Traditional risk-adjusted performance measures, such as the Sharpe ratio, the Treynor index or Jensen’s alpha, based on the mean-variance framework, are widely used to rank mutual funds. However, performance measures that consider risk by taking into account only losses, such as Value-at-Risk (VaR), would be more appropriate. Standard VaR assumes that returns are normally distributed, though th...

Tree crown recognition with high spatial resolution remotely sensed imagery provides useful information relating the number and distribution of trees in a forest. A common technique used to identify tree locations uses a local maximum (LM) filter with a static-sized (user-specified) moving window. LM techniques operate on the assumption that high local radiance values represent the centroid of ...

In this paper, Adjusted Rand Index (ARI) is generalized to two new measures based on matrix comparison: (i) Adjusted Rand Index between a similarity matrix and a cluster partition (ARImp), to evaluate the consistency of a set of clustering solutions with their corresponding consensus matrix in a cluster ensemble, and (ii) Adjusted Rand Index between similarity matrices (ARImm), to evaluate the ...

The use of data from multiple sensors is often required to ensure data coverage and continuity, but differences in the spectral characteristics of sensors result in spectral index values being different. This study investigates spectral response function effects on 48 spectral indices for cultivated grasslands using simulated data of 10 very high spatial resolution sensors, convolved from field...

Ain Sefra is part of the Ksour Mountains and it's situated in southwestern Algeria, where climate arid. The study area progressively facing regression degradation exacerbated by change. These trends point to a significant acceleration desertification drought loss production systems that play critical social, ecological, economic role region. To better understand natural hazard dryness impact ch...

This paper examines persistence of raw and risk-adjusted returns for long/short equity hedge funds using the portfolio approach of Hendricks, Patel and Zeckhauser (1993). Only limited evidence of persistence is found for raw returns. Funds with the highest raw returns last year continue to outperform over the subsequent year, although not significantly while there is no persistence in returns b...

The classical mean-variance investment model is simple, elegant, and popular. As such, it is also subject to criticisms. One unsatisfactory feature of the model is that variance treats the upside and downside equally as risks. In this regard, the downside Lower Partial Moments (LPM) are more attractive as alternative risk measures, since they only penalize the downside. In the meanwhile, consid...