Performance Persistence of International Stock Funds

People saving in mutual funds often look at historical performance before they decide which funds to invest in. The implicit assumption made is that superior performance is likely to be repeated in the future. The findings presented in this study, which investigates funds sold on the Swedish market, support such an approach provided that the time horizons are limited to one year. International stock funds that have performed strongly one year are likely to outperform their peers also the following years. But if the historical and future time horizons are extended to two or three years, the positive relationship between past and future performance vanishes in most cases. Persistence tests focusing on the aggregated performance of fund companies were also carried out. These tests produced results rather similar to those on the individual fund level.

Enhanced photodynamic effect of cobalt(III) dipyridophenazine complex on thyrotropin receptor expressing HEK293 cells

Ternary cobalt(III) complexes CoL(B)] (1-3) of a trianionic tetradentate phenolate-based ligand (L) and phenanthroline bases (B), viz. 1,10-phenanthroline (phen in 1), dipyridoquinoxaline (dpq in 2) and dipyridophenazine (dppz in 3) are synthesized, characterized from X-ray crystallographic, analytical and spectral techniques, and their utility in photodynamic therapy (PDT) of thyroid diseases caused by TSH receptor dysfunction is probed. The complexes display a visible spectral band within the PDT spectral window at similar to 690 nm. Photodynamic potential was estimated through DNA cleavage activity of the dpq and dppz complexes in UV-A light of 365 nm and red light of 676 nm. The reactions proceed via the hydroxyl radical pathway. The complexes retain their DNA photocleavage activity in red light under anaerobic conditions, a situation normally prevails in hypoxic tumor core. Investigation into the photocytotoxic potential of these complexes showed that the dppz complex 3 is approximately 4-fold more active in the HEK293 cells expressing human thyrotropin receptor (HEK293-hTSHR) than in the parental cell line and has an insignificant effect on an unrelated human cervical carcinoma cell line (HeLa). Photoexcitation of complex 3 in HEK293-hTSHR cells leads to damage hTSHR as evidenced from the decrease in cAMP formation both in absence and presence of hTSH and decrease in the TSHR immunofluorescence with a concomitant cytoplasmic translocation of the membrane protein, cadherin. The involvement of hTSHR is evidenced from the ability of complex 3 to bind to the extracellular domain of hTSHR (hTSHR-ECD) with a K-d value of 81 nM and from the photocleavage of hTSHR-ECD.

Thunderstorm climatology and lightning location applications in northern Europe

Thunderstorm is a dangerous electrical phenomena in the atmosphere. Thundercloud is formed when thermal energy is transported rapidly upwards in convective updraughts. Electrification occurs in the collisions of cloud particles in the strong updraught. When the amount of charge in the cloud is large enough, electrical breakdown, better known as a flash, occurs. Lightning location is nowadays an essential tool for the detection of severe weather. Located flashes indicate in real time the movement of hazardous areas and the intensity of lightning activity. Also, an estimate for the flash peak current can be determined. The observations can be used in damage surveys. The most simple way to represent lightning data is to plot the locations on a map, but the data can be processed in more complex end-products and exploited in data fusion. Lightning data serves as an important tool also in the research of lightning-related phenomena, such as Transient Luminous Events. Most of the global thunderstorms occur in areas with plenty of heat, moisture and tropospheric instability, for example in the tropical land areas. In higher latitudes like in Finland, the thunderstorm season is practically restricted to the summer season. Particular feature of the high-latitude climatology is the large annual variation, which regards also thunderstorms. Knowing the performance of any measuring device is important because it affects the accuracy of the end-products. In lightning location systems, the detection efficiency means the ratio between located and actually occurred flashes. Because in practice it is impossible to know the true number of actually occurred flashes, the detection efficiency has to be esimated with theoretical methods.

A linear sequence of extant families and genera of lycophytes and ferns

Throughout the history of the classification of extant ferns (monilophytes) and lycophytes, familial and generic concepts have been in great flux. For the organisation of lycophytes and ferns in herbaria, books, checklists, indices and spore banks and on the internet, this poses a problem, and a standardized linear sequence of these plants is therefore in great need. We provide here a linear classification to the extant lycophytes and ferns based on current phylogenetic knowledge; this provides a standardized guide for organisation of fern collections into a more natural sequence. Two new families, Diplaziopsidaceae and Rhachidosoraceae, are here introduced.

Two-Fermi liquid model for high Tc superconductivity involving suppression of tunnelling by decoherence

We consider a model system of two interacting Fermi-liquids, one of which is light and the other much heavier. In the normal state the lighter component provides a quantum mechanical bath coupled 'ohmically' to the heavier component in the sense of Caldeira and Leggett, suppressing thereby the band (tunnelling) matrix elements of the heavier component. Thus we lose the energy of delocalization. On the other hand, a superconducting ordering stiffens the bath spectral function at low energies and so restores the tunnelling. The resulting regain of the delocalization energy bootstraps so as to stabilize the superconducting order that caused it. It is conceivable that the motions parallel to the easy ab-plane and along the hard c-axis may also effectively correspond to the light and the heavy Fermi-liquids, respectively.

Periglasiaalisten ilmiöiden alueellinen mallintaminen subarktisessa ympäristössä

Periglacial processes act on cold, non-glacial regions where the landscape deveploment is mainly controlled by frost activity. Circa 25 percent of Earth's surface can be considered as periglacial. Geographical Information System combined with advanced statistical modeling methods, provides an efficient tool and new theoretical perspective for study of cold environments. The aim of this study was to: 1) model and predict the abundance of periglacial phenomena in subarctic environment with statistical modeling, 2) investigate the most import factors affecting the occurence of these phenomena with hierarchical partitioning, 3) compare two widely used statistical modeling methods: Generalized Linear Models and Generalized Additive Models, 4) study modeling resolution's effect on prediction and 5) study how spatially continous prediction can be obtained from point data. The observational data of this study consist of 369 points that were collected during the summers of 2009 and 2010 at the study area in Kilpisjärvi northern Lapland. The periglacial phenomena of interest were cryoturbations, slope processes, weathering, deflation, nivation and fluvial processes. The features were modeled using Generalized Linear Models (GLM) and Generalized Additive Models (GAM) based on Poisson-errors. The abundance of periglacial features were predicted based on these models to a spatial grid with a resolution of one hectare. The most important environmental factors were examined with hierarchical partitioning. The effect of modeling resolution was investigated with in a small independent study area with a spatial resolution of 0,01 hectare. The models explained 45-70 % of the occurence of periglacial phenomena. When spatial variables were added to the models the amount of explained deviance was considerably higher, which signalled a geographical trend structure. The ability of the models to predict periglacial phenomena were assessed with independent evaluation data. Spearman's correlation varied 0,258 - 0,754 between the observed and predicted values. Based on explained deviance, and the results of hierarchical partitioning, the most important environmental variables were mean altitude, vegetation and mean slope angle. The effect of modeling resolution was clear, too coarse resolution caused a loss of information, while finer resolution brought out more localized variation. The models ability to explain and predict periglacial phenomena in the study area were mostly good and moderate respectively. Differences between modeling methods were small, although the explained deviance was higher with GLM-models than GAMs. In turn, GAMs produced more realistic spatial predictions. The single most important environmental variable controlling the occurence of periglacial phenomena was mean altitude, which had strong correlations with many other explanatory variables. The ongoing global warming will have great impact especially in cold environments on high latitudes, and for this reason, an important research topic in the near future will be the response of periglacial environments to a warming climate.

Dendritic encapsulation of amino acid-metal complexes. Synthesis and studies of dendron-functionalized L-tyrosine-metal (Zn-II, Co-II) complexes

This paper describes the synthesis, characterization and studies of dendrimers possessing an amino acid-metal complex as the core. Using Frechet-type polyaryl ether dendrons, L-tyrosine-metal (Zn-II and Co-II) complex cored dendrimers of 0-4 generations were synthesized. The metal complexation of the tyrosine unit at the focal point of these dendrons took place smoothly, in excellent yields, even though the sizes of the dendrons increase as the generations advance. Spectrophotometric titrations with CoII metal ion confirmed the formation of a 2 : 1 dendritic ligand to metal complex and the existence of a pseudotetrahedral geometry at the metal centre is also inferred. Cyclic voltammetric studies of dendrimer-Co-II complexes showed that while the electron transfer of Co-II to Co-I was facile for generations 0-2, such a process was difficult with generations 3 and 4, indicating a rigid encapsulation of the metal ion centre by proximal dendron groups. Further reduction of Co-I to Co-0 and the corresponding oxidation processes appear to be limited by adsorption at the surfaces of the electrodes.

A nonlinear spectral finite element model for analysis of wave propagation in solid with internal friction and dissipation

A geometrically non-linear Spectral Finite Flement Model (SFEM) including hysteresis, internal friction and viscous dissipation in the material is developed and is used to study non-linear dissipative wave propagation in elementary rod under high amplitude pulse loading. The solution to non-linear dispersive dissipative equation constitutes one of the most difficult problems in contemporary mathematical physics. Although intensive research towards analytical developments are on, a general purpose cumputational discretization technique for complex applications, such as finite element, but with all the features of travelling wave (TW) solutions is not available. The present effort is aimed towards development of such computational framework. Fast Fourier Transform (FFT) is used for transformation between temporal and frequency domain. SFEM for the associated linear system is used as initial state for vector iteration. General purpose procedure involving matrix computation and frequency domain convolution operators are used and implemented in a finite element code. Convergnence of the spectral residual force vector ensures the solution accuracy. Important conclusions are drawn from the numerical simulations. Future course of developments are highlighted.

Nanocrystallisation and Nanoquasicrystallisation in (Ti/Hf)-Zr-(Ni/Cu) Ternary Alloys

The applicability of the confusion principle and size factor in glass formation has been explored by following different combinations of isoelectronic Ti, Zr and Hf metals. Four alloys of nominal composition Zr41.5Ti41.5Ni17, Zr41.5Hf41.5Ni17, Zr25Ti25Cu50 and Zr34Ti16Cu50 have been rapidly solidified to obtain an amorphous phase and their crystallisation behaviour has been studied. The Ti-Zr-Ni alloy crystallises in three steps. Initially this alloy precipitates icosahedral quasicrystalline phase, which on further heat treatment precipitates cF96 Zr2Ni phase. The Zr-Hf-Ni alloy can not be amorphised under the same experimental conditions. The amorphous Zr-Ti-Cu alloys at the initial stages of crystallisation phase-separateinto two amorphous phases and then on further heat treatment cF24 Cu5Zr and oC68 Cu10Zr7 phase are precipitated. The lower glass-forming abilityof Zr-Hf-Ni alloy and the crystallisation behaviour of the above alloys has been studied. The rationale behind nanoquasicrystallisation and the formation of other intermetallic phases has been explained.

Effect of Te addition on the optical properties of As(2)S(3) thin film

Bilayer thin films of Te/As(2)S(3) were prepared from Te and As(2)S(3) by thermal technique under high vacuum. Optical constants were calculated by analysing the transmission spectrum in the spectral range 400-1100 nm. The optical band gap decreases with the addition of Te to As(2)S(3). The decrease of optical band gap has been explained on the basis of density of states and the increase in disorder in the system. We have irradiated the as-deposited films using a diode pumped solid state laser of 532 nm wavelength to study photo-diffusion of Te into As(2)S(3). The changes were characterised by Fourier Transform Infrared and X-ray Photoelectron Spectroscopy (XPS). The optical band gap is found to be decreased with the light irradiation which is proposed due to homopolar bond formation. The core level peaks in XPS spectra give information about different bond formation. (C) 2011 Elsevier B.V. All rights reserved.

Solubility and activity of oxygen in liquid antimony

The solubility limit of oxygen in liquid antimony has been measured by a novel isopiestic technique in the temperature range 995--1175 deg K. The results can be expressed by the equation log c = --5500/T + 3.754 ( plus/minus 0.04) with c in at.% O and T in deg K. The oxygen potential over Sb + O alloys equilibrium with Sb2O3 has been measured by a solid state cell using a fully stabilized CaO.ZrO2 electrolyte. The cell was designed to contain the Sb + Sb2O3 mixture in a closed volume, that the vaporization of the oxide can be minimized and true equilibrium attained. The Gibbs free energy of the reaction 2 Sb(s) + 3/2 O2 = Sb2O3(s) is Delta G deg = --719560 + 274.51 T( plus/minus 500) and Sb(l) + 3/2 O2 = Sb2O3(l), Delta G deg = --704711 + ( plus/minus 500) ( Delta G deg in J/mole, T in deg K). The combination of these results with Sieverts' law yields the standard free energy of solution of oxygen in liquid antimony according to the reaction 1/2 O2 = \O\Sb,at.% as Delta G deg = --129620 + 14.23 T ( plus/minus 950). The standard enthalopy and entropy of the solution of oxygen in Sb are compared with values for other metal- oyxgen systems, and with the standard enthalpies of formation of corresponding oxides. The resulting correlations permit the estimation of the standard free energy of solution of oxygen in pure metals for which experimental information is lacking. 24 ref.--AA

Swift heavy ion induced structural, iono and photoluminescence properties of beta-CaSiO3:Dy3+ nanophosphor

CaSiO3:Dy3+ (1-5 mol%) nanophosphors have been prepared by a low temperature solution combustion method. The structural and luminescence (ionoluminescence; IL and photoluminescence; PL) studies have been carried out for pristine and ion irradiated samples. The XRD patterns of pristine sample show a prominent peak at (320) for the monoclinic structure of beta-CaSiO3. Upon ion irradiation, the intensity of the prominent peak is decreased at the fluence of 7.81 x 10(12) ions cm(-2) and at higher fluence of 15.62 x 10(12) ions cm(-2), the prominent peak completely vanishes. The decrease in peak intensity might be due to the stress induced point defects. On-line IL and in situ PL studies have been carried out on pelletized samples bombarded with 100 MeV Si7+ ions with fluences in the range (7.81-15.62) x 10(12) ions cm(-2). The characteristic emission peaks at 481,574, 664 and 754 nm recorded in both IL and PL are attributed to the luminescence centers activated by Dy3+ ions. It is found that IL and PL emissions intensity decreases with increase in Si7+ ion fluence. The decrease in intensity can be due to the destruction of Si-O-Si and O-Si-O type species present on the surface of the sample. FTIR studies also confirm the Si-O-Si and O-Si-O type species observed to be sensitive for swift heavy ion (SHI) irradiated samples. (C) 2012 Elsevier B.V. All rights reserved.

Microwave Spectroscopic and Atoms in Molecules Theoretical Investigations on the ArPropargyl Alcohol Complex: ArHO, Ar, and ArC Interactions

The structure of the Arpropargyl alcohol (ArPA) complex is determined from the rotational spectra of the parent complex and its two deuterated isotopologues, namely ArPA-D(OD) and ArPA-D(CD). The spectra confirm a geometry in which PA exists in the gauche form with Ar located in between OH and CCH groups. All a, b and c types of transitions show small splitting due to some large-amplitude motion dominated by COH torsion, as in the monomer. Splittings in a- and b-type transitions are of the order of a few kilohertz, whereas splitting in the c-type transitions is relatively larger (0.92.6 MHz) and decreases in the order ArPA>ArPA-D(CD)>ArPA-D(OD). The assignments are well supported by ab initio calculations. Atoms in molecules (AIM) and electrostatic potential calculations are used to explore the nature of the interactions in this complex. AIM calculations not only reveal the expected OHAr and Ar interactions in the Argauche-PA complex, but also novel CAr (of CH2OH group) and OHAr interactions in the Artrans-PA complex. Similar interactions are also present in the Armethanol complex.

Magnetron Sputtering Growth of InAs0.3Sb0.7 Films on (100) GaAs Substrates: Strong Effect of Growth Conditions on Film Structure

The growth of highly lattice-mismatched InAs0.3Sb0.7 films on (100) GaAs Substrates by magnetron Sputtering has been investigated and even epitaxial lnAs(0.3)Sb(0.7) films have been successfully obtained. A strong effect of the growth conditions on the film structure was observed, revealing that there was a growth mechanism transition from three-dimensional nucleation growth to epitaxial layer-by-layer growth mode when increasing the substrate temperature. A qualitative explanation for that transition was proposed and the critical conditions for the epitaxial layer-by-layer growth mode were also discussed.