Fund family tournament and performance consequences: evidence from the UK fund industry

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners outperform those of the losers following the risk taking, which implies that risk altering can be regarded as an indication of managers’ superior ability. However, the tournament behaviour can still be a costly strategy for investors, since winners can be seen to beat losers in the observed returns due to the deterioration in the performance of their major portfolio holdings

CofiFab: Coarse-to-fine fabrication of large 3D objects

This paper presents CofiFab, a coarse-to-fine 3D fabrication solution, which combines 3D printing and 2D laser cutting for cost-effective fabrication of large objects at lower cost and higher speed. Our key approach is to first build coarse internal base structures within the given 3D object using laser-cutting, and then attach thin 3D-printed parts, as an external shell, onto the base to recover the fine surface details. CofiFab achieves this with three novel algorithmic components. First, we formulate an optimization model to compute fabricatable polyhedrons of maximized volume, as the geometry of the internal base. Second, we devise a new interlocking scheme to tightly connect laser-cut parts into a strong internal base, by iteratively building a network of nonorthogonal interlocking joints and locking parts around polyhedral corners. Lastly, we also optimize the partitioning of the external object shell into 3D-printable parts, while saving support material and avoiding overhangs. These components also consider aesthetics, stability and balancing in addition to cost saving. As a result, CofiFab can efficiently produce large objects by assembly. To evaluate its effectiveness, we fabricate objects of varying shapes and sizes, where CofiFab significantly improves compared to previous methods

Cascaded Detail-Preserving Networks for Super-Resolution of Document Images

The accuracy of OCR is usually affected by the quality of the input document image and different kinds of marred document images hamper the OCR results. Among these scenarios, the low-resolution image is a common and challenging case. In this paper, we propose the cascaded networks for document image super-resolution. Our model is composed by the Detail-Preserving Networks with small magnification. The loss function with perceptual terms is designed to simultaneously preserve the original patterns and enhance the edge of the characters. These networks are trained with the same architecture and different parameters and then assembled into a pipeline model with a larger magnification. The low-resolution images can upscale gradually by passing through each Detail-Preserving Network until the final high-resolution images. Through extensive experiments on two scanning document image datasets, we demonstrate that the proposed approach outperforms recent state-of-the-art image super-resolution methods, and combining it with standard OCR system lead to signification improvements on the recognition results

Macrophage Polarization in the Development and Progression of Ovarian Cancers: An Overview

Ovarian cancer is the most lethal gynecological malignancy worldwide. Most patients are diagnosed at late stages because of atypical symptoms and the lack of effective early diagnostic measures. The mechanisms underlying the oncogenesis and development of ovarian cancer are not clear. Macrophages, immune cells derived from the innate immune system, have two states of polarization (M1 and M2) that develop in response to different stimuli. The polarization and differentiation of macrophages into the cancer-inhibiting M1 and cancer-promoting M2 types represent the two states of macrophages in the tumor microenvironment. The interaction of polarized macrophages with cancer cells plays a crucial role in a variety of cancers. However, the effects of macrophage M1/M2 polarization on ovarian cancer have not yet been systematically and fully discussed. In this review, we discuss not only the occurrence, development and influences of macrophage polarization but also the association between macrophage polarization and ovarian cancer. The polarization of macrophages into the M1 and M2 phenotypes plays a pivotal role in ovarian cancer initiation, progression, and metastasis, and provides targets for macrophage-centered treatment in the cancer microenvironment for ovarian cancer therapy. We also addressed the regulation of macrophage polarization in ovarian cancer via noncoding RNAs, exosomes, and epigenetics