The Anchoring Bias of Investors and the 52-Week High Momentum Strategy in the OMX Helsinki Stock Exchange: Psychological Approach to Market Efficiency

The behavioural finance literature expects systematic and significant deviations from efficiency to persist in securities markets due to behavioural and cognitive biases of investors. These behavioural models attempt to explain the coexistence of intermediate-term momentum and long-term reversals in stock returns based on the systematic violations of rational behaviour of investors. The study investigates the anchoring bias of investors and the profitability of the 52-week momentum strategy (GH henceforward). The relatively highly volatile OMX Helsinki stock exchange is a suitable market for examining the momentum effect, since international investors tend to realise their positions first from the furthest security markets by the time of market turbulence. Empirical data is collected from Thomson Reuters Datastream and the OMX Nordic website. The objective of the study is to provide a throughout research by formulating a self-financing GH momentum portfolio. First, the seasonality of the strategy is examined by taking the January effect into account and researching abnormal returns in long-term. The results indicate that the GH strategy is subject to significantly negative revenues in January, but the strategy is not prone to reversals in long-term. Then the predictive proxies of momentum returns are investigated in terms of acquisition prices and 52-week high statistics as anchors. The results show that the acquisition prices do not have explanatory power over the GH strategy’s abnormal returns. Finally, the efficacy of the GH strategy is examined after taking transaction costs into account, finding that the robust abnormal returns remain statistically significant despite the transaction costs. As a conclusion, the relative distance between a stock’s current price and its 52-week high statistic explains the profits of momentum investing to a high degree. The results indicate that intermediateterm momentum and long-term reversals are separate phenomena. This presents a challenge to current behavioural theories, which model these aspects of stock returns as subsequent components of how securities markets respond to relevant information.

Reproductive efficiency of asymptomatic Theileria equi carriers mares submitted to an embryo transfer program

This study aimed to assess and evaluate the effects of Theileria equi infection on embryonic recovery, gestation and early embryonic loss. Thirteen Mangalarga Marchador Theileria equi positive donors (diagnosed through nested-PCR) and 40 embryos receptors were used. Donors were submitted to two embryo collections in two consecutive estrous cycles (GId); after, the same mares were treated with imidocarb dipropionate (1.2mg/kg IM.) in order to collect more embryos in two more estrous cycles (GIId). Receptors were divided into two groups (control and with treated) with 20 animals each, where one group was the control (GIr) and the other one (GIIr) treated with 1.2mg/kg IM of imidocarb dipropionate assessing the gestation rate at 15, 30, 45 and 60 days. After 52 embryo collections, the embryonic recovery rates were 53.84% (14/26) and 65.38% (17/26) (p> 0.05) for GId and GIId, respectively. The gestation rate was 70% (14/20) (p>0.05) at 15, 30, 45 and 60 days in group GIr and for GIIr was 85% (17/20) (p>0.05) at 15 days, 80% (16/20) (p>0.05) at 30, 45 and 60 days. The treatment with imidocarb dipropionate did not cause significant improvement in the reproductive efficiency at an ET program.

Algorithm to determine the intersection curves between bezier surfaces by the solution of multivariable polynomial system and the differential marching method

The determination of the intersection curve between Bézier Surfaces may be seen as the composition of two separated problems: determining initial points and tracing the intersection curve from these points. The Bézier Surface is represented by a parametric function (polynomial with two variables) that maps a point in the tridimensional space from the bidimensional parametric space. In this article, it is proposed an algorithm to determine the initial points of the intersection curve of Bézier Surfaces, based on the solution of polynomial systems with the Projected Polyhedral Method, followed by a method for tracing the intersection curves (Marching Method with differential equations). In order to allow the use of the Projected Polyhedral Method, the equations of the system must be represented in terms of the Bernstein basis, and towards this goal it is proposed a robust and reliable algorithm to exactly transform a multivariable polynomial in terms of power basis to a polynomial written in terms of Bernstein basis .

On the Efficiency of Alternatives in Process Plans

Process planning is a very important industrial activity, since it determines how a part or a product is manufactured. Process planning decisions include machine selection, tool selection, and cutting conditions determination, and thus it is a complex activity. In the presence of unstable demand, flexibility has become a very important characteristic of today's successful industries, for which Flexible Manufacturing Systems (FMSs) have been proposed as a solution. However, we believe that FMS control software is not flexible enough to adapt to different manufacturing system conditions aiming at increasing the system's efficiency. One means to overcome this limitation is to include pre-planned alternatives in the process plan; then planning decisions are made by the control system in real time to select the most appropriate alternative according to the conditions of the shop floor. Some of the advantages of this approach reported in the literature are the reduction of the number of tool setups, and the selection of a replacement machine for executing an operation. To verify whether the presence of alternatives in process plans actually increases the efficiency of the manufacturing system, an investigation was carried out using simulation and design of experiments techniques for alternative plans on a single machine. The proposed methodology and the results are discussed within this paper.

Applying Nordic Energy Efficiency and Renewable Energy Solutions in Kaliningrad Oblast, Russia

RENSOL (Regional Energy Solutions) project deals with the use of energy efficiency and renewable energy solutions in Kaliningrad Oblast to tackle climate change. Overall objective of the RENSOL work package 1 is to build awareness and knowledge on solutions for energy efficient buildings and street lightning applications. The project report describes available solutions to improve housing energy efficiency.

Streamside management zone (SMZ) efficiency in herbicide retention from simulated surface flow

Plot-scale overland flow experiments were conducted to evaluate the efficiency of streamside management zones (SMZs) in retaining herbicides in runoff generated from silvicultural activities. Herbicide retention was evaluated for five different slopes (2, 5, 10, 15, and 20%), two cover conditions (undisturbed O horizon and raked surface), and two periods under contrasting soil moisture conditions (summer dry and winter wet season) and correlated to O horizon and site conditions. Picloram (highly soluble in water) and atrazine (moderately sorbed into soil particles) at concentrations in the range of 55 and 35 µg L-1 and kaolin clay (approximately 5 g L-1) were mixed with 13.000 liters of water and dispersed over the top of 5 x 10 m forested plots. Surface flow was collected 2, 4, 6, and 10 m below the disperser to evaluate the changes in concentration as it moved through the O horizon and surface soil horizon-mixing zone. Results showed that, on average, a 10 m long forested SMZ removed around 25% of the initial concentration of atrazine and was generally ineffective in reducing the more soluble picloram. Retention of picloram was only 6% of the applied quantity. Percentages of mass reduction by infiltration were 36% for atrazine and 20% for picloram. Stronger relationships existed between O horizon depth and atrazine retention than in any other measured variable, suggesting that better solid-solution contact associated with flow through deeper O horizons is more important than either velocity or soil moisture as a determinant of sorption.

Water use efficiency of cassava plants under competition conditions

The objective of this work was to evaluate characteristics associated with the photosynthetic activity of cassava plants in competition with weeds or not. The trial was performed on open environment conditions, with experimental units consisting of fiber glass vases with 150 dm³ filled with Red Yellow Latosol, previously fertilized. Treatments consisted in the cultivation of cassava plants isolated and associated to three weed species (Bidens pilosa, Commelina benghalensis and Brachiaria plantaginea). After cassava shooting, 15 days after planting, a removal of the weeds excess was performed, sown at the time of cassava planting, leaving six plants m-2 of B. pilosa and four plants m-2 of C. benghalensis and B. plantaginea. At 60 days after emergence (DAE), stomatal conductance (Gs), vapor pressure in the substomatal cavity (Ean), temperature gradient between leaf and air (ΔT), transpiration rate (E) and water use efficiency (WUE) were evaluated. B. pilosa showed greater capacity to affect growth of cassava plants. B. plantaginea is very efficient in using water, especially by presenting C4 metabolism, and remains competitive with cassava even under temporarily low water status. C. benghalensis, in turn, is not a good competitor for light and apparently is not the primary cause of water depletion in the soil. The effects of weeds, in this case, were more associated with the competition. However, they were found between moderate to low. This implies that the competition established at experimental level was low.

Characterization Of Process Efficiency Improvement In Laser Additive Manufacturing

Laser additive manufacturing (LAM), known also as 3D printing, has gained a lot of interest in past recent years within various industries, such as medical and aerospace industries. LAM enables fabrication of complex 3D geometries by melting metal powder layer by layer with laser beam. Research in laser additive manufacturing has been focused in development of new materials and new applications in past 10 years. Since this technology is on cutting edge, efficiency of manufacturing process is in center role of research of this industry. Aim of this thesis is to characterize methods for process efficiency improvements in laser additive manufacturing. The aim is also to clarify the effect of process parameters to the stability of the process and in microstructure of manufactured pieces. Experimental tests of this thesis were made with various process parameters and their effect on build pieces has been studied, when additive manufacturing was performed with a modified research machine representing EOSINT M-series and with EOS EOSINT M280. Material used was stainless steel 17-4 PH. Also, some of the methods for process efficiency improvements were tested. Literature review of this thesis presents basics of laser additive manufacturing, methods for improve the process efficiency and laser beam – material- interaction. It was observed that there are only few public studies about process efficiency of laser additive manufacturing of stainless steel. According to literature, it is possible to improve process efficiency with higher power lasers and thicker layer thicknesses. The process efficiency improvement is possible if the effect of process parameter changes in manufactured pieces is known. According to experiments carried out in this thesis, it was concluded that process parameters have major role in single track formation in laser additive manufacturing. Rough estimation equations were created to describe the effect of input parameters to output parameters. The experimental results showed that the WDA (width-depth-area of cross-sections of single track) is correlating exponentially with energy density input. The energy density input is combination of the input parameters of laser power, laser beam spot diameter and scan speed. The use of skin-core technique enables improvement of process efficiency as the core of the part is manufactured with higher laser power and thicker layer thickness and the skin with lower laser power and thinner layer thickness in order to maintain high resolution. In this technique the interface between skin and core must have overlapping in order to achieve full dense parts. It was also noticed in this thesis that keyhole can be formed in LAM process. It was noticed that the threshold intensity value of 106 W/cm2 was exceeded during the tests. This means that in these tests the keyhole formation was possible.

Efficiency of a reduced herbicide rate for Brachiaria brizantha control in sugarcane

At different growth stages, weeds present different sensitivities to herbicides. Thus, the registered herbicide rate may be reduced under specific conditions, while maintaining satisfactory weed control. This study evaluated the efficiency of reduced rates of the formulated herbicide mixture Velpar K WG® (hexazinone + diuron) + Volcane® (MSMA) for Brachiaria brizantha control at different growth stages. Optimum weed control efficiency was obtained when applying 50% of the recommended rate in younger plants (plants with one to four leaves). In late applications, it is necessary to increase the herbicide rates and, under these conditions, 90% of the recommended rate for (diuron + hexazinone) + MSMA was estimated to be the most economical one.

Sulfentrazone efficiency on Ipomoea hederifolia and Ipomoea quamoclit as influenced by rain and sugarcane straw

The aim of this study was to assess the capacity of sulfentrazone applied in pre-emergence in controlling Ipomoea hederifolia and Ipomoea quamoclit as a function of the time interval between herbicide application and the occurrence of rain, and the presence of sugarcane straw on the soil surface. Two greenhouse experiments and one field experiment were conducted. For the greenhouse experiments, the study included three doses of sulfentrazone applied by spraying 0, 0.6, and 0.9 kg ha-1, two amounts of straw on the soil (0 and 10 t ha-1), and five time intervals between the application of herbicide and rain simulation (0, 20, 40, 60, and 90 days). In the field experiment, five herbicide treatments (sulfentrazone at 0.6 and 0.9 kg ha-1, sulfentrazone + hexazinone at 0.6 + 0.25 kg ha-1, amicarbazone at 1.4 kg ha-1, and imazapic at 0.147 kg ha-1) and two controls with no herbicide were studied. Management conditions with or without sugarcane straw on the soil were also assessed. From the greenhouse experiments, sulfentrazone application at 0.6 kg ha-1 was found to provide for the efficient control of I. hederifolia and I. quamoclit in a dry environment, with up to 90 days between herbicide application and rain simulation. After herbicide application, 20 mm of simulated rain was enough to leach sulfentrazone from the straw to the soil, as the biological effects observed in I. hederifolia and I. quamoclit remained unaffected. Under field conditions, either with or without sugarcane straw left on the soil, sulfentrazone alone (0.6 or 0.9 kg ha-1) or sulfentrazone combined with hexazinone (0.6 + 0.25 kg ha-1) was effective in the control of I. hederifolia and I. quamoclit, exhibiting similar or better control than amicarbazone (1.4 kg ha-1) and imazapic (0.147 kg ha-1).

Novel technology for preparation of optically active chemicals

Asymmetric synthesis using modified heterogeneous catalysts has gained lots of interest in the production of optically pure chemicals, such as pharmaceuticals, nutraceuticals, fragrances and agrochemicals. Heterogeneous modified catalysts capable of inducing high enantioselectivities are preferred in industrial scale due to their superior separation and handling properties. The topic has been intensively investigated both in industry and academia. The enantioselective hydrogenation of ethyl benzoylformate (EBF) to (R)-ethyl mandelate over (-)-cinchonidine (CD)-modified Pt/Al2O3 catalyst in a laboratory-scale semi-batch reactor was studied as a function of modifier concentration, reaction temperature, stirring rate and catalyst particle size. The main product was always (R)-ethyl mandelate while small amounts of (S)-ethyl mandelate were obtained as by product. The kinetic results showed higher enantioselectivity and lower initial rates approaching asymptotically to a constant value as the amount of modifier was increased. Additionally, catalyst deactivation due to presence of impurities in the feed was prominent in some cases; therefore activated carbon was used as a cleaning agent of the raw material to remove impurities prior to catalyst addition. Detailed characterizations methods (SEM, EDX, TPR, BET, chemisorption, particle size distribution) of the catalysts were carried out. Solvent effects were also studied in the semi-batch reactor. Solvents with dielectric constant (e) between 2 and 25 were applied. The enantiomeric excess (ee) increased with an increase of the dielectric coefficient up to a maximum followed by a nonlinear decrease. A kinetic model was proposed for the enantioselectivity dependence on the dielectric constant based on the Kirkwood treatment. The non-linear dependence of ee on (e) successfully described the variation of ee in different solvents. Systematic kinetic experiments were carried out in the semi-batch reactor. Toluene was used as a solvent. Based on these results, a kinetic model based on the assumption of different number of sites was developed. Density functional theory calculations were applied to study the energetics of the EBF adsorption on pure Pt(1 1 1). The hydrogenation rate constants were determined along with the adsorption parameters by non-linear regression analysis. A comparison between the model and the experimental data revealed a very good correspondence. Transient experiments in a fixed-bed reactor were also carried out in this work. The results demonstrated that continuous enantioselective hydrogenation of EBF in hexane/2-propanol 90/10 (v/v) is possible and that continuous feeding of (-)-cinchonidine is needed to maintain a high steady-state enantioselectivity. The catalyst showed a good stability and high enantioselectivity was achieved in the fixed-bed reactor. Chromatographic separation of (R)- and (S)-ethyl mandelate originating from the continuous reactor was investigated. A commercial column filled with a chiral resin was chosen as a perspective preparative-scale adsorbent. Since the adsorption equilibrium isotherms were linear within the entire investigated range of concentrations, they were determined by pulse experiments for the isomers present in a post-reaction mixture. Breakthrough curves were measured and described successfully by the dispersive plug flow model with a linear driving force approximation. The focus of this research project was the development of a new integrated production concept of optically active chemicals by combining heterogeneous catalysis and chromatographic separation technology. The proposed work is fundamental research in advanced process technology aiming to improve efficiency and enable clean and environmentally benign production of enantiomeric pure chemicals.

Dose-response curves of Lolium multiflorum biotypes resistant and susceptible to clethodim

Chemical control with herbicides, especially glyphosate, is the main method used to control ryegrass. However, the repeated use of glyphosate has selected resistant ryegrass biotypes. Thus, the ACCase inhibitor herbicides have become the main alternative to control glyphosate-resistant biotypes, being widely used by farmers in Rio Grande do Sul. Repeated use of ACCase inhibitors, in turn, have selected ryegrass biotypes resistant to this herbicide mechanism. Thus, the objective of this study was to evaluate the response of ryegrass biotypes to different clethodim rates by dose-response curves. Increasing doses (0, 12, 24, 48, 72, 96, 144 and 192 g a.i. ha-1) of the herbicide clethodim were applied at the 3-4 ryegrass leaf stage. The variables control at 14 and 28 days after treatment (DAT) and shoot dry weight were evaluated. The data were fitted by nonlinear regression log-logistic and C50 and GR50 were calculated based on the equation. The resistance factor was obtained by the ratio of C50 or GR50 of the resistant biotype by matching the susceptible biotype. Based on the equation parameters, the doses of GR50 64.7 and 234.5 g a.i. ha-1 clethodim and C50 11.2 and 172.1 g a.i. ha-1 clethodim were obtained, at 28 DAT for the susceptible and resistant biotypes, respectively. The ryegrass biotype denominated Cotril is resistant to clethodim, being controlled with a dose 15.3 times greater than that of the susceptible biotype, and a 50% reduction of this biotype occurs with a dose 3.62 times higher than that of the susceptible one.

PDM system functions and utilizations analysis to improve efficiency of sheet metal product design and manufacturing

This study will concentrate on Product Data Management (PDM) systems, and sheet metal design features and classification. In this thesis, PDM is seen as an individual system which handles all product-related data and information. The meaning of relevant data is to take the manufacturing process further with fewer errors. The features of sheet metals are giving more information and value to the designed models. The possibility of implementing PDM and sheet metal features recognition are the core of this study. Their integration should make the design process faster and manufacturing-friendly products easier to design. The triangulation method is the basis for this research. The sections of this triangle are: scientific literature review, interview using the Delphi method and the author’s experience and observations. The main key findings of this study are: (1) the area of focus in triangle (the triangle of three different point of views: business, information exchange and technical) depends on the person’s background and their role in the company, (2) the classification in the PDM system (and also in the CAD system) should be done using the materials, tools and machines that are in use in the company and (3) the design process has to be more effective because of the increase of industrial production, sheet metal blank production and the designer’s time spent on actual design and (4) because Design For Manufacture (DFM) integration can be done with CAD-programs, DFM integration with the PDM system should also be possible.

INFLUENCE OF PRECIPITATION AND SUGARCANE STRAW IN AMINOCYCLOPYRACHLOR AND INDAZIFLAM CONTROL EFFICIENCY

ABSTRACTThe raw sugarcane harvesting system has changed the dynamics of weed tillage for this crop, changing the predominant weed species and providing a barrier between the herbicide and the soil. Thus, this study has aimed to assess the influence of precipitation and sugarcane straw in the aminocyclopyrachlor and indaziflam herbicides control efficiency for the species Ipomoea trilobaand Euphorbia heterophylla. There were two trials, one for aminocyclopyrachlor and one for the indaziflam, both in the greenhouse at the campus of Faculdade Integrado in the Brazilian city of Campo Mourão, PR. Each experiment consisted of eight treatments with four replications. The treatments consisted of the combination of the presence of straw (10 t ha-1), capillary irrigation and rainfall simulation (20 mm). Assessments of control percentage of I.triloba and E.heterophylla were carried out, as well as the number of plants per pot. The aminocyclopyrachlor and indaziflam herbicides applied directly to the soil were efficient in controlling these species. The 20 mm rainfall simulation or daily irrigation on the straw are indispensable to promote the removal of aminocyclopyrachlor and indaziflam from the straw and provide satisfactory control of I.triloba and E.heterophylla.

APPLICATION HEIGHT IN HERBICIDES EFFICIENCY IN BEAN CROPS

ABSTRACTInadequate herbicide application can result in failures in weed control and/or poisoning of the crops, resulting in yield losses. In this research were assessed the effects of the sprayer nozzle boom height in the distribution of the spray solution for weed control, influencing intoxication of beans and crop yield. Experiments were conducted in laboratory and field conditions. In laboratory, the performance of flat spray tip TT 11002 was assessed at heights 0.20, 0.30, 0.40 and 0.50 meters with respect to the target surface. In the field the same heights were assessed in applications of herbicides fomesafen, fluazifop-P-butyl and fomesafen + fluazifop-P-butyl. There was an inverse relationship between the height of the spray boom and the coefficients of variation of the patterns. The mixture better efficiency in a tank of fluazifop-P-butyl + fomesafen was obtained with the height of 0.50 m from the target. This treatment resulted in better weed control, lower poisoning of the bean plants and better crop yield rates.