959 resultados para Equity Portfolio with Equal Weights


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In an attempt to provide an analytical entry point into my compositional practice, I have identified eight themes which are significantly recurrent: reduction – the selection of a small number of elements; imperfection – a damaged or warped characteristic of sound; hierarchy – a concern with the roles of instruments with regard to their relative prominence; motion – apparently static sound masses consist of fine internal movement; listener perception – expectations for change influence the experience of affect; translation – the transitioning of electronic sounds to the acoustic realm, and vice versa; immersion – the creation of an accommodating soundscape; blurring – smearing and overlapping sounds or genres. Each of these eight factors is associated with relevant precedents in the history and theory of music that have been influential on my work. These include the minimalist compositions of Steve Reich and Arvo Pärt; the lo-fi aesthetic of Boards of Canada and My Bloody Valentine; concerns with political hierarchy in the work of Louis Andriessen; the variations of dynamics and microtonal shifts of Giacinto Scelsi; Leonard B. Meyer's account of expectation in music; cross-fertilisation of the acoustic and electronic in pieces by Gérard Grisey and Gyorgy Ligeti; the immersive technique of Brian Eno's ambient music; and the overlapping sounds of Aphex Twin. These eight factors are variously applicable to the eleven submitted pieces, which are individually analysed with reference to the most significant of the categories. Together they form a musical language that sustains the interaction of a variety of techniques, concepts and genres.

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To evaluate the immunogenicity and safety of a 23-valent pneumococcal vaccine in human immunodeficiency virus (HIV)-seropositive patients, 80 men and 18 women received 1 dose of the vaccine (Pneumo 23; Pasteur Mérieux MSD, Brussels). The total IgG antibody response against all 23 Streptococcus pneumoniae capsular antigens was measured. Antibody levels were expressed in arbitrary units per microliter, referring to a standard curve. Geometric mean titers of the total IgG capsular antibodies on the day of vaccination and 30-45 days later were compared. The ratios of titers after and before vaccination in patients with > 500, 200-500, and < 200 CD4 lymphocytes/microL were 10, 10, and 12.6, respectively. Nonresponse (ratio < 4) occurred in 17% of patients and was unrelated to CD4 cell count. The vaccine was well tolerated; no serious side effects occurred. In 83% of the patients with HIV infection, the total antipneumococcal IgG level was higher after vaccination.

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This article examines the behavior of equity trading volume and volatility for the individual firms composing the Standard & Poor's 100 composite index. Using multivariate spectral methods, we find that fractionally integrated processes best describe the long-run temporal dependencies in both series. Consistent with a stylized mixture-of-distributions hypothesis model in which the aggregate "news"-arrival process possesses long-memory characteristics, the long-run hyperbolic decay rates appear to be common across each volume-volatility pair.

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Recent empirical findings suggest that the long-run dependence in U.S. stock market volatility is best described by a slowly mean-reverting fractionally integrated process. The present study complements this existing time-series-based evidence by comparing the risk-neutralized option pricing distributions from various ARCH-type formulations. Utilizing a panel data set consisting of newly created exchange traded long-term equity anticipation securities, or leaps, on the Standard and Poor's 500 stock market index with maturity times ranging up to three years, we find that the degree of mean reversion in the volatility process implicit in these prices is best described by a Fractionally Integrated EGARCH (FIEGARCH) model. © 1999 Elsevier Science S.A. All rights reserved.

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We introduce a class of optical media based on adiabatically modulated, dielectric-only, and potentially extremely low-loss, photonic crystals (PC). The media we describe represent a generalization of the eikonal limit of transformation optics (TO). The basis of the concept is the possibility to fit some equal frequency surfaces of certain PCs with elliptic surfaces, allowing them to mimic the dispersion relation of light in anisotropic effective media. PC cloaks and other TO devices operating at visible wavelengths can be constructed from optically transparent substances such as glasses, whose attenuation coefficient can be as small as 10 dB/km, suggesting the TO design methodology can be applied to the development of optical devices not limited by the losses inherent to metal-based, passive metamaterials.

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OBJECTIVE: To investigate the effect of statin use after radical prostatectomy (RP) on biochemical recurrence (BCR) in patients with prostate cancer who never received statins before RP. PATIENTS AND METHODS: We conducted a retrospective analysis of 1146 RP patients within the Shared Equal Access Regional Cancer Hospital (SEARCH) database. Multivariable Cox proportional hazards analyses were used to examine differences in risk of BCR between post-RP statin users vs nonusers. To account for varying start dates and duration of statin use during follow-up, post-RP statin use was treated as a time-dependent variable. In a secondary analysis, models were stratified by race to examine the association of post-RP statin use with BCR among black and non-black men. RESULTS: After adjusting for clinical and pathological characteristics, post-RP statin use was significantly associated with 36% reduced risk of BCR (hazard ratio [HR] 0.64, 95% confidence interval [CI] 0.47-0.87; P = 0.004). Post-RP statin use remained associated with reduced risk of BCR after adjusting for preoperative serum cholesterol levels. In secondary analysis, after stratification by race, this protective association was significant in non-black (HR 0.49, 95% CI 0.32-0.75; P = 0.001) but not black men (HR 0.82, 95% CI 0.53-1.28; P = 0.384). CONCLUSION: In this retrospective cohort of men undergoing RP, post-RP statin use was significantly associated with reduced risk of BCR. Whether the association between post-RP statin use and BCR differs by race requires further study. Given these findings, coupled with other studies suggesting that statins may reduce risk of advanced prostate cancer, randomised controlled trials are warranted to formally test the hypothesis that statins slow prostate cancer progression.

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This paper examines scheduling problems in which the setup phase of each operation needs to be attended by a single server, common for all jobs and different from the processing machines. The objective in each situation is to minimize the makespan. For the processing system consisting of two parallel dedicated machines we prove that the problem of finding an optimal schedule is NP-hard in the strong sense even if all setup times are equal or if all processing times are equal. For the case of m parallel dedicated machines, a simple greedy algorithm is shown to create a schedule with the makespan that is at most twice the optimum value. For the two machine case, an improved heuristic guarantees a tight worst-case ratio of 3/2. We also describe several polynomially solvable cases of the later problem. The two-machine flow shop and the open shop problems with a single server are also shown to be NP-hard in the strong sense. However, we reduce the two-machine flow shop no-wait problem with a single server to the Gilmore-Gomory traveling salesman problem and solve it in polynomial time. (c) 2000 John Wiley & Sons, Inc.

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The paper considers a problem of scheduling n jobs in a two-machine open shop to minimise the makespan, provided that preemption is not allowed and the interstage transportation times are involved. In general, this problem is known to be NP-hard. We present a linear time algorithm that finds an optimal schedule if no transportation time exceeds the smallest of the processing times. We also describe an algorithm that creates a heuristic solution to the problem with job-independent transportation times. Our algorithm provides a worst-case performance ratio of 8/5 if the transportation time of a job depends on the assigned processing route. The ratio reduces to 3/2 if all transportation times are equal.

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This paper considers a special class of flow-shop problems, known as the proportionate flow shop. In such a shop, each job flows through the machines in the same order and has equal processing times on the machines. The processing times of different jobs may be different. It is assumed that all operations of a job may be compressed by the same amount which will incur an additional cost. The objective is to minimize the makespan of the schedule together with a compression cost function which is non-decreasing with respect to the amount of compression. For a bicriterion problem of minimizing the makespan and a linear cost function, an O(n log n) algorithm is developed to construct the Pareto optimal set. For a single criterion problem, an O(n2) algorithm is developed to minimize the sum of the makespan and compression cost. Copyright © 1999 John Wiley & Sons, Ltd.

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We develop a fully polynomial-time approximation scheme (FPTAS) for minimizing the weighted total tardiness on a single machine, provided that all due dates are equal. The FPTAS is obtained by converting an especially designed pseudopolynomial dynamic programming algorithm.

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The main sources of financing for small and medium sized enterprises (SMEs) are equity (internally generated cash), trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information (cost of gathering and analysing information) and transactions costs associated with non-payment (costs of collecting and selling collateral). According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME's confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.

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The World Economic Forum at Davos has published a major study showing that workplaces of firms taken over by private equity have 10% less employees 5 years after the takeover, than other similar workplaces. The rate of plant closures, opening, acquisitions and disposals is twice as high as in other firms, and the net effect is still a job loss of 3.6%-4.5% after only 2 years, compared with other firms. Firms taken over by private equity are also more likely to go bankrupt than publicly quoted firms.

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This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.

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Energy levels and radiative rates for transitions among the 107 finestructure levels belonging to the (1s(2)2s(2)2p(6)) 3s(2)3p(6)3d(10), 3s(2)3p(6)3d(9)4l, 3s(2)3p(5)3d(10)4l, and 3s3p(6)3d(10)4l configurations of Ni-like ions with 60 less than or equal to Z less than or equal to 90 have been calculated using the GRASP code. The collision strengths (Omega) have also been computed for transitions in Gd XXXVII at energies below 800 Ryd, using the DARC code. Resonances have been resolved in a fine energy mesh in the threshold region, and excitation rate coefficients have been calculated for transitions from the ground level to excited levels at temperatures below 2500 eV. These have been compared with those available in the literature, and enhancement in the values of rates, due to resonances, has been observed up to an order of magnitude for some of the transitions.

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Recent R-matrix calculations of electron impact excitation rates in Ni XII are used to derive the emission line ratios R-1 = I(154.17 Angstrom)/I(152.15 Angstrom), R-2 = I(152.95 Angstrom)/I(152.15 Angstrom) and R-3 = 1(160.55 Angstrom)/I(152.15 Angstrom). This is the first time (to our knowledge) that theoretical emission line ratios have been calculated for this ion. The ratios are found to be insensitive to changes in the adopted electron density (N-e) when N-e greater than or equal to 5 x 10(11) cm(-3), typical of laboratory plasmas. However, they do vary with electron temperature (T-e), with for example R-1 and R-3 changing by factors of 1.3 and 1.8, respectively, between T-e = 10(5) and 10(6) K. A comparison of the theoretical line ratios with measurements from the Joint European Tents (JET) tokamak reveals very good agreement between theory and observation for R-1, with an average discrepancy of only 7%. Agreement between the calculated and experimental ratios for R-2 and R-3 is less satisfactory, with average differences of 30 and 33%, respectively. These probably arise from errors in the JET instrument calibration curve. However, the discrepancies are smaller than the uncertainties in the R-2 and R-3 measurements. Our results, in particular for R-1, provide experimental support for the accuracy of the Ni XIII line ratio calculations, and hence for the atomic data adopted in their derivation.