Index tracking with utility enhanced weighting

Passive index investing involves investing in a fund that replicates a market index. Enhanced indexation uses the returns of an index as a reference point and aims at outperforming this index. The motivation behind enhanced indexing is that the indices and portfolios available to academics and practitioners for asset pricing and benchmarking are generally inefficient and, thus, susceptible to enhancement. In this paper we propose a novel technique based on the concept of cumulative utility area ratios and the Analytic Hierarchy Process (AHP) to construct enhanced indices from the DJIA and S&P500. Four main conclusions are forthcoming. First, the technique, called the utility enhanced tracking technique (UETT), is computationally parsimonious and applicable for all return distributions. Second, if desired, cardinality constraints are simple and computationally parsimonious. Third, the technique requires only infrequent rebalancing, monthly at the most. Finally, the UETT portfolios generate consistently higher out-of-sample utility profiles and after-cost returns for the fully enhanced portfolios as well as for the enhanced portfolios adjusted for cardinality constraints. These results are robust to varying market conditions and a range of utility functions

Transient thermal stresses due to axisymmetric heat supply in a semi-infinite thick circular plate

The present paper deals with the determination of thermal stresses in a semi-infinite thick circular plate of a finite length and infinite extent subjected to an axisymmetric heat supply. A thick circular plate is considered having constant initial temperature and arbitrary heat flux is applied on the upper and lower face. The governing heat conduction equation has been solved by using integral transform technique. The results are obtained in terms of Bessel’s function. The thermoelastic behavior has been computed numerically and illustrated graphically for a steel plate

Accurate estimations of circumstellar and interstellar lines of quadruply ionized vanadium using the coupled cluster approach

Accurate {\it ab initio} calculations have been carried out to study the valence electron removal energies and oscillator strengths of astrophysically important electromagnetic transitions of quadruply ionized vanadium, $V^{4+}$. Many important electron correlations are considered to all-orders using the relativistic coupled-cluster theory. Calculated ionization potentials and fine structure splittings are compared with the experimental values, wherever available. To our knowledge, oscillator strengths of electric dipole transitions are predicted for the first time for most of the transitions. The transitions span in the range of ultraviolet, visible and near infrared regions and are important for astrophysical observations.Comment: Submitted in Astrophysical

Wind Turbine Output Estimation using Windographer Software

Wind Resource assessment is the first step in wind power development at pre-investment stage. In this paper, using Windographer software, the capacity factor of the site is esti- mated by considering different wind turbine models. The input used for estimation are time-series wind speed and technical specifications of wind turbine models. In addition to the capacity factor, wind power density is also estimated and it is found that the site is having enough potential for wind power generation

Generalization of a fixed point theorem of Suzuki type in complete metric space

The aim of this paper is to generalize a fixed point result given by Popescu[17]. Our results complement and extend very recent results proved by Suzuki [T. Suzuki, A generalized Banach contraction principle that characterizes metric completeness, Proc. Amer. Math. Soc. 136 (2008) 1861 - 1869]. To validate our result an example is given

Relativistic calculations of angular dependent photoemission time delay

Angular dependence of photoemission time delay for the valence $np_{3/2}$ and $np_{1/2}$ subshells of Ar, Kr and Xe is studied in the dipole relativistic random phase approximation. Strong angular anisotropy of the time delay is reproduced near respective Cooper minima while the spin-orbit splitting affects the time delay near threshold

Thermal stresses in functionally graded hollow sphere due to non-uniform internal heat generation

In this article, the thermal stresses in a hollow thick sphere of functionally graded material subjected to non-uniform internal heat generation are obtained as a function of radius to an exact solution by using the theory of elasticity. Material properties and heat generation are assumed as a function of radius of sphere and Poisson’s ratio as constant. The distribution of thermal stresses for different values of the powers of the module of elasticity and varying power law index of heat generation is studied. The results are illustrated numerically and graphically

Thermal stresses in an infinite body with spherical cavity due to an arbitrary heat flux on its internal boundary surface

In this paper we consider an elastic infinite body with a spherical cavity subjected to a arbitrary heat flux on its internal boundary which is assumed to be traction free. The displacement and thermal stresses are obtained and results are compared using constant and time dependent heat flux. Laplace transform technique is used to obtain the temperature distribution. The mathematical model is obtained for copper material. The results are illustrated numerically and graphically