Arvo- ja momentum-strategioiden yhdistäminen Suomen osakemarkkinoilla

Tämän tutkielman tavoitteena on selvittää pystytäänkö momentum-strategiaa hyödyntämällä parantamaan arvostrategian tuottoja Suomen osakemarkkinoilla. Yhdistetyn arvo- ja momentum-strategian lisäksi tutkitaan myös arvosrategian menestystä. Tutkimuksessa arvostusmittareina on käytetty P/E-, P/B-, P/CF-, P/S-, P/D-, EV/EBITDA-lukuja sekä kolmea näistä muodostettua yhdistelmätunnuslukua. Tutkimusaineisto koostuu Suomen osakemarkkinoilla julkisesti noteerattujen osakkeiden tuottoaikasarjoista vuosilta 1992-2008. Osakkeet on järjestetty tunnuslukujen ja momentum-indikaattorien perusteella kolmeen tertiiliportfolioon. Sijoitusten pitoaikana on käytetty yhtä ja kolmea vuotta. Portfolioista on raportoitu keskimääräisen vuosituoton lisäksi riskikorjattu tuotto Sharpen luvulla ja Jensenin alfalla mitattuna sekä näiden tilastollinen merkitsevyys. Tulosten perusteella voidaan päätellä, ettei momentum-strategian avulla pystytä parantamaan arvostrategian tuottoja Suomen osakemarkkinoilla. Arvostrategia menestyi kuitenkin erittäin hyvin etenkin yhdistelmätunnuslukujen sekä P/D-, EV/EBITDA- ja P/E-lukujen osalta.

Transverse momentum dependence of eta meson suppression in Au plus Au collisions at root s(NN)=200 GeV

New measurements by the PHENIX experiment at the Relativistic Heavy Ion Collider for. production at midrapidity as a function of transverse momentum ((PT)) and collision centrality in root s(NN) = 200 GeV Au + Au and p + p collisions are presented. They indicate nuclear modification factors (R(AA)) which are similar in both magnitude and trend to those found in earlier pi(0) measurements. Linear fits to R(AA) as a function of (PT) in 5-20 GeV/c show that the slope is consistent with zero within two standard deviations at all centralities, although a slow rise cannot be excluded. Having different statistical and systematic uncertainties, the pi(0) and eta measurements are complementary at high (PT); thus, along with the extended (PT) range of these data they can provide additional constraints for theoretical modeling and the extraction of transport properties.

Transverse momentum dependence of J/psi polarization at midrapidity in p plus p collisions at root s=200 GeV

We report the measurement of the transverse momentum dependence of inclusive J/psi polarization in p + p collisions at root s = 200 GeV performed by the PHENIX Experiment at the Relativistic Heavy Ion Collider. The J/psi polarization is studied in the helicity, Gottfried-Jackson, and Collins-Soper frames for p(T) < 5 GeV/c and vertical bar y vertical bar < 0.35. The polarization in the helicity and Gottfried-Jackson frames is consistent with zero for all transverse momenta, with a slight (1.8 sigma) trend towards longitudinal polarization for transverse momenta above 2 GeV/c. No conclusion is allowed due to the limited acceptance in the Collins-Soper frame and the uncertainties of the current data. The results are compared to observations for other collision systems and center of mass energies and to different quarkonia production models.

Measurement of Bottom Versus Charm as a Function of Transverse Momentum with Electron-Hadron Correlations in p plus p Collisions at s=200 GeV

The momentum distribution of electrons from semileptonic decays of charm and bottom quarks for midrapidity |y|< 0.35 in p+p collisions at s=200 GeV is measured by the PHENIX experiment at the Relativistic Heavy Ion Collider over the transverse momentum range 2 < p(T)< 7 GeV/c. The ratio of the yield of electrons from bottom to that from charm is presented. The ratio is determined using partial D/D -> e(+/-)K(-/+)X (K unidentified) reconstruction. It is found that the yield of electrons from bottom becomes significant above 4 GeV/c in p(T). A fixed-order-plus-next-to-leading-log perturbative quantum chromodynamics calculation agrees with the data within the theoretical and experimental uncertainties. The extracted total bottom production cross section at this energy is sigma(bb)=3.2(-1.1)(+1.2)(stat)(-1.3)(+1.4)(syst)mu b.

Suppression Pattern of Neutral Pions at High Transverse Momentum in Au plus Au Collisions at root S(NN)=200 GeV and Constraints on Medium Transport Coefficients

For Au + Au collisions at 200 GeV, we measure neutral pion production with good statistics for transverse momentum, p(T), up to 20 GeV/c. A fivefold suppression is found, which is essentially constant for 5 < p(T) < 20 GeV/c. Experimental uncertainties are small enough to constrain any model-dependent parametrization for the transport coefficient of the medium, e. g., <(q) over cap > in the parton quenching model. The spectral shape is similar for all collision classes, and the suppression does not saturate in Au + Au collisions.

Quantitative constraints on the transport properties of hot partonic matter from semi-inclusive single high transverse momentum pion suppression in Au plus Au collisions at root S(NN)=200 GeV

The PHENIX experiment has measured the suppression of semi-inclusive single high-transverse-momentum pi(0)'s in Au+Au collisions at root s(NN) = 200 GeV. The present understanding of this suppression is in terms of energy loss of the parent (fragmenting) parton in a dense color-charge medium. We have performed a quantitative comparison between various parton energy-loss models and our experimental data. The statistical point-to-point uncorrelated as well as correlated systematic uncertainties are taken into account in the comparison. We detail this methodology and the resulting constraint on the model parameters, such as the initial color-charge density dN(g)/dy, the medium transport coefficient <(q) over cap >, or the initial energy-loss parameter epsilon(0). We find that high-transverse-momentum pi(0) suppression in Au+Au collisions has sufficient precision to constrain these model-dependent parameters at the +/- 20-25% (one standard deviation) level. These constraints include only the experimental uncertainties, and further studies are needed to compute the corresponding theoretical uncertainties.

Transverse momentum and centrality dependence of dihadron correlations in Au plus Au collisions at root s(NN)=200 GeV: Jet quenching and the response of partonic matter

Azimuthal angle (Delta phi) correlations are presented for charged hadrons from dijets for 0.4 < p(T)< 10 GeV/c in Au+Au collisions at root s(NN)=200 GeV. With increasing p(T), the away-side distribution evolves from a broad and relatively flat shape to a concave shape, then to a convex shape. Comparisons to p+p data suggest that the away-side can be divided into a partially suppressed ""head"" region centered at Delta phi similar to pi and an enhanced ""shoulder"" region centered at Delta phi similar to pi +/- 1.1. The p(T) spectrum for the head region softens toward central collisions, consistent with the onset of jet quenching. The spectral slope for the shoulder region is independent of centrality and trigger p(T), which offers constraints on energy transport mechanisms and suggests that it contains the medium response to energetic jets.

Inclusive pi(0), eta, and direct photon production at high transverse momentum in p plus p and d plus Au collisions at root s(NN)=200 GeV

We report a measurement of high-p(T) inclusive pi(0), eta, and direct photon production in p + p and d + Au collisions at root s(NN) = 200 GeV at midrapidity (0 < eta < 1). Photons from the decay pi(0) -> gamma gamma were detected in the barrel electromagnetic calorimeter of the STAR experiment at the Relativistic Heavy Ion Collider. The eta -> gamma gamma decay was also observed and constituted the first eta measurement by STAR. The first direct photon cross-section measurement by STAR is also presented; the signal was extracted statistically by subtracting the pi(0), eta, and omega(782) decay background from the inclusive photon distribution observed in the calorimeter. The analysis is described in detail, and the results are found to be in good agreement with earlier measurements and with next-to-leading-order perturbative QCD calculations.

One-loop energy-momentum tensor in QED with electriclike background

We have obtained nonperturbative one-loop expressions for the mean-energy-momentum tensor and current density of Dirac's field on a constant electriclike back-round. One of the goals of this calculation is to give a consistent description of backreaction in such a theory. Two cases of initial states are considered: the vacuum state and the thermal equilibrium state. First, we perform calculations for the vacuum initial state. In the obtained expressions, we separate the contributions due to particle creation and vacuum polarization. The latter contribution,, are related to the Heisenberg-Euler Lagrangian. Then, we Study the case of the thermal initial state. Here, we separate the contributions due to particle creation, vacuum polarization, and the contributions due to the work of the external field on the particles at the initial state. All these contributions are studied in detail, in different regimes of weak and strong fields and low and high temperatures. The obtained results allow us to establish restrictions on the electric field and its duration under which QED with a strong constant electric field is consistent. Under such restrictions, one can neglect the backreaction of particles created by the electric field. Some of the obtained results generalize the calculations of Heisenberg-Euler for energy density to the case of arbitrary strong electric fields.

Free-Surface Aeration and Momentum Exchange at a Bottom Outlet

This study aims to provide some new understanding of the air-water flow properties in high-velocity water jets discharging past an abrupt drop. Such a setup has been little studied to date despite the relevance to bottom outlets. Downstream of the step brink, the free-jet entrains air at both upper and lower air-water interfaces, as well as along the sides. An air-water shear layer develops at the lower nappe interface. At the lower nappe, the velocity redistribution was successfully modelled and the velocity field was found to be similar to that in two-dimensional wake flow. The results highlighted further two distinct flow regions. Close to the brink (Wex < 5000), the flow was dominated by momentum transfer. Further downstream (Wex > 5000), a strong competition between air bubble diffusion and momentum exchanges took place.

Non-equilibrium energy and momentum accommodation coefficients of Ar atoms scattered from Ni(001) in the thermal regime: A molecular dynamics study

Molecular dynamics simulations are used to study energy and momentum transfer of low-energy Ar atoms scattered from the Ni(001) surface. The investigation concentrates on the dependence of these processes on incident energy, angles of incidence and surface temperature. Energy transfer exhibits a strong dependence on the surface temperature, at incident energies below 500 meV, and incident angles close to specular incidence. Above 500 meV, the surface temperature dependence vanishes, and a limiting value in the amount of energy transferred to the surface is attained. Momentum exchange is investigated in terms of tangential and normal components. Both components exhibit a weak surface temperature dependence, but they have opposite behaviours at all incidence angles. In each component, momentum can be lost or gained following the interaction with the surface. (C) 1997 Elsevier Science B.V.

Topological charge and angular momentum of light beams carrying optical vortices

We analyze the properties of light beams carrying phase singularities, or optical vortices. The transformations of topological charge during free-space propagation of a light wave, which is a combination of a Gaussian beam and a multiple charged optical vortex within a Gaussian envelope, are studied both in theory and experiment. We revise the existing knowledge about topological charge conservation, and demonstrate possible scenarios where additional vortices appear or annihilate during free propagation of such a combined beam. Coaxial interference of optical vortices is also analyzed, and the general rule for angular-momentum density distribution in a combined beam is established. We show that, in spite of any variation in the number of vortices in a combined beam, the total angular momentum is constant during the propagation. [S1050-2947(97)09910-1].