36,348 research outputs found
Deep Learning for Forecasting Stock Returns in the Cross-Section
Many studies have been undertaken by using machine learning techniques,
including neural networks, to predict stock returns. Recently, a method known
as deep learning, which achieves high performance mainly in image recognition
and speech recognition, has attracted attention in the machine learning field.
This paper implements deep learning to predict one-month-ahead stock returns in
the cross-section in the Japanese stock market and investigates the performance
of the method. Our results show that deep neural networks generally outperform
shallow neural networks, and the best networks also outperform representative
machine learning models. These results indicate that deep learning shows
promise as a skillful machine learning method to predict stock returns in the
cross-section.Comment: 12 pages, 2 figures, 8 tables, accepted at PAKDD 201
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Bias adjustment of satellite-based precipitation estimation using gauge observations: A case study in Chile
Satellite-based precipitation estimates (SPEs) are promising alternative precipitation data for climatic and hydrological applications, especially for regions where ground-based observations are limited. However, existing satellite-based rainfall estimations are subject to systematic biases. This study aims to adjust the biases in the Precipitation Estimation from Remotely Sensed Information using Artificial Neural NetworksâCloud Classification System (PERSIANN-CCS) rainfall data over Chile, using gauge observations as reference. A novel bias adjustment framework, termed QM-GW, is proposed based on the nonparametric quantile mapping approach and a Gaussian weighting interpolation scheme. The PERSIANN-CCS precipitation estimates (daily, 0.04°Ă0.04°) over Chile are adjusted for the period of 2009â2014. The historical data (satellite and gauge) for 2009â2013 are used to calibrate the methodology; nonparametric cumulative distribution functions of satellite and gauge observations are estimated at every 1°Ă1° box region. One year (2014) of gauge data was used for validation. The results show that the biases of the PERSIANN-CCS precipitation data are effectively reduced. The spatial patterns of adjusted satellite rainfall show high consistency to the gauge observations, with reduced root-mean-square errors and mean biases. The systematic biases of the PERSIANN-CCS precipitation time series, at both monthly and daily scales, are removed. The extended validation also verifies that the proposed approach can be applied to adjust SPEs into the future, without further need for ground-based measurements. This study serves as a valuable reference for the bias adjustment of existing SPEs using gauge observations worldwide
Economic Integration in East Asia: Trends, Prospects, and a Possible Roadmap
This paper, which is a revised version of the ADB Working Paper on Regional Economic Integration No. 2, reviews trends in East Asian regionalism in the areas of trade and investment, money and finance, and infrastructure. It finds that trade and, to a lesser extent, financial integration is starting to increase in the region. It also finds that business cycles are starting to be more synchronized, enhancing the case for further monetary integration among these countries. The paper also outlines a roadmap for East Asian integration.
Economic Integration in East Asia: Trends, Prospects, and a Possible Roadmap
This paper reviews trends in East Asian regionalism in the areas of trade and investment, money and finance, and infrastructure. It presents various measures of trade and financial integration. An important finding of the paper is that increasing trade and financial integration in the region is now starting to lead to a synchronization of business cycles in a selected group of countries, further enhancing the case for monetary integration among these countries. The paper also outlines a roadmap for East Asian integration.ASEAN/East Asian economic cooperation and integration; business cycle synchronization; free trade agreements; policy coordination
Digital image correlation (DIC) analysis of the 3 December 2013 Montescaglioso landslide (Basilicata, Southern Italy). Results from a multi-dataset investigation
Image correlation remote sensing monitoring techniques are becoming key tools for
providing effective qualitative and quantitative information suitable for natural hazard assessments,
specifically for landslide investigation and monitoring. In recent years, these techniques have
been successfully integrated and shown to be complementary and competitive with more standard
remote sensing techniques, such as satellite or terrestrial Synthetic Aperture Radar interferometry.
The objective of this article is to apply the proposed in-depth calibration and validation analysis,
referred to as the Digital Image Correlation technique, to measure landslide displacement.
The availability of a multi-dataset for the 3 December 2013 Montescaglioso landslide, characterized
by different types of imagery, such as LANDSAT 8 OLI (Operational Land Imager) and TIRS
(Thermal Infrared Sensor), high-resolution airborne optical orthophotos, Digital Terrain Models
and COSMO-SkyMed Synthetic Aperture Radar, allows for the retrieval of the actual landslide
displacement field at values ranging from a few meters (2â3 m in the north-eastern sector of the
landslide) to 20â21 m (local peaks on the central body of the landslide). Furthermore, comprehensive
sensitivity analyses and statistics-based processing approaches are used to identify the role of the
background noise that affects the whole dataset. This noise has a directly proportional relationship to
the different geometric and temporal resolutions of the processed imagery. Moreover, the accuracy
of the environmental-instrumental background noise evaluation allowed the actual displacement
measurements to be correctly calibrated and validated, thereby leading to a better definition of
the threshold values of the maximum Digital Image Correlation sub-pixel accuracy and reliability
(ranging from 1/10 to 8/10 pixel) for each processed dataset
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