Exchange-Trade Funds Evaluation using Performance Measures Distribution

In this study we propose the use of the performance measure distribution rather than its punctual value to rank hedge funds. Generalized Sharpe Ratio and other similar measures that take into account the higher-order moments of portfolio return distributions are commonly used to evaluate hedge funds performance. The literature in this field has reported non-significant difference in ranking between performance measures that take, and those that do not take, into account higher moments of distribution. Our approach provides a much more powerful manner to differentiate between hedge funds performance. We use a non-semiparametric density based on Gram-Charlier expansions to forecast the conditional distribution of hedge fund returns and its corresponding performance measure distribution. Through a forecasting exercise we show the advantages of our technique in relation to using the more traditional punctual performance measures.

Adaptive digital receivers for analog front-end mismatch correction

Phase and gain mismatches between the I and Q analog signal processing paths of a quadrature receiver are responsible for the generation of image signals which limit the dynamic range of a practical receiver. In this paper we analyse the effects these mismatches and propose a low-complexity blind adaptive algorithm to minimize this problem. The proposed solution is based on two, 2-tap adaptive filters, arranged in Adaptive Noise Canceller (ANC) set-up. The algorithm lends itself to efficient real-time implementation with minimal increase in modulator complexity.

Adaptive compensation of analog front-end I/Q mismatches in digital receivers

I and Q Channel phase and gain misniatches are of great concern in communications receiver design. In this paper we analyse the effects of I and Q channel mismatches and propose a low-complexity blind adaptive algorithm to minimize this problem. The proposed solution consists of two, 2-tap adaptive filters, arranged in Adaptive Noise Canceller (ANC) set-up, with the output of one cross-fed to the input of the other. The system works as a de-correlator eliminating I and Q mismatch errors.

Dual-tracking multi-constellation GNSS front-end for high-performance receiver applications

This paper presents the design and implementation of a dual–tracking Radio Frequency (RF) front–end for a multi–constellation Global Navigation Satellite Systems (GNSS) receiver. The RF frond–end is based on the direct RF conversion architecture, which employs sub–Nyquist sampling (also known as subsampling) at RF. The dual–tracking RF front–end is composed of a few RF components that are duplicated to form the two RF channels. Employing a dual–channel Analogue–to–Digital Converter (ADC) enables synchronisation of the RF channels and minimises the errors resulting from the differences in the satellite clocks and the propagation delay between the two RF channels. The digitised GNSS signals are processed by two separate acquisition and tracking engines that are driven by the front–end’s master clock. This setup provides two synchronised receivers that are integrated onto one piece of hardware. The hardware is intended to be used for research applications such as multipath mitigation, scintillation assessment, and advanced satellite clock and spatial frame transformation modelling.

At the end of the day: Macmillan's account of the Cuban missile crisis

Pre-publicity for the final volume of Harold Macmillan’s memoirs, At the End of the Day, stressed that it would provide the British side of the Cuban missile crisis for the first time. The Churchillian model chosen, changes required by the Cabinet Office and Macmillan’s desire to rebuke those political opponents who claimed that the crisis demonstrated a lack of British influence in Washington, however ensured a focus on his personal relationship with President Kennedy. His larding the text with contemporary observations from his diaries also skewed Macmillan’s account and, in particular, underplayed the significance of British moves at the United Nations in New York to secure a credible United Nations inspection regime and a US guarantee of the inviolability of Cuba. Careful reconstruction of Macmillan’s real-time experience of the Cuban missile crisis demonstrates the limitations of his own account of this event

Utopia and its Discontents: Dreams of Catastrophe and the End of 'the End of History'

The institutionalization of Utopia Studies in the last decade is premised upon a specifically aesthetic reception of Ernst Bloch’s theory of the “utopian impulse” during the 1980s and 1990s. A postmodern uneasiness to both left and right formulations of the "End of History" during this period imposes a resistance to concepts of historical and political closure or totality, resulting in a "Utopianism without Utopia". For all the attractiveness of this pan-utopianism, its failure to consider the relation between historical representation and fulfillment renders it consummate with liberalism as a merely inverted conservatism. In contrast to this specific recuperation of a Bloch, the continuing importance of Walter Benjamin’s theory of the dialectical image and the speculative concept of historical experience which underlies it becomes apparent. The intrusion of the historical Absolute is coded throughout Benjamin’s thought as the eruptive and mortuary figure of catastrophe, which stands as the dialectical counterpart to the utopian wish images of the collective dream. Indeed, the motto under which the Arcades Project was to be constructed derives from Adorno: “Each epoch dreams of itself as annihilated by catastrophe”.