THE quest for alpha : can artificial neural networks help?

The application of artificial neural networks (ANN) in finance is relatively new area of research. We employed ANNs that used both fundamental and technical inputs to predict future prices of widely held Australian stocks and used these predicted prices for stock portfolio selection over a 10-year period (2001-2011). We found that the ANNs generally do well in predicting the direction of stock price movements. The stock portfolios selected by the ANNs with median accuracy are able to generate positive alpha over the 10-year period. More importantly, we found that a portfolio based on randomly selected network configuration had zero chance of resulting in a significantly negative alpha but a 27% chance of yielding a significantly positive alpha. This is in stark contrast to the findings of the research on mutual fund performance where active fund managers with negative alphas outnumber those with positive alphas.

ÉLET [LIFE]

Élet [pronounced air-let] is the Hungarian word for Life. The work is informed by the lyrics of six songs performed by French cover band Nouvelle Vague. Whilst Élet [Life] is created to be absorbed and interpreted openly by each individual, at the core of the choreography lies a desire to move forwards, to communicate – to be seen and heard. The work embraces aspects such as loneliness, joy and tension that we experience in our lives and relationships. As the movement opens out from these ideas, the physical shapes of our personal moments are infused with the elements of sound, colour and rhythm. A rich translation of personal movements through life.

‘Doing’ social justice in early childhood : the potential of leadership

Early childhood education has long been connected with objectives related to social justice. Australian Early Childhood Education and Care (ECEC) has its roots in philanthropic and educational reform movements prevalent at the turn of the 20th century. More recently, with the introduction of the National Early Childhood Reform Agenda, early childhood education has once more been linked to the achievement of aims associated with redressing inequality and disadvantage. According to Jean-Marie, Normore and Brooks (2009), educational leaders have a moral and social obligation to foster equitable practices through advocating for traditionally marginalised and poorly served students while creating a new social order “...that subverts the long standing system that has privileged certain students while oppressing or neglecting others” (p.4). Drawing on extant literature, including data from two previously reported Australian studies in which leadership emerged as having a transformational impact on service delivery, this paper examines the potential of early childhood leadership to generate ‘socially just’ educational communities. With reference to critical theory, we argue that critically informed, intentional and strategic organisational leadership can play a pivotal role in creating changed circumstances and opportunities for children and families. Such leadership includes positional and distributed elements, articulation of values and beliefs, and collective action that is mindful and informed.

The effects of flexible fixation on early stage bone fracture healing

The mechanical microenvironment at a fracture site could potentially influence the outcomes of bone fracture healing. It is known that, should the fixation construct be too stiff, or the gap between the fracture ends be too large, bones are less likely to heal. Flexible fixation or so-called “biological fixation” has been shown to encourage the formation of fracture callus, and therefore result in better healing outcomes. However, till date the nature of the relationship between the degree of mechanical stability provided by a flexible fixation and optimal healing fracture healing outcomes has not been fully understood. This paper presents a computational model that can predict healing out-comes from early stage healing data under various fixation configurations. The results of the simulations demonstrate that the change of mechanical microenvironment of fracture site resulting from the different fixation configurations is of importance for the healing outcomes.