An Arbitrary Benchmark CAPM: One Additional Frontier Portfolio is Sufficient

The benchmark CAPM linearly relates the expected returns on an arbitrary asset, an arbitrary benchmark portfolio, and an arbitrary MV frontier portfolio. The benchmark is not required to be on the frontier and may be non-perfectly correlated with the frontier portfolio. The benchmark CAPM extends and generalizes previous CAPM formulations, including the zero beta, two correlated frontier portfolios, riskless augmented frontier, and inefficient portfolio versions. The covariance between the off-frontier benchmark and the frontier portfolio affects the systematic risk of any asset. Each asset has a composite beta, derived from the simple betas of both the asset and the benchmark.Benchmark; CAPM; non-frontier portfolio; zero beta portfolio; composite beta

A dozen consistent CAPM-related valuation models : so why use the incorrect one?

This paper focuses on applications of the CAPM in capital budgeting and in valuation of "mispriced" financial assets. Most textbooks in finance do not warn against a common pitfall in discounting expected cash flows by risk adjusted discount rates that are conceptually inconsistent with the CAPM. Betas computed from returns based on investment cost rather than on market value, may give systematically inappropriate discount rates and numerically incorrect present values for non-zero NPVs and "mispriced" assets. The paper provides a self contained collection of a dozen consistent CAPM-related methods, that all give correct valuation results. The models include approaches based on certainty equivalents, equilibrium and disequilibrium required discount rates, simplified discounting rules based on absence of arbitrage for particular cash flow patterns, as well as required adaptations to make valuations from more advanced valuation methods consistent with correct CAPM procedures. Derivations of the valuation methods are shown in an appendix. A running base case numerical example illustrates the various procedures. Further illustrations are provided by a textbook example that also demonstrates how some simple procedures work for more complex cases than previously recognized

Species-Specific Flight Styles of Flies are Reflected in the Response Dynamics of a Homolog Motion-Sensitive Neuron

Hoverflies and blowflies have distinctly different flight styles. Yet, both species have been shown to structure their flight behavior in a way that facilitates extraction of 3D information from the image flow on the retina (optic flow). Neuronal candidates to analyze the optic flow are the tangential cells in the third optical ganglion – the lobula complex. These neurons are directionally selective and integrate the optic flow over large parts of the visual field. Homolog tangential cells in hoverflies and blowflies have a similar morphology. Because blowflies and hoverflies have similar neuronal layout but distinctly different flight behaviors, they are an ideal substrate to pinpoint potential neuronal adaptations to the different flight styles. In this article we describe the relationship between locomotion behavior and motion vision on three different levels: (1) We compare the different flight styles based on the categorization of flight behavior into prototypical movements. (2) We measure the species-specific dynamics of the optic flow under naturalistic flight conditions. We found the translational optic flow of both species to be very different. (3) We describe possible adaptations of a homolog motion-sensitive neuron. We stimulate this cell in blowflies (Calliphora) and hoverflies (Eristalis) with naturalistic optic flow generated by both species during free flight. The characterized hoverfly tangential cell responds faster to transient changes in the optic flow than its blowfly homolog. It is discussed whether and how the different dynamical response properties aid optic flow analysis

A dozen consistent CAPM-related valuation models : so why use the incorrect one?

This paper focuses on applications of the CAPM in capital budgeting and in valuation of "mispriced" financial assets. Most textbooks in finance do not warn against a common pitfall in discounting expected cash flows by risk adjusted discount rates that are conceptually inconsistent with the CAPM. Betas computed from returns based on investment cost rather than on market value, may give systematically inappropriate discount rates and numerically incorrect present values for non-zero NPVs and "mispriced" assets. The paper provides a self contained collection of a dozen consistent CAPM-related methods, that all give correct valuation results. The models include approaches based on certainty equivalents, equilibrium and disequilibrium required discount rates, simplified discounting rules based on absence of arbitrage for particular cash flow patterns, as well as required adaptations to make valuations from more advanced valuation methods consistent with correct CAPM procedures. Derivations of the valuation methods are shown in an appendix. A running base case numerical example illustrates the various procedures. Further illustrations are provided by a textbook example that also demonstrates how some simple procedures work for more complex cases than previously recognized

Human Rights and Cultural Diversity. Core Issues and Cases

As clearly explained on the very first page, this book is about “the troubled relationship between the promotion of human rights and the promotion of cultural diversity.” Its purpose is to discuss (and overcome, I presume) some of the “core areas of anxiety” that this trouble speaks of. Anyone working with human rights, academically or in more applied ways, will be familiar with the anxieties that arise from trying to reconcile individual and collective rights in a consistent and convincing manner. A book holding the promise of taking you one step further towards simultaneously handling the issues of individual moral rights and collectivist cultural rights should attract a wide readership

Investigating Post-Concussion Neurocognitive Deficits Using the Immediate Post-Concussion Assessment and Cognitive Testing Tool

Concussions represent a serious public health concern due to their severe short and long-term consequences. Many adolescents participate in sports that involve the chance of injuries such as concussions. Concussive injuries can be difficult to describe because most symptoms involve non-physical indicators such as impaired cognition, altered behavior, or sleep disturbances. Symptoms can also be influenced by age, gender, and previous history of concussions. Current best practice is to remove the athlete from activity and perform several tests to critically evaluate and assess the injury. ImPACT is a type of neuropsychological testing that includes patient information, baseline tests, postinjury assessments, self-reported symptomology, and history of previous concussions. The objective of this study is to observe prevalence and incidence of concussions in high school student athletes using ImPACT. Composite scores were also compared at baseline, 24-72 hours post injury, and 7 days post injury reported overall and by gender stratification. Prospective cohort study was performed to observe concussion rates in rural adolescent using ImPACT profiles. ImPACT identified 3,224 participants in this study and completed annual baseline testing and self-reported histories of concussions. Concussions described in the present study were recognized by certified athletic trainer who performed follow-up assessments at 24-72 hours post-injury and reassessed at 7 days post-injury. Baseline data, 24-72-hour post-injury, and 7 days post-injury were compared using repeated measures analysis of variance with post-hoc testing using a Bonferroni adjustment for multiple comparisons. Overall and gender-stratified ImPACT composite scores indicated fluctuations in scores starting at baseline, decreasing at 24-72 hours post, and then rising to just about baseline scores at 7-days post. The prevalence rate of concussions among this population of adolescents was 13% with American football reporting the most concussions. ImPACT composite scores did not vary significantly among genders but there is individual composite score differences. ImPACT can provide a patient history of concussions and track progression of recovery. More research is needed to better understand outcomes and severity of adolescent concussions

Modular Multilevel Converter for Electric Motor Drive Applications

In this master thesis the topic of Modular Multilevel Converters (MMC) has been studied. The working principle of the converter is presented with advantageous attributes such as a multilevel waveform, a modular realization and cost saving features. Vital control objectives are active and reactive power control, DC link voltage control, submodule capacitor voltage control and current control. A level-shifted pulse-width modulation (PWM) switching scheme was found to have relatively low total harmonic distortion (THD), thus used in the upcoming simulations. In order to ensure balancing of the converter capacitors, a voltage balancing algorithm was presented, sorting the capacitors based on their voltage level, and giving a state command accordingly. The thesis has examined the challenges of using MMC for electric motor drive applications. It has been found that the low frequency operation causes large voltage ripple in the capacitors, thus a large circulating current. Through a literature search, different measures where found in order to reduce the circulating current, including circulating current suppressing and manipulation. In addition an introduction of a common mode voltage was presented as a possible measure. After developing the one-phase model of the project thesis into a three-phase model, the circulating current suppressing controllers (CCSC) were tested, first at 50Hz, and then at 25Hz. At 50Hz, all three controllers worked as intended, reducing the circulating current by up to 72% and the voltage ripple was reduced from ∆vc = 10V to ∆vc = 6V . At 25Hz, all the controllers maintained their ability to reduce the circulating current. Nonetheless, it was concluded that further measures must be studied, as all controllers increased the capacitor voltage ripple at f =25Hz

Binocular Integration of Visual Information: A Model Study on Naturalistic Optic Flow Processing

The computation of visual information from both visual hemispheres is often of functional relevance when solving orientation and navigation tasks. The vCH-cell is a motion-sensitive wide-field neuron in the visual system of the blowfly Calliphora, a model system in the field of optic flow processing. The vCH-cell receives input from various other identified wide-field cells, the receptive fields of which are located in both the ipsilateral and the contralateral visual field. The relevance of this connectivity to the processing of naturalistic image sequences, with their peculiar dynamical characteristics, is still unresolved. To disentangle the contributions of the different input components to the cell's overall response, we used electrophysiologically determined responses of the vCH-cell and its various input elements to tune a model of the vCH-circuit. Their impact on the vCH-cell response could be distinguished by stimulating not only extended parts of the visual field of the fly, but also selected regions in the ipsi- and contralateral visual field with behaviorally generated optic flow. We show that a computational model of the vCH-circuit is able to account for the neuronal activities of the counterparts in the blowfly's visual system. Furthermore, we offer an insight into the dendritic integration of binocular visual input