Outperformance in exchange-traded fund pricing deviations: Generalized control of data snooping bias

An investigation into exchange-traded fund (ETF) outperforrnance during the period 2008-2012 is undertaken utilizing a data set of 288 U.S. traded securities. ETFs are tested for net asset value (NAV) premium, underlying index and market benchmark outperformance, with Sharpe, Treynor, and Sortino ratios employed as risk-adjusted performance measures. A key contribution is the application of an innovative generalized stepdown procedure in controlling for data snooping bias. We find that a large proportion of optimized replication and debt asset class ETFs display risk-adjusted premiums with energy and precious metals focused funds outperforming the S&P 500 market benchmark. 

Ownership Patterns and Control in Turkish Listed Companies

The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other countries are provided. The results of the study indicate that ownership of Turkish companies is highly concentrated, families being the dominant shareholders. The separation of ownership and control among Turkish companies is mainly achieved through pyramidal ownership structures and the presence of big business groups. However, the cash flow and voting rights in Turkish companies are relatively more aligned compared to other family–ownership–dominated insider–system countries.

Feasibility of online collaborative voltage stability control of power systems

This paper presents the results of feasibility study of a novel concept of power system on-line collaborative voltage stability control. The proposal of the on-line collaboration between power system controllers is to enhance their overall performance and efficiency to cope with the increasing operational uncertainty of modern power systems. In the paper, the framework of proposed on-line collaborative voltage stability control is firstly presented, which is based on the deployment of multi-agent systems and real-time communication for on-line collaborative control. Then two of the most important issues in implementing the proposed on-line collaborative voltage stability control are addressed: (1) Error-tolerant communication protocol for fast information exchange among multiple intelligent agents; (2) Deployment of multi-agent systems by using graph theory to implement power system post-emergency control. In the paper, the proposed on-line collaborative voltage stability control is tested in the example 10-machine 39-node New England power system. Results of feasibility study from simulation are given considering the low-probability power system cascading faults.

Damping torque analysis for DC bus implemented damping control

Damping torque analysis is a well-developed technique for understanding and studying power system oscillations. This paper presents the applications of damping torque analysis for DC bus implemented damping control in power transmission networks in two examples. The first example is the investigation of damping effect of shunt VSC (Voltage Source Converter) based FACTS voltage control, i.e., STATCOM (Static Synchronous Compensator) voltage control. It is shown in the paper that STATCOM voltage control mainly contributes synchronous torque and hence has little effect on the damping of power system oscillations. The second example is the damping control implemented by a Battery Energy Storage System (BESS) installed in a power system. Damping torque analysis reveals that when BESS damping control is realized by regulating exchange of active and reactive power between the BESS and power system respectively, BESS damping control exhibits different properties. It is concluded by damping torque analysis that BESS damping control implemented by regulating active power is better with less interaction with BESS voltage control and more robust to variations of power system operating conditions. In the paper, all analytical conclusions obtained are demonstrated by simulation results of example power systems.

Robustness of Damping Control Implemented by Energy Storage Systems Installed in Power Systems

An energy storage system (ESS) installed in a power system can effectively damp power system oscillations through controlling exchange of either active or reactive power between the ESS and power system. This paper investigates the robustness of damping control implemented by the ESS to the variations of power system operating conditions. It proposes a new analytical method based on the well-known equal-area criterion and small-signal stability analysis. By using the proposed method, it is concluded in the paper that damping control implemented by the ESS through controlling its active power exchange with the power system is robust to the changes of power system operating conditions. While if the ESS damping control is realized by controlling its reactive power exchange with the power system, effectiveness of damping control changes with variations of power system operating condition. In the paper, an example power system installed with a battery ESS (BESS) is presented. Simulation results confirm the analytical conclusions made in the paper about the robustness of ESS damping control. Laboratory experiment of a physical power system installed with a 35kJ/7kW SMES (Superconducting Magnetic Energy Storage) was carried out to evaluate theoretical study. Results are given in the paper, which demonstrate that effectiveness of SMES damping control realized through regulating active power is robust to changes of load conditions of the physical power system.

Social Exchange at Work and Emotional Exhaustion: The Role of Personality

Unbalanced social-exchange processes at work have been linked to emotional exhaustion. In addition to organizational factors, individual differences are important determinants of reciprocity perceptions. This study explored whether broad and narrow personality traits were associated with perceived lack of reciprocity (organizational and interpersonal levels), and whether personality moderated the relationship between reciprocity and emotional exhaustion, in a sample of 322 civil servants. Extraversion, agreeableness, emotional stability, internal locus of control, and Type A behavior predicted reciprocity. The relationship between perceived lack of reciprocity with the organization and emotional exhaustion was stronger for individuals reporting lower negative affect or higher extraversion. These findings highlight the importance of personality for understanding perceived reciprocity at work and its impact on emotional exhaustion.

Na+/H+ exchange inhibitor cariporide attenuates skeletal muscle infarction when administered before ischemia or reperfusion

Administration of Na(+)/H(+) exchange isoform-1 (NHE-1) inhibitors before ischemia has been shown to attenuate myocardial infarction in several animal models of ischemia-reperfusion injury. However, controversy still exists as to the efficacy of NHE-1 inhibitors in protection of myocardial infarction when administered at the onset of reperfusion. Furthermore, the efficacy of NHE-1 inhibition in protection of skeletal muscle from infarction (necrosis) has not been studied. This information has potential clinical applications in prevention or salvage of skeletal muscle from ischemia-reperfusion injury in elective and trauma reconstructive surgery. The objective of this research project is to test our hypothesis that the NHE-1 inhibitor cariporide is effective in protection of skeletal muscle from infarction when administered at the onset of sustained ischemia or reperfusion and to study the mechanism of action of cariporide. In our studies, we observed that intravenous administration of cariporide 10 min before ischemia (1 or 3 mg/kg) or reperfusion (3 mg/kg) significantly reduced infarction in pig latissimus dorsi muscle flaps compared with the control, when these muscle flaps were subjected to 4 h of ischemia and 48 h of reperfusion (P <0.05; n = 5 pigs/group). Both preischemic and postischemic cariporide treatment (3 mg/kg) induced a significant decrease in muscle myeloperoxidase activity and mitochondrial-free Ca(2+) content and a significant increase in muscle ATP content within 2 h of reperfusion (P <0.05; n = 4 pigs/group). Preischemic and postischemic cariporide treatment (3 mg/kg) also significantly inhibited muscle NHE-1 protein expression within 2 h of reperfusion after 4 h of ischemia, compared with the control (P <0.05; n = 3 pigs/group). These observations support our hypothesis that cariporide attenuates skeletal muscle infarction when administered at the onset of ischemia or reperfusion, and the mechanism involves attenuation of neutrophil accumulation and mitochondrial-free Ca(2+) overload and preservation of ATP synthesis in the early stage of reperfusion.