The Impact of Transaction Costs on Rebalancing an Investment Portfolio in Portfolio Optimization

Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

An Analysis on the Appropriateness and Effectiveness of CCTV Location for Crime Prevention

This study aims to investigate the possibility of crime prevention through CCTV by analyzing the appropriateness of the CCTV location, whether it is installed in the hotspot of crime-prone areas, and exploring the crime prevention effect and transition effect. The real crime and CCTV locations of case city were converted into the spatial data by using GIS. The data was analyzed by hotspot analysis and weighted displacement quotient (WDQ). As study methods, it analyzed existing relevant studies for identifying the trends of CCTV and crime studies based on big data from 1800 to 2014 and understanding the relation between CCTV and crime. Second, it investigated the current situation of nationwide CCTVs and analyzed the guidelines of CCTV installation and operation to draw attention to the problems and indicating points of CCTV use. Third, it investigated the crime occurrence in case areas and the current situation of CCTV installation in the spatial aspects, and analyzed the appropriateness and effectiveness of CCTV installation to suggest a rational installation of CCTV and the strategic direction of crime prevention. The results demonstrate that there was no significant effect in the installation of CCTV on crime prevention in the case area. This indicates that CCTV should be installed and managed in a more scientific way reflecting local crime situations. In terms of CCTV, the methods of spatial analysis such as GIS, which can evaluate the installation effect, and the methods of economic analysis like cost-benefit analysis should be developed. In addition, these methods should be distributed to local governments across the nation for the appropriate installation of CCTV and operation. This study intended to find a design guideline of the optimum CCTV installation. In this regard, this study is meaningful in that it will contribute to the creation of a safe city.

Impact of Landuse Change on Surface Temperature in Ibadan, Nigeria

It has become an increasing evident that large development influences the climate. There are concerns that rising temperature over developed areas could have negative impact and increase living discomfort within city boundaries. Temperature trends in Ibadan city have received little attention, yet the area has experienced heavy urban expansion between 1972 and 2014. This research aims at examining the impact of landuse change on surface temperature knowing that the built-up environment absorb and store solar energy, resulting into the Urban Heat Island (UHI) effect. The Landsat imagery was used to examine the landuse change for a period of 42 years (1972-2014). Land Surface Temperature (LST) was obtained by converting the thermal band to a surface temperature map and zonal statistic analyses was used to examine the relationship between landuse and temperature emission. The results showed that the settlement area increased to a large extent while the area covered by vegetation reduced during the study period. The spatial and temporal trends of surface temperature are related to the gradual change in urban landuse/landcover and the settlement area has the highest emission. This research provides useful insight into the temporal behavior of the Ibadan city.

Application of KL Divergence for Estimation of Each Metabolic Pathway Genes

Development of a method to estimate gene functions is an important task in bioinformatics. One of the approaches for the annotation is the identification of the metabolic pathway that genes are involved in. Since gene expression data reflect various intracellular phenomena, those data are considered to be related with genes’ functions. However, it has been difficult to estimate the gene function with high accuracy. It is considered that the low accuracy of the estimation is caused by the difficulty of accurately measuring a gene expression. Even though they are measured under the same condition, the gene expressions will vary usually. In this study, we proposed a feature extraction method focusing on the variability of gene expressions to estimate the genes' metabolic pathway accurately. First, we estimated the distribution of each gene expression from replicate data. Next, we calculated the similarity between all gene pairs by KL divergence, which is a method for calculating the similarity between distributions. Finally, we utilized the similarity vectors as feature vectors and trained the multiclass SVM for identifying the genes' metabolic pathway. To evaluate our developed method, we applied the method to budding yeast and trained the multiclass SVM for identifying the seven metabolic pathways. As a result, the accuracy that calculated by our developed method was higher than the one that calculated from the raw gene expression data. Thus, our developed method combined with KL divergence is useful for identifying the genes' metabolic pathway.

Developing a Multiagent Based Decision Support System for Realtime Multi-Risk Disaster Management

A Disaster Management System (DMS) is very important for countries with multiple disasters, such as Chile. In the world (also in Chile)different disasters (earthquakes, tsunamis, volcanic eruption, fire or other natural or man-made disasters) happen and have an effect on the population. It is also possible that two or more disasters occur at the same time. This meansthata multi-risk situation must be mastered. To handle such a situation a Decision Support System (DSS) based on multiagents is a suitable architecture. The most known DMSs are concernedwith only a singledisaster (sometimes thecombination of earthquake and tsunami) and often with a particular disaster. Nevertheless, a DSS helps for a better real-time response. Analyze the existing systems in the literature and expand them for multi-risk disasters to construct a well-organized system is the proposal of our work. The here shown work is an approach of a multi-risk system, which needs an architecture and well defined aims. In this moment our study is a kind of case study to analyze the way we have to follow to create our proposed system in the future.

Influential Parameters in Estimating Soil Properties from Cone Penetrating Test: An Artificial Neural Network Study

The Cone Penetration Test (CPT) is a common in-situ test which generally investigates a much greater volume of soil more quickly than possible from sampling and laboratory tests. Therefore, it has the potential to realize both cost savings and assessment of soil properties rapidly and continuously. The principle objective of this paper is to demonstrate the feasibility and efficiency of using artificial neural networks (ANNs) to predict the soil angle of internal friction (Φ) and the soil modulus of elasticity (E) from CPT results considering the uncertainties and non-linearities of the soil. In addition, ANNs are used to study the influence of different parameters and recommend which parameters should be included as input parameters to improve the prediction. Neural networks discover relationships in the input data sets through the iterative presentation of the data and intrinsic mapping characteristics of neural topologies. General Regression Neural Network (GRNN) is one of the powerful neural network architectures which is utilized in this study. A large amount of field and experimental data including CPT results, plate load tests, direct shear box, grain size distribution and calculated data of overburden pressure was obtained from a large project in the United Arab Emirates. This data was used for the training and the validation of the neural network. A comparison was made between the obtained results from the ANN's approach, and some common traditional correlations that predict Φ and E from CPT results with respect to the actual results of the collected data. The results show that the ANN is a very powerful tool. Very good agreement was obtained between estimated results from ANN and actual measured results with comparison to other correlations available in the literature. The study recommends some easily available parameters that should be included in the estimation of the soil properties to improve the prediction models. It is shown that the use of friction ration in the estimation of Φ and the use of fines content in the estimation of E considerable improve the prediction models.

Bilinear and Bilateral Generating Functions for the Gauss’ Hypergeometric Polynomials

The object of the present paper is to investigate several general families of bilinear and bilateral generating functions with different argument for the Gauss’ hypergeometric polynomials.

Prediction of Temperature Distribution during Drilling Process Using Artificial Neural Network

Experimental & numeral study of temperature distribution during milling process, is important in milling quality and tools life aspects. In the present study the milling cross-section temperature is determined by using Artificial Neural Networks (ANN) according to the temperature of certain points of the work piece and the point specifications and the milling rotational speed of the blade. In the present work, at first three-dimensional model of the work piece is provided and then by using the Computational Heat Transfer (CHT) simulations, temperature in different nods of the work piece are specified in steady-state conditions. Results obtained from CHT are used for training and testing the ANN approach. Using reverse engineering and setting the desired x, y, z and the milling rotational speed of the blade as input data to the network, the milling surface temperature determined by neural network is presented as output data. The desired points temperature for different milling blade rotational speed are obtained experimentally and by extrapolation method for the milling surface temperature is obtained and a comparison is performed among the soft programming ANN, CHT results and experimental data and it is observed that ANN soft programming code can be used more efficiently to determine the temperature in a milling process.

Forgeability Study of Medium Carbon Micro-Alloyed Forging Steel

Micro-alloyed steel components are used in automotive industry for the necessity to make the manufacturing process cycles shorter when compared to conventional steel by eliminating heat treatment cycles, so an important saving of costs and energy can be reached by reducing the number of operations. Microalloying elements like vanadium, niobium or titanium have been added to medium carbon steels to achieve grain refinement with or without precipitation strengthening along with uniform microstructure throughout the matrix. Present study reports the applicability of medium carbon vanadium micro-alloyed steel in hot forging. Forgeability has been determined with respect to different cooling rates, after forging in a hydraulic press at 50% diameter reduction in temperature range of 900-11000C. Final microstructures, hardness, tensile strength, and impact strength have been evaluated. The friction coefficients of different lubricating conditions, viz., graphite in hydraulic oil, graphite in furnace oil, DF 150 (Graphite, Water-Based) die lubricant and dry or without any lubrication were obtained from the ring compression test for the above micro-alloyed steel. Results of ring compression tests indicate that graphite in hydraulic oil lubricant is preferred for free forging and dry lubricant is preferred for die forging operation. Exceptionally good forgeability and high resistance to fracture, especially for faster cooling rate has been observed for fine equiaxed ferrite-pearlite grains, some amount of bainite and fine precipitates of vanadium carbides and carbonitrides. The results indicated that the cooling rate has a remarkable effect on the microstructure and mechanical properties at room temperature.

Social Network Based Decision Support System for Smart U-Parking Planning

The aim of this study was to build ‘Ubi-Net’, a decision-making support system for systematic establishment in U-City planning. We have experienced various urban problems caused by high-density development and population concentrations in established urban areas. To address these problems, a U-Service contributes to the alleviation of urban problems by providing real-time information to citizens through network connections and related information. However, technology, devices, and information for consumers are required for systematic U-Service planning in towns and cities where there are many difficulties in this regard, and a lack of reference systems. Thus, this study suggests methods to support the establishment of sustainable planning by providing comprehensive information including IT technology, devices, news, and social networking services (SNS) to U-City planners through intelligent searches. In this study, we targeted Smart U-Parking Planning to solve parking problems in an ‘old’ city. Through this study, we sought to contribute to supporting advances in U-Space and the alleviation of urban problems.

Thermal Regions for Unmanned Aircraft Systems Route Planning

Unmanned Aircraft Systems (UAS) become indispensable parts of modern airpower as force multiplier. One of the main advantages of UAS is long endurance. UAS have to take extra payloads to accomplish different missions but these payloads decrease endurance of aircraft because of increasing drag. There are continuing researches to increase the capability of UAS. There are some vertical thermal air currents, which can cause climb and increase endurance, in nature. Birds and gliders use thermals to gain altitude with no effort. UAS have wide wings which can use thermals like birds and gliders. Thermal regions, which is area of 2000-3000 meter (1 NM), exist all around the world. It is natural and infinite source. This study analyses if thermal regions can be adopted and implemented as an assistant tool for UAS route planning. First and second part of study will contain information about the thermal regions and current applications about UAS in aviation and climbing performance with a real example. Continuing parts will analyze the contribution of thermal regions to UAS endurance. Contribution is important because planning declaration of UAS navigation rules will be in 2015.

Technology and Its Social Implications: Myths and Realities in the Interpretation of the Concept

The concept of technology as well as itself has evolved continuously over time, such that, nowadays, this concept is still marked by myths and realities. Even the concept of science is frequently misunderstood as technology. In this way, this paper presents different forms of interpretation of the concept of technology in the course of history, as well as the social and cultural aspects associated with it, through an analysis made by means of insights from sociological studies of science and technology and its multiple relations with society. Through the analysis of contents, the paper presents a classification of how technology is interpreted in the social sphere and search channel efforts to show how a broader understanding can contribute to better interpretations of how scientific and technological development influences the environment in which we operate. The text also presents a particular point of view for the interpretation of the concept from the analysis throughout the whole work.

Color Image Segmentation Using SVM Pixel Classification Image

The goal of image segmentation is to cluster pixels into salient image regions. Segmentation could be used for object recognition, occlusion boundary estimation within motion or stereo systems, image compression, image editing, or image database lookup. In this paper, we present a color image segmentation using support vector machine (SVM) pixel classification. Firstly, the pixel level color and texture features of the image are extracted and they are used as input to the SVM classifier. These features are extracted using the homogeneity model and Gabor Filter. With the extracted pixel level features, the SVM Classifier is trained by using FCM (Fuzzy C-Means).The image segmentation takes the advantage of both the pixel level information of the image and also the ability of the SVM Classifier. The Experiments show that the proposed method has a very good segmentation result and a better efficiency, increases the quality of the image segmentation compared with the other segmentation methods proposed in the literature.

True Detective as a Southern Gothic: A Study of Its Music-Lyrics

Nic Pizzolatto’s True Detective offers profound mythological and philosophical ramblings for audiences with literary sensibilities. An American Sothern Gothic with its Bayon landscape of the Gulf Coast of Louisiana, where two detectives Rustin Cohle and Martin Hart begin investigating the isolated murder of Dora Lange, only to discover an entrenched network of perversion and corruption, offers an existential outlook. The proposed research paper shall attempt to investigate the pervasive themes of gothic and existentialism in the music of the first season of the series.

Comparative in silico and in vitro Study of N-(1- Methyl-2-Oxo-2-N-Methyl Anilino-Ethyl) Benzene Sulfonamide and Its Analogues as an Anticancer Agent

Doxorubicin, also known as Adriamycin, is an anthracycline class of drug used in cancer chemotherapy. It is used in the treatment of non-Hodgkin’s lymphoma, multiple myeloma, acute leukemia, breast cancer, lung cancer, endometrium cancer and ovary cancers. It functions via intercalating DNA and ultimately killing cancer cells. The major side effects of doxorubicin are hair loss, myelosuppression, nausea & vomiting, oesophagitis, diarrhea, heart damage and liver dysfunction. The minor modifications in the structure of compound exhibit large variation in the biological activity, has prompted us to carry out the synthesis of sulfonamide derivatives. Sulfonamide is an important feature with broad spectrum of biological activity such as antiviral, antifungal, diuretics, antiinflammatory, antibacterial and anticancer activities. Structure of the synthesized compound N-(1-methyl-2-oxo-2-N-methyl anilinoethyl) benzene sulfonamide confirmed by proton nuclear magnetic resonance (1H NMR),13C NMR, Mass and FTIR spectroscopic tools to assure the position of all protons and hence stereochemistry of the molecule. Further we have reported the binding potential of synthesized sulfonamide analogues in comparison to doxorubicin drug using Auto Dock 4.2 software. Computational binding energy (B.E.) and inhibitory constant (Ki) has been evaluated for the synthesized compound in comparison of doxorubicin against Poly (dA-dT).Poly (dA-dT) and Poly (dG-dC).Poly (dG-dC) sequences. The in vitro cytotoxic study against human breast cancer cell lines confirms the better anticancer activity of the synthesized compound over currently in use anticancer drug doxorubicin. The IC50 value of the synthesized compound is 7.12 μM whereas for doxorubicin is 7.2 μM.

Financial Problems Met in the Tourism Sector in Turkey: A Survey on the Tourism Businesses

As the economies of other countries in the Mediterranean Basin, the tourism sector in our country has a high denominator in economics. Tourism businesses, which are building blocks of tourism, sector faces with a variety of problems during their activities. These problems faced make business efficiency and competition conditions of the businesses difficult. Most of the problems faced by the tourism businesses and the information of consumers about consumers’ rights were used in this study, which is conducted to determine the problems of tourism businesses in the Central Anatolia Region. It is aimed to contribute the awareness of staff and executives working at tourism sector and to attract attention of businesses active concurrently with tourism sector and legislators.

Effect of Different BER Performance Comparison of MAP and ML Detection

In this paper, we regard as a coded transmission over a frequency-selective channel. We plan to study analytically the convergence of the turbo-detector using a maximum a posteriori (MAP) equalizer and a MAP decoder. We demonstrate that the densities of the maximum likelihood (ML) exchanged during the iterations are e-symmetric and output-symmetric. Under the Gaussian approximation, this property allows to execute a one-dimensional scrutiny of the turbo-detector. By deriving the analytical terminology of the ML distributions under the Gaussian approximation, we confirm that the bit error rate (BER) performance of the turbo-detector converges to the BER performance of the coded additive white Gaussian noise (AWGN) channel at high signal to noise ratio (SNR), for any frequency selective channel.

Interdisciplinary Integrated Physical Education Program Using a Philosophical Approach

The purpose of this presentation is to describe an interdisciplinary teaching program that integrates physical education concepts using a philosophical approach. The presentation includes a review of: a) the philosophy of American education, b) the philosophy of sports and physical education, c) the interdisciplinary physical education program, d) professional development programs, (e) the Success of this physical education program, f) future of physical education. This unique interdisciplinary program has been implemented in an urban school physical education discipline in East Orange, New Jersey for over 10 years. During the program the students realize that the bodies go through different experiences. The body becomes a place where a child can recognize in an enjoyable way to express and perceive particular feelings or mental states. Children may distinguish themselves to have high abilities in the social or other domains but low abilities in the field of athletics. The goal of this program for the individuals is to discover new skills, develop and demonstrate age appropriate mastery level at different tasks, therefore the program consists of 9 to 12 sports, including many game. Each successful experience increases the awareness ability. Engaging in sports and physical activities are social movements involving groups of children in situations such as teams, friends, and recreational settings, which serve as a primary socializing agent for teaching interpersonal skills. As a result of this presentation the audience will reflect and explore how to structure a physical education program to integrate interdisciplinary subjects with philosophical concepts.

Moisture Variations in Unbound Layers in an Instrumented Pavement Section

This study presents the moisture variations of unbound layers from April 2012 to January 2014 in the Interstate 40 (I-40) pavement section in New Mexico. Three moisture probes were installed at different layers inside the pavement which measure the continuous moisture variations of the unbound layers. Data show that the moisture contents of unbound layers are typically constant throughout the day and month unless there is rainfall. Moisture contents of all unbound layers change with rainfall. Change in ground water table may affect the moisture content of unbound layers which has not been investigated in this study. In addition, the Level 3 predictions of moisture contents using the Pavement Mechanistic- Empirical (ME) Design software were compared and found quite reasonable. However, results presented in the current study may not be applicable for pavement in other regions.

Carrying Out the Steps of Decision Making Process in Concrete Organization

The decision-making process is theoretically clearly defined. Generally, it includes the problem identification and analysis, data gathering, goals and criteria setting, alternatives development and optimal alternative choice and its implementation. In practice however, various modifications of the theoretical decision-making process can occur. The managers can consider some of the phases to be too complicated or unfeasible and thus they do not carry them out and conversely some of the steps can be overestimated. The aim of the paper is to reveal and characterize the perception of the individual phases of decision-making process by the managers. The research is concerned with managers in the military environment – commanders. Quantitative survey is focused cross-sectionally in the individual levels of management of the Ministry of Defence of the Czech Republic. On the total number of 135 respondents the analysis focuses on which of the decision-making process phases are problematic or not carried out in practice and which are again perceived to be the easiest. Then it is examined the reasons of the findings.