markowitz, in his portfolio selection theory, stated that investors select their portfolios according to two criteria of risk and return. accordingly, he presented his mathematical model. one of the criticisms of this model is that while investors, practically, consider different criteria in forming their portfolios, it only considers the return mean and return standard deviation. liquidity is ...

We investigate the role of real estate in a mixed-asset portfolio when the maximum drawdown (hereafter MaxDD), rather than the standard deviation, is used as the measure of risk. In particular, we analyse whether the discrepancy between the optimal allocation to real estate and the actual allocation by institutional investors is less when a Return/MaxDD framework is used. The empirical analysis...

In this paper, we propose a generation of feature image for face recognition. Feature image is generated using Discrete Cosine Transform (DCT), which tries to best classify different face images by maximizing the individual difference between face images. Low, Mid, and High frequency components of DCT are used to hold different information of face by providing a local description of different f...

a watershed management program is usually based on the results of watershed modeling. accurate modeling results are decided by the appropriate parameters and input data. precipitation is the most important input for watershed modeling. precipitation characteristics usually exhibit significant spatial variation, even within small watersheds. therefore, properly describing the spatial variation o...