lives of people worldwide. Large changes in stock market prices can arise abruptly, within a matter of minutes, or develop across much longer time scales. Here, we analyze a dataset comprising the stocks forming the Dow Jones Industrial Average at a second by second resolution in the period from January 2008 to July 2010 in order to quantify the distribution of changes in market prices at a range of time scales. We find that the tails of the distributions of logarithmic price changes, or returns, exhibit power law decays for time scales ranging from 300 seconds to 3600 seconds. For larger time scales, we find that the distributions tails exhibit exponential decay. Our findings may inform the development of models of market behavior across varying time scales. PMID:26327593

  19. Energy Return on Investment - Fuel Recycle

    This report provides a methodology and requisite data to assess the potential Energy Return On Investment (EROI) for nuclear fuel cycle alternatives, and applies that methodology to a limited set of used fuel recycle scenarios. This paper is based on a study by Lawrence Livermore National Laboratory and a parallel evaluation by AREVA Federal Services LLC, both of which were sponsored by the DOE Fuel Cycle Technologies (FCT) Program. The focus of the LLNL effort was to develop a methodology that can be used by the FCT program for such analysis that is consistent with the broader energy modeling community, and the focus of the AREVA effort was to bring industrial experience and operational data into the analysis. This cooperative effort successfully combined expertise from the energy modeling community with expertise from the nuclear industry. Energy Return on Investment is one of many figures of merit on which investment in a new energy facility or process may be judged. EROI is the ratio of the energy delivered by a facility divided by the energy used to construct, operate and decommission that facility. While EROI is not the only criterion used to make an investment decision, it has been shown that, in technologically advanced societies, energy supplies must exceed a minimum EROI. Furthermore, technological history shows a trend towards higher EROI energy supplies. EROI calculations have been performed for many components of energy technology: oil wells, wind turbines, photovoltaic modules, biofuels, and nuclear reactors. This report represents the first standalone EROI analysis of nuclear fuel reprocessing (or recycling) facilities.

  20. The return map: tracking product teams.

    House, C H; Price, R L

    1991-01-01

    With a new product, time is now more valuable than money. The costs of conceiving and designing a product are less important to its ultimate success than timeliness to market. One of the most important ways to speed up product development is through interfunctional teamwork. The "Return Map," developed at Hewlett-Packard, provides a way for people from different functions to triangulate on the product development process as a whole. It graphically represents the contributions of all team members to the moment when a project breaks even. It forces the team to estimate and re-estimate the time it will take to perform critical tasks, so that products can get out fast. It subjects the team to the only discipline that works, namely, self-discipline. The map is, in effect, a graph representing time and money, where the time line is divided into three phases: investigation, development, and manufacturing and sales. Meanwhile, costs are plotted against time--as are revenues when they are realized after manufacturing release. Within these points of reference, four novel metrics emerge: Break-Even-Time, Time-to-Market, Break-Even-After-Release, and the Return Factor. All metrics are estimated at the beginning of a project to determine its feasibility, then they are tracked carefully while the project evolves to determine its success. Missed forecasts are inevitable, but managers who punish employees for missing their marks will only encourage them to estimate conservatively, thus building slack into a system meant to eliminate slack. Estimates are a team responsibility, and deviations provide valuable information that spurs continuous investigation and improvement. PMID:10113520

  1. Multiplicative asset exchange with arbitrary return distributions

    The conservative wealth exchange process derived from trade interactions is modeled as a multiplicative stochastic transference of value, where each interaction multiplies the wealth of the poorest of the two intervening agents by a random gain η = 1 + κ, with κ a random return. Analyzing the kinetic equation for the wealth distribution P(w, t), general properties are derived for arbitrary return distributions π(κ). If the geometrical average of the gain is larger than one, i.e. if (lnη)π > 0, in the long time limit a nontrivial equilibrium wealth distribution P(w) is attained. Whenever (lnη)π π of the poor agent is positive. In the stable phase, P(w) behaves as w(T−1) for w→0, and we find T exactly. This exponent is nonzero in the stable phase but goes to zero on approach to the condensation interface. The exact wealth distribution can be obtained analytically for the particular case of Kelly betting, and it turns out to be an exponential P(w) = e−w. We show, however, that our model is never reversible, no matter what π(κ) is. In the condensing phase, the wealth of an agent with relative rank x is found to be w(x, t) ∼ ext(lnη)π for finite times t. The wealth distribution is consequently P(w) ∼ 1/w for finite times, while all wealth ends up in the hands of the richest agent for large times. Numerical simulations are carried out and found to satisfactorily compare with the above-mentioned analytical results

  2. Energy Return on Investment - Fuel Recycle

    Halsey, W; Simon, A J; Fratoni, M; Smith, C; Schwab, P; Murray, P

    2012-06-06

    This report provides a methodology and requisite data to assess the potential Energy Return On Investment (EROI) for nuclear fuel cycle alternatives, and applies that methodology to a limited set of used fuel recycle scenarios. This paper is based on a study by Lawrence Livermore National Laboratory and a parallel evaluation by AREVA Federal Services LLC, both of which were sponsored by the DOE Fuel Cycle Technologies (FCT) Program. The focus of the LLNL effort was to develop a methodology that can be used by the FCT program for such analysis that is consistent with the broader energy modeling community, and the focus of the AREVA effort was to bring industrial experience and operational data into the analysis. This cooperative effort successfully combined expertise from the energy modeling community with expertise from the nuclear industry. Energy Return on Investment is one of many figures of merit on which investment in a new energy facility or process may be judged. EROI is the ratio of the energy delivered by a facility divided by the energy used to construct, operate and decommission that facility. While EROI is not the only criterion used to make an investment decision, it has been shown that, in technologically advanced societies, energy supplies must exceed a minimum EROI. Furthermore, technological history shows a trend towards higher EROI energy supplies. EROI calculations have been performed for many components of energy technology: oil wells, wind turbines, photovoltaic modules, biofuels, and nuclear reactors. This report represents the first standalone EROI analysis of nuclear fuel reprocessing (or recycling) facilities.

  3. Magnetic susceptibility as a tool for characterization of an asteroid regolith and sample return

    Kohout, Tomáš; Britt, D.

    Vol. 6. s. l : European Planetology Network, 2011. s. 1-2 Institutional research plan: CEZ:AV0Z30130516 Keywords : magnetic susceptibility * meteorite * asteroid Subject RIV: BN - Astronomy, Celestial Mechanics, Astrophysics http://meetingorganizer.copernicus.org/EPSC-DPS2011/EPSC-DPS2011-784.pdf

  4. Magnetic susceptibility as a tool for characterization of an asteroid regolith and sample return

    Kohout, Tomáš; Britt, D.

    2011-01-01

    Roč. 46, Supplement (2011), A128-A128. ISSN 1086-9379. [Annual Meeting of the Meteoritical Society /74./. 08.08.2011-12.08.2011, London] Institutional research plan: CEZ:AV0Z30130516 Keywords : magnetic susceptibility * meteorite * asteroid Subject RIV: BN - Astronomy, Celestial Mechanics, Astrophysics

  5. CoC GIS Tools (GIS Tool)

    Department of Housing and Urban Development — This tool provides a no-cost downloadable software tool that allows users to interact with professional quality GIS maps. Users access pre-compiled projects through...

  6. Laboratory Evaluation of Air Flow Measurement Methods for Residential HVAC Returns for New Instrument Standards

    Walker, Iain [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Stratton, Chris [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2015-08-01

    This project improved the accuracy of air flow measurements used in commissioning California heating and air conditioning systems in Title 24 (Building and Appliance Efficiency Standards), thereby improving system performance and efficiency of California residences. The research team at Lawrence Berkeley National Laboratory addressed the issue that typical tools used by contractors in the field to test air flows may not be accurate enough to measure return flows used in Title 24 applications. The team developed guidance on performance of current diagnostics as well as a draft test method for use in future evaluations. The study team prepared a draft test method through ASTM International to determine the uncertainty of air flow measurements at residential heating ventilation and air conditioning returns and other terminals. This test method, when finalized, can be used by the Energy Commission and other entities to specify required accuracy of measurement devices used to show compliance with standards.

  7. Stock Returns, Volatility, and Cointegration among Chinese Stock Markets

    QiZhou; ZhongguoZhou

    2005-01-01

    This paper examines stock returns, volatility, and cointegration among three Chinese stock markets before and after Hong Kong's return to China. The average daily returns are much higher during the first sub-period (from April 1991 to June 1997) and significantly lower or even negative during the second sub-period (from July 1997 to December 2002). The mean adjusted change in volatility is negatively and significantly correlated with the lagged returns. This negative relation is mainly caused by a contemporaneous and significantly positive correlation between returns and volatility in the first sub-period. This significant relationship disappears for the Shanghai and Shenzhen Stock Exchanges and is even negative for the Hong Kong Stock Exchange during the second sub-period. Three Chinese stock markets are cointegrated over the entire sample period and become more closely related after Hong Kong's return to China. Our results have important implications for both policy makers and individual investors.

  8. Managing product returns to achieve supply chain sustainability

    Shaharudin, Mohd Rizaimy; Govindan, Kannan; Zailani, Suhaiza;

    2015-01-01

    established a product returns management program to handle three types of product returns found in their organizations. This is not surprising because successful product returns management has a number of internal and external benefits to the firms. Our interviews also uncover that the abundant amount of......Abstract The aim of this article is to develop research propositions for product returns management using the Institutional Theory (INT) as the foundation for the study. The paper culminates with a research model based on this theoretical perspective to examine the input and output of product...... product returns is pressing these companies to implement an effective product returns management program. Based on the primary and secondary data collected in this study, three propositions are developed for future research, which should be tested with a large empirical data set to strengthen the...

  9. An Integrated Traverse Planner and Analysis Tool for Planetary Exploration

    Johnson, Aaron William; Hoffman, Jeffrey A.; Newman, Dava; Mazarico, Erwan Matias; Zuber, Maria

    2010-01-01

    Future planetary explorations will require surface traverses of unprecedented frequency, length, and duration. As a result, there is need for exploration support tools to maximize productivity, scientific return, and safety. The Massachusetts Institute of Technology is currently developing such a system, called the Surface Exploration Traverse Analysis and Navigation Tool (SEXTANT). The goal of this system is twofold: to allow for realistic simulations of traverses in order to assist with har...

  10. Geology of Potential Landing Sites for Martian Sample Returns

    Greeley, Ronald

    2003-01-01

    This project involved the analysis of potential landing sites on Mars. As originally proposed, the project focused on landing sites from which samples might be returned to Earth. However, as the project proceeded, the emphasis shifted to missions that would not include sample return, because the Mars Exploration Program had deferred sample returns to the next decade. Subsequently, this project focused on the study of potential landing sites for the Mars Exploration Rovers.

  11. Potential losses from incorporating return predictability into portfolio allocation

    Dragon Yongjun Tang

    2014-01-01

    The extant literature demonstrates the importance of stock return predictability for portfolio allocation. The usefulness of incorporating return predictability into portfolio decisions is most evident for Bayesian investors who build their portfolios based on their prior beliefs. I show that the magnitude of economic significance of stock return predictability largely depends on the choice of prior beliefs. An investor could suffer substantial utility loss when he delegates portfolio managem...

  12. Expected Returns on Real Investments: Evidence from the Film Industry

    Powers, Thomas

    2014-01-01

    Asset pricers generally study the pricing of secondary market securities. Using a proprietary, project-level dataset on the film industry, I am able to study a cross-section of expected returns on real investments instead. One area in which we might expect differences is in the pricing of idiosyncratic risk. I find that expected returns are both increasing and concave in the idiosyncratic dollar variance of a film's payoff. Plotting expected returns against dollar volatility yields an approxi...

  13. Brain drain from Turkey: return intentions of skilled migrants

    Güngör, Nil Demet; Tansel, Aysit

    2011-01-01

    The study estimates an empirical model of return intentions using a dataset compiled from an internet survey of Turkish professionals residing abroad. In the migration literature, wage differentials are often cited as an important factor explaining skilled migration. The findings of our study suggest, however, that non-pecuniary factors, such as the importance of family and social considerations, are also influential in the return or non-return decision of the highly educated. In addition, ec...

  14. INVESTMENT RETURN IN TRAINING PROGRAMS FOR COMPENTENCE DEVELOPMENT

    Maria Lúcia Gili Massi

    2015-01-01

    Can the investment return in training programs be applied to assess the impacts on work by incorporating skills? This issue has encouraged this study to verify whether it is possible to evaluate the financial return on the investment made in training for the development or acquisition of skills by applying the ROI. The literature has shown that it is possible, for professionals in training, to evaluate the financial returns generated by investment in training for skills development.

  15. INVESTMENT RETURN IN TRAINING PROGRAMS FOR COMPENTENCE DEVELOPMENT

    Maria Lúcia Gili Massi

    2015-06-01

    Full Text Available Can the investment return in training programs be applied to assess the impacts on work by incorporating skills? This issue has encouraged this study to verify whether it is possible to evaluate the financial return on the investment made in training for the development or acquisition of skills by applying the ROI. The literature has shown that it is possible, for professionals in training, to evaluate the financial returns generated by investment in training for skills development.

  16. Estimating the Rate of Return to Education using Microsimulation

    Cathal O'donoghue

    1999-01-01

    This paper attempts to use microsimulation methods to compare returns to education in four European countries, Germany, Ireland, Italy and the United Kingdom. This paper broadens the type of measure used to measure the return to education to include interactions with public taxtransfer systems and to consider the effect of differential employment rates on education. Mincer style wage equations are estimated for each country in order to model the return to education of gross earnings. These...

  17. Return handling options and order quantities for single period products

    2000-01-01

    Products which are sold through E-commerce or mail sales catalogues tend to have a much higher return rate than traditional products. The returns are especially problematic for seasonal products. To support decision making in these situations we study various options, which may be considered as strategic decisions, on handling the increased return flow. Closed form analytic expressions for optimal order quantities are obtained by solving the models developed for each option. Decision making g...

  18. Rate of Return Parity in Experimental Asset Markets

    Jason Childs; Stuart Mestelman

    2004-01-01

    This paper applies experimental methods to evaluate the completeness of arbitrage and rate of return parity in simultaneous asset markets in which the assets are denominated in different currencies. Two assets, which return uncertain, but known, dividends in each trading period, are traded over twenty periods, after which the asset has no value. Results indicate that risk neutral rate of return parity is a strong predictor of relative asset prices when assets have common expected dividends an...

  19. Myopia, customer returns and the theory of planned behaviour

    King, T.; Dennis, C.; Wright, L T

    2008-01-01

    As a prevalent and growing form of customer behaviour, deshopping is on the rise. Retailers’ focus on good customer service and the offering of lenient returns polices has led to the growth in this fraudulent behaviour of customers in returning goods. This paper considers retailer myopia in the context of dishonest customer returns, applying the Theory of Planned Behaviour (TPB) using a quantitative questionnaire with 535 female consumers. The findings highlight the extent of the behaviour wi...

  20. Returns to Investment in Training of Agricultural Researchers

    Irias, Luiz Jose; Avila, Antonio Flavio

    1987-01-01

    Returns to both graduate and continuous training programmes developed and earned out by EMBRAPA are estimated, following the standard social rate of return approach. Benefits were measured at the farm level and derived from adoption of new technolog1es associated with training programmes. Estimates of the internal rate of return are quite htgh for investment in such training programmes, even when compared with any other investment alternative, whether public or private. Those high rates of re...

  1. A selection analysis of returns to education in China

    Kang, Lili; Peng, Fei

    2011-01-01

    This paper estimates the economic returns to education in China from 1989 to 2009, using the China Health and Nutrition Survey (CHNS) dataset. We find that education returns for one additional year generally increase from 2.6% in 1989 to 7.9% in 2009. Education returns, however, may reflect signals of innate ability, or the accumulation of human capital. Moreover, traditional Ordinary Least Square estimates may be biased by selection problems and mix-ups of age group heterogeneity. Hence, we ...

  2. A selection analysis on education returns in China

    Kang, Lili; Peng, Fei

    2011-01-01

    This paper estimates the economic returns to education in China from 1989 to 2009, using the China Health and Nutrition Survey (CHNS) dataset. We find that education returns for one additional year generally increase from 2.6% in 1989 to 7.9% in 2009. Education returns, however, may reflect signals of innate ability, or the accumulation of human capital. Moreover, traditional Ordinary Least Square estimates may be biased by selection problems and mix-ups of age group heterogeneity. Hence, we ...

  3. The Risk-Return Attributes of International Real Estate Equities

    Paul K. Asabere; Robert Kleiman; Carl McGowan

    1991-01-01

    This paper examines the risk and return attributes of international real estate equities over the 1980-1988 time period. The empirical results indicate that international real estate equities offer higher returns as well as greater total and systematic risk than U.S.-based REITs. The results also indicate that international real estate equities are weakly positively correlated with the return on REITs. International real estate equities achieve higher values for both the Treynor and Jensen me...

  4. Equity Real Estate Investment Trusts and Real Estate Returns

    S. Michael Giliberto

    1990-01-01

    Some investors view equity real estate investment trusts (EREITs) as partial substitutes for conventional real estate investments, although the correlation between EREIT and real estate returns is insignificant. However, this study finds that the residuals from regressions of both real estate series on financial asset returns are significantly correlated. This supports the notion that there is a common factor (or factors) associated with real estate that affects both sets of returns. In addit...

  5. Return migration and the age profile of retirement among immigrants

    Cobb-Clark, Deborah A.; Stillma, Steven

    2013-01-01

    We analyze the relationship between the age profile of retirement within an immigrant population and aggregate return migration rates for individuals from different countries of origin. The latter serves as a proxy for the relative net benefits of return migration to that origin country. Our simple theoretical model illustrates that under reasonable conditions the probability of return migration is maximized at retirement. This implies that different immigrant populations will have different ...

  6. Consumption-Wealth Ratio and Expected Housing Return

    N. Kundan Kishor; Swati Kumari

    2014-01-01

    In this paper, we estimate expected return on housing by exploiting information from the variations in the consumption- wealth ratio. We combine a present-value model of consumption with an unobserved component model to express the excess consumption-assets ratio (consumption in excess of labor income) as a linear function of unobserved return on housing assets, financial assets, and consumption growth. We apply a Kalman filter to extract expected housing asset returns from the history of rea...

  7. Consumption and Portfolio Decisions When Expected Returns are Time Varying

    Campbell, John; Viceira, Luis

    1999-01-01

    This paper proposes and implements a new approach to a classic unsolved problem in financial economics: the optimal consumption and portfolio choice problem of a long-lived investor facing time-varying investment opportunities. The investor is assumed to be infinitely-lived, to have recursive Epstein-Zin-Weil utility, and to choose in discrete time between a riskless asset with a constant return, and a risky asset with constant return variance whose expected log return follows and AR(1) proce...

  8. Time Varying Pessimism, Rare Disasters and Asset Returns

    Hening Liu

    2013-01-01

    Recent financial literature has advocated the risk of rare disasters to explain the equity premium puzzle (\\cite{MehraPresc85JME}). This paper presents a model with rare consumption disasters, state uncertainty and uncertainty aversion to explain a broad set of stylized facts about stock returns including (1) high equity premium, (2) volatile returns, (3) time-varying equity premia and volatility, (4) predictability of returns, and (5) high variance risk premium. Even with a constant and e...

  9. Soft Skills and Their Wage Returns: Overview of Empirical Literature

    Balcar Jiří

    2014-01-01

    Psychological traits, attitudes and soft skills represent factors whose effect on an individual’s wages has begun to be examined recently. Today, there is an extensive empirical body on wage returns to the first two factors, but still a relatively small one on wage returns to soft skills, such as communication, cooperation, leadership etc. The aim of this paper is to provide an overview of empirical literature on wage returns to soft skills. It suggests that soft skills are connected with sig...

  10. Heterogeneous Economic Returns to Postsecondary Degrees: Evidence from Chile

    Loreto Reyes; Jorge Rodríguez; Sergio S. Urzúa

    2013-01-01

    We analyze the economic returns to different postsecondary degrees in Chile. We posit a schooling decision model with unobserved ability, observed test scores and labor market outcomes. We benefit from administrative records to carry out our empirical strategy. Our results show positive average returns to postsecondary degrees, especially for five-year degrees. However, we also uncover a large fraction of individuals with realized negative net returns. Although psychic benefits of postseconda...

  11. Short-Horizon Return Predictability in International Equity Markets

    Abul Shamsuddin; Kim, Jae H

    2009-01-01

    This study measures the degree of short-horizon return predictability of 50 international equity markets and examines how its variation is related to the indicators of equity market development. Two multiple-horizon variance ratio tests are employed to measure the degree of return predictability. We find evidence that return predictability is negatively correlated with publicly available indicators of equity market development. Our cross-sectional regression analysis shows that the per capita...

  12. Herding Behavior and Stock Returns: An Exploratory Investigation

    Lillyn L. Teh; Werner F. M. De Bondt

    1997-01-01

    We collect trading and ownership statistics for U.S. stocks between 1970 and 1989 and we study the cross-section of returns. In rational and frictionless markets, equity returns should not depend on asset turnover nor should they depend on owner identity. Yet, with market imperfections, crowd behavior may affect returns. We examine two types of herding: (i) conventional investing, and (ii) trading for non-informational reasons. Incomplete information models predict that conventional stocks co...

  13. Psychosocial work characteristics and return to work after occupational rehabilitation

    Lise, Haveraaen

    2013-01-01

    BACKGROUND: Long-term sickness absence is a major health and economic problem in the industrialised world. Factors that might promote return to work are therefore of great interest. Psychosocial work characteristics are known to influence health; it was therefore hypothesised that the work characteristics might also influence return to work. OBJECTIVE: The aim of the study was to examine the impact of psychosocial work characteristics on return to work after occupational rehabilitation. ME...

  14. Idiosyncratic volatility, stock market volatility, and expected stock returns

    Hui Guo; Robert Savickas

    2005-01-01

    We find that the value-weighted idiosyncratic stock volatility and aggregate stock market volatility jointly exhibit strong predictive power for excess stock market returns. The stock market risk-return relation is found to be positive, as stipulated by the CAPM; however, idiosyncratic volatility is negatively related to future stock market returns. Also, idiosyncratic volatility appears to be a pervasive macrovariable, and its forecasting abilities are very similar to those of the consumptio...

  15. CAN STRUCTURAL CHANGE EXPLAIN CHANGES IN RETURNS TO TECHNICAL ANALYSIS?

    Kidd, Willis V.; Brorsen, B. Wade

    2002-01-01

    Returns to managed futures funds and Commodity Trading Advisors (CTAs) have decreased dramatically during the last several years. Since these funds overwhelmingly use technical analysis, this research examines futures prices to determine if there is evidence of a structural change in futures price movements that could explain the reduction in fund returns. Bootstrap tests are used to test significance of a change in statistics related to daily returns, close-to-open changes, breakaway gaps, a...

  16. Understanding the risk-return tradeoff in the stock market

    Hui Guo

    2002-01-01

    We find that past stock market variance forecasts excess stock market returns and that its predictive ability is greatly enhanced if the consumption-wealth ratio is also included in the forecasting equation. While the risk-return tradeoff is found negative if we use the latter as the instrumental variable for the conditional moments, the former suggests positive one. We argue that the consumption-wealth ratio is closely related to the hedge component of excess returns as in Merton's (1973) in...

  17. Returns to investors in stocks in new industries

    Gerald P. Dwyer; Barnhart, Cora

    2008-01-01

    We examine the returns to investors in publicly traded stock in new industries. We examine data from the United States on sellers of own-brand personal computers, airlines and airplane manufacturers, automobile manufacturers, railroads, and telegraphs. We find that a relatively small number of companies generate outstanding returns and many firms fail. Firms in new industries typically have high volatility of individual stocks' returns. Compared with indexes for the same period, expected retu...

  18. Predicting Abnormal Returns From News Using Text Classification

    Luss, Ronny; d'Aspremont, Alexandre

    2008-01-01

    We show how text from news articles can be used to predict intraday price movements of financial assets using support vector machines. Multiple kernel learning is used to combine equity returns with text as predictive features to increase classification performance and we develop an analytic center cutting plane method to solve the kernel learning problem efficiently. We observe that while the direction of returns is not predictable using either text or returns, their size is, with text featu...

  19. Pricing Volatility of Stock Returns with Volatile and Persistent Components

    Zhu, Jie

    2009-01-01

    This paper introduces a two-component volatility model based on first moments of both components to describe the dynamics of speculative return volatility. The two components capture the volatile and the persistent part of volatility, respectively. The model is applied to 10 Asia-Pacific stock ma...... markets. A positive or risk-premium effect exists between the return and the volatile component, yet the persistent component is not significantly priced for the return dynamic process....

  20. Venture capital returns, new firms and social networks

    Ewens, Michael

    2010-01-01

    These chapters study the return of venture capital investments with a focus on outliers and examine the formation of new firms that invest in entrepreneurial companies. First, I formulate a model and estimator of venture capital (VC) returns motivated by the entrepreneurial firm life-cycle and the extreme return outcomes of typical venture capital investments. The model incorporates tail events and the estimator corrects for sample selection bias and endogenous investment holding periods. I f...

  1. Market Risk and Returns: Evidence from the Nigerian Capital Market

    Ifuero Osad Osamwonyi; Esther Ikavbo Asein

    2012-01-01

    The relationship between markets returns proxied by ‘betas’ and security returns is well established in the relevant extant literature. The objective of this paper is to provide evidence that this relationship holds in the Nigerian Capital Market. The study specifically examines market risk as defined in the Capital Asset Pricing Model (CAPM) as an explanatory variable for security returns in the Nigerian Capital Market. The model was tested with quarterly data for the period 2001 to 2005, us...

  2. The Determinants of Return Migration: Evidence for Kosovo

    Gashi, Ardiana; Adnett, Nick

    2015-01-01

    Return migration represents a potentially important contributor to economic development for countries that are large exporters of labor. This paper provides an analysis of the determinants of return migration to Kosovo, a country with an especially high level of recent emigration. The findings of this investigation suggest that there is a non-linear relationship between the age of the migrant and their probability of returning. In addition, the more educated migrants and those that have acqui...

  3. Return Migration, Self-Selection and Entrepreneurship in Mozambique

    Batista, Catia; McIndoe-Calder, Tara; Vicente, Pedro

    2014-01-01

    Does return migration affect entrepreneurship? This question has important implications for the debate on the economic development effects of migration for origin countries. The existing literature has, however, not addressed how the estimation of the impact of return migration on entrepreneurship is affected by double unobservable migrant self-selection, both at the initial outward migration and at the final inward return migration stages. This paper uses a representative household survey co...

  4. Return International Migration and Geographical Inequality: The Case of Egypt

    McCormick, Barry; Wahba, Jackline

    2004-01-01

    This paper explores entrepreneurship amongst return migrants, how their business locations and characteristics differ from other businesses, and the implications for rural–urban inequality. First, we examine, amongst returnees, the determinants of investment in a project/enterprise. Secondly, we study the impact of return migration on the characteristics and nature of non-farm small enterprises using a sample of return migrants and non-migrant owners of enterprises. Our data indicate tha...

  5. The Log-Linear Return Approximation, Bubbles, and Predictability

    Engsted, Tom; Pedersen, Thomas Quistgaard; Tanggaard, Carsten

    2012-01-01

    We study in detail the log-linear return approximation introduced by Campbell and Shiller (1988a). First, we derive an upper bound for the mean approximation error, given stationarity of the log dividend-price ratio. Next, we simulate various rational bubbles which have explosive conditional....... Finally, we show that a bubble model in which expected returns are constant can explain the predictability of stock returns from the dividend-price ratio that many previous studies have documented....

  6. SECTORAL RISK AND RETURN FOR COMPANIES IN ROMANIA

    Anis Cecilia; Buglea Alexandru; Lala - Popa Ion; Cican Simona

    2012-01-01

    probability that cash flows or return will vary from expectations. Standard corporate finance theory supposes that a company chooses a capital structure that maximizes company value. A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk that an investor is willing to take on, the greater the potential return. The reason for this is that investors need to be compensated for taking on additional risk. Why put capital at significant risk for a ...

  7. Reduction and return of infectious trachoma in severely affected communities in Ethiopia.

    Takele Lakew

    Full Text Available BACKGROUND: Antibiotics are a major tool in the WHO's trachoma control program. Even a single mass distribution reduces the prevalence of the ocular chlamydia that causes trachoma. Unfortunately, infection returns after a single treatment, at least in severely affected areas. Here, we test whether additional scheduled treatments further reduce infection, and whether infection returns after distributions are discontinued. METHODS: Sixteen communities in Ethiopia were randomly selected. Ocular chlamydial infection in 1- to 5-year-old children was monitored over four biannual azithromycin distributions and for 24 months after the last treatment. FINDINGS: The average prevalence of infection in 1- to 5-year-old children was reduced from 63.5% pre-treatment to 11.5% six months after the first distribution (P<0.0001. It further decreased to 2.6% six months after the fourth and final treatment (P = 0.0004. In the next 18 months, infection returned to 25.2%, a significant increase from six months after the last treatment (P = 0.008, but still far lower than baseline (P<0.0001. Although the prevalence of infection in any particular village fluctuated, the mean prevalence of the 16 villages steadily decreased with each treatment and steadily returned after treatments were discontinued. CONCLUSION: In some of the most severely affected communities ever studied, we demonstrate that repeated mass oral azithromycin distributions progressively reduce ocular chlamydial infection in a community, as long as these distributions are given frequently enough and at a high enough coverage. However, infection returns into the communities after the last treatment. Sustainable changes or complete local elimination of infection will be necessary. TRIAL REGISTRATION: ClinicalTrials.gov NCT00221364.

  8. UNRAVELING RISK AND RETURN IN ISLAMIC BANKING: DOES THE PERCEIVED HIGH RETURN EXIST?

    Fitwi, Abrar; Elder, Laura

    2015-01-01

    Using mixed qualitative and quantitative methods, this study analyzes the risk and return results of Islamic banks versus their conventional counterparts in Malaysia in order to evaluate arguments that adherence to shariah based banking principles minimizes risk exposure. Using comparative data from eight Malaysian banks, our empirical investigation provides limited support to theoretical arguments that the Islamic banks minimize risk. Our results show that there is no statistically significa...

  9. Study of return rate and return time of undeliverable postal letters

    Schmidt-Pokrzywniak, Andrea; Stang, Andreas

    2010-01-01

    Abstract Postal questionnaires are widely used to collect data in health research and epidemiologic studies. One problem related to mail surveys is the availability of an up-to-date and accurate list of people in the population from which to draw the sample for the survey. For the identification of incorrect postal addresses it is important that all incorrectly addressed mails are returned as undeliverable. This study examines the proportion of unreturned postal letters that were s...

  10. Evaluation of the return rate of volunteer blood donors

    Adriana de Fátima Lourençon

    2011-06-01

    Full Text Available BACKGROUND: To convert first-time blood donors into regular volunteer donors is a challenge to transfusion services. OBJECTIVES: This study aims to estimate the return rate of first time donors of the Ribeirão Preto Blood Center and of other blood centers in its coverage region. METHODS: The histories of 115,553 volunteer donors between 1996 and 2005 were analyzed. Statistical analysis was based on a parametric long-term survival model that allows an estimation of the proportion of donors who never return for further donations. RESULTS: Only 40% of individuals return within one year after the first donation and 53% return within two years. It is estimated that 30% never return to donate. Higher return rates were observed among Black donors. No significant difference was found in non-return rates regarding gender, blood type, Rh blood group and blood collection unit. CONCLUSIONS: The low percentage of first-time donors who return for further blood donation reinforces the need for marketing actions and strategies aimed at increasing the return rates.

  11. Return Migration among Elderly, Chronically Ill Bosnian Refugees

    Handlos, Line Neerup; Olwig, Karen Fog; Bygbjerg, Ib Christian;

    2015-01-01

    Elderly migrants constitute a considerable share of global return migration; nevertheless, literature on the health aspects of the return migration among these migrants is still scarce. This study explores the significance of return migration among elderly, chronically ill Bosnian refugees from...... Denmark and the role of health issues in their decision to return. It is based on semi-structured interviews with 33 elderly, chronically ill Bosnian refugees who have moved back to Bosnia and Herzegovina, and 10 elderly, chronically ill Bosnian refugees who have remained in Denmark. The interviews show...

  12. Returns on Investment in California County Departments of Public Health

    2016-01-01

    Objectives. To estimate the average return on investment for the overall activities of county departments of public health in California. Methods. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008–2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. Results. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. Conclusions. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment. PMID:27310339

  13. Do short-sellers arbrtrage accrual-based return anomalies?

    Hirshleifer, David; Teoh, Siew Hong; Yu, Jeff Jiewei

    2007-01-01

    We find a positive association between short-selling and accruals, and between short-selling and NOA, during 1988-2003. The accrual and NOA return anomalies are asymmetric. The absolute value of mean abnormal returns is larger for high-accrual firms than low-accrual firms on NASDAQ, but not on NYSE, and the abnormal return asymmetry is stronger among firms with low institutional holdings. For NOA, there is only limited evidence that the abnormal return asymmetry is stronger on NASDAQ than on ...

  14. Partial return yoke for MICE step IV and final step

    This paper reports on the progress of the design and construction of a retro-fitted return yoke for the international Muon Ionization Cooling Experiment (MICE). MICE is a proof-of-principle experiment aiming to demonstrate ionization cooling experimentally. In earlier studies we outlined how a partial return yoke can be used to mitigate stray magnetic field in the experimental hall; we report on the progress of the construction of the partial return yoke for MICE Step IV. We also discuss an extension of the Partial Return Yoke for the final step of MICE; we show simulation results of the expected performance.

  15. Depreciation Classes, Return on Investment and Economic Profitability

    Carlo Alberto Magni

    2010-01-01

    This paper aims to provide a foundation for the notion of economic rate of return and investigate its relations with accounting rates of return. Introducing the notion of depreciation class (the set of depreciation schedules with the same aggregate book value) it is shown that the mean of the Return On Investments (ROI) determined by the project´s depreciation class (weighted by book values) captures the project´s economic profitability. Such a rate of return spans a space of infinitely many ...

  16. Consumer returns policies with endogenous deadline and supply chain coordination

    Xu, Lei; Li, Yongjian; Govindan, Kannan;

    2015-01-01

    on consumers' behavior and the pricing and inventory policies of the retailer are systematically investigated. Moreover, based on the analysis of consumer return behavior on a traditional buy-back contract, we present a new differentiated buy-back contract, contingent on return deadline, to coordinate a supply......This paper considers returns policies under which consumers' valuation depends on the refund amount they receive and the length of time theymustwait after the item is returned. Consumers face an uncertain valuation before purchase, and the realization of that purchase's value occurs only after...

  17. US Industry-Level Returns and Oil Prices

    Fan, Qinbin; Jahan-Parvar, Mohammad R.

    2009-01-01

    This paper takes a closer look at the puzzle uncovered by Driesprong et al. (2008) and finds empirical support for the "oil effect" in equity returns. Using forty nine US industry-level returns series and changes in oil spot and future prices, we address whether industry-level returns are predictable. We find that using changes in oil spot prices, the answer is yes; but for just under a fifth of industries in our sample. We find weak support for the predictability of industry-level returns ba...

  18. Market skewness risk and the cross section of stock returns

    Chang, B.Y.; Christoffersen, Peter; Jacobs, K.

    2013-01-01

    The cross section of stock returns has substantial exposure to risk captured by higher moments of market returns. We estimate these moments from daily Standard & Poor's 500 index option data. The resulting time series of factors are genuinely conditional and forward-looking. Stocks with high...... exposure to innovations in implied market skewness exhibit low returns on average. The results are robust to various permutations of the empirical setup. The market skewness risk premium is statistically and economically significant and cannot be explained by other common risk factors such as the market...... excess return or the size, book-to-market, momentum, and market volatility factors, or by firm characteristics....

  19. Influence of product return lead-time on inventory control

    Zerhouni, Mohamed Hichem; Gayon, Jean-Philippe; Frein, Yannick

    2009-01-01

    We consider a production-inventory system with capacity constraint and item returns correlated to demand. The system is modelled by an M/M/1 make-to-stock queue with lost sales. A satisfied demand incurs an item return with a certain probability, after an exponentially distributed return lead-time. We distinguish two cases: When the number of items to be returned is observable and when it is not observable. For the first case, we partially characterize the optimal policy. For the second case, w...

  20. Partial Return Yoke for MICE Step IV and Final Step

    Witte, Holger [Brookhaven; Plate, Stephen [Brookhaven; Berg, J.Scott [Brookhaven; Tarrant, Jason [Rutherford; Bross, Alan [Fermilab

    2015-06-01

    This paper reports on the progress of the design and construction of a retro-fitted return yoke for the international Muon Ionization Cooling Experiment (MICE). MICE is a proof-of-principle experiment aiming to demonstrate ionization cooling experimentally. In earlier studies we outlined how a partial return yoke can be used to mitigate stray magnetic field in the experimental hall; we report on the progress of the construction of the partial return yoke for MICE Step IV. We also discuss an extension of the Partial Return Yoke for the final step of MICE; we show simulation results of the expected performance.

  1. Partial return yoke for MICE step IV and final step

    Witte, H. [Brookhaven National Lab. (BNL), Upton, NY (United States); Plate, S. [Brookhaven National Lab. (BNL), Upton, NY (United States); Berg, J. S. [Brookhaven National Lab. (BNL), Upton, NY (United States); Tarrant, J. [Science and Technology Facilities Council (STFC), Oxford (United Kingdom). Rutherford Appleton Lab. (RAL); Bross, A. [Fermi National Accelerator Lab. (FNAL), Batavia, IL (United States)

    2015-05-03

    This paper reports on the progress of the design and construction of a retro-fitted return yoke for the international Muon Ionization Cooling Experiment (MICE). MICE is a proof-of-principle experiment aiming to demonstrate ionization cooling experimentally. In earlier studies we outlined how a partial return yoke can be used to mitigate stray magnetic field in the experimental hall; we report on the progress of the construction of the partial return yoke for MICE Step IV. We also discuss an extension of the Partial Return Yoke for the final step of MICE; we show simulation results of the expected performance.

  2. Intraday Patterns in the Cross-section of Stock Returns

    Steven L. Heston; Korajczyk, Robert A.; Ronnie Sadka

    2010-01-01

    Motivated by the literature on investment flows and optimal trading, we examine intraday predictability in the cross-section of stock returns. We find a striking pattern of return continuation at half-hour intervals that are exact multiples of a trading day, and this effect lasts for at least 40 trading days. Volume, order imbalance, volatility, and bid-ask spreads exhibit similar patterns, but do not explain the return patterns. We also show that short-term return reversal is driven by tempo...

  3. Market Risk and Returns: Evidence from the Nigerian Capital Market

    Ifuero Osad Osamwonyi

    2012-09-01

    Full Text Available The relationship between markets returns proxied by ‘betas’ and security returns is well established in the relevant extant literature. The objective of this paper is to provide evidence that this relationship holds in the Nigerian Capital Market. The study specifically examines market risk as defined in the Capital Asset Pricing Model (CAPM as an explanatory variable for security returns in the Nigerian Capital Market. The model was tested with quarterly data for the period 2001 to 2005, using the most capitalized firms in the Nigerian Capital market. The findings confirm a positive linear relationship between market betas and security returns for the sampled Nigerian firms.

  4. Estimation of return levels against different return periods of extreme annual rainfall over Baluchistan

    Unprecedented heavy monsoon rainfall began in the last week of July 2010 in the Northern part of our country, causes floods in Baluchistan and Sindh. As the high frequency rainfall events are a significant cause of current severe flooding in Pakistan and any fluctuation in the level of such events may cause huge economic losses as well as social problem, urban structures (i.e. dams, urban drainage systems and flood). Statistical distributions are used to identify extremes of annual rainfall of different cities of Baluchistan (Quetta, Sibbi, Khuzdar, Lasbella, Dalbandin and Pasni) with their return periods. Analysis predicts that Gumbel Max. (GM) Distribution is the best fitted distribution for Sibbi and Lasbella while the GEV distribution is the best fitted for Quetta, Khuzdar, Dalbandin and Pasni. The analysis also suggests that different cities of Baluchistan have 30-years return period for getting more than 90 mm average daily rainfall while they have 100-years return period for receiving more than 118 mm daily rainfall. This suggests for suitable flood forecasting and improving the river structure in Baluchistan, Pakistan. (author)

  5. Precautionary Principle and Mars Sample Return

    Arnould, Jacques

    Many space missions have today as an aim the exploration and the knowledge of the planet Mars; consequently, the return of Martian samples seems one of the next possible stages, at the horizon of about fifteen years. Devoted in the search of traces of life, passed or presents, such a mission presents a true stake not only from the scientific point of view but also from the ethical. Right now, the COSPAR specified the precautions to be taken to avoid or, at the very least, to limit the risk of contamination of the terrestrial biosphere by pathogenic the hitherto unknown ones. Are these recommendations sufficient? Do they concern only the scientific prudence or take truly counts of the good of humanity and the life on Earth? In the final analysis, is the incurred risk, even weak, to endanger this life worth the sorrow of it? Hitherto confined with the scientific circles of astronomy and astrobiology, this questioning could move the public opinion and this one would undoubtedly call some with the principle of precaution. In what this recourse would be relevant? The precaution aims indeed the hypothetical risks, not yet confirmed scientifically, but of which the possibility can be identified starting from empirical and scientific knowledge; such is well the case. But is it for as much possible to apply this principle to the case of the Martian samples, insofar as the objective of such a mission remains for the strictly scientific moment? Is it possible to manage the risks in the same manner when it is a question of appropriation and exploitation of the natural resources and energy (GMO, nuclear energy, etc.) and when it acts, in the case of Mars, that only search of the knowledge? How to manage the fundamental difference between the risks voluntarily taken and arbitrarily imposed, clarified and keep silent? The case of the return of the samples leads to the borders of the contemporary interrogations on the stakes and the benefits of science, on the share of risk

  6. Return on investment (ROI) proposal preparation guide

    The ROI Proposal Preparation Guide is a tool to assist Hanford waste generators in preparing ROI proposal forms for submittal to Department of Energy, Richland Operations Office (DOE/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

  7. Sample Return from Ancient Hydrothermal Springs

    Allen, Carlton C.; Oehler, Dorothy Z.

    2008-01-01

    Hydrothermal spring deposits on Mars would make excellent candidates for sample return. Molecular phylogeny suggests that that life on Earth may have arisen in hydrothermal settings [1-3], and on Mars, such settings not only would have supplied energy-rich waters in which martian life may have evolved [4-7] but also would have provided warm, liquid water to martian life forms as the climate became colder and drier [8]. Since silica, sulfates, and clays associated with hydrothermal settings are known to preserve geochemical and morphological remains of ancient terrestrial life [9-11], such settings on Mars might similarly preserve evidence of martian life. Finally, because formation of hydrothermal springs includes surface and subsurface processes, martian spring deposits would offer the potential to assess astrobiological potential and hydrological history in a variety of settings, including surface mineralized terraces, associated stream deposits, and subsurface environments where organic remains may have been well protected from oxidation. Previous attempts to identify martian spring deposits from orbit have been general or limited by resolution of available data [12-14]. However, new satellite imagery from HiRISE has a resolution of 28 cm/pixel, and based on these new data, we have interpreted several features in Vernal Crater, Arabia Terra as ancient hydrothermal springs [15, 16].

  8. ANALYSIS MODEL FOR RETURN ON CAPITAL EMPLOYED

    BURJA CAMELIA

    2013-02-01

    Full Text Available At the microeconomic level, the appreciation of the capitals’ profitability is a very complex action which is ofinterest for stakeholders. This study has as main purpose to extend the traditional analysis model for the capitals’profitability, based on the ratio “Return on capital employed”. In line with it the objectives of this work aim theidentification of factors that exert an influence on the capital’s profitability utilized by a company and the measurementof their contribution in the manifestation of the phenomenon. The proposed analysis model is validated on the use caseof a representative company from the agricultural sector. The results obtained reveal that in a company there are somefactors which can act positively on the capitals’ profitability: capital turnover, sales efficiency, increase the share ofsales in the total revenues, improvement of the expenses’ efficiency. The findings are useful both for the decisionmakingfactors in substantiating the economic strategies and for the capital owners who are interested in efficiency oftheir investments.

  9. The return of Vaman a scientific novel

    Narlikar, Jayant V

    2015-01-01

    This collection of science fiction writings by Jayant V. Narlikar offers readers a unique glimpse into the world-famous Indian astrophysicist’s vivid and highly imaginative concepts and stories.   The fictional material comprises a witty short story ("The rare idol of Ganesha") that cleverly explores the possible consequences of a mirror-symmetric individual in the context of cricket test match performances, as well as the fast-paced, gripping science fiction thriller "The return of Vaman": when an alien container is unearthed by a crew of scientists, the enormous potential technological applications of its contents bring various criminal elements on the scene – but when the real danger becomes apparent it is almost too late to save humanity.   Last but not least, the book provides readers with extensive insights into the genesis and scientific background of the fictional material presented in this volume, along with an autobiographical account of the author’s life-long interest in science fiction and...

  10. [Fever in children returning from travel].

    Sorge, F; Velayudhan-Deschamps, N; Faye, A; Blondé, R; Naudin, J

    2016-04-01

    Child travelers are numerous, exposed to the risk of diseases, both infectious and noninfectious, for which practitioners often lack experience. The assessment of febrile returning child travelers is becoming more frequent and challenging. The question of previous travel should be foremost in the checklist of the interview of any febrile child traveler, because this implies a possible tropical disease such as malaria that may be life-threatening. These need to be investigated and treated effectively and rapidly. There are highly contagious infections that could pose public health risks requiring implementation of hygienic and public health measures. A detailed immunization, medical, and travel history for exposure to infectious risks using geographic, seasonal, environmental, sociocultural, and epidemiological data are needed. Along with clinical examination and elementary first-line investigations, the history should guide second-line exams, which will provide the etiology and optimal treatment in approximately 75 % of cases. The majority of children will have a cosmopolitan infection that resolves spontaneously or is simple to treat. Malaria will need urgent and specific treatment. This article describes guidance on first-line evaluation and management of febrile child travelers as recommended in France. PMID:26968306

  11. Relating Financial and Energy Return on Investment

    Carey W. King

    2011-10-01

    Full Text Available For many reasons, including environmental impacts and the peaking and depletion of the highest grades of fossil energy, it is very important to have sound methods for the evaluation of energy technologies and the profitability of the businesses that utilize them. In this paper we derive relations among the biophysical characteristic of an energy resource in relation to the businesses and technologies that exploit them. These relations include the energy return on energy investment (EROI, the price of energy, and the profit of an energy business. Our analyses show that EROI and the price of energy are inherently inversely related such that as EROI decreases for depleting fossil fuel production, the corresponding energy prices increase dramatically. Using energy and financial data for the oil and gas production sector, we demonstrate that the equations sufficiently describe the fundamental trends between profit, price, and EROI. For example, in 2002 an EROI of 11:1 for US oil and gas translates to an oil price of 24 $2005/barrel at a typical profit of 10%. This work sets the stage for proper EROI and price comparisons of individual fossil and renewable energy businesses as well as the electricity sector as a whole. Additionally, it presents a framework for incorporating EROI into larger economic systems models.

  12. Conduct costs, governance and returns: evidence of large banks

    Bace, Edward

    2015-01-01

    This study examines conduct costs incurred by large international banks over the period 2008-2014, and notes a negative correlation between the level of such costs and equity investor returns in these institutions. This reinforces the importance of good governance in contributing to investor returns and confidence.

  13. 29 CFR 825.311 - Intent to return to work.

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false Intent to return to work. 825.311 Section 825.311 Labor... AND MEDICAL LEAVE ACT OF 1993 Employee and Employer Rights and Obligations Under the Act § 825.311 Intent to return to work. (a) An employer may require an employee on FMLA leave to report periodically...

  14. 31 CFR 10.28 - Return of client's records.

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Return of client's records. 10.28 Section 10.28 Money and Finance: Treasury Office of the Secretary of the Treasury PRACTICE BEFORE THE INTERNAL REVENUE SERVICE Duties and Restrictions Relating to Practice Before the Internal Revenue Service § 10.28 Return of client's records. (a)...

  15. 76 FR 78816 - Tax Return Preparer Penalties Under Section 6695

    2011-12-20

    ... FR 62689, on October 11, 2011 (the NPRM). A public hearing was scheduled for November 7, 2011. The... Internal Revenue Service 26 CFR Part 1 RIN 1545-BK16 Tax Return Preparer Penalties Under Section 6695... contains final regulations that modify existing regulations related to the tax return preparer...

  16. 76 FR 62689 - Tax Return Preparer Penalties Under Section 6695

    2011-10-11

    ..., 2008, as TD 9436, 73 FR 78430 (the December 2008 final regulations). The December 2008 final... Internal Revenue Service 26 CFR Part 1 RIN 1545-BK16 Tax Return Preparer Penalties Under Section 6695... regulations related to the tax return preparer penalties under section 6695 of the Internal Revenue Code...

  17. Social Security Rates of Return with "Progressive Indexation"

    Dean Baker; David Rosnick

    2005-01-01

    This paper calculated rates of return for wage earners corresponding to Social Security Administration's definition of low-, medium-, high- and maximum-earners. It finds that the "progressive indexation" proposal endorsed by President Bush would reduce the rate of returns that most workers would receive from Social Security, even with private accounts.

  18. Rates of Return as Informer of Public Policy.

    Leslie, Larry L.

    1990-01-01

    Policymakers often use Rate of Return information in formulating public resource allocation decisions. The World Bank uses this strategy to advise developing nations in setting student subsidy levels, tuition, and allocation by educational level. However, Rate of Return may be an inappropriate policy device for these objectives. (Author/MSE)

  19. Public Rates of Return on Higher Education Investments, by State

    Courtright, Stephen H.; Fry, Cary G.

    2007-01-01

    Public rates of return on higher education expenditures are calculated by state. Benefits accruing to states from their investments in higher education are measured by differential tax revenues collected from college-educated citizens versus high-school-educated citizens. For most states we find an adequate rate of return on such investments.…

  20. The distribution-free newsboy problem with resalable returns

    J. Mostard (Julien); R.H. Teunter (Ruud); M.B.M. de Koster (René)

    2003-01-01

    textabstractWe study the case of a catalogue/internet mail order retailer selling seasonal products and receiving large numbers of commercial returns. Returned products arriving before the end of the selling season can be resold if there is sufficient demand. A single order is placed before the seas

  1. 75 FR 14539 - Furnishing Identifying Number of Tax Return Preparer

    2010-03-26

    ... their contents may become material in the administration of any internal revenue law. Generally, tax... 2009, Public Law 111-92, 123 Stat. 2984, 2997 (adding Code section 6011(e)(3)). Tax return preparers... Internal Revenue Service 26 CFR Part 1 RIN 1545-BI28 Furnishing Identifying Number of Tax Return...

  2. Changing Returns to Education in Spain During the 1980s.

    Vila, Luis-Eduardo; Mora, Jose-Gines

    1998-01-01

    Presents evidence on returns to education for Spanish employees during the 1980s, a period of remarkable structural transformation. Results show a declining payoff to education between 1981 and 1991 for lower and intermediate educational levels. Higher education does not show a reduction in return. Earnings inequality by gender declined noticeably…

  3. 77 FR 70835 - Centennial Challenges 2013 Sample Return Robot Challenge

    2012-11-27

    ... SPACE ADMINISTRATION Centennial Challenges 2013 Sample Return Robot Challenge AGENCY: National... in accordance with 51 U.S.C. 20144(c). The 2013 Sample Return Robot Challenge is scheduled and teams... Robot Challenge is a prize competition designed to encourage development of new technologies...

  4. Global Investing: Diversification Enhances Return and Controls Risk.

    Morrell, Louis R.

    1995-01-01

    As the business environment becomes more global, so should a college or university's investment portfolio. Global diversification is becoming increasingly important in controlling risk and enhancing return. This article examines the size of bond markets and returns on bond investments in several nations, performance of world equity markets, and…

  5. Risk-Return Trade-Off for European Stock Markets

    Aslanidis, Nektarios; Christiansen, Charlotte; Savva, Christos S.

    This paper adopts dynamic factor models with macro-finance predictors to revisit the intertemporal risk-return relation in five large European stock markets. We identify country specific, Euro area, and global factors to determine the conditional moments of returns considering the role of higher...... variables have explanatory power for the states of the European stock markets....

  6. Pricing Volatility of Stock Returns with Volatile and Persistent Components

    Zhu, Jie

    markets. Their in-mean effects on return are also tested. The empirical results show that the persistent component accounts much more for volatility dynamic process than the volatile component. However the volatile component is found to be a significant pricing factor of asset returns for most markets, a...

  7. Portfolio Management for a Random Field of Bond Returns

    Vladislav Kargin

    2003-01-01

    A new method of bond portfolio optimization is described. The method is based on stochastic string models of bond returns. It is shown how to approximate the bond return correlation function with Padé approximations and how to compute the optimal portfolio allocation using Wiener-Hopf factorization. The technique is illustrated with an example of the Treasury bond portfolio.

  8. Selectivity of Black Return Migration to the South

    Long, Larry H.; Hansen, Kristin A.

    1977-01-01

    The probability of blacks moving from the South has been directly related to years of school completed. Of those who leave, the most highly educated are the most likely to return. This and other evidence fails to support the hypothesis that return of the least capable migrants accounts for why southern-born blacks in the North earn more than…

  9. Earnings Differentials Among Nonmigrants, Return Migrants, and Nonreturn Migrants

    Kiker, B. F.; Traynham, Earle C.

    1977-01-01

    The study determined: if there were economic and/or demographic differences between them which existed prior to out-migration; what were the actual earnings differences between cohorts of return and nonreturn migrants following their migration; and if return migrants experienced an improvement or worsening in earnings relative to cohorts of…

  10. Moving to the Country: Return Migration to a Rural Area.

    Mapstone, James R.

    Study objectives were to: compare in-migrants with non-migrants in order to ascertain the migrants' demographic and socioeconomic contributions to rural areas; analyze the patterns of this in-migration to determine the presence and extent of return migration; contrast returned migrants with in-migrants who had no prior residence in the rural area;…

  11. Consequences of Return Migrant Status for Employment in Puerto Rico.

    Muschkin, Clara G.

    1993-01-01

    Explores the individual-level relationship of return migrant status to employment outcomes, taking into account local and regional factors such as the Puerto Rican level of employment. Findings using 1970 and 1980 Census data support a negative influence of return migrant status. Mediating factors are discussed. (SLD)

  12. 19 CFR 191.164 - Return to Customs custody.

    2010-04-01

    ... 19 Customs Duties 2 2010-04-01 2010-04-01 false Return to Customs custody. 191.164 Section 191.164 Customs Duties U.S. CUSTOMS AND BORDER PROTECTION, DEPARTMENT OF HOMELAND SECURITY; DEPARTMENT OF THE... to Sample or Specifications § 191.164 Return to Customs custody. There is no time limit for...

  13. The Wage Returns to On-the-Job Training: Evidence from Matched Employer-Employee Data

    Almeida, Rita K.; de Faria, Marta Lince

    2014-01-01

    Skills shortages and skill mismatch are a pressing concern for policymakers in several developing countries, and in East Asia specifically. Providing on-the-job training can be an effective policy tool to shape the skills of the existent workforce to the specific needs of the firms. This paper explores a unique data set of matched employer-employee data for Malaysia and Thailand to estimate the wage return to on-the-job training in these two countries. Exploring propensity score matching esti...

  14. Factor Structure in Commodity Futures Return and Volatility

    Christoffersen, Peter; Lunde, Asger; Olesen, Kasper Vinther

    Using data on more than 750 million futures trades during 2004-2013, we analyze eight stylized facts of commodity price and volatility dynamics in the post financialization period. We pay particular attention to the factor structure in returns and volatility and to commodity market integration with...... the equity market. We find evidence of a factor structure in daily commodity futures returns. However, the factor structure in daily commodity futures volatility is even stronger than in returns. When computing model-free realized commodity betas with the stock market we find that they were high...... during 2008-2010 but have since returned to the pre-crisis level close to zero. The common factor in commodity volatility is nevertheless clearly related to stock market volatility. We conclude that, while commodity markets appear to again be segmented from the equity market when only returns are...

  15. A SHARIA RETURN AS AN ALTERNATIVE INSTRUMENT FOR MONETARY POLICY

    Ashief Hamam

    2011-09-01

    Full Text Available Rapid development in Islamic financial industry has not been supported by sharia monetary policy instruments. This study looks at the possibility of sharia returns as the instrument. Using both error correction model and vector error correction model to estimate the data from 2002(1 to 2010(12, this paper finds that sharia return has the same effect as the interest rate in the demand for money. The shock effect of sharia return on broad money supply, Gross Domestic Product, and Consumer Price Index is greater than that of interest rate. In addition, these three variables are more quickly become stable following the shock of sharia return. Keywords: Sharia return, islamic financial system, vector error correction modelJEL classification numbers: E52, G15

  16. Long memory in return structures from developed markets

    Mousumi Bhattacharya

    2013-05-01

    Full Text Available The present study aimed at investigating the existence of long memory properties in ten developed stock markets across the globe. When return series exhibit long memory, the series realizations are not independent over time and past returns can help predict future returns, thus violating the market efficiency hypothesis. It poses a serious challenge to the supporters of random walk behavior of the stock returns indicating a potentially predictable component in the series dynamics. We computed Hurst-Mandelbrot's Classical R/S statistic, Lo's statistic and semi parametric GPH statistic using spectral regression. The findings suggest existence of long memory in volatility and random walk for logarithmic return series in general for all the selected stock market indices. Findings are in line with the stylized facts of financial time series.

  17. Return home to Huandacareo, Michoacán: Remittances, investment return and social change

    Eduardo Fernández Guzmán

    2013-01-01

    Full Text Available This article shows that international migration, remittances and migrant investor returns can be key factors in social change in the communities of origin. We come here to the case of Huandacareo, Michoacán, a town on the north-central region of the state with a long tradition of immigration and very high intensity of migration, to reflect on the changes in a community that migration to the United States has exercised a major impact on the social and economic dynamics of the population.

  18. 26 CFR 301.6103(l)-1 - Disclosure of returns and return information for purposes other than tax administration.

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information for purposes other than tax administration. 301.6103(l)-1 Section 301.6103(l)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) PROCEDURE AND ADMINISTRATION PROCEDURE...

  19. 26 CFR 301.6103(c)-1 - Disclosure of returns and return information to designee of taxpayer.

    2010-04-01

    ... Revenue Service (as defined in Treasury Department Circular No. 230, 31 CFR part 10). For disclosures in... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information to... a consent to the disclosure by the Internal Revenue Service, to the State agency, of...

  20. 76 FR 17521 - Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic Media

    2011-03-30

    ... proposed rulemaking (REG-100194-10) was published in the Federal Register (75 FR 75439) on December 3, 2010... Internal Revenue Service 26 CFR Parts 1 and 301 RIN 1545-BJ52 Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic Media AGENCY: Internal Revenue Service...

  1. 75 FR 75439 - Specified Tax Return Preparers Required To File Individual Income Tax Returns Using Magnetic Media

    2010-12-03

    ... Federal Register (75 FR 60309-01). This document also provides a notice of a public hearing on these... of tax return required under any other provision of law. The definition of file or filed by a tax... obligation to file returns under any other provision of law. The definition of file or filed by a tax...

  2. Lessons learned from the NRU vessel leak repair and return to service projects

    In May 2009 the National Research Universal (NRU) reactor was shut down due to a small leak detected from the reactor vessel into the annulus surrounding the reactor. What ensued was a challenging, yet successful, 15 month long Repair and Return to Service Outage. This Repair and Return to Service Outage presented many first-of-a-kind challenges that provide learning opportunities which have been incorporated into subsequent planned outages. These lessons learned are invaluable tools to be used in the planning and execution of future outages. Following the repair of the NRU vessel, AECL was required to conduct annual inspections of the vessel wall. These inspections require an annual Extended Outage (up to 4 weeks in length). A planned Extended Outage was conducted in May/June 2011 and provided an opportunity to implement some of the lessons learned during the Repair and Return to Service Outage. Lessons learned from that Extended Outage have been incorporated in the subsequent monthly maintenance outages, with lessons learned sessions being held after each outage to ensure that the execution of outages is constantly improving. (author)

  3. Lessons learned from the NRU vessel leak repair and return to service projects

    Heeney, P.; Turcotte, J. [Atomic Energy of Canada Limited, Chalk River, Ontario (Canada)

    2011-07-01

    In May 2009 the National Research Universal (NRU) reactor was shut down due to a small leak detected from the reactor vessel into the annulus surrounding the reactor. What ensued was a challenging, yet successful, 15 month long Repair and Return to Service Outage. This Repair and Return to Service Outage presented many first-of-a-kind challenges that provide learning opportunities which have been incorporated into subsequent planned outages. These lessons learned are invaluable tools to be used in the planning and execution of future outages. Following the repair of the NRU vessel, AECL was required to conduct annual inspections of the vessel wall. These inspections require an annual Extended Outage (up to 4 weeks in length). A planned Extended Outage was conducted in May/June 2011 and provided an opportunity to implement some of the lessons learned during the Repair and Return to Service Outage. Lessons learned from that Extended Outage have been incorporated in the subsequent monthly maintenance outages, with lessons learned sessions being held after each outage to ensure that the execution of outages is constantly improving. (author)

  4. A Clinical Service to Support the Return of Secondary Genomic Findings in Human Research.

    Darnell, Andrew J; Austin, Howard; Bluemke, David A; Cannon, Richard O; Fischbeck, Kenneth; Gahl, William; Goldman, David; Grady, Christine; Greene, Mark H; Holland, Steven M; Hull, Sara Chandros; Porter, Forbes D; Resnik, David; Rubinstein, Wendy S; Biesecker, Leslie G

    2016-03-01

    Human genome and exome sequencing are powerful research tools that can generate secondary findings beyond the scope of the research. Most secondary genomic findings are of low importance, but some (for a current estimate of 1%-3% of individuals) confer high risk of a serious disease that could be mitigated by timely medical intervention. The impact and scope of secondary findings in genome and exome sequencing will only increase in the future. There is considerable agreement that high-impact findings should be returned to participants, but many researchers performing genomic research studies do not have the background, skills, or resources to identify, verify, interpret, and return such variants. Here, we introduce a proposal for the formation of a secondary-genomic-findings service (SGFS) that would support researchers by enabling the return of clinically actionable sequencing results to research participants in a standardized manner. We describe a proposed structure for such a centralized service and evaluate the advantages and challenges of the approach. We suggest that such a service would be of greater benefit to all parties involved than present practice, which is highly variable. We encourage research centers to consider the adoption of a centralized SGFS. PMID:26942283

  5. Different forms, reasons and motivations for return migration of persons who voluntarily decide to return to their countries of origin.

    Callea, S

    1986-03-01

    Although the 1973 oil crisis did not have the drastic effects on immigration which were originally feared, it did end a period of quasi-liberal immigration policy, establish intense and effective international cooperation on immigration, and arouse great interest in immigration studies and research. This paper analyzes the situations arising as a result of the petroleum shortage and focuses on the conditions relating to the return of emigrants to Southern European countries. This new research draws attention to the following fundamental aspects of the immigration problem: 1) the emigrant's return to his homeland cannot be considered a factor in development; it is a positive element in development only if the right socioeconomic conditions exist in the country of origin. 2) Concern for children's education is one of the most common reasons for return. 3) A large percentage of emigrants are satisfied with their work abroad. 4) An emigrant's return potential is wasted due to the slight use that is made of the resources he offers. 5) Returning workers most often want to set up an independent enterprise. 6) Savings are generally used to buy a house or farm. 7) Vocational level does not increase significantly between emigration and returning, though this increase becomes greater the longer the emigrant stays abroad. 8) The number of returning emigrants is too slight to bring about any change in the country of origin. 9) Incentives and subsidies to encourage return have not had a considerable impact on the decision to return. Callea recommends that officials of the country of origin posted abroad be assigned to counsel returning emigrants on finding employment, attending vocational development courses, obtaining housing, accruing interests and savings, and on the problems and perspectives of sociocultural reintegration. PMID:12314946

  6. Risk-return relationship in a complex adaptive system.

    Kunyu Song

    Full Text Available For survival and development, autonomous agents in complex adaptive systems involving the human society must compete against or collaborate with others for sharing limited resources or wealth, by using different methods. One method is to invest, in order to obtain payoffs with risk. It is a common belief that investments with a positive risk-return relationship (namely, high risk high return and vice versa are dominant over those with a negative risk-return relationship (i.e., high risk low return and vice versa in the human society; the belief has a notable impact on daily investing activities of investors. Here we investigate the risk-return relationship in a model complex adaptive system, in order to study the effect of both market efficiency and closeness that exist in the human society and play an important role in helping to establish traditional finance/economics theories. We conduct a series of computer-aided human experiments, and also perform agent-based simulations and theoretical analysis to confirm the experimental observations and reveal the underlying mechanism. We report that investments with a negative risk-return relationship have dominance over those with a positive risk-return relationship instead in such a complex adaptive systems. We formulate the dynamical process for the system's evolution, which helps to discover the different role of identical and heterogeneous preferences. This work might be valuable not only to complexity science, but also to finance and economics, to management and social science, and to physics.

  7. The Prevalence of Norovirus in returning international travelers with diarrhea

    Löscher Thomas

    2010-05-01

    Full Text Available Abstract Background There is a high incidence of diarrhea in traveling populations. Norovirus (NV infection is a common cause of diarrhea and is associated with 7% of all diarrhea related deaths in the US. However, data on the overall prevalence of NV infection in traveling populations is limited. Furthermore, the prevalence of NV amongst travelers returning to Europe has not been reported. This study determined the prevalence of NV among international travelers returning to Germany from over 50 destinations in and outside Europe. Methods Stool samples of a total of 104 patients with a recent ( Results In our cohort, NV infection was detected in 15.7% of returning travelers with diarrhea. The closer to the date of return symptoms appeared, the higher the incidence of NV, ranging as high as 21.2% within the first four days after return. Conclusions In our cohort, NV infection was shown to be frequent among returning travelers especially in those with diarrhea, with over 1/5 of diarrhea patients tested positive for NV within the first four days after their return to Germany. Due to this prevalence, routine testing for NV infection and hygienic precautions may be warranted in this group. This is especially applicable to patients at an increased risk of spreading the disease, such as healthcare workers, teachers or food-handlers.

  8. Long memory in the Croatian and Hungarian stock market returns

    Silvo Dajčman

    2012-06-01

    Full Text Available The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market efficiency. The starting working hypothesis that there is no long memory in the Croatian and Hungarian stock market returns is tested by applying the Kwiatkowski-Phillips-Schmidt-Shin (KPSS (1992 test, Lo’s (1991 modified rescaled range (R/S test, and the wavelet ordinary least squares (WOLS estimator of Jensen (1999. The research showed that the WOLS estimator may lead to different conclusions regarding long memory presence in the stock returns from the KPSS and unit root tests or Lo’s R/S test. Furthermore, it proved that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index. The main finding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identified for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weakform efficient, the Croatian stock market is not.

  9. Determining the Return Period of Storm Surge Events in the Philippines

    Santiago, Joy; Suarez, John Kenneth; Lapidez, John Phillip; Mendoza, Jerico; Caro, Carl Vincent; Tablazon, Judd; Ladiero, Christine; Mahar Francisco Lagmay, Alfredo

    2015-04-01

    The devastating damages generated by the Tropical Cyclone Haiyan storm surges in Eastern Samar, Philippines prompted the Department of Science and Technology-Project NOAH (Nationwide Operational Assessment of Hazards) to calculate the return period and storm surge exceedance probability of these events. The recurrence interval or the period of return of a storm surge event is the estimated likelihood that that event would occur again. Return periods are measured through historical data denoting the interval of recurrence in average over a period of time. The exceedance probability however, is a graphical representation that describes the probability that some various levels of loss will be exceeded over a future time period or will be surpassed over a given time. DOST-Project NOAH simulates storm surge height time series using JMA storm surge model which is a numerical model based on shallow water equations. To determine the period of recurrence of storm surges with this type of intensity, the agency intends to compute the estimation of storm surge heights generated by tropical cyclones for 2-year, 5-year, 10-year, 25-year, 50-year and 100-year return periods for the Philippine coast. The storm surge time series generated from JMA combined with WXTide simulation, a software containing archives/catalogues of world-wide astronomical tides, and 5-meter resolution DEM were used as input parameters for the inundation model, which shows probable extent of flooding at a specific storm surge return period. Flo-2D two-dimensional flood routing model, a GIS integrated software tool that facilitates the creation of the flood model grid system, was used for flood hazard model. It is a simple volume conservation model composed of processor program that facilitate graphical editing and mapping of flooding details which uses continuity equation and the dynamic wave momentum equations. The measurements of storm surge return period and probable extent of coastal flooding in the

  10. A quantum mechanical model for the rate of return

    Liviu-Adrian Cotfas

    2012-01-01

    In their activity, the traders approximate the rate of return by integer multiples of a minimal one. Therefore, it can be regarded as a quantized variable. On the other hand, there is the impossibility of observing the rate of return and its instantaneous forward time derivative, even if we consider it as a continuous variable. We present a quantum model for the rate of return based on the mathematical formalism used in the case of quantum systems with finite-dimensional Hilbert space. The ra...

  11. Job Spells, Employer Spells, and Wage Returns to Tenure

    Paul J. Devereux; Robert A Hart; Roberts, J. Elizabeth

    2013-01-01

    We show that the distinction between job spells and employer spells matters for returns to tenure. Employer spells encompass between-job wage movements linked to promotions or demotions while job spells don't. Using a 1% sample of the British workforce over the period 1975-2010, we find that a significant proportion of the return to employer tenure arises due to job changes within employer spells. Conditional on tenure with employer, the return to job tenure is negative. This suggests that an...

  12. Multi-tasking and the Returns to Experience

    Parama Chaudhury

    2010-01-01

    In this paper, I study how an increase in the use of new work practices that involve multi-tasking has affected the returns to experience.  If each task in a job has a concave learning curve, then increasing the number of tasks may increase the returns to experience.  Using the Panel Study of Income Dynamics, I provide evidence for the fact that successive cohorts have greater returns to experience.  Next, I construct proxies for multi-tasking using Paul Osterman's 1992 survey of workplace pr...

  13. Myth and reality: the return of Kosovan Albanians

    Peter Marsden

    1999-08-01

    Full Text Available In public statements up until 25 June 1999, UNHCR voiced both its concern that refugees should not return prematurely and also its expectation that, despite warning refugees against an early return, the refugee camps in Macedonia would empty very quickly. The speed of the return over the following days confirmed UNHCR’s expectations and gave the impression of an undifferentiated mass response to NATO’s entry intoKosovo. The reality on the ground, however, has turned out to be quite different.

  14. What Stock Market Returns To Expect For The Future?

    Peter A. Diamond

    1999-01-01

    Over the long term, stocks have earned a higher rate of return than Treasury bonds. Therefore, many recent proposals to reform Social Security include a stock investment component. In evaluating these proposals, the Social Security Administration’s Office of the Actuary(OACT) has generally used a 7.0 percent real return for stocks (based on a long-term historical average) throughout its 75-year projection period. For the return on Treasury bonds, it currently assumes some variation in the ini...

  15. The Impact of Capital Structure on Stock Returns: International Evidence

    Reza TAHMOORESPOUR

    2015-03-01

    Full Text Available This study examines the relationship between capital structure and stock returns of firms in the following eight countries in the Asia Pacific regionfor a period of 22 years from 1990 to 2012. The methodology is Panel Regression. The results indicate that the effect of capital structure depends on the nature of industry as well as market. In Australia, China, and Korea, return of companies in the Basic Material industry have negative relationship with debt to common equity. Long term debt to common equity positively affects the return of firms in Australia and Korea in the Basic Material industry.

  16. Price returns efficiency of the Shanghai A-Shares

    Long, Wang Jiang; Jaaman, Saiful Hafizah; Samsudin, Humaida Banu

    2014-06-01

    Beta measured from the capital asset pricing model (CAPM) is the most widely used risk to estimate expected return. In this paper factors that influence Shanghai A-share stock return based on CAPM are explored and investigated. Price data of 312 companies listed on Shanghai Stock Exchange (SSE) from the year 2000 to 2011 are investigated. This study employed the Fama-MacBeth cross-sectional method to avoid weakness of traditional CAPM. In addition, this study improves the model by adjusting missing data. Findings of this study justifies that systematic risk can explain the portfolios' returns of China SSE stock market.

  17. Mars Sample Return Using Commercial Capabilities: Mission Architecture Overview

    Gonzales, Andrew A.; Lemke, Lawrence G.; Stoker, Carol R.; Faber, Nicolas T.; Race, Margaret S.

    2014-01-01

    Mars Sample Return (MSR) is the highest priority science mission for the next decade as recommended by the recent Decadal Survey of Planetary Science. This paper presents an overview of a feasibility study for an MSR mission. The objective of the study was to determine whether emerging commercial capabilities can be used to reduce the number of mission systems and launches required to return the samples, with the goal of reducing mission cost. We report the feasibility of a complete and closed MSR mission design using the following scenario that covers three synodic launch opportunities, beginning with the 2022 opportunity: A Falcon Heavy injects a SpaceX Red Dragon capsule and trunk onto a Trans Mars Injection (TMI) trajectory. The capsule is modified to carry all the hardware needed to return samples collected on Mars including a Mars Ascent Vehicle (MAV), an Earth Return Vehicle (ERV), and hardware to transfer a sample collected in a previously landed rover mission to the ERV. The Red Dragon descends to land on the surface of Mars using Super Sonic Retro Propulsion (SSRP). After previously collected samples are transferred to the ERV, the single-stage MAV launches the ERV from the surface of Mars. The MAV uses a storable liquid bi-propellant propulsion system to deliver the ERV to a Mars phasing orbit. After a brief phasing period, the ERV, which also uses a storable bi-propellant system, performs a Trans Earth Injection (TEI) burn. Upon arrival at Earth, the ERV performs Earth and lunar swing-bys and is placed into a lunar trailing circular orbit - an Earth orbit, at lunar distance. A later mission, using Dragon and launched by a Falcon Heavy, performs a rendezvous with the ERV in the lunar trailing orbit, retrieves the sample container and breaks the chain of contact with Mars by transferring the sample into a sterile and secure container. With the sample contained, the retrieving spacecraft makes a controlled Earth re-entry preventing any unintended release

  18. 26 CFR 301.6103(l)(2)-2 - Disclosure of returns and return information to Department of Labor for purposes of research and...

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information to... Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) PROCEDURE AND ADMINISTRATION PROCEDURE AND ADMINISTRATION Information and Returns Returns and Records § 301.6103(l)(2)-2 Disclosure...

  19. 26 CFR 301.6103(k)(9)-1 - Disclosure of returns and return information relating to payment of tax by credit card and debit...

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information... Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) PROCEDURE AND... Disclosure of returns and return information relating to payment of tax by credit card and debit...

  20. 26 CFR 301.6103(l)(2)-1 - Disclosure of returns and return information to Pension Benefit Guaranty Corporation for purposes...

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Disclosure of returns and return information to....6103(l)(2)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED....6103(l)(2)-1 Disclosure of returns and return information to Pension Benefit Guaranty Corporation...

  1. The Return of the Blue Butterfly

    Santos, Anabela

    2014-05-01

    The Return of the Blue Butterfly The English writer Charles Dickens once wrote: "I only ask to be free. The butterflies are free". But are they really? The work that I performed with a group of students from 8th grade, had a starting point of climate change and the implications it has on ecosystems. Joining the passion I have for butterflies, I realized that they are also in danger of extinction due to these climatic effects. Thus, it was easy to seduce my students wanting to know more. Luckily I found Dr. Paula Seixas Arnaldo, a researcher at the University of Trás-os-Montes and Alto Douro, who has worked on butterflies and precisely investigated this issue. Portugal is the southern limit of butterfly-blue (Phengaris alcon), and has been many years in the red book of endangered species. Butterfly-blue is very demanding of their habitat, and disappears very easily if ideal conditions are not satisfied. Increased fragmentation of landscapes and degradation of suitable habitats, are considered the greatest challenges of the conservation of Phengaris butterfly in Portugal. In recent decades, climate change has also changed butterfly-blue spatial distribution with a movement of the species northward to colder locations, and dispersion in latitude. Butterflies of Europe must escape to the North because of the heat. Dr. Paula Seixas Arnaldo and her research team began a project, completed in December 2013, wanted to preserve and restore priority habitats recognized by the European Union to help species in danger of disappearing with increasing temperature. The blue butterfly is extremely important because it is a key indicator of the quality of these habitats. In the field, the butterflies are monitored to collect all possible data in order to identify the key species. Butterflies start flying in early July and cease in late August. Mating takes about an hour and occurs in the first days of life. The gentian-peat (Gentiana pneumonanthe) serves as the host plant for

  2. LensTools: Weak Lensing computing tools

    Petri, A.

    2016-02-01

    LensTools implements a wide range of routines frequently used in Weak Gravitational Lensing, including tools for image analysis, statistical processing and numerical theory predictions. The package offers many useful features, including complete flexibility and easy customization of input/output formats; efficient measurements of power spectrum, PDF, Minkowski functionals and peak counts of convergence maps; survey masks; artificial noise generation engines; easy to compute parameter statistical inferences; ray tracing simulations; and many others. It requires standard numpy and scipy, and depending on tools used, may require Astropy (ascl:1304.002), emcee (ascl:1303.002), matplotlib, and mpi4py.

  3. Risk and return: Long-run relations, fractional cointegration, and return predictability

    Bollerslev, Tim; Osterrieder, Daniela; Sizova, Natalia;

    2013-01-01

    Univariate dependencies in market volatility, both objective and risk neutral, are best described by long-memory fractionally integrated processes. Meanwhile, the ex post difference, or the variance swap payoff reflecting the reward for bearing volatility risk, displays far less persistent dynamics....... Using intraday data for the Standard & Poor's 500 and the volatility index (VIX), coupled with frequency domain methods, we separate the series into various components. We find that the coherence between volatility and the volatility-risk reward is the strongest at long-run frequencies. Our results are...... consistent with generalized long-run risk models and help explain why classical efforts of establishing a naïve return-volatility relation fail. We also estimate a fractionally cointegrated vector autoregression (CFVAR). The model-implied long-run equilibrium relation between the two variance variables...

  4. Chaotic Properties of the Philippine Stock Exchange Index Returns

    Jo-Hui Chen

    2015-03-01

    Full Text Available This study found evidences of chaos in the Philippine Stock Exchange Index (PSEi returns using three tests of chaotic behavior. The BDS test found that PSEi returns and ARMA residuals are not stochastic processes. With regards to the efficient market hypothesis (EMH, this paper cannot conclude the iid properties of GARCH residuals, except for the period of the Subprime Mortgage Crisis. The rescaled range (R/S analysis showed that most Hurst exponents of the PSEi returns, ARMA and GARCH residuals have chaotic tendencies and have trend-reinforcing series, but showed anti-persistence during crisis. Furthermore, the correlation dimension analyses supplemented the first two initial tests and showed that the correlation dimension does not converge to a stable value as the embedding dimension increases. Both values increased in relation with each other, further confirming that PSEi returns, ARMA and GARCH residuals are consistent with chaos.

  5. Returning the Child with Cancer to the Classroom.

    Tharp, Paulette

    The paper discusses the rehabilitation of pediatric cancer patients undertaken by a multidisciplinary team with the arm of returning the children to the classroom. Details including transportation, tutoring, and preparation of classmates are considered. (CL)

  6. The global return current in a pulsar's magnetosphere

    Barzilay, Yudith

    2016-08-01

    An open issue in pulsar's models is the current adjustment between the gap current and the global current that depends on the global structure of the pulsar's magnetosphere. Here I propose a mechanism for the global return current in pulsars.

  7. SPHERES Mars Orbiting Sample Return External Orbiting Capture Project

    National Aeronautics and Space Administration — NASA's Mars Sample Return (MSR) mission scenario utilizes a small Orbiting Sample (OS) satellite, launched from the surface of Mars, which will rendezvous with an...

  8. 5 in 1 Drill For Mars Sample Return Mission Project

    National Aeronautics and Space Administration — NASA is investigating a Mars Sample Return Mission, consisting of at least three separate missions: 1) Mars Astrobiology Explorer-Cacher, MAX-C (sample acquisition...

  9. A New Method to Calculate Internal Rate of Return

    azadeh zandi

    2015-09-01

    Full Text Available A number of methods have been developed to choose the best capital investment projects such as net present value, internal rate of return and etc. Internal rate of return method is probably the most popular method among managers and investors. But despite the popularity there are serious drawbacks and limitations in this method. After decades of efforts made by economists and experts to improve the method and its shortcomings, Magni in 2010 has revealed a new approach that can solves the most of internal rate of return method problems. This paper present a new method which is originated from Magni’s approach but has much more simple calculations and can resolve all the drawbacks of internal rate of return method.

  10. On-Board Pressurization Systems for Sample Return Missions Project

    National Aeronautics and Space Administration — To-date, the realization of high-performance liquid bipropellant rocket engines for ascent vehicle and sample return applications has largely been hindered by the...

  11. Partial anomalous pulmonary venous return in patients with pulmonary hypertension

    Anomalous pulmonary venous return is an uncommon congenital malformation, and may be partial or total. Partial anomalous pulmonary venous return (PAPVR) is more common than total anomalous pulmonary venous return, and is often associated with other congenital cardiac anomalies. Whilst many patients with PAPVR remain asymptomatic, some may present in later age with symptoms related to left-to-right shunt, right heart failure and pulmonary hypertension. We report two cases of PAPVR detected on Computed Tomography Pulmonary Angiogram (CTPA) for the work up of pulmonary hypertension. The cases demonstrate that, although uncommon, partial anomalous pulmonary venous return can be a contributing factor to pulmonary hypertension and pulmonary veins should be carefully examined when reading a CTPA study.

  12. The Puerto Rican Return Migrant Student: A Challenge to Educators.

    Rivera-Medina, Eduardo J.

    1984-01-01

    The two-way migration phenomenon of Puerto Ricans is examined, focusing on how Puerto Rican schools deal with children returning from the mainland with varying degrees of English and having become acculturated to some mainland behaviors. (BS)

  13. Nurses Returning to School: Motivators, Inhibitors and Job Satisfaction.

    Harris, Patrick W; Burman, Mary E

    2016-01-01

    Health care employers and national nursing organizations are placing increased emphasis on nurses earning a baccalaureate degree or higher. This study examines the impact of motivators (professional and personal motivation), inhibitors (time constraints and employer discouragement), and job satisfaction on intent to return to school. Approximately half of the employed nurses in Wyoming were surveyed using a mailed questionnaire in the summer of 2013. Perceived employer discouragement and time constraints continued to play a direct role on intent to return to school regardless of nurse motivation or job satisfaction. However, motivation and job satisfaction also contributed to a nurse's intent to return to school. These results suggest that motivation and job satisfaction are significant regarding intent to return to school but can be limited by both perceived discouragement of one's employer and perceived time constraints. In order to meet the increasing demands of a better-educated nursing workforce, a shift in workplace dynamics may be warranted. PMID:27000192

  14. Alkhurma hemorrhagic fever in travelers returning from Egypt, 2010.

    Carletti, Fabrizio; Castilletti, Concetta; Di Caro, Antonino; Capobianchi, Maria R; Nisii, Carla; Suter, Fredy; Rizzi, Marco; Tebaldi, Alessandra; Goglio, Antonio; Passerini Tosi, Cristiana; Ippolito, Giuseppe

    2010-12-01

    Two travelers returning to Italy from southern Egypt were hospitalized with a fever of unknown origin. Test results showed infection with Alkhurma virus. The geographic distribution of this virus could be broader than previously thought. PMID:21122237

  15. Cleaning Genesis Sample Return Canister for Flight: Lessons for Planetary Sample Return

    Allton, J. H.; Hittle, J. D.; Mickelson, E. T.; Stansbery, Eileen K.

    2016-01-01

    Sample return missions require chemical contamination to be minimized and potential sources of contamination to be documented and preserved for future use. Genesis focused on and successfully accomplished the following: - Early involvement provided input to mission design: a) cleanable materials and cleanable design; b) mission operation parameters to minimize contamination during flight. - Established contamination control authority at a high level and developed knowledge and respect for contamination control across all institutions at the working level. - Provided state-of-the-art spacecraft assembly cleanroom facilities for science canister assembly and function testing. Both particulate and airborne molecular contamination was minimized. - Using ultrapure water, cleaned spacecraft components to a very high level. Stainless steel components were cleaned to carbon monolayer levels (10 (sup 15) carbon atoms per square centimeter). - Established long-term curation facility Lessons learned and areas for improvement, include: - Bare aluminum is not a cleanable surface and should not be used for components requiring extreme levels of cleanliness. The problem is formation of oxides during rigorous cleaning. - Representative coupons of relevant spacecraft components (cut from the same block at the same time with identical surface finish and cleaning history) should be acquired, documented and preserved. Genesis experience suggests that creation of these coupons would be facilitated by specification on the engineering component drawings. - Component handling history is critical for interpretation of analytical results on returned samples. This set of relevant documents is not the same as typical documentation for one-way missions and does include data from several institutions, which need to be unified. Dedicated resources need to be provided for acquiring and archiving appropriate documents in one location with easy access for decades. - Dedicated, knowledgeable

  16. The intertemporal relation between expected return and risk on currency

    Bali, Turan G.; Yilmaz, Kamil

    2009-01-01

    The literature has so far focused on the risk-return tradeoff in equity markets and ignored alternative risky assets. This paper is the first to examine the presence and significance of an intertemporal relation between expected return and risk in the foreign exchange market. The paper provides new evidence on the intertemporal capital asset pricing model by using high-frequency intraday data on currency and by presenting significant time-variation in the risk aversion parameter. Five-minute ...

  17. Think About Tomorrow Morning: Opening Stock Returns May Show Reversals

    Andrey Kudryavtsev

    2013-01-01

    In present study, I explore the dynamics of the interday stock price reversals. Employing intraday price data on thirty stocks currently making up the Dow Jones Industrial Index, I document that stock returns in opening trading sessions tend to be higher following days with relatively low (either negative, or lower than the same day's average and median for the total sample of stocks) open-to-close returns. This kind of price behavior seems to contradict stock market efficiency. Based on this...

  18. The determinants of stock returns in a small open economy

    Cauchie, Séverine; Hoesli, Martin; Isakov, Dušan

    2009-01-01

    This paper examines the determinants of stock returns in a small open economy using an APT framework. The analysis is conducted for the Swiss stock market which has the particularity of including a large proportion of firms that are exposed to foreign economic conditions. Both a statistical and a macroeconomic implementation of the model are performed for the period 1986-2002 with monthly returns on industrial sector indices. The results show that the statistically determined factors yield a ...

  19. Stock Returns and Interest Rates: The Case of Greece

    Harissis, H.F.

    1999-01-01

    This paper examines the influence of interest rate changes on stocks’ returns for seven portfolios, which have been constructed from various industries of the Greek Economy. For that purpose we use the two–factors model. The present paper, using the Augmented Market Model, aims at analysing stock returns of those Greek Economy industries that are listed at the Athens Stock Exchange with reference to the interest rate changes.

  20. Upper Bounds for Ruin Probability with Stochastic Investment Return

    ZHANG Lihong

    2005-01-01

    Risk models with stochastic investment return are widely held in practice, as well as in more challenging research fields. Risk theory is mainly concerned with ruin probability, and a tight bound for ruin probability is the best for practical use. This paper presents a discrete time risk model with stochastic investment return. Conditional expectation properties and martingale inequalities are used to obtain both exponential and non-exponential upper bounds for the ruin probability.

  1. Returns to Education and Gender Differentials in Wages in Pakistan

    Masood Sarwar Awan; Zakir Hussain

    2007-01-01

    Education is one of the most important factors in human development. The data from two household surveys were used to estimate the returns to education and gender disparities in wages in Pakistan. The model, an extension of Becker and Mincer models, was used to quantify the returns to investment in education. The results revealed that income gaps attributable to education level were significant. Income gaps between educated and uneducated workers in first-time employment also tend to increase...

  2. Returns to Soybean Producers from Investments in Promotion and Research

    Williams, Gary W.; Shumway, C. Richard; Love, H. Alan

    2002-01-01

    U.S. soybean producers have been cooperatively investing in both production research and demand promotion for nearly four decades to enhance the profitability and international competitiveness of their industry. Have producers benefitted from their contributions to soybean checkoff program activities over the years? How has the return to investments in soybean production research compared to that of soybean demand promotion investments? The overall positive returns to producers over the study...

  3. Return Correlation of China's Real Estate and Stock Markets

    Yang, Yang; Ye, Enyang

    2010-01-01

    China’s economy has experienced a spectacular growth and achieved a remarkable success over the past three decades. Opportunities created by the striking economic growth have led China’s most important investment markets, real estate and stock markets to undertake an enormous transformation and development. This paper is concentrated on examining the relationship between the returns on Chinese real estate and stock markets. In particular, the paper attempts to investigate whether the returns ...

  4. An update on multivariate return periods in hydrology

    Gräler, Benedikt; Petroselli, Andrea; Grimaldi, Salvatore; De Baets, Bernard; Verhoest, Niko

    2016-01-01

    Many hydrological studies are devoted to the identification of events that are expected to occur on average within a certain time span. While this topic is well established in the univariate case, recent advances focus on a multivariate characterization of events based on copulas. Following a previous study, we show how the definition of the survival Kendall return period fits into the set of multivariate return periods.Moreover, we preliminary investigate the ability of the mu...

  5. Measuring Local Individual Housing Returns from a Large Transaction Database

    Stéphane GREGOIR; Mathieu HUTIN; Tristan-Pierre MAURY; Genevièvre PRANDI

    2012-01-01

    Housing returns are an important element in households’ housing tenure choices (buy/rent) and investors’ portfolio compositions. Usually in the absence of individual data, practitioners resort to the ratio of the average of rents to transaction prices over large areas to proxy these returns, but this measure may not capture the different responses to shocks of each variable varying with the heterogenous characteristics of the dwellings, and it does not take into account the vacancy risk for t...

  6. Directional Distance Functions and Rate-of-Return Regulation

    Juan Aparicio; Pastor, Jesus T.

    2012-01-01

    This paper is concerned with formulating directional distance functions assuming that firms operate subject to rate-of-return regulation. To this end, we consider two different contexts. First, we assume that input prices are known, which allows us to extend the rate of return regulated version of Farrell efficiency. Secondly, we assume that input prices are unknown, showing then that a specific reference direction arises as a natural choice for measuring efficiency with directional distance ...

  7. Cognitive error in the measurement of investment returns

    Hayley, S.

    2015-01-01

    This thesis identifies and quantifies the impact of cognitive errors in certain aspects of investor decision-making. One error is that investors are unaware that the Internal Rate of Return (IRR) is a biased indicator of expected terminal wealth for any dynamic strategy where the amount invested is systematically related to the returns made to date. This error leads investors to use Value Averaging (VA). This thesis demonstrates that this is an inefficient strategy, since alternative strategi...

  8. The Information Content of Investors' Expectations for Risk and Return

    Thomas Berry; Keith Jacks Gamble

    2013-01-01

    This study reveals the information content of individual investors' risk-adjusted return expectations. Although individual investors overestimate the performance of their stock purchases on an average, the cross-sectional variation in their risk-adjusted return expectations is predictive of future risk-adjusted stock performance. Stock purchases that investors expect to outperform the most do outperform the stock purchases that investors expect to outperform the least by an annualized alpha o...

  9. The Employability of Returning Citizens Is Key to Neighborhood Revitalization

    Ergungor, O. Emre; Oliver, Nelson

    2013-01-01

    One problem low-income communities may face in trying to revitalize is dealing with a high share of residents who are returning home after serving prison terms. Returning citizens often concentrate in low-income areas, and they typically lack the education and skills needed to fi nd jobs. This Commentary reviews these and other barriers to employment, estimates the degree of unemployment, and describes some solutions emerging for this population.

  10. Liquidity and stock returns-evidence from UK stock market

    Le, Dang Thuy Trang

    2013-01-01

    Liquidity has been acknowledged to affect stock returns due to its importance to investors, financial markets, and listed companies. Although there is abundant literature documenting the liquidity-stock returns relationship, results about this relationship are mixed. This might be due to the reasons that liquidity has various meanings and methods of measurements. The purposes of this study are to provide definition of liquidity in relation to stocks, introduce measures of liquidity and examin...

  11. Planning Models for Single Wire Earth Return Power Distribution Networks

    Bakkabulindi, Geofrey

    2012-01-01

    The high cost of grid extension to rural areas, often characterized by scattered communities with low load densities, requires the use of low cost electrification technologies to ensure economic viability. In Single Wire Earth Return (SWER) power distribution networks, the earth itself forms the current return path of the single phase system leading to significant cost savings on conductors, poles and poletop hardware compared to conventional systems. However, challenges exist in SWER with re...

  12. Socialization and residence: ethnic return migrants in Estonia

    Hill Kulu

    2002-01-01

    In this paper I study the choice of residence of ethnic Estonians from the Soviet Union in Estonia. The aim is to clarify the extent to which the differences in the current residence of ethnic return migrants stem from their childhood growth environment. First, the groups of foreign-born Estonians are compared based on 1989 Soviet census data. The ethnic return migrants' place of residence is significantly related to their level of education and language skills: two variables corresponding to...

  13. Return to work following sickness absence due to infectious mononucleosis

    Koopmans, P. C.; Bakhtali, R.; Katan, A.A.; Groothoff, J. W.; Roelen, C.A.

    2010-01-01

    BACKGROUND: Epstein-Barr virus infectious mononucleosis among adults is notorious because of the prolonged incapacitating fatigue it causes. AIMS: To investigate the duration of sickness absence and return to work following infectious mononucleosis. METHODS: Episodes of sickness absence due to infectious mononucleosis were selected from an occupational health services register. The duration of sickness absence and return to work was assessed with Kaplan-Meier survival analysis. RESULTS: Two t...

  14. Engagement in mental health treatment among veterans returning from Iraq

    Stecker, Tracy; Fortney, John; Hamilton, Francis; Sherbourne, Cathy D; Ajzen, Icek

    2010-01-01

    Objectives: Many veterans return from combat experiencing a variety of mental health concerns. Previous research has documented a stigma associated with seeking treatment that interferes with the decision to seek treatment. This study, conceptualized using the theory of planned behavior, assessed beliefs about mental health treatment in order to understand mental health treatment seeking behavior among a group of returning National Guard soldiers who served in the war in Iraq. Methods: Partic...

  15. The return to firm investment in human capital

    Almeida, Rita; Carneiro, Pedro

    2006-01-01

    In this paper the authors estimate the rate of return to firm investments in human capital in the form of formal job training. They use a panel of large firms with unusually detailed information on the duration of training, the direct costs of training, and several firm characteristics such as their output, workforce characteristics, and capital stock. Their estimates of the return to training vary substantially across firms. On average it is -7 percent for firms not providing training and 24...

  16. Rate of return requirement for climate versus petroleum projects

    Emhjellen, Magne; Osmundsen, Petter

    2012-01-01

    Many sosio-economic rates of returns for climate projects have been used in analysing the present value of the climate benefit. However, little attention has been devoted to profitability assessments based on commercial considerations. Economic valuation of climate projects, seen from the perspective of a commercial company, is the subject of this article. In particular, we examine the required rate of return for a project where the uncertainty in the CO2 quota price is the main market uncert...

  17. What Drives Exchange Rates? Reassessing Currency Return Predictability

    Ferreira Filipe, Sara; Maio, Paulo

    2015-01-01

    We compute a variance decomposition for the log exchange rate based on a present-value relation. At long horizons, return predictability drives the variation in the exchange rate while predictability of future interest rate differentials plays a secondary role. At shorter horizons, the dominant source is predictability of the future spot rate. There is more return predictability and less interest spread and exchange rate predictability in the case of real exchange rates compared to nominal ex...

  18. Estimating the Ex Ante Expected Returns to College

    Andrew J. Hussey; Swinton, Omari H

    2011-01-01

    Rather than estimating the returns to obtaining a college degree, this paper treats the college education decision as an uncertain investment involving varying likelihoods of successful graduation. We predict earnings conditional on both graduating and not graduating from both selective and non-selective institutions, and incorporate estimated individual-specific graduation rates in calculating the ex ante expected returns from college attendance for individuals across the ability distributio...

  19. The Economic Returns to Multiple Language Usage in Western Europe

    Williams, Donald R.

    2006-01-01

    To what extent are there economic returns to learning a second or third language? Do the benefits differ according to country? This paper examines the return to multi-lingualism in the workplace. In particular, we estimate the effect that using an additional language in one’s job has on earnings for a sample of workers in the European Community Household Panel survey. Log-earnings regressions are estimated by country with controls for standard human capital, job, and personal characteristics....

  20. Commonality in hedge fund returns: driving factors and implications

    Bussiere, M.; Hoerova, M.; Klaus, B.

    2014-01-01

    We measure the commonality in hedge fund returns, identify its main driving factor and analyse its implications for financial stability. We find that hedge funds’ commonality increased significantly from 2003 until 2006. We attribute this rise mainly to the increase in hedge funds’ exposure to emerging market equities, which we identify as a common factor in hedge fund returns over this period. Our results show that funds with a high commonality were affected disproportionately by illiquidity...