Miracle-dz/UniFAR-FTUs huggingface dataset:
Time-varying volatility and equity returns in Bangladesh stock market

This article empirically examines the time-varying risk return relationship and the impact of institutional factors such as circuit breaker on volatility for the emerging equity market of Bangladesh [namely The Dhaka Stock Exchange (DSE)] using daily and weekly stock returns. The DSE equity returns show negative skewness, excess kurtosis and deviation from normality. The returns display significant serial correlation suggesting stock market inefficiency. The results also show a significant relationship between conditional volatility and stock returns, but the risk-return parameter is found to be sensitive to choice of samples and frequencies of data. Overall, the coefficient of the risk-return parameter is negative and statistically significant. While this result is not consistent with the portfolio theory, it is possible theoretically in emerging markets as investors may not demand higher risk premia if they are better able to bear risk at times of particular volatility (Glosten et al., 1993). While lock-in did not have any overall impact on stock volatility, the imposition of a circuit breaker has contributed significantly to the volatility of realized returns. As a policy to improve the operation of capital market timely disclosure and dissemination of information to the shareholders and investors on the performance of listed companies should be emphasized.
The X-Ray Spectral Evolution in X-Ray Binaries and Its Application to Constrain the Black Hole Mass of Ultraluminous X-Ray Sources

We investigate the relationship between the hard X-ray photon index Γ and the Eddington ratio [ξ = LX(0.5–25 keV)/LEdd] in six X-ray binaries (XRBs) with well-constrained black hole masses and distances. We find that different XRBs follow different anticorrelations between Γ and ξ when ξ is less than a critical value, while Γ and ξ generally follow the same positive correlation when ξ is larger than the critical value. The anticorrelation and the positive correlation may suggest that they are in different accretion modes (e.g., radiatively inefficient accretion flow [RIAF] and standard disk). We fit both correlations with the linear least-squares method for individual sources, from which the cross point of two fitted lines is obtained. Although the anticorrelation varies from source to source, the cross points of all sources roughly converge to the same point with small scatter (log ξ = − 2.1 ± 0.2, Γ = 1.5 ± 0.1), which may correspond to the transition point between RIAF and standard accretion disk. Motivated by the observational evidence for the similarity of the X-ray spectral evolution of ultraluminous X-ray sources (ULXs) to that of XRBs, we then constrain the black hole masses for seven ULXs, assuming that their X-ray spectral evolution is similar to that of XRBs and that their Eddington ratios are less than 1. We find that the BH masses of these seven luminous ULXs are around 104 M☉, which are typical for intermediate-mass BHs (IMBHs). Our results are generally consistent with the BH masses constrained from the timing properties (e.g., break frequency) or the model fitting with a multicolor disk.
Crosstalk-aware provisioning strategy with Dedicated Path Protection for elastic multi-core fiber networks

Space division multiplexing (SDM) over multi-core fiber (MCF) is advocated as a promising technology to overcome the capacity limit of the current single-core optical networks. Network survivability has become a more important concern to guarantee the QoS of more plentiful network traffics. In this paper, we have an investigation about dedicated path protection with considering inter-core crosstalk (XT) in elastic MCF networks. To minimize the influence of XT and blocking probability, a novel crosstalk-aware provisioning strategy with dedicated path protection (CaP) is proposed. Simulation results show that the proposed CAP strategy can perform better than the crosstalk unaware provisioning strategy (CuP), such as modified First-Fit (FF) strategy, in terms of blocking probability, and resource utilization.
Fiscal Policy and Aggregate Demand

This paper is an investigation of the effects of fiscal policy on private consumption and aggregate demand within an explicit intertemporal optimization framework. Empirical evidence is brought to bear on the following questions: Is consumption sensitive to the choice of tax versus debt financing of current government expenditure? To what extent, if any, does government spending directly substitute for private consumer expenditure? The first question has stimulated a considerable amount of research since Robert Barro's (1974) revival of the "Ricardian equivalence" proposition. Lewis Kochin (1974), Barro (1978), J. Ernest Tanner (1979), and Roger Kormendi (1983) obtain empirical results favorable to the proposition that, to a first approximation, the choice between current taxation and debt issuance to finance a given government expenditure stream is irrelevant to the determination of the level of aggregate demand. On the other hand, Martin Feldstein rejects some of the assumptions adopted in the empirical specifications of Kochin, Barro, and Tanner, and comes to the conclusion that ". each of the basic implications of the so-called 'Ricardian equivalence theorem' is contradicted by the data" (1982, p. 9). The second question has also been touched upon in recent empirical studies. Feldstein's (1982) results detract from the proposition of " fiscal neutrality" whereby an increase in government spending induces an ex ante crowding out of an equal amount of private consumption expenditure. However, Kormendi obtains support for his "consolidated approach" to fiscal policy by finding a substantial degree of substitutability between government spending and private consumption. The argument advanced in this paper is that probable misspecification bias in these previous studies renders the results suspect and may account for the fact that minor changes in the empirical models lead to radically different conclusions regarding the potency of fiscal policy. In place of the conventional methodology, an alternative approach is presented which exploits restrictions placed on the data by the first-order necessary conditions for intertemporal optimization in consumption. The empirical evidence is supportive of the joint hypothesis of rational expectations and Ricardian equivalence as well as of the proposition that government spending substitutes poorly for private consumption in utility.
Assessing the credit risk of bank loans using an extended Markov chain model

In this paper, we adopted a continuous-time non-homogeneous mover-stayer model for the measurement of the credit risk associated with bank loans. This model is an extension of a Markov chain model. Furthermore, we extracted the time varying risk premium to convert the mover-stayer model to a risk-neutral mover-stayer model. This paper draws a number of conclusions and makes a number of important contributions. First, we determined that the mover-stayer model is better suited than the Markov chain model in estimating the credit risk of loans, according to likelihood ratio statistics. Second, we found that borrowers of investment grades are less likely to remain at their original rating. On the other hand, rating classes had a strong tendency to be downgraded, inferring the likelihood that downgrade momentum is an element of rating behavior. However, rating migration did not indicate the existence of upgrade momentum. Third, we estimated time-varying risk premium to transfer transition matrices to risk-neutral transition matrices. Fourth, estimated default probabilities match business cycle indicators particularly well. Finally, estimation procedures are easy to follow and implement. Consequently, the findings in this study have important implications for the management of risk assumed by financial institutions.
Greedy multi-class label propagation

In many real-world applications such as image classification, labeled training examples are difficult to obtain while unlabeled examples are readily available. In this context, semi-supervised learning methods take advantage of both labeled and unlabeled examples. In this paper, a greedy graph-based semi-supervised learning (GGSL) approach is proposed for multi-class classification problems. The labels are propagated through different graphs, which are obtained with neighborhoods of different sizes. The method assumes that nearby points share the same label, by starting with a small neighborhood where a reliable decision can be obtained, and iterates with larger neighborhoods where more examples are needed to determine the label of an example. The experimental results on toy data-sets and real data-sets, such as handwritten digit recognition, demonstrate the effectiveness of the proposed approach if a well chosen distance is used. Finally, the method does not require the tuning of hyper-parameters. We show that it is possible to achieve a recognition rate of 97.16% on handwritten digits (MNIST) while considering only one labeled example per class in the training data-set.
Public Relations Democracy: Public Relations, Politics and the Mass Media in Britain

Aeron Davis is the first to offer a general overview of the rise and impact of professional public relations in Britain, stepping beyond the status quo of 'spin doctors' and elections by also exploring the public relations activities of the corporate sector, the City, pressure groups, and the trade union movement. Davis explores the question: to what extent are journalists and decision-makers being affected and who stands to benefit most in the new era of public relations democracy?
Collaborative action research: A catalyst for enhancing the practice of community youth mapping

Supervisory Committee Dr. Marcia Hills, Supervisor, (School of Nursing) Supervisor Dr. Joan Wharf Higgins, (School of Exercise Science, Physical and Health Education) Co-Supervisor Dr. Irving Rootman, (Faculty of Human and Social Development) Member Dr. Les Foster, (Department of Geography) Member Using a Collaborative Action Research (CAR) approach, ten youth were involved as co-researchers in the development and implementation of a Community Youth Mapping (CYM) project in the city of Surrey, British Columbia. Youth were trained to be coresearchers, involved in: Research design, recruiting interview respondents, collecting, transcribing, and analysing data as well as developing a knowledge-transfer strategy. The research questions guiding this study were: 1. What is the experience of conducting a Collaborative Action Research (CAR) approach in the development and implementation of a Community Youth Mapping (CYM) project in order to gain an understanding of the opportunities and supports (through people, places and activities) for young people to build elements that facilitate positive youth development (PYD)? 2. What types of data are Youth Mappers able to collect using a variety of methods and technology? 3. What are the benefits to the youth participating in this study? Youth Mappers collected data from 174 of their peers through key informant interviews and focus group sessions, mapping resources in the form of people, places and activities where youth found opportunities and support to build elements that facilitate PYD and examining potential explanatory themes underlying the qualitative data. Global Positioning System (GPS) and Geographical Information System (GIS) technology were used to map locations of people, places and activities (PPA) in the different neighbourhoods within the City of Surrey. Youth Mappers reported gaining a broad array of benefits including: research, technological and communication skills, knowledge about positive youth development and changes in the way they perceived themselves as supporting youth in their community.
Endoneurial Fibroblast-Like Cells

Abstract Endoneurial fibroblast-like cells (EFLCs) have been described for more than 60 years, but the embryology, functions, and pathology of these cells are not well defined. Several hypotheses of their origin have been proposed. A previous study suggesting that they were of neural crest origin is supported by our data in humans. This lineage might account for EFLCs having multiple biologic functions and involvement in pathological processes. Here, we review what is known about the origin; functions in collagen synthesis, phagocytosis, inflammatory responses, and immune surveillance; and the pathological alterations of EFLCs based on the literature and on our personal observations.
A low-voltage CMOS op amp with a rail-to-rail constant-g/sub m/ input stage and a class AB rail-to-rail output stage

A low-voltage two-stage operational amplifier (op-amp) is presented. The op-amp features rail-to-rail operation and has an input stage with a constant transconductance (g/sub m/) over the entire common-mode input range. The input stage consists of an n- and a p-MOS differential pair connected in parallel. The constant g/sub m/ is accomplished by regulating the tail-currents with the aid of an MOS translinear (MTL) circuit. The resulting g/sub m/ is constant within 5%. The common-source output stage employs a feedback circuit which also contains an MTL circuit. This feedback circuit ensures class AB operation and prevents the transistors in the output stage from cutting off. The op-amp isi realized in a semi-custom CMOS process with minimum channel lengths of 10/spl mu/m. Simulations show that the minimum supply voltage is less than 2.5 V. A unity gain bandwidth of 550 kHz and a DC voltage gain larger than 80 dB are feasible. The input range exceeds the supply rails, whereas the output range reaches the rails within 130 mV. <<ETX>>
Utility Evaluation of Risk in Retirement Saving Accounts

The shift from defined benefit to defined contribution plans in the United States has drawn new attention to the effect of participants' asset allocation decisions on their financial resources for retirement. This paper develops a stochastic simulation algorithm to evaluate the effect of holding a broadly diversified portfolio of common stocks, or a portfolio of index bonds, on the distribution of 401(k) account balances at retirement. We compare the alternative distributions of retirement wealth both by showing the empirical distribution of potential wealth values, and by computing the expected utility of these outcomes under standard assumptions about the structure of household preferences. Our analysis highlights the critical role of other sources of wealth, such as Social Security, defined benefit pension annuities, and saving outside retirement plans in determining the expected utility cost of holding equities in the retirement account. Our findings also demonstrate the importance of the equity premium in affecting investors' utility from different retirement asset allocations. Viewed from the beginning of a working career, and given the historical pattern of returns on stocks and bonds, a household that does not have extremely high risk aversion would achieve a higher expected utility by holding a portfolio of stocks rather than bonds.
An Artificial Neural Network-Based Electrothermal Model for GaN HEMTs With Dynamic Trapping Effects Consideration

A complete solution from parameter extraction to large-signal electrothermal model generation for gallium nitride (GaN) HEMTs is presented in this paper with the consideration of trapping deduced gate and drain lag effects. The extrinsic parasitic parameters are extracted by multibias hot-FET optimization using artificial bee colony algorithm. New terminal charge (Qgs, Qgd, and Qds) models with temperature dependence are proposed to better characterize the GaN devices. Physical mechanisms of the electrothermal and trapping effects have been investigated, and the artificial neural network (ANN) is exploited to construct the drain current based on pulsed I-V (PIV) measurements. Besides the instantaneous terminal voltages, additional three auxiliary variables are employed to describe the memory effects of GaN HEMT: channel temperature, gate trapping state, and drain trapping state. These variables are identified from PIVs to compose the input layer of the ANN, while in the simulator, they are captured by the thermal and two envelop tracking subcircuits. These physical auxiliary variables together with the ANN technology enable unlimited fitting sets of PIVs with satisfying accuracy. Singletone and two-tone on-wafer measurements are conducted for the verification, and a good agreement has been achieved between the measurements and simulations.
Teaching control theory in high school

Controls is increasingly central to technology, science, and society, yet remains the “hidden technology. ” Our appropriate emphasis on mathematical rigor and practical relevance in the past 40 years has not been similarly balanced with technical accessibility. The aim of this tutorial is to enlist the controls community in helping to radically rethink controls education. In addition to the brief 2 hour tutorial at CDC, we will have a website with additional materials, but particularly extensive online videos with mathematical details and case studies. We will also have a booth in the exhibition area at CDC with live demos and engaging competitions throughout the conference.
Physical Experience Enhances Science Learning

Three laboratory experiments involving students’ behavior and brain imaging and one randomized field experiment in a college physics class explored the importance of physical experience in science learning. We reasoned that students’ understanding of science concepts such as torque and angular momentum is aided by activation of sensorimotor brain systems that add kinetic detail and meaning to students’ thinking. We tested whether physical experience with angular momentum increases involvement of sensorimotor brain systems during students’ subsequent reasoning and whether this involvement aids their understanding. The physical experience, a brief exposure to forces associated with angular momentum, significantly improved quiz scores. Moreover, improved performance was explained by activation of sensorimotor brain regions when students later reasoned about angular momentum. This finding specifies a mechanism underlying the value of physical experience in science education and leads the way for classroom practices in which experience with the physical world is an integral part of learning.
Digitally controlled power amplifier for underwater electro acoustic transducers

A digitally controlled sonar power amplifier for underwater transmitter is explained in this paper. It proposes a method of generating unipolar Sine Pulse Width Modulation (SPWM) signals for echo ranging sonar. This method can be effectively used in all kinds of inverters including high frequency inverters. A low cost digital signal controller was used to generate SPWM signals and used as gating pulses for a Controlled Full Bridge Circuit (CFBC). The power required, frequency, pulse-width and pulse repetition interval are given as the inputs to the digital controller and gating pulses for the CFBC are generated as output from the controller. A power transformer connected across CFBC boosts output voltage followed by power filter which removes unwanted harmonics present in the output. The output after the power filter is used to excite electro-acoustic transducer elements underwater. The voltage and current of the load were given as feedback to the same controller for voltage mode control loop implementation of the system. A prototype of 1kW Switch Mode Power Amplifier (SMPA) for echo ranging sonar has been designed and digital control has been implemented. Salient results are presented.
Co-innovation: What are the success factors?

The problem we address in this paper is that in projects focusing on public-private cooperation to stimulate innovation in the Netherlands, initiatives often lack continuation after the study-phase. We extracted possible influencing variables from business and (transaction) cost economic theorizing, stakeholder and capability theory. Moreover, we used measures for classifying projects with respect to financial interdependencies between participants. We supposed that project characteristics influence managerial behavior to continue or stop. We studied 28 projects (20 supply chain projects and 8 biological product development projects). Our aim was to explore the barriers and success factors for these co-innovation projects: innovation as a cooperative effort between public sector/research institute and private organization(s). We derived data from project descriptions and performed semi-structured interviews with project informants. Critical to success appears to be ex ante commitment of all parties. Goal congruence, both at a personal and a company level, and proportionality of sharing in project results are of decisive importance to establish such commitment. Estimations about financial project results should be made in an early stage; they should be used as a basis for negotiations on the (re)distribution of costs and benefits, especially if the value added is disproportionally distributed over the participants. Ideally, project teams of co-innovation projects should bring in complementary capabilities: technical, marketing, financial and organizational. Project governance should therefore be organized in such a way that the knowledge gaps are filled in before kick-off.
Trust and Information Sharing in Supply Chains Neda

D rawing on behavioral research, we construct a multi-period model with which to examine the role of trust and other social characteristics in a supply chain. Specifically, we focus on trust building in the context of a salesperson who acts as a representative of a manufacturer and shares demand forecast information with a retailer. The actions of the salesperson affect both her immediate economic gain and her future credibility as determined by retailer’s trust. Our analysis reveals that, in such environments, although salespersons of widely varying types (e.g., honest, self-serving, benevolent, loyal) lie some extent about their forecast information, they tend to be trusted in long relationships, provided their forecasting accuracy is higher than that of the retailer. Furthermore, while the presence of a salesperson can improve the profits of both the retailer and manufacturer, there are cost structures under which the manufacturer is better off without a salesperson. Finally, we make the general observation that the appropriate salesperson compensation scheme depends on her social characteristics, and the specific observation that when the salesperson cares for the retailer, the linear compensation scheme commonly suggested in the literature as the optimal compensation scheme for the salesperson is no longer optimal.