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.     

Optimizing reliability and service parts logistics for a time-varying installed base

Performance based contracting (PBC) emerges as a new after-sales service practice to support the operation and maintenance of capital equipment or systems. Under the PBC framework, the goal of the study is to increase the system operational availability while minimizing the logistics footprint through the design for reliability. We consider the situation where the number of installed systems randomly increases over the planning horizon, resulting in a non-stationary maintenance and repair demand. Renewal equation and Poisson process are used to estimate the aggregate fleet failures. We propose a dynamic stocking policy that adaptively replenishes the inventory to meet the time-varying parts demand. An optimization model is formulated and solved under a multi-phase adaptive inventory control policy. The study provides theoretical insights into the performance-driven service operation in the context of changing system fleet size due to new installations. Trade-offs between reliability design and inventory level are examined and compared in various shipment scenarios. Numerical examples drawn from semiconductor equipment industry are used to demonstrate the applicability and the performance of the proposed method.     

基于HPLC的葡萄籽提取物指纹图谱的建立

葡萄籽提取物是一种高效的抗氧化剂,其抗氧化效果远高于绿茶等。利用反相HPLC建立葡萄籽提取物的中药指纹图谱,以便于对其质量的优劣进行监测。实验分析了12个不同产地的葡萄籽提取物样品,采用了国家食品药品监督管理局推荐的"中药色谱指纹图谱相似度软件评价系统(2004 A版)"计算处理。建立了25个指纹峰、6个共有峰,确定了3个主要的指纹峰。通过夹角余弦法计算了12个产地的葡萄籽提取物的相似度。建立的指纹图谱可以用来评价不同产地葡萄籽提取物的优劣;并依此为标准,为进一步控制葡萄籽提取物的质量提供依据。     

Group performance evaluation, an application of data envelopment analysis

The contribution of this paper is to provide an approach for evaluating the performance of a group of decision making units (DMUs) based on the production technology. Group evaluation is an application of data envelopment analysis (DEA). DEA uses linear programming to provide a suitable technique to estimate a multiple-input/multiple-output empirical efficient function. This paper applies group evaluation to evaluate the performance of Iranian commercial banks.     

Spectral analysis for performance evaluation in a bus network

This paper deals with the performance evaluation of a public transportation system in terms of waiting times at various connection points. The behaviour of a bus network is studied in the framework of Discrete Event Systems (DES). Two possible operating modes of buses can be observed at each connection stop: periodic and non-periodic mode. Two complementary tools, Petri nets and (max, +) algebra, are used to describe the network by a non-stationary linear state model. This one can be solved after solving the structural conflicts associated to the graphical representation. From the characteristic matrix of the mathematical model, we determine eigenvalues and eigenvectors that we use to evaluate the connection times of passengers. This work is finally illustrated with a numerical example.     

Integrating DEA-oriented performance assessment and target setting using interactive MOLP methods

Data envelopment analysis (DEA) and multiple objective linear programming (MOLP) are tools that can be used in management control and planning. Whilst these two types of model are similar in structure, DEA is directed to assessing past performances as part of management control function and MOLP to planning future performance targets. This paper is devoted to investigating equivalence models and interactive tradeoff analysis procedures in MOLP, such that DEA-oriented performance assessment and target setting can be integrated in a way that the decision makers’ preferences can be taken into account in an interactive fashion. Three equivalence models are investigated between the output-oriented dual DEA model and the minimax reference point formulations, namely the super-ideal point model, the ideal point model and the shortest distance model. These models can be used to support efficiency analysis in the same way as the conventional DEA model does and also support tradeoff analysis for setting target values by individuals or groups. A case study is conducted to illustrate how DEA-oriented efficiency analysis can be conducted using the MOLP methods and how such performance assessment can be integrated into an interactive procedure for setting realistic target values.     

应用FTIR分析过量表达HPS/PHI转基因与野生型天竺葵叶片在甲醛胁迫下的生理特性差异

6-磷酸己酮糖合成酶(HPS)和6-磷酸果糖异构酶(PHI)是细菌同化甲醛的关键酶。13 C-NMR分析结果说明在天竺葵叶绿体中过量表达HPS/PHI融合蛋白可把RuMP途径整合成卡尔文循环的一个支路,在转基因天竺葵叶绿体中创造一个甲醛光合同化途径。运用FTIR技术分析过量表达HPS/PHI转基因与野生型天竺葵在甲醛胁迫下体内各物质含量的变化规律及光谱表征,考察FTIR能否成为一种鉴定有甲醛光合同化途径的转基因植物与野生型植物表型差异的新方法。分别用4mmol.L-1甲醛处理野生型和转基因植物0,1,2,3,4d,通过对两种植物经甲醛处理不同时间后各光谱特征的比较分析发现,用4mmol.L-1甲醛处理4d后转基因植物中的碳水化合物、蛋白质、脂肪族化合物等的含量明显高于野生型植物。这可能是由于安装HPS/PHI甲醛光合同化途径后使转基因植物同化代谢甲醛的能力更强,能将更多的甲醛固定为6-磷酸果糖,然后进入各种同化途径用于合成细胞内的各种组份所致,说明FTIR可作为一种鉴定有甲醛光合同化途径的转基因天竺葵与野生型天竺葵表型差异的新方法。     

白芷的提取工艺

探讨多因素实验条件对白芷的提取工艺参数的影响,以欧前胡素和异欧前胡素的含量为指标,以乙醇浓度、乙醇用量、提取时间、提取次数为因素进行单因素试验。结果表明,白芷的最佳提取工艺参数为:以8倍量80%乙醇提取3次,每次lh。     

离心风机串联吸气临界点的试验

对离心风机单机吸气性能和双风机串联吸气临界点进行了试验研究,绘制了离心风机串联临界曲线。研究结果表明,离心风机串联后,风机临界曲线随固定级风机转速的增高而呈规律性下降;两风机的转速互相影响,单提高一台风机的转速不一定能改善风机的串联效果。本文的研究为离心风机串联运行时的参数选择提供了试验依据。     

第三方物流客户服务绩效的灰色模糊综合评价模型

根据评价第三方物流客户服务绩效的KPI指标体系,考虑到评价过程中信息的不完全性以及评判者思维模糊性的特点,将综合评价中传统的信息集结算子推广到更一般的三角模运算上,以此建立了基于三角模算子的第三方物流客户服务绩效的灰色模糊综合评判模型。作为综合评价中传统信息集结算子的推广,该模型具有更广泛的适用范围。