How value-glamour investors use financial information: UK evidence of investor's confirmation bias

The paper investigates investor’s behaviour in the context of value–glamour investing and fundamental analysis, and provides a direct test of the confirmation bias by bringing together the evidence from several strands of literature into a well-defined framework of investor behaviour. The empirical evidence presented is in line with a model of investor’s asymmetric reaction to good and bad news due to confirmation bias. Pessimistic value investors typically under-react to good financial information, but they process bad information rationally or over-confidently. On the contrary, glamour investors are often too optimistic to timely update prices following bad financial information, but they are likely to fairly price or even over-react when receiving good information

Determination of PM Flux Linkage Based on Minimum Saliency Tracking for PM-SyR Machines without Rotor Movement

Permanent magnet assisted synchronous reluctance (PM-SyR) motors often present relevant magnetic saturation, especially if overload capability is exploited. The knowledge of current-to-flux relationship is mandatory for proper motor control, and it becomes even more critical in the case of sensorless applications. Reliable standstill self-commissioning tests have been recently developed for synchronous reluctance (SyR) motors without producing rotor movement. This procedure can be extended to PM-SyR motors, but being at standstill, it does not retrieve the flux contribution related to the permanent magnets (PMs). This article integrates the identification of the flux characteristics including a novel test for estimating the PM flux linkage, obtaining the complete magnetic characteristic of the PM-SyR motor. The identification session is performed at standstill and without a position transducer, independently of the mechanical load being connected or not. Such conditions are considered the most demanding for self-commissioning tests. The machine is first excited with a proper sequence of bipolar high voltage pulses to determine its current-dependent flux components. Then, the estimate of PM flux linkage is retrieved at standstill by evaluating the local saliency along the negative q-axis. The proposed method is supported by detailed finite element analysis and experimentally verified on two PM-SyR motor prototypes, confirming the accuracy of the PM flux linkage estimate

A data extraction system for underwater particle holography

Pulsed laser holography is an extremely powerful technique for the study of particle fields as it allows instantaneous, noninvasive high-resolution recording of substantial volumes. By replaying the real image one can obtain the size, shape, position and - if multiple exposures are made - velocity of every object in the recorded field. Manual analysis of large volumes containing thousands of particles is, however, an enormous and time-consuming task, with operator fatigue an unpredictable source of errors. Clearly the value of holographic measurements also depends crucially on the quality of the reconstructed image: not only will poor resolution degrade size and shape measurements, but aberrations such as coma and astigmatism can change the perceived centroid of a particle, affecting position and velocity measurements. For large-scale applications of particle field holography, specifically the in situ recording of marine plankton with 'HoloCam,' we have developed an automated data extraction system that can be readily switched between the in-line and off-axis geometries and provides optimised reconstruction from holograms recorded underwater. As a videocamera is automatically stepped through the 200 by 200 by 1000mm sample volume, image processing and object tracking routines locate and extract particle images for further classification by a separate software module

Integrated on-board EV battery chargers: New perspectives and challenges for safety improvement

Thanks to the heavy reduction of cost and volume, integrated On-Board Chargers (OBCs) represent an effective solution to provide a versatile and powerful charging system on board of electric and plug-in electric vehicles, combining the charging function with the traction drivetrain. Such integration foresees the use of the traction motor windings as reactive elements and the traction inverter as AC/DC converter. However, this integration brings several challenges on the table. At first, shaft torque production must be avoided to reduce the losses and mechanical stress. A second challenge is to improve the filtering capability of the motor windings in order to meet the grid standards in terms of current distortion and power factor correction. At last, the most critical issue is to meet the safety standards in terms of leakage current, since it represents a risk to human operators and could also hamper the smooth operation of the charger. Therefore, this paper aims at giving a comprehensive review of the challenges in designing integrated chargers. After reviewing the architectures available in literature, an exemplifying structure of integrated OBC will be analysed in terms of leakage current generation and compliance with the relevant standards, along with an introduction to those solutions which use the machine as isolation transformer. Conclusions are given on the prospect for making integrated on-board chargers safer and more reliable

Transient Overload Characteristics of PM-Assisted Synchronous Reluctance Machines, Including Sensorless Control Feasibility

Synchronous reluctance machines are a highefficiency alternative to induction motors for variable-speed applications. To mitigate the well-known downside of their lower power factor, permanent-magnet-assisted topologies, in which either rare-earth or ferrite magnets are inserted into the rotor in suitable quantities, are often adopted. The design and optimization procedures for PM-assisted topologies have been thoroughly discussed in the related literature. This paper compares synchronous reluctance machines assisted with NdFeB and ferrite magnets, focusing on torque overload capability and feasibility of saliency-based position estimation algorithms. Three prototypes were realized and tested. They all have the stator of a commercial induction motor and the same customdesigned synchronous reluctance rotor laminations. Of the three prototypes, one is a pure synchronous reluctance motor, and the other two have NdFeB and ferrite magnets, respectively; both are designed to give the same torque at rated current. Results from simulations and experiments are presented comparing the transient overload capability of the three machines, in terms of torque capability and de-magnetization limit. A dynamic thermal model of the machines was developed within this scope. Moreover, the feasibility of saliency-based sensorless methods was investigated and is presented here for the three machines, both at high- and low-current loads. The results of the paper suggest that the ferrite-assisted solution is the best candidate for replacing induction motors in variable-speed applications, for its optimal tradeoff between performance and cost

High-resolution in situ holographic recording and analysis of marine organisms and particles (HOLOMAR)

We report on the development of a fully- unctioning, prototype, underwater holographic camera (holo-camera) for holographic recording of large-volumes of sea water containing marine plankton and seston within the upper water column The overriding benefit of holographic imaging over other measurement techniques is that it allows non-intrusive and non-destructive, in-situ, recording of living organisms and inanimate particles in their natural environment. Because of the inherently high resolution of holography, its threedimensional imaging properties and the ability to perform "optical sectioning" on the image, it allows identification of particular organisms together with the extraction of sue and relative positional information This information, in turn, affords the ability to gain knowledge of the behaviour of marine biological communities, their relationship with each other and with the particles with which they interact

A holographic system for subsea recording and analysis of plankton and other marine particles

We report here details of the design, development, initial testing and field-deployment of the HOLOMAR system for in-situ subsea holography and analysis of marine plankton and nonliving particles. HOLOMAR comprises a submersible holographic camera ("HoloCam") able to record in-line and off-axis holograms at depths down to 100 m, together with specialised reconstruction hardware ("HoloScan") linked to custom image processing and classification software. The HoloCam consists of a laser and power supply, holographic recording optics and holographic plate holders, a water-tight housing and a support frame. It utilises two basic holographic geometries, in-line and off-axis such that a wide range of species, sizes and concentrations can be recorded. After holograms have been recorded and processed they are reconstructed in full three-dimensional detail in air in a dedicated replay facility. A computer-controlled microscope, using video cameras to record the image at a given depth, is used to digitise the scene. Specially written software extracts a binarised image of an object in its true focal plane and is classified using a neural network. The HoloCam was deployed on two separate cruises in a Scottish sea loch (Loch Etive) to a depth of 100 m and over 300 holograms were recorded