On the persistence of computer dreams: an application framework for robust adaptive deployment

The anticipated rewards of adaptive approaches will only be fully realised when autonomic algorithms can take configuration and deployment decisions that match and exceed those of human engineers. Such decisions are typically characterised as being based on a foundation of experience and knowledge. In humans, these underpinnings are themselves founded on the ashes of failure, the exuberance of courage and (sometimes) the outrageousness of fortune. In this paper we describe an application framework that will allow the incorporation of similarly risky, error prone and downright dangerous software artefacts into live systems – without undermining the certainty of correctness at application level. We achieve this by introducing the notion of application dreaming.

The performance and persistence of exchange-traded funds: evidence for iShares MSCI country-specific ETFs

The aim of this paper is to investigate the performance and persistence of 20 iShares MSCI country-specific exchange-traded funds (ETFs) in comparison with S&P 500 index over the period July 2001 to June 2006. There are several studies analysing mutual funds performance in past years, but very little is known about ETFs. In our analysis the Sharpe, Treynor and Sortino ratios are used as risk-adjusted performance measures. To evaluate performance persistence and therefore if there is any relationship among past performance and future performance, we apply to the Spearman Rank Correlation Coefficient and the Winner-loser Contingency Table. The main findings are at two levels. First, ETFs can beat the U.S. market index based on risk-adjusted performance measures. Second, there is evidence of ETFs performance persistence based on annual return.