WorldWideScience

Sample records for portfolio standard eps

  1. The standard for portfolio management

    CERN Document Server

    2017-01-01

    The Standard for Portfolio Management – Fourth Edition has been updated to best reflect the current state of portfolio management. It describe the principles that drive accepted good portfolio management practices in today’s organizations. It also expands the description of portfolio management to reflect its relation to organizational project management and the organization.

  2. Portfolio Standards and the Promotion of Combined Heat And Power

    Science.gov (United States)

    This paper presents the basic portfolio standard design approaches, identifies key CHP-related issues for policymakers to consider, and provides state-specific information on existing standards allowing for CHP.

  3. Meeting the government renewable portfolio standard requirements

    International Nuclear Information System (INIS)

    Crawley, M.

    2004-01-01

    This Power Point presentation reviewed renewable portfolio standards (RPSs) from the perspective of AIM PowerGen Corp, an Ontario based wind power development company. Details of AIM's wind projects and wind projects development team were presented and details of the Erie Shores Wind Farm were discussed. New power supply needs in Ontario were evaluated, and challenges with the current energy mix were examined. It was noted that Ontario has significant low-cost, large-scale hydro assets and proven private sector nuclear operational success, as well as an aging transmission system connecting coal-fired assets. Wind, hydro and natural gas generation options were reviewed. Details of Ontario's objectives for enabling renewable energy sources were presented. Challenges with 2007 deadlines, European feed-in tariffs and negotiated contracts were discussed. The Federal government's role in stimulating resource and energy sectors was evaluated. Renewable energy policies were discussed, including the recent wind power production incentive (WPPI) expansion. It was recommended that Ontario stick with current targets and move quickly to the next procurement phase. A review of targets based on the success of earlier projects was recommended. tabs., figs

  4. Renewable Portfolio Standards: Understanding Costs and Benefits | Energy

    Science.gov (United States)

    considering the highest cost and lowest benefit outcomes. More Information: Fact Sheet Image of a report cover | Presentation Image of a report cover for A Survey of State-Level Cost and Benefit Estimates of Renewable Portfolio Standards: Understanding Costs and Benefits State policymakers, public utilities commissions, and

  5. Optimal Energy Mix with Renewable Portfolio Standards in Korea

    Directory of Open Access Journals (Sweden)

    Zong Woo Geem

    2016-05-01

    Full Text Available Korea is a heavily energy-dependent country whose primary energy consumption ranks ninth in the world. However, at the same time, it promised to reduce carbon emission and planned to use more renewable energy. Thus, the objective of this study is to propose an optimal energy mix planning model in electricity generation from various energy sources, such as gas, coal, nuclear, hydro, wind, photovoltaic, and biomass, which considers more renewable and sustainable portions by imposing governmental regulation named renewable portfolio standard (RPS. This optimization model minimizes various costs such as construction cost, operation and management cost, fuel cost, and carbon emission cost while satisfying minimal demand requirement, maximal annual installation potential, and renewable portfolio standard constraints. Results showed that this optimization model could successfully generate energy mix plan from 2012 to 2030 while minimizing the objective costs and satisfying all the constraints. Therefore, this optimization model contributes more efficient and objective method to the complex decision-making process with a sustainability option. This proposed energy mix model is expected to be applied not only to Korea, but also to many other countries in the future for more economical planning of their electricity generation while affecting climate change less.

  6. Is the choice of renewable portfolio standards random?

    International Nuclear Information System (INIS)

    Huang Mingyuan; Alavalapati, Janaki R.R.; Carter, Douglas R.; Langholtz, Matthew H.

    2007-01-01

    This study investigated factors influencing the adoption or intention to adopt renewable portfolio standards (RPS) by individual states in the United States (U.S). Theory of adoption of innovation was applied as a conceptual framework. A logistic model was used to achieve the task. Gross state product (GSP), growth rate of population (GRP), political party dominancy, education level, natural resources expenditure, and share of coal in electricity generation were used as explanatory variables. Results indicated that the model predicts the dependent variable (state's choice of adopting or not adopting RPS) 82 times correctly out of 100. Results also suggested that education followed by political party dominancy, GSP and GRP are shown to have large impacts on the probability of RPS adoption

  7. Trendy solutions: Why do states adopt Sustainable Energy Portfolio Standards?

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, Jess [Georgia Institute of Technology, 685 Cherry Street, Atlanta, GA 30332-0345 (United States)], E-mail: jess.chandler@gatech.edu

    2009-08-15

    Thirty-four states had adopted Sustainable Energy Portfolio Standards (SEPS) or similar goals by the end of 2008, with 14 adoptions since 2006. There appears to be something trendy about SEPS and states may adopt SEPS when internal variables would indicate otherwise. This analysis extends the current discussion of SEPS adoption beyond internal variables, relying on innovation and diffusion theory. Logistic regression with SEPS adoption as the dependent variable is used to test internal determinants and diffusion measures for the years 1997-2008. Of the internal determinants variables, affluence and government ideology were found to be positive and significant. The results show that regional and neighbor diffusion variables are significant in SEPS adoption decisions-even when accounting for ideological distance from previous adopters.

  8. Trendy solutions. Why do states adopt Sustainable Energy Portfolio Standards?

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, Jess [Georgia Institute of Technology, 685 Cherry Street, Atlanta, GA 30332-0345 (United States)

    2009-08-15

    Thirty-four states had adopted Sustainable Energy Portfolio Standards (SEPS) or similar goals by the end of 2008, with 14 adoptions since 2006. There appears to be something trendy about SEPS and states may adopt SEPS when internal variables would indicate otherwise. This analysis extends the current discussion of SEPS adoption beyond internal variables, relying on innovation and diffusion theory. Logistic regression with SEPS adoption as the dependent variable is used to test internal determinants and diffusion measures for the years 1997-2008. Of the internal determinants variables, affluence and government ideology were found to be positive and significant. The results show that regional and neighbor diffusion variables are significant in SEPS adoption decisions - even when accounting for ideological distance from previous adopters. (author)

  9. Trendy solutions: Why do states adopt Sustainable Energy Portfolio Standards?

    International Nuclear Information System (INIS)

    Chandler, Jess

    2009-01-01

    Thirty-four states had adopted Sustainable Energy Portfolio Standards (SEPS) or similar goals by the end of 2008, with 14 adoptions since 2006. There appears to be something trendy about SEPS and states may adopt SEPS when internal variables would indicate otherwise. This analysis extends the current discussion of SEPS adoption beyond internal variables, relying on innovation and diffusion theory. Logistic regression with SEPS adoption as the dependent variable is used to test internal determinants and diffusion measures for the years 1997-2008. Of the internal determinants variables, affluence and government ideology were found to be positive and significant. The results show that regional and neighbor diffusion variables are significant in SEPS adoption decisions-even when accounting for ideological distance from previous adopters.

  10. The effect of state renewable portfolio standards on consumer participation in green pricing programs

    Science.gov (United States)

    Maltese, James L.

    In the last several years, two mechanisms for increasing the supply of renewable electricity have become increasingly popular: renewable portfolio standards, a state policy of mandating increased production of green power; and green pricing programs, which allow customers to purchase green power through their utilities. These mechanisms have been effective in increasing the adoption of renewable energy; however, it is unclear whether they interact in a way that is mutually beneficial or counterproductive. It is important to understand the effect of renewable portfolio standards on the voluntary market for green energy, especially as Congress considers a nationwide portfolio standard. The effectiveness of a renewable portfolio standard may be undercut if it leads customers to purchase less green power. This study analyzes the relationship between the passage and implementation of a renewable portfolio standard and two measures of enrollment in utility green pricing programs. Using eight years of data for all fifty states, the study utilizes multiple regression analysis with fixed-effects estimation. The results indicate that the passage of a renewable portfolio standard has a positive and statistically significant effect on green pricing enrollment within the state. At the same time, the rate at which states increase the stringency of the renewable portfolio standard is found to have no effect on enrollment. Although further study is needed to determine if additional factors are responsible for the observed increase in green pricing enrollment, this study provides evidence that such programs do not harm, and may in fact encourage, voluntary purchases of green power.

  11. Energy efficiency as a resource in state portfolio standards: Lessons for more expansive policies

    International Nuclear Information System (INIS)

    Thoyre, Autumn

    2015-01-01

    In this paper, state electricity portfolio standards in the U.S. are analyzed to examine how energy efficiency is being created as a particular kind of resource through this type of climate change governance. Such policies can incentivize energy efficiency by requiring or encouraging electricity providers to meet a certain percentage of their demand through energy efficiency measures. North Carolina’s portfolio standard is used as an in-depth case study to identify factors that are then compared across all 36 states that include energy efficiency as part of a portfolio requirement or goal. The main finding of this study is that state portfolio standards tend to emphasize demand-side energy efficiency, or energy efficiency on the customer’s side of the electricity meter, and only rarely incentivize a full range of both demand-side and supply-side efficiency changes. As a result, the amount of energy efficiency and climate change mitigation benefits that are likely to result from this type of portfolio standard policy tool are limited. From this analysis, lessons are drawn out for crafting stronger portfolio standards that incentivize a wider range of efficiency changes across electricity networks. - Highlights: • Energy efficiency in 36 U.S. state portfolio standard policies was analyzed. • Such standards were found to incentivize mainly demand-side energy efficiency. • Supply-side energy efficiency was rarely incentivized by portfolio standards. • Such framings likely limit the carbon mitigation potential of these policies. • Recommendations are made for more expansive portfolio standard policies.

  12. Are renewables portfolio standards cost-effective emission abatement policy?

    Science.gov (United States)

    Dobesova, Katerina; Apt, Jay; Lave, Lester B

    2005-11-15

    Renewables portfolio standards (RPS) could be an important policy instrument for 3P and 4P control. We examine the costs of renewable power, accounting for the federal production tax credit, the market value of a renewable credit, and the value of producing electricity without emissions of SO2, NOx, mercury, and CO2. We focus on Texas, which has a large RPS and is the largest U.S. electricity producer and one of the largest emitters of pollutants and CO2. We estimate the private and social costs of wind generation in an RPS compared with the current cost of fossil generation, accounting for the pollution and CO2 emissions. We find that society paid about 5.7 cent/kWh more for wind power, counting the additional generation, transmission, intermittency, and other costs. The higher cost includes credits amounting to 1.1 cent/kWh in reduced SO2, NOx, and Hg emissions. These pollution reductions and lower CO2 emissions could be attained at about the same cost using pulverized coal (PC) or natural gas combined cycle (NGCC) plants with carbon capture and sequestration (CCS); the reductions could be obtained more cheaply with an integrated coal gasification combined cycle (IGCC) plant with CCS.

  13. The renewables portfolio standard in Texas: an early assessment

    International Nuclear Information System (INIS)

    Langniss, Ole; Wiser, Ryan

    2003-01-01

    Texas has rapidly emerged as one of the leading wind power markets in the United States. This development can be largely traced to a well-designed and carefully implemented renewables portfolio standard (RPS). The RPS is a new policy mechanism that has received increasing attention as an attractive approach to support renewable power generation. Though replacing existing renewable energy policies with an as-of-yet untested approach in the RPS is risky, early experience from Texas suggests that an RPS can effectively spur renewables development and encourage competition among renewable energy producers. Initial RPS targets in Texas were well exceeded by the end of 2001, with 915 MW of wind installed in that year alone. RPS compliance costs appear negligible with new wind projects reportedly contracted for well under 3(US) cents/kWh, in part as a result of a 1.7(US) cents/kWh production tax credit, an outstanding wind resource and an RPS that is sizable enough to drive project economies of scale. Obliged retail suppliers have been willing to enter into long-term contracts with renewable generators, reducing important risks for both the developer and the retail supplier. Finally, the country's first comprehensive renewable energy certificate program has been put into place to monitor and track RPS compliance

  14. The renewable portfolio standard: design considerations and an implementation survey

    International Nuclear Information System (INIS)

    Berry, T.; Jaccard, M.

    2001-01-01

    Renewables have social and environmental benefits compared to conventional electricity sources, but are rarely competitive on a strict financial cost basis. This is because conventional sources are sometimes subsidized, their full pollution costs are ignored, and renewables involve newer, higher-cost technologies whose relative costs will fall with commercialization. Governments use several mechanisms to support renewables, including direct financial support (grants, loans), indirect support (R and D, demonstrations), reform of financial costs of conventional sources (subsidy removal, pollution taxes), and the Renewable Portfolio Standard (RPS). The RPS requires a minimum share of electricity from renewable energy sources. Its use is spreading because it maintains an incentive for renewable producers to reduce costs, links the regulated market outcome to an environmental target, and reduces government involvement. Although it is too early to evaluate fully its effectiveness, the survey for this study explored implementation issues in three European countries, nine US states, and Australia, and found the following. The RPS target is usually set to have environmental benefits without causing significant price increases (cost caps are sometimes used). Most jurisdictions limit eligibility to grid-connected, domestic renewables. The RPS is usually applied to producers rather than consumers, and to energy output not capacity. Flexibility mechanisms are desired but a challenge to implement. Administration in the US and Australia is by government with delegation to independent utility regulators, while in Europe it is more the responsibility of government. Everywhere, the RPS is applied alongside other mechanisms of renewables support. (author)

  15. Assessing the costs and benefits of US renewable portfolio standards

    Science.gov (United States)

    Wiser, Ryan; Mai, Trieu; Millstein, Dev; Barbose, Galen; Bird, Lori; Heeter, Jenny; Keyser, David; Krishnan, Venkat; Macknick, Jordan

    2017-09-01

    Renewable portfolio standards (RPS) exist in 29 US states and the District of Columbia. This article summarizes the first national-level, integrated assessment of the future costs and benefits of existing RPS policies; the same metrics are evaluated under a second scenario in which widespread expansion of these policies is assumed to occur. Depending on assumptions about renewable energy technology advancement and natural gas prices, existing RPS policies increase electric system costs by as much as 31 billion, on a present-value basis over 2015-2050. The expanded renewable deployment scenario yields incremental costs that range from 23 billion to 194 billion, depending on the assumptions employed. The monetized value of improved air quality and reduced climate damages exceed these costs. Using central assumptions, existing RPS policies yield 97 billion in air-pollution health benefits and 161 billion in climate damage reductions. Under the expanded RPS case, health benefits total 558 billion and climate benefits equal 599 billion. These scenarios also yield benefits in the form of reduced water use. RPS programs are not likely to represent the most cost effective path towards achieving air quality and climate benefits. Nonetheless, the findings suggest that US RPS programs are, on a national basis, cost effective when considering externalities.

  16. The renewables portfolio standard in Texas: An early assessment; TOPICAL

    International Nuclear Information System (INIS)

    Wiser, Ryan H.; Langniss, Ole

    2001-01-01

    Texas has rapidly emerged as one of the leading wind power markets in the United States. This development can be largely traced to a well-designed and carefully implemented renewables portfolio standard (RPS). The RPS is a new policy mechanism that has received increasing attention as an attractive approach to support renewable power generation. Though replacing existing renewable energy policies with an as-of-yet largely untested approach in the RPS is risky, early experience from Texas suggests that an RPS can effectively spur renewables development and encourage competition among renewable energy producers. Initial RPS targets in Texas will be far exceeded by the end of 2001, with as much as 930 MW of wind slated for installation this year. RPS compliance costs appear negligible, with new wind projects reportedly contracted for under 3(US)/242/kWh, in part as a result of a 1.7(US)/242/kWh production tax credit, an outstanding wind resource, and an RPS that is sizable enough to drive project economies of scale. Obliged retail suppliers have been willing to enter into long-term contracts with renewable generators, reducing important risks for both the developer and the retail supplier. Finally, the country's first comprehensive renewable energy certificate program has been put into place to monitor and track RPS compliance

  17. Essays in energy economics: An inquiry into Renewable Portfolio Standards

    Science.gov (United States)

    Lamontagne, Laura Marie

    In an attempt to motivate the transition away from fossil fuels, reduce carbon emissions and diversify electricity supply, twenty-nine states and the District of Columbia have adopted a Renewable Portfolio Standard (RPS). An RPS is a form of regulation that requires increased electricity production from renewable energy sources. These standards vary by state but generally require a minimum percentage of electricity generation to come from renewable technologies by a predetermined date. In the first chapter I examine the effect of the adoption of an RPS on electricity rates, making use of the increased availability of data since several policies' adoption. Using a fifty state panel over the years 1990-2010, this study uses a difference-in-difference and a fixed effects estimation to measure how the adoption of an RPS affects the price of electricity in state markets. Empirical findings show that states that have adopted an RPS have approximately a 20% higher all-retail electricity price than states that do not have RPS. Following the adoption of this regulation, a state can expect to see electricity prices rise by roughly 5% on average per year relative to states with no RPS. Once the legislation has been in place for almost a decade, electricity rates begin to dramatically increase upwards of 10% per year. In the second chapter, I observe the economic, social and political factors that prompt a state to adopt a Renewable Portfolio Standard. I estimate a probit model to determine the probability a state will adopt an RPS in a year given its present political and economic climate. Results show that a deregulated electricity market, a high per-capita GDP, a strong democratic presence in the state legislature, high renewable capacity, and a strong incidence of natural gas are indicators a state will pass an RPS. Whether or not a state is a net importer or exporter of electricity is not a significant indicator of adoption of an RPS within a state. The third chapter

  18. Renewables portfolio standard and regional energy structure optimisation in China

    International Nuclear Information System (INIS)

    Fan, J.; Sun, W.; Ren, D.-M.

    2005-01-01

    Eastern Coastal areas of China have been developing rapidly since the implementation of reforms and the opening of China's economic markets in 1978. As in most areas of the world, this rapid economic growth has been accompanied by large increases in energy consumption. China's coal-dominated energy structure has resulted in serious ecological and environmental problems. Exploiting renewable energy resources and introducing Renewables Portfolio Standard (RPS) are some of the most important approaches towards optimising and sustaining the energy structure of China. This paper discusses international experiences in the implementation of RPS policies and prospects for using these policies to encourage renewable energy development in China, establishes a concise definition of renewable resources, differentiating between the broad definition (which includes hydro over 25 MW in size) from the narrow definition (which limits the eligibility of hydro to below 25 MW in size), and quantitatively analyses the potential renewable energy target. The research shows that: (1) Under the narrow hydro definition the renewable energy target would be 5.1% and under the broad hydro definition it would be 18.4%. (2) Western China has contributed 90.2% of the total renewable electricity generation in the country (if big and medium hydropowers are not included). Including big and medium hydropower, the figure is 63.8%. (3) Eastern electricity companies can achieve their quota by buying Tradable Renewable Energy Certificates (TRCs or Green Certificates) and by exploiting renewable energy resources in Western China. The successful implementation of the RPS policy will achieve the goal of sharing the benefits and responsibilities of energy production between the different regions of China

  19. A Cross-State Analysis of Renewable Portfolio Standard Development

    Science.gov (United States)

    Marchand, Mariel

    As of December 2016, thirty-seven states have a renewable portfolio standard (RPS). RPS require that utilities provide a certain percentage of electricity generated using renewable sources by a certain date. This thesis builds on diffusion of innovation literature to understand how factors within a state, such as its political climate and the strength of interest groups, appear to influence the adoption process and structure of the RPS in five states--Connecticut, New Jersey, Michigan, Colorado, and Washington. Each of these states has a strong RPS as measured by its renewable energy goal over its current renewable energy production, the time frame in which this goal must be met, and the percentage of the electric load that is included in the regulation. This thesis uses both within-case and cross-case analysis to understand which combinations of internal state factors potentially lead to the adoption of a strong RPS. It finds that there are a number of combinations of factors that appear to contribute to strong RPS, depending on the internal circumstances of each state. However, more important is that without the opportunity to tailor the policy to meet the needs of the state, it is likely that states with unfavorable internal factors may not choose to adopt a RPS at all, let alone a strong RPS. While the innovation factors identified through the RPS diffusion research often contribute to states adopting a strong RPS, this thesis finds that the influence of these factors depends on a combination of the internal state factors with the RPS adoption process in shaping the structure of the RPS.

  20. Emissions reductions from expanding state-level renewable portfolio standards.

    Science.gov (United States)

    Johnson, Jeremiah X; Novacheck, Joshua

    2015-05-05

    In the United States, state-level Renewable Portfolio Standards (RPS) have served as key drivers for the development of new renewable energy. This research presents a method to evaluate emissions reductions and costs attributable to new or expanded RPS programs by integrating a comprehensive economic dispatch model and a renewable project selection model. The latter model minimizes incremental RPS costs, accounting for renewable power purchase agreements (PPAs), displaced generation and capacity costs, and net changes to a state's imports and exports. We test this method on potential expansions to Michigan's RPS, evaluating target renewable penetrations of 10% (business as usual or BAU), 20%, 25%, and 40%, with varying times to completion. Relative to the BAU case, these expanded RPS policies reduce the CO2 intensity of generation by 13%, 18%, and 33% by 2035, respectively. SO2 emissions intensity decreased by 13%, 20%, and 34% for each of the three scenarios, while NOx reductions totaled 12%, 17%, and 31%, relative to the BAU case. For CO2 and NOx, absolute reductions in emissions intensity were not as large due to an increasing trend in emissions intensity in the BAU case driven by load growth. Over the study period (2015 to 2035), the absolute CO2 emissions intensity increased by 1% in the 20% RPS case and decreased by 6% and 22% for the 25% and 40% cases, respectively. Between 26% and 31% of the CO2, SO2, and NOx emissions reductions attributable to the expanded RPS occur in neighboring states, underscoring the challenges quantifying local emissions reductions from state-level energy policies with an interconnected grid. Without federal subsidies, the cost of CO2 mitigation using an RPS in Michigan is between $28 and $34/t CO2 when RPS targets are met. The optimal renewable build plan is sensitive to the capacity credit for solar but insensitive to the value for wind power.

  1. U.S. Renewables Portfolio Standards: 2017 Annual Status Report

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-07-25

    Berkeley Lab’s annual status report on U.S. renewables portfolio standards (RPS) provides an overview of key trends associated with U.S. state RPS policies. The report, published in slide-deck form, describes recent legislative revisions, key policy design features, compliance with interim targets, past and projected impacts on renewables development, and compliance costs. The 2017 edition of the report presents historical data through year-end 2016 and projections through 2030. Key trends from this edition of the report include the following: -Evolution of state RPS programs: Significant RPS-related policy revisions since the start of 2016 include increased RPS targets in DC, MD, MI, NY, RI, and OR; requirements for new wind and solar projects and other major reforms to the RPS procurement process in IL; and a new offshore wind carve-out and solar procurement program in MA. -Historical impacts on renewables development: Roughly half of all growth in U.S. renewable electricity (RE) generation and capacity since 2000 is associated with state RPS requirements. Nationally, the role of RPS policies has diminished over time, representing 44% of all U.S. RE capacity additions in 2016. However, within particular regions, RPS policies continue to play a central role in supporting RE growth, constituting 70-90% of 2016 RE capacity additions in the West, Mid-Atlantic, and Northeast. -Future RPS demand and incremental needs: Meeting RPS demand growth will require roughly a 50% increase in U.S. RE generation by 2030, equating to 55 GW of new RE capacity. To meet future RPS demand, total U.S. RE generation will need to reach 13% of electricity sales by 2030 (compared to 10% today), though other drivers will also continue to influence RE growth. -RPS target achievement to-date: States have generally met their interim RPS targets in recent years, with only a few exceptions reflecting unique state-specific policy designs. -REC pricing trends: Prices for renewable energy

  2. Big is beautiful: the case for Federal leadership on a national renewable portfolio standard

    Energy Technology Data Exchange (ETDEWEB)

    Sovacool, Benjamin K.; Cooper, Christopher

    2007-05-15

    State-based renewable portfolio standards (RPS) create regulatory uncertainty for investors and inherent inequities among ratepayers. Ultimately, federal legislation can help create a more just, diverse and predictable national market for renewable resources without significantly increasing aggregate electricity prices. (author)

  3. Can British Columbia Achieve Electricity Self-Sufficiency and Meet its Renewable Portfolio Standard?

    NARCIS (Netherlands)

    Sopinka, A.; Kooten, van G.C.; Wong, L.

    2012-01-01

    British Columbia’s energy policy is at a crossroads; the province has set a goal of electricity self-sufficiency, a 93% renewable portfolio standard and provincial natural gas strategy that could increase electricity consumption by 2,500-3,800 MW. To ascertain the reality of BC’s supply position, we

  4. Including Alternative Resources in State Renewable Portfolio Standards: Current Design and Implementation Experience

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Bird, L.

    2012-11-01

    Currently, 29 states, the District of Columbia, and Puerto Rico have instituted a renewable portfolio standard (RPS). An RPS sets a minimum threshold for how much renewable energy must be generated in a given year. Each state policy is unique, varying in percentage targets, timetables, and eligible resources. This paper examines state experience with implementing renewable portfolio standards that include energy efficiency, thermal resources, and non-renewable energy and explores compliance experience, costs, and how states evaluate, measure, and verify energy efficiency and convert thermal energy. It aims to gain insights from the experience of states for possible federal clean energy policy as well as to share experience and lessons for state RPS implementation.

  5. The environmental and cost implications of solar energy preferences in Renewable Portfolio Standards

    International Nuclear Information System (INIS)

    Novacheck, Joshua; Johnson, Jeremiah X.

    2015-01-01

    Many state-level Renewable Portfolio Standards (RPS) include preferences for solar generation, with goals of increasing the generation diversity, reducing solar costs, and encouraging local solar industries. Depending on their policy design, these preferences can impact the RPS program costs and emissions reduction. This study evaluates the impact of these policies on costs and emissions, coupling an economic dispatch model with optimized renewable site selection. Three policy designs of an increased RPS in Michigan are investigated: (1) 20% Solar Carve-Out, (2) 5% Distributed Generation Solar Carve-Out, and (3) 3× Solar Multiplier. The 20% Solar Carve-Out scenario was found to increase RPS costs 28%, while the 5% Distributed Generation Solar Carve-Out increased costs by 34%. Both of these solar preferences had minimal impact on total emissions. The 3× Solar Multiplier decreases total RPS program costs by 39%, but adds less than half of the total renewable generation of the other cases, significantly increasing emissions of CO_2, NO_x, and SO_2 relative to an RPS without the solar credit multiplier. Sensitivity analysis of the installed cost of solar and the natural gas price finds small changes in the results of the Carve-Out cases, with a larger impact on the 3× Solar Multiplier. - Highlights: • A unit commitment and economic dispatch model is used to assess Renewable Portfolio Standard expansion. • The impact of solar carve-outs and multipliers on costs and benefits of Renewable Portfolio Standards are analyzed. • Solar carve-outs increase costs and have minimal impact on emissions. • The solar multiplier decreases total renewable energy expansion. • The multiplier decreases the emissions reduction potential of the Renewable Portfolio Standard.

  6. EP&R Standards Project Report: Technical Review of National Incident Management Standards

    Energy Technology Data Exchange (ETDEWEB)

    Stenner, Robert D.

    2007-04-24

    The importance and necessity for a fully developed and implemented National Incident Management System (NIMS) has been demonstrated in recent years by the impact of national events such as Hurricane Katrina in 2005. Throughout the history of emergency response to major disasters, especially when multiple response organizations are involved, there have been systemic problems in the consistency and uniformity of response operations. Identifying national standards that support the development and implementation of NIMS is key to helping solve these systemic problems. The NIMS seeks to provide uniformity and consistency for incident management by using common terminology and protocols that will enable responders to coordinate their efforts to ensure an efficient response.

  7. Renewable portfolio standards and cost-effective energy-efficiency investment

    International Nuclear Information System (INIS)

    Mahone, A.; Woo, C.K.; Williams, J.; Horowitz, I.

    2009-01-01

    Renewable portfolio standards (RPSs) and mandates to invest in cost-effective energy efficiency (EE) are increasingly popular policy tools to combat climate change and dependence on fossil fuels. These supply-side and demand-side policies, however, are often uncoordinated. Using California as a case in point, this paper demonstrates that states could improve resource allocation if these two policies were coordinated by incorporating renewable-energy procurement cost into the cost-effectiveness determination for EE investment. In particular, if renewable energy is relatively expensive when compared to conventional energy, increasing the RPS target raises the cost-effective level of EE investment

  8. Power Transfer Potential to the Southeast in Response to a Renewable Portfolio Standard: Interim Report 2

    Energy Technology Data Exchange (ETDEWEB)

    Hadley, Stanton W [ORNL; Key, Thomas S [Electric Power Research Institute (EPRI); Deb, Rajat [LCG Consulting

    2009-05-01

    Electricity consumption in the Southeastern US, not including Florida, is approximately 24% of the total US. The availability of renewable resources for electricity production is relatively small compared to the high consumption. Therefore meeting a national renewable portfolio standard (RPS) is particularly challenging in this region. Neighboring regions, particularly to the west, have significant wind resources and given sufficient long distant transmission these resources could serve energy markets in the SE. This report looks at renewable resource supply relative to demands and the potential for power transfer into the SE. It shows that development of wind resources will depend not only on available transmission capacity but also on electricity supply and demand factors.

  9. Renewable Portfolio Standards in the States: Balancing Goals and Implementation Strategies

    Energy Technology Data Exchange (ETDEWEB)

    Cory, K. S.; Swezey, B. G.

    2007-12-01

    This paper reports on renewable portfolio standards (RPS) and how the RPS rules vary from state to state. This variation presents important challenges to successful implementation. Key issues are discussed in terms of resource availability, solar-specific provisions, and political and regulatory consistency, and their impacts on the ability to finance new renewable energy projects. This report emphasizes the fact that a successful RPS policy must balance a state's goals for fuel diversity, economic development, price effects, and environmental benefits.

  10. Including alternative resources in state renewable portfolio standards: Current design and implementation experience

    International Nuclear Information System (INIS)

    Heeter, Jenny; Bird, Lori

    2013-01-01

    As of October 2012, 29 states, the District of Columbia, and Puerto Rico have instituted a renewable portfolio standard (RPS). Each state policy is unique, varying in percentage targets, timetables, and eligible resources. Increasingly, new RPS polices have included alternative resources. Alternative resources have included energy efficiency, thermal resources, and, to a lesser extent, non-renewables. This paper examines state experience with implementing renewable portfolio standards that include energy efficiency, thermal resources, and non-renewable energy and explores compliance experience, costs, and how states evaluate, measure, and verify energy efficiency and convert thermal energy. It aims to gain insights from the experience of states for possible federal clean energy policy as well as to share experience and lessons for state RPS implementation. - Highlights: • Increasingly, new RPS policies have included alternative resources. • Nearly all states provide a separate tier or cap on the quantity of eligible alternative resources. • Where allowed, non-renewables and energy efficiency are being heavily utilized

  11. Future Costs, Benefits, and Impacts of Renewables Used to Meet U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    2016-12-01

    This brochure provides a brief overview of the report titled 'A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards.' The report evaluates the future costs, benefits, and other impacts of renewable energy used to meet current state renewable portfolio standards (RPSs). It also examines a future scenario where RPSs are expanded. The analysis examines changes in electric system costs and retail electricity prices, which include all fixed and operating costs, including capital costs for all renewable, non-renewable, and supporting (e.g., transmission and storage) electric sector infrastructure; fossil fuel, uranium, and biomass fuel costs; and plant operations and maintenance expenditures. The analysis evaluates three specific benefits: air pollution, greenhouse gas emissions, and water use. It also analyzes two other impacts, renewable energy workforce and economic development, and natural gas price suppression. The analysis finds that the benefits or renewable energy used to meet RPS polices exceed the costs, even when considering the highest cost and lowest benefit outcomes.

  12. Impacts of a renewable portfolio generation standard on US energy markets

    International Nuclear Information System (INIS)

    Kydes, Andy S.

    2007-01-01

    This paper analyzes the impacts of imposing a Federal 20 percent non-hydropower renewable generation portfolio standard (RPS) on US energy markets by 2020. The US currently has no RPS requirement although some state RPS regulations have been adopted but not uniformly enforced (see http://www.eia.doe.gov/oiaf/analysispaper/rps/index.html for a recent summary on RPSs in the US). The renewable portfolio standard (RPS) requires that 20 percent of the power sold must come from qualifying renewable facilities. The analysis of the 20 percent RPS was developed by using the December 2001 version of the National Energy Modeling System (NEMS) of the Energy Information Administration (EIA) and the assumptions and results of the Annual Energy Outlook 2002 (AEO2002) reference case. A policy that requires a 20 percent non-hydro-electric RPS by 2020 appears to be effective in promoting the adoption of renewable generation technologies while also reducing emissions of nitrogen oxides by 6 percent, mercury by 4 percent and carbon dioxide by about 16.5 percent relative to the reference case in 2020. Electricity prices are expected to rise about 3 percent while the cost to the electric power industry could rise between 35 and 60 billion dollars (in year 2000 dollars in net present value terms)

  13. Do state renewable portfolio standards promote in-state renewable generation

    International Nuclear Information System (INIS)

    Yin, Haitao; Powers, Nicholas

    2010-01-01

    Several US states have passed renewable portfolio standard (RPS) policies in order to encourage investment in renewable energy technologies. Existing research on their effectiveness has either employed a cross-sectional approach or has ignored heterogeneity among RPS policies. In this paper, we introduce a new measure for the stringency of an RPS that explicitly accounts for some RPS design features that may have a significant impact on the strength of an RPS. We also investigate the impacts of renewable portfolio standards on in-state renewable electricity development using panel data and our new measure of RPS stringency, and compare the results with those when alternative measures are used. Using our new measure, the results suggest that RPS policies have had a significant and positive effect on in-state renewable energy development, a finding which is masked when design differences among RPS policies are ignored. We also find that another important design feature - allowing 'free trade' of REC's - can significantly weaken the impact of an RPS. These results should prove instructive to policy makers, whether considering the development of a federal-level RPS or the development or redesign of a state-level RPS. (author)

  14. Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

    Energy Technology Data Exchange (ETDEWEB)

    Nishio, Kenichiro; Asano, Hiroshi [Central Research institute of Electric Power Industry, Tokyo (Japan). Socio-economic Research Center

    2006-10-15

    The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated. (author)

  15. Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

    International Nuclear Information System (INIS)

    Nishio, Kenichiro; Asano, Hiroshi

    2006-01-01

    The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated

  16. Supply amount and marginal price of renewable electricity under the renewables portfolio standard in Japan

    International Nuclear Information System (INIS)

    Nishio, Kenichiro; Asano, Hiroshi

    2006-01-01

    The Renewables Portfolio Standard (RPS) in Japan requires that approximately 1.35% of each retail supplier's electricity sales in FY2010 come from renewable energy sources (RES), for example, photovoltaics, wind, biomass, geothermal, and small hydropower. To help retail suppliers and renewable generators develop effective strategies, this study provides a quantitative analysis of the impact of this measure. We assume the supply conditions for electricity generation from renewable energy sources (RES-E) based on regional resource endowments, and we derive the cost-effective compositions of renewable portfolios, RES-E certificate prices, and additional costs to retail suppliers. The future prospects of RES-E are assessed based on technology, region, and year up to FY2010. The analysis reveals that wind power and biomass power generated from municipal waste will provide the majority of the total supply of RES-E under the RPS. It also indicates that the marginal price of RES-E certificates will be approximately 5.8 JPY/kWh (5.2 USc/kWh) in FY2010, in the case wherein the marginal price of electricity is assumed to be 4 JPY/kWh (3.6 USc/kWh). In order to elaborate on this further, sensitivity analyses for some parameters of RES and the price of electricity are provided. The dynamic supply curves of RES-E certificates are also indicated. (author)

  17. Prospective Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, Jenny S [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Mai, Trieu T [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Bird, Lori A [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Keyser, David J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Krishnan, Venkat K [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Macknick, Jordan E [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Laboratory; Barbose, Galen [Lawrence Berkeley National Laboratory; Millstein, Dev [Lawrence Berkeley National Laboratory

    2018-04-06

    These slides were presented at a webinar on January 9, 2017. The slides overview a report that evaluates the future costs, benefits, and other impacts of renewable energy used to meet current state renewable portfolio standards (RPSs). It also examines a future scenario where RPSs are expanded. The analysis examines changes in electric system costs and retail electricity prices, which include all fixed and operating costs, including capital costs for all renewable, non-renewable, and supporting (e.g., transmission and storage) electric sector infrastructure; fossil fuel, uranium, and biomass fuel costs; and plant operations and maintenance expenditures. The analysis evaluates three specific benefits: air pollution, greenhouse gas emissions, and water use. It also analyzes two other impacts, renewable energy workforce and economic development, and natural gas price suppression. The analysis finds that the benefits or renewable energy used to meet RPS polices exceed the costs, even when considering the highest cost and lowest benefit outcomes.

  18. Power Transfer Potential to the Southeast in Response to a Renewable Portfolio Standard: Final Report

    Energy Technology Data Exchange (ETDEWEB)

    Key, Thomas S [Electric Power Research Institute (EPRI); Hadley, Stanton W [ORNL; Deb, Rajat [LCG Consulting

    2010-02-01

    Electricity consumption in the Southeastern US, including Florida, is approximately 32% of the total US. The availability of renewable resources for electricity production is relatively small compared to the high consumption. Therefore meeting a national renewable portfolio standard (RPS) is particularly challenging in this region. Neighboring regions, particularly to the west, have significant wind resources and given sufficient transmission these resources could serve energy markets in the SE. This report looks at renewable resource supply relative to demands and the potential for power transfer into the SE. We found that significant wind energy transfers, at the level of 30-60 GW, are expected to be economic in case of federal RPC or CO2 policy. Development of wind resources will depend not only on the available transmission capacity and required balancing resources, but also on electricity supply and demand factors.

  19. Overall review of feed-in tariff and renewable portfolio standard policy: A perspective of China

    Science.gov (United States)

    Yan, Q. Y.; Zhang, Q.; Yang, L.; Wang, X.

    2016-08-01

    A major share of China's total carbon dioxide (CO2) emissions is from the electric power sector. To solve this problem, Chinese government has implemented many renewable energy policies in the electric power sector. In China, the most popular renewable energy policies are Feed-in tariff (FIT) and renewable portfolio standard (RPS). This paper first introduces the current development of renewable electricity generation. Second the design plan and implement of FIT and RPS in China's thermal electricity generation sector are summarized in this paper. Third this paper establishes a complementary mode of FIT and RPS which can provide a stable environment to make the FIT and RPS work together. Finally, based on the above analysis, this paper proposes relative suggestions for the implementation of FIT and RPS in China making recommendation for the development of electricity generation from renewable energy.

  20. The Economic Viability of Renewable Portfolio Standard Support for Offshore Wind Farm Projects in Korea

    Directory of Open Access Journals (Sweden)

    Chang-Gi Min

    2015-09-01

    Full Text Available Offshore wind farm (WF projects have been promoted by support schemes as part of the expansion of renewable energy resources in Korea. This paper examines in detail how the Renewable Portfolio Standard (RPS, which was adopted post the Feed-in-Tariff scheme in 2012, has had a profound impact on the economic benefits of offshore WFs in Korea. A framework for analyzing the economic viability of RPS is presented and applied to the sixth basic plan for long-term electricity supply and demand in Korea. The electricity market price is forecast using a reformulated probabilistic production cost (PPC model, and the renewable energy certificate (REC price is calculated using its determination rule. The results show that the existing RPS will be ineffective in increasing the penetration of offshore WFs in Korea; however, they also indicate that the economic viability of offshore WFs could be improved by adjusting the existing RPS.

  1. Retrospective Analysis of the Benefits and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Carpenter, Alberta [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heath, Garvin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mills, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-01-06

    This analysis is the first-ever comprehensive assessment of the benefits and impacts of state renewable portfolio standards (RPSs). This joint National Renewable Energy Laboratory-Lawrence Berkeley National Laboratory project provides a retrospective analysis of RPS program benefits and impacts, including greenhouse gas emissions reductions, air pollution emission reductions, water use reductions, gross jobs and economic development impacts, wholesale electricity price reduction impacts, and natural gas price reduction impacts. Wherever possible, benefits and impacts are quantified in monetary terms. The paper will inform state policymakers, RPS program administrators, industry, and others about the costs and benefits of state RPS programs. In particular, the work seeks to inform decision-making surrounding ongoing legislative proposals to scale back, freeze, or expand existing RPS programs, as well as future discussions about increasing RPS targets or otherwise increasing renewable energy associated with Clean Power Plan compliance or other emission-reduction goals.

  2. A Retrospective Analysis of the Benefits and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Carpenter, Alberta [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heath, Garvin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Mills, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-01-01

    This is the second in a series of reports exploring the costs, benefits, and other impacts of state renewable portfolio standards (RPS), both retrospectively and prospectively. This report focuses on the benefits and impacts of all state RPS programs, in aggregate, for the year 2013 (the most-recent year for which the requisite data were available). Relying on a well-vetted set of methods, the study evaluates a number of important benefits and impacts in both physical and monetary terms, where possible, and characterizes key uncertainties. The prior study in this series focused on historical RPS compliance costs, and future work will evaluate costs, benefits, and other impacts of RPS policies prospectively.

  3. Renewable portfolio standard and certificates trading on the Dutch electricity market

    International Nuclear Information System (INIS)

    Drillsch, J.

    2001-01-01

    In 1996, the Dutch distribution companies signed a voluntary agreement to reduce CO 2 emissions. As one element of the agreement a renewable portfolio standard (RPS) for the electricity distribution companies with certificates trading was introduced (green label system). The analysis reveals that the total volume of the obligation (3%) can be considered as modest. In addition, it seems more appropriate to replace the distribution companies' current monopoly for the issuing of the certificates by an independent institution. A flexibility mechanism (e.g., a certificates' banking system), which prevents high volatilities in the certificates' market price, and a clear sanction mechanism is needed. A drawback of the current Dutch system is the discriminatory financing of the RPS, which is only provided by MAP tariff customers. Nevertheless, the Dutch RPS may induce an efficient allocation of financial means to support renewable energies. It provides valuable experiences in the functioning of the new system, from which other countries may gain. (author)

  4. A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Krishnan, Venkat [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-12-01

    This is the third in a series of reports exploring the costs, benefits, and other impacts of state renewable portfolio standards (RPS). This report evaluates the effects of renewable electricity used to meet aggregate RPS demand growth prospectively, over the period 2015-2050, under both current RPS policies as well as a potential expansion of those policies. Relying on a well-vetted suite of methods, the report quantifies: the costs to the electric system and retail electricity price impacts; the potential societal benefits associated with reduced greenhouse gas emissions, air pollution emissions, and water use; workforce requirements and economic development effects; and consumer savings associated with reduced natural gas prices. The study quantifies these effects in both physical and monetary terms, where possible, at both national and regional levels, and characterizes key uncertainties. The two prior studies in the series have focused, instead, on the historical costs and on the historical benefits and impacts of state RPS policies.

  5. A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Krishnan, Venkat [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-12-01

    This report evaluates the future costs, benefits, and other impacts of renewable energy used to meet current state renewable portfolio standards (RPSs). It also examines a future scenario where RPSs are expanded. The analysis examines changes in electric system costs and retail electricity prices, which include all fixed and operating costs, including capital costs for all renewable, non-renewable, and supporting (e.g., transmission and storage) electric sector infrastructure; fossil fuel, uranium, and biomass fuel costs; and plant operations and maintenance expenditures. The analysis evaluates three specific benefits: air pollution, greenhouse gas emissions, and water use. It also analyzes two other impacts, renewable energy workforce and economic development, and natural gas price suppression. This analysis finds that the benefits or renewable energy used to meet RPS polices exceed the costs, even when considering the highest cost and lowest benefit outcomes.

  6. A retrospective analysis of benefits and impacts of U.S. renewable portfolio standards

    International Nuclear Information System (INIS)

    Barbose, Galen; Wiser, Ryan; Heeter, Jenny; Mai, Trieu; Bird, Lori; Bolinger, Mark; Carpenter, Alberta; Heath, Garvin; Keyser, David; Macknick, Jordan; Mills, Andrew; Millstein, Dev

    2016-01-01

    As states consider revising or developing renewable portfolio standards (RPS), they are evaluating policy costs, benefits, and other impacts. We present the first U. S. national-level assessment of state RPS program benefits and impacts, focusing on new renewable electricity resources used to meet RPS compliance obligations in 2013. In our central-case scenario, reductions in life-cycle greenhouse gas emissions from displaced fossil fuel-generated electricity resulted in $2.2 billion of global benefits. Health and environmental benefits from reductions in criteria air pollutants (sulfur dioxide, nitrogen oxides, and particulate matter 2.5) were even greater, estimated at $5.2 billion in the central case. Further benefits accrued in the form of reductions in water withdrawals and consumption for power generation. Finally, although best considered resource transfers rather than net societal benefits, new renewable electricity generation used for RPS compliance in 2013 also supported nearly 200,000 U. S.-based gross jobs and reduced wholesale electricity prices and natural gas prices, saving consumers a combined $1.3–$4.9 billion. In total, the estimated benefits and impacts well-exceed previous estimates of RPS compliance costs. - Highlights: •Benefits of satisfying U. S. renewable portfolio standards in 2013 were evaluated. •Carbon dioxide (equivalent) was cut by 59 million metric tons (worth $2.2 billion). •Reduced air pollution provided $5.2 billion in health and environmental benefits. •Water withdrawals (830 billion gal) and consumption (27 billion gal) were reduced. •Job/economic, electricity price, and natural gas price impacts were also evaluated.

  7. Survey of State-Level Cost and Benefit Estimates of Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.; Barbose, G.; Bird, L.; Weaver, S.; Flores-Espino, F.; Kuskova-Burns, K.; Wiser, R.

    2014-05-01

    Most renewable portfolio standards (RPS) have five or more years of implementation experience, enabling an assessment of their costs and benefits. Understanding RPS costs and benefits is essential for policymakers evaluating existing RPS policies, assessing the need for modifications, and considering new policies. This study provides an overview of methods used to estimate RPS compliance costs and benefits, based on available data and estimates issued by utilities and regulators. Over the 2010-2012 period, average incremental RPS compliance costs in the United States were equivalent to 0.8% of retail electricity rates, although substantial variation exists around this average, both from year-to-year and across states. The methods used by utilities and regulators to estimate incremental compliance costs vary considerably from state to state and a number of states are currently engaged in processes to refine and standardize their approaches to RPS cost calculation. The report finds that state assessments of RPS benefits have most commonly attempted to quantitatively assess avoided emissions and human health benefits, economic development impacts, and wholesale electricity price savings. Compared to the summary of RPS costs, the summary of RPS benefits is more limited, as relatively few states have undertaken detailed benefits estimates, and then only for a few types of potential policy impacts. In some cases, the same impacts may be captured in the assessment of incremental costs. For these reasons, and because methodologies and level of rigor vary widely, direct comparisons between the estimates of benefits and costs are challenging.

  8. A retrospective analysis of benefits and impacts of U.S. renewable portfolio standards

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen; Wiser, Ryan; Heeter, Jenny; Mai, Trieu; Bird, Lori; Bolinger, Mark; Carpenter, Alberta; Heath, Garvin; Keyser, David; Macknick, Jordan; Mills, Andrew; Millstein, Dev

    2016-09-01

    As states consider revising or developing renewable portfolio standards (RPS), they are evaluating policy costs, benefits, and other impacts. We present the first U. S. national-level assessment of state RPS program benefits and impacts, focusing on new renewable electricity resources used to meet RPS compliance obligations in 2013. In our central-case scenario, reductions in life-cycle greenhouse gas emissions from displaced fossil fuel-generated electricity resulted in $2.2 billion of global benefits. Health and environmental benefits from reductions in criteria air pollutants (sulfur dioxide, nitrogen oxides, and particulate matter 2.5) were even greater, estimated at $5.2 billion in the central case. Further benefits accrued in the form of reductions in water withdrawals and consumption for power generation. Finally, although best considered resource transfers rather than net societal benefits, new renewable electricity generation used for RPS compliance in 2013 also supported nearly 200,000 U. S.-based gross jobs and reduced wholesale electricity prices and natural gas prices, saving consumers a combined $1.3-$4.9 billion. In total, the estimated benefits and impacts well-exceed previous estimates of RPS compliance costs.

  9. Power Transfer Potential to the Southeast in Response to a Renewable Portfolio Standard: Interim Report 1

    Energy Technology Data Exchange (ETDEWEB)

    Hadley, Stanton W [ORNL; Key, Thomas S [Electric Power Research Institute (EPRI)

    2009-03-01

    The power transfer potential for bringing renewable energy into the Southeast in response to a renewable portfolio standard (RPS) will depend not only on available transmission capacity but also on electricity supply and demand factors. This interim report examines how the commonly used EIA NEMS and EPRI NESSIE energy equilibrium models are considering such power transfers. Using regional estimates of capacity expansion and demand, a base case for 2008, 2020 and 2030 are compared relative to generation mix, renewable deployments, planned power transfers, and meeting RPS goals. The needed amounts of regional renewable energy to comply with possible RPS levels are compared to inter-regional transmission capacities to establish a baseline available for import into the Southeast and other regions. Gaps in the renewable generation available to meet RPS requirements are calculated. The initial finding is that the physical capability for transferring renewable energy into the SE is only about 10% of what would be required to meet a 20% RPS. Issues that need to be addressed in future tasks with respect to modeling are the current limitations for expanding renewable capacity and generation in one region to meet the demand in another and the details on transmission corridors required to deliver the power.

  10. The Costs and Benefits of Compliance with Renewable Portfolio Standards: Reviewing Experience to Date

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, Jenny; Barbose, Galen; Bird, Lori; Weaver, Samantha; Flores, Francisco; Kuskova-Burns, Ksenia; Wiser, Ryan

    2014-03-12

    More than half of U.S. states have renewable portfolio standards (RPS) in place and have collectively deployed approximately 46,000 MW of new renewable energy capacity through year-end 2012. Most of these policies have five or more years of implementation experience, enabling an assessment of their costs and benefits. Understanding RPS benefits and costs is essential for policymakers evaluating existing RPS policies, assessing the need for modifications, and considering new policies. A key aspect of this study is the comprehensive review of existing RPS cost and benefit estimates, in addition to an examination of the variety of methods used to calculate such estimates. Based on available data and estimates reported by utilities and regulators, this study summarizes RPS costs to date. The study considers how those costs may evolve going forward, given scheduled increases in RPS targets and cost containment mechanisms incorporated into existing policies. The report also summarizes RPS benefits estimates, based on published studies for individual states, and discusses key methodological considerations.

  11. Limiting the costs of renewable portfolio standards: A review and critique of current methods

    International Nuclear Information System (INIS)

    Stockmayer, Gabriella; Finch, Vanessa; Komor, Paul; Mignogna, Rich

    2012-01-01

    Over half of U.S. states have renewable portfolio standards (RPSs) mandating that a minimum percentage of electricity sold derives from renewable sources. State RPSs vary widely in how they attempt to control or limit the costs of these RPSs. Approaches utilized include alternative compliance payments, direct rate caps, and cost caps on resource acquisitions, while some states employ no specific limitation at all. This paper describes how states attempt to control RPS costs and discusses the strengths and weaknesses of these various cost controls. There is no one best method; however the experience to date suggests that the most important factors in implementing an effective mechanism to curtail costs are clarity of the rule, consistency in application, and transparency for customers. - Highlights: ▶ We review states' RPS statutes and regulations for mechanisms that attempt to control overall compliance costs. ▶ We categorize the major cost curtailment mechanisms. ▶ For each mechanism, we describe policy designs that are or could be implemented by states. ▶ We identify strengths and weaknesses of the various designs for consideration by policymakers.

  12. How Much Water Can We Save by Achieving Renewable Portfolio Standards in the Southwest United States?

    Directory of Open Access Journals (Sweden)

    Yuzhen Feng

    2018-03-01

    Full Text Available Electricity in the Southwestern United States is primarily generated with water intensive steam turbines. If energy demand continues to rise this will lead to a further rise in water demand. A comprehensive understanding of water consumption and withdrawal for utility scale generation of electricity is necessary before any improvements in the water efficiency of such systems in arid environments can be made. This study estimated and compared the water usage associated with thermoelectric generation (i.e., natural gas, coal, and solar energy, in the five driest Colorado River Basin states: Utah, New Mexico, Nevada, Arizona, and California. This study also examined and compared each state’s Renewable Portfolio Standards (RPS and how this might impact water savings. Results showed that each state’s current RPS goals would reduce the water that is consumed by the generation of electricity. However, the amount of water savings will vary on a state by state basis. In order to reduce water consumption, replacing thermal electric generation with photovoltaic (PV solar can be significant and should be encouraged. The amount of water saved will vary, however, depending on the state’s choice of coal or natural gas.

  13. Supporting Solar Power in Renewables Portfolio Standards: Experience from the United States

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Barbose, Galen; Holt, Edward

    2010-10-01

    Among the available options for encouraging the increased deployment of renewable electricity, renewables portfolio standards (RPS) have become increasingly popular. The RPS is a relatively new policy mechanism, however, and experience with its use is only beginning to emerge. One key concern that has been voiced is whether RPS policies will offer adequate support to a wide range of renewable energy technologies and applications or whether, alternatively, RPS programs will favor a small number of the currently least-cost forms of renewable energy. This report documents the design of and early experience with state-level RPS programs in the United States that have been specifically tailored to encourage a wider diversity of renewable energy technologies, and solar energy in particular. As shown here, state-level RPS programs specifically designed to support solar have already proven to be an important, albeit somewhat modest, driver for solar energy deployment, and those impacts are projected to continue to build in the coming years. State experience in supporting solar energy with RPS programs is mixed, however, and full compliance with existing requirements has not been achieved. The comparative experiences described herein highlight the opportunities and challenges of applying an RPS to specifically support solar energy, as well as the importance of policy design details to ensuring that program goals are achieved.

  14. Renewable Portfolio Standards in the United States - A Status Report with Data Through 2007

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Wiser, Ryan; Barbose, Galen; Bird, Lori; Churchill, Susannah; Deyette, Jeff; Holt, Ed

    2008-04-09

    Renewables portfolio standards (RPS) have proliferated at the state level in the United States since the late 1990s. In combination with Federal tax incentives, state RPS requirements have emerged as one of the most important drivers of renewable energy capacity additions. The focus of most RPS activity in the U.S. has been within the states. Nonetheless, the U.S. House of Representatives and Senate have, at different times, each passed versions of a Federal RPS; a Federal RPS, however, has not yet been signed into law. The design of an RPS can and does vary, but at its heart an RPS simply requires retail electricity suppliers (also called load-serving entities, or LSEs) to procure a certain minimum quantity of eligible renewable energy. An RPS establishes numeric targets for renewable energy supply, applies those targets to retail electricity suppliers, and seeks to encourage competition among renewable developers to meet the targets in a least-cost fashion. RPS purchase obligations generally increase over time, and retail suppliers typically must demonstrate compliance on an annual basis. Mandatory RPS policies are backed by various types of compliance enforcement mechanisms, and many--but not all--such policies include the trading of renewable energy certificates (RECs). Renewables portfolio standards are a relatively recent addition to the renewable energy policy landscape, and these policies continue to evolve. Keeping up with the design, early experience, and projected impacts of these programs is a challenge. This report seeks to fill this need by providing basic, factual information on RPS policies in the United States. It focuses on state-level initiatives, though a later section briefly discusses Federal developments as well. The report does not cover municipal-level renewable energy goals, unless required by state law. Similarly, this report focuses on mandatory state RPS requirements, though it also touches on non-binding renewable energy goals

  15. Supporting solar power in renewables portfolio standards: Experience from the United States

    International Nuclear Information System (INIS)

    Wiser, Ryan; Barbose, Galen; Holt, Edward

    2011-01-01

    Renewables portfolio standards (RPS) have become an increasingly popular option for encouraging the deployment of renewable electricity. It is a relatively new policy mechanism, however, and experience with its use is only beginning to emerge. One key concern is whether RPS policies offer adequate support to a wide range of renewable energy technologies and applications or whether, alternatively, they will favor a small number of the currently least-cost forms of renewable energy. This article documents the design of and early experience with state-level RPS programs in the United States that have been specifically tailored to encourage a wider diversity of renewable energy technologies, and solar energy in particular. As shown here, state-level RPS programs specifically designed to support solar have already proven to be an important driver for solar energy deployment, and those impacts are projected to build in the coming years. State experience in supporting solar energy with RPS programs is mixed, however, and full compliance with existing requirements has not been achieved. The comparative experiences described herein highlight the opportunities and challenges of applying an RPS to specifically support solar energy, as well as the importance of policy design details to ensuring that program goals are achieved. - Research highlights: → Many states have adopted RPS policies with solar or DG set-asides. → Solar and DG set-asides have become a significant driver for solar growth. → Compliance with solar/DG set-aside targets has been mixed. → The estimated retail rate impacts have thus far been relatively modest. → Various emerging issues will affect the future impact of RPS policies on solar growth.

  16. Feasibility of U.S. renewable portfolio standards under cost caps and case study for Illinois

    International Nuclear Information System (INIS)

    Johnson, Sean D.; Moyer, Elisabeth J.

    2012-01-01

    Recently enacted state renewable portfolio standards (RPSs) collectively require that U.S. electricity generation by non-hydro renewables more than double by 2025. These goals are not certain to be met, however, because many RPSs apply cost caps that alter requirements if costs exceed targets. We analyze here the 2008 Illinois RPS, which is fairly typical, and find that at current electricity prices, complete implementation will require significant decreases in renewables costs even given the continuation of federal renewables subsidies. Full implementation is possible but not assured. The statutory design raises additional concerns about unintended potential consequences. The fact that windpower and solar carveouts fall under a single cost cap means that in failure mode, a less cost-effective technology can curtail deployment of a more cost-effective one. Adjacent-state provisions mean the bulk of the RPS can be met by existing wind facilities, and that new wind builds will likely occur in Iowa. The Illinois RPS, like that of many other states, appears to combine objectives inherently in conflict: preferences for local jobs, for specific technologies, for environmental benefits, and for low costs. Revisiting the legislation may be needed to make legislative success likely and to ensure that failure modes do not compromise goals. - Highlights: ► RPSs mandate that generation by non-hydro renewables in the U.S. double by 2025. ► Implementation of many RPSs is impossible without decreases in renewable costs. ► The Illinois wind requirement can largely be met by existing Iowa windpower. ► Placing technology carveouts under one cost cap allows pernicious interactions. ► The Illinois RPS statute combines different objectives inherently in conflict.

  17. A Prospective Analysis of the Costs, Benefits, and Impacts of U.S. Renewable Portfolio Standards

    Energy Technology Data Exchange (ETDEWEB)

    Mai, Trieu [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Heeter, Jenny [National Renewable Energy Lab. (NREL), Golden, CO (United States); Keyser, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Krishnan, Venkat [National Renewable Energy Lab. (NREL), Golden, CO (United States); Macknick, Jordan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2016-12-31

    As states have gained experience with renewable portfolio standards (RPS) policies, many have made significant revisions to existing programs. In 2015 and 2016, seven states raised and extended their final RPS targets, while another state enacted a new RPS policy (Barbose 2016b). Interest in expanding and strengthening state RPS programs may continue, while efforts like recent proposals in many states to repeal or freeze existing RPS policies may also persist. In either context, questions about the potential costs, benefits, and other impacts of RPS programs are usually central to the decision-making process. This report follows on previous analyses that have focused on the historical costs, benefits, and other impacts of existing state RPS programs (Heeter et al. 2014; Wiser et al. 2016a). This report examines RPS outcomes prospectively, considering both current RPS policies as well as a potential expansion of those policies. The goal of this work is to provide a consistent and independent analytical methodology for that examination. This analysis relies on National Renewable Energy Laboratory’s (NREL’s) Regional Energy Deployment System (ReEDS) model to estimate changes to the U.S. electric power sector across a number of scenarios and sensitivity cases, focusing on the 2015–2050 timeframe. Based on those modeled results, we evaluate the costs, benefits, and other impacts of renewable energy contributing to RPS compliance using the suite of methods employed in a number of recent studies sponsored by the U.S. Department of Energy (DOE): a report examining retrospective benefits and impacts of RPS programs (Wiser et al. 2016a), the Wind Vision report (DOE 2015), the On the Path to SunShot report focusing on environmental benefits (Wiser et al. 2016b), and the Hydropower Vision report (DOE 2016).

  18. Utilizing GIS to Examine the Relationship Between State Renewable Portfolio Standards and the Adoption of Renewable Energy Technologies

    Directory of Open Access Journals (Sweden)

    Chelsea Schelly

    2013-12-01

    Full Text Available In the United States, there is no comprehensive energy policy at the federal level. To address issues as diverse as climate change, energy security, and economic development, individual states have increasingly implemented Renewable Portfolio Standards (RPSs, which mandate that utility providers include a specified amount of electricity from renewable energy sources in their total energy portfolios. Some states have included incentives for individual energy technologies in their RPS, such as solar electric (also called photovoltaic or PV technology. Here, we use GIS to visualize adoption of RPSs and electricity generation from renewable energy sources in the US and examine changes in renewable electricity and solar electric generation over time with the goal of informing future policies aimed at promoting the adoption of renewable energy technologies.

  19. Portfolio Optimization

    OpenAIRE

    Issagali, Aizhan; Alshimbayeva, Damira; Zhalgas, Aidana

    2015-01-01

    In this paper Portfolio Optimization techniques were used to determine the most favorable investment portfolio. In particular, stock indices of three companies, namely Microsoft Corporation, Christian Dior Fashion House and Shevron Corporation were evaluated. Using this data the amounts invested in each asset when a portfolio is chosen on the efficient frontier were calculated. In addition, the Portfolio with minimum variance, tangency portfolio and optimal Markowitz portfolio are presented.

  20. Wright meets Markowitz: How standard portfolio theory changes when assets are technologies following experience curves

    OpenAIRE

    Way, Rupert; Lafond, François; Farmer, J. Doyne; Lillo, Fabrizio; Panchenko, Valentyn

    2017-01-01

    This paper considers how to optimally allocate investments in a portfolio of competing technologies. We introduce a simple model representing the underlying trade-off - between investing enough effort in any one project to spur rapid progress, and diversifying effort over many projects simultaneously to hedge against failure. We use stochastic experience curves to model the idea that investing more in a technology reduces its unit costs, and we use a mean-variance objective function to unders...

  1. An analysis of Renewable Portfolio Standard policy formulation and its influence on state level energy prices

    Science.gov (United States)

    McCollester, Peter Colin

    Over the past two decades, environmental concern has crept to the forefront of the world policy agenda. This concern has manifested itself differently throughout the world. In the United States, this has come in the form of Renewable Portfolio Standards (RPS) which have become one of the primary policy tools which states use to encourage renewable energy generation. The advent of RPS has spurred intense debate at a federal and state level, centering on the economic merits of promoting renewable energy generation. Detractors argue that RPS will raise electricity rates, since generation from renewable sources is typically costlier than energy generated from fossil fuels. At this point, evidence to the relationship between RPS on electricity prices remains unclear. Researchers have attempted to understand this relationship through a variety of means. The most common being regression based models, which utilize readily available United States Energy Information Agency (US EIA) data, and have uncovered a number of important independent variables which are incorporated into the model in this study. Examples include personal income, state population, and deregulation of an energy market. In addition to empirical studies, the National Renewable Energy Laboratory (NREL) has created complex mathematical models which generate scenario projections based on a number of assumptions. While interesting, these are forward looking tools and as such have not yielded a tremendous amount of insight into the underlying policy mechanics of RPS. A challenge of addressing this topic which is worth noting is that much of the research available which analyzes the merits of RPS caters to distinct political or private sector agendas. The research gathered for this study is comprehensive, and attempts to avoid studies with any clear political, ideological, or financial motivation. Using the insights from previous researchers this study develops a rigorous fixed effects regression model to

  2. An analysis of the impact of Renewable Portfolio Standards on residential electricity prices

    Science.gov (United States)

    Larson, Andrew James

    A Renewable Portfolio Standard (RPS) has become a popular policy for states seeking to increase the amount of renewable energy generated for consumers of electricity. The success of these state programs has prompted debate about the viability of a national RPS. The impact that these state level policies have had on the price consumers pay for electricity is the subject of some debate. Several federal organizations have conducted studies of the impact that a national RPS would have on electricity prices paid by consumers. NREL and US EIA utilize models that analyze the inputs in electricity generation to examine the future price impact of changes to electricity generation and show marginal increases in prices paid by end users. Other empirical research has produced similar results, showing that the existence of an RPS increases the price of electricity. These studies miss important aspects of RPS policies that may change how we view these price increases from RPS policies. By examining the previous empirical research on RPS policies, this study seeks to identify the controls necessary to build an effective model. These controls are utilized in a fixed effects model that seeks to show how the controls and variables of interest impact electricity prices paid by residential consumers of electricity. This study utilizes a panel data set from 1990 to 2014 to analyze the impact of these policies controlling for generating capacity, the regulatory status of utilities in each state, demographic characteristics of the states, and fuel prices. The results of the regressions indicate that prices are likely to be higher in states that have an RPS compared to states that do not have such a policy. Several of the characteristics mentioned above have price impacts, and so discussing RPS policies in the context of other factors that contribute to electricity prices is essential. In particular, the regulatory status of utilities in each state is an important determinate of price as

  3. Solar set asides and renewable electricity certificates: Early lessons from North Carolina's experience with its renewable portfolio standard

    International Nuclear Information System (INIS)

    Gaul, Chip; Carley, Sanya

    2012-01-01

    This paper assesses the market developments in North Carolina's solar energy industry following the state's adoption of a renewable portfolio standard (RPS). It first reviews how solar renewable electricity certificates (SRECs) are intended to act as a support mechanism for the installation and financing of solar power in North Carolina's RPS compliance market. The paper then analyzes why SRECs have not precipitated growth in the solar industry thus far. Instead of attracting a diversity of solar installation and SREC trading businesses to create a competitive market to North Carolina, the RPS has only enabled a few large solar power producers to compete with utility companies to finance, install, and operate solar generating systems. A comparison between the SREC markets in North Carolina, Pennsylvania, and New Jersey reveals that transparency in prices and volumes of SRECs, limits on utility company self-ownership of solar generators, and more aggressive solar set-aside targets are required to create a competitive market environment that will attract a sustainable and growing solar industry. - Highlights: ► Assesses developments in NC's solar industry from renewable portfolio standard. ► Comparisons between the SREC markets in North Carolina, Pennsylvania, New Jersey. ► Transparency in prices and limits on utility self-ownership are necessary. ► More aggressive solar set-aside targets would also help develop the solar market.

  4. Of paradise and clean power: The effect of California's renewable portfolio standard on in-state renewable energy generation

    Science.gov (United States)

    Yin, Clifton Lee

    Renewable portfolio standards (RPS), policies that encourage acquisition of electricity from renewable energy sources, have become popular instruments for discouraging the use of climate change inducing-fossil fuels. There has been limited research, however, that empirically evaluates their effectiveness. Using data gathered by three governmental entities -- the federal-level Energy Information Administration and two California agencies, the Employment Development Department and the Department of Finance -- this paper investigates the impact of California's RPS, one of the nation's most ambitious such policies, on in-state renewable energy generation. It finds that the California RPS did not bring about a one-time increase in generation with its inception, nor did it compel an increase in generation over time. These results raise questions as to the best way to structure RPS policies in light of growing interest in the establishment of a national RPS.

  5. The effectiveness of Renewable Portfolio Standard banding and carve-outs in supporting high-cost types of renewable electricity

    International Nuclear Information System (INIS)

    Buckman, Greg

    2011-01-01

    Renewable Portfolio Standards (RPSs) are renewable electricity (RES-E) subsidy mechanisms in which governments mandate how much RES-E should be generated and markets determine the cost of the subsidy needed to generate the RES-E. Two modifications of the RPS that can help support high-cost types of RES-E are banding, where governments mandate higher multiples of RPS tradable certificates for high-cost types of RES-E, and carve-outs, where governments prescribe parts of a RPS target that can be met only by a particular type, or types, of RES-E. This paper analyses the design and generation performance of banding, as used in the UK, with some reference to Italy; and carve-outs, as used in the USA. To date, there is insufficient experience of either device to reach firm conclusions about their generation effectiveness. However, there is early, tentative evidence that banding is successful at supporting high-cost types of RES-E in the UK. Carve-outs are not being fully exploited in US states that use a RPS mechanism, and Italy is using banding in a fairly insignificant way. Though both devices have different design strengths and weaknesses, and either could be adapted to specific RPS markets, banding is probably the better device for supporting high-cost RES-E. - Highlights: → I analysed three countries that use either Renewable Portfolio Standards banding or carve-outs. → I assess whether banding or carve-outs have diversified renewable electricity generation. → There's insufficient banding/carve-out experience to reach firm diversification conclusions. → There's early evidence that the UK banding is diversifying its renewable electricity.

  6. Predictive Ability from ePortfolios of Student Achievement Associated with Professional Teaching Standards: An Exploratory Case Study

    Science.gov (United States)

    Payne, Phillip; Burrack, Frederick

    2017-01-01

    This exploratory case study, focused on a music teacher preparation program, examined the coursework ePortfolios of pre-service music teachers to determine if any parts of the ePortfolio process predicted teaching effectiveness in the classroom during the student teaching semester. Sixty-five undergraduate pre-service music teachers made up the…

  7. Weighing the Costs and Benefits of Renewables Portfolio Standards:A Comparative Analysis of State-Level Policy Impact Projections

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Cliff; Wiser, Ryan; Bolinger, Mark

    2007-01-16

    State renewables portfolio standards (RPS) have emerged as one of the most important policy drivers of renewable energy capacity expansion in the U.S. Collectively, these policies now apply to roughly 40% of U.S. electricity load, and may have substantial impacts on electricity markets, ratepayers, and local economies. As RPS policies have been proposed or adopted in an increasing number of states, a growing number of studies have attempted to quantify the potential impacts of these policies, focusing primarily on projecting cost impacts, but sometimes also estimating macroeconomic and environmental effects. This report synthesizes and analyzes the results and methodologies of 28 distinct state or utility-level RPS cost impact analyses completed since 1998. Together, these studies model proposed or adopted RPS policies in 18 different states. We highlight the key findings of these studies on the costs and benefits of RPS policies, examine the sensitivity of projected costs to model assumptions, assess the attributes of different modeling approaches, and suggest possible areas of improvement for future RPS analysis.

  8. Estimating the Value of Utility-Scale Solar Technologies in California Under a 40% Renewable Portfolio Standard

    Energy Technology Data Exchange (ETDEWEB)

    Jorgenson, J.; Denholm, P.; Mehos, M.

    2014-05-01

    Concentrating solar power with thermal energy storage (CSP-TES) is a unique source of solar energy in that its output can be shifted over time. The ability of CSP-TES to be a flexible source of generation may be particularly valuable in regions with high overall penetration of solar energy, such as the state of California. California's Renewable Portfolio Standard (RPS) requires the state to increase generation from eligible renewable energy resources to reach 33% of retail electricity sales by 2020. Beyond 2020, California targets a further reduction in greenhouse gas emissions. To help reach this goal, current California governor Jerry Brown has stated that a higher 40% RPS might be reachable in the near term. The levelized cost of energy is generally emphasized when assessing the economic viability of renewable energy systems implemented to achieve the RPS. However, the operational and capacity benefits of such systems are often ignored, which can lead to incorrect economic comparisons between CSP-TES and variable renewable generation technologies such as solar photovoltaics (PV). Here we evaluate a 40% RPS scenario in a California grid model with PV or CSP-TES providing the last 1% of RPS energy. We compare the technical and economic implications of integrating either solar technology under several sensitivities, finding that the ability to displace new conventional thermal generation capacity may be the largest source of value of CSP-TES compared to PV at high solar penetrations.

  9. Impact of deployment of renewable portfolio standard on the electricity price in the State of Illinois and implications on policies

    International Nuclear Information System (INIS)

    Kung, Harold H.

    2012-01-01

    The Renewable Portfolio Standard (RPS) of the State of Illinois specifies a schedule for the fraction of electricity produced from wind to be phased in through 2025. The price of electricity due to implementation of RPS in order to achieve a six-year payback on investment on new wind farms was estimated for six scenarios that examined the effect of electricity consumption growth rate, production tax credit of $0.022/kW h or unrestricted investment tax credit of 30%, and projected changes in installed project costs. In all cases, the electricity price was found to be dominated by the installed project cost (capital cost). Thus, any policy that affects the capital cost directly or indirectly would have a significant effect on the electricity price. Whereas investment tax credit has a direct effect, policies that encourage technology improvement and improve transmission lines would have a similar effect of lowering the capital cost. Carbon tax, on the other hand, would increase the electricity price to the consumers, although it offers other benefits. Highlights: ► Capital cost dominates the price of wind electricity. ► Policies for wind electricity should aim at lowering the capital cost directly or indirectly. ► Carbon tax does not lower wind electricity price, and is beneficial for other reasons.

  10. Teacher Portfolios.

    Science.gov (United States)

    Wolfe-Quintero, Kate; Brown, James Dean

    1998-01-01

    A portfolio of achievements, experiences, and reflections can help English-as-a-Second-Language teachers attain professional development goals and offer administrators greater insight for making informed hiring and job-performance decisions. This paper focuses on what teacher portfolios are, what their contents should be, and what their uses are…

  11. Teaching Portfolio

    DEFF Research Database (Denmark)

    Pedersen, Christian Fischer

    The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark.......The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark....

  12. Customer portfolios

    DEFF Research Database (Denmark)

    Clarke, Ann Højbjerg; Freytag, Per Vagn; Zolkiewski, Judith

    2017-01-01

    gives managers a tool to help to cope with the dynamic aspects of the customer portfolio. Recognition of the importance of communication to the process, the development of trust and the role of legitimacy also provides areas that managers can focus upon in their relationship management processes......Purpose The purpose of this paper is to extend the discussion about customer portfolios beyond simple identification of models and how they can be used for balanced resource allocation to a discussion about how portfolios should take into account views from relationship partners and how they should...... that helps improve the understanding of how customer portfolio models can actually be applied from a relational perspective. Findings The key aspects of the conceptual framework relate to how alignment of the relationships in the portfolio is achieved. Critical to this are the interaction spaces...

  13. Assessing the economic value of co-optimized grid-scale energy storage investments in supporting high renewable portfolio standards

    International Nuclear Information System (INIS)

    Go, Roderick S.; Munoz, Francisco D.; Watson, Jean-Paul

    2016-01-01

    Highlights: • We present a MILP to co-optimize generation, transmission, and storage investments. • We find significant value in co-optimized storage via investment deferrals. • Operational savings from bulk services are small relative to investment deferrals. • Co-optimized energy storage significantly reduces prices associated with RPS. - Abstract: Worldwide, environmental regulations such as Renewable Portfolio Standards (RPSs) are being broadly adopted to promote renewable energy investments. With corresponding increases in renewable energy deployments, there is growing interest in grid-scale energy storage systems (ESS) to provide the flexibility needed to efficiently deliver renewable power to consumers. Our contribution in this paper is to introduce a unified generation, transmission, and bulk ESS expansion planning model subject to an RPS constraint, formulated as a two-stage stochastic mixed-integer linear program (MILP) optimization model, which we then use to study the impact of co-optimization and evaluate the economic interaction between investments in these three asset classes in achieving high renewable penetrations. We present numerical case studies using the 24-bus IEEE RTS-96 test system considering wind and solar as available renewable energy resources, and demonstrate that up to $180 million/yr in total cost savings can result from the co-optimization of all three assets, relative to a situation in which no ESS investment options are available. Surprisingly, we find that co-optimized bulk ESS investments provide significant economic value through investment deferrals in transmission and generation capacity, but very little savings in operational cost. Finally, we observe that planning transmission and generation infrastructure first and later optimizing ESS investments—as is common in industry—captures at most 1.7% ($3 million/yr) of the savings that result from co-optimizing all assets simultaneously.

  14. Did state renewable portfolio standards induce technical change in methane mitigation in the U.S. landfill sector?

    Science.gov (United States)

    Delhotal, Katherine Casey

    Landfill gas (LFG) projects use the gas created from decomposing waste, which is approximately 49% methane, and substitute it for natural gas in engines, boilers, turbines, and other technologies to produce energy or heat. The projects are beneficial in terms of increased safety at the landfill, production of a cost-effective source of energy or heat, reduced odor, reduced air pollution emissions, and reduced greenhouse gas emissions. However, landfills sometimes face conflicting policy incentives. The theory of technical change shows that the diffusion of a technology or groups of technologies increases slowly in the beginning and then picks up speed as knowledge and better understanding of using the technology diffuses among potential users. Using duration analysis, data on energy prices, State and Federal policies related to landfill gas, renewable energy, and air pollution, as well as control data on landfill characteristics, I estimate the influence and direction of influence of renewable portfolio standards (RPS). The analysis found that RPS positively influences the diffusion of landfill gas technologies, encouraging landfills to consider electricity generation projects over direct sales of LFG to another facility. Energy price increases or increased revenues for a project are also critical. Barriers to diffusion include air emission permits in non-attainment areas and policies, such as net metering, which promote other renewables over LFG projects. Using the estimates from the diffusion equations, I analyze the potential influence of a Federal RPS as well as the potential interaction with a Federal, market based climate change policy, which will increase the revenue of a project through higher energy sale prices. My analysis shows that a market based climate change policy such as a cap-and-trade or carbon tax scheme would increase the number of landfill gas projects significantly more than a Federal RPS.

  15. Implementing renewable energy portfolio standards: The good, the bad, and the ugly in a two state comparison

    International Nuclear Information System (INIS)

    Schelly, Chelsea

    2014-01-01

    Understanding how household practices with regard to energy usage change and how to most effectively encourage the adoption of technologies that utilize renewable energy sources at the residential scale are important issues for addressing the environmental impacts of energy use. Here, the social practices model (Spaargaren, 2003) is applied to examine solar technology adopters in two U.S. States who were interviewed about adopting residential solar electric technology and specifically about their experiences with the rebate and incentive programs available to them. Examining the policies and interrogating their potentially unintended consequences from the perspective of the user sheds light on how residential solar incentive programs act as systems of provision, shaping the practices of solar technology adopters, in hopes of improving these incentive programs and effectively encouraging increased residential solar technology adoption. Findings suggest that feed-in tariffs offer additional positive outcomes related to broadening the context for adoption and encouraging future energy conservation while size restrictions, wholesale pricing in net metering agreements, and inconsistent policy mechanisms across utilities in the same state all have potentially unintended negative consequences. Utilizing a perspective attentive to social practice offers a means of improving the design and implementation of energy policy. - Highlights: • Over half of the U.S. states have implemented renewable portfolio standards (RPS). • RPS mandates sometimes include provisions for residential solar technology. • This solar-sets asides have different implementation structures. • The specifics of these policies affect the actual practices of adopters. • This examination of solar-set aside policy is intended to improve policy

  16. An evaluation of the impact of state Renewable Portfolio Standards (RPS) on retail, commercial, and industrial electricity prices

    Science.gov (United States)

    Puram, Rakesh

    The Renewable Portfolio Standard (RPS) has become a popular mechanism for states to promote renewable energy and its popularity has spurred a potential bill within Congress for a nationwide Federal RPS. While RPS benefits have been touted by several groups, it also has detractors. Among the concerns is that RPS standards could raise electricity rates, given that renewable energy is costlier than traditional fossil fuels. The evidence on the impact of RPS on electricity prices is murky at best: Complex models by NREL and USEIA utilize computer programs with several assumptions which make empirical studies difficult and only predict slight increases in electricity rates associated with RPS standards. Recent theoretical models and empirical studies have found price increases, but often fail to comprehensively include several sets of variables, which in fact could confound results. Utilizing a combination of past papers and studies to triangulate variables this study aims to develop both a rigorous fixed effects regression model as well as a theoretical framework to explain the results. This study analyzes state level panel data from 2002 to 2008 to analyze the effect of RPS on residential, commercial, and industrial electricity prices, controlling for several factors including amount of electricity generation from renewable and non-renewable sources, customer incentives for renewable energy, macroeconomic and demographic indicators, and fuel price mix. The study contrasts several regressions to illustrate important relationships and how inclusions as well as exclusion of various variables have an effect on electricity rates. Regression results indicate that the presence of RPS within a state increases the commercial and residential electricity rates, but have no discernable effect on the industrial electricity rate. Although RPS tends to increase electricity prices, the effect has a small impact on higher electricity prices. The models also indicate that jointly all

  17. Electronic Portfolios in Grades One, Two and Three: A Cautionary Tale

    Science.gov (United States)

    Kotsopoulos, Donna; Lee, Joanne; Cordy, Michelle; Bruyns, Susan

    2015-01-01

    Some electronic portfolios (EPs) developers are proposing that EPs are suitable for implementation in primary education (i.e. kindergarten to grade three). Yet, empirical research evaluating the implementation and efficacy of EPs used in primary school settings at both the teacher and the student level is scarce. In this research, the authors…

  18. Portfolio Management

    Science.gov (United States)

    Duncan, Sharon L.

    2011-01-01

    Enterprise Business Information Services Division (EBIS) supports the Laboratory and its functions through the implementation and support of business information systems on behalf of its business community. EBIS Five Strategic Focus Areas: (1) Improve project estimating, planning and delivery capability (2) Improve maintainability and sustainability of EBIS Application Portfolio (3) Leap forward in IT Leadership (4) Comprehensive Talent Management (5) Continuous IT Security Program. Portfolio Management is a strategy in which software applications are managed as assets

  19. Effects of a non-standard W± magnetic moment in W± production via deep inelastic e-P scattering

    International Nuclear Information System (INIS)

    Boehm, M.; Rosado, A.

    1989-01-01

    We calculate the production of charged bosons in deep inelastic e - P scattering in the context of an electroweak model in which the vector boson self interactions may be different from those prescribed by the electroweak standard model. We present results which show the dependence of the cross section on the anomalous magnetic dipole moment κ of the W ± . We find for energies available at HERA that even small deviations from the standard model value of κ imply observable deviations in the W ± production rates. We also show that the contributions from heavy boson exchange diagrams are very important. (orig.)

  20. Switching portfolios.

    Science.gov (United States)

    Singer, Y

    1997-08-01

    A constant rebalanced portfolio is an asset allocation algorithm which keeps the same distribution of wealth among a set of assets along a period of time. Recently, there has been work on on-line portfolio selection algorithms which are competitive with the best constant rebalanced portfolio determined in hindsight (Cover, 1991; Helmbold et al., 1996; Cover and Ordentlich, 1996). By their nature, these algorithms employ the assumption that high returns can be achieved using a fixed asset allocation strategy. However, stock markets are far from being stationary and in many cases the wealth achieved by a constant rebalanced portfolio is much smaller than the wealth achieved by an ad hoc investment strategy that adapts to changes in the market. In this paper we present an efficient portfolio selection algorithm that is able to track a changing market. We also describe a simple extension of the algorithm for the case of a general transaction cost, including the transactions cost models recently investigated in (Blum and Kalai, 1997). We provide a simple analysis of the competitiveness of the algorithm and check its performance on real stock data from the New York Stock Exchange accumulated during a 22-year period. On this data, our algorithm outperforms all the algorithms referenced above, with and without transaction costs.

  1. Beyond Renewable Portfolio Standards: An Assessment of Regional Supply and Demand Conditions Affecting the Future of Renewable Energy in the West; Report and Executive Summary

    Energy Technology Data Exchange (ETDEWEB)

    Hurlbut, D. J.; McLaren, J.; Gelman, R.

    2013-08-01

    This study assesses the outlook for utility-scale renewable energy development in the West once states have met their renewable portfolio standard (RPS) requirements. In the West, the last state RPS culminates in 2025, so the analysis uses 2025 as a transition point on the timeline of RE development. Most western states appear to be on track to meet their final requirements, relying primarily on renewable resources located relatively close to the customers being served. What happens next depends on several factors including trends in the supply and price of natural gas, greenhouse gas and other environmental regulations, consumer preferences, technological breakthroughs, and future public policies and regulations. Changes in any one of these factors could make future renewable energy options more or less attractive.

  2. Market Performance and Accounting Information as the Reference of Stocks Portfolio Formation in Indonesia Stock Exchange

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

    This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real difference among variabel refer to their market capitalization and influence of predictor to stock return. Hereinafter, the performance of selected portfolio were evaluated. The evaluation result conclude ...

  3. Parametric Portfolio Policies with Common Volatility Dynamics

    DEFF Research Database (Denmark)

    Ergemen, Yunus Emre; Taamouti, Abderrahim

    A parametric portfolio policy function is considered that incorporates common stock volatility dynamics to optimally determine portfolio weights. Reducing dimension of the traditional portfolio selection problem significantly, only a number of policy parameters corresponding to first- and second......-order characteristics are estimated based on a standard method-of-moments technique. The method, allowing for the calculation of portfolio weight and return statistics, is illustrated with an empirical application to 30 U.S. industries to study the economic activity before and after the recent financial crisis....

  4. Universal portfolios in stochastic portfolio theory

    OpenAIRE

    Wong, Ting-Kam Leonard

    2015-01-01

    Consider a family of portfolio strategies with the aim of achieving the asymptotic growth rate of the best one. The idea behind Cover's universal portfolio is to build a wealth-weighted average which can be viewed as a buy-and-hold portfolio of portfolios. When an optimal portfolio exists, the wealth-weighted average converges to it by concentration of wealth. Working under a discrete time and pathwise setup, we show under suitable conditions that the distribution of wealth in the family sati...

  5. When renewable portfolio standards meet cap-and-trade regulations in the electricity sector: Market interactions, profits implications, and policy redundancy

    International Nuclear Information System (INIS)

    Tsao, C.-C.; Campbell, J.E.; Chen, Yihsu

    2011-01-01

    Emission trading programs (C and T) and renewable portfolio standards (RPS) are two common tools used by policymakers to control GHG emissions in the energy and other energy-intensive sectors. Little is known, however, as to the policy implications resulting from these concurrent regulations, especially given that their underlying policy goals and regulatory schemes are distinct. This paper applies both an analytical model and a computational model to examine the short-run implications of market interactions and policy redundancy. The analytical model is used to generate contestable hypotheses, while the numerical model is applied to consider more realistic market conditions. We have two central findings. First, lowering the CO 2 C and T cap might penalize renewable units, and increasing the RPS level could sometimes benefit coal and oil and make natural gas units worse off. Second, making one policy more stringent would weaken the market incentive, which the other policy relies upon to attain its intended policy target. - Highlights: → Lowering the CO 2 C and T cap might penalize renewable units, and increasing the RPS level could sometimes benefit coal and oil and make natural gas units worse off. → Making one policy more stringent would weaken the market incentive, which the other policy relies upon to attain its intended policy target. → The market-wise average emissions could increase when increasing RPS requirement.

  6. The policy effects of feed-in tariff and renewable portfolio standard: A case study of China's waste incineration power industry.

    Science.gov (United States)

    Xin-Gang, Zhao; Yu-Zhuo, Zhang; Ling-Zhi, Ren; Yi, Zuo; Zhi-Gong, Wu

    2017-10-01

    Among the regulatory policies, feed-in tariffs (FIT) and renewable portfolio standards (RPS) are the most popular to promote the development of renewable energy power industry. They can significantly contribute to the expansion of domestic industrial activities in terms of sustainable energy. This paper uses system dynamics (SD) to establish models of long-term development of China's waste incineration power industry under FIT and RPS schemes, and provides a case study by using scenario analysis method. The model, on the one hand, not only clearly shows the complex logical relationship between the factors but also assesses policy effects of the two policy tools in the development of the industry. On the other hand, it provides a reference for scholars to study similar problems in different countries, thereby facilitating an understanding of waste incineration power's long-term sustainable development pattern under FIT and RPS schemes, and helping to provide references for policy-making institutions. The results show that in the perfect competitive market, the implementation of RPS can promote long-term and rapid development of China's waste incineration power industry given the constraints and actions of the mechanisms of RPS quota proportion, the TGC valid period, and fines, compared with FIT. At the end of the paper, policy implications are offered as references for the government. Copyright © 2017 Elsevier Ltd. All rights reserved.

  7. HEURISTIC APPROACHES FOR PORTFOLIO OPTIMIZATION

    OpenAIRE

    Manfred Gilli, Evis Kellezi

    2000-01-01

    The paper first compares the use of optimization heuristics to the classical optimization techniques for the selection of optimal portfolios. Second, the heuristic approach is applied to problems other than those in the standard mean-variance framework where the classical optimization fails.

  8. On the evolving portfolio of community-standards and data sharing policies: turning challenges into new opportunities

    Directory of Open Access Journals (Sweden)

    Sansone Susanna-Assunta

    2012-07-01

    Full Text Available Abstract There are thousands of biology databases with hundreds of terminologies, reporting guidelines, representations models, and exchange formats to help annotate, report, and share bioscience investigations. It is evident, however, that researchers and bioinformaticians struggle to navigate the various standards and to find the appropriate database to collect, manage, and share data. Further, policy makers, funders, and publishers lack sufficient information to formulate their guidelines. In this paper, we highlight a number of key issues that can be used to turn these challenges into new opportunities. It is time for all stakeholders to work together to reconcile cause and effect and make the data-sharing culture functional and efficient.

  9. Robust Active Portfolio Management

    National Research Council Canada - National Science Library

    Erdogan, E; Goldfarb, D; Iyengar, G

    2006-01-01

    ... on the portfolio beta, and limits on cash and industry exposure. We show that the optimal portfolios can be computed by solving second-order cone programs -- a class of optimization problems with a worst case complexity (i.e...

  10. The Development of the Renewable Energy Power Industry under Feed-In Tariff and Renewable Portfolio Standard: A Case Study of China’s Photovoltaic Power Industry

    Directory of Open Access Journals (Sweden)

    Yuzhuo Zhang

    2017-03-01

    Full Text Available Among the regulatory policies, feed-in tariffs (FIT and renewable portfolio standards (RPS are the most popular to promote the development of renewable energy power industry. They can significantly contribute to the expansion of domestic industrial activities in terms of sustainable energy. In this paper, we synthetically consider various important factors with the analysis of the existing literature, and use system dynamics (SD to establish models of long-term development of the renewable energy power industry under FIT and RPS schemes. The model not only clearly shows the complex logical relationship between the factors but also reveals the process of coordination between the two policy tools in the development of the renewable energy power industry. In addition, as an example of development of renewable energy industry, the paper studies the development of China’s photovoltaic power industry under different scenarios. The models proposed in this paper can provide a reference for scholars to study development of the renewable energy power industry in different countries, thereby facilitating an understanding of the renewable energy power’s long-term sustainable development pattern under FIT and RPS schemes, and helping to provide references for policy-making institutions. The results show that in the perfect competitive market, the implementation of RPS can promote long-term and rapid development of China’s photovoltaic power industry given the constraints and actions of the mechanisms of RPS quota proportion, the TGC valid period, and fines, compared with FIT. At the end of the paper, policy implications are offered as references for the government.

  11. EP BICYCLE POOL - VIGNETTES 2002

    CERN Multimedia

    EP-SMI Help Desk

    2002-01-01

    The vignettes (insurance certificates) for 2002 become obligatory from 1 June. If you have a bicycle from the EP Pool, please bring it to the EP-SMI Help Desk (Building 124) on any working day up to 31 May between 8h.30 - 12h.00 or 13h.30 - 17h.30. EP-SMI Help Desk

  12. Comprehensive Education Portfolio with a Career Focus

    Science.gov (United States)

    Kruger, Evonne J.; Holtzman, Diane M.; Dagavarian, Debra A.

    2013-01-01

    There are many types of student portfolios used within academia: the prior learning portfolio, credentialing portfolio, developmental portfolio, capstone portfolio, individual course portfolio, and the comprehensive education portfolio. The comprehensive education portfolio (CEP), as used by the authors, is a student portfolio, developed over…

  13. Concurrent credit portfolio losses.

    Science.gov (United States)

    Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

    2018-01-01

    We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

  14. Effectiveness and cost effectiveness of oral pre-exposure prophylaxis in a portfolio of prevention programs for injection drug users in mixed HIV epidemics.

    Directory of Open Access Journals (Sweden)

    Sabina S Alistar

    Full Text Available BACKGROUND: Pre-exposure prophylaxis with oral antiretroviral treatment (oral PrEP for HIV-uninfected injection drug users (IDUs is potentially useful in controlling HIV epidemics with a significant injection drug use component. We estimated the effectiveness and cost effectiveness of strategies for using oral PrEP in various combinations with methadone maintenance treatment (MMT and antiretroviral treatment (ART in Ukraine, a representative case for mixed HIV epidemics. METHODS AND FINDINGS: We developed a dynamic compartmental model of the HIV epidemic in a population of non-IDUs, IDUs who inject opiates, and IDUs in MMT, adding an oral PrEP program (tenofovir/emtricitabine, 49% susceptibility reduction for uninfected IDUs. We analyzed intervention portfolios consisting of oral PrEP (25% or 50% of uninfected IDUs, MMT (25% of IDUs, and ART (80% of all eligible patients. We measured health care costs, quality-adjusted life years (QALYs, HIV prevalence, HIV infections averted, and incremental cost effectiveness. A combination of PrEP for 50% of IDUs and MMT lowered HIV prevalence the most in both IDUs and the general population. ART combined with MMT and PrEP (50% access averted the most infections (14,267. For a PrEP cost of $950, the most cost-effective strategy was MMT, at $520/QALY gained versus no intervention. The next most cost-effective strategy consisted of MMT and ART, costing $1,000/QALY gained compared to MMT alone. Further adding PrEP (25% access was also cost effective by World Health Organization standards, at $1,700/QALY gained. PrEP alone became as cost effective as MMT at a cost of $650, and cost saving at $370 or less. CONCLUSIONS: Oral PrEP for IDUs can be part of an effective and cost-effective strategy to control HIV in regions where injection drug use is a significant driver of the epidemic. Where budgets are limited, focusing on MMT and ART access should be the priority, unless PrEP has low cost.

  15. Effectiveness and Cost Effectiveness of Oral Pre-Exposure Prophylaxis in a Portfolio of Prevention Programs for Injection Drug Users in Mixed HIV Epidemics

    Science.gov (United States)

    Alistar, Sabina S.; Owens, Douglas K.; Brandeau, Margaret L.

    2014-01-01

    Background Pre-exposure prophylaxis with oral antiretroviral treatment (oral PrEP) for HIV-uninfected injection drug users (IDUs) is potentially useful in controlling HIV epidemics with a significant injection drug use component. We estimated the effectiveness and cost effectiveness of strategies for using oral PrEP in various combinations with methadone maintenance treatment (MMT) and antiretroviral treatment (ART) in Ukraine, a representative case for mixed HIV epidemics. Methods and Findings We developed a dynamic compartmental model of the HIV epidemic in a population of non-IDUs, IDUs who inject opiates, and IDUs in MMT, adding an oral PrEP program (tenofovir/emtricitabine, 49% susceptibility reduction) for uninfected IDUs. We analyzed intervention portfolios consisting of oral PrEP (25% or 50% of uninfected IDUs), MMT (25% of IDUs), and ART (80% of all eligible patients). We measured health care costs, quality-adjusted life years (QALYs), HIV prevalence, HIV infections averted, and incremental cost effectiveness. A combination of PrEP for 50% of IDUs and MMT lowered HIV prevalence the most in both IDUs and the general population. ART combined with MMT and PrEP (50% access) averted the most infections (14,267). For a PrEP cost of $950, the most cost-effective strategy was MMT, at $520/QALY gained versus no intervention. The next most cost-effective strategy consisted of MMT and ART, costing $1,000/QALY gained compared to MMT alone. Further adding PrEP (25% access) was also cost effective by World Health Organization standards, at $1,700/QALY gained. PrEP alone became as cost effective as MMT at a cost of $650, and cost saving at $370 or less. Conclusions Oral PrEP for IDUs can be part of an effective and cost-effective strategy to control HIV in regions where injection drug use is a significant driver of the epidemic. Where budgets are limited, focusing on MMT and ART access should be the priority, unless PrEP has low cost. PMID:24489747

  16. Analysis of renewable portfolio standards

    Energy Technology Data Exchange (ETDEWEB)

    Bernow, S.; Dougherty, W.; Duckworth, M.

    1997-12-31

    A national RPS would increase the fraction of U.S. electricity generation from renewable technologies at least cost. It would help ensure that the cost and performance of these technologies would improve with manufacturing experience, scale economies, and learning-by-doing from their integration into electric systems. Thus, their economic, environmental, energy security, and sustainability benefits would be realized.

  17. Reinforcement Learning in Repeated Portfolio Decisions

    OpenAIRE

    Diao, Linan; Rieskamp, Jörg

    2011-01-01

    How do people make investment decisions when they receive outcome feedback? We examined how well the standard mean-variance model and two reinforcement models predict people's portfolio decisions. The basic reinforcement model predicts a learning process that relies solely on the portfolio's overall return, whereas the proposed extended reinforcement model also takes the risk and covariance of the investments into account. The experimental results illustrate that people reacted sensitively to...

  18. Should Earnings per Share (EPS) Be Taught as a Means of Comparing Intercompany Performance?

    Science.gov (United States)

    Jordan, Charles E.; Clark, Stanley J.; Smith, W. Robert

    2007-01-01

    Accounting standards state that the purpose of presenting earnings per share (EPS) is to provide financial statement users with information on the performance of a single entity. Yet, several textbook authors go further to state that EPS can be used to make comparisons among firms. In this article, the authors show that although EPS comparisons…

  19. Decentralized portfolio management

    OpenAIRE

    Coutinho, Paulo; Tabak, Benjamin Miranda

    2003-01-01

    We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equiva...

  20. Risk modelling in portfolio optimization

    Science.gov (United States)

    Lam, W. H.; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

    2013-09-01

    Risk management is very important in portfolio optimization. The mean-variance model has been used in portfolio optimization to minimize the investment risk. The objective of the mean-variance model is to minimize the portfolio risk and achieve the target rate of return. Variance is used as risk measure in the mean-variance model. The purpose of this study is to compare the portfolio composition as well as performance between the optimal portfolio of mean-variance model and equally weighted portfolio. Equally weighted portfolio means the proportions that are invested in each asset are equal. The results show that the portfolio composition of the mean-variance optimal portfolio and equally weighted portfolio are different. Besides that, the mean-variance optimal portfolio gives better performance because it gives higher performance ratio than the equally weighted portfolio.

  1. Selected engineering properties and applications of EPS geofoam

    Science.gov (United States)

    Elragi, Ahmed Fouad

    Expanded polystyrene (EPS) geofoam is a lightweight material that has been used in engineering applications since at least the 1950s. Its density is about a hundredth of that of soil. It has good thermal insulation properties with stiffness and compression strength comparable to medium clay. It is utilized in reducing settlement below embankments, sound and vibration damping, reducing lateral pressure on substructures, reducing stresses on rigid buried conduits and related applications. This study starts with an overview on EPS geofoam. EPS manufacturing processes are described followed by a review of engineering properties found in previous research work done so far. Standards and design manuals applicable to EPS are presented. Selected EPS geofoam-engineering applications are discussed with examples. State-of-the-art of experimental work is done on different sizes of EPS specimens under different loading rates for better understanding of the behavior of the material. The effects of creep, sample size, strain rate and cyclic loading on the stress strain response are studied. Equations for the initial modulus and the strength of the material under compression for different strain rates are presented. The initial modulus and Poisson's ratio are discussed in detail. Sample size effect on creep behavior is examined. Three EPS projects are shown in this study. The creep behavior of the largest EPS geofoam embankment fill is shown. Results from laboratory tests, mathematical modeling and field records are compared to each other. Field records of a geofoam-stabilized slope are compared to finite difference analysis results. Lateral stress reduction on an EPS backfill retaining structure is analyzed. The study ends with a discussion on two promising properties of EPS geofoam. These are the damping ability and the compressibility of this material. Finite element analysis, finite difference analysis and lab results are included in this discussion. The discussion with the

  2. ep possibility for ISABELLE

    International Nuclear Information System (INIS)

    Wilson, R.

    1977-01-01

    The feasibility of adding an electron ring to ISABELLE is discussed in terms of cost, physics goals, count rate estimates, the detector requirements, and the possibility of producing intermediate bosons. The purpose of adding an electron ring to ISABELLE must be considered to be the study of e + p → e + x, e - p → νx, and e + p → anti νx. Other processes, such as W production, are less interesting for an ep ring than for a pp ring. However, there may be other new particles--such as leptonic quarks--that only turn up here. These processes are, however, exciting. In a 30 day run at L = 10 32 cm -2 sec -1 300 neutrino events are expected at q 2 > 5000 GeV 2 where the propagator is expected to be less than 1 / 4 . Thus the value of the mass in the propagator can be measured to 5%. The ep cross section would be measured over the momentum transfer range 1 2 2 ). This range is large enough that a logarithmic deviation from scaling can be distinguished easily from a power law approach to scaling

  3. PSN: Portfolio Social Network

    DEFF Research Database (Denmark)

    Cortes, Jordi Magrina; Nizamani, Sarwat; Memon, Nasrullah

    2014-01-01

    In this paper we present a web-based information system which is a portfolio social network (PSN) that provides solutions to the recruiters and job seekers. The proposed system enables users to create portfolio so that he/she can add his specializations with piece of code if any specifically...

  4. Using Electronic Portfolios

    Science.gov (United States)

    Page, Deb

    2012-01-01

    The digitized collections of artifacts known as electronic portfolios are creating solutions to a variety of performance improvement needs in ways that are cost-effective and improve both individual and group learning and performance. When social media functionality is embedded in e-portfolios, the tools support collaboration, social learning,…

  5. Households' portfolio choices

    NARCIS (Netherlands)

    Hochgürtel, S.

    1998-01-01

    This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch

  6. Portfolio i erhvervsuddannelserne

    DEFF Research Database (Denmark)

    2008-01-01

    Materialet kombinerer korte film med introducerende tekster og belyser fra forskellige vinkler, hvordan portfolio kan bruges som evalueringsmetode i erhvervsuddannelserne. Udgiver: Undervisningsministeriet Udgivelsessted: Pub.uvm.dk......Materialet kombinerer korte film med introducerende tekster og belyser fra forskellige vinkler, hvordan portfolio kan bruges som evalueringsmetode i erhvervsuddannelserne. Udgiver: Undervisningsministeriet Udgivelsessted: Pub.uvm.dk...

  7. Leptokurtic portfolio theory

    Science.gov (United States)

    Kitt, R.; Kalda, J.

    2006-03-01

    The question of optimal portfolio is addressed. The conventional Markowitz portfolio optimisation is discussed and the shortcomings due to non-Gaussian security returns are outlined. A method is proposed to minimise the likelihood of extreme non-Gaussian drawdowns of the portfolio value. The theory is called Leptokurtic, because it minimises the effects from “fat tails” of returns. The leptokurtic portfolio theory provides an optimal portfolio for investors, who define their risk-aversion as unwillingness to experience sharp drawdowns in asset prices. Two types of risks in asset returns are defined: a fluctuation risk, that has Gaussian distribution, and a drawdown risk, that deals with distribution tails. These risks are quantitatively measured by defining the “noise kernel” — an ellipsoidal cloud of points in the space of asset returns. The size of the ellipse is controlled with the threshold parameter: the larger the threshold parameter, the larger return are accepted for investors as normal fluctuations. The return vectors falling into the kernel are used for calculation of fluctuation risk. Analogously, the data points falling outside the kernel are used for the calculation of drawdown risks. As a result the portfolio optimisation problem becomes three-dimensional: in addition to the return, there are two types of risks involved. Optimal portfolio for drawdown-averse investors is the portfolio minimising variance outside the noise kernel. The theory has been tested with MSCI North America, Europe and Pacific total return stock indices.

  8. Rethinking the Educator Portfolio: An Innovative Criteria-Based Model.

    Science.gov (United States)

    Shinkai, Kanade; Chen, Chen Amy; Schwartz, Brian S; Loeser, Helen; Ashe, Cynthia; Irby, David M

    2017-11-07

    Academic medical centers struggle to achieve parity in advancement and promotions between educators and discovery-oriented researchers in part because of narrow definitions of scholarship, lack of clear criteria for measuring excellence, and barriers to making educational contributions available for peer review. Despite recent progress in expanding scholarship definitions and identifying excellence criteria, these advances are not integrated into educator portfolio (EP) templates or curriculum vitae platforms. From 2013 to 2015, a working group from the Academy of Medical Educators (AME) at the University of California, San Francisco (UCSF) designed a streamlined, criteria-based EP (EP 2.0) template highlighting faculty members' recent activities in education and setting rigorous evaluation methods to enable educational scholarship to be objectively evaluated for academic advancement, AME membership, and professional development. The EP 2.0 template was integrated into the AME application, resulting in high overall satisfaction among candidates and the selection committee and positive feedback on the template's transparency, ease of use, and streamlined format. In 2016, the EP 2.0 template was integrated into the campus-wide curriculum vitae platform and academic advancement system. The authors plan to increase awareness of the EP 2.0 template by educating promotions committees and faculty at UCSF and partnering with other institutions to disseminate it for use. They also plan to study the impact of the template on supporting educators by making their important scholarly contributions available for peer review, providing guidance for professional development, and decreasing disparities in promotions.

  9. Large deviations and portfolio optimization

    Science.gov (United States)

    Sornette, Didier

    Risk control and optimal diversification constitute a major focus in the finance and insurance industries as well as, more or less consciously, in our everyday life. We present a discussion of the characterization of risks and of the optimization of portfolios that starts from a simple illustrative model and ends by a general functional integral formulation. A major item is that risk, usually thought of as one-dimensional in the conventional mean-variance approach, has to be addressed by the full distribution of losses. Furthermore, the time-horizon of the investment is shown to play a major role. We show the importance of accounting for large fluctuations and use the theory of Cramér for large deviations in this context. We first treat a simple model with a single risky asset that exemplifies the distinction between the average return and the typical return and the role of large deviations in multiplicative processes, and the different optimal strategies for the investors depending on their size. We then analyze the case of assets whose price variations are distributed according to exponential laws, a situation that is found to describe daily price variations reasonably well. Several portfolio optimization strategies are presented that aim at controlling large risks. We end by extending the standard mean-variance portfolio optimization theory, first within the quasi-Gaussian approximation and then using a general formulation for non-Gaussian correlated assets in terms of the formalism of functional integrals developed in the field theory of critical phenomena.

  10. Utility portfolio diversification

    International Nuclear Information System (INIS)

    Griffes, P.H.

    1990-01-01

    This paper discusses portfolio analysis as a method to evaluate utility supply decisions. Specifically a utility is assumed to increase the value of its portfolio of assets whenever it invests in a new supply technology. This increase in value occurs because the new asset either enhances the return or diversifies the risks of the firm's portfolio of assets. This evaluation method is applied to two supply innovations in the electric utility industry: jointly-owned generating plants and supply contracts with independent power producers (IPPs)

  11. Constant Proportion Portfolio Insurance

    DEFF Research Database (Denmark)

    Jessen, Cathrine

    2014-01-01

    on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...

  12. Exploring the Project Portfolio Manager's Role : Between a Data Manager and a Strategic Advisor

    NARCIS (Netherlands)

    Filippov, S.; Van der Weg, R.; Van Ogtrop, F.; Beelen, P.; Mooi, H.

    2014-01-01

    Many companies adopt project portfolio management processes to manage multi-project environments effectively and efficiently. One of the key roles in this process is assigned to the project portfolio manager. This role is formally defined in various guidelines and standards of portfolio management.

  13. Students' reflections in a portfolio pilot: highlighting professional issues.

    Science.gov (United States)

    Haffling, Ann-Christin; Beckman, Anders; Pahlmblad, Annika; Edgren, Gudrun

    2010-01-01

    Portfolios are highlighted as potential assessment tools for professional competence. Although students' self-reflections are considered to be central in the portfolio, the content of reflections in practice-based portfolios is seldom analysed. To investigate whether students' reflections include sufficient dimensions of professional competence, notwithstanding a standardized portfolio format, and to evaluate students' satisfaction with the portfolio. Thirty-five voluntary final-year medical students piloted a standardized portfolio in a general practice (GP) attachment at Lund University, Sweden. Students' portfolio reflections were based upon documentary evidence from practice, and aimed to demonstrate students' learning. The reflections were qualitatively analysed, using a framework approach. Students' evaluations of the portfolio were subjected to quantitative and qualitative analysis. Among professional issues, an integration of cognitive, affective and practical dimensions in clinical practice was provided by students' reflections. The findings suggested an emphasis on affective issues, particularly on self-awareness of feelings, attitudes and concerns. In addition, ethical problems, clinical reasoning strategies and future communication skills training were subjects of several reflective commentaries. Students' reflections on their consultation skills demonstrated their endeavour to achieve structure in the medical interview by negotiation of an agenda for the consultation, keeping the interview on track, and using internal summarizing. The importance of active listening and exploration of patient's perspective was also emphasized. In students' case summaries, illustrating characteristic attributes of GP, the dominating theme was 'patient-centred care', including the patient-doctor relationship, holistic modelling and longitudinal continuity. Students were satisfied with the portfolio, but improved instructions were needed. A standardized portfolio in a

  14. Portfolio Management System

    Data.gov (United States)

    US Agency for International Development — PfMS is an implementation of WorkLenz. WorkLenz is USAID's portfolio management system tool. It is a commercially available, off-the-shelf (COTS) package that...

  15. Designing Modern Equity Portfolios

    OpenAIRE

    Ronald Jean Degen

    2011-01-01

    This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.

  16. Applying Portfolio Selection: A Case of Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Maria Praptiningsih

    2012-01-01

    Full Text Available This study has three objectives. First, we investigate whether Modern Portfolio Theory can be applied on the financial decisions that made by investors or individual in order to increase their wealth through investment activities. Second, we examine the real behavior of each asset in terms of capital assets pricing models. Third, we determine whether our portfolio is the best model to produce a higher return in a given level of risk or a lowest risk in a particular level of return. It is found that three different stocks listed in the Indonesia Stock Exchange have a positive relationship with market returns. The reactions of the investor regarding these stocks are not influenced by each other. Lastly, the minimum variance portfolio (MVP point which represents the single portfolio with the lowest possible level of standard deviation, occurs when the expected return of portfolio is approximately 2.2 percent at a standard deviation of 8.8 percent.

  17. Portfolio optimization by using linear programing models based on genetic algorithm

    Science.gov (United States)

    Sukono; Hidayat, Y.; Lesmana, E.; Putra, A. S.; Napitupulu, H.; Supian, S.

    2018-01-01

    In this paper, we discussed the investment portfolio optimization using linear programming model based on genetic algorithms. It is assumed that the portfolio risk is measured by absolute standard deviation, and each investor has a risk tolerance on the investment portfolio. To complete the investment portfolio optimization problem, the issue is arranged into a linear programming model. Furthermore, determination of the optimum solution for linear programming is done by using a genetic algorithm. As a numerical illustration, we analyze some of the stocks traded on the capital market in Indonesia. Based on the analysis, it is shown that the portfolio optimization performed by genetic algorithm approach produces more optimal efficient portfolio, compared to the portfolio optimization performed by a linear programming algorithm approach. Therefore, genetic algorithms can be considered as an alternative on determining the investment portfolio optimization, particularly using linear programming models.

  18. Backtesting Portfolio Value-at-Risk with Estimated Portfolio Weights

    OpenAIRE

    Pei Pei

    2010-01-01

    This paper theoretically and empirically analyzes backtesting portfolio VaR with estimation risk in an intrinsically multivariate framework. For the first time in the literature, it takes into account the estimation of portfolio weights in forecasting portfolio VaR and its impact on backtesting. It shows that the estimation risk from estimating the portfolio weights as well as that from estimating the multivariate dynamic model of asset returns make the existing methods in a univariate framew...

  19. PrEP as a feature in the optimal landscape of combination HIV prevention in sub-Saharan Africa.

    Science.gov (United States)

    McGillen, Jessica B; Anderson, Sarah-Jane; Hallett, Timothy B

    2016-01-01

    The new WHO guidelines recommend offering pre-exposure prophylaxis (PrEP) to people who are at substantial risk of HIV infection. However, where PrEP should be prioritised, and for which population groups, remains an open question. The HIV landscape in sub-Saharan Africa features limited prevention resources, multiple options for achieving cost saving, and epidemic heterogeneity. This paper examines what role PrEP should play in optimal prevention in this complex and dynamic landscape. We use a model that was previously developed to capture subnational HIV transmission in sub-Saharan Africa. With this model, we can consider how prevention funds could be distributed across and within countries throughout sub-Saharan Africa to enable optimal HIV prevention (that is, avert the greatest number of infections for the lowest cost). Here, we focus on PrEP to elucidate where, and to whom, it would optimally be offered in portfolios of interventions (alongside voluntary medical male circumcision, treatment as prevention, and behaviour change communication). Over a range of continental expenditure levels, we use our model to explore prevention patterns that incorporate PrEP, exclude PrEP, or implement PrEP according to a fixed incidence threshold. At low-to-moderate levels of total prevention expenditure, we find that the optimal intervention portfolios would include PrEP in only a few regions and primarily for female sex workers (FSW). Prioritisation of PrEP would expand with increasing total expenditure, such that the optimal prevention portfolios would offer PrEP in more subnational regions and increasingly for men who have sex with men (MSM) and the lower incidence general population. The marginal benefit of including PrEP among the available interventions increases with overall expenditure by up to 14% (relative to excluding PrEP). The minimum baseline incidence for the optimal offer of PrEP declines for all population groups as expenditure increases. We find that using

  20. Decentralized Portfolio Management

    Directory of Open Access Journals (Sweden)

    Benjamin Miranda Tabak

    2003-12-01

    Full Text Available We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equivalent. We use multivariate normal returns and a negative exponential function to solve the problem analytically. We generate the equivalence of solutions by assuming that different traders face different interest rates for borrowing and lending. This interest rate is dependent on the ratio of the degrees of risk aversion of the trader and the head trader, on the excess return, and on the correlation between asset returns.

  1. Linearly Adjustable International Portfolios

    Science.gov (United States)

    Fonseca, R. J.; Kuhn, D.; Rustem, B.

    2010-09-01

    We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

  2. Linearly Adjustable International Portfolios

    International Nuclear Information System (INIS)

    Fonseca, R. J.; Kuhn, D.; Rustem, B.

    2010-01-01

    We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.

  3. Agile Project Portfolio Management

    DEFF Research Database (Denmark)

    Andersen, Jesper Rank; Riis, Jens Ove; Mikkelsen, Hans

    2005-01-01

    This paper will provide a preliminary introduction to the application of Agile Thinking in management of project portfolio and company development. At any point in time, companies have a crowd of development initiatives spread around the organisation and managed at different levels...... in the managerial hierarchy. They compete for resources and managerial attention, and they often take too long time - and some do not survive in the rapid changing context. Top man¬agers ask for speed, flexibility and effectiveness in the portfolio of development activities (projects). But which competencies...

  4. Portfolio Analysis for Vector Calculus

    Science.gov (United States)

    Kaplan, Samuel R.

    2015-01-01

    Classic stock portfolio analysis provides an applied context for Lagrange multipliers that undergraduate students appreciate. Although modern methods of portfolio analysis are beyond the scope of vector calculus, classic methods reinforce the utility of this material. This paper discusses how to introduce classic stock portfolio analysis in a…

  5. Prospects of the future ep colliders

    International Nuclear Information System (INIS)

    Alekhin, S.I.; Boos, Eh.Eh.; Borodulin, V.I.; Dzhikiya, G.V.; Slabospitskij, S.R.; Smirnov, A.Yu.; Sultanov, S.F.

    1987-01-01

    The possibilities of ep colliders with √=1.1 and 2.4 TeV to investigate new physics at the l∼10 -17 cm have been considered. UNK with linear electron accelerator enables to investigate the mechanism of spontaneous symmetry breaking in the standard model, interactions conditioned by new gauge bosons, the properties if excited leptons and quarks of the first family, the structure of contact interactions, predicted by preon models, the properties of SUSY-partners of electrons and light quarks

  6. PrEP implementation research in Africa: what is new?

    Science.gov (United States)

    Cowan, Frances M; Delany-Moretlwe, Sinead; Sanders, Eduard J; Mugo, Nelly R; Guedou, Fernand A; Alary, Michel; Behanzin, Luc; Mugurungi, Owen; Bekker, Linda-Gail

    2016-01-01

    Of the two million new HIV infections in adults in 2014, 70% occurred in sub-Saharan Africa. Several African countries have already approved guidelines for pre-exposure prophylaxis (PrEP) for individuals at substantial risk of HIV as part of combination HIV prevention but key questions remain about how to identify and deliver PrEP to those at greatest need. Throughout the continent, individuals in sero-discordant relationships, and members of key populations (sex workers, men who have sex with men (MSM), transgender women and injection drug users) are likely to benefit from the availability of PrEP. In addition, adolescent girls and young women (AGYW) are at substantial risk in some parts of the continent. It has been estimated that at least three million individuals in Africa are likely to be eligible for PrEP according to WHO's criteria. Tens of demonstration projects are planned or underway across the continent among a range of countries, populations and delivery settings. In each of the target populations, there are overarching issues related to (i) creating demand for PrEP, (ii) addressing supply-side issues and (iii) providing appropriate and tailored adherence support. Critical for creating demand for PrEP is the normalization of HIV prevention. Community-level interventions which engage opinion leaders as well as empowerment interventions for those at highest risk will be key. Critical to supply of PrEP is that services are accessible for all, including for stigmatized populations. Establishing accessible integrated services provides the opportunity to address other public health priorities including the unmet need for HIV testing, contraception and sexually transmitted infections treatment. National policies need to include minimum standards for training and quality assurance for PrEP implementation and to address supply chain issues. Adherence support needs to recognize that social and structural factors are likely to have an important influence

  7. Evaluation of IP Portfolios

    DEFF Research Database (Denmark)

    Søberg, Peder Veng

    2009-01-01

    As a result of an inquiry concerning how to evaluate IP (intellectual property) portfolios in order to enable the best possible use of IP resources within organizations, an IP evaluation approach primarily applicable for patents and utility models is developed. The developed approach is useful...... of the organization owning the IP....

  8. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider, Georges

    1994-01-01

    This chapter demonstrates the need for acreage portfolio management at the stage of maturity which has been reached in the UK sector of the North Sea petroleum industry. It outlines the goals, the main features of the deals and the business process. (UK)

  9. Portfolio, refleksion og feedback

    DEFF Research Database (Denmark)

    Hansen, Jens Jørgen; Qvortrup, Ane; Christensen, Inger-Marie F.

    2017-01-01

    Denne leder definerer indledningsvist begrebet portfolio og gør rede for anvendelsesmuligheder i en uddannelseskontekst. Dernæst behandles portfoliometodens kvalitet og effekt for læring og undervisning og de centrale begreber refleksion, progression og feedback præsenteres og diskuteres. Herefter...

  10. Sparse and stable Markowitz portfolios.

    Science.gov (United States)

    Brodie, Joshua; Daubechies, Ingrid; De Mol, Christine; Giannone, Domenico; Loris, Ignace

    2009-07-28

    We consider the problem of portfolio selection within the classical Markowitz mean-variance framework, reformulated as a constrained least-squares regression problem. We propose to add to the objective function a penalty proportional to the sum of the absolute values of the portfolio weights. This penalty regularizes (stabilizes) the optimization problem, encourages sparse portfolios (i.e., portfolios with only few active positions), and allows accounting for transaction costs. Our approach recovers as special cases the no-short-positions portfolios, but does allow for short positions in limited number. We implement this methodology on two benchmark data sets constructed by Fama and French. Using only a modest amount of training data, we construct portfolios whose out-of-sample performance, as measured by Sharpe ratio, is consistently and significantly better than that of the naïve evenly weighted portfolio.

  11. EP 1000 -The European Passive Plant

    International Nuclear Information System (INIS)

    Cummins, Ed; Oyarzabal, Mariano; Saiu, Gianfranco

    1998-01-01

    margins such as lager volumes of water inventory, lower power density, and negative power and temperature coefficients to limit system challenges. The EP 1000 uses passive safety systems to further enhance plant safety to satisfy U.S. Nuclear Regulatory Commission safety criteria and the EUR. The use of passive systems has provided significant and measurable improvements in plant simplification, safety, reliability, and investment protection. Phase 2 of the EPP program is focused on developing design details and performing supporting analyses to produce a Standard Safety Analysis Report for submittal to European safety authorities. The first part of Phase 2 is concentrating on definition and design of important systems and structures, and the second part will include the analyses and evaluations required to demonstrate the adequacy of the design. Results and conclusions of the EPP program are discussed in this paper, and an overview of the EP 1000 plant is provided. (author)

  12. Portfolio optimization retail investor

    Directory of Open Access Journals (Sweden)

    I. А. Kiseleva

    2016-01-01

    Full Text Available The article notes that the task of the investor's risk management is to, on the one hand, as much as possible to strive to achieve the criterion of risk level, and on the other hand, in any case not exceed it. Since the domestic theory of risk management is under development, the problem of the optimal ratio of "risk-income" becomes now of particular relevance. This article discusses the different distribution areas of the private investor in order to obtain the maximum profit. The analysis showed us the overall economic and political system of the country, as well as the legislative provision of guarantees to the investor. To obtain sufficient income and reduce losses it is important to maintain the optimum value found between the amount of the investor's risk and capital transactions. Model of optimal placement of funds led to the conclusion about inexpediency strong increase in the diversification of the investment portfolio (more than 10 different types of assets in the portfolio, since it increases the complexity of its practical form, while the portfolio characteristics are improved significantly. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The analysis shows that there is no single best asset portfolio. It is impossible to increase revenue without increasing the risk or reduce risk without reducing income. Possible combination of the "riskincome" will depend on the objective function. Most diversified and bringing the best return per unit of risk, is a portfolio that contains the most risky assets.

  13. Ep option at the SSC

    International Nuclear Information System (INIS)

    Prescott, C.Y.

    1984-05-01

    The possibilities for colliding electrons with the 20 TeV proton beams of the SSC are considered. Kinematics of ep colliding beams is reviewed. Energies that may be possible and interesting are suggested, and detector problems associated with the highly imbalanced collisions are briefly considered

  14. E-PORTFOLIO: BEYOND ASSESSMENT FOR ENGLISH STUDENT TEACHER (a Preliminary Study of E-portfolio Implementation in Micro Teaching Class)

    OpenAIRE

    Sarlita D. Matra

    2017-01-01

    Teacher preparation programs across the country are showing an increased interest in the use of electronic portfolios as valuable authentic assessment tools that can document students‘ abilities and growth related to specific standards. The concept of developing e-portfolios is based on the fact that the reflective practice of creating portfolios enables students to document and track their learning; develop an integrated, coherent picture of their learning experiences; and enhanc...

  15. Mean-Variance Efficiency of the Market Portfolio

    OpenAIRE

    Rafael Falcão Noda; Roy Martelanc; José Roberto Securato

    2014-01-01

    The objective of this study is to answer the criticism to the CAPM based on findings that the market portfolio is far from the efficient frontier. We run a numeric optimization model, based on Brazilian stock market data from 2003 to 2012. For each asset, we obtain adjusted returns and standard deviations such that (i) the efficient frontier intersects with the market portfolio and (ii) the distance between the adjusted parameters and the sample parameters is minimized. We conclude that the a...

  16. Strategic innovation portfolio management

    Directory of Open Access Journals (Sweden)

    Stanković Ljiljana

    2015-01-01

    Full Text Available In knowledge-based economy, strategic innovation portfolio management becomes more and more important and critical factor of enterprise's success. Value creation for all the participants in value chain is more successful if it is based on efficient resource allocation and improvement of innovation performances. Numerous researches have shown that companies with best position on the market found their competitiveness on efficient development and exploitation of innovations. In decision making process, enterprise's management is constantly faced with challenge to allocate resources and capabilities as efficiently as possible, in both short and long term. In this paper authors present preliminary results of realized empirical research related to strategic innovation portfolio management in ten chosen enterprises in Serbia. The structure of the paper includes the following parts: theoretical background, explanation of research purpose and methodology, discussion of the results and concluding remarks, including limitations and directions for further research.

  17. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider, G.M.

    1992-01-01

    This paper reports that the need for managing the acreage portfolio in the UK North Sea arises from fragmentation of holdings and complex field partnerships. The main concepts are building up the heartlands and balancing cashflow forecasts. This has generated a number of friendly win-win deals, motivated by differences in perception of values. The business process includes identifying, evaluating and negotiating deals. The Petroleum Economist plays a central role throughout this process, seeking value gaps and supporting negotiations. Variations in reserves estimates present a major source of value gaps between buyer and seller. Economists need to work closely with engineers and geologists. Portfolio management is an exciting and challenging task which broadens the traditional role of the Petroleum Economist

  18. On portfolio risk diversification

    Science.gov (United States)

    Takada, Hellinton H.; Stern, Julio M.

    2017-06-01

    The first portfolio risk diversification strategy was put into practice by the All Weather fund in 1996. The idea of risk diversification is related to the risk contribution of each available asset class or investment factor to the total portfolio risk. The maximum diversification or the risk parity allocation is achieved when the set of risk contributions is given by a uniform distribution. Meucci (2009) introduced the maximization of the Rényi entropy as part of a leverage constrained optimization problem to achieve such diversified risk contributions when dealing with uncorrelated investment factors. A generalization of the risk parity is the risk budgeting when there is a prior for the distribution of the risk contributions. Our contribution is the generalization of the existent optimization frameworks to be able to solve the risk budgeting problem. In addition, our framework does not possess any leverage constraint.

  19. Hvorfor anvende portfolio eksamen?

    DEFF Research Database (Denmark)

    Elley, Tina Ninka

    2015-01-01

    from the clinical part. The two topics are weighted according to the distribution of ECTS points between theory and clinic. We implemented the portfolio format in November 2012, and the evaluations from the students have shown that the format is good; the students get less stressed at the exam......In Denmark the Biomedical Laboratory Scientist programme lasts for 3½ years, divided into 14 modules of 10 weeks. Every module concludes with an exam, which can be very stressful for the students. A survey was made among the students, confirming this. How can we change some of the exams in order...... to minimize the students' stress level? Then the pedagogical considerations started – where and how to do this? The conclusion was to work with the portfolio format at module 6 and module 7 and make it the exam form, as it was possible to divide the expected learning outcome for the two modules into topics...

  20. Acreage portfolio management

    International Nuclear Information System (INIS)

    Schneider

    1992-01-01

    This paper reports that the need to manage U.K. North Sea acreage portfolios arises from fragmentation of holdings and complex partnerships. This management has generated friendly rationalization deals motivated by differences in perception of values and aimed at building up heartlands and balancing cash-flow forecasts. The business process includes identifying, evaluating, and negotiating deals. The economist plays a central role within the evaluation team and supports the negotiators

  1. Portfolios in Saudi medical colleges

    Science.gov (United States)

    Fida, Nadia M.; Shamim, Muhammad S.

    2016-01-01

    Over recent decades, the use of portfolios in medical education has evolved, and is being applied in undergraduate and postgraduate programs worldwide. Portfolios, as a learning process and method of documenting and assessing learning, is supported as a valuable tool by adult learning theories that stress the need for learners to be self-directed and to engage in experiential learning. Thoughtfully implemented, a portfolio provides learning experiences unequaled by any single learning tool. The credibility (validity) and dependability (reliability) of assessment through portfolios have been questioned owing to its subjective nature; however, methods to safeguard these features have been described in the literature. This paper discusses some of this literature, with particular attention to the role of portfolios in relation to self-reflective learning, provides an overview of current use of portfolios in undergraduate medical education in Saudi Arabia, and proposes research-based guidelines for its implementation and other similar contexts. PMID:26905344

  2. Parametric Immunization in Bond Portfolio Management

    OpenAIRE

    Bravo, Jorge; Fonseca, José

    2012-01-01

    In this paper, we evaluate the relative immunization performance of the multifactor parametric interest rate risk model based on the Nelson-Siegel-Svensson specification of the yield curve with that of standard benchmark investment strategies, using European Central Bank yield curve data in the period between January 3, 2005 and December 31, 2011. In addition, we examine the role of portfolio design in the success of immunization strategies, particularly the role of the maturit...

  3. Product portfolio optimization based on substitution

    DEFF Research Database (Denmark)

    Myrodia, Anna; Moseley, A.; Hvam, Lars

    2017-01-01

    The development of production capabilities has led to proliferation of the product variety offered to the customer. Yet this fact does not directly imply increase of manufacturers' profitability, nor customers' satisfaction. Consequently, recent research focuses on portfolio optimization through...... substitution and standardization techniques. However when re-defining the strategic market decisions are characterized by uncertainty due to several parameters. In this study, by using a GAMS optimization model we present a method for supporting strategic decisions on substitution, by quantifying the impact...

  4. EPS Young Physicist Prize - CORRECTION

    CERN Multimedia

    2009-01-01

    The original text for the article 'Prizes aplenty in Krakow' in Bulletin 30-31 assigned the award of the EPS HEPP Young Physicist Prize to Maurizio Pierini. In fact he shared the prize with Niki Saoulidou of Fermilab, who was rewarded for her contribution to neutrino physics, as the article now correctly indicates. We apologise for not having named Niki Saoulidou in the original article.

  5. Cluster analysis for portfolio optimization

    OpenAIRE

    Vincenzo Tola; Fabrizio Lillo; Mauro Gallegati; Rosario N. Mantegna

    2005-01-01

    We consider the problem of the statistical uncertainty of the correlation matrix in the optimization of a financial portfolio. We show that the use of clustering algorithms can improve the reliability of the portfolio in terms of the ratio between predicted and realized risk. Bootstrap analysis indicates that this improvement is obtained in a wide range of the parameters N (number of assets) and T (investment horizon). The predicted and realized risk level and the relative portfolio compositi...

  6. Do portfolios have a future?

    Science.gov (United States)

    Driessen, Erik

    2017-03-01

    While portfolios have seen an unprecedented surge in popularity, they have also become the subject of controversy: learners often perceive little gain from writing reflections as part of their portfolios; scholars question the ethics of such obligatory reflection; and students, residents, teachers and scholars alike condemn the bureaucracy surrounding portfolio implementation in competency-based education. It could be argued that mass adoption without careful attention to purpose and format may well jeopardize portfolios' viability in health sciences education. This paper explores this proposition by addressing the following three main questions: (1) Why do portfolios meet with such resistance from students and teachers, while educators love them?; (2) Is it ethical to require students to reflect and then grade their reflections?; (3) Does competency-based education empower or hamper the learner during workplace-based learning? Twenty-five years of portfolio reveal a clear story: without mentoring, portfolios have no future and are nothing short of bureaucratic hurdles in our competency-based education programs. Moreover, comprehensive portfolios, which are integrated into the curriculum and much more diverse in content than reflective portfolios, can serve as meaningful patient charts, providing doctor and patient with useful information to discuss well-being and treatment. In this sense, portfolios are also learner charts that comprehensively document progress in a learning trajectory which is lubricated by meaningful dialogue between learner and mentor in a trusting relationship to foster learning. If we are able to make such comprehensive and meaningful use of portfolios, then, yes, portfolios do have a bright future in medical education.

  7. Project Portfolio Management Applications Testing

    OpenAIRE

    Paul POCATILU

    2006-01-01

    Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications

  8. Project Portfolio Management Applications Testing

    Directory of Open Access Journals (Sweden)

    Paul POCATILU

    2006-01-01

    Full Text Available Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications

  9. Portfolio insurance using traded options

    OpenAIRE

    Machado-Santos, Carlos

    2001-01-01

    Literature concerning the institutional use of options indicates that the main purpose of option trading is to provide investors with the opportunity to create return distributions previously unavailable, considering that options provide the means to manipulate portfolio returns. In such a context, this study intends to analyse the returns of insured portfolios generated by hedging strategies on underlying stock portfolios. Because dynamic hedging is too expensive, we have hedged the stock po...

  10. Specific patterns in portfolio analysis

    Directory of Open Access Journals (Sweden)

    Gabriela Victoria ANGHELACHE

    2013-11-01

    Full Text Available In the mid-twentieth century, under an unprecedented growth of the business of trading in securities, the need to provide a modern framework for assessing the performance of portfolios of financial instruments was felt. To that effect, it is noted that over this period, more and more economists have attempted to develop statistical mathematical models that ensure the evaluation of profitability and portfolio risk securities. These models are considered to be part of "the modern portfolio theory".

  11. Financial Advice and Individual Investor Portfolio Performance

    NARCIS (Netherlands)

    Kramer, M.M.

    2012-01-01

    This paper investigates whether financial advisers add value to individual investors portfolio decisions by comparing portfolios of advised and self-directed (execution-only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these

  12. Portfolio langagier en francais (Language Portfolios in French).

    Science.gov (United States)

    Laplante, Bernard; Christiansen, Helen

    2001-01-01

    Suggests that first-year college students learning French should create a language portfolio that contains documents that illustrate what they have learned in French, along with a brief statement of what linguistic skill the document demonstrates. The goal of the portfolio is to make students more aware of their own learning, their strengths, and…

  13. UK Household Portfolios

    OpenAIRE

    Banks, James; Smith, Sarah

    2000-01-01

    This paper presents a detailed analysis of the composition of household portfolios, using both aggregate and micro-data. Among the key findings are that: Most household wealth is held in the form of housing and pensions. Over time, there has been a shift away from housing towards financial assets, driven largely by the growth in life and pension funds. Liquid financial wealth (excluding life and pension funds) is not predominantly held in risky form. By far the most commonly held asset is an ...

  14. IT Portfolio Management

    DEFF Research Database (Denmark)

    Hansen, Lars Kristian; Kræmmergaard, Pernille

    2012-01-01

    As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase...

  15. Portfolios of quantum algorithms.

    Science.gov (United States)

    Maurer, S M; Hogg, T; Huberman, B A

    2001-12-17

    Quantum computation holds promise for the solution of many intractable problems. However, since many quantum algorithms are stochastic in nature they can find the solution of hard problems only probabilistically. Thus the efficiency of the algorithms has to be characterized by both the expected time to completion and the associated variance. In order to minimize both the running time and its uncertainty, we show that portfolios of quantum algorithms analogous to those of finance can outperform single algorithms when applied to the NP-complete problems such as 3-satisfiability.

  16. Æstetik og portfolio

    DEFF Research Database (Denmark)

    Hyldahl, Kirsten Kofod; Sams, Pernille; Egelund, Karen Stine

    2017-01-01

    Nærværende artikel præsenterer resultaterne af udviklingsprojektet ”Portfolio og æstetik” på pædagoguddannelsen i Hjørring. Projektet har til formål, gennem æstetisk formsprog, at stilladsere og fastholde de studerendes læreprocesser samt udvikle og implementere portfolio i studieaktiviteter på...

  17. EP1000 passive plant description

    International Nuclear Information System (INIS)

    Saiu, G.

    1999-01-01

    In 1994, a group of European Utilities, together with Westinghouse and its Industrial Partner GENESI (an Italian consortium including ANSALDO and FIAT), initiated a program designated EPP (European Passive Plant) to evaluate Westinghouse Passive Nuclear Plant Technology for application in Europe. In Phase I of the European Passive Plant Program which was completed in 1996, a 1000 MWe passive plant reference design (EP1000) was established which conforms to the European Utility Requirements (EUR) and is expected to meet the European Safety Authorities requirements. Phase 2 of the program was initiated in 1997 with the objective of developing the Nuclear Island design details and performing supporting analyses to start development of Safety Case Report (SCR) for submittal to European Licensing Authorities. The first part of Phase 2, 'Design Definition' phase (Phase 2A) will be completed at the end of 1998, the main efforts being design definition of key systems and structures, development of the Nuclear Island layout, and performing preliminary safety analyses to support design efforts. The second part, 'Phase 2B', includes both the analyses and evaluations required to demonstrate the adequacy of the design, and to support the preparation of Safety Case Report. The second part of Phase 2 of the program will start at the beginning of 1999 and will be completed in the 2001. Incorporation of the EUR has been a key design requirement for the EP1000 from the beginning of the program. Detailed design solutions to meet the EUR have been defined and the safety approach has also been developed based on the EUR guidelines. This paper integrates and updates the plant description reported in the IAEA TECDOC-968. The most significant developments of the EP1000 plant design during Phase 2A of the EPP program are described and reference is made to the key design requirements set by the EUR Rev. B document. (author)

  18. An unbalanced portfolio.

    Science.gov (United States)

    Federsel, Hans-Jurgen

    2009-06-01

    An excellent demonstration of how meaningful and valuable conferences devoted to the topic of project and portfolio management in the pharmaceutical industry can be, was given at an event organized in Barcelona, September 2008. Thus, over this 2-day meeting the delegates were updated on the state of the art in this wide-reaching area from speakers representing an array of companies; from small, relatively new players, via mid-sized, to established large and big pharmas. One common theme that emerged was the importance of assessing the value of drug projects as correctly as possible, especially under the current financial climate and the many challenges facing the industry. Furthermore, experiences from constructing portfolios with the aim to minimize risk and maximize return on investment were shared alongside mathematical approaches to obtain the data required for this purpose and accounts of the pleasures and hardships working in a global context and in partnership constellations. Copyright 2009 Prous Science, S.A.U. or its licensors. All rights reserved.

  19. Regularizing portfolio optimization

    International Nuclear Information System (INIS)

    Still, Susanne; Kondor, Imre

    2010-01-01

    The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

  20. Regularizing portfolio optimization

    Science.gov (United States)

    Still, Susanne; Kondor, Imre

    2010-07-01

    The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.

  1. QCD studies in ep collisions

    International Nuclear Information System (INIS)

    Smith, W.H.

    1997-01-01

    These lectures describe QCD physics studies over the period 1992--1996 from data taken with collisions of 27 GeV electrons and positrons with 820 GeV protons at the HERA collider at DESY by the two general-purpose detectors H1 and ZEUS. The focus of these lectures is on structure functions and jet production in deep inelastic scattering, photoproduction, and diffraction. The topics covered start with a general introduction to HERA and ep scattering. Structure functions are discussed. This includes the parton model, scaling violation, and the extraction of F 2 , which is used to determine the gluon momentum distribution. Both low and high Q 2 regimes are discussed. The low Q 2 transition from perturbative QCD to soft hadronic physics is examined. Jet production in deep inelastic scattering to measure α s , and in photoproduction to study resolved and direct photoproduction, is also presented. This is followed by a discussion of diffraction that begins with a general introduction to diffraction in hadronic collisions and its relation to ep collisions, and moves on to deep inelastic scattering, where the structure of diffractive exchange is studied, and in photoproduction, where dijet production provides insights into the structure of the Pomeron. 95 refs., 39 figs

  2. QCD studies in ep collisions

    Energy Technology Data Exchange (ETDEWEB)

    Smith, W.H. [Univ. of Wisconsin, Madison, WI (United States). Physics Dept.

    1997-06-01

    These lectures describe QCD physics studies over the period 1992--1996 from data taken with collisions of 27 GeV electrons and positrons with 820 GeV protons at the HERA collider at DESY by the two general-purpose detectors H1 and ZEUS. The focus of these lectures is on structure functions and jet production in deep inelastic scattering, photoproduction, and diffraction. The topics covered start with a general introduction to HERA and ep scattering. Structure functions are discussed. This includes the parton model, scaling violation, and the extraction of F{sub 2}, which is used to determine the gluon momentum distribution. Both low and high Q{sup 2} regimes are discussed. The low Q{sup 2} transition from perturbative QCD to soft hadronic physics is examined. Jet production in deep inelastic scattering to measure {alpha}{sub s}, and in photoproduction to study resolved and direct photoproduction, is also presented. This is followed by a discussion of diffraction that begins with a general introduction to diffraction in hadronic collisions and its relation to ep collisions, and moves on to deep inelastic scattering, where the structure of diffractive exchange is studied, and in photoproduction, where dijet production provides insights into the structure of the Pomeron. 95 refs., 39 figs.

  3. Analysis of the Capability Portfolio Review (CPR)

    Science.gov (United States)

    2014-06-01

    10  2.4.1.1.  The Basics of Modern Portfolio Theory ...of Modern Portfolio Theory Much of modern portfolio management has been motivated by the influential work of Harry Markowitz (Markowitz, 1952) and...unsystematic risk associated with individual stocks, leaving only the generally market risk (Walls, 2004). The basic assumption of modern portfolio theory is

  4. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

  5. The Use of E-Portfolio in a Linear Algebra Course

    Science.gov (United States)

    Torres, Judit Taberna; García-Planas, María Isabel; Domínguez-García, Santiago

    2016-01-01

    The use of e-portfolio becomes a standard tool when it comes to learning and student's assessment. This is due to the teachers need for enhancing their students' autonomy. The use of e-portfolio helps students to focus on their own learning process. Lectures should not be limited only to classes, but must foster active learning, and in this…

  6. EP1000 anticipated transient without scram analyses

    International Nuclear Information System (INIS)

    Saiu, G.; Frogheri, M.; Schulz, T.L.

    2001-01-01

    The present paper summarizes the main results of the Anticipated Transient Without Scram (ATWS) analysis activity, performed for the European Passive Plant Program (EPP). The behavior of the EP1000 plant following an ATWS has been analyzed by means of the RELAP5/Mod3.2 code. An ATWS is defined as an Anticipated Transient accompanied by a common mode failure in the reactor protection system, such that the control rods do not scram as required to mitigate the consequences of the transient. According to the experience gained in PWR design, the limiting ATWS events, in a PWR, have been found to be the heatup transients caused by a reduction of heat removal capability by the secondary side of the plant. For this reason, the Loss of Normal Feedwater initiating event, to which the failure of the reactor scram is associated, has been analyzed. The purpose of the study is to verify the performance requirements set for the core feedback characteristics (that is to evaluate the effect of the low boron core neutron kinetic parameters), the overpressure protection system, and boration systems to cope with the EUR Acceptance Criteria for ATWS. Another purpose of this analysis was to support development of revised PSA success criteria that would reduce the contribution of ATWS to the large release frequency (LRF). The low boron core improved the basic EP1000 response to an ATWS event. In particular, the peak pressure was significantly lower than that which would result from a standard core configuration. The improved ATWS analysis results also permitted improved ATWS PSA success criteria. For example, the reduced peak pressure allows the use of other plant features to mitigate the event, including manual initiation of feed-bleed cooling in the event of PRHR HX failure. As a result, the core melt frequency and especially the LRF are significantly reduced. (author)

  7. portfolio optimization based on nonparametric estimation methods

    Directory of Open Access Journals (Sweden)

    mahsa ghandehari

    2017-03-01

    Full Text Available One of the major issues investors are facing with in capital markets is decision making about select an appropriate stock exchange for investing and selecting an optimal portfolio. This process is done through the risk and expected return assessment. On the other hand in portfolio selection problem if the assets expected returns are normally distributed, variance and standard deviation are used as a risk measure. But, the expected returns on assets are not necessarily normal and sometimes have dramatic differences from normal distribution. This paper with the introduction of conditional value at risk ( CVaR, as a measure of risk in a nonparametric framework, for a given expected return, offers the optimal portfolio and this method is compared with the linear programming method. The data used in this study consists of monthly returns of 15 companies selected from the top 50 companies in Tehran Stock Exchange during the winter of 1392 which is considered from April of 1388 to June of 1393. The results of this study show the superiority of nonparametric method over the linear programming method and the nonparametric method is much faster than the linear programming method.

  8. An e-p facility for Europe. Weak interactions in e-p physics

    International Nuclear Information System (INIS)

    Turlay, R.

    1979-01-01

    We first present the recent development on an e-p collider in Europe occuring in the last year. Then a review of physics motivations for an e-p ring is discussed and developed with the latest work presented at the meeting on 'Study for an e-p Facility for Europe' held at Hamburg on April 2-3, 1979

  9. Portfolio optimization and performance evaluation

    DEFF Research Database (Denmark)

    Juhl, Hans Jørn; Christensen, Michael

    2013-01-01

    Based on an exclusive business-to-business database comprising nearly 1,000 customers, the applicability of portfolio analysis is documented, and it is examined how such an optimization analysis can be used to explore the growth potential of a company. As opposed to any previous analyses, optimal...... customer portfolios are determined, and it is shown how marketing decision-makers can use this information in their marketing strategies to optimize the revenue growth of the company. Finally, our analysis is the first analysis which applies portfolio based methods to measure customer performance......, and it is shown how these performance measures complement the optimization analysis....

  10. Parametric Portfolio Selection: Evaluating and Comparing to Markowitz Portfolios

    Directory of Open Access Journals (Sweden)

    Marcelo C. Medeiros

    2014-10-01

    Full Text Available In this paper we exploit the parametric portfolio optimization in the Brazilian market. Our data consists of monthly returns of 306 Brazilian stocks in the period between 2001 and 2013. We tested the model both in and out of sample and compared the results with the value and equal weighted portfolios and with a Markowitz based portfolio. We performed statistical inference in the parametric optimization using bootstrap techniques in order to build the parameters empirical distributions. Our results showed that the parametric optimization is a very efficient technique out of sample. It consistently showed superior results when compared with the VW, EW and Markowitz portfolios even when transaction costs were included. Finally, we consider the parametric approach to be very flexible to the inclusion of constraints in weights, transaction costs and listing and delisting of stocks.

  11. Portfolio i Praksis

    DEFF Research Database (Denmark)

    Saltofte, Margit; Krill, Cecilia

    . Præsentationsfolien fokuserer på at præsentere et færdigt produkt eller resultat, mens arbejdsportfolien har fokus på proces, refleksion og læring. Til denne forskel knytter sig desuden helt naturligt en sondring imellem det delte og det private. Hvor præsentationsportfolio per definition er åben og har en modtager i...... sigte, er arbejdsportfolien i udgangspunktet lukket og privat. Det vil sige at man selv udvælger, hvad der skal ses af fx vejleder eller medstuderende – og hvad, der skal forblive privat. Portfolio i Praksis tilbyder desuden en række håndgribelige øvelser, der kan bruges som hjælp til at understøtte det...

  12. IT Portfolio Management

    DEFF Research Database (Denmark)

    Hansen, Lars Kristian; Kræmmergaard, Pernille

    2012-01-01

    information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase......As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... on the theory’s distinction between different modes of control five problems in control is identified: (1) weak accountability processes between the political and the administrative level, (2) weak accountability processes between director level and the IT executives, (3) IT projects established on incomplete...

  13. AREVA's nuclear reactors portfolio

    International Nuclear Information System (INIS)

    Marincic, A.

    2009-01-01

    A reasonable assumption for the estimated new build market for the next 25 years is over 340 GWe net. The number of prospect countries is growing almost each day. To address this new build market, AREVA is developing a comprehensive portfolio of reactors intended to meet a wide range of power requirements and of technology choices. The EPR reactor is the flagship of the fleet. Intended for large power requirements, the four first EPRs are being built in Finland, France and China. Other countries and customers are in view, citing just two examples: the Usa where the U.S. EPR has been selected as the technology of choice by several U.S utilities; and the United Kingdom where the Generic Design Acceptance process of the EPR design submitted by AREVA and EDF is well under way, and where there is a strong will to have a plant on line in 2017. For medium power ranges, the AREVA portfolio includes a boiling water reactor and a pressurized water reactor which both offer all of the advantages of an advanced plant design, with excellent safety performance and competitive power generation cost: -) KERENA (1250+ MWe), developed in collaboration with several European utilities, and in particular with Eon; -) ATMEA 1 (1100+ MWe), a 3-loop evolutionary PWR which is being developed by AREVA and Mitsubishi. AREVA is also preparing the future and is deeply involved into Gen IV concepts. It has developed the ANTARES modular HTR reactor (pre-conceptual design completed) and is building upon its vast Sodium Fast Reactor experience to take part into the development of the next prototype. (author)

  14. Collaborative Learning with Sustainability-driven Projects: A Summary of the EPS@ISEP Programme

    Directory of Open Access Journals (Sweden)

    Manuel Fernando Silva

    2018-06-01

    Full Text Available This paper describes the collaborative learning environment, aligned with the United Nations Millennium Development Goals, provided by the European Project Semester (EPS. EPS is a one semester capstone project programme offered by eighteen European engineering schools as part of their student ex-change programme portfolio. In this international programme, students are organized in teams, grouping individuals from diverse academic backgrounds and nationalities. The teams, after choosing a project proposal, become fully responsible for the conduction of their projects. By default, project proposals refer to open multidisciplinary real problems. The purpose of the project is to expose students to problems of a greater dimension and complexity than those faced throughout the degree programme as well as to put them in con-tact with the so-called real world, in opposition to the academic world. EPS provides an integrated framework for undertaking capstone projects, which is focused on multicultural and multidisciplinary teamwork, communication, problem-solving, creativity, leadership, entrepreneurship, ethical reasoning and global contextual analysis. Specifically, the design and development of sustainable systems for growing food allow students not only to reach the described objectives, but to foster sustainable development practices. As a re-sult, we recommend the adoption of this category of projects within EPS for the benefit of engineering students and of the society as a whole.

  15. A Mean variance analysis of arbitrage portfolios

    Science.gov (United States)

    Fang, Shuhong

    2007-03-01

    Based on the careful analysis of the definition of arbitrage portfolio and its return, the author presents a mean-variance analysis of the return of arbitrage portfolios, which implies that Korkie and Turtle's results ( B. Korkie, H.J. Turtle, A mean-variance analysis of self-financing portfolios, Manage. Sci. 48 (2002) 427-443) are misleading. A practical example is given to show the difference between the arbitrage portfolio frontier and the usual portfolio frontier.

  16. PrEP (Pre-Exposure Prophylaxis) 101

    Science.gov (United States)

    ... than 70%. Your risk of getting HIV from sex can be even lower if you combine PrEP with condoms and other prevention methods. Download PrEP 101 Consumer Info Sheet Vital Signs Fact Sheet on Daily Pill Can Prevent HIV (PrEP) Expand All Collapse All Video Introductions to PrEP What is PrEP? A Brief ...

  17. Analysis Of Dynamic Portfolio Allocation Of Indonesian LQ45 During 2005 – 2011 Following The Markowitz Theowry

    Directory of Open Access Journals (Sweden)

    Agustini Hamid

    2016-09-01

    Full Text Available The research observed that equity portfolio and investment managers were facing challenges in determining the optimum portfolio, especially during the turbulent times. As a result, they needed to implement portfolio management strategies to overcome the risk associated with stock return volatility in turbulence periods. This research focused on selecting stocks from the LQ-45 index during 2005-2011 using The Markowitz theory combining the Solver Linear Programming. The portfolio selection method which has been introduced by Markowitz (1952 used variance or standard deviation as a risk measurement. The result of this research proves that the composition of the portfolio is not the same in the different period. In the bearish period, the composition of the optimum portfolio is dominated by the banking sector and manufacture sector. In the bullish period, the optimum portfolio is dominated by the commodity stocks.

  18. 78 FR 21045 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

    Science.gov (United States)

    2013-04-09

    ... COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers... CFTC published final rules setting forth requirements for swap confirmation, portfolio reconciliation...

  19. Optimal Portfolios in Wishart Models and Effects of Discrete Rebalancing on Portfolio Distribution and Strategy Selection

    OpenAIRE

    Li, Zejing

    2012-01-01

    This dissertation is mainly devoted to the research of two problems - the continuous-time portfolio optimization in different Wishart models and the effects of discrete rebalancing on portfolio wealth distribution and optimal portfolio strategy.

  20. Essays on Rational Portfolio Theory

    DEFF Research Database (Denmark)

    Nielsen, Simon Ellersgaard

    market prices, we findonly a very modest improvement in portfolio wealth over the corresponding strategy whichonly trades in bonds and stocks. Optimal Hedge Tracking Portfolios in a Limit Order Book. In this paper we developa control theoretic solution to the manner in which a portfolio manager optimally...... shouldtrack a targeted D, given that he wishes to hedge a short position in European call optionsthe underlying of which is traded in a limit order book. Specifically, we are interested in theinterplay between posting limit and market orders respectively: when should the portfoliomanager do what (and at what......’s theory of optimal portfolio selection for wealth maximisingagents. In this paper we present a systematic analysis of the optimal asset allocation in aderivative-free market for the Heston model, the 3/2 model, and a Fong Vasicek type model.Under the assumption that the market price of risk...

  1. Robust Portfolio Optimization Using Pseudodistances.

    Science.gov (United States)

    Toma, Aida; Leoni-Aubin, Samuela

    2015-01-01

    The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature.

  2. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

    OpenAIRE

    Širůček, Martin; Křen, Lukáš

    2015-01-01

    ŠIRŮČEK MARTIN, KŘEN LUKÁŠ. 2015. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(4): 1375–1386. This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT). Derivation based on the Capital Asset Pricing Model (CAPM) is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a po...

  3. Information Acquisition and Portfolio Performance

    OpenAIRE

    Guiso, Luigi; Jappelli, Tullio

    2006-01-01

    Rational investors perceive correctly the value of financial information. Investment in information is therefore rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a lower Sharpe ratio. We contrast the implications of the two models using a unique survey of customers of an Italian leading bank with portfolio data and measures of financial information. We find that the portfolio Sharpe ratio is negatively associated with...

  4. Different Variants of Fundamental Portfolio

    Directory of Open Access Journals (Sweden)

    Tarczyński Waldemar

    2014-06-01

    Full Text Available The paper proposes the fundamental portfolio of securities. This portfolio is an alternative for the classic Markowitz model, which combines fundamental analysis with portfolio analysis. The method’s main idea is based on the use of the TMAI1 synthetic measure and, in limiting conditions, the use of risk and the portfolio’s rate of return in the objective function. Different variants of fundamental portfolio have been considered under an empirical study. The effectiveness of the proposed solutions has been related to the classic portfolio constructed with the help of the Markowitz model and the WIG20 market index’s rate of return. All portfolios were constructed with data on rates of return for 2005. Their effectiveness in 2006- 2013 was then evaluated. The studied period comprises the end of the bull market, the 2007-2009 crisis, the 2010 bull market and the 2011 crisis. This allows for the evaluation of the solutions’ flexibility in various extreme situations. For the construction of the fundamental portfolio’s objective function and the TMAI, the study made use of financial and economic data on selected indicators retrieved from Notoria Serwis for 2005.

  5. Portfolio Evaluation for Professional Competence: Credentialing in Genetics for Nurses.

    Science.gov (United States)

    Cook, Sarah Sheets; Kase, Ron; Middelton, Lindsay; Monsen, Rita Black

    2003-01-01

    Describes the process used by the Credentialing Committee of the International Society of Nurses in Genetics to validate evaluation criteria for nursing portfolios using neural network programs. Illustrates how standards are translated into measurable competencies and provides a scoring guide. (SK)

  6. Universal portfolios generated by the Bregman divergence

    Science.gov (United States)

    Tan, Choon Peng; Kuang, Kee Seng

    2017-04-01

    The Bregman divergence of two probability vectors is a stronger form of the f-divergence introduced by Csiszar. Two versions of the Bregman universal portfolio are presented by exploiting the mean-value theorem. The explicit form of the Bregman universal portfolio generated by a function of a convex polynomial is derived and studied empirically. This portfolio can be regarded as another generalized of the well-known Helmbold portfolio. By running the portfolios on selected stock-price data sets from the local stock exchange, it is shown that it is possible to increase the wealth of the investor by using the portfolios in investment.

  7. Fosforihapon epäpuhtauksien uuttaminen

    OpenAIRE

    Sengström, Heli

    2012-01-01

    Fosforihappoa tuotetaan yleisesti sekä märkäprosessilla että termisellä prosessilla. Märkäprosessilla tuotettuun fosforihappoon jää erilaisia epäpuhtauksia, joita ei happoa käytettäessä saisi olla. Yleisimmät epäpuhtaudet ovat erilaiset fluoridit, kloridit ja metallit. Tämän opinnäytetyön tavoitteena oli selvittää, kuinka hyvin nämä epäpuhtaudet saadaan poistettua uuttamalla happoa liuottimella, jossa on 80 % tributyylifosfaattia (TBP) ja 20 % ExxsolTM D80 -laimenninta. Työn kokeellisessa ...

  8. RISK LOAN PORTFOLIO OPTIMIZATION MODEL BASED ON CVAR RISK MEASURE

    Directory of Open Access Journals (Sweden)

    Ming-Chang LEE

    2015-07-01

    Full Text Available In order to achieve commercial banks liquidity, safety and profitability objective requirements, loan portfolio risk analysis based optimization decisions are rational allocation of assets.  The risk analysis and asset allocation are the key technology of banking and risk management.  The aim of this paper, build a loan portfolio optimization model based on risk analysis.  Loan portfolio rate of return by using Value-at-Risk (VaR and Conditional Value-at-Risk (CVaR constraint optimization decision model reflects the bank's risk tolerance, and the potential loss of direct control of the bank.  In this paper, it analyze a general risk management model applied to portfolio problems with VaR and CVaR risk measures by using Using the Lagrangian Algorithm.  This paper solves the highly difficult problem by matrix operation method.  Therefore, the combination of this paper is easy understanding the portfolio problems with VaR and CVaR risk model is a hyperbola in mean-standard deviation space.  It is easy calculation in proposed method.

  9. Aspects of manager, portfolio allocation, and fund performance in Brazil

    Directory of Open Access Journals (Sweden)

    Cláudia Olímpia Neves Mamede Maestri

    Full Text Available ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

  10. Ep-CAM expression in squamous cell carcinoma of the esophagus: a potential therapeutic target and prognostic marker

    Directory of Open Access Journals (Sweden)

    Peiper Matthias

    2006-06-01

    Full Text Available Abstract Background To evaluate the expression and test the clinical significance of the epithelial cellular adhesion molecule (Ep-CAM in esophageal squamous cell carcinoma (SCC to check the suitability of esophageal SCC patients for Ep-CAM directed targeted therapies. Methods The Ep-CAM expression was immunohistochemically investigated in 70 primary esophageal SCCs using the monoclonal antibody Ber-EP4. For the interpretation of the staining results, we used a standardized scoring system ranging from 0 to 3+. The survival analysis was calculated from 53 patients without distant metastasis, with R0 resection and at least 2 months of clinical follow-up. Results Ep-CAM neo-expression was observed in 79% of the tumors with three expression levels, 1+ (26%, 2+ (11% and 3+ (41%. Heterogeneous expression was observed at all expression levels. Interestingly, tumors with 3+ Ep-CAM expression conferred a significantly decreased median relapse-free survival period (log rank, p = 0.0001 and median overall survival (log rank, p = 0.0003. Multivariate survival analysis disclosed Ep-CAM 3+ expression as independent prognostic factor. Conclusion Our results suggest Ep-CAM as an attractive molecule for targeted therapy in esophageal SCC. Considering the discontenting results of the current adjuvant concepts for esophageal SCC patients, Ep-CAM might provide a promising target for an adjuvant immunotherapeutic intervention.

  11. Fuzzy portfolio model with fuzzy-input return rates and fuzzy-output proportions

    Science.gov (United States)

    Tsaur, Ruey-Chyn

    2015-02-01

    In the finance market, a short-term investment strategy is usually applied in portfolio selection in order to reduce investment risk; however, the economy is uncertain and the investment period is short. Further, an investor has incomplete information for selecting a portfolio with crisp proportions for each chosen security. In this paper we present a new method of constructing fuzzy portfolio model for the parameters of fuzzy-input return rates and fuzzy-output proportions, based on possibilistic mean-standard deviation models. Furthermore, we consider both excess or shortage of investment in different economic periods by using fuzzy constraint for the sum of the fuzzy proportions, and we also refer to risks of securities investment and vagueness of incomplete information during the period of depression economics for the portfolio selection. Finally, we present a numerical example of a portfolio selection problem to illustrate the proposed model and a sensitivity analysis is realised based on the results.

  12. 77 FR 55903 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

    Science.gov (United States)

    2012-09-11

    ... Vol. 77 Tuesday, No. 176 September 11, 2012 Part II Commodity Futures Trading Commission 17 CFR Part 23 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship... FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio...

  13. Land-Use Portfolio Modeler, Version 1.0

    Science.gov (United States)

    Taketa, Richard; Hong, Makiko

    2010-01-01

    Natural hazards pose significant threats to the public safety and economic health of many communities throughout the world. Community leaders and decision-makers continually face the challenges of planning and allocating limited resources to invest in protecting their communities against catastrophic losses from natural-hazard events. Public efforts to assess community vulnerability and encourage loss-reduction measures through mitigation often focused on either aggregating site-specific estimates or adopting standards based upon broad assumptions about regional risks. The site-specific method usually provided the most accurate estimates, but was prohibitively expensive, whereas regional risk assessments were often too general to be of practical use. Policy makers lacked a systematic and quantitative method for conducting a regional-scale risk assessment of natural hazards. In response, Bernknopf and others developed the portfolio model, an intermediate-scale approach to assessing natural-hazard risks and mitigation policy alternatives. The basis for the portfolio-model approach was inspired by financial portfolio theory, which prescribes a method of optimizing return on investment while reducing risk by diversifying investments in different security types. In this context, a security type represents a unique combination of features and hazard-risk level, while financial return is defined as the reduction in losses resulting from an investment in mitigation of chosen securities. Features are selected for mitigation and are modeled like investment portfolios. Earth-science and economic data for the features are combined and processed in order to analyze each of the portfolios, which are then used to evaluate the benefits of mitigating the risk in selected locations. Ultimately, the decision maker seeks to choose a portfolio representing a mitigation policy that maximizes the expected return-on-investment, while minimizing the uncertainty associated with that return

  14. Portfolio optimization with mean-variance model

    Science.gov (United States)

    Hoe, Lam Weng; Siew, Lam Weng

    2016-06-01

    Investors wish to achieve the target rate of return at the minimum level of risk in their investment. Portfolio optimization is an investment strategy that can be used to minimize the portfolio risk and can achieve the target rate of return. The mean-variance model has been proposed in portfolio optimization. The mean-variance model is an optimization model that aims to minimize the portfolio risk which is the portfolio variance. The objective of this study is to construct the optimal portfolio using the mean-variance model. The data of this study consists of weekly returns of 20 component stocks of FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI). The results of this study show that the portfolio composition of the stocks is different. Moreover, investors can get the return at minimum level of risk with the constructed optimal mean-variance portfolio.

  15. Deformed exponentials and portfolio selection

    Science.gov (United States)

    Rodrigues, Ana Flávia P.; Guerreiro, Igor M.; Cavalcante, Charles Casimiro

    In this paper, we present a method for portfolio selection based on the consideration on deformed exponentials in order to generalize the methods based on the gaussianity of the returns in portfolio, such as the Markowitz model. The proposed method generalizes the idea of optimizing mean-variance and mean-divergence models and allows a more accurate behavior for situations where heavy-tails distributions are necessary to describe the returns in a given time instant, such as those observed in economic crises. Numerical results show the proposed method outperforms the Markowitz portfolio for the cumulated returns with a good convergence rate of the weights for the assets which are searched by means of a natural gradient algorithm.

  16. Sygeplejestuderendes brug af portfolio i klinisk undervisning

    DEFF Research Database (Denmark)

    Hjorth, Anne Charlotte Overgaard; Bruhn, Helle

    2014-01-01

    Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt.......Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt....

  17. Dynamic Portfolio Strategy Using Clustering Approach.

    Science.gov (United States)

    Ren, Fei; Lu, Ya-Nan; Li, Sai-Ping; Jiang, Xiong-Fei; Zhong, Li-Xin; Qiu, Tian

    2017-01-01

    The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

  18. Dynamic Portfolio Strategy Using Clustering Approach.

    Directory of Open Access Journals (Sweden)

    Fei Ren

    Full Text Available The problem of portfolio optimization is one of the most important issues in asset management. We here propose a new dynamic portfolio strategy based on the time-varying structures of MST networks in Chinese stock markets, where the market condition is further considered when using the optimal portfolios for investment. A portfolio strategy comprises two stages: First, select the portfolios by choosing central and peripheral stocks in the selection horizon using five topological parameters, namely degree, betweenness centrality, distance on degree criterion, distance on correlation criterion and distance on distance criterion. Second, use the portfolios for investment in the investment horizon. The optimal portfolio is chosen by comparing central and peripheral portfolios under different combinations of market conditions in the selection and investment horizons. Market conditions in our paper are identified by the ratios of the number of trading days with rising index to the total number of trading days, or the sum of the amplitudes of the trading days with rising index to the sum of the amplitudes of the total trading days. We find that central portfolios outperform peripheral portfolios when the market is under a drawup condition, or when the market is stable or drawup in the selection horizon and is under a stable condition in the investment horizon. We also find that peripheral portfolios gain more than central portfolios when the market is stable in the selection horizon and is drawdown in the investment horizon. Empirical tests are carried out based on the optimal portfolio strategy. Among all possible optimal portfolio strategies based on different parameters to select portfolios and different criteria to identify market conditions, 65% of our optimal portfolio strategies outperform the random strategy for the Shanghai A-Share market while the proportion is 70% for the Shenzhen A-Share market.

  19. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market

    Directory of Open Access Journals (Sweden)

    Martin Širůček

    2015-01-01

    Full Text Available This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT. Derivation based on the Capital Asset Pricing Model (CAPM is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a portfolio copying the benchmark made using the CAPM model, portfolio with low and high beta coefficients, and a random portfolio. Only stocks were selected for the examined sample from all the asset classes. Stocks in each portfolio are put together according to predefined criteria. All stocks were selected from Dow Jones Industrial Average (DJIA index which serves as a benchmark, too. Portfolios were compared based on their risk and return profiles. The results of this work will provide general recommendations on the optimal approach to choose securities for an investor’s portfolio.

  20. EpCAM-Independent Enrichment of Circulating Tumor Cells in Metastatic Breast Cancer

    Science.gov (United States)

    Schneck, Helen; Gierke, Berthold; Uppenkamp, Frauke; Behrens, Bianca; Niederacher, Dieter; Stoecklein, Nikolas H.; Templin, Markus F.; Pawlak, Michael; Fehm, Tanja; Neubauer, Hans

    2015-01-01

    Circulating tumor cells (CTCs) are the potential precursors of metastatic disease. Most assays established for the enumeration of CTCs so far–including the gold standard CellSearch—rely on the expression of the cell surface marker epithelial cell adhesion molecule (EpCAM). But, these approaches may not detect CTCs that express no/low levels of EpCAM, e.g. by undergoing epithelial-to-mesenchymal transition (EMT). Here we present an enrichment strategy combining different antibodies specific for surface proteins and extracellular matrix (ECM) components to capture an EpCAMlow/neg cell line and EpCAMneg CTCs from blood samples of breast cancer patients depleted for EpCAM-positive cells. The expression of respective proteins (Trop2, CD49f, c-Met, CK8, CD44, ADAM8, CD146, TEM8, CD47) was verified by immunofluorescence on EpCAMpos (e.g. MCF7, SKBR3) and EpCAMlow/neg (MDA-MB-231) breast cancer cell lines. To test antibodies and ECM proteins (e.g. hyaluronic acid (HA), collagen I, laminin) for capturing EpCAMneg cells, the capture molecules were first spotted in a single- and multi-array format onto aldehyde-coated glass slides. Tumor cell adhesion of EpCAMpos/neg cell lines was then determined and visualized by Coomassie/MitoTracker staining. In consequence, marginal binding of EpCAMlow/neg MDA-MB-231 cells to EpCAM-antibodies could be observed. However, efficient adhesion/capturing of EpCAMlow/neg cells could be achieved via HA and immobilized antibodies against CD49f and Trop2. Optimal capture conditions were then applied to immunomagnetic beads to detect EpCAMneg CTCs from clinical samples. Captured CTCs were verified/quantified by immunofluorescence staining for anti-pan-Cytokeratin (CK)-FITC/anti-CD45 AF647/DAPI. In total, in 20 out of 29 EpCAM-depleted fractions (69%) from 25 metastatic breast cancer patients additional EpCAMneg CTCs could be identified [range of 1–24 CTCs per sample] applying Trop2, CD49f, c-Met, CK8 and/or HA magnetic enrichment. Ep

  1. Feature selection for portfolio optimization

    DEFF Research Database (Denmark)

    Bjerring, Thomas Trier; Ross, Omri; Weissensteiner, Alex

    2016-01-01

    Most portfolio selection rules based on the sample mean and covariance matrix perform poorly out-of-sample. Moreover, there is a growing body of evidence that such optimization rules are not able to beat simple rules of thumb, such as 1/N. Parameter uncertainty has been identified as one major....... While most of the diversification benefits are preserved, the parameter estimation problem is alleviated. We conduct out-of-sample back-tests to show that in most cases different well-established portfolio selection rules applied on the reduced asset universe are able to improve alpha relative...

  2. Managing the New Product Portfolio

    DEFF Research Database (Denmark)

    Larsson, Flemming

    2008-01-01

    Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should a ....... The contributions encourage an improved understanding of the portfolio management concept and support industry professionals in their efforts to compose and continuously maintain a commercially strong product development portfolio.......Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should...

  3. Portfolios and the market geometry

    Science.gov (United States)

    Eleutério, Samuel; Araújo, Tanya; Vilela Mendes, R.

    2014-09-01

    A geometric analysis of return time series, performed in the past, implied that most of the systematic information in the market is contained in a space of small dimension. Here we have explored subspaces of this space to find out the relative performance of portfolios formed from companies that have the largest projections in each one of the subspaces. As expected, it was found that the best performance portfolios are associated with some of the small eigenvalue subspaces and not to the dominant dimensions. This is found to occur in a systematic fashion over an extended period (1990-2008).

  4. Application of Project Portfolio Management

    Science.gov (United States)

    Pankowska, Malgorzata

    The main goal of the chapter is the presentation of the application project portfolio management approach to support development of e-Municipality and public administration information systems. The models of how people publish and utilize information on the web have been transformed continually. Instead of simply viewing on static web pages, users publish their own content through blogs and photo- and video-sharing slides. Analysed in this chapter, ICT (Information Communication Technology) projects for municipalities cover the mixture of the static web pages, e-Government information systems, and Wikis. So, for the management of the ICT projects' mixtures the portfolio project management approach is proposed.

  5. Purchasing portfolio usage and purchasing sophistication

    NARCIS (Netherlands)

    Gelderman, C.J.; Weele, van A.J.

    2005-01-01

    Purchasing portfolio models have caused considerable controversy in literature. Many advantages and disadvantages have been put forward, revealing a strong disagreement on the merits of portfolio models. This study addresses the question whether or not the use of purchasing portfolio models should

  6. Hierarchical Portfolio Management: Theory and Applications

    NARCIS (Netherlands)

    H. Ning (Haikun)

    2007-01-01

    textabstractUnder his own preference, how should an investor coordinate the asset managers such that his aggregated portfolio is optimized? The efficiency of each managed sub portfolio and the aggregation of all the sub portfolios are the 2 main underlying problems considered in this dissertation.

  7. Modern Portfolio Theory: Some Main Results

    OpenAIRE

    Müller, Heinz H.

    2017-01-01

    This article summarizes some main results in modern portfolio theory. First, the Markowitz approach is presented. Then the capital asset pricing model is derived and its empirical testability is discussed. Afterwards Neumann-Morgenstern utility theory is applied to the portfolio problem. Finally, it is shown how optimal risk allocation in an economy may lead to portfolio insurance

  8. Using Electronic Portfolios for Second Language Assessment

    Science.gov (United States)

    Cummins, Patricia W.; Davesne, Celine

    2009-01-01

    Portfolio assessment as developed in Europe presents a learner-empowering alternative to computer-based testing. The authors present the European Language Portfolio (ELP) and its American adaptations, LinguaFolio and the Global Language Portfolio, as tools to be used with the Common European Framework of Reference for languages and the American…

  9. Household portfolios and implicit risk aversion

    NARCIS (Netherlands)

    Bucciol, A.; Miniaci, R.

    2008-01-01

    We derive from a sample of US households the distribution of the risk aversion implicit in their portfolio choice. Our estimate minimizes the distance between the certainty equivalent return generated with observed portfolios and portfolios that are optimal in a mean-variance framework. Taking into

  10. Quantitative investment strategies and portfolio management

    NARCIS (Netherlands)

    Guo, J.

    2012-01-01

    This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment

  11. Formal Method of Description Supporting Portfolio Assessment

    Science.gov (United States)

    Morimoto, Yasuhiko; Ueno, Maomi; Kikukawa, Isao; Yokoyama, Setsuo; Miyadera, Youzou

    2006-01-01

    Teachers need to assess learner portfolios in the field of education. However, they need support in the process of designing and practicing what kind of portfolios are to be assessed. To solve the problem, a formal method of describing the relations between the lesson forms and portfolios that need to be collected and the relations between…

  12. The Impact of Transaction Costs on Rebalancing an Investment Portfolio in Portfolio Optimization

    OpenAIRE

    B. Marasović; S. Pivac; S. V. Vukasović

    2015-01-01

    Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the pr...

  13. Delegated Portfolio Management and Optimal Allocation of Portfolio Managers

    DEFF Research Database (Denmark)

    Christensen, Michael; Vangsgaard Christensen, Michael; Gamskjaer, Ken

    2015-01-01

    In this article, we investigate whether the application of the mean-variance framework on portfolio manager allocation offers any out-of-sample benefits compared to a naïve strategy of equal weighting. Based on an exclusive data-set of high-net-worth (HNW) investors, we utilize a wide variety of ...

  14. A Relationship Strategy Perspective on Relationship Portfolios

    DEFF Research Database (Denmark)

    Ritter, Thomas; Andersen, Henrik

    2014-01-01

    The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...... managers to determine appropriate customer relationship strategies and appropriate performance indicators. Results from applying the portfolio model are reported and managerial implications and future research are discussed.......The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...

  15. Performance of the reverse Helmbold universal portfolio

    Science.gov (United States)

    Tan, Choon Peng; Kuang, Kee Seng; Lee, Yap Jia

    2017-04-01

    The universal portfolio is an important investment strategy in a stock market where no stochastic model is assumed for the stock prices. The zero-gradient set of the objective function estimating the next-day portfolio which contains the reverse Kullback-Leibler order-alpha divergence is considered. From the zero-gradient set, the explicit, reverse Helmbold universal portfolio is obtained. The performance of the explicit, reverse Helmbold universal portfolio is studied by running them on some stock-price data sets from the local stock exchange. It is possible to increase the wealth of the investor by using these portfolios in investment.

  16. Portfolios: A Vehicle for Inquiry.

    Science.gov (United States)

    McMackin, Mary C.

    By blending elements of inquiry with the components of portfolios, learning and thinking in teacher preparation courses can be extended and possible tensions between "covering content" and allowing "open-ended investigation" can be mitigated. Over the years, the author mused about how she might nudge graduate students in her…

  17. Dynamic Portfolio Choice with Frictions

    DEFF Research Database (Denmark)

    Garleanu, Nicolae; Heje Pedersen, Lasse

    2016-01-01

    We show how portfolio choice can be modeled in continuous time with transitory and persistent transaction costs, multiple assets, multiple signals predicting returns, and general signal dynamics. The objective function is derived from the limit of discrete-time models with endogenous transaction...

  18. Teaching Sociology through Student Portfolios

    Science.gov (United States)

    Trepagnier, Barbara

    2004-01-01

    After several years of teaching Sociological Thought--an upper division course that focuses on classical, modern, and contemporary sociological theories--the author came across the idea of student portfolios. As a consequence, the course has undergone far-reaching changes. The content remains relatively intact; however, today the theory course…

  19. Adaptation portfolios in water management

    NARCIS (Netherlands)

    Aerts, J.C.J.H.; Botzen, W.J.W.; Werners, S.

    2015-01-01

    This study explores how Modern Portfolio Theory (MPT) can guide investment decisions in integrated water resources management (IWRM) and climate change adaptation under uncertainty. The objectives of the paper are to: (i) explain the concept of diversification to reduce risk, as formulated in MPT;

  20. [New portfolio, a users' manual].

    Science.gov (United States)

    Cougnoux, Nadège; Deken, Éric; Juif, Isabelle; Papas, Anne

    2015-10-01

    The portfolio, a tool for monitoring nursing students throughout their internship period, has now been modified. The new 2015 version can be used to monitor and trace the student's career as well as progress made. One of the major new points is the integration of an intermediate internship assessment. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

  1. Robust Portfolio Optimization Using Pseudodistances

    Science.gov (United States)

    2015-01-01

    The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature. PMID:26468948

  2. Portfolio selection with heavy tails

    NARCIS (Netherlands)

    Hyung, N.; Vries, de C.G.

    2007-01-01

    Consider the portfolio problem of choosing the mix between stocks and bonds under a downside risk constraint. Typically stock returns exhibit fatter tails than bonds corresponding to their greater downside risk. Downside risk criteria like the safety first criterion therefore often select corner

  3. Portfolio Selection with Heavy Tails

    NARCIS (Netherlands)

    N. Hyung (Namwon); C.G. de Vries (Casper)

    2004-01-01

    textabstractConsider the portfolio problem of choosing the mix between stocks and bonds under a downside risk constraint. Typically stock returns exhibit fatter tails than bonds corresponding to their greater downside risk. Downside risk criteria like the safety first criterion therefore of ten

  4. Does health affect portfolio choice?

    Science.gov (United States)

    Love, David A; Smith, Paul A

    2010-12-01

    A number of recent studies find that poor health is empirically associated with a safer portfolio allocation. It is difficult to say, however, whether this relationship is truly causal. Both health status and portfolio choice are influenced by unobserved characteristics such as risk attitudes, impatience, information, and motivation, and these unobserved factors, if not adequately controlled for, can induce significant bias in the estimates of asset demand equations. Using the 1992-2006 waves of the Health and Retirement Study, we investigate how much of the connection between health and portfolio choice is causal and how much is due to the effects of unobserved heterogeneity. Accounting for unobserved heterogeneity with fixed effects and correlated random effects models, we find that health does not appear to significantly affect portfolio choice among single households. For married households, we find a small effect (about 2-3 percentage points) from being in the lowest of five self-reported health categories. Copyright © 2009 John Wiley & Sons, Ltd.

  5. Supply contract and portfolio insurance

    Science.gov (United States)

    Runsheng Yin; Bob Izlar

    2001-01-01

    The long-term growth of institutional timberland investments depends on the ability of timberland investment management organizations (TIMO) to deal effectively with securitization, leveraging, arbitraging, supply contracting, portfolio insurance, tax efficiency enhancement, and other issues. Financial engineering holds great promise for many of these issues. This...

  6. Turnover activity in wealth portfolios

    NARCIS (Netherlands)

    Castaldi, C.; Milakovic, M.

    2007-01-01

    We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that

  7. Turnover activity in wealth portfolios

    NARCIS (Netherlands)

    Castaldi, Carolina; Milakovic, Mishael

    We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that

  8. Optimal Portfolio Choice with Annuitization

    NARCIS (Netherlands)

    Koijen, R.S.J.; Nijman, T.E.; Werker, B.J.M.

    2006-01-01

    We study the optimal consumption and portfolio choice problem over an individual's life-cycle taking into account annuity risk at retirement. Optimally, the investor allocates wealth at retirement to nominal, inflation-linked, and variable annuities and conditions this choice on the state of the

  9. Household Portfolios in the Netherlands

    NARCIS (Netherlands)

    Alessie, R.J.M.; Hochgürtel, S.; van Soest, A.H.O.

    2000-01-01

    We describe and analyse the portfolio structure of Dutch households using micro panel data from the CentER Savings Survey, 1993-1998.The data allows for a distinction between many types of assets.Moreover, we have information on mortgage debt, consumer debt, etc.We analyse the composition of

  10. Managing a "N" Securities Portfolio

    Directory of Open Access Journals (Sweden)

    Costică Vlad

    2016-01-01

    For the application that will be described below, namely the management of a portfolio of eightsecurity bonds, a financial analyst should carry more than 10^15 computing operations. Thedemonstration focuses on the analysis of results and on summarizing the concepts used.

  11. AVC/H.264 patent portfolio license

    Science.gov (United States)

    Skandalis, Dean A.

    2006-08-01

    MPEG LA, LLC offers a joint patent license for the AVC (a/k/a H.264) Standard (ISO/IEC IS 14496-10:2004). Like MPEG LA's other licenses, the AVC Patent Portfolio License is offered for the convenience of the marketplace as an alternative enabling users to access essential intellectual property owned by many patent holders under a single license rather than negotiating licenses with each of them individually. The AVC Patent Portfolio License includes essential patents owned by DAEWOO Electronics Corporation; Electronics and Telecommunications Research Institute (ETRI); France Telecom, societe anonyme; Fujitsu Limited; Hitachi, Ltd.; Koninklijke Philips Electronics N.V.; LG Electronics Inc.; Matsushita Electric Industrial Co., Ltd.; Microsoft Corporation; Mitsubishi Electric Corporation; Robert Bosch GmbH; Samsung Electronics Co., Ltd.; Sedna Patent Services, LLC; Sharp Kabushiki Kaisha; Siemens AG; Sony Corporation; The Trustees of Columbia University in the City of New York; Toshiba Corporation; UB Video Inc.; and Victor Company of Japan, Limited. Another is expected also to join as of August 1, 2006. MPEG LA's objective is to provide worldwide access to as much AVC essential intellectual property as possible for the benefit of AVC users. Therefore, any party that believes it has essential patents is welcome to submit them for evaluation of their essentiality and inclusion in the License if found essential.

  12. Highlights from e-EPS: EPS and EuChems are joining forces

    CERN Multimedia

    2013-01-01

    e-EPS News is an addition to the CERN Bulletin line-up, showcasing articles from e-EPS – the European Physical Society newsletter – as part of a collaboration between the two publications.   On the occasion of the EPS Council 2013 in Strasbourg, a memorandum of understanding was signed between the European Association for Chemical and Molecular Societies (EuCheMS) and the European Physical Society (EPS) by presidents Ulrich Schubert and Luisa Cifarelli. EuCheMS and EPS share many objectives, such as community building, scientific excellence, communication and representation of their respective members to European policy makers. The two societies recognise that issues in many fields such as education, publication, support for basic sciences and frontier research are similar in their respective disciplines. They wish to combine efforts in developing and presenting common standpoints to their mutual benefit as European representatives in chemistry ...

  13. Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios

    Directory of Open Access Journals (Sweden)

    Mehmet Asutay

    2015-04-01

    Full Text Available This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selection and performance compared to Socially Responsible Investment (SRI portfolio. Each portfolio constructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfolio optimization is employed with some financial ratios added as constraints for the Shari’ah portfolio. Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio, Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variables are assessed using ordinary least square to examine whether they influence the portfolios’ expected returns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year 2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfolio has better performance than Shari’ah portfolio

  14. Tau Lepton Production in ep Collisions at HERA

    CERN Document Server

    Aktas, A.; Anthonis, T.; Antunovic, B.; Aplin, S.; Asmone, A.; Astvatsatourov, A.; Babaev, A.; Backovic, S.; Baghdasaryan, A.; Baranov, P.; Barrelet, E.; Bartel, W.; Baudrand, S.; Baumgartner, S.; Becker, J.; Beckingham, M.; Behnke, O.; Behrendt, O.; Belousov, A.; Berger, N.; Bizot, J.C.; Boenig, M.-O.; Boudry, V.; Bracinik, J.; Brandt, G.; Brisson, V.; Bruncko, D.; Busser, F.W.; Bunyatyan, A.; Buschhorn, G.; Bystritskaya, L.; Campbell, A.J.; Cassol-Brunner, F.; Cerny, K.; Cerny, V.; Chekelian, V.; Contreras, J.G.; Coughlan, J.A.; Cox, B.E.; Cozzika, G.; Cvach, J.; Dainton, J.B.; Dau, W.D.; Daum, K.; de Boer, Y.; Delcourt, B.; Del Degan, M.; De Roeck, A.; De Wolf, E.A.; Diaconu, C.; Dodonov, V.; Dubak, A.; Eckerlin, Guenter; Efremenko, V.; Egli, S.; Eichler, R.; Eisele, F.; Eliseev, A.; Elsen, E.; Essenov, S.; Falkewicz, A.; Faulkner, P.J.W.; Favart, L.; Fedotov, A.; Felst, R.; Feltesse, J.; Ferencei, J.; Finke, L.; Fleischer, M.; Flucke, G.; Fomenko, A.; Franke, G.; Frisson, T.; Gabathuler, E.; Garutti, E.; Gayler, J.; Gerlich, C.; Ghazaryan, Samvel; Ginzburgskaya, S.; Glazov, A.; Glushkov, I.; Goerlich, L.; Goettlich, M.; Gogitidze, N.; Gorbounov, S.; Grab, C.; Greenshaw, T.; Gregori, M.; Grell, B.R.; Grindhammer, G.; Gwilliam, C.; Haidt, D.; Hajduk, L.; Hansson, M.; Heinzelmann, G.; Henderson, R.C.W.; Henschel, H.; Herrera, G.; Hildebrandt, M.; Hiller, K.H.; Hoffmann, D.; Horisberger, R.; Hovhannisyan, A.; Hreus, T.; Hussain, S.; Ibbotson, M.; Ismail, M.; Jacquet, M.; Janauschek, L.; Janssen, X.; Jemanov, V.; Jonsson, L.; Johnson, D.P.; Jung, Andreas Werner; Jung, H.; Kapichine, M.; Katzy, J.; Kenyon, I.R.; Kiesling, Christian M.; Klein, M.; Kleinwort, C.; Klimkovich, T.; Kluge, T.; Knies, G.; Knutsson, A.; Korbel, V.; Kostka, P.; Krastev, K.; Kretzschmar, J.; Kropivnitskaya, A.; Kruger, K.; Landon, M.P.J.; Lange, W.; Lastovicka-Medin, G.; Laycock, P.; Lebedev, A.; Leibenguth, G.; Lendermann, V.; Levonian, S.; Lindfeld, L.; Lipka, K.; Liptaj, A.; List, B.; List, J.; Lobodzinska, E.; Loktionova, N.; Lopez-Fernandez, R.; Lubimov, V.; Lucaci-Timoce, A.-I.; Lueders, H.; Luke, D.; Lux, T.; Lytkin, L.; Makankine, A.; Malden, N.; Malinovski, E.; Mangano, S.; Marage, P.; Marshall, R.; Marti, L.; Martisikova, M.; Martyn, H.-U.; Maxfield, S.J.; Mehta, A.; Meier, K.; Meyer, A.B.; Meyer, H.; Meyer, J.; Michels, V.; Mikocki, S.; Milcewicz-Mika, I.; Milstead, D.; Mladenov, D.; Mohamed, A.; Moreau, F.; Morozov, A.; Morris, J.V.; Mozer, Matthias Ulrich; Muller, K.; Murin, P.; Nankov, K.; Naroska, B.; Naumann, Th.; Newman, Paul R.; Niebuhr, C.; Nikiforov, A.; Nowak, G.; Nowak, K.; Nozicka, M.; Oganezov, R.; Olivier, B.; Olsson, J.E.; Osman, S.; Ozerov, D.; Palichik, V.; Panagoulias, I.; Papadopoulou, T.; Pascaud, C.; Patel, G.D.; Peng, H.; Perez, E.; Perez-Astudillo, D.; Perieanu, A.; Petrukhin, A.; Pitzl, D.; Placakyte, R.; Portheault, B.; Povh, B.; Prideaux, P.; Rahmat, A.J.; Raicevic, N.; Reimer, P.; Rimmer, A.; Risler, C.; Rizvi, E.; Robmann, P.; Roland, B.; Roosen, R.; Rostovtsev, A.; Rurikova, Z.; Rusakov, S.; Salvaire, F.; Sankey, D.P.C.; Sauvan, E.; Schatzel, S.; Schmidt, S.; Schmitt, S.; Schmitz, C.; Schoeffel, L.; Schoning, A.; Schultz-Coulon, H.-C.; Sefkow, F.; Shaw-West, R.N.; Sheviakov, I.; Shtarkov, L.N.; Sloan, T.; Smirnov, P.; Soloviev, Y.; South, D.; Spaskov, V.; Specka, Arnd E.; Steder, M.; Stella, B.; Stiewe, J.; Stoilov, A.; Straumann, U.; Sunar, D.; Tchoulakov, V.; Thompson, Graham; Thompson, P.D.; Toll, T.; Tomasz, F.; Traynor, D.; Truol, P.; Tsakov, I.; Tsipolitis, G.; Tsurin, I.; Turnau, J.; Tzamariudaki, E.; Urban, K.; Urban, Marcel; Usik, A.; Utkin, D.; Valkarova, A.; Vallee, C.; Van Mechelen, P.; Vargas Trevino, A.; Vazdik, Y.; Veelken, C.; Vinokurova, S.; Volchinski, V.; Wacker, K.; Weber, G.; Weber, R.; Wegener, D.; Werner, C.; Wessels, M.; Wessling, B.; Wissing, Ch.; Wolf, R.; Wunsch, E.; Xella, S.; Yan, W.; Yeganov, V.; Zacek, J.; Zalesak, J.; Zhang, Z.; Zhelezov, A.; Zhokin, A.; Zhu, Y.C.; Zimmermann, J.; Zimmermann, T.; Zohrabyan, H.; Zomer, F.

    2006-01-01

    The production of tau leptons in ep collisions is investigated using data recorded by the H1 detector at HERA in the period 1994-2000. Tau leptons are identified by detecting their decay products, using leptonic and hadronic decay modes. The cross section for the production of tau lepton pairs is measured for the first time at HERA. Furthermore, a search for events with an energetic isolated tau lepton and with large missing transverse momentum is performed. The results are found to be in agreement with the Standard Model predictions.

  15. Tau lepton production in ep collisions at HERA

    Science.gov (United States)

    Aktas, A.; Andreev, V.; Anthonis, T.; Antunovic, B.; Aplin, S.; Asmone, A.; Astvatsatourov, A.; Babaev, A.; Backovic, S.; Baghdasaryan, A.; Baranov, P.; Barrelet, E.; Bartel, W.; Baudrand, S.; Baumgartner, S.; Becker, J.; Beckingham, M.; Behnke, O.; Behrendt, O.; Belousov, A.; Berger, N.; Bizot, J. C.; Boenig, M.-O.; Boudry, V.; Bracinik, J.; Brandt, G.; Brisson, V.; Bruncko, D.; Büsser, F. W.; Bunyatyan, A.; Buschhorn, G.; Bystritskaya, L.; Campbell, A. J.; Cassol-Brunner, F.; Cerny, K.; Cerny, V.; Chekelian, V.; Contreras, J. G.; Coughlan, J. A.; Cox, B. E.; Cozzika, G.; Cvach, J.; Dainton, J. B.; Dau, W. D.; Daum, K.; de Boer, Y.; Delcourt, B.; Del Degan, M.; de Roeck, A.; de Wolf, E. A.; Diaconu, C.; Dodonov, V.; Dubak, A.; Eckerlin, G.; Efremenko, V.; Egli, S.; Eichler, R.; Eisele, F.; Eliseev, A.; Elsen, E.; Essenov, S.; Falkewicz, A.; Faulkner, P. J. W.; Favart, L.; Fedotov, A.; Felst, R.; Feltesse, J.; Ferencei, J.; Finke, L.; Fleischer, M.; Flucke, G.; Fomenko, A.; Franke, G.; Frisson, T.; Gabathuler, E.; Garutti, E.; Gayler, J.; Gerlich, C.; Ghazaryan, S.; Ginzburgskaya, S.; Glazov, A.; Glushkov, I.; Goerlich, L.; Goettlich, M.; Gogitidze, N.; Gorbounov, S.; Grab, C.; Greenshaw, T.; Gregori, M.; Grell, B. R.; Grindhammer, G.; Gwilliam, C.; Haidt, D.; Hajduk, L.; Hansson, M.; Heinzelmann, G.; Henderson, R. C. W.; Henschel, H.; Herrera, G.; Hildebrandt, M.; Hiller, K. H.; Hoffmann, D.; Horisberger, R.; Hovhannisyan, A.; Hreus, T.; Hussain, S.; Ibbotson, M.; Ismail, M.; Jacquet, M.; Janauschek, L.; Janssen, X.; Jemanov, V.; Jönsson, L.; Johnson, D. P.; Jung, A. W.; Jung, H.; Kapichine, M.; Katzy, J.; Kenyon, I. R.; Kiesling, C.; Klein, M.; Kleinwort, C.; Klimkovich, T.; Kluge, T.; Knies, G.; Knutsson, A.; Korbel, V.; Kostka, P.; Krastev, K.; Kretzschmar, J.; Kropivnitskaya, A.; Krüger, K.; Landon, M. P. J.; Lange, W.; Laštovička-Medin, G.; Laycock, P.; Lebedev, A.; Leibenguth, G.; Lendermann, V.; Levonian, S.; Lindfeld, L.; Lipka, K.; Liptaj, A.; List, B.; List, J.; Lobodzinska, E.; Loktionova, N.; Lopez-Fernandez, R.; Lubimov, V.; Lucaci-Timoce, A.-I.; Lueders, H.; Lüke, D.; Lux, T.; Lytkin, L.; Makankine, A.; Malden, N.; Malinovski, E.; Mangano, S.; Marage, P.; Marshall, R.; Marti, L.; Martisikova, M.; Martyn, H.-U.; Maxfield, S. J.; Mehta, A.; Meier, K.; Meyer, A. B.; Meyer, H.; Meyer, J.; Michels, V.; Mikocki, S.; Milcewicz-Mika, I.; Milstead, D.; Mladenov, D.; Mohamed, A.; Moreau, F.; Morozov, A.; Morris, J. V.; Mozer, M. U.; Müller, K.; Murín, P.; Nankov, K.; Naroska, B.; Naumann, Th.; Newman, P. R.; Niebuhr, C.; Nikiforov, A.; Nowak, G.; Nowak, K.; Nozicka, M.; Oganezov, R.; Olivier, B.; Olsson, J. E.; Osman, S.; Ozerov, D.; Palichik, V.; Panagoulias, I.; Papadopoulou, T.; Pascaud, C.; Patel, G. D.; Peng, H.; Perez, E.; Perez-Astudillo, D.; Perieanu, A.; Petrukhin, A.; Pitzl, D.; Plačakytė, R.; Portheault, B.; Povh, B.; Prideaux, P.; Rahmat, A. J.; Raicevic, N.; Reimer, P.; Rimmer, A.; Risler, C.; Rizvi, E.; Robmann, P.; Roland, B.; Roosen, R.; Rostovtsev, A.; Rurikova, Z.; Rusakov, S.; Salvaire, F.; Sankey, D. P. C.; Sauvan, E.; Schätzel, S.; Schmidt, S.; Schmitt, S.; Schmitz, C.; Schoeffel, L.; Schöning, A.; Schultz-Coulon, H.-C.; Sefkow, F.; Shaw-West, R. N.; Sheviakov, I.; Shtarkov, L. N.; Sloan, T.; Smirnov, P.; Soloviev, Y.; South, D.; Spaskov, V.; Specka, A.; Steder, M.; Stella, B.; Stiewe, J.; Stoilov, A.; Straumann, U.; Sunar, D.; Tchoulakov, V.; Thompson, G.; Thompson, P. D.; Toll, T.; Tomasz, F.; Traynor, D.; Truöl, P.; Tsakov, I.; Tsipolitis, G.; Tsurin, I.; Turnau, J.; Tzamariudaki, E.; Urban, K.; Urban, M.; Usik, A.; Utkin, D.; Valkárová, A.; Vallée, C.; van Mechelen, P.; Vargas Trevino, A.; Vazdik, Y.; Veelken, C.; Vinokurova, S.; Volchinski, V.; Wacker, K.; Weber, G.; Weber, R.; Wegener, D.; Werner, C.; Wessels, M.; Wessling, B.; Wissing, C.; Wolf, R.; Wünsch, E.; Xella, S.; Yan, W.; Yeganov, V.; Žáček, J.; Zálešák, J.; Zhang, Z.; Zhelezov, A.; Zhokin, A.; Zhu, Y. C.; Zimmermann, J.; Zimmermann, T.; Zohrabyan, H.; Zomer, F.

    2006-12-01

    The production of tau leptons in ep collisions is investigated using data recorded by the H1 detector at HERA in the period 1994 2000. Tau leptons are identified by detecting their decay products, using leptonic and hadronic decay modes. The cross section for the production of tau lepton pairs is measured for the first time at HERA. Furthermore, a search for events with an energetic isolated tau lepton and with large missing transverse momentum is performed. The results are found to be in agreement with the Standard Model predictions.

  16. Clinical Applications for EPs in the ICU.

    Science.gov (United States)

    Koenig, Matthew A; Kaplan, Peter W

    2015-12-01

    In critically ill patients, evoked potential (EP) testing is an important tool for measuring neurologic function, signal transmission, and secondary processing of sensory information in real time. Evoked potential measures conduction along the peripheral and central sensory pathways with longer-latency potentials representing more complex thalamocortical and intracortical processing. In critically ill patients with limited neurologic exams, EP provides a window into brain function and the potential for recovery of consciousness. The most common EP modalities in clinical use in the intensive care unit include somatosensory evoked potentials, brainstem auditory EPs, and cortical event-related potentials. The primary indications for EP in critically ill patients are prognostication in anoxic-ischemic or traumatic coma, monitoring for neurologic improvement or decline, and confirmation of brain death. Somatosensory evoked potentials had become an important prognostic tool for coma recovery, especially in comatose survivors of cardiac arrest. In this population, the bilateral absence of cortical somatosensory evoked potentials has nearly 100% specificity for death or persistent vegetative state. Historically, EP has been regarded as a negative prognostic test, that is, the absence of cortical potentials is associated with poor outcomes while the presence cortical potentials are prognostically indeterminate. In recent studies, the presence of middle-latency and long-latency potentials as well as the amplitude of cortical potentials is more specific for good outcomes. Event-related potentials, particularly mismatch negativity of complex auditory patterns, is emerging as an important positive prognostic test in patients under comatose. Multimodality predictive algorithms that combine somatosensory evoked potentials, event-related potentials, and clinical and radiographic factors are gaining favor for coma prognostication.

  17. Automatic Trading Agent. RMT Based Portfolio Theory and Portfolio Selection

    Science.gov (United States)

    Snarska, M.; Krzych, J.

    2006-11-01

    Portfolio theory is a very powerful tool in the modern investment theory. It is helpful in estimating risk of an investor's portfolio, arosen from lack of information, uncertainty and incomplete knowledge of reality, which forbids a perfect prediction of future price changes. Despite of many advantages this tool is not known and not widely used among investors on Warsaw Stock Exchange. The main reason for abandoning this method is a high level of complexity and immense calculations. The aim of this paper is to introduce an automatic decision-making system, which allows a single investor to use complex methods of Modern Portfolio Theory (MPT). The key tool in MPT is an analysis of an empirical covariance matrix. This matrix, obtained from historical data, biased by such a high amount of statistical uncertainty, that it can be seen as random. By bringing into practice the ideas of Random Matrix Theory (RMT), the noise is removed or significantly reduced, so the future risk and return are better estimated and controlled. These concepts are applied to the Warsaw Stock Exchange Simulator {http://gra.onet.pl}. The result of the simulation is 18% level of gains in comparison with respective 10% loss of the Warsaw Stock Exchange main index WIG.

  18. VAR Portfolio Optimal: Perbandingan Antara Metode Markowitz Dan Mean Absolute Deviation

    OpenAIRE

    Sartono, R. Agus; Setiawan, Arie Andika

    2006-01-01

    Portfolio selection method which have been introduced by Harry Markowitz (1952) used variance or deviation standard as a measure of risk. Kanno and Yamazaki (1991) introduced another method and used mean absolute deviation as a measure of risk instead of variance. The Value-at Risk (VaR) is a relatively new method to capitalized risk that been used by financial institutions. The aim of this research is compare between mean variance and mean absolute deviation of two portfolios. Next, we attem...

  19. Firefly Algorithm for Cardinality Constrained Mean-Variance Portfolio Optimization Problem with Entropy Diversity Constraint

    Directory of Open Access Journals (Sweden)

    Nebojsa Bacanin

    2014-01-01

    portfolio model with entropy constraint. Firefly algorithm is one of the latest, very successful swarm intelligence algorithm; however, it exhibits some deficiencies when applied to constrained problems. To overcome lack of exploration power during early iterations, we modified the algorithm and tested it on standard portfolio benchmark data sets used in the literature. Our proposed modified firefly algorithm proved to be better than other state-of-the-art algorithms, while introduction of entropy diversity constraint further improved results.

  20. Portfolio optimization in electricity markets

    International Nuclear Information System (INIS)

    Liu, Min; Wu, Felix F.

    2007-01-01

    In a competitive electricity market, Generation companies (Gencos) face price risk and delivery risk that affect their profitability. Risk management is an important and essential part in the Genco's decision making. In this paper, risk management through diversification is considered. The problem of energy allocation between spot markets and bilateral contracts is formulated as a general portfolio optimization problem with a risk-free asset and n risky assets. Historical data of the PJM electricity market are used to demonstrate the approach. (author)

  1. Druhý Čep

    Czech Academy of Sciences Publication Activity Database

    Kubíček, Tomáš

    2014-01-01

    Roč. 62, č. 1 (2014), s. 35-45 ISSN 0009-0468 R&D Projects: GA ČR GAP406/11/1421 Institutional support: RVO:68378068 Keywords : Czech literature * modern prose * Čep, Jan * narrative analysis Subject RIV: AJ - Letters, Mass-media, Audiovision

  2. Making sense with ePortfolios

    DEFF Research Database (Denmark)

    Poulsen, Bo Klindt; Dimsits, Miriam

    2017-01-01

    of the statements from the students concerning their understanding of ePortfolio processes are fundamentally questions of how to make sense of the ePortfolio tool, both in their professional and personal lives. This calls for a didactical stance with the teachers who use ePortfolios, based on empowerment through......This article discusses the question of making sense out of working with ePortfolio in adult education. The article presents the results of a small-scale survey among adults in continuing education who have worked with ePortfolio as the central didactic principle. It is argued that many...... meaning-making, in order for ePortfolios to make sense. It is suggested that two relevant didactic perspectives for making sense of the world can be found in theories of biographicity and metaphor work. Moreover, a strong didactic stance that supports sense-making must be based on a strong teacher role...

  3. Bayesian emulation for optimization in multi-step portfolio decisions

    OpenAIRE

    Irie, Kaoru; West, Mike

    2016-01-01

    We discuss the Bayesian emulation approach to computational solution of multi-step portfolio studies in financial time series. "Bayesian emulation for decisions" involves mapping the technical structure of a decision analysis problem to that of Bayesian inference in a purely synthetic "emulating" statistical model. This provides access to standard posterior analytic, simulation and optimization methods that yield indirect solutions of the decision problem. We develop this in time series portf...

  4. Post-modern portfolio theory supports diversification in an investment portfolio to measure investment's performance

    OpenAIRE

    Rasiah, Devinaga

    2012-01-01

    This study looks at the Post-Modern Portfolio Theory that maintains greater diversification in an investment portfolio by using the alpha and the beta coefficient to measure investment performance. Post-Modern Portfolio Theory appreciates that investment risk should be tied to each investor's goals and the outcome of this goal did not symbolize economic of the financial risk. Post-Modern Portfolio Theory's downside measure generated a noticeable distinction between downside and upside volatil...

  5. Evaluation of an established learning portfolio.

    Science.gov (United States)

    Vance, Gillian; Williamson, Alyson; Frearson, Richard; O'Connor, Nicole; Davison, John; Steele, Craig; Burford, Bryan

    2013-02-01

    The trainee-held learning portfolio is integral to the foundation programme in the UK. In the Northern Deanery, portfolio assessment is standardised through the Annual Review of Competence Progression (ARCP) process. In this study we aimed to establish how current trainees evaluate portfolio-based learning and ARCP, and how these attitudes may have changed since the foundation programme was first introduced. Deanery-wide trainee attitudes were surveyed by an electronic questionnaire in 2009 and compared with perceptions recorded during the pilot phase (2004-2005).  Many trainees continue to view the e-portfolio negatively. Indeed, significantly fewer trainees in 2009 thought that the e-portfolio was a 'good idea' or a 'worthwhile investment of time' than in 2005. Trainees remain unconvinced about the educational value of the e-portfolio: fewer trainees in 2009 regarded it as a tool that might help focus on training or recognise individual strengths and weaknesses. Issues around unnecessary bureaucracy persist. Current trainees tend to understand how to use the e-portfolio, but many did not know how much, or what evidence to collect. Few supervisors were reported to provide useful guidance on the portfolio. ARCP encouraged portfolio completion but did not give meaningful feedback to drive future learning.   Continued support is needed for both trainees and supervisors in portfolio-building skills and in using the e-portfolio as an educational tool. Trainee-tailored feedback is needed to ensure that portfolio-based assessment promotes lifelong, self-directed and reflective learners. © Blackwell Publishing Ltd 2013.

  6. Portfolios with nonlinear constraints and spin glasses

    Science.gov (United States)

    Gábor, Adrienn; Kondor, I.

    1999-12-01

    In a recent paper Galluccio, Bouchaud and Potters demonstrated that a certain portfolio problem with a nonlinear constraint maps exactly onto finding the ground states of a long-range spin glass, with the concomitant nonuniqueness and instability of the optimal portfolios. Here we put forward geometric arguments that lead to qualitatively similar conclusions, without recourse to the methods of spin glass theory, and give two more examples of portfolio problems with convex nonlinear constraints.

  7. Correlation risk and optimal portfolio choice

    OpenAIRE

    Buraschi, Andrea; Porchia, Paolo; Trojani, Fabio

    2010-01-01

    We develop a new framework for multivariate intertemporal portfolio choice that allows us to derive optimal portfolio implications for economies in which the degree of correlation across industries, countries, or asset classes is stochastic. Optimal portfolios include distinct hedging components against both stochastic volatility and correlation risk. We find that the hedging demand is typically larger than in univariate models, and it includes an economically significant covariance hedging...

  8. Applying Portfolio Theory to EU Electricity Planning and Policy-Making

    Energy Technology Data Exchange (ETDEWEB)

    Awerbuch, Shimon; Berger, Martin

    2003-02-01

    This study introduces mean-variance portfolio theory and evaluates its potential application to the development of efficient (optimal) European Union (EU-15) generating portfolios that enhance energy security and diversification objectives. The analysis extends to European countries the previous work done by Awerbuch in the US, and applies a significantly more detailed portfolio model that reflects the risk of the relevant generating cost streams: fuel, operation and maintenance and construction period costs. It illustrates the portfolio effects of different generating mixes. The study offers preliminary findings on the effects of including more renewable energy sources in the typical EU portfolio mix and suggests interesting directions for further study. The study arises from the perception that these standard, finance-oriented analyses may offer valuable enhancements to energy planning, and concepts of energy security and diversity. Clearly the combination of better portfolio construction and more accurate pricing should lead to more optimal decisions in the round. This study, therefore, represents an effort to complement traditional approaches and point researchers and planners into new territory. The results generally indicate that the existing and projected EU generating mixes are sub optimal - though slightly - from a risk-return perspective, which implies that feasible portfolios with lower cost and risk exist. These can be developed by adjusting the conventional mix and by including larger shares of wind or similar renewable technologies. The results of the portfolio analysis suggest that fixed cost technologies such as renewables must be a part of any efficient generating portfolio. Our assessment of all technologies is limited to risk and cost measures, although other benefits, including low externality costs and sustainability, are often cited for renewables.

  9. Mean-Reverting Portfolio With Budget Constraint

    Science.gov (United States)

    Zhao, Ziping; Palomar, Daniel P.

    2018-05-01

    This paper considers the mean-reverting portfolio design problem arising from statistical arbitrage in the financial markets. We first propose a general problem formulation aimed at finding a portfolio of underlying component assets by optimizing a mean-reversion criterion characterizing the mean-reversion strength, taking into consideration the variance of the portfolio and an investment budget constraint. Then several specific problems are considered based on the general formulation, and efficient algorithms are proposed. Numerical results on both synthetic and market data show that our proposed mean-reverting portfolio design methods can generate consistent profits and outperform the traditional design methods and the benchmark methods in the literature.

  10. Low volatility sector-based portfolios: a South African case

    African Journals Online (AJOL)

    Black pointed out that when investors are restricted from using leverage or bor- ..... takes into account the correlation between the sectors in a portfolio. ..... 3The information ratio of a portfolio is the active premium (portfolio annualised return ...

  11. Portfolio Diversification with Commodity Futures: Properties of Levered Futures

    NARCIS (Netherlands)

    Woodard, J.D.; Egelkraut, T.M.; Garcia, P.; Pennings, J.M.E.

    2005-01-01

    Portfolio Diversification with Commodity Futures: Properties of Levered Futures This study extends previous work on the impact of commodity futures on portfolio performance by explicitly incorporating levered futures into the portfolio optimization problem. Using data on nine individual commodity

  12. Vacuolar Localization of Endoproteinases EP(1) and EP(2) in Barley Mesophyll Cells.

    Science.gov (United States)

    Thayer, S S; Huffaker, R C

    1984-05-01

    The localization of two previously characterized endoproteinases (EP(1) and EP(2)) that comprise more than 95% of the protease activity in primary Hordeum vulgare L. var Numar leaves was determined. Intact vacuoles released from washed mesophyll protoplasts by gentle osmotic shock and increase in pH, were purified by flotation through a four-step Ficoll gradient. These vacuoles contained endoproteinases that rapidly degraded purified barley ribulose-1,5-bisphosphate carboxylase (RuBPCase) substrate. Breakdown products and extent of digestion of RuBPCase were determined using 12% polyacrylamide-sodium dodecyl sulfate gels. Coomassie brilliant blue- or silver-stained gels were scanned, and the peaks were integrated to provide quantitative information. The characteristics of the vacuolar endoproteinases (e.g. sensitivity to various inhibitors and activators, and the molecular weights of the breakdown products, i.e. peptide maps) closely resembled those of purified EP(1) and partially purified EP(2). It is therefore concluded that EP(1) and EP(2) are localized in the vacuoles of mesophyll cells.

  13. Reliability of Portfolio: A Closer Look at Findings from Recent Publications

    Science.gov (United States)

    Oskay, Ozge Ozyalcin; Schallies, Michael; Morgil, Inci

    2008-01-01

    In this review article, conventional portfolio assessment and new developments in portfolio assessment are investigated. The concept of portfolio, portfolio building steps, contents of portfolio, evaluation of portfolio, advantages, disadvantages and concerns in using portfolio as well as validity and reliability of portfolio assessment are…

  14. Portfolios for determining initial licensure competency.

    Science.gov (United States)

    Chambers, David W

    2004-02-01

    Because attempts to improve initial licensure examinations have not been grounded in measurement theory, partial and inadequate remedies have led to a cycle of refutations, defenses and political polarization. The author reviewed the psychometric literature, focusing on high-stakes professional decisions. Editorials in the dental literature and position papers of involved organizations often use words from this literature without incorporating its fundamental concepts. The reliability of one-shot initial licensure examinations is estimated to be approximately r = .40, which is a value well under the standard for such tests in other professions. Validity has not been investigated rigorously, but the one-shot format and proposals to remove live patients certainly would reduce validity. The use of portfolios--a small number of evaluations in several realistic task domains--is a viable means of achieving psychometric standards for initial licensure decisions. Boards are charged with making valid and reliable licensure decisions, not with conducting examinations. At a minimum, they must define the competencies of beginning practitioners and establish the psychometric criteria for their decisions (neither of which are done currently). Gathering data then can be delegated to whoever is best qualified to meet these standards.

  15. Production of Z0 bosons in elastic and quasi-elastic ep collisions at HERA

    International Nuclear Information System (INIS)

    Abramowicz, H.; Abt, I.; Adamczyk, L.

    2012-10-01

    The production of Z 0 bosons in the reaction ep → eZ 0 p (*) , where p (*) stands for a proton or a low-mass nucleon resonance, has been studied in ep collisions at HERA using the ZEUS detector. The analysis is based on a data sample collected between 1996 and 2007, amounting to 496 pb -1 of integrated luminosity. The Z 0 was measured in the hadronic decay mode. The elasticity of the events was ensured by a cut on η max max is the maximum pseudorapidity of energy deposits in the calorimeter defined with respect to the proton beam direction. A signal was observed at the Z 0 mass. The cross section of the reaction ep → eZ 0 p (*) was measured to be σ (ep → eZ 0 p (*) ) = 0.13 ± 0.06 (stat.) ± 0.01 (syst.) pb, in agreement with the Standard Model prediction of 0.16 pb. This is the first measurement of Z 0 production in ep collisions.

  16. Academic portfolio in the digital era: organizing and maintaining a portfolio using reference managers.

    Science.gov (United States)

    Bhargava, Puneet; Patel, Vatsal B; Iyer, Ramesh S; Moshiri, Mariam; Robinson, Tracy J; Lall, Chandana; Heller, Matthew T

    2015-02-01

    The academic portfolio has become an integral part of the promotions process. Creating and maintaining an academic portfolio in paper-based or web-based formats can be a cumbersome and time-consuming task. In this article, we describe an alternative way to efficiently organize an academic portfolio using a reference manager software, and discuss some of the afforded advantages. The reference manager software Papers (Mekentosj, Amsterdam, The Netherlands) was used to create an academic portfolio. The article outlines the key steps in creating and maintaining a digital academic portfolio. Using reference manager software (Papers), we created an academic portfolio that allows the user to digitally organize clinical, teaching, and research accomplishments in an indexed library enabling efficient updating, rapid retrieval, and easy sharing. To our knowledge, this is the first digital portfolio of its kind.

  17. Model Risk in Portfolio Optimization

    Directory of Open Access Journals (Sweden)

    David Stefanovits

    2014-08-01

    Full Text Available We consider a one-period portfolio optimization problem under model uncertainty. For this purpose, we introduce a measure of model risk. We derive analytical results for this measure of model risk in the mean-variance problem assuming we have observations drawn from a normal variance mixture model. This model allows for heavy tails, tail dependence and leptokurtosis of marginals. The results show that mean-variance optimization is seriously compromised by model uncertainty, in particular, for non-Gaussian data and small sample sizes. To mitigate these shortcomings, we propose a method to adjust the sample covariance matrix in order to reduce model risk.

  18. Special 2005 EPS HEPP prize colloquium

    CERN Multimedia

    CERN. Geneva; Wahl, Heinrich; Alvarez-Gaumé, Luís

    2005-01-01

    First evidence and measurement of direct CP violation by the NA31 experiment This is a colloquium celebrating the awarding of the 2005 EPS High Energy Particle Physics prize to Heinrich Wahl and the NA31 collaboration which showed for the first time Direct CP Violation in the decay of neutral K mesons. There will be an introduction to direct CP violation, followed by a review of experimental results.

  19. Mean-Variance Efficiency of the Market Portfolio

    Directory of Open Access Journals (Sweden)

    Rafael Falcão Noda

    2014-06-01

    Full Text Available The objective of this study is to answer the criticism to the CAPM based on findings that the market portfolio is far from the efficient frontier. We run a numeric optimization model, based on Brazilian stock market data from 2003 to 2012. For each asset, we obtain adjusted returns and standard deviations such that (i the efficient frontier intersects with the market portfolio and (ii the distance between the adjusted parameters and the sample parameters is minimized. We conclude that the adjusted parameters are not significantly different from the sample parameters, in line with the results of Levy and Roll (2010 for the USA stock market. Such results suggest that the imprecisions in the implementation of the CAPM stem mostly from parameter estimation errors and that other explanatory factors for returns may have low relevance. Therefore, our results contradict the above-mentioned criticisms to the CAPM in Brazil.

  20. Portfolio Manager Selection – A Case Study

    DEFF Research Database (Denmark)

    Christensen, Michael

    2017-01-01

    Within a delegated portfolio management setting, this paper presents a case study of how the manager selection process can be operationalized in practice. Investors have to pursue a thorough screening of potential portfolio managers in order to discover their quality, and this paper discusses how...

  1. Purchasing portfolio models: a critique and update

    NARCIS (Netherlands)

    Gelderman, C.J.; Weele, van A.J.

    2005-01-01

    Purchasing portfolio models have spawned considerable discussion in the literature. Many advantages and disadvantages have been put forward, revealing considerable divergence in opinion on the merits of portfolio models. This study addresses the question of whether or not the use of purchasing

  2. Robust portfolio selection under norm uncertainty

    Directory of Open Access Journals (Sweden)

    Lei Wang

    2016-06-01

    Full Text Available Abstract In this paper, we consider the robust portfolio selection problem which has a data uncertainty described by the ( p , w $(p,w$ -norm in the objective function. We show that the robust formulation of this problem is equivalent to a linear optimization problem. Moreover, we present some numerical results concerning our robust portfolio selection problem.

  3. Managing R&D Alliance Portfolios

    DEFF Research Database (Denmark)

    Engel Nielsen, Lars; Mahnke, Volker

    2003-01-01

    be observed in several companies engaged in the cross section of telecommunication and mobile technology where increased complexity magnifies managerial challenges. Drawing on modern portfolio theory, this paper offers a model for managing portfolios of R&D alliances. In particular, an analysis...

  4. Essays on intertemporal consumption and portfolio choice

    NARCIS (Netherlands)

    van Bilsen, Servaas

    2015-01-01

    This dissertation consists of two parts, preceded by an introductory chapter. Part I (Chapters 2, 3 and 4) considers optimal consumption and portfolio choice using preference models. Chapter 2 analyzes optimal consumption and portfolio choice under loss aversion and endogenous updating of the

  5. Portfolios for Majors in Professional Communication.

    Science.gov (United States)

    Killingsworth, M. Jimmie; Sanders, Scott P.

    1987-01-01

    Suggests general principles for developing assignments where students prepare portfolios that reveal their overall communication skills in addition to the usual job search tools. Emphasizes that students should concentrate on including works in the portfolio with the criteria of quality, variety, professionalism, and maturity in mind. (SKC)

  6. Reflection during Portfolio-Based Conversations

    Science.gov (United States)

    Oosterbaan, Anne E.; van der Schaaf, Marieke F.; Baartman, Liesbeth K. J.; Stokking, Karel M.

    2010-01-01

    This study aims to explore the relationship between the occurrence of reflection (and non-reflection) and thinking activities (e.g., orientating, selecting, analysing) during portfolio-based conversations. Analysis of 21 transcripts of portfolio-based conversations revealed that 20% of the segments were made up of reflection (content reflection…

  7. IT Portfolio Selection and IT Synergy

    Science.gov (United States)

    Cho, Woo Je

    2010-01-01

    This dissertation consists of three chapters. The primary objectives of this dissertation are: (1) to provide a methodological framework of IT (Information Technology) portfolio management, and (2) to identify the effect of IT synergy on IT portfolio selection of a firm. The first chapter presents a methodological framework for IT project…

  8. Capstone Portfolios and Geography Student Learning Outcomes

    Science.gov (United States)

    Mossa, Joann

    2014-01-01

    Due to increasing demands regarding student learning outcomes and accreditation, a capstone portfolio was added to assess critical thinking and communication skills of geography majors at a large public university in the USA. The portfolio guidelines were designed to be adaptable to a flexible curriculum where about half of the requirements within…

  9. Predictors and Portfolios Over the Life Cycle

    DEFF Research Database (Denmark)

    Kraft, Holger; Munk, Claus; Weiss, Farina

    In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors who are able to take advantage of all sources of predictability with unskilled...

  10. Optimal Portfolio Choice with Wash Sale Constraints

    DEFF Research Database (Denmark)

    Astrup Jensen, Bjarne; Marekwica, Marcel

    2011-01-01

    We analytically solve the portfolio choice problem in the presence of wash sale constraints in a two-period model with one risky asset. Our results show that wash sale constraints can heavily affect portfolio choice of investors with unrealized losses. The trading behavior of such investors...

  11. On the Teaching of Portfolio Theory.

    Science.gov (United States)

    Biederman, Daniel K.

    1992-01-01

    Demonstrates how a simple portfolio problem expressed explicitly as an expected utility maximization problem can be used to instruct students in portfolio theory. Discusses risk aversion, decision making under uncertainty, and the limitations of the traditional mean variance approach. Suggests students may develop a greater appreciation of general…

  12. The Use of Portfolios in Leadership Education

    Science.gov (United States)

    Olsen, Paul E.

    2009-01-01

    This paper discusses the benefits of using student portfolios in undergraduate leadership education at Saint Michael's College. There appears to be a natural link between the use of portfolios as a tool to facilitate and document leadership growth and development. The Business Administration and Accounting Department at Saint Michael's College…

  13. Optimal portfolio choice under loss aversion

    NARCIS (Netherlands)

    A.B. Berkelaar (Arjan); R.R.P. Kouwenberg (Roy)

    2000-01-01

    textabstractProspect theory and loss aversion play a dominant role in behavioral finance. In this paper we derive closed-form solutions for optimal portfolio choice under loss aversion. When confronted with gains a loss averse investor behaves similar to a portfolio insurer. When confronted with

  14. Optimization of the bank's operating portfolio

    Science.gov (United States)

    Borodachev, S. M.; Medvedev, M. A.

    2016-06-01

    The theory of efficient portfolios developed by Markowitz is used to optimize the structure of the types of financial operations of a bank (bank portfolio) in order to increase the profit and reduce the risk. The focus of this paper is to check the stability of the model to errors in the original data.

  15. SunShot Initiative Portfolio Book 2014

    Energy Technology Data Exchange (ETDEWEB)

    Solar Energy Technologies Office

    2014-05-01

    The 2014 SunShot Initiative Portfolio Book outlines the progress towards the goals outlined in the SunShot Vision Study. Contents include overviews of each of SunShot’s five subprogram areas, as well as a description of every active project in the SunShot’s project portfolio as of May 2014.

  16. Portfolio Diversification Effects of Downside Risk

    NARCIS (Netherlands)

    N. Hyung (Namwon); C.G. de Vries (Casper)

    2004-01-01

    textabstractRisk managers use portfolios to diversify away the un-priced risk of individual securities. In this paper we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case fat tailed distributed returns. The downside risk of a

  17. The Shapley decomposition for portfolio risk

    OpenAIRE

    Stéphane Mussard; Virginie Terraza

    2006-01-01

    The aim of this paper is to provide an application of the Shapley Value to decompose financial portfolio risk. Decomposing the sample covariance risk measure yields relative measures, which enable securities of a portfolio to be classified according to risk scales.

  18. e-EPS News: Light for Development

    CERN Multimedia

    e-EPS

    2011-01-01

    e-EPS News is a monthly addition to the CERN Bulletin line-up, showcasing articles by the e-EPS – the European Physical Society newsletter – as part of a collaboration between the two publications.   A central goal of the EPS International Year of Light project will be to promote optical technologies and optics education to improve the quality of life in the developing world – under the theme of ‘Light for Development’. Light plays a central role in human activities in science, technology and culture. On a fundamental scientific level, light is necessary for the existence of life itself, whilst on a more technical level, light-based technologies will underpin the future development of human society. The systematic study of the physics of light and electromagnetic waves has been central to the evolution of modern science and – in the 20th century alone – there have been many fundamental ...

  19. Development of a web database portfolio system with PACS connectivity for undergraduate health education and continuing professional development.

    Science.gov (United States)

    Ng, Curtise K C; White, Peter; McKay, Janice C

    2009-04-01

    Increasingly, the use of web database portfolio systems is noted in medical and health education, and for continuing professional development (CPD). However, the functions of existing systems are not always aligned with the corresponding pedagogy and hence reflection is often lost. This paper presents the development of a tailored web database portfolio system with Picture Archiving and Communication System (PACS) connectivity, which is based on the portfolio pedagogy. Following a pre-determined portfolio framework, a system model with the components of web, database and mail servers, server side scripts, and a Query/Retrieve (Q/R) broker for conversion between Hypertext Transfer Protocol (HTTP) requests and Q/R service class of Digital Imaging and Communication in Medicine (DICOM) standard, is proposed. The system was piloted with seventy-seven volunteers. A tailored web database portfolio system (http://radep.hti.polyu.edu.hk) was developed. Technological arrangements for reinforcing portfolio pedagogy include popup windows (reminders) with guidelines and probing questions of 'collect', 'select' and 'reflect' on evidence of development/experience, limitation in the number of files (evidence) to be uploaded, the 'Evidence Insertion' functionality to link the individual uploaded artifacts with reflective writing, capability to accommodate diversity of contents and convenient interfaces for reviewing portfolios and communication. Evidence to date suggests the system supports users to build their portfolios with sound hypertext reflection under a facilitator's guidance, and with reviewers to monitor students' progress providing feedback and comments online in a programme-wide situation.

  20. Portfolio Assessment: Production and Reduction of Complexity

    DEFF Research Database (Denmark)

    Keiding, Tina Bering; Qvortrup, Ane

    2015-01-01

    Over the last two decades, the education system has witnessed a shift from summative, product-oriented assessment towards formative, process-oriented assessment. Among the different learning and assessment initiatives introduced in the slipstream of this paradigmatic turn, the portfolio seems...... to have become one of the most popular. By re-describing the portfolio from a systems theoretical point of view, this article discusses established expectations of the portfolio in relation to transparency in learning, reflexivity and self-assessment. It shows that the majority of the literature deals...... with what-questions and that the portfolio is expected to handle a number of challenges with regard to the documentation of learning processes and achievements as well as the conditioning of learning activities. Furthermore, is becomes clear that descriptions of how the portfolio works are sparse. Based...

  1. Student evaluations of the portfolio process.

    Science.gov (United States)

    Murphy, John E; Airey, Tatum C; Bisso, Andrea M; Slack, Marion K

    2011-09-10

    To evaluate pharmacy students' perceived benefits of the portfolio process and to gather suggestions for improving the process. A questionnaire was designed and administered to 250 first-, second-, and third-year pharmacy students at the University of Arizona College of Pharmacy. Although the objectives of the portfolio process were for students to understand the expected outcomes, understand the impact of extracurricular activities on attaining competencies, identify what should be learned, identify their strengths and weaknesses, and modify their approach to learning, overall students perceived the portfolio process as having less than moderate benefit. First-year students wanted more examples of portfolios while second- and third-year students suggested that more time with their advisor would be beneficial. The portfolio process will continue to be refined and efforts made to improve students' perceptions of the process as it is intended to develop the self-assessments skills they will need to improve their knowledge and professional skills throughout their pharmacy careers.

  2. Key developments of the EP1000 design

    International Nuclear Information System (INIS)

    Noviello, L.

    1999-01-01

    In 1994, a group of European utilities initiated, together with Westinghouse and its industrial partner GENESI (an Italian consortium including ANSALDO and FIAT), a program designated EPP (European Passive Plant) to evaluate Westinghouse passive nuclear plant technology for application in Europe. The Phase I of the European Passive Plant program involved the evaluation of the Westinghouse 600 MWe AP600 and 1000 MWe Simplified Pressurized Water Reactor (SPWR) designs against the European Utility Requirements (EUR), and when necessary, the investigation of possible modifications to achieve compliance with the EUR. In Phase 1 of the program, which has been completed in 1996, the following major tasks were accomplished: The impacts of the European Utility Requirements (EUR) on the Westinghouse nuclear island design were evaluated. A 1000 MWe passive plant reference design (EP1000) was developed which conforms to the EUR and is expected to be licensable in Europe. With respect to the NSSS and containment, the EP1000 reference design closely follows those of the Westinghouse SPWR design, while the AP600 design has been taken as the basis for the design of the auxiliary systems. Extensive design and testing efforts have been made for the AP600 and SPWR during the respective multi-year programs. While the results of these programs have been and will continue to be utilised, at the maximum extent, to minimise the work to be performed on the EP1000 design, the compliance with EUR is a key design requirement for the EP1000 The ultimate objective of Phase 2 of the program is to develop design details and perform supporting analyses to produce a Safety Case Report (SCR) for submittal to European Safety Authorities. The first part of Phase 2, hereafter referred as Phase 2A, started at the beginning of 1997 and will be completed at the end of 1998. Scope of this phase of the program is to develop the design modifications of important systems and structures so to comply with the

  3. Portfolio Optimization and Mortgage Choice

    Directory of Open Access Journals (Sweden)

    Maj-Britt Nordfang

    2017-01-01

    Full Text Available This paper studies the optimal mortgage choice of an investor in a simple bond market with a stochastic interest rate and access to term life insurance. The study is based on advances in stochastic control theory, which provides analytical solutions to portfolio problems with a stochastic interest rate. We derive the optimal portfolio of a mortgagor in a simple framework and formulate stylized versions of mortgage products offered in the market today. This allows us to analyze the optimal investment strategy in terms of optimal mortgage choice. We conclude that certain extreme investors optimally choose either a traditional fixed rate mortgage or an adjustable rate mortgage, while investors with moderate risk aversion and income prefer a mix of the two. By matching specific investor characteristics to existing mortgage products, our study provides a better understanding of the complex and yet restricted mortgage choice faced by many household investors. In addition, the simple analytical framework enables a detailed analysis of how changes to market, income and preference parameters affect the optimal mortgage choice.

  4. PREFACE: The EPS High Energy Particle Physics Conference

    Science.gov (United States)

    Barlow, Roger

    2008-03-01

    speakers to produce a schedule which was not only balanced but also stimulating and exciting. The speakers themelves, in both the plenary and parallel sessions, not only gave us a fine selection of interesting talks but also kept to their allotted times. Photos of many of the events can be found on the web page, http://www.hep.man.ac.uk/HEP2007 The biennial EPS HEPP conference has a long tradition as one of the major international conferences in particle physics. We were proud to be following in the succession of notable conferences, most recently at Aachen in 2003 and Lisbon in 2005: proud and also somewhat apprehensive as to whether we would come up to their high standard. With hindsight we can claim that we did just that, both in the standards of the scientific sessions and in the smooth running of an enjoyable conference. We achieved our goal of a conference that was memorable—for the right reasons. The next EPS HEPP conference is in Krakow in 2009, and is eagerly anticipated by all those who were at Manchester. We wish the organisers well. Roger Barlow Editor Conference logo

  5. PRODUCT PORTFOLIO ANALYSIS - ARTHUR D. LITTLE MATRIX

    Directory of Open Access Journals (Sweden)

    Curmei Catalin Valeriu

    2011-07-01

    Full Text Available In recent decades we have witnessed an unseen dynamism among companies, which is explained by their desire to engage in more activities that provide a high level of development and diversification. Thus, as companies are diversifying more and more, their managers confront a number of challenges arising from the management of resources for the product portfolio and the low level of resources with which companies can identify, at a time. Responding to these challenges, over time were developed a series of analytical product portfolio methods through which managers can balance the sources of cash flows from the multiple products and also can identify the place and role of products, in strategic terms, within the product portfolio. In order to identify these methods the authors of the present paper have conducted a desk research in order to analyze the strategic marketing and management literature of the last 2 decades. Widely were studied a series of methods that are presented in the marketing and management literature as the main instruments used within the product portfolio strategic planning process. Among these methods we focused on the Arthur D. Little matrix. Thus the present paper has the purpose to outline the characteristics and strategic implications of the ADL matrix within a company’s product portfolio. After conducting this analysis we have found that restricting the product portfolio analysis to the A.D.L. matrix is not a very wise decision. The A.D.L. matrix among with other marketing tools of product portfolio analysis have some advantages and disadvantages and is trying to provide, at a time, a specific diagnosis of a company’s product portfolio. Therefore, the recommendation for the Romanian managers consists in a combined use of a wide range of tools and techniques for product portfolio analysis. This leads to a better understanding of the whole mix of product markets, included in portfolio analysis, the strategic position

  6. VAR Portfolio Optimal: Perbandingan Antara Metode Markowitz dan Mean Absolute Deviation

    Directory of Open Access Journals (Sweden)

    R. Agus Sartono

    2009-05-01

    Full Text Available Portfolio selection method which have been introduced by Harry Markowitz (1952 used variance or deviation standard as a measure of risk. Kanno and Yamazaki (1991 introduced another method and used mean absolute deviation as a measure of risk instead of variance. The Value-at Risk (VaR is a relatively new method to capitalized risk that been used by financial institutions. The aim of this research is compare between mean variance and mean absolute deviation of two portfolios. Next, we attempt to assess the VaR of two portfolios using delta normal method and historical simulation. We use the secondary data from the Jakarta Stock Exchange – LQ45 during 2003. We find that there is a weak-positive correlation between deviation standard and return in both portfolios. The VaR nolmal delta based on mean absolute deviation method eventually is higher than the VaR normal delta based on mean variance method. However, based on the historical simulation the VaR of two methods is statistically insignificant. Thus, the deviation standard is sufficient measures of portfolio risk.Keywords: optimalisasi portofolio, mean-variance, mean-absolute deviation, value-at-risk, metode delta normal, metode simulasi historis

  7. Highlights from e-EPS: Coordinated Access to Light sources

    CERN Multimedia

    e-EPS News

    2014-01-01

    The CALIPSO project, which runs until May 2015, will contribute to the effective exploitation of European synchrotrons and free electron lasers. CALIPSO (Coordinated Access to Light sources to Promote Standards and Optimisation) includes 20 partners forming one of the largest Research Networks in the world.   e-EPS interviewed M. Bertolo, CALIPSO project manager and his assistant C. Blasetti. Which challenges are addressed by CALIPSO? CALIPSO’s goal is to optimize the exploitation of the European synchrotrons and Free Electron Lasers. With respect to previous projects funded by the European Commission, it foresees significant improvements in integration, innovation and user-friendliness in all three areas of networking, transnational access and instrumentation. The Transnational Access program potentially benefits a community of 25,000 estimated users offering free open access to 12 synchrotrons and 5 free electron lasers solely based on scientific merit. In ad...

  8. Muon Pair Production in ep Collisions at HERA

    CERN Document Server

    Aktas, A.; Anthonis, T.; Asmone, A.; Babaev, A.; Backovic, S.; Bahr, J.; Baranov, P.; Barrelet, E.; Bartel, W.; Baumgartner, S.; Becker, J.; Beckingham, M.; Behnke, O.; Behrendt, O.; Belousov, A.; Berger, C.; Berger, N.; Berndt, T.; Bizot, J.C.; Bohme, J.; Boenig, M.O.; Boudry, V.; Bracinik, J.; Braunschweig, W.; Brisson, V.; Broker, H.B.; Brown, D.P.; Bruncko, D.; Busser, F.W.; Bunyatyan, A.; Buschhorn, G.; Bystritskaya, L.; Campbell, A.J.; Caron, S.; Cassol-Brunner, F.; Cerny, K.; Chekelian, V.; Collard, C.; Contreras, J.G.; Coppens, Y.R.; Coughlan, J.A.; Cousinou, M.C.; Cox, B.E.; Cozzika, G.; Cvach, J.; Dainton, J.B.; Dau, W.D.; Daum, K.; Delcourt, B.; Delerue, N.; Demirchyan, R.; De Roeck, A.; Desch, K.; De Wolf, E.A.; Diaconu, C.; Dingfelder, J.; Dodonov, V.; Dowell, J.D.; Dubak, A.; Duprel, C.; Eckerlin, Guenter; Efremenko, V.; Egli, S.; Eichler, R.; Eisele, F.; Ellerbrock, M.; Elsen, E.; Erdmann, M.; Erdmann, W.; Faulkner, P.J.W.; Favart, L.; Fedotov, A.; Felst, R.; Ferencei, J.; Fleischer, M.; Fleischmann, P.; Fleming, Y.H.; Flucke, G.; Flugge, G.; Fomenko, A.; Foresti, I.; Formanek, J.; Franke, G.; Frising, G.; Gabathuler, E.; Gabathuler, K.; Garvey, J.; Gassner, J.; Gayler, Joerg; Gerhards, R.; Gerlich, C.; Ghazaryan, Samvel; Goerlich, L.; Gogitidze, N.; Gorbounov, S.; Grab, C.; Grabski, V.; Grassler, H.; Greenshaw, T.; Gregori, M.; Grindhammer, Guenter; Haidt, D.; Hajduk, L.; Haller, J.; Heinzelmann, G.; Henderson, R.C.W.; Henschel, H.; Henshaw, O.; Heremans, R.; Herrera, G.; Herynek, I.; Heuer, R.D.; Hildebrandt, M.; Hiller, K.H.; Hladky, J.; Hoting, P.; Hoffmann, D.; Horisberger, R.; Hovhannisyan, A.; Ibbotson, M.; Ismail, M.; Jacquet, M.; Janauschek, L.; Janssen, X.; Jemanov, V.; Jonsson, L.; Johnson, C.; Johnson, D.P.; Jung, H.; Kant, D.; Kapichine, M.; Karlsson, M.; Katzy, J.; Keller, N.; Kennedy, J.; Kenyon, I.R.; Kiesling, Christian M.; Klein, M.; Kleinwort, C.; Kluge, T.; Knies, G.; Knutsson, A.; Koblitz, B.; Kolya, S.D.; Korbel, V.; Kostka, P.; Koutouev, R.; Kropivnitskaya, A.; Kroseberg, J.; Kuckens, J.; Kuhr, T.; Landon, M.P.J.; Lange, W.; Lastovicka, T.; Laycock, P.; Lebedev, A.; Leissner, B.; Lemrani, R.; Lendermann, V.; Levonian, S.; List, B.; Lobodzinska, E.; Loktionova, N.; Lopez-Fernandez, R.; Lubimov, V.; Lueders, H.; Luders, S.; Luke, D.; Lux, T.; Lytkin, L.; Makankine, A.; Malden, N.; Malinovski, E.; Mangano, S.; Marage, P.; Marks, J.; Marshall, R.; Martisikova, M.; Martyn, H.U.; Martyniak, J.; Maxfield, S.J.; Meer, D.; Mehta, A.; Meier, K.; Meyer, A.B.; Meyer, H.; Meyer, J.; Michine, S.; Mikocki, S.; Milcewicz, I.; Milstead, D.; Moreau, F.; Morozov, A.; Morozov, I.; Morris, J.V.; Mozer, Matthias Ulrich; Muller, K.; Murin, P.; Nagovizin, V.; Naroska, B.; Naumann, J.; Naumann, T.; Newman, Paul R.; Niebuhr, C.; Nikitin, D.; Nowak, G.; Nozicka, M.; Olivier, B.; Olsson, J.E.; Ossoskov, G.; Ozerov, D.; Pascaud, C.; Patel, G.D.; Peez, M.; Perez, E.; Perieanu, A.; Petrukhin, A.; Pitzl, D.; Poschl, R.; Portheault, B.; Povh, B.; Raicevic, N.; Rauschenberger, J.; Reimer, P.; Reisert, B.; Risler, C.; Rizvi, E.; Robmann, P.; Roosen, R.; Rostovtsev, A.; Rurikova, Z.; Rusakov, S.; Rybicki, K.; Sankey, D.P.C.; Sauvan, E.; Schatzel, S.; Scheins, J.; Schilling, F.P.; Schleper, P.; Schmidt, S.; Schmitt, S.; Schneider, M.; Schoeffel, L.; Schoning, A.; Schroder, V.; Schultz-Coulon, H.C.; Schwanenberger, C.; Sedlak, K.; Sefkow, F.; Sheviakov, I.; Shtarkov, L.N.; Sirois, Y.; Sloan, T.; Smirnov, P.; Soloviev, Y.; South, D.; Spaskov, V.; Specka, Arnd E.; Spitzer, H.; Stamen, R.; Stella, B.; Stiewe, J.; Strauch, I.; Straumann, U.; Thompson, Graham; Thompson, P.D.; Tomasz, F.; Traynor, D.; Truoel, Peter; Tsipolitis, G.; Tsurin, I.; Turnau, J.; Tzamariudaki, E.; Uraev, A.; Urban, Marcel; Usik, A.; Valkar, S.; Valkarova, A.; Vallee, C.; Van Mechelen, P.; Trevino, A.Vargas; Vassiliev, S.; Vazdik, Y.; Veelken, C.; Vest, A.; Vichnevski, A.; Vinokurova, S.; Volchinski, V.; Wacker, K.; Wagner, J.; Waugh, B.; Weber, G.; Weber, R.; Wegener, D.; Werner, C.; Werner, N.; Wessels, M.; Wessling, B.; Winde, M.; Winter, G.G.; Wissing, C.; Woehrling, E.E.; Wunsch, E.; Yan, W.; Zacek, J.; Zalesak, J.; Zhang, Z.; Zhokin, A.; Zohrabyan, H.; Zomer, F.

    2003-01-01

    Cross sections for the production of two isolated muons up to high di-muon masses are measured in ep collisions at HERA with the H1 detector in a data sample corresponding to an integrated luminosity of 71 pb^-1 at a centre of mass energy of sqrt{s} = 319 GeV. The results are in good agreement with Standard Model predictions, the dominant process being photon-photon interactions. Additional muons or electrons are searched for in events with two high transverse momentum muons using the full data sample corresponding to 114 pb^-1, where data at sqrt{s} = 301 GeV and sqrt{s} = 319 GeV are combined. Both the di-lepton sample and the tri-lepton sample agree well with the predictions.

  9. Patent portfolio management: literature review and a proposed model.

    Science.gov (United States)

    Conegundes De Jesus, Camila Kiyomi; Salerno, Mario Sergio

    2018-05-09

    Patents and patent portfolios are gaining attention in the last decades, from the called 'pro-patent era' to the recent billionaire transactions involving patent portfolios. The field is growing in importance, both theoretically and practically and despite having substantial literature on new product development portfolio management, we have not found an article relating this theory to patent portfolios. Areas covered: The paper develops a systematic literature review on patent portfolio management to organize the evolution and tendencies of patent portfolio management, highlighting distinctive features of patent portfolio management. Interview with IP manager of three life sciences companies, including a leading multinational group provided relevant information about patent portfolio management. Expert opinion: Based on the systematic literature review on portfolio management, more specifically, on new product development portfolio theory, and interview the paper proposes the paper proposes a reference model to manage patent portfolios. The model comprises four stages aligned with the three goals of the NPD portfolio management: 1 - Linking strategy of the Company's NPD Portfolio to Patent Portfolio; 2 - Balancing the portfolio in buckets; 3 - Patent Valuation (maximizing valuation); 4 - Regularly reviewing the patent portfolio.

  10. 12 CFR 1252.1 - Enterprise portfolio holding criteria.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Enterprise portfolio holding criteria. 1252.1 Section 1252.1 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTERPRISES PORTFOLIO HOLDINGS § 1252.1 Enterprise portfolio holding criteria. The Enterprises are required to comply with the portfolio holdings...

  11. Portfolio Assessment: A Handbook for Educators. Assessment Bookshelf Series.

    Science.gov (United States)

    Barton, James, Ed.; Collins, Angelo, Ed.

    This guide contains practical steps for integrating portfolios into any K-12 classroom and tips for effective classroom management of portfolios. It also contains actual examples of portfolios in action in a variety of subject areas. The chapters are: (1) "Starting Out: Designing Your Portfolio" (James Barton and Angelo Collins); (2) "Preparing…

  12. The Finite and Moving Order Multinomial Universal Portfolio

    International Nuclear Information System (INIS)

    Tan, Choon Peng; Pang, Sook Theng

    2013-01-01

    An upper bound for the ratio of wealths of the best constant -rebalanced portfolio to that of the multinomial universal portfolio is derived. The finite- order multinomial universal portfolios can reduce the implementation time and computer-memory requirements for computation. The improved performance of the finite-order portfolios on some selected local stock-price data sets is observed.

  13. Development of the nuclear weapons complex EP architecture

    Energy Technology Data Exchange (ETDEWEB)

    Murray, C.; Halbleib, L.

    1996-07-01

    The Nuclear Weapons Guidance Team is an interagency committee led by Earl Whiteman, DOE that chartered the generation of EP40100, Concurrent Qualification and its successor EP401099, Concurrent Engineering and Qualification. As this new philosophy of concurrent operations has evolved and as implementation has been initiated, conflicts and insufficiencies in the remaining Engineering Procedures (EPs) have become more apparent. At the Guidance Team meeting in November 1995, this issue was explored and several approaches were considered. It was concluded at this meeting, that a smaller set of interagency EPs described in a hierarchical system could provide the necessary interagency direction to support complex-wide implementation. This set consolidates many existing EP processes where consistency and commonality are critical to success of the extended enterprise. The Guidance Team subsequently chartered an interagency team to initiate development activity associated with the envisioned new EP set. This team had participation from seven Nuclear Weapons Complex (NWC) sites as well as DOE/AL and DP-14 (team members are acknowledged later in this report). Per the Guidance Team, this team, referred to as the Architecture Subcommittee, was to map out and define an EP Architecture for the interagency EPs, make recommendations regarding a more agile process for EP approval and suggest an aggressive timeline to develop the combined EPs. The Architecture Subcommittee was asked to brief their output at the February Guidance Team meeting. This SAND report documents the results of the Architecture Subcommittee`s recommendations.

  14. Rooting gene trees without outgroups: EP rooting.

    Science.gov (United States)

    Sinsheimer, Janet S; Little, Roderick J A; Lake, James A

    2012-01-01

    Gene sequences are routinely used to determine the topologies of unrooted phylogenetic trees, but many of the most important questions in evolution require knowing both the topologies and the roots of trees. However, general algorithms for calculating rooted trees from gene and genomic sequences in the absence of gene paralogs are few. Using the principles of evolutionary parsimony (EP) (Lake JA. 1987a. A rate-independent technique for analysis of nucleic acid sequences: evolutionary parsimony. Mol Biol Evol. 4:167-181) and its extensions (Cavender, J. 1989. Mechanized derivation of linear invariants. Mol Biol Evol. 6:301-316; Nguyen T, Speed TP. 1992. A derivation of all linear invariants for a nonbalanced transversion model. J Mol Evol. 35:60-76), we explicitly enumerate all linear invariants that solely contain rooting information and derive algorithms for rooting gene trees directly from gene and genomic sequences. These new EP linear rooting invariants allow one to determine rooted trees, even in the complete absence of outgroups and gene paralogs. EP rooting invariants are explicitly derived for three taxon trees, and rules for their extension to four or more taxa are provided. The method is demonstrated using 18S ribosomal DNA to illustrate how the new animal phylogeny (Aguinaldo AMA et al. 1997. Evidence for a clade of nematodes, arthropods, and other moulting animals. Nature 387:489-493; Lake JA. 1990. Origin of the metazoa. Proc Natl Acad Sci USA 87:763-766) may be rooted directly from sequences, even when they are short and paralogs are unavailable. These results are consistent with the current root (Philippe H et al. 2011. Acoelomorph flatworms are deuterostomes related to Xenoturbella. Nature 470:255-260).

  15. The portfolio theory applied to small hydroelectric power plants; Teoria do portfolio aplicada a pequenas centrais hidreletricas

    Energy Technology Data Exchange (ETDEWEB)

    Bastos, Paulo Roberto Ferreira de Moura

    2002-07-01

    The 'Portfolio Theory' has been largely employed on stock markets, aiming to improve the relation between risk and return. This theory identifies many possible investment combinations once it's associated with the idea that increasing investment diversification can lower risk. The objective is, thus identify the portfolio that offers the most efficient diversification of capital. The reforms on the energy sector in Brazil have made investments on both generation and commercialization of electric energy easier for medium sized investors. There have been economic incentives to the exploration of wind and bio-mass energy, and to the construction of small hydro-electric power plants (in Portuguese, PCH), as well as many legal and regulatory mechanisms pursuing the maintenance of elevate rates of participation of renewable source in the production of electrical energy in Brazil. Between these options, the PCH are a specially good opportunity taking account of its minimum environment impact, low operational costs and total technologic control. The decision concerning investment options has been based on standard economic analysis like 'Net Present Value', 'Payback Time' or 'Cost/Benefit Relations'. Other techniques such as scenario and sensitivity have been incorporated and, more recently, there has been a search for other methods consider the uncertainty of happenings within the horizon of study. This dissertation will analyse six possibilities of PCH with standard techniques. Of them, the four possibilities considered viable will constitute our examples for the application of Portfolio Theory techniques. Once the active portfolio is determined, the best option is identified using the 'mean-variance efficient' developed by Markowitz, concluding that the theory can give better support to the decision-making in future enterprises on the electric sector. After considering the optimal return/risk combinations, there was

  16. The portfolio theory applied to small hydroelectric power plants; Teoria do portfolio aplicada a pequenas centrais hidreletricas

    Energy Technology Data Exchange (ETDEWEB)

    Bastos, Paulo Roberto Ferreira de Moura

    2002-07-01

    The 'Portfolio Theory' has been largely employed on stock markets, aiming to improve the relation between risk and return. This theory identifies many possible investment combinations once it's associated with the idea that increasing investment diversification can lower risk. The objective is, thus identify the portfolio that offers the most efficient diversification of capital. The reforms on the energy sector in Brazil have made investments on both generation and commercialization of electric energy easier for medium sized investors. There have been economic incentives to the exploration of wind and bio-mass energy, and to the construction of small hydro-electric power plants (in Portuguese, PCH), as well as many legal and regulatory mechanisms pursuing the maintenance of elevate rates of participation of renewable source in the production of electrical energy in Brazil. Between these options, the PCH are a specially good opportunity taking account of its minimum environment impact, low operational costs and total technologic control. The decision concerning investment options has been based on standard economic analysis like 'Net Present Value', 'Payback Time' or 'Cost/Benefit Relations'. Other techniques such as scenario and sensitivity have been incorporated and, more recently, there has been a search for other methods consider the uncertainty of happenings within the horizon of study. This dissertation will analyse six possibilities of PCH with standard techniques. Of them, the four possibilities considered viable will constitute our examples for the application of Portfolio Theory techniques. Once the active portfolio is determined, the best option is identified using the 'mean-variance efficient' developed by Markowitz, concluding that the theory can give better support to the decision-making in future enterprises on the electric sector. After considering the optimal return/risk combinations, there was a change on the hierarchy concerning the best options

  17. E.P.S. HUAYCO: DECLARACIONES

    OpenAIRE

    Falla, Ricardo

    2015-01-01

    EL ARTISTA Y LA ÉPOCA: UN «HUAYCO» DE CREACIÓN COLECTIVA» RICARDO FALLA Hace aproximadamente 3 años [sic], apareció en Barranco el Taller de Arte «Huayco» EPS con el deliberado propósito de mostrar las esencias de nuestro ser nacional. Francisco Mariotti (36), María Luy (30), Charo Noriega (23), Mariela Zevallos (21), Herbert Rodríguez (21), Armando Williams (24) y juan Javier Salazar (25), integrantes de esta singular experiencia, decidieron apoyarse mutuamente para «crear una alternativa o ...

  18. METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

    Directory of Open Access Journals (Sweden)

    Serdechna Yulia

    2018-01-01

    Full Text Available Introduction. Despite the considerable arsenal of developments in the issues of assessing the management of the insurance portfolio remains unresolved. In order to detail, specify and further systematize the indicators for the indicated evaluation, the publications of scientists are analyzed. The purpose of the study is to analyze existing methods by which it is possible to formulate and manage the insurance portfolio in order to achieve its balance, which will contribute to ensuring the financial reliability of the insurance company. Results. The description of the essence of the concept of “management of insurance portfolio”, as the application of actuarial methods and techniques to the combination of various insurance risks offered for insurance or are already part of the insurance portfolio, allowing to adjust the size and structure of the portfolio in order to ensure its financial stability, achievement the maximum level of income of an insurance organization, preservation of the value of its equity and financial security of insurance liabilities. It is determined that the main methods by which the insurer’s insurance portfolio can be formed and managed is the selection of risks; reinsurance operations that ensure diversification of risks; formation and placement of insurance reserves, which form the financial basis of insurance activities. The method of managing an insurance portfolio, which can be both active and passive, is considered. Conclusions. It is determined that the insurance portfolio is the basis on which all the activities of the insurer are based and which determines its financial stability. The combination of methods and technologies applied to the insurance portfolio is a management method that can be both active and passive and has a number of specific methods through which the insurer’s insurance portfolio can be formed and managed. It is substantiated that each insurance company aims to form an efficient and

  19. Portfolio analysis of layered security measures.

    Science.gov (United States)

    Chatterjee, Samrat; Hora, Stephen C; Rosoff, Heather

    2015-03-01

    Layered defenses are necessary for protecting the public from terrorist attacks. Designing a system of such defensive measures requires consideration of the interaction of these countermeasures. In this article, we present an analysis of a layered security system within the lower Manhattan area. It shows how portfolios of security measures can be evaluated through portfolio decision analysis. Consideration is given to the total benefits and costs of the system. Portfolio diagrams are created that help communicate alternatives among stakeholders who have differing views on the tradeoffs between security and economic activity. © 2014 Society for Risk Analysis.

  20. Does asymmetric correlation affect portfolio optimization?

    Science.gov (United States)

    Fryd, Lukas

    2017-07-01

    The classical portfolio optimization problem does not assume asymmetric behavior of relationship among asset returns. The existence of asymmetric response in correlation on the bad news could be important information in portfolio optimization. The paper applies Dynamic conditional correlation model (DCC) and his asymmetric version (ADCC) to propose asymmetric behavior of conditional correlation. We analyse asymmetric correlation among S&P index, bonds index and spot gold price before mortgage crisis in 2008. We evaluate forecast ability of the models during and after mortgage crisis and demonstrate the impact of asymmetric correlation on the reduction of portfolio variance.

  1. Real Time Investments with Adequate Portfolio Theory

    Directory of Open Access Journals (Sweden)

    Alina Kvietkauskienė

    2015-02-01

    Full Text Available The objective of this paper is to identify investment decision makingschemes using the adequate portfolio model. This approach can be employed to project investment in stocks, using the opportunities offered by the markets and investor intelligence. It was decided to use adequate portfolio theory for investment decision making, simulation of financial markets, and optimisation of utility function. The main conclusion of article suggests investigating return on individual portfolio level. Real investment is a way to make sure of the soundness of applicable strategies.

  2. Technology Audit: Assessment of Innovative Portfolio

    Directory of Open Access Journals (Sweden)

    Kurushina Viktoria

    2016-01-01

    Full Text Available The article discusses the features of the technological audit performing in the companies of oil and gas sector of Russian economy. To measure the innovations quality level the scale was developed based on the Theory of Inventive Problem Solving and the theory of technological structures. Figures of the innovations quantity by levels, volume and quality of the innovative portfolio are offered for assessment the innovative portfolio quality. The method was tested on an example of oil and gas transporting enterprises. The results of the comparative analysis of innovative portfolio are shown.

  3. A general search for new phenomena in ep scattering at HERA

    Science.gov (United States)

    Aktas, A.; Andreev, V.; Anthonis, T.; Asmone, A.; Babaev, A.; Backovic, S.; Bähr, J.; Baranov, P.; Barrelet, E.; Bartel, W.; Baumgartner, S.; Becker, J.; Beckingham, M.; Behnke, O.; Behrendt, O.; Belousov, A.; Berger, Ch.; Berger, N.; Berndt, T.; Bizot, J. C.; Böhme, J.; Boenig, M.-O.; Boudry, V.; Bracinik, J.; Brisson, V.; Bröker, H.-B.; Brown, D. P.; Bruncko, D.; Büsser, F. W.; Bunyatyan, A.; Buschhorn, G.; Bystritskaya, L.; Campbell, A. J.; Caron, S.; Cassol-Brunner, F.; Cerny, K.; Chekelian, V.; Contreras, J. G.; Coppens, Y. R.; Coughlan, J. A.; Cox, B. E.; Cozzika, G.; Cvach, J.; Dainton, J. B.; Dau, W. D.; Daum, K.; Delcourt, B.; Demirchyan, R.; De Roeck, A.; Desch, K.; De Wolf, E. A.; Diaconu, C.; Dingfelder, J.; Dodonov, V.; Dubak, A.; Duprel, C.; Eckerlin, G.; Efremenko, V.; Egli, S.; Eichler, R.; Eisele, F.; Ellerbrock, M.; Elsen, E.; Erdmann, M.; Erdmann, W.; Faulkner, P. J. W.; Favart, L.; Fedotov, A.; Felst, R.; Ferencei, J.; Fleischer, M.; Fleischmann, P.; Fleming, Y. H.; Flucke, G.; Flügge, G.; Fomenko, A.; Foresti, I.; Formánek, J.; Franke, G.; Frising, G.; Gabathuler, E.; Gabathuler, K.; Garutti, E.; Garvey, J.; Gayler, J.; Gerhards, R.; Gerlich, C.; Ghazaryan, S.; Ginzburgskaya, S.; Goerlich, L.; Gogitidze, N.; Gorbounov, S.; Grab, C.; Grässler, H.; Greenshaw, T.; Gregori, M.; Grindhammer, G.; Gwilliam, C.; Haidt, D.; Hajduk, L.; Haller, J.; Hansson, M.; Heinzelmann, G.; Henderson, R. C. W.; Henschel, H.; Henshaw, O.; Herrera, G.; Herynek, I.; Heuer, R.-D.; Hildebrandt, M.; Hiller, K. H.; Höting, P.; Hoffmann, D.; Horisberger, R.; Hovhannisyan, A.; Ibbotson, M.; Ismail, M.; Jacquet, M.; Janauschek, L.; Janssen, X.; Jemanov, V.; Jönsson, L.; Johnson, D. P.; Jung, H.; Kant, D.; Kapichine, M.; Karlsson, M.; Katzy, J.; Keller, N.; Kennedy, J.; Kenyon, I. R.; Kiesling, C.; Klein, M.; Kleinwort, C.; Klimkovich, T.; Kluge, T.; Knies, G.; Knutsson, A.; Koblitz, B.; Korbel, V.; Kostka, P.; Koutouev, R.; Kropivnitskaya, A.; Kroseberg, J.; Krüger, K.; Kückens, J.; Kuhr, T.; Landon, M. P. J.; Lange, W.; Laštovička, T.; Laycock, P.; Lebedev, A.; Leißner, B.; Lemrani, R.; Lendermann, V.; Levonian, S.; Lindfeld, L.; Lipka, K.; List, B.; Lobodzinska, E.; Loktionova, N.; Lopez-Fernandez, R.; Lubimov, V.; Lueders, H.; Lüke, D.; Lux, T.; Lytkin, L.; Makankine, A.; Malden, N.; Malinovski, E.; Mangano, S.; Marage, P.; Marks, J.; Marshall, R.; Martisikova, M.; Martyn, H.-U.; Maxfield, S. J.; Meer, D.; Mehta, A.; Meier, K.; Meyer, A. B.; Meyer, H.; Meyer, J.; Mikocki, S.; Milcewicz-Mika, I.; Milstead, D.; Mohamed, A.; Moreau, F.; Morozov, A.; Morozov, I.; Morris, J. V.; Mozer, M. U.; Müller, K.; Murín, P.; Nagovizin, V.; Nankov, K.; Naroska, B.; Naumann, J.; Naumann, Th.; Newman, P. R.; Niebuhr, C.; Nikiforov, A.; Nikitin, D.; Nowak, G.; Nozicka, M.; Oganezov, R.; Olivier, B.; Olsson, J. E.; Ossoskov, G.; Ozerov, D.; Paramonov, A.; Pascaud, C.; Patel, G. D.; Peez, M.; Perez, E.; Perieanu, A.; Petrukhin, A.; Pitzl, D.; Plačakytė, R.; Pöschl, R.; Portheault, B.; Povh, B.; Raicevic, N.; Reimer, P.; Reisert, B.; Rimmer, A.; Risler, C.; Rizvi, E.; Robmann, P.; Roland, B.; Roosen, R.; Rostovtsev, A.; Rurikova, Z.; Rusakov, S.; Rybicki, K.; Sankey, D. P. C.; Sauvan, E.; Schätzel, S.; Scheins, J.; Schilling, F.-P.; Schleper, P.; Schmidt, S.; Schmitt, S.; Schneider, M.; Schoeffel, L.; Schöning, A.; Schröder, V.; Schultz-Coulon, H.-C.; Schwanenberger, C.; Sedlák, K.; Sefkow, F.; Sheviakov, I.; Shtarkov, L. N.; Sirois, Y.; Sloan, T.; Smirnov, P.; Soloviev, Y.; South, D.; Spaskov, V.; Specka, A.; Spitzer, H.; Stamen, R.; Stella, B.; Stiewe, J.; Strauch, I.; Straumann, U.; Tchoulakov, V.; Thompson, G.; Thompson, P. D.; Tomasz, F.; Traynor, D.; Truöl, P.; Tsipolitis, G.; Tsurin, I.; Turnau, J.; Tzamariudaki, E.; Uraev, A.; Urban, M.; Usik, A.; Utkin, D.; Valkár, S.; Valkárová, A.; Vallée, C.; Van Mechelen, P.; Van Remortel, N.; Vargas Trevino, A.; Vazdik, Y.; Veelken, C.; Vest, A.; Vinokurova, S.; Volchinski, V.; Wacker, K.; Wagner, J.; Weber, G.; Weber, R.; Wegener, D.; Werner, C.; Werner, N.; Wessels, M.; Wessling, B.; Winter, G.-G.; Wissing, Ch.; Woehrling, E.-E.; Wolf, R.; Wünsch, E.; Xella, S.; Yan, W.; Yeganov, V.; Žáček, J.; Zálešák, J.; Zhang, Z.; Zhelezov, A.; Zhokin, A.; Zohrabyan, H.; Zomer, F.; H1 Collaboration

    2004-11-01

    A model-independent search for deviations from the Standard Model prediction is performed in ep and ep collisions at HERA using H1 data corresponding to an integrated luminosity of 117 pb. For the first time all event topologies involving isolated electrons, photons, muons, neutrinos and jets with high transverse momenta are investigated in a single analysis. Events are assigned to exclusive classes according to their final state. A statistical algorithm is developed to search for deviations from the Standard Model in the distributions of the scalar sum of transverse momenta or invariant mass of final state particles and to quantify their significance. A good agreement with the Standard Model prediction is observed in most of the event classes. The most significant deviation is found for a topology containing an isolated muon, missing transverse momentum and a jet, consistent with a previously reported observation.

  4. Measuring Treasury Bond Portfolio Risk and Portfolio Optimization with a Non-Gaussian Multivariate Model

    Science.gov (United States)

    Dong, Yijun

    The research about measuring the risk of a bond portfolio and the portfolio optimization was relatively rare previously, because the risk factors of bond portfolios are not very volatile. However, this condition has changed recently. The 2008 financial crisis brought high volatility to the risk factors and the related bond securities, even if the highly rated U.S. treasury bonds. Moreover, the risk factors of bond portfolios show properties of fat-tailness and asymmetry like risk factors of equity portfolios. Therefore, we need to use advanced techniques to measure and manage risk of bond portfolios. In our paper, we first apply autoregressive moving average generalized autoregressive conditional heteroscedasticity (ARMA-GARCH) model with multivariate normal tempered stable (MNTS) distribution innovations to predict risk factors of U.S. treasury bonds and statistically demonstrate that MNTS distribution has the ability to capture the properties of risk factors based on the goodness-of-fit tests. Then based on empirical evidence, we find that the VaR and AVaR estimated by assuming normal tempered stable distribution are more realistic and reliable than those estimated by assuming normal distribution, especially for the financial crisis period. Finally, we use the mean-risk portfolio optimization to minimize portfolios' potential risks. The empirical study indicates that the optimized bond portfolios have better risk-adjusted performances than the benchmark portfolios for some periods. Moreover, the optimized bond portfolios obtained by assuming normal tempered stable distribution have improved performances in comparison to the optimized bond portfolios obtained by assuming normal distribution.

  5. The Role of Agribusiness Assets in Investment Portfolios

    OpenAIRE

    Johnson, Michael; Malcolm, Bill; O'Connor, Ian

    2006-01-01

    Investment in agribusiness assets has grown significantly in recent years. The question of interest is whether including agribusiness assets in investment portfolios provide benefits. The effects of diversification by including agribusiness assets in two investment portfolios, a mixed asset portfolio and a diversified share portfolio was investigated using Markowitz’s (1952) Modern Portfolio Theory (MPT) of mean-variance optimization. To measure the performance of agribusiness assets, an in...

  6. An Extensive Evaluation of Portfolio Approaches for Constraint Satisfaction Problems

    Directory of Open Access Journals (Sweden)

    Roberto Amadini

    2016-06-01

    Full Text Available In the context of Constraint Programming, a portfolio approach exploits the complementary strengths of a portfolio of different constraint solvers. The goal is to predict and run the best solver(s of the portfolio for solving a new, unseen problem. In this work we reproduce, simulate, and evaluate the performance of different portfolio approaches on extensive benchmarks of Constraint Satisfaction Problems. Empirical results clearly show the benefits of portfolio solvers in terms of both solved instances and solving time.

  7. Optimal Portfolio Rebalancing Strategy : Evidence from Finnish Stocks

    OpenAIRE

    Savage, Akinwunmi

    2010-01-01

    Portfolio rebalancing is an established concept in portfolio management and investing generally. Assets within a portfolio have different return and risk prospects, and this inevitably leads them to drift away from their initial allocation weights overtime. Portfolio rebalancing is arguably the only method by which such assets can be reset to their initial weights, thus ensuring the portfolio reflects the risk appetite of the investor. Like many other concepts and practices in finance, portfo...

  8. Mean-Variance portfolio optimization when each asset has individual uncertain exit-time

    Directory of Open Access Journals (Sweden)

    Reza Keykhaei

    2016-12-01

    Full Text Available The standard Markowitz Mean-Variance optimization model is a single-period portfolio selection approach where the exit-time (or the time-horizon is deterministic. ‎In this paper we study the Mean-Variance portfolio selection problem ‎with ‎uncertain ‎exit-time ‎when ‎each ‎has ‎individual uncertain ‎xit-time‎, ‎which generalizes the Markowitz's model‎. ‎‎‎‎‎‎We provide some conditions under which the optimal portfolio of the generalized problem is independent of the exit-times distributions. Also, ‎‎it is shown that under some general circumstances, the sets of optimal portfolios‎ ‎in the generalized model and the standard model are the same‎.

  9. 13 CFR 107.760 - How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio...

    Science.gov (United States)

    2010-01-01

    ... of a Portfolio Concern affects the Licensee and the Portfolio Concern. 107.760 Section 107.760... § 107.760 How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio Concern. (a) Effect on Licensee of a change in size of a Portfolio Concern. If a Portfolio Concern no...

  10. THE MAIN PROBLEMS OF THE STUDENTS’ ELECTRONIC PORTFOLIO FORMATION IN TERMS OF THE HIGHER EDUCATIONAL PROGRAMS

    Directory of Open Access Journals (Sweden)

    Yulia V. Dementieva

    2016-01-01

    Full Text Available The aim of the study is the description of the main problems of formation of the student’s electronic portfolio in the conditions of realization of Federal State Educational Standards of the Higher Education (FSES of HE.Methods.Theoretical analysis of scientific literature concerning the subject under discussion; monitoring of existing practices in modern Russian Universities procedures for the formation and maintenance of students electronic portfolio.Results. The author describes the main problems of the electronic students’ portfolio formation; some ways of solving described problems are offered.Scientific novelty concludes in the formation of key ideas of the electronic students’ portfolio based on the understanding of requirements of Federal State Educational Standards of Higher Education for the results of mastering educational programs. They are the formation of general cultural, general professional and professional competences.Practical significance. The researching results will become the theoretical basis for the systematic organization of the process of creating and maintaining an electronic students’ portfolio during the whole period of their studying at the university; the researching results can become a basis for methodological developments.

  11. E-portfolios in lifelong learning

    NARCIS (Netherlands)

    Brouns, Francis; Vogten, Hubert; Janssen, José; Finders, Anton

    2013-01-01

    Brouns, F., Vogten, H., Janssen, J., & Finders, A. (2013, 14-15 November). E-portfolios in lifelong learning. Presentation given at the 2013 Conference on Technological Ecosystems for Enhancing Multiculturality, TEEM2013, Salamanca, Spain.

  12. Optimal diversification of the securities portfolio

    Directory of Open Access Journals (Sweden)

    Валентина Михайловна Андриенко

    2016-09-01

    Full Text Available The article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in B/S-market modelThe article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in -market model

  13. Active Multifamily Portfolio-Property Level data

    Data.gov (United States)

    Department of Housing and Urban Development — Multifamily Portfolio datasets (section 8 contracts) - The information has been compiled from multiple data sources within FHA or its contractors. HUD oversees more...

  14. ROMANIAN INVESTORS PORTFOLIO. ONLINE VERSUS ASSISTED TRADING

    Directory of Open Access Journals (Sweden)

    Ioana Ancuţa IANCU

    2017-05-01

    Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.

  15. Managing sovereign credit risk in bond portfolios

    OpenAIRE

    Bruder, Benjamin; Hereil, Pierre; Roncalli, Thierry

    2011-01-01

    With the recent development of the European debt crisis, traditional index bond management has been severely called into question. We focus here on the risk issues raised by the classical market-capitalization weighting scheme. We propose an approach to properly measure sovereign credit risk in a fixed-income portfolio. For that, we assume that CDS spreads follow a SABR process and we derive a sovereign credit risk measure based on CDS spreads and duration of portfolio bonds. We then consider...

  16. Online Learning of Commission Avoidant Portfolio Ensembles

    OpenAIRE

    Uziel, Guy; El-Yaniv, Ran

    2016-01-01

    We present a novel online ensemble learning strategy for portfolio selection. The new strategy controls and exploits any set of commission-oblivious portfolio selection algorithms. The strategy handles transaction costs using a novel commission avoidance mechanism. We prove a logarithmic regret bound for our strategy with respect to optimal mixtures of the base algorithms. Numerical examples validate the viability of our method and show significant improvement over the state-of-the-art.

  17. Subjective Life Horizon and Portfolio Choice

    OpenAIRE

    Spaenjers , Christophe; Spira, Sven Michael

    2013-01-01

    Using data from a U.S. household survey, we examine the empirical relation between subjective life horizon (i.e., the self-reported expectation of remaining life span) and portfolio choice. We find that equity portfolio shares are higher for investors with longer horizons, ceteris paribus, in line with theoretical predictions. This result is robust to controlling for optimism and health status, accounting for the endogeneity of equity market participation, or instrumenting subjective life hor...

  18. Portfolio Selection with Jumps under Regime Switching

    Directory of Open Access Journals (Sweden)

    Lin Zhao

    2010-01-01

    Full Text Available We investigate a continuous-time version of the mean-variance portfolio selection model with jumps under regime switching. The portfolio selection is proposed and analyzed for a market consisting of one bank account and multiple stocks. The random regime switching is assumed to be independent of the underlying Brownian motion and jump processes. A Markov chain modulated diffusion formulation is employed to model the problem.

  19. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  20. Systemic risk contributions: a credit portfolio approach

    OpenAIRE

    Düllmann, Klaus; Puzanova, Natalia

    2011-01-01

    We put forward a Merton-type multi-factor portfolio model for assessing banks' contributions to systemic risk. This model accounts for the major drivers of banks' systemic relevance: size, default risk and correlation of banks' assets as a proxy for interconnectedness. We measure systemic risk in terms of the portfolio expected shortfall (ES). Banks' (marginal) risk contributions are calculated based on partial derivatives of the ES in order to ensure a full risk allocation among institutions...

  1. Essays on portfolio choice with Bayesian methods

    OpenAIRE

    Kebabci, Deniz

    2007-01-01

    How investors should allocate assets to their portfolios in the presence of predictable components in asset returns is a question of great importance in finance. While early studies took the return generating process as given, recent studies have addressed issues such as parameter estimation and model uncertainty. My dissertation develops Bayesian methods for portfolio choice - and industry allocation in particular - under parameter and model uncertainty. The first chapter of my dissertation,...

  2. Optimal annuity portfolio under inflation risk

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Pisinger, David; Weissensteiner, Alex

    2015-01-01

    The paper investigates the importance of in ation-linked annuities to individuals facing in ation risk. Given the investment opportunities in nominal, real, and variable annuities, as well as cash and stocks, we investigate the consumption and investment decisions under two different objective fu...... and risk aversion, real annuities are a crucial asset in every portfolio. In addition, without investing in real annuities, the retiree has to rebalance the portfolio more frequently, and still obtains the lower and more volatile real consumption....

  3. Testing for structural changes in large portfolios

    OpenAIRE

    Posch, Peter N.; Ullmann, Daniel; Wied, Dominik

    2015-01-01

    Model free tests for constant parameters often fail to detect structural changes in high dimensions. In practice, this corresponds to a portfolio with many assets and a reasonable long time series. We reduce the dimensionality of the problem by looking a compressed panel of time series obtained by cluster analysis and the principal components of the data. Using our methodology we are able to extend a test for a constant correlation matrix from a sub portfolio to whole indices a...

  4. Investigation of Multi-Criteria Decision Consistency: A Triplex Approach to Optimal Oilfield Portfolio Investment Decisions

    Science.gov (United States)

    Qaradaghi, Mohammed

    Complexity of the capital intensive oil and gas portfolio investments is continuously growing. It is manifested in the constant increase in the type, number and degree of risks and uncertainties, which consequently lead to more challenging decision making problems. A typical complex decision making problem in petroleum exploration and production (E&P) is the selection and prioritization of oilfields/projects in a portfolio investment. Prioritizing oilfields maybe required for different purposes, including the achievement of a targeted production and allocation of limited available development resources. These resources cannot be distributed evenly nor can they be allocated based on the oilfield size or production capacity alone since various other factors need to be considered simultaneously. These factors may include subsurface complexity, size of reservoir, plateau production and needed infrastructure in addition to other issues of strategic concern, such as socio-economic, environmental and fiscal policies, particularly when the decision making involves governments or national oil companies. Therefore, it would be imperative to employ decision aiding tools that not only address these factors, but also incorporate the decision makers' preferences clearly and accurately. However, the tools commonly used in project portfolio selection and optimization, including intuitive approaches, vary in their focus and strength in addressing the different criteria involved in such decision problems. They are also disadvantaged by a number of drawbacks, which may include lacking the capacity to address multiple and interrelated criteria, uncertainty and risk, project relationship with regard to value contribution and optimum resource utilization, non-monetary attributes, decision maker's knowledge and expertise, in addition to varying levels of ease of use and other practical and theoretical drawbacks. These drawbacks have motivated researchers to investigate other tools and

  5. Quenching Combustible Dust Mixtures Using Electric Particulate Suspensions (EPS): A New Testing Method For Microgravity

    Science.gov (United States)

    Colver, Gerald M.; Greene, Nathanael; Shoemaker, David; Xu, Hua

    2003-01-01

    The Electric Particulate Suspension (EPS) is a combustion ignition system being developed at Iowa State University for evaluating quenching effects of powders in microgravity (quenching distance, ignition energy, flammability limits). Because of the high cloud uniformity possible and its simplicity, the EPS method has potential for "benchmark" design of quenching flames that would provide NASA and the scientific community with a new fire standard. Microgravity is expected to increase suspension uniformity even further and extend combustion testing to higher concentrations (rich fuel limit) than is possible at normal gravity. Two new combustion parameters are being investigated with this new method: (1) the particle velocity distribution and (2) particle-oxidant slip velocity. Both walls and (inert) particles can be tested as quenching media. The EPS method supports combustion modeling by providing accurate measurement of flame-quenching distance as a parameter in laminar flame theory as it closely relates to characteristic flame thickness and flame structure. Because of its design simplicity, EPS is suitable for testing on the International Space Station (ISS). Laser scans showing stratification effects at 1-g have been studied for different materials, aluminum, glass, and copper. PTV/PIV and a leak hole sampling rig give particle velocity distribution with particle slip velocity evaluated using LDA. Sample quenching and ignition energy curves are given for aluminum powder. Testing is planned for the KC-135 and NASA s two second drop tower. Only 1-g ground-based data have been reported to date.

  6. Limits on the effective quark radius from inclusive ep scattering at HERA

    Energy Technology Data Exchange (ETDEWEB)

    Abramowicz, H. [Tel Aviv Univ. (Israel). School of Physics; Max Planck Institute for Physics, Munich (Germany); Abt, I. [Max Planck Institute for Physics, Munich (Germany); Adamczyk, L. [AGH-Univ. of Science and Technology, Krakow (Poland). Faculty of Physics and Applied Computer Sciences; Collaboration: ZEUS Collaboration; and others

    2016-04-15

    The high-precision HERA data allows searches up to TeV scales for Beyond the Standard Model contributions to electron-quark scattering. Combined measurements of the inclusive deep inelastic cross sections in neutral and charged current ep scattering corresponding to a luminosity of around 1 fb{sup -1} have been used in this analysis. A new approach to the beyond the Standard Model analysis of the inclusive ep data is presented; simultaneous fits of parton distribution functions together with contributions of ''new physics'' processes were performed. Results are presented considering a finite radius of quarks within the quark form-factor model. The resulting 95% C.L. upper limit on the effective quark radius is 0.43.10{sup -16} cm.

  7. Limits on the effective quark radius from inclusive ep scattering at HERA

    International Nuclear Information System (INIS)

    Abramowicz, H.; Abt, I.; Adamczyk, L.

    2016-04-01

    The high-precision HERA data allows searches up to TeV scales for Beyond the Standard Model contributions to electron-quark scattering. Combined measurements of the inclusive deep inelastic cross sections in neutral and charged current ep scattering corresponding to a luminosity of around 1 fb -1 have been used in this analysis. A new approach to the beyond the Standard Model analysis of the inclusive ep data is presented; simultaneous fits of parton distribution functions together with contributions of ''new physics'' processes were performed. Results are presented considering a finite radius of quarks within the quark form-factor model. The resulting 95% C.L. upper limit on the effective quark radius is 0.43.10 -16 cm.

  8. Limits on the effective quark radius from inclusive $ep$ scattering at HERA

    CERN Document Server

    Abramowicz, H; Adamczyk, L; Adamus, M; Antonelli, S; Aushev, V; Behnke, O; Behrens, U; Bertolin, A; Bloch, I; Boos, EG; Brock, I; Brook, NH; Brugnera, R; Bruni, A; Bussey, PJ; Caldwell, A; Capua, M; Catterall, CD; Chwastowski, J; Ciborowski, J; Ciesielski, R; Cooper-Sarkar, AM; Corradi, M; Dementiev, RK; Devenish, RCE; Dusini, S; Foster, B; Gach, G; Gallo, E; Garfagnini, A; Geiser, A; Gizhko, A; Gladilin, LK; Golubkov, Yu A; Grzelak, G; Guzik, M; Hain, W; Hochman, D; Hori, R; Ibrahim, ZA; Iga, Y; Ishitsuka, M; Januschek, F; Jomhari, NZ; Kadenko, I; Kananov, S; Karshon, U; Kaur, P; Kisielewska, D; Klanner, R; Klein, U; Korzhavina, IA; Kotański, A; Kötz, U; Kovalchuk, N; Kowalski, H; Krupa, B; Kuprash, O; Kuze, M; Levchenko, BB; Levy, A; Limentani, S; Lisovyi, M; Lobodzinska, E; Löhr, B; Lohrmann, E; Longhin, A; Lontkovskyi, D; Lukina, OYu; Makarenko, I; Malka, J; Mohamad Idris, F; Mohammad Nasir, N; Myronenko, V; Nagano, K; Nobe, T; Nowak, RJ; Onishchuk, Yu; Paul, E; Perlański, W; Pokrovskiy, NS; Przybycien, M; Roloff, P; Ruspa, M; Saxon, DH; Schioppa, M; Schneekloth, U; Schörner-Sadenius, T; Shcheglova, LM; Shevchenko, R; Shkola, O; Shyrma, Yu; Singh, I; Skillicorn, IO; Słomiński, W; Solano, A; Stanco, L; Stefaniuk, N; Stern, A; Stopa, P; Sztuk-Dambietz, J; Tassi, E; Tokushuku, K; Tomaszewska, J; Tsurugai, T; Turcato, M; Turkot, O; Tymieniecka, T; Verbytskyi, A; Wan Abdullah, WAT; Wichmann, K; Wing, M; Yamada, S; Yamazaki, Y; Zakharchuk, N; Żarnecki, AF; Zawiejski, L; Zenaiev, O; Zhautykov, BO; Zotkin, DS; Bhadra, S; Gwenlan, C; Hlushchenko, O; Polini, A; Mastroberardino, A; Sukhonos, D

    2016-01-01

    The high-precision HERA data allows searches up to TeV scales for Beyond the Standard Model contributions to electron-quark scattering. Combined measurements of the inclusive deep inelastic cross sections in neutral and charged current $ep$ scattering corresponding to a luminosity of around 1 fb$^{-1}$ have been used in this analysis. A new approach to the beyond the Standard Model analysis of the inclusive $ep$ data is presented; simultaneous fits of parton distribution functions together with contributions of "new physics" processes were performed. Results are presented considering a finite radius of quarks within the quark form-factor model. The resulting 95% C.L. upper limit on the effective quark radius is $0.43\\cdot 10^{-16}$ cm.

  9. Optimization of China's generating portfolio and policy implications based on portfolio theory

    International Nuclear Information System (INIS)

    Zhu, Lei; Fan, Ying

    2010-01-01

    This paper applies portfolio theory to evaluate China's 2020-medium-term plans for generating technologies and its generating portfolio. With reference to the risk of relevant generating-cost streams, the paper discusses China's future development of efficient (Pareto optimal) generating portfolios that enhance energy security in different scenarios, including CO 2 -emission-constrained scenarios. This research has found that the future adjustment of China's planned 2020 generating portfolio can reduce the portfolio's cost risk through appropriate diversification of generating technologies, but a price will be paid in the form of increased generating cost. In the CO 2 -emission-constrained scenarios, the generating-cost risk of China's planned 2020 portfolio is even greater than that of the 2005 portfolio, but increasing the proportion of nuclear power in the generating portfolio can reduce the cost risk effectively. For renewable-power generation, because of relatively high generating costs, it will be necessary to obtain stronger policy support to promote renewable-power development.

  10. Validity of the Learning Portfolio: Analysis of a Portfolio Proposal for the University

    Science.gov (United States)

    Gregori-Giralt, Eva; Menéndez-Varela, José Luis

    2015-01-01

    Validity is a central issue in portfolio-based assessment. This empirical study used a quantitative approach to analyse the validity of the inferences drawn from a disciplinary course work portfolio assessment comprising profession-specific and learning competencies. The study also examined the problems involved in the development of the…

  11. A strange nucleon probe: the parity violation in ep{yields}ep; Une etrange sonde du nucleon: la violation de parite en diffusion ep{yields}ep

    Energy Technology Data Exchange (ETDEWEB)

    Cavata, Ch

    1998-10-01

    Recent experiments have confirmed the importance of strange quarks in the description of the spin structure of the proton. This unexpected fact has spurred an intense experimental activity to study the contribution of strange quarks to other aspects of the nucleon. In this framework experiments have been designed to weigh up this contribution to the charge distribution and the magnetization of the nucleon. The experimental way that leads to the measuring of the s-quark contribution is presented. The strange form factor can be deduced from the weak form factor of the proton combined with its electromagnetic form factors. The weak form factor can be measured by studying parity violation in ep elastic scattering. One of the chapters reviews the experimental equipment required to perform parity breaking measurements.The preliminary results of 2 experiments: SAMPLE and HAPPEX are given. (A.C.)

  12. Spacecraft Electrical Power System (EPS) generic analysis tools and techniques

    Science.gov (United States)

    Morris, Gladys M.; Sheppard, Mark A.

    1992-01-01

    An overview is provided of the analysis tools and techiques used in modeling the Space Station Freedom electrical power system, as well as future space vehicle power systems. The analysis capabilities of the Electrical Power System (EPS) are described and the EPS analysis tools are surveyed.

  13. Portfolio choice and asset pricing with endogenous beliefs and skewness preference

    NARCIS (Netherlands)

    Karehnke, P.

    2014-01-01

    This thesis studies portfolio choice and asset pricing with preferences which go beyond the standard expected utility and mean-variance preferences. The first part of this thesis analyses a decision model in which the decision maker forms endogenous beliefs given his anticipation utility and his

  14. Highlights from e-EPS: the 2015 EPS High Energy Physics Prize winners

    CERN Multimedia

    Thomas Lohse, e-EPS News

    2015-01-01

    The EPS High Energy Physics Division announces the winners of its 2015 prizes, which will be awarded at the Europhysics Conference on High-Energy Physics (EPS-HEP 2015), Vienna (Austria) 22−29 July. Many people from CERN were among the winners.   The 2015 High Energy and Particle Physics Prize, for an outstanding contribution to High Energy Physics, is awarded to James D. Bjorken “for his prediction of scaling behaviour in the structure of the proton that led to a new understanding of the b interaction”, and to Guido Altarelli, Yuri L. Dokshitzer, Lev Lipatov, and Giorgio Parisi “for developing a probabilistic field theory framework for the dynamics of quarks and gluons, enabling a quantitative understanding of high-energy collisions involving hadrons”. The 2015 Giuseppe and Vanna Cocconi Prize, for an outstanding contribution to Particle Astrophysics and Cosmology in the past 15 years, is awarded to Francis Halzen “for his visiona...

  15. Ant colony algorithm for clustering in portfolio optimization

    Science.gov (United States)

    Subekti, R.; Sari, E. R.; Kusumawati, R.

    2018-03-01

    This research aims to describe portfolio optimization using clustering methods with ant colony approach. Two stock portfolios of LQ45 Indonesia is proposed based on the cluster results obtained from ant colony optimization (ACO). The first portfolio consists of assets with ant colony displacement opportunities beyond the defined probability limits of the researcher, where the weight of each asset is determined by mean-variance method. The second portfolio consists of two assets with the assumption that each asset is a cluster formed from ACO. The first portfolio has a better performance compared to the second portfolio seen from the Sharpe index.

  16. Minimal investment risk of a portfolio optimization problem with budget and investment concentration constraints

    Science.gov (United States)

    Shinzato, Takashi

    2017-02-01

    In the present paper, the minimal investment risk for a portfolio optimization problem with imposed budget and investment concentration constraints is considered using replica analysis. Since the minimal investment risk is influenced by the investment concentration constraint (as well as the budget constraint), it is intuitive that the minimal investment risk for the problem with an investment concentration constraint can be larger than that without the constraint (that is, with only the budget constraint). Moreover, a numerical experiment shows the effectiveness of our proposed analysis. In contrast, the standard operations research approach failed to identify accurately the minimal investment risk of the portfolio optimization problem.

  17. Teaching portfolios and a competence framework aimed to build faculty teaching competencies

    DEFF Research Database (Denmark)

    Dolin, Jens; Kobayashi, Sofie

    as a need for a common language and reference. Main barriers are scepticism towards the teaching portfolio for assessment of competencies, fear of extra work load, possible use as control measures, and fear that standards will narrow teaching development. In a research intensive university it is very......The University of Copenhagen has decided to introduce teaching portfolios and a competence framework as initiatives aimed to address the relatively low status of teaching compared to research. The two measures have been designed in a bottom-up process and are also backed by university leadership...

  18. Making practice transparent through e-portfolio.

    Science.gov (United States)

    Stewart, Sarah M

    2013-12-01

    Midwives are required to maintain a professional portfolio as part of their statutory requirements. Some midwives are using open social networking tools and processes to develop an e-portfolio. However, confidentiality of patient and client data and professional reputation have to be taken into consideration when using online public spaces for reflection. There is little evidence about how midwives use social networking tools for ongoing learning. It is uncertain how reflecting in an e-portfolio with an audience impacts on learning outcomes. This paper investigates ways in which reflective midwifery practice be carried out using e-portfolio in open, social networking platforms using collaborative processes. Using an auto-ethnographic approach I explored my e-portfolio and selected posts that had attracted six or more comments. I used thematic analysis to identify themes within the textual conversations in the posts and responses posted by readers. The analysis identified that my collaborative e-portfolio had four themes: to provide commentary and discuss issues; to reflect and process learning; to seek advice, brainstorm and process ideas for practice, projects and research, and provide evidence of professional development. E-portfolio using open social networking tools and processes is a viable option for midwives because it facilitates collaborative reflection and shared learning. However, my experience shows that concerns about what people think, and client confidentiality does impact on the nature of open reflection and learning outcomes. I conclude this paper with a framework for managing midwifery statutory obligations using online public spaces and social networking tools. Copyright © 2013 Australian College of Midwives. Published by Elsevier Ltd. All rights reserved.

  19. RISK MANAGEMENT OF INVESTMENT PORTFOLIO BY FUTURE

    Directory of Open Access Journals (Sweden)

    K. Kerimov Alexandr

    2017-01-01

    Full Text Available The article considers the problem of the dynamic risk management of the investment portfolio using future con- tracts. The management starts with the concept of effective inhomogeneous portfolios, which contain futures together with underlying asserts. The effective portfolios are defined as the ones of the minimal dispersion with the expected return greater or equal to the specified value. Risk is measured by the probability of losing of a certain part of the portfolio value. The control parameters are the number of futures for each asset of portfolio, which is defined from the condition of effec- tiveness of portfolio and risk acceptability on each step.The effective adaptive strategies of portfolio risk management together with comparative analysis on a concrete example are presented. The proposed approach provides the forecast correction of the expected income and its variance for the assets with the emergence of new data. The financial time series are determined by volatility clustering, i.e. relative or absolute price changes tend to keep high or low magnitude for some time, with the result that clusters are created - periods of high or low volatility. Then adaptive estimate of correlational relationships between asset prices are essential because the degree of correlational relationship also changes in time. So the correlation of future and spot price changes considerably increases while approaching to performance of contracts. For taking into account of data instability of dispersion and correlation simple methods of volatility forecasting and correlation of relative changes of price data based on exponential smoothing are implemented.

  20. Exploring the role of assessment criteria during teachers' collaborative judgement processes of students' portfolios

    NARCIS (Netherlands)

    Schaaf, van der M.F.; Baartman, L.K.J.; Prins, F.J.

    2012-01-01

    Student portfolios are increasingly used for assessing student competences in higher education, but results about the construct validity of portfolio assessment are mixed. A prerequisite for construct validity is that the portfolio assessment is based on relevant portfolio content. Assessment

  1. Highlights from e-EPS: Hetland to receive EPS-PED Award for Secondary School Teaching

    CERN Multimedia

    Urbaan Titulaer

    2013-01-01

    e-EPS News is an addition to the CERN Bulletin line-up, showcasing articles from e-EPS – the European Physical Society newsletter – as part of a collaboration between the two publications.   The EPS Physics Education Division selected Karl Thorstein Hetland, West Telemark Secondary School, Norway, as this year’s recipient of its Secondary School Teaching Award. K.T. Hetland developed the Energy Network, which aims to make students energy conscious and focus on renewable energy. The Energy Network, created in 2005, consists of 15 local networks, each involving an upper secondary school and several lower secondary schools, 55 schools in all. Material from the Network is used in physics classes in a large number of schools at national level and plays a major role in recruiting university physics students. K.T. Hetland will receive his award at the International Physics Education Conference, held together with the European Physics Educati...

  2. Highlights from e-EPS: Jean-Michel Raimond wins EPS Edison-Volta Prize 2014

    CERN Multimedia

    Martina Knoop, e-EPS News

    2014-01-01

    e-EPS News is a monthly addition to the CERN Bulletin line-up, showcasing articles from e-EPS – the European Physical Society newsletter – as part of a collaboration between the two publications.   The European Physical Society has the pleasure to announce that the 2014 EPS Edison-Volta Prize is awarded to Jean-Michel Raimond for “seminal contribution to physics (that) have paved the way for novel explorations of quantum mechanics and have opened new routes in quantum information processing”. J.-M. Raimond’s PhD thesis was supervised by Serge Haroche at the École Normale Supérieure in Paris, France, in the early 1980′s, and together S. Haroche, M. Brune and J.-M. Raimond have built an extremely successful research group since then. J.-M. Raimond has made seminal contributions to the development of cavity QED experiments, in particular involving circular Rydberg atoms interacting with very high-Q superc...

  3. Decision-support tool for assessing future nuclear reactor generation portfolios

    International Nuclear Information System (INIS)

    Jain, Shashi; Roelofs, Ferry; Oosterlee, Cornelis W.

    2014-01-01

    Capital costs, fuel, operation and maintenance (O and M) costs, and electricity prices play a key role in the economics of nuclear power plants. Often standardized reactor designs are required to be locally adapted, which often impacts the project plans and the supply chain. It then becomes difficult to ascertain how these changes will eventually reflect in costs, which makes the capital costs component of nuclear power plants uncertain. Different nuclear reactor types compete economically by having either lower and less uncertain construction costs, increased efficiencies, lower and less uncertain fuel cycles and O and M costs etc. The decision making process related to nuclear power plants requires a holistic approach that takes into account the key economic factors and their uncertainties. We here present a decision-support tool that satisfactorily takes into account the major uncertainties in the cost elements of a nuclear power plant, to provide an optimal portfolio of nuclear reactors. The portfolio so obtained, under our model assumptions and the constraints considered, maximizes the combined returns for a given level of risk or uncertainty. These decisions are made using a combination of real option theory and mean–variance portfolio optimization. - Highlights: • Decisions to continue or abandon the construction of NPPs • Mean–variance portfolio of nuclear reactors • Sensitivity study of mean–variance portfolio of nuclear reactors

  4. Firefly Algorithm for Cardinality Constrained Mean-Variance Portfolio Optimization Problem with Entropy Diversity Constraint

    Science.gov (United States)

    2014-01-01

    Portfolio optimization (selection) problem is an important and hard optimization problem that, with the addition of necessary realistic constraints, becomes computationally intractable. Nature-inspired metaheuristics are appropriate for solving such problems; however, literature review shows that there are very few applications of nature-inspired metaheuristics to portfolio optimization problem. This is especially true for swarm intelligence algorithms which represent the newer branch of nature-inspired algorithms. No application of any swarm intelligence metaheuristics to cardinality constrained mean-variance (CCMV) portfolio problem with entropy constraint was found in the literature. This paper introduces modified firefly algorithm (FA) for the CCMV portfolio model with entropy constraint. Firefly algorithm is one of the latest, very successful swarm intelligence algorithm; however, it exhibits some deficiencies when applied to constrained problems. To overcome lack of exploration power during early iterations, we modified the algorithm and tested it on standard portfolio benchmark data sets used in the literature. Our proposed modified firefly algorithm proved to be better than other state-of-the-art algorithms, while introduction of entropy diversity constraint further improved results. PMID:24991645

  5. Firefly algorithm for cardinality constrained mean-variance portfolio optimization problem with entropy diversity constraint.

    Science.gov (United States)

    Bacanin, Nebojsa; Tuba, Milan

    2014-01-01

    Portfolio optimization (selection) problem is an important and hard optimization problem that, with the addition of necessary realistic constraints, becomes computationally intractable. Nature-inspired metaheuristics are appropriate for solving such problems; however, literature review shows that there are very few applications of nature-inspired metaheuristics to portfolio optimization problem. This is especially true for swarm intelligence algorithms which represent the newer branch of nature-inspired algorithms. No application of any swarm intelligence metaheuristics to cardinality constrained mean-variance (CCMV) portfolio problem with entropy constraint was found in the literature. This paper introduces modified firefly algorithm (FA) for the CCMV portfolio model with entropy constraint. Firefly algorithm is one of the latest, very successful swarm intelligence algorithm; however, it exhibits some deficiencies when applied to constrained problems. To overcome lack of exploration power during early iterations, we modified the algorithm and tested it on standard portfolio benchmark data sets used in the literature. Our proposed modified firefly algorithm proved to be better than other state-of-the-art algorithms, while introduction of entropy diversity constraint further improved results.

  6. Multi-Lepton Production at High Transverse Momenta in ep Collisions at HERA

    CERN Document Server

    Aaron, F.D.; Andreev, V.; Antunovic, B.; Aplin, S.; Asmone, A.; Astvatsatourov, A.; Bacchetta, A.; Backovic, S.; Baghdasaryan, A.; Baranov, P.; Barrelet, E.; Bartel, W.; Beckingham, M.; Begzsuren, K.; Behnke, O.; Belousov, A.; Berger, N.; Bizot, J.C.; Boenig, M.-O.; Boudry, V.; Bozovic-Jelisavcic, I.; Bracinik, J.; Brandt, G.; Brinkmann, M.; Brisson, V.; Bruncko, D.; Bunyatyan, A.; Buschhorn, G.; Bystritskaya, L.; Campbell, A.J.; Cantun Avila, K.B.; Cassol-Brunner, F.; Cerny, K.; Cerny, V.; Chekelian, V.; Cholewa, A.; Contreras, J.G.; Coughlan, J.A.; Cozzika, G.; Cvach, J.; Dainton, J.B.; Daum, K.; Deak, M.; de Boer, Y.; Delcourt, B.; Del Degan, M.; Delvax, J.; De Roeck, A.; De Wolf, E.A.; Diaconu, C.; Dodonov, V.; Dossanov, A.; Dubak, A.; Eckerlin, G.; Efremenko, V.; Egli, S.; Eliseev, A.; Elsen, E.; Essenov, S.; Falkiewicz, A.; Faulkner, P.J.W.; Favart, L.; Fedotov, A.; Felst, R.; Feltesse, J.; Ferencei, J.; Fleischer, M.; Fomenko, A.; Gabathuler, E.; Gayler, J.; Ghazaryan, Samvel; Glazov, A.; Glushkov, I.; Goerlich, L.; Goettlich, M.; Gogitidze, N.; Gouzevitch, M.; Grab, C.; Greenshaw, T.; Grell, B.R.; Grindhammer, G.; Habib, S.; Haidt, D.; Hansson, M.; Helebrant, C.; Henderson, R.C.W.; Hennekemper, E.; Henschel, H.; Herrera, G.; Hildebrandt, M.; Hiller, K.H.; Hoffmann, D.; Horisberger, R.; Hovhannisyan, A.; Hreus, T.; Jacquet, M.; Janssen, M.E.; Janssen, X.; Jemanov, V.; Jonsson, L.; Johnson, D.P.; Jung, Andreas Werner; Jung, H.; Kapichine, M.; Katzy, J.; Kenyon, I.R.; Kiesling, C.; Klein, M.; Kleinwort, C.; Klimkovich, T.; Kluge, T.; Knutsson, A.; Kogler, R.; Korbel, V.; Kostka, P.; Kraemer, M.; Krastev, K.; Kretzschmar, J.; Kropivnitskaya, A.; Kruger, K.; Kutak, K.; Landon, M.P.J.; Lange, W.; Lastovicka-Medin, G.; Laycock, P.; Lebedev, A.; Leibenguth, G.; Lendermann, V.; Levonian, S.; Li, G.; Lipka, K.; Liptaj, A.; List, B.; List, J.; Loktionova, N.; Lopez-Fernandez, R.; Lubimov, V.; Lucaci-Timoce, A.-I.; Lytkin, L.; Makankine, A.; Malinovski, E.; Marage, P.; Marti, Ll.; Martyn, H.-U.; Maxfield, S.J.; Mehta, A.; Meier, K.; Meyer, A.B.; Meyer, H.; Meyer, H.; Meyer, J.; Michels, V.; Mikocki, S.; Milcewicz-Mika, I.; Moreau, F.; Morozov, A.; Morris, J.V.; Mozer, Matthias Ulrich; Mudrinic, M.; Muller, K.; Murin, P.; Nankov, K.; Naroska, B.; Naumann, Th.; Newman, Paul R.; Niebuhr, C.; Nikiforov, A.; Nowak, G.; Nowak, K.; Nozicka, M.; Olivier, B.; Olsson, J.E.; Osman, S.; Ozerov, D.; Palichik, V.; Panagoulias, I.; Pandurovic, M.; Papadopoulou, Th.; Pascaud, C.; Patel, G.D.; Pejchal, O.; Peng, H.; Perez, E.; Petrukhin, A.; Picuric, I.; Piec, S.; Pitzl, D.; Placakyte, R.; Polifka, R.; Povh, B.; Preda, T.; Radescu, V.; Rahmat, A.J.; Raicevic, N.; Raspiareza, A.; Ravdandorj, T.; Reimer, P.; Rizvi, E.; Robmann, P.; Roland, B.; Roosen, R.; Rostovtsev, A.; Rotaru, M.; Ruiz Tabasco, J.E.; Rurikova, Z.; Rusakov, S.; Salek, D.; Salvaire, F.; Sankey, D.P.C.; Sauter, M.; Sauvan, E.; Schmidt, S.; Schmitt, S.; Schmitz, C.; Schoeffel, L.; Schoning, A.; Schultz-Coulon, H.-C.; Sefkow, F.; Shaw-West, R.N.; Sheviakov, I.; Shtarkov, L.N.; Shushkevich, S.; Sloan, T.; Smiljanic, Ivan; Smirnov, P.; Soloviev, Y.; Sopicki, P.; South, D.; Spaskov, V.; Specka, Arnd E.; Staykova, Z.; Steder, M.; Stella, B.; Straumann, U.; Sunar, D.; Sykora, T.; Tchoulakov, V.; Thompson, G.; Thompson, P.D.; Toll, T.; Tomasz, F.; Tran, T.H.; Traynor, D.; Trinh, T.N.; Truol, P.; Tsakov, I.; Tseepeldorj, B.; Tsurin, I.; Turnau, J.; Tzamariudaki, E.; Urban, K.; Valkarova, A.; Vallee, C.; Van Mechelen, P.; Vargas Trevino, A.; Vazdik, Y.; Vinokurova, S.; Volchinski, V.; Wegener, D.; Wessels, M.; Wissing, Ch.; Wunsch, E.; Yeganov, V.; Zacek, J.; Zalesak, J.; Zhang, Z.; Zhelezov, A.; Zhokin, A.; Zhu, Y.C.; Zimmermann, T.; Zohrabyan, H.; Zomer, F.

    2008-01-01

    Processes leading to a final state with at least two high transverse momentum leptons (electrons or muons) are studied using the full ep data sample collected by the H1 experiment at HERA. The data correspond to an integrated luminosity of 463 pb-1. Di-lepton and tri-lepton event classes are investigated. Cross sections of the production of e+e- and mu+mu- pairs are derived in a restricted phase space dominated by photon-photon collisions. In general, good agreement is found with Standard Model predictions. Events are observed with a total scalar sum of lepton transverse momenta above 100 GeV where the Standard Model expectation is low. In this region, combining di-lepton and tri-lepton classes, five events are observed in e+p collisions, compared to a Standard Model expectation of 0.96+-0.12, while no such event is observed in e-p data for 0.64+-0.09 expected.

  7. Multi-lepton production at high transverse momenta in ep collisions at HERA

    Science.gov (United States)

    H1 Collaboration; Aaron, F. D.; Alexa, C.; Andreev, V.; Antunovic, B.; Aplin, S.; Asmone, A.; Astvatsatourov, A.; Bacchetta, A.; Backovic, S.; Baghdasaryan, A.; Baranov, P.; Barrelet, E.; Bartel, W.; Beckingham, M.; Begzsuren, K.; Behnke, O.; Belousov, A.; Berger, N.; Bizot, J. C.; Boenig, M.-O.; Boudry, V.; Bozovic-Jelisavcic, I.; Bracinik, J.; Brandt, G.; Brinkmann, M.; Brisson, V.; Bruncko, D.; Bunyatyan, A.; Buschhorn, G.; Bystritskaya, L.; Campbell, A. J.; Cantun Avila, K. B.; Cassol-Brunner, F.; Cerny, K.; Cerny, V.; Chekelian, V.; Cholewa, A.; Contreras, J. G.; Coughlan, J. A.; Cozzika, G.; Cvach, J.; Dainton, J. B.; Daum, K.; Deák, M.; de Boer, Y.; Delcourt, B.; Del Degan, M.; Delvax, J.; de Roeck, A.; de Wolf, E. A.; Diaconu, C.; Dodonov, V.; Dossanov, A.; Dubak, A.; Eckerlin, G.; Efremenko, V.; Egli, S.; Eliseev, A.; Elsen, E.; Essenov, S.; Falkiewicz, A.; Faulkner, P. J. W.; Favart, L.; Fedotov, A.; Felst, R.; Feltesse, J.; Ferencei, J.; Fleischer, M.; Fomenko, A.; Gabathuler, E.; Gayler, J.; Ghazaryan, S.; Glazov, A.; Glushkov, I.; Goerlich, L.; Goettlich, M.; Gogitidze, N.; Gouzevitch, M.; Grab, C.; Greenshaw, T.; Grell, B. R.; Grindhammer, G.; Habib, S.; Haidt, D.; Hansson, M.; Helebrant, C.; Henderson, R. C. W.; Hennekemper, E.; Henschel, H.; Herrera, G.; Hildebrandt, M.; Hiller, K. H.; Hoffmann, D.; Horisberger, R.; Hovhannisyan, A.; Hreus, T.; Jacquet, M.; Janssen, M. E.; Janssen, X.; Jemanov, V.; Jönsson, L.; Johnson, D. P.; Jung, A. W.; Jung, H.; Kapichine, M.; Katzy, J.; Kenyon, I. R.; Kiesling, C.; Klein, M.; Kleinwort, C.; Klimkovich, T.; Kluge, T.; Knutsson, A.; Kogler, R.; Korbel, V.; Kostka, P.; Kraemer, M.; Krastev, K.; Kretzschmar, J.; Kropivnitskaya, A.; Krüger, K.; Kutak, K.; Landon, M. P. J.; Lange, W.; Laštovička-Medin, G.; Laycock, P.; Lebedev, A.; Leibenguth, G.; Lendermann, V.; Levonian, S.; Li, G.; Lipka, K.; Liptaj, A.; List, B.; List, J.; Loktionova, N.; Lopez-Fernandez, R.; Lubimov, V.; Lucaci-Timoce, A.-I.; Lytkin, L.; Makankine, A.; Malinovski, E.; Marage, P.; Marti, Ll.; Martyn, H.-U.; Maxfield, S. J.; Mehta, A.; Meier, K.; Meyer, A. B.; Meyer, H.; Meyer, H.; Meyer, J.; Michels, V.; Mikocki, S.; Milcewicz-Mika, I.; Moreau, F.; Morozov, A.; Morris, J. V.; Mozer, M. U.; Mudrinic, M.; Müller, K.; Murín, P.; Nankov, K.; Naroska, B.; Naumann, Th.; Newman, P. R.; Niebuhr, C.; Nikiforov, A.; Nowak, G.; Nowak, K.; Nozicka, M.; Olivier, B.; Olsson, J. E.; Osman, S.; Ozerov, D.; Palichik, V.; Panagoulias, I.; Pandurovic, M.; Papadopoulou, Th.; Pascaud, C.; Patel, G. D.; Pejchal, O.; Peng, H.; Perez, E.; Petrukhin, A.; Picuric, I.; Piec, S.; Pitzl, D.; Plačakytė, R.; Polifka, R.; Povh, B.; Preda, T.; Radescu, V.; Rahmat, A. J.; Raicevic, N.; Raspiareza, A.; Ravdandorj, T.; Reimer, P.; Rizvi, E.; Robmann, P.; Roland, B.; Roosen, R.; Rostovtsev, A.; Rotaru, M.; Ruiz Tabasco, J. E.; Rurikova, Z.; Rusakov, S.; Salek, D.; Salvaire, F.; Sankey, D. P. C.; Sauter, M.; Sauvan, E.; Schmidt, S.; Schmitt, S.; Schmitz, C.; Schoeffel, L.; Schöning, A.; Schultz-Coulon, H.-C.; Sefkow, F.; Shaw-West, R. N.; Sheviakov, I.; Shtarkov, L. N.; Shushkevich, S.; Sloan, T.; Smiljanic, I.; Smirnov, P.; Soloviev, Y.; Sopicki, P.; South, D.; Spaskov, V.; Specka, A.; Staykova, Z.; Steder, M.; Stella, B.; Straumann, U.; Sunar, D.; Sykora, T.; Tchoulakov, V.; Thompson, G.; Thompson, P. D.; Toll, T.; Tomasz, F.; Tran, T. H.; Traynor, D.; Trinh, T. N.; Truöl, P.; Tsakov, I.; Tseepeldorj, B.; Tsurin, I.; Turnau, J.; Tzamariudaki, E.; Urban, K.; Valkárová, A.; Vallée, C.; van Mechelen, P.; Vargas Trevino, A.; Vazdik, Y.; Vinokurova, S.; Volchinski, V.; Wegener, D.; Wessels, M.; Wissing, Ch.; Wünsch, E.; Yeganov, V.; Žáček, J.; Zálešák, J.; Zhang, Z.; Zhelezov, A.; Zhokin, A.; Zhu, Y. C.; Zimmermann, T.; Zohrabyan, H.; Zomer, F.

    2008-10-01

    Processes leading to a final state with at least two high transverse momentum leptons (electrons or muons) are studied using the full ep data sample collected by the H1 experiment at HERA. The data correspond to an integrated luminosity of 463 pb-1. Di-lepton and tri-lepton event classes are investigated. Cross sections of the production of ee and μμ pairs are derived in a restricted phase space dominated by photon photon collisions. In general, good agreement is found with Standard Model predictions. Events are observed with a total scalar sum of lepton transverse momenta above 100 GeV where the Standard Model expectation is low. In this region, combining di-lepton and tri-lepton classes, five events are observed in ep collisions, compared to a Standard Model expectation of 0.96±0.12, while no such event is observed in ep data for 0.64±0.09 expected.

  8. On the non-stationarity of financial time series: impact on optimal portfolio selection

    International Nuclear Information System (INIS)

    Livan, Giacomo; Inoue, Jun-ichi; Scalas, Enrico

    2012-01-01

    We investigate the possible drawbacks of employing the standard Pearson estimator to measure correlation coefficients between financial stocks in the presence of non-stationary behavior, and we provide empirical evidence against the well-established common knowledge that using longer price time series provides better, more accurate, correlation estimates. Then, we investigate the possible consequences of instabilities in empirical correlation coefficient measurements on optimal portfolio selection. We rely on previously published works which provide a framework allowing us to take into account possible risk underestimations due to the non-optimality of the portfolio weights being used in order to distinguish such non-optimality effects from risk underestimations genuinely due to non-stationarities. We interpret such results in terms of instabilities in some spectral properties of portfolio correlation matrices. (paper)

  9. Reliable Portfolio Selection Problem in Fuzzy Environment: An mλ Measure Based Approach

    Directory of Open Access Journals (Sweden)

    Yuan Feng

    2017-04-01

    Full Text Available This paper investigates a fuzzy portfolio selection problem with guaranteed reliability, in which the fuzzy variables are used to capture the uncertain returns of different securities. To effectively handle the fuzziness in a mathematical way, a new expected value operator and variance of fuzzy variables are defined based on the m λ measure that is a linear combination of the possibility measure and necessity measure to balance the pessimism and optimism in the decision-making process. To formulate the reliable portfolio selection problem, we particularly adopt the expected total return and standard variance of the total return to evaluate the reliability of the investment strategies, producing three risk-guaranteed reliable portfolio selection models. To solve the proposed models, an effective genetic algorithm is designed to generate the approximate optimal solution to the considered problem. Finally, the numerical examples are given to show the performance of the proposed models and algorithm.

  10. A Generalized Measure for the Optimal Portfolio Selection Problem and its Explicit Solution

    Directory of Open Access Journals (Sweden)

    Zinoviy Landsman

    2018-03-01

    Full Text Available In this paper, we offer a novel class of utility functions applied to optimal portfolio selection. This class incorporates as special cases important measures such as the mean-variance, Sharpe ratio, mean-standard deviation and others. We provide an explicit solution to the problem of optimal portfolio selection based on this class. Furthermore, we show that each measure in this class generally reduces to the efficient frontier that coincides or belongs to the classical mean-variance efficient frontier. In addition, a condition is provided for the existence of the a one-to-one correspondence between the parameter of this class of utility functions and the trade-off parameter λ in the mean-variance utility function. This correspondence essentially provides insight into the choice of this parameter. We illustrate our results by taking a portfolio of stocks from National Association of Securities Dealers Automated Quotation (NASDAQ.

  11. Performance of salmon fishery portfolios across western North America.

    Science.gov (United States)

    Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

    2014-12-01

    Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications . Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally

  12. Performance of salmon fishery portfolios across western North America

    Science.gov (United States)

    Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C

    2014-01-01

    Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally

  13. Portfolio optimization with skewness and kurtosis

    Science.gov (United States)

    Lam, Weng Hoe; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi

    2013-04-01

    Mean and variance of return distributions are two important parameters of the mean-variance model in portfolio optimization. However, the mean-variance model will become inadequate if the returns of assets are not normally distributed. Therefore, higher moments such as skewness and kurtosis cannot be ignored. Risk averse investors prefer portfolios with high skewness and low kurtosis so that the probability of getting negative rates of return will be reduced. The objective of this study is to compare the portfolio compositions as well as performances between the mean-variance model and mean-variance-skewness-kurtosis model by using the polynomial goal programming approach. The results show that the incorporation of skewness and kurtosis will change the optimal portfolio compositions. The mean-variance-skewness-kurtosis model outperforms the mean-variance model because the mean-variance-skewness-kurtosis model takes skewness and kurtosis into consideration. Therefore, the mean-variance-skewness-kurtosis model is more appropriate for the investors of Malaysia in portfolio optimization.

  14. Declarative Modeling for Production Order Portfolio Scheduling

    Directory of Open Access Journals (Sweden)

    Banaszak Zbigniew

    2014-12-01

    Full Text Available A declarative framework enabling to determine conditions as well as to develop decision-making software supporting small- and medium-sized enterprises aimed at unique, multi-project-like and mass customized oriented production is discussed. A set of unique production orders grouped into portfolio orders is considered. Operations executed along different production orders share available resources following a mutual exclusion protocol. A unique product or production batch is completed while following a given activity’s network order. The problem concerns scheduling a newly inserted project portfolio subject to constraints imposed by a multi-project environment The answers sought are: Can a given project portfolio specified by its cost and completion time be completed within the assumed time period in a manufacturing system in hand? Which manufacturing system capability guarantees the completion of a given project portfolio ordered under assumed cost and time constraints? The considered problems regard finding a computationally effective approach aimed at simultaneous routing and allocation as well as batching and scheduling of a newly ordered project portfolio subject to constraints imposed by a multi-project environment. The main objective is to provide a declarative model enabling to state a constraint satisfaction problem aimed at multi-project-like and mass customized oriented production scheduling. Multiple illustrative examples are discussed.

  15. PrEP Whores and HIV Prevention: The Queer Communication of HIV Pre-Exposure Prophylaxis (PrEP).

    Science.gov (United States)

    Spieldenner, Andrew

    2016-12-01

    HIV pre-exposure prophylaxis (PrEP) has been introduced as another biomedical tool in HIV prevention. Whereas other such tools-including post-exposure prophylaxis (PEP) and interruption of perinatal transmission-have been embraced by those impacted by HIV, PrEP has been met with more conflict, especially within the gay community and HIV organizations. The "PrEP whore" has come to designate the social value and personal practices of those taking PrEP. This study examines the "PrEP whore" discourse by using queer theory and quare theory. Within these theoretical vantage points, the study explicates four discursive areas: slut shaming, dirty/clean binaries, mourning the loss of condoms, and reclaiming the inner whore. The study illuminates possible discursive strategies that lie outside of the domains of public health and within the individual and community.

  16. Implementing portfolio in postgraduate general practice training. Benefits and recommendations.

    Science.gov (United States)

    Alotaibi, Fawaz S

    2012-10-01

    This paper presents a review to explore the literature focusing on portfolio in postgraduate general practice (GP) training, and to examine the impact of implementation of portfolio on learning process, as well as proposing recommendations for its implementation in postgraduate GP training. An electronic search was carried out on several databases for studies addressing portfolio in postgraduate GP training. Six articles were included to address specifically the effectiveness of portfolio in postgraduate GP training. Five of them described successful experiences of portfolio-based learning implementation. Only one article addressed portfolio-based assessment in postgraduate GP training. The existing evidence provides various benefits of professional portfolio-based learning. It does appear to have advantages of stimulating reflective learning, promoting proactive learning, and bridging the hospital experiences of the learners to GP. Moreover, the challenges to implementation of portfolio-based learning are often based on orientation and training of stakeholders.

  17. Minimum Variance Portfolios in the Brazilian Equity Market

    Directory of Open Access Journals (Sweden)

    Alexandre Rubesam

    2013-03-01

    Full Text Available We investigate minimum variance portfolios in the Brazilian equity market using different methods to estimate the covariance matrix, from the simple model of using the sample covariance to multivariate GARCH models. We compare the performance of the minimum variance portfolios to those of the following benchmarks: (i the IBOVESPA equity index, (ii an equally-weighted portfolio, (iii the maximum Sharpe ratio portfolio and (iv the maximum growth portfolio. Our results show that the minimum variance portfolio has higher returns with lower risk compared to the benchmarks. We also consider long-short 130/30 minimum variance portfolios and obtain similar results. The minimum variance portfolio invests in relatively few stocks with low βs measured with respect to the IBOVESPA index, being easily replicable by individual and institutional investors alike.

  18. Application of Portfolio Theory in Recovery Planning for Pacific Salmon.

    Science.gov (United States)

    Ecological applications of portfolio theory demonstrate the utility of this analytical framework for understanding the stability of commercial and indigenous Pacific Salmon fisheries. Portfolio theory also has the potential to aid in recovery planning for threatened and endangere...

  19. Markowitz portfolio optimization model employing fuzzy measure

    Science.gov (United States)

    Ramli, Suhailywati; Jaaman, Saiful Hafizah

    2017-04-01

    Markowitz in 1952 introduced the mean-variance methodology for the portfolio selection problems. His pioneering research has shaped the portfolio risk-return model and become one of the most important research fields in modern finance. This paper extends the classical Markowitz's mean-variance portfolio selection model applying the fuzzy measure to determine the risk and return. In this paper, we apply the original mean-variance model as a benchmark, fuzzy mean-variance model with fuzzy return and the model with return are modeled by specific types of fuzzy number for comparison. The model with fuzzy approach gives better performance as compared to the mean-variance approach. The numerical examples are included to illustrate these models by employing Malaysian share market data.

  20. Teaching ePortfolios in Teacher Education

    Directory of Open Access Journals (Sweden)

    Peter Groißböck

    2012-11-01

    Full Text Available Especially when starting their career in the induction phase, young teachers need personal, profession-related and social support. Young teachers can get personal support with a mentoring system, profession-related support in seminars and social support with peer-learning. E-portfolios offer ways to accompany those learning processes and are a central tool for the documentation of individual student progress in the induction phase of teachers. In this article a concept of teaching e-portfolios for the induction phase is presented, showing a basic structure, essential conditions and possible risks. Additionally this article also includes practical thoughts to the use of e-portfolios in basic teacher education and further teacher training.

  1. Enhanced index tracking modelling in portfolio optimization

    Science.gov (United States)

    Lam, W. S.; Hj. Jaaman, Saiful Hafizah; Ismail, Hamizun bin

    2013-09-01

    Enhanced index tracking is a popular form of passive fund management in stock market. It is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the risk. Enhanced index tracking aims to generate excess return over the return achieved by the index without purchasing all of the stocks that make up the index by establishing an optimal portfolio. The objective of this study is to determine the optimal portfolio composition and performance by using weighted model in enhanced index tracking. Weighted model focuses on the trade-off between the excess return and the risk. The results of this study show that the optimal portfolio for the weighted model is able to outperform the Malaysia market index which is Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.

  2. Belief Propagation Algorithm for Portfolio Optimization Problems.

    Science.gov (United States)

    Shinzato, Takashi; Yasuda, Muneki

    2015-01-01

    The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007)]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm.

  3. A Bicriteria Approach Identifying Nondominated Portfolios

    Directory of Open Access Journals (Sweden)

    Javier Pereira

    2014-01-01

    Full Text Available We explore a portfolio constructive model, formulated in terms of satisfaction of a given set of technical requirements, with the minimum number of projects and minimum redundancy. An algorithm issued from robust portfolio modeling is adapted to a vector model, modifying the dominance condition as convenient, in order to find the set of nondominated portfolios, as solutions of a bicriteria integer linear programming problem. In order to improve the former algorithm, a process finding an optimal solution of a monocriteria version of this problem is proposed, which is further used as a first feasible solution aiding to find nondominated solutions more rapidly. Next, a sorting process is applied on the input data or information matrix, which is intended to prune nonfeasible solutions early in the constructive algorithm. Numerical examples show that the optimization and sorting processes both improve computational efficiency of the original algorithm. Their limits are also shown on certain complex instances.

  4. Robust Portfolio Optimization using CAPM Approach

    Directory of Open Access Journals (Sweden)

    mohsen gharakhani

    2013-08-01

    Full Text Available In this paper, a new robust model of multi-period portfolio problem has been developed. One of the key concerns in any asset allocation problem is how to cope with uncertainty about future returns. There are some approaches in the literature for this purpose including stochastic programming and robust optimization. Applying these techniques to multi-period portfolio problem may increase the problem size in a way that the resulting model is intractable. In this paper, a novel approach has been proposed to formulate multi-period portfolio problem as an uncertain linear program assuming that asset return follows the single-index factor model. Robust optimization technique has been also used to solve the problem. In order to evaluate the performance of the proposed model, a numerical example has been applied using simulated data.

  5. Portfolio Selection Using Level Crossing Analysis

    Science.gov (United States)

    Bolgorian, Meysam; Shirazi, A. H.; Jafari, G. R.

    Asset allocation is one of the most important and also challenging issues in finance. In this paper using level crossing analysis we introduce a new approach for portfolio selection. We introduce a portfolio index that is obtained based on minimizing the waiting time to receive known return and risk values. By the waiting time, we mean time that a special level is observed in average. The advantage of this approach is that the investors are able to set their goals based on gaining return and knowing the average waiting time and risk value at the same time. As an example we use our model for forming portfolio of stocks in Tehran Stock Exchange (TSE).

  6. Belief Propagation Algorithm for Portfolio Optimization Problems.

    Directory of Open Access Journals (Sweden)

    Takashi Shinzato

    Full Text Available The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm.

  7. 42 CFR 495.202 - Identification of qualifying MA organizations, MA-EPs and MA-affiliated eligible hospitals.

    Science.gov (United States)

    2010-10-01

    ... qualifying MA-affiliated eligible hospitals under the MA EHR incentive program are required to identify...-EPs and MA-affiliated eligible hospitals. 495.202 Section 495.202 Public Health CENTERS FOR MEDICARE... STANDARDS FOR THE ELECTRONIC HEALTH RECORD TECHNOLOGY INCENTIVE PROGRAM Requirements Specific to Medicare...

  8. Dynamic Mechanical Properties of PMN/CNFs/EP Composites

    International Nuclear Information System (INIS)

    Shi Minxian; Huang Zhixiong; Qin Yan

    2011-01-01

    In this research, piezoelectric ceramic PMN(lead magnesium niobate-lead zirconate-lead titanate)/carbon nano-fibers(CNFs)/epoxy resin(EP) ccomposites were prepared and the dynamic mechanical properties and damping mechanism of PMN/CNFs/EP composites were investigated. The addition of CNFs into PMN/EP composite results in decrease of volume resistivity of the composite. When the concentration of CNFs is 0.6% weight of epoxy resin the volume resistivity of PMN/CNFs/EP composite is about 10 8 Ω·m. Dynamic mechanical analysis indicates that the loss factor, loss area, and damping temperature range of PMN/CNFs/EP composites increase with the CNFs content increasing till to 0.6% of weight of epoxy resin. When the CNFs content is more than 0.6% the damping properties of composites decrease oppositely. In PMN/CNFs/EP composites, the CNFs content 0.6% and the volume resistivity of PMN/CNFs/EP composites about 10 8 Ω·m just satisfy the practicing condition of piezo-damping, so the composites show optimal damping property.

  9. Construction of uncertainty sets for portfolio selection problems

    OpenAIRE

    Wiechers, Christof

    2011-01-01

    While modern portfolio theory grounds on the trade-off between portfolio return and portfolio variance to determine the optimal investment decision, postmodern portfolio theory uses downside risk measures instead of the variance. Prominent examples are given by the risk measures Value-at-Risk and its coherent extension, Conditional Value-at-Risk. When avoiding distributional assumptions on the process that generates the risky assets' returns, historical return data or expert knowledge remain ...

  10. An Arbitrary Benchmark CAPM: One Additional Frontier Portfolio is Sufficient

    OpenAIRE

    Ekern, Steinar

    2008-01-01

    First draft: July 16, 2008 This version: October 7, 2008 The benchmark CAPM linearly relates the expected returns on an arbitrary asset, an arbitrary benchmark portfolio, and an arbitrary MV frontier portfolio. The benchmark is not required to be on the frontier and may be non-perfectly correlated with the frontier portfolio. The benchmark CAPM extends and generalizes previous CAPM formulations, including the zero beta, two correlated frontier portfolios, riskless augmented frontier, an...

  11. Log-Optimal Portfolio Selection Using the Blackwell Approachability Theorem

    OpenAIRE

    V'yugin, Vladimir

    2014-01-01

    We present a method for constructing the log-optimal portfolio using the well-calibrated forecasts of market values. Dawid's notion of calibration and the Blackwell approachability theorem are used for computing well-calibrated forecasts. We select a portfolio using this "artificial" probability distribution of market values. Our portfolio performs asymptotically at least as well as any stationary portfolio that redistributes the investment at each round using a continuous function of side in...

  12. Asset Allocation and Optimal Contract for Delegated Portfolio Management

    Science.gov (United States)

    Liu, Jingjun; Liang, Jianfeng

    This article studies the portfolio selection and the contracting problems between an individual investor and a professional portfolio manager in a discrete-time principal-agent framework. Portfolio selection and optimal contracts are obtained in closed form. The optimal contract was composed with the fixed fee, the cost, and the fraction of excess expected return. The optimal portfolio is similar to the classical two-fund separation theorem.

  13. ALPHA-BETA SEPARATION PORTFOLIO STRATEGIES FOR ISLAMIC FINANCE

    OpenAIRE

    Valentyn Khokhlov

    2016-01-01

    The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-vari...

  14. [Portfolio in nursing school: myth or reality].

    Science.gov (United States)

    Garnier, Chantal; Marchand, Claire

    2012-09-01

    The portfolio is a new tool that has been introduced for the setting up of a new program concerning the nurse training. It aims at the would-be nurse to improve their self-reliance and make them assess themselves through a critical and reflexive approach. Indeed, the portfolio is mostly made up of sheets that the student has to fill in when describing and analysing several professional conditions. This study is about the assessment of the relevance in the portfolio that each nurse student owns in order to make them improve their reflexive practical. The work will, thus, suggest different ways of thinking and improving the use of the tool. 30 portfolios were chosen randomly among the 2nd year students, because 180 analysis were assessed thanks to a grid. 10 viewpoints from volunteer students were gathered after several semi directive interviews. The qualitative and evaluative analysis shows that the students develop the reflexive practical throughout their trainings. It seems, indeed, relevant to choose the portfolio in order to help the students to develop this way of working. According to them, there are several positive points such as the distance towards an event, an awareness-raising of the acquisition, feedbacks about the quality of the text by the trainer and an ability to assess oneself. Yet, even though it was created 18 months ago, there are some limits such as the too short period of mentoring and feedback, the lack of time for the students to write their analysis, the fact that it is not a practical tool, and the unclear description of assessment criteria. In order to fulfil the needs, some solutions are to be found. The portfolio is clearly helpful for the students who wish to increase/improve gradually their reflexive practice. Thus, the trainer's role is crucial, when he is a supervisor.

  15. Natural gas contracts in efficient portfolios

    Energy Technology Data Exchange (ETDEWEB)

    Sutherland, R.J.

    1994-12-01

    This report addresses the {open_quotes}contracts portfolio{close_quotes} issue of natural gas contracts in support of the Domestic Natural Gas and Oil Initiative (DGOI) published by the U.S. Department of Energy in 1994. The analysis is a result of a collaborative effort with the Public Service Commission of the State of Maryland to consider {open_quotes}reforms that enhance the industry`s competitiveness{close_quotes}. The initial focus of our collaborative effort was on gas purchasing and contract portfolios; however, it became apparent that efficient contracting to purchase and use gas requires a broader consideration of regulatory reform. Efficient portfolios are obtained when the holder of the portfolio is affected by and is responsible for the performance of the portfolio. Natural gas distribution companies may prefer a diversity of contracts, but the efficient use of gas requires that the local distribution company be held accountable for its own purchases. Ultimate customers are affected by their own portfolios, which they manage efficiently by making their own choices. The objectives of the DGOI, particularly the efficient use of gas, can be achieved when customers have access to suppliers of gas and energy services under an improved regulatory framework. The evolution of the natural gas market during the last 15 years is described to account for the changing preferences toward gas contracts. Long-term contracts for natural gas were prevalent before the early 1980s, primarily because gas producers had few options other than to sell to a single pipeline company, and this pipeline company, in turn, was the only seller to a gas distribution company.

  16. Exopolysaccharide (EPS synthesis by Oenococcus oeni: from genes to phenotypes.

    Directory of Open Access Journals (Sweden)

    Maria Dimopoulou

    Full Text Available Oenococcus oeni is the bacterial species which drives malolactic fermentation in wine. The analysis of 50 genomic sequences of O. oeni (14 already available and 36 newly sequenced ones provided an inventory of the genes potentially involved in exopolysaccharide (EPS biosynthesis. The loci identified are: two gene clusters named eps1 and eps2, three isolated glycoside-hydrolase genes named dsrO, dsrV and levO, and three isolated glycosyltransferase genes named gtf, it3, it4. The isolated genes were present or absent depending on the strain and the eps gene clusters composition diverged from one strain to another. The soluble and capsular EPS production capacity of several strains was examined after growth in different culture media and the EPS structure was determined. Genotype to phenotype correlations showed that several EPS biosynthetic pathways were active and complementary in O. oeni. Can be distinguished: (i a Wzy-dependent synthetic pathway, allowing the production of heteropolysaccharides made of glucose, galactose and rhamnose, mainly in a capsular form, (ii a glucan synthase pathway (Gtf, involved in β-glucan synthesis in a free and a cell-associated form, giving a ropy phenotype to growth media and (iii homopolysaccharide synthesis from sucrose (α-glucan or β-fructan by glycoside-hydrolases of the GH70 and GH68 families. The eps gene distribution on the phylogenetic tree was examined. Fifty out of 50 studied genomes possessed several genes dedicated to EPS metabolism. This suggests that these polymers are important for the adaptation of O. oeni to its specific ecological niche, wine and possibly contribute to the technological performance of malolactic starters.

  17. Portfolios Dominating Indices: Optimization with Second-Order Stochastic Dominance Constraints vs. Minimum and Mean Variance Portfolios

    Directory of Open Access Journals (Sweden)

    Neslihan Fidan Keçeci

    2016-10-01

    Full Text Available The paper compares portfolio optimization with the Second-Order Stochastic Dominance (SSD constraints with mean-variance and minimum variance portfolio optimization. As a distribution-free decision rule, stochastic dominance takes into account the entire distribution of return rather than some specific characteristic, such as variance. The paper is focused on practical applications of the portfolio optimization and uses the Portfolio Safeguard (PSG package, which has precoded modules for optimization with SSD constraints, mean-variance and minimum variance portfolio optimization. We have done in-sample and out-of-sample simulations for portfolios of stocks from the Dow Jones, S&P 100 and DAX indices. The considered portfolios’ SSD dominate the Dow Jones, S&P 100 and DAX indices. Simulation demonstrated a superior performance of portfolios with SD constraints, versus mean-variance and minimum variance portfolios.

  18. Product Portfolio Management: An Important Business Strategy

    Directory of Open Access Journals (Sweden)

    Doorasamy Mishelle

    2015-06-01

    Full Text Available The aim of this article is to provide reader with a comprehensive insight on the theories, empirical findings and models of Product Portfolio Management (PPM during new product development. This article will allow for an in-depth theoretical approach on PPM and demonstrate to managers the importance of adopting PPM as business strategy during decision making. The objective of this paper is to present a literature review of models, theories, approaches and findings on the relationship between Product Portfolio Management and new product development. Relevant statistical trends, historical developments, published opinion of major writers in this field will be presented to provide concrete evidence of the problem being discussed.

  19. Alternatives: the right medicine for your portfolio?

    Science.gov (United States)

    Doody, Dennis

    2006-01-01

    Because they often play an active role in developing their portfolio companies' strategies, private capital investment managers can add significant value to companies in their portfolio. The relative inefficiency of private capital markets can give savvy investors an edge that they can not so easily gain in the more efficient public markets. Originally created as a means to reduce volatility, hedge funds should not be seen as the high-risk bets that they are widely perceived to be. Most hedge funds actually are concerned with protecting downside risk.

  20. Portfolio optimization using fuzzy linear programming

    Science.gov (United States)

    Pandit, Purnima K.

    2013-09-01

    Portfolio Optimization (PO) is a problem in Finance, in which investor tries to maximize return and minimize risk by carefully choosing different assets. Expected return and risk are the most important parameters with regard to optimal portfolios. In the simple form PO can be modeled as quadratic programming problem which can be put into equivalent linear form. PO problems with the fuzzy parameters can be solved as multi-objective fuzzy linear programming problem. In this paper we give the solution to such problems with an illustrative example.

  1. Portfolio Optimization in a Semi-Markov Modulated Market

    International Nuclear Information System (INIS)

    Ghosh, Mrinal K.; Goswami, Anindya; Kumar, Suresh K.

    2009-01-01

    We address a portfolio optimization problem in a semi-Markov modulated market. We study both the terminal expected utility optimization on finite time horizon and the risk-sensitive portfolio optimization on finite and infinite time horizon. We obtain optimal portfolios in relevant cases. A numerical procedure is also developed to compute the optimal expected terminal utility for finite horizon problem

  2. Household portfolios and risk taking over age and time

    NARCIS (Netherlands)

    Bucciol, A.; Miniaci, R.

    2011-01-01

    We exploit the US Survey of Consumer Finances (SCF) from 1998 to 2007 to provide new insights on the evolution of US households’ willingness to undertake portfolio risk. Specifically, we consider four alternative measures of portfolio risk, based on two definitions of portfolio - a narrow one,

  3. Guidelines for Good Evaluation Practice with the ACUMEN portfolio

    DEFF Research Database (Denmark)

    Wildgaard, Lorna Elizabeth

    2014-01-01

    This document gives guidelines for using the ACUMEN Portfolio to evaluate academic researchers. The ACUMEN Portfolio is a way for Portfolio owners to highlight their achievements and to present themselves in the most positive way. It supplements the traditional CV because it highlights key achiev...

  4. Validity of portfolio assessment: which qualities determine ratings?

    NARCIS (Netherlands)

    Driessen, E.W.; Overeem, K.; Tartwijk, J. van; Vleuten, C.P.M. van der; Muijtjens, A.M.M.

    2006-01-01

    The portfolio is becoming increasingly accepted as a valuable tool for learning and assessment. The validity of portfolio assessment, however, may suffer from bias due to irrelevant qualities, such as lay-out and writing style. We examined the possible effects of such qualities in a portfolio

  5. Portfolio Development in Teacher Education and Educational Leadership.

    Science.gov (United States)

    Biddle, James

    The Ohio Consortium for Portfolio Development was established in 1988 as an interinstitutional research effort to integrate portfolio development into teacher education. A subphase focused on portfolio use by entry year teachers in a metropolitan school system. Personnel at Wright State University, Central State University, and the University of…

  6. Mentoring portfolio use in undergraduate and postgraduate medical education

    NARCIS (Netherlands)

    Dekker, Hanke; Driessen, Erik; Ter Braak, Edith; Scheele, Fedde; Slaets, Joris; Van Der Molen, Thys; Cohen-Schotanus, Janke

    2009-01-01

    Aim: Mentoring is widely acknowledged as being crucial for portfolio learning. The aim of this study is to examine how mentoring portfolio use has been implemented in undergraduate and postgraduate settings. Method: The results of interviews with six key persons involved in setting up portfolio use

  7. Asset Attribution Stability and Portfolio Construction: An Educational Example

    Science.gov (United States)

    Chong, James T.; Jennings, William P.; Phillips, G. Michael

    2014-01-01

    This paper illustrates how a third statistic from asset pricing models, the R-squared statistic, may have information that can help in portfolio construction. Using a traditional CAPM model in comparison to an 18-factor Arbitrage Pricing Style Model, a portfolio separation test is conducted. Portfolio returns and risk metrics are compared using…

  8. Professionalism, Portfolios and the Development of School Leaders.

    Science.gov (United States)

    Wildy, Helen; Wallace, John

    1998-01-01

    Describes how two reforms--portfolio culture and teacher professionalism--converge in a systemwide program for school leaders' professional development. Investigates use of portfolios to help (Australian) principals, deputy principals, and department heads improve their performance and accountability. Participants used portfolios as evidence of…

  9. Selection of a portfolio of R & D projects

    NARCIS (Netherlands)

    Casault, Sébastien; Groen, Arend J.; Linton, J.D.; Linton, Jonathan; Link, A.N.; Vonortas, N.S.

    2013-01-01

    While portfolios of research are increasingly discussed, a portfolio perspective is infrequently taken when selecting two or more projects. Consequently, this chapter considers the current state of knowledge in project and portfolio selection, identifies why we can and cannot apply knowledge from

  10. On the economic risk capital of portfolio insurance

    Directory of Open Access Journals (Sweden)

    Werner Hürlimann

    2004-09-01

    Full Text Available A formula for the conditional value-at-risk of classical portfolio insurance is derived and shown to be constant for sufficiently small loss probabilities. As illustrations, we discuss portfolio insurance for an equity market index using empirical data, and analyze the more general multivariate situation of a portfolio of risky assets.

  11. The current account as a dynamic portfolio choice problem

    OpenAIRE

    Didier, Tatiana; Lowenkron, Alexandre

    2009-01-01

    The current account can be understood as the outcome of investment decisions made by domestic and foreign investors. These decisions can be decomposed into a portfolio rebalancing and a portfolio growth component. This paper provides empirical evidence of the importance of portfolio rebalancing for the dynamics of the current account. The authors evaluate the predictions of a partial-equil...

  12. Production of extracellular polymeric substances (EPS) by Serratia sp.1 using wastewater sludge as raw material and flocculation activity of the EPS produced.

    Science.gov (United States)

    Bezawada, J; Hoang, N V; More, T T; Yan, S; Tyagi, N; Tyagi, R D; Surampalli, R Y

    2013-10-15

    Growth profile and extracellular polymeric substances (EPS) production of Serratia sp.1 was studied in shake flask fermentation for 72 h using wastewater sludge as raw material. Maximum cell concentration of 6.7 × 10(9) cfu/mL was obtained at 48 h fermentation time. EPS dry weight, flocculation activity and dewaterability of different EPS (tightly bound or TB-EPS, loosely bound or LB-EPS and broth-EPS or B-EPS) were also measured. The highest concentration of LB-EPS (2.45 g/L) and TB-EPS (0.99 g/L) were attained at 48 h of fermentation. Maximum flocculation activity and dewaterability (ΔCST) of TB-EPS (76.4%, 14.5s and 76.5%, 15.5s), LB-EPS (67.8%, 8.1s and 64.7%, 7.6s) and broth EPS (61%, 6.1s and 70.4%, 6.8s) were obtained at 36 and 48 h of growth. Higher flocculation activity and dewaterability were achieved with TB-EPS than with the two other EPS. Characterization of TB-EPS and LB-EPS was done in terms of their protein and carbohydrate content. Protein content was much higher in TB-EPS where as carbohydrate content was only slightly higher in TB-EPS than LB-EPS. Morphology of the Serratia strain after fermentation in sludge and TSB was observed under a scanning electron microscope and the cell size was found to be bigger in the sludge medium than the TSB medium. Copyright © 2013 Elsevier Ltd. All rights reserved.

  13. Product Plan of New Generation System Camera "OLYMPUS PEN E-P1"

    Science.gov (United States)

    Ogawa, Haruo

    "OLYMPUS PEN E-P1", which is new generation system camera, is the first product of Olympus which is new standard "Micro Four-thirds System" for high-resolution mirror-less cameras. It continues good sales by the concept of "small and stylish design, easy operation and SLR image quality" since release on July 3, 2009. On the other hand, the half-size film camera "OLYMPUS PEN" was popular by the concept "small and stylish design and original mechanism" since the first product in 1959 and recorded sale number more than 17 million with 17 models. By the 50th anniversary topic and emotional value of the Olympus pen, Olympus pen E-P1 became big sales. I would like to explain the way of thinking of the product plan that included not only the simple functional value but also emotional value on planning the first product of "Micro Four-thirds System".

  14. Production of Z{sup 0} bosons in elastic and quasi-elastic ep collisions at HERA

    Energy Technology Data Exchange (ETDEWEB)

    Abramowicz, H. [Tel Aviv Univ. (Israel). School of Physics; Max Planck Institute for Physics, Munich (Germany); Abt, I. [Max Planck Institute for Physics, Munich (Germany); Adamczyk, L. [AGH-Univ. of Science and Technology, Krakow (Poland). Faculty of Physics and Applied Computer Science] [and others; Collaboration: ZEUS Collaboration

    2012-10-15

    The production of Z{sup 0} bosons in the reaction ep {yields} eZ{sup 0}p{sup (*)}, where p{sup (*)} stands for a proton or a low-mass nucleon resonance, has been studied in ep collisions at HERA using the ZEUS detector. The analysis is based on a data sample collected between 1996 and 2007, amounting to 496 pb{sup -1} of integrated luminosity. The Z{sup 0} was measured in the hadronic decay mode. The elasticity of the events was ensured by a cut on {eta}{sub max} < 3.0, where {eta}{sub max} is the maximum pseudorapidity of energy deposits in the calorimeter defined with respect to the proton beam direction. A signal was observed at the Z{sup 0} mass. The cross section of the reaction ep {yields} eZ{sup 0}p{sup (*)} was measured to be {sigma} (ep {yields} eZ{sup 0}p{sup (*)}) = 0.13 {+-} 0.06 (stat.) {+-} 0.01 (syst.) pb, in agreement with the Standard Model prediction of 0.16 pb. This is the first measurement of Z{sup 0} production in ep collisions.

  15. Portfolios dominating indices: Optimization with second-order stochastic dominance constraints vs. minimum and mean variance portfolios

    OpenAIRE

    Keçeci, Neslihan Fidan; Kuzmenko, Viktor; Uryasev, Stan

    2016-01-01

    The paper compares portfolio optimization with the Second-Order Stochastic Dominance (SSD) constraints with mean-variance and minimum variance portfolio optimization. As a distribution-free decision rule, stochastic dominance takes into account the entire distribution of return rather than some specific characteristic, such as variance. The paper is focused on practical applications of the portfolio optimization and uses the Portfolio Safeguard (PSG) package, which has precoded modules for op...

  16. Portfolios Dominating Indices: Optimization with Second-Order Stochastic Dominance Constraints vs. Minimum and Mean Variance Portfolios

    OpenAIRE

    Neslihan Fidan Keçeci; Viktor Kuzmenko; Stan Uryasev

    2016-01-01

    The paper compares portfolio optimization with the Second-Order Stochastic Dominance (SSD) constraints with mean-variance and minimum variance portfolio optimization. As a distribution-free decision rule, stochastic dominance takes into account the entire distribution of return rather than some specific characteristic, such as variance. The paper is focused on practical applications of the portfolio optimization and uses the Portfolio Safeguard (PSG) package, which has precoded modules for op...

  17. The Development of E-Portfolio Evaluation Criteria and Application to the Blackboard LMS E-Portfolio

    Science.gov (United States)

    McKenna, Gary F.; Stansfield, Mark H.

    2012-01-01

    The purpose of this paper is to develop e-portfolio evaluation criteria which will be used to review the Blackboard LMS e-portfolio being used at one Higher Education (HE) institution in the UK as evaluation criteria for reviewing e-portfolio provision does not exist in the literature. The approach taken was to initiate a wide literature search…

  18. CO_2 volatility impact on energy portfolio choice: A fully stochastic LCOE theory analysis

    International Nuclear Information System (INIS)

    Lucheroni, Carlo; Mari, Carlo

    2017-01-01

    Highlights: • Stochastic LCOE theory is an extension of the levelized cost of electricity analysis. • The fully stochastic analysis include stochastic processes for fossil fuels prices and CO_2 prices. • The nuclear asset is risky through uncertainty about construction times and it is used as a hedge. • Volatility of CO_2 prices has a strong influence on CO_2 emissions reduction. - Abstract: Market based pricing of CO_2 was designed to control CO_2 emissions by means of the price level, since high CO_2 price levels discourage emissions. In this paper, it will be shown that the level of uncertainty on CO_2 market prices, i.e. the volatility of CO_2 prices itself, has a strong influence not only on generation portfolio risk management but also on CO_2 emissions abatement. A reduction of emissions can be obtained when rational power generation capacity investors decide that the capacity expansion cost risk induced jointly by CO_2 volatility and fossil fuels prices volatility can be efficiently hedged adding to otherwise fossil fuel portfolios some nuclear power as a carbon free asset. This intriguing effect will be discussed using a recently introduced economic analysis tool, called stochastic LCOE theory. The stochastic LCOE theory used here was designed to investigate diversification effects on energy portfolios. In previous papers this theory was used to study diversification effects on portfolios composed of carbon risky fossil technologies and a carbon risk-free nuclear technology in a risk-reward trade-off frame. In this paper the stochastic LCOE theory will be extended to include uncertainty about nuclear power plant construction times, i.e. considering nuclear risky as well, this being the main uncertainty source of financial risk in nuclear technology. Two measures of risk will be used, standard deviation and CVaR deviation, to derive efficient frontiers for generation portfolios. Frontier portfolios will be analyzed in their implications on emissions

  19. EpCAM nuclear localization identifies aggressive Thyroid Cancer and is a marker for poor prognosis

    Directory of Open Access Journals (Sweden)

    MacMillan Christina

    2010-06-01

    Full Text Available Abstract Background Proteolytic cleavage of the extracellular domain (EpEx of Epithelial cell adhesion molecule (EpCAM and nuclear signaling by its intracellular oncogenic domain Ep-ICD has recently been implicated in increased proliferation of cancer cells. The clinical significance of Ep-ICD in human tumors remains an enigma. Methods EpEx, Ep-ICD and β-catenin immunohistochemistry using specific antibodies was conducted on 58 archived thyroid cancer (TC tissue blocks from 34 patients and correlated with survival analysis of these patients for up to 17 years. Results The anaplastic (ATC and aggressive thyroid cancers showed loss of EpEx and increased nuclear and cytoplasmic accumulation of Ep-ICD. In contrast, the low grade papillary thyroid cancers (PTC showed membranous EpEx and no detectable nuclear Ep-ICD. The ATC also showed concomitant nuclear expression of Ep-ICD and β-catenin. Kaplan-Meier Survival analysis revealed reduced overall survival (OS for TC patients showing nuclear Ep-ICD expression or loss of membranous EpEx (p Conclusion We report reciprocal loss of membrane EpEx but increased nuclear and cytoplasmic accumulation of Ep-ICD in aggressive TC; nuclear Ep-ICD correlated with poor OS of TC patients. Thus nuclear Ep-ICD localization may serve as a useful biomarker for aggressive TC and may represent a novel diagnostic, prognostic and therapeutic target for aggressive TC.

  20. EpsA is an essential gene in exopolysaccharide production in Lactobacillus johnsonii FI9785.

    Science.gov (United States)

    Dertli, Enes; Mayer, Melinda J; Colquhoun, Ian J; Narbad, Arjan

    2016-07-01

    Lactobacillus johnsonii FI9785 has an eps gene cluster which is required for the biosynthesis of homopolymeric exopolysaccharides (EPS)-1 and heteropolymeric EPS-2 as a capsular layer. The first gene of the cluster, epsA, is the putative transcriptional regulator. In this study we showed the crucial role of epsA in EPS biosynthesis by demonstrating that deletion of epsA resulted in complete loss of both EPS-1 and EPS-2 on the cell surface. Plasmid complementation of the epsA gene fully restored EPS production, as confirmed by transmission electron microscopy and nuclear magnetic resonance (NMR) analysis. Furthermore, this complementation resulted in a twofold increase in the expression levels of this gene, which almost doubled amounts of EPS production in comparison with the wild-type strain. Analysis of EPS by NMR showed an increased ratio of the heteropolysaccharide to homopolysaccharide in the complemented strain and allowed identification of the acetylated residue in EPS-2 as the (1,4)-linked βGlcp unit, with the acetyl group located at O-6. These findings indicate that epsA is a positive regulator of EPS production and that EPS production can be manipulated by altering its expression. © 2015 The Authors. Microbial Biotechnology published by John Wiley & Sons Ltd and Society for Applied Microbiology.

  1. Epidermal growth factor pathway substrate 15, Eps15

    DEFF Research Database (Denmark)

    Salcini, A E; Chen, H; Iannolo, G

    1999-01-01

    Eps15 was originally identified as a substrate for the kinase activity of the epidermal growth factor receptor (EGFR). Eps15 has a tripartite structure comprising a NH2-terminal portion, which contains three EH domains, a central putative coiled-coil region, and a COOH-terminal domain containing...... multiple copies of the amino acid triplet Aspartate-Proline-Phenylalanine. A pool of Eps15 is localized at clathrin coated pits where it interacts with the clathrin assembly complex AP-2 and a novel AP-2 binding protein, Epsin. Perturbation of Eps15 and Epsin function inhibits receptor-mediated endocytosis...... of EGF and transferrin, demonstrating that both proteins are components of the endocytic machinery. Since the family of EH-containing proteins is implicated in various aspects of intracellular sorting, biomolecular strategies aimed at interfering with these processes can now be envisioned...

  2. Home-based pre-exposure prophylaxis (PrEP services for gay and bisexual men: An opportunity to address barriers to PrEP uptake and persistence.

    Directory of Open Access Journals (Sweden)

    Steven A John

    Full Text Available Gay, bisexual, and other men who have sex with men (GBM are disproportionately affected by the HIV epidemic. Despite the promise of pre-exposure prophylaxis (PrEP in reducing HIV transmission risk, barriers for uptake and persistence exist. We sought to identify whether GBM in a nationwide cohort who have not yet initiated PrEP (n = 906 would prefer to get PrEP-related care from a primary care provider (PCP compared to a specialist clinic or provider. We then sought to identify their level of interest and factors associated with preference for using home-based PrEP services (i.e., HB-PrEP, defined to participants as conducting HIV/STI self-testing from home with PrEP prescription mailing after an initial in-person clinic visit. We examined the associations of demographics, sexual HIV transmission risk, concern about frequent medical checkups associated with PrEP, health care access, and PrEP intentions with preferences for healthcare provider type and HB-PrEP. Concern about frequent medical checkups were associated with preferring a PCP for PrEP-related care, but men who perceived a barrier to bringing up the topic of PrEP with a doctor preferred a specialist clinic or provider more than a PCP. HB-PrEP was more appealing for younger men and those engaged in sexual HIV transmission risk, suggesting HB-PrEP could help reach GBM most vulnerable to HIV and in need of PrEP. HB-PrEP expansion has potential to increase PrEP uptake and persistence among GBM, particularly for men with barriers to clinic-based care and higher intentions to initiate PrEP. Clinical guidelines regarding HB-PrEP are needed to expand its use.

  3. Performance of finite order distribution-generated universal portfolios

    Science.gov (United States)

    Pang, Sook Theng; Liew, How Hui; Chang, Yun Fah

    2017-04-01

    A Constant Rebalanced Portfolio (CRP) is an investment strategy which reinvests by redistributing wealth equally among a set of stocks. The empirical performance of the distribution-generated universal portfolio strategies are analysed experimentally concerning 10 higher volume stocks from different categories in Kuala Lumpur Stock Exchange. The time interval of study is from January 2000 to December 2015, which includes the credit crisis from September 2008 to March 2009. The performance of the finite-order universal portfolio strategies has been shown to be better than Constant Rebalanced Portfolio with some selected parameters of proposed universal portfolios.

  4. Portfolios of adaptation investments in water management

    NARCIS (Netherlands)

    Aerts, Jeroen C.J.H.; Botzen, Wouter; Werners, Saskia E.

    2015-01-01

    This study explores how Modern Portfolio Theory (MPT) can guide investment decisions in integrated water resources management (IWRM) and climate change adaptation under uncertainty. The objectives of the paper are to: (i) explain the concept of diversification to reduce risk, as formulated in

  5. Robust Utility Maximization Under Convex Portfolio Constraints

    International Nuclear Information System (INIS)

    Matoussi, Anis; Mezghani, Hanen; Mnif, Mohamed

    2015-01-01

    We study a robust maximization problem from terminal wealth and consumption under a convex constraints on the portfolio. We state the existence and the uniqueness of the consumption–investment strategy by studying the associated quadratic backward stochastic differential equation. We characterize the optimal control by using the duality method and deriving a dynamic maximum principle

  6. A Dynamic Programming Approach to Constrained Portfolios

    DEFF Research Database (Denmark)

    Kraft, Holger; Steffensen, Mogens

    2013-01-01

    This paper studies constrained portfolio problems that may involve constraints on the probability or the expected size of a shortfall of wealth or consumption. Our first contribution is that we solve the problems by dynamic programming, which is in contrast to the existing literature that applies...

  7. Machine-based mapping of innovation portfolios

    NARCIS (Netherlands)

    de Visser, Matthias; Miao, Shengfa; Englebienne, Gwenn; Sools, Anna Maria; Visscher, Klaasjan

    2017-01-01

    Machine learning techniques show a great promise for improving innovation portfolio management. In this paper we experiment with different methods to classify innovation projects of a high-tech firm as either explorative or exploitative, and compare the results with a manual, theory-based mapping of

  8. Assessment and Planning Using Portfolio Analysis

    Science.gov (United States)

    Roberts, Laura B.

    2010-01-01

    Portfolio analysis is a simple yet powerful management tool. Programs and activities are placed on a grid with mission along one axis and financial return on the other. The four boxes of the grid (low mission, low return; high mission, low return; high return, low mission; high return, high mission) help managers identify which programs might be…

  9. PORTFOLIO OPTIMIZATION ON CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Sinisa Bogdan

    2013-12-01

    Full Text Available Purpose of this paper was to research portfolio optimization problem on Croatian capital market using Markowitz theory. Research systematically investigated the selection of securities, and defined the importance of using fundamental analysis when selecting the best combination of securities. Since fundamental analysis involves a large number of indicators, this paper selected key indicators that enable a complete and quick securities review on the market. This paper clarifies diversification effect and influence of the correlation coefficient on diversification. Two basic types of assets (stocks and cash funds have been chosen to build the optimal portfolio. Cash funds were selected because they represent a form of risk-free investment, while stocks were chosen because of the high level of return which they achieve. At the end of paper, optimal portfolio was calculated with an excellent yield of 1.82% and deviation of 5.77% on a monthly basis which corresponds to the minimum deviation of the selected stocks. Calculated optimal portfolio achieves better expected value than investing in stock index CROBEX, which for the same period achieves the expected result of -0.02%.

  10. Portfolio selection theory and wildlife management

    African Journals Online (AJOL)

    Theron and Van den Honert (2003) dealt with issues of risk and return in an agricultural context. ... By repeatedly solving (1) with different specified values of R an efficient frontier of portfolio .... the built–in solver of Microsoft® Excel [2].

  11. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

  12. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

    F.A. de Roon (Frans); T.E. Nijman (Theo); B.J.M. Werker

    2000-01-01

    textabstractThis paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an

  13. Digital portfolio og peer to peer feedback

    DEFF Research Database (Denmark)

    Jacobsen, Ditte; Bahrenscheer, Jesper Glarborg

    2017-01-01

    studerende og øget transfer mellem teori og praksis. Artiklen tager afsæt i erfaringerne fra udvikling, anvendelse og evaluering af den digitale portfolio og peer to peer feedback. Portfolien er digital og tilknyttet Metropols Learning Management System. De studerende uploader individuelt ugentligt deres...

  14. Portfolio selection using genetic algorithms | Yahaya | International ...

    African Journals Online (AJOL)

    In this paper, one of the nature-inspired evolutionary algorithms – a Genetic Algorithms (GA) was used in solving the portfolio selection problem (PSP). Based on a real dataset from a popular stock market, the performance of the algorithm in relation to those obtained from one of the popular quadratic programming (QP) ...

  15. Portfolio optimization using median-variance approach

    Science.gov (United States)

    Wan Mohd, Wan Rosanisah; Mohamad, Daud; Mohamed, Zulkifli

    2013-04-01

    Optimization models have been applied in many decision-making problems particularly in portfolio selection. Since the introduction of Markowitz's theory of portfolio selection, various approaches based on mathematical programming have been introduced such as mean-variance, mean-absolute deviation, mean-variance-skewness and conditional value-at-risk (CVaR) mainly to maximize return and minimize risk. However most of the approaches assume that the distribution of data is normal and this is not generally true. As an alternative, in this paper, we employ the median-variance approach to improve the portfolio optimization. This approach has successfully catered both types of normal and non-normal distribution of data. With this actual representation, we analyze and compare the rate of return and risk between the mean-variance and the median-variance based portfolio which consist of 30 stocks from Bursa Malaysia. The results in this study show that the median-variance approach is capable to produce a lower risk for each return earning as compared to the mean-variance approach.

  16. Information Content of Mutual Fund Portfolio Disclosure

    NARCIS (Netherlands)

    Y. Wang (Yu)

    2011-01-01

    textabstractAcademic financial economists have been keenly interested in the value of active portfolio management since the seminal paper of Jensen (1968). This book examines the information advantages that active mutual fund managers attain in financial markets through an analysis of disclosed fund

  17. A diversified portfolio model of adaptability.

    Science.gov (United States)

    Chandra, Siddharth; Leong, Frederick T L

    2016-12-01

    A new model of adaptability, the diversified portfolio model (DPM) of adaptability, is introduced. In the 1950s, Markowitz developed the financial portfolio model by demonstrating that investors could optimize the ratio of risk and return on their portfolios through risk diversification. The DPM integrates attractive features of a variety of models of adaptability, including Linville's self-complexity model, the risk and resilience model, and Bandura's social cognitive theory. The DPM draws on the concept of portfolio diversification, positing that diversified investment in multiple life experiences, life roles, and relationships promotes positive adaptation to life's challenges. The DPM provides a new integrative model of adaptability across the biopsychosocial levels of functioning. More importantly, the DPM addresses a gap in the literature by illuminating the antecedents of adaptive processes studied in a broad array of psychological models. The DPM is described in relation to the biopsychosocial model and propositions are offered regarding its utility in increasing adaptiveness. Recommendations for future research are also offered. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

  18. Reflective portfolios support learning, personal growth and ...

    African Journals Online (AJOL)

    Conclusion. Portfolios are an under-utilised assessment and self-development tool in postgraduate training. They allow students to self-assess their attainment of personal learning needs, professional growth and competency achievement and provide faculty with useful feedback on curriculum content, educational activities ...

  19. Structures and Logic of EP Implementation and Administration in China

    Directory of Open Access Journals (Sweden)

    Dieter Grunow

    2011-01-01

    Full Text Available This paper describes empirical observations gathered during a research project on the implementation of environmental protection (EP policies in China. The project focused on local EP in both urban and rural areas. Policy field analysis was used as a conceptual framework for structuring the observations. The paper develops in three main steps discussing the following topics: 1 Collective problems within the policy field of EP show that EP issues in general are unlike those of other policy fields. Official EP policies in China today resemble those of other countries – but they are separating issues and responsibilities, making local implementation very demanding. 2 China lags behind in its willingness and ability to implement these policies – leading to implementation gaps. To explore the causes and consequences, specific sites in China are described in an extended look at local implementation structures. It was found that although policies in China are basically the same everywhere, the structures for implementing them and the quality of their implementation vary widely with regard to resources, organization, coordination, staff qualifications, personnel placement, and other aspects. 3 Not all of the challenges hampering local implementation of environmental policies were China-specific; however, some of those which are can be described as the macro-context: an ineffective rule of law, insufficient involvement of civil society, and complicated macro-structures of public administration prevent a generally high level of successful EP implementation in China.

  20. Digital Portfolio: a Strategy for Teachers Professional Development

    Directory of Open Access Journals (Sweden)

    R. Jans

    2008-03-01

    Full Text Available Teachers have to work with e-portfolio with theirstudents. This is a very demanding task because they neverwere educated with e-portfolio themselves. Therefore aEuropean Comenius project was submitted in 2005. In thisapproved project a whole week formation (april 2007 wasoffered to nineteen teachers from all over Europe. A yearlater they will meet again to see in what way the course hashad effects on their work with e-portfolio and students.Most interesting to notice was that the basic ICT-skills ofteachers are nowadays realized. However teachers are stillbusy with text and text-files. Rarely they uploadedmultimedia, like e.g. photo’s, video’s, youtube-movies, … intheir e-portfolio. The essential element of an e-portfolio, thepersonal and professional development plan, that forms thebackbone of the e-portfolio and offers the possibility tomake the e-portfolio an effective learning instrument wasunknown.

  1. Quantitative Portfolio Optimization Techniques Applied to the Brazilian Stock Market

    Directory of Open Access Journals (Sweden)

    André Alves Portela Santos

    2012-09-01

    Full Text Available In this paper we assess the out-of-sample performance of two alternative quantitative portfolio optimization techniques - mean-variance and minimum variance optimization – and compare their performance with respect to a naive 1/N (or equally-weighted portfolio and also to the market portfolio given by the Ibovespa. We focus on short selling-constrained portfolios and consider alternative estimators for the covariance matrices: sample covariance matrix, RiskMetrics, and three covariance estimators proposed by Ledoit and Wolf (2003, Ledoit and Wolf (2004a and Ledoit and Wolf (2004b. Taking into account alternative portfolio re-balancing frequencies, we compute out-of-sample performance statistics which indicate that the quantitative approaches delivered improved results in terms of lower portfolio volatility and better risk-adjusted returns. Moreover, the use of more sophisticated estimators for the covariance matrix generated optimal portfolios with lower turnover over time.

  2. Smart Service Portfolios: Do the Cities Follow Standards?

    NARCIS (Netherlands)

    Anthopoulos, Leonidas; Janssen, M.F.W.H.A.; Weerakkody, Vishanth

    2016-01-01

    Smart services concern the core element of a smart city, since they support the realization of urban "intelligence" in terms of people, economy, governance, environment, mobility and leaving. Smart services aim to enhance quality of life within a city and in this respect to improve "livability". The

  3. Portfolio assessment and evaluation: implications and guidelines for clinical nursing education.

    Science.gov (United States)

    Chabeli, M M

    2002-08-01

    With the advent of Outcomes-Based Education in South Africa, the quality of nursing education is debatable, especially with regard to the assessment and evaluation of clinical nursing education, which is complex and renders the validity and reliability of the methods used questionable. This paper seeks to explore and describe the use of portfolio assessment and evaluation, its implications and guidelines for its effective use in nursing education. Firstly, the concepts of assessment, evaluation, portfolio and alternative methods of evaluation are defined. Secondly, a comparison of the characteristics of the old (traditional) methods and the new alternative methods of evaluation is made. Thirdly, through deductive analysis, synthesis and inference, implications and guidelines for the effective use of portfolio assessment and evaluation are described. In view of the qualitative, descriptive and exploratory nature of the study, a focus group interview with twenty students following a post-basic degree at a university in Gauteng regarding their perceptions on the use of portfolio assessment and evaluation method in clinical nursing education was used. A descriptive method of qualitative data analysis of open coding in accordance with Tesch's protocol (in Creswell 1994:155) was used. Resultant implications and guidelines were conceptualised and described within the existing theoretical framework. Principles of trustworthiness were maintained as described by (Lincoln & Guba 1985:290-327). Ethical considerations were in accordance with DENOSA's standards of research (1998:7).

  4. Beating the market with small portfolios: Evidence from Brazil

    Directory of Open Access Journals (Sweden)

    André A.P. Santos

    2015-01-01

    Full Text Available Optimal portfolios with a restriction on the number of assets, also referred to as cardinality-constrained portfolios, have been receiving attention in the literature due to its popularity among market practitioners and retail investors. In most cases, however, the interest is in proposing efficient optimization methods to solve the problem, with little or no attention to the characteristics of the resulting portfolio such as risk-adjusted performance and turnover. We address this question by implementing a tractable reformulation of the cardinality-constrained version of the minimum variance portfolio. We analyze the out-of-sample performance of cardinality-constrained portfolios according to alternative criteria and check the robustness of the results for portfolios with alternative number of assets and under alternative re-balancing frequencies. Our empirical application for the Brazilian equities market shows that cardinality-constrained minimum variance portfolios with very few assets, e.g. 3 stocks, can deliver statistically lower portfolio risk and higher Sharpe ratios in comparison to the market index. Similar results are obtained for constrained portfolios with 5 and 10 assets and under daily, weekly, and monthly re-balancing frequencies. Our evidence indicates that it is possible to obtain better risk-adjusted performance with fewer securities in the portfolio by using an improved allocation scheme.

  5. VaR Methodology Application for Banking Currency Portfolios

    Directory of Open Access Journals (Sweden)

    Daniel Armeanu

    2007-02-01

    Full Text Available VaR has become the standard measure that financial analysts use to quantify market risk. VaR measures can have many applications, such as in risk management, to evaluate the performance of risk takers and for regulatory requirements, and hence it is very important to develop methodologies that provide accurate estimates. In particular, the Basel Committee on Banking Supervision at the Bank for International Settlements imposes to financial institutions such as banks and investment firms to meet capital requirements based on VaR estimates. In this paper we determine VaR for a banking currency portfolio and respect rules of National Bank of Romania regarding VaR report.

  6. Large portfolio risk management and optimal portfolio allocation with dynamic elliptical copulas

    Directory of Open Access Journals (Sweden)

    Jin Xisong

    2018-02-01

    Full Text Available Previous research has focused on the importance of modeling the multivariate distribution for optimal portfolio allocation and active risk management. However, existing dynamic models are not easily applied to high-dimensional problems due to the curse of dimensionality. In this paper, we extend the framework of the Dynamic Conditional Correlation/Equicorrelation and an extreme value approach into a series of Dynamic Conditional Elliptical Copulas. We investigate risk measures such as Value at Risk (VaR and Expected Shortfall (ES for passive portfolios and dynamic optimal portfolios using Mean-Variance and ES criteria for a sample of US stocks over a period of 10 years. Our results suggest that (1 Modeling the marginal distribution is important for dynamic high-dimensional multivariate models. (2 Neglecting the dynamic dependence in the copula causes over-aggressive risk management. (3 The DCC/DECO Gaussian copula and t-copula work very well for both VaR and ES. (4 Grouped t-copulas and t-copulas with dynamic degrees of freedom further match the fat tail. (5 Correctly modeling the dependence structure makes an improvement in portfolio optimization with respect to tail risk. (6 Models driven by multivariate t innovations with exogenously given degrees of freedom provide a flexible and applicable alternative for optimal portfolio risk management.

  7. Risk and utility in portfolio optimization

    Science.gov (United States)

    Cohen, Morrel H.; Natoli, Vincent D.

    2003-06-01

    Modern portfolio theory (MPT) addresses the problem of determining the optimum allocation of investment resources among a set of candidate assets. In the original mean-variance approach of Markowitz, volatility is taken as a proxy for risk, conflating uncertainty with risk. There have been many subsequent attempts to alleviate that weakness which, typically, combine utility and risk. We present here a modification of MPT based on the inclusion of separate risk and utility criteria. We define risk as the probability of failure to meet a pre-established investment goal. We define utility as the expectation of a utility function with positive and decreasing marginal value as a function of yield. The emphasis throughout is on long investment horizons for which risk-free assets do not exist. Analytic results are presented for a Gaussian probability distribution. Risk-utility relations are explored via empirical stock-price data, and an illustrative portfolio is optimized using the empirical data.

  8. USEFULNESS OF BOOTSTRAPPING IN PORTFOLIO MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Boris Radovanov

    2012-12-01

    Full Text Available This paper contains a comparison of in-sample and out-of-sample performances between the resampled efficiency technique, patented by Richard Michaud and Robert Michaud (1999, and traditional Mean-Variance portfolio selection, presented by Harry Markowitz (1952. Based on the Monte Carlo simulation, data (samples generation process determines the algorithms by using both, parametric and nonparametric bootstrap techniques. Resampled efficiency provides the solution to use uncertain information without the need for constrains in portfolio optimization. Parametric bootstrap process starts with a parametric model specification, where we apply Capital Asset Pricing Model. After the estimation of specified model, the series of residuals are used for resampling process. On the other hand, nonparametric bootstrap divides series of price returns into the new series of blocks containing previous determined number of consecutive price returns. This procedure enables smooth resampling process and preserves the original structure of data series.

  9. MARKOV CHAIN PORTFOLIO LIQUIDITY OPTIMIZATION MODEL

    Directory of Open Access Journals (Sweden)

    Eder Oliveira Abensur

    2014-05-01

    Full Text Available The international financial crisis of September 2008 and May 2010 showed the importance of liquidity as an attribute to be considered in portfolio decisions. This study proposes an optimization model based on available public data, using Markov chain and Genetic Algorithms concepts as it considers the classic duality of risk versus return and incorporating liquidity costs. The work intends to propose a multi-criterion non-linear optimization model using liquidity based on a Markov chain. The non-linear model was tested using Genetic Algorithms with twenty five Brazilian stocks from 2007 to 2009. The results suggest that this is an innovative development methodology and useful for developing an efficient and realistic financial portfolio, as it considers many attributes such as risk, return and liquidity.

  10. Towards a TENCompetence ePortfolio

    Directory of Open Access Journals (Sweden)

    Adriana J. Berlanga

    2008-07-01

    Full Text Available This article argues that the TENCompetence ePortfolio definition should integrate rhetorical, pedagogical, social, and technical perspectives. The rhetorical perspective is needed to show the learner’s competences, achievements and history; the pedagogical perspective aims at supporting learner’s self-reflection, through the definition of competences mastered, review and creation of (new competence development plans, and assessment of competences; the social perspective aims at fostering interaction and social help support; and the technical perspective aims at supporting the other three perspectives. Guiding principles for the design of the TENCompetence ePortfolio are provided, and the aforementioned perspectives detailed.

  11. A ubiquitous reflective e-portfolio architecture.

    Science.gov (United States)

    Forte, Marcos; de Souza, Wanderley L; da Silva, Roseli F; do Prado, Antonio F; Rodrigues, Jose F

    2013-11-01

    In nurse and in medicine courses, the use of reflective portfolios as a pedagogical tool is becoming a common practice; in the last years, this practice has gradually migrated from paper-based to electronic-based portfolios. Current approaches for reflective e-portfolios, however, do not widely operate at outdoor sites, where data networks are limited or nonexistent. Considering that many of the activities related to nurse and medicine courses relate to professional practices conducted in such conditions, these network shortcomings restrict the adoption of e-portfolios. The present study describes the requirements specification, design, implementation, and evaluation of the Ubiquitous Reflective E-Portfolio Architecture, a solution proposed to support the development of systems based on mobile and wired access for both online and offline operation. We have implemented a prototype named Professional Practice Module to evaluate the Ubiquitous Reflective E-Portfolio Architecture; the module was based on requirements observed during the professional practice, the paper-based portfolio in use, and related learning meetings in the Medicine Course of a Brazilian University. The evaluation of the system was carried out with a learning group of 2nd year students of the medicine course, who answered to extensive evaluation questionnaires. The prototype proved to be operational in the activities of the professional practice of the Medicine Course object of the study, including homework tasks, patient care, data sharing, and learning meetings. It also demonstrated to be versatile with respect to the availability of the computer network that, many times, was not accessible. Moreover, the students considered the module useful and easy to use, but pointed out difficulties about the keyboard and the display sizes of the netbook devices, and about their operational system. Lastly, most of the students declared preference for the electronic Professional Practice Module in internal

  12. Application of Performance Ratios in Portfolio Optimization

    Directory of Open Access Journals (Sweden)

    Aleš Kresta

    2015-01-01

    Full Text Available The cornerstone of modern portfolio theory was established by pioneer work of Harry Markowitz. Based on his mean-variance framework, Sharpe formulated his well-known Sharpe ratio aiming to measure the performance of mutual funds. The contemporary development in computer’s computational power allowed to apply more complex performance ratios, which take into account also higher moments of return probability distribution. Although these ratios were proposed to help the investors to improve the results of portfolio optimization, we empirically demonstrated in our paper that this may not necessarily be true. On the historical dataset of DJIA components we empirically showed that both Sharpe ratio and MAD ratio outperformed Rachev ratio. However, for Rachev ratio we assumed only one level of parameters value. Different set-ups of parameters may provide different results and thus further analysis is certainly required.

  13. Medicare Part D and Portfolio Choice.

    Science.gov (United States)

    Ayyagari, Padmaja; He, Daifeng

    2016-05-01

    This study evaluates the impact of medical expenditure risk on portfolio choice among the elderly. The risk of large medical expenditures can be substantial for elderly individuals and is only partially mitigated by access to health insurance. The presence of deductibles, copayments, and other cost-sharing mechanisms implies that medical spending risk can be viewed as an undiversifiable background risk. Economic theory suggests that increases in background risk reduce the optimal financial risk that an individual or household is willing to bear (Pratt and Zeckhauser 1987; Elmendorf and Kimball 2000). In this study, we evaluate this hypothesis by estimating the impact of the introduction of the Medicare Part D program, which significantly reduced prescription drug spending risk for seniors, on portfolio choice.

  14. Cosmic Visions Dark Energy: Small Projects Portfolio

    Energy Technology Data Exchange (ETDEWEB)

    Dawson, Kyle; Frieman, Josh; Heitmann, Katrin; Jain, Bhuvnesh; Kahn, Steve; Mandelbaum, Rachel; Perlmutter, Saul; Slosar, Anže

    2018-02-20

    Understanding cosmic acceleration is one of the key science drivers for astrophysics and high-energy physics in the coming decade (2014 P5 Report). With the Large Synoptic Survey Telescope (LSST) and the Dark Energy Spectroscopic Instrument (DESI) and other new facilities beginning operations soon, we are entering an exciting phase during which we expect an order of magnitude improvement in constraints on dark energy and the physics of the accelerating Universe. This is a key moment for a matching Small Projects portfolio that can (1) greatly enhance the science reach of these flagship projects, (2) have immediate scientific impact, and (3) lay the groundwork for the next stages of the Cosmic Frontier Dark Energy program. In this White Paper, we outline a balanced portfolio that can accomplish these goals through a combination of observational, experimental, and theory and simulation efforts.

  15. Development of a portfolio of learning for postgraduate family medicine training in South Africa: a Delphi study.

    Science.gov (United States)

    Jenkins, Louis; Mash, Bob; Derese, Anselme

    2012-03-03

    Within the 52 health districts in South Africa, the family physician is seen as the clinical leader within a multi-professional district health team. Family physicians must be competent to meet 90% of the health needs of the communities in their districts. The eight university departments of Family Medicine have identified five unit standards, broken down into 85 training outcomes, for postgraduate training. The family medicine registrar must prove at the end of training that all the required training outcomes have been attained. District health managers must be assured that the family physician is competent to deliver the expected service. The Colleges of Medicine of South Africa (CMSA) require a portfolio to be submitted as part of the uniform assessment of all registrars applying to write the national fellowship examinations. This study aimed to achieve a consensus on the contents and principles of the first national portfolio for use in family medicine training in South Africa. A workshop held at the WONCA Africa Regional Conference in 2009 explored the purpose and broad contents of the portfolio. The 85 training outcomes, ideas from the WONCA workshop, the literature, and existing portfolios in the various universities were used to develop a questionnaire that was tested for content validity by a panel of 31 experts in family medicine in South Africa, via the Delphi technique in four rounds. Eighty five content items (national learning outcomes) and 27 principles were tested. Consensus was defined as 70% agreement. For those items that the panel thought should be included, they were also asked how to provide evidence for the specific item in the portfolio, and how to assess that evidence. Consensus was reached on 61 of the 85 national learning outcomes. The panel recommended that 50 be assessed by the portfolio and 11 should not be. No consensus could be reached on the remaining 24 outcomes and these were also omitted from the portfolio. The panel recommended

  16. Personalised Diversification Using Intent-Aware Portfolio

    OpenAIRE

    Wasilewski, Jacek; Hurley, Neil J.

    2017-01-01

    The intent-aware diversification framework considers a set of aspects associated with items to be recommended. A baseline recommendation is greedily re-ranked using an objective that promotes diversity across the aspects. In this paper the framework is analysed and a new intent-aware objective is derived that considers the minimum variance criterion, connecting the framework directly to portfolio diversification from finance. We derive an aspect model that supports the goal of minimum varianc...

  17. Geometrical framework for robust portfolio optimization

    OpenAIRE

    Bazovkin, Pavel

    2014-01-01

    We consider a vector-valued multivariate risk measure that depends on the user's profile given by the user's utility. It is constructed on the basis of weighted-mean trimmed regions and represents the solution of an optimization problem. The key feature of this measure is convexity. We apply the measure to the portfolio selection problem, employing different measures of performance as objective functions in a common geometrical framework.

  18. Nonparametric correlation models for portfolio allocation

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Casas, Isabel

    2013-01-01

    This article proposes time-varying nonparametric and semiparametric estimators of the conditional cross-correlation matrix in the context of portfolio allocation. Simulations results show that the nonparametric and semiparametric models are best in DGPs with substantial variability or structural ...... currencies. Results show the nonparametric model generally dominates the others when evaluating in-sample. However, the semiparametric model is best for out-of-sample analysis....

  19. Patent portfolio structure for single technology companies

    OpenAIRE

    Hartwell, Ian P.

    2004-01-01

    Single technology companies (STCs) are defined in this thesis as companies that (a) have the fundamental rights to a new technology, (b) have development of that technology as their core competence, (c) seek to exploit that technology primarily by licensing the patent rights, and (d) are driven primarily by 'technology push'. These factors often result in much of the value of the STC residing in its patent portfolio. This in turn may place significant - and often conflicting - ...

  20. Efficient Cardinality/Mean-Variance Portfolios

    OpenAIRE

    Brito, R. Pedro; Vicente, Luís Nunes

    2014-01-01

    International audience; We propose a novel approach to handle cardinality in portfolio selection, by means of a biobjective cardinality/mean-variance problem, allowing the investor to analyze the efficient tradeoff between return-risk and number of active positions. Recent progress in multiobjective optimization without derivatives allow us to robustly compute (in-sample) the whole cardinality/mean-variance efficient frontier, for a variety of data sets and mean-variance models. Our results s...

  1. Labor Supply Flexibility and Portfolio Choice

    OpenAIRE

    Zvi Bodie; William Samuelson

    1989-01-01

    This paper develops a model showing that people who have flexibility in choosing how much to work will prefer to invest substantially more of their money in risky assets than if they had no such flexibility. Viewed in this way, labor supply flexibility offers insurance against adverse investment outcomes. The model provides support for the conventional wisdom that the young can tolerate more risk in their investment portfolios than the old. The model has other implications for the study of ho...

  2. EpCAM nuclear localization identifies aggressive Thyroid Cancer and is a marker for poor prognosis

    International Nuclear Information System (INIS)

    Ralhan, Ranju; Cao, Jun; Lim, Terence; MacMillan, Christina; Freeman, Jeremy L; Walfish, Paul G

    2010-01-01

    Proteolytic cleavage of the extracellular domain (EpEx) of Epithelial cell adhesion molecule (EpCAM) and nuclear signaling by its intracellular oncogenic domain Ep-ICD has recently been implicated in increased proliferation of cancer cells. The clinical significance of Ep-ICD in human tumors remains an enigma. EpEx, Ep-ICD and β-catenin immunohistochemistry using specific antibodies was conducted on 58 archived thyroid cancer (TC) tissue blocks from 34 patients and correlated with survival analysis of these patients for up to 17 years. The anaplastic (ATC) and aggressive thyroid cancers showed loss of EpEx and increased nuclear and cytoplasmic accumulation of Ep-ICD. In contrast, the low grade papillary thyroid cancers (PTC) showed membranous EpEx and no detectable nuclear Ep-ICD. The ATC also showed concomitant nuclear expression of Ep-ICD and β-catenin. Kaplan-Meier Survival analysis revealed reduced overall survival (OS) for TC patients showing nuclear Ep-ICD expression or loss of membranous EpEx (p < 0.0004), median OS = 5 months as compared to 198 months for patients who did not show nuclear Ep-ICD or demonstrated only membranous EpE. We report reciprocal loss of membrane EpEx but increased nuclear and cytoplasmic accumulation of Ep-ICD in aggressive TC; nuclear Ep-ICD correlated with poor OS of TC patients. Thus nuclear Ep-ICD localization may serve as a useful biomarker for aggressive TC and may represent a novel diagnostic, prognostic and therapeutic target for aggressive TC

  3. Venture capital and efficiency of portfolio companies

    Directory of Open Access Journals (Sweden)

    A. Thillai Rajan

    2010-12-01

    Full Text Available Venture Capital (VC has emerged as the dominant source of finance for entrepreneurial and early stage businesses, and the Indian VC industry in particular has clocked the fastest growth rate globally. Academic literature reveals that VC funded companies show superior performance to non VC funded companies. However, given that venture capitalists (VCs select and fund only the best companies, how much credit can they take for the performance of the companies they fund? Do the inherent characteristics of the firm result in superior performance or do VCs contribute to the performance of the portfolio company after they have entered the firm? A panel that comprised VCs, an entrepreneur and an academic debated these and other research questions on the inter-relationships between VC funding and portfolio firm performance. Most empirical literature indicates that the value addition effect dominates the selection effect in accounting for the superior performance of VC funded companies. The panel discussion indicates that the context as well as the experience of the General Partners in the VC firms can influence the way VCs contribute to the efficiency of their portfolio companies.

  4. Strategic management of the licence portfolio

    International Nuclear Information System (INIS)

    Killingland, Arild

    1998-01-01

    This presentation discusses the secondary market for purchase, sale and exchange of licences on the Norwegian Continental Shelf. An efficient secondary market is necessary for the operations on the Shelf to work well. Two examples of major transactions made by Statoil are given, Rubicon and Aasgard. Rubicon is the most comprehensive portfolio operation made on the Norwegian Shelf and probably the largest exchange transaction across national frontiers. Rubicon was undertaken because Statoil wanted to create bigger values in the portfolio by increasing the owner parts in core areas. One effect of Rubicon was its contribution to increasing the extent of the activities in the UK such that there is a basis for achieving Statoil's ambitions for the international core areas, which is that they shall be developed to produce 100.000 barrels of oil equivalents per day within a defined period. Statoil is presently positioned to develop core areas in five regions outside the Norwegian Shelf: the Caspian Sea, Venezuela, Angola, Gulf of Mexico and UK. The Aasgard licence exchange transactions were necessary to achieve a co-ordinated of the relevant licences and balanced owner positions in the fields that were established. The Aasgard field is being developed with a production ship for oil- and condensate production. Production will start in 1998. The gas will be produced from the year 2000, from a floating platform. Finally, there is a discussion of trends in the portfolio market

  5. Portfolio selection theory and wildlife management

    Directory of Open Access Journals (Sweden)

    JW Hearne

    2008-12-01

    Full Text Available With a strong commercial incentive driving the increase in game ranching in Southern Africa the need has come for more advanced management tools. In this paper the potential of Portfolio Selection Theory to determine the optimal mix of species on game ranches is explored. Land, or the food it produces, is a resource available to invest. We consider species as investment choices. Each species has its own return and risk profile. The question arises as to what proportion of the resource available should be invested in each species. We show that if the objective is to minimise risk for a given return, then the problem is analogous to the Portfolio Selection Problem. The method is then implemented for a typical game ranch. We show that besides risk and return objectives, it is necessary to include an additional objective so as to ensure sufficient species to maintain the character of a game ranch. Some other points of difference from the classical Portfolio Selection problem are also highlighted and discussed.

  6. Search for single-top production in ep collisions at HERA

    CERN Document Server

    Abramowicz, H.

    2012-02-14

    A search for single-top production, $ep \\rightarrow etX$, has been performed with the ZEUS detector at HERA using data corresponding to an integrated luminosity of $0.37\\fbi$. No evidence for top production was found, consistent with the expectation from the Standard Model. Limits were computed for single-top production via flavour changing neutral current transitions. The result was combined with a previous ZEUS result yielding a total luminosity of 0.50fb-1. A 95% credibility level upper limit of 0.13 pb was obtained for the cross section at the centre-of-mass energy of $\\sqrt{s}=315\\gev$.

  7. Inclusive K0SK0S resonance production in ep collisions at HERA

    International Nuclear Information System (INIS)

    Chekanov, S.; Derrick, M.; Magill, S.

    2008-06-01

    Inclusive K 0 S K 0 S production in ep collisions at HERA was studied with the ZEUS detector using an integrated luminosity of 0.5 fb -1 . Enhancements in the mass spectrum were observed and are attributed to the production of f 2 (1270)/a 0 2 (1320), f' 2 (1525) and f 0 (1710). The f 0 (1710) state was observed with a statistical significance of 5 standard deviations. Masses and widths were obtained using a fit which takes into account theoretical predictions based on SU(3) symmetry arguments. (orig.)

  8. Inclusive K0SK0S resonance production in ep collisions at HERA

    CERN Document Server

    AUTHOR|(CDS)2076592; Magill, S.; Musgrave, B.; Nicholass, D.; Repond, J.; Yoshida, R.; Mattingly, M.C.K.; Antonioli, P.; Bari, G.; Bellagamba, L.; Boscherini, D.; Bruni, A.; Bruni, G.; Cindolo, F.; Corradi, M.; Iacobucci, G.; Margotti, A.; Nania, R.; Polini, A.; Antonelli, S.; Basile, M.; Bindi, M.; Cifarelli, L.; Contin, A.; De Pasquale, S.; Sartorelli, G.; Zichichi, A.; Bartsch, D.; Brock, I.; Hartmann, H.; Hilger, E.; Jakob, H.P.; Jungst, M.; Nuncio-Quiroz, A.E.; Paul, E.; Samson, U.; Schonberg, V.; Shehzadi, R.; Wlasenko, M.; Brook, N.H.; Heath, G.P.; Morris, J.D.; Capua, M.; Fazio, S.; Mastroberardino, A.; Schioppa, M.; Susinno, G.; Tassi, E.; Kim, J.Y.; Ibrahim, Z.A.; Kamaluddin, B.; Wan Abdullah, W.A.T.; Ning, Y.; Ren, Z.; Sciulli, F.; Chwastowski, J.; Eskreys, A.; Figiel, J.; Galas, A.; Gil, M.; Olkiewicz, K.; Stopa, P.; Zawiejski, L.; Adamczyk, L.; Bold, T.; Grabowska-Bold, I.; Kisielewska, D.; Lukasik, J.; Przybycien, M.; Suszycki, L.; Kotanski, A.; Slominski, W.; Behrens, U.; Blohm, C.; Bonato, A.; Borras, K.; Ciesielski, R.; Coppola, N.; Fang, S.; Fourletova, J.; Geiser, A.; Gottlicher, P.; Grebenyuk, J.; Gregor, I.; Haas, T.; Hain, W.; Huttmann, A.; Januschek, F.; Kahle, B.; Katkov, I.I.; Klein, U.; Kotz, U.; Kowalski, H.; Lobodzinska, E.; Lohr, B.; Mankel, R.; Melzer-Pellmann, I.A.; Miglioranzi, S.; Montanari, A.; Namsoo, T.; Notz, D.; Parenti, A.; Rinaldi, L.; Roloff, P.; Rubinsky, I.; Santamarta, R.; Schneekloth, U.; Spiridonov, A.; Szuba, D.; Szuba, J.; Theedt, T.; Wolf, G.; Wrona, K.; Yagues Molina, A.G.; Youngman, C.; Zeuner, W.; Drugakov, V.; Lohmann, W.; Schlenstedt, S.; Barbagli, G.; Gallo, E.; Pelfer, P.G.; Bamberger, A.; Dobur, D.; Karstens, F.; Vlasov, N.N.; Bussey, P.J.; Doyle, A.T.; Dunne, W.; Forrest, M.; Rosin, M.; Saxon, D.H.; Skillicorn, I.O.; Gialas, I.; Papageorgiu, K.; Holm, U.; Klanner, R.; Lohrmann, E.; Schleper, P.; Schorner-Sadenius, T.; Sztuk, J.; Stadie, H.; Turcato, M.; Foudas, C.; Fry, C.; Long, K.R.; Tapper, A.D.; Matsumoto, T.; Nagano, K.; Tokushuku, K.; Yamada, S.; Yamazaki, Y.; Barakbaev, A.N.; Boos, E.G.; Pokrovskiy, N.S.; Zhautykov, B.O.; Aushev, V.; Borodin, M.; Kadenko, I.; Kozulia, A.; Libov, V.; Lisovyi, M.; Lontkovskyi, D.; Makarenko, I.; Sorokin, Iu.; Verbytskyi, A.; Volynets, O.; Son, D.; de Favereau, J.; Piotrzkowski, K.; Barreiro, F.; Glasman, C.; Jimenez, M.; Labarga, L.; del Peso, J.; Ron, E.; Soares, M.; Terron, J.; Zambrana, M.; Corriveau, F.; Liu, C.; Schwartz, J.; Walsh, R.; Zhou, C.; Tsurugai, T.; Antonov, A.; Dolgoshein, B.A.; Gladkov, D.; Sosnovtsev, V.; Stifutkin, A.; Suchkov, S.; Dementiev, R.K.; Ermolov, P.F.; Gladilin, L.K.; Golubkov, Yu.A.; Khein, L.A.; Korzhavina, I.A.; Kuzmin, V.A.; Levchenko, B.B.; Lukina, O.Yu.; Proskuryakov, A.S.; Shcheglova, L.M.; Zotkin, D.S.; Abt, I.; Caldwell, A.; Kollar, D.; Reisert, B.; Schmidke, W.B.; Grigorescu, G.; Keramidas, A.; Koffeman, E.; Kooijman, P.; Pellegrino, A.; Tiecke, H.; Vazquez Acosta, Monica Luisa; Wiggers, L.; Brummer, N.; Bylsma, B.; Durkin, L.S.; Lee, A.; Ling, T.Y.; Allfrey, Philip Daniel; Bell, M.A.; Cooper-Sarkar, A.M.; Devenish, R.C.E.; Ferrando, J.; Foster, B.; Korcsak-Gorzo, K.; Oliver, K.; Robertson, A.; Uribe-Estrada, C.; Walczak, R.; Bertolin, A.; Dal Corso, F.; Dusini, S.; Longhin, A.; Stanco, L.; Bellan, P.; Brugnera, R.; Carlin, R.; Garfagnini, A.; Limentani, S.; Oh, B.Y.; Raval, A.; Ukleja, J.; Whitmore, J.J.; Iga, Y.; D'Agostini, G.; Marini, G.; Nigro, A.; Cole, J.E.; Hart, J.C.; Abramowicz, H.; Ingbir, R.; Kananov, S.; Levy, A.; Stern, A.; Kuze, M.; Maeda, J.; Hori, R.; Kagawa, S.; Okazaki, N.; Shimizu, S.; Tawara, T.; Hamatsu, R.; Kaji, H.; Kitamura, S.; Ota, O.; Ri, Y.D.; Costa, M.; Ferrero, M.I.; Monaco, V.; Sacchi, R.; Solano, A.; Arneodo, M.; Ruspa, M.; Fourletov, S.; Martin, J.F.; Stewart, T.P.; Boutle, S.K.; Butterworth, J.M.; Gwenlan, C.; Jones, T.W.; Loizides, J.H.; Wing, M.; Brzozowska, B.; Ciborowski, J.; Grzelak, G.; Kulinski, P.; Luzniak, P.; Malka, J.; Nowak, R.J.; Pawlak, J.M.; Tymieniecka, T.; Ukleja, A.; zarnecki, A.F.; Adamus, M.; Plucinski, P.; Eisenberg, Y.; Hochman, D.; Karshon, U.; Brownson, E.; Danielson, T.; Everett, A.; Kcira, D.; Reeder, D.D.; Ryan, P.; Savin, A.A.; Smith, W.H.; Wolfe, H.; Bhadra, S.; Catterall, C.D.; Cui, Y.; Hartner, G.; Menary, S.; Noor, U.; Standage, J.; Whyte, J.

    2008-01-01

    Inclusive K0SK0S production in ep collisions at HERA was studied with the ZEUS detector using an integrated luminosity of 0.5 fb-1. Enhancements in the mass spectrum were observed and are attributed to the production of f2(1270)/a02(1320), f'2(1525) and f0(1710). The f0(1710) state was observed with a statistical significance of 5 standard deviations. Masses and widths were obtained using a fit which takes into account theoretical predictions based on SU(3) symmetry arguments.

  9. Analysis of the energy portfolio for electricity generation

    International Nuclear Information System (INIS)

    Ramirez S, J. R.; Alonso V, G.; Esquivel E, J.

    2016-09-01

    The planning of electricity generation systems considers several factors that must be taken into account in order to design systems that are economical, reliable and sustainable. For this purpose, the Financial Portfolio Theory is applicable to the energy portfolio or the diversification of electricity generation technologies, such as is the combined cycle, wind, thermoelectric and nuclear. This paper presents an application of the Portfolio Theory to the national energy system, based on the total generation costs for each technology, which allows determining the average variance portfolio and the respective share of each of the electricity generation technologies considered, obtaining a portfolio of electricity generation with the maximum possible return for the risk taken in the investments. This paper describes the basic aspects of the Portfolio Theory and its methodology, in which matrices are implemented for the solution of the resulting Lagrange system. (Author)

  10. Portfolio at Tertiary Level – Lifelong Learning Tool

    Directory of Open Access Journals (Sweden)

    Galina Kavaliauskienė

    2011-04-01

    Full Text Available The use of electronic language portfolios has been preferable to the use of common paper portfolios for ease of application – there is no need for accumulating a number of files of written papers, which solves the problem of storing space and, to some extent, helps reduce students’ and teachers’ workload.The study investigated learners’ perceptions of employing electronic language portfolios for conducting various assignments in English for Specific Purposes. The research involved university students of different specializations. Learners’ experience of employing portfolios and opinions on their benefits for improving language skills have been analyzed and statistically treated using SPSS software. The results show that students are positive about application of electronic portfolios in ESP classes. The use of online portfolios for various assignments helps teachers foster students’ learning, encourages critical thinking, develops creativity, motivates learners to use digital technology, encourages collaboration of learners, and in the long run, leads to lifelong learning.

  11. Portfolios in Saudi medical colleges. Why and how?

    Directory of Open Access Journals (Sweden)

    Nadia M. Fida

    2016-03-01

    Full Text Available Over recent decades, the use of portfolios in medical education has evolved, and is being applied in undergraduate and postgraduate programs worldwide. Portfolios, as a learning process and method of documenting and assessing learning, is supported as a valuable tool by adult learning theories that stress the need for learners to be self-directed and to engage in experiential learning. Thoughtfully implemented, a portfolio provides learning experiences unequaled by any single learning tool. The credibility (validity and dependability (reliability of assessment through portfolios have been questioned owing to its subjective nature; however, methods to safeguard these features have been described in the literature. This paper discusses some of this literature, with particular attention to the role of portfolios in relation to self-reflective learning, provides an overview of current use of portfolios in undergraduate medical education in Saudi Arabia, and proposes research-based guidelines for its implementation and other similar contexts.

  12. Power from Perspective: Potential future United States energy portfolios

    International Nuclear Information System (INIS)

    Tonn, Bruce; Healy, K.C.; Gibson, Amy; Ashish, Ashutosh; Cody, Preston; Beres, Drew; Lulla, Sam; Mazur, Jim; Ritter, A.J.

    2009-01-01

    This paper presents United States energy portfolios for the year 2030, developed from seven different Perspectives. The Perspectives are characterized by different weights placed on fourteen defining values (e.g., cost, social acceptance). The portfolios were constructed to achieve three primary goals, energy independence, energy security, and greenhouse gas reductions. The portfolios are also evaluated over a comprehensive set of secondary criteria (e.g., economic growth, technical feasibility). It is found that very different portfolios based on very different defining values can achieve the three primary goals. Commonalities among the portfolios include reliance upon cellulosic ethanol, nuclear power, and energy efficiency to meet year 2030 energy demands. It is concluded that the US energy portfolio must be diverse and to achieve national energy goals will require an explicit statement of goals, a strong role for government, and coordinated action across society

  13. Radiographer managers and service development: A Delphi study to determine an MRI service portfolio for year 2020

    International Nuclear Information System (INIS)

    Castillo, J.; Caruana, C.J.; Morgan, P.S.; Westbrook, C.

    2015-01-01

    Purpose: As high quality CPD courses become increasingly expensive and time off for radiographers progressively limited, it is important that CPD content be aligned to forecasted service portfolio development. When such a portfolio has not been developed locally the CPD planner should carry out an own forecasting exercise. The purpose of the study was to develop a 2020 MRI service portfolio using a Delphi study. Methods and materials: MRI stakeholder experts participated in a first Delphi round based on semi-structured interviews. The interviews were analysed thematically leading to a series of statements for a second Delphi round. Level of agreement was assessed as the median value on a 6 point Likert scale ranging from 1 (complete disagreement) to 6 (complete agreement), the level of consensus was assessed using the interquartile range (IQR). Consensus was defined as IQR ≤ 1. Results: Very strong agreement and consensus (median 6, IQR ≤ 1) was obtained for maintaining current service catalogue and introduction of breast biopsies, cardiac studies, ISO standards, referral guidelines, and departmental policies aligned to EU regulations. Strong agreement and consensus (median 5, IQR ≤ 1) was obtained for introduction of tumour assessment, tractography, elastography, enterography. The level of consensus was low (IQR ≥ 1) regarding research, 3T MRI, outsourcing, prostate screening and certification for MRI referral privileges. Conclusion: The multi stakeholder approach adopted ensured that the proposed service portfolio would be suitable for local healthcare needs. Although the methodology has been applied to MRI it could easily be adapted to any imaging modality. - Highlights: • A Delphi study was successfully used to forecast MRI service portfolio for year 2020. • The service portfolio determines the competences required by radiographers. • The service portfolio has helped in decision making to introduce waiting list initiatives. • Protocols

  14. Comparative Analysis of Investment Funds Stocks-based Portfolios and BET Stocks-based Portfolios

    Directory of Open Access Journals (Sweden)

    Ion STANCU

    2010-04-01

    Full Text Available In this paper we intend to find out what is the best choice of stocks-based portfolio. The major goal is to find whether is more efficient to invest the whole capital in a single sector, like financial investments, or to create a diversified portfolio, taking into account assets from various economic sectors. Capital allocation will be based on the concept of cointegration. We have chosen this method because it can be applied on non-stationary data series, and, besides, it has the advantage of using the whole set of information provided by the financial assets. Another goal is to study how the portfolio structure adjusts if a shock occurs during the period under analysis so that to preserve a certain return or minimize a potential loss. The study will result in an investment solution in the Romanian capital market, even in the context of financial crisis.

  15. CERN's LHC is awarded the 2012 EPS Edison Volta Prize

    CERN Multimedia

    CERN Bulletin

    2012-01-01

    The European Physical Society (EPS), the Centro di Cultura Scientifica “Alessandro Volta” and Edison S.p.A. have awarded the 2012 EPS Edison Volta Prize for outstanding contributions to physics to three CERN physicists.   The award was given to: • Rolf-Dieter Heuer, CERN Director-General, • Sergio Bertolucci, CERN Director for Research and Computing, • Stephen Myers, CERN Director for Accelerators and Technology, for having led - building on decades of dedicated work by their predecessors - the culminating efforts in the direction, research and operation of the CERN Large Hadron Collider (LHC), which resulted in many significant advances in high energy particle physics, in particular, the first evidence of a Higgs-like boson in July 2012. To learn more, check out e-EPS News.

  16. Structural features of subtype-selective EP receptor modulators.

    Science.gov (United States)

    Markovič, Tijana; Jakopin, Žiga; Dolenc, Marija Sollner; Mlinarič-Raščan, Irena

    2017-01-01

    Prostaglandin E2 is a potent endogenous molecule that binds to four different G-protein-coupled receptors: EP1-4. Each of these receptors is a valuable drug target, with distinct tissue localisation and signalling pathways. We review the structural features of EP modulators required for subtype-selective activity, as well as the structural requirements for improved pharmacokinetic parameters. Novel EP receptor subtype selective agonists and antagonists appear to be valuable drug candidates in the therapy of many pathophysiological states, including ulcerative colitis, glaucoma, bone healing, B cell lymphoma, neurological diseases, among others, which have been studied in vitro, in vivo and in early phase clinical trials. Copyright © 2016 The Authors. Published by Elsevier Ltd.. All rights reserved.

  17. OMEGA EP high-energy petawatt laser: progress and prospects

    International Nuclear Information System (INIS)

    Maywar, D N; Kelly, J H; Waxer, L J; Morse, S F B; Begishev, I A; Bromage, J; Dorrer, C; Edwards, J L; Folnsbee, L; Guardalben, M J; Jacobs, S D; Jungquist, R; Kessler, T J; Kidder, R W; Kruschwitz, B E; Loucks, S J; Marciante, J R; McCrory, R L; Meyerhofer, D D; Okishev, A V

    2008-01-01

    OMEGA EP (extended performance) is a petawatt-class addition to the existing 30-kJ, 60-beam OMEGA Laser Facility at the University of Rochester. It will enable high-energy picosecond backlighting of high-energy-density experiments and inertial confinement fusion implosions, the investigation of advanced-ignition experiments such as fast ignition, and the exploration of high-energy-density phenomena. The OMEGA EP short-pulse beams have the flexibility to be directed to either the existing OMEGA target chamber, or the new, auxiliary OMEGA EP target chamber for independent experiments. This paper will detail progress made towards activation, which is on schedule for completion in April 2008

  18. High-Intensity Laser Diagnostics for OMEGA EP

    International Nuclear Information System (INIS)

    Bromage, J.; Zuegel, J.D.; Bahk, S.-W.; Vickery, D.S.; Waxer, L.J.; Irwin, D.; Bagnoud, V.; Boni, R.; Moore, M.D.; Junquist, R.; Stoeckl, C.

    2006-01-01

    OMEGA EP is a new high-energy petawatt laser system under construction at the University of Rochester's Laboratory for Laser Energetics. This paper describes our designs for two diagnostics critical to OMEGA EP's mission. The focal-spot diagnostic (FSD) is responsible for characterizing the focal spot of OMEGA EP's off-axis parabolic mirror at full energy. The ultrafast temporal diagnostic (UTD) is responsible for characterizing pulse shapes of full-energy target shots ranging in width from <1 to 100 ps as well as setting the desired pulse width before the shot. These diagnostics will enable, for the first time, complete spatial and temporal characterization of the focus of a high-energy petawatt laser at full energy

  19. High-intensity laser diagnostics for OMEGA EP

    Energy Technology Data Exchange (ETDEWEB)

    Bromage, J.; Zuegel, J.D.; Bahk, S.W.; Vickery, D.S.; Waxer, L.J.; Irwin, D.; Bagnoud, V.; Boni, R.; Moore, M.D.; Jungquist, R.; Stoeckl, C. [Rochester Univ., Lab. for Laser Energetics, NY (United States)

    2006-06-15

    OMEGA EP (Extended Performance) is a new high-energy peta-watt laser system under construction at the University of Rochester's Laboratory for Laser Energetics. This paper describes our designs for two diagnostics critical to OMEGA EP's mission. The focal-spot diagnostic (FSD) is responsible for characterizing the focal spot of OMEGA EP's off-axis parabolic mirror at full energy. The ultrafast temporal diagnostic (UTD) is responsible for characterizing pulse shapes of full-energy target shots ranging in width from < 1 to 100 ps as well as setting the desired pulse width before the shot. These diagnostics will enable, for the first time, complete spatial and temporal characterization of the focus of a high-energy peta-watt laser at full energy. (authors)

  20. High-intensity laser diagnostics for OMEGA EP

    International Nuclear Information System (INIS)

    Bromage, J.; Zuegel, J.D.; Bahk, S.W.; Vickery, D.S.; Waxer, L.J.; Irwin, D.; Bagnoud, V.; Boni, R.; Moore, M.D.; Jungquist, R.; Stoeckl, C.

    2006-01-01

    OMEGA EP (Extended Performance) is a new high-energy peta-watt laser system under construction at the University of Rochester's Laboratory for Laser Energetics. This paper describes our designs for two diagnostics critical to OMEGA EP's mission. The focal-spot diagnostic (FSD) is responsible for characterizing the focal spot of OMEGA EP's off-axis parabolic mirror at full energy. The ultrafast temporal diagnostic (UTD) is responsible for characterizing pulse shapes of full-energy target shots ranging in width from < 1 to 100 ps as well as setting the desired pulse width before the shot. These diagnostics will enable, for the first time, complete spatial and temporal characterization of the focus of a high-energy peta-watt laser at full energy. (authors)

  1. MODERN THEORETICAL APPROACHES CREDIT PORTFOLIO QUALITY MANAGEMENT OF COMMERCIAL BANK

    Directory of Open Access Journals (Sweden)

    Victoria Lisnic

    2016-12-01

    Full Text Available Credit portfolio management means the totality of financial and economic decisions realization aimed at achieving optimal ratio of performance indicators of loan portfolio. If low-quality loans increase, the reduction of productive assets volume and, respectively, profitability from banking lending. In extreme cases a such situation could lead to bank bankruptcy. At present bank loan portfolio quality assessment is an important component of bank management.

  2. An Artificial Bee Colony Algorithm for Uncertain Portfolio Selection

    OpenAIRE

    Chen, Wei

    2014-01-01

    Portfolio selection is an important issue for researchers and practitioners. In this paper, under the assumption that security returns are given by experts’ evaluations rather than historical data, we discuss the portfolio adjusting problem which takes transaction costs and diversification degree of portfolio into consideration. Uncertain variables are employed to describe the security returns. In the proposed mean-variance-entropy model, the uncertain mean value of the return is ...

  3. Household Portfolios and Risk Bearing over Age and Time

    OpenAIRE

    Alessandro Bucciol; Raffaele Miniaci

    2011-01-01

    We exploit the US Survey of Consumer Finances from 1998 to 2007 to study households’ portfolio risk bearing. We compare four alternative measures of risk, two based on a financial portfolio and two based on a broader portfolio also including – as illiquid assets – human capital, real estate, business wealth and related debt. The measures provide a different ranking of household risk bearing, but they consistently show that risk bearing fell after 2001, and it positively correlates with wealth...

  4. Choosing an Optimal e-Portfolio System for the Institution

    OpenAIRE

    YAMAMOTO, Toshiyuki

    2010-01-01

    Implementing an e-Portfolio system to enhance educational processes and outcomes has been becoming a hot issue among the Japanese universities that are ambitious in resetting their mission statements. In such universities, defining purposes, clearly stating what to be focused, learning processes, and expected outcomes are the critical issues in the development of their original e-Portfolio system. However, not all institutions are aware that e-Portfolio has advantages and disadvantages. One o...

  5. Portfolio analysis based on the example of Zagreb Stock Exchange

    OpenAIRE

    Bogdan, Sinisa; Baresa, Suzana; Ivanovic, Sasa

    2010-01-01

    In this paper we analyze the portfolio that was selected from the Zagreb Stock Exchange and also try to assess its risks and its future offerings that are relevant in making the decisions about investments. Through the work we will explain the importance of diversification and how the very diversification reduces risk. We will also analyze the systemic risk of individual stocks within the portfolio and the systemic risk of the given portfolio and explain its importance. Through regression ana...

  6. Digital portfolio for learning: A new communication channel for education

    Directory of Open Access Journals (Sweden)

    Judit Coromina

    2011-04-01

    Full Text Available Purpose: The Catalonian Government has the intention of introducing the digital portfolio before 2017, an initiative related to new approaches for learning. Taking in consideration the increasing interest for digital portfolio as a new communication channel for education, the article aims are: on the one hand to describe how the digital portfolio works and on the other hand, to identify a list of criteria that should be useful for educative centers to select the best application to create the digital portfolio according to their needs.Design/methodology/approach: Firstly, a theoretical framework for portfolio functioning is described. After, applications to support the digital portfolio are classified. Next, a requirement analysis on an ideal application to support the portfolio is made, according to those phases for the portfolio creation identified in the theoretical framework. Lastly, a list of criteria is established to select the application for creating the digital portfolio.Findings and Originality/value: The article contributes to structure the portfolio creation process in some stages and phases in a wider way that it is described in the literature. In addition, a list of criteria is defined to help educative centers to select the application for managing the portfolio that fits better with their objectives. These criteria have been obtained with an exhaustive methodology.Research limitations/implications: In order to put in practice the identified criteria it is proposed to complete the multi-criteria decision model in a new study. It should include processes to weigh criteria and define normalizations. Afterwards it would be able to analyze the value of the model studying the satisfaction for using it by a sample of educative centers.Practical implications: The list of criteria identified should facilitate the selection of the more adequate application to create the learning portfolio to the educative centers, according to their

  7. A method for minimum risk portfolio optimization under hybrid uncertainty

    Science.gov (United States)

    Egorova, Yu E.; Yazenin, A. V.

    2018-03-01

    In this paper, we investigate a minimum risk portfolio model under hybrid uncertainty when the profitability of financial assets is described by fuzzy random variables. According to Feng, the variance of a portfolio is defined as a crisp value. To aggregate fuzzy information the weakest (drastic) t-norm is used. We construct an equivalent stochastic problem of the minimum risk portfolio model and specify the stochastic penalty method for solving it.

  8. Three Essays on Robust Optimization of Efficient Portfolios

    OpenAIRE

    Liu, Hao

    2013-01-01

    The mean-variance approach was first proposed by Markowitz (1952), and laid the foundation of the modern portfolio theory. Despite its theoretical appeal, the practical implementation of optimized portfolios is strongly restricted by the fact that the two inputs, the means and the covariance matrix of asset returns, are unknown and have to be estimated by available historical information. Due to the estimation risk inherited from inputs, desired properties of estimated optimal portfolios are ...

  9. Forecast Correlation Coefficient Matrix of Stock Returns in Portfolio Analysis

    OpenAIRE

    Zhao, Feng

    2013-01-01

    In Modern Portfolio Theory, the correlation coefficients decide the risk of a set of stocks in the portfolio. So, to understand the correlation coefficients between returns of stocks, is a challenge but is very important for the portfolio management. Usually, the stocks with small correlation coefficients or even negative correlation coefficients are preferred. One can calculate the correlation coefficients of stock returns based on the historical stock data. However, in order to control the ...

  10. Methods of Choosing an Optimal Portfolio of Projects

    OpenAIRE

    Yakovlev, A.; Chernenko, M.

    2016-01-01

    This paper presents an analysis of existing methods for a portfolio of project optimization. The necessity for their improvement is shown. It is suggested to assess the portfolio of projects on the basis of the amount in the difference between the results and costs during development and implementation of selected projects and the losses caused by non-implementation or delayed implementation of projects that were not included in the portfolio. Consideration of capital and current costs compon...

  11. Portfolio Diversification in the South-East European Equity Markets

    OpenAIRE

    Zaimovic Azra; Arnaut-Berilo Almira; Mustafic Arnela

    2017-01-01

    Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limit...

  12. R functions development for stockPortfolio package

    OpenAIRE

    Luo, Rui

    2013-01-01

    Modern portfolio theory is a statistical framework to allocate investment assets properly, with the aim of reducing risk by diversification. In the past decades, a variety of index and group models (with different covariance assumption) have been proposed to optimize the portfolio, including Single Index Model, Constant Correlation Model, Multi-Group Model, and Multi-Index Model. An R package "stockPortfolio" is developed by Drs. Christou and Diez, and fully implemented Single Index Model, Co...

  13. PrEP in Europe - expectations, opportunities and barriers.

    Science.gov (United States)

    McCormack, Sheena Mary; Noseda, Veronica; Molina, Jean-Michel

    2016-01-01

    In contrast to the global trend showing a decline in new HIV infections, the number reported in the World Health Organization (WHO) region of Europe is increasing. Health systems are disparate, but even countries with free access to screening and treatment observe continuing high rates of new infections in key populations, notably men who have sex with men (MSM). Pre-exposure prophylaxis (PrEP) is only available in France. This commentary describes the European epidemics and healthcare settings where PrEP could be delivered, how need might be estimated for MSM and the residual barriers to access. Health systems and government commitment to HIV prevention and care, both financial and political, differ considerably between the countries that make up Europe. A common feature is that funds for prevention are a small fraction of funds for care. Although care is generally good, access is limited in the middle-income countries of Eastern Europe and central Asia, and only 19% of people living with HIV received antiretroviral therapy in 2014. It is challenging to motivate governments or civil society to implement PrEP in the context of this unmet treatment need, which is driven by limited national health budgets and diminishing assistance from foreign aid. The high-income countries of Western Europe have hesitated to embrace PrEP for different reasons, initially due to key gaps in the evidence. Now that PrEP has been shown to be highly effective in European MSM in two randomized controlled trials, it is clear that the major barrier is the cost of the drug which is still on patent, although inadequate health systems and diminishing investment in civil society are also key challenges to overcome. The momentum to implement PrEP in European countries is increasing and provides a welcome opportunity to expand and improve clinical services and civil society support focused on HIV and related infections including other sexually transmitted and blood-borne infections.

  14. Noisy covariance matrices and portfolio optimization II

    Science.gov (United States)

    Pafka, Szilárd; Kondor, Imre

    2003-03-01

    Recent studies inspired by results from random matrix theory (Galluccio et al.: Physica A 259 (1998) 449; Laloux et al.: Phys. Rev. Lett. 83 (1999) 1467; Risk 12 (3) (1999) 69; Plerou et al.: Phys. Rev. Lett. 83 (1999) 1471) found that covariance matrices determined from empirical financial time series appear to contain such a high amount of noise that their structure can essentially be regarded as random. This seems, however, to be in contradiction with the fundamental role played by covariance matrices in finance, which constitute the pillars of modern investment theory and have also gained industry-wide applications in risk management. Our paper is an attempt to resolve this embarrassing paradox. The key observation is that the effect of noise strongly depends on the ratio r= n/ T, where n is the size of the portfolio and T the length of the available time series. On the basis of numerical experiments and analytic results for some toy portfolio models we show that for relatively large values of r (e.g. 0.6) noise does, indeed, have the pronounced effect suggested by Galluccio et al. (1998), Laloux et al. (1999) and Plerou et al. (1999) and illustrated later by Laloux et al. (Int. J. Theor. Appl. Finance 3 (2000) 391), Plerou et al. (Phys. Rev. E, e-print cond-mat/0108023) and Rosenow et al. (Europhys. Lett., e-print cond-mat/0111537) in a portfolio optimization context, while for smaller r (around 0.2 or below), the error due to noise drops to acceptable levels. Since the length of available time series is for obvious reasons limited in any practical application, any bound imposed on the noise-induced error translates into a bound on the size of the portfolio. In a related set of experiments we find that the effect of noise depends also on whether the problem arises in asset allocation or in a risk measurement context: if covariance matrices are used simply for measuring the risk of portfolios with a fixed composition rather than as inputs to optimization, the

  15. Formation and bases of the analysis of the investment portfolio of the enterprise

    Directory of Open Access Journals (Sweden)

    I. I. Hasanshin

    2018-01-01

    Full Text Available This article discusses several methods for project design and analysis. After all, they are the key ones in creating a new IT portfolio of the enterprise, according to the standards for the formation and management of projects, which is especially important in investment analysis. Considering these stages, we touch topics from the beginning of an enterprise to its formation, as a working business. After all, every enterprise begins its life with a choice of methods, stopping at one, it chooses a plan and sets tasks. Attraction of investments will be one of the main points in this task. For today, investments are the cause for the consequences of economic processes and various phenomena in the economy. This view will be of interest to specialists in the field of information technology and economic sciences. The idea is substantiated that the analysis of such results gives a good assessment in order to further identify weaknesses, build business processes and solutions from the point of view of forming a new portfolio of the enterprise and tools that allow determining the profitability of the module or the project as a whole in terms of money and technical equivalents. The article helps to reveal the topic and the main problem that is interesting and relevant for today, what method of attracting investors and implementing / shaping the IT portfolio of the project, choose which innovative portfolio management systems should be used and how they differ from traditional ones and how to properly link them with architecture of the enterprise. The key stages of investment analysis will be: increase in profits, accumulation of resources, proper portfolio formation and diversification.

  16. A General Framework for Portfolio Theory—Part I: Theory and Various Models

    Directory of Open Access Journals (Sweden)

    Stanislaus Maier-Paape

    2018-05-01

    Full Text Available Utility and risk are two often competing measurements on the investment success. We show that efficient trade-off between these two measurements for investment portfolios happens, in general, on a convex curve in the two-dimensional space of utility and risk. This is a rather general pattern. The modern portfolio theory of Markowitz (1959 and the capital market pricing model Sharpe (1964, are special cases of our general framework when the risk measure is taken to be the standard deviation and the utility function is the identity mapping. Using our general framework, we also recover and extend the results in Rockafellar et al. (2006, which were already an extension of the capital market pricing model to allow for the use of more general deviation measures. This generalized capital asset pricing model also applies to e.g., when an approximation of the maximum drawdown is considered as a risk measure. Furthermore, the consideration of a general utility function allows for going beyond the “additive” performance measure to a “multiplicative” one of cumulative returns by using the log utility. As a result, the growth optimal portfolio theory Lintner (1965 and the leverage space portfolio theory Vince (2009 can also be understood and enhanced under our general framework. Thus, this general framework allows a unification of several important existing portfolio theories and goes far beyond. For simplicity of presentation, we phrase all for a finite underlying probability space and a one period market model, but generalizations to more complex structures are straightforward.

  17. Exploratory Content Analysis of Candidates' Perspectives on Multicultural Education as Evidenced in Their edTPA Portfolios

    Science.gov (United States)

    Cannon, Sarah

    2016-01-01

    This exploratory qualitative content analysis examined the edTPA portfolios of 36 randomly selected teacher candidates to address a national trend towards standardization and accountability in teacher education in relationship to the critical need for multicultural educators. Using multicultural education as a theoretical framework, this study…

  18. The USC-OSA-EPS section activities in optics

    Science.gov (United States)

    Aymerich, María.; Cambronero-López, Ferran; Aragón, Ángel L.; Delgado, Tamara; Blanco, Manuel; Gómez Varela, Ana I.; Gargallo, Ana; Williamson, Sandra; Amorín, Adán.; Sánchez-García, Ángel; Bao-Varela, Carmen; Flores-Arias, M. Teresa

    2017-08-01

    The USC-OSA Student Chapter and USC-EPS Young Minds Section is a group financed by The Optical Society (OSA) and the European Physical Society (EPS). It is formed by PhD and degree students from the Universidade de Santiago de Compostela (USC) and one supervisor of the Faculty of Physics. Its main goal is to promote and diffuse Optics in the society. For this purpose, the group carries out several activities in the academic and non-academic community. The group is also committed to the professional development of our members and motivates the exposition of our work into the scientific community.

  19. Hombro doloroso en trabajadores afiliados a eps-privada

    OpenAIRE

    Blandón Rodríguez, Jairo Alcibíades

    2014-01-01

    Objetivo: Describir los elementos diagnósticos de la patología de hombro doloroso, en trabajadores calificados en medicina laboral EPS-privada, Bogotá (Colombia), año 2012. Método: Estudio descriptivo de corte transversal sobre una muestra de trabajadores afiliados a EPS-privada año 2012 calificados por patología de hombro doloroso de origen profesional. La muestra estudiada fue de 343 registros de trabajadores, que representa el 2.3% del total de la enfermedades profesionales y acci...

  20. Living with encapsulating peritoneal sclerosis (EPS): the patient's perspective.

    Science.gov (United States)

    Hurst, Helen; Summers, Angela; Beaver, Kinta; Caress, Ann-Louise

    2014-01-01

    Although relatively rare, encapsulating peritoneal sclerosis (EPS) is nonetheless a major concern within the renal community. Risk of developing EPS is associated with long-term peritoneal dialysis (PD). High mortality was previously reported, although surgery has since improved outcomes. Research into EPS focuses on imaging and early detection methods, genetics, biomarkers and preventive strategies. No previous studies have examined patients' experiences of EPS. The aim of the present study was to explore the experience of patients who have undergone surgery for EPS in one center in the North of England. A qualitative phenomenological approach, involving in-depth interviews, was adopted. Nine participants were recruited out of a total of 18 eligible. Most participants were interviewed twice over a 12-month period (October 2009 to October 2010). Interpretive data analysis was conducted, following the philosophical tradition of hermeneutics, to draw out themes from the data. Data collection and analysis took place concurrently and participants were sent a summary of their first interview to allow a period of reflection prior to the subsequent interview. EPS presented the most serious challenge participants had faced since developing chronic kidney disease (CKD). Three major themes were identified, each with subcategories. The key issues for patients were related to identification of early symptoms and lack of understanding. The patients' sense of 'not being heard' by health care professionals led to a loss of trust and enhanced their feelings of uncertainty. The enormity of the surgery, the suffering, and what they had to endure had an enormous impact, but an overriding aspect of this experience was also the loss they felt for their independence and for the PD therapy over which they had control. The findings of this study highlight a number of important issues relevant to clinical practice, including lack of information and understanding of EPS, particularly its

  1. Polyadenylation site prediction using PolyA-iEP method.

    Science.gov (United States)

    Kavakiotis, Ioannis; Tzanis, George; Vlahavas, Ioannis

    2014-01-01

    This chapter presents a method called PolyA-iEP that has been developed for the prediction of polyadenylation sites. More precisely, PolyA-iEP is a method that recognizes mRNA 3'ends which contain polyadenylation sites. It is a modular system which consists of two main components. The first exploits the advantages of emerging patterns and the second is a distance-based scoring method. The outputs of the two components are finally combined by a classifier. The final results reach very high scores of sensitivity and specificity.

  2. On the microeconomic problems studied by portfolio theory

    Science.gov (United States)

    Nikonov, Oleg; Medvedeva, Marina

    2012-09-01

    In the paper we consider economically motivated problems, which are treated with the help of methods of portfolio theory that goes back to the papers by H. Markowitz [1] and J. Tobin [2]. We show that the portfolio theory initially developed for risky securities (stocks) could be applied to other objects. In the present paper we consider several situations where such an application is reasonable and seems to be fruitful. Namely, we consider the problems of constructing the efficient portfolio of banking services and the portfolio of counteragents of a firm.

  3. Use of Portfolios by Medical Students: Significance of Critical Thinking

    Directory of Open Access Journals (Sweden)

    Samy A. Azer

    2008-07-01

    Full Text Available Portfolios have been used in the medical curriculum to evaluate difficult-to-assess areas such as students' attitudes, professionalism and teamwork. However, their use early in a problem-based learning (PBL course to foster deep learning and enhance students' self-directed learning has not been adequately studied. The aims of this paper are to: (1 understand the uses of portfolios and the rationale for using reflection in the early years of a PBL curriculum; (2 discuss how to introduce portfolios and encourage students' critical thinking skills, not just reflection; and (3 provide students with tips that could enhance their skills in constructing good portfolios.

  4. The true invariant of an arbitrage free portfolio

    Science.gov (United States)

    Schmidt, Anatoly B.

    2003-03-01

    It is shown that the arbitrage free portfolio paradigm being applied to a portfolio with an arbitrary number of shares N allows for the extended solution in which the option price F depends on N. However the resulting stock hedging expense Q= MF (where M is the number of options in the portfolio) does not depend on whether N is treated as an independent variable or as a parameter. Therefore the stock hedging expense is the true invariant of the arbitrage free portfolio paradigm.

  5. Towards a reference model for portfolio management for product development

    DEFF Research Database (Denmark)

    Larsson, Flemming

    2006-01-01

    The aim of this paper is to explore the concept of portfolio management for product development at company level. Departing from a combination of explorative interviews with industry professionals and a literature review a proposal for a reference model for portfolio management is developed....... The model consists of a set of defined and interrelated concepts which forms a coherent and consistent reference model that explicate the totality of the portfolio management concept at company level in terms of structure, processes and elements. The model simultaneously pinpoints, positions and integrates...... several central dimensions of portfolio management....

  6. A dynamic decision model for portfolio investment and assets management

    Institute of Scientific and Technical Information of China (English)

    QIAN Edward Y.; FENG Ying; HIGGISION James

    2005-01-01

    This paper addresses a dynamic portfolio investment problem. It discusses how we can dynamically choose candidate assets, achieve the possible maximum revenue and reduce the risk to the minimum level. The paper generalizes Markowitz's portfolio selection theory and Sharpe's rule for investment decision. An analytical solution is presented to show how an institutional or individual investor can combine Markowitz's portfolio selection theory, generalized Sharpe's rule and Value-at-Risk(VaR) to find candidate assets and optimal level of position sizes for investment (dis-investment). The result shows that the generalized Markowitz's portfolio selection theory and generalized Sharpe's rule improve decision making for investment.

  7. Investment portfolio management from cybernetic point of view

    Science.gov (United States)

    Marchev, Angel, Jr.; Marchev, Angel

    2013-12-01

    The theory of investment portfolios is a well defined component of financial science. While sound in principle, it faces some setbacks in its real-world implementation. In this paper the authors propose a reformulation of the investment portfolio problem as a cybernetic system where the Investor is the controlling system and the portfolio is the controlled system. Also the portfolio controlling process should be dissected in several ordered phases, so that each phase is represented as a subsystem within the structure of the controlling system Investor.

  8. The Requirement of a Positive Definite Covariance Matrix of Security Returns for Mean-Variance Portfolio Analysis: A Pedagogic Illustration

    Directory of Open Access Journals (Sweden)

    Clarence C. Y. Kwan

    2010-07-01

    Full Text Available This study considers, from a pedagogic perspective, a crucial requirement for the covariance matrix of security returns in mean-variance portfolio analysis. Although the requirement that the covariance matrix be positive definite is fundamental in modern finance, it has not received any attention in standard investment textbooks. Being unaware of the requirement could cause confusion for students over some strange portfolio results that are based on seemingly reasonable input parameters. This study considers the requirement both informally and analytically. Electronic spreadsheet tools for constrained optimization and basic matrix operations are utilized to illustrate the various concepts involved.

  9. An Empirical Exploration of the Antecedents and Outcomes of NPD Portfolio Success

    NARCIS (Netherlands)

    Kester, L.; Hultink, H.J.; Griffin, A.

    2013-01-01

    The manuscript first combines theory and previous empirical findings to build a model of new product development portfolio success. Because relationships between product development portfolio decision-making effectiveness, portfolio success and firm-level success have not previously been

  10. 7 CFR 4290.760 - How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. 4290.760 Section 4290.760 Agriculture Regulations of... size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. (a) Effect on RBIC...

  11. Functional and bioinformatics analysis of an exopolysaccharide-related gene (epsN) from Lactobacillus kefiranofaciens ZW3.

    Science.gov (United States)

    Wang, Jingrui; Tang, Wei; Zheng, Yongna; Xing, Zhuqing; Wang, Yanping

    2016-09-01

    A novel lactic acid bacteria strain Lactobacillus kefiranofaciens ZW3 exhibited the characteristics of high production of exopolysaccharide (EPS). The epsN gene, located in the eps gene cluster of this strain, is associated with EPS biosynthesis. Bioinformatics analysis of this gene was performed. The conserved domain analysis showed that the EpsN protein contained MATE-Wzx-like domains. Then the epsN gene was amplified to construct the recombinant expression vector pMG36e-epsN. The results showed that the EPS yields of the recombinants were significantly improved. By determining the yields of EPS and intracellular polysaccharide, it was considered that epsN gene could play its Wzx flippase role in the EPS biosynthesis. This is the first time to prove the effect of EpsN on L. kefiranofaciens EPS biosynthesis and further prove its functional property.

  12. Prostaglandin E2 Prevents Hyperosmolar-Induced Human Mast Cell Activation through Prostanoid Receptors EP2 and EP4

    Science.gov (United States)

    Torres-Atencio, Ivonne; Ainsua-Enrich, Erola; de Mora, Fernando; Picado, César; Martín, Margarita

    2014-01-01

    Background Mast cells play a critical role in allergic and inflammatory diseases, including exercise-induced bronchoconstriction (EIB) in asthma. The mechanism underlying EIB is probably related to increased airway fluid osmolarity that activates mast cells to the release inflammatory mediators. These mediators then act on bronchial smooth muscle to cause bronchoconstriction. In parallel, protective substances such as prostaglandin E2 (PGE2) are probably also released and could explain the refractory period observed in patients with EIB. Objective This study aimed to evaluate the protective effect of PGE2 on osmotically activated mast cells, as a model of exercise-induced bronchoconstriction. Methods We used LAD2, HMC-1, CD34-positive, and human lung mast cell lines. Cells underwent a mannitol challenge, and the effects of PGE2 and prostanoid receptor (EP) antagonists for EP1–4 were assayed on the activated mast cells. Beta-hexosaminidase release, protein phosphorylation, and calcium mobilization were assessed. Results Mannitol both induced mast cell degranulation and activated phosphatidyl inositide 3-kinase and mitogen-activated protein kinase (MAPK) pathways, thereby causing de novo eicosanoid and cytokine synthesis. The addition of PGE2 significantly reduced mannitol-induced degranulation through EP2 and EP4 receptors, as measured by beta-hexosaminidase release, and consequently calcium influx. Extracellular-signal-regulated kinase 1/2, c-Jun N-terminal kinase, and p38 phosphorylation were diminished when compared with mannitol activation alone. Conclusions Our data show a protective role for the PGE2 receptors EP2 and EP4 following osmotic changes, through the reduction of human mast cell activity caused by calcium influx impairment and MAP kinase inhibition. PMID:25329458

  13. Credit Portfolio Selection According to Sectors in Risky Environments: Markowitz Practice

    OpenAIRE

    Halim Kazan; Kültigin Uludag

    2014-01-01

    In this study, it was researched that how the rate of repayment of loans will be increased and how the credit risk will be minimized in banking sector, by using Markowitz Portfolio Theory. Construction, textile and wholesale and retail sectors were examined under the central bank data. Portfolio groups were selected and risks( variances of Portfolio groups) were evaluated according to Markowitz portfolio theory. Markowitz portfolio theory is effective than the other portfolio selection instru...

  14. The Optimal Allocation for Capital Preservation: an Evidence Australian Portfolio

    Directory of Open Access Journals (Sweden)

    Riznaldi Akbar

    2018-05-01

    Full Text Available This study analyzes optimal asset mix for Australian portfolios with the main investment objective for capital preservation. An alternative measure of risk of annual maximum drawdown has been used to reflect investor preference for capital preservation as opposed to conventional risk measure of standard deviation and variance. The contribution of the study is two folds. First, this study has put different perspective to look at portfolio risk in the view of capital preservation. Second, the optimal weight for asset class mix that minimizes annual maximum drawdown has been analyzed for the case of Australian market. The results suggest that for capital preservation, investors should expect lower returns and need to put a greater allocation on less risky assets such as cash or bond. To this end, cash and bond have provided stable long term annual returns along with contained level of annual maximum drawdowns. In contrast, when investors demand higher expected return, they should increase asset allocation into stocks (equities market at the expense of higher maximum drawdowns. Bahasa Indonesia Abstrak: Studi ini menganalisis bauran aset optimal untuk portofolio Australia dengan tujuan investasi utama untuk pelestarian modal. Ukuran alternatif risiko penarikan maksimum tahunan telah digunakan untuk mencerminkan preferensi investor untuk pelestarian modal dibandingkan dengan ukuran risiko konvensional standar deviasi dan varians. Kontribusi dari penelitian ini adalah dua lipatan. Pertama, penelitian ini telah menempatkan perspektif yang berbeda untuk melihat risiko portofolio dalam pandangan pelestarian modal. Kedua, bobot optimal untuk campuran kelas aset yang meminimalkan penarikan maksimum tahunan telah dianalisis untuk kasus pasar Australia. Hasilnya menunjukkan bahwa untuk pelestarian modal, investor harus mengharapkan pengembalian yang lebih rendah dan perlu menempatkan alokasi yang lebih besar pada aset yang kurang berisiko seperti uang tunai

  15. E&P data lifecycle: a case study in Petrobras Company

    Science.gov (United States)

    Mastella, Laura; Campinho, Vania; Alonso, João

    2013-04-01

    Petrobras, the biggest Brazilian Petroleum Company, has been studying and working on Brazilian sedimentary basins for nearly 60 years. The corporate database currently registers over 25000 wells and all their associated products (geophysical logs, cores, sidewall samples) and analyses. There are thousands of samples, descriptions, pictures, measures, and other scientific data resulted from petroleum exploration and production. This data constitutes a huge scientific database which is applied to support Petrobras economic strategy. Geological models built during the exploration phase continue to be refined during both the development and production phases: data should be continually manipulated, correlated and integrated. As E&P assets reach maturity, a new cycle starts: data is re-analyzed and new hypotheses are made in order to increase hydrocarbon productivity. Initial geological models then evolve from accumulated knowledge throughout all the E&P phases. Therefore the quality control must be performed in the first phases of data acquisition, i.e., during the exploration phase, to avoid reworking and loss of information. The last decade witnessed a great evolution in petroleum industry technology. As a consequence, the complexity and particulars of the information generated have increased accordingly. Current technology has also facilitated access to networks and databases, making it possible to store large amounts of information. This scenario makes available a large mass of information from difference sources, which uses heterogeneous vocabulary as well as different scales and measurement units. In this context, knowledge might be diluted and the total amount of information cannot be applied in E&P process. In order to provide adequate data governance, data input is controlled by rules, standards and policies, implemented by corporate software systems. Petrobras' integrated E&P database is a centralized repository to which all E&P systems can have access. The

  16. ALPHA-BETA SEPARATION PORTFOLIO STRATEGIES FOR ISLAMIC FINANCE

    Directory of Open Access Journals (Sweden)

    Valentyn Khokhlov

    2016-11-01

    Full Text Available The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-variance optimization strategy. Results of the portfolio dynamics clearly show that a significant amount of value was created by alpha-beta separation. The typical alpha ranges from 4% to 5.7%. The most aggressive portfolio strategies that allow short positions in the satellite portfolio work best with frequent rebalancing and benefit from the active bets. Smoothing technique that was introduced to decrease the portfolio turnover and stabilize its composition works better when active bets are less efficient, particularly with less frequent rebalancing. The best risk-return combinations are achieved with modest (3% to 10% allocation of the total portfolio to the satellite, and the remaining part (90% to 97% being managed in order to minimize the tracking error. Practical implications. The alpha-beta separation framework suggested in this paper can be used to enhance the portfolio management techniques for the hedge funds that operate under tight restrictions, particularly under the Islamic finance principles. The mathematical models developed in this paper allow practical implementation of the alphabeta separation concept. Originality/value. While the idea of alpha-beta separation existed in hedge fund management before, there was no comprehensive mathematical model under it, so its implementation was based on the ad hoc approach. This paper introduces such a mathematical model and demonstrates how portfolio managers can create value for their clients using it.

  17. Intensity modulation of cutaneous electrical stimulation: : EPs and subjective ratings

    NARCIS (Netherlands)

    van der Heide, E.M.; Buitenweg, Jan R.; Marani, Enrico; Rutten, Wim

    2006-01-01

    Chronic pain research is increasingly focused on the neuroplastic mechanisms underlying subjective pain experience. The latter is often measured using reported pain intensity, e.g. using a numeric rating scale (NRS). Evoked Potentials (EPs) reflect the cortical representation of applied stimuli and

  18. The design of an ECRH system for JET-EP

    DEFF Research Database (Denmark)

    Verhoeven, A.G.A.; Bongers, W.A.; Elzendoorn, B.S.Q.

    2003-01-01

    An electron cyclotron resonance heating (ECRH) system has been designed for JET in the framework of the JET enhanced performance project (JET-EP) under the European fusion development agreement. Due to financial constraints it has been decided not to implement this project. Nevertheless, the design...

  19. 48 CFR 504.570 - Procedures for using the EPS.

    Science.gov (United States)

    2010-10-01

    ... GENERAL ADMINISTRATIVE MATTERS Electronic Commerce in Contracting 504.570 Procedures for using the EPS. (a... [Identify address block in the solicitation]. (e) The Electronic Posting System Manual provides detailed... that electronic access to a solicitation will result in adequate competition, distribute the...

  20. Exopolysaccharides (EPS) as anti-corrosive additives for coatings

    NARCIS (Netherlands)

    Scheerder, J.; Breur, R.; Slaghek, T.; Holtman, W.; Vennik, M.; Ferrari, G.

    2012-01-01

    Exopolysaccharides (EPS) are a class of renewable polymers that show interesting anti-corrosive properties and could potentially be used as an alternative for zinc phosphates. When combined with a waterborne styrene-acrylic polymer dispersion (SA-1), exopolysaccharides were shown to give an