Low-cost momentum strategies

This paper analyses the impact of trading costs on the profitability of momentum strategies in the United Kingdom and concludes that losers are more expensive to trade than winners. The observed asymmetry in the costs of trading winners and losers crucially relates to the high cost of selling loser stocks with small size and low trading volume. Since transaction costs severely impact net momentum profits, the paper defines a new low-cost relative-strength strategy by shortlisting from all winner and loser stocks those with the lowest total transaction costs. While the study severely questions the profitability of standard momentum strategies, it concludes that there is still room for momentum-based return enhancement, should asset managers decide to adopt low-cost relative-strength strategies.

Does the PMSP connectionist model of single word reading learn to read in the same way as a child?

The Plaut, McClelland, Seidenberg and Patterson (1996) connectionist model of reading was evaluated at two points early in its training against reading data collected from British children on two occasions during their first year of literacy instruction. First, the network’s non-word reading was poor relative to word reading when compared with the children. Second, the network made more non-lexical than lexical errors, the opposite pattern to the children. Three adaptations were made to the training of the network to bring it closer to the learning environment of a child: an incremental training regime was adopted; the network was trained on grapheme– phoneme correspondences; and a training corpus based on words found in children’s early reading materials was used. The modifications caused a sharp improvement in non-word reading, relative to word reading, resulting in a near perfect match to the children’s data on this measure. The modified network, however, continued to make predominantly non-lexical errors, although evidence from a small-scale implementation of the full triangle framework suggests that this limitation stems from the lack of a semantic pathway. Taken together, these results suggest that, when properly trained, connectionist models of word reading can offer insights into key aspects of reading development in children.

The effects of distraction on metacognition and metacognition on distraction: evidence from recognition memory

The effects of auditory distraction in memory tasks have been examined to date with procedures that minimize participants’ control over their own memory processes. Surprisingly little attention has been paid to metacognitive control factors which might affect memory performance. In this study, we investigate the effects of auditory distraction on metacognitive control of memory, examining the effects of auditory distraction in recognition tasks utilizing the metacognitive framework of Koriat and Goldsmith (1996), to determine whether strategic regulation of memory accuracy is impacted by auditory distraction. Results replicated previous findings in showing that auditory distraction impairs memory performance in tasks minimizing participants’ metacognitive control (forced-report test). However, the results revealed also that when metacognitive control is allowed (free-report tests), auditory distraction impacts upon a range of metacognitive indices. In the present study, auditory distraction undermined accuracy of metacognitive monitoring (resolution), reduced confidence in responses provided and, correspondingly, increased participants’ propensity to withhold responses in free-report recognition. Crucially, changes in metacognitive processes were related to impairment in free-report recognition performance, as the use of the ‘don’t know’ option under distraction led to a reduction in the number of correct responses volunteered in free-report tests. Overall, the present results show how auditory distraction exerts its influence on memory performance via both memory and metamemory processes.

Transmission of wireless power by magnetic resonance

The work involves investigation of a type of wireless power system wherein its analysis will yield the construction of a prototype modeled as a singular technological artifact. It is through exploration of the artifact that forms the intellectual basis for not only its prototypical forms, but suggestive of variant forms not yet discovered. Through the process it is greatly clarified the role of the artifact, its most suitable application given the constraints on the delivery problem, and optimization strategies to improve it. In order to improve maturity and contribute to a body of knowledge, this document proposes research utilizing mid-field region, efficient inductive-transfer for the purposes of removing wired connections and electrical contacts. While the description seems enough to state the purpose of this work, it does not convey the compromises of having to redraw the lines of demarcation between near and far-field in the traditional method of broadcasting. Two striking scenarios are addressed in this thesis: Firstly, the mathematical explanation of wireless power is due to J.C. Maxwell's original equations, secondly, the behavior of wireless power in the circuit is due to Joseph Larmor's fundamental works on the dynamics of the field concept. A model of propagation will be presented which matches observations in experiments. A modified model of the dipole will be presented to address the phenomena observed in the theory and experiments. Two distinct sets of experiments will test the concept of single and two coupled-modes. In a more esoteric context of the zero and first-order magnetic field, the suggestion of a third coupled-mode is presented. Through the remaking of wireless power in this context, it is the intention of the author to show the reader that those things lost to history, bound to a path of complete obscurity, are once again innovative and useful ideas.

Association learning for emotional harbinger cues: When do previous emotional associations impair and when do they facilitate subsequent learning of new associations?

Neutral cues that predict emotional events (emotional harbingers) acquire emotional properties and attract attention. Given the importance of emotional harbingers for future survival, it is desirable to flexibly learn new facts about emotional harbingers when needed. However, recent research revealed that it is harder to learn new associations for emotional harbingers than cues that predict non-emotional events (neutral harbingers). In the current study, we addressed whether this impaired association learning for emotional harbingers is altered by one’s awareness of the contingencies between cues and emotional outcomes. Across 3 studies, we found that one’s awareness of the contingencies determines subsequent association learning of emotional harbingers. Emotional harbingers produced worse association learning than neutral harbingers when people were not aware of the contingencies between cues and emotional outcomes, but produced better association learning when people were aware of the contingencies. These results suggest that emotional harbingers do not always suffer from impaired association learning and can show facilitated learning depending on one’s contingency awareness.

The CURE scale: a multidimensional measure of service recovery strategy

Purpose – This paper aims to address the gaps in service recovery strategy assessment. An effective service recovery strategy that prevents customer defection after a service failure is a powerful managerial instrument. The literature to date does not present a comprehensive assessment of service recovery strategy. It also lacks a clear picture of the service recovery actions at managers’ disposal in case of failure and the effectiveness of individual strategies on customer outcomes. Design/methodology/approach – Based on service recovery theory, this paper proposes a formative index of service recovery strategy and empirically validates this measure using partial least-squares path modelling with survey data from 437 complainants in the telecommunications industry in Egypt. Findings – The CURE scale (CUstomer REcovery scale) presents evidence of reliability as well as convergent, discriminant and nomological validity. Findings also reveal that problem-solving, speed of response, effort, facilitation and apology are the actions that have an impact on the customer’s satisfaction with service recovery. Practical implications – This new formative index is of potential value in investigating links between strategy and customer evaluations of service by helping managers identify which actions contribute most to changes in the overall service recovery strategy as well as satisfaction with service recovery. Ultimately, the CURE scale facilitates the long-term planning of effective complaint management. Originality/value – This is the first study in the service marketing literature to propose a comprehensive assessment of service recovery strategy and clearly identify the service recovery actions that contribute most to changes in the overall service recovery strategy.

The dynamic effects of age-related stereotype threat on explicit and implicit memory performance in older adults

While an awareness of age-related changes in memory may help older adults gain insight into their own cognitive abilities, it may also have a negative impact on memory performance through a mechanism of stereotype threat (ST). The consequence of ST is under-performance in abilities related to the stereotype. Here, we examined the degree to which explicit and implicit memory were affected by ST across a wide age-range. We found that explicit memory was affected by ST, but only in an Early-Aging group (mean age 67.83), and not in a Later-Aging group (mean age 84.59). Implicit memory was not affected in either the Early or Later Aging group. These results demonstrate that ST for age-related memory decline affects memory processes requiring controlled retrieval while sparing item encoding. Furthermore, this form of ST appears to dissipate as aging progresses. These results have implications for understanding psychological development across the span of aging.

Bifidobacteria in milk products: An overview of physiological and biochemical properties, exopolysaccharide production, selection criteria of milk products and health benefits

Research and commercial interest in the genus Bifidobacterium have increased in the last decade due to their potential health benefits in probiotic functional foods, especially in dairy products. However, cultivation of bifidobacteria in milk is a difficult task compared with that of conventional starters because milk is not a good medium for growth of these nutritionally fastidious microorganisms. Therefore, suitable strains of Bifidobacterium for dairy products should be selected based on their safety and technological and functional properties. There are a number of milk products containing bifidobacteria in the world market and the demand for new products is increasing with the awareness of the potential health benefits of the consumption of products blended with bifidobacteria. Some strains of Bifidobacterium, which produce exopolysaccharide, have been isolated and characterised. This review will discuss the general characteristics of bifidobacteria, exopolysaccharide production, the selection criteria of bacterial strains for milk products, current applications of bifidobacteria in milk products, and their nutritional and beneficial health properties.

Children's misconceptions and the teaching of early years science: a case study

The aim of this paper is to examine how teachers’ awareness of children’s misconceptions can affect children’s acquisition of scientific concepts. In other words, this paper is aimed at examining whether teaching is altered when teachers are aware of pupils’ misconceptions of a specific science concept. This paper details a case study focused on two kindergarten classes of five year-old children and their teachers and took place in Cyprus. Two lessons were observed and three children from each class were interviewed. Through the analysis of children’s responses it was possible to identify specific misconceptions related to the concept of rain. The results indicate that it is very important for teachers to be aware of what misconceptions children have, because this can help them plan lessons for children to overcome their misconceptions. It seems that it is more likely for children to overcome their misconceptions when teachers take these misconceptions into account as they plan and teach science lessons.

Care in the community? Interpretations of a fractured goat bone from Neolithic Jarmo, Iraq

A case study of a goat metatarsal exhibiting a complex diaphyseal fracture from Pottery Neolithic Jarmo in the Central Zagros region of the eastern Fertile Crescent is here described and analysed. The Central Zagros is one of the areas with the earliest evidence for goat domestication. The significance of the pathology may be viewed within the context of domestic goat ecology in the landscape of Jarmo, potentially impacting browsing behaviour (goats raise themselves on their hind limbs to browse) and movement with the herd in the landscape (the terrain around Jarmo is very steep in places, which would be difficult for an animal to navigate on three legs). In the light of this, possible levels of care that the Neolithic human community may have afforded this animal are discussed – from a situation where therapeutic intervention may have occurred, to one of stall confinement of the animal to allow the pathology to heal, to a position of simple awareness of the condition – and how this impacts on our understanding of changes in attitudes towards animals through the process of domestication.

Investigating preferences for dynamic electricity tariffs: the effect of environmental and system benefit disclosure

Dynamic electricity pricing can produce efficiency gains in the electricity sector and help achieve energy policy goals such as increasing electric system reliability and supporting renewable energy deployment. Retail electric companies can offer dynamic pricing to residential electricity customers via smart meter-enabled tariffs that proxy the cost to procure electricity on the wholesale market. Current investments in the smart metering necessary to implement dynamic tariffs show policy makers’ resolve for enabling responsive demand and realizing its benefits. However, despite these benefits and the potential bill savings these tariffs can offer, adoption among residential customers remains at low levels. Using a choice experiment approach, this paper seeks to determine whether disclosing the environmental and system benefits of dynamic tariffs to residential customers can increase adoption. Although sampling and design issues preclude wide generalization, we found that our environmentally conscious respondents reduced their required discount to switch to dynamic tariffs around 10% in response to higher awareness of environmental and system benefits. The perception that shifting usage is easy to do also had a significant impact, indicating the potential importance of enabling technology. Perhaps the targeted communication strategy employed by this study is one way to increase adoption and achieve policy goals.

Electronic commerce in agriculture and agribusiness: the case of Emilia-Romagna (Italy )

Despite the expectations of the benefits of this tool, the adoption of Electronic Commerce (EC) by small and medium firms of the agro-food sector in Italy is still not frequent, however, the understanding of opportunities it could create and how they can be exploited remains a relevant issue. This study, carried out in the Emilia -Romagna region during 2002, illustrates the results of a survey of 208 firms at all stages of the agro-food chain aimed at understanding the use of the Internet and the strategies adopted for EC implementation. The results show a low level of implementation of the instrument and a limited variety of adoption strategies. Agro-food firms actually invest very little in EC focusing their efforts on the Internet as promotion tool, while web-based direct selling is confined to market niches. The view that the Internet would reverse the disadvantages of small firms appears by now non realistic, even if interesting opportunities for further development are still present.

Situation assessment through multi-modal sensing of dynamic environments to support cognitive robot control

Awareness of emerging situations in a dynamic operational environment of a robotic assistive device is an essential capability of such a cognitive system, based on its effective and efficient assessment of the prevailing situation. This allows the system to interact with the environment in a sensible (semi)autonomous / pro-active manner without the need for frequent interventions from a supervisor. In this paper, we report a novel generic Situation Assessment Architecture for robotic systems directly assisting humans as developed in the CORBYS project. This paper presents the overall architecture for situation assessment and its application in proof-of-concept Demonstrators as developed and validated within the CORBYS project. These include a robotic human follower and a mobile gait rehabilitation robotic system. We present an overview of the structure and functionality of the Situation Assessment Architecture for robotic systems with results and observations as collected from initial validation on the two CORBYS Demonstrators.

Investigating readers’ impressions of typographic differentiation using repertory grids

Document designers combine a range of stylistic and structural typographic attributes to articulate and differentiate information for readers. This paper explores how the kind of typographic differentiation used in a document influences readers’ impressions of documents. A preliminary study indicated that three patterns of typographic differentiation (high, moderate and low) might underlie participants’ impressions of magazine design. Subsequently, a set of nine magazine layouts with controlled content was purposefully developed to systematically examine the impact of high, moderate and low patterns of typographic differentiation on participants’ impressions of documents. These documents were used in a repertory grid procedure to investigate the kind of impressions readers articulate in relation to typographic presentation and whether readers are likely to formulate similar or differing impressions from high, moderate, and low patterns of typographic differentiation. The results suggest that typographic differentiation influences a range of rhetorical and experiential judgments. For example, participants described high differentiation documents as the most attention-grabbing and easy to skim-read, while they considered moderate and low differentiation documents to require deeper reading strategies. In addition, participants assumed high differentiation documents to be much more sensationalist than moderate or low differentiation documents, which they generally perceived as authoritative and credible.

Reading together: an ethnographic study of a reading group for visually-impaired people

Because reading groups historically have been under-researched (Long, 2003), the literature in this field is limited, presenting this as an interesting area for researchers. A need for further research is also explained by the fact that the traditional model of a reading group has been expanded through recent library policies leading to the development of specific group types such as groups for visually-impaired people (VIPs). To date, there have been no long-term empirical studies of these groups. This thesis, therefore, makes a significant contribution to the literature in this field by providing an in-depth exploration of a VIP reading group. The thesis is an ethnographic study which follows a library-run reading group for visually-impaired people from its formation in September 2007 and concentrates on five of the group members. The methodology for the study is influenced by participatory approaches to research involving disabled people by inviting the participants to participate in the co-creation of knowledge about themselves (French & Swain, 2000, p. 1). It is also influenced by new ethnography’s preference for multi-layered texts by exploring both the individual and collective experiences of the participants. While the participants are defined throughout as readers, visual-impairment plays a role in their experiences. I show that visually-impaired readers and reading groups sit within a complex web of factors which impact on their experiences both as individual readers and as a group. The study also shows that VIP reading groups challenge traditional definitions of reading as a visual activity. The study explores issues of power and concludes that, because ownership of the group lies with the library, this challenges the idea of reading groups empowering their members. Furthermore, offering discrete groups for visually-impaired readers means that the role these groups play in contributing to agendas for social inclusion is problematic. The study concludes by making suggestions as to how these groups might develop to be more inclusive and empowering.