The effect of asymmetries on optimal hedge ratios

There is widespread evidence that the volatility of stock returns displays an asymmetric response to good and bad news. This article considers the impact of asymmetry on time-varying hedges for financial futures. An asymmetric model that allows forecasts of cash and futures return volatility to respond differently to positive and negative return innovations gives superior in-sample hedging performance. However, the simpler symmetric model is not inferior in a hold-out sample. A method for evaluating the models in a modern risk-management framework is presented, highlighting the importance of allowing optimal hedge ratios to be both time-varying and asymmetric.

How do different densities in a network affect the optimal location of service centers?

The p-median problem is often used to locate p service centers by minimizing their distances to a geographically distributed demand (n). The optimal locations are sensitive to geographical context such as road network and demand points especially when they are asymmetrically distributed in the plane. Most studies focus on evaluating performances of the p-median model when p and n vary. To our knowledge this is not a very well-studied problem when the road network is alternated especially when it is applied in a real world context. The aim in this study is to analyze how the optimal location solutions vary, using the p-median model, when the density in the road network is alternated. The investigation is conducted by the means of a case study in a region in Sweden with an asymmetrically distributed population (15,000 weighted demand points), Dalecarlia. To locate 5 to 50 service centers we use the national transport administrations official road network (NVDB). The road network consists of 1.5 million nodes. To find the optimal location we start with 500 candidate nodes in the network and increase the number of candidate nodes in steps up to 67,000. To find the optimal solution we use a simulated annealing algorithm with adaptive tuning of the temperature. The results show that there is a limited improvement in the optimal solutions when nodes in the road network increase and p is low. When p is high the improvements are larger. The results also show that choice of the best network depends on p. The larger p the larger density of the network is needed. 

What is the optimal number of implants for removable reconstructions? A systematic review on implant-supported overdentures

The aim of this systematic review was to assess the optimal number of implants for removable reconstructions.

Privacy-Preserving Optimal Meeting Location Determination on Mobile Devices

Equipped with state-of-the-art smartphones and mobile devices, today's highly interconnected urban population is increasingly dependent on these gadgets to organize and plan their daily lives. These applications often rely on current (or preferred) locations of individual users or a group of users to provide the desired service, which jeopardizes their privacy; users do not necessarily want to reveal their current (or preferred) locations to the service provider or to other, possibly untrusted, users. In this paper, we propose privacy-preserving algorithms for determining an optimal meeting location for a group of users. We perform a thorough privacy evaluation by formally quantifying privacy-loss of the proposed approaches. In order to study the performance of our algorithms in a real deployment, we implement and test their execution efficiency on Nokia smartphones. By means of a targeted user-study, we attempt to get an insight into the privacy-awareness of users in location-based services and the usability of the proposed solutions.

Model experiment on optimal size of a fish stock with environmental uncertainties

We analyze the effect of environmental uncertainties on optimal fishery management in a bio-economic fishery model. Unlike most of the literature on resource economics, but in line with ecological models, we allow the different biological processes of survival and recruitment to be affected differently by environmental uncertainties. We show that the overall effect of uncertainty on the optimal size of a fish stock is ambiguous, depending on the prudence of the value function. For the case of a risk-neutral fishery manager, the overall effect depends on the relative magnitude of two opposing effects, the 'convex-cost effect' and the 'gambling effect'. We apply the analysis to the Baltic cod and the North Sea herring fisheries, concluding that for risk neutral agents the net effect of environmental uncertainties on the optimal size of these fish stocks is negative, albeit small in absolute value. Under risk aversion, the effect on optimal stock size is positive for sufficiently high coefficients of constant relative risk aversion.

Effect of the Wake of the Transducer Supports on the Ultrasonic Anemometer Measurements

The wake produced by the structural supports of the ultrasonic anemometers (UAs)causes distortions in the velocity field in the vicinity of the sonic path. These distortions are measured by the UA, inducing errors in the determination of the mean velocity, turbulence intensity, spectrum, etc.; basic parameters to determine the effect of wind on structures. Additionally, these distortions can lead to indefinition in the calibration function of the sensors (Cuerva et al., 2004). Several wind tunnel tests have been dedicated to obtaining experimental data, from which have been developed fit models to describe and to correct these distortions (Kaimal, 1978 and Wyngaard, 1985). This work explores the effect of a vortex wake generated by the supports of an UA, on the measurement of wind speed done by this instrument. To do this, the Von Karman¿s vortex street potential model is combined with the mathematical model of the measuring process carried out by UAs developed by Franchini et al. (2007). The obtained results are the correction functions of the measured wind velocity, which depends on the geometry of the sonic anemometer and aerodynamic conditions. These results have been validated with the ones obtained in a wind tunnel test done on a single path UA, especially developed for research. The supports of this UA have been modified in order to reproduce the conditions of the theoretical model. Good agreements between experimental and theoretical results have been found.

Optimal Design of Envelope Amplifier Based on Linear Assisted Buck Converter

Envelope Tracking (ET) and Envelope Elimination and Restoration (EER) are two techniques that have been used as a solution for highly efficient linear RF Power Amplifiers (PA). In both techniques the most important part is a dc-dc converter called envelope amplifier that has to supply the RF PA with variable voltage. Besides high efficiency, its bandwidth is very important as well. Envelope amplifier based on parallel combination of a switching dc-dc converter and a linear regulator is an architecture that is widely used due to its simplicity. In this paper we discuss about theoretical limitations of this architecture regarding its efficiency and we demonstrate two possible way of its implementation. In order to derive the presented conclusions, a theoretical model of envelope amplifier's efficiency has been presented. Additionally, the benefits of the new emerging GaN technology for this application have been shown as well.

Optimal design of AC EMI filters with damping networks and effect on the systems power factor

The cutoff frequencies of an EMI filter are normally given by the noise attenuation requirements the filter has to fulfill. In order to select the component values of the filter elements, i.e. inductances and capacitances, an additional design criterium is needed. In this paper the effect of the EMI filter input and output impedances are considered. The input impedance influences the filters effect on the system displacement power factor and the output impedance plays a key role in the system stability. The effect of filter element values, the number of filter stages as well as additional damping networks are considered and a design procedure is provided. For this analysis a two-port description of the input filters employing ABCD-parameters is used.

Methodology based on FBG sensors for monitoring of FRP-strengthened beams

Advanced composite materials are increasingly used in the strengthening of reinforced concrete (RC) structures. The use of externally bonded strips made of fibre-reinforced plastics (FRP) as strengthening method has gained widespread acceptance in recent years since it has many advantages over the traditional techniques. However, unfortunately, this strengthening method is often associated with a brittle and sudden failure caused by some form of FRP bond failure, originated at the termination of the FRP material or at intermediate areas in the vicinity of flexural cracks in the RC beam. Up to date, little effort in the early prediction of the debonding in its initial instants even though this effect is not noticeable by simple visual observation. An early detection of this phenomenon might help in taking actions to prevent future catastrophes. Fibre-optic Bragg grating (FBG) sensors are able to measure strains locally with high resolution and accuracy. Furthermore, as their physical size is extremely small compared with other strain measuring components, it enables to be embedded at the concrete-FRP interface for determining the strain distribution without influencing the mechanical properties of the host materials. This paper shows the development of a debonding identification methodology based on strains experimentally measured. For, it a simplified model is implemented to simulate the behaviour of FRP-strengthened reinforced concrete beams. This model is taken as a basis to. develop an model updating procedure able to detect minor debonding at the concrete-FRP interface from experimental strains obtained by using FBG sensors embedded at the interface

The alpha 5 beta 1 integrin supports survival of cells on fibronectin and up-regulates Bcl-2 expression.

Anchorage-dependent cells that are prevented from attaching to an extracellular matrix substrate stop proliferating and may undergo apoptosis. Cell adhesion to a substrate is mediated by the integrin family of cell surface receptors, which are known to elicit intracellular signals upon cell adhesion. We show here that Chinese hamster ovary cells expressing the alpha 5 beta 1 integrin, which is a fibronectin receptor, do not undergo apoptosis upon serum withdrawal when the cells are plated on fibronectin. However, the alpha v beta 1 integrin, which is also a fibronectin receptor and binds fibronectin on the same RGD motif as alpha 5 beta 1, did not prevent apoptosis on fibronectin of the same cells. The cytoplasmic domain of the integrin alpha 5 subunit was required for the alpha 5 beta 1-mediated cell survival on fibronectin. The fibronectin-mediated survival effect appeared to be independent of the level of tyrosine phosphorylation of the focal adhesion kinase, which is induced by integrin-mediated cell attachment. The expression of the Bcl-2 protein, which counteracts apoptosis, was elevated in cells attaching to fibronectin through alpha 5 beta 1; cells attaching through alpha v beta 1 survived only if exogenous Bcl-2 was provided. Thus, alpha 5 beta 1, but not the closely related alpha v beta 1 integrin, appears to suppress apoptotic cell death through the Bcl-2 pathway.

Hydrogen Production by Steam Reforming of Ethanol on Rh-Pt Catalysts: Influence of CeO2, ZrO2, and La2O3 as Supports

CeO2-, ZrO2-, and La2O3-supported Rh-Pt catalysts were tested to assess their ability to catalyze the steam reforming of ethanol (SRE) for H2 production. SRE activity tests were performed using EtOH:H2O:N2 (molar ratio 1:3:51) at a gaseous space velocity of 70,600 h−1 between 400 and 700 °C at atmospheric pressure. The SRE stability of the catalysts was tested at 700 °C for 27 h time on stream under the same conditions. RhPt/CeO2, which showed the best performance in the stability test, also produced the highest H2 yield above 600 °C, followed by RhPt/La2O3 and RhPt/ZrO2. The fresh and aged catalysts were characterized by TEM, XPS, and TGA. The higher H2 selectivity of RhPt/CeO2 was ascribed to the formation of small (~5 nm) and stable particles probably consistent of Rh-Pt alloys with a Pt surface enrichment. Both metals were oxidized and acted as an almost constant active phase during the stability test owing to strong metal-support interactions, as well as the superior oxygen mobility of the support. The TGA results confirmed the absence of carbonaceous residues in all the aged catalysts.