Miracle-dz/UniFAR-FTUs huggingface dataset:
The Performance of a Market Timer

The Treynor and Mazuy framework is a widely used return-based model of market timing, but existing corrections of the regression intercept can be manipulated through derivatives trading. We propose an adjustment based on Mertons option replication approach. The linear and quadratic coe¢ cients of the regression are exploited to assess the cost of the replicating option that yields similar convexity for a passive portfolio. A similar reasoning applies for various timing patterns and in multi-factor models. Our empirical application shows that, unlike existing performance adjustment methods, the portfolio replication approach uncovers a positive link between the convexity and the performance of market timing funds. Keywords: Performance measurement, market timing, Treynor and Mazuy, option replication, mutual fund performance. JEL codes: G10, G12 This paper has bene ted from comments by Hatem Ben Ameur, Maria Ceu Cortez, Georges Gallais-Hamonno, Marie Lambert, Bertrand Maillet, Guillaume Monarcha, Hery Raza tombo, as well as the Workshop on Investment Funds at University of Luxembourg, the Thematic Cluster Day on Hedge Funds of the University of Orleans, the 2011 French Finance Association Conference (Montpellier), and the 2011 European Financial Management Association Annual Meeting (Braga) attendees. I thank Thomas Lejeune and Arnaud Cavé for excellent research assistance. Financial support from Deloitte Belgium and Deloitte Luxembourg is gratefully acknowledged. All errors remaining of mine. yDeloitte Chaired Professor of Portfolio Management and Performance, HEC Management School University of Liège, Belgium; Associate Professor, School of Economics and Business, Maastricht University, the Netherlands; Founder & Chief Scienti c O¢ cer, Gambit Financial Solutions Ltd, Belgium. Corresponding address. University of Liège, HEC Management School, Rue Louvrex 14 N1, B-4000 Liège, Belgium. Phone: (+32) 42327428. E-mail: g.hubner@ulg.ac. be
Nonlinear Active Noise Control Using Adaptive Wavelet Filters

This paper deals with nonlinear active noise control using adaptive wavelet filters. The ability of wavelets in signal reconstruction and function approximation make them appealing for black box system identification. Moreover, the intrinsic similarity between wavelet filters and noise/vibration signals implies that better approximation of these signals can be achieved by employing wavelet filters. Here, a new simple structure for using in active noise control system is proposed comprises a nonlinear static mapping cascaded with an IIR filter to take care of the dynamics of the system. With this strategy, one can avoid using multi-dimensional wavelet networks and thus eliminate curse of dimensionality. The performance of the proposed ANC system is examined for typical linear/nonlinear cases. The simulation results demonstrate superior performance of this method in terms of fast convergence rate and noise attenuation as well as computational complexity reduction while avoiding curse of dimensionality.
Transient flow between aquifers and surface water: analytically derived field-scale hydraulic heads and fluxes

The increasing importance of catchment-scale and basin-scale models of the hydrological cycle makes it desirable to have a simple, yet physically realistic model for lateral subsurface water flow. As a first building block towards such a model, analytical solutions are presented for horizontal groundwater flow to surface waters held at prescribed water levels for aquifers with parallel and radial flow. The solutions are valid for a wide array of initial and boundary conditions and additions or withdrawals of water, and can handle discharge into as well as lateral infiltration from the surface water. Expressions for the average hydraulic head, the flux to or from the surface water, and the aquifer-scale hydraulic conductivity are developed to provide output at the scale of the modelled system rather than just point-scale values. The upscaled conductivity is time-variant. It does not depend on the magnitude of the flux but is determined by medium properties as well as the external forcings that drive the flow. For the systems studied, with lateral travel distances not exceeding 10 m, the circular aquifers respond very differently from the infinite-strip aquifers. The modelled fluxes are sensitive to the magnitude of the storage coefficient. For phreatic aquifers a value of 0.2 is argued to be representative, but considerable variations are likely. The effect of varying distributions over the day of recharge damps out rapidly; a soil water model that can provide accurate daily totals is preferable over a less accurate model hat correctly estimates the timing of recharge peaks.
Performance Analysis of Genetic Algorithm with PSO for Data Clustering

Data clustering is widely used in several areas like machine learning, data mining, pattern recogni tion, image processing and bioinformatics. Clustering is the process of partitioning or grouping of a given set of data into disjoint cluster. Basically there are two type s of clustering approaches, one is hierarchical and the other is partitioned. K-means clustering is one of the parti tioned types and it suffers from the fact that that it may not be easy to clearly identify the initial K elements. To over come the problems in K-means Genetic Algorithm (GA) and Part icle Swarm Optimization (PSO) techniques came into exist ence. A Genetic Algorithm (GA) is one of hierarchical app roach and can be noted as an optimization technique whose algorithm is based on the mechanics of natural sele ction and genetics. Particle Swarm Optimization (PSO) is also one of the hierarchical search methods whose mechan ics are inspired by the swarming. The PSO algorithm is simple and can be developed in a few lines of code whereas GAs suffers from identifying a current solution but goo d at reaching a global region. Even though GA and PSO ha ve their own set of strengths they have weaknesses too . So a hybrid approach (GA-PSO) which combines the advanta ges of GA and PSO are proposed to get a better performa nce. The hybrid method merges the standard velocity and modernizes rules of PSOs with the thoughts of selec tion, crossover and mutation from GAs. A comparative stud y is carried out by analyzing the results like fitness v alue and elapsed time of GA-PSO to the standard GA and PSO.
Trends and spatial patterns in ungulate-vehicle collisions in Sweden

I studied trends and the spatial variation in ungulate-vehicle collisions (UVC) in Sweden varying the spatial resolution in order to test the hypothesis that UVC are proportional to animal density and traffic volume. Spatial patterns were studied at the level of individual hunting areas (N = 311), moose management districts (N = 95), and counties (N = 22), whereas trends in UVC were studied at national, county and district level covering periods of 30,16 and 12 years, respectively. During 1970–1999 the overall number of reported collisions with moose Alces alces and roe deer Capreolus capreolus was closely correlated with changes in annual game bags and the increase in traffic volume. Large-scale spatial variations in UVC also showed a strong correlation with harvest and traffic. The ratio of collision numbers to harvest, however, increased significantly over time, suggesting a growing importance of traffic over ungulate management. With increased resolution, other environmental factors such as preferred habitat, road density and the presence of road underpasses that can provide passages for wildlife, gained significance over ungulate density and traffic volume. My results suggest that the relationship between animal abundance, road traffic, mitigation measures and collision numbers are not linear. For future prediction, evaluation and mitigation of UVC in Sweden, improved knowledge about passage design, fence location, and the occurrence of UVC in time and space is needed.
Microwave Absorbing Properties of W-Type Hexaferrite Ba(MnZn) x Co 2(1-x) Fe 16 O 27

MnZn-doped W-type barium cobalt ferrite powder composites of Ba(MnZn)xCo2(1-x)Fe16O27 (x = 0.1, 0.2, 0.3, 0.4, and 0.5) were prepared in a sol-gel process. The microwave absorbing properties of the composites in the range of 2 - 18 GHz and their electromagnetic loss mechanisms were studied. The results demonstrated that the synthesized Ba(MnZn)xCo2(1-x)Fe16O27 samples possess a W-type phase of the crystal structure with a hexagonal flaky shape in micro-morphology, and the samples exhibited a soft magnetic trait that enables improving their microwave absorption properties through suitable MnZn doping. For Ba(MnZn)0.4Co1. 2Fe16O27 with a thickness of 2.8 mm, the reflection loss peak was -40.7 dB at a frequency of 7.3 GHz, with a bandwidth of 6.6 GHz at a loss of less than -10 dB. The microwave absorption primarily resulted from magnetic losses caused by magnetization relaxation, domain wall resonance, and natural resonance.
Antibacterial and antifungal potential of some polar solvent extracts of Ashwagandha (Solanaceae) against the nosocomial pathogens

The aim of the present study is to evaluate the antimicrobial (antibacterial and antifungal) effects of hexane, toluene, isopropyl alcohol, acetone and ethanolic extracts of different parts (root and stem) of Withania somnifera (RUBL-20668) in order to use it as a possible source for new antimicrobial substances against important human pathogens. The dried and powdered parts were successively extracted using Soxhlet assembly; then antibacterial and antifungal activities were investigated by both, disc diffusion and serial dilution methods. The extract of W. somnifera significantly inhibited some important bacteria (two Gram +ve and four Gram-ve bacteria): Staphylococcus aureus (Gram +ve), Bacillus subtilis (Gram +ve), Escherichia coli (Gram-ve), Raoultella planticola (Gram -ve), Pseudomonas aeruginosa (Gram-ve), Enterobactor aerogens (Gram-ve), one yeast Candida albicans and one fungi Aspergillus flavus, to varying degrees. Isopropyl alcohol, acetone and toluene extracts of W. somnifera showed highest activity against the pathogens. The inhibitory effect is very identical in magnitude and comparable with that of standard antibiotics. Gentamycin, the standard antibacterial drug used, was effective in inhibiting these bacteria. The effect on E. coli, R. planticola and S. aureus were comparable to that of gentamycin. Ketoconazole, the standard antifungal used, was effective against the fungi. The inhibitory effect is very identical in magnitude and comparable with that of standard antibiotics used. Key words: Antibacterial, antifungal, solanaceae
Less-Expensive Valuation of Long Term Annuities Linked to Mortality, Cash and Equity

This paper proposes a paradigm shift in the valuation of long term annuities, away from classical no-arbitrage valuation towards valuation under the real world probability measure. Furthermore, we apply this valuation method to two examples of annuity products, one having annual payments linked to a mortality index and the savings account and the other having annual payments linked to a mortality index and an equity index with a guarantee that is linked to the same mortality index and the savings account. Out-of-sample hedge simulations demonstrate the effectiveness of real world valuation. In contrast to risk neutral valuation, which is a form of relative valuation, the long term average excess return of the equity market comes into play. Instead of the savings account, the num\'eraire portfolio is employed as the fundamental unit of value in the analysis. The num\'eraire portfolio is the strictly positive, tradable portfolio that when used as benchmark makes all benchmarked nonnegative portfolios supermartingales. The benchmarked real world value of a benchmarked contingent claim equals its real world conditional expectation. This yields the minimal possible value for its hedgeable part and minimizes the fluctuations for its benchmarked hedge error. Under classical assumptions, actuarial and risk neutral valuation emerge as special cases of the proposed real world valuation. In long term liability and asset valuation, the proposed real world valuation can lead to significantly lower values than suggested by classical approaches when an equivalent risk neutral probability measure does not exist.
Antioxidant Therapy- A Relevant Therapeutic Adjunct For Antiretroviral Therapy In Plwhas In Ghana

Background: Reactive Oxygen Species (ROS) has been implicated in the stimulation of replication and progression of HIV infection. This study was aimed at investigating the levels of oxidative stress and the relevance of antioxidant therapy as an adjunct for highly active antiretroviral therapy (HAART) in people living with HIV/AIDS (PLWHA) in Ghana. Methods: Two hundred and twenty-eight (228) people living with HIV/AIDS (PLWHAs) were recruited from an established HIV/ART centre in Ghana. The subjects were placed in three groups according to their CD4 counts: CD4 counts Group 1: ≥ 500 cell mm; Group 2: 200-499 cells mm; and Group 3: <200 cells mm. One hundred (100) sex, age-matched and healthy HIV-seronegative individuals were used as control. Venous blood samples was taken and analyzed for CD4 count and markers of oxidative stress which included Malondialdehyde (MDA), Ferric Reducing Ability of Plasma (FRAP), Vitamin C and E, Superoxide Dismutase (SOD) and Glutathione Peroxidase (GPx). Results: The mean MDA concentrations in Group 1 (2.68±0.09 mmol L), Group 2 (2.77±0.10 mmol L) and Group 3 (3.17±0.13 mmol L) were significantly elevated when compared to the control group (1.54±0.04 mmol L) (p<0.0001). The mean FRAP concentrations in Group 1 (563.4±17.70 μmol L), Group 2 (463.3±13.28 μmol L ) and Group 3 (342.0±9.93 μmol L) were significantly decreased when compared to the control group (923.3±36.91 μ mol L) (p<0.0001). Significant decreases in the levels of SOD (p<0.0001), GPx(p<0.0001), Vitamin C and E ( p<0.0001) was observed in the patient group compared to the control group. Conclusions: Results from this study clearly show that, severe oxidative stress occurs in the HIV seropositive patients in comparison with healthy controls and increases significantly disease progression. Adverse effects of ROS might therefore be alleviated with antioxidant therapy as a combination therapy with antiretroviral drugs at cellular level and this might lead to a concomitant improvement in the general health status of PLWHAs.
PLC – QTOF – MS and NMR analyses of graviola ( Annona muricata ) eaves ngrid

Graviola leaves (Annona muricata L., Annonaceae) are used by some people to try to treat or even cure cancer, even though over-consumption of the fruit, which contains the neurotoxins annonacin and squamocin has caused an atypical form of Parkinson’s disease. In previous analyses, the fruits were extracted with methanol under ambient conditions before analyses. In the present study, UPLC–QTOF–MS and NMR were used to analyze freeze-dried graviola leaves that were extracted using dry methanol and ethanol at 100 ◦C and 10 MPa (100 atm) pressure in a sealed container. Methanol solubilized 33% of the metabolites in the lyophilized leaves. Ethanol solubilized 41% of metabolites in the lyophilized leaves. The concentrations of total phenolic compounds were 100.3 ± 2.8 and 93.2 ± 2.0 mg gallic acid equivalents per g of sample, for the methanolic and ethanolic extracts, respectively. Moreover, the toxicophore (unsaturated -lactone) that is present in neurotoxic acetogenins was found in the lipophilic portion of this extract. The concentrations of the neurotoxins annonacin and squamocin were found by UPLC–QTOF–MS to be 305.6 ± 28.3 and 17.4 ± 0.89 g/g-dw, respectively, in the dried leaves. Pressurized methanol solubilized more annonacin and squamocin than ethanol. On the other hand, a hot, aqueous infusion solubilized only 0.213% of the annonacin and too little of the squamocin to be detected. So, graviola leaves contain significant amounts of the neurotoxins annonacin and squamocin, as well as some potentially healthy phenolic compounds. Finally, the potential neurotoxicity of whole leaves in dietary supplements could be much higher than that of a tea (hot aqueous infusion) that is made from them. © 2015 Sociedade Brasileira de Farmacognosia. Published by Elsevier Editora Ltda. All rights reserved.
Towards a Pluralist Approach in Design Science: Case Study of an Agricultural DSS

Multiple standpoints on design science exist. In this paper, the authors espouse a pluralist approach to design science, allowing an interpretive view of the human factors to complement the more prescriptive view of the IT artefact. To better comprehend the processes of IT design, development, practice, and incremental improvement, a study of CottonLOGIC, an agricultural decision support system (DSS) for the Australian cotton industry, was reassessed from a design science framework. In the study, the duality of technology, Orlikowski's (1992) adaptation of the social science theory, structuration theory, was used as the overarching perspective to overcome the dichotomy between technology as an objective force and technology as a socially constructed product which the study found to be inextricably linked. The contribution of the paper is to advocate a pluralist approach in design science thus allowing both the immediate situation and the wider context of agricultural institutions and environment to be taken into account in the interpretation of the users' proposals for improvements to the DSS, while not ignoring the functionality of the IT artefact.
Technological opportunities and innovation performance: evidence from Polish manufacturing firms

Technological opportunity is a concept that is attracting attention from scholars and practitioners in the fields of economics and the management of innovation. In general, technological opportunities refer to the contribution of external knowledge to the innovation activities of firms in a given industry. Although the role of external knowledge has been discussed in detail in the open innovation literature, there is still a challenge: how to operationalize technological opportunities and measure their impact on firmsâ€™ innovation performance. In order to reduce this gap in the literature, our study aims at analysing the effects of technological opportunities on the output of the innovation process. Our empirical research is based on micro-data from the Polish Community Innovation Survey. The sample consists of 1979 manufacturing firms. We use the linear regression to estimate the relationship in which the share of innovative product sale is a function of a set of technological opportunity variables. These variables refer to two distinct measures of technological opportunities, i.e. the contribution of external knowledge to innovation activity and the propensity to collaboration on innovation. Our results show that inter-firm differences in technological opportunities explain inter-firm variation in innovation outcome. Moreover, we do not find any moderating impact from the absorptive capacity on the relationship between technological opportunities and innovation performance.Keywords: technological opportunities, external knowledge, innovation, absorptive capacity.
Detection of genetic variation in sample of Iranian proofed Holstein cattle by using microsatellite marker

This study describes genetic variation among samples of Iranian Holstein cattle ( Bos taurus ) by using microsatellite markers. Semen samples of individuals were taken followed by DNA extraction. A panel of 13 microsatellites was used for evaluation of 13 loci in 68 Holstein proofed bulls. Mean value for allele per locus detected is 6.615, ranging from 10 (SPS115) to 4 (ETH3). All the microsatellite DNA markers showed high polymorphism and displayed a relatively high level of genetic variation as estimated by allelic diversity and heterozygosity. Estimated heterozygosities ranged from 1.000 (BM2113, TGLA122, TGLA126, ETH3, MGTG4B, SPS115, TGLA227 and INRAO23) to 0.633 (SPS113) with mean value of 0.946. All the loci showed deviation from Hardy- Weinberg equilibrium (p < 0.001), polymorphism information content (PIC) calculated for each marker exceeded 0.6 and the mean value of Shannon information index was estimated to be 1.606. Obtained results showing heterozygousity can be useful for the development of breeding strategies for genetic improvement in Iranian Holstein cattle. Keywords: Genetic variability, polymorphism, microsatellite loci, Bos taurus , Iranian Holstein cattle, DNA
Modification and Tuning of Multi-valve Diesel Bus Engine to Run On Biogas for Electricity Production

This study is to modify and tune a multi-valve bus diesel engine for electricity production in a farm using biogas as fuel. The engine under study is a Hino Model K-13CTI 6 cylinder 13,000 cc 24 valves turbocharged with intercooler engine. The engine is coupled to an induction motor to work as a 3-phase 4-pole 132 kW generator to produce electricity at 50 Hz. Modifications include replacing the fuel injection system with spark ignition system, reduction of compression ratio from the original 16:1 to 8:1 by using a custom made cylinder head spacer, modification of the turbocharger waste gate so the boost pressure can be adjusted to find the optimal operating point, and an addition of biogas carburetor for proper air-fuel mixing. In this configuration when the generator is synchronized to the power grid, the system running speed is 1,500 rpm. When the system is finely tuned, optimal engine efficiency was achieved at 28.6% by setting the lambda factor at 1.097, ignition timing at 54 o before top dead center, and the turbocharger boost at 56 kPa. With this setting, the generator power output is 134.2 kilowatt with emission of CO and NO X being 1,154 and 896 ppm respectively.
Cosmological constraints from the thermal Sunyaev Zeldovich power spectrum

The latest Planck results on the power spectrum of the Compton-$y$ parameter are the most accurate probe of the thermal Sunyaev Zeldovich (tSZ) effect caused by resolved and un-resolved clusters of galaxies. On large angular scales, the power spectrum amplitude is mostly due to the statistical distribution of clusters in the sky and therefore is an indirect probe of the clustering of matter, $\sigma_8$, as well as the angular diameter distance that depends on other cosmological parameters such as the Hubble parameter, $h$, and the matter density $\Omega_m$. Here I discuss the constraining power of the tSZ power spectrum, in light of the Planck Compton-$y$ map data, and our current understanding and measurements of the intra-cluster medium.
Interrogating ‘Belonging’ in Belonging, Being and Becoming: The Early Years Learning Framework for Australia

In this article, the authors interrogate the use of ‘belonging’ in Belonging, Being and Becoming: the Early Years Learning Framework for Australia (EYLF), Australia's first national curriculum for early childhood education and care settings and, from the authors' interrogation, possibilities are offered for thinking about and working with the EYLF in critical and transformative ways. In order to scaffold their interrogation, the authors develop a cartography of understandings of belonging drawn from diverse disciplinary and theoretical perspectives. The cartography highlights multiple, interconnected dimensions (ways of belonging) and analytical axes (dynamics and politics of belonging). The analysis indicates direct or implicit reference in the EYLF to many dimensions of belonging, but an apparent silence about the politics of belonging. The authors argue that the silences should not be interpreted as apolitical, but rather as a strategic response to political pressures shaping the EYLF's development.