A FRESH PERSPECTIVE ON U.S. MUTUAL FUNDS’ PERFORMANCE ATTRIBUTION, FACTOR MODEL AND QMJ

In this paper we evaluate the performance of the US mutual fund industry over the past 15 years, using a novel methodology developed by AQR Management’s Quality Minus Junk paper (2013). We augment the standard regression models of Fama-French used in the literatures with a new factor, the Quality Minus Junk factor, which is a quality-ranking factor developed by the AQR Management. (Quality Minus Junk) 2013 Previously, conflicting evidence was recorded with regard to the merits of the mutual fund industry, and we believe this could be a result of the preceding researches were constructed based on the Fama–French three-factor model (FFM) and its various variations. Despite the FFM’s prominent position in the asset-pricing field, it is subject to one critical limitation when it comes to evaluating active returns; no meaningful factor to directly quantify and evaluate the effects of active returns, as all existing factors are systematic in nature while active returns are idiosyncratic in nature largely. By incorporating the QMJ factor in the FFM framework, we hope to help investors better understanding their actively managed portfolios, as this unique factor is constructed based on four profoundly used fundamental metrics by the investment industry. We are still unable to use this factor to underpin the mutual industry as our results exhibit inconsistencies in the QMJ loadings despite QMJ’s strong statistic and theatrical supports. Adding the Market-Factor results in the QMJ factor insignificant 70% of the time, adding more of the standard-factors we see that only 50% of the time the QMJ loadings are significant, around 40% of the time the QMJ loadings are in the negative zone. Therefore, we believe this shows inconsistence in QMJ’s factor loadings. Furthermore, we identified consistent alphas (intercepts) in our regressions and we believe that combining Fama-French and QMJ factor still cannot explain all returns variations

Selection of thermodynamic models for combinatorial control of multiple transcription factors in early differentiation of embryonic stem cells

<p>Abstract</p> <p>Background</p> <p>Transcription factors (TFs) have multiple combinatorial forms to regulate the transcription of a target gene. For example, one TF can help another TF to stabilize onto regulatory DNA sequence and the other TF may attract RNA polymerase (RNAP) to start transcription; alternatively, two TFs may both interact with both the DNA sequence and the RNAP. The different forms of TF-TF interaction have different effects on the probability of RNAP's binding onto the promoter sequence and therefore confer different transcriptional efficiencies.</p> <p>Results</p> <p>We have developed an analytical method to identify the thermodynamic model that best describes the form of TF-TF interaction among a set of TF interactions for every target gene. In this method, time-course microarray data are used to estimate the steady state concentration of the transcript of a target gene, as well as the relative changes of the active concentration for each TF. These estimated concentrations and changes of concentrations are fed into an inference scheme to identify the most compatible thermodynamic model. Such a model represents a particular way of combinatorial control by multiple TFs on a target gene.</p> <p>Conclusions</p> <p>Applying this approach to a time-course microarray dataset of embryonic stem cells, we have inferred five interaction patterns among three regulators, Oct4, Sox2 and Nanog, on ten target genes.</p

Nonlinear modelling and adaptive fuzzy control of PEMFC

To improve the stability and performance of fuel cells, the operating temperature of proton exchange membrane fuel cells (PEMFC) should be controlled within a specified range. However, most existing mathematical models of PEMFC are too complex to be applied effectively in the control process. In this paper, adaptive fuzzy identification and control models of PEMFC are developed based on input-output sampled data and experts\u27 experience. The parameters of the identifier and controller are regulated by an adaptive learning algorithm, the network structure and the rule database are modified by adjusting the parameters. In the end, the simulation results of the online control model are presented and show the effectiveness

Increased electrical conductivity in fine-grained (Zr,Hf)NiSn based thermoelectric materials with nanoscale precipitates

Grain refinement has been conducted to reduce the thermal conductivity and improve the thermoelectric performance of the (Zr,Hf)NiSn based half-Heusler alloys. Nanoscale in situ precipitates were found embedded in the matrix with submicron grains. The lattice thermal conductivity was decreased due to the enhanced boundary scattering of phonons. The increased carrier concentration and electrical conductivity were observed compared to the coarse-grained alloys, which is discussed in relation to the existence of nanoscale precipitates, the effect of antisite defects, and composition change. It is suggested that the nanoscale precipitates play a significant role in the observed electrical conductivity increase

Rethinking the potential productivity of crassulacean acid metabolism by integrating metabolic dynamics with shoot architecture, using the example of Agave tequilana

- Terrestrial CAM plants typically occur in hot semiarid regions, yet can show high crop productivity under favorable conditions. - To achieve a more mechanistic understanding of CAM plant productivity, a biochemical model of diel metabolism was developed and integrated with 3-D shoot morphology to predict the energetics of light interception and photosynthetic carbon assimilation. - Using Agave tequilana as an example, this biochemical model faithfully simulated the four diel phases of CO2 and metabolite dynamics during the CAM rhythm. After capturing the 3-D form over an 8-yr production cycle, a ray-tracing method allowed the prediction of the light microclimate across all photosynthetic surfaces. Integration with the biochemical model thereby enabled the simulation of plant and stand carbon uptake over daily and annual courses. - The theoretical maximum energy conversion efficiency of Agave spp. is calculated at 0.045–0.049, up to 7% higher than for C3 photosynthesis. Actual light interception, and biochemical and anatomical limitations, reduced this to 0.0069, or 15.6 Mg ha−1 yr−1 dry mass annualized over an 8-yr cropping cycle, consistent with observation. This is comparable to the productivity of many C3 crops, demonstrating the potential of CAM plants in climates where little else may be grown while indicating strategies that could raise their productivity

Exploring photosynthesis evolution by comparative analysis of metabolic networks between chloroplasts and photosynthetic bacteria

BACKGROUND: Chloroplasts descended from cyanobacteria and have a drastically reduced genome following an endosymbiotic event. Many genes of the ancestral cyanobacterial genome have been transferred to the plant nuclear genome by horizontal gene transfer. However, a selective set of metabolism pathways is maintained in chloroplasts using both chloroplast genome encoded and nuclear genome encoded enzymes. As an organelle specialized for carrying out photosynthesis, does the chloroplast metabolic network have properties adapted for higher efficiency of photosynthesis? We compared metabolic network properties of chloroplasts and prokaryotic photosynthetic organisms, mostly cyanobacteria, based on metabolic maps derived from genome data to identify features of chloroplast network properties that are different from cyanobacteria and to analyze possible functional significance of those features. RESULTS: The properties of the entire metabolic network and the sub-network that consists of reactions directly connected to the Calvin Cycle have been analyzed using hypergraph representation. Results showed that the whole metabolic networks in chloroplast and cyanobacteria both possess small-world network properties. Although the number of compounds and reactions in chloroplasts is less than that in cyanobacteria, the chloroplast's metabolic network has longer average path length, a larger diameter, and is Calvin Cycle -centered, indicating an overall less-dense network structure with specific and local high density areas in chloroplasts. Moreover, chloroplast metabolic network exhibits a better modular organization than cyanobacterial ones. Enzymes involved in the same metabolic processes tend to cluster into the same module in chloroplasts. CONCLUSION: In summary, the differences in metabolic network properties may reflect the evolutionary changes during endosymbiosis that led to the improvement of the photosynthesis efficiency in higher plants. Our findings are consistent with the notion that since the light energy absorption, transfer and conversion is highly efficient even in photosynthetic bacteria, the further improvements in photosynthetic efficiency in higher plants may rely on changes in metabolic network properties

Coherent phonon Rabi oscillations with a high frequency carbon nanotube phonon cavity

Phonon-cavity electromechanics allows the manipulation of mechanical oscillations similar to photon-cavity systems. Many advances on this subject have been achieved in various materials. In addition, the coherent phonon transfer (phonon Rabi oscillations) between the phonon cavity mode and another oscillation mode has attracted many interest in nano-science. Here we demonstrate coherent phonon transfer in a carbon nanotube phonon-cavity system with two mechanical modes exhibiting strong dynamical coupling. The gate-tunable phonon oscillation modes are manipulated and detected by extending the red-detuned pump idea of photonic cavity electromechanics. The first- and second-order coherent phonon transfers are observed with Rabi frequencies 591 kHz and 125 kHz, respectively. The frequency quality factor product fQ_m~2=10^12 Hz achieved here is larger thank k_B T_base/h, which may enable the future realization of Rabi oscillations in the quantum regime

Pengaruh Budaya Organisasi Terhadap Kinerja Karyawan (Studi Pada Karyawan PT. Sejahtera Buana Trada Surabaya)

The culture of the organization is to be considered in a company because it can affect the performance of the employee. Employees can work well if created a good culture and will infect other employees. This study is the explanation (explanatory research) with quantitative approach. The number of respondents in this study were 114 respondents who are employees of PT. Buana Sejahtera Trada Surabaya. The results showed a significant effect simultaneously (together) between the independent variables (Culture Orgaznisasi) affect the dependent variable (Employee Performance) So it can be concluded that the organizational culture can influence employee performance in carrying out its work