Miracle-dz/UniFAR-FTUs huggingface dataset:
On the Cross-sectional Relation between Expected Returns and Betas

There is an exact linear relation between expected returns and true "betas" when the market portfolio is on the ex ante mean-variance efficient frontier, but empirical research has found little relation between sample mean returns and estimated betas. A possible explanation is that market portfolio proxies are mean-variance inefficient. We categorize proxies that produce particular relations between expected returns and true betas. For the special case of a zero relation, a market portfolio proxy must lie inside the efficient frontier, but it may be close to the frontier. CONTRARY TO THE PREDICTIONS of the Sharpe, Lintner, and Black Capital Asset Pricing Model (hereafter the SLB CAPM or SLB Model; see Sharpe (1964), Lintner (1965), and Black (1972)), a decade of empirical studies has reported little evidence of a significant cross-sectional relation between average returns and betas. Yet it is well known (Roll (1977), Ross (1977)) that a positive and exact cross-sectional relation between ex ante expected returns and betas must hold if the market index against which betas are computed lies on the positively sloped segment of the mean-variance efficient frontier. Not finding a positive cross-sectional relation suggests that the index proxies used in empirical testing are not ex ante mean-variance efficient. Some of the empirical studies have uncovered variables other than beta that have power in explaining the sample cross-sectional variation in mean returns. But the true cross-sectional expected return-beta relation is exact when the index is efficient, so no variable other than beta can explain any part of the true cross-section of expected returns. Conversely, if the index is not efficient, the ex ante cross-sectional relation does not hold exactly and other variables can have explanatory power. Indeed, any variable that happens to be cross-sectionally related to expected returns could have discernible empirical power when the index proxy is ex ante inefficient. Again, the empirical evidence supports an inference that market index proxies used in testing are not on the ex ante efflcient frontier. But the puzzle in the empirical work is not so much that the cross-sectional mean return-beta relation is imperfect nor that other variables have empiri
Indexing the Event Calculus with Kd-trees to Monitor Diabetes

Personal Health Systems (PHS) are mobile solutions tailored to monitoring patients affected by chronic non communicable diseases. A patient affected by a chronic disease can generate large amounts of events. Type 1 Diabetic patients generate several glucose events per day, ranging from at least 6 events per day (under normal monitoring) to 288 per day when wearing a continuous glucose monitor (CGM) that samples the blood every 5 minutes for several days. This is a large number of events to monitor for medical doctors, in particular when considering that they may have to take decisions concerning adjusting the treatment, which may impact the life of the patients for a long time. Given the need to analyse such a large stream of data, doctors need a simple approach towards physiological time series that allows them to promptly transfer their knowledge into queries to identify interesting patterns in the data. Achieving this with current technology is not an easy task, as on one hand it cannot be expected that medical doctors have the technical knowledge to query databases and on the other hand these time series include thousands of events, which requires to re-think the way data is indexed. In order to tackle the knowledge representation and efficiency problem, this contribution presents the kd-tree cached event calculus (\ceckd) an event calculus extension for knowledge engineering of temporal rules capable to handle many thousands events produced by a diabetic patient. \ceckd\ is built as a support to a graphical interface to represent monitoring rules for diabetes type 1. In addition, the paper evaluates the \ceckd\ with respect to the cached event calculus (CEC) to show how indexing events using kd-trees improves scalability with respect to the current state of the art.
DETERMINANTS OF OFF-BALANCE SHEET BUSINESS IN THE CASE OF GCC BANKING SECTORS

This paper identifies the association between off balance sheet businesses and a number of determinants identified for the banking sectors of the Gulf Cooperation Council countries. The Fixed Effects Least Squares Dummy Variable Model is used to identify the determinants for a large sample of 64 banks over a recent fifteen-year period. The results reveal that bank-specific variables have important roles in influencing off balance businesses. As for the regulatory variable, capital items are less important, which is contrary to the long-held market discipline hypothesis, under which secure banks are predisposed to engage in more off balance businesses. The macroeconomic variable reveals that higher real GDP growth does not necessarily cause an increase in the off balance activities. However, its positive impact indicates that the off balance business actions follow business cycles, and the overall growth of economy. Prudential regulators, as a policy matter, need to consider region-wide implications of these findings. This is important given the fact that regulating how off balance business is conducted in the region would influence costs and the scope of banks, hence also the monetary policy.
Investigating the Success of Decision Making Processes

A decision making process is made up of action-taking steps indicating how to make a decision. When linked to indicators of success, process provides the basis for building an action theory for decision making. The success of many different types of processes must be documented before such a theory can be constructed. In this research, processes called idea imposition and discovery are investigated by analysing 202 organizational decisions and their outcomes. Discovery was derived from prescriptive literature, which stresses logical and political rationality. Idea imposition was inferred from the descriptive/interpretive literature, which stresses pragmatics and sense making. Some of the discovery efforts may be abandoned to exploit an opportunity, becoming an emergent opportunity process. Idea imposition efforts end if the motivating idea fails, calling for steps to find a replacement with a redevelopment process. Analysis revealed that discovery was more successful than idea imposition and both process adaptations. Discovery was more successful than the other three processes no matter what the urgency, importance, resource level, initial support, decision maker level, sector, or type of decision.
A Feature Space Transformation Method for Personalization using Generalized I-Vector Clustering

We present a feature space transformation method for personalization. This method includes a generalization of i-vector based clustering that allows parameter tying of sub-loading matrices. This method trains i-vector parameters from the utterances of a mobile device, uncover-ing a low dimension space for clustering variability given the device. We show through empirical results impact of parameters of the generalized i-vector method. We con-ducted recognition experiments on an internal large vocabulary voice search system for gaming. The method achieved signiﬁcant reductions of word error rates by 28%, compared to a per utterance adaptation system.
Anatomic Dorsal and Volar Radioulnar Ligament Reconstruction With Mersilene Augmentation for Distal Radioulnar Joint Instability

Instability of the distal ulna is a fairly common problem after acute distal radius fracture (DRF), distal radius malunion, triangular fibrocartilage complex injury, and a host of other types of trauma. We present a new anatomic technique to stabilize the distal ulna with a tendon graft augmented with Mersilene tape, which has been used primarily to treat unidirectional (dorsal or volar) instability, but could be used for global instability as well. Of the 12 patients who underwent this procedure, 9 had stability fully restored and the remaining 3 had only mild instability after surgery. The procedure is an effective treatment for distal radioulnar joint instability and we believe that this surgical technique will be a valuable adjunct to the existing described procedures for hand surgeons. We present a retrospective single-surgeon case series with outcome measures.
Exploration of unsupervised feature selection methods to predict chronological age of individuals by utilising CpG dinucleotics from whole blood

Identification of the age of individuals from epigenetic biomarkers can reveal vital information for criminal investigation, disease prevention, and extension of life. DNA methylation changes are highly associated with chronological age and the process of disease development. Computational methods such as clustering, feature selection and regression can be utilised to construct quantitative model of aging. In this study, we utilised 473034 CpG biomarkers from whole blood of 656 individuals aged 19 to 101 to construct predictive models and we treat the development of this age predictive model as extremely high-dimensional regression problem that is relatively understudied. Unlike semi-supervised and supervised feature selection methods, unsupervised feature selection methods are generally good at removing irrelevant features that can act as noise. In this study, along with the entire feature set, four different unsupervised feature selection methods (USFSMs) are therefore considered for the quantitative prediction of human ages. Since USFSMs are independent of any predictive method, support vector regression is then used to evaluate the prediction performances of the unsupervised feature selection methods. We proposed a novel k-means based unsupervised feature selection method to predict human ages by utilising CpG dinucleotides. Experimental results have validated the effectiveness of the proposed method as the optimum number of the CpG dinucleotides is found to be only 41 that corresponds to only 0.0087% of the entire feature space. To the best of our knowledge, this is the first study that presents exploration and comprehensive comparison of USFSMs in very high dimensional regression problems, particularly in epigenetic biomedical domain for the prediction of chronological age from changes in DNA methylation.
Classification of Listed Companies Based on Kernel Principal Component Analysis and Improved Grid-based Algorithm

After the full understanding of principal component analysis and kernel principal component analysis, the validity of kernel principal component analysis method is proved, and a new grid-based parameter optimization algorithm is introduced. Combining with BPNN, the classification experimental results show that this parameter optimization algorithm can get good results, The performance is superior to traditional methods.
The Effect of Brokers on the Dynamics of a Walrasian Auction

We study the effect of the presence of brokers in an experimental exchange market using the Walrasian tâtonnement mechanism. We find that brokers tend to act as liquidity providers, submitting orders likely to equilibrate supply and demand given the orders they receive from other participants. As a result, average excess demand and prices are less volatile, and markets reach equilibrium more often, when brokers are present compared with the case without brokers. Brokers’ liquidity-providing behavior is more pronounced when their compensation includes, in addition to their trading profit, a component related to trading volume when equilibrium is reached. Under-revelation, a strategic behavior inherent to Walrasian auctions, is about the same with and without brokers when markets clear, yielding similar levels of market efficiency, measured as total surplus divided by potential surplus.
Characterization of a novel group of antisense transcripts in human cytomegalovirus UL83 gene region

The rapid advances in research on antisense transcripts are gradually changing our understanding of the expression of the Herpesviridae genome. In this study, the transcripts of the human cytomegalovirus (HCMV) UL83 antisense strand were investigated in three clinical isolates. Three cDNA clones containing sequences with an antisense orientation to the UL83 gene were identified in a late HCMV cDNA library. The UL83 antisense transcripts (UL83asts) were then shown to be transcribed only in the late infection phase of the three clinical HCMV strains, using rapid amplification of cDNA ends (RACE) and northern blotting. These UL83asts were identical at their 3′ termini but different at 5′ ends. Two open reading frames were predicted in the UL83asts. J. Med. Virol. 86:2033–2041, 2014. © 2014 Wiley Periodicals, Inc.
Why the CCM Is Still in Power in Tanzania? A Reply

In her article “Why the CCM won’t lose”, Melanie O’Gorman claims to have found a puzzling dominance of the CCM in Tanzania. Using a survey conducted in 2008 amongst subsistence farmers, she notes that respondents tend to support the ruling party despite the rural neglect. This article questions the methodology and contests the key findings. It argues that the CCM’s dominance is a function of the incomplete de-linking of the party from the state of the old authoritarian regime thereby suffocating political space not only for the opposition parties but also for the members of civil society in rural and urban areas. The electoral data from the 2005 and 2010 general elections indicate that the margin of votes across constituencies for the CCM is in steady decline, thus challenging its dominance.
Deforestation and asset accumulation among small scale farmers

This paper explores deforestation and asset accumulation among small scale farmers in tropical forests. In a two-state variable control model, forest clearing is an investment in land holdings and the productivity of forest clearing is a function of non-land assets like chainsaws. Comparative static analyses demonstrate that: (1) the addition of non-land asset accumulation options may or may not change the impacts of policy measures on deforestation, depending on labor market conditions; and (2) discount rate decreases (through for example credit subsidies) offer the prospect of a win-win scenario-- forest protection and asset accumulation-- only when an active labor market exits.
Location aware multihop Wireless Sensor Network

Monitoring of industrial and community environments and infrastructures are increasing targets for wireless sensor network (WSN) applications. Such applications are distributed by their nature and require essentially timing synchronization and location awareness of the sensor nodes. In this paper we present a WSN platform suitable for environment and condition monitoring applications. Time synchronization of the sensor nodes is done by utilizing multihop MAC layer synchronization signals and location awareness is gained by using time-of-flight based ranging information between sensor nodes. Results from practical test are also given.
Deletion Mutations Conferring Substrate Spectrum Extension in the Class A β-Lactamase

ABSTRACT We describe four new deletion mutations in a class A β-lactamase PenA in Burkholderia thailandensis, each conferring an extended substrate spectrum. Single-amino-acid deletions T171del, I173del, and P174del and a two-amino-acid deletion, R165_T167delinsP, occurred in the omega loop, increasing the flexibility of the binding cavity. This rare collection of mutations has significance, allowing exploration of the diverse evolutionary trajectories of β-lactamases and as potential future mutations conferring high-level ceftazidime resistance on isolates from clinical settings, compared with amino acid substitution mutations.
US Monetary Policy in a Globalized World

We analyze the interaction between monetary policy in the US and the global economy, using a global vector autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international interest rates and a strengthening of the US dollar in real terms, with heterogeneous transmission effects across countries and over time. US short-term rates decrease significantly in response to a monetary policy tightening abroad or a negative shock to foreign real GDP growth.
Empowering Lifelong Learners through Knowledge of Individual Learning Processes: A Case Study at One Community College

Purpose: This study was motivated by the concern that learning often eludes students due to ineffective study strategies, poor understanding of teacher expectations, limited knowledge of individual learning preferences, and a general confusion over what is superfluous and what is meaningful (Armstrong, 1999). The purpose of this study was to determine if students, and specifically students from a small, rural Midwest community college, can learn strategies that enhance their ability to learn, reduce intimidation, and thus manage stress during the learning process in order to maximize learning potential. Thus, the study examined learning strategies and styles from the perspective of the learners. It examined how learners can benefit from an understanding of how they learn best, and how the individual learner can use this understanding of learning strategies and styles to take responsibility for creating an environment that maximizes learning potential. Tools, such as the LSA tool and training, are available to assist individuals in assessing their preferred learning styles. According to Prashnig (1998), the learning style model developed by Dunn & Dunn is a research instrument containing scientifically researched style elements which are biological and remain fairly stable over a lifetime. With this common method, stakeholders can work collectively or individually to create positive learning environments and to develop an appreciation of diversity in individual learning (Prashnig).
Bifurcation, bursting and Spike Generation in a Neural Model

Bursting is an important behavior pattern of nerve cells and in mathematical models it is often related to bifurcations. However, the onset of bursting and the birth of new spikes are also possible without any bifurcation. We present a numerical study of a model of Plant which exhibits a periodically bursting behavior in a relevant range of two parameters. In this two-dimensional range the behavior changes continuously, except for a number of tiny regions where spikes are born or die. These islands are extensions of bifurcation islands. It appears that the generation of spikes can be related to local extrema of the periods of the bursting periodic orbits. This allows to detect the birth of spikes also in parameter regions where no bifurcations occur. From a biological point of view the average instantaneous spike frequency is probably the most important output variable of a neuron. We show that in the Plant model (in contrast to some other models) this frequency is essentially determined by the number of spikes in a burst.
Additive Increase Appears Inferior

Feedback-based adjustment of load is a common mechanism for resource allocation in computer networks. This paper disputes the popular beliefs that the additive-increase multiplicative-decrease adjustment policy is optimal or even necessary for convergence to fair resource sharing. We demonstrate that, in the classic synchronous model, additive increase does not guarantee the quickest convergence of fairness. Moreover, not only fairness but also efficiency converges very slowly under additive increase. For an asynchronous model, we show that the additive-increase multiplicative-decrease algorithm fails to converge to optimal fairness. We observe that the TCP congestion control algorithm suffers from the problems detected by our analysis and is unfair.
Bacteriological Study on Effects of Beta-Lactam Group Antibiotics in High Concentrations

The growth and viability of Staphylococcus aureus, Escherichia coli, and Pseudomonas aeruginosa exposed to various concentrations of a number of β-lactam group antibiotics were determined. In S. aureus, the bacteriolytic and bactericidal activity of these drugs was lower at very high drug concentrations than that occurring at low concentrations, but these phenomena were not observed in E. coli and P. aeruginosa. Under phase-contrast and scanning electron microscopy, S. aureus treated with high concentrations of β-lactam group antibiotics revealed a lower frequency of bacteriolysis than at low drug concentrations, and similarly by transmission electron microscopy fewer cells were transformed into spheroplasts at high drug concentrations. However, swelling of the cell wall septum was seen in many cells. Spheroplast formation occurred with the highest frequency at drug levels near the minimum inhibitory concentration and became less frequent as drug concentrations were increased.
Minute-to-Minute Urine Flow Rate Variability: A New Renal Physiology Variable

BACKGROUND:Urine output is a surrogate for tissue perfusion and is typically measured at 1-hour intervals. Because small urine volumes are difficult to measure in urine collection bags, considerable over- or underestimation is common. To overcome these shortcomings, digital urine meters were developed. Because these monitors measure urine volume in 1-minute intervals, they provide minute-to-minute measurements of the urine flow rate (UFR). In a previous study, we observed that the minute-to-minute variability in the UFR disappeared during hypovolemia. The aim of this study was to describe the minute-to-minute variability in the UFR as a new physiological variable and to show its relationship to blood volume depletion. METHODS:Seven adult pigs were used in this study. The UFR, minute-to-minute UFR, mean arterial blood pressure, heart rate, and base excess were measured at euvolemia and during gradual hemorrhaging (10%, 20%, and 30% of estimated blood volume). Variance and wavelet spectral analysis were used to measure the disappearance of the minute-to-minute UFR variability. RESULTS:The UFR decreased from 2.2 ± 0.2 to 1.0 ± 0.1 mL/min after a 10% estimated blood volume loss (±1 SE, n = 7, P = 0.0348). The variance in the minute-to-minute UFR decreased from 1.4 ± 0.3 to 0.4 ± 0.1 mL/min (±1 SE, n = 7, P = 0.046). CONCLUSIONS:The UFR and its minute-to-minute variability decrease during hemorrhaging. The variability in the UFR may be useful as an aid for the diagnosis of hypovolemia.
The Attentional Blink is Susceptible to Concurrent Perceptual Processing Demands

In a rapid serial visual presentation stream processing of a first target (T1) impairs detection or identification of a second target (T2) that appears within 500 ms after T1. This effect characterizes the so-called attentional blink (AB). To evaluate contemporary information-processing accounts of the AB phenomenon in terms of the underlying processing mechanisms the present study examined the potential influence of Task 1 difficulty on the AB effect. To this end, T1 contrast and T1 response requirements were systematically varied across four experiments. Experiment 1 ruled out a mere sensory basis of the contrast manipulation on T2 performance. When only T2 had to be reported (Experiment 2) an AB effect occurred that was slightly modulated by T1 contrast. When report of both T1 and T2 was required in a standard AB task (Experiment 3), the magnitude of the AB depended to a larger extent on stimulus contrast, and it increased further when speeded T1 choice responses were additionally required (Experiment 4). On the basis of the present impact of Task 1 difficulty on the AB effect we conclude that processing limitations cause the AB phenomenon. We discuss such limitations in terms of perceptual (T1 consolidation) and central (response selection) bottleneck processes.