131,605 research outputs found
Flaw in the fund skill/luck test method of Cuthbertson et al
No full textCuthbertson et al have recently described a method that is claimed to be able to identify individual fund managers who exhibited skill over a long period in the past. The only input to the process is monthly fund returns. We suggest that a critical step in the Cuthbertson method is flawed. This step involves the study of the order statistics of period average fund returns. We construct a simple model to which the Cuthbertson method should apply. Simulations with the model conclusively demonstrate that the method fails to detect many funds with skill, and also erroneously identifies many funds as having skill they do not possess.
Risk Premia and Long Rates in Ireland
No full textUsing a number of long-term maturities and monthly data, 1989-1997, we provide a number of tests of the expectations hypothesis (EH) of the term structure. The main insight in this paper is the use of the excess holding period return to provide a proxy for a possible time varying term premium. Nearly all previous studies using the VAR methodology have used only the spread and the change in (short) rates and they have ignored the excess holding period return. Our results are consistent with recent evidence for the UK (Cuthbertson and Nitzsche, 1998), in that we cannot reject the EH. However we do reject the presence of a time varying risk premia.
The Expectations Hypothesis of the Term Structure: The Case of Ireland
No full textUsing Irish money market rates (spot rates) with a term to maturity of 1, 3, and 6 months and monthly data, 1984-1997, we provide a number of tests of the expectations hypothesis (EH) of the term structure. The paper draws on co-integration techniques and the methodological approach of Campbell and Shiller (1987, 1991). On balance our results lend support to the EH and are broadly consistent with the recent findings for the UK, but are in sharp contrast to those for the US. It is encouraging that our results are consistent with those of recent studies at the short end of the maturity spectrum for the UK, (e.g. Cuthbertson, 1996).
Peace at Last: A Portrait of Armistice Day, 11 November 1918
No full textA vivid, original, and intimate hour-by-hour account of Armistice Day 1918, to mark its centenary this year
November 11, 2018, marks the centenary of the armistice signed between the Allies and Germany ending World War I. While the events of the war and its legacy are much discussed, this is the first book to focus solely on the day itself, examining how the people of Britain, and the wider world, reacted to the news of peace.
In this rich portrait of Armistice Day, which ranges from midnight to midnight, Guy Cuthbertson brings together news reports, literature, memoirs, and letters to show how the people on the street, as well as soldiers and prominent figures like D. H. Lawrence and Lloyd George, experienced a strange, singular day of great joy, relief, and optimism
The direct arylation of allylic sp3 C–H bonds via organic and photoredox catalysis
No full textThe direct functionalization of unactivated sp3 C–H bonds is still one of the most challenging problems facing synthetic organic chemists. The appeal of such transformations derives from their capacity to facilitate the construction of complex organic molecules via the coupling of simple and otherwise inert building blocks, without introducing extraneous functional groups. Despite notable recent efforts1, the establishment of general and mild strategies for the engagement of sp3 C–H bonds in C–C bond forming reactions has proved difficult. Within this context, the discovery of chemical transformations that are able to directly functionalize allylic methyl, methylene and methine carbons in a catalytic manner is a priority. Although protocols for direct oxidation and amination of allylic C–H bonds (that is, C–H bonds where an adjacent carbon is involved in a C = C bond) have become widely established2,3, the engagement of allylic substrates in C–C bond forming reactions has thus far required the use of pre-functionalized coupling partners4. In particular, the direct arylation of non-functionalized allylic systems would enable access to a series of known pharmacophores (molecular features responsible for a drug’s action), though a general solution to this long-standing challenge remains elusive. Here we report the use of both photoredox and organic catalysis to accomplish a mild, broadly effective direct allylic C–H arylation. This C–C bond forming reaction readily accommodates a broad range of alkene and electron-deficient arene reactants, and has been used in the direct arylation of benzylic C–H bonds
Evolving models of care in patients with metabolic dysfunction-associated steatotic liver disease, recognising its population burden and the impact of metabolic dysfunction on incident rates of hepatic and extra-hepatic outcomes
No full textMetabolic dysfunction-associated steatotic liver disease (MASLD) is associated with any one of five principal traits of the metabolic syndrome. MASLD is characterised by multimorbidity with liver-related and extrahepatic complications including cardiovascular and cardiac disease, chronic kidney disease and certain extrahepatic cancers. While increasing liver fibrosis severity is well-established as a major contributor to the hepatic complications of MASLD, emerging evidence demonstrates that the severity of associated metabolic dysfunction significantly influences adverse extrahepatic clinical outcomes and all-cause mortality. Changing models of care are needed for patients with MASLD, extending the focus beyond that of liver health and optimising the inherent (heterogeneous) cardiometabolic dysfunction. Such an approach requires multi-stakeholder and community-based engagement with improved identification and diagnosis, and better patient and healthcare provider education that also focuses on type 2 diabetes, hypertension, and obesity, to ameliorate the consequences of this highly prevalent global multisystem disease.<br/
A review on mariculture effluent:Characterization and management tools
No full textWhile marine aquaculture, or mariculture, has been growing rapidly and globally in recent decades, many environmental concerns remain to be fully addressed to achieve its long-term goal of sustainable development. This paper aims to provide a synthesized perspective on these issues by reviewing and discussing the characterization, transport, and current modelling and management tools associated with effluents released from mariculture sites. Specifically, we examined the effluent characteristics and behavior from source-to-sink, including the composition and load of effluent discharge, its transport and transformation processes in the water column and at the seabed, and its impacts on the pelagic and benthic environments. We then focused on management-related issues, including the setting of the regulatory mixing zone, the establishment of environmental standards, monitoring measures, and modelling techniques to depict the current state-of-the-art modes in a global context. Our study shows that while substantial progress has been made in understanding the nature of the mariculture effluent, as well as in monitoring and modelling its transport and fate, the regulatory framework still lags behind in many countries where the mariculture industry is relevant. This is particularly evident in the lack of consistent criteria for the definition of regulatory mixing zones and the associated environmental standards for water quality and benthic impacts. Besides, as new predictive models are emerging quickly, their proper evaluation and validation are imperative in view of their increasing application in regulatory practices. This review is intended to provide references for advancing regulatory management of mariculture effluents, as well as for promoting sustainable mariculture development.</p
Biochar from residual biomass as a concrete filler for improved thermal and acoustic properties
No full textThe current imbalance of carbon in the atmosphere is stimulating the search for carbon sequestration opportunities and for alternative processes and products with a reduced carbon footprint. Biochar, produced from residual biomass of the bio-ethanol industry (Dry Distillers Grains), was added as filler to a standard concrete, aiming at finding potential solutions for simultaneous carbon sequestration and improved properties and performance of the concrete. The addition of biochar resulted in a linear decrease in concrete density, with a concrete density of 1454 kg/m3 for 15 wt% biochar. The addition of biochar also considerably increased the sound absorption coefficient of concrete across the range of 200–2000 Hz, as it created pore networks within the concrete. The thermal conductivity of the concrete showed the largest reductions with 2 wt% of biochar, reaching lows of 0.192 W/(m·K). Finally, the incorporation of biochar showed a detrimental effect on the compressive strength of the concrete, which would put bio-enhanced concretes in the low-strength concrete classification category
Table of Contents
No full text1.0 final Signed off for delivery to project officer 0.3 draft QA Mentor issues addressed 0.2 draft Comments from Dr M. Young, Dr. R. Cuthbertson, R. Minio addressed 0.1 wip Initial versio
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