Bayesian Inference of the Multi-Period Optimal Portfolio for an Exponential Utility

We consider the estimation of the multi-period optimal portfolio obtained by maximizing an exponential utility. Employing Jeffreys' non-informative prior and the conjugate informative prior, we derive stochastic representations for the optimal portfolio weights at each time point of portfolio reallocation. This provides a direct access not only to the posterior distribution of the portfolio weights but also to their point estimates together with uncertainties and their asymptotic distributions. Furthermore, we present the posterior predictive distribution for the investor's wealth at each time point of the investment period in terms of a stochastic representation for the future wealth realization. This in turn makes it possible to use quantile-based risk measures or to calculate the probability of default. We apply the suggested Bayesian approach to assess the uncertainty in the multi-period optimal portfolio by considering assets from the FTSE 100 in the weeks after the British referendum to leave the European Union. The behaviour of the novel portfolio estimation method in a precarious market situation is illustrated by calculating the predictive wealth, the risk associated with the holding portfolio, and the default probability in each period.Comment: 38 pages, 5 figure

Constraining the photometric properties of MgII absorbing galaxies with the SDSS

Using a sample of nearly 700 quasars with strong (W_0(2796)>0.8 Angstrom) MgII absorption lines detected in the Early Data Release of the SDSS, we demonstrate the feasibility of measuring the photometric properties of the absorber systems by stacking SDSS imaging data. As MgII lines can be observed in the range 0.37<z_abs<2.2, the absorbing galaxies are in general not identified in SDSS images, but they produce systematic light excesses around QSOs which can be detected with a statistical analysis. In this Letter we present a 6-sigma detection of this effect over the whole sample in i-band, rising to 9.4-sigma for a low-redshift subsample with 0.37<z_abs<=0.82. We use a control sample of QSOs without strong MgII absorption lines to quantify and remove systematics with typical 10-20% accuracy. The signal varies as expected as a function of absorber redshift. For the low z_abs subsample we can reliably estimate the average luminosities per MgII absorber system in the g, r, and i bands and find them to be compatible with a few-hundred-Myr old stellar population of M_r ~ -21 in the rest frame. Colors are also consistent with typical absorbing galaxies resembling local Sb-c spirals. Our technique does not require any spectroscopic follow-up and does not suffer from confusion with other galaxies arising along the line-of-sight. It will be applied to larger samples and other line species in upcoming studies.Comment: Accepted on ApJ Letters, 5 pages, 2 figure

The Pittsburgh Sloan Digital Sky Survey MgII Quasar Absorption-Line Survey Catalog

We present a catalog of intervening MgII quasar absorption-line systems in the redshift interval 0.36 <= z <= 2.28. The catalog was built from Sloan Digital Sky Survey Data Release Four (SDSS DR4) quasar spectra. Currently, the catalog contains > 17,000 measured MgII doublets. We also present data on the ~44,600 quasar spectra which were searched to construct the catalog, including redshift and magnitude information, continuum-normalized spectra, and corresponding arrays of redshift-dependent minimum rest equivalent widths detectable at our confidence threshold. The catalog is available on the web. A careful second search of 500 random spectra indicated that, for every 100 spectra searched, approximately one significant MgII system was accidentally rejected. Current plans to expand the catalog beyond DR4 quasars are discussed. Many MgII absorbers are known to be associated with galaxies. Therefore, the combination of large size and well understood statistics makes this catalog ideal for precision studies of the low-ionization and neutral gas regions associated with galaxies at low to moderate redshift. An analysis of the statistics of MgII absorbers using this catalog will be presented in a subsequent paper.Comment: AJ, in pres

Law and Neighborhood Names

This Article provides a novel investigation of how law both enables and constrains the ability of city residents to claim, name, and often rename their neighborhoods. A rich interdisciplinary dialogue in fields such as geography and sociology has emerged on the significance of place names, but this literature has largely ignored the legal dimensions of the phenomenon and its implications for urban governance, belonging, and community conflict. This Article\u27s empirical exploration of the role of law in change and conflict regarding neighborhood identity thus advances the discourse both for legal scholars focused on urban dynamics and across disciplines. From gentrification fights sparked by efforts to rename the southern part of Harlem as SoHa to a successful community movement to change the name of the area once known as South Central to South Los Angeles, neighborhood identity has long sparked controversy and is increasingly leading to proposals for legal change. These conflicts raise fundamental questions about the legal dimensions of urban governance and people\u27s sense of ownership over their communities: How do neighborhoods actually get their formal names and why is neighborhood identity so hotly contested? And how does law mediate what we use to identify local communities? Understanding the texture and significance of neighborhood- naming conflicts, moreover, carries implications in two distinct areas of legal theory. First, in terms of property, neighborhood identity provides insights into collective cultural ownership in the absence of formal rights, reflecting the central tension in property theory between economic value and personhood. Likewise, conflicts over neighborhood naming shed new light on our understanding of local government law, foregrounding often-overlooked dynamics of formality and informality and the microscale interplay of public and private forces in urban governance. These related theoretical frames, finally, supply insights into the normative stakes in conflicts over neighborhood naming, where the advantages of formalization must be balanced against dynamics of exclusion and vulnerability, suggesting notes of caution for any attempt to reform the legal foundations of neighborhood identity

Sensory analysis of heated sodium alginate film flavored with chicken stock

The spread of non-communicable diseases (NCD) is considered one of the top health problems worldwide. A low intake of fruits and vegetables in conjunction with a high consumption of foods rich in saturated and trans fats, salt and sugar has been reported to be the main cause of a considerable proportion of deaths associated to NCDs (World Health Organization (WHO), 2009; WHO, 2011). NCD Global Action Plan 2013?2020 proposes, among other objectives, to reduce the impact of diabetes, giving priority to actions to prevent overweight and obesity (WHO, 2016). For this reason, interventions aiming at encouraging people to engage in healthier eating habits have been identified as one of the top priorities for reducing the burden of NCD (Beaglehole et al., 2011). To assist in the achievement of these objectives, an alternative for roasted chicken skin was proposed in the research carried out by Báez et al. (2017). In this work, a heat treated calcium alginate dry film prepared with chicken stock was developed. This film presented similar characteristics to roasted chicken skin when it was heated. Heat treatment of the dry film for 15 min at 130 °C produced the development of an opaque maroon color and an increased in their brittleness. This information can be used by product developers, culinary scientists and professional chefs in designing food products in which these kinds of films are employed to wrap or cover the top of chicken meat pieces that are then subjected to cooking. These studies suggest a potential use of heat treated-chicken stock films as a substitute of roasted chicken skin since the crisp texture and optical properties were alike. This is the basis for the preparation of healthier alternatives to the traditional roasted skin through reduction unhealthy components, such as fat (including cholesterol) and carcinogenic compounds, without loss of overall flavor intensity (Báez et al., 2017). However, sensory studies are needed before the product can be recommended.Fil: Delorenzi, Nestor Jorge. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas. Departamento de Tecnología; ArgentinaFil: Busti, Pablo Andres. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas. Departamento de Tecnología; ArgentinaFil: Llopart, Emilce Elina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas. Departamento de Tecnología; ArgentinaFil: Báez, Germán David. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas. Departamento de Tecnología; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; ArgentinaFil: Verdini, Roxana Andrea. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario. Instituto de Biología Molecular y Celular de Rosario. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas. Instituto de Biología Molecular y Celular de Rosario; Argentin