Hedge funds: an industry in its adolescence

The dramatic increase in the number of hedge funds and the "institutionalization" of the industry over the past decade have spurred rigorous research into hedge fund performance. This research has tended to uncover more questions than answers about the dynamic and multifaceted hedge fund industry. ; This article presents a simple hedge fund business model in which fund returns are a function of three key elements -- how the funds trade, where they trade, and how the positions are financed. The article also provides methods to help investors, intermediaries, and regulators identify systemic risk factors inherent in hedge fund strategies. ; Estimating these risk factors requires having an accurate history of hedge fund performance. The authors examine recent statistics from three commercial hedge fund databases and discuss the problems with database biases that must be recognized to obtain accurate measures of returns. ; While the data show that today's hedge funds use myriad strategies that have no uniform definition, the proposed business model implies that hedge fund managers are diversifying in order to maximize the enterprise value of their firms. But this diversification does not preclude the risk of leveraged opinions converging onto the same set of bets. Preventing convergence risk will require action by investors, intermediaries, regulators, and fund managers to improve industry-level disclosure and transparency while preserving the privacy of individual hedge funds' positions.Hedge funds

SDN-based virtual machine management for cloud data centers

Software-Defined Networking (SDN) is an emerging paradigm to logically centralize the network control plane and automate the configuration of individual network elements. At the same time, in Cloud Data Centers (DCs), even though network and server resources converge over the same infrastructure and typically over a single administrative entity, disjoint control mechanisms are used for their respective management. In this paper, we propose a unified server-network control mechanism for converged ICT environments. We present a SDN-based orchestration framework for live Virtual Machine (VM) management where server hypervisors exploit temporal network information to migrate VMs and minimize the network-wide communication cost of the resulting traffic dynamics. A prototype implementation is presented and Mininet is used to evaluate the impact of diverse orchestration algorithms

Methods for the estimation of missing values in time series

Time Series is a sequential set of data measured over time. Examples of time series arise in a variety of areas, ranging from engineering to economics. The analysis of time series data constitutes an important area of statistics. Since, the data are records taken through time, missing observations in time series data are very common. This occurs because an observation may not be made at a particular time owing to faulty equipment, lost records, or a mistake, which cannot be rectified until later. When one or more observations are missing it may be necessary to estimate the model and also to obtain estimates of the missing values. By including estimates of missing values, a better understanding of the nature of the data is possible with more accurate forecasting. Different series may require different strategies to estimate these missing values. It is necessary to use these strategies effectively in order to obtain the best possible estimates. The objective of this thesis is to examine and compare the effectiveness of various techniques for the estimation of missing values in time series data models

Mosquitoes: The Long-term Effects of Malaria Eradication in India

We examine the effects of malaria on educational attainment and income by exploiting geographic variation in malaria prevalence in India prior to a nationwide eradication program in the 1950s. We find that the program led to modest increases in income for prime age men. This finding is robust to using very localized sources of geographic variation and to instrumenting for pre-eradication prevalence with climate factors. We do not observe improvements in income for women, suggesting that observed effects are likely driven by increased labor market productivity. We find no evidence of increased educational attainment for men, and mixed evidence for women.

Synthetic Graphene Grown by Chemical Vapor Deposition on Copper Foils

The discovery of graphene, a single layer of covalently bonded carbon atoms, has attracted intense interests. Initial studies using mechanically exfoliated graphene unveiled its remarkable electronic, mechanical and thermal properties. There has been a growing need and rapid development in large-area deposition of graphene film and its applications. Chemical vapour deposition on copper has emerged as one of the most promising methods in obtaining large-scale graphene films with quality comparable to exfoliated graphene. In this chapter, we review the synthesis and characterizations of graphene grown on copper foil substrates by atmospheric pressure chemical vapour deposition. We also discuss potential applications of such large scale synthetic graphene.Comment: 23 pages, 4 figure