... organic solvents While in some respects an aqueous solvent is a constraint that prevents the use of strongly basic or strongly acidic reactants, the above analysis suggests that water is also a ... reactants, suggesting that the use of such linkers is important when DTS is to be performed in its most general form The observed stereoselectivity in small-molecule substitution reactions was traced ... assist long-distance DTS in several ways Water is a better solvent than nonaqueous alternatives for the wide range of reactions described above because the rate-determining transition states...
Ngày tải lên: 05/03/2014, 21:20
... trillion, most of which is business-to-business (B2B), not business-to-consumer (B2C) purchases The Internet has meant huge opportunities for small and medium-sized enterprises (SMEs) and rapid ... Mission, and Guerrero Its customers include supermarkets, mass merchandisers, smaller independent stores, restaurant chains, food service distributors and schools The company began operations ... short-term ‘crisis management’ culture emerges The budgeting stage: As the business develops, a system for annual budgeting of sales, costs and cash flow is devised, often because of pressure from...
Ngày tải lên: 16/03/2014, 09:20
Cancer Research UK’s strategy 2009–2014: Cancer Research UK’s aim is to reduce the number of deaths from cancer. Our future plans are ambitious, but they are in line with the challenge and the responsibility we face. docx
... our goals, we need the best biomedical scientists, the best clinical researchers and the best research leaders Moreover, we must promote cross-disciplinary research with physicists, chemists, engineers ... 4,500 scientists, doctors and nurses throughout the UK We fund research carried out in our own Institutes, as well as awarding grants to researchers based in universities and hospitals We are also ... mechanisms of cellular DNA repair, immune system and inflammatory responses to cancer, invasion and metastasis and genetic pre-disposition to cancer Scientists at Cancer Research UK and across the...
Ngày tải lên: 22/03/2014, 16:21
WORKING PAPER SERIES NO 1471 / SEPTEMBER 2012: FEEDBACK TO THE ECB’S MONETARY ANALYSIS THE BANK OF RUSSIA’S EXPERIENCE WITH SOME KEY TOOLS pdf
... vectors are estimated by the simple two-step estimator (S2 S) As Brüggemann and Lütkepohl (2005) show, this estimator produces relatively robust estimates in short samples The lag length is set ... components: currency outside banking system, transferable deposits and other deposits Currency outside banking system includes currency issued by the Bank of Russia into circulation less currency ... aggregates The loss of access to foreign borrowing, the contraction of deposits, interest rates increases as well as the decline of the demand for loans during the severe recession caused decreasing...
Ngày tải lên: 22/03/2014, 21:20
Project Gutenberg’s Vector Analysis and Quaternions, by Alexander Macfarlane ppt
... −A, etc This is permissible because there is no real order of succession among the given components.3 Composition of Successive Vectors.—The composition of successive vectors partakes more of ... γ ) = cos a cos b cos c + cos a cos b sin c · γ π π (1) + cos a cos c sin b · β + cos b cos c sin a · α π π + cos a sin b sin c · β γ π + cos b sin a sin c · α γ π π π + cos c sin a sin b · α ... a sin c cos αγ − cos c sin a sin b cos αβ + sin a sin b sin c sin αβ cos αβγ, and, letting Sin denote the directed sine, Sin αa β b γ c = cos a cos b sin c · γ + cos a cos c sin b · β + cos b...
Ngày tải lên: 28/06/2014, 19:20
Project Gutenberg’s Diophantine Analysis, by Robert Carmichael potx
... product of any two numbers in one of the classes is itself in that class We shall express this fact by saying that the If an integral solution is desired we may choose those values only of u and v for ... form 4n + 1, is expressible as a sum of two integral squares It remains to show that no prime p can be represented in two ways as a sum of two integral squares This we shall by assuming an equation ... divisible by p Thence it is easy to show that if any system of the form (10) exists there exists one in which u, v, w are prime each to each We shall now suppose that (10) itself is such a system...
Ngày tải lên: 28/06/2014, 19:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 2 pptx
... interesting property as low volatility strategies often present large exposures to extreme risks due to a transfer of the risk from second- to third- and fourth-order moments Our analysis suggests ... factors are common to all indices (Lehman Global U .S Treasury, U .S dollar [USD] versus major currency, USD versus Japanese yen, and Goldman Sachs Commodity Index [GSCI], the corresponding exposures ... traditional asset classes and thus may be used as return enhancers However, investors expect alternative investments in general, and CTAs in particular, to be efficient in a portfolio context To assess...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 3 docx
... hypothesis that each fund has the same variance was rejected This is consistent with previous research that shows some funds or CTAs have more variable returns than others The rescaled residuals have ... no skewness, and the kurtosis is greatly reduced The TABLE 3.3 F-Statistics for the Test of Homoskedasticity Assumption and Jarque-Bera Test of Normality of Rescaled Residuals Statistic Homoskedasticity ... as dollars invested increase) suggests that funds exist to exploit inefficiencies The dynamics of returns showed small negative correlations for returns in the short run, especially for losses...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 4 ppsx
... to the standard asset classes Survivorship Bias over Various Time Periods Here we analyze the presence of survivorship bias in CTAs returns over various long-term time periods We first study the ... Persistence in Performance Subperiod Analysis CTA Performance, Survivorship Bias, and Dissolution Frequencies 71 analyses are less significant.9 The table also indicates that each decile is significantly ... persistence before reporting the results of the performance analysis in the next section The next section reports the results of the persistence analysis and analyzes the exposure of the deciles...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 5 pdf
... investment approaches or trading strategies (e.g., trend-following, spread strategies, or systems approaches) as sources of returns to these alternative investment classes Factor analysis and ... skewness: We added to the skewness of each CTA; (4) kurtosis: We added to our original measure of excess kurtosis for each CTA (thus obtaining measures of kurtosis rather than excess kurtosis) ... redundancy is revisited in the section that describes the data used in this study The current section also discusses the seemingly paradoxical issue of using benchmarks to evaluate absolute return strategies4...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 6 potx
... most of all, very low correlation with traditional risk factors not support these measures Edwards and Caglayan (2001) use catastrophic loss measures to assess the hedging properties of these ... Conditions as well as trading strategy factors in describing CTA returns follows The next section looks at different performance measures on the CTAs DATA AND SAMPLE PERIOD The data set that we use is ... markets The descriptive statistics for the excess returns of the CTA indices seem to indicate that there exist similar return dynamics across the different types of CTAs The two subindices that...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 7 docx
... alternative asset class and possess different characteristics from traditional stock and bond portfolios Unlike mutual funds, it is difficult to identify factors that drive CTA returns (Schneeweis, Spurgin, ... markets (see Sengupta 1989) The inputs and outputs must correspond to the activities of CTAs for the analysis to make sense We use six variables in a risk-return framework, three for inputs and ... present some signaling assessment of each CTA classification because skewness does not penalize CTA by the upside potential returns Although CTAs attempt to maximize returns and minimize risk,...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 8 pot
... CTAs are influenced only in small part by past price changes The third test consists of estimating the profits and losses associated with the positions of large hedge funds and CTAs This test is ... loss for each market Table 8.13 presents the profit/loss estimates for each month and market Not surprisingly, results vary considerably through time and across markets Total profits and losses ... changes across the 13 markets (which is probably not true for some of the markets, such as corn and soybeans), this analysis is similar to using 78 months of data for one market (6 months multiplied...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 9 ppt
... performance based on a mean-variance analysis We proceed with the same analysis as for CTAs Figure 9.13 presents the scatter plot of merger arbitrage versus the S& P 100 as well as the fitted regression ... 10.00% 15.00% S& P 100 Excess Returns Diversified Trading Regression Line FIGURE 9.2 Barclay Diversified Trading Index Systematic Excess Returns 188 RISK AND MANAGED FUTURES INVESTING 0.200 0.150 ... can estimate the probability of the risk of loss associated with long volatility strategies This is important to help us understand the off-balance sheet risks associated with trend-following strategies...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 10 pps
... interdependent Another reason for these results is the markets diversified CTAs trade in Diversified CTAs encompass agriculture, currencies, financials, and stocks Because most diversified CTAs trade in a ... Standard Deviation Loss Standard Deviation Semideviation Skewness Kurtosis Coskewness Sharpe ratio Calmar ratio Maximum Drawdown 13 14 15 16 17 18 19 20 21 22 23 24 These measures can be classified ... measures can be classified into six groups: Absolute return measures Absolute risk measures Absolute risk-adjusted return measures Gain/Loss Ratio Beta Annualized Alpha Treynor Ratio Jensen Alpha Information...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 11 ppt
... 60/40 US Stocks/ US Bonds 55/35/10 Stocks/ Bonds/FOF 55/35/10 Stocks/ Bonds/Equity L /S 55/35/10 Stocks/Bonds/ Convertible Arb 55/35/10 Stocks/Bonds/ Market Neutral 55/35/10 Stocks/Bonds/ Distressed ... market risk the same as stocks and bonds (See Anson 2000.) Also, it is not surprising that short sellers offered the best downside risk protection because the very nature of this strategy is to profit ... DJ-AIGCI is adjusted to reflect data beginning in 1991 aThe 60/40 US Stocks/ US Bonds 55/35/10 Stocks/ Bonds/GSCI 55/35/10 Stocks/ Bonds/CPCI 55/35/10 Stocks/ Bonds/MLMI 55/35/10 Stocks/ Bonds/DJ-AIGCIa...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 12 docx
... HEDGERS VERSUS SPECULATORS Individuals or entities that transact in futures markets historically have been described as one of two types: hedgers or speculators Hedgers use futures contracts to ... result in executing orders to close out the positions Stop losses are designed to limit the downside risk on any given position They can be based on price stops, time stops, volatility stops, ... illuminate some of these weaknesses to ensure that investors can make educated decisions based on as much complete information as possible First, as a stand-alone investment, managed futures tend...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 13 pps
... management as the “size” variable Significance tests use White s (see Greene 2000) heteroskedasticity consistent standard errors Table 13.4 presents OLS estimates of regression TABLE 13.4 Estimation ... returns to their compensation parameters by replicating Golec s (1993) analysis We examined the issue by fitting two ordinary least squares (OLS) cross-sectional regressions on the means and standard ... sample for various reasons ranging from missing observations to duplication This left us with a sample of 974 programs Golec s sample includes only 80 CTAs The time spanned by the two samples...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 14 potx
... Futures Funds and Other Fiduciary Products 261 such investment products should be continued Second, the Australian Securities and Investments Commission (ASIC) has recently signaled its intention ... debt securities issued to professional investors by the trustee of a managed futures fund, irrespective of whether those securities are bills of exchange or promissory notes, are not debentures ... investors are pooled by the fund manager for the purposes of investing in one or more of the classes of futures contracts (as well as options on futures contracts) listed on the Sydney Futures...
Ngày tải lên: 03/07/2014, 23:20
Commodity Trading Advisors: Risk, Performance Analysis, and Selection Chapter 15 pps
... EVALUATION, SELECTION, AND RETURNS Strategy- Level Risk Measures Strategy Value at Risk Worst-Case Loss during Normal Times Worst-Case Loss during Eventful Period Deferred Reverse Soybean Crush Spread ... per -strategy basis, it is useful to examine each strategy s: ■ ■ ■ ■ ■ Value at risk based on recent volatilities and correlations Worst-case loss during normal times Worst-case loss during well-defined ... investor s overall portfolio This chapter covers each of these subjects in succession TRADE DISCOVERY The first step is to discover a number of trades in which it is plausible that the investor...
Ngày tải lên: 03/07/2014, 23:20