Stock repurchases and treasury share sales:do they stabilize price and enhance liquidity?

Can companies reduce the volatility and increase the liquidity of their stocks by trading them? In the context of the Italian stock market, where companies have far more leeway to sell as well as buy their own stocks than in the U.S., the answer is yes. We examine the effects of trading (open-market share repurchases and treasury shares sales) on liquidity (bid–ask spread) and volatility (return variance). Further, we examine the impact of shareholder approvals of repurchase programs on liquidity and volatility. We find clear evidence that trading increases liquidity and reduces volatility. These results are consistent with our analysis of the motives Italian companies give for making share repurchases.

Performance analysis of 20 Gb/s RZ-DPSK non-slope matched transoceanic submarine links

Direct computation of the bit-error rate (BER) and laboratory experiments are used to assess the performance of a non-slope matched transoceanic submarine transmission link operating at 20Gb/s channel rate and employing return-to-zero differential-phase shift keying (RZ-DPSK) signal modulation. Using this system as an example, we compare the accuracies of the existing theoretical approaches to the BER estimation for the RZ-DPSK format.

Performance analysis of 20 Gbit/s RZ-DPSK non-slope matched transoceanic submarine links

This paper studies the performance of a typical non-slope matched transoceanic submarine link using 20Gb/s channel rate and RZ-DPSK modulation with different duty cycles. Through comparison with direct error counting, we have also demonstrated the limitations of the available numerical approaches to the BER estimation for return-to-zero differential phase-shift keying (RZ-DPSK). The numerical results have been confirmed by experiments, and indicate that 20 Gb/s RZ-DPSK transmission is a feasible technique for the upgrade of existing submarine links.

Comparative analysis of BER estimation methods in numerical simulation of 40-Gb/s RZ-DPSK transmission with in-line SOAs

Applying direct error counting, we compare the accuracy and evaluate the validity of different available numerical approaches to the estimation of the bit-error rate (BER) in 40-Gb/s return-to-zero differential phase-shift-keying transmission. As a particular example, we consider a system with in-line semiconductor optical amplifiers. We demonstrate that none of the existing models has an absolute superiority over the others. We also reveal the impact of the duty cycle on the accuracy of the BER estimates through the differently introduced Q-factors. © 2007 IEEE.

Originator or propagator? Incorporating social role theory into topic models for twitter content analysis

A large number of studies have been devoted to modeling the contents and interactions between users on Twitter. In this paper, we propose a method inspired from Social Role Theory (SRT), which assumes that a user behaves differently in different roles in the generation process of Twitter content. We consider the two most distinctive social roles on Twitter: originator and propagator, who respectively posts original messages and retweets or forwards the messages from others. In addition, we also consider role-specific social interactions, especially implicit interactions between users who share some common interests. All the above elements are integrated into a novel regularized topic model. We evaluate the proposed method on real Twitter data. The results show that our method is more effective than the existing ones which do not distinguish social roles. Copyright 2013 ACM.

Optimising market share and profit margin:SMDP-based tariff pricing under the smart grid paradigm

Smart grid technologies have given rise to a liberalised and decentralised electricity market, enabling energy providers and retailers to have a better understanding of the demand side and its response to pricing signals. This paper puts forward a reinforcement-learning-powered tool aiding an electricity retailer to define the tariff prices it offers, in a bid to optimise its retail strategy. In a competitive market, an energy retailer aims to simultaneously increase the number of contracted customers and its profit margin. We have abstracted the problem of deciding on a tariff price as faced by a retailer, as a semi-Markov decision problem (SMDP). A hierarchical reinforcement learning approach, MaxQ value function decomposition, is applied to solve the SMDP through interactions with the market. To evaluate our trading strategy, we developed a retailer agent (termed AstonTAC) that uses the proposed SMDP framework to act in an open multi-agent simulation environment, the Power Trading Agent Competition (Power TAC). An evaluation and analysis of the 2013 Power TAC finals show that AstonTAC successfully selects sell prices that attract as many customers as necessary to maximise the profit margin. Moreover, during the competition, AstonTAC was the only retailer agent performing well across all retail market settings.

Optimal design of the renewable energy map of Greece using weighted goal-programming and data envelopment analysis

Renewable energy forms have been widely used in the past decades highlighting a "green" shift in energy production. An actual reason behind this turn to renewable energy production is EU directives which set the Union's targets for energy production from renewable sources, greenhouse gas emissions and increase in energy efficiency. All member countries are obligated to apply harmonized legislation and practices and restructure their energy production networks in order to meet EU targets. Towards the fulfillment of 20-20-20 EU targets, in Greece a specific strategy which promotes the construction of large scale Renewable Energy Source plants is promoted. In this paper, we present an optimal design of the Greek renewable energy production network applying a 0-1 Weighted Goal Programming model, considering social, environmental and economic criteria. In the absence of a panel of experts Data Envelopment Analysis (DEA) approach is used in order to filter the best out of the possible network structures, seeking for the maximum technical efficiency. Super-Efficiency DEA model is also used in order to reduce the solutions and find the best out of all the possible. The results showed that in order to achieve maximum efficiency, the social and environmental criteria must be weighted more than the economic ones.

Time resolved bit error rate analysis of a fast switching tunable laser for use in optically switched networks

We investigate the use of different direct detection modulation formats in a wavelength switched optical network. We find the minimum time it takes a tunable sampled grating distributed Bragg reflector laser to recover after switching from one wavelength channel to another for different modulation formats. The recovery time is investigated utilizing a field programmable gate array which operates as a time resolved bit error rate detector. The detector offers 93 ps resolution operating at 10.7 Gb/s and allows for all the data received to contribute to the measurement, allowing low bit error rates to be measured at high speed. The recovery times for 10.7 Gb/s non-return-to-zero on–off keyed modulation, 10.7 Gb/s differentially phase shift keyed signal and 21.4 Gb/s differentially quadrature phase shift keyed formats can be as low as 4 ns, 7 ns and 40 ns, respectively. The time resolved phase noise associated with laser settling is simultaneously measured for 21.4 Gb/s differentially quadrature phase shift keyed data and it shows that the phase noise coupled with frequency error is the primary limitation on transmitting immediately after a laser switching event.

Performance analysis of 20Gb/s RZ-DPSK non-slope matched transoceanic submarine links

Direct computation of the bit-error rate (BER) and laboratory experiments are used to assess the performance of a non-slope matched transoceanic submarine transmission link operating at 20Gb/s channel rate and employing return-to-zero differential-phase shift keying (RZ-DPSK) signal modulation. Using this system as an example, we compare the accuracies of the existing theoretical approaches to the BER estimation for the RZ-DPSK format. © 2007 Optical Society of America.

Identifying PV module mismatch faults by a thermography-based temperature distribution analysis

Photovoltaic (PV) solar power generation is proven to be effective and sustainable but is currently hampered by relatively high costs and low conversion efficiency. This paper addresses both issues by presenting a low-cost and efficient temperature distribution analysis for identifying PV module mismatch faults by thermography. Mismatch faults reduce the power output and cause potential damage to PV cells. This paper first defines three fault categories in terms of fault levels, which lead to different terminal characteristics of the PV modules. The investigation of three faults is also conducted analytically and experimentally, and maintenance suggestions are also provided for different fault types. The proposed methodology is developed to combine the electrical and thermal characteristics of PV cells subjected to different fault mechanisms through simulation and experimental tests. Furthermore, the fault diagnosis method can be incorporated into the maximum power point tracking schemes to shift the operating point of the PV string. The developed technology has improved over the existing ones in locating the faulty cell by a thermal camera, providing a remedial measure, and maximizing the power output under faulty conditions.

Conformational analysis of the natural iron chelator myo-inositol 1,2,3-trisphosphate using a pyrene-based fluorescent mimic

myo-Inositol phosphates possessing the 1,2,3-trisphosphate motif share the remarkable ability to completely inhibit iron-catalysed hydroxyl radical formation. The simplest derivative, myo-inositol 1,2,3-trisphosphate [Ins(1,2,3)P3], has been proposed as an intracellular iron chelator involved in iron transport. The binding conformation of Ins(1,2,3)P3 is considered to be important to complex Fe3+ in a 'safe' manner. Here, a pyrene-based fluorescent probe, 4,6-bispyrenoyl-myo-inositol 1,2,3,5-tetrakisphosphate [4,6-bispyrenoyl Ins(1,2,3,5)P4], has been synthesised and used to monitor the conformation of the 1,2,3-trisphosphate motif using excimer fluorescence emission. Ring-flip of the cyclohexane chair to the penta-axial conformation occurs upon association with Fe3+, evident from excimer fluorescence induced by π-π stacking of the pyrene reporter groups, accompanied by excimer formation by excitation at 351 nm. This effect is unique amongst biologically relevant metal cations, except for Ca 2+ cations exceeding a 1:1 molar ratio. In addition, the thermodynamic constants for the interaction of the fluorescent probe with Fe3+ have been determined. The complexes formed between Fe 3+ and 4,6-bispyrenoyl Ins(1,2,3,5)P4 display similar stability to those formed with Ins(1,2,3)P3, indicating that the fluorescent probe acts as a good model for the 1,2,3-trisphosphate motif. This is further supported by the antioxidant properties of 4,6-bispyrenoyl Ins(1,2,3,5)P4, which closely resemble those obtained for Ins(1,2,3)P3. The data presented confirms that Fe3+ binds tightly to the unstable penta-axial conformation of myo-inositol phosphates possessing the 1,2,3-trisphosphate motif. © 2010 The Royal Society of Chemistry.