Value at Risk and Hedge Fund Return - Does High Risk Bring High Return?

This paper mainly focuses on the correlation between live hedge fund return and their value at risk (VaR), and is based on the historical data from May 2000 to April 2010. The authors adopt portfolio level analyses and fund level cross-sectional regression, and find that there is significant positive correlation, both statistically and economically, between the hedge fund return and VaRs (parametric, non-parametric and GARCH). Further research is conducted by sub-dividing the overall period into pre-Financial-Crisis and Financial Crisis, and demonstrates that this correlation holds in both periods but weakens in the Financial Crisis. Besides, the authors identify the approximately negative correlation between hedge fund portfolio return and increase in VaR, and develop an effective method of selection

Mobilization and Role of Starch, Protein, and Fat Reserves During Seed Germination of Six Wild Grassland Species

Since seed reserves can influence seed germination, the quantitative and qualitative differences in seed reserves may relate to the germination characteristics of species. The purpose of our study was to evaluate the correlation between germination and seed reserves, as well as their mobilization during germination of six grassland species (Chloris virgata, Kochia scoparia, Lespedeza hedysaroides, Astragalus adsurgens, Leonurus artemisia, and Dracocephalum moldavica) and compare the results with domesticated species. We measured starch, protein, and fat content in dry seeds and the initial absorption of water during imbibition. Starch, soluble protein, fat, and soluble sugar content also were determined at five stages during germination. Starch, protein, and fat reserves in dry seeds were not significantly correlated with germination percentage and rate (speed), but soluble sugar and soluble protein contents at different germination stages were positively significantly correlated with germination rate for the six species. Starch was mainly used during seed imbibition, and soluble protein was used from the imbibition stage to the highest germination stage. Fat content for all species remained relatively constant throughout germination for six species, regardless of the proportion of other seed reserves in the seeds. Our results for fat utilization differ from those obtained for cultivated grasses and legumes. These results provide new insight on the role of seed reserves as energy resources in germination for wild species

Surface plasmon polaritons assisted diffraction in periodic subwavelength holes of metal films with reduced interplane coupling

Metal films grown on Si wafer perforated with a periodic array of subwavelength holes have been fabricated and anomalous enhanced transmission in the mid-infrared regime has been observed. High order transmission peaks up to Si(2,2) are clearly revealed due to the large dielectric constant contrast of the dielectrics at the opposite interfaces. Si(1,1) peak splits at oblique incidence both in TE and TM polarization, which confirms that anomalous enhanced transmission is a surface plasmon polaritons (SPPs) assisted diffraction phenomenon. Theoretical transmission spectra agree excellently with the experimental results and confirm the role of SPPs diffraction by the lattice.Comment: 4 pages, 5 figures, 26 reference

2D perovskite stabilized phase-pure formamidinium perovskite solar cells.

Compositional engineering has been used to overcome difficulties in fabricating high-quality phase-pure formamidinium perovskite films together with its ambient instability. However, this comes alongside an undesirable increase in bandgap that sacrifices the device photocurrent. Here we report the fabrication of phase-pure formamidinium-lead tri-iodide perovskite films with excellent optoelectronic quality and stability. Incorporation of 1.67 mol% of 2D phenylethylammonium lead iodide into the precursor solution enables the formation of phase-pure formamidinium perovskite with an order of magnitude enhanced photoluminescence lifetime. The 2D perovskite spontaneously forms at grain boundaries to protect the formamidinium perovskite from moisture and suppress ion migration. A stabilized power conversion efficiency (PCE) of 20.64% (certified stabilized PCE of 19.77%) is achieved with a short-circuit current density exceeding 24 mA cm-2 and an open-circuit voltage of 1.130 V, corresponding to a loss-in-potential of 0.35 V, and significantly enhanced operational stability