Adaptative air traffic network: statistical regularities in traffic management

Size: px
Start display at page:

Download "Adaptative air traffic network: statistical regularities in traffic management"

Transcription

1 ELSA Empirically grounded agent based models for the future ATM scenario Adaptative air traffic network: statistical regularities in traffic management 11 th ATM USA/Europe ATM R&D seminar, June 2015 G. Gurtner, C. Bongiorno, S. Miccichè, F. Lillo & R. Mantegna, S. Pozzi

2 Presentation of ELSA Part of the SESAR WP-E (long-term research) EmpiricaLly grounded agent based models for the future ATM scenario Deep Blue Gerald Gurtner Simone Pozzi Università di Palermo Christian Bongiorno Salvatore Miccichè Rosario Mantegna Scuola Normale Superiore di Pisa Fabrizio Lillo G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

3 Introduction to ELSA SESAR and NextGen try to shift from a top-down organization to a bottom-up approach i.e. flight structure emerges out of the single trajectories, The way the airspace will be used will deeply change. This changes require the understanding of how all the elements will interact together. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

4 Introduction to ELSA SESAR and NextGen try to shift from a top-down organization to a bottom-up approach i.e. flight structure emerges out of the single trajectories, The way the airspace will be used will deeply change. This changes require the understanding of how all the elements will interact together. System Large system: up to 30,000 flights a day, 500 airports, 900 sectors, 6,000 navigation points, different networks, different scales, everything is intricate, Big number of agents competing for different goals, Various types of interactions between them. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

5 First goal of ELSA Presentation of ELSA In the current scenario, finding the hidden statistical patterns which will/should be reproduced or taken into account to go to the new scenario. In particular: Monitor differences between the planned use of the network and its actual use, as determined by either controllers or pilots, Employ methods that can capture system-level regularities, but that can provide entry points to drill down and identify the local causes creating such patterns. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

6 First goal of ELSA Presentation of ELSA In the current scenario, finding the hidden statistical patterns which will/should be reproduced or taken into account to go to the new scenario. In particular: Monitor differences between the planned use of the network and its actual use, as determined by either controllers or pilots, Employ methods that can capture system-level regularities, but that can provide entry points to drill down and identify the local causes creating such patterns. Second goal of ELSA Build an Agent-Based Model (ABM) integrating many actors at different levels in order to test new scenarios in Air Traffic Management (ATM), taking into account the previous statistical facts. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

7 First goal of ELSA Presentation of ELSA In the current scenario, finding the hidden statistical patterns which will/should be reproduced or taken into account to go to the new scenario. In particular: Monitor differences between the planned use of the network and its actual use, as determined by either controllers or pilots, Employ methods that can capture system-level regularities, but that can provide entry points to drill down and identify the local causes creating such patterns. Second goal of ELSA Build an Agent-Based Model (ABM) integrating many actors at different levels in order to test new scenarios in Air Traffic Management (ATM), taking into account the previous statistical facts. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

8 Table of Contents 1 Introduction 2 Comparing planned and actual trajectories The navpoint network Comparison of metrics among countries Advanced metrics and correlations Overexpression of deviations 3 Discussion Other null models Third dimension Other metrics Spatial extension of the correlations 4 Conclusions G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

9 Table of Contents 1 Introduction 2 Comparing planned and actual trajectories The navpoint network Comparison of metrics among countries Advanced metrics and correlations Overexpression of deviations 3 Discussion Other null models Third dimension Other metrics Spatial extension of the correlations 4 Conclusions G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

10 Organization of the airspace The airspace in organized in a hierarchical way by different pieces. Main important pieces are: National Airspace, Sectors, 3d volumes controlled directly by two controllers, Navigation points (navpoints), defined via a couple of latitude/longitude values (no height!) Flight plan submission A flight plan is a sequence of navpoints with cruise altitude and hours of departure and arrival. A first flight plan is filed around two hours before the departure. The flight plan is updated just before departure, recorded in m1 files. The flight is tracked during its course, the trajectory is recorded in m3 files. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

11 Network theory approach Central Idea Study the relationships between different entities to understand how they shape a system. In particular, air traffic-based networks are built this way: Consider a type of entity used by the flight during its trajectory (airport, sector, navpoint); define all instances of this type as nodes; put a link between two nodes if a flight is going from one entity to the other in the considered time window, (optional) put a weight on each link proportional to the number of flights crossing the link in the considered time window. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

12 Network theory approach Central Idea Study the relationships between different entities to understand how they shape a system. In particular, air traffic-based networks are built this way: Consider a type of entity used by the flight during its trajectory (airport, sector, navpoint); define all instances of this type as nodes; put a link between two nodes if a flight is going from one entity to the other in the considered time window, (optional) put a weight on each link proportional to the number of flights crossing the link in the considered time window. The network is a creation of the traffic, which was based on a prior organization of the airspace, which in turn is based on past traffic. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

13 Navpoint network We build networks of navpoints, allowing to study the finest resolution of the trajectories. With planned and actual trajectories, one could build two types of networks: the planned network, heavily dependant on how the airspace has been previously organized, the realized network, including the actions of the controllers. The structure of the networks and the differences between them are the consequences of the choices from regulators and controllers. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

14 Navpoint network We build networks of navpoints, allowing to study the finest resolution of the trajectories. With planned and actual trajectories, one could build two types of networks: the planned network, heavily dependant on how the airspace has been previously organized, the realized network, including the actions of the controllers. The structure of the networks and the differences between them are the consequences of the choices from regulators and controllers. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

15 Navpoint network We build networks of navpoints, allowing to study the finest resolution of the trajectories. With planned and actual trajectories, one could build two types of networks: the planned network, heavily dependant on how the airspace has been previously organized, the realized network, including the actions of the controllers. The structure of the networks and the differences between them are the consequences of the choices from regulators and controllers. Here we use one month of data in different national airspaces to build the networks. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

16 Metrics Traffic-related metrics Number of flights in a given area, en-route delay, length of trajectory... Standard network metrics Degree: number of links of a node. It can be viewed as a very local complexity of the traffic for controllers. Strength: sum of the weights of the links pointing to a node. This is proportional to the traffic passing through the navpoint. Delta network metrics Measuring a difference between planned and real trajectories. Fork: fraction of flights rerouted at a given point,... G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

17 Navpoint network French airspace, one month of data based on the en-route part of planned trajectories. Remark: this is a two dimensional network, all flights levels are projected. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

18 Network metrics Country Nodes Deg. Max Deg. Str. Max Str. Eff. Italy (LI) France (LF) UK (EG) Spain (LE) Germany (ED) Belgium (EB) Different countries have different strategies/geographical constraints. Some concentrate the traffic in a few nodes (e.g. Belgium or Germany) whereas others spread it on a higher number of nodes hence decreasing the local traffic (strength) (e.g. UK) Some keep the local complexity (the degree) at a low level (Belgium, France), whereas others allow high local complexity (U.K.). G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

19 Non-conventional and traffic metrics Country l r l p /l p En-route delay En-route delay fork LI LF EG LE ED EB Different countries have different strategies during the tactical phase. Some keep the horizontal trajectories very stable, hence the punctuality is high (France) whereas other countries disturb the trajectories (Spain), Some countries have less deviations per navpoints but longer deviations (Spain) whereas other have higher rate of deviations (France). G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

20 Changing network with the traffic Hourly-averaged metrics for Germany, days and nights over one month Structure of the network changes with traffic. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

21 The Fork metric G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

22 The Fork metric G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

23 The Fork metric G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

24 The Fork metric G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

25 The Fork metric G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

26 The Fork metric The value of this non-standard metric displays a daily patterns correlation between Fork and the traffic. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

27 Reaction of controllers to the traffic Hourly-averaged metrics for France, days and nights over one month Negative correlation between the traffic and the number of reroutings stabilization of the horizontal trajectories when the traffic is high. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

28 Reaction of controllers in different countries Country Pearson corr. coeff. LI LF EG LE ED EB Different magnitude in different countries. Two distinct operational situations lead to the same apparent outcome: Rerouting coming from conflict, Directs asked by pilots to controllers. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

29 Reroutings during nights and days Distributions of fork during nights and days are distinct. During the night, controllers are using less nodes, with a high overall value of deviations, including the maximum, but no special nodes. On the contrary, during the day, controllers use more navpoints and spread the deviations on more nodes, but they keep a few nodes which bear many deviations with respect to their traffic. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

30 What is a statistical null model? Imagine you are looking at people in the street and you count blond people. You know that in your country there are 20% of blond people in the population. You see 10 persons every hour. 8am: over 10 persons, 2 were blond: things are pretty normal. 9am: over 10 persons, 3 were blond: things are still normal, it is just a fluctuation. 10am: over 10 persons, 1 was blond: things are still normal, it is just a fluctuation. 11am: over 10 persons, 5 were blond: this is strange, but not impossible. 12am: over 10 persons, 2 were blond: things are pretty normal... 5pm: over 10 persons, 10 were blond: this is not normal, this is not happening by chance. There MUST be another reason: you reject the fact (the null hypothesis) that this is happening by chance. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

31 Statistical null model Need of a statistical model: The local value of the fork can be the result of fluctuations or consistent use (or absent of use) by the controllers for reroutings. We use a statistical model in order to test if some navpoints are likely to be the sources of reroutings not by mere chance, but because another process is at play (most likely, the controllers). We make the hypothesis that each flight passing through a navpoint has the same probability of being rerouted. Hence, the probability of the value of the fork (fraction of rerouted flights passing through the node) is computable analytically. Probability to have the values computed with the data can be assessed and those sufficiently unlikely (under 1%) are called overexpressed. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

32 Daily evolution of overexpressed nodes Non-zero number of overexpressed navpoint: non random use of the navpoints. Daily pattern, more overexpressed navpoints during the day: possible stronger procedures during the day. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

33 Stability of the special points Some nodes are consistently used as source of rerouting by the controllers. Different nodes seem to be used during the night and during the day. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

34 Map of most stable points G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

35 Table of Contents 1 Introduction 2 Comparing planned and actual trajectories The navpoint network Comparison of metrics among countries Advanced metrics and correlations Overexpression of deviations 3 Discussion Other null models Third dimension Other metrics Spatial extension of the correlations 4 Conclusions G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

36 The ELSA Air Traffic Simulator ELSA also developed a simulator modelling the Strategic and Tactical Phases. Different modules Airspace building: the user can build its own airspace: sector, navpoints, etc. Strategic phase: the air companies submit different flight plan to the network manager, which can reject them based on the occupation of the airspace. Tactical Phase: a (super)-controller is solving the conflicts with different actions: reroutings, directs, changes of altitudes, also checking for sector capacity constraints. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

37 The ELSA Air Traffic Simulator ELSA also developed a simulator modelling the Strategic and Tactical Phases. Different modules Airspace building: the user can build its own airspace: sector, navpoints, etc. Strategic phase: the air companies submit different flight plan to the network manager, which can reject them based on the occupation of the airspace. Tactical Phase: a (super)-controller is solving the conflicts with different actions: reroutings, directs, changes of altitudes, also checking for sector capacity constraints. The result is a realistic simulation of the airspace where the user can change the structure of the airspace and the behaviors of the agents to test different scenarios. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

38 Using the Simulator for null models The ABM will be used to produce alternate null models for statistical tests and refine the analysis on the special points. In particular: By removing some constraints on the system: capacity constraint, conflict resolution, etc. By changing the behaviors of actors (directs, etc), By changing the flows between entries/exits. This will allow to make the difference between what is due to the network, what is due to the flows and what is due to the controllers themselves. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

39 Using the Simulator for null models The ABM will be used to produce alternate null models for statistical tests and refine the analysis on the special points. In particular: By removing some constraints on the system: capacity constraint, conflict resolution, etc. By changing the behaviors of actors (directs, etc), By changing the flows between entries/exits. This will allow to make the difference between what is due to the network, what is due to the flows and what is due to the controllers themselves. Advertisement The Simulator is now is pre-release and can be accessed on demand. It will be released as open source at the end of July and can be used as scenario generator in other studies. It is modular, documented with some tutorials and is designed to be used and enhanced by the academic community. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

40 Deviations in three dimensions In theory, the same kind of work can be done vertically: compute the unexpected changes of altitudes with respect to the flight plan. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

41 Deviations in three dimensions In theory, the same kind of work can be done vertically: compute the unexpected changes of altitudes with respect to the flight plan. Problem: the vertical trajectory is not reliable because it has been reconstucted by the CFMU. the data is not reliable enough. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

42 Deviations in three dimensions In theory, the same kind of work can be done vertically: compute the unexpected changes of altitudes with respect to the flight plan. Problem: the vertical trajectory is not reliable because it has been reconstucted by the CFMU. the data is not reliable enough. Possible solution: infer normal trajectories for scheduled flights from different days/weeks/months and then compute statistical outliers to see deviations. this will only work if the trajectories are stable enough in the vertical dimension. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

43 What about other metrics? Do we have the right metrics? Frac: fraction of flights which should have passed by the point and have not. Fork: fraction of flights for which a deviation begins after this point; this point is the last common point in M1 and M3 for this piece of trajectory. Antifork: contrary of the previous one, points which ends a deviation. First common point between M1 and M3 after a deviation. AfterFork: fraction of flights which had a fork at the previous point. Alt: absolute difference of altitude at this point between the planned and actual one. Dev: amount of horizontal area generated by the point, divided by the distance to the next point. Vert dev: amount of vertical area generated by the point, divided by the distance to the next point. Delay: amount of en-route delay generated by the point. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

44 Natural spatial extension of control? G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

45 Conclusions Different countries display different types of network which reflect the structure of the airspace as well as the different traffic conditions, As a consequence of these differences and of the different cultures among controllers, the deviations from the planned flight plans are also different in different countries. The controllers react to increased traffic by stabilizing the horizontal trajectories. Different countries have different policies in this regard too. Overexpression of some advance metrics among points allows to spot them geographically and to study them more in-depth via experts feedback. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

46 Changing network with the traffic random effect? not a random effect. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

47 The ELSA Air Traffic Simulator G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

48 Network theory approach This approach can be applied at several levels for the air traffic. G. Gurtner et al. (ELSA) Adaptative air traffic network ATM seminar, June / 34

Rosario Nunzio Mantegna

Rosario Nunzio Mantegna Credit markets as networked markets: the cases of bank-firm credit relationships in Japan and emid interbank market Rosario Nunzio Mantegna Central European University, Budapest, Hungary Palermo University,

More information

D6.2 Stakeholder Consultation on Business and Regulatory Scenarios

D6.2 Stakeholder Consultation on Business and Regulatory Scenarios EXPLORATORY RESEARCH D6.2 Stakeholder Consultation on Business and Regulatory Scenarios Deliverable 6.2 Vista Grant: 699390 Call: H2020-SESAR-2015-1 Topic: Sesar-05-2015 Economics and Legal Change in ATM

More information

Rosario Nunzio Mantegna

Rosario Nunzio Mantegna Statistically validated networks of market members trading at the LSE electronic and dealers' market Rosario Nunzio Mantegna Central European University, Budapest, Hungary Palermo University, Palermo,

More information

Measuring the potential value of demand response using historical market data

Measuring the potential value of demand response using historical market data Measuring the potential value of demand response using historical market data Graziano Abrate, University of Piemonte Orientale and FEEM Daniele Benintendi, FEEM Milano, 24 September 2009 Agenda 1. Motivation

More information

Stochastic Modelling: The power behind effective financial planning. Better Outcomes For All. Good for the consumer. Good for the Industry.

Stochastic Modelling: The power behind effective financial planning. Better Outcomes For All. Good for the consumer. Good for the Industry. Stochastic Modelling: The power behind effective financial planning Better Outcomes For All Good for the consumer. Good for the Industry. Introduction This document aims to explain what stochastic modelling

More information

Financial Economics. Runs Test

Financial Economics. Runs Test Test A simple statistical test of the random-walk theory is a runs test. For daily data, a run is defined as a sequence of days in which the stock price changes in the same direction. For example, consider

More information

EUROCONTROL Medium-Term Forecast of Service Units: September 2010

EUROCONTROL Medium-Term Forecast of Service Units: September 2010 EUROCONTROL Medium-Term Forecast of Service Units: September 2010 Figure 1. Average annual growth of service units in 2010-2014 Summary: This report presents the first medium-term forecast of service units

More information

TraderEx Self-Paced Tutorial and Case

TraderEx Self-Paced Tutorial and Case Background to: TraderEx Self-Paced Tutorial and Case Securities Trading TraderEx LLC, July 2011 Trading in financial markets involves the conversion of an investment decision into a desired portfolio position.

More information

Hidden Liquidity: Some new light on dark trading

Hidden Liquidity: Some new light on dark trading Hidden Liquidity: Some new light on dark trading Gideon Saar 8 th Annual Central Bank Workshop on the Microstructure of Financial Markets: Recent Innovations in Financial Market Structure October 2012

More information

Macroeconomics II Consumption

Macroeconomics II Consumption Macroeconomics II Consumption Vahagn Jerbashian Ch. 17 from Mankiw (2010); 16 from Mankiw (2003) Spring 2018 Setting up the agenda and course Our classes start on 14.02 and end on 31.05 Lectures and practical

More information

Official Journal of the European Union

Official Journal of the European Union 4.3.2015 L 60/55 COMMISSION IMPLEMTING DECISION (EU) 2015/348 of 2 March 2015 concerning the consistency of certain targets included in the national or functional airspace block plans submitted pursuant

More information

Predicting Inflation without Predictive Regressions

Predicting Inflation without Predictive Regressions Predicting Inflation without Predictive Regressions Liuren Wu Baruch College, City University of New York Joint work with Jian Hua 6th Annual Conference of the Society for Financial Econometrics June 12-14,

More information

Slide 3: What are Policy Analysis and Policy Options Analysis?

Slide 3: What are Policy Analysis and Policy Options Analysis? 1 Module on Policy Analysis and Policy Options Analysis Slide 3: What are Policy Analysis and Policy Options Analysis? Policy Analysis and Policy Options Analysis are related methodologies designed to

More information

Stock Market Forecast: Chaos Theory Revealing How the Market Works March 25, 2018 I Know First Research

Stock Market Forecast: Chaos Theory Revealing How the Market Works March 25, 2018 I Know First Research Stock Market Forecast: Chaos Theory Revealing How the Market Works March 25, 2018 I Know First Research Stock Market Forecast : How Can We Predict the Financial Markets by Using Algorithms? Common fallacies

More information

Chapter 7. Inferences about Population Variances

Chapter 7. Inferences about Population Variances Chapter 7. Inferences about Population Variances Introduction () The variability of a population s values is as important as the population mean. Hypothetical distribution of E. coli concentrations from

More information

MS&E 348 Winter 2011 BOND PORTFOLIO MANAGEMENT: INCORPORATING CORPORATE BOND DEFAULT

MS&E 348 Winter 2011 BOND PORTFOLIO MANAGEMENT: INCORPORATING CORPORATE BOND DEFAULT MS&E 348 Winter 2011 BOND PORTFOLIO MANAGEMENT: INCORPORATING CORPORATE BOND DEFAULT March 19, 2011 Assignment Overview In this project, we sought to design a system for optimal bond management. Within

More information

Simulation of delta hedging of an option with volume uncertainty. Marc LE DU, Clémence ALASSEUR EDF R&D - OSIRIS

Simulation of delta hedging of an option with volume uncertainty. Marc LE DU, Clémence ALASSEUR EDF R&D - OSIRIS Simulation of delta hedging of an option with volume uncertainty Marc LE DU, Clémence ALASSEUR EDF R&D - OSIRIS Agenda 1. Introduction : volume uncertainty 2. Test description: a simple option 3. Results

More information

The CreditRiskMonitor FRISK Score

The CreditRiskMonitor FRISK Score Read the Crowdsourcing Enhancement white paper (7/26/16), a supplement to this document, which explains how the FRISK score has now achieved 96% accuracy. The CreditRiskMonitor FRISK Score EXECUTIVE SUMMARY

More information

Optimizing DSM Program Portfolios

Optimizing DSM Program Portfolios Optimizing DSM Program Portfolios William B, Kallock, Summit Blue Consulting, Hinesburg, VT Daniel Violette, Summit Blue Consulting, Boulder, CO Abstract One of the most fundamental questions in DSM program

More information

Diversified Growth Fund

Diversified Growth Fund Diversified Growth Fund A Sophisticated Approach to Multi-Asset Investing Introduction The Trustee of the NOW: Pensions Scheme has appointed NOW: Pensions Investment A/S Fondsmæglerselskab A/S as Investment

More information

User Forum Continuous Descent Operations. Implementation in Europe. Brent Day & Veronica McMahon

User Forum Continuous Descent Operations. Implementation in Europe. Brent Day & Veronica McMahon User Forum 2013 Continuous Descent Operations Implementation in Europe Brent Day & Veronica McMahon CDO Implementation Team 24 Jan 2013 SCOPE Description and Concept of CDO Why CDO the benefits European

More information

Lattice Model of System Evolution. Outline

Lattice Model of System Evolution. Outline Lattice Model of System Evolution Richard de Neufville Professor of Engineering Systems and of Civil and Environmental Engineering MIT Massachusetts Institute of Technology Lattice Model Slide 1 of 48

More information

Steve Keen s Dynamic Model of the economy.

Steve Keen s Dynamic Model of the economy. Steve Keen s Dynamic Model of the economy. Introduction This article is a non-mathematical description of the dynamic economic modeling methods developed by Steve Keen. In a number of papers and articles

More information

Harmonisation issues in CDO implementation

Harmonisation issues in CDO implementation Harmonisation issues in CDO implementation 3 rd European CDO Workshop, EUROCONTROL, Brussels, 18 March 2013 ICAO European and North Atlantic Office 18 March 2013 Page 1 The global framework Air traffic

More information

Better decision making under uncertain conditions using Monte Carlo Simulation

Better decision making under uncertain conditions using Monte Carlo Simulation IBM Software Business Analytics IBM SPSS Statistics Better decision making under uncertain conditions using Monte Carlo Simulation Monte Carlo simulation and risk analysis techniques in IBM SPSS Statistics

More information

Chapter IV. Forecasting Daily and Weekly Stock Returns

Chapter IV. Forecasting Daily and Weekly Stock Returns Forecasting Daily and Weekly Stock Returns An unsophisticated forecaster uses statistics as a drunken man uses lamp-posts -for support rather than for illumination.0 Introduction In the previous chapter,

More information

The Comovements Along the Term Structure of Oil Forwards in Periods of High and Low Volatility: How Tight Are They?

The Comovements Along the Term Structure of Oil Forwards in Periods of High and Low Volatility: How Tight Are They? The Comovements Along the Term Structure of Oil Forwards in Periods of High and Low Volatility: How Tight Are They? Massimiliano Marzo and Paolo Zagaglia This version: January 6, 29 Preliminary: comments

More information

Membrane Computing Applications in Computational Economics Eduardo Sánchez Karhunen

Membrane Computing Applications in Computational Economics Eduardo Sánchez Karhunen Membrane Computing Applications in Computational Economics Eduardo Sánchez Karhunen BWMC 2017 Sevilla, February 3, 2017 Contents 1. Preliminaries 2. Producer Retailer problem: Initial Model Description.

More information

Week 2 Quantitative Analysis of Financial Markets Hypothesis Testing and Confidence Intervals

Week 2 Quantitative Analysis of Financial Markets Hypothesis Testing and Confidence Intervals Week 2 Quantitative Analysis of Financial Markets Hypothesis Testing and Confidence Intervals Christopher Ting http://www.mysmu.edu/faculty/christophert/ Christopher Ting : christopherting@smu.edu.sg :

More information

Lecture notes on risk management, public policy, and the financial system Credit risk models

Lecture notes on risk management, public policy, and the financial system Credit risk models Lecture notes on risk management, public policy, and the financial system Allan M. Malz Columbia University 2018 Allan M. Malz Last updated: June 8, 2018 2 / 24 Outline 3/24 Credit risk metrics and models

More information

Uncertainty Analysis with UNICORN

Uncertainty Analysis with UNICORN Uncertainty Analysis with UNICORN D.A.Ababei D.Kurowicka R.M.Cooke D.A.Ababei@ewi.tudelft.nl D.Kurowicka@ewi.tudelft.nl R.M.Cooke@ewi.tudelft.nl Delft Institute for Applied Mathematics Delft University

More information

Measuring and explaining liquidity on an electronic limit order book: evidence from Reuters D

Measuring and explaining liquidity on an electronic limit order book: evidence from Reuters D Measuring and explaining liquidity on an electronic limit order book: evidence from Reuters D2000-2 1 Jón Daníelsson and Richard Payne, London School of Economics Abstract The conference presentation focused

More information

Economic optimization in Model Predictive Control

Economic optimization in Model Predictive Control Economic optimization in Model Predictive Control Rishi Amrit Department of Chemical and Biological Engineering University of Wisconsin-Madison 29 th February, 2008 Rishi Amrit (UW-Madison) Economic Optimization

More information

The role of central banks and governments in the crisis

The role of central banks and governments in the crisis The role of central banks and governments in the crisis 87 th Kieler Konjunkturgespräch Kiel, March 18/19 2013 Joachim Scheide, Kiel Institute for the World Economy After the synchronous downturn we now

More information

The Estimation of Expected Stock Returns on the Basis of Analysts' Forecasts

The Estimation of Expected Stock Returns on the Basis of Analysts' Forecasts The Estimation of Expected Stock Returns on the Basis of Analysts' Forecasts by Wolfgang Breuer and Marc Gürtler RWTH Aachen TU Braunschweig October 28th, 2009 University of Hannover TU Braunschweig, Institute

More information

Summaries in English *

Summaries in English * Summaries in English * What amount of public debt in 2030 in France? Eric Heyer, Mathieu Plane and Xavier Timbeau The financial and banking crisis in France, as in all industrialized countries, has had

More information

Copyright 2005 Pearson Education, Inc. Slide 6-1

Copyright 2005 Pearson Education, Inc. Slide 6-1 Copyright 2005 Pearson Education, Inc. Slide 6-1 Chapter 6 Copyright 2005 Pearson Education, Inc. Measures of Center in a Distribution 6-A The mean is what we most commonly call the average value. It is

More information

SES Performance targets and achievements

SES Performance targets and achievements SES Performance targets and achievements Peter Griffiths Friday, 24 May 13 t Topics SES Performance Scheme Targets for RP1 (2012-14) Performance achieved in 2012 Looking ahead SES Performance targets and

More information

Testing Static Tradeoff Against Pecking Order Models. Of Capital Structure: A Critical Comment. Robert S. Chirinko. and. Anuja R.

Testing Static Tradeoff Against Pecking Order Models. Of Capital Structure: A Critical Comment. Robert S. Chirinko. and. Anuja R. Testing Static Tradeoff Against Pecking Order Models Of Capital Structure: A Critical Comment Robert S. Chirinko and Anuja R. Singha * October 1999 * The authors thank Hashem Dezhbakhsh, Som Somanathan,

More information

How to Satisfy GAO Schedule Best Practices

How to Satisfy GAO Schedule Best Practices By Dr. Mohamed Hegab, PE, PMP Executive Vice President November 2010 EyeDeal Tech 3943 Irvine Blvd, #127 Irvine, Ca 92602 www.schedulecracker.com Copyright 2010EyeDeal Tech. All rights reserved. This document

More information

Phylogenetic comparative biology

Phylogenetic comparative biology Phylogenetic comparative biology In phylogenetic comparative biology we use the comparative data of species & a phylogeny to make inferences about evolutionary process and history. Reconstructing the ancestral

More information

Alternative Premia, Alternative Price

Alternative Premia, Alternative Price Aon Investment Research and Insights Alternative Premia, Alternative Price An introduction to Alternative Risk Premia February 2018 Table of Contents Executive Summary....1 What are Alternative Risk Premia

More information

ACRITAS PATTERNS IN LEGAL SPEND REPORT

ACRITAS PATTERNS IN LEGAL SPEND REPORT ACRITAS PATTERNS IN LEGAL SPEND REPORT Part 1 A thought provoking look at patterns in legal spend as a proportion of revenue which points to the need for organizations to seek relevant benchmarks. June,

More information

Calamos Phineus Long/Short Fund

Calamos Phineus Long/Short Fund Calamos Phineus Long/Short Fund Performance Update SEPTEMBER 18 FOR INVESTMENT PROFESSIONAL USE ONLY Why Calamos Phineus Long/Short Equity-Like Returns with Superior Risk Profile Over Full Market Cycle

More information

Performance Attribution: Are Sector Fund Managers Superior Stock Selectors?

Performance Attribution: Are Sector Fund Managers Superior Stock Selectors? Performance Attribution: Are Sector Fund Managers Superior Stock Selectors? Nicholas Scala December 2010 Abstract: Do equity sector fund managers outperform diversified equity fund managers? This paper

More information

CHAPTER 2 LITERATURE REVIEW

CHAPTER 2 LITERATURE REVIEW CHAPTER 2 LITERATURE REVIEW Capital budgeting is the process of analyzing investment opportunities and deciding which ones to accept. (Pearson Education, 2007, 178). 2.1. INTRODUCTION OF CAPITAL BUDGETING

More information

Real Options. Katharina Lewellen Finance Theory II April 28, 2003

Real Options. Katharina Lewellen Finance Theory II April 28, 2003 Real Options Katharina Lewellen Finance Theory II April 28, 2003 Real options Managers have many options to adapt and revise decisions in response to unexpected developments. Such flexibility is clearly

More information

UNIVERSITÀ DEGLI STUDI DI TORINO SCHOOL OF MANAGEMENT AND ECONOMICS SIMULATION MODELS FOR ECONOMICS. Final Report. Stop-Loss Strategy

UNIVERSITÀ DEGLI STUDI DI TORINO SCHOOL OF MANAGEMENT AND ECONOMICS SIMULATION MODELS FOR ECONOMICS. Final Report. Stop-Loss Strategy UNIVERSITÀ DEGLI STUDI DI TORINO SCHOOL OF MANAGEMENT AND ECONOMICS SIMULATION MODELS FOR ECONOMICS Final Report Stop-Loss Strategy Prof. Pietro Terna Edited by Luca Di Salvo, Giorgio Melon, Luca Pischedda

More information

Chapter 3. Numerical Descriptive Measures. Copyright 2016 Pearson Education, Ltd. Chapter 3, Slide 1

Chapter 3. Numerical Descriptive Measures. Copyright 2016 Pearson Education, Ltd. Chapter 3, Slide 1 Chapter 3 Numerical Descriptive Measures Copyright 2016 Pearson Education, Ltd. Chapter 3, Slide 1 Objectives In this chapter, you learn to: Describe the properties of central tendency, variation, and

More information

IP Valuation Committee June Advancing the Business of Intellectual Property Globally 2018 LES International - IP Valuation Committee 1

IP Valuation Committee June Advancing the Business of Intellectual Property Globally 2018 LES International - IP Valuation Committee 1 IP Valuation Committee June 2018 Advancing the Business of Intellectual Property Globally 2018 LES International - IP Valuation Committee 1 Why do we focus on intangible (IP) assets? Intangible value of

More information

Comparison of the Characteristics of Abnormal Waves on the North Sea and Gulf of Mexico

Comparison of the Characteristics of Abnormal Waves on the North Sea and Gulf of Mexico Comparison of the Characteristics of Abnormal Waves on the North Sea and Gulf of Mexico C. Guedes Soares, E. M. Antão Unit of Marine Engineering and Technology, Technical University of Lisbon, Instituto

More information

IJPSS Volume 2, Issue 7 ISSN:

IJPSS Volume 2, Issue 7 ISSN: Global Financial Crisis and Efficiency in Foreign Exchange Markets Mohsen Mehrara* Ali Reza Oryoie** _ Abstract This article inspects the efficiency of the foreign exchange market after the global financial

More information

Expansion of GIDAS Sample Data to the Regional Level: Statistical Methodology and Practical Experiences

Expansion of GIDAS Sample Data to the Regional Level: Statistical Methodology and Practical Experiences 38 H. Hautzinger, M. Pfeiffer, J. Schmidt Institut für angewandte Verkehrs- und Tourismusforschung e. V., Mannheim, Germany Expansion of GIDAS Sample Data to the Regional Level: Statistical Methodology

More information

Minimum Variance and Tracking Error: Combining Absolute and Relative Risk in a Single Strategy

Minimum Variance and Tracking Error: Combining Absolute and Relative Risk in a Single Strategy White Paper Minimum Variance and Tracking Error: Combining Absolute and Relative Risk in a Single Strategy Matthew Van Der Weide Minimum Variance and Tracking Error: Combining Absolute and Relative Risk

More information

THE ASSET CORRELATION ANALYSIS IN THE CONTEXT OF ECONOMIC CYCLE

THE ASSET CORRELATION ANALYSIS IN THE CONTEXT OF ECONOMIC CYCLE THE ASSET CORRELATION ANALYSIS IN THE CONTEXT OF ECONOMIC CYCLE Lukáš MAJER Abstract Probability of default represents an idiosyncratic element of bank risk profile and accounts for an inability of individual

More information

Premium Timing with Valuation Ratios

Premium Timing with Valuation Ratios RESEARCH Premium Timing with Valuation Ratios March 2016 Wei Dai, PhD Research The predictability of expected stock returns is an old topic and an important one. While investors may increase expected returns

More information

Web Science & Technologies University of Koblenz Landau, Germany. Lecture Data Science. Statistics and Probabilities JProf. Dr.

Web Science & Technologies University of Koblenz Landau, Germany. Lecture Data Science. Statistics and Probabilities JProf. Dr. Web Science & Technologies University of Koblenz Landau, Germany Lecture Data Science Statistics and Probabilities JProf. Dr. Claudia Wagner Data Science Open Position @GESIS Student Assistant Job in Data

More information

8 Simulation Analysis of TCP/DCA

8 Simulation Analysis of TCP/DCA 126 8 Simulation Analysis of TCP/DCA On the simulated paths developed in Chapter 7, we run the hypothetical DCA algorithm we developed in Chapter 5 (i.e., the TCP/DCA algorithm). Through these experiments,

More information

Application of multi-agent games to the prediction of financial time-series

Application of multi-agent games to the prediction of financial time-series Application of multi-agent games to the prediction of financial time-series Neil F. Johnson a,,davidlamper a,b, Paul Jefferies a, MichaelL.Hart a and Sam Howison b a Physics Department, Oxford University,

More information

An Agent-based model of liquidity and solvency interactions

An Agent-based model of liquidity and solvency interactions Grzegorz Hałaj An Agent-based model of liquidity and solvency interactions DISCLAIMER: This presentation should not be reported as representing the views of the European Central Bank (ECB). The views expressed

More information

EUROCONTROL Short- and Medium-Term Forecast of Service Units: May 2011 Update

EUROCONTROL Short- and Medium-Term Forecast of Service Units: May 2011 Update Summary: This document presents the forecast of total service units in Europe 1 for 2011-2016 prepared by the Statistics and Service of EUROCONTROL (STATFOR). This forecast aims principally to support

More information

Social developments in the EU air transport sector

Social developments in the EU air transport sector TR15577 Social developments in the EU air transport sector A study of developments in employment, wages and working conditions in the period 1997-2007 DISCLAIMER: This study has been carried out for the

More information

Group-Sequential Tests for Two Proportions

Group-Sequential Tests for Two Proportions Chapter 220 Group-Sequential Tests for Two Proportions Introduction Clinical trials are longitudinal. They accumulate data sequentially through time. The participants cannot be enrolled and randomized

More information

EXAMINATION II: Fixed Income Valuation and Analysis. Derivatives Valuation and Analysis. Portfolio Management

EXAMINATION II: Fixed Income Valuation and Analysis. Derivatives Valuation and Analysis. Portfolio Management EXAMINATION II: Fixed Income Valuation and Analysis Derivatives Valuation and Analysis Portfolio Management Questions Final Examination March 2011 Question 1: Fixed Income Valuation and Analysis (43 points)

More information

Validation of Nasdaq Clearing Models

Validation of Nasdaq Clearing Models Model Validation Validation of Nasdaq Clearing Models Summary of findings swissquant Group Kuttelgasse 7 CH-8001 Zürich Classification: Public Distribution: swissquant Group, Nasdaq Clearing October 20,

More information

Consumption and Portfolio Choice under Uncertainty

Consumption and Portfolio Choice under Uncertainty Chapter 8 Consumption and Portfolio Choice under Uncertainty In this chapter we examine dynamic models of consumer choice under uncertainty. We continue, as in the Ramsey model, to take the decision of

More information

Ocean Hedge Fund. James Leech Matt Murphy Robbie Silvis

Ocean Hedge Fund. James Leech Matt Murphy Robbie Silvis Ocean Hedge Fund James Leech Matt Murphy Robbie Silvis I. Create an Equity Hedge Fund Investment Objectives and Adaptability A. Preface on how the hedge fund plans to adapt to current and future market

More information

HELSINKI TOURISM STATISTICS June 2016

HELSINKI TOURISM STATISTICS June 2016 HELSINKI TOURISM STATISTICS June 2016 Bednights up 5 per cent In June 2016, 353,000 overnight stays were recorded in Helsinki, of which 13,000 were spent by domestic visitors and 215,000 nights by foreign

More information

Tourism Forecasting Applied to Destination

Tourism Forecasting Applied to Destination Tourism Forecasting Applied to Destination Strategy ETC-UNWTO Forecasting Seminar Vienna, 12 September, 2008 Prepared by: Tourism Economics 121, St Aldates, Oxford, OX1 1HB UK 303 W Lancaster Ave. Wayne

More information

Turning Points Analyzer

Turning Points Analyzer Turning Points Analyzer General Idea Easy Start Going into Depth Astronomical Model Options General Idea The main idea of this module is finding the price levels where the price movement changes its trend.

More information

Airport Strategic Planning. Outline

Airport Strategic Planning. Outline Airport Strategic Planning Dr. Richard de Neufville Professor of Engineering Systems and Civil and Environmental Engineering Massachusetts Institute of Technology Outline The Vision The Context The Problem

More information

The Long Term Evolution of Female Human Capital

The Long Term Evolution of Female Human Capital The Long Term Evolution of Female Human Capital Audra Bowlus and Chris Robinson University of Western Ontario Presentation at Craig Riddell s Festschrift UBC, September 2016 Introduction and Motivation

More information

First Comparative Study on Market and Credit Risk Modelling

First Comparative Study on Market and Credit Risk Modelling EIOPA-BoS/18-180 22 May 2018 First Comparative Study on Market and Credit Risk Modelling EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19;

More information

Catastrophe Reinsurance Pricing

Catastrophe Reinsurance Pricing Catastrophe Reinsurance Pricing Science, Art or Both? By Joseph Qiu, Ming Li, Qin Wang and Bo Wang Insurers using catastrophe reinsurance, a critical financial management tool with complex pricing, can

More information

Solvency Assessment and Management: Stress Testing Task Group Discussion Document 96 (v 3) General Stress Testing Guidance for Insurance Companies

Solvency Assessment and Management: Stress Testing Task Group Discussion Document 96 (v 3) General Stress Testing Guidance for Insurance Companies Solvency Assessment and Management: Stress Testing Task Group Discussion Document 96 (v 3) General Stress Testing Guidance for Insurance Companies 1 INTRODUCTION AND PURPOSE The business of insurance is

More information

STATE BANK OF PAKISTAN

STATE BANK OF PAKISTAN STATE BANK OF PAKISTAN STATISTICAL OFFICERS TRAINING SCHEME (SOTS) SAMPLE PAPER Page 1 of 7 ENGLISH Read the passage carefully and answer questions 1-2 Some interesting information has been produced from

More information

Alternative VaR Models

Alternative VaR Models Alternative VaR Models Neil Roeth, Senior Risk Developer, TFG Financial Systems. 15 th July 2015 Abstract We describe a variety of VaR models in terms of their key attributes and differences, e.g., parametric

More information

Appendix A. Selecting and Using Probability Distributions. In this appendix

Appendix A. Selecting and Using Probability Distributions. In this appendix Appendix A Selecting and Using Probability Distributions In this appendix Understanding probability distributions Selecting a probability distribution Using basic distributions Using continuous distributions

More information

National Quali cations

National Quali cations National Quali cations AH018 X70/77/11 Statistics THURSDAY, 10 MAY 1:00 PM 4:00 PM Total marks 100 Attempt ALL questions. You may use a calculator. Full credit will be given only to solutions which contain

More information

AFM 371 Winter 2008 Chapter 14 - Efficient Capital Markets

AFM 371 Winter 2008 Chapter 14 - Efficient Capital Markets AFM 371 Winter 2008 Chapter 14 - Efficient Capital Markets 1 / 24 Outline Background What Is Market Efficiency? Different Levels Of Efficiency Empirical Evidence Implications Of Market Efficiency For Corporate

More information

Business Statistics 41000: Probability 3

Business Statistics 41000: Probability 3 Business Statistics 41000: Probability 3 Drew D. Creal University of Chicago, Booth School of Business February 7 and 8, 2014 1 Class information Drew D. Creal Email: dcreal@chicagobooth.edu Office: 404

More information

Financial Risk Forecasting Chapter 4 Risk Measures

Financial Risk Forecasting Chapter 4 Risk Measures Financial Risk Forecasting Chapter 4 Risk Measures Jon Danielsson 2017 London School of Economics To accompany Financial Risk Forecasting www.financialriskforecasting.com Published by Wiley 2011 Version

More information

Describing Data: One Quantitative Variable

Describing Data: One Quantitative Variable STAT 250 Dr. Kari Lock Morgan The Big Picture Describing Data: One Quantitative Variable Population Sampling SECTIONS 2.2, 2.3 One quantitative variable (2.2, 2.3) Statistical Inference Sample Descriptive

More information

Risk sharing mechanisms for the EMU: Are banking and equity market integration complementary?

Risk sharing mechanisms for the EMU: Are banking and equity market integration complementary? Risk sharing mechanisms for the EMU: Are banking and equity market integration complementary? Mathias Hoffmann (University of Zurich, UFSP FinReg, CESifo & CAMA) Egor Maslov (University of Zurich, UFSP

More information

Goals and Priorities for Improving Operations in the Northeast Corridor Phase One

Goals and Priorities for Improving Operations in the Northeast Corridor Phase One Goals and Priorities for Improving Operations in the Northeast Corridor Phase One Report of the NextGen Advisory Committee in Response to a Tasking from The Federal Aviation Administration June 2017 Contents

More information

A probability distribution shows the possible outcomes of an experiment and the probability of each of these outcomes.

A probability distribution shows the possible outcomes of an experiment and the probability of each of these outcomes. Introduction In the previous chapter we discussed the basic concepts of probability and described how the rules of addition and multiplication were used to compute probabilities. In this chapter we expand

More information

Review: Population, sample, and sampling distributions

Review: Population, sample, and sampling distributions Review: Population, sample, and sampling distributions A population with mean µ and standard deviation σ For instance, µ = 0, σ = 1 0 1 Sample 1, N=30 Sample 2, N=30 Sample 100000000000 InterquartileRange

More information

Research Factor Indexes and Factor Exposure Matching: Like-for-Like Comparisons

Research Factor Indexes and Factor Exposure Matching: Like-for-Like Comparisons Research Factor Indexes and Factor Exposure Matching: Like-for-Like Comparisons October 218 ftserussell.com Contents 1 Introduction... 3 2 The Mathematics of Exposure Matching... 4 3 Selection and Equal

More information

The Value of Flexibility to Expand Production Capacity for Oil Projects: Is it Really Important in Practice?

The Value of Flexibility to Expand Production Capacity for Oil Projects: Is it Really Important in Practice? SPE 139338-PP The Value of Flexibility to Expand Production Capacity for Oil Projects: Is it Really Important in Practice? G. A. Costa Lima; A. T. F. S. Gaspar Ravagnani; M. A. Sampaio Pinto and D. J.

More information

Algorithmic Order Guide

Algorithmic Order Guide Algorithmic Order Guide STRATEGIES SUPPORTED MARKETS... 3 VWAP... 4 TWAP... 5 WITH VOLUME... 6 IMPLEMENTATION SHORTFALL... 7 PRE-MARKET LIMIT... 8 ICEBERG... 9 RELOAD...10 DARK....11 2 / 11 SUPPORTED MARKETS

More information

Chapter 7 Sampling Distributions and Point Estimation of Parameters

Chapter 7 Sampling Distributions and Point Estimation of Parameters Chapter 7 Sampling Distributions and Point Estimation of Parameters Part 1: Sampling Distributions, the Central Limit Theorem, Point Estimation & Estimators Sections 7-1 to 7-2 1 / 25 Statistical Inferences

More information

Risk management. VaR and Expected Shortfall. Christian Groll. VaR and Expected Shortfall Risk management Christian Groll 1 / 56

Risk management. VaR and Expected Shortfall. Christian Groll. VaR and Expected Shortfall Risk management Christian Groll 1 / 56 Risk management VaR and Expected Shortfall Christian Groll VaR and Expected Shortfall Risk management Christian Groll 1 / 56 Introduction Introduction VaR and Expected Shortfall Risk management Christian

More information

Online Appendixes to Missing Disinflation and Missing Inflation: A VAR Perspective

Online Appendixes to Missing Disinflation and Missing Inflation: A VAR Perspective Online Appendixes to Missing Disinflation and Missing Inflation: A VAR Perspective Elena Bobeica and Marek Jarociński European Central Bank Author e-mails: elena.bobeica@ecb.int and marek.jarocinski@ecb.int.

More information

A Statistical Analysis to Predict Financial Distress

A Statistical Analysis to Predict Financial Distress J. Service Science & Management, 010, 3, 309-335 doi:10.436/jssm.010.33038 Published Online September 010 (http://www.scirp.org/journal/jssm) 309 Nicolas Emanuel Monti, Roberto Mariano Garcia Department

More information

The Review and Follow-up Process Key to Effective Budgetary Control

The Review and Follow-up Process Key to Effective Budgetary Control The Review and Follow-up Process Key to Effective Budgetary Control J. C. Cam ill us This article draws from the research finding that the effectiveness of management control systems is influenced more

More information

HELSINKI TOURISM STATISTICS APRIL 2016

HELSINKI TOURISM STATISTICS APRIL 2016 HELSINKI TOURISM STATISTICS APRIL 2016 Bednights up 14 per cent In April 2016, 247,000 overnight stays were recorded in Helsinki, of which 128,000 were spent by domestic visitors and 119,000 nights by

More information

arxiv: v1 [q-fin.tr] 20 Jul 2011

arxiv: v1 [q-fin.tr] 20 Jul 2011 Identification of clusters of investors from their real trading activity in a financial market arxiv:1107.3942v1 [q-fin.tr] 20 Jul 2011 Michele Tumminello 1,2, Fabrizio Lillo 1,3,4, Jyrki Piilo 5, Rosario

More information

Manager Comparison Report June 28, Report Created on: July 25, 2013

Manager Comparison Report June 28, Report Created on: July 25, 2013 Manager Comparison Report June 28, 213 Report Created on: July 25, 213 Page 1 of 14 Performance Evaluation Manager Performance Growth of $1 Cumulative Performance & Monthly s 3748 3578 348 3238 368 2898

More information

The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods

The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods Conference Uses of Central Balance Sheet Data Offices Information IFC / ECCBSO / CBRT Özdere-Izmir, September

More information

Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis

Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Nihal Bayraktar Pennsylvania State University Harrisburg June 27, 2011 Introduction FDI has been seen as

More information