The performance of risk-managed residual momentum : Evidence from Europe

In this study, two enhancement methods are applied for residual momentum portfolios – constant volatility-scaling and dynamic volatility-scaling in Europe using daily stock return data from January 1992 to December 2021. Enhanced strategies’ applicability to generate higher returns with lower risk is tested and compared with conventional momentum, volatility-scaled methods applied for conventional momentum, and residual return momentum. Residual momentum delivers statistically significant alpha of 1.20-5.88 % (1.32-5.76 %) on Fama and French’s (2015) five-factors, total return, constant (dynamic) volatility-scaled total return, and constant (dynamic) volatility-scaled residual return on the annual level depending on the holding period. Instead, constant (dynamic) volatility-scaled residual return delivers positive significant annualized alpha of 0.72 % (1.68 %) on Fama and French’s (2015) five-factors, total return, residual return, constant (dynamic) volatility-scaled total return, only for a six-month holding period. Residual momentum, constant volatility-scaled residual momentum, and dynamic volatility-scaled residual momentum enhance conventional momentum by delivering annualized Sharpe ratios of 0.47-0.68, 0.43-0.57, and 0.39-0.51 respectively, depending on the holding period. The benefits from the volatility-scaling for residual return momentum are not as strong as presented in the existing literature. However, both constant and dynamic volatility-scaling residual momentum strategies succeed to deliver significant positive alphas, and to improve the Sharpe ratio of conventional momentum.Tässä tutkimuksessa käytetään kahta paranneltua menetelmää residuaali-momentum portfolioihin – jatkuva volatiliteettiskaalaus ja dynaaminen volatiliteettiskaalaus, käyttäen päivittäistä osakedataa Euroopassa tammikuusta 1992 joulukuuhun 2021 asti. Strategioiden soveltuvuutta korkeampaan tuottoon pienemmällä riskillä testataan ja verrataan tavanomaiseen momentum strategiaan, volatiliteettiskaalattuihin momentum strategioihin ja residuaali-momentum strategiaan. Residuaali-momentum tuottaa tilastollisesti merkitsevän ylituoton vuositasolla 1.20-5.88 % (1.32-5.76 %) jatkuvalla (dynaamisella) volatiliteettiskaalauksella pitoajanjakson mukaan verrattuna viiteen FamaFrench (2015) faktoriin, tavanomaiseen momentumiin ja jatkuvaan (dynaamiseen) volatiliteettiskaalattuun residuuali-momentumiin. Vastaavasti jatkuva (dynaaminen) volatiliteettiskaalattu residuaali-momentum tuottaa tilastollisesti merkitsevän ylituoton vuositasolla ainoastaan kuuden kuukauden pitoajalla 0.72 % (1.68 %) verrattuna viiteen FamaFrench (2015) faktoriin, tavanomaiseen momentumiin, residuaalimomentumiin ja jatkuvaan (dynaamiseen) volatiliteettiskaalattuun momentumiin. Residuaali-momentum, jatkuva volatiliteettiskaalattu momentum ja dynaaminen volatiliteettiskaalattu momentum parantavat tavanomaista momentumia tuottamalla vuosittain pitoajan mukaan 0.47-0.68, 0.43-0.57 ja 0.39-0.51 Sharpen luvulla mitattuna. Volatiliteettiskaalatun residuaali-momentumin hyödyt eivät ole niin merkittäviä kuin olemassa olevassa kirjallisuudessa esitetään. Sekä jatkuvalla että dynaamisella volatiliteettiskaalatulla residuaali-momentum strategialla onnistutaan kuitenkin tuottamaan tilastollisesti merkitseviä positiivisia ylituottoja ja parantamaan tavanomaisen momentum strategian Sharpen lukua

Graham Greene and Cuba: Our man in Havana

Graham Greene?s novel Our Man in Havana was published on October 6, 1958. Seven days later Greene arrived in Havana with Carol Reed to arrange for the filming of the script of the novel, on which they had both been working. Meanwhile, after his defeat of the summer offensive mounted by the Cuban dictator, Fulgencio Batista, in the mountains of eastern Cuba, just south of Bayamo, Fidel Castro had recently taken the military initiative: the day after Greene and Reed?s arrival on the island, Che Guevara reached Las Villas, moving westwards towards Havana. Six weeks later, on January 1, 1959, after Batista had fled the island, Castro and his Cuban Revolution took power. In April 1959 Greene and Reed were back in Havana with a film crew to film Our Man in Havana. The film was released in January 1960. A note at the beginning of the film says that it is ?set before the recent revolution.? In terms of timing, Our Man in Havana could therefore hardly be more closely associated with the triumph of the Cuban Revolution. But is that association merely accidental, or does it involve any deeper implications? On the fiftieth anniversary of novel, film, and Revolution, that seems a question worth investigating, not with a view to turning Our Man in Havana into a serious political novel, but rather to exploring the complexities of the genre of comedy thriller and to bringing back into view some of the local contexts which might be less visible now than they were when the novel was published and the film released

PENGARUH SUBSTITUSI TEPUNG KULIT BIJI KAKAO PADA SOFT COOKIES TERHADAP KANDUNGAN GIZI DAN DAYA TERIMA KONSUMEN ANAK USIA SEKOLAH DASAR

This research aims to analyze the effect of substitution of cocoa bean shell flour in soft cookies on the nutritional content and consumer acceptability of elementary school age children. The samples in this research were soft cookies substituted for cocoa bean shell flour with three treatments, namely percentages of 10%, 20% and 30%. This research was carried out in the initial stages, namely proximate testing of the nutritional content of soft cookies and organoleptic testing carried out by 20 untrained panelists from Bani Saleh 1 Elementary School students and 20 untrained panelists from Margahayu VIII Elementary School students with assessment aspects including taste, color, aroma, and texture. The results of the proximate test data show that soft cookies meet the national standard quality requirements for nutritional content, namely protein content and fat content. The results of Friedman's test data show that the soft cookies that many students at Bani Saleh 1 Elementary School like are soft cookies with a substitution percentage of 10% with an average value for the taste aspect of 3.80, the aroma aspect of 3.50, and the texture aspect of 3.60. Meanwhile, Friedman's test data shows that the soft cookies that many students at SDN Margahayu VIII like are soft cookies with a substitution percentage of 30% with an average value for the taste aspect of 3.60 and the texture aspect of 3.65. The conclusion of this research is that the best formula for soft cookies substituted for cocoa bean shell flour based on organoleptic tests in two elementary schools and proximate tests that have been carried out is soft cookies with 10% substitution. Keywords: Cocoa Bean Shell Flour, Consumer Acceptability, Nutritional Content, and Soft Cookies   Abstrak Penelitian ini bertujuan untuk menganalisis pengaruh substitusi tepung kulit biji kakao pada soft cookies terhadap kandungan gizi dan daya terima konsumen anak usia sekolah dasar. Sampel dalam penelitian ini adalah soft cookies subtitusi tepung kulit biji kakao dengan tiga perlakuan, yaitu persentase 10%, 20%, dan 30%. Penelitian ini dilakukan dengan tahapan awal adalah pengujian proksimat dari kandungan gizi soft cookies  dan pengujian organoleptik yang dilakukan oleh 20 orang panelis tidak terlatih siswa SD Bani Saleh 1 dan 20 orang panelis tidak terlatih siswa SDN Margahayu VIII dengan aspek penilaian meliputi aspek rasa, warna, aroma, dan tekstur. Hasil dari data uji proksimat menunjukkan bahwa soft cookies yang sudah memenuhi persyaratan mutu standar nasional kandungan gizi adalah kadar protein dan kadar lemak. Hasil dari data uji Friedman menunjukkan bahwa soft cookies  yang banyak disukai siswa dan siswi SD Bani Saleh 1 adalah soft cookies dengan persentase substistusi 10% dengan nilai rata-rata aspek rasa 3,80, aspek aroma 3,50, dan aspek tekstur 3,60. Sedangkan dari data uji Friedman menunjukkan bahwa soft cookies yang banyak disukai siswa dan siswi SDN Margahayu VIII adalah soft cookies dengan persentase substistusi 30% dengan nilai rata-rata aspek rasa 3,60 dan aspek tekstur 3,65. Kesimpulan pada penelitian ini bahwa formula terbaik dari soft cookies substitusi tepung kulit biji kakao berdasarkan uji organoleptik di dua sekolah dasar dan uji proksimat yang telah dilakukan adalah soft cookies dengan substitusi 10%. Kata Kunci: Daya Terima Konsumen, Kandungan Gizi, Soft Cookies, dan Tepung Kulit Biji Kakao.Penelitian ini bertujuan untuk menganalisis pengaruh substitusi tepung kulit biji kakao pada soft cookies terhadap kandungan gizi dan daya terima konsumen anak usia sekolah dasar. Sampel dalam penelitian ini adalah soft cookies subtitusi tepung kulit biji kakao dengan tiga perlakuan, yaitu persentase 10%, 20%, dan 30%. Penelitian ini dilakukan dengan tahapan awal adalah pengujian proksimat dari kandungan gizi soft cookies  dan pengujian organoleptik yang dilakukan oleh 20 orang panelis tidak terlatih siswa SD Bani Saleh 1 dan 20 orang panelis tidak terlatih siswa SDN Margahayu VIII dengan aspek penilaian meliputi aspek rasa, warna, aroma, dan tekstur. Hasil dari data uji proksimat menunjukkan bahwa soft cookies yang sudah memenuhi persyaratan mutu standar nasional kandungan gizi adalah kadar protein dan kadar lemak. Hasil dari data uji Friedman menunjukkan bahwa soft cookies  yang banyak disukai siswa dan siswi SD Bani Saleh 1 adalah soft cookies dengan persentase substistusi 10% dengan nilai rata-rata aspek rasa 3,80, aspek aroma 3,50, dan aspek tekstur 3,60. Sedangkan dari data uji Friedman menunjukkan bahwa soft cookies yang banyak disukai siswa dan siswi SDN Margahayu VIII adalah soft cookies dengan persentase substistusi 30% dengan nilai rata-rata aspek rasa 3,60 dan aspek tekstur 3,65. Kesimpulan pada penelitian ini bahwa formula terbaik dari soft cookies substitusi tepung kulit biji kakao berdasarkan uji organoleptik di dua sekolah dasar dan uji proksimat yang telah dilakukan adalah soft cookies dengan substitusi 10%

Promoting Entrepreneurship amid Youth in Windhoek’s Informal Settlements: A Namibian Case

Considering the high unemployment rate among Namibian youth and a lack of job opportunities, the promotion of entrepreneurship has gained wider attention in the country. A number of initiatives have been started such as entrepreneurship trainings and workshops, business idea competitions, etc. All these aim to inspire young people to think of alternative income sources. As part of a two-year funded community outreach research and development (R&D) project, we have investigated participatory approaches to engage marginalized youth into conceptualizing their own context, imparting skills, and deriving new career paths. This article reports and reflects on one of the interventions we have recently concluded with a group of youth in Havana, an informal settlement in the outskirts of Windhoek. We conducted what we entitled “The Havana Entrepreneur”, a series of interactions inspired upon the model of the American reality game show “The Apprentice”. Over a number of weeks two youth groups were given challenges to tackle by means of competing against one another. After completion of each challenge, groups were rated by a number of judges on skills demonstrated such as marketing, presentation, reflection and creativity among others. We observed an increase in, and improvement of skills revealed along tasks’ completion, besides an openly expressed self-realization and discovery of abilities by participants. Moreover, the youth are currently engaged in the continuation of activities beyond the initial entrepreneurial interactions. Thus we suggest replicating “The Havana Entrepreneur”, including the recording on camera of it by the youth themselves as a new mode to instigating a wider entrepreneurial spirit in informal settlements

Comercial Relations Between USA and Cuba in Times of Peace and War,1803-1807

Commercial regulations of the Hispanic monarchy gave great importance to the relations between the metropolis and its colonies. In times of war, Spain was not able to supply her colonies by its own means. Her incapacity of maintaining the imperial communications forced Spanish government to open ports to the neutrals. When the war against Great Britain start in December of 1804 the Anglo-Americans didn't waste the opportunity and start to trade as neutrals according to a royal order dictated by the king. Thanks to the handwritten Balances of the port of Havana from 1803 to 1807 we can reconstruct Cuban commerce at the beginning of the XIXth Century and compare the volume of merchandises exported and imported from Havana in times of peace and war. This source also shows the importance of the North-Americans as intermediary and re-exporter. Trade links were intensifying in war times. Anglo-American trade with Cuba have been multiplied almost three times. Anglo-Americans followed the routes and guidelines that the British and the French had been practicing for years, but with different interests in commercial relations with CubaCaribbean, Spanish Empire, America, Commerce, Neutrals, Import/Export, Havana, Agriculture, Colonies.

Cuba’s Water Crisis: Coping With Water Scarcity in Havana and Santiago de Cuba

Based on nine weeks of original ethnographic research in Cuba, this article looks at how ordinary residents in Havana and Santiago respond to chronic water scarcity—a problem likely to intensify as the impacts of climate change advance in the Caribbean region and around the world

Havana

An arrangement for band of the pop song by Camila Cabello