The value of coskewness in evaluating mutual funds

Recent asset pricing studies demonstrate the relevance of incorporating the coskewness in Asset Pricing Models, and illustrate how this component helps to explain the time variation of ex-ante market risk premiums. This paper analyzes the role of coskewness in mutual funds performance evaluation. We find evidence that adding a coskewness factor is economically and statistically significant. We document that some managers are managing the coskewness and show, in general, a persistent behaviour on time in their coskewness policy. One of the most striking results is that many negative (positive) alpha funds measured relative to the CAPM risk adjustments would be reclassified as positive (negative) alpha funds using a model with coskewness. Therefore, a ranking of funds based on risk adjusted returns without considering coskewness would generate an erroneous classification. Moreover, some fund characteristics, such as the turnover ratio or the category, are related to the likelihood of managing coskewness.Mutual funds, Performance measures, Coskewness

Project based learning on industrial informatics: applying IoT to urban garden

Copyright (c) 2018 IEEEThe fast evolution of technologies forces teachers to trade content off for self-learning. PBL is one of the best ways to promote self-learning and simultaneously boost motivation. In this paper, we present our experience introducing project-based learning in the last year subject. New Internet of Things (IoT) topic allows us to carry out complete projects, integrating different technologies and tools. Moreover, the selection of open-source and standard free technologies makes easy and cheap the access to hardware and software platforms used. We carefully have picked communication, data management, and programming tools that we think would be attractive to our students. They can start making fast prototyping with little initial skills and, at the same time, these are serious and popular tools widely used in the industry. In this paper, we report on the design of a project-based learning for our course and the impact this has on the student satisfaction and motivation. Surveys taught us that tuning the courses towards developing real projects on the field, has a large impact on acceptance, learning objectives achievements and motivation towards the course content.”I Plan Propio Integral de Docencia de la Universidad de Málaga” y Proyecto de Innovación Educativa PIE17/085, de la Universidad de Málaga. Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Meteodiversity Index during the 20 th century in Europe

The aim of the project is to study how the Meteodiversity Index have distributed over Europe between 1950 and 2000. To develop the research, 7 meteorological variables have been obtained from the data of 23 meteorological stations across Europe. The paper includes an analysis of the sensitivity of the Meteodiversity Index to changes in the inputs. Then, the evolution of the Meteodiversity Index is studied, both by climate type, according to Köppen climate classification system, and by geographical location. Finally, in the light of the results, another analysis is performed to determine the relationship between the Meteodiversity Index and the climatic tendencies of Europe. Once all data is processed and analyzed, the conclusions of the research are presented and future work on this topic is proposed