UK equity mutual fund alphas make a comeback

In this study, we re-visit the performance of 887 active UK equity mutual funds using a new approach proposed by Angelidis, Giamouridis, and Tessaromatis. The authors argue that mutual funds stock selection is driven by the benchmark index, so if the benchmark generates alpha, there will be a bias in interpretation of manager's stock-picking ability. In their model, the alpha of a fund is adjusted by the benchmark's alpha. By applying this method, we eliminate bias inflicted by the persistently negative alphas of FTSE 100 Index in the period 1992-2013. We find that adjusted Fama-French and Carhat alphas of UK equity mutual funds are higher than those implied by the standard three- and four-factor models and are overall positive, contrary to most of the existing literature on UK fund performance. This result is consistent across funds' investment styles and robust to the use of FTSE Small Cap as benchmark for a sub-sample of small cap funds

Are listed firms better governed? Empirical evidence on board structure and financial performance

We examine the relationship among board characteristics (network centrality, leadership structure, outsider participation, portion of male directors, director age, and presence of financial experts) and firm-level financial performance (cash holdings, leverage, ROA, risk, and risk-adjusted return). Our data encompass firms from eight countries during 2003-2012. Unlisted firms are smaller and have less leverage. Despite the fact that unlisted firms have prima facie better average governance (they are less likely to have an executive chair (or CEO as chair of the board) and a higher average portion of outside directors), they exhibit worse risk-adjusted returns. Higher levels of director connectedness (centrality) are generally associated with more observable entrenchment (more cash, less leverage), whereas other board characteristics do not show clear relationships with entrenchment. Our findings are consistent with the view that firmly established CEOs are willing and able to pack the board with qualified and connected members, who nevertheless do not act to constrain CEO entrenchment. This is true for both listed and unlisted firms

Review of new trends in the literature on factor models and mutual fund performance

In this paper we provide critical review of recent developments in the mutual fund performance evaluation literature. The new literature centres around two main themes: enhancing explanatory power of the standard Fama-French-Carhart factor models by augmenting them with different factors and altering standard models to account for presence of non-zero alphas in passive indices used as fund benchmarks. The latter includes the literature providing solutions for scenarios in which those benchmarks do not match fund objectives. We find that in the plethora of suggested ‘missing’ factors, not one can be universally used to explain all anomalies or price all stocks. We also find that new models that adjust a fund's standard Carhart alpha for alpha of its benchmark or for commonalities in its peer–group, provide additional information on fund performance to that given by the standard models. Specifically, these models give account of fund's relative performance - to the benchmark or the peer-group, which is of use to investors

Quantum oblivious transfer: a short review

Quantum cryptography is the field of cryptography that explores the quantum properties of matter. Its aim is to develop primitives beyond the reach of classical cryptography or to improve on existing classical implementations. Although much of the work in this field is dedicated to quantum key distribution (QKD), some important steps were made towards the study and development of quantum oblivious transfer (QOT). It is possible to draw a comparison between the application structure of both QKD and QOT primitives. Just as QKD protocols allow quantum-safe communication, QOT protocols allow quantum-safe computation. However, the conditions under which QOT is actually quantum-safe have been subject to a great amount of scrutiny and study. In this review article, we survey the work developed around the concept of oblivious transfer in the area of theoretical quantum cryptography, with an emphasis on some proposed protocols and their security requirements. We review the impossibility results that daunt this primitive and discuss several quantum security models under which it is possible to prove QOT security.Comment: 40 pages, 14 figure

Predicting spectral features in galaxy spectra from broad-band photometry

We explore the prospects of predicting emission line features present in galaxy spectra given broad-band photometry alone. There is a general consent that colours, and spectral features, most notably the 4000 A break, can predict many properties of galaxies, including star formation rates and hence they could infer some of the line properties. We argue that these techniques have great prospects in helping us understand line emission in extragalactic objects and might speed up future galaxy redshift surveys if they are to target emission line objects only. We use two independent methods, Artifical Neural Neworks (based on the ANNz code) and Locally Weighted Regression (LWR), to retrieve correlations present in the colour N-dimensional space and to predict the equivalent widths present in the corresponding spectra. We also investigate how well it is possible to separate galaxies with and without lines from broad band photometry only. We find, unsurprisingly, that recombination lines can be well predicted by galaxy colours. However, among collisional lines some can and some cannot be predicted well from galaxy colours alone, without any further redshift information. We also use our techniques to estimate how much information contained in spectral diagnostic diagrams can be recovered from broad-band photometry alone. We find that it is possible to classify AGN and star formation objects relatively well using colours only. We suggest that this technique could be used to considerably improve redshift surveys such as the upcoming FMOS survey and the planned WFMOS survey.Comment: 10 pages 7 figures summitted to MNRA

Electrodialytic hydrogen production and critical raw materials recovery from secondary resources

FCT/MCTES through grant UIDB/04085/2020. J. Almeida acknowledges Fundação para a Ciência e a Tecnologia and EcoCoRe Doctoral program for her PhD fellowship PD\BD\135170\2017.Electrodialytic technologies are defined as treatment processes that promote the removal/recovery of substances in a matrix, based on the application of low-level current intensities. Additionally, along these processes hydrogen is self-generated, allowing them to operationally produce clean energy. This energy carrier is produced due to electrolysis reactions occurring at the cathode end of the electrodialytic reactor, when using inert electrodes. Herein, hydrogen production during the electrodialytic treatment of sewage sludge and mining residues suspensions (coupled with effluent or sewage sludge), at 50 and 100 mA, was assessed. During the electrodialytic treatment of sewage sludge, hydrogen purity production achieved 33%. When effluent or sewage sludge were used as enhancements in mining residues suspensions, hydrogen purity reached 71% and 34%, respectively. Furthermore, a proton-exchange membrane fuel cell was connected to the cathode compartment of the electrodialytic reactor. The electrical energy generated from self-hydrogen produced at 100 mA achieved ≈1 V in all performed experiments. Simultaneously, critical raw materials extraction, namely phosphorus and tungsten, was evaluated. When the process was applied to mining residue suspensions combined with sewage sludge, the highest extraction ratio of phosphorus (71%) and tungsten (62%) was observed.publishersversionpublishe

The influence of retropatellar fat preservation on the positioning of the tibial component of total knee arthroplasty

Background: The good clinical-functional outcomes of total knee arthroplasty (TKA) depend on several factors, such as the surgical time and the adequate positioning of the prosthesis components. The present study aims to evaluate whether the preservation of retropatellar fat pad during the surgical act influences the rotational alignment of the tibial component and the surgical time of the procedure. Methods: The study was carried out with 50 patients operated on by the main author, who were randomly divided into two groups, experimental and control. For the evaluation of the positioning of the tibial component, the patients underwent computed tomography (CT) four weeks after the surgery, on average. Casuistry was determined by pilot study with the first five patients of each group. For the sample calculation, the t-student test was used for two independent samples. Results: All patients presented internal rotation of the tibial component, with no statistical difference in mean rotation between the experimental and control groups. When there was complete detachment of the fat in the experimental group, the tibial component showed greater external rotation, with a statistical difference. Surgical time was shorter in the experimental group, varying in this group according to the degree of osteoarthrosis. Conclusions: Maintenance of retropatellar fat pad did not influence the rotational alignment of the tibial component; however, in patients with advanced osteoarthrosis, such maintenance increases the surgical time