198 research outputs found
Ground-water investigations for siting the superconducting super collider in northeastern Illinois
Cover title."ISWS/CIR-170/88."Bibliography: p. 62-63
Fractal Profit Landscape of the Stock Market
We investigate the structure of the profit landscape obtained from the most
basic, fluctuation based, trading strategy applied for the daily stock price
data. The strategy is parameterized by only two variables, p and q. Stocks are
sold and bought if the log return is bigger than p and less than -q,
respectively. Repetition of this simple strategy for a long time gives the
profit defined in the underlying two-dimensional parameter space of p and q. It
is revealed that the local maxima in the profit landscape are spread in the
form of a fractal structure. The fractal structure implies that successful
strategies are not localized to any region of the profit landscape and are
neither spaced evenly throughout the profit landscape, which makes the
optimization notoriously hard and hypersensitive for partial or limited
information. The concrete implication of this property is demonstrated by
showing that optimization of one stock for future values or other stocks
renders worse profit than a strategy that ignores fluctuations, i.e., a
long-term buy-and-hold strategy.Comment: 12 pages, 4 figure
Financial Transaction Tax: Small is Beautiful
The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially
undesirable transactions when more direct means of doing so are unavailable for political or
practical reasons. Some financial transactions are indeed likely to do more harm than good,
especially when they contribute to the systemic risk of the financial system. However, such a
financial transaction tax should be very small, much smaller than the negative externalities in
question, because it is a blunt instrument that also drives out socially useful transactions.
There is a case for taxing over-the-counter derivative transactions at a somewhat higher rate
than exchange-based derivative transactions. More targeted remedies to drive out socially
undesirable transactions should be sought in parallel, which would allow, after their
implementation, to reduce or even phase out financialtransaction taxes
Principles for non-ionizing radiation protection
In this statement, the International Commission on Non-Ionizing Radiation Protection (ICNIRP) presents its principles for protection against adverse health effects from exposure to non-ionizing radiation. These are based upon the principles for protection against ionizing radiation of the International Commission for Radiological Protection (ICRP) in order to come to a comprehensive and consistent system of protection throughout the entire electromagnetic spectrum. The statement further contains information about ICNIRP and the processes it uses in setting exposure guidelines
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