The relative benefits of country diversification and industry diversification are critical for investors, portfolio managers and investment banks. The unification of Europe has had a substantial impact on these relative benefits and the ultimate goal of this paper is to evaluate their temporal evolution. It is found that, although a country approach outperformed an industry approach in the earl...

Videogames have historically used networking either to connect players for competition or cooperation, or to provide an ephemeral connection to allow the upload, comparison, or assessment of single-player achievement data. The majority of videogames take place on a screen and on established platforms, each of which have physical, technical, and sociocultural constraints that suggest how a playe...

We propose a composite realized kernel to estimate the ex-post covariation of asset prices. Composite realized kernels are a data efficient method where the covariance estimate is composed of univariate realized kernels to estimate variances and bivariate realized kernels to estimate correlations. We analyze the merits of our composite realized kernels in an ultra high dimensional environment, ...

For sophisticated reinforcement learning (RL) systems to interact usefully with real-world environments, we need to communicate complex goals to these systems. In this work, we explore goals defined in terms of (non-expert) human preferences between pairs of trajectory segments. We show that this approach can effectively solve complex RL tasks without access to the reward function, including At...

Lee Lindblom, Benjamin J. Owen, and Duncan A. Brown Theoretical Astrophysics 130-33, California Institute of Technology, Pasadena, California 91125, USA Institute for Gravitation and the Cosmos, and Center for Gravitational Wave Physics, Department of Physics, The Pennsylvania State University, University Park, Pennsylvania 16802, USA Department of Physics, Syracuse University, Syracuse, New Yo...

We summarise the existing CoSMoS approach to modelling and simulating complex systems, then introduce how the various CoSMoS models are related via their metamodel, and demonstrate the generality of the process by discussing its application to engineering bio-

We examine institutional investor demand for stocks that are categorized as mispriced according to twelve well-known pricing anomalies. We find that institutional demand prior to anomaly portfolio formation is typically on the wrong side of the anomalies’ implied mispricing. That is, we find increases in institutional ownership for overvalued stocks and decreases in institutional ownership for ...

We introduce NoisyNet, a deep reinforcement learning agent with parametric noise added to its weights, and show that the induced stochasticity of the agent’s policy can be used to aid efficient exploration. The parameters of the noise are learned with gradient descent along with the remaining network weights. NoisyNet is straightforward to implement and adds little computational overhead. We fi...

Introduction. The program SEQIN-ST helps entering and analysing nucleic acid sequences and protein sequences using personal computers of the ATARI ST series. It allows the manual entry and/or the direct entry from a sequencing gel using the graphic mouse. The user decides the entry mode and the layout of the sequence. In check mode the sequence can be entered a second time and is automatically ...

In reinforcement learning (RL), stochastic environments can make learning a policy difficult due to high degrees of variance. As such, variance reduction methods have been investigated in other works, such as advantage estimation and controlvariates estimation. Here, we propose to learn a separate reward estimator to train the value function, to help reduce variance caused by a noisy reward sig...