Single period Markowitz portfolio selection, performance gauging and duality: a variation on Luenberger's shortage function

Markowitz portfolio theory (1952) has induced research into the efficiency of portfolio management. This paper studies existing nonparametric efficiency measurement approaches for single period portfolio selection from a theoretical perspective and generalises currently used efficiency measures into the full mean-variance space. Therefore, we introduce the efficiency improvement possibility function (a variation on the shortage function), study its axiomatic properties in the context of Markowitz efficient frontier, and establish a link to the indirect mean-variance utility function. This framework allows distinguishing between portfolio efficiency and allocative efficiency. Furthermore, it permits retrieving information about the revealed risk aversion of investors. The efficiency improvement possibility function thus provides a more general framework for gauging the efficiency of portfolio management using nonparametric frontier envelopment methods based on quadratic optimisation.

Explaining Variation in Organizational Change: The Reform of Human Resource Management in the European Commission and the OECD

In this article we investigate the reforms of human resource management in the European Commission and the OECD by analyzing comparatively to what extent both organizations have adjusted their respective structures towards the ideal type of the so-called New Public Management (NPM). The empirical findings show that reforms towards NPM are more pronounced in the Commission than in the OECD. These findings are surprising for two reasons: First, it seems rather paradoxical that the OECD as central promoter of NPM at the international level lags behind the global trend when it comes to reforming its own structures. Second, this result is in contradiction with theoretical expectations, as they can be derived from theories of institutional isomorphism. To nevertheless account for the surprising results, it is necessary to modify and complement existing theories especially with regard to the scope conditions of their causal mechanisms.

Annual variation in the biochemical composition of newly hatched larvae of Maja brachydactyla in captivity

Quality of newly hatched larvae (NHL) of Maja brachydactyla in captivity has been characterized throughout the year to evaluate their availability for mass production. Spawning took place every month and NHL were collected and analyzed to estimate individual dry weight (DW) and proximate biochemical composition (protein, carbohydrate and lipids). Lipid class, fatty acid composition, amino acid profile, mineral and vitamins A, E and C contents were analyzed seasonally. NHL obtained throughout the year are a potential source for aquaculture purposes, since the increment in the relative protein and lipid (especially phospholipids and n-3 PUFA) content might compensate the decrease in DW of larvae hatched from broodstock kept during one year in captivity. However, the decrease in vitamins A and E as well as in certain essential amino acids (Lys, Val, and His) and trace elements (Cu and Fe) of NHL at the end of the year might be indicative of a nutritional deficiency in broodstock diets.

The importance of intraespeciphic variation in the taxonomy of marine nematodes: The case of Terschellingia longispiculata Wieser & Hopper 1967 (Nematoda, Linhomoeidae)

In the presentstudy, the priority of taxonomic characters of cephalic region of Terschellingialongispiculata over those of the tail and reproductive system is discussed.Four morphological varieties of the species are established based on variationsof the tail and reproductive system. The problem of considering only changes inthe posterior region for determination of some species is posed. From this,studies on important populations must be done for the establishment of newspecies based on one of these characters, but taken together with characters inother regions such as the cephalic.

Spatial and temporal variation of natural toxicity in cnidarians, bryozoans and tunicates in Mediterranean caves

The natural toxicity of cnidarians, bryozoans and tunicates in two caves was assessed using the Microtox® technique in spring and autumn. One cave was located in the Cabrera Archipelago (Balearic Islands) and the other in the Medes Islands (Catalan littoral). The organisms analysed were good representatives of the coverage of each Phylum in the communities; however, these Phyla are less abundant than sponges which are the dominant group in these caves. Seventy-one percent of the species of cnidarians and bryozoans analysed were toxic in one of the caves, communities or seasons, which indicates the relevance of bioactive species in these groups. The tunicate Lissoclinum perforatum was the most toxic species. Although all three Phyla had some highly toxic species, a common pattern that related the caves, communities and seasons was not found. Seasonal variation of toxicity in cnidarians and bryozoans was higher in the Cabrera than in the Medes cave. Moreover, variation in toxicity either between communities or between seasons was a common trait for most cnidarians and bryozoans, whereas tunicates remained toxic throughout communities and seasons.

Effects of thresholding level variation in fringe binarization of multiobject joint transform correlation

It is possible to improve the fringe binarization method of joint transform correlation by choosing a suitable threshold level.

Seasonal patterns op biomass variation of Ruppia cirrhosa (Petagna) Grande and Potamageton pectinatus L. in a coastal logoon

Coastal lagoons where salinity varies within a wide range during the year are colonized by euryhaline macrophytes which can develop extensive beds. Seasonal changes in biomass of Ruppia cirrhosa and Potamogeton pectinatus were studied in Tancada Lagoon (Ebro Delta, NE Spain) in order to reveal the environmental factors controlling their population development. Ruppia cirrhosa occupy a larger area of the lagoon than Potarnogeton pectinatus. Their maximum above ground biomasses are also different (495 g m-2 and 351 g m-2 ash free dry weight, respectively). Below ground biomass of Ruppia cirrhosa is between 9 and 53 % of the above ground biomass, while it is 3-40 % for Potamogeton pectinatus. Chlorophyll a contents show fluctuations similar to biomass. Low salinity and high turbidity caused by freshwater inflows favour Potamogeton expansion, while Ruppia development is favoured by high salinity and transparent water.

Temporal variation of the biomass and structure of Caulerpa prolifera (Forsskal) Lamouroux meadows in the Mar Menor lagoon (SE Spain).

The temporal changes in the structure, biomass and C, N and P content of meadows of Caulerpa prolifera (Forsskal) Lamouroux in the Mar Menor coastal lagoon (SE Spain) are described over the period from November 1986 to March 1989. C. prolifera meadows showed a unimodal pattern of vegetative development with maximum biomass values (168-173 g d.w. m-2) reached in summer and maintained during autumn, and minimum biomass values (0-57 g d.w. m-2) during late winter and early spring. Leaf area index values changed between 0.37-0.40 m2 m-2 in January-February and 2.60-7.06 m2 m-2 in July. The seasonality in the biomass and structure of the meadow was mainly related to the vegetative development of the secondary fronds. Carbon and phosphorus content of the thallus (32.5-34.8% d.w. and 0.065-0.069% d.w., respectively) had no seasonality, but nitrogen content showed a bimodal annual pattern with higher values in spring and fall (>2.5% d.w.) than in summer and winter (<2.5% d.w.).

Power variation of some integral fractional processes

We consider the asymptotic behaviour of the realized power variation of processes of the form ¿t0usdBHs, where BH is a fractional Brownian motion with Hurst parameter H E(0,1), and u is a process with finite q-variation, q<1/(1¿H). We establish the stable convergence of the corresponding fluctuations. These results provide new statistical tools to study and detect the long-memory effect and the Hurst parameter.

Color differences among feral pigeons (Columba livia) are not attributable to sequence variation in the coding region of the melanocortin-1 receptor gene (MC1R)

Genetic variation at the melanocortin-1 receptor (MC1R) gene is correlated with melanin color variation in many birds. Feral pigeons (Columba livia) show two major melanin-based colorations: a red coloration due to pheomelanic pigment and a black coloration due to eumelanic pigment. Furthermore, within each color type, feral pigeons display continuous variation in the amount of melanin pigment present in the feathers, with individuals varying from pure white to a full dark melanic color. Coloration is highly heritable and it has been suggested that it is under natural or sexual selection, or both. Our objective was to investigate whether MC1R allelic variants are associated with plumage color in feral pigeons.We sequenced 888 bp of the coding sequence of MC1R among pigeons varying both in the type, eumelanin or pheomelanin, and the amount of melanin in their feathers. We detected 10 non-synonymous substitutions and 2 synonymous substitution but none of them were associated with a plumage type. It remains possible that non-synonymous substitutions that influence coloration are present in the short MC1R fragment that we did not sequence but this seems unlikely because we analyzed the entire functionally important region of the gene.Our results show that color differences among feral pigeons are probably not attributable to amino acid variation at the MC1R locus. Therefore, variation in regulatory regions of MC1R or variation in other genes may be responsible for the color polymorphism of feral pigeons.

Gorilla genome structural variation reveals evolutionary parallelisms with chimpanzee

Structural variation has played an important role in the evolutionary restructuring of human and great ape genomes. Recent analyses have suggested that the genomes of chimpanzee and human have been particularly enriched for this form of genetic variation. Here, we set out to assess the extent of structural variation in the gorilla lineage by generating 10-fold genomic sequence coverage from a western lowland gorilla and integrating these data into a physical and cytogenetic framework of structural variation. We discovered and validated over 7665 structural changes within the gorilla lineage, including sequence resolution of inversions, deletions, duplications, and mobile element insertions. A comparison with human and other ape genomes shows that the gorilla genome has been subjected to the highest rate of segmental duplication. We show that both the gorilla and chimpanzee genomes have experienced independent yet convergent patterns of structural mutation that have not occurred in humans, including the formation of subtelomeric heterochromatic caps, the hyperexpansion of segmental duplications, and bursts of retroviral integrations. Our analysis suggests that the chimpanzee and gorilla genomes are structurally more derived than either orangutan or human genomes.

GSVA: gene set variation analysis for microarray and RNA-seq data

Gene set enrichment (GSE) analysis is a popular framework for condensing information from gene expression profiles into a pathway or signature summary. The strengths of this approach over single gene analysis include noise and dimension reduction, as well as greater biological interpretability. As molecular profiling experiments move beyond simple case-control studies, robust and flexible GSE methodologies are needed that can model pathway activity within highly heterogeneous data sets. To address this challenge, we introduce Gene Set Variation Analysis (GSVA), a GSE method that estimates variation of pathway activity over a sample population in an unsupervised manner. We demonstrate the robustness of GSVA in a comparison with current state of the art sample-wise enrichment methods. Further, we provide examples of its utility in differential pathway activity and survival analysis. Lastly, we show how GSVA works analogously with data from both microarray and RNA-seq experiments. GSVA provides increased power to detect subtle pathway activity changes over a sample population in comparison to corresponding methods. While GSE methods are generally regarded as end points of a bioinformatic analysis, GSVA constitutes a starting point to build pathway-centric models of biology. Moreover, GSVA contributes to the current need of GSE methods for RNA-seq data. GSVA is an open source software package for R which forms part of the Bioconductor project and can be downloaded at http://www.bioconductor.org.