The interest for sustainable funds have increased recently. ESG has become a part of companies everyday life and SRI a part of the investment strategies used by equity funds. In lack of research in the field of mutual equity funds, we choose to investigate how investment strategies in “social responsible investment” (SRI) affect the risk-adjusted return. The study investigated 51 equity funds between 2014 and 2019 that had been reporting their sustainability strategies in the so called “hållbarhetsprofilen”. From this information portfolios were constructed based on the funds strategic work in comparison to conventional funds counterparts. Carhart fourfactor model were used to calculate the risk-adjusted return, the sharpe ratio to determine return in relation to the another measure of risk and the strandarddevation to calculate the total risk in each portfolio. The study concluded that all swedish equity funds worked with combinations of several SRI strategies to implement sustainable investment. In line with previous research our results show that funds managed with a strategy of low rate exclusion show a higher risk-adjusted return compared to strategys with higher exclusion rates. The conclusion though, after statistical testing was that the results could not be proven significant between the two groups of SRI-funds, meaning that we could not prove any difference in risk-adjusted returns between the groups. Further the results showed that the total risk-exposure between SRI and conventional equity funds, due to reduced diversification was not higher in SRI funds in comparison with their conventional peers. Nor did we find any evidence for ESG-integration to dampen total risk during the time for investigation. / Intresset för hållbara fonder har ökat på senare tid. ESG har blivit en del av bolagens vardag och SRI en del av förvaltarnas strategier. Då det saknas forskning inom området på aktiefonder har vi valt att undersöka hur investeringsstrategier inom “Socially Responsible Investment” (SRI) påverkar den riskjusterade avkastningen. Studien undersökte 51 stycken aktiefonder mellan 2014 och 2019 som hade rapporterat sina hållbarhetsstrategier via den så kallade hållbarhetsprofilen. Från denna information skapades portföljer beroende på fondernas strategiska arbete som sedan jämfördes med konventionella fonder som motsvarigheter. Carhart fyrfaktormodell användes för att beräkna den riskjusterade avkastningen, sharpekvoten för att utröna avkastning i förhållande till risken och standardavvikelsen för att beräkna den totala risken i portföljen. Slutsatserna av undersökningen blev att samtliga aktiefonder arbetar med kombinationer av flera hållbarhetsstrategier för att genomföra hållbara investeringar. I linje med tidigare forskning visade resultaten även att exkludering i låg grad uppvisar en högre riskjusterad avkastning jämfört med en högre exkluderingsgrad. Detta resultatet var dock efter statistiskt test inte signifikant, vilket i sin tur genererade slutsatsen att den riskjusterade avkastningen inte påverkades av i vilken grad fonden använde sig av negativ screening. Den totala risken påverkades varken av att SRI-fonderna i jämförelse med de konventionella fonderna haft sämre möjligheter till diversifiering eller att SRI-fondernas på grund av ESG-integrering kunnat minska risken.

INTRODUÇÃO. O uso abusivo de álcool impõe alto custo econômico à sociedade O seu consumo está relacionado a importantes conseqüências adversas, como situações de intoxicação, a própria dependência, acidentes de carro, episódios de violência e outros. JUSTIFICATIVA. A discussão sobre o custo social do uso do álcool se mostra pertinente no Brasil, visto que seu impacto perpassa o acometimento apenas do paciente, mas também de outras esferas sociais onde este sujeito está inserido. OBJETIVOS. Estimar o custo social, ou seja, os custos direto (internações e atendimentos ambulatoriais) e indireto (mortalidade e incapacidade) das principais doenças diretamente relacionadas ao uso do álcool dependência ao álcool, cardiomiopatia alcoólica, gastrite alcoólica, doença alcoólica do fígado, pancreatite crônica induzida por álcool e síndrome alcoólica fetal no Brasil no ano de 2007. MATERIAL E MÉTODO. Trata-se de um estudo do tipo exploratório, descritivo e transversal. Foram considerados o total de internações, de atendimentos ambulatoriais e de registros de mortalidade hospitalar relativos às doenças diagnosticadas como causas diretas do abuso do álcool no Brasil no ano de 2007. Todos os dados foram coletados junto ao DATASUS (Departamento de Informática do SUS). O cálculo do custo social foi realizado a partir dos Anos de Vida Perdidos por Mortalidade e Incapacidade, multiplicados pelo valor do rendimento médio mensal de todos os trabalhos assalariados no Brasil, calculado por sexo e nível de escolaridade. RESULTADOS. O valor do Custo Social do uso do álcool no Brasil no ano de 2007 foi de R$8.562.680.331,00. Na formação desse valor, 79,67% corresponderam aos custos que ocorreram na população masculina. Nas regiões Norte, Nordeste, Centro-Oeste, Sudeste e Sul, os valores foram, respectivamente, R$255.097.103,00; R$1.025.139.711,00; R$935.799.783,00; R$4.829.791.323,00 e R$1.931.717.630,00. DISCUSSÃO. Na maioria dos diagnósticos, o maior valor do custo social encontra-se entre os anos 40-49, faixa etária de maior participação no mercado de trabalho brasileiro. Ou seja, os brasileiros que estão sofrendo os agravos do uso do álcool, ocasionando o maior impacto socioeconômico, são aqueles que, em tese, deveriam compor o grupo de pessoas da população economicamente ativa, contribuindo para o enriquecimento do país. A região Sul é a terceira maior em termos populacionais, a segunda de maior valor do custo social e a primeira com o maior percentual de padrão de consumo problemático, demonstrando que há uma relação direta entre o padrão de consumo de álcool e o impacto socioeconômico gerado pelo seu uso, uma vez que essa região, mesmo sendo a terceira mais populosa, assume o segundo lugar em termos de custo, já que é a região de maior prevalência de bebedores problemáticos. CONCLUSÃO. Os dados apresentados demonstram a necessidade de se investir em ações de prevenção e tratamento dirigidas a públicos distintos, como a população masculina, economicamente ativa e os residentes da região Sul do país. Porém, são apenas estimativas, tendo a necessidade de serem ampliados de modo a considerar todas as conseqüências advindas desse uso e que geram ônus ao país, para que seja possível promover subsídios concretos para a devida elaboração de políticas públicas, baseadas em evidências científicas para o benefício de todos / Alcohol abuse imposes high economical cost to society. It´s use is related to important adverse consequences such as intoxication, dependence, car accidents, violence episodes and others. MEAN. The debate around the social cost regarding alcohol consumption has been prove to be relevant in Brazil since it´s impact goes beyond the patient himself, but is also involved in other social spheres where he belongs. OBJECTIVE. To assess the social costs, direct (internments and outpatient appointments) and indirect (mortality and incapacity), of the main diseases related to alcohol consumption alcohol dependence, alcoholic cardiomiopathy, alcoholic gastrititis, alcoholic disease of the liver, chronic pancreatitis induced by alcohol and fetal alcoholic syndrome in Brazil in the year of 2007. MATERIAL AND METHOD. This is an exploratory, descriptive and transversal study. In this study we considered the total number of internments, of outpatient appointments, and of registrations of mortality related to diseases diagnosed as the cause of alcohol abuse that occurred in Brazil in 2007. All data were collected at DATASUS (Department of Computer Science of SUS). The calculation of the social costs was accomplished by multiplying the Disability Adjusted Life Years with the value of monthly medium income of all salaried works in Brazil, considering gender and education level. RESULTS. The total value of the social costs caused by alcohol consumption in Brazil in 2007 was R$8.562.680.331,00. 79,67% of this value corresponded to the male population. In the North, Northeast, Center-West, Southeast and South region, the values were R$255.097.103,00; R$1.025.139.711,00; R$935.799.783,00; R$4.829.791.323,00 and R$1.931.717.630,00 respectively. DISCUSSION. The majority of the diagnoses revealed that the biggest value of social costs is among people between 40 and 49 years old. People in this age group have the largest participation in the Brazilian job market. In other words, the Brazilians who suffer the worst effects of alcohol consumption are those who are part of the economically active population, therefore causing the largest socioeconomic impact. South region has the third largest population, second in value of social cost and first in prevalence of problematic alcohol consumption. This observation demonstrates that there is a direct relationship between the pattern of alcohol consumption and the socioeconomic impact by it´s use. Because the South region has the biggest prevalence of problematic drinkers, it stands as the second place in terms of social costs, even being the third most populous region. CONCLUSION. The present data demonstrates the need to invest in prevention and treatment directed to different targets: the economically active male population, and the residents of the South region of the country. Although we have presented here interesting estimates, further studies need to be made in order to become possible to promote concrete subsidies for the elaboration of public policy for the benefit of the whole country

This thesis focuses on the development of a low power energy harvesting system specifically targeted for wireless sensor nodes (WSN) and wireless body area network (WBAN) applications. The idea for the system is derived from the operation of a micro-grid and therefore is termed as a pico-grid and it is capable of simultaneously delivering power from multiple and multitype energy harvesters to the load at the same time, through the proposed parallel load sharing mechanism achieved by a voltage droop control method. Solar panels and thermoelectric generator (TEG) are demonstrated as the main energy harvesters for the system. Since the magnitude of the output power of the harvesters is time-varying, the droop gain in the droop feedback circuitry should be designed to be dynamic and self-adjusted according to this variation. This ensures that the maximum power is capable to be delivered to the load at all times. To achieve this, the droop gain is integrated with a light dependent resistor (LDR) and thermistor whose resistance varies with the magnitude of the source of energy for the solar panel and TEG, respectively. The experimental results demonstrate a successful variation droop mechanism and all connected sources are able to share equal load demands between them, with a maximum load sharing error of 5 %. The same mechanism is also demonstrated to work for maximum power point tracking (MPPT) functionality. This concept can potentially be extended to any other types of energy harvester. The integration of energy storage elements becomes a necessity in the pico-grid, in order to support the intermittent and sporadic nature of the output power for the harvesters. A rechargeable battery and supercapacitor are integrated in the system, and each is accurately designed to be charged when the loading in the system is low and discharged when the loading in the system is high. The dc bus voltage which indicates the magnitude of the loading in the system is utilised as the signal for the desired mode of operation. The constructed system demonstrates a successful operation of charging and discharging at specific levels of loading in the system. The system is then integrated and the first wearable prototype of the pico-grid is built and tested. A successful operation of the prototype is demonstrated and the load demand is shared equally between the source converters and energy storage. Furthermore, the pico-grid is shown to possess an inherent plug-and-play capability for the source and load converters. Few recommendations are presented in order to further improve the feasibility and reliability of the prototype for real world applications. Next, due to the opportunity of working with a new semiconductor compound and accessibility to the fabrication facilities, a ZnON thin film diode is fabricated and intended to be implemented as a flexible rectifier circuit. The fabrication process can be done at low temperature, hence opening up the possibility of depositing the device on a flexible substrate. From the temperature dependent I-V measurements, a novel method of extracting important parameters such as ideality factor, barrier height, and series resistance of the diode based on a curve fitting method is proposed. It is determined that the ideality factor of the fabricated diode is high (> 2 at RT), due to the existence of other transport mechanism apart from thermionic emission that dominates the conduction process at lower temperature. It is concluded that the high series resistance of the fabricated diode (3.8 kΩ at RT) would mainly hinder the performance of the diode in a rectifier circuit.

No description available.

Com o crescimento e a facilidade de acesso a Internet, o volume de dados cresceu muito nos últimos anos e, consequentemente, ficou muito fácil o acesso a bases de dados remotas, permitindo integrar dados fisicamente distantes. Geralmente, instâncias de um mesmo objeto no mundo real, originadas de bases distintas, apresentam diferenças na representação de seus valores, ou seja, os mesmos dados no mundo real podem ser representados de formas diferentes. Neste contexto, surgiram os estudos sobre casamento aproximado utilizando funções de similaridade. Por consequência, surgiu a dificuldade de entender os resultados das funções e selecionar limiares ideais. Quando se trata de casamento de agregados (registros), existe o problema de combinar os escores de similaridade, pois funções distintas possuem distribuições diferentes. Com objetivo de contornar este problema, foi desenvolvida em um trabalho anterior uma técnica de padronização de escores, que propõe substituir o escore calculado pela função de similaridade por um escore ajustado (calculado através de um treinamento), o qual é intuitivo para o usuário e pode ser combinado no processo de casamento de registros. Tal técnica foi desenvolvida por uma aluna de doutorado do grupo de Banco de Dados da UFRGS e será chamada aqui de MeaningScore (DORNELES et al., 2007). O presente trabalho visa estudar e realizar uma avaliação experimental detalhada da técnica MeaningScore. Com o final do processo de avaliação aqui executado, é possível afirmar que a utilização da abordagem MeaningScore é válida e retorna melhores resultados. No processo de casamento de registros, onde escores de similaridades distintos devem ser combinados, a utilização deste escore padronizado ao invés do escore original, retornado pela função de similaridade, produz resultados com maior qualidade. / With the growth of the Web, the volume of information grew considerably over the past years, and consequently, the access to remote databases became easier, which allows the integration of distributed information. Usually, instances of the same object in the real world, originated from distinct databases, present differences in the representation of their values, which means that the same information can be represented in different ways. In this context, research on approximate matching using similarity functions arises. As a consequence, there is a need to understand the result of the functions and to select ideal thresholds. Also, when matching records, there is the problem of combining the similarity scores, since distinct functions have different distributions. With the purpose of overcoming this problem, a previous work developed a technique that standardizes the scores, by replacing the computed score by an adjusted score (computed through a training), which is more intuitive for the user and can be combined in the process of record matching. This work was developed by a Phd student from the UFRGS database research group, and is referred to as MeaningScore (DORNELES et al., 2007). The present work intends to study and perform an experimental evaluation of this technique. As the validation shows, it is possible to say that the usage of the MeaningScore approach is valid and return better results. In the process of record matching, where distinct similarity must be combined, the usage of the adjusted score produces results with higher quality.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2014. / The use of a Covered Call strategy has long been favoured by investors the world over for its potential to enhance yield in a long-only equity portfolio. There already exists a wealth of research examining the risk and return features and theories of this strategy. This paper aims to contribute to this debate by conducting research that is specific to the South African equity market and considered from the perspective of a retail investor, particularly by tracking the negative friction induced by transaction costs. It also seeks to answer the question of which Covered Call strategies provide the best risk-adjusted returns by pricing various expiry range and moneyness combinations over differing market trend phases during a 13-year period of trade on the JSE.

Medical decision problems are extremely complex owing to their dynamic nature, large number of variable factors, and the associated uncertainty. Decision support technology entered the medical field long after other areas such as the airline industry and the manufacturing industry. Yet, it is rapidly becoming an indispensable tool in medical decision making problems including the class of sequential decision problems. In these problems, physicians decide on a treatment plan that optimizes a benefit measure such as the treatment cost, and the quality of life of the patient. The last decade saw the emergence of many decision support applications in medicine. However, the existing models have limited applications to decision problems with very few states and actions. An urgent need is being felt by the medical research community to expand the applications to more complex dynamic problems with large state and action spaces. This thesis proposes a methodology which models the class of sequential medical decision problems as a Markov decision process, and solves the model using a simulation based reinforcement learning (RL) algorithm. Such a methodology is capable of obtaining near optimal treatment strategies for problems with large state and action spaces. This methodology overcomes, to a large extent, the computational complexity of the value-iteration and policy-iteration algorithms of dynamic programming. An average reward reinforcement-learning algorithm is developed. The algorithm is applied on a sample problem of treating hereditary spherocytosis. The application demonstrates the ability of the proposed methodology to obtain effective treatment strategies for sequential medical decision problems.

<p>The purpose of the thesis has been to explore the use of hedge fund styles when constructing portfolios of hedge funds (i.e. funds of hedge funds). The central question is if the use of hedge fund styles can significantly explain and improve risk adjusted returns (characterized by Sharpe ratios). The study has been done in collaboration with Optimized Portfolio Management AB who desire further knowledge and evaluation of hedge fund styles for their fund of hedge funds.</p><p>To be able to create successful ex ante portfolios we have explored various prediction models for both risk and return. Our findings indicate that return prediction is problematic using simple models such as regression since the risk exposure of the indices appear to change significantly over time. One can however using exponentially weighted moving averages (EWMA) achieve relatively promising estimations of future returns. </p><p>Covariance matrix estimation seems to be more straightforward. We have achieved promising results using both traditional EWMA models as well as improved estimators using principal component analysis.Covariance prediction models were evaluated separately using a minimum-variance portfolio optimization technique and provided a significant risk reduction compared to the aggregated hedge fund universe (represented by a naively diversified portfolio). Combinations of risk and return prediction models were evaluated using traditional mean-variance portfolio construction methods, which were optimized for Sharpe ratios. These provided a significant increase in risk adjusted returns relative to the aggregated hedge fund universe. The allocation is however discouraging due to serious instability over time.</p><p>Our findings indicate that there indeed is an advantage of taking hedge fund styles into consideration when constructing funds of hedge funds in a risk adjusted perspective. However, further research into return prediction needs to be done in order to stabilize portfolio allocation. An alternative seems to be tactical style allocation on a more fundamental analysis basis.</p>

The purpose of the thesis has been to explore the use of hedge fund styles when constructing portfolios of hedge funds (i.e. funds of hedge funds). The central question is if the use of hedge fund styles can significantly explain and improve risk adjusted returns (characterized by Sharpe ratios). The study has been done in collaboration with Optimized Portfolio Management AB who desire further knowledge and evaluation of hedge fund styles for their fund of hedge funds. To be able to create successful ex ante portfolios we have explored various prediction models for both risk and return. Our findings indicate that return prediction is problematic using simple models such as regression since the risk exposure of the indices appear to change significantly over time. One can however using exponentially weighted moving averages (EWMA) achieve relatively promising estimations of future returns. Covariance matrix estimation seems to be more straightforward. We have achieved promising results using both traditional EWMA models as well as improved estimators using principal component analysis.Covariance prediction models were evaluated separately using a minimum-variance portfolio optimization technique and provided a significant risk reduction compared to the aggregated hedge fund universe (represented by a naively diversified portfolio). Combinations of risk and return prediction models were evaluated using traditional mean-variance portfolio construction methods, which were optimized for Sharpe ratios. These provided a significant increase in risk adjusted returns relative to the aggregated hedge fund universe. The allocation is however discouraging due to serious instability over time. Our findings indicate that there indeed is an advantage of taking hedge fund styles into consideration when constructing funds of hedge funds in a risk adjusted perspective. However, further research into return prediction needs to be done in order to stabilize portfolio allocation. An alternative seems to be tactical style allocation on a more fundamental analysis basis.

<p>Air pollution and a general concern for lack of physical activity in North America have motivated governments to encourage non-motorized modes of transportation. A key infrastructure component for these forms of transportation is sidewalks. The City of Saskatoon has identified the need to formalize sidewalk management policies to demonstrate diligence for community protection regarding sidewalk safety. Prioritization of sidewalk maintenance and rehabilitation actions must be objective and minimize risk to the community. Most research on prioritization of pedestrian facilities involved new construction projects. This research proposes a decision model that prioritizes a given list of existing unsafe sidewalk locations needing maintenance or rehabilitation using a direct measure of pedestrian safety, namely, quality-adjusted life years lost per year. </p><p>A decision model was developed for prioritizing a given list of unsafe sidewalk locations, aiding maintenance and rehabilitation decisions by providing the associated risk to pedestrian safety. The model used data mostly from high quality sources that had already been collected and validated. Probabilities and estimations were used to produce value-added decision policy.</p> <p>The decision analysis framework applied probability and multi-attribute utility theories. This study differed from other research due to the inclusion of age and gender groups. Total average daily population of the city was estimated. This population was distributed to sidewalk locations using probabilities for trip purposes and a locations ability to attract people relative to the city total. Then trip injury events were predicted. Age and gender distribution and trip injury type estimations were used to determine the impact of those injuries on quality of life.</p><p>There exist much observable high quality data that can be used as indicators of unknown or unobserved events. A decision policy was developed that prioritizes unsafe sidewalk locations based on the direct safety impact on pedestrians. Results showed that quality-adjusted life years lost per year sufficiently prioritized a given list of unsafe sidewalk locations. It was demonstrated that the use of conditional probabilities (n=594) allowed for the ability to abstract data representing a different source population to another. Average daily population confined and distributed within the city boundary minimized problems of accuracy. Gender-age distribution was important for differentiating the risk at unsafe sidewalk locations. Concepts from this research provide for possible extension to the development of sidewalk service levels and sidewalk priority maps and for risk assessment of other public services.</p>