Optimal performance fee and flow of funds in asset management contracts

This paper investigates the importance of ow of funds as an implicit incentive in the asset management industry. We build a two-period bi- nomial moral hazard model to explain the trade-o¤s between ow, per- formance and fees where e¤ort depends on the combination of implicit ( ow of funds) and explicit (performance fee) incentives. Two cases are considered. With full commitment, the investor s relevant trade-o¤ is to give up expected return in the second period vis-à-vis to induce e¤ort in the rst period. The more concerned the investor is with today s pay- o¤, the more willing he will be to give up expected return in the second period by penalizing negative excess return in the rst period. Without full commitment, the investor learns some symmetric and imperfect infor- mation about the ability of the manager to obtain positive excess return. In this case, observed returns reveal ability as well as e¤ort choices. We show that powerful implicit incentives may explain the ow-performance relationship with a numerical solution. Besides, risk aversion explains the complementarity between performance fee and ow of funds.

Optimal Workflow and Process-Based Performance Measures for Endovascular Therapy in Acute Ischemic Stroke: Analysis of the Solitaire FR Thrombectomy for Acute Revascularization Study.

BACKGROUND AND PURPOSE We report on workflow and process-based performance measures and their effect on clinical outcome in Solitaire FR Thrombectomy for Acute Revascularization (STAR), a multicenter, prospective, single-arm study of Solitaire FR thrombectomy in large vessel anterior circulation stroke patients. METHODS Two hundred two patients were enrolled across 14 centers in Europe, Canada, and Australia. The following time intervals were measured: stroke onset to hospital arrival, hospital arrival to baseline imaging, baseline imaging to groin puncture, groin puncture to first stent deployment, and first stent deployment to reperfusion. Effects of time of day, general anesthesia use, and multimodal imaging on workflow were evaluated. Patient characteristics and workflow processes associated with prolonged interval times and good clinical outcome (90-day modified Rankin score, 0-2) were analyzed. RESULTS Median times were onset of stroke to hospital arrival, 123 minutes (interquartile range, 163 minutes); hospital arrival to thrombolysis in cerebral infarction (TICI) 2b/3 or final digital subtraction angiography, 133 minutes (interquartile range, 99 minutes); and baseline imaging to groin puncture, 86 minutes (interquartile range, 24 minutes). Time from baseline imaging to puncture was prolonged in patients receiving intravenous tissue-type plasminogen activator (32-minute mean delay) and when magnetic resonance-based imaging at baseline was used (18-minute mean delay). Extracranial carotid disease delayed puncture to first stent deployment time on average by 25 minutes. For each 1-hour increase in stroke onset to final digital subtraction angiography (or TICI 2b/3) time, odds of good clinical outcome decreased by 38%. CONCLUSIONS Interval times in the STAR study reflect current intra-arterial therapy for patients with acute ischemic stroke. Improving workflow metrics can further improve clinical outcome. CLINICAL TRIAL REGISTRATION: URL http://www.clinicaltrials.gov. Unique identifier: NCT01327989.

CHEOPS Performance for Exomoons: The Detectability of Exomoons by Using Optimal Decision Algorithm

Many attempts have already been made to detect exomoons around transiting exoplanets, but the first confirmed discovery is still pending. The experiences that have been gathered so far allow us to better optimize future space telescopes for this challenge already during the development phase. In this paper we focus on the forthcoming CHaraterising ExOPlanet Satellite (CHEOPS), describing an optimized decision algorithm with step-by-step evaluation, and calculating the number of required transits for an exomoon detection for various planet moon configurations that can be observable by CHEOPS. We explore the most efficient way for such an observation to minimize the cost in observing time. Our study is based on PTV observations (photocentric transit timing variation) in simulated CHEOPS data, but the recipe does not depend on the actual detection method, and it can be substituted with, e.g., the photodynamical method for later applications. Using the current state-of-the-art level simulation of CHEOPS data we analyzed transit observation sets for different star planet moon configurations and performed a bootstrap analysis to determine their detection statistics. We have found that the detection limit is around an Earth-sized moon. In the case of favorable spatial configurations, systems with at least a large moon and a Neptune-sized planet, an 80% detection chance requires at least 5-6 transit observations on average. There is also a nonzero chance in the case of smaller moons, but the detection statistics deteriorate rapidly, while the necessary transit measurements increase quickly. After the CoRoT and Kepler spacecrafts, CHEOPS will be the next dedicated space telescope that will observe exoplanetary transits and characterize systems with known Doppler-planets. Although it has a smaller aperture than Kepler (the ratio of the mirror diameters is about 1/3) and is mounted with a CCD that is similar to Kepler's, it will observe brighter stars and operate with larger sampling rate; therefore, the detection limit for an exomoon can be the same as or better, which will make CHEOPS a competitive instruments in the quest for exomoons.

Silica final lens performance in laser fusion facilities: HiPER and LIFE

Silica final lens performance in laser fusion facilities: HiPER and LIFE

Silica final lens performance in laser fusion facilities: HiPER and LIFE

Nowadays, the projects LIFE (Laser Inertial Fusion Energy) in USA and HiPER (High Power Laser Energy Research) in Europe are the most advanced ones to demonstrate laser fusion energy viability. One of the main points of concern to properly achieve ignition is the performance of the final optics (lenses) under the severe irradiation conditions that take place in fusion facilities. In this paper, we calculate the radiation fluxes and doses as well as the radiation-induced temperature enhancement and colour centre formation in final lenses assuming realistic geometrical configurations for HiPER and LIFE. On these bases, the mechanical stresses generated by the established temperature gradients are evaluated showing that from a mechanical point of view lenses only fulfil specifications if ions resulting from the imploding target are mitigated. The absorption coefficient of the lenses is calculated during reactor startup and steady-state operation. The obtained results reveal the necessity of new solutions to tackle ignition problems during the startup process for HiPER. Finally, we evaluate the effect of temperature gradients on focal length changes and lens surface deformations. In summary, we discuss the capabilities and weak points of silica lenses and propose alternatives to overcome predictable problems

Optimal laser intensity profiles for a uniform target illumination in direct-drive inertial confinement fusion

A numerical method providing the optimal laser intensity profiles for a direct-drive inertial confinement fusion scheme has been developed. The method provides an alternative approach to phase-space optimization studies, which can prove computationally expensive. The method applies to a generic irradiation configuration characterized by an arbitrary number NB of laser beams provided that they irradiate the whole target surface, and thus goes beyond previous analyses limited to symmetric configurations. The calculated laser intensity profiles optimize the illumination of a spherical target. This paper focuses on description of the method, which uses two steps: first, the target irradiation is calculated for initial trial laser intensities, and then in a second step the optimal laser intensities are obtained by correcting the trial intensities using the calculated illumination. A limited number of example applications to direct drive on the Laser MegaJoule (LMJ) are described.

Effects of fiber inclusion on growth performance and nutrient digestibility of piglets reared under optimal or poor hygienic conditions

Two experiments were conducted to estimate the standardized ileal digestible (SID) Trp:Lys ratio requirement for growth performance of nursery pigs. Experimental diets were formulated to ensure that lysine was the second limiting AA throughout the experiments. In Exp. 1 (6 to 10 kg BW), 255 nursery pigs (PIC 327 × 1050, initially 6.3 ± 0.15 kg, mean ± SD) arranged in pens of 6 or 7 pigs were blocked by pen weight and assigned to experimental diets (7 pens/diet) consisting of SID Trp:Lys ratios of 14.7%, 16.5%, 18.4%, 20.3%, 22.1%, and 24.0% for 14 d with 1.30% SID Lys. In Exp. 2 (11 to 20 kg BW), 1,088 pigs (PIC 337 × 1050, initially 11.2 kg ± 1.35 BW, mean ± SD) arranged in pens of 24 to 27 pigs were blocked by average pig weight and assigned to experimental diets (6 pens/diet) consisting of SID Trp:Lys ratios of 14.5%, 16.5%, 18.0%, 19.5%, 21.0%, 22.5%, and 24.5% for 21 d with 30% dried distillers grains with solubles and 0.97% SID Lys. Each experiment was analyzed using general linear mixed models with heterogeneous residual variances. Competing heteroskedastic models included broken-line linear (BLL), broken-line quadratic (BLQ), and quadratic polynomial (QP). For each response, the best-fitting model was selected using Bayesian information criterion. In Exp. 1 (6 to 10 kg BW), increasing SID Trp:Lys ratio linearly increased (P < 0.05) ADG and G:F. For ADG, the best-fitting model was a QP in which the maximum ADG was estimated at 23.9% (95% confidence interval [CI]: [<14.7%, >24.0%]) SID Trp:Lys ratio. For G:F, the best-fitting model was a BLL in which the maximum G:F was estimated at 20.4% (95% CI: [14.3%, 26.5%]) SID Trp:Lys. In Exp. 2 (11 to 20 kg BW), increasing SID Trp:Lys ratio increased (P < 0.05) ADG and G:F in a quadratic manner. For ADG, the best-fitting model was a QP in which the maximum ADG was estimated at 21.2% (95% CI: [20.5%, 21.9%]) SID Trp:Lys. For G:F, BLL and BLQ models had comparable fit and estimated SID Trp:Lys requirements at 16.6% (95% CI: [16.0%, 17.3%]) and 17.1% (95% CI: [16.6%, 17.7%]), respectively. In conclusion, the estimated SID Trp:Lys requirement in Exp. 1 ranged from 20.4% for maximum G:F to 23.9% for maximum ADG, whereas in Exp. 2 it ranged from 16.6% for maximum G:F to 21.2% for maximum ADG. These results suggest that standard NRC (2012) recommendations may underestimate the SID Trp:Lys requirement for nursery pigs from 11 to 20 kg BW.

Optimal geographic diversification and firm performance:evidence from the U.K.

This paper examines the relationship between multinationality and firm performance. The analysis is based on a sample of over 400 UK multinationals, and encompasses both service sector and manufacturing sector multinationals. This paper confirms the non-linear relationship between performance and multinationality that is reported elsewhere in the literature, but offers further analysis of this relationship. Specifically, by correcting for endogeneity in the investment decision, and for shocks in productivity across countries, the paper demonstrates that the returns to multinationality are greater than those that have been reported elsewhere, and persist to higher degrees of international diversification.

The factors affecting the optimal performance of eddy-current machines

This thesis presents an examination of the factors which influence the performance of eddy-current machines and the way in which they affect optimality of those machines. After a brief introduction to the types of eddy-current machine considered, the applications to which these machines are put are examined. A list of parameters by which to assess their performance is obtained by considering the machine as part of a system. in this way an idea of what constitutes an optimal machine is obtained. The third chapter then identifies the factors which affects the performance and makes a quantitative evaluation of the effect. Here the various alternative configurations and components are compared with regard to their influence on the mechanical, electromagnetic, and thermal performance criteria of the machine. Chapter four contains a brief review of the methods of controlling eddy-current machines by electronic methods using thyristors or transistors as the final control element. Where necessary, the results of previous workers in the field of electrical machines have been extended or adapted to increase the usefulness of this thesis.

An allometric modelling approach to identify the optimal body shape sssociated with, and differences between brazilian and peruvian youth motor performance

Children fromdevelopedanddevelopingcountriesdifferintheirbodysizeandshapedueto markeddifferencesacrosstheirlifehistorycausedbysocial,economicandculturaldifferenceswhicharealsolinkedtotheirmotorperformance(MP).Weusedallometricmodelsto identifysize/shapecharacteristicsassociatedwithMPtestsbetweenBrazilianandPeruvianschoolchildren.Atotalof4,560subjects,2,385girlsand2,175boysaged9–15years werestudied.Heightandweightweremeasured;biological maturation wasestimated with thematurityoffsettechnique;MPmeasuresincludedthe12minuterun(12MR),handgrip strength(HG),standinglongjump(SLJ)andtheshuttlerunspeed(SR)tests;physicalactivity(PA)wasassessedusingtheBaeckequestionnaire.Amultiplicativeallometricmodel wasadoptedtoadjustforbodysizedifferencesacrosscountries.Reciprocalponderalindex (RPI)wasfoundtobethemostsuitablebodyshapeindicatorassociatedwiththe12MR, SLJ,HGandSRperformance.Apositivematurationoffset parameterwasalsoassociated withabetterperformanceinSLJ,HGandSRtests.Sexdifferenceswerefoundinallmotor tests.BrazilianyouthshowedbetterscoresinMPthantheirPeruvianpeers,evenwhen controlling fortheirbodysizedifferencesThecurrentstudyidentifiedthekeybodysize associatedwithfourbodymass-dependentMPtests.Biological maturationandPAwere associatedwithstrengthandmotorperformance.Sexdifferenceswerefoundinallmotor tests,aswellasacrosscountriesfavoringBrazilianchildrenevenwhenaccountingfortheir bodysize/shapedifferences.