Ett vanligt förekommande problem för investerare som använder trendföljande strategier är att de ofta hamnar felpositionerade när en trend tar slut. I den här studien visas hur ett riskaptitsindex, Global Risk Appetite Index (GRAI), kan användas för att förutspå dessa trendbrott och på så sätt förbättra trendföljande strategiers prestation. Indexet implementeras som indikator i tre olika trendföljande strategier och lyckas under rätt förutsättningar förbättra alla strategiernas prestation, under backtesting över de senaste 16 åren. Strategierna presterar generellt bäst, det vill säga ger högst avkastning i förhållande till risken, då signal att marknaden kommer vända ges 2-3 veckor efter att indexet når någon av extremzonerna panik eller eufori. Extremzonerna definieras som 5:e respektive 95:e percentilen av indexets värde under en tidsperiod bakåt i tiden. Bäst resultat erhålls då denna tidsperiod är 2-3 år.  Vidare undersöks alternativa sätt att beräkna Global Risk Appetite Index. Tillgångarna som studeras för att ge en bild av riskaptiten varieras och det visar sig att en version som endast studerar sex olika marknadsindex förbättrar de trendföljande strategierna mest, vilket är en klar förenkling över de 64 tillgångar som används i den ursprungliga versionen av indexet. / A regular problem for investment managers who use trend following strategies are that they often find themselves badly positioned when at the end of a trend. In this study it is shown how a risk appetite index, Global Risk Appetite Index (GRAI), can be used in order to predict these trend breaks and thereby improve the performance of trend following strategies. The index is implemented as an indicator for three different trend following strategies and given the right parameters, the return of all three strategies is increased during backtesting on data from the previous 16 years. In general, the strategies give the highest return in relation to risk when signal that the trend will reverse is given 2 to 3 weeks after the index reaches one of the extreme zones, Panic or Euphoria. These extreme zones are calculated as vales under the 5:th or over the 95:th percentile of the index’s value over a certain window back in time. The best result is achieved when this timespan is 2 to 3 years. Furthermore, alternate ways to calculate Global Risk Appetite Index are studied. The assets that are analysed in order to quantify the risk appetite are varied and it is shown that a version of GRAI analyzing only 6 more summarizing market indices give better results when used in trend following models. This is a clear simplification from the 64 assets used in the original version of the index.

We study, using the non-parametric data envelopment approach, we investigated the long-run profit efficiency dynamics and the short-run market reaction of nine pre-classified merger deals of merging and non-merging U.S. banks over the time period from 1992 to 2003. Our main results are as follows: First, merger deals that match least efficient acquirers with the least efficient targets could improve their profit efficiency four years following the merger event, unlike all other merger deals. Second, we find that mergers match least efficient acquirers with the least efficient targets could also achieve significant positive cumulative access returns (CARs) while all other deals were followed by significant negative CARs. Third, we find that, in general, that large-size acquirers have and maintain higher and efficiency scores than targets and non-merging banks. Fianally, the value-maximizing mergers are mostly large in size and match banks with clear chances to increase their future efficiency rankings.

by Nga-Wai Liu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1991. / Bibliography: leaves 161-166. / Chapter Chapter 0 --- Introduction / Chapter 0.1 --- Historical background I ´ؤ The Atiyah-Singer index theorem --- p.1 / Chapter 0.2 --- Historical background II ´ؤGauge theory --- p.3 / Chapter 0.3 --- Arrangement of the thesis --- p.5 / Chapter Chapter 1 --- Fredholm operators / Chapter 1.1 --- Basic propetries --- p.7 / Chapter 1.2 --- Compact operators --- p.8 / Chapter 1.3 --- Homotopy- invariance of the index --- p.9 / Chapter 1.4 --- Family of Fredholm operators ´ؤ Index bundle --- p.13 / Chapter 1.5 --- Wiener-Hopf operators --- p.19 / Chapter Chapter 2 --- K-theory / Chapter 2.1 --- K-theory of compact spaces --- p.24 / Chapter 2.2 --- K-theory with compact support --- p.28 / Chapter 2.3 --- Bott periodicity theorem --- p.32 / Chapter 2.4 --- Difference construction --- p.44 / Chapter 2.5 --- Thom isomorphism theorem on K-theory --- p.51 / Chapter Chapter 3 --- Operators on manifolds / Chapter 3.1 --- Differential operators on Euclidean spaces --- p.54 / Chapter 3.2 --- Differential operators on manifolds --- p.55 / Chapter 3.3 --- Pseudodifferential operators on Euclidean spaces --- p.58 / Chapter 3.4 --- Pseudodifferential operators on manifolds --- p.62 / Chapter 3.5 --- Elliptic operators --- p.70 / Chapter 3.6 --- Tensor products --- p.76 / Chapter Chapter 4 --- Atiyah-Singer index theorem / Chapter 4.1 --- The topological index --- p.84 / Chapter 4.2 --- The analytical index --- p.87 / Chapter 4.3 --- The Atiyah-Singer index theorem --- p.89 / Chapter 4.4 --- Characteristic classes --- p.95 / Chapter 4.5 --- Thorn isomorphisms --- p.98 / Chapter 4.6 --- Cohomological formulation of the topological index --- p.101 / Chapter Chapter 5 --- Geometric preliminaries / Chapter 5.1 --- "Connections on principal bundles, and associated bundles" --- p.104 / Chapter 5.2 --- Gauge transformations --- p.109 / Chapter 5.3 --- Riemannian geometry --- p.112 / Chapter 5.4 --- Bochner-Weitzenboch formula --- p.116 / Chapter 5.5 --- Characteristic classes via curvature forms --- p.121 / Chapter 5.6 --- Holonomy --- p.126 / Chapter Chapter 6 --- Gauge theory / Chapter 6.1 --- The Yang-Mills functionals --- p.128 / Chapter 6.2 --- Instantons on S4 --- p.131 / Chapter 6.3 --- Moduli of self-dual connections --- p.142 / Chapter 6.4 --- Manifold structure for Moduli of self-dual connections --- p.153 / References --- p.161

Estágio realizado na SAPO e orientado pelo Eng.º João Pedro Gonçalves e pela Eng.ª Maria João Nogueira / Tese de mestrado integrado. Engenharia Informática e Computação. Faculdade de Engenharia. Universidade do Porto. 2008

Thesis (Ph. D.)--University of Chicago, Dept. of Mathematics, June 1999. / Includes bibliographical references. Also available on the Internet.

Fractions from white and tannin sorghums were processed into extrudates, thick porridges, and breads. The effects of sorghum type and fraction on the in vitro starch availability of the products were evaluated, and the estimated glycemic indexes (EGI) of the products were obtained. Sorghum extrudates were significantly more slowly digested than corn meal extrudates for all preparation methods (whole, cracked and decorticated kernels). Furthermore, tannin extrudates were less digestible than white sorghum extrudates. The soft endosperm nature of the tannin sorghum limited friction formation inside the extruder, reducing starch gelatinization. On the other hand, condensed tannins also interfered with the starch availability for digestion. White sorghum was more 'suitable' for extrusion, giving extrudates with higher starch degradation and expansion than the tannin sorghums. However, tannin sorghums also gave acceptable products offering the benefit of lower EGI values. Sorghum porridges were more slowly digested than a corn flour porridge when using whole and decorticated flours. In addition, tannin sorghum porridges had a lower starch digestibility compared to all the samples. Tannin sorghum flours produced soft porridges with enhanced initial starch digestibility. However, condensed tannins seemed to offset the starch digestion by limiting starch availability. All sorghum porridges had significantly lower EGI values than the corn porridge. Extrudates and porridges had reduced starch digestibilities and EGI values when using whole grains compared to using the decorticated fractions. This was observed in both the white and the tannin sorghum. Therefore, whole-grain products from sorghum have health benefits attributed to whole grain foods and slower digesting starches; for instance, prevention and treatment of diseases such as diabetes, insulin resistance, obesity, cardiovascular disease, and some types of cancer. When 12% of tannin bran was added to a wheat bread formulation, a slower rate of starch digestion was observed compared to a wheat bread. The high concentration of non-starch components of the bran (i.e. dietary fiber, condensed tannins) affected starch digestion. The addition of tannin sorghum bran significantly reduced the EGI value of wheat bread, besides being a natural source of brown color, and an excellent source of antioxidants and dietary fiber.

Ecological studies and results from our low-fat, high-carbohydrate dietary intervention trial suggest that different carbohydrates are associated with breast cancer risk in different ways. We examined the association of diet glycemic index (GI), a ranking of carbohydrate containing foods based on their blood glucose raising potential, with breast cancer risk and phenotype. GI was calculated from multiple food records from subjects in our intervention trial using a nested case-control design (220 cases, 440 controls). GI was not associated with risk of total or estrogen receptor positive breast cancer, tumor size or nodal status. GI was strongly positively associated with hormone negative breast cancer. This finding is potentially important as little is known about the etiology of hormone negative breast cancer, which has a worse prognosis than hormone positive breast cancer. However, this finding is based on a small number of cases and should be replicated in a larger sample.

Ecological studies and results from our low-fat, high-carbohydrate dietary intervention trial suggest that different carbohydrates are associated with breast cancer risk in different ways. We examined the association of diet glycemic index (GI), a ranking of carbohydrate containing foods based on their blood glucose raising potential, with breast cancer risk and phenotype. GI was calculated from multiple food records from subjects in our intervention trial using a nested case-control design (220 cases, 440 controls). GI was not associated with risk of total or estrogen receptor positive breast cancer, tumor size or nodal status. GI was strongly positively associated with hormone negative breast cancer. This finding is potentially important as little is known about the etiology of hormone negative breast cancer, which has a worse prognosis than hormone positive breast cancer. However, this finding is based on a small number of cases and should be replicated in a larger sample.

Today there are many technical solutionsfor the e-commerce industry, incombination with a change in behavior ofthe end user. The consumer of todaydemands more availability andconvenience.This Master’s thesis has examined thecritical aspects of e-commercecompanies, as well as how they candevelop their e-commerce to create valuefor the end user. The aim has been toidentify the more and less importantfactors of the e-commerce business, andto investigate the extent to which thesefactors are used in the e-commerceindustry. To answer these questions, aninteractive, online questionnairecustomized for e-commerce companies wasdeveloped. It covers the areas oftraditional e-commerce, social media,mobile commerce and multiple channels.The individual results are presented atthe end of the questionnaire andcompared to the average result of thecompanies that have completed it. Aliterature review and an interview isthe basis for the questionnaire. Aweighting and a quantification of thequestions enabled comparison and wasconducted in order to generate businessvalue. Thereafter a pilot study wasconducted, in which thousands of ecommercecompanies were asked to fill inthe questionnaire, eventually resultingin 12 companies accepting the inquiry.A part of the results of the thesis isthe web questionnaire itself, where thecritical factors are presented. The webquestionnaire was weighted by the totalknowledge gathered by the literature andinterview study. The prioritized factorscan be seen in the questionnaire. Theresults of the pilot study show that 12companies have great potential toimprove their e-commerce since none ofthe entrants reached less than half ofthe questionnaire’s maximum points.

The Strain Index was originally designed to analyze mono-task jobs. An experiment using a grip dynamometer was used to simulate six multiple task jobs to study the effect of complex tasks on localized muscle fatigue and to evaluate six different models used to calcula te a Complex Strain Index score. These models included average Strain Index score, unadjusted summation, duration adjusted summation, complex equation, minimum intensity, and peak intensity. Two methods of calculating a continuous Strain Index score were also analyzed. Ratings of perceived exertion, hand and forearm fatigue and discomfort, Difficulty Rating, maximum voluntary contraction (MVC), and percent strength loss were recorded for each of the six treatments. Electromyography (EMG) was also recorded for the 24 subjects (12 males and females) who completed the experiment. The EMG signal was analyzed using root mean square (RMS), initial mean power frequency (IMnPF), and slope of the mean power frequency (MnPF). Each treatment, lasting one hour each, contained a primary exertion (Task 1) of either 10% or 40% MVC for three seconds and a secondary exertion (Task 2) of either 10% or 40% MVC for one or three seconds. Subjective variables linearly increased (R2 > 0.88) over the duration of the treatments and significantly differed between treatments (p < 0.05). Percent strength loss was the only variable with a gender effect (p < 0.05). RMS values did not indicate fatigue and were constant over each treatment, but were highly correlated with percent MVC. A significant difference was not found in IMnPF between pre and post treatment values or between treatments (p > 0.05). A significant difference was found for MnPF slope pre and post treatment, but no treatment effect was found (p > 0.05). The complex equation method of calculating a Strain Index score was the only model of the six evaluated that met all criteria for being an acceptable method of calculating a Complex Strain Index score. The two continuous methods presented for calculating a Strain Index score should not be used for job analysis until further research evaluates their reliability, validity, and critical scores for Hazard Classification.