On the estimation and inference in factor-augmented panel regressions with correlated loadings

In an influential paper, Pesaran [Pesaran, M.H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica 74, 967–1012] proposes a very simple estimator of factor-augmented regressions that has since then become very popular. In this note we demonstrate how the presence of correlated factor loadings can render this estimator inconsistent.

Non-nested tests of a GDP-augmented Fama–French model versus a conditional Fama–French model in the Australian stock market

We extend Vassalou (2003) by conditioning the Fama–French model with the same macroeconomic variables used to construct a GDP factor. The motivation for doing so is to ascertain whether the ability of the GDP-augmented model to explain equity returns is actually due to news about future GDP growth or whether it is due to the macroeconomic conditioning variables used to construct the GDP factor. We compare the performance of a GDP-enhanced Fama–French model with the conditional Fama–French model using non-nested testing techniques. We find that the GDP-augmented model considerably underperforms the conditional version of the model.

Condensing a priori data for recognition based augmented reality

My research proposes novel methods to reduce the cardinality of a priori data used in recognition based augmented reality, whilst retaining distinctive and persistent features in the sets. This research will help reduce latency and increase accuracy in recognition based pose estimation systems, thus improving the user experience for augmented reality applications.

Paradigm shift to enhanced water supply planning through augmented grids, scarcity pricing and adaptive factory water : a system dynamics approach

This paper details a system dynamics model developed to simulate proposed changes to water governance through the integration of supply, demand and asset management processes. To effectively accomplish this, interconnected feedback loops in tariff structures, demand levels and financing capacity are included in the model design, representing the first comprehensive life-cycle modelling of potable water systems. A number of scenarios were applied to Australia's populated South-east Queensland region, demonstrating that introducing temporary drought pricing (i.e. progressive water prices set inverse with availability), in conjunction with supply augmentation through rain-independent sources, is capable of efficiently providing water security in the future. Modelling demonstrated that this alternative tariff structure reduced demand in scarcity periods thereby preserving supply, whilst revenues are maintained to build new water supply infrastructure. In addition to exploring alternative tariffs, the potential benefits of using adaptive pressure-retarded osmosis desalination plants for both potable water and power generation was explored. This operation of these plants for power production, when they would otherwise be idle, shows promise in reducing their net energy and carbon footprints. Stakeholders in industry, government and academia were engaged in model development and validation. The constructed model displays how water resource systems can be reorganised to cope with systemic change and uncertainty.

Augmented platelet calcium uptake in response to serotonin stimulation in patients with major depression measured using Mn2+ influx and 45Ca2+ uptake.

There is an augmented platelet intracellular calcium response to serotonin stimulation in major depression. The role that calcium influx has in this process is not known. The objective of this study was to determine platelet calcium influx in response to serotonin by two methods, Mn2+ influx and 45Ca2+ uptake, in order to observe if the uptake response to serotonin was augmented in major depression by comparing the response to normal controls. The use of the two methods of calcium influx showed that serotonin stimulates calcium uptake into platelets. Furthermore, patients with major depression have significantly augmented platelet calcium uptake in response to serotonin. The interesting finding was that calcium uptake into platelets is biphasic, occurring immediately and after five minutes. These results may support the two pool model for calcium oscillations within cells whereby extracellular calcium is needed for intracellular calcium release, and for replenishment of depleted stores once intracellular calcium is released.

Estimation of factor-augmented panel regressions with weakly influential factors

The use of factor-augmented panel regressions has become very popular in recent years. Existing methods for such regressions require that the common factors are strong, such that their cumulative loadings rise proportionally to the number of cross-sectional units, which of course need not be the case in practice. Motivated by this, the current paper offers an indepth analysis of the effect of non-strong factors on two of the most popular estimators for factor-augmented regressions, namely, principal components (PC) and common correlated effects (CCE).

A low cost one-camera optical tracking system for indoor wide-area augmented and virtual reality environments

In the last years the number of industrial applications for Augmented Reality (AR) and Virtual Reality (VR) environments has significantly increased. Optical tracking systems are an important component of AR/VR environments. In this work, a low cost optical tracking system with adequate attributes for professional use is proposed. The system works in infrared spectral region to reduce optical noise. A highspeed camera, equipped with daylight blocking filter and infrared flash strobes, transfers uncompressed grayscale images to a regular PC, where image pre-processing software and the PTrack tracking algorithm recognize a set of retro-reflective markers and extract its 3D position and orientation. Included in this work is a comprehensive research on image pre-processing and tracking algorithms. A testbed was built to perform accuracy and precision tests. Results show that the system reaches accuracy and precision levels slightly worse than but still comparable to professional systems. Due to its modularity, the system can be expanded by using several one-camera tracking modules linked by a sensor fusion algorithm, in order to obtain a larger working range. A setup with two modules was built and tested, resulting in performance similar to the stand-alone configuration.

SMART: system of augmented reality for teaching

Os computadores e os jogos de consola, são um vocabulário bem comum dos jovens e das crianças de hoje. No entanto, na maior parte das escolas, o processo de ensino-aprendizagem continua a ser feito da forma tradicional através do recurso aos quadros pretos e aos cadernos. Este projecto pretende mostrar que, se as aulas forem dadas de uma forma mais interactiva, as crianças estarão mais motivadas e consequentemente a taxa de aprendizagem terá tendência a aumentar. Pretende-se então, utilizar a tecnologia – a Realidade Aumentada, acreditando que será uma mais valia para o ensino, pois permite estabelecer novas relações com o saber, ultrapassando os limites dos materiais tradicionais e contribuindo para a diminuição da distância entre os alunos e o conhecimento.

SysteM of augmented reality for teaching kids: smartkids

As crianças do jardim de infância/pré-escola são um grupo de utilizadores muito especiais, uma vez que se encontram numa fase inicial das suas vidas onde têm de aprender a viver em sociedade, isto é, aprender a ouvir e respeitar as opiniões dos outros, partilhar os mesmos objectos e também a ajudar-se mutuamente. Este estudo mostra que através da utilização da tecnologia Realidade Aumentada, estas crianças são capazes de colaborar de uma forma espontânea suportada pela motivação, envolvimento e curiosidade. Descreve-se o design e a avaliação de um jogo de Realidade Aumentada, que consiste num sistema educativo para o ensino de crianças do pré-escolar. Este jogo permite que as crianças explorem conceitos tais como os animais e os meios onde vivem através de marcadores de Realidade Aumentada e de um tabuleiro de madeira. Estes marcadores consistem nas peças do jogo e através deles, as crianças podem manipular objectos virtuais em 3D. Foram realizados testes com diversas turmas de crianças em diferentes ambientes de aprendizagem, nomeadamente em escolas e num museu. Os resultados sugerem que o jogo é eficaz para obter níveis altos de concentração, motivação e colaboração entre as crianças, particularmente quando o feedback do jogo é fornecido de forma imediata. Os resultados mostram também que o jogo tem um impacto positivo sobre a experiência de aprendizagem das crianças.

Increased pancreatic islet mass is accompanied by activation of the insulin receptor substrate-2/serine-threonine kinase pathway and augmented cyclin D(2) protein levels in insulin-resistant rats

It is well known that glucocorticoids induce peripheral insulin resistance in rodents and humans. Here, we investigated the structural and ultrastructural modifications, as well as the proteins involved in beta-cell function and proliferation, in islets from insulin-resistant rats. Adult male Wistar rats were made insulin resistant by daily administration of dexamethasone (DEX; 1mg/kg, i.p.) for five consecutive days, whilst control (CTL) rats received saline alone. Structure analyses showed a marked hypertrophy of DEX islets with an increase of 1.7-fold in islet mass and of 1.6-fold in islet density compared with CTL islets (P < 0.05). Ultrastructural evaluation of islets revealed an increased amount of secreting organelles, such as endoplasmic reticulum and Golgi apparatus in DEX islets. Mitotic figures were observed in DEX islets at structural and ultrastructural levels. Beta-cell proliferation, evaluated at the immunohistochemical level using anti-PCNA (proliferating cell nuclear antigen), showed an increase in pancreatic beta-cell proliferation of 6.4-fold in DEX islets compared with CTL islets (P < 0.0001). Increases in insulin receptor substrate-2 (IRS-2), phosphorylated-serine-threonine kinase AKT (p-AKT), cyclin D(2) and a decrease in retinoblastoma protein (pRb) levels were observed in DEX islets compared with CTL islets (P < 0.05). Therefore, during the development of insulin resistance, the endocrine pancreas adapts itself increasing beta-cell mass and proliferation, resulting in an amelioration of the functions. The potential mechanisms that underlie these events involve the activation of the IRS-2/AKT pathway and activation of the cell cycle, mediated by cyclin D(2). These adaptations permit the maintenance of glycaemia at near-physiological ranges.