Portfolio Return Characteristics of Different Industries

Over the last decade we have witnessed the rise and fall of theso-called new economy stocks. One central question is to what extentthese new firms differ from traditional firms. Empirical evidencesuggests that stock returns are not normally distributed. In thisarticle we investigate whether this also holds for portfolios ofstocks from a growth industry. Furthermore, we will compare this typeof portfolios with portfolios of stocks from a more traditionalindustry. Usually, only value weighted and equally weighted portfoliosare used to describe and compare portfolio return characteristics.Instead, in our analysis, we use a novel approach in which we use aninfinite number of portfolios that together represent the set of allfeasible portfolio opportunities.performance evaluation;portfolio management;investments;stock markets;sector index

Pan-European backcasting exercise, enriched with regional perspective, and including a list of short-term policy options

This deliverable reports on the results of the third and final pan-European stakeholder meeting and secondly, on the enrichment with a Pilot Area and regional perspective. The main emphasis is on backcasting as a means to arrive at long-term strategies and short-term (policy) actions

A 5-component model for salt-induced hypertension

Salt-induced hypertension has been widely studied in rats, monkeys, chimpanzees and humans. Until recently, the multiple phases of this blood pressure increase to high salt intake had not been closely studied. This work builds upon a recent study, which developed a grey-box multicomponent model of salt-induced hypertension in the Dahl-S rat. The previous 3-component model has been extended here to include additional model dynamics to improve the model fit and add new important elements to the model response. The model was optimised using numerical techniques with experimental data from 4 different protocols with Dahl-S and hybrid rats. Results show a marked improvement over the previous model and confirm the merit of the 5-component model structure

A 5-component mathematical model for salt-induced hypertension in Dahl-S and Dahl-R rats

Salt-induced hypertension has been demonstrated in a variety of species including rats, monkeys, chimpanzees and humans. Until recently, the multiple phases of this blood pressure increase due to high salt intake had not been closely studied. This work builds upon a recent study, which developed a grey-boxmulti-component model of salt-induced hypertension in the Dahl-S rat. The previous 3-component model has been extended here to include additional model dynamics to improve the model fit and add new important elements to the model response. The model was optimised using numerical techniques with experimental data from 4 different protocols with Dahl-S, Dahl-R and FF2 hybrid rats. Results show a marked improvement over the previous model and confirm the merit of the 5-component model structure. A comparison between the model dynamics for different rat strains has also been include

Portfolio Return Characteristics of Different Industries

Over the last decade we have witnessed the rise and fall of the so-called new economy stocks. One central question is to what extent these new firms differ from traditional firms. Empirical evidence suggests that stock returns are not normally distributed. In this article we investigate whether this also holds for portfolios of stocks from a growth industry. Furthermore, we will compare this type of portfolios with portfolios of stocks from a more traditional industry. Usually, only value weighted and equally weighted portfolios are used to describe and compare portfolio return characteristics. Instead, in our analysis, we use a novel approach in which we use an infinite number of portfolios that together represent the set of all feasible portfolio opportunities

A multi-component model of the dynamics of salt-induced hypertension in Dahl-S rats

Background. In humans, salt intake has been suggested to influence blood pressure (BP) on a wide range of time scales ranging from several hours or days to many months or years. Detailed time course data collected in the Dahl salt-sensitive rat strain suggest that the development of salt-induced hypertension may consist of several distinct phases or components that differ in their timing and reversibility. To better understand these components, the present study sought to model the dynamics of salt-induced hypertension in the Dahl salt sensitive (Dahl-S) rat using 3 sets of time course data. Results. The first component of the model ("Acute-Reversible") consisted of a linear transfer function to account for the rapid and reversible effects of salt on BP (ie. acute salt sensitivity, corresponding with a depressed slope of the chronic pressure natriuresis relationship). For the second component ("Progressive-Irreversible"), an integrator function was used to represent the relatively slow, progressive, and irreversible effect of high salt intake on BP (corresponding with a progressive salt-induced shift of the chronic pressure natriuresis relationship to higher BP levels). A third component ("Progressive-Reversible") consisted of an effect of high salt intake to progressively increase the acute salt-sensitivity of BP (ie. reduce the slope of the chronic pressure natriuresis relationship), amounting to a slow and progressive, yet reversible, component of salt-induced hypertension. While the 3 component model was limited in its ability to follow the BP response to rapid and/or brief transitions in salt intake, it was able to accurately follow the slower steady state components of salt-induced BP changes. This model exhibited low values of mean absolute error (1.92 0.23, 2.13 0.37, 2.03 0.3 mmHg for data sets 1 - 3), and its overall performance was significantly improved over that of an initial model having only 2 components. The 3 component model performed well when applied to data from hybrids of Dahl salt sensitive and Dahl salt resistant rats in which salt sensitivity varied greatly in its extent and character (mean absolute error = 1.11 0.08 mmHg). Conclusion. Our results suggest that the slow process of development of salt-induced hypertension in Dahl-S rats over a period of many weeks can be well represented by a combination of three components that differ in their timing, reversibility, and their associated effect on the chronic pressure natriuresis relationship. These components are important to distinguish since each may represent a unique set of underlying mechanisms of salt-induced hypertension

Disclosure with an emotional intelligent synthetic partner

To talk and write about one’s feelings has a beneficial effect on one’s physical and psychological health. More specifically, conversation evoking disclosure of emotions and traumatic events has a positive effect on one’s health, rather than chitchat. Astronauts on a mission are exposed to stressful situations, without the presence of a therapist or even comfortable communication with home base. Given that it is important one is able to express one’s feelings regularly, this situation clearly is a threat to success of enduring space missions. In this paper we discuss using an emotional intelligent relational agent to help solve this problem

Towards a European master programme on global software engineering

This paper presents a European Master programme on global software engineering (SE), being put forward by four leading institutions from Sweden, UK, Netherlands and Italy. The Global SE European Master (GSEEM) programme aims to provide students with an excellence in SE based on sound theoretical foundations and practical experience, as well as prepare them to participate in global development of complex and large software systems. GSEEM has been designed with three noteworthy aspects: 1) Three specialization profiles in which the consortium excels: Software Architecting, Real-time Embedded Systems Engineering, and Web Systems and Services Engineering. 2) Two market-driven routes: "professional" to work as professionals, and "scientific" to continue the education towards research degrees. 3) An innovative concept of "shared modules", delivered together by multiple institutions. Four types of shared modules are foreseen: "parallel" twin modules which run remotely between universities, "shifted" modules which teach SE concepts incrementally with shifts in study locations and timeline ,"complementary" modules in which complementary SE concepts are taught in parallel through shared projects, and "common" modules which share the presentations and the project. The profiles realize "integrated knowledge" by complementing partial knowledge available at partner institutions. The paper explains how GSEEM achieves the objectives of educating global software engineers

A passive Stokes flow rectifier for Newtonian fluids

Non-linear effects of the Navier-Stokes equations disappear under the Stokes regime of Newtonian fluid flows disallowing the fluid flow rectification. Here we show mathematically and experimentally that passive flow rectification of Newtonian fluids is obtainable under the Stokes regime of both compressible and incompressible flows by introducing nonlinearity into the otherwise linear Stokes equations. Asymmetric flow resistances arise in shallow nozzle/diffuser microchannels with deformable ceiling, in which the fluid flow is governed by a non-linear coupled fluid-solid mechanics equation. Fluid flow rectification has been demonstrated for low-Reynolds-number flows (Re ~ O(0.001)-O(1)) of common Newtonian fluids such as air, water, and alcohol. This mechanism can pave the way for regulating the low-Reynolds-number fluid flows with potential applications in precise low-flow-rate micropumps, drug delivery systems, etc

Phase-based treatment versus immediate trauma-focused treatment for post-traumatic stress disorder due to childhood abuse:Randomised clinical trial

Background It is unclear whether people with post-traumatic stress disorder (PTSD) and symptoms of complex PTSD due to childhood abuse need a treatment approach different from approaches in the PTSD treatment guidelines. Aims To determine whether a phase-based approach is more effective than an immediate trauma-focused approach in people with childhood-trauma related PTSD (Netherlands Trial Registry no.: NTR5991). Method Adults with PTSD following childhood abuse were randomly assigned to either a phase-based treatment condition (8 sessions of Skills Training in Affect and Interpersonal Regulation (STAIR), followed by 16 sessions of eye-movement desensitisation and reprocessing (EMDR) therapy; n = 57) or an immediately trauma-focused treatment condition (16 sessions of EMDR therapy; n = 64). Participants were assessed for symptoms of PTSD and complex PTSD, and other forms of psychopathology before, during and after treatment and at 3- and 6-month follow-ups. Results Data were analysed with linear mixed models. No significant differences between the two treatments on any variable at post-treatment or follow-up were found. Post-treatment, 68.8% no longer met PTSD diagnostic criteria. Self-reported PTSD symptoms significantly decreased for both STAIR–EMDR therapy (d = 0.93) and EMDR therapy (d = 1.54) from pre- to post-treatment assessment, without significant difference between the two conditions. No differences in drop-out rates between the conditions were found (STAIR–EMDR 22.8% v. EMDR 17.2%). No study-related adverse events occurred. Conclusions This study provides compelling support for the use of EMDR therapy alone for the treatment of PTSD due to childhood abuse as opposed to needing any preparatory intervention