Investors should seriously assess and consider investment objects when they are proceeding domestically newly-issued equity funds investment. According to this study, the returns of domestically newly-issued equity funds are negative whether they are invested locally or overseas. If we take excess returns into account, the returns rate will be lower. General excess returns¡]systematic risk BETA¡^¡Bnet flow rate ¡]Flow¡^¡Bequity funds turnover rate¡]Turn¡^¡Baverage investment amount per person¡]AVG¡^etc. four factors are listed in this study. The past ten-year excess returns of domestically newly-issued equity funds are researched the correlationship of these variables. The empirical results show:there is a positively significant relationship risk, the higher the systematic risk is, the better the funds¡¦ performance is. Funds excess returns are positively significantly related with equity funds turnover rate; the situation represents: the more active this month investment objects are the better this month performance is. The relationship between equity funds excess returns and net flow rate is statistically insignificant; no matter what the net buying amount of this month is higher or lower than last month funds assets scale, the performance of the funds is not affected. The relationship between funds excess returns and investment amount is statistically insignificant. As far as domestically newly-issued international equity funds are concerned, funds excess returns are statistically insignificant with systematic risk, net flow rate and funds turnover rate, that is, the performance of international equity funds is not affected by domestical systematic risk, net flow rate and fund turnover rate. Funds excess return rate is negatively significantly related with the investment amount per person, that is, the bigger the net funds assets scale or the smaller the beneficiaries of the funds is, the worse the performance of the funds is. In other words, when topical news¡]for example BDI index fluctuations¡B the rise of BRICs¡B the large scale epidmic¡^ferment,the international equity funds commodity which is enjoying busy trading will result in loss in the first year-end after investing, it verifies the proverb¡XDon¡¦t go to the place where many persons gatter.

Investerare har under en lång tid försökt reda ut huruvida det går att slå marknaden. Vilket perspektiv som investeraren har med avseende på möjligheten att slå marknaden blir aktuellt vid val av investeringsalternativ. Ett vanligt förekommande alternativ är fonder där flöden av kapital är beroende av faktorer på makronivå. Hur en investerare väljer att placera sitt kapital är även påverkat av den upplevda risknivån som innefattar diverse faktorer. Syftet med uppsatsen var att studera hur nettoflödet av investeringsfonder korrelerade med konjunkturläget, som en faktor på makronivå, under perioden 1999 till 2017. Därtill observerades vilka faktorer och risker som påverkade investerare vid val av investeringsfond. En kvantitativ forskningsstrategi användes och två undersökningar genomfördes, en analys av historisk data samt en enkätundersökning. Resultatet visade att det inte återfanns några starka korrelationer mellan investeringsfondernas nettoflöden och konjunkturläget. Därtill påvisades att de observerade faktorerna påverkade i högre- eller lägre grad, dock var spridningen mellan faktorerna jämna. Den risk som tolererades mest var risken som enskilda företag stod inför. Sammanfattningsvis noteras att nettoflöden till fonder är en komplicerad process som sannolikt är beroende flertalet variabler. Undersökningen resulterade därutöver i en förståelse att varken risk eller diverse faktorer sticker nämnvärt ut i en investerares val av fond. / Investors have for a long time tried to find out whether the market can be beaten. What perspective the investor has with regard to the possibility of beating the market becomes relevant when choosing an investment alternative. One commo alternative is funds where capital flows are dependent on factors at amacro level. How an investor chooses to place his or her capitalis also influenced by the perceived level of risk that includes various factors. The purpose of the paper was to study how the netflow of investment funds correlated with the businesscycle,as a factor at the macrolevel,during the period 1999 to 2017. In addition, it was observed which factors and risks influenced investors in the choice of investment fund. A quantitative research strategy was used and two surveys were conducted, an analysis of historical data and a questionnaire survey. The results howed that there were no strong correlations between the investment funds' netflows and the businesscycle. In addition, it was demonstrated that the observed factors affected to a higher-or lower degree, however, the spread between the factors was even.The most tolerable risk was the risk faced by individual companies. In summary, it is noted that netflows to funds are a complicated process that is probably dependent on several variables. In addition, the paper resulted in an understanding that neither risk nor various factors stands out in an investor's choice of fund.

Liquid biofuels produced from biomass have the potential to partly replace gasoline. One of the most promising biofuels is butanol which is produced in acetone-butanol-ethanol (ABE) fermentation. The ABE fermentation is characterized by its low butanol concentration in the final fermentation broth. In this research, the simulation of three in situ recovery methods, namely, vacuum fermentation, gas stripping and pervaporation, were performed in order to increase the efficiency of the continuous ABE fermentation by decreasing the effect of butanol toxicity. The non-integrated and integrated butanol production systems were simulated and optimized based on a number of objectives such as maximizing the butanol productivity, butanol concentration, and butanol yield. In the optimization of complex industrial processes, where objectives are often conflicting, there exist numerous potentially-optimal solutions which are best obtained using multi-objective optimization (MOO). In this investigation, MOO was used to generate a set of alternative solutions, known as the Pareto domain. The Pareto domain allows to view very clearly the trade-offs existing between the various objective functions. In general, an increase in the butanol productivity resulted in a decrease of butanol yield and sugar conversion. To find the best solution within the Pareto domain, a ranking algorithm (Net Flow Method) was used to rank the solutions based on a set of relative weights and three preference thresholds. Comparing the best optimal solutions in each case study, it was clearly shown that integrating a recovery method with the ABE fermentation significantly increases the overall butanol concentration, butanol productivity, and sugar conversion, whereas butanol yield being microorganism-dependent, remains relatively constant.

Liquid biofuels produced from biomass have the potential to partly replace gasoline. One of the most promising biofuels is butanol which is produced in acetone-butanol-ethanol (ABE) fermentation. The ABE fermentation is characterized by its low butanol concentration in the final fermentation broth. In this research, the simulation of three in situ recovery methods, namely, vacuum fermentation, gas stripping and pervaporation, were performed in order to increase the efficiency of the continuous ABE fermentation by decreasing the effect of butanol toxicity. The non-integrated and integrated butanol production systems were simulated and optimized based on a number of objectives such as maximizing the butanol productivity, butanol concentration, and butanol yield. In the optimization of complex industrial processes, where objectives are often conflicting, there exist numerous potentially-optimal solutions which are best obtained using multi-objective optimization (MOO). In this investigation, MOO was used to generate a set of alternative solutions, known as the Pareto domain. The Pareto domain allows to view very clearly the trade-offs existing between the various objective functions. In general, an increase in the butanol productivity resulted in a decrease of butanol yield and sugar conversion. To find the best solution within the Pareto domain, a ranking algorithm (Net Flow Method) was used to rank the solutions based on a set of relative weights and three preference thresholds. Comparing the best optimal solutions in each case study, it was clearly shown that integrating a recovery method with the ABE fermentation significantly increases the overall butanol concentration, butanol productivity, and sugar conversion, whereas butanol yield being microorganism-dependent, remains relatively constant.

Submitted by MARCOS AMARAL CAMPOS FILHO (mcamposfilho@gmail.com) on 2016-02-11T18:12:45Z No. of bitstreams: 1 Marcos Amaral Campos Filho.pdf: 3054753 bytes, checksum: b803648d50e437865a791800f22bc966 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-02-12T19:18:47Z (GMT) No. of bitstreams: 1 Marcos Amaral Campos Filho.pdf: 3054753 bytes, checksum: b803648d50e437865a791800f22bc966 (MD5) / Made available in DSpace on 2016-02-15T11:17:55Z (GMT). No. of bitstreams: 1 Marcos Amaral Campos Filho.pdf: 3054753 bytes, checksum: b803648d50e437865a791800f22bc966 (MD5) Previous issue date: 2016-02-02 / The main goal of this paper is to cast a light on how does the Individual Investor handles equity investments between the periods of January, 2006 and December, 2014. Through the analysis of net investment flows we found evidence of behavioral difference, in aggregate manner, between Individual Investor and the Foreign Investor, considered in the literature the most sophisticated. Also, there’s evidence that the evolution of financial flows from the Individual Investor (buys and sells) causes return and volatility. The results from Granger Causality Tests, along with those from Impulse Response Tests fortify the findings of the econometric regressions; additionally, a positive shock in volatility seems to affect the dependent variables in a negative manner, up to 21 trading days. / O presente trabalho analisa o grau de sofisticação do Investidor Individual, subclasse da Categoria 'Pessoa Física', na negociação de produtos de renda variável no período compreendido entre Janeiro de 2006 e Dezembro de 2014. Através da análise de dados diários dos fluxos líquidos de investimentos, encontramos evidências que reforçam a hipótese de baixa sofisticação do Investidor Individual, no que diz respeito à diferença de atuação, de maneira agregada, entre ele e o investidor tido como mais qualificado (i.e., Investidor Estrangeiro), além de confirmarmos o ditado popular de que ele 'Compra no Topo e Vende no Fundo'. Adicionalmente, encontramos evidência de causalidade entre, de um lado, a evolução do fluxo financeiro (tanto na compra quanto na venda), e do outro, variáveis como Retorno e Volatilidade, no sentido do primeiro causar estes. Os Testes de Causalidade de Granger e Impulso Resposta corroboram o indicado nas regressões; revela-se adicionalmente que um choque positivo na Volatilidade impacta negativamente as variáveis dependentes, de maneira crescente, por até 21 dias de pregão.