1,721,967 research outputs found
movement of roe deer (Capreolus capreolus) in fragmented landscape in southwest France
No full textMouvement de chevreuils sur le site des Vallons et Coteaux de Gascogne (Zone Atelier Pygar) depuis le 2002-12-18
Market Efficiency and Market Timing : Evidence From US Listed CEFs
Full text linkThis study investigates the phenomenon of CEFs mispricing and the objective is to show that the
CEFs mispricing is continuous and can be exploited. The foundational theory of finance implies
mispricing within the CEFs is impossible, and any deviation from the CEF NAV is unambiguous
proof of inefficiency. Furthermore, academic papers researching the topic of CEFs mispricing
often argue that the mispricing of CEFs is mostly due to overall (economic) factors instead of
fund specific factors. In short, neither foundational theory or more mainstream empirical work
allows for the possibility of mispricing with respect to CEFs.
Yet evidence shows that CEFs relative mispricing is a rule rather than an exception. Moreover,
CEF-specific factors do not seem to have a significant impact on mispricing, and the effect of
macroeconomic factors seems limited, as well as a large amount of mispricing remains unexplained. In fact, the mispricing of a CEF does not seem to depend on the mispricing of other
funds, and that mispricing tends to be mean reverting. At stark odds to normative theory, the
results from the trading analysis detailed in this study show that simplified mean reversion based trading strategies are able to beat the market systematically.
All the findings are against the basics concepts of normative finance. Practically all the findings
indicate evidence against efficiency and suggest that textbook efficiency is the anomaly, not the
other way around. Therefore, it seems that there is a huge gap between the descriptive reality
of the markets and normative finance textbook statements to the contrary.Tämä tutkielma tutkii suljettujen rahastojen väärinhinnoittelun ilmiötä. Tutkielman tavoitteena on osoittaa, että suljettujen rahastojen väärinhinnoittelu on jatkuvaa ja hyödynnettävissä. Rahoituksen tärkeimpien teorioiden mukaan suljettujen rahastojen väärinhinnoittelu on mahdotonta ja yksikin ero suljetun rahaston nettoarvon ja hinnan välillä on suora osoitus väärinhinnoittelusta. Lisäksi useimmat tutkimukset osoittavat, että suljettujen rahastojen väärinhinnoittelu johtuu pääosin yleisen talouden kehityksestä rahastokohtaisten tekijöiden sijaan. Lyhyesti, mikään rahoitukseen liittyvä teoria tai empiirinen työ ei suoranaisesti hyväksy suljettujen rahastojen väärinhinnoittelua. Silti tulokset osoittavat, että suljettujen rahastojen väärinhinnoittelu on ennemminkin sääntö kuin poikkeus. Lisäksi rahastokohtaiset tekijät eivät näytä vaikuttavan väärinhinnoitteluun merkittävästi, myös yleistaloudellisten tekijöiden merkitys on rajattu, suurinta osaa väärinhinnoittelusta ei pystytä selittämään. Tulokset osoittavat, että tietyn suljetun rahaston väärinhinnoittelu ei näytä riippuvan muiden suljettujen rahastojen väärinhinnoittelusta. Väärinhinnoittelu on siis rahastokohtaista ja liikkuu rahaston keskiarvon ympärillä. Treidausanalyysin tulokset osoittavat, että strategiat, jotka perustuvat väärinhinnoittelun liikkumiseen suljettujen rahastojen keskiarvon ympärillä pystyvät tuottamaan systemaattisesti korkeampia tuottoja kuin suljettujen rahastojen markkinaindeksi. Kaikki tutkielman havainnot ovat vastaan tekstikirja rahoituksen sisältöä. Havainnot eivät osoita merkkejä tehokkaista markkinoista ja näyttää siltä, että rahoituksen oppikirjoissa opetetut asiat ovat itse anomalia eikä toistepäin. Tiivistettynä näyttää siltä, että markkinoiden todellisuuden ja rahoituksen oppikirjojen välillä on todella suuri ja merkittävä ero
New Institutionalism Revisited
No full textAn invited paper as part of "Curating Europe's Futures" http://www.variant.org.uk/events/cefs/cefs.html on the fate of New Institutionalism in the wake of the censorship of the exhibition "The Beast and the Sovereign" at MACBA (the Museum of Contemporary Art in Barcelona)
Prediction of gene expression patterns by control-effective fluxes (CEFs).
No full text<p>Calculated ratios between transcript levels during exponential growth on glucose (GLC) and growth on acetate (AC) under conditions of aerobic respiration based on CEFs versus experimentally determined transcript ratios. Lines indicate 95% confidence intervals for experimental data (horizontal lines), linear regression (solid line), perfect match (dashed line) and two-fold deviation (dotted line).</p
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Detection of REV env gene from CEFs inoculated with vaccines.
No full text<p>Dot 1–17: DNAs from CEFs respectively inoculated with ND-B1 vaccine, REO-1133 vaccine, FP vaccine, ND-LaSota vaccine, IBD-B87<sup>1</sup> vaccine, IBD-B87<sup>2</sup> vaccine, ND-CS2<sup>1</sup> vaccine, ND-CS2<sup>2</sup> vaccine, ND-LaSota+IBD-H52 vaccine, REO-1133 vaccine, MD-CVI988/Rispens vaccine, ND-CS2 vaccine, ILT-A96<sup>1</sup> vaccine, ILT-A96<sup>2</sup> vaccine, FP+AE-1143 vaccine, ND-LaSota+IB-H120 vaccine, and MG-F vaccine; dot + : DNA from CEF inoculated with strain SNV of REV; dot -: no DNA. The red numbers represent the positive results.</p
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Private equity funds and hedge funds: a primer
Full text linkPrivate equity funds and hedge funds are both alternative asset classes that are continuously growing in importance. Although they have different focuses, they share some characteristics. First of all, both have or allegedly have a significant impact on the economy as well as the financial system they operate in. Therefore, the question of a potential regulation of both asset classes arises. Due to the lack of sophisticated knowledge about the differences of these asset classes, market players fear that attempts to regulate hedge funds will adversely affect private equity funds. Besides the regulatory issue, there are several other links between these two asset classes that have to be looked at. The relationship between those two asset classes is therefore of general importance. Last months' developments in the hedge fund industry (e.g. rumors about turbulences as well as hedge funds forcing the dismissal of the CEO of Deutsche Börse) have now even led to a broad public debate about private equity and hedge funds. At least in Germany the debate has been partly fueled by the fact that both types of funds are highly funded by institutional investors from abroad. Due to this the debate widened and included criticism on Anglo-Saxon style capitalism as well. In the light of the last German elections, hedge funds and private equity funds have even been compared to locusts, notorious for exhausting whole countries. However, the distinction between hedge funds and private equity funds remains very vague in this discussion, so that deep mistrust is spread among the public opinion against these new, mostly unknown and misunderstood types of investors. For this reason it is important to * discuss the arguments for or against regulation, * look at the major links between the two asset classes, * look at the major differences that exist between the asset classes, and * conceive a set of criteria to clearly distinguish between both types of funds. The purpose of this paper is to comment on possible solutions to the above mentioned tasks. It outlines preliminary thoughts and findings. Further, it comments on the steps that we think should be taken to further enhance perception of private equity funds as opposed to hedge funds from a public as well as a regulatory perspective. --Private Equity Funds,Hedge Funds
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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