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.

The recent development and performance of ethical investments

In this chapter, we assess the recent development and performance of ethical investments around the world. Ethical investments include both socially responsible investments (following Environmental, Social and Governance criteria) and faith-based investments (following religious principles). After presenting the development of each type of funds in a historical context, we analyse their ethical screening process, highlighting similarities and differences across funds and regions. This leads us to investigate their characteristics in terms of return and risk, and finally evaluate their historical performance using various risk-adjusted performance measures on a small sample of US funds. Hence we are able to not only compare the performance of each fund with each other and with traditional investments, but also assess their relative resilience to the 2007-08 financial crisis.

Design and low-power implementation of an adaptive image rejection receiver

This paper deals with and details the design and implementation of a low-power; hardware-efficient adaptive self-calibrating image rejection receiver based on blind-source-separation that alleviates the RF analog front-end impairments. Hybrid strength-reduced and re-scheduled data-flow, low-power implementation of the adaptive self-calibration algorithm is developed and its efficiency is demonstrated through simulation case studies. A behavioral and structural model is developed in Matlab as well as a low-level architectural design in VHDL providing valuable test benches for the performance measures undertaken on the detailed algorithms and structures.

CO2 reduction and efficiency in road freight traffic: measures, baseline and potential

The objective of our research was to analyse the relevant logistic factors influencing energy efficiency in road freight transport, while quantifying the potential for CO2 reduction. We carried out a survey and linked fuel consumption to transport performance parameters in 50 German haulage companies during 2003. Efficiency ranges from 0.8 tkm to 26 tkm for 1 kg CO2 emissions. The results show a high potential for improvements, given a low level of efficiency in vehicle usage and load factor, scarce use of lightweight vehicle design, incorrectly selected vehicle class and a high proportion of empty runs. Efficiency measures are poorly applied.

Personality and performance on digit span tests in online and offline settings.

This paper describes two studies examining links between personality and performance on a cognitive test in online and laboratory settings. Study 1 was completed online. 345 participants passively recruited through a personality assessment website completed a Five Factor Model personality inventory derived from the International Personality Item Pool. They then completed an online text-based digit span test. This required participants to repeat increasingly longer strings of digits, either in the same order (forward) or in the opposite of the presentation order (reverse). Conventional digit span tasks ask participants to respond verbally; in this instance they responded by typing the digits. Agreeableness and Openness to Experience each had small but significant associations with forward and reverse digit span. In a second, laboratory based, study, 103 participants completed paper versions of the IPIP Five Factor inventory, the NEO-FFI, and a battery of cognitive tests including the WAIS 4 digit span test. In this instance, Agreeableness and Openness to Experience were not significantly correlated with digit span measures. Taken together, these studies suggest that personality characteristics may influence performance on an online cognitive test. This effect was not seen in an offline version of the study. The paper will consider potential implications for online testing, for equivalence of online and offline methods, and for links between personality and performance on this cognitive test.

Revisiting the relationship between marketing capabilities and firm performance: The moderating role of market orientation, marketing strategy and organisational power

This paper extends original insights of resource-advantage theory (Hunt & Morgan, 1995) to a specific analysis of the moderators of the capabilities-performance relationship such as market orientation, marketing strategy and organizational power. Using established measures and a representative sample of UK firms drawn from Verhoef and Leeflang’s data (2009), our study tests new hypotheses to explain how different types of marketing capabilities contribute to firm performance. The application of resource-advantage theory advances theorising on both marketing and organisational antecedents of firm performance and the causal mechanisms by which competitive advantage is generated.