A review of portfolio planning: Models and systems

In this chapter, we first provide an overview of a number of portfolio planning models which have been proposed and investigated over the last forty years. We revisit the mean-variance (M-V) model of Markowitz and the construction of the risk-return efficient frontier. A piecewise linear approximation of the problem through a reformulation involving diagonalisation of the quadratic form into a variable separable function is also considered. A few other models, such as, the Mean Absolute Deviation (MAD), the Weighted Goal Programming (WGP) and the Minimax (MM) model which use alternative metrics for risk are also introduced, compared and contrasted. Recently asymmetric measures of risk have gained in importance; we consider a generic representation and a number of alternative symmetric and asymmetric measures of risk which find use in the evaluation of portfolios. There are a number of modelling and computational considerations which have been introduced into practical portfolio planning problems. These include: (a) buy-in thresholds for assets, (b) restriction on the number of assets (cardinality constraints), (c) transaction roundlot restrictions. Practical portfolio models may also include (d) dedication of cashflow streams, and, (e) immunization which involves duration matching and convexity constraints. The modelling issues in respect of these features are discussed. Many of these features lead to discrete restrictions involving zero-one and general integer variables which make the resulting model a quadratic mixed-integer programming model (QMIP). The QMIP is a NP-hard problem; the algorithms and solution methods for this class of problems are also discussed. The issues of preparing the analytic data (financial datamarts) for this family of portfolio planning problems are examined. We finally present computational results which provide some indication of the state-of-the-art in the solution of portfolio optimisation problems

Assessment of sexual difficulties associated with multi-modal treatment for cervical or endometrial cancer: A systematic review of measurement instruments

Background: Practitioners and researchers require an outcome measure that accurately identifies the range of common treatment-induced changes in sexual function and well-being experienced by women after cervical or endometrial cancer. This systematic review critically appraised the measurement properties and clinical utility of instruments validated for the measurement of female sexual dysfunction (FSD) in this clinical population. Methods: A bibliographic database search for questionnaire development or validation papers was completed and methodological quality and measurement properties of selected studies rated using the Consensus-based Standards for the selection of health Measurement Instrument (COSMIN) checklist. Results: 738 articles were screened, 13 articles retrieved for full text assessment and 7 studies excluded, resulting in evaluation of 6 papers; 2 QoL and 4 female sexual morbidity measures. Five of the six instruments omitted one or more dimension of female sexual function and only one instrument explicitly measured distress associated with sexual changes as per DSM V (APA 2013) diagnostic criteria. None of the papers reported measurement error, responsiveness data was available for only two instruments, three papers failed to report on criterion validity, and test-retest reliability reporting was inconsistent. Heterosexual penile-vaginal intercourse remains the dominant sexual activity focus for sexual morbidity PROMS terminology and instruments lack explicit reference to solo or non-coital sexual expression or validation in a non-heterosexual sample. Four out of six instruments included mediating treatment or illness items such as vaginal changes, menopause or altered body image. Conclusions: Findings suggest that the Female Sexual Function Index (FSFI) remains the most robust sexual morbidity outcome measure, for research or clinical use, in sexually active women treated for cervical or endometrial cancer

Consistent Gravitationally-Coupled Spin-2 Field Theory

Inspired by the translational gauge structure of teleparallel gravity, the theory for a fundamental massless spin-2 field is constructed. Accordingly, instead of being represented by a symmetric second-rank tensor, the fundamental spin-2 field is assumed to be represented by a spacetime (world) vector field assuming values in the Lie algebra of the translation group. The flat-space theory naturally emerges in the Fierz formalism and is found to be equivalent to the usual metric-based theory. However, the gravitationally coupled theory, with gravitation itself described by teleparallel gravity, is shown not to present the consistency problems of the spin-2 theory constructed on the basis of general relativity.Comment: 16 pages, no figures. V2: Presentation changes, including addition of a new sub-section, aiming at clarifying the text; version accepted for publication in Class. Quantum Grav

A Submillimeter HCN Laser in IRC+10216

We report the detection of a strong submillimeter wavelength HCN laser line at a frequency near 805 GHz toward the carbon star IRC+10216. This line, the J=9-8 rotational transition within the (04(0)0) vibrationally excited state, is one of a series of HCN laser lines that were first detected in the laboratory in the early days of laser spectroscopy. Since its lower energy level is 4200 K above the ground state, the laser emission must arise from the inner part of IRC+10216's circumstellar envelope. To better characterize this environment, we observed other, thermally emitting, vibrationally excited HCN lines and find that they, like the laser line, arise in a region of temperature approximately 1000 K that is located within the dust formation radius; this conclusion is supported by the linewidth of the laser. The (04(0)0), J=9-8 laser might be chemically pumped and may be the only known laser (or maser) that is excited both in the laboratory and in space by a similar mechanism.Comment: 11 pages, 3 figure

Soliton dual comb in crystalline microresonators

We present a novel compact dual-comb source based on a monolithic optical crystalline MgF$_2$ multi-resonator stack. The coherent soliton combs generated in two microresonators of the stack with the repetition rate of 12.1 GHz and difference of 1.62 MHz provided after heterodyning a 300 MHz wide radio-frequency comb. Analogous system can be used for dual-comb spectroscopy, coherent LIDAR applications and massively parallel optical communications.Comment: 5 pages, 5 figure

Measurement and control systems for an imaging electromagnetic flow meter

Electromagnetic flow metres based on the principles of Faraday's laws of induction have been used successfully in many industries. The conventional electromagnetic flow metre can measure the mean liquid velocity in axisymmetric single phase flows. However, in order to achieve velocity profile measurements in single phase flows with non-uniform velocity profiles, a novel imaging electromagnetic flow metre (IEF) has been developed which is described in this paper. The novel electromagnetic flow metre which is based on the ‘weight value’ theory to reconstruct velocity profiles is interfaced with a ‘Microrobotics VM1’ microcontroller as a stand-alone unit. The work undertaken in the paper demonstrates that an imaging electromagnetic flow metre for liquid velocity profile measurement is an instrument that is highly suited for control via a microcontroller

Evaluation of the ALMA Prototype Antennas

The ALMA North American and European prototype antennas have been evaluated by a variety of measurement systems to quantify the major performance specifications. Nearfield holography was used to set the reflector surfaces to 17 microns RMS. Pointing and fast switching performance was determined with an optical telescope and by millimeter wavelength radiometry, yielding 2 arcsec absolute and 0.6 arcsec offset pointing accuracies. Path length stability was measured to be less than or approximately equal to 20 microns over 10 minute time periods using optical measurement devices. Dynamical performance was studied with a set of accelerometers, providing data on wind induced tracking errors and structural deformation. Considering all measurements made during this evaluation, both prototype antennas meet the major ALMA antenna performance specifications.Comment: 83 pages, 36 figures, AASTex format, to appear in PASP September 2006 issu

Experimental recovery of a qubit from partial collapse

We describe and implement a method to restore the state of a single qubit, in principle perfectly, after it has partially collapsed. The method resembles the classical Hahn spin-echo, but works on a wider class of relaxation processes, in which the quantum state partially leaves the computational Hilbert space. It is not guaranteed to work every time, but successful outcomes are heralded. We demonstrate using a single trapped ion better performance from this recovery method than can be obtained employing projection and post-selection alone. The demonstration features a novel qubit implementation that permits both partial collapse and coherent manipulations with high fidelity.Comment: 5 pages, 3 figure