Does the values premium exist in international portfolios by combining CAPE ratio with Book-to-market in well-developed european markets

This paper examines if the value premium still exists when incorporating market-level and firm level conditions together. To evaluate my research, I have presented several tested portfolio strategies. I used two different measures to build these portfolios. On the market-level perspective, I have used the CAPE ratio with some adjustments, and on the firm-level perspective, I have used book-to-market with a slight adjustment. The zero-cost portfolios hold a long position on the cheapest markets value stocks and short sell the expensive markets growth stocks. The strategy can achieve above-average results regularly and beat the market. On the other hand, in times of crisis, the strategy performs poorly, but can still beat the market under the global financial crisis.Esta Dissertação centra-se em investigar se existe um retorno positivo na estratégia de investimento que consiste na compra de ações value e venda a descoberto de ações de crescimento (growth), quando se incorpora na estratégia condições ao nível do mercado e da firma. Para avaliar minha pesquisa, apresento várias estratégias de investimento testadas. Foram utilizadas duas medidas diferentes para construir essas carteiras. Ao nível do mercado, utilizou-se o índice CAPE com alguns ajustes, e ao nível da firma utilizou-se o book-to-market com um pequeno ajuste. As carteiras de custo zero têm uma posição de compra nas ações de valor do mercado mais barato e uma posição de venda a descoberto de ações de crescimento do mercado mais caro. No entanto, a estratégia pode atingir resultados acima da média regularmente e superar o mercado. Além disso, em tempos de crise, a estratégia tem uma performance mais fraca mesmo com a posição de venda, mas ainda assim pode superar o mercado durante a crise financeira global

ULTRA CLEAN COAL PRODUCTION USING DENSE MEDIUM SEPARATION FOR THE SILICON MARKET

The production of high quality silicon requires the use of ultraclean coal containing less than 1.5% ash. The magnetite used to clean the coal in a dense medium process is a contaminant that seriously impacts the quality of the final silicon product. As such, research has been conducted to evaluate the potential to substitute the magnetite with fine silica–based alternative material generated during the silicon production process. Dense medium cyclone tests were performed based on a statistically designed program to determine the optimum conditions that maximize organic efficiency and minimize probable error and low–density bypass. The results revealed that a clean coal product with less than 1.5% ash can be produced using a medium formed from the silicon production waste with an organic efficiency value of around 99% and a probable error value below 0.02. There was no measurable bypass of high density particles into the product stream or low–density particles into the reject stream

Optimization of Mineral Processing Circuit Design under Uncertainty

The estimation and analysis of uncertainty propagation in mineral processing separation circuits is an essential and significant, but challenging, aspect of a comprehensive optimal circuit design procedure. Owing to the sophisticated modeling requirements, many of the current circuit optimization tools rely on deterministic models, despite the ubiquity of uncertainty in the techno-economic input parameters (e.g. mineral price, plant feed grade, and process kinetic coefficients). While individual sources of uncertainty are substantial, the circuit designer must also estimate the compounded uncertainty imputed by the actual circuit design and identify which units are most influential in this uncertainty propagation. Additionally, despite the uncertainty in the input factors, the designer must identify precise specifications for the number and size of individual separation units with the objective of optimizing technical and economic performance measures. These factors must be considered very early in the design process due to the rigidity of the final flowsheet and early constraints of product specifications imposed by sales contracts. This dissertation seeks to resolve these issues by providing a suite of novel techniques that augment the state-of-the-art process models currently used by circuit designers. First, the linear circuit analysis approach and the law of propagation of error are combined to effectively analyze and evaluate circuit uncertainty propagation in the early design stages. Subsequently, the capability of this novel methodology is demonstrated to accurately recognize the most influential factors in the uncertainty contribution. Parallel to this part of the study, Taguchi\u27s method is employed to evaluate the level of compounded circuit uncertainty while using fewer function evaluations compared to the common stochastic techniques, such as Monte Carlo simulation. Then, a systematic separation experimental study is performed using an electrostatic separator to validate the fundamental conclusions derived from the proposed methodologies. Finally, a comprehensive circuit optimization technique, based on the sample average approximation approach, is applied to determine the most profitable separation circuit configuration under uncertainty. Given the large flow volumes, high capital costs, and relative rigidity of the final flowsheet, findings of the current study will guarantee that a suitable separation circuit is selected relatively early in the design process

The effect of non-linear inertia on dynamic response of asymmetric multi-story buildings

The goal of this paper is to inspect the influence of non-linear inertia on dynamic response of multi-story asymmetric buildings. In this study unlike conventional linear approach, the non-linear inertial terms are considered in the equations of motion. For considering non-linear inertia, the motion equations are derived in local rotary coordinates system. Also, the stiffness and damping parameters are defined in the rotary coordinates system. In the novel approach which is proposed in this paper, the motion equations are different with conventional linear approach. Numerical examples are presented to compare the response of the proposed model and conventional linear model. The modeled building response is derived under harmonic excitation. The results show that if non-linear inertia is considered, the dynamic response of asymmetric multi-story buildings may become different with conventional linear approach

Effect of aggregate type on moisture susceptibility of modified cold recycled mix asphalt: evaluation by mechanical tests and Surface Free Energy method

There are deficiencies associated with cold mix asphalts, specifically, cold recycled mix asphalts in comparison with hot mix asphalt or hot recycled mix asphalt such as higher moisture susceptibility. Moisture damage of asphalt mixtures is inversely related to the bond quality between aggregates and binder. In this study, Portland cement (PC) and acryl polymer (AP) additives were employed to improve this bond. The effectiveness of used additives in improving the moisture susceptibility of cold recycled mix asphalt was examined using Surface Free Energy (SFE) method. Indirect Tensile Strength test and Dynamic Modulus test were performed to validate SFE method results. Moreover, scanning electron microscope (SEM) images were obtained for better understanding of mixture's microstructure. Also, effect of using granite, limestone and recycled asphalt pavement (RAP) aggregates was evaluated. The findings showed that cement and acryl polymer additives improved resistance of different studied mixtures, specifically, cold recycled mix asphalt against moisture damage by improving the adhesion between aggregate and asphalt. Considering effect of aggregates on moisture susceptibility, limestone-mixtures had the highest resistance while the RAP-mixtures performed the worst among the three. Finally, it was shown that results of SFE method were compatible with the mechanical tests in predicting moisture damage

Prioritizing the Interrelationships of the Share of Renewable Energy Sources in Sustainable Development

Today, energy demand has increased as a result of population growth around the world. Due to the limited fossil energy resources and the problems caused by greenhouse gas emissions, it is necessary to pay more attention to renewable energy, because in this way, the goals of sustainable development can be achieved. Therefore, the purpose of this study is to properly evaluate the performance of renewable energy technologies and also to investigate the relationship between renewable energy, carbon dioxide emissions, and sustainable development in Iran and compare it with non-renewable energy. In order to rank renewable energy carriers and identify the best type of them for electricity generation in Iran, a multi-criteria decision model has been used. In this regard, by conducting library studies and collecting the opinions of experts, a set of criteria in the form of four technical, economic, social, and environmental dimensions has been determined. Then, using the VIKOR approach, renewable energies consisting of wind, hydropower, solar, biomass, and geothermal energies are discussed. Findings indicate a high priority of wind energy and solar, hydropower, geothermal and biomass are in the next ranks. The results indicate that the effect of positive momentum on the share of renewable and non-renewable energy on sustainable development in Iran is positive

The Relationship between Hardiness and Happiness in Students of Payame Noor University

ABSTRACT: Happiness is a positive concept which is vital for healthiness and as a perfect satisfaction, durable and satisfactory in life; it is defined as a universal. Hardiness is considered as an adjustable variable in reducing mental and physical diseases and it is considered as a protector shield in front of useless effects of anxiety on mental health of individuals. This study investigates the relationship between happiness and hardiness of students of Payame Noor University. Survey data were collected from 212 students from Payame Noor University of West Azarbayjan and happiness test and hardiness test was used. The results indicate that hardiness has effect on prediction of students' happiness and also there is no significant relationship between age and happiness. The results indicate that there is no significant difference between happiness and hardiness in male and female students. Hardiness causes that individuals have the sense control in facing with difficult conditions. Totally, hardiness can have positive role in controlling the difficult conditions of life. The better individuals control the conditions, the higher the sense of happiness

Difficulties of Diagnosing Alzheimer's Disease: The Application of Clinical Decision Support Systems

Introduction: Alzheimer's disease is one of the most common causes of dementia, which gradually causes cognitive impairment. Diagnosis of Alzheimer's disease is a complicated process performed through several tests and examinations. Design and development of Clinical Decision Support System (CDSS) could be an appropriate approach for eliminating the existing difficulties of diagnosing Alzheimer's disease. Materials and Methods: This study reviews the current problems in the diagnosis of Alzheimer's disease with an approach to the application of CDSS. The study reviewed the articles published from 1990 to 2016. The articles were identified by searching electronic databases such as PubMed, Google Scholar, Science Direct. Considering the relevance of articles with the objectives of the study, 29 papers were selected. According to the performed investigations, various reasons cause difficulty in Alzheimer's diagnosis. Results: The complexity of diagnostic process and  the similarity of Alzheimer's disease with other causes of dementia are the most important of them. The results of studies about the application of CDSSs on Alzheimer's disease diagnosis indicated that the implementation of these systems could help to eliminate the existing difficulties in the diagnosis of Alzheimer's disease. Conclusion: Developing CDSSs based on diagnostic guidelines could be regarded as one of the possible approaches towards early and accurate diagnosis of Alzheimer's disease. Applying of computer-interpretable guideline (CIG) models such as GLIF, PROforma, Asbru, and EON can help to design CDSS with the capability of minimizing the burden of diagnostic problems with Alzheimer's disease

NKX2-5 regulates the expression of beta-catenin and GATA4 in ventricular myocytes.

BackgroundThe molecular pathway that controls cardiogenesis is temporally and spatially regulated by master transcriptional regulators such as NKX2-5, Isl1, MEF2C, GATA4, and beta-catenin. The interplay between these factors and their downstream targets are not completely understood. Here, we studied regulation of beta-catenin and GATA4 by NKX2-5 in human fetal cardiac myocytes.Methodology/principal findingsUsing antisense inhibition we disrupted the expression of NKX2-5 and studied changes in expression of cardiac-associated genes. Down-regulation of NKX2-5 resulted in increased beta-catenin while GATA4 was decreased. We demonstrated that this regulation was conferred by binding of NKX2-5 to specific elements (NKEs) in the promoter region of the beta-catenin and GATA4 genes. Using promoter-luciferase reporter assay combined with mutational analysis of the NKEs we demonstrated that the identified NKX2-5 binding sites were essential for the suppression of beta-catenin, and upregulation of GATA4 by NKX2-5.ConclusionsThis study suggests that NKX2-5 modulates the beta-catenin and GATA4 transcriptional activities in developing human cardiac myocytes