Speed of adjustment within currency markets

One measure of market efficiency is the speed at which prices adjust to fundamental value with the arrival of information. This paper examines this issue by estimating speed of adjustment coefficients using three  methodologies for eight currencies for the entire year of 1996 using half hourly non-overlapping return intervals. We find that the bulk of adjustment to fundamental value for all currencies occurs within the hour but then quickly deteriorates. Within the hour adjustment is sufficiently quick to be considered efficient but the lack of full adjustment to fundamental value is not what would be predicted within an efficient market. There is no evidence for any of the currencies studied of a tendency to over react. There is also little difference in the speeds of adjustment between actively and less actively traded  currencies. There is however a definite difference in the speed at which currencies adjustment depending on whether they are free floating or managed exchange rates. Free floating rates adjust much quicker. Government intervention slows adjustment to fundamental value.

Speed of adjustment of capital structure: empirical study

We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.

Inward investment, industry concentration and the speed of adjustment

T his paper seeks to examine the relationship between foreign direct investment (FDI) and industry concentration. Previous work in the area is somewhat contradictory in terms of the effect that FDI may be expected to have on host-country market structure. In addition, work which seeks to use concentration as a determinant of FDI (or indeed entry in a more generic sense) is rather ambiguous. This paper seeks to resolve these issues, and argues that inward FDI is more likely to reduce concentration by increasing competition than it is to increase monopoly power. In addition, the paper will show that the role of concentration in explaining FDI is more complex than has previously been understood. This paper is constructed as follows: Section II discusses the hypothesized relationship between market concentration and FDI, while Sections III, IV and V develop the models employed and discuss the econometric issues. Finally Sections VI and VII discuss the results and present some conclusions.

Estimating the speed of adjustment to target levels: the case of energy prices

In this paper, we propose a model that estimates the speed of energy price adjustment to its target level. We also explain the source of price adjustment. Moreover, we extract energy price bubbles and show that bubbles help explain price adjustment. Since ours is the first paper that develops an energy price adjustment model and links it to bubbles, several avenues for future research have emerged from our analysis. The first is to provide a theoretical framework for the bubbles and price adjustment mechanism. The second direction of research will be to continue the search for other potential determinants of price adjustment.

Pitch Based Wind Turbine Intelligent Speed Setpoint Adjustment Algorithms

This work is aimed at optimizing the wind turbine rotor speed setpoint algorithm. Several intelligent adjustment strategies have been investigated in order to improve a reward function that takes into account the power captured from the wind and the turbine speed error. After different approaches including Reinforcement Learning, the best results were obtained using a Particle Swarm Optimization (PSO)-based wind turbine speed setpoint algorithm. A reward improvement of up to 10.67% has been achieved using PSO compared to a constant approach and 0.48% compared to a conventional approach. We conclude that the pitch angle is the most adequate input variable for the turbine speed setpoint algorithm compared to others such as rotor speed, or rotor angular acceleration.

Translation and cultural adaptation of Brazilian Detailed Assessment of Speed of Handwriting: conceptual and semantic equivalence

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Advances in characterisation, calibration and data processing speed of optical coherence tomography systems

This thesis describes advances in the characterisation, calibration and data processing of optical coherence tomography (OCT) systems. Femtosecond (fs) laser inscription was used for producing OCT-phantoms. Transparent materials are generally inert to infra-red radiations, but with fs lasers material modification occurs via non-linear processes when the highly focused light source interacts with the materials. This modification is confined to the focal volume and is highly reproducible. In order to select the best inscription parameters, combination of different inscription parameters were tested, using three fs laser systems, with different operating properties, on a variety of materials. This facilitated the understanding of the key characteristics of the produced structures with the aim of producing viable OCT-phantoms. Finally, OCT-phantoms were successfully designed and fabricated in fused silica. The use of these phantoms to characterise many properties (resolution, distortion, sensitivity decay, scan linearity) of an OCT system was demonstrated. Quantitative methods were developed to support the characterisation of an OCT system collecting images from phantoms and also to improve the quality of the OCT images. Characterisation methods include the measurement of the spatially variant resolution (point spread function (PSF) and modulation transfer function (MTF)), sensitivity and distortion. Processing of OCT data is a computer intensive process. Standard central processing unit (CPU) based processing might take several minutes to a few hours to process acquired data, thus data processing is a significant bottleneck. An alternative choice is to use expensive hardware-based processing such as field programmable gate arrays (FPGAs). However, recently graphics processing unit (GPU) based data processing methods have been developed to minimize this data processing and rendering time. These processing techniques include standard-processing methods which includes a set of algorithms to process the raw data (interference) obtained by the detector and generate A-scans. The work presented here describes accelerated data processing and post processing techniques for OCT systems. The GPU based processing developed, during the PhD, was later implemented into a custom built Fourier domain optical coherence tomography (FD-OCT) system. This system currently processes and renders data in real time. Processing throughput of this system is currently limited by the camera capture rate. OCTphantoms have been heavily used for the qualitative characterization and adjustment/ fine tuning of the operating conditions of OCT system. Currently, investigations are under way to characterize OCT systems using our phantoms. The work presented in this thesis demonstrate several novel techniques of fabricating OCT-phantoms and accelerating OCT data processing using GPUs. In the process of developing phantoms and quantitative methods, a thorough understanding and practical knowledge of OCT and fs laser processing systems was developed. This understanding leads to several novel pieces of research that are not only relevant to OCT but have broader importance. For example, extensive understanding of the properties of fs inscribed structures will be useful in other photonic application such as making of phase mask, wave guides and microfluidic channels. Acceleration of data processing with GPUs is also useful in other fields.

Making sense of brain tumour: A qualitative investigation of personal and social processes of adjustment

This study investigated personal and social processes of adjustment at different stages of illness for individuals with brain tumour. A purposive sample of 18 participants with mixed tumour types (9 benign and 9 malignant) and 15 family caregivers was recruited from a neurosurgical practice and a brain tumour support service. In-depth semi-structured interviews focused on participants’ perceptions of their adjustment, including personal appraisals, coping and social support since their brain tumour diagnosis. Interview transcripts were analysed thematically using open, axial and selective coding techniques. The primary theme that emerged from the analysis entailed “key sense making appraisals”, which was closely related to the following secondary themes: (1) Interactions with those in the healthcare system, (2) reactions and support from the personal support network, and (3) a diversity of coping efforts. Adjustment to brain tumour involved a series of appraisals about the illness that were influenced by interactions with those in the healthcare system, reactions and support from people in their support network, and personal coping efforts. Overall, the findings indicate that adjustment to brain tumour is highly individualistic; however, some common personal and social processes are evident in how people make sense of and adapt to the illness over time. A preliminary framework of adjustment based on the present findings and its clinical relevance are discussed. In particular, it is important for health professionals to seek to understand and support individuals’ sense-making processes following diagnosis of brain tumour.

Load bearing improves the limits of agreement for repeated in vivo measures of the speed of sound in human Achilles tendon

Axial acoustic wave propagation has been widely used in evaluating the mechanical properties of human bone in vivo. However, application of this technique to monitor soft tissues, such as tendon, has received comparatively little scientific attention. Laboratory-based research has established that axial acoustic wave transmission is not only related to the physical properties of equine tendon but is also proportional to tensile load to which it is exposed (Miles et al., 1996; Pourcelot et al., 2005). The reproducibility of the technique for in vivo measurements in human tendon, however, has not been established. The aim of this study was to evaluate the limits of agreement for repeated measures of the speed of sound (SoS) in human Achilles tendon in vivo. Methods: A custom built ultrasound device, consisting of an A-mode 1MHz emitter and two regularly spaced receivers, was used to measure the SoS in the mid-portion of the Achilles tendon in ten healthy males and ten females (mean age: 33.8 years, range 23-56 yrs; height: 1.73±0.08 m; weight: 68.4±15.3 kg). The emitter and receivers were held at fixed positions by a polyethylene frame and maintained in close contact with the skin overlying the tendon by means of elasticated straps. Repeated SoS measurements were taken with the subject prone (non-weightbearing and relaxed Achilles tendon) and during quiet bipedal and unipedal stance. In each instance, the device was detached and repositioned prior to measurement. Results: Limits of agreement for repeated SoS measures during non-weightbearing and bipedal and unipedal stance were ±53, ±28 and ±21 m/s, respectively. The average SoS in the non-weightbearing Achilles tendon was 1804±198 m/s. There was a significant increase in the average SoS during bilateral (2122±135 m/s) (P < 0.05) and unilateral (2221±79 m/s) stance (P < 0.05). Conclusions: Repeated SoS measures in human Achilles tendon were more reliable during stance than under non-weightbearing conditions. These findings are consistent with previous research in equine tendon in which lower variability in SoS was observed with increasing tensile load (Crevier-Denoix et al, 2009). Since the limits of agreement for Achilles tendon SoS are nearly 5% of the changes previously observed during walking and therapeutic heel raise exercises, acoustic wave transmission provides a promising new non-invasive method for determining tendon properties during sports and rehabilitation related activities.

Faster than the speed of print : reconciling ‘big data’ social media analysis and academic scholarship

The promise of ‘big data’ has generated a significant deal of interest in the development of new approaches to research in the humanities and social sciences, as well as a range of important critical interventions which warn of an unquestioned rush to ‘big data’. Drawing on the experiences made in developing innovative ‘big data’ approaches to social media research, this paper examines some of the repercussions for the scholarly research and publication practices of those researchers who do pursue the path of ‘big data’–centric investigation in their work. As researchers import the tools and methods of highly quantitative, statistical analysis from the ‘hard’ sciences into computational, digital humanities research, must they also subscribe to the language and assumptions underlying such ‘scientificity’? If so, how does this affect the choices made in gathering, processing, analysing, and disseminating the outcomes of digital humanities research? In particular, is there a need to rethink the forms and formats of publishing scholarly work in order to enable the rigorous scrutiny and replicability of research outcomes?

An analysis of regression models for predicting the speed of a wave glider autonomous surface vehicle

An important aspect of robotic path planning for is ensuring that the vehicle is in the best location to collect the data necessary for the problem at hand. Given that features of interest are dynamic and move with oceanic currents, vehicle speed is an important factor in any planning exercises to ensure vehicles are at the right place at the right time. Here, we examine different Gaussian process models to find a suitable predictive kinematic model that enable the speed of an underactuated, autonomous surface vehicle to be accurately predicted given a set of input environmental parameters.

Calculation of the speed of walking of individuals with transfemoral amputation fitted with bone-anchored prosthesis

Typically, the walking ability of individuals with a transfemoral amputation (TFA) can be represented by the speed of walking (SofW) obtained in experimental settings. Recent developments in portable kinetic systems allow assessing the level of activity of TFA during actual daily living outside the confined space of a gait lab. Unfortunately, only minimal spatio-temporal characteristics could be extracted from the kinetic data including the cadence and the duration on gait cycles. Therefore, there is a need for a way to use some of these characteristics to assess the instantaneous speed of walking during daily living. The purpose of the study was to compare several methods to determine SofW using minimal spatial gait characteristics.

Pull the plug or take the plunge: Multiple opportunities and the speed of venturing decisions in the Australian mining industry

Effectively capturing opportunities requires rapid decision-making. We investigate the speed of opportunity evaluation decisions by focusing on firms' venture termination and venture advancement decisions. Experience, standard operating procedures, and confidence allow firms to make opportunity evaluation decisions faster; we propose that a firm's attentional orientation, as reflected in its project portfolio, limits the number of domains in which these speed-enhancing mechanisms can be developed. Hence firms' decision speed is likely to vary between different types of decisions. Using unique data on 3,269 mineral exploration ventures in the Australian mining industry, we find that firms with a higher degree of attention toward earlier-stage exploration activities are quicker to abandon potential opportunities in early development but slower to do so later, and that such firms are also slower to advance on potential opportunities at all stages compared to firms that focus their attention differently. Market dynamism moderates these relationships, but only with regard to initial evaluation decisions. Our study extends research on decision speed by showing that firms are not necessarily fast or slow regarding all the decisions they make, and by offering an opportunity evaluation framework that recognizes that decision makers can, in fact often do, pursue multiple potential opportunities simultaneously.