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This is the fifth volume in the series of books on the Southeast Asian water environment. The most important articles presented at the Eighth, Ninth and Tenth International Symposiums on Southeast Asian Water Environment have been selected for this book. It covers monitoring, treatment, and management issues related with environmental water, water supply, and wastewater. As the emerging issues, pollution with micropollutants and effects of climate change on water environment are also included. This publication is the result of building an academic network among researchers of related fields from different regions to exchange information. This book is an invaluable source of information for researchers, policy makers, NGOs, NPOs, and those who are concerned with achieving global sustainability within the water environment in developing regions.
Throughout history, the first and foremost role of urban water management has been the protection human health and the local aquatic environment. To this end, the practice of (waste-)water treatment has maintained a central focus on the removal of pollutants through dissipative pathways. Approaches like –in case of wastewater treatment- the activated sludge process, which make ‘hazardous things’ disappear, have benefitted our society tremendously by safeguarding human and environmental health. While conventional (waste-)water treatment is regarded as one of the greatest engineering achievements of the 20th century, these dissipative approaches will not suffice in the 21th century as we...
The objective of ONLINE OPTIMIZATION is to provide a systematic survey of the methodology. From the methodological survey, the book then covers a variety of applications of online optimization methods in the domain of Operations Research and Management Science. These applications include a range of problem types, which include the multiple scheduling complex transportation systems, optimizing financial decision problems in "real time", and complex production problems of all sorts (e.g., whether costs should be reduced or profits should be maximized or scarce resources should be used wisely, etc.). With online optimization the issue of incomplete data is an essential aspect of the scientific challenge. Hence, how well online algorithms can perform and how one can guarantee solution quality—even without knowing all data in advance—are the primary challenges of the online optimization methodology.
This book proposes a new capital asset pricing model dubbed the ZCAPM that outperforms other popular models in empirical tests using US stock returns. The ZCAPM is derived from Fischer Black’s well-known zero-beta CAPM, itself a more general form of the famous capital asset pricing model (CAPM) by 1990 Nobel Laureate William Sharpe and others. It is widely accepted that the CAPM has failed in its theoretical relation between market beta risk and average stock returns, as numerous studies have shown that it does not work in the real world with empirical stock return data. The upshot of the CAPM’s failure is that many new factors have been proposed by researchers. However, the number of fa...
This book analyzes the verification of empirical asset pricing models when returns of securities are projected onto a set of presumed (or observed) factors. Particular emphasis is placed on the verification of essential factors and features for asset returns through model search approaches, in which non-diversifiability and statistical inferences are considered. The discussion reemphasizes the necessity of maintaining a dichotomy between the nondiversifiable pricing kernels and the individual components of stock returns when empirical asset pricing models are of interest. In particular, the model search approach (with this dichotomy emphasized) for empirical model selection of asset pricing is applied to discover the pricing kernels of asset returns.
A one-of-a-kind reference guide covering the behavioral and statistical explanations for market momentum and the implementation of momentum trading strategies Market Momentum: Theory and Practice is a thorough, how-to reference guide for a full range of financial professionals and students. It examines the behavioral and statistical causes of market momentum while also exploring the practical side of implementing related strategies. The phenomenon of momentum in finance occurs when past high returns are followed by subsequent high returns, and past low returns are followed by subsequent low returns. Market Momentum provides a detailed introduction to the financial topic, while examining exis...
Avoid downturn vulnerability by managing correlation dependency Asymmetric Dependence in Finance examines the risks and benefits of asset correlation, and provides effective strategies for more profitable portfolio management. Beginning with a thorough explanation of the extent and nature of asymmetric dependence in the financial markets, this book delves into the practical measures fund managers and investors can implement to boost fund performance. From managing asymmetric dependence using Copulas, to mitigating asymmetric dependence risk in real estate, credit and CTA markets, the discussion presents a coherent survey of the state-of-the-art tools available for measuring and managing this...