Mutual funds performance appraisal using stochastic multicriteria acceptability analysis

Mutual fund investors are concerned with the selection of the best fund in terms of performance among the set of alternative funds. This paper proposes an innovative mutual funds performance evaluation measure in the context of multicriteria decision making. We implement a multicriteria methodology using stochastic multicriteria acceptability analysis, on Greek domestic equity funds for the period 2000-2009. Combining a unique dataset of risk-adjusted returns such as Carhart’s alpha with funds’ cost variables, we obtain a multicriteria performance evaluation and ranking of the mutual funds, by means of an additive value function model. The main conclusion is that among employed variables, the sophisticated Carhart’s alpha plays the most important role in determining fund rankings. On the other hand, funds’ rankings are affected only marginally by operational attributes. We believe that our results could have serious implications either in terms of a fund rating system or for constructing optimal combinations of portfolios.     

Assessing financial distress where bankruptcy is not an option: An alternative approach for local municipalities

The goal of this paper is to build an operational model for evaluating the financial viability of local municipalities in Greece. For this purpose, a multicriteria methodology is implemented combining a simulation analysis approach (stochastic multicriteria acceptability analysis) with a disaggregation technique. In particular, an evaluation model is developed on the basis of accrual financial data from 360 Greek municipalities for 2007. A set of customized to the local government context financial ratios is defined that rate municipalities and distinguish those with good financial condition from those experiencing financial problems. The model’s results are analyzed on the 2007 data as well as on a subsample of 100 local governments in 2009. The model succeeded in correctly classifying distressed municipalities according to a benchmark set by the central government in 2010. Such a model and methodology could be particularly useful for performance assessment in the context of several European Union countries that have a similar local government framework to the Greek one and apply accrual accounting techniques.     

Dense-medium modifications to jet-induced hadron pair distributions in Au+Au collisions at sqrt s NN=200 GeV

Azimuthal correlations of jet-induced high-p(T) charged hadron pairs are studied at midrapidity in Au+Au collisions at sqrt[s(NN)]=200 GeV. The distribution of jet-associated partner hadrons (1.0相似文献   

Single electrons from heavy-flavor decays in collisions at

The invariant differential cross section for inclusive electron production in p+p collisions at [FORMULA: SEE TEXT] has been measured by the PHENIX experiment at the BNL Relativistic Heavy Ion Collider over the transverse momentum range 0.4相似文献   

J/psi production and nuclear effects for d + Au and p + p collisions at square root of S(NN) = 200 GeV

J/psi production in d + Au and p + p collisions at square root of S(NN) = 200 GeV has been measured by the PHENIX experiment at rapidities -2.2 < y < +2.4. The cross sections and nuclear dependence of J/psi production versus rapidity, transverse momentum, and centrality are obtained and compared to lower energy p + A results and to theoretical models. The observed nuclear dependence in d + Au collisions is found to be modest, suggesting that the absorption in the final state is weak and the shadowing of the gluon distributions is small and consistent with Dokshitzer-Gribov-Lipatov-Altarelli-Parisi-based parametrizations that fit deep-inelastic scattering and Drell-Yan data at lower energies.     

Optical switching and contrast enhancement in intense laser systems by cascaded optical parametric amplification

Optical parametric chirped-pulse amplification (OPCPA) can be used to improve the prepulse contrast in chirped-pulse amplification systems by amplifying the main pulse with a total saturated OPCPA gain, while not affecting the preceding prepulses of the seed oscillator mode-locked pulse train. We show that a simple modification of a multistage OPCPA system into a cascaded optical parametric amplifier (COPA) results in an optical switch and extreme contrast enhancement that can completely eliminate the preceding and trailing oscillator pulses. Instrument-limited measurement of a prepulse contrast ratio of 1.4 x 10(11) is demonstrated from COPA at a 30 mJ level.     

Structure and interaction potentials in solid-supported lipid membranes studied by X-ray reflectivity at varied osmotic pressure

Highly oriented solid-supported lipid membranes in stacks of controlled number N ≃ 16 (oligo-membranes) have been prepared by spin-coating using the uncharged lipid model system 1,2-dimyristoyl-sn-glycero-3-phosphocholine (DMPC). The samples have been immersed in aqueous polymer solutions for control of osmotic pressure and have been studied by X-ray reflectivity. The bilayer structure and fluctuations have been determined by modelling the data over the full q-range. Thermal fluctuations are described using the continuous smectic Hamiltonian with the appropriate boundary conditions at the substrate and at the free surface of the stack. The resulting fluctuation amplitudes and the pressure-distance relation are discussed in view of the inter-bilayer potential.     

Organophosphorus insecticides extraction and heterogeneous oxidation on column for analysis with an acetylcholinesterase (AChE) biosensor

This paper presents an analysis method for organophosphorus insecticides based on AChE biosensors coupled with a preconcentration and oxidation on a solid phase column. Three organic solvents, acetonitrile (ACN), ethanol and methanol were tested for their influence on AChE activity, insecticide inhibition and their ability to elute the adsorbed insecticides. Our results showed that ACN in a concentration of 5% (v/v) had the less negative effect on biosensor analysis and was the most appropriate organic solvent for the column elution. The presence of the organic solvent in the incubation media of the biosensor was found to induce a reduction of the inhibition percentages. The inhibition of the biosensors was performed in phosphate buffer with 5% (v/v) ACN, while the initial and remaining response of the biosensors were measured in PBS. In these conditions, the LODs of paraoxon and dichlorvos were measured with or without a preconcentration step. The LODs of the AChE biosensor without sample preconcentration were 8 × 10⁻⁸ M for paraoxon and 1 × 10⁻⁷ M dichlorvos and the LOD obtained after the preconcentration step were 2.5 × 10⁻⁸ M for paraoxon and 2.5 × 10⁻⁸ M for dichlorvos. Moreover, the use of the column allowed the heterogeneous oxidation of organophosphorus insecticides for improved LOD.     

Synthesis of poly(methyl methacrylate-co-styrene)-block-polysulfide-block-poly(methyl methacrylate-co-styrene) copolymers by free radical polymerization combined with oxidative coupling

Poly(methyl methacrylate-co-styrene)-block-polysulfide-block-poly(methyl methacrylate-co-styrene) triblock copolymers were synthesized for the first time by the free radical copolymerization of methyl methacrylate (MMA) and styrene (St) in the presence of a thiocol oligomer as a chain transfer agent, followed by chemical oxidation of the remaining SH-end groups. The apparent chain transfer constant of the thiocol SH groups in the copolymerization reaction was estimated from the rate of consumption of the thiol groups versus the overall rate of consumption of the monomers (C_T = 1.28). Based on this value, the chain transfer constant of the thiocol SH groups in St polymerization was calculated . The triblock copolymers synthesized were characterized by SEC and ¹H NMR measurements.     

Hand Vibrations of the Human Operator in the Working Space

The paper contains the identification and the taking into account the vibrations produced by the machines, the lathe with different number of rotation, and them action over the human bodies inside the working space. For the identification of vibrations is applied a new method, the Moiré projection method, that did not used until this moment regarding the vibrations action over the human body. Our research was to apply the Moiré projection method to the human hand. They were compared with the measured vibrations using a classic vibrometer with three-axial accelerometer. The results in the booth situation were in the same order of the unit scale, and the optical method named Moiré projection method can be considered a valid method for the human vibrations measurements without touch of the surface. (© 2011 Wiley-VCH Verlag GmbH & Co. KGaA, Weinheim)