Optimal Return Research Articles

The BRICS Stocks Index as an Aggregate Indicator of Regional Economic Development

The topic is time-relevant, since today there is a strong need to find indicators showing a development path for countries after the pandemics of 2020 in specific regions of the world. This paper makes an attempt to create an indicator that is different and more representative of the BRICS than the indexes already in existence. The BRICS index offered here is a capitalisation-weighted average of daily quotations for the listed stocks which dynamics highly correlate with each other. The purpose of developing such an index is to monitor a general growth pattern of the BRICS’ economies and their corporations on the financial markets, both domestically and regionally, since they are at the core of the regions, they are in. The introduction of the BRICS index to the financial market can help increase investors’ appetite for the assets. It will make it easier to analyze the stock markets of the BRICS as well. The significance of such a rating is that it may lay the foundation for working out a trading strategy to deal in the stocks of the BRICS companies to get optimal returns. The BRICS stocks index can also be an indicator of regional development for countries dependent on the BRICS, as well as the product of financial engineering which may help attract investors and other professionals working on the financial market to accumulate growth and recovery funds for the trouble countries of the region

Significant variations in surgical construct and return to sport protocols with syndesmotic injuries: an ISAKOS global perspective

ObjectivesAlthough the body of literature on syndesmosis injuries is growing with regard to both the biomechanics and clinical outcomes for various fixation constructs, there is little consensus on the optimal treatment and return to sport strategy for these injuries. We endeavoured to assess the current approaches to managing syndesmotic injuries through a Research Electronic Data Capture survey. MethodsThe survey consisted of 27 questions, including respondent demographics, indications for treatment of syndesmotic injuries, preferred treatment and technique, and postoperative management. Responses were generated through six different athlete scenarios: moderate impact, high impact, and very high impact athletes with/without complete deltoid injury. Frequencies and percentages were calculated for all categorical responses. ResultsA total of 742 providers responded to the survey, including 457 American surgeons and 285 members of various international societies. Flexible devices were the preferred fixation construct (47.1%), followed by screws (29.6%), hybrid fixation (e.g. combination of flexible device and screw, 18%), and other (5.3%). Sixty-four percent of respondents noted that their rehabilitation protocols would not change for each athlete scenario. Considerable variability was present in anticipated return to full participation, largely dependent on the presence or absence of a deltoid ligament injury. ConclusionThe most common elements used as surgical indications were syndesmosis widening > 2 mm on x-ray, an anterior inferior talofibular ligament injury in combination with a posterior inferior talofinular ligament or deltoid ligament involvement on magnetic resonance imaging, and widening of the distal tibiofibular joint during arthroscopic evaluation. Overall, flexible fixation (e.g. suture button) was the preferred device choice for the repair of an injured syndesmosis. Most respondents did not alter their rehab protocol or anticipated return to play timeline based on the injury severity. However, there was considerable variability between respondents on the time to weight-bearing, running, and full participation. Further pragmatic outcomes data are necessary to guide safe return to play protocols for syndesmotic injuries. Level of evidenceLevel IV.

Value-At-Risk Analysis Using ARIMAX-GARCHX Approach For Estimating Risk Of Bank Central Asia Stock Returns

Before buying a stock, an investor must estimate the risk which will be received. VaR is one of the methods that can be used to measure the level of risk. Most stock returns have a high fluctuation, so the variant is heteroscedastic, which is thought to be caused by exogenous variables. The time series model used to model data that is not only influenced by the previous period but is also influenced by exogenous variables is ARIMAX. In contrast, the GARCHX model is used to obtain a more optimal stock return data model with heteroscedasticity cases and is influenced by exogenous variables. This study uses the ARIMAX-GARCHX model to calculate the VaR of the stock returns of PT Bank Central Asia Tbk. The exogenous variables used are the exchange rate return of IDR/USD and the return of the JCI in the period January 3, 2017, to March 31, 2021. The best model chosen is the ARIMAX(2,0,1,1)-GARCHX(1,1,1). VaR calculation is carried out with the concept of moving windows with time intervals of 250, 375, and 500 transaction days. The results obtained at the 95% confidence level, the maximum loss obtained by an investor is 1,4%.

Optimality and fairness of partisan gerrymandering.

We consider the problem of optimal partisan gerrymandering: a legislator in charge of redrawing the boundaries of equal-sized congressional districts wants to ensure the best electoral outcome for his own party. The so-called gerrymanderer faces two issues: the number of districts is finite and there is uncertainty at the level of each district. Solutions to this problem consists in cracking favorable voters in as many districts as possible to get tight majorities, and in packing unfavorable voters in the remaining districts. The optimal payoff of the gerrymanderer tends to increase as the uncertainty decreases and the number of districts is large. With an infinite number of districts, this problem boils down to concavifying a function, similarly to the optimal Bayesian persuasion problem. We introduce a measure of fairness and show that optimal gerrymandering is accordingly closer to uniform districting (full cracking), which is most unfair, than to community districting (full packing), which is very fair.

Does inter-region portfolio diversification pay more than the international diversification?

Recent literature supports the view that returns of most of the international equity markets are significantly integrated. However, diversification based across different regions remains a focus of attention for the investment community. We examine the presence of returns integration among BRICS, Latin American, and emerging and frontier Asian equity markets by utilizing panel co-integration and panel regression, i.e., fully modified ordinary least square (FMOLS), to examine portfolio diversification opportunities. Our sampling of data comprises of daily stock return from 1st September 1997 to 30th November 2018. Our findings highlight that within the region, portfolio diversification does not provide optimal returns. Furthermore, empirical results from the vector error correction model (VECM) suggest the benefits of portfolio diversification in the short-run. In particular, not all equity markets are significantly linked with gold, oil, and forex markets. Our empirical analysis reveals that within the region, equity-commodity portfolios may lead to greater diversification gains.

Optimal Portfolio Formation with Combination of LQ45 Stocks and Corporate Bonds

The objective of investors to invest their money was to maximize return, although they were subject to constraints, primarily risk, so this study aims to provide an alternative to the formation of portfolios and corporate bonds to obtain optimal returns with acceptable risk. The alternative model is to combine Graham's stock selection model with the formation of an optimal portfolio model, namely the Markowitz model. The results of the selection using the Graham model of defensive investors and aggressive investors are 9 and 13 stocks, respectively, of the 45 stocks listed on the LQ45 index. From the selected stocks, the optimal portfolio is formed using the Markowitz model. The results show that the Markowitz model optimizing portfolio provides better performance (reward to variability ratio) than the LQ45 portfolio index with a yield difference of 13.68 – 20.24% per year. Furthermore, the selection of corporate bonds for the optimal portfolio resulted in 8 corporate bonds with a portion of each bond, and this portfolio can generate rates of 8.88% per annum.JEL: G10, G11, G12

Decision making for highway complex scenario by improved safety field with learning process

To improve the agility and efficiency of the highway decision-making system and overcome the local optimal dilemma of the existing safety field, this paper builds an improved safety field to reflect the advantage of the reachable states and the learning process is further employed to make the decision long-term optimal. Firstly, the improved safety field is prepared by the kinematic model-based prediction of surrounding vehicles and the boundary is determined elaborately to ensure real-time performance. Then, the field is constructed by three individual fields. One is the kinematic field, which is built based the safe-distance model to measure the colliding risk of both moving or no-moving objects accurately. Another is the road field that reflects the lane-marker constraint. The last is the efficiency field, which is introduced creatively to improve efficiency. Furthermore, the learning algorithm is adopted to learn the long-term optimal state-action sequence in the safety field. Finally, the simulations are conducted in Prescan platform to validate the feasibility of the improved safety field in complex scenarios. The results show that the proposed decision algorithm can always drive autonomous vehicle to the state with a long-term optimal payoff and can improve the overall performance compared to the existing pure safety field and the interaction-aware method.

SARS-CoV2 infection: functional and morphological cardiopulmonary changes in elite handball players

BackgroundThere is increasing evidence of cardiac involvement in SARS-COV-2 infections. This may not only apply to symptomatic infections but may also affect asymptomatic athletes. This study aimed to characterize the possible acute cardiac involvement of SARS-COV-2 infection in athletes both morphologically and functionally.Methods and resultsEight elite handball players (27±3.5 y) with past SARS-COV-2 infection were retrospectively analyzed and compared with four uninfected team-mates (22±2.6 y). Athletes were examined 19±7 d after positive PCR-test. Echocardiographic assessment of the global longitudinal strain under resting conditions was not significantly changed after SARS-CoV2 infection (−17.7% vs. −18.1%) but magnetic resonance imaging showed minor signs of acute inflammation/edema in all patients (T2-mapping: +4.1ms) without reaching the Lake-Louis criteria. Spiroergometric analysis showed a significant reduction in VO2max (−292 ml/min, −7.0%), oxygen-pulse (−2.4 ml/beat, −10.4%), and respiratory minute volume (VE) (−18.9 l/min, −13.8%) in athletes with a history of SARS-CoV2 infection (p<0.05, respectively). The parameters were unchanged in the control group.ConclusionSARS-CoV2 infection caused functional impairment of cardiopulmonary performance primarily under stress in elite athletes.It seems reasonable to screen athletes after SARS-CoV2 infection at least with spiroergometry to mark performance limitations and to ensure an optimal return to competition.FUNDunding AcknowledgementType of funding sources: None.

A Novel Application Based on a Heuristic Approach for Planning Itineraries of One-Day Tourist

Technological innovations have revolutionized the lifestyle of the society and led to the development of advanced and intelligent cities. Smart city has recently become synonymous of a city characterized by an intelligent and extensive use of Information and Communications Technologies (ICTs) in order to allow efficient use of information. In this context, this paper proposes a new approach to optimize the planning of itineraries for one-day tourist. More in detail, an optimization approach based on Graph theory and multi-algorithms is provided to determine the optimal tourist itinerary. The aim is to minimize the travel times taking into account the tourist preferences. An Integer Linear Programming (ILP) problem is introduced to find the optimal outward and return paths of the touristic itinerary and a multi-algorithms strategy is used to maximize the number of attractions (PoIs) to be visited in the paths. Finally, a case study focusing on cruise tourist in the city of Bari, demonstrates the efficiency of the approach and the user interaction in the determination of the itinerary.

PENGARUH KINERJA KEUANGAN PERUSAHAAN TERBUKA TERHADAP RETURN SAHAM PADA MASA PANDEMI COVID-19 (Pada Perusahaan yang Tercatat di BEI Tahun 2020)

This study aims to determine whether the ongoing global pandemic affects the company's financial performance. This is evidenced by testing the effect of Return On Assets, Debt to Equity Ratio, and Current Ratio on stock returns of companies listed on the Indonesia Stock Exchange in 2020. This study uses a quantitative approach method with multiple linear regression analysis method in partial (Test t) and in simultaneous (Test F) research variables. The sample is taken using a purposive sampling method, so that 35 data are obtained in the form of company financial report which is acquired from the official website www.idx.co.id. The secondary data analysis process in this study is assisted by using the STATA MP14 assistance program. The result shows that all the independent variables used, including the current ratio, debt to equity ratio, and return on assets have an effect on the dependent variable, that is stock returns. By the presence of this result on the study, it is hoped that the company's management can pay attention to various factors that can attract investors to invest in the company, so it will be able to provide optimal returns for investors and for investors will be able to choose and identify a company by analyzing its financial reports that have been published and also by analyzing external factors that can affect the company's performance before investing, in order to get optimal returns in the future

Vivaldi Antenna Arrays Feed by Frequency-Independent Phase Shifter for High Directivity and Gain Used in Microwave Sensing and Communication Applications.

This paper describes a novel feed system for compact, wideband, high gain six-slot Vivaldi antenna arrays on a single substrate layer using a unique combination of power splitters based on binary T-junction power splitter topology, frequency-independent phase shifter, and a T-branch. The proposed antenna system consists of six Vivaldi antennas, three on the left, and three on the right arm. Each arm connects with T-junction power divider splitter topology, given that the right arm is linked through a frequency-independent phase shifter. Phase shifters ensure that the beam is symmetrical without splitting in a radiating plane so that highly directive radiation patterns occur. The optimal return losses (S-parameters) are well enriched by reforming Vivaldi’s feeding arms and optimizing Vivaldi slots and feeds. A novel feature of our design is that the antenna exhibits the arrangements of a T-junction power splitter with an out-of-phase feeding mechanism in one of the arms, followed by a T-branching feeding to even arrays of proper Vivaldi antenna arrangement contributing high realized gain and front-to-back ratio up to 14.12 dBi and 23.23 dB respectively applicable for not only ultra-wideband (UWB) application, also for sensing and position detecting. The high directivity over the entire UWB frequency band in both higher and lower frequency ranges ensures that the antenna can be used in microwave through-wall imaging along with resolution imaging for ground penetration radar (GPR) applications. The fabricated antenna parameters are in close agreement with the simulated and measured results and are deployed for the detection of targets inside the voids of the concrete brick.

Analysis of modulation parameters for high repetition rate seeded FEL

For high repetition rate seeded Free electron lasers (FELs), the seed laser with sufficient pulse energy and high repetition rate is a challenge. Several schemes to address this issue were proposed. In this paper, the modulation parameters for high repetition rate seeded FEL are analyzed for the modulator lengthening scheme, the seeded oscillator–amplifier scheme, and the scheme of the self-modulation, respectively. Taking account of the optical field gain, the energy modulation formulas modified with the equivalent length of the modulation undulator are given for the corresponding schemes. For the modulator lengthening scheme, when the length of the modulation undulator is longer than three gain lengths the effect of the optical field gain should be considered. For the self-modulation scheme, the magnitude of the energy modulation depends on the bunching factor generated in the pre-modulation section and the equivalent length of the self-modulation undulator. For the seeded oscillator–amplifier scheme, it is found that there is an optimal return fraction of the radiation power and a corresponding modulator length to maximize the energy modulation, which are 63% and about three gain lengths, respectively.

Combined Custom Hedging: Optimal Design, Noninsurable Exposure, and Operational Risk Management

Optimal Design of Combined Contingent Claims: Theory and Applications.In “Combined Custom Hedging: Optimal Design, Noninsurable Exposure, and Operational Risk Management”, Paolo Guiotto and Andrea Roncoroni develop a normative framework for the optimal design, value assessment, and operations management integration of financial derivatives. Most business and operating revenues entail a mix of financially insurable and noninsurable risk. A risk-averse firm may face them by positioning in a pair of financial derivatives with optimal bespoke payoff functions; one claim is written on the insurable term, and the other claim is written on any observable index exhibiting correlation to the noninsurable term. On a theoretical ground, the authors 1) state the problem in a general setup and prove existence and uniqueness of the optimal pair of combined claims, 2) show that the optimal payoff functions satisfy a Fredholm integral equation, and 3) assess the incremental benefit the firm obtains by switching from the optimal single-claim custom hedge to the optimal combined custom hedge they propose. On an experimental ground, they show that 1) the optimal combined custom hedge would be empirically relevant for a highly risk-averse firm facing a market shock shown during the first period of the COVID-19 pandemic in 2020, 2) integration with the optimal procurement in a generalized newsvendor model leads to a significant improvement in both risk and return, and: 3) this gain can be traded off for a substantial enhancement in operational flexibility.

FEATURES OF CLASSIFICATION OF PROFITS OF AGRICULTURAL ENTERPRISE

In the article the description of agricultural enterprise and features of agriculture are given. It is consist in by main and specific capital goods. The profits of agricultural enterprise as economic category are considered, which represent the optimal return of enterprises generating in sizes, necessary for coverage of him current outlays. General essence of profits of agricultural activity, confession of profit is analysed and his reliable estimation. Principles, which foresee the choice of method of estimation and reflection in the financial reporting of all profits of enterprise, and also feature of forming of financial result in agricultural enterprises in connection with the specific of industrial and economic activity of industry, are educed. Classification of profits of agricultural enterprises is considered from primitive confession of biological assets and agricultural produce, profit from the change of fair value of biological assets, profit from realization of biological assets and agricultural produce, got as a result of biological transformations, after book-keeping approach in obedience to the requirements of legislation, by administrative approach which enables to collect and group information for an acceptance and realization of corresponding decisions. Certainly existent substantial features of profits on agricultural enterprises, which are predefined by the accepted legislative base, at which biological assets and regulated order of their confession, estimation and account are certain and accordingly which the constituents of financial results of agricultural enterprises belong. Substantial influence is marked on a size and forming of financial results of agricultural enterprises of classification of profits. It is recommended on the basis of the conducted research of classification of profits of agricultural enterprises at a record-keeping. Drawn conclusion, that logical and structured classification of profits of agricultural enterprises is the extraordinarily important aspect of their activity and provides for, will enable effectively by them to manage and be the constituent of modern control system.

Surface smoothing for topological optimized 3D models

The topology optimization methodology is widely applied in industrial engineering to design lightweight and efficient components. Despite that, many techniques based on structural optimization return a digital model that is far from being directly manufactured, mainly because of surface noise given by spikes and peaks on the component. For this reason, mesh post-processing is needed. Surface smoothing is one of the numerical procedures that can be applied to a triangulated mesh file to return a more appealing geometry. In literature, there are many smoothing algorithms available, but especially those based on the modification of vertex position suffer from high mesh shrinkage and loss of important geometry features like holes and surface planarity. For these reasons, an improved vertex-based algorithm based on Vollmer’s surface smoothing has been developed and introduced in this work along with two case studies included to evaluate its performances compared with existent algorithms. The innovative approach herein developed contains some sub-routines to mitigate the issues of common algorithms, and confirms to be efficient and useful in a real-life industrial context. Thanks to the developed functions able to recognize the geometry feature to be frozen during the smoothing process, the user’s intervention is not required to guide the procedure to get proper results.

Optimal Design of Storm Sewer Network Based on Risk Analysis by Combining Genetic Algorithm and SWMM Model

The design of an urban storm sewer network is a costly task. Therefore, the design should be done so that the total cost becomes minimal. This requires modeling the problem in an optimization form. Floods are stochastic. Designing such a system is associated with risk. Thus, a project is optimal when both design costs and potential future risks are incorporated. This means that the selection of rainfall-runoff return period has to be based on risk analysis. SWMM software was used to handle hydraulic network simulation and the Network optimization was performed using a genetic algorithm in which the decision variables were the diameter and slope of the pipes. To calculate the cost of runoff damage, relationships for land uses, infrastructure and traffic, were provided. The accuracy of the simulation- optimization model seeking the optimal design of the storm sewer network was approved by a benchmark network evaluation. The developed model was implemented in a region of Tehran city to determine the optimal design return period with a risk analysis approach. The results showed that the 10-year return period with is the optimal return period with an annual damage risk cost of 508.68 billion rials, an annual design cost of 943.78 billion rials and a total cost of 1452.45 billion rials. Therefore, the developed method in which the genetic algorithm and SWMM model are combined in addition to the risk-based design approach is an effective tool for the optimal design of storm sewer networks.

Restorative Justice as an Alternative for The Settlement of Corruption Crimes That Adverse State Finances in The Perspective of The Purpose of Conviction

This research was motivated by the rampant corruption crimes committed by state officials. The problem is that the restoration of the state’s financial losses due to the corruption crimes with the current system has not met a profitable solution. This research was doctrinal with a normative legal research method, which was a legal research method based on the statutory and conceptual approaches using analytical descriptive analysis. Settlement of corruption crimes concerning state financial losses is currently carried out through a criminal justice system that priorities a retributive justice approach so that it does not achieve the objective of punishment of un optimal returns to state financial losses. Therefore, a new settlement concept is needed. The concept of restorative justice focuses more on the settlement of criminal cases by emphasizing restoration to its original state, not retaliation. Restorative justice also fulfills the value of justice and legal benefits in order to meet the value of legal certainty. In the future, it is necessary to formulate specific regulations regarding the concept of restorative justice in resolving corruption crimes concerning losses on state finances.

How Do You Earn Money on Live Streaming Platforms?—A Study of Donation-Based Markets

Donation-based markets have been implemented by many online platforms, such as live streaming platforms. In these markets, producers provide services without mandatory charges, and customers enjoy the services and voluntarily donate money to the producers. The donation is split between the producers and platform with a pre-agreed fraction. To gain insights into the market operation, we use a two-stage game to capture the sequential decision process between the platform and producers. In Stage I, the platform decides a donation-split-fraction (DSF), i.e., the fraction of donation kept by the producers. In Stage II, producers decide whether to participate in the platform and (if yes) how to choose their service attributes considering the DSF as well as the producers' and customers' preferences. We prove that the Stage II game is a potential game with a counter-intuitive equilibrium result: although a larger DSF leads to more producer participation and a better match between the producers' choices and the customers' preferences, it does not necessarily lead to more total donation. The Stage I problem, nevertheless, is challenging to solve analytically due to its non-convexity. To gain insights regarding the optimal DSF that maximizes the platform's payoff, we characterize both its upper-bound and lower-bound. We show numerically that the platform's optimal payoff always decreases with the mismatch between the producers' and customers' preferences. Finally, we conduct a case study with the dataset from Twitch and demonstrate the approach of computing the platform's optimal DSF without the producers' inherent preferences.

Lunar trans-Earth trajectory design and practice for the Chang&amp;rsquo;e-5 mission

<p indent=0mm>The Chang’e-5 mission is the first automatic robot Lunar sampling return mission in China. Compared with the previous Chinese Lunar exploration missions, the Lunar trans-Earth flight is a new phase and facing many challenges. Limited by the capability of launch vehicle and the high latitude of the domestic touchdown region, the flight scheme adopted in the Chang’e-5 spacecraft is quite the different from those of American Apollo mission and Soviet Union’s Luna mission. The Lunar trans-Earth scheme of Chang’e-5 mission is to escape Lunar orbit using the optimal injection time and return to the Earth with skip-entry. The design constraints, models, algorithms and practical engineering considerations of the Lunar trans-Earth trajectory design of the Chang’e-5 mission are systematically introduced in this paper. A novel optimal trans-Earth injection (TEI) guidance algorithm, which can obtain the optimal escape impulsive and accurately target the entry interface (EI) from elliptical Lunar parking orbit, is proposed. The all-target aiming guidance algorithm with separation disturbance compensation is desinged to improve the accuracy and rapidity of convergence. The results of Chang’e-5 on-orbit flight show that the Lunar trans-Earth trajectory design and corresponding guidance algorithm can acheive the mission requirements. Besides, the aiming accuracy of entry corridor is very high.

Analysis of Optimal Portfolio Comparison on Shares of Sri Kehati by using Single Index Model and Random Model

The purpose of this study is to provide empirical evidence that the determination of a stock portfolio using a single index model can provide optimal returns compared with the determination of stock portfolio using a random model. The sample in this research is 25 shares joined in SRI-KEHATI selected using purposive sampling. The data analysis technique used the average test for two independent samples (Mann Whitney Test (U Test)). The results showed that the determination of the stock portfolio using a single index model can provide optimal return compared to the determination of the stock portfolio using random model.