Bimodal Characteristic Returns and Predictability Enhancement via Machine Learning

This paper documents the bimodality of momentum stocks: both high- and low-momentum stocks have nontrivial probabilities for both high and low returns. The bimodality makes the momentum strategy fundamentally risky and can cause a large loss. To alleviate the bimodality and improve return predictability, this paper develops a novel cross-sectional prediction model via machine learning. By reclassifying stocks based on their predicted financial performance, the model significantly outperforms off-the-shelf machine learning models. Tested on the U.S. market, a value-weighted long-short portfolio earns a monthly alpha of 2.4% (t-statistic = 6.63) when regressed against the Fama–French five factors plus the momentum and short-term reversal factors. This paper was accepted by Kay Giesecke, finance.

Perlindungan Hukum Terhadap Franchisee Akibat Pemutusan Sepihak dalam Perjanjian Franchise

In the implementation of a franchise agreement, it is not uncommon for the agreement not to be implemented due to a unilateral termination by the franchisor. Considering that the franchisee in the franchise agreement is in a weaker position, in the event of a unilateral termination, it will suffer a large loss. However, in the laws and regulations, there are no clear arrangements for the protection of franchisees who experience unilateral termination who actually experience losses. The purpose of this study is to analyze the franchise agreement may be terminated unilaterally by the franchisor and the legal protection of the franchisee against the unilateral termination of the franchise agreement by the franchisor. This study uses normative legal research methods using primary legal materials, with the types of approaches used are statutory approaches, case approaches and conceptual approaches. Legal sources are then analyzed systematically. Based on the results of the study, it can be concluded that basically the franchise agreement cannot be terminated unilaterally unless the void conditions stated in the contract have been fulfilled and legal protection for the franchisee against the losses he has suffered can be sued for compensation based on default.

Center Impedance Method for Estimating Complex Modulus with Wide Frequency Range and Large Loss Factors

A simple method for determining viscoelasticity over a wide frequency range using the frequency response function (FRF) mobility obtained by the center impedance method is presented. As user data comprise the FRF between the velocity of the excitation rod and excitation force, it is challenging to separate the signal and noise. Our proposed method is based on the FRF obtained from the analytical solution of the equation of motion of the viscoelastic beam and relationship between the complex wavenumber (real wavenumber and attenuation constant) of flexural wave and viscoelasticity. Furthermore, a large loss factor can be handled over a wide frequency range without using the half-power bandwidth. In this study, actual FRF mobility data containing noise were processed using preprocessing, inverse calculation, and postprocessing. Preprocessing removed low-coherence data, compensates for the effects of instrument gain, and transformed the FRF into its dimensionless equivalent. Then, inverse calculations were used to solve the mobility equation and determine the complex wavenumber. In postprocessing, the complex wavenumber obtained by the inverse calculation was curve fitted using functions with mechanical significance. Consequently, the storage modulus based on the curve-fitted complex wavenumber was a monotonically increasing frequency function. The loss factor had a smooth frequency dependence such that it has the maximum value at a single frequency. The proposed method can be applied to composite materials, where the application of time-temperature superposition is challenging. We utilized the measured FRF mobility data obtained over a duration of several seconds, and this method can also be applied to materials with large loss factors of 1 or more.

Exceptional loss in ozone in the Arctic winter/spring of 2019/2020

Severe vortex-wide ozone loss in the Arctic would expose both ecosystems and several millions of people to unhealthy ultraviolet radiation. Adding to these worries, and extreme events as the harbingers of climate change, exceptionally low ozone with column values below 220 DU occurred over the Arctic in March and April 2020. Sporadic occurrences of low ozone with less than 220 DU at different regions of the vortex for almost 3 weeks were found for the first time in the observed history in the Arctic. Furthermore, a large ozone loss of about 2.0–3.4 ppmv triggered by an unprecedented chlorine activation (1.5–2.2 ppbv) matching the levels occurring in the Antarctic was also observed. The polar processing situation led to the first-ever appearance of loss saturation in the Arctic. Apart from these, there were also ozone-mini holes in December 2019 and January 2020 driven by atmospheric dynamics. The large loss in ozone in the colder Arctic winters is intriguing and demands rigorous monitoring of the region.

Structural Insight into La0.5Ca0.5Mn0.5Co0.5O3 Decomposition in the Methane Combustion Process

Perovskite-like solid solution La0.5Ca0.5Mn0.5Co0.5O3 was tested during the total methane combustion reaction. During the reaction, there is a noticeable decrease in methane conversion, the rate of catalyst deactivation increasing with an increase in temperature. The in situ XRD and HRTEM methods show that the observed deactivation occurs as a result of the segregation of calcite and cobalt oxide particles on the perovskite surface. According to the TGA, the observed drop in catalytic activity is also associated with a large loss of oxygen from the perovskite structure.

STUDIES OF THE SHAPED CHARGES EFFECT WITH A HEMISPHERICAL ECCENTRIC SHAPE RECESS FOR THE ROCKS DESTRUCTION

The method of outdoor installation of explosive charges is usually used in the destruction of rocks in conditions in which the method of drilling and blasting using borehole or borehole charges is difficult to apply due to objective conditions. The productivity of rock destruction by the outdoor installation of a concentrated charge is very low. This is due to the fact that such an explosion is characterized by a large loss of energy in the environment. The destruction of rocks by an explosion using shaped charges (CW) to destroy the rock is one solution to increase the useful energy of the destruction of the rock compared to charges placed outside. To achieve the optimal effect of destruction of the rock by cumulative charges, it is necessary to, so that for each type of rock, a specific type of shaped charges can be determined with the appropriate performance and efficiency of the use of explosives. The stronger the rock, the more efficient the short-circuit should be, and vice versa. Thus, for effective rock crushing, it is necessary to develop and produce a number of different types of shaped charges. The use of shaped explosive charges allows you to increase the utilization rate of the useful energy of the explosion and increase the destruction zone of the rock. At a fixed mass of the explosive, the destructive effect of the explosive charge placed on the surface of the rock, it depends on the shape of the charge and the geometric parameters of the charge. Shaped charges with an eccentric hemispherical shape have a coefficient of use of the useful energy of the explosion for the destruction of rock, more than 2.4 times compared to conventional concentrated charges of the same mass.

Patterns, Predictors, and Prognostic Value of Skeletal Muscle Mass Loss in Patients with Locally Advanced Head and Neck Cancer Undergoing Cisplatin-Based Chemoradiotherapy

Low skeletal muscle mass (SMM) is associated with toxicities and decreased survival in head and neck cancer (HNC). Chemoradiotherapy (CRT) may exaggerate loss of SMM. We investigated the changes in SMM, their predictors, and prognostic impact of SMM in patients treated with CRT between 2012 and 2018. Skeletal muscle area (SMA) segmentation was performed on pre- and post-CRT imaging. Observed changes in SMM were categorized into: (I) Stable, (II) moderate gain (III), moderate loss, (IV) large gain, and (V) large loss. In total, 235 HNC patients were included, of which 39% had stable SMM, 55% moderate loss, 13% moderate gain, 0.4% large loss, and 0.4% large gain of SMM. After CRT, SMA decreased compared to pre-CRT (31.6 cm2 versus 33.3 cm2, p < 0.01). The key predictor was a body mass index (BMI) of ≥30 kg/m2 (OR 3.6, 95% CI 1.4–9.3, p < 0.01). Low SMM at diagnosis (HR 2.1; 95% CI 1.1–4.1, p = 0.03) and an HPV-positive oropharyngeal tumor (HR 0.1; 95% CI 0.01–0.9, p = 0.04) were prognostic for overall survival. Changes in SMM were not prognostic for survival. Loss of SMM is highly prevalent after CRT and a high BMI before treatment may aid in identifying patients at risk.

Sustainability Reporting and Accounting in Measuring the Costs of Flared Dry Gas Industry

The sector oil and gas are very importance in the Iraqi economy, and natural gas cause less pollution to the environment. Due to the conditions that the country went through, the existing infrastructure is unable to process the quantities of natural gas associated with the extraction of crude oil, therefore it is treated by burning. This has harmful effects on the environment and society. In addition, the expenditure on treating is very large and the country suffer a large loss of revenue in the atmosphere. Therefore, the responsible authorities should decide to limit these burning processes through the information on economy, environment and society that sustainability accounting provides. Also, the company being studied shows that there are a lot of costs incurred by burning dry gas for two reasons: compressors stop working and network pressure. This is a waste of the natural resource and of large sums that could have been revenues for the country. Although there are also disadvantages on the environment and society, the company’s expenditure on the environment and society is small compared to the costs spent on producing dry gas. This does not support sustainable development, and the study concludes with some conclusions and recommendations.

MATHEMATICAL-STATISTICAL ANALYSIS OF PRODUCTS SOLD IN ENTERPRISES

The demand for some oil mining equipment in the country is met by the activities of open joint-stock companies with an oil mechanical engineering profile. Such enterprises include: Baku Steel Ropes OJSC, Baku Oil Mining Equipment OJSC, Neftgazmash OJSC. For the successful solution of many economic and social problems in the country, it is important to increase labor productivity, the production of quality products, in short, improve the efficiency of all social production. In modern times, the increase in production efficiency in the country's economy is due to a number of reasons. First, a very wide economic and scientific-technical potential has been created in the country. A slight deviation from this potential means a large loss. Improving the use of individual resources allows for greater economic gai

This Wicked Gamble

On the eve of the amphibious assault at Gallipoli, practically all the senior military officers involved feared disaster. Disaster promptly ensued, with a large loss of life including among Australian units. The resignation of Admiral Fisher compounded the disaster and led to the fall of the Asquith Ministry and formation of Coalition government. Days after the landings, the British government was stunned to learn that Russia had no wheat available for export. Fortuitously, the price of wheat fell thanks to an unexpected bumper North American crop. After another failed attack at the Dardanelles in August 1915, British government finally cuts its losses and quit the Gallipoli peninsula.