Search results for: Michael W. Markowitz

Authors: Jin Xu, Albert Y.S. Lam, Victor O.K. Li

Abstract:

Stock portfolio selection is a classic problem in finance, and it involves deciding how to allocate an institution-s or an individual-s wealth to a number of stocks, with certain investment objectives (return and risk). In this paper, we adopt the classical Markowitz mean-variance model and consider an additional common realistic constraint, namely, the cardinality constraint. Thus, stock portfolio optimization becomes a mixed-integer quadratic programming problem and it is difficult to be solved by exact optimization algorithms. Chemical Reaction Optimization (CRO), which mimics the molecular interactions in a chemical reaction process, is a population-based metaheuristic method. Two different types of CRO, named canonical CRO and Super Molecule-based CRO (S-CRO), are proposed to solve the stock portfolio selection problem. We test both canonical CRO and S-CRO on a benchmark and compare their performance under two criteria: Markowitz efficient frontier (Pareto frontier) and Sharpe ratio. Computational experiments suggest that S-CRO is promising in handling the stock portfolio optimization problem.

Keywords: Stock portfolio selection, Markowitz model, Chemical Reaction Optimization, Sharpe ratio

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Authors: Tea Poklepović, Zdravka Aljinović, Mario Matković

Abstract:

Modern Portfolio Theory (MPT) according to Markowitz states that investors form mean-variance efficient portfolios which maximizes their utility. Markowitz proposed the standard deviation as a simple measure for portfolio risk and the lower semi-variance as the only risk measure of interest to rational investors. This paper uses a third volatility estimator based on intraday data and compares three efficient frontiers on the Croatian Stock Market. The results show that range-based volatility estimator outperforms both mean-variance and lower semi-variance model.

Keywords: Variance, lower semi-variance, range-based volatility.

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Authors: Michael W. Markowitz

Abstract:

A central element of higher education today is the “core” or “general education” curriculum: that configuration of courses that often encompasses the essence of liberal arts education. Ensuring that such offerings reflect the mission and values of the institution is a challenge faced by most college and universities, often more than once. This paper presents an action model of program planning designed to structure the processes of developing, implementing and revising core curricula in a manner consistent with key institutional goals and objectives. Through presentation of a case study from a university in the United States, the elements of needs assessment, stakeholder investment and collaborative compromise are shown as key components of a planning strategy that can produce a general education program that is comprehensive, academically rigorous, assessable, and mission consistent. The paper concludes with recommendations for both the implementation and evaluation of such programs in practice.

Keywords: Academic assessment, academic program planning, curriculum development, general education reform.

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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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 presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Fractional quadratic programming, Markowitz model, Portfolio optimization, Transaction costs.

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Authors: Michael Netzer, Michael Seger, Mahesh Visvanathan, Bernhard Pfeifer, Gerald H. Lushington, Christian Baumgartner

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Lung cancer accounts for the most cancer related deaths for men as well as for women. The identification of cancer associated genes and the related pathways are essential to provide an important possibility in the prevention of many types of cancer. In this work two filter approaches, namely the information gain and the biomarker identifier (BMI) are used for the identification of different types of small-cell and non-small-cell lung cancer. A new method to determine the BMI thresholds is proposed to prioritize genes (i.e., primary, secondary and tertiary) using a k-means clustering approach. Sets of key genes were identified that can be found in several pathways. It turned out that the modified BMI is well suited for microarray data and therefore BMI is proposed as a powerful tool for the search for new and so far undiscovered genes related to cancer.

Keywords: lung cancer, micro arrays, data mining, feature selection.

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Authors: M. S. Osman, A. A. Tharwat, I. A. El-Khodary, A. G. Chalabi

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In this paper, we propose a multiple objective optimization model with respect to portfolio selection problem for investors looking forward to diversify their equity investments in a number of equity markets. Based on Markowitz-s M-V model we developed a Fuzzy Mixed Integer Multi-Objective Nonlinear Programming Problem (FMIMONLP) to maximize the investors- future gains on equity markets, reach the optimal proportion of the budget to be invested in different equities. A numerical example with a comprehensive analysis on artificial data from several equity markets is presented in order to illustrate the proposed model and its solution method. The model performed well compared with the deterministic version of the model.

Keywords: Equity Markets, Future Scenarios, PortfolioSelection, Multiple Criteria Fuzzy Optimization

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Authors: Pulak Swain, A. K. Ojha

Abstract:

Portfolio optimization is based on dealing with the problems of efficient asset allocation. Risk and Expected return are two conflicting criteria in such problems, where the investor prefers the return to be high and the risk to be low. Using multi-objective approach we can solve those type of problems. However the information which we have for the input parameters are generally ambiguous and the input values can fluctuate around some nominal values. We can not ignore the uncertainty in input values, as they can affect the asset allocation drastically. So we use Robust Optimization approach to the problems where the input parameters comes under box uncertainty. In this paper, we solve the multi criteria robust problem with the help of  E- constraint method.

Keywords: Portfolio optimization, multi-objective optimization, E-constraint method, box uncertainty, robust optimization.

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Authors: Vicki Cowley, Michael J. Hamlin, Michael Grimley

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Concerns about low levels of children-s physical activity and motor skill development, prompted the Ministry of Education to trial a physical activity pilot project (PAPP) in 16 New Zealand primary schools. The project comprised professional development and training in physical education for lead teachers and introduced four physical activity coordinators to liaise with and increase physical activity opportunities in the pilot schools. A survey of generalist teachers (128 baseline, 155 post-intervention) from these schools looked at timetabled physical activity sessions and issues related to teaching physical education. The authors calculated means and standard deviations of data relating to timetabled PE sessions and used a one-way analysis of variance to determine significant differences. Results indicated time devoted to physical activity related subjects significantly increased over the course of the intervention. Teacher-s reported improved confidence and competence, which resulted in an improvement in quality physical education delivered more often.

Keywords: children, physical education, primary school, teaching

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Authors: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: Osifeko Olalekan Remigious, Osifeko Christiana Osikorede, Folarin Bolanle Eunice, Olugbenga Adebola Shodiya

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During these difficult economic times, nations are looking for ways to improve their finances, preserve the environment as well as the socio-political climate and educational institutions, which are needed to increase their economy and preserve their sustainable development. Sport is one of the ways through which sustainable development can be achieved. The purpose of this study was to examine and understanding barriers to participation in sport. A total of 1,025 students were purposively selected from five schools (School of Arts and Social Sciences, School of Languages, School of Education, School of Sciences and School of Vocational and Technical Education) in Michael Otedola College of Primary Education (MOCPED). A questionnaire, with a tested reliability coefficient of 0.71, was used for data collection. The collected data were subjected to the descriptive survey research design. The findings showed that sports facilities, funding and lecture schedules were significant barriers to sports participation. It was recommended that sports facilities be provided by the Lagos State government.

Keywords: MOCPED sports, sustainable development, sports participation, state government.

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Authors: Cielito F. Habito, Michael O. Santos, Andres G. Victorio

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A property-s selling price is described as the result of sequential bargaining between a buyer and a seller in an environment of asymmetric information. Hedonic housing prices are estimated based upon 17,333 records of New Zealand residential properties sold during the years 2006 and 2007.

Keywords: Housing demand, hedonics and valuation, residentialmarkets.

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Authors: Claude Takenga, Rolf-Dietrich Berndt, Erling Si, Markus Diem, Guohui Qiao, Melanie Gau, Michael Brandstoetter, Martin Kampel, Michael Dworzak

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In patients with acute lymphoblastic leukaemia (ALL), treatment response is increasingly evaluated with minimal residual disease (MRD) analyses. Flow Cytometry (FCM) is a fast and sensitive method to detect MRD. However, the interpretation of these multi-parametric data requires intensive operator training and experience. This paper presents a pipeline-software, as a ready-to-use FCM-based MRD-assessment tool for the daily clinical practice for patients with ALL. The new tool increases accuracy in assessment of FCM-MRD in samples which are difficult to analyse by conventional operator-based gating since computer-aided analysis potentially has a superior resolution due to utilization of the whole multi-parametric FCM-data space at once instead of step-wise, two-dimensional plot-based visualization. The system developed as a telemedical network reduces the work-load and lab-costs, staff-time needed for training, continuous quality control, operator-based data interpretation. It allows dissemination of automated FCM-MRD analysis to medical centres which have no established expertise for the benefit of an even larger community of diseased children worldwide. We established a telemedical network system for analysis and clinical follow-up and treatment monitoring of Leukaemia. The system is scalable and adapted to link several centres and laboratories worldwide.

Keywords: Data security, flow cytometry, leukaemia, telematics platform, telemedicine.

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Authors: Sarun Phibanchon, Michael A. Allen

Abstract:

A variational method is used to obtain the growth rate of a transverse long-wavelength perturbation applied to the soliton solution of a nonlinear Schr¨odinger equation with a three-half order potential. We demonstrate numerically that this unstable perturbed soliton will eventually transform into a cylindrical soliton.

Keywords: Soliton, instability, variational method, spectral method.

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Authors: Stephen B. Schepman, Michael A. Zarate

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The purpose of this study was to explore the relationship between Burnout, Negative Affectivity, and Organizational Citizenship Behavior (OCB) for social service workers at two agencies serving homeless populations. Thirty two subjects completed surveys. Significant correlations between major variables and subscales were found.

Keywords: Burnout, negative affectivity, organizationalcitizenship.

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Authors: Mounir Frikha, Michael Meincke, Semia Barouni

Abstract:

This paper proposes a vehicle-to-vehicle propagation model implemented with SDL. To estimate the channel characteristics for Inter-Vehicle communication, we first define a predicted propagation pathloss between the moving vehicles under three typical scenarios. A Ray-tracing method is used for the simple gamma model performance.

Keywords: Inter-vehicle communication (IVC), propagationmodel, road traffic, road vicinity, pathloss.

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Authors: Maria de Fátima Lambert

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Following previous studies about Writing and Seeing, this paper focuses on the aesthetic assumptions within the concept of Winter Journey (Voyage d’Hiver/Winterreise) both in Georges Perec’s Saga and the Oulipo Group vis-à-vis with the creations by William Kentridge and Michael Borremans. The aesthetic and artistic connections are widespread. Nevertheless, we can identify common poetical principles shared by these different authors, not only according to the notion of ekphrasis, but also following the procedures of contemporary creation in literature and visual arts. The analysis of the ongoing process of the French writers as individuals and as group and the visual artists’ acting might contribute for another crossed definition of contemporary conception. The same title/theme was a challenge and a goal for them. Let’s wonder how deep the concept encouraged them and which symbolic upbringings were directing their poetical achievements. The idea of an inner journey became the main point, and got “over” and “across” a shared path worth to be followed. The authors were chosen due to the resilient contents of their visual and written images, and looking for the reasons that might had driven their conceptual basis to be. In Pérec’s “Winter Journey” as for the following fictions by Jacques Roubaud, Hervé le Tellier, Jacques Jouet and Hugo Vernier (that emerges from Perec’s fiction and becomes a real author) powerful aesthetic and enigmatic reflections grow connected with a poetic (and aesthetic) understanding of Walkscapes. They might be assumed as ironic fictions and poetical drifts. Outstanding from different logics, the overwhelming impact of Winterreise Lied by Schubert after Wilhelm Müller’s poems is a major reference in present authorship creations. Both Perec and Oulipo’s author’s texts are powerfully ekphrastic, although we should not forget they follow goals, frameworks and identities. When acting as a reader, they induce powerful imageries - cinematic or cinematographic - that flow in our minds. It was well-matched with William Kentridge animated video Winter Journey (2014) and the creations (sharing the same title) of Michael Borremans (2014) for the KlaraFestival, Bozar, Cité de la musique, in Belgium. Both were taken by the foremost Schubert’s Winterreise. Several metaphors fulfil new Winter Journeys (or Travels) that were achieved in contemporary art and literature, as it once succeeded in the 19^th century. Maybe the contemporary authors and artists were compelled by the consciousness of nothingness, although outstanding different aesthetics and ontological sources. The unbearable knowledge of the road’s end, and also the urge of fulfilling the void might be a common element to all of them. As Schopenhauer once wrote, after all, Art is the only human subjective power that we can call upon in life. These newer aesthetic meanings, released from these winter journeys are surely open to wider approaches that might happen in other poetic makings to be.

Keywords: Aesthetic, Voyage d’Hiver, Georges Perec & Oulipo, Schubert's Winterreise, William Kentridge & Michael Borremans.

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Authors: Shaun Cox, Michael Oakes, Stefan Wermter, Maurice Hawthorne

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We report on the results of a pilot study in which a data-mining tool was developed for mining audiology records. The records were heterogeneous in that they contained numeric, category and textual data. The tools developed are designed to observe associations between any field in the records and any other field. The techniques employed were the statistical chi-squared test, and the use of self-organizing maps, an unsupervised neural learning approach.

Keywords: Audiology, data mining, chi-squared, self-organizing maps

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Authors: Michael Schukat

Abstract:

Electromagnetic flowmeters with DC excitation are used for a wide range of fluid measurement tasks, but are rarely found in dosing applications with short measurement cycles due to the achievable accuracy. This paper will identify a number of factors that influence the accuracy of this sensor type when used for short-term measurements. Based on these results a new signal-processing algorithm will be described that overcomes the identified problems to some extend. This new method allows principally a higher accuracy of electromagnetic flowmeters with DC excitation than traditional methods.

Keywords: Electromagnetic Flowmeter, Kalman Filter, ShortMeasurement Cycles, Signal Estimation

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Authors: Guy Rosman, Alexander M. Bronstein, Michael M. Bronstein, Ron Kimmel

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We present a new algorithm for nonlinear dimensionality reduction that consistently uses global information, and that enables understanding the intrinsic geometry of non-convex manifolds. Compared to methods that consider only local information, our method appears to be more robust to noise. Unlike most methods that incorporate global information, the proposed approach automatically handles non-convexity of the data manifold. We demonstrate the performance of our algorithm and compare it to state-of-the-art methods on synthetic as well as real data.

Keywords: Dimensionality reduction, manifold learning, multidimensional scaling, geodesic distance, boundary detection.

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Authors: Muthana Saleh Alalaki, Michael Opoku Agyeman

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The growth in the number of Intellectual Properties (IPs) or the number of cores on the same chip becomes a critical issue in System-on-Chip (SoC) due to the intra-communication problem between the chip elements. As a result, Network-on-Chip (NoC) has emerged as a system architecture to overcome intra-communication issues. This paper presents a study of recent contributions on simulation tools for NoC. Furthermore, an overview of NoC is covered as well as a comparison between some NoC simulators to help facilitate research in on-chip communication.

Keywords: Network-on-Chip, System-on-Chip, embedded systems, computer architecture.

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Authors: Michael R. Johnson, Ian P. McCarthy

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There is a growing body of evidence to support the proposition of product take back for remanufacturing particularly within the context of Extended Producer Responsibility (EPR). Remanufacturing however presents challenges unlike that of traditional manufacturing environments due to its high levels of uncertainty which may further distract organizations from considering its potential benefits. This paper presents a novel modeling approach for evaluating the uncertainty of part failures within the remanufacturing process and its impact on economic and environmental performance measures. This paper presents both the theoretical modeling approach and an example of its use in application.

Keywords: Remanufacturing, Demanufacturing, Extended Producer Responsibility, Sustainability, Uncertainty.

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Authors: Michael Tupý, Alice Tesaříková-Svobodová, Dagmar Měřínská, Vít Petránek

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Polyethylene (PE), Polypropylene (PP), Polyethylene (vinyl acetate) (EVA) and PE-ionomer nanocomposite samples were prepared by mixing of the polymer with organofilized montmorillonite fillers Cloisite 93A and Dellite 67G. The amount of each modified montmorillonite (MMT) was fixed to 5% (w/w). The twin-screw kneader was used for the compounding of polymer matrix and chosen nanofillers. The level of MMT exfoliation was studied by the transmission electron microscopy (TEM) observations. The mechanical properties of prepared materials were evaluated by dynamical mechanical analysis at 30°C and by the measurement of tensile properties (stress and strain at break).

Keywords: Polyethylene, Polypropylene, Polyethylene (vinyl acetate), Clay, Nanocomposite, Montmorillonite.

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Authors: Fotis N. Koumboulis, Michael G. Skarpetis, Maria P. Tzamtzi

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The problem of robust disturbance rejection (RDR) using a proportional state feedback controller is studied for the case of Left Invertible MIMO generalized state space linear systems with nonlinear uncertain structure. Sufficient conditions for the problem to have a solution are established. The set of all proportional feedback controllers solving the problem subject to these conditions is analytically determined.

Keywords: System theory, uncertain systems, robust control, singular systems.

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Authors: Candy P. Schulze, Michael Brieke, Prof. Peter Nyhuis

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The building of a factory can be a strategic investment owing to its long service life. An evaluation that only focuses, for example, on payments for the building, the technical equipment of the factory, and the personnel for the enterprise is – considering the complexity of the system factory – not sufficient for this long-term view. The success of an investment is secured, among other things, by the attainment of nonmonetary goals, too, like transformability. Such aspects are not considered in traditional investment calculations like the net present value method. This paper closes this gap with the enhanced economic evaluation (EWR) for factory planning. The procedure and the first results of an application in a project are presented.

Keywords: economic efficiency, holistic evaluation, factory planning

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Authors: Sin Yin Teh, Abdul Rahman Othman, Michael Boon Chong Khoo

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In this paper, the concepts of dichotomous logistic regression (DLR) with leave-one-out (L-O-O) were discussed. To illustrate this, the L-O-O was run to determine the importance of the simulation conditions for robust test of spread procedures with good Type I error rates. The resultant model was then evaluated. The discussions included 1) assessment of the accuracy of the model, and 2) parameter estimates. These were presented and illustrated by modeling the relationship between the dichotomous dependent variable (Type I error rates) with a set of independent variables (the simulation conditions). The base SAS software containing PROC LOGISTIC and DATA step functions can be making used to do the DLR analysis.

Keywords: Dichotomous logistic regression, leave-one-out, testof spread.

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Authors: John P. O’Sullivan, Thomas M. P. Ratouis, Michael J. O’Sullivan

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As the use of geothermal energy grows internationally more effort is required to monitor and protect areas with rare and important geothermal surface features. A number of approaches are presented for developing and calibrating numerical geothermal reservoir models that are capable of accurately representing geothermal surface features. The approaches are discussed in the context of cases studies of the Rotorua geothermal system and the Orakei-korako geothermal system, both of which contain important surface features. The results show that models are able to match the available field data accurately and hence can be used as valuable tools for predicting the future response of the systems to changes in use.

Keywords: Geothermal reservoir models, surface features, monitoring, TOUGH2.

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Authors: Michael Tupý, Vít Petránek

Abstract:

The paper is focused on testing of the poly(vinyl butyral) (PVB) layer which had the function of a CO₂ insulating protection against concrete and mortar carbonation. The barrier efficiency of PVB was verified by the measurement of diffusion characteristics. Two different types of PVB were tested; original extruded PVB sheet and PVB sheet made from PVB dispersion which was obtained from recycled windshields. The work deals with the testing CO₂ diffusion when polymer sheets were exposed to a CO₂ atmosphere (10% v/v CO₂) with 0% RH. The excellent barrier capability against CO₂ permeability of original and also recycled types of PVB layers was observed. This application of PVB waste can bring advantageous use in civil engineering and significant environmental contribution.

Keywords: Windshield, Poly(vinyl butyral), Mortar, Diffusion, Carbonatation, Polymer waste.

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Authors: Michael Tupý, Jaroslav Císař, Pavel Mokrejš, Dagmar Měřínská, Alice Tesaříková-Svobodová

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It is the worldwide problem that the recycled PVB is not recycled and it is wildly stored in landfills. However, PVB has similar chemical properties such as PVC. Moreover, both of these polymers are plasticized. Therefore, the study of thermal properties of plasticized PVC and the recycled PVB obtained by recycling of windshields is carried out. This work has done in order to find nondegradable processing conditions applicable for both polymers. Tested PVC contained 38% of plasticizer diisononyl phthalate (DINP) and PVB was plasticized with 28% of triethylene glycol, bis(2-ethylhexanoate) (3GO). The thermal and thermo-oxidative decomposition of both vinyl polymers are compared by calorimetric analysis and by tensile strength analysis.

Keywords: Poly(vinyl chloride), Poly(vinyl butyral), Recycling, Reprocessing, Thermal analysis, Decomposition.

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Authors: Nabhan Hamadneh, Michael Dixon, Peter Cole, David Murray

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This work presents the Risk Threshold RED (RTRED) congestion control strategy for TCP networks. In addition to the maximum and minimum thresholds in existing RED-based strategies, we add a third dropping level. This new dropping level is the risk threshold which works with the actual and average queue sizes to detect the immediate congestion in gateways. Congestion reaction by RTRED is on time. The reaction to congestion is neither too early, to avoid unfair packet losses, nor too late to avoid packet dropping from time-outs. We compared our novel strategy with RED and ARED strategies for TCP congestion handling using a NS-2 simulation script. We found that the RTRED strategy outperformed RED and ARED.

Keywords: AQM, congestion control, RED, TCP.

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Authors: Hanadi Mubarak AL-Mubaraki, Aruna, M., Michael Busler

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The objective of this paper is twofold: (1) discuss and analyze the successful case studies worldwide, and (2) identify the similarities and differences of case studies worldwide. Design methodology/approach: The nature of this research is mainly method qualitative (multi-case studies, literature review). This investigation uses ten case studies, and the data was mainly collected and organizational documents from the international countries. Finding: The finding of this research can help incubator manager, policy maker and government parties for successful implementation. Originality/value: This paper contributes to the current literate review on the best practices worldwide. Additionally, it presents future perspective for academicians and practitioners.

Keywords: Incubators, Economic Development, Entrepreneurship, Innovation.

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