The efficacy of the Sortino ratio and other benchmarked performance measures under skewed return distributions

This paper will investigate the suitability of existing performance measures under the assumption of a clearly defined benchmark. A range of measures are examined including the Sortino Ratio, the Sharpe Selection ratio (SSR), the Student’s t-test and a decay rate measure. A simulation study is used to assess the power and bias of these measures based on variations in sample size and mean performance of two simulated funds. The Sortino Ratio is found to be the superior performance measure exhibiting more power and less bias than the SSR when the distribution of excess returns are skewed.

Impromptu : an interactive programming environment for composition and performance

Interactive development environments are making a resurgence. The traditional batch style of programming, edit -> compile -> run, is slowly being reevaluated by the development community at large. Languages such as Perl, Python and Ruby are at the heart of a new programming culture commonly described as extreme, agile or dynamic. Musicians are also beginning to embrace these environments and to investigate the opportunity to use dynamic programming tools in live performance. This paper provides an introduction to Impromptu, a new interactive development environment for musicians and sound artists.

The creative sector in New Zealand : mapping and economic role : report to New Zealand Trade and Enterprise

The New Zealand creative sector was responsible for almost 121,000 jobs at the time of the 2006 Census (6.3% of total employment). These are divided between • 35,751 creative specialists – persons employed doing creative work in creative industries • 42,300 support workers - persons providing management and support services in creative industries • 42,792 embedded creative workers – persons engaged in creative work in other types of enterprise The most striking feature of this breakdown is the fact that the largest group of creative workers are employed outside the creative industries, i.e. in other types of businesses. Even within the creative industries, there are fewer people directly engaged in creative work than in providing management and support. Creative sector employees earned incomes of approximately $52,000 per annum at the time of the 2006 Census. This is relatively uniform across all three types of creative worker, and is significantly above the average for all employed persons (of approximately $40,700). Creative employment and incomes were growing strongly over both five year periods between the 1996, 2001 and 2006 Censuses. However, when we compare creative and general trends, we see two distinct phases in the development of the creative sector: • rapid structural growth over the five years to 2001 (especially led by developments in ICT), with creative employment and incomes increasing rapidly at a time when they were growing modestly across the whole economy; • subsequent consolidation, with growth driven by more by national economic expansion than structural change, and creative employment and incomes moving in parallel with strong economy-wide growth. Other important trends revealed by the data are that • the strongest growth during the decade was in embedded creative workers, especially over the first five years. The weakest growth was in creative specialists, with support workers in creative industries in the middle rank, • by far the strongest growth in creative industries’ employment was in Software & digital content, which trebled in size over the decade Comparing New Zealand with the United Kingdom and Australia, the two southern hemisphere nations have significantly lower proportions of total employment in the creative sector (both in creative industries and embedded employment). New Zealand’s and Australia’s creative shares in 2001 were similar (5.4% each), but in the following five years, our share has expanded (to 5.7%) whereas Australia’s fell slightly (to 5.2%) – in both cases, through changes in creative industries’ employment. The creative industries generated $10.5 billion in total gross output in the March 2006 year. Resulting from this was value added totalling $5.1b, representing 3.3% of New Zealand’s total GDP. Overall, value added in the creative industries represents 49% of industry gross output, which is higher than the average across the whole economy, 45%. This is a reflection of the relatively high labour intensity and high earnings of the creative industries. Industries which have an above-average ratio of value added to gross output are usually labour-intensive, especially when wages and salaries are above average. This is true for Software & Digital Content and Architecture, Design & Visual Arts, with ratios of 60.4% and 55.2% respectively. However there is significant variation in this ratio between different parts of the creative industries, with some parts (e.g. Software & Digital Content and Architecture, Design & Visual Arts) generating even higher value added relative to output, and others (e.g. TV & Radio, Publishing and Music & Performing Arts) less, because of high capital intensity and import content. When we take into account the impact of the creative industries’ demand for goods and services from its suppliers and consumption spending from incomes earned, we estimate that there is an addition to economic activity of: • $30.9 billion in gross output, $41.4b in total • $15.1b in value added, $20.3b in total • 158,100 people employed, 234,600 in total The total economic impact of the creative industries is approximately four times their direct output and value added, and three times their direct employment. Their effect on output and value added is roughly in line with the average over all industries, although the effect on employment is significantly lower. This is because of the relatively high labour intensity (and high earnings) of the creative industries, which generate below-average demand from suppliers, but normal levels of demand though expenditure from incomes. Drawing on these numbers and conclusions, we suggest some (slightly speculative) directions for future research. The goal is to better understand the contribution the creative sector makes to productivity growth; in particular, the distinctive contributions from creative firms and embedded creative workers. The ideas for future research can be organised into the several categories: • Understanding the categories of the creative sector– who is doing the business? In other words, examine via more fine grained research (at a firm level perhaps) just what is the creative contribution from the different aspects of the creative sector industries. It may be possible to categorise these in terms of more or less striking innovations. • Investigate the relationship between the characteristics and the performance of the various creative industries/ sectors; • Look more closely at innovation at an industry level e.g. using an index of relative growth of exports, and see if this can be related to intensity of use of creative inputs; • Undertake case studies of the creative sector; • Undertake case studies of the embedded contribution to growth in the firms and industries that employ them, by examining taking several high performing noncreative industries (in the same way as proposed for the creative sector). • Look at the aggregates – drawing on the broad picture of the extent of the numbers of creative workers embedded within the different industries, consider the extent to which these might explain aspects of the industries’ varied performance in terms of exports, growth and so on. • This might be able to extended to examine issues like the type of creative workers that are most effective when embedded, or test the hypothesis that each industry has its own particular requirements for embedded creative workers that overwhelms any generic contributions from say design, or IT.

Regional performance : mapping "The North"

Paul Makeham’s work in AusStage Phase 3 has centred on regional mapping of live performance activity. A pilot mapping project was developed to identify regional clusters of performance as well as key regional organisations. In designing this pilot project, reference was made to two other ARC-funded projects. The first of these was Talking Theatre, an audience development research initiative for Queensland and the Northern Territory supported by an ARC Projects-Linkage grant. Talking Theatre was funded between 2004 and 2006 as a Linkage between the ARC, NARPACA (the Northern Australian Regional Performing Arts Centres Association), Arts Queensland, Arts Northern Territory, and QUT. The second project was the Creative Digital Industries National Mapping Project, operating through QUT’s Centre for Excellence in the Creative Industries (CCi). The NMP is designed to develop and publish a range of accurate and timely measures of the Creative Digital Industries in Australia.

Dramatic teaching : focussing on drama, theatre, and performance in higher education

This 90 minute panel session is designed to explore issues relating to the teaching of drama, performance studies, and theatre studies within Higher Education. Some of the issues that will be raised include: developing an understanding of the learning that students believe they are experiencing through performance; contemporary models for teaching; and the suggestion that the body can be an important site for acquiring a variety of different knowledges. Paul Makeham will present a general position paper to commence the session (15 minutes). Maryrose Casey, Gillian Kehoul, and Delyse Ryan will each speak briefly (15 minutes) about aspects of their research into Higher Education teaching before opening the floor for a round-table discussion of issues affecting the teaching of these disciplines.

Performance Research in Rangeland Communities

In 2003, Bill Dunstone, John McCallum and Paul Makeham began a collaboration with researchers at the Centre for the Management of Arid Environments (CMAE) in Kalgoorlie, Western Australia. CMAE researchers are keen to develop 'people-oriented' strategies for implementing agricultural extension initiatives in their region. Traditional hierarchies of knowledge-transfer have impeded the 'connectedness' between community and researchers that gives meaning and relevance to useful practice (Ison and Russell, 2000). Our aim is to establish a partnership between the Live Events Research Network (LERN) and CMAE, investigating ways to link creative, performance-based research and practice with the scientific methodologies associated with natural resources management. This accords with recent work undertaken by Deborah Mills and Paul Brown, showing how community cultural development strategies enhance the implementation of policy concerned with community wellbeing. Mills and Brown 'adopted a concept of wellbeing which builds on a social and environmental view of health', and considered such themes as ecological sustainability, rural economic revitalisation, community strengthening, health and wellbeing (Mills, 2003). We propose that rangeland communities can creatively manage some of the challenges confronting them through performance-based projects which: - activate the stories through which a community enacts its sense of place; - facilitate live events in which the community enacts ownership of its culture and identity; - directly involve the community in the formulation of research issues

Changing musical emotion : a computational rule system for modifying score and performance

When communicating emotion in music, composers and performers encode their expressive intentions through the control of basic musical features such as: pitch, loudness, timbre, mode, and articulation. The extent to which emotion can be controlled through the systematic manipulation of these features has not been fully examined. In this paper we present CMERS, a Computational Music Emotion Rule System for the control of perceived musical emotion that modifies features at the levels of score and performance in real-time. CMERS performance was evaluated in two rounds of perceptual testing. In experiment I, 20 participants continuously rated the perceived emotion of 15 music samples generated by CMERS. Three music works, each with five emotional variations were used (normal, happy, sad, angry, and tender). The intended emotion by CMERS was correctly identified 78% of the time, with significant shifts in valence and arousal also recorded, regardless of the works’ original emotion.

Dynamic Performance Measures for Object Tracking Systems

Performance evaluation of object tracking systems is typically performed after the data has been processed, by comparing tracking results to ground truth. Whilst this approach is fine when performing offline testing, it does not allow for real-time analysis of the systems performance, which may be of use for live systems to either automatically tune the system or report reliability. In this paper, we propose three metrics that can be used to dynamically asses the performance of an object tracking system. Outputs and results from various stages in the tracking system are used to obtain measures that indicate the performance of motion segmentation, object detection and object matching. The proposed dynamic metrics are shown to accurately indicate tracking errors when visually comparing metric results to tracking output, and are shown to display similar trends to the ETISEO metrics when comparing different tracking configurations.

Inertial motion capture and live performance (with a focus on dance)

3D Motion capture is a fast evolving field and recent inertial technology may expand the artistic possibilities for its use in live performance. Inertial motion capture has three attributes that make it suitable for use with live performance; it is portable, easy to use and can operate in real-time. Using four projects, this paper discusses the suitability of inertial motion capture to live performance with a particular emphasis on dance. Dance is an artistic application of human movement and motion capture is the means to record human movement as digital data. As such, dance is clearly a field in which the use of real-time motion capture is likely to become more common, particularly as projected visual effects including real-time video are already often used in dance performances. Understandably, animation generated in real-time using motion capture is not as extensive or as clean as the highly mediated animation used in movies and games, but the quality is still impressive and the ‘liveness’ of the animation has compensating features that offer new ways of communicating with an audience.

The performance of a prolonged reading task by students with low vision

Purpose: Students often read for long periods and prolonged reading practice may be important for developing reading skills. For students with low vision, reading at a close working distance imposes high demands on their near visual functions, which might make it difficult to sustain prolonged reading. The aim of this study was to investigate the performance of a prolonged reading task by students with low vision. Method: Forty students with low vision, aged from eight to 20 years and without any intellectual, reading or learning disability, were recruited through the Paediatric Low Vision Clinic, Buranda, Queensland. Following a preliminary vision examination, reading performance measures—critical print size (CPS), maximum oral reading rates (MORR), near text visual acuity— were recorded using the Bailey-Lovie text reading charts before and after a 30-minute prolonged reading task. Results: The mean age of the participants was 13.03 ± 3 years. The distance and near visual acuities ranged between -0.1 to 1.24 logMAR and 0.0 to 1.60 logMAR, respectively. The mean working distance of the participants was 11.2 ± 5.8 cm. Most of the participants (65 per cent) in this study were able to complete the prolonged reading task. Overall, there was no significant change in CPS, MORR and near text visual acuity following the prolonged task (p > 0.05). MORR was significantly correlated to age and near text visual acuity (p < 0.05). Conclusions: In this study, students with low vision were able to maintain their reading performance over a 30-minute prolonged reading task. Overall, there was no significant increase or decrease in reading performance following a prolonged reading task performed at their habitual close working distances but there were wide individual variations within the group.

Driving performance in persons with hemianopia and quadrantanopia assessed under in-traffic conditions

Purpose: To evaluate the on-road driving performance of persons with homonymous hemianopia or quadrantanopia in comparison to age-matched controls with normal visual fields. Methods: Participants were 22 hemianopes and eight quadrantanopes (mean age 53 years) and 30 persons with normal visual fields (mean age 52 years) and were either current drivers or aiming to resume driving. All participants completed a battery of tests of vision (ETDRS visual acuity, Pelli-Robson letter contrast sensitivity, Humphrey visual fields), cognitive tests (trials A and B, Mini Mental State Examination, Digit Symbol Substitution) and an on-road driving assessment. Driving performance was assessed in a dual-brake vehicle with safety monitored by a certified driving rehabilitation specialist. Backseat evaluators masked to the clinical characteristics of participants independently rated driving performance along a 22.7 kilometre route involving urban and interstate driving. Results: Seventy-three per cent of the hemianopes, 88 per cent of quadrantanopes and all of the drivers with normal fields received safe driving ratings. Those hemianopic and quadrantanopic drivers rated as unsafe tended to have problems with maintaining appropriate lane position, steering steadiness and gap judgment compared to controls. Unsafe driving was associated with slower visual processing speed and impairments in contrast sensitivity, visual field sensitivity and executive function. Conclusions: Our findings suggest that some drivers with hemianopia or quadrantanopia are capable of safe driving performance, when compared to those of the same age with normal visual fields. This finding has important implications for the assessment of fitness to drive in this population.

Smart grids : better performance through communication and algorithms

There has been a developing interest in smart grids, the possibility of significantly enhanced performance from remote measurements and intelligent controls. For transmission the use of PMU signals from remote sites and direct load shed controls can give significant enhancement for large system disturbances rather than relying on local measurements and linear controls. This lecture will emphasize what can be found from remote measurements and the mechanisms to get a smarter response to major disturbances. For distribution systems there has been a significant history in the area of distribution reconfiguration automation. This lecture will emphasize the incorporation of Distributed Generation into distribution networks and the impact on voltage/frequency control and protection. Overall the performance of both transmission and distribution will be impacted by demand side management and the capabilities built into the system. In particular, we consider different time scales of load communication and response and look to the benefits for system, energy and lines.

What shapes player performance in soccer? Empirical findings from a panel analysis

In this article, we investigate the pay-performance relationship of soccer players using individual data from eight seasons of the German soccer league Bundesliga. We find a nonlinear pay-performance relationship, indicating that salary does indeed affect individual performance. The results further show that player performance is affected not only by absolute income level but also by relative income position. An additional analysis of the performance impact of team effects provides evidence of a direct impact of team-mate attributes on individual player performance.

Manufacturing management programs : are developing economies bridging the strategic gap?

Over the past decade there have been a large number of significant innovations in manufacturing which have resulted in more flexible and cost efficient methods and higher quality products, as manufacturers have set about upgrading their processes, systems and performance. This study compares the use of technologies and improvement programs between OECD and Non-OECD countries, and also between small and large firms, and examines differences in the use and outcomes across the economies and different sized firms. The empirical analysis provides an opportunity to test whether the ‘capabilities’ or strengths of a firm can be linked to these activities and examines if developing economies are using technology or management programs such as quality management and business process re-engineering to catch up to manufacturers in developed economies. The analysis utilises data from the second International Manufacturing Strategy Survey (IMSS), which encompasses 703 firms in 23 countries.