Artificial intelligence and hedge fund performance : An analysis of hedge fund trading styles

This study focuses on understanding the relationship between the level of automation employed by hedge funds on the level of performance that these funds are able to obtain. As technologies are constantly evolving and being used to further different fields, one could ask if the adaptation of the latest technological advancements in term of artificial intelligence could be used to fur- ther the trading performance of hedge funds. As hedge funds enjoy less restrictions for their trading processes, they are at a prime position to take advantage of every edge that can be obtained. Using data from the Preqin hedge fund database we can to uncover this level of automation by sorting funds based on their trading styles. The term AIML hedge funds refers to hedge funds using both artificial intelligence and machine learning. These AIML funds are taken as their own trading style and their performance is compared against systematic, discretionary and combined funds which utilize both the systematic and the discretionary methodologies in their trading processes. Using both the efficient market hypothesis and the behavioral finance frameworks, we are able to conduct a detailed analysis of both the motivation for the need of automation and for the existence of hedge funds. Past literature relating to hedge fund performance, artifi- cial intelligence and algorithmic trading, and hedge fund comparisons are also reviewed in de- tail. By only focusing on funds that trade U.S equities we are able to utilize common factor mod- els used for pricing U.S. equities. Performance is analyzed both in terms of the full sample period and by employing subsample analysis to uncover underlying performance persistence. Based on the results of our factor models we are able to see the statistically significant overper- formance shown by AIML funds. Moreover, our subsample analysis supports these findings and shows that the performance obtained by AIML funds is persistent. When the effects of serial correlation between the fund types is taken into account the outperformance of AIML is further established. Lastly, when comparing the alphas of AIML funds against the other hedge fund trad- ing style portfolios, AIML funds exhibit statistically significant outperformance even at a one percent level of significance. Thus, our results indicate that by using artificial intelligence hedge funds can improve their performance on a persistent basis and to stand out from their peers. Our results are not in breach of the efficient market hypothesis as the underlying reasons for AIML fund performance can be noted as their ability to adapt and their ability to take advantage of small market dislocations. Behavioral finance also shows how adaptability combined with an emotionless ability to execute strategies are key for AIML outperformance Our findings present interesting directions for future research and showcase the likely future trend of increased AI usage within the hedge fund industry

Effective Risk Management Strategies for Information Technology Project Managers

A high rate of information technology (IT) projects in the telecommunication industry fail because of ineffective risk management strategies. Effective risk management strategies are important to IT project managers for the improvement of project success rates. Grounded in the actor-network theory, the purpose of this qualitative multiple case study was to explore risk management strategies used by IT project managers in the telecommunication industry for improving project success rates. Data were collected using semistructured interviews and reviews of companies’ documentation on project risk management. The participants were 5 IT project managers in Dakar, Senegal, and had more than 8 years of IT project management experience with a risk management success rate of 70%. Data were analyzed using thematic analysis through 4 steps including data transcription, data organization, data coding, and data validation. The data analysis revealed 4 major themes: risk management culture, risk management framework, risk communication, and risk lessons learned. The key recommendation is for IT project managers to establish strategies to enhance risk-based decisions and use appropriate tools to communicate project risks to stakeholders. The implications for positive social change include the potential to use new and innovative telecommunication broadband networks to enhance the quality of life for individuals who work in the field of education, health, and agriculture

1D single-shot thermography by Spontaneous Raman Scattering in turbulent, spray or oxyfuel flames

International audienceSpontaneous Raman scattering noise, limited for thermography in turbulent flames where high spatial and time resolutions are required, is revisited for simultaneous temperature and multispecies concentration single-shot linewise measurements, offering new applications

Cure de varicocèle sous anesthésie locale : Aspects techniques et faisabilité: Varicocele surgery under local anesthesia: technical aspects and feasibilty

Contexte et objectif. Au Sénégal, la chirurgie de la varicocèle, occupe une place non négligeable dans la prise en charge de l’infertilité masculine. Cette chirurgie connait une utilisation de plus en plus fréquente de la voie inguinale ou même sous inguinale. Cette modification progressive des habitudes a été l’origine de l’étude de la faisabilité et de la sécurité de l’anesthésie locale dans notre pratique. Méthodes. Dans une série des cas, trente-cinq (35) patients ayant donné leur consentement ont été opérés sous anesthésie locale selon le même protocole par les médecins de l’équipe. Résultats. L’âge moyen des patients était de 32,5 ± 8 ans (18-54 ans). Le motif de consultation le plus fréquent était l’infertilité du couple (62,9 %). Vingt-deux patients avaient une varicocèle bilatérale et treize une varicocèle unilatérale. Tous nos patients étaient classés ASA I. La moyenne de la durée d’intervention était de 22 ± 9,48 min. La moyenne du degré de la douleur pendant l’opération était à 1,37/10 selon l’EVA chez les 35 patients. Aucun incident peropératoire lié à l’anesthésie ou à un problème technique chirurgical n’a été observé. Après la chirurgie, 94,3% ont déclaré avoir été satisfait du geste. Conclusion. La pratique de la chirurgie ambulatoire sous anesthésie locale de la varicocèle offre une part importante dans la prise en charge de cette affection.  Context and objective. In Senegal, varicocele surgery occupies a significant place in the management of male infertility. This surgery is increasingly performed via the inguinal or even sub inguinal route. This gradual change in habits was the origin of the study of the feasibility and safety of local anesthesia in our practice. Methods. In a cross sectional study, thirty-five (35) patients who gave their consent underwent the surgery under local anesthesia according to a standardized protocol by the team’s doctors. Results. The average age of the patients was 32.5 ± 8 years (18-54 years). The most frequent reason for consultation was infertility in the couple (62.9%). Twenty-two patients had bilateral varicocele and thirteen had unilateral varicocele. All our patients were classified as ASA I. The average duration of the operation was 22 ± 9.48 min. The average degree of pain during the operation was 1.37/10 according to the Visual analog Scale in the 35 patients. No intraoperative incident related to anesthesia or a surgical technical problem was observed. After surgery, 94.3% said they were satisfied. Conclusion. The practice of outpatient surgery under local anesthesia for varicocele occupies an important part in the management of this condition

Plastic Surgery of Male External Genitalia after a Trauma Caused by a Mill in Rural Area

The trauma of the external genital organs is a common urological emergency that can affect the patient's functional and psychosocial prognosis as well as his family. We report a case of direct trauma of the external genitalia of a 27-year-old by a mill, requiring a recover plastic surgery in rural area. The examination at admission revealed a significant damage of penile and scrotal skin, denuding testes and cavernous bodies. A cover plastic surgery was performed. After a year of follow up, the outcome was good

Maladie de Lapeyronie: Aspects cliniques et thérapeutiques à propos de 17 cas

Buts: rapporter les aspects cliniques et thérapeutiques de la maladie de Lapeyronie (MLP).Matériel et méthodes: étude descriptive monocentrique recrutant 17 cas de MLP dans un service d’urologie au Sénégal entre janvier et décembre 2012. L’âge des patients, les motifs de consultation, le délai de consultation, l’examen des plaques de fibrose, le degré de courbure, le traitement et ses résultats ont été analysés.Résultats: l’âge moyen était de 58,2 ans (33 et 80 ans). La courbure était la plainte la plus observée (13 patients/17) et isolée chez 4 patients. La douleur pénienne était observée chez 4 patients et la dysérection chez 7 patients. Le délai de consultation moyen était de 21,2 mois (1 et 72 mois). Le grand axe moyen des plaques de fibrose était 2,8 cm (0,5 et 7,5 cm). Le degré de courbure de la verge moyen était de 31,6 (0 et 95). Neuf patients ont rec¸u un traitement à base de vitamine E et des infiltrations de corticoïdes dans la plaque. Il a été efficace chez 3 patients vus à la phase inflammatoire. Un redressement satisfaisant de verge par plicature de l’albuginée des corps caverneux selon Nesbit a été réalisée chez 5 malades en phase de séquelle. Trois patients n’ont pas pu être opérés.Conclusion: la MLP a une faible prévalence et la plupart des patients consultent en phase de séquelle. Le traitement médical a été efficace à la phase inflammatoire et la chirurgie a permis de régler la courbureMots Clés: maladie de Lapeyronie; douleur; courbure; dysfonction érectile; Sénéga

Hernie inguinale de la vessie: à propos de 8 cas

Décrire notre expérience de la prise en charge des hernies inguinales de la vessie (HIV). Il s'agit d'une étude rétrospective descriptive colligeant les dossiers des patients opérés pour une HIV entre janvier  2005 et décembre 2012. Les paramètres suivants ont été étudiés: l'âge des patients, les aspects  anatomo-cliniques de la hernie, les circonstances de découverte, l'attitude thérapeutique et les résultats de la cure. Huit HIV ont été diagnostiquées sur une période de 7 ans. Tous les patients étaient de sexe masculin. La moyenne d'âge était de 57,6 ans. La HIV siégeait à droite chez 5 patients et était associée à une HBP chez 3 patients, deux patients avaient des antécédents de herniorraphie . La découverte était per opératoire chez 6 patients, postopératoire (fistule vesicocutanée) chez un patient et  préopératoire chez un patient. Ce dernier a présenté une HIV géante diagnostiquée à l'Uroscanner. L'attitude thérapeutique était fonction des circonstances de  découverte de la HIV et de la pathologie associée. Six patients ont été opérés selon la technique de Bassini et deux selon la technique de Mac Way. La durée   moyenne de  l'hospitalisation était de 7 jours. Après un suivi régulier de 2 ans nous n'avons pas noté de récidive  herniaire. La HIV est une affection rare dont la   découverte est le plus souvent per-opératoire après une taille vésicale. Il faut l'évoquer chez tout patient aux antécédents d'herniorraphie et chez les sujets âgés de plus de 50 ans qui présentent une hernie inguinale associée à des TUBA.Key words: Vessie, hernie, découverte peroperatoire

Monitoring the efficacy and safety of three artemisinin based-combinations therapies in Senegal: results from two years surveillance

BACKGROUND: Malaria remains a major public health problem in developing countries. Then in these countries prompt access to effective antimalarial treatment such as Artemisinin based-Combination Therapies (ACT) proves to be an essential tool for controlling the disease. In Senegal, since 2006 a nationwide scaling up program of ACT is being implemented. In this context it has become relevant to monitor ACT efficacy and provide recommendations for the Senegalese national malaria control program. METHODS: An open randomized trial was conducted during two malaria transmission seasons (2011 and 2012) to assess the efficacy and safety of three combinations: dihydro-artemisinin-piperaquine (DHAPQ), artemether-lumefantrine (AL) and artesunate-amodiaquine (ASAQ). The primary end point of the study was represented by a PCR adjusted adequate clinical and parasitological response (ACPR) at day 28. Secondary end points included: (i) a ACPR at days 35 and 42, (ii) a parasite and fever clearance time, (iii) ACTs safety and tolerability. The 2003 WHO’s protocol for antimalarial drug evaluation was used to assess each outcome. RESULTS: Overall, 534 patients were randomized selected to receive, either ASAQ (n = 180), AL (n = 178) or DHAPQ (n = 176). The PCR adjusted ACPR at day 28 was 99.41% for the group ASAQ, while that was 100% in the AL and DHAPQ groups (p = 0.37). The therapeutic efficacy was evaluated at 99.37% in the ASAQ arm versus 100% in AL and DHAPQ arm at day 35 (p = 0.37). At day 42, the ACPR was 99.27% in the ASAQ group versus 100% for both AL and DHAPQ groups, (p = 0.36). No serious adverse event was noted during the study period. Also a similar safety profile was noted in the 3 study groups. CONCLUSION: In the context of scaling up of ACTs in Senegal, ASAQ, AL and DHAPQ are highly effective and safe antimalarial drugs. However, it’s remains important to continue to monitor their efficacy. TRIAL REGISTRATION: PACTR 201305000552290

L’éléphantiasis vulvo-clitoridien: à propos d’un nouveau cas

L'éléphantiasis vulvo-clitoridien d'origine filarienne est une affection très rare. Nous rapportons un nouveau cas chez une femme de 33 ans suivie dans un service de Maladies Infectieuses pour filariose lymphatique. Elle avait une masse vulvo-clitoridienne qui évoluait depuis plus de 10 ans. Une résection clitoridienne et une plastie vulvaire a été réalisée. Les résultats fonctionnels et esthétiques étaient satisfaisants.Key words: Eléphantiasis, filariose, vulvo-clitoridie

Cancer de la prostate localisé à haut risque de récidive:résultats de la prise charge

No Abstract