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This paper aims to explain how the Bipartisan Budget Act of 2015, as modified by the Protecting Americans from Tax Hikes Act of 2015, changes the way the US Internal Revenue Service will conduct audits of collective investment vehicles treated as partnerships for US tax purposes.

This study explains the entities covered by the new partnership audit regime, the effective dates of the new regime and steps to be taken by funds covered by the new audit regime.

The results show that the new regime creates a liability at the partnership level for any unpaid tax, placing the tax burden on current-year partners.

A fund manager should determine whether the new audit regime is applicable to any of the funds he or she is managing and, if so, amend the fund documents to accommodate the new audit rules, providing a mechanism to elect and supervise a partnership representative, a mechanism to allocate the economic burden of the tax to the appropriate partners and a procedure for selecting the method to calculate the amount of the fund’s tax liability attributable to an audit.

This study provides practical guidance from experienced investment, fund and tax lawyers.

The purpose of this paper is to model interest rates from observed financial market data through a new approach to the Cox–Ingersoll–Ross (CIR) model. This model is popular among financial institutions mainly because it is a rather simple (uni-factorial) and better model than the former Vasicek framework. However, there are a number of issues in describing interest rate dynamics within the CIR framework on which focus should be placed. Therefore, a new methodology has been proposed that allows forecasting future expected interest rates from observed financial market data by preserving the structure of the original CIR model, even with negative interest rates. The performance of the new approach, tested on monthly-recorded interest rates data, provides a good fit to current data for different term structures.

To ensure a fitting close to current interest rates, the innovative step in the proposed procedure consists in partitioning the entire available market data sample, usually showing a mixture of probability distributions of the same type, in a suitable number of sub-sample having a normal/gamma distribution. An appropriate translation of market interest rates to positive values has been introduced to overcome the issue of negative/near-to-zero values. Then, the CIR model parameters have been calibrated to the shifted market interest rates and simulated the expected values of interest rates by a Monte Carlo discretization scheme. We have analysed the empirical performance of the proposed methodology for two different monthly-recorded EUR data samples in a money market and a long-term data set, respectively.

Better results are shown in terms of the root mean square error when a segmentation of the data sample in normally distributed sub-samples is considered. After assessing the accuracy of the proposed procedure, the implemented algorithm was applied to forecast next-month expected interest rates over a historical period of 12 months (fixed window). Through an error analysis, it was observed that our algorithm provides a better fitting of the predicted expected interest rates to market data than the exponentially weighted moving average model. A further confirmation of the efficiency of the proposed algorithm and of the quality of the calibration of the CIR parameters to the observed market interest rates is given by applying the proposed forecasting technique.

This paper has the objective of modelling interest rates from observed financial market data through a new approach to the CIR model. This model is popular among financial institutions mainly because it is a rather simple (uni-factorial) and better model than the former Vasicek model (Section 2). However, there are a number of issues in describing short-term interest rate dynamics within the CIR framework on which focus should be placed. A new methodology has been proposed that allows us to forecast future expected short-term interest rates from observed financial market data by preserving the structure of the original CIR model. The performance of the new approach, tested on monthly data, provides a good fit for different term structures. It is shown how the proposed methodology overcomes both the usual challenges (e.g. simulating regime switching, clustered volatility and skewed tails), as well as the new ones added by the current market environment (particularly the need to model a downward trend to negative interest rates).

The purpose of this paper is to identify freezing in pitot tubes at real-time, by means of the estimated heat transfer coefficient (HTC) at the tip of the probe. The prompt identification of such freezing is paramount to activate and control mechanisms for ice removal, which in turn are essential for the safety of the aircraft and its passengers.

The proposed problem is solved by means of an inverse analysis, performed within the Bayesian approach of inverse problems, with temperature measurements assumed available along the pitot probe over time. A heat conduction model is used for describing the average temperature of the pitot tube, which is then rewritten in the form of a state estimation problem. The model is linear and time invariant, so that the inverse problem can be solved using the steady-state Kalman filter (SSKF), a computationally efficient algorithm.

The results show that the SSKF is fully capable of recovering the HTC information from the temperature measurements. Any variation of the HTC – either smooth or discontinuous – is promptly detected with high accuracy. Computational effort is significantly lower than the physical time, so that the proposed methodology is fully capable of estimating the HTC at real-time.

The methodology herein solves the proposed problem not only by estimating the HTC accurately but also doing so with a very small computational effort, so that real-time estimation and freezing control become possible. To the best of the authors’ knowledge, no likewise publications have been found so far.

Decision-making is one of the key technologies for self-driving cars. The high dependency of previously existing methods on human driving data or rules makes it difficult to model policies for different driving situations.

In this research, a probabilistic decision-making method based on the Markov decision process (MDP) is proposed to deduce the optimal maneuver automatically in a two-lane highway scenario without using any human data. The decision-making issues in a traffic environment are formulated as the MDP by defining basic elements including states, actions and basic models. Transition and reward models are defined by using a complete prediction model of the surrounding cars. An optimal policy was deduced using a dynamic programing method and evaluated under a two-dimensional simulation environment.

Results show that, at the given scenario, the self-driving car maintained safety and efficiency with the proposed policy.

This paper presents a framework used to derive a driving policy for self-driving cars without relying on any human driving data or rules modeled by hand.

In a boundary layer ingestion (BLI) propulsion system, the fan operates continuously under distorted inflow conditions, leading to an increment of aerodynamic loss and in turn impacting the potential fuel burn reduction of the aircraft. Usually, in the preliminary design stage of a BLI propulsion system, it is essential to assess the impact of fuselage boundary layer fluids on fan aerodynamic performances under various flight conditions. However, the hub region flow loss is one of the major loss sources in a fan and would greatly influence the fan performances. Moreover, the inflow distortion also results in a complex and highly nonlinear mapping relation between loss and local physical parameters. It will diminish the prediction accuracy of the commonly used low-fidelity computational approaches which often incorporate traditional physics-based loss models, reducing the reliability of these approaches in evaluating fan performances. Meanwhile, the high-fidelity full-annulus unsteady Reynolds-averaged Navier–Stokes (URANS) approach, even though it can give rather accurate loss predictions, is extremely time-consuming. This study aims to develop a fast and accurate hub loss prediction method for a BLI fan under distorted inflow conditions.

This paper develops a data-driven hub loss prediction method for a BLI fan under distorted inflows. To improve the prediction accuracy and applicability, physical understandings of hub flow features are integrated into the modeling process. Then, the key physical parameters related to flow loss are screened by conducting a sensitivity analysis of influencing parameters. Next, a quasi-steady assumption of flow is made to generate a training sample database, reducing the computational time by acquiring one single sample from the highly time-consuming full-annulus URANS approach to a cost-efficient single-blade-passage approach. Finally, a radial basis function neural network is used to establish a surrogate model that correlates the input parameters and the output loss.

The data-driven hub loss model shows higher prediction accuracy than the traditional physics-based loss models. It can accurately capture the circumferentially and radially nonuniform variation trends of the losses and the associated absolute magnitudes in a BLI fan under different blade load, inlet distortion intensity and rotating speed conditions. Compared with the high-fidelity full-annulus URANS results, the averaged relative prediction errors of the data-driven hub loss model are kept less than 10%.

The originality of this paper lies in developing a new method for predicting flow loss in a BLI fan rotor blade hub region. This method offers higher prediction accuracy than the traditional loss models and lower computational time cost than the full-annulus URANS approach, which could realize fast evaluations of fan aerodynamic performances and provide technical support for designing high-performance BLI fans.

The paper aims to address the tracking algorithm based on deep learning and four deep learning tracking models developed. They compared with each other to prevent collision and to obtain target tracking in autonomous aircraft.

First, to follow the visual target, the detection methods were used and then the tracking methods were examined. Here, four models (deep convolutional neural networks (DCNN), deep convolutional neural networks with fine-tuning (DCNNFN), transfer learning with deep convolutional neural network (TLDCNN) and fine-tuning deep convolutional neural network with transfer learning (FNDCNNTL)) were developed.

The training time of DCNN took 9 min 33 s, while the accuracy percentage was calculated as 84%. In DCNNFN, the training time of the network was calculated as 4 min 26 s and the accuracy percentage was 91%. The training of TLDCNN) took 34 min and 49 s and the accuracy percentage was calculated as 95%. With FNDCNNTL, the training time of the network was calculated as 34 min 33 s and the accuracy percentage was nearly 100%.

Compared to the results in the literature ranging from 89.4% to 95.6%, using FNDCNNTL, better results were found in the paper.

Industrial simulations of turbulent flows often rely on Reynolds-averaged Navier-Stokes (RANS) turbulence models, which contain numerous closure coefficients that need to be calibrated. This paper aims to address this issue by proposing a semi-automated calibration of these coefficients using a new framework (referred to as turbo-RANS) based on Bayesian optimization.

The authors introduce the generalized error and default coefficient preference (GEDCP) objective function, which can be used with integral, sparse or dense reference data for the purpose of calibrating RANS turbulence closure model coefficients. Then, the authors describe a Bayesian optimization-based algorithm for conducting the calibration of these model coefficients. An in-depth hyperparameter tuning study is conducted to recommend efficient settings for the turbo-RANS optimization procedure.

The authors demonstrate that the performance of the k-ω shear stress transport (SST) and generalized k-ω (GEKO) turbulence models can be efficiently improved via turbo-RANS, for three example cases: predicting the lift coefficient of an airfoil; predicting the velocity and turbulent kinetic energy fields for a separated flow; and, predicting the wall pressure coefficient distribution for flow through a converging-diverging channel.

To the best of the authors’ knowledge, this work is the first to propose and provide an open-source black-box calibration procedure for turbulence model coefficients based on Bayesian optimization. The authors propose a data-flexible objective function for the calibration target. The open-source implementation of the turbo-RANS framework includes OpenFOAM, Ansys Fluent, STAR-CCM+ and solver-agnostic templates for user application.

Social return on investment (SROI) has received increasing attention, both academically and professionally, since it was initially developed by the Roberts Enterprise Development Fund in the USA in the mid-1990s. Based on a systematic review of the literature that highlights the potential and limitations related to the academic and professional development of the SROI model, the purpose of this study is to systematize the academic debate and contribute to the future research agenda of blended value accounting.

Relying on the preferred reporting items for systematic reviews and meta-analyses approach, this study endeavors to provide reliable academic insights into the factors driving the usage of the SROI model and its further development.

A systematic literature review produced a final data set of 284 studies. The results reveal that despite the procedural accuracy characterizing the description of the model, bias-driven methodological implications, availability of resources and sector specificities can influence the type of approach taken by scholars and practitioners.

To dispel the conceptual and practical haze, this study discusses the results found, especially regarding the potential solutions offered to overcome the SROI limitations presented, as well as offers suggestions for future research.

This study aims to fill a gap in the literature and enhance a conceptual debate on the future of accounting when it concerns a blended value proposition.