Low-Volatility Anomaly in Helsinki Stock Exchange

International research shows that low-volatility stocks have beaten high-volatility stocks in terms of returns for decades on multiple markets. This abbreviation from traditional risk-return framework is known as low-volatility anomaly. This study focuses on explaining the anomaly and finding how strongly it appears in NASDAQ OMX Helsinki stock exchange. Data consists of all listed companies starting from 2001 and ending close to 2015. Methodology follows closely Baker and Haugen (2012) by sorting companies into deciles according to 3-month volatility and then calculating monthly returns for these different volatility groups. Annualized return for the lowest volatility decile is 8.85 %, while highest volatility decile destroys wealth at rate of -19.96 % per annum. Results are parallel also in quintiles that represent larger amount of companies and thus dilute outliers. Observation period captures financial crisis of 2007-2008 and European debt crisis, which embodies as low main index annual return of 1 %, but at the same time proves the success of low-volatility strategy. Low-volatility anomaly is driven by multiple reasons such as leverage constrained trading and managerial incentives which both prompt to invest in risky assets, but behavioral matters also have major weight in maintaining the anomaly.

Influence of the sea state on Mediterranean heavy precipitation: a case-study from HyMeX SOP1

Sea state can influence the turbulent air–sea exchanges, especially the momentum flux, by modifying the sea-surface roughness. The high-resolution non-hydrostatic convection-permitting model MESO-NH is used here to investigate the impact of a more realistic representation of the waves on heavy precipitation during the Intense Observation Period (IOP) 16a of the first HyMeX Special Observation Period (SOP1). Several quasi-stationary mesoscale convective systems developed over the western Mediterranean region, two of them over the sea, and resulted in heavy precipitation on the French and Italian coasts on 26 October 2012. Three different bulk parametrizations are tested in this study: a reference case (NOWAV) without any wave effect, a parametrization taking into account theoretical wave effects (WAV) and a last one with realistic wave characteristics from the MFWAM analyses (WAM). Using a realistic wave representation in WAM significantly increases the roughness length and the friction velocity with respect to NOWAV and WAV. The three MESO-NH sensitivity experiments of the IOP16a show that this surface-roughness increase in WAM generates higher momentum fluxes and directly impacts the low-level dynamics of the atmosphere, with a slowdown of the 10 m wind, when and where the wind speed exceeds 10 m s−1 and the sea state differs from the idealized one. The turbulent heat fluxes are not significantly influenced by the waves, these fluxes being controlled by the moisture content rather than by the wind speed in the simulations. Although the convective activity is globally well reproduced by all the simulations, the difference in the low-level dynamics of the atmosphere influences the localization of the simulated heavy precipitation. Objective evaluation of the daily rainfall amount and of the 10 m wind speed against the observations confirms the positive impact of the realistic wave representation on this simulation of heavy precipitation.

Idiosyncratic psychological aspects in entrepreneurship

Entrepreneurship is having the courage to transform an idea in reality and with it achieve personal, nancial and recognition satisfaction. The psychological ability to handle failure has proven essential in success. We analysed the importance of idiosyncratic psychological aspects in the success of entrepreneurs through an observational study accompanying 20 entrepreneurs from the idea presentation phase to company incorporation. During the observation period 4 distinct psychological phases of the entrepreneurs were observed, being it possible to describe them as follows: absorption of information and knowledge; application of the gathered knowledge to their speci c cases; frustration generated by criticism, namely from investors who didn’t recognise the value of their projects; realism and implementation of the project. Having passed more than 6 months after the analysis period, one can verify that the entrepreneurs who have travelled the 4 phases are today developing their projects being that the remaining ones are in a similar situation as at the end of the initial two months. Conclusion: The ability to cope with frustration and rejection is a determinant factor in the success of the entrepreneur. The ability to learn from rejection, more than resilience help the entrepreneur to proceed.

Análise de sobrevivência ao cancro colo-retal nos períodos 2000-2001 e 2007-2008 na região norte de Portugal

O cancro colo-retal é um dos tipos de cancro mais comuns, em ambos os sexos, tendo em conta os dados existentes nos registos oncológicos nas mais diversas regiões do globo, facto que acontece também na região Norte de Portugal. O objetivo desta dissertação foi utilizar métodos de análise de sobrevivência tradicional e de análise de sobrevivência relativa, em dados do cancro colo-retal, considerando um período de observação de 5 anos. Os dados analisados são provenientes do Registo Oncológico Regional do Norte (RORENO), obtendo-se, após inspeção e tratamento prévio, um total de 2855 pacientes aos quais foi diagnosticado cancro colo-retal em dois períodos distintos, 2000-2001 e 2007- 2008. Pretendeu-se também determinar de que forma as covariáveis influenciam a sobrevivência, e como esta evoluiu entre essas duas coortes. Dado não existir informação sobre as causas de morte, foi objetivo deste estudo estimar que parte da mortalidade observada se deve à doença em questão e que parte se deve a outras causas que afetam a mortalidade da população geral. Foram, também, estimados os coeficientes das covariáveis consideradas para os modelos adotados. Todos os resultados foram obtidos utilizando como recurso o software R e seus pacotes adequados. Utilizaram-se diversos métodos tais como Kaplan-Meier, Cox, Ederer II e Net Survival, sendo este último considerado o mais adequado a este tipo de estudo pois é considerado pela comunidade científica o único estimador centrado para análise de sobrevivência relativa e cujas propriedades estatísticas permitem a sua utilização em estudos comparativos entre países. Verificou-se, por este estimador, que não existem diferenças significativas na sobrevivência em função do sexo, idade, distrito ou localização do cancro (cólon ou reto). Por outro lado verificaram-se diferenças significativas para a sobrevivência em função do estadio e das coortes, registando-se um acréscimo global de 8.5% na sobrevivência aos 5 anos de 2000-2001 para 2007-2008. Por fim destacam-se alguns aspetos que merecem atenção em estudos futuros.

A naturalist in Madagascar: a record of observation, experiences, and impressions made during a period of over fifty years' intimate association with the natives and study of the animal & vegetable life of the island,

Mode of access: Internet.

Observation of muon intensity variations by season with the MINOS far detector

The temperature of the upper atmosphere affects the height of primary cosmic ray interactions and the production of high-energy cosmic ray muons which can be detected deep underground. The MINOS far detector at Soudan, MN, has collected over 67 X 10(6) cosmic ray induced muons. The underground muon rate measured over a period of five years exhibits a 4% peak-to-peak seasonal variation which is highly correlated with the temperature in the upper atmosphere. The coefficient, alpha(T), relating changes in the muon rate to changes in atmospheric temperature was found to be alpha(T) 0: 873 +/- 0: 009(stat) +/- 0.010(syst). Pions and kaons in the primary hadronic interactions of cosmic rays in the atmosphere contribute differently to alpha(T) due to the different masses and lifetimes. This allows the measured value of alpha(T) to be interpreted as a measurement of the K/pi ratio for E(p) greater than or similar to 7 TeV of 0.12(-0.05)(+0.07), consistent with the expectation from collider experiments.

Experimental observation of a complex periodic window

The existence of a special periodic window in the two-dimensional parameter space of an experimental Chua's circuit is reported. One of the main reasons that makes such a window special is that the observation of one implies that other similar periodic windows must exist for other parameter values. However, such a window has never been experimentally observed, since its size in parameter space decreases exponentially with the period of the periodic attractor. This property imposes clear limitations for its experimental detection.

The selection of intended actions and the observation of others' actions: A time-resolved fMRI study

Whenever we plan, imagine, or observe an action, the motor systems that would be involved in preparing and executing that action are similarly engaged. The way in which such common motor activation is formed, however, is likely to differ depending on whether it arises from our own intentional selection of action or from the observation of another's action. In this study, we use time-resolved event-related functional MRI to tease apart neural processes specifically related to the processing of observed actions, the selection of our own intended actions, the preparation for movement, and motor response execution. Participants observed a finger gesture movement or a cue indicating they should select their own finger gesture to perform, followed by a 5-s delay period; participants then performed the observed or self-selected action. During the preparation and readiness for action, prior to initiation, we found activation in a common network of higher motor areas, including dorsal and ventral premotor areas and the pre-supplementary motor area (pre-SMA); the more caudal SMA showed greater activation during movement execution. Importantly, the route to this common motor activation differed depending on whether participants freely selected the actions to perform or whether they observed the actions performed by another person. Observation of action specifically involved activation of inferior and superior parietal regions, reflecting involvement of the dorsal visual pathway in visuomotor processing required for planning the action. In contrast, the selection of action specifically involved the dorsal lateral prefrontal and anterior cingulate cortex, reflecting the role of these prefrontal areas in attentional selection and guiding the selection of responses. (c) 2005 Elsevier Inc. All rights reserved.

Satellite observation and climate system model simulation of the St. Lawrence Island polynya

The St. Lawrence Island polynya (SLIP) is a commonly occurring winter phenomenon in the Bering Sea, in which dense saline water produced during new ice formation is thought to flow northward through the Bering Strait to help maintain the Arctic Ocean halocline. Winter darkness and inclement weather conditions have made continuous in situ and remote observation of this polynya difficult. However, imagery acquired from the European Space Agency ERS-1 Synthetic Aperture Radar (SAR) has allowed observation of the St. Lawrence Island polynya using both the imagery and derived ice displacement products. With the development of ARCSyM, a high resolution regional model of the Arctic atmosphere/sea ice system, simulation of the SLIP in a climate model is now possible. Intercomparisons between remotely sensed products and simulations can lead to additional insight into the SLIP formation process. Low resolution SAR, SSM/I and AVHRR infrared imagery for the St. Lawrence Island region are compared with the results of a model simulation for the period of 24-27 February 1992. The imagery illustrates a polynya event (polynya opening). With the northerly winds strong and consistent over several days, the coupled model captures the SLIP event with moderate accuracy. However, the introduction of a stability dependent atmosphere-ice drag coefficient, which allows feedbacks between atmospheric stability, open water, and air-ice drag, produces a more accurate simulation of the SLIP in comparison to satellite imagery. Model experiments show that the polynya event is forced primarily by changes in atmospheric circulation followed by persistent favorable conditions: ocean surface currents are found to have a small but positive impact on the simulation which is enhanced when wind forcing is weak or variable.

Bone tuberculosis in Roman Period Pannonia (western Hungary)

The purpose of this study was to analyse a skeleton (adult female, 25-30 years) that presented evidence of tuberculous spondylitis. The skeleton, dated from the Roman Period (III-VI centuries), was excavated near the town of Győr, in western Hungary. The skeleton was examined by gross observation supplemented with mycolic acid and proteomic analyses using MALDI-TOF/TOF tandem mass spectrometry. The biomolecular analyses supported the morphological diagnosis.

The application of Fick's law to evaluate the period of stay of mega-olivines in alkaline lavas

The integration of the differential equation of the second law of Fick applied to the diffusion of chemical elements in a semi-infinite solid made it easier to estimate the time of stay of olivine mega-cristals in contact with the host lava The results of this research show the existence of two groups of olivine. The first remained in contact with the magmatic liquid during 19 to 22 days, while the second remained so during only 5 to 9 days. This distinction is correlative to that based on the qualitative observation.

Positive effects of an angiotensin II type 1 receptor antagonist in Camurati-Engelmann disease: a single case observation.

Camurati-Engelmann disease is characterized by hyperostosis of the long bones and the skull, muscle atrophy, severe limb pain, and progressive joint contractures in some patients. It is caused by heterozygous mutations in the transforming growth factor β1 (TGFβ1) believed to result in improper folding of the latency-associated peptide domain of TGFβ1 and thus in increased or deregulated bioactivity. Losartan, an angiotensin II type 1 receptor antagonist, has been found to downregulate the expression of TGFβ type 1 and 2 receptors. Clinical trials with losartan have shown a benefit in Marfan syndrome, while trials are underway for Duchenne muscular dystrophy and other myopathies associated with TGFβ1 signaling. We hypothesized that due to its anti-TGFβ1 activity, losartan might be beneficial in Camurati-Engelmann disease. This report concerns a boy who presented at age 13 years with severe limb pain and difficulty in walking. Clinical and radiographic evaluation results were compatible with Camurati-Engelmann disease and the diagnosis was confirmed by mutation analysis (c.652C > T [p.Arg218Cys]). The boy underwent an experimental treatment with losartan at a dosage of 50 mg/day, orally. During the treatment period of 18 months, the intensity and frequency of limb pain decreased significantly (as shown by a pain diary), and muscle strength improved, allowing the boy to resume walking and climbing stairs. No obvious side effects were observed. We cautiously conclude that TGFβ1 inhibition with losartan deserves further evaluation in the clinical management of Camurati-Engelmann disease.

The relationship of capitalization period length with market portfolio composition and betas

Beta coefficients are not stable if we modify the observation periods of the returns. The market portfolio composition also varies, whereas changes in the betas are the same, whether they are calculated as regression coefficients or as a ratio of the risk premiums. The instantaneous beta, obtained when the capitalization frequency approaches infinity, may be a useful tool in portfolio selection.

The relationship of capitalization period length with market portfolio composition and betas

Beta coefficients are not stable if we modify the observation periods of the returns. The market portfolio composition also varies, whereas changes in the betas are the same, whether they are calculated as regression coefficients or as a ratio of the risk premiums. The instantaneous beta, obtained when the capitalization frequency approaches infinity, may be a useful tool in portfolio selection.

The internal wave field in Sau reservoir : Observation and modeling of a third vertical mode

Water withdrawal from Mediterranean reservoirs in summer is usually very high. Because of this, stratification is often continuous and far from the typical two-layered structure, favoring the excitation of higher vertical modes. The analysis of wind, temperature, and current data from Sau reservoir (Spain) shows that the third vertical mode of the internal seiche (baroclinic mode) dominated the internal wave field at the beginning of September 2003. We used a continuous stratification two-dimensional model to calculate the period and velocity distribution of the various modes of the internal seiche, and we calculated that the period of the third vertical mode is ;24 h, which coincides with the period of the dominating winds. As a result of the resonance between the third mode and the wind, the other oscillation modes were not excited during this period