Added Value of Combining Value and Momentum Indicators in the Swiss Stock Market

The purpose of the thesis is to examine the added value of combining value and momentum indicators in the Swiss stock exchange. Value indicators employed are P/E, EV/EBITDA, P/CF, P/B ja P/S. Momentum indicators examined are 52-week high, acceleration rate, 12-month past return and 6-month past return. The thesis examines whether the composite value measures based on the above mentioned ratios can add value and whether the inclusion of momentum can further improve the risk return profile of the value portfolios. The data is gathered from the Swiss equity market during the sample period from May 2001 to May 2011. Previous studies have shown that composite value measures can somewhat add value to the value portfolio strategy. Similarly, recent academic literature have found evidence that momentum works well as a timing indicator for time to entry to value stocks. This study indicates that the added value of composite value measures exists. It also shows that momentum combined to acceleration rate can significantly improve the risk adjusted performance of value-only portfolios.

Influence of passion fruit albedo, citric acid, and the pulp/sugar ratio on the quality of banana preserves

The objective of this research was to evaluate the effect of the citric acid concentration, pulp/sugar ratio, and albedo concentration of the passion fruit peel on physical, physiochemical, and sensorial characteristics of the 'Silver' banana preserves. A 2³ factorial design and 3 repetitions in the central point were used. The albedo concentration between 0 and 3% had significant influence on the reduction of the reducing sugars and on the decrease in titratable acidity. The increase in the pulp/sugar ratio exerted a negative effect on the pH and positive on the titratable acidity; the acid addition reduced the non-reducing sugar level. The sensorial evaluation and purchase intention indicated that the incorporation of a maximum of 1.5% albedo in formulations containing 50% pulp and 0.5% citric acid resulted in products with good acceptability in comparison with the formulation in which 60% pulp and an absence of acid or albedo is utilized.

Investigation of aspect ratio of hole drilling from micro to nanoscale via focused ion beam fine milling

Holes with different sizes from microscale to nanoscale were directly fabricated by focused ion beam (FIB) milling in this paper. Maximum aspect ratio of the fabricated holes can be 5:1 for the hole with large size with pure FIB milling, 10:1 for gas assistant etching, and 1:1 for the hole with size below 100 nm. A phenomenon of volume swell at the boundary of the hole was observed. The reason maybe due to the dose dependence of the effective sputter yield in low intensity Gaussian beam tail regions and redeposition. Different materials were used to investigate variation of the aspect ratio. The results show that for some special material, such as Ni-Be, the corresponding aspect ratio can reach 13.8:1 with Cl₂ assistant etching, but only 0.09:1 for Si(100) with single scan of the FIB.

A likelihood ratio appropach to family-based association studies with covariates

We introduce a procedure for association based analysis of nuclear families that allows for dichotomous and more general measurements of phenotype and inclusion of covariate information. Standard generalized linear models are used to relate phenotype and its predictors. Our test procedure, based on the likelihood ratio, unifies the estimation of all parameters through the likelihood itself and yields maximum likelihood estimates of the genetic relative risk and interaction parameters. Our method has advantages in modelling the covariate and gene-covariate interaction terms over recently proposed conditional score tests that include covariate information via a two-stage modelling approach. We apply our method in a study of human systemic lupus erythematosus and the C-reactive protein that includes sex as a covariate.

Combining physical, cultural and biological methods: prospects for integrated non-chemical weed management strategies

Physical, cultural and biological methods for weed control have developed largely independently and are often concerned with weed control in different systems: physical and cultural control in annual crops and biocontrol in extensive grasslands. We discuss the strengths and limitations of four physical and cultural methods for weed control: mechanical, thermal, cutting, and intercropping, and the advantages and disadvantages of combining biological control with them. These physical and cultural control methods may increase soil nitrogen levels and alter microclimate at soil level; this may be of benefit to biocontrol agents, although physical disturbance to the soil and plant damage may be detrimental. Some weeds escape control by these methods; we suggest that these weeds may be controlled by biocontrol agents. It will be easiest to combine biological control with. re and cutting in grasslands; within arable systems it would be most promising to combine biological control (especially using seed predators and foliar pathogens) with cover-cropping, and mechanical weeding combined with foliar bacterial and possibly foliar fungal pathogens. We stress the need to consider the timing of application of combined control methods in order to cause least damage to the biocontrol agent, along with maximum damage to the weed and to consider the wider implications of these different weed control methods.

Determining the contribution of volcanic ash and boundary layer aerosol in backscatter lidar returns: a three‐component atmosphere approach

A solution of the lidar equation is discussed, that permits combining backscatter and depolarization measurements to quantitatively distinguish two different aerosol types with different depolarization properties. The method has been successfully applied to simultaneous observations of volcanic ash and boundary layer aerosol obtained in Exeter, United Kingdom, on 16 and 18 April 2010, permitting the contribution of the two aerosols to be quantified separately. First a subset of the atmospheric profiles is used where the two aerosol types belong to clearly distinguished layers, for the purpose of characterizing the ash in terms of lidar ratio and depolarization. These quantities are then used in a three‐component atmosphere solution scheme of the lidar equation applied to the full data set, in order to compute the optical properties of both aerosol types separately. On 16 April a thin ash layer, 100–400 m deep, is observed (average and maximum estimated ash optical depth: 0.11 and 0.2); it descends from ∼2800 to ∼1400 m altitude over a 6‐hour period. On 18 April a double ash layer, ∼400 m deep, is observed just above the morning boundary layer (average and maximum estimated ash optical depth: 0.19 and 0.27). In the afternoon the ash is entrained into the boundary layer, and the latter reaches a depth of ∼1800 m (average and maximum estimated ash optical depth: 0.1 and 0.15). An additional ash layer, with a very small optical depth, was observed on 18 April at an altitude of 3500–4000 m. By converting the lidar optical measurements using estimates of volcanic ash specific extinction, derived from other works, the observations seem to suggest approximate peak ash concentrations of ∼1500 and ∼1000 mg/m3,respectively, on the two observations dates.

GHASP: an H alpha kinematic survey of spiral and irregular galaxies - IX. The near-infrared, stellar and baryonic Tully-Fisher relations

We studied, for the first time, the near-infrared, stellar and baryonic Tully-Fisher relations for a sample of field galaxies taken from a homogeneous Fabry-Perot sample of galaxies [the Gassendi HAlpha survey of SPirals (GHASP) survey]. The main advantage of GHASP over other samples is that the maximum rotational velocities were estimated from 2D velocity fields, avoiding assumptions about the inclination and position angle of the galaxies. By combining these data with 2MASS photometry, optical colours, HI masses and different mass-to-light ratio estimators, we found a slope of 4.48 +/- 0.38 and 3.64 +/- 0.28 for the stellar and baryonic Tully-Fisher relation, respectively. We found that these values do not change significantly when different mass-to-light ratio recipes were used. We also point out, for the first time, that the rising rotation curves as well as asymmetric rotation curves show a larger dispersion in the Tully-Fisher relation than the flat ones or the symmetric ones. Using the baryonic mass and the optical radius of galaxies, we found that the surface baryonic mass density is almost constant for all the galaxies of this sample. In this study we also emphasize the presence of a break in the NIR Tully-Fisher relation at M(H,K) similar to -20 and we confirm that late-type galaxies present higher total-to-baryonic mass ratios than early-type spirals, suggesting that supernova feedback is actually an important issue in late-type spirals. Due to the well-defined sample selection criteria and the homogeneity of the data analysis, the Tully-Fisher relation for GHASP galaxies can be used as a reference for the study of this relation in other environments and at higher redshifts.

Signed likelihood ratio tests in the Birnbaum-Saunders regression model

The Birnbaum-Saunders regression model is becoming increasingly popular in lifetime analyses and reliability studies. In this model, the signed likelihood ratio statistic provides the basis for testing inference and construction of confidence limits for a single parameter of interest. We focus on the small sample case, where the standard normal distribution gives a poor approximation to the true distribution of the statistic. We derive three adjusted signed likelihood ratio statistics that lead to very accurate inference even for very small samples. Two empirical applications are presented. (C) 2010 Elsevier B.V. All rights reserved.

Likelihood ratio tests for variance components in linear mixed models

Although the asymptotic distributions of the likelihood ratio for testing hypotheses of null variance components in linear mixed models derived by Stram and Lee [1994. Variance components testing in longitudinal mixed effects model. Biometrics 50, 1171-1177] are valid, their proof is based on the work of Self and Liang [1987. Asymptotic properties of maximum likelihood estimators and likelihood tests under nonstandard conditions. J. Amer. Statist. Assoc. 82, 605-610] which requires identically distributed random variables, an assumption not always valid in longitudinal data problems. We use the less restrictive results of Vu and Zhou [1997. Generalization of likelihood ratio tests under nonstandard conditions. Ann. Statist. 25, 897-916] to prove that the proposed mixture of chi-squared distributions is the actual asymptotic distribution of such likelihood ratios used as test statistics for null variance components in models with one or two random effects. We also consider a limited simulation study to evaluate the appropriateness of the asymptotic distribution of such likelihood ratios in moderately sized samples. (C) 2008 Elsevier B.V. All rights reserved.

Electrical Evaluation of a Low Concentrating PVT Collector Based on Performance Ratio

Photovoltaic Thermal/Hybrid collectors are an emerging technology that combines PV and solar thermal collectors by producing heat and electricity simultaneously. In this paper, the electrical performance evaluation of a low concentrating PVT collector was done through two testing parts: power comparison and performance ratio testing. For the performance ratio testing, it is required to identify and measure the factors affecting the performance ratio on a low concentrating PVT collector. Factors such as PV cell configuration, collector acceptance angle, flow rate, tracking the sun, temperature dependence and diffuse to irradiance ratio. Solarus low concentrating PVT collector V12 was tested at Dalarna University in Sweden using the electrical equipment at the solar laboratory. The PV testing has showed differences between the two receivers. Back2 was producing 1.8 energy output more than Back1 throughout the day. Front1 and Front2 were almost the same output performance. Performance tests showed that the cell configuration for Receiver2 with cells grouping (6- 32-32-6) has proved to have a better performance ratio when to it comes to minimizing the shading effect leading to more output power throughout the day because of lowering the mismatch losses. Different factors were measured and presented in this thesis in chapter 5. With the current design, it has been obtained a peak power at STC of 107W per receiver. The solar cells have an electrical efficiency of approximately 19% while the maximum measured electrical efficiency for the collector was approximately 18 % per active cell area, in addition to a temperature coefficient of -0.53%/ ˚C. Finally a recommendation was done to help Solarus AB to know how much the electrical performance is affected during variable ambient condition and be able to use the results for analyzing and introducing new modification if needed.

Nível crítico de fósforo no solo paraPanicum maximum Jacq. cv. Tanzânia

Foram avaliados os efeitos da aplicação de fósforo (P) em solo argiloso, de textura média e arenoso, sobre a produção de matéria seca de Panicum maximum Jacq. cv. Tanzânia. O ensaio foi conduzido em casa de vegetação, em vasos de plástico contendo 10 dm³ de solo, em esquema fatorial e delineamento inteiramente ao acaso. Após calagem para V = 70% e aplicação de 0, 35, 70, 105 e 140 mg/dm³ de P, o solo foi umedecido, e depois de 30 dias, secado e amostrado. O ensaio foi conduzido por 76 dias, a partir da emergência das plântulas, com o primeiro corte aos 48 dias, a 10 cm do solo, e o segundo, aos 76,rente ao solo. Com a aplicação de P houve aumento de produção de matéria seca, e o maior acréscimo ocorreu com a aplicação de 35 mg/dm³. A maior produção foi obtida no solo de textura média. O teor de P nas plantas estava adequado nos solos arenoso e argiloso. No de textura média, ele diminuiu com o aumento da produção,caracterizando efeito de diluição. Com aprodução relativa e o teor de P de cada solo, foi determinado o nível crítico de 38 mg/dm³ de P extraído por resina.

Fotossíntese, reservas orgânicas e rebrota do capim-mombaça (Panicum maximum Jacq.) sob diferentes intensidades de desfolha do perfilho principal

Buscando-se avaliar morfofisiologicamente a rebrota do capim-mombaça, quatro desfolhas foram impostas ao perfilho principal, sendo estudado o comportamento da planta em termos da taxa de expansão da área foliar, crescimento do sistema radicular, nível de carboidratos totais não estruturais (CTNE) da raiz e do colmo, taxa de crescimento relativo (TCR), taxa de assimilação líquida (TAL) e razão de área foliar (RAF) às idades de 2, 5, 9 e 16 dias após as desfolhas, bem como da taxa fotossintética máxima às idades de 2, 6 e 13 dias das folhas remanescentes à desfolha. As desfolhas foram as seguintes: remoção de todas as lâminas foliares (desfolha total), a remoção da lâmina da folha adulta mais jovem (desfolha superior), a remoção das lâminas das duas folhas adultas mais velhas (desfolha inferior) e controle (sem desfolha), juntamente com o corte dos demais perfilhos, realizado a 8 cm do solo. Foram observadas cinco repetições por tratamento, segundo o delineamento inteiramente casualizado. As folhas adultas não diferiram quanto às taxas fotossintéticas máximas, que exibiram aumento nos primeiros dias após a desfolha, e queda aos 13 dias. A desfolha reduziu os teores de CTNE da base do colmo, principalmente nas plantas sob desfolha total. Comprometimento do crescimento do sistema radicular e do teor de CTNE das raízes foi observado nas plantas sob desfolha total, que também tiveram sua TCR reduzida nos primeiros dias de rebrotação. Entretanto, o aumento na RAF possibilitou a estas plantas recuperação da TCR e alta taxa de expansão da área foliar, igualando a área foliar das demais plantas aos 16 dias de rebrota.

Approach combining on-line metal exchange and tangential-flow ultrafiltration for in-situ characterization of metal species in humic hydrocolloids

This paper deals with the development and optimization of an analytical procedure using ultrafiltration and a flow-injection system, and its application in in-situ experiments to characterize the lability and availability of metal species in humic-rich hydrocolloids. The on-line system consists of a tangential flow ultrafiltration device equipped with a 3-kDa filtration membrane. The concentration of free ions in the filtrate was determined by atomic-absorption spectrometry, assuming that metals not complexed by aquatic humic substances (AHS) were separated from the complexed species (M-AHS) retained by the membrane. For optimization, exchange experiments using Cu(II) solutions and AHS solutions doped with the metal ions Ni(II), Mn(II), Fe(III), Cd (II), and Zn(II) were carried out to characterize the stability of the metal-AHS complexes. The new procedure was then applied in-situ at a tributary of the Ribeira do Iguape river (Iguape, São Paulo State, Brazil) and evaluated using the ions Fe(III) and Mn(II), which are considered to be essential constituents of aquatic systems. From the exchange between metal-natural organic matter (M-NOM) and the Cu(II) ions it was concluded that Cu(II) concentrations > 485 mu g L(-1) were necessary to obtain maximum exchange of the complexes Mn-NOM and Fe-NOM, corresponding to 100% Mn and 8% Fe. Moreover, the new analytical procedure is simple and opens up new perspectives for understanding the complexation, transport, stability, and lability of metal species in humic-rich aquatic environments.

Sex ratio and dynamic behavior in populations of the exotic blowfly Chrysomya albiceps (Diptera, Calliphoridae)

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of C/N Ratio and Physicochemical Conditions on the production of Rhamnolipids by Pseudomonas Aeruginosa LBI

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)