THE quest for alpha : can artificial neural networks help?

The application of artificial neural networks (ANN) in finance is relatively new area of research. We employed ANNs that used both fundamental and technical inputs to predict future prices of widely held Australian stocks and used these predicted prices for stock portfolio selection over a 10-year period (2001-2011). We found that the ANNs generally do well in predicting the direction of stock price movements. The stock portfolios selected by the ANNs with median accuracy are able to generate positive alpha over the 10-year period. More importantly, we found that a portfolio based on randomly selected network configuration had zero chance of resulting in a significantly negative alpha but a 27% chance of yielding a significantly positive alpha. This is in stark contrast to the findings of the research on mutual fund performance where active fund managers with negative alphas outnumber those with positive alphas.

Making media participatory: Digital storytelling

From journalism to social media, the practices of our professional storytellers continue to evolve and change along with our storytelling institutions and their functions. Comprehending these developments is a key problem of contemporary media and cultural studies. Are the politics of representation giving way to a new progressive politics of self-representation and direct participation? Or, instead, are these new genres of self-representation part of a more general demotic turn in the function of contemporary media? Do media merely mediate or amplify cultural identities, or is media functionality becoming, closer to that of a translator or even an author of identities? How can we know if the changing actor-networks of storytelling contribute to a wider democratisation, a reshaping of the hierarchies of voice and agency? This chapter considers the place of one specific critical participatory media production practice known as 'digital storytelling’ in addressing these larger questions of socio-cultural change.

An algebraic approach for determination of DG parameters to support voltage profiles in radial distribution networks

Rapidly increasing electricity demands and capacity shortage of transmission and distribution facilities are the main driving forces for the growth of Distributed Generation (DG) integration in power grids. One of the reasons for choosing a DG is its ability to support voltage in a distribution system. Selection of effective DG characteristics and DG parameters is a significant concern of distribution system planners to obtain maximum potential benefits from the DG unit. This paper addresses the issue of improving the network voltage profile in distribution systems by installing a DG of the most suitable size, at a suitable location. An analytical approach is developed based on algebraic equations for uniformly distributed loads to determine the optimal operation, size and location of the DG in order to achieve required levels of network voltage. The developed method is simple to use for conceptual design and analysis of distribution system expansion with a DG and suitable for a quick estimation of DG parameters (such as optimal operating angle, size and location of a DG system) in a radial network. A practical network is used to verify the proposed technique and test results are presented.

Production and isolation of ligated metal(IV)-oxo ions by tandem mass spectrometry

High valent metal(IV)-oxo species, \[M(=O)(Melm)(n)(OAc)](+) (M = Mn-Ni, MeIm = 1-methylimidazole, n = 1-2), which are relevant to biology and oxidative catalysis, were produced and isolated in gas-phase reactions of the metal(II) precursor ions \[M(MeIm)(n)(OAc)](+) (M = Mn-Zn, n = 1-3) with ozone. The precursor ions \[M(MeIm)(OAc)](+) and \[M(MeIm)(2)(OAc)](+) were generated via collision-induced dissociation of the corresponding \[M(MeIm)(3)(OAc)](+) ion. The dependence of ozone reactivity on metal and coordination number is discussed. Copyright (C) 2010 John Wiley & Sons, Ltd.

Postcards from somewhere : ‘marginal’ cultural production, creativity and community

This paper focuses on a case study of local postcard production in a rural community in Western Australia. Drawing on in-depth interviews with key producers of these postcards, the analysis presented explores perceptions of and contexts for the emergence of this production, in turn examining the notion of ‘creativity’ articulated and privileged by this cultural work. Connections are identified between the making of postcards, the broader historical field of local cultural work and the construction of community. This, in turn, forms the basis for consideration of the role and relativity of ‘marginality’.

Doing cultural work : local postcard production and place identity in a rural shire

Studies of place construction in the rural studies literature have largely privileged the role of professionals over that of local lay actors. This paper contributes to redressing this imbalance through a critical case-study of lay postcard production in a rural shire. Drawing on original, qualitative research conducted in the Shire of Ravensthorpe, Western Australia, including in-depth interviews with key participants, the analysis focuses on this lay production—undertaken in the main by women—as cultural work. By emphasising the work of making the postcards along with the cultural work these postcards achieve, this examination foregrounds intersections of material and imagined ruralities. In the process, this study highlights the complexity and importance of this lay contribution to place identity, particularly as positioned within what may be considered rural cultural work.

Optimising offsets and bandwidths in vehicle traffic networks

Bandwidths and offsets are important components in vehicle traffic control strategies. This article proposes new methods for quantifying and selecting them. Bandwidth is the amount of green time available for vehicles to travel through adjacent intersections without the requirement to stop at the second traffic light. The offset is the difference between the starting-time of ``green'' periods at two adjacent intersections, along a given route. The core ideas in this article were developed during the 2013 Maths and Industry Study Group in Brisbane, Australia. Analytical expressions for computing bandwidth, as a function of offset, are developed. An optimisation model, for selecting offsets across an arterial, is proposed. Arterial roads were focussed upon, as bandwidth and offset have a greater impact on these types of road as opposed to a full traffic network. A generic optimisation-simulation approach is also proposed to refine an initial starting solution, according to a specified metric. A metric that reflects the number of stops, and the distance between stops, is proposed to explicitly reduce the dissatisfaction of road users, and to implicitly reduce fuel consumption and emissions. Conceptually the optimisation-simulation approach is superior as it handles real-life complexities and is a global optimisation approach. The models and equations in this article can be used in road planning and traffic control.

An investigation into the production of chloromethly furfual from bagasse and bagasse pulp

There are many attractive alternatives to produce chemicals similar to those currently produced from fossil fuel resources. The most viable renewable resource of fixed carbon is biomass. This paper examines processing conditions for the production and recovery of furanics from bagasse as well as bagasse pulp. It is shown that bio-oil consisting mainly of furanics (~84% chloromethly furfural) may be obtained in yields of ~78% and ~87% by weight from bagasse and bagasse pulp respectively using a biphasic acid hydrolysis system. The biphasic system consists of an organic layer of dichloroethane and an aqueous phase of concentrated hydrochloric acid. Generally the lower the impurity content and the higher the cellulose content, the higher the furanics yield.

Design and construction of an in-plant activation cassette for transgene expression and recombinant protein production in plants

Virus-based transgene expression systems have become particularly valuable for recombinant protein production in plants. The dual-module in-plant activation (INPACT) expression platform consists of a uniquely designed split-gene cassette incorporating the cis replication elements of Tobacco yellow dwarf geminivirus (TYDV) and an ethanol-inducible activation cassette encoding the TYDV Rep and RepA replication-associated proteins. The INPACT system is essentially tailored for recombinant protein production in stably transformed plants and provides both inducible and high-level transient transgene expression with the potential to be adapted to diverse crop species. The construction of a novel split-gene cassette, the inducible nature of the system and the ability to amplify transgene expression via rolling-circle replication differentiates this system from other DNA- and RNA-based virus vector systems used for stable or transient recombinant protein production in plants. Here we provide a detailed protocol describing the design and construction of a split-gene INPACT cassette, and we highlight factors that may influence optimal activation and amplification of gene expression in transgenic plants. By using Nicotiana tabacum, the protocol takes 6-9 months to complete, and recombinant proteins expressed using INPACT can accumulate to up to 10% of the leaf total soluble protein.

Evaluation of a pilot-scale oil extraction from microalgae for biodiesel production

Biodiesel derived from microalgae is one of a suite of potential solutions to meet the increasing demand for a renewable, carbon-neutral energy source. However, there are numerous challenges that must be addressed before algae biodiesel can become commercially viable. These challenges include the economic feasibility of harvesting and dewatering the biomass and the extraction of lipids and their conversion into biodiesel. Therefore, it is essential to find a suitable extraction process given these processes presently contribute significantly to the total production costs which, at this stage, inhibit the ability of biodiesel to compete financially with petroleum diesel. This study focuses on pilot-scale (100 kg dried microalgae) solvent extraction of lipids from microalgae and subsequent transesterification to biodiesel. Three different solvents (hexane, isopropanol (IPA) and hexane + IPA (1:1)) were used with two different extraction methods (static and Soxhlet) at bench-scale to find the most suitable solvent extraction process for the pilot-scale. The Soxhlet method extracted only 4.2% more lipid compared to the static method. However, the fatty acid profiles of different extraction methods with different solvents are similar, suggesting that none of the solvents or extraction processes were biased for extraction of particular fatty acids. Considering the cost and availability of the solvents, hexane was chosen for pilot-scale extraction using static extraction. At pilot-scale the lipid yield was found to be 20.3% of total biomass which is 2.5% less than from bench scale. Extracted fatty acids were dominated by polyunsaturated fatty acids (PUFAs) (68.94±0.17%) including 47.7±0.43 and 17.86±0.42% being docosahexaenoic acid (DHA) (C22:6) and docosapentaenoic acid (DPA) (C22:5, ω-3), respectively. These high amounts of long chain poly unsaturated fatty acids are unique to some marine microalgae and protists and vary with environmental conditions, culture age and nutrient status, as well as with cultivation process. Calculated physical and chemical properties of density, viscosity of transesterified fatty acid methyl esters (FAMEs) were within the limits of the biodiesel standard specifications as per ASTM D6751-2012 and EN 14214. The calculated cetane number was, however, significantly lower (17.8~18.6) compared to ASTM D6751-2012 or EN 14214-specified minimal requirements. We conclude that the obtained microalgal biodiesel would likely only be suitable for blending with petroleum diesel to a maximum of 5 to 20%.

A review on the production of levulinic acid and furanics from sugars

Sugarcane products represent an abundant and relatively low cost carbon resource that can be utilised to produce chemical intermediates such as levulinic acid and furanics. These chemicals can be easily upgraded to commodity and specialty chemicals and biofuels by high yielding and well established technologies. However, there are challenges and technical hurdles that need to be overcome before these chemical intermediates can be cost-effectively produced in commercial quantities. The paper reviews production of levulinic acid and furanics from sugars by homogeneous mineral acid catalysts, and reports on preliminary studies on the production of these compounds with environmentally friendly biodegradable sulfonic acids. The yields (>50% of theoretical) of levulinic acid, formic acid and furfural obtained with these organic acids are comparable to that of sulphuric acid currently used for their production.

Theory based production and project management

This paper gives an overview of an ongoing project endeavouring to advance theory-based production and project management, and the rationale for this approach is briefly justified. The status of the theoretical foundation of production management, project management and allied disciplines is discussed, with emphasis on metaphysical grounding of theories, as well as the nature of the heuristic solution method commonly used in these disciplines. Then, on-going work related to different aspects of production and project management is reviewed from both theoretical and practical orientation. Next, information systems agile project management is explored with a view to its re-use in generic project management. In production management, the consequences and implementation of a new, wider theoretical basis are analyzed. The theoretical implications and negative symptoms of the peculiarities of the construction industry for supply chains and supply chain management in construction are observed. Theoretical paths for improvements of inter-organisational relationships in construction which are fundamental for improvement of construction supply chains are described. To conclude, the observations made in this paper vis-à-vis production, project and supply chain management are related again to the theoretical basis of this paper, and finally directions for theory development and future research are given and discussed.

Out of their minds: legal theory in neural networks

This paper examines the use of connectionism (neural networks) in modelling legal reasoning. I discuss how the implementations of neural networks have failed to account for legal theoretical perspectives on adjudication. I criticise the use of neural networks in law, not because connectionism is inherently unsuitable in law, but rather because it has been done so poorly to date. The paper reviews a number of legal theories which provide a grounding for the use of neural networks in law. It then examines some implementations undertaken in law and criticises their legal theoretical naïvete. It then presents a lessons from the implementations which researchers must bear in mind if they wish to build neural networks which are justified by legal theories.