Handbook of research methods and applications in empirical finance

The objective of this book is to present the quantitative techniques that are commonly employed in empirical finance research together with real world, state of the art research examples. Each chapter is written by international experts in their fields. The unique approach is to describe a question or issue in finance and then to demonstrate the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered. This book is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance. In addition, the book will be useful to researchers in the financial markets and also advanced Masters-level students who are writing dissertations.

Environmental factors driving the effectiveness of European agri-environmental measures in mitigating pollinator loss – a meta-analysis

In Europe, agri-environmental schemes (AES) have been introduced in response to concerns about farmland biodiversity declines. Yet, as AES have delivered variable results, a better understanding of what determines their success or failure is urgently needed. Focusing on pollinating insects, we quantitatively reviewed how environmental factors affect the effectiveness of AES. Our results suggest that the ecological contrast in floral resources created by schemes drives the response of pollinators to AES but that this response is moderated by landscape context and farmland type, with more positive responses in croplands (vs. grasslands) located in simple (vs. cleared or complex) landscapes. These findings inform us how to promote pollinators and associated pollination services in species-poor landscapes. They do not, however, present viable strategies to mitigate loss of threatened or endangered species. This indicates that the objectives and design of AES should distinguish more clearly between biodiversity conservation and delivery of ecosystem services.

Hyperbranched polymers containing oxazoline monomers andsuccinic anhydride: applications in fast drying, low solvent coating formulations

tMelt-polycondensation of succinic acid anhydride with oxazoline-based diol monomers gave hyper-branched polymers with carboxylicacids terminal groups.1H NMR and quantitative13C NMRspectroscopy coupled with DEPT-13513C NMR experiment showed high degrees of branching (over 60%).Esterification of the acid end groups by addition of citronellol at 160◦C produced novel white spirit solubleresins which were characterized by Fourier transform-infrared (FTIR) spectroscopy, gel permeation chro-matography (GPC), differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA). Blendsof the new hyperbranched materials with commercial alkyd resins resulted in a dramatic, concentrationdependent drop in viscosity. Solvent-borne coatings were formulated containing the hyperbranchedpolymers. Dynamic mechanical analysis studies revealed that the air drying rates of the new coatingsystems were enhanced compared with identical formulations containing only commercial alkyd resins.

Image retrieval techniques for THz applications in cultural heritage

Techniques to retrieve reliable images from complicated objects are described, overcoming problems introduced by uneven surfaces, giving enhanced depth resolution and improving image contrast. The techniques are illustrated with application to THz imaging of concealed wall paintings.

Serial clustering of extratropical cyclones in a multi-model ensemble of historical and future simulations

This study has investigated serial (temporal) clustering of extra-tropical cyclones simulated by 17 climate models that participated in CMIP5. Clustering was estimated by calculating the dispersion (ratio of variance to mean) of 30 December-February counts of Atlantic storm tracks passing nearby each grid point. Results from single historical simulations of 1975-2005 were compared to those from historical ERA40 reanalyses from 1958-2001 ERA40 and single future model projections of 2069-2099 under the RCP4.5 climate change scenario. Models were generally able to capture the broad features in reanalyses reported previously: underdispersion/regularity (i.e. variance less than mean) in the western core of the Atlantic storm track surrounded by overdispersion/clustering (i.e. variance greater than mean) to the north and south and over western Europe. Regression of counts onto North Atlantic Oscillation (NAO) indices revealed that much of the overdispersion in the historical reanalyses and model simulations can be accounted for by NAO variability. Future changes in dispersion were generally found to be small and not consistent across models. The overdispersion statistic, for any 30 year sample, is prone to large amounts of sampling uncertainty that obscures the climate change signal. For example, the projected increase in dispersion for storm counts near London in the CNRMCM5 model is 0.1 compared to a standard deviation of 0.25. Projected changes in the mean and variance of NAO are insufficient to create changes in overdispersion that are discernible above natural sampling variations.

An evaluation of the pedestrian classification in a multi-domain multi-modality setup

The objective of this article is to study the problem of pedestrian classification across different light spectrum domains (visible and far-infrared (FIR)) and modalities (intensity, depth and motion). In recent years, there has been a number of approaches for classifying and detecting pedestrians in both FIR and visible images, but the methods are difficult to compare, because either the datasets are not publicly available or they do not offer a comparison between the two domains. Our two primary contributions are the following: (1) we propose a public dataset, named RIFIR , containing both FIR and visible images collected in an urban environment from a moving vehicle during daytime; and (2) we compare the state-of-the-art features in a multi-modality setup: intensity, depth and flow, in far-infrared over visible domains. The experiments show that features families, intensity self-similarity (ISS), local binary patterns (LBP), local gradient patterns (LGP) and histogram of oriented gradients (HOG), computed from FIR and visible domains are highly complementary, but their relative performance varies across different modalities. In our experiments, the FIR domain has proven superior to the visible one for the task of pedestrian classification, but the overall best results are obtained by a multi-domain multi-modality multi-feature fusion.

Exploring the association of diary product intake with the fatty acids C15:0 and C17:0 measured from dried blood spots in a multi-population cohort: findings from the Food4Me study

Scope: The use of biomarkers in the objective assessment of dietary intake is a high priority in nutrition research. The aim of this study was to examine pentadecanoic acid (C15:0) and heptadecanoic acid (C17:0) as biomarkers of dairy foods intake. Methods and results: The data used in the present study were obtained as part of the Food4me Study. Estimates of C15:0 and C17:0 from dried blood spots and intakes of dairy from an FFQ were obtained from participants (n=1,180) across 7 countries. Regression analyses were used to explore associations of biomarkers with dairy intake levels and receiver operating characteristic (ROC) analyses were used to evaluate the fatty acids. Significant positive associations were found between C15:0 and total intakes of high-fat dairy products. C15:0 showed good ability to distinguish between low and high consumers of high-fat dairy products. Conclusion: C15:0 can be used as a biomarker of high-fat dairy intake and of specific high-fat dairy products. Both C15:0 and C17:0 performed poorly for total dairy intake highlighting the need for caution when using these in epidemiological studies.

Bio-inspired ant colony optimization based clustering algorithm with mobile sinks for applications in consumer home automation networks

With the fast development of wireless communications, ZigBee and semiconductor devices, home automation networks have recently become very popular. Since typical consumer products deployed in home automation networks are often powered by tiny and limited batteries, one of the most challenging research issues is concerning energy reduction and the balancing of energy consumption across the network in order to prolong the home network lifetime for consumer devices. The introduction of clustering and sink mobility techniques into home automation networks have been shown to be an efficient way to improve the network performance and have received significant research attention. Taking inspiration from nature, this paper proposes an Ant Colony Optimization (ACO) based clustering algorithm specifically with mobile sink support for home automation networks. In this work, the network is divided into several clusters and cluster heads are selected within each cluster. Then, a mobile sink communicates with each cluster head to collect data directly through short range communications. The ACO algorithm has been utilized in this work in order to find the optimal mobility trajectory for the mobile sink. Extensive simulation results from this research show that the proposed algorithm significantly improves home network performance when using mobile sinks in terms of energy consumption and network lifetime as compared to other routing algorithms currently deployed for home automation networks.

Liquidity review: dimensions, causes, measures and empirical applications in real estate markets

Liquidity is a fundamentally important facet of investments, but there is no single measure that quantifies it perfectly. Instead, a range of measures are necessary to capture different dimensions of liquidity such as the breadth and depth of markets, the costs of transacting, the speed with which transactions can occur and the resilience of prices to trading activity. This article considers how different dimensions have been measured in financial markets and for various forms of real estate investment. The purpose of this exercise is to establish the range of liquidity measures that could be used for real estate investments before considering which measures and questions have been investigated so far. Most measures reviewed here are applicable to public real estate, but not all can be applied to private real estate assets or funds. Use of a broader range of liquidity measures could help real estate researchers tackle issues such as quantification of illiquidity premiums for the real estate asset class or different types of real estate, and how liquidity differences might be incorporated into portfolio allocation models.

Effective e-learning integration with traditional learning in a blended learning environment

E-Learning is an emerging tool that uses advanced technology to provide training and development in higher education and within industry. Its rapid growth has been facilitated by the Internet and the massive opportunities in global education. The aim of this study is to consider how effective and efficient e-learning is when integrated with traditional learning in a blended learning environment. The study will provide a comparison between purist ELearning and Blended learning environment. The paper will also provide directions for the blended learning environment which can be used by all the three main stakeholder student, tutors and institution to make strategic decision about the learning and teaching initiatives. The paper concludes that blended learning approaches offer the most flexible and scalable route to E-Learning.

Modelling of the natural chlorine cycling in a coniferous stand: implications for chlorine-36 behaviour in a contaminated forest environment

Considered as one of the most available radionuclide in soileplant system, 36Cl is of potential concern for long-term management of radioactive wastes, due to its high mobility and its long half-life. To evaluate the risk of dispersion and accumulation of 36Cl in the biosphere as a consequence of a potential contamination, there is a need for an appropriate understanding of the chlorine cycling dynamics in the ecosystems. To date, a small number of studies have investigated the chlorine transfer in the ecosystem including the transformation of chloride to organic chlorine but, to our knowledge, none have modelled this cycle. In this study, a model involving inorganic as well as organic pools in soils has been developed and parameterised to describe the biogeochemical fate of chlorine in a pine forest. The model has been evaluated for stable chlorine by performing a range of sensitivity analyses and by comparing the simulated to the observed values. Finally a range of contamination scenarios, which differ in terms of external supply, exposure time and source, has been simulated to estimate the possible accumulation of 36Cl within the different compartments of the coniferous stand. The sensitivity study supports the relevancy of the model and its compartments, and has highlighted the chlorine transfers affecting the most the residence time of chlorine in the stand. Compared to observations, the model simulates realistic values for the chlorine content within the different forest compartments. For both atmospheric and underground contamination scenarios most of the chlorine can be found in its organic form in the soil. However, in case of an underground source, about two times less chlorine accumulates in the system and proportionally more chlorine leaves the system through drainage than through volatilisation.

A study of COFDM in a terrestrial multipath environment

Coded orthogonal frequency division multiplexing (COFDM) has existed for many years but it was not until 1997 when the European Telecommunications Standards Institute proposed its use for the transmission of digital television through a terrestrial channel. Up to date, an assumption has been made concerning the resilience of COFDM in a multipath environment. This paper discusses this assumption, give results of a DVB-T compliant simulation and discuss the validity of this assumption based on the obtained results.

The causal surface and its effect on distribution transparency in a distributed virtual environment

One goal in the development of distributed virtual environments (DVEs) is to create a system such that users are unaware of the distribution-the distribution should be transparent. The paper begins by discussing the general issues in DVEs that might make this possible, and a system that allows some level of distribution transparency is described. The system described suffers from effects of inconsistency, which in turn cause undesirable visual effects. The causal surface is introduced as a solution that removes these visual effects. The paper then introduces two determining factors of distribution transparency relating to user perception and performance. With regard to these factors, two hypotheses are stated relating to the causal surface. A user-trial on forty-five subjects is used to validate the hypotheses. A discussion of the results of the trial concludes that the causal surface solution does significantly improve the distribution transparency in a DVE.

A new algorithm for tracking people in a pervasive mining environment

This paper analyze and study a pervasive computing system in a mining environment to track people based on RFID (radio frequency identification) technology. In first instance, we explain the RFID fundamentals and the LANDMARC (location identification based on dynamic active RFID calibration) algorithm, then we present the proposed algorithm combining LANDMARC and trilateration technique to collect the coordinates of the people inside the mine, next we generalize a pervasive computing system that can be implemented in mining, and finally we show the results and conclusions.