Portfolio efficiency tests with conditioning information using empirical likelihood estimation

We evaluate the use of Generalized Empirical Likelihood (GEL) estimators in portfolios efficiency tests for asset pricing models in the presence of conditional information. Estimators from GEL family presents some optimal statistical properties, such as robustness to misspecification and better properties in finite samples. Unlike GMM, the bias for GEL estimators do not increase as more moment conditions are included, which is expected in conditional efficiency analysis. We found some evidences that estimators from GEL class really performs differently in small samples, where efficiency tests using GEL generate lower estimates compared to tests using the standard approach with GMM. With Monte Carlo experiments we see that GEL has better performance when distortions are present in data, especially under heavy tails and Gaussian shocks.

Fuel-efficiency tests on batch oil stills /

Includes index.

Standards and tests for the measurement of the efficiency of schools and school systems,

cont. VI. The application of standard measurements to school administration. [By] D.C. Bliss. VII. A half-year's progress in the achievement of one school system. A. The progress as measured by the Thorndike visual vocabulary test. B. The progress as measured by the Courtis tests, series B. [By] H.G. Childs. VIII. Courtis tests in arithmetic: value to superintendents and teacher. [By] S.A. Courtis. IX. Use of standard tests at Salt Lake City, Utah. [By] E. P. Cubberley. X. Reading. [By] C.H. Judd. XI. Studies by the Bureau of research and efficiency of Kansas City, Mo. [By] George Melcher. XII. The effects of efficiency tests in reading on a city school system. [By] E.E. Oberholtzer. XIII. Investigation of spelling in the schools of Oakland, Cal. [By] J.B. Sears. XIV. Standard tests as aids in the classification and promotion of pupils. [By] Daniel Starch. XV. The use of mental tests in the school. [By] G.M. Whipple.

Testing Mean-Variance Efficiency in CAPM with Possibly Non-Gaussian Errors : An Exact Simulation-Based Approach

In this paper we propose exact likelihood-based mean-variance efficiency tests of the market portfolio in the context of Capital Asset Pricing Model (CAPM), allowing for a wide class of error distributions which include normality as a special case. These tests are developed in the frame-work of multivariate linear regressions (MLR). It is well known however that despite their simple statistical structure, standard asymptotically justified MLR-based tests are unreliable. In financial econometrics, exact tests have been proposed for a few specific hypotheses [Jobson and Korkie (Journal of Financial Economics, 1982), MacKinlay (Journal of Financial Economics, 1987), Gib-bons, Ross and Shanken (Econometrica, 1989), Zhou (Journal of Finance 1993)], most of which depend on normality. For the gaussian model, our tests correspond to Gibbons, Ross and Shanken’s mean-variance efficiency tests. In non-gaussian contexts, we reconsider mean-variance efficiency tests allowing for multivariate Student-t and gaussian mixture errors. Our framework allows to cast more evidence on whether the normality assumption is too restrictive when testing the CAPM. We also propose exact multivariate diagnostic checks (including tests for multivariate GARCH and mul-tivariate generalization of the well known variance ratio tests) and goodness of fit tests as well as a set estimate for the intervening nuisance parameters. Our results [over five-year subperiods] show the following: (i) multivariate normality is rejected in most subperiods, (ii) residual checks reveal no significant departures from the multivariate i.i.d. assumption, and (iii) mean-variance efficiency tests of the market portfolio is not rejected as frequently once it is allowed for the possibility of non-normal errors.

Application of poly(epsilon-caprolactone) nanoparticles containing atrazine herbicide as an alternative technique to control weeds and reduce damage to the environment

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Human teeth versus bovine teeth: cutting effectiviness of diamond burs

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Biomechanical and physiological comparison of conventional webbing and the M83 assault vest

This study compared the effect of load distribution using two different webbing designs on oxygen consumption and running kinematics of soldiers. It was hypothesised that running with webbing that distributes the load closer to the body (M83 Assault Vest) would expend less energy compared to running with conventional webbing (CON). Seven soldiers randomly completed three treadmill trials; an unloaded VO(2)max test, and two loaded (8 kg) efficiency tests using either the M83 or CON webbing. The VO(2)max test and the loaded efficiency tests had 4-min stages at 5, 8, 10 and 12km h(-1). Energy expenditure was measured via indirect calorimetry and video analysis was used to determine stride frequency (SF) and stride length (SL) during each trial. Participants using the M83 webbing expended significantly (p < 0.05) less energy at all four running velocities compared to the CON trials. The M83 webbing resulted in smaller changes to SL and SF from the unloaded trial when compared to the CON trial. These results indicate that the M83 vest that is designed to distribute the load closer to the body may have an energy efficiency advantage over conventional webbing when soldiers are running. (C) 2004 Published by Elsevier Ltd.

Avaliação da biodegradação do dibenzotiofeno utilizando lodos ativados

During the oil refining process a huge discard volume of water occurs, which carries the contaminants from the process. A class of contaminant compounds resulting from the petrochemical industry are the Polyaromatic Hydrocarbons (PAH's). To evaluate the biodegradation of Dibenzothiophene in refinery water a synthetic wastewater was prepared to be treated using activated sludge. For this, a 2 3 Composite Design (plus 3 central points and six axial points) was carried out. The planning had as independent variables (factors) the initial concentration of DBT, pH and time of biodegradation. Biodegradation of DBT was assayed following the parameters COD, pH, temperature, SS, VSS, FVS, SVI. Concerned to the chromatographic conditions, a methodology was validated in order to verify the presence of DBT and its metabolite, 2-HBF, in the final wastewater treated by activated sludge system using a liquid - liquid extraction coupled to HPLC / UV analysis. The parameters used for validation were DL, QL, linearity, recovery and repeatability. As for optimization, the results indicated that the studied methodology can be used in monitoring the DBT degradation and 2- HBF by activated sludge, as they showed excellent linearity values, coefficients of variation, so as satisfactory recovery percentage. COD reduction efficiency tests showed an average percentage of 64.4%. The increasing trend for the results for the TSS and VSS tests showed that the activated sludge was well tailored. The best operating conditions for the reduction of COD were observed when operated with median concentrations of DBT, a higher time to biodegradation, and pH in both the acidic range as the basic one. The biodegradability of the DBT was confirmed by determining the presence of HBF-2. The highest concentrations of HBF-2 were obtained in extreme concentrations of DBT and pH, and higher biodegradation times.

Membranas compósitas para separação de CO2

O presente trabalho envolveu a produção de membranas compósitas para separação de CO2 a altas temperaturas. Os compósitos habituais são constituídos por duas fases, uma cerâmica, de céria dopada com gadolínio (Ce0.9Gd0.1O0.95 - CGO) condutora de iões óxido, que funciona como suporte da segunda fase composta por uma mistura eutética de carbonatos alcalinos (Li2CO3 e Na2CO3), que assegura o transporte de iões carbonato. O objetivo do trabalho prende-se com o estudo do transporte de iões através destes compósitos, por forma a perceber se os sais destes compósitos apresentam condução iónica singular ou condução mista. Neste sentido a resposta a esta questão teve por base a realização de ensaios de eficiência faradaica com recurso a amostras compósitas envolvendo matrizes de CGO (condutor de iões óxido) e de aluminato de lítio (não condutor de iões óxido). A preparação tanto de esqueletos porosos como de compósitos foi realizada tendo por base métodos e precursores semelhantes aos usados na literatura. Primeiramente efetuou-se o processamento dos esqueletos porosos para posteriormente impregnação com mistura eutética de carbonatos. Obtidos os compósitos estes foram caraterizados por microscopia de impedância e por microscopia eletrónica de varrimento de forma a serem submetidos mais tarde aos ensaios de eficiência faradaica. Os resultados de eficiência faradaica revelaram que na realidade existem processos de condução mista cuja importância depende das condições de operação da membrana.

Modelo teórico para cuantificar la eficiencia térmica del calentador eléctrico en una secadora doméstica de ropa

En este trabajo de difusión se presenta la mejora de la generación y transferencia de calor en el calentador eléctrico de una secadora doméstica de ropa, con el desarrollo de un modelo teórico para estimar la eficiencia térmica, basado en el flujo másico y la potencia eléctrica del calentador como variables de entrada, y la eficiencia térmica del calentador como variable de salida, con el calentador analizado como un componente aislado. Se realizaron pruebas al calentador para determinar la función matemática de su eficiencia térmica. Del análisis de resultados se observó la tendencia exponencial típica de un sistema sobreamortiguado, base del modelo matemático cuyo coeficiente de predicción es 0.96.El modelo matemático se comprobó con flujo másico alto obteniendo un error relativo máximo de 0.66 %, y provee de información suficiente para elevar la eficiencia en 7.7%. El rango de potencia en el que fue probado el modelo matemático desarrollado para el calentador es de 1 KW hasta 5 KW, el cual es el rango recomendado para su uso.

The sensitivity, specificity and efficiency values of some serological tests used in the diagnosis of paracoccidioidomycosis

This work reports on the results of double immunodiffusion (ID), counterimmunoelectrophoresis (CIE), complement fixation (CF) and indirect immunofluorescence (IIF) techniques in the serodiagnosis of paracoccidioidomycosis. The study was undertaken on four groups of individuals: 46 patients with untreated paracoccidioidomycosis, 22 patients with other deep mycoses, 30 with other infectious diseases (tuberculosis and cutaneous leishmaniasis) and 47 blood donors as negative controls. Data were obtained using Paracoccidioides brasiliensis antigens, i.e.,a yeast culture filtrate for ID, CIE and CF, and a yeast cell suspension for IIF. The sensitivity, specificity and efficiency values were measured according to GALEN & GAMBINO8.The gel precipitation tests (ID and CIE) showed the greatest sensitivity (91.3 and 95.6%, respectively), maximum specificity (100%) and the highest efficiency values when compared to the CF and IIF tests.

Energy efficiency for standard penetration tests

The need for standardization of the measured blow count number N-spt into a normalized reference energy value is now fully recognized. The present paper extends the existing theoretical approach using the wave propagation theory as framework and introduces an analysis for large displacements enabling the influence of rod length in the measured N-spt values to be quantified. The study is based on both calibration chamber and field tests. Energy measurements are monitored in two different positions: below the anvil and above the sampler. Both experimental and numerical results demonstrate that whereas the energy delivered into the rod stem is expressed as a ratio of the theoretical free-fall energy of the hammer, the effective sampler energy is a function of the hammer height of fall, sampler permanent penetration, and weight of both hammer and rods. Influence of rod length is twofold and produces opposite effects: wave energy losses increase with increasing rod length and in a long rod composition the gain in potential energy from rod weight is significant and may partially compensate measured energy losses. Based on this revised approach, an analytical solution is proposed to calculate the energy delivered to the sampler and efficiency coefficients are suggested to account for energy losses during the energy transference process.

Characterization of micro-bubble size distribution and flow configuration in DAF contact zone by a non-intrusive image analysis system and tracer tests

This paper aims to investigate the influence of some dissolved air flotation (DAF) process variables (specifically: the hydraulic detention time in the contact zone and the supplied dissolved air concentration) and the pH values, as pretreatment chemical variables, on the micro-bubble size distribution (BSD) in a DAF contact zone. This work was carried out in a pilot plant where bubbles were measured by an appropriate non-intrusive image acquisition system. The results show that the obtained diameter ranges were in agreement with values reported in the literature (10-100mm), quite independently of the investigated conditions. The linear average diameter varied from 20 to 30mm, or equivalently, the Sauter (d(3,2)) diameter varied from 40 to 50mm. In all investigated conditions, D(50) was between 75% and 95%. The BSD might present different profile (with a bimodal curve trend), however, when analyzing the volumetric frequency distribution (in some cases with the appearance of peaks in diameters ranging from 90-100mm). Regarding volumetric frequency analysis, all the investigated parameters can modify the BSD in DAF contact zone after the release point, thus potentially causing changes in DAF kinetics. This finding prompts further research in order to verify the effect of these BSD changes on solid particle removal efficiency by DAF.

Tests to determine the physiological potential of squash seeds.

Tests to determine the physiological potential of squash seeds. This work aimed to determine the efficiency of different tests to access the physiological potential of squash sced lots. Six seed lots were submitted to germination and vigor tests (germination first count; speed of germination; cool germination; accelerated aging; seedling emergence; seedlings growth and dry biomass (root, hypocotyl and total) and plants (root, stem and total length, root, stem, root plus stem, leaves and total). A completely randomized design was used with four replicates The averages were compared by the Tukey test (p <= 0.05). Pearson`s correlation test was also performed. The germination first count, speed of germination, accelerated aging, root plus stem and leaves dry biomass from plants evaluated in the 21(st) day after sowing can be used to determine the physiological potential of squash seeds.