Size Matters: The Impact of Capital Market Liberalization on Individual Firms

We attempt to answer the following questions: What are the revaluation effects and the impact on performance, volatility, and return correlation from stock market liberalization in emerging markets? These questions have been studied extensively at the market-level but not at the firm level. Our results show significantly different impact of stock market liberalization across firms. Large firms tend to exhibit large revaluation effects, insignificant change in performance, large declines in volatility, and insignificant change in correlation from liberalization. Small firms show small revaluation effects, improved performance, smaller decline in volatility and decreases in correlation after liberalization. These results hold after controlling for movements in world stock returns, concurrent economic reforms and macroeconomic fundamentals. They are also robust to the length of the liberalization window. Our results have important implications for international investors seeking to manage their global exposure as well as for policy makers considering capital market liberalization. Nous étudions les questions suivantes: Quels sont les effets de réévaluation et l'impact sur les performances, la volatilité et les corrélations de la libéralisation du marché boursier dans les marchés naissants? Ces questions ont été étudiées intensivement au niveau des marchés mais pas au niveau des entreprises. Nos résultats montrent que l'impact de la libéralisation des marchés est significativement différent selon la taille des entreprises. Les grandes entreprises présentent en général des effets de réévaluation importants, des changements insignifiants au niveau des performances, des chutes importantes de volatilité et des changements insignifiants des corrélations en raison de la libéralisation. Les petites entreprises présentent quant à elles de faibles effets de réévaluation, une amélioration des performances, un déclin plus faible de la volatilité et une diminution des corrélations à la suite de la libéralisation. Ces résultats demeurent valables lorsqu'on contrôle pour les mouvements des rendements boursiers mondiaux, les réformes économiques concourantes et les principes fondamentaux de macro-économie. Ils sont également robustes à la longueur de la fenêtre de libéralisation. Nos résultats ont des implications importantes pour les investisseurs internationaux qui cherchent à gérer leur exposition globale ainsi que pour les responsables qui envisagent la libéralisation de marchés financiers.Emerging Markets, Volatility, Correlation, Performance, Revaluation Effects, Marchés naissants, volatilité, corrélation, performance, effets de réévaluation

Model Parameter Identification via a Hyperparameter Optimization Scheme for Autonomous Racing Systems

In this letter, we propose a model parameter identification method via a hyperparameter optimization scheme (MI-HPO). Our method adopts an efficient explore-exploit strategy to identify the parameters of dynamic models in a data-driven optimization manner. We utilize our method for model parameter identification of the AV-21, a full-scaled autonomous race vehicle. We then incorporate the optimized parameters for the design of model-based planning and control systems of our platform. In experiments, MI-HPO exhibits more than 13 times faster convergence than traditional parameter identification methods. Furthermore, the parametric models learned via MI-HPO demonstrate good fitness to the given datasets and show generalization ability in unseen dynamic scenarios. We further conduct extensive field tests to validate our model-based system, demonstrating stable obstacle avoidance and high-speed driving up to 217 km/h at the Indianapolis Motor Speedway and Las Vegas Motor Speedway. The source code for our work and videos of the tests are available at https://github.com/hynkis/MI-HPO.Comment: 6 pages, 8 figures. Published in IEEE Control Systems Letters (L-CSS

Robotic Herding of a Flock of Birds Using an Unmanned Aerial Vehicle

In this paper, we derive an algorithm for enabling a single robotic unmanned aerial vehicle to herd a flock of birds away from a designated volume of space, such as the air space around an airport. The herding algorithm, referred to as the m-waypoint algorithm, is designed using a dynamic model of bird flocking based on Reynolds’ rules. We derive bounds on its performance using a combination of reduced-order modeling of the flock's motion, heuristics, and rigorous analysis. A unique contribution of the paper is the experimental demonstration of several facets of the herding algorithm on flocks of live birds reacting to a robotic pursuer. The experiments allow us to estimate several parameters of the flocking model, and especially the interaction between the pursuer and the flock. The herding algorithm is also demonstrated using numerical simulations

Robotic Herding of a Flock of Birds Using an Unmanned Aerial Vehicle

In this paper, we derive an algorithm for enabling a single robotic unmanned aerial vehicle to herd a flock of birds away from a designated volume of space, such as the air space around an airport. The herding algorithm, referred to as the m-waypoint algorithm, is designed using a dynamic model of bird flocking based on Reynolds’ rules. We derive bounds on its performance using a combination of reduced-order modeling of the flock's motion, heuristics, and rigorous analysis. A unique contribution of the paper is the experimental demonstration of several facets of the herding algorithm on flocks of live birds reacting to a robotic pursuer. The experiments allow us to estimate several parameters of the flocking model, and especially the interaction between the pursuer and the flock. The herding algorithm is also demonstrated using numerical simulations

Discutindo a educação ambiental no cotidiano escolar: desenvolvimento de projetos na escola formação inicial e continuada de professores

A presente pesquisa buscou discutir como a Educação Ambiental (EA) vem sendo trabalhada, no Ensino Fundamental e como os docentes desta escola compreendem e vem inserindo a EA no cotidiano escolar., em uma escola estadual do município de Tangará da Serra/MT, Brasil. Para tanto, realizou-se entrevistas com os professores que fazem parte de um projeto interdisciplinar de EA na escola pesquisada. Verificou-se que o projeto da escola não vem conseguindo alcançar os objetivos propostos por: desconhecimento do mesmo, pelos professores; formação deficiente dos professores, não entendimento da EA como processo de ensino-aprendizagem, falta de recursos didáticos, planejamento inadequado das atividades. A partir dessa constatação, procurou-se debater a impossibilidade de tratar do tema fora do trabalho interdisciplinar, bem como, e principalmente, a importância de um estudo mais aprofundado de EA, vinculando teoria e prática, tanto na formação docente, como em projetos escolares, a fim de fugir do tradicional vínculo “EA e ecologia, lixo e horta”.Facultad de Humanidades y Ciencias de la Educació

Fully Integrated mm-wave ICs for High Performance Instrumentation Circuits and Systems

The exponential growth of demands of simultaneous, multiple, high-speed and high-volume data transfer opens the new era, called 4th Industrial Revolution. A new wave of the fifth generation mobile communication systems (5G) and its ancillary industries such as autonomous vehicle, Internet-of-Things (IoT) and low-latency remote medical monitoring demand unprecedented solutions for both software platform and hardware designs. The requirement of hardware design, especially, is more stringent since the frequency band utilized for 5G will be in millimeter-wave region (~30 GHz), which will be more than >10 times higher than what we have currently employed. The development of mm-wave integrated circuits (ICs), therefore, requires delicate characterization with sophisticated measurement and testing infrastructures. The research projects in this dissertation, in consequence, focus on different integrated mm-wave ICs for various instrumentation circuits and systems. These fully integrated mm-wave ICs were designed with the state-of-the-art performance considering the packaging effects (wirebond or flip-chip packaging) for wideband vector network analyzers (VNAs), signal generators, and modulator/demodulators

Fully Integrated mm-wave ICs for High Performance Instrumentation Circuits and Systems

The exponential growth of demands of simultaneous, multiple, high-speed and high-volume data transfer opens the new era, called 4th Industrial Revolution. A new wave of the fifth generation mobile communication systems (5G) and its ancillary industries such as autonomous vehicle, Internet-of-Things (IoT) and low-latency remote medical monitoring demand unprecedented solutions for both software platform and hardware designs. The requirement of hardware design, especially, is more stringent since the frequency band utilized for 5G will be in millimeter-wave region (~30 GHz), which will be more than >10 times higher than what we have currently employed. The development of mm-wave integrated circuits (ICs), therefore, requires delicate characterization with sophisticated measurement and testing infrastructures. The research projects in this dissertation, in consequence, focus on different integrated mm-wave ICs for various instrumentation circuits and systems. These fully integrated mm-wave ICs were designed with the state-of-the-art performance considering the packaging effects (wirebond or flip-chip packaging) for wideband vector network analyzers (VNAs), signal generators, and modulator/demodulators