Testing The Adaptive Efficiency Of U.S. Stock Markets: A Genetic Programming Approach

Genetic programming is employed to develop trading rules, which are applied to test the efficient market hypothesis. Most previous tests of the efficient market hypothesis were limited to trading rules that returned simple buy-sell signals. The broader approach taken here, developed under a framework consistent with the standard portfolio model, allows use of trading rules that are defined as the proportion of an investor’s total wealth invested into the risky asset (rather than being a simple buy-sell signal). The methodology uses average utility of terminal wealth as the fitness function, as a means of adjusting returns for risk. With data on daily stock prices from 1985 to 2005, the algorithm finds trading rules for 24 individual stocks. These rules then are applied to out-of-sample data to test adaptive efficiency of these markets. Applying more stringent thresholds to choose the trading rules to be applied out-of-sample (an extension of previous research) improves out-of-sample fitness; however, the rules still do not outperform the simple buy-and-hold strategy. These findings therefore imply that the 24 stock markets studied were adaptively efficient during the period under study

POSTER: How Do Students Choose Elective Courses?

This study will use survey data from business students to examine how they choose elective courses. The study will focus on following three characteristics: professor characteristics, teaching style characteristics and course characteristics. In particular, this study will aim to identify the information sources that students use while selecting elective courses. The results of this study will benefit both faculty and administrators. Faculty will know what teaching style changes they need to make to attract more students to their courses. Administrators will know what kind of information they need to provide so that students can make informed choice about elective course

GreenCAP in the House: Resilience Tools to Unify the Black Community

GreenCAP in the House: Resilience Tools to Unify the Black Community This presentation describes how a small, scruffy youth development organization is leveraging its community outreach and engagement efforts around environmental literacy in the \u27hood to build a coalition of inner city organizations aligned to identify and address a broad swath of community resilience issues

Cloud Atlas: Rotational Spectral Modulations and potential Sulfide Clouds in the Planetary-mass, Late T-type Companion Ross 458C

Measurements of photometric variability at different wavelengths provide insights into the vertical cloud structure of brown dwarfs and planetary-mass objects. In seven Hubble Space Telescope consecutive orbits, spanning $\sim$10 h of observing time}, we obtained time-resolved spectroscopy of the planetary-mass T8-dwarf Ross 458C using the near-infrared Wide Field Camera 3. We found spectrophotometric variability with a peak-to-peak signal of 2.62$\pm$0.02 % (in the 1.10-1.60~$\mu$m white light curve). Using three different methods, we estimated a rotational period of 6.75$\pm$1.58~h for the white light curve, and similar periods for narrow $J$- and $H$- band light curves. Sine wave fits to the narrow $J$- and $H$-band light curves suggest a tentative phase shift between the light curves with wavelength when we allow different periods between both light curves. If confirmed, this phase shift may be similar to the phase shift detected earlier for the T6.5 spectral type 2MASS J22282889-310262. We find that, in contrast with 2M2228, the variability of Ross~458C shows evidence for a {color trend} within the narrow $J$-band, but gray variations in the narrow $H$-band. The spectral time-resolved variability of Ross 458C might be potentially due to heterogeneous sulfide clouds in the atmosphere of the object. Our discovery extends the study of spectral modulations of condensate clouds to the coolest T dwarfs, planetary-mass companions.Comment: Accepted in ApJ

Cloud Atlas: Discovery of Rotational Spectral Modulations in a Low-mass, L-type Brown Dwarf Companion to a Star

Observations of rotational modulations of brown dwarfs and giant exoplanets allow the characterization of condensate cloud properties. As of now rotational spectral modulations have only been seen in three L-type brown dwarfs. We report here the discovery of rotational spectral modulations in LP261-75B, an L6-type intermediate surface gravity companion to an M4.5 star. As a part of the Cloud Atlas Treasury program we acquired time-resolved Wide Field Camera 3 grism spectroscopy (1.1--1.69~$\mu$m) of LP261-75B. We find gray spectral variations with the relative amplitude displaying only a weak wavelength dependence and no evidence for lower-amplitude modulations in the 1.4~$\mu$m water band than in the adjacent continuum. The likely rotational modulation period is 4.78$\pm$0.95 h, although the rotational phase is not well sampled. The minimum relative amplitude in the white light curve measured over the whole wavelength range is 2.41$\pm$0.14\%. We report an unusual light curve with seemingly three peaks approximately evenly distributed in rotational phase. The spectral modulations suggests that the upper atmosphere cloud properties in {LP261-75B} are similar to two other mid-L dwarfs of typical infrared colors, but differ from that of the extremely red L-dwarf WISE0047

Calibration of Photomultiplier Tubes for the Fluorescence Detector of Telescope Array Experiment using a Rayleigh Scattered Laser Beam

We performed photometric calibration of the PhotoMultiplier Tube (PMT) and readout electronics used for the new fluorescence detectors of the Telescope Array (TA) experiment using Rayleigh scattered photons from a pulsed nitrogen laser beam. The experimental setup, measurement procedure, and results of calibration are described. The total systematic uncertainty of the calibration is estimated to be 7.2%. An additional uncertainty of 3.7% is introduced by the transport of the calibrated PMTs from the laboratory to the TA experimental site.Comment: 43 pages, 15 figure

SMRT-AgRenSeq-d in potato (Solanum tuberosum) as a method to identify candidates for the nematode resistance Gpa5

Potato is the third most important food crop in the world. Diverse pathogens threaten sustainable crop production but can be controlled, in many cases, through the deployment of disease resistance genes belonging to the family of nucleotide-binding, leucine-rich-repeat (NLR) genes. To identify effective disease resistance genes in established varieties, we have successfully established SMRT-AgRenSeq in tetraploid potatoes and have further enhanced the methodology by including dRenSeq in an approach that we term SMR-AgRenSeq-d. The inclusion of dRenSeq enables the filtering of candidates after the association analysis by establishing a presence/absence matrix across resistant and susceptible varieties that is translated into an F1 score. Using a SMRT-RenSeq-based sequence representation of the NLRome from the cultivar Innovator, SMRT-AgRenSeq-d analyses reliably identified the late blight resistance benchmark genes Rpi-R1, Rpi-R2-like, Rpi-R3a, and Rpi-R3b in a panel of 117 varieties with variable phenotype penetrations. All benchmark genes were identified with an F1 score of 1, which indicates absolute linkage in the panel. This method also identified nine strong candidates for Gpa5 that controls the potato cyst nematode (PCN) species Globodera pallida (pathotypes Pa2/3). Assuming that NLRs are involved in controlling many types of resistances, SMRT-AgRenSeq-d can readily be applied to diverse crops and pathogen systems.</p

SMRT-AgRenSeq-d in potato (Solanum tuberosum) as a method to identify candidates for the nematode resistance Gpa5

Potato is the third most important food crop in the world. Diverse pathogens threaten sustainable crop production but can be controlled, in many cases, through the deployment of disease resistance genes belonging to the family of nucleotide-binding, leucine-rich-repeat (NLR) genes. To identify effective disease resistance genes in established varieties, we have successfully established SMRT-AgRenSeq in tetraploid potatoes and have further enhanced the methodology by including dRenSeq in an approach that we term SMR-AgRenSeq-d. The inclusion of dRenSeq enables the filtering of candidates after the association analysis by establishing a presence/absence matrix across resistant and susceptible varieties that is translated into an F1 score. Using a SMRT-RenSeq-based sequence representation of the NLRome from the cultivar Innovator, SMRT-AgRenSeq-d analyses reliably identified the late blight resistance benchmark genes Rpi-R1, Rpi-R2-like, Rpi-R3a, and Rpi-R3b in a panel of 117 varieties with variable phenotype penetrations. All benchmark genes were identified with an F1 score of 1, which indicates absolute linkage in the panel. This method also identified nine strong candidates for Gpa5 that controls the potato cyst nematode (PCN) species Globodera pallida (pathotypes Pa2/3). Assuming that NLRs are involved in controlling many types of resistances, SMRT-AgRenSeq-d can readily be applied to diverse crops and pathogen systems.</p

Graduated Punishments in Public Good Games

I explain the ubiquitous use of graduated punishments by studying a repeated public good game in which a social planner imperfectly monitors agents to detect shirkers. Agents' cost of contributing is private information and administering punishments is costly. Using graduated punishments can be optimal for two reasons. It increases the price of future wrongdoing (temporal spillover effect) and it can lead to bad types revealing themselves (screening effect). The temporal spillover effect is always present if graduated punishments prevail, but screening need not occur if agents face a finite horizon. Whether or not a screening effect is exploited has a substantial impact on both outcomes and actual punishments. If the temporal spillover effect is sufficiently strong, then first-time shirkers are merely warned.</p