19,319 research outputs found

    Empirical Analysis Of International Mutual Fund Performance

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    Since 1990 there has been a tremendous growth in the investment in international mutual funds. This growth is likely to continue as domestic stock market cools down and more U.S. investors seek higher returns as well as the diversification benefits of foreign assets.  Investors are also attracted to international funds in the belief that such funds earn abnormally high returns because of the previous relative inefficiency in those markets. This study examines the annual risk-adjusted returns using Sharpe’s Index for ten portfolios of international mutual funds for the period September 2000 through September 2006.  The international funds were analyzed by combining the funds into individual portfolios based on sector, geographics and company size.  The benchmarks for comparison were the U.S. mutual fund performance reported by MorningStar.  The risk-adjusted returns were then determined and compared to each other and to the U.S. market.  During this period, nine out of ten of the international mutual fund portfolios outperformed the U.S. market.   The portfolio that contained all International Mutual Funds (IMF) significantly outperformed on a risk-adjusted basis the fund that was made up of all of the U.S. stock mutual funds, (All U.S. Stock Funds- USSF).  Additionally, the Foreign Small Value (FSV) portfolio, Foreign Small Growth (FSG) portfolio, Emerging Markets (EM) portfolio, Latin America (LA) portfolio, and the Pacific Asia without Japan (PA-J) portfolio all had average annual returns (not adjusted for risk) that exceeded USMF’s returns by more than 10 percent

    Quantum key distribution using a triggered quantum dot source emitting near 1.3 microns

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    We report the distribution of a cryptographic key, secure from photon number splitting attacks, over 35 km of optical fiber using single photons from an InAs quantum dot emitting ~1.3 microns in a pillar microcavity. Using below GaAs-bandgap optical excitation, we demonstrate suppression of multiphoton emission to 10% of the Poissonian level without detector dark count subtraction. The source is incorporated into a phase encoded interferometric scheme implementing the BB84 protocol for key distribution over standard telecommunication optical fiber. We show a transmission distance advantage over that possible with (length-optimized) uniform intensity weak coherent pulses at 1310 nm in the same system.Comment: 4 pages, 4 figure

    In vitro synergy and enhanced murine brain penetration of saquinavir coadministered with mefloquine.

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    Highly active antiretroviral therapy has substantially improved prognosis in human immunodeficiency virus (HIV). However, the integration of proviral DNA, development of viral resistance, and lack of permeability of drugs into sanctuary sites (e.g., brain and lymphocyte) are major limitations to current regimens. Previous studies have indicated that the antimalarial drug chloroquine (CQ) has antiviral efficacy and a synergism with HIV protease inhibitors. We have screened a panel of antimalarial compounds for activity against HIV-1 in vitro. A limited efficacy was observed for CQ, mefloquine (MQ), and mepacrine (MC). However, marked synergy was observed between MQ and saquinavir (SQV), but not CQ in U937 cells. Furthermore, enhancement of the antiviral activity of SQV and four other protease inhibitors (PIs) by MQ was observed in MT4 cells, indicating a class specific rather than a drug-specific phenomenon. We demonstrate that these observations are a result of inhibition of multiple drug efflux proteins by MQ and that MQ also displaces SQV from orosomucoid in vitro. Finally, coadministration of MQ and SQV in CD-1 mice dramatically altered the tissue distribution of SQV, resulting in a >3-fold and >2-fold increase in the tissue/blood ratio for brain and testis, respectively. This pharmacological enhancement of in vitro antiviral activity of PIs by MQ now warrants further examination in vivo

    An infrared study of the double nucleus in NGC3256

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    We present new resolved near and mid-IR imaging and N-band spectroscopy of the two nuclei in the merger system NGCA3256, the most IR luminous galaxy in the nearby universe. The results from the SED fit to the data are consistent with previous estimates of the amount of obscuration towards the nuclei and the nuclear star formation rates. However, we also find substantial differences in the infrared emission from the two nuclei which cannot be explained by obscuration alone. We conclude that the northern nucleus requires an additional component of warm dust in order to explain its properties. This suggests that local starforming conditions can vary significantly within the environment of a single system.Comment: Accepted for publication (MNRAS

    Inflation from D3-brane motion in the background of D5-branes

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    We study inflation arising from the motion of a BPS D3-brane in the background of a stack of k parallel D5-branes. There are two scalar fields in this set up-- (i) the radion field R, a real scalar field, and (ii) a complex tachyonic scalar field chi living on the world volume of the open string stretched between the D3 and D5 branes. We find that inflation is realized by the potential of the radion field, which satisfies observational constraints coming from the Cosmic Microwave Background. After the radion becomes of order the string length scale l_s, the dynamics is governed by the potential of the complex scalar field. Since this field has a standard kinematic term, reheating can be successfully realized by the mechanism of tachyonic preheating with spontaneous symmetry breaking.Comment: 10 pages, 4 figures. Minor clarifications and references added. Version to appear in Phys. Rev.

    A mathematical modelling study of an athlete's sprint time when towing a weighted sled

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    This is the author's accepted manuscript. The final publication is available at Springer via http://dx.doi.org/10.1007/s12283-013-0114-2.This study used a mathematical model to examine the effects of the sled, the running surface, and the athlete on sprint time when towing a weighted sled. Simulations showed that ratio scaling is an appropriate method of normalising the weight of the sled for athletes of different body size. The relationship between sprint time and the weight of the sled was almost linear, as long as the sled was not excessively heavy. The athlete’s sprint time and rate of increase in sprint time were greater on running surfaces with a greater coefficient of friction, and on any given running surface an athlete with a greater power-to-weight ratio had a lower rate of increase in sprint time. The angle of the tow cord did not have a substantial effect on an athlete’s sprint time. This greater understanding should help coaches set the training intensity experienced by an athlete when performing a sled-towing exercise

    Membrane amplitude and triaxial stress in twisted bilayer graphene deciphered using first-principles directed elasticity theory and scanning tunneling microscopy

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    Twisted graphene layers produce a moir\'e pattern (MP) structure with a predetermined wavelength for given twist angle. However, predicting the membrane corrugation amplitude for any angle other than pure AB-stacked or AA-stacked graphene is impossible using first-principles density functional theory (DFT) due to the large supercell. Here, within elasticity theory we define the MP structure as the minimum energy configuration, thereby leaving the height amplitude as the only unknown parameter. The latter is determined from DFT calculations for AB and AA stacked bilayer graphene in order to eliminate all fitting parameters. Excellent agreement with scanning tunneling microscopy (STM) results across multiple substrates is reported as function of twist angle.Comment: to appear in Phys. Rev.

    Mediator‐induced activation of xanthine oxidase in endothelial cells

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    Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/154271/1/fsb2003013008.pd
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