897 resultados para asymmetry in volatility
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The coplanar wave guide is an attractive device in microwave integrated circuits due to its uniplanar nature, ease of fabrication and low production cost. Several attempts are already done to explore the radiating modes in coplanar wave guide transmission lines. Usually coplanar wave guides are excited by an SMA connector with its centre conductor connected to the exact middle of the centre strip and the outer ground conductor to the two ground strips. The mode excited on it is purely a bound mode. The E-field distribution in the two slots are out of phase and there for cancels at the far field. This thesis addresses an attempt to excite an in phase E-field distribution in the two slots of the co planar wave guide by employing a feed asymmetry, in order to get radiation from the two large slot discontinuities of the coplanar waveguide. The omni directional distribution of the radiating energy can be achieved by widening the centre strip.The first part of the thesis deals with the investigations on the resonance phenomena of conventional coplanar waveguides at higher frequency bands. Then an offset fed open circuited coplanar waveguide supporting resonance/radiation phenomena is analyzed. Finally, a novel compact co planar antenna geometry with dual band characteristics, suitable for mobile terminal applications is designed and characterized using the inferences from the above study.
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En este artículo utilizamos un modelo de generaciones traslapadas con heterogeneidad en la tasa de impaciencia para mostrar que los efectos de un cambio tecnológico aumentador de capital no son simétricos en los agentes y pueden conllevar una reducci on en el consumo. La asimetría en la tasa de impaciencia de los agentes en un período, tiene consecuencias sobre los beneficios del cambio tecnológico para las generaciones futuras. Menores tasas de impaciencia llevan a mayores niveles de capital y de consumo, si se entiende que la economía tiene el suficiente nivel de capital per capita.
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Algunos de los objetivos de las organizaciones están orientados a competir a nivel internacional. Pero no es una decisión fácil de tomar, ya que es necesario tener en cuenta una serie de elementos importantes que ayuden a llevar a cabo exitosamente una actividad de comercio exterior. De lo contrario se podría cometer muchos errores que colocarían en riesgo la rentabilidad y perdurabilidad de la organización. Este estudio realiza de manera aproximada una medición de la capacidad productiva y de la potencialidad exportadora con la que cuentan las empresas colombianas que procesan y comercializan pulpas de frutas hacia Estados Unidos. El objetivo es brindar un análisis sobre el mercado de pulpa de fruta, de forma cuantitativa que involucre el grado de asimetría financiera en los sectores estratégicos y la participación de las exportaciones realizadas en 2012. La metodología usada en esta investigación, consistió en la recolección de datos específicos en cuanto a temas de exportación, producción y comercialización de pulpas de frutas. Por otro lado se auscultó información sobre datos financieros de algunas empresas y finalmente se tomó dicha información para aplicar el análisis de hacinamiento cuantitativo, que sirve para mediar la asimetría financiera a nivel sectorial, desarrollado en el método AESE “Análisis Estructural de Sectores Estratégicos” que fue desarrollado por Rivera, Hugo A y Restrepo, F profesores de la Universidad del Rosario en el año 2008.
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Desde la noción universal sobre la empresa como un sistema de interacción con un entorno determinado para alcanzar un objetivo, de manera planificada y en función de satisfacer las demandas de un mercado mediante la actividad económica, su viabilidad, sostenibilidad y crecimiento dependerán, por supuesto, de una serie de estrategias adecuadas no solo para tales fines, sino también para enfrentar diversidad de agentes endógenos y exógenos que puedan afectar el normal desempeño de su gestión. Estamos hablando de la importancia de la resiliencia organizacional y del Capital Psicológico. En un escenario tan impredecible como el de la economía mundial, donde la constante son los cambios en su comportamiento —unos propios de su dinámica e interdependencia, naturales de fenómenos como la globalización, y otros derivados de eventos disruptivos— hoy más que nunca es necesario implementar el modelo de la empresa resiliente, que es aquella entidad capaz de adaptarse y recuperarse frente a una perturbación. Al mismo tiempo, más allá de su tamaño, naturaleza u objeto social, es indispensable reconocer básicamente que toda organización está constituida por personas, lo cual implica la trascendencia que para su funcionamiento tiene el factor humano-dependiente, y por lo tanto se crea la necesidad de promover el Capital Psicológico y la resiliencia a nivel de las organizaciones a través de una cultura empresarial.
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We investigate the question of how many facets are needed to represent the energy balance of an urban area by developing simplified 3-, 2- and 1-facet versions of a 4-facet energy balance model of two-dimensional streets and buildings. The 3-facet model simplifies the 4-facet model by averaging over the canyon orientation, which results in similar net shortwave and longwave balances for both wall facets, but maintains the asymmetry in the heat fluxes within the street canyon. For the 2-facet model, on the assumption that the wall and road temperatures are equal, the road and wall facets can be combined mathematically into a single street-canyon facet with effective values of the heat transfer coefficient, albedo, emissivity and thermodynamic properties, without further approximation. The 1-facet model requires the additional assumption that the roof temperature is also equal to the road and wall temperatures. Idealised simulations show that the geometry and material properties of the walls and road lead to a large heat capacity of the combined street canyon, whereas the roof behaves like a flat surface with low heat capacity. This means that the magnitude of the diurnal temperature variation of the street-canyon facets are broadly similar and much smaller than the diurnal temperature variation of the roof facets. Consequently, the approximation that the street-canyon facets have similar temperatures is sound, and the road and walls can be combined into a single facet. The roof behaves very differently and a separate roof facet is required. Consequently, the 2-facet model performs similarly to the 4-facet model, while the 1-facet model does not. The models are compared with previously published observations collected in Mexico City. Although the 3- and 2-facet models perform better than the 1-facet model, the present models are unable to represent the phase of the sensible heat flux. This result is consistent with previous model comparisons, and we argue that this feature of the data cannot be produced by a single column model. We conclude that a 2-facet model is necessary, and for numerical weather prediction sufficient, to model an urban surface, and that this conclusion is robust and therefore applicable to more general geometries.
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The Proceedings of the Ninth Annual Conference of the British Association for Biological Anthropology and Osteoarchaeology (BABAO) held at the University of Reading in 2007. Contents: 1) A life course perspective of growing up in medieval London: evidence of sub-adult health from St Mary Spital (London) (Rebecca Redfern and Don Walker); 2) Preservation of non-adult long bones from an almshouse cemetery in the United States dating to the late nineteenth to the early twentieth centuries (Colleen Milligan, Jessica Zotcavage and Norman Sullivan); 3) Childhood oral health: dental palaeopathology of Kellis 2, Dakhleh, Egypt. A preliminary investigation (Stephanie Shukrum and JE Molto); 4) Skeletal manifestation of non-adult scurvy from early medieval Northumbria: the Black Gate cemetery, Newcastle-upon-Tyne (Diana Mahoney-Swales and Pia Nystrom); 5) Infantile cortical hyperostosis: cases, causes and contradictions (Mary Lewis and Rebecca Gowland); 6) Biological Anthropology Tuberculosis of the hip in the Victorian Britain (Benjamin Clarke and Piers Mitchell); 7) The re-analysis of Iron Age human skeletal material from Winnall Down (Justine Tracey); 8) Can we estimate post-mortem interval from an individual body part? A field study using sus scrofa (Branka Franicevec and Robert Pastor); 9) The expression of asymmetry in hand bones from the medieval cemetery at Écija, Spain (Lisa Cashmore and Sonia Zakrezewski); 10) Returning remains: a curator’s view (Quinton Carroll); 11) Authority and decision making over British human remains: issues and challenges (Piotr Bienkowski and Malcolm Chapman); 12) Ethical dimensions of reburial, retention and repatriation of archaeological human remains: a British perspective (Simon Mays and Martin Smith); 13) The problem of provenace: inaccuracies, changes and misconceptions (Margaret Clegg); 14) Native American human remains in UK collections: implications of NAGPRA to consultation, repatriation, and policy development (Myra J Giesen); 15) Repatriation – a view from the receiving end: New Zealand (Nancy Tayles).
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Asymmetry in a distribution can arise from a long tail of values in the underlying process or from outliers that belong to another population that contaminate the primary process. The first paper of this series examined the effects of the former on the variogram and this paper examines the effects of asymmetry arising from outliers. Simulated annealing was used to create normally distributed random fields of different size that are realizations of known processes described by variograms with different nugget:sill ratios. These primary data sets were then contaminated with randomly located and spatially aggregated outliers from a secondary process to produce different degrees of asymmetry. Experimental variograms were computed from these data by Matheron's estimator and by three robust estimators. The effects of standard data transformations on the coefficient of skewness and on the variogram were also investigated. Cross-validation was used to assess the performance of models fitted to experimental variograms computed from a range of data contaminated by outliers for kriging. The results showed that where skewness was caused by outliers the variograms retained their general shape, but showed an increase in the nugget and sill variances and nugget:sill ratios. This effect was only slightly more for the smallest data set than for the two larger data sets and there was little difference between the results for the latter. Overall, the effect of size of data set was small for all analyses. The nugget:sill ratio showed a consistent decrease after transformation to both square roots and logarithms; the decrease was generally larger for the latter, however. Aggregated outliers had different effects on the variogram shape from those that were randomly located, and this also depended on whether they were aggregated near to the edge or the centre of the field. The results of cross-validation showed that the robust estimators and the removal of outliers were the most effective ways of dealing with outliers for variogram estimation and kriging. (C) 2007 Elsevier Ltd. All rights reserved.
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The construction industry with its nature of project delivery is very fragmented in terms of the various processes that encompass design, construction, facilities and assets management. Facilities managers are in the forefront of delivering sustainable assets management and hence further the venture for mitigation and adaptation to climate change. A questionnaire survey was conducted to establish perceptions, level of commitment and knowledge chasm in practising sustainable facilities management (FM). This has significant implications for sustainable design management, especially in a fragmented industry. The majority of questionnaire respondents indicated the importance of sustainability for their organization. Many of them stated that they reported on sustainability as part of their organization annual reporting with energy efficiency, recycling and waste reduction as the main concern for them. The overwhelming barrier for implementing sound, sustainable FM is the lack of consensual understanding and focus of individuals and organizations about sustainability. There is a knowledge chasm regarding practical information on delivering sustainable FM. Sustainability information asymmetry in design, construction and FM processes render any sustainable design as a sentiment and mere design aspiration. Skills and training provision, traditionally offered separately to designers and facilities managers, needs to be re-evaluated. Sustainability education and training should be developed to provide effective structures and processes to apply sustainability throughout the construction and FM industries coherently and as common practice.
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The Sun's open magnetic field, magnetic flux dragged out into the heliosphere by the solar wind, varies by approximately a factor of 2 over the solar cycle. We consider the evolution of open solar flux in terms of a source and loss term. Open solar flux creation is likely to proceed at a rate dependent on the rate of photospheric flux emergence, which can be roughly parameterized by sunspot number or coronal mass ejection rate, when available. The open solar flux loss term is more difficult to relate to an observable parameter. The supersonic nature of the solar wind means open solar flux can only be removed by near-Sun magnetic reconnection between open solar magnetic field lines, be they open or closed heliospheric field lines. In this study we reconstruct open solar flux over the last three solar cycles and demonstrate that the loss term may be related to the degree to which the heliospheric current sheet (HCS) is warped, i.e., locally tilted from the solar rotation direction. This can account for both the large dip in open solar flux at the time of sunspot maximum as well as the asymmetry in open solar flux during the rising and declining phases of the solar cycle. The observed cycle-to-cycle variability is also well matched. Following Sheeley et al. (2001), we attribute modulation of open solar flux by the degree of warp of the HCS to the rate at which opposite polarity open solar flux is brought together by differential rotation.
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Following the attack on the World Trade Center on 9/11 volatility of daily returns of the US stock market rose sharply. This increase in volatility may reflect fundamental changes in the economic determinants of prices such as expected earnings, interest rates, real growth and inflation. Alternatively, the increase in volatility may simply reflect the effects of increased uncertainty in the financial markets. This study therefore sets out to determine if the effects of the attack on the World Trade Center on 9/11 had a fundamental or purely financial impact on US real estate returns. In order to do this we compare pre- and post-9/11 crisis returns for a number of US REIT indexes using an approach suggested by French and Roll (1986), as extended by Tuluca et al (2003). In general we find no evidence that the effects of 9/11 had a fundamental effect on REIT returns. In other words, we find that the effect of the attack on the World Trade Center on 9/11 had only a financial effect on REIT returns and therefore was transitory.
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Using UK equity index data, this paper considers the impact of news on time varying measures of beta, the usual measure of undiversifiable risk. The empirical model implies that beta depends on news about the market and news about the sector. The asymmetric response of beta to news about the market is consistent across all sectors considered. Recent research is divided as to whether abnormalities in equity returns arise from changes in expected returns in an efficient market or over-reactions to new information. The evidence suggests that such abnormalities may be due to changes in expected returns caused by time-variation and asymmetry in beta.
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Extending previous studies, a full-circle investigation of the ring current has been made using Cluster 4-spacecraft observations near perigee, at times when the Cluster array had relatively small separations and nearly regular tetrahedral configurations, and when the Dst index was greater than −30 nT (non-storm conditions). These observations result in direct estimations of the near equatorial current density at all magnetic local times (MLT) for the first time and with sufficient accuracy, for the following observations. The results confirm that the ring current flows westward and show that the in situ average measured current density (sampled in the radial range accessed by Cluster 4–4.5RE) is asymmetric in MLT, ranging from 9 to 27 nAm−2. The direction of current is shown to be very well ordered for the whole range of MLT. Both of these results are in line with previous studies on partial ring extent. The magnitude of the current density, however, reveals a distinct asymmetry: growing from 10 to 27 nAm−2 as azimuth reduces from about 12:00MLT to 03:00 and falling from 20 to 10 nAm−2 less steadily as azimuth reduces from 24:00 to 12:00MLT. This result has not been reported before and we suggest it could reflect a number of effects. Firstly, we argue it is consistent with the operation of region-2 field aligned-currents (FACs), which are expected to flow upward into the ring current around 09:00MLT and downward out of the ring current around 14:00MLT. Secondly, we note that it is also consistent with a possible asymmetry in the radial distribution profile of current density (resulting in higher peak at 4– 4.5RE). We note that part of the enhanced current could reflect an increase in the mean AE activity (during the periods in which Cluster samples those MLT).
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We analyze four years of transaction data for euro-area sovereign bonds traded on the MTS electronic platforms. In order to measure the informational content of trading activity, we estimate the permanent price response to trades. We find not only strong evidence of information asymmetry in sovereign bond markets, but we also show the relevance of information asymmetry in explaining the cross-sectional variations of bond yields across a wide range of bond maturities and countries. Our results confirm that trades of more recently issued bonds and longer maturity bonds have a greater permanent effect on prices. We compare the price impact of trades for bonds across different maturity categories and find that trades of French and German bonds have the highest long-term price impact in the short maturity class whereas trades of German bonds have the highest permanent price impacts in the long maturity class. More importantly, we study the cross-section of bond yields and find that after controlling for conventional factors, investors demand higher yields for bonds with larger permanent trading impact. Interestingly, when investors face increased market uncertainty, they require even higher compensation for information asymmetry.
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This paper analyses the historic effects of exchange rate movements on returns, risk and diversification of office markets within the Euro zone in order to gain insights into the investment consequences of conversion to a fixed rate currency regime. The data used in the study represents annual office rental growth rates for 22 European cities from nine European Union countries between 1985 and 1996. Relative performance is reported in terms of domestic currency and in terms of deutsche marks. The evidence presented suggests that Euro zone property investors in ‘southern’ countries are now protected from short term jump risk associated with flexible peg currency arrangements and medium/long-term currency volatility. Historically exchange rate movements have produced decreases in returns and increases in volatility. For northern ‘bloc’ cities, the effects of fixing the exchange rate are minimal. For these cities, national exchange rate fluctuations against the deutsche mark have been minor and the resultant implications for property risk and return to non-domestic SCA investors have been negligible. Moreover, although previous research would suggest that the effect of currency volatility is to decrease market correlation, this cannot be observed within the Euro zone.
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Stereoscopic white-light imaging of a large portion of the inner heliosphere has been used to track interplanetary coronal mass ejections. At large elongations from the Sun, the white-light brightness depends on both the local electron density and the efficiency of the Thomson-scattering process. To quantify the effects of the Thomson-scattering geometry, we study an interplanetary shock using forward magnetohydrodynamic simulation and synthetic white-light imaging. Identifiable as an inclined streak of enhanced brightness in a time–elongation map, the travelling shock can be readily imaged by an observer located within a wide range of longitudes in the ecliptic. Different parts of the shock front contribute to the imaged brightness pattern viewed by observers at different longitudes. Moreover, even for an observer located at a fixed longitude, a different part of the shock front will contribute to the imaged brightness at any given time. The observed brightness within each imaging pixel results from a weighted integral along its corresponding ray-path. It is possible to infer the longitudinal location of the shock from the brightness pattern in an optical sky map, based on the east–west asymmetry in its brightness and degree of polarisation. Therefore, measurement of the interplanetary polarised brightness could significantly reduce the ambiguity in performing three-dimensional reconstruction of local electron density from white-light imaging.