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.

Social Assistive Robots, Reframing the Human Robotics Interaction Benchmark of Social Success

It is likely that robots will cross the boundaries of industry into households over the next decades. With demographic challenges worldwide, the future ageing populations will require the introduction of assistive technologies capable of providing, care, human dignity and quality of life through the aging process. Robotics technology has a high potential for being used in the areas of social and healthcare by promoting a wide range of activities such as entertainment, companionship, supervision or cognitive and physical assistance. However such close Human Robotics Interaction (HRI) encompass a rich set of ethical scenarios that need to be addressed before Socially Assistive Robots (SARs) reach the global markets. Such interactions with robots may seem a worthy goal for many technical/financial reasons but inevitably require close attention to the ethical dimensions of such interactions. This article investigates the current HRI benchmark of social success. It revises it according to the ethical principles of beneficence, non-maleficence and justice aligned with social care ethos. An extension of such benchmark is proposed based on an empirical study of HRIs conducted with elderly groups.

Survey on Image Mining Using Genetic Algorithm

One image is worth more than thousand words. Images if analyzed can reveal useful information. Low level image processing deals with the extraction of specific feature from a single image. Now the question arises: What technique should be used to extract patterns of very large and detailed image database? The answer of the question is: “Image Mining”. Image Mining deals with the extraction of image data relationship, implicit knowledge, and another pattern from the collection of images or image database. It is nothing but the extension of Data Mining. In the following paper, not only we are going to scrutinize the current techniques of image mining but also present a new technique for mining images using Genetic Algorithm.

Exploring Solutions in Extended Horava-Lifshitz Gravity

In this letter, we explore exact solutions for the Horava-Lifshitz gravity. We use of an extension of this theory with first order dynamical lapse function. The equations of motion have been derived in a fully consistent scenario. We assume that there are some spherically symmetric families of exact solutions of this extended theory of gravity. We obtain exact solutions and investigate the singularity structures of these solutions. Specially, an exact solution with the regular horizon is found.

Construction and Validation of a Hybrid Lumbar Spine Model for the Fast Evaluation of Intradiscal Pressure and Mobility

A novel hybrid model of the lumbar spine, allowing fast static and dynamic simulations of the disc pressure and the spine mobility, is introduced in this work. Our contribution is to combine rigid bodies, deformable finite elements, articular constraints, and springs into a unique model of the spine. Each vertebra is represented by a rigid body controlling a surface mesh to model contacts on the facet joints and the spinous process. The discs are modeled using a heterogeneous tetrahedral finite element model. The facet joints are represented as elastic joints with six degrees of freedom, while the ligaments are modeled using non-linear one-dimensional elastic elements. The challenge we tackle is to make these different models efficiently interact while respecting the principles of Anatomy and Mechanics. The mobility, the intradiscal pressure, the facet joint force and the instantaneous center of rotation of the lumbar spine are validated against the experimental and theoretical results of the literature on flexion, extension, lateral bending as well as axial rotation. Our hybrid model greatly simplifies the modeling task and dramatically accelerates the simulation of pressure within the discs, as well as the evaluation of the range of motion and the instantaneous centers of rotation, without penalizing precision. These results suggest that for some types of biomechanical simulations, simplified models allow far easier modeling and faster simulations compared to usual full-FEM approaches without any loss of accuracy.

Copolymers of Pyrrole and α,ω-Dithienyl Terminated Poly(ethylene glycol)

This work presents synthesis of α,ω-dithienyl terminated poly(ethylene glycol) (PEGTh) capable for further chain extension by either chemical or electrochemical polymeriztion. PEGTh was characterized by FTIR and 1H-NMR. Further copolymerization of PEGTh and pyrrole (Py) was performed by chemical oxidative polymerization using ceric (IV) salt as an oxidant (PPy-PEGTh). PEG without end group modification was used directly to prepare copolymers with Py by Ce (IV) salt (PPy-PEG). Block copolymers with mole ratio of pyrrole to PEGTh (PEG) 50:1 and 10:1 were synthesized. The electrical conductivities of copolymers PPy-PEGTh and PPy-PEG were determined by four point probe technique. Influence of the synthetic route and content of the insulating segment on conductivity and yield of the copolymers were investigated.

MCOKE: Multi-Cluster Overlapping K-Means Extension Algorithm

Clustering involves the partitioning of n objects into k clusters. Many clustering algorithms use hard-partitioning techniques where each object is assigned to one cluster. In this paper we propose an overlapping algorithm MCOKE which allows objects to belong to one or more clusters. The algorithm is different from fuzzy clustering techniques because objects that overlap are assigned a membership value of 1 (one) as opposed to a fuzzy membership degree. The algorithm is also different from other overlapping algorithms that require a similarity threshold be defined a priori which can be difficult to determine by novice users.

Testing the Validity of Maturity Model for E-Government Implementation in Indonesia

The research was conducted to empirically validate the proposed maturity model of e-Government implementation, composed of four dimensions, further specified by 54 success factors as attributes. To do so, there are two steps were performed. First, expert’s judgment was conducted to test its content validity. The second, reliability study was performed to evaluate inter-rater agreement by using Fleiss Kappa approach. The kappa statistic (kappa coefficient) is the most commonly used method for testing the consistency among raters. Fleiss Kappa was a generalization of Kappa in extensions to the case of more than two raters (multiple raters) with multi-categorical ratings. Our findings show that most attributes of the proposed model were related to their corresponding dimensions. According to our results, The percentage of agree answers given by the experts was 73.69% in dimension A, 89.76% in B, 81.5% in C and 60.37% in D. This means that more than half of the attributes of each dimensions were appropriate or relevant to the dimensions they were supposed to measure, while 85% of attributes were relevant enough to their corresponding dimensions. Inter-rater reliability coefficient also showed satisfactory result and interpreted as substantial agreement among raters. Therefore, the proposed model in this paper was valid and reliable to measure the maturity of e-Government implementation.

Features for Measuring Credibility on Facebook Information

Nowadays social media information, such as news, links, images, or VDOs, is shared extensively. However, the effectiveness of disseminating information through social media lacks in quality: less fact checking, more biases, and several rumors. Many researchers have investigated about credibility on Twitter, but there is no the research report about credibility information on Facebook. This paper proposes features for measuring credibility on Facebook information. We developed the system for credibility on Facebook. First, we have developed FB credibility evaluator for measuring credibility of each post by manual human’s labelling. We then collected the training data for creating a model using Support Vector Machine (SVM). Secondly, we developed a chrome extension of FB credibility for Facebook users to evaluate the credibility of each post. Based on the usage analysis of our FB credibility chrome extension, about 81% of users’ responses agree with suggested credibility automatically computed by the proposed system.

Spatial Data Mining by Decision Trees

Existing methods of data mining cannot be applied on spatial data because they require spatial specificity consideration, as spatial relationships. This paper focuses on the classification with decision trees, which are one of the data mining techniques. We propose an extension of the C4.5 algorithm for spatial data, based on two different approaches Join materialization and Querying on the fly the different tables. Similar works have been done on these two main approaches, the first - Join materialization - favors the processing time in spite of memory space, whereas the second - Querying on the fly different tables- promotes memory space despite of the processing time. The modified C4.5 algorithm requires three entries tables: a target table, a neighbor table, and a spatial index join that contains the possible spatial relationship among the objects in the target table and those in the neighbor table. Thus, the proposed algorithms are applied to a spatial data pattern in the accidentology domain. A comparative study of our approach with other works of classification by spatial decision trees will be detailed.

The Effect of Pilates Method in Scholar’s Trunk Strength and Hamstring Flexibility: Gender Differences

Musculoskeletal injuries in school children could be reduced improving trunk strength and hamstring flexibility. Low levels of trunk muscle strength and hamstring flexibility may result in acute and musculoskeletal chronic diseases. The Pilates Method can be appropriate to improve these physical condition attributes and has been rarely employed by this social group. On the other hand, it has been shown that trunk strength and flexibility are different between genders, but there is no evidence about the effect of exercise programs designed to improve both items in school children. Therefore the objective of this study was to measure the effect of a six-week Pilates-based exercise program in 14 year old school children trunk strength and hamstring flexibility, establishing differences in gender. The sample was composed of 57 students divided into experimental group (EG; n=30) and control group (CG; n=27). Bench Trunk Curl test (BTC), Sörensen test and Toe-touch test (TT) were used to measure dynamic muscular resistance in trunk flexion, isometric strength in trunk extension and hamstring flexibility, respectively. EG utilized the Pilates exercise program during six-weeks (2 days/week, 55minutes/session). After this period of training, EG improved trunk strength and hamstring flexibility significantly but there were no significant differences within CG. Although boys were better in BTC test and girls were better in TT test, there were no significant differences between them.

Component Lifecycle and Concurrency Model in Usage Control (UCON) System

Access control is one of the most challenging issues facing information security. Access control is defined as, the ability to permit or deny access to a particular computational resource or digital information by an unauthorized user or subject. The concept of usage control (UCON) has been introduced as a unified approach to capture a number of extensions for access control models and systems. In UCON, an access decision is determined by three factors: authorizations, obligations and conditions. Attribute mutability and decision continuity are two distinct characteristics introduced by UCON for the first time. An observation of UCON components indicates that, the components are predefined and static. In this paper, we propose a new and flexible model of usage control for the creation and elimination of some of these components; for example new objects, subjects, attributes and integrate these with the original UCON model. We also propose a model for concurrent usage scenarios in UCON.

Categorizing Search Result Records Using Word Sense Disambiguation

Web search engines are designed to retrieve and extract the information in the web databases and to return dynamic web pages. The Semantic Web is an extension of the current web in which it includes semantic content in web pages. The main goal of semantic web is to promote the quality of the current web by changing its contents into machine understandable form. Therefore, the milestone of semantic web is to have semantic level information in the web. Nowadays, people use different keyword- based search engines to find the relevant information they need from the web. But many of the words are polysemous. When these words are used to query a search engine, it displays the Search Result Records (SRRs) with different meanings. The SRRs with similar meanings are grouped together based on Word Sense Disambiguation (WSD). In addition to that semantic annotation is also performed to improve the efficiency of search result records. Semantic Annotation is the process of adding the semantic metadata to web resources. Thus the grouped SRRs are annotated and generate a summary which describes the information in SRRs. But the automatic semantic annotation is a significant challenge in the semantic web. Here ontology and knowledge based representation are used to annotate the web pages.

Airport Investment Risk Assessment under Uncertainty

The construction of a new airport or the extension of an existing one requires massive investments and many times public private partnerships were considered in order to make feasible such projects. One characteristic of these projects is uncertainty with respect to financial and environmental impacts on the medium to long term. Another one is the multistage nature of these types of projects. While many airport development projects have been a success, some others have turned into a nightmare for their promoters. This communication puts forward a new approach for airport investment risk assessment. The approach takes explicitly into account the degree of uncertainty in activity levels prediction and proposes milestones for the different stages of the project for minimizing risk. Uncertainty is represented through fuzzy dual theory and risk management is performed using dynamic programming. An illustration of the proposed approach is provided.

PAPR Reduction of FBMC Using Sliding Window Tone Reservation Active Constellation Extension Technique

The high Peak to Average Power Ratio (PAR) in Filter Bank Multicarrier with Offset Quadrature Amplitude Modulation (FBMC-OQAM) can significantly reduce power efficiency and performance. In this paper, we address the problem of PAPR reduction for FBMC-OQAM systems using Tone Reservation (TR) technique. Due to the overlapping structure of FBMCOQAM signals, directly applying TR schemes of OFDM systems to FBMC-OQAM systems is not effective. We improve the tone reservation (TR) technique by employing sliding window with Active Constellation Extension for the PAPR reduction of FBMC-OQAM signals, called sliding window tone reservation Active Constellation Extension (SW-TRACE) technique. The proposed SW-TRACE technique uses the peak reduction tones (PRTs) of several consecutive data blocks to cancel the peaks of the FBMC-OQAM signal inside a window, with dynamically extending outer constellation points in active(data-carrying) channels, within margin-preserving constraints, in order to minimize the peak magnitude. Analysis and simulation results compared to the existing Tone Reservation (TR) technique for FBMC/OQAM system. The proposed method SW-TRACE has better PAPR performance and lower computational complexity.

Poly(Lactic Acid) Based Flexible Films

Poly(lactic acid) (PLA) is a biodegradable polymer which has good mechanical properties, however, its brittleness limits its usage especially in packaging materials. Therefore, in this work, PLA based polyurethane films were prepared by synthesizing with different types of isocyanates; methylene diisocyanate (MDI) and hexamethylene diisocyanates (HDI). For this purpose, PLA based polyurethane must have good strength and flexibility. Therefore, polycaprolactone which has better flexibility were prepared with PLA. An effective way to endow polylactic acid with toughness is through chain-extension reaction of the polylactic acid pre-polymer with polycaprolactone used as chain extender. Polyurethane prepared from MDI showed brittle behaviour, while, polyurethane prepared from HDI showed flexibility at same concentrations.

Capacity Building of Extension Agents for Sustainable Dissemination of Agricultural Information and Technologies in Developing Countries

Farmers are in need of regular and relevant information relating to new technologies. Production of extension materials has been found to be useful in facilitating the process. Extension materials help to provide information to reach large numbers of farmers quickly and economically. However, as good as extension materials are, previous materials produced are not used by farmers. The reasons for this include lack of involvement of farmers in the production of the extension materials, most of the extension materials are not relevant to the farmers’ environments, the agricultural extension agents lack capacity to prepare the materials, and many extension agents lack commitment. These problems led to this innovative capacity building of extension agents. This innovative approach involves five stages. The first stage is the diagnostic survey of farmers’ environment to collect useful information. The second stage is the development and production of draft extension materials. The third stage is the field testing and evaluation of draft materials by the same famers that were involved at the diagnostic stage. The fourth stage is the revision of the draft extension materials by incorporating suggestions from farmers. The fifth stage is the action plans. This process improves the capacity of agricultural extension agents in the preparation of extension materials and also promotes engagement of farmers and beneficiaries in the process. The process also makes farmers assume some level of ownership of the exercise and the extension materials.

Jet-Stream Airsail: Study of the Shape and the Behavior of the Connecting Cable

A Jet-stream airsail concept takes advantage of aerology in order to fly without propulsion. Weather phenomena, especially jet streams, are relatively permanent high winds blowing from west to east, located at average altitudes and latitudes in both hemispheres. To continuously extract energy from the jet-stream, the system is composed of a propelled plane and a wind turbine interconnected by a cable. This work presents the aerodynamic characteristics and the behavior of the cable that links the two subsystems and transmits energy from the turbine to the aircraft. Two ways of solving this problem are explored: numerically and analytically. After obtaining the optimal shape of the cross-section of the cable, its behavior is analyzed as a 2D problem solved numerically and analytically. Finally, a 3D extension could be considered by adding lateral forces. The results of this work can be further used in the design process of the overall system: aircraft-turbine.

Flexural Strength Design of RC Beams with Consideration of Strain Gradient Effect

The stress-strain relationship of concrete under flexure is one of the essential parameters in assessing ultimate flexural strength capacity of RC beams. Currently, the concrete stress-strain curve in flexure is obtained by incorporating a constant scale-down factor of 0.85 in the uniaxial stress-strain curve. However, it was revealed that strain gradient would improve the maximum concrete stress under flexure and concrete stress-strain curve is strain gradient dependent. Based on the strain-gradient-dependent concrete stress-strain curve, the investigation of the combined effects of strain gradient and concrete strength on flexural strength of RC beams was extended to high strength concrete up to 100 MPa by theoretical analysis. As an extension and application of the authors’ previous study, a new flexural strength design method incorporating the combined effects of strain gradient and concrete strength is developed. A set of equivalent rectangular concrete stress block parameters is proposed and applied to produce a series of design charts showing that the flexural strength of RC beams are improved with strain gradient effect considered.

Quantification of Soft Tissue Artefacts Using Motion Capture Data and Ultrasound Depth Measurements

The centre of rotation of the hip joint is needed for an accurate simulation of the joint performance in many applications such as pre-operative planning simulation, human gait analysis, and hip joint disorders. In human movement analysis, the hip joint center can be estimated using a functional method based on the relative motion of the femur to pelvis measured using reflective markers attached to the skin surface. The principal source of errors in estimation of hip joint centre location using functional methods is soft tissue artefacts due to the relative motion between the markers and bone. One of the main objectives in human movement analysis is the assessment of soft tissue artefact as the accuracy of functional methods depends upon it. Various studies have described the movement of soft tissue artefact invasively, such as intra-cortical pins, external fixators, percutaneous skeletal trackers, and Roentgen photogrammetry. The goal of this study is to present a non-invasive method to assess the displacements of the markers relative to the underlying bone using optical motion capture data and tissue thickness from ultrasound measurements during flexion, extension, and abduction (all with knee extended) of the hip joint. Results show that the artefact skin marker displacements are non-linear and larger in areas closer to the hip joint. Also marker displacements are dependent on the movement type and relatively larger in abduction movement. The quantification of soft tissue artefacts can be used as a basis for a correction procedure for hip joint kinematics.