Hedge fund replication strategies: implications for investors and regulators.

Over the past decade, academic research has identified a number of replication strategies capable of capturing between 40% to 80% of the average return of many popular hedge fund strategies. Investors are beginning to take notice of these replication strategies, especially because of their rule based, transparent features and the fact that they can be executed at low cost. Armed with this alternative way of accessing passive hedge fund returns, investors can effectively structure incentive fee contracts to reward skill-based returns (i.e., alternative alpha) differently from passive index-liked returns (i.e., alternative beta). This can raise the barrier to entry for new funds to the industry in that hedge fund managers must demonstrate skill in order to participate in profi t sharing. This should reduce the risk of herding by hedge fund managers who may otherwise be enticed by incentive fee contracts that rewards them for taking popular factor bets.

Three dimensional global modeling of atmospheric CO2

A model was developed to study the prospects of extracting information on carbon dioxide sources and sinks from observed CO2 variations. The approach uses a three dimensional global transport model, based on winds from a 3-D general circulation model (GCM), to advect CO2 noninteractively, i.e., as a tracer, with specified sources and sinks of CO2 at the surface. The 3-D model employed is identified and biosphere, ocean and fossil fuel sources and sinks are discussed. Some preliminary model results are presented

An efficient method for computing unsteady transonic aerodynamics of swept wings with control surfaces

A transonic equivalent strip (TES) method was further developed for unsteady flow computations of arbitrary wing planforms. The TES method consists of two consecutive correction steps to a given nonlinear code such as LTRAN2; namely, the chordwise mean flow correction and the spanwise phase correction. The computation procedure requires direct pressure input from other computed or measured data. Otherwise, it does not require airfoil shape or grid generation for given planforms. To validate the computed results, four swept wings of various aspect ratios, including those with control surfaces, are selected as computational examples. Overall trends in unsteady pressures are established with those obtained by XTRAN3S codes, Isogai's full potential code and measured data by NLR and RAE. In comparison with these methods, the TES has achieved considerable saving in computer time and reasonable accuracy which suggests immediate industrial applications

Preparing internationally recruited students to become effective and reflective teacher-researchers at the UCL Institute of Education

Abstract for A Connected Curriculum for Higher Education Is it possible to bring university research and student education into a more connected, more symbiotic relationship? If so, can we develop programmes of study that enable faculty, students and ‘real world’ communities to connect in new ways? In this accessible book, Dilly Fung argues that it is not only possible but also potentially transformational to develop new forms of research-based education. Presenting the Connected Curriculum framework already adopted by UCL, she opens windows onto new initiatives related to, for example, research-based education, internationalisation, the global classroom, interdisciplinarity and public engagement. A Connected Curriculum for Higher Education is, however, not just about developing engaging programmes of study. Drawing on the field of philosophical hermeneutics, Fung argues how the Connected Curriculum framework can help to create spaces for critical dialogue about educational values, both within and across existing research groups, teaching departments and learning communities. Drawing on vignettes of practice from around the world, she argues that developing the synergies between research and education can empower faculty members and students from all backgrounds to contribute to the global common good

Tso-Chan I An Exegetical Translation

This original panuscript of Teo-ch\u27an 1, . the Procedure of Dhyana, is part of a collection of eight voluman of 勍修百丈清规, Ch\u27sh Hau Pe Ca Ching Kuel, or in Japanese, the Chokushu Hyakujo Shingi. Its compiler is, Tokki or Te-kuel who, in 元朝, the the Yuan Dynasty, 1280-1368, received an imperial 大智夀聖禪寺, He resided at the $$ decree to do this work. He resided at 2 Shuo Chih Shou Sheng Shan Szu, which was in a locality that was a part of the Pai Chang mountains, in Hong Chow, about 150 miles east of Hankow. This monastery was started in, the T\u27ang Dynasty, (618-905 A.D.), ita master HuaiHal (720-814 A.D.), a disciple of achu (709-786A.0.), saw the nest for a better plated 2 monastery. He felt the groups at that time were too contemplative and were withdrawing within themselves more and more. Emphasis on other-worldliness was 1,2) See Appendix

Fast High Resolution Echelle Spectroscopy Of A Laboratory Plasma

An echelle diffraction grating and a multianode photomultiplier tube are paired to construct a high resolution (R=lambda/delta lambda approximate to 2.5x10(4)) spectrograph with fast time response for use from the UV through the visible. This instrument has analyzed the line shape of C III impurity ion emission at 229.687 nm over the lifetime (approximate to 100 mu s) of the hydrogen plasmas produced at SSX. The ion temperature and line of sight average velocity are inferred from the observed thermal broadening and Doppler shift of the line. The time resolution of these measurements is about 1 mu s, sufficient to observe the fastest magnetohydrodynamic activity

On the performance of two protocols: SARG04 and BB84

We compare the performance of BB84 and SARG04, the later of which was proposed by V. Scarani et al., in Phys. Rev. Lett. 92, 057901 (2004). Specifically, in this paper, we investigate SARG04 with two-way classical communications and SARG04 with decoy states. In the first part of the paper, we show that SARG04 with two-way communications can tolerate a higher bit error rate (19.4% for a one-photon source and 6.56% for a two-photon source) than SARG04 with one-way communications (10.95% for a one-photon source and 2.71% for a two-photon source). Also, the upper bounds on the bit error rate for SARG04 with two-way communications are computed in a closed form by considering an individual attack based on a general measurement. In the second part of the paper, we propose employing the idea of decoy states in SARG04 to obtain unconditional security even when realistic devices are used. We compare the performance of SARG04 with decoy states and BB84 with decoy states. We find that the optimal mean-photon number for SARG04 is higher than that of BB84 when the bit error rate is small. Also, we observe that SARG04 does not achieve a longer secure distance and a higher key generation rate than BB84, assuming a typical experimental parameter set.Comment: 48 pages, 10 figures, 1 column, changed Figs. 7 and

Linear acceleration emission: 2 Power spectrum

The theory of linear acceleration emission is developed for a large amplitude electrostatic wave in which all particles become highly relativistic in much less than a wave period. An Airy integral approximation is shown to apply near the phases where the electric field passes through zero and the Lorentz factors of all particles have their maxima. The emissivity is derived for an individual particle and is integrated over frequency and solid angle to find the power radiated per particle. The result is different from that implied by the generalized Larmor formula which, we argue, is not valid in this case. We also discuss a mathematical inconsistency that arises when one evaluates the power spectrum by integrating the emissivity over solid angle. The correct power spectrum increases as the 4/3rd power of the frequency at low frequencies, and falls off exponentially above a characteristic frequency. We discuss application of linear acceleration emission to the emission of high frequency photons in an oscillating model for pulsars. We conclude that it cannot account for gamma-ray emission, but can play a role in secondary pair creation.Comment: 25 pages; Accepted for publication in Ap

The context of the Connected Curriculum

This opening chapter sets a broad perspective on some of the issues facing higher education in general: what kinds of pedagogical problems are we trying to solve, and why? After introducing the key UCL strategy of the Connected Curriculum and research-based education, it touches on a number of overarching themes about learning. These include the ways that educators construct environments for students to learn in, how their engagement is critical (and can be squandered) and the way that in recent years, higher education has rethought the curriculum in an attempt to move its focus from the teacher to the learner. As soon as we start to think along these lines, other questions emerge that might loosely be called ‘identity-related’ as we realize that one way or another, we are shaping our graduates’ whole perspectives in far more ways than might initially have been expected. The chapter gives an overview of some of the key approaches that characterize modern university education, and sets the scene for the chapters that follow. In particular, it seeks to show how we have reached a point where research-based education is not just plausible and achievable, but in fact desirable, as a way of bringing a set of strands together that have hitherto rarely been coherently woven

Comment on "Resilience of gated avalanche photodiodes against bright illumination attacks in quantum cryptography"

This is a comment on the publication by Yuan et al. [Appl. Phys. Lett. 98, 231104 (2011); arXiv:1106.2675v1 [quant-ph]].Comment: 2 page