USURJ: University of Saskatchewan Undergraduate Research Journal
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    Tracking ‘Pure’ Systematic Risk with Realized Betas for Bitcoin and Ethereum

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    International audienceUsing the capital asset pricing model, this article critically assesses the relative importance of computing ‘realized’ betas from high-frequency returns for Bitcoin and Ethereum—the two major cryptocurrencies—against their classic counterparts using the 1-day and 5-day return-based betas. The sample includes intraday data from 15 May 2018 until 17 January 2023. The microstructure noise is present until 4 min in the BTC and ETH high-frequency data. Therefore, we opt for a conservative choice with a 60 min sampling frequency. Considering 250 trading days as a rolling-window size, we obtain rolling betas 0.8 for BTC (β > 0.65 for ETH). The weekly frequency is thus revealed as being less precise for capturing the ‘pure’ systematic risk for Bitcoin and Ethereum. For Ethereum in particular, the availability of high-frequency data tends to produce, on average, a more reliable inference. In the age of financial data feed immediacy, our results strongly suggest to pension fund managers, hedge fund traders, and investment bankers to include ‘realized’ versions of CAPM betas in their dashboard of indicators for portfolio risk estimation. Sensitivity analyses cover jump detection in BTC/ETH high-frequency data (up to 25%). We also include several jump-robust estimators of realized volatility, where realized quadpower volatility prevails

    Which immigrants are welcome: The role of worldview conflict and immigrants' social status

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    International audienceAbstract Worldview conflict has been shown to determine prejudice toward members of groups holding opposite views. In two experimental studies, we aimed at generalizing the consequences of worldview conflict to the reception of immigrants by a host population. We hypothesized that members of a host population have a more favorable attitude toward immigrants when they share the same worldviews. In Study 1 ( N = 181), we took the example of same‐sex marriage and showed that participants rated immigrants who held worldviews congruent with their own more favorably. In Study 2 ( N = 467), we found that members of the host population were more favorable to a naturalization request by a high‐social‐status immigrant when s/he agreed with them concerning the Black Lives Matter movement. However, that worldviews congruency effect was not found for a low‐social‐status immigrant. Consequences of worldview conflict on the reception of immigrants are discussed

    Feminist football teams: margins of manoeuvre for activists, physical sports in a new space involving sport and activism

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    International audienceDepuis une dizaine d’années des équipes de football pratiquant en non-mixité répondent à une volonté de lier une pratique sportive à une pratique militante féministe et lesbienne. En s’appuyant sur une période d’observation longitudinale et des entretiens semi-directifs, cette communication visera à présenter cet espace de pratiques pour en proposer une photographie inédite : quelles sont les modalités de pratique, comment se lient les activités militantes et les activités sportives, quelles sont les carrières des pratiquant∙es (Becker, 1985 ; Fillieule, 2009)? Nous évoquerons d’abord l’héritage des mutations du mouvement sportif (Travaillot, 2000) tout autant que celui des mouvements féministes des années 1970 ( Fillieule & Roux, 2009; Kern, 2022; Marche, 2019) qui façonnent ces équipes. C’est ensuite l’idée de réappropriation corporelle, et du corps comme lieu de résistance qui sera approfondie (Adam, 2018 ; Aromatario, 2022 ; Butler, 2003, 2005, 2019). En somme, nous souhaitons mettre en lumière les résistances (militantes, sportives et corporelles) et les marges de manœuvre, en termes de genre et de sexualité, rendues possibles grâce à ce nouvel espace de pratiques

    Unsupervised Complex Semi-Binary Matrix Factorization for Activation Sequence Recovery of Quasi-Stationary Sources

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    Advocating for a sustainable, resilient and human-centric industry, the three pillars of Industry 5.0 call for an increased understanding of industrial processes and manufacturing systems, as well as their energy sustainability. One of the most fundamental elements of comprehension is knowing when the systems are operated, as this is key to locating energy intensive subsystems and operations. Such knowledge is often lacking in practice. Activation statuses can be recovered from sensor data though. Some non-intrusive sensors (accelerometers, current sensors, etc.) acquire mixed signals containing information about multiple actuators at once. Despite their low cost as regards the fleet of systems they monitor, additional signal processing is required to extract the individual activation sequences. To that end, sparse regression techniques can extract leading dynamics in sequential data. Notorious dictionary learning algorithms have proven effective in this regard. This paper considers different industrial settings in which the identification of binary subsystem activation sequences is sought. In this context, it is assumed that each sensor measures an extensive physical property, source signals are periodic, quasi-stationary and independent, albeit these signals may be correlated and their noise distribution is arbitrary. Existing methods either restrict these assumptions, e.g., by imposing orthogonality or noise characteristics, or lift them using additional assumptions, typically using nonlinear transforms

    Assessment of CAP strategic plans and specific EU regulations, with suggestions for improvement: National Report - France

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    The case of the French national strategic plan is a policy proposal which is considered to be rather “conservative” by most commentators in France. France has not capped allocation amounts at all and, keeping its allocation of subsidies close to the distribution decided in the 1992 CAP reform (more favourable to cereal-producing areas in particular), has only slightly made the level of aid per hectare converge among the different regions. Our report shows that French definitions of active, new and young farmers meet the UE definitions, and they are more precise concerning skills, training and professional experiences of farmers. But the EU and the French definitions are not helping to highlight new situations concerning the complexity of new farm projects and have no environmental criteria for promoting sustainable agriculture. The SWOT analysis shows interesting points on strength, weaknesses, opportunities and threats, but suffers from several contradictions, some strengths being also considered as weaknesses and some threats not being considered enough. More generally, the EU framework and the French strategic plan are very large, without a clear vision on the kind of agriculture the EU wants to promote and the EU Indicators are not efficient enough to evaluate the farmers' generational renewal, which should become a clearer objective. The financial analysis of SO7 also shows that the issues of farm setting-up and farm succession as it is currently framed strongly rely on two main measures: support for setting-up in agriculture and complementary income support for young farmers. These two measures are not adapted to the variety of projects that could allow ensuring generational renewal and the ecological transition and do not address the complexity of the different issues mentioned in the SWOT analysis. The stakeholders meeting highlighted 3 axes of recommendations: recommendations on SO7, in connection with the more general framework of the CAP; the potential improvement of consultation processes and policy implementation; the articulation among different scales and the creation of a more functional governance

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