title: Investor sentiment dynamics, the cross-section of stock returns and the MAX effect

authors: Cheema, Muhammad A.

abstract: Recent evidence shows that investor sentiment is a contrarian predictor of stock returns with speculative stocks earning lower (higher) future returns than safe stocks following high (low) sentiment states. We extend this argument by conditioning expected stock returns on sentiment dynamics and show that the mispricing of speculative and safe stocks worsens with sentiment continuations but is corrected with sentiment transitions, consistent with the view that the mispricing of these stocks is sentiment-driven. We show that the unconditional contrarian return predictability of sentiment, at least in the short-run, is due to the returns of stocks in sentiment transitions. Results show that ex post, sentiment is a momentum predictor if subsequent sentiment continues; and a contrarian predictor if subsequent sentiment transitions. We also show that the MAX effect can either be positive or negative contingent on sentiment dynamics and that the absence of a MAX effect following Low sentiment states suggested by prior studies is due to the completely offsetting negative MAX effect when sentiment continues in a Low state, and the positive MAX effect when sentiment transitions from a High to a Low state.

text: Investor sentiment dynamics, the cross-section of stock returns and the MAX effect Recent evidence shows that investor sentiment is a contrarian predictor of stock returns with speculative stocks earning lower (higher) future returns than safe stocks following high (low) sentiment states. We extend this argument by conditioning expected stock returns on sentiment dynamics and show that the mispricing of speculative and safe stocks worsens with sentiment continuations but is corrected with sentiment transitions, consistent with the view that the mispricing of these stocks is sentiment-driven. We show that the unconditional contrarian return predictability of sentiment, at least in the short-run, is due to the returns of stocks in sentiment transitions. Results show that ex post, sentiment is a momentum predictor if subsequent sentiment continues; and a contrarian predictor if subsequent sentiment transitions. We also show that the MAX effect can either be positive or negative contingent on sentiment dynamics and that the absence of a MAX effect following Low sentiment states suggested by prior studies is due to the completely offsetting negative MAX effect when sentiment continues in a Low state, and the positive MAX effect when sentiment transitions from a High to a Low state.

year: 2018

title: Development of a Power Factor Corrected High Current Supercapacitor Charger for a Surge Resistant UPS

authors: Zhang, Xu

subjects: High Current Charger Development

abstract: The Uninterrupted Power Supplies (UPSs) provide short term power back up to electrical loads when the mains power fail. Usually UPSs employ battery packs as the energy storage device. However the limitations of battery packs can affect the UPS performance.

As an alternative energy storage device, the supercapacitor (SC) technology is well developed over the past 30 years. Due to recent developments, single cell commercial supercapacitors are available up to about 5000 farads. Over the past 10 years, supercapacitor direct current (DC) voltage ratings have gradually increased to about 2.7 V/cell. New lithium based supercapacitor families have DC ratings up to 3.5 V/cell. For the high current applications, the supercapacitors have some advantages over batteries, which are the low effective series resistance (ESR), high power densities and high surge withstand capability. 

This thesis is a continuation of the work begun by Kozhiparambil, P. K. on Surge Resistant Uninterrupted Power Supply (SRUPS). The reason for this continual research is due to identify weaknesses in original of SRUPS work with regard to the design of the charger. To reduce the components contain, also achieve common mode transient rejection capability, a flayback mode high current charger with power factor correction has been developed for charging the SC banks. 

The prototype circuit includes multiple SC banks to transfer the energy from the 240 V, 50 Hz power line to the load maintaining high isolation level. The loads receive continuous and surge free power from the SC banks, and has electrical isolation from the main power line. An IGBT is used as a switch for the flyback charger, which has the advantage of high current capability. 

The experimental results show the design was valid for the SRUPS and it demonstrated the capability to transfer the energy through a flyback charger with power factor correction.

text: Development of a Power Factor Corrected High Current Supercapacitor Charger for a Surge Resistant UPS The Uninterrupted Power Supplies (UPSs) provide short term power back up to electrical loads when the mains power fail. Usually UPSs employ battery packs as the energy storage device. However the limitations of battery packs can affect the UPS performance.

As an alternative energy storage device, the supercapacitor (SC) technology is well developed over the past 30 years. Due to recent developments, single cell commercial supercapacitors are available up to about 5000 farads. Over the past 10 years, supercapacitor direct current (DC) voltage ratings have gradually increased to about 2.7 V/cell. New lithium based supercapacitor families have DC ratings up to 3.5 V/cell. For the high current applications, the supercapacitors have some advantages over batteries, which are the low effective series resistance (ESR), high power densities and high surge withstand capability. 

This thesis is a continuation of the work begun by Kozhiparambil, P. K. on Surge Resistant Uninterrupted Power Supply (SRUPS). The reason for this continual research is due to identify weaknesses in original of SRUPS work with regard to the design of the charger. To reduce the components contain, also achieve common mode transient rejection capability, a flayback mode high current charger with power factor correction has been developed for charging the SC banks. 

The prototype circuit includes multiple SC banks to transfer the energy from the 240 V, 50 Hz power line to the load maintaining high isolation level. The loads receive continuous and surge free power from the SC banks, and has electrical isolation from the main power line. An IGBT is used as a switch for the flyback charger, which has the advantage of high current capability. 

The experimental results show the design was valid for the SRUPS and it demonstrated the capability to transfer the energy through a flyback charger with power factor correction.

year: 2012

title: Editorial

authors: Bray, Peter

abstract: The Volume 43(1) editorial of the "New Zealand Journal of Counselling" reflects on the past year, highlighting local and global concerns such as COVID-19's impact, civil unrest, conflicts, and climate change. Looking ahead, the editorial stresses acknowledging climate change's reality and ongoing conflicts while seeking optimism.

The editorial notes the privilege of witnessing innovative research by counseling students and colleagues that addresses global crises' effects. It underscores the importance of informed practitioners backed by robust research and theory.

The issue presents five research pieces showcasing diverse counseling methodologies. These include Māori approaches to trauma, Pākehā exploration through pepeha, clients' spirituality in adversity, mind-body interactions in counseling, and supervision amid events like pandemics.

One article discusses Māori trauma approaches, reconnecting wairua (spirit) and whakapapa (ancestral lineage) to address trauma. Another explores how Pākehā can confront colonization roles using pepeha.

Clients' spiritual experiences during challenging events are analyzed in another article, employing Māori and Celtic metaphors.

Mind-body interactions in counseling education and practice are investigated, emphasizing integrating body-oriented psychotherapies and nutrition.

Lastly, supervision during COVID-19 is studied, exploring its impact on relationships and suggesting growth opportunities.

The editorial concludes by noting the New Zealand Association of Counselling's website improvements, aiming to enhance journal access. It acknowledges Dr. Jan Wilson's passing, a significant contributor to New Zealand's counseling research, and encourages engagement with research and journal contributions.

text: Editorial The Volume 43(1) editorial of the "New Zealand Journal of Counselling" reflects on the past year, highlighting local and global concerns such as COVID-19's impact, civil unrest, conflicts, and climate change. Looking ahead, the editorial stresses acknowledging climate change's reality and ongoing conflicts while seeking optimism.

The editorial notes the privilege of witnessing innovative research by counseling students and colleagues that addresses global crises' effects. It underscores the importance of informed practitioners backed by robust research and theory.

The issue presents five research pieces showcasing diverse counseling methodologies. These include Māori approaches to trauma, Pākehā exploration through pepeha, clients' spirituality in adversity, mind-body interactions in counseling, and supervision amid events like pandemics.

One article discusses Māori trauma approaches, reconnecting wairua (spirit) and whakapapa (ancestral lineage) to address trauma. Another explores how Pākehā can confront colonization roles using pepeha.

Clients' spiritual experiences during challenging events are analyzed in another article, employing Māori and Celtic metaphors.

Mind-body interactions in counseling education and practice are investigated, emphasizing integrating body-oriented psychotherapies and nutrition.

Lastly, supervision during COVID-19 is studied, exploring its impact on relationships and suggesting growth opportunities.

The editorial concludes by noting the New Zealand Association of Counselling's website improvements, aiming to enhance journal access. It acknowledges Dr. Jan Wilson's passing, a significant contributor to New Zealand's counseling research, and encourages engagement with research and journal contributions.

year: 2023