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.

Optimal allocation and sizing of DGs in distribution networks

In this paper, the placement and sizing of Distributed Generators (DG) in distribution networks are determined optimally. The objective is to minimize the loss and to improve the reliability. The constraints are the bus voltage, feeder current and the reactive power flowing back to the source side. The placement and size of DGs are optimized using a combination of Discrete Particle Swarm Optimization (DPSO) and Genetic Algorithm (GA). This increases the diversity of the optimizing variables in DPSO not to be stuck in the local minima. To evaluate the proposed algorithm, the semi-urban 37-bus distribution system connected at bus 2 of the Roy Billinton Test System (RBTS), which is located at the secondary side of a 33/11 kV distribution substation, is used. The results finally illustrate the efficiency of the proposed method.

Operation and control of a hybrid microgrid containing unbalanced and nonlinear loads

This paper shows how the power quality can be improved in a microgrid that is supplying a nonlinear and unbalanced load. The microgrid contains a hybrid combination of inertial and converter interfaced distributed generation units where a decentralized power sharing algorithm is used to control its power management. One of the distributed generators in the microgrid is used as a power quality compensator for the unbalanced and harmonic load. The current reference generation for power quality improvement takes into account the active and reactive power to be supplied by the micro source which is connected to the compensator. Depending on the power requirement of the nonlinear load, the proposed control scheme can change modes of operation without any external communication interfaces. The compensator can operate in two modes depending on the entire power demand of the unbalanced nonlinear load. The proposed control scheme can even compensate system unbalance caused by the single-phase micro sources and load changes. The efficacy of the proposed power quality improvement control and method in such a microgrid is validated through extensive simulation studies using PSCAD/EMTDC software with detailed dynamic models of the micro sources and power electronic converters

Improvement of stability and load sharing in an autonomous microgrid using supplementary droop control loop

This paper investigates the problem of appropriate load sharing in an autonomous microgrid. High gain angle droop control ensures proper load sharing, especially under weak system conditions. However it has a negative impact on overall stability. Frequency domain modeling, eigenvalue analysis and time domain simulations are used to demonstrate this conflict. A supplementary loop is proposed around a conventional droop control of each DG converter to stabilize the system while using high angle droop gains. Control loops are based on local power measurement and modulation of the d-axis voltage reference of each converter. Coordinated design of supplementary control loops for each DG is formulated as a parameter optimization problem and solved using an evolutionary technique. The sup-plementary droop control loop is shown to stabilize the system for a range of operating conditions while ensuring satisfactory load sharing.

Load–frequency control : a GA-based multi-agent reinforcement learning

The load–frequency control (LFC) problem has been one of the major subjects in a power system. In practice, LFC systems use proportional–integral (PI) controllers. However since these controllers are designed using a linear model, the non-linearities of the system are not accounted for and they are incapable of gaining good dynamical performance for a wide range of operating conditions in a multi-area power system. A strategy for solving this problem because of the distributed nature of a multi-area power system is presented by using a multi-agent reinforcement learning (MARL) approach. It consists of two agents in each power area; the estimator agent provides the area control error (ACE) signal based on the frequency bias estimation and the controller agent uses reinforcement learning to control the power system in which genetic algorithm optimisation is used to tune its parameters. This method does not depend on any knowledge of the system and it admits considerable flexibility in defining the control objective. Also, by finding the ACE signal based on the frequency bias estimation the LFC performance is improved and by using the MARL parallel, computation is realised, leading to a high degree of scalability. Here, to illustrate the accuracy of the proposed approach, a three-area power system example is given with two scenarios.

Power system stability analysis based on descriptive study of electrical indices

In a power network, when a propagation energy wave caused by a disturbance hits a weak link, a reflection is appeared and some of energy is transferred across the link. In this work, an analytical descriptive methodology is proposed to study the dynamical stability of a large scale power system. For this purpose, the measured electrical indices (angle, or voltage/frequency) following a fault in different points among the network are used, and the behaviors of the propagated waves through the lines, nodes and buses are studied. This work addresses a new tool for power system stability analysis based on a descriptive study of electrical measurements. The proposed methodology is also useful to detect the contingency condition and synthesis of an effective emergency control scheme.

Hybrid cascade converter topology with series connected symmetrical and asymmetrical diode-clamped H-Bridge cells

A novel H-bridge multilevel PWM converter topology based on a series connection of a high voltage (HV) diode-clamped inverter and a low voltage (LV) conventional inverter is proposed. A DC link voltage arrangement for the new hybrid and asymmetric solution is presented to have a maximum number of output voltage levels by preserving the adjacent switching vectors between voltage levels. Hence, a fifteen-level hybrid converter can be attained with a minimum number of power components. A comparative study has been carried out to present high performance of the proposed configuration to approach a very low THD of voltage and current, which leads to the possible elimination of output filter. Regarding the proposed configuration, a new cascade inverter is verified by cascading an asymmetrical diode-clamped inverter, in which nineteen levels can be synthesized in output voltage with the same number of components. To balance the DC link capacitor voltages for the maximum output voltage resolution as well as synthesise asymmetrical DC link combination, a new Multi-output Boost (MOB) converter is utilised at the DC link voltage of a seven-level H-bridge diode-clamped inverter. Simulation and hardware results based on different modulations are presented to confirm the validity of the proposed approach to achieve a high quality output voltage.

Decomposition of aggregated load : finding induction motor fraction in real load

The main contribution of this paper is decomposition/separation of the compositie induction motors load from measurement at a system bus. In power system transmission buses load is represented by static and dynamic loads. The induction motor is considered as the main dynamic loads and in the practice for major transmission buses there will be many and various induction motors contributing. Particularly at an industrial bus most of the load is dynamic types. Rather than traing to extract models of many machines this paper seeks to identify three groups of induction motors to represent the dynamic loads. Three groups of induction motors used to characterize the load. These are the small groups (4kw to 11kw), the medium groups (15kw to 180kw) and the large groups (above 630kw). At first these groups with different percentage contribution of each group is composite. After that from the composite models, each motor percentage contribution is decomposed by using the least square algorithms. In power system commercial and the residential buses static loads percentage is higher than the dynamic loads percentage. To apply this theory to other types of buses such as residential and commerical it is good practice to represent the total load as a combination of composite motor loads, constant impedence loads and constant power loads. To validate the theory, the 24hrs of Sydney West data is decomposed according to the three groups of motor models.

Men's intimate partner abuse and control : reconciling paradoxical masculinities and social contradictions

Intimate partner abuse and control is one of the most common forms of violence against women, and is considered an international problem of social, political, legal and human rights significance. Yet few studies have attempted to understand this problem from the perspective of male perpetrators. This gap is addressed by conducting in-depth interviews with 16 able-bodied men of white European ancestry born and educated in New Zealand or Australia, who have been physically violent and/or emotionally, intellectually, sexually or financially controlling of a live-in female partner. This thesis extends and deepens the dominant ways of thinking about men’s intimate partner abuse by utilising a new theoretical framework compatible with contemporary feminist scholarship. A synthesis of Connell’s theory of masculinities and Bourdieu’s field theory is utilised for the purpose of exploring more nuanced, complex understandings of manliness and men’s relationships with men, women and social structures. Through such an analysis, this thesis finds that men’s perpetration of power and control over women is driven by a need to avoid the stigma of appearing weak. As a consequence, their desire and ability to show love, care and empathy is suppressed in favour of a presumed honourable manliness, and their female partners are used as weapons in the pursuit of symbolic capital in the form of recognition, prestige and acceptance from real and/or imagined men. This research also uncovers the complex interplay between masculine practices and particular social contexts. For example, the norms of practice encountered from those in authority, such as teachers, sports coaches, police, court judges and workplace management, influences the decision making of the men in this study, to use, or not to use, physical violence, psychological abuse and structural control. The principal conclusion is that there is a repertoire of paradoxical masculinities and contradictory social messages available to the men in this study. But gender policing by other men, complicit women and those in authority provides little room for legitimate complexity in masculine practices. Perpetrators in this study reconcile these conflicts of interest by generally avoiding subordinated masculinity and possible ostracism, and instead practicing more heroic hegemonic masculinities by abusing and controlling women and particular other men. This thesis concludes that for intimate partner abuse and control to cease, changes in power structures have to occur at all levels of society.

Unincorporated associations as entities : a matter of balance between regulation and facilitation?

Small non-profit organisations play a vital role in the creation of social capital and resilience of civil society in Australia. A number of government inquiries have recently been commissioned to propose reform to non-profit enterprise and it is timely to examine the suitability of legal structures available for small non-profit organisations. This article reviews the characteristics of small Australian non-profit organisations and the legal treatment of similar associations in New Zealand, the United Kingdom, Europe, Canada and United States to inform possible reform strategies. Reforms are then proposed for small Australian unincorporated organisations which allow them access to the benefits of separate legal entity status, but with regulation proportionate to the risks posed to the broader community.

Managing a portfolio of corporate venture units : challenges in achieving within-unit focus and between-unit coordination

Principal Topic: There is increasing recognition that the organizational configurations of corporate venture units should depend on the types of ventures the unit seeks to develop (Burgelman, 1984; Hill and Birkinshaw, 2008). Distinction have been made between internal and external as well as exploitative versus explorative ventures (Hill and Birkinshaw, 2008; Narayan et al., 2009; Schildt et al., 2005). Assuming that firms do not want to limit themselves to a single type of venture, but rather employ a portfolio of ventures, the logical consequence is that firms should employ multiple corporate venture units. Each venture unit tailor-made for the type of venture it seeks to develop. Surprisingly, there is limited attention in the literature for the challenges of managing multiple corporate venture units in a single firm. Maintaining multiple venture units within one firm provides easier access to funding for new ideas (Hamel, 1999). It allows for freedom and flexibility to tie the organizational systems (Rice et al., 2000), autonomy (Hill and Rothaermel, 2003), and involvement of management (Day, 1994; Wadwha and Kotha, 2006) to the requirements of the individual ventures. Yet, the strategic objectives of a venture may change when uncertainty around the venture is resolved (Burgelman, 1984). For example, firms may decide to spin-in external ventures (Chesbrough, 2002) or spun-out ventures that prove strategically unimportant (Burgelman, 1984). This suggests that ventures might need to be transferred between venture units, e.g. from a more internally-driven corporate venture division to a corporate venture capital unit. Several studies suggested that ventures require different managerial skills across their phase of development (Desouza et al., 2007; O'Connor and Ayers, 2005; Kazanjian and Drazin, 1990; Westerman et al., 2006). To facilitate effective transfer between venture units and manage the overall venturing process, it is important that firms set up and manage integrative linkages. Integrative linkages provide synergies and coordination between differentiated units (Lawrence and Lorsch, 1967). Prior findings pointed to the important role of senior management (Westerman et al., 2006; Gilbert, 2006) and a shared organizational vision (Burgers et al., 2009) to coordinate venture units with mainstream businesses. We will draw on these literatures to investigate the key question of how to integratively manage multiple venture units. ---------- Methodology/Key Propositions: In order to seek an answer to the research question, we employ a case study approach that provides unique insights into how firms can break up their venturing process. We selected three Fortune 500 companies that employ multiple venturing units, IBM, Royal Dutch/ Shell and Nokia, and investigated and compared their approaches. It was important that the case companies somewhat differed in the type of venture units they employed as well as the way they integrate and coordinate their venture units. The data are based on extensive interviews and a variety of internal and external company documents to triangulate our findings (Eisenhardt, 1989). The key proposition of the article is that firms can best manage their multiple venture units through an ambidextrous design of loosely coupled units. This provides venture units with sufficient flexibility to employ organizational configurations that best support the type of venture they seek to develop, as well as provides sufficient integration to facilitate smooth transfer of ventures between venture units. Based on the case findings, we develop a generic framework for a new way of managing the venturing process through multiple corporate venture units. ---------- Results and Implications: One of our main findings is that these firms tend to organize their venture units according to phases in the venture development process. That is, they tend to have venture units aimed at incubation of venture ideas as well as units aimed more at the commercialization of ventures into a new business unit for the firm or a start-up. The companies in our case studies tended to coordinate venture units through integrative management skills or a coordinative venture unit that spanned multiple phases. We believe this paper makes two significant contributions. First, we extend prior venturing literature by addressing how firms manage a portfolio of venture units, each achieving different strategic objectives. Second, our framework provides recommendations on how firms should manage such an approach towards venturing. This helps to increase the likelihood of success of their venturing programs.