This paper investigates time variation in the dynamics of international portfolio equity flows. We extend empirical model Hau and Rey (2004) by embedding a Markov regime-switching into structural VAR. The is estimated using monthly data from 1995 to 2018, on returns, exchange rate flows between United States advanced emerging market economies. find that favor two-state where coefficients shock ...

We consider the dynamic version of the classic problem of allocation of inventories to a set of retailers to rectify the imbalance of inventories amongst them. While most research is focussed on analyzing different allocation strategies with a predetermined time of shipment (static policy), we investigate the benefit of using real time demand (inventory) information to schedule rebalancing ship...

Balance of cortical excitation and inhibition (EI) is thought to be disrupted in several neuropsychiatric conditions, yet it is not clear how it is maintained in the healthy human brain. When EI balance is disturbed during learning and memory in animal models, it can be restabilized via formation of inhibitory replicas of newly formed excitatory connections. Here we assess evidence for such sel...

For power, cost, and pricing reasons, datacenters are evolving towards heterogeneous hardware. However, MapReduce implementations, which power a representative class of datacenter applications, were originally designed for homogeneous clusters and performed poorly on heterogeneous clusters. The natural solution, rebalancing load among the reducers running on heterogeneous nodes has been explore...

Ion channel gene expression can vary substantially among neurons of a given type, even though neuron-type-specific firing properties remain stable and reproducible. The mechanisms that modulate ion channel gene expression and stabilize neural firing properties are unknown. In Drosophila, we demonstrate that loss of the Shal potassium channel induces the compensatory rebalancing of ion channel e...

Using a global general equilibrium trade model, the paper assesses the long-term implications of global rebalancing for Asian economies and explores the benefits of ChinaJapan-US integration. The analysis suggests that consumption evaporation and growth slowdown in the US and the consequent its current account correction would force China, Japan and other East Asian economies to undergo substan...

Abstract Portfolio managements in financial markets involve risk management strategies and opportunistic responses to individual trading behaviours. Optimal portfolios constructed aim have a minimal with highest accompanying investment returns, regardless of market conditions. This paper focuses on providing an alternative view maximising portfolio returns using Reinforcement Learning (RL) by c...

It is well-known that leveraged exchange-traded funds (LETFs) don’t reproduce the corresponding multiple of index returns over extended (quarterly or annual) investment horizons. In 2008, most leveraged ETFs underperformed the corresponding static strategies. In this paper, we study this phenomenon in detail. We give an exact formula linking the return of a leveraged fund with the corresponding...

This paper studies the dynamics of portfolio rebalancing and consumption smoothing in the presence of non-convex portfolio adjustment costs. The goal is to understand a household's response to income and return shocks. The model includes the choice of two assets: one riskless without adjustment costs and a second risky asset with adjustment costs. With these multiple assets, a household can buf...