With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performa...With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performance of open ended investment funds and inflows (outflows) to them on Croatian funds data in an environment without long fund data history, with small number of funds and relatively illiquid underlying equity market. The results suggest that the driving forces behind funds’ flows encompass the combined influence of present month fund’s performance and persistency of past performances. At the end of our analysis we test the significance of the introduced explanatory variables on the data sets that include data for each particular fund. The significance of the introduced explanatory variables varies among different funds, although a general level of the explanatory power is maintained on average.展开更多
Einstein guessed that the macroscopic electromagnetic wave is built by thousands of photons, however, no one has offered a theory about how the macroscopic electromagnetic wave is built from photons. A concrete theory...Einstein guessed that the macroscopic electromagnetic wave is built by thousands of photons, however, no one has offered a theory about how the macroscopic electromagnetic wave is built from photons. A concrete theory about photons is needed to answer this question. Current theory for photons is Maxwell’s equation which has the solution of waves, but it is difficult to describe the photon as a particle. There is the paradox problem of wave-particle duality. This article offers one solution to solve this problem by introducing the normalized mutual energy flow. The interaction of the retarded wave and advanced wave produce the mutual energy flow. The mutual energy flow satisfies the mutual energy flow theorem. The mutual energy flow theorem tells us that the energy that goes through each surface between the emitter and the absorber is all same. That means the mutual energy flow is different in comparison to the waves. The wave, for example, the retarded wave, its amplitude is decreased with the distance from the source to the point of the field. The mutual energy flow does not decrease. The author noticed this and claimed that the photon is the mutual energy flow. In this article the author updated this claim that the photon is the normalized mutual energy flow. Here the normalization of mutual energy flow will normalize the mutual energy flow to the energy of a photon, which is E = hf. E is the energy of the photon;h is Planck constant;f is the frequency of the light. This normalization is similar to the normalization in quantum mechanics. After this normalization the relation between an electromagnetic wave and photon as a particle becomes clear. This article will prove that the macroscopic wave of an electromagnetic field can be built by thousands of normalized mutual energy flows, which describes the photons. The mutual energy flow is an interaction of the retarded wave and the advanced wave. The retarded wave and the advanced wave satisfy the Maxwell equations. There are two additional waves which are the time-reversal waves which satisfy time-reversal Maxwell equations. The advanced wave and the two time-reversal waves are all real and physical electromagnetic fields. The time-reversal waves cancel all self-energy flows of the retarded wave and advanced wave. Hence, the waves do not carry any energy, the energy is only transferred by the normalized mutual energy flows which are the photons. Hence, all energy is transferred by the photon instead of waves. This offers a solution to paradox of the duality of wave-particle.展开更多
文摘With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performance of open ended investment funds and inflows (outflows) to them on Croatian funds data in an environment without long fund data history, with small number of funds and relatively illiquid underlying equity market. The results suggest that the driving forces behind funds’ flows encompass the combined influence of present month fund’s performance and persistency of past performances. At the end of our analysis we test the significance of the introduced explanatory variables on the data sets that include data for each particular fund. The significance of the introduced explanatory variables varies among different funds, although a general level of the explanatory power is maintained on average.
文摘Einstein guessed that the macroscopic electromagnetic wave is built by thousands of photons, however, no one has offered a theory about how the macroscopic electromagnetic wave is built from photons. A concrete theory about photons is needed to answer this question. Current theory for photons is Maxwell’s equation which has the solution of waves, but it is difficult to describe the photon as a particle. There is the paradox problem of wave-particle duality. This article offers one solution to solve this problem by introducing the normalized mutual energy flow. The interaction of the retarded wave and advanced wave produce the mutual energy flow. The mutual energy flow satisfies the mutual energy flow theorem. The mutual energy flow theorem tells us that the energy that goes through each surface between the emitter and the absorber is all same. That means the mutual energy flow is different in comparison to the waves. The wave, for example, the retarded wave, its amplitude is decreased with the distance from the source to the point of the field. The mutual energy flow does not decrease. The author noticed this and claimed that the photon is the mutual energy flow. In this article the author updated this claim that the photon is the normalized mutual energy flow. Here the normalization of mutual energy flow will normalize the mutual energy flow to the energy of a photon, which is E = hf. E is the energy of the photon;h is Planck constant;f is the frequency of the light. This normalization is similar to the normalization in quantum mechanics. After this normalization the relation between an electromagnetic wave and photon as a particle becomes clear. This article will prove that the macroscopic wave of an electromagnetic field can be built by thousands of normalized mutual energy flows, which describes the photons. The mutual energy flow is an interaction of the retarded wave and the advanced wave. The retarded wave and the advanced wave satisfy the Maxwell equations. There are two additional waves which are the time-reversal waves which satisfy time-reversal Maxwell equations. The advanced wave and the two time-reversal waves are all real and physical electromagnetic fields. The time-reversal waves cancel all self-energy flows of the retarded wave and advanced wave. Hence, the waves do not carry any energy, the energy is only transferred by the normalized mutual energy flows which are the photons. Hence, all energy is transferred by the photon instead of waves. This offers a solution to paradox of the duality of wave-particle.
文摘目前虾苗活力检测主要是依赖人工观测虾苗的游动情况,评价结果容易受主观影响。本研究提出了一种结合稠密光流法和统计学的虾苗活力检测方法。首先通过在不同水温中饲养虾苗得到不同活力的虾苗,采集虾苗视频;然后使用Gunner Farneback光流法提取虾苗视频中虾苗的帧间运动特征,即虾苗瞬时的游动状态,包含幅值强度和相角角度两个维度,同时对其进行统计学分析;最后提取固定时长虾苗视频的所有帧间运动特征,并应用改进后的信息熵(Weighted information entropy-WIE)和互信息(Mutual information-MI)2种方法对虾苗进行活力检测。结果显示:2种检测方法的精准度和召回率均超过了98%,可以准确客观地实现虾苗活力检测。本研究可以为自动化虾苗质量检测提供思路和方法,在水产养殖行业中有应用价值。
