Biotechnology and apple breeding in Japan

Science.gov (United States)

Igarashi, Megumi; Hatsuyama, Yoshimichi; Harada, Takeo; Fukasawa-Akada, Tomoko

2016-01-01

Apple is a fruit crop of significant economic importance, and breeders world wide continue to develop novel cultivars with improved characteristics. The lengthy juvenile period and the large field space required to grow apple populations have imposed major limitations on breeding. Various molecular biological techniques have been employed to make apple breeding easier. Transgenic technology has facilitated the development of apples with resistance to fungal or bacterial diseases, improved fruit quality, or root stocks with better rooting or dwarfing ability. DNA markers for disease resistance (scab, powdery mildew, fire-blight, Alternaria blotch) and fruit skin color have also been developed, and marker-assisted selection (MAS) has been employed in breeding programs. In the last decade, genomic sequences and chromosome maps of various cultivars have become available, allowing the development of large SNP arrays, enabling efficient QTL mapping and genomic selection (GS). In recent years, new technologies for genetic improvement, such as trans-grafting, virus vectors, and genome-editing, have emerged. Using these techniques, no foreign genes are present in the final product, and some of them show considerable promise for application to apple breeding. PMID:27069388

Farm-by-farm analysis of microsatellite, mtDNA and SNP genotype data reveals inbreeding and crossbreeding as threats to the survival of a native Spanish pig breed.

Science.gov (United States)

Herrero-Medrano, J M; Megens, H J; Crooijmans, R P; Abellaneda, J M; Ramis, G

2013-06-01

The Chato Murciano (CM), a pig breed from the Murcia region in the southeastern region of Spain, is a good model for endangered livestock populations. The remaining populations are bred on approximately 15 small farms, and no herdbook exists. To assess the genetic threats to the integrity and survival of the CM breed, and to aid in designing a conservation program, three genetic marker systems - microsatellites, SNPs and mtDNA - were applied across the majority of the total breeding stock. In addition, mtDNA and SNPs were genotyped in breeds that likely contributed genetically to the current CM gene pool. The analyses revealed the levels of genetic diversity within the range of other European local breeds (H(e) = 0.53). However, when the eight farms that rear at least 10 CM pigs were independently analyzed, high levels of inbreeding were found in some. Despite the evidence for recent crossbreeding with commercial breeds on a few farms, the entire breeding stock remains readily identifiable as CM, facilitating the design of traceability assays. The genetic management of the breed is consistent with farm size, farm owner and presence of other pig breeds on the farm, demonstrating the highly ad hoc nature of current CM breeding. The results of genetic diversity and substructure of the entire breed, as well as admixture and crossbreeding obtained in the present study, provide a benchmark to develop future conservation strategies. Furthermore, this study demonstrates that identifying farm-based practices and farm-based breeding stocks can aid in the design of a sustainable breeding program for minority breeds. © 2012 The Authors, Animal Genetics © 2012 Stichting International Foundation for Animal Genetics.

Paratuberculosis in breeding stock of red Holstein cows

Directory of Open Access Journals (Sweden)

Prodanović Radiša

2011-01-01

Full Text Available This paper describes paratuberculosis in an isolated breeding herd of 25 high-yield dairy cows of the Red Holstein breed. The animals were examined clinically and then given the test for ldelayed type hypersensitivity and their blood serum was examined for the presence of specific antibodies against Mycobacterium avium subsp. paratuberculosis (Map. The clinical examination revealed that two cows exhibited symptoms of the disease that indicated an advanced stage of paratuberculosis. The following parameters were examined in the blood of the cows that showed clinical signs of the disease: leukocytes and erythrocytes count, concentrations of total proteins, albumin, iron, sodium, potassium, and activity of creatine kinase. The analysis of the red blood cell count revealed certain digressions that indicated the existence of hypochromic microcytic anaemia. The number of leukocytes was within the physiological values, but the neutrophil-lymphocyte ratio was disrupted and stood at almost 1:1. The results of the biochemical analyses of the blood serum of diseased cows indicated hypoproteinaemia, hypoalbuminaemia, hypoferremia, hyposodiumaemia, hypokalemia, and increased activities of creatine kinase enzymes. A suspect reaction on the site of application of avian tuberculin was determined in two animals. Animals with clinical signs of the disease reacted negative to the test of delayed type hypersensitivity. The presence of specific antibodies against the cause of paratuberculosis was proven in four animals (16%, including two animals with clinical signs of the disease and one that had a suspect reaction on the site of application of avian tuberculin. Furthermore, one animal that died exhibited macroscopic and microscopic changes regarding the intensity and distribution of lesions, the type of cellular infiltrate, and the number of present acidresistent bacteria, and the changes were characterized as diffuse changes of multibacillary type. The cause of

MORE ON THE APPROVAL OF ANTONINSKO-ZOZULENETSKIY CARPS OF UKRAINIAN BREEDS

Directory of Open Access Journals (Sweden)

O. Oleksiyenko

2015-12-01

Full Text Available Purpose. To perform an analysis the fish breeding, biological, productive, exterior indicators of Antoninsko-Zozulenetskiy carps of Ukrainian scaly and Ukrainian framed breeds, their genetic characteristics as well as to provide the methods of the creation of these carps as a selective achievement. Methodology. The works were carried out in accordance with conventional techniques in fish farming and breeding. Carp breeding was conducted by the method of mass continuously improving selection of fish the aim of which is that a complex of fish breeding and management activities create conditions contributing to the development of productive qualities in the selected carp, while selection and breeding activities form and reproduce the leading pedigree group of the stock. Findings. In the conditions of the development of fisheries industry, especially important are the problems of selection and breeding works aimed at improving the biological and economic features of fish farming objects by improving the existing and developing new breeds, inbreeding, zonal types, lines, etc., creating a progressive heterotic structure of breeds and forming highly productive pedigree stocks of fish breeding objects. The main object of commercial fish farming in Ukraine, as in many countries, is carp, so his selection is given much attention. The starting material for producing the Antoninsko-Zozulenetskiy Ukrainian scaly and Ukrainian framed breeds was carp population of Antoninskiy State fish hatchery (Khmelnytsky region, which was a cross between native carp with mirror Galician carp. The principal method of carp breeding was a massive, continuously improving selection with high intensity among younger age groups. An importance during the selection was given to the growth rate of the fish, their exterior and constitutional "strength." For the brood, individuals with the highest body weight, scaly cover of which corresponded to accepted standards, beautiful high

Peptide biomarkers used for the selective breeding of a complex polygenic trait in honey bees.

Science.gov (United States)

Guarna, M Marta; Hoover, Shelley E; Huxter, Elizabeth; Higo, Heather; Moon, Kyung-Mee; Domanski, Dominik; Bixby, Miriam E F; Melathopoulos, Andony P; Ibrahim, Abdullah; Peirson, Michael; Desai, Suresh; Micholson, Derek; White, Rick; Borchers, Christoph H; Currie, Robert W; Pernal, Stephen F; Foster, Leonard J

2017-08-21

We present a novel way to select for highly polygenic traits. For millennia, humans have used observable phenotypes to selectively breed stronger or more productive livestock and crops. Selection on genotype, using single-nucleotide polymorphisms (SNPs) and genome profiling, is also now applied broadly in livestock breeding programs; however, selection on protein/peptide or mRNA expression markers has not yet been proven useful. Here we demonstrate the utility of protein markers to select for disease-resistant hygienic behavior in the European honey bee (Apis mellifera L.). Robust, mechanistically-linked protein expression markers, by integrating cis- and trans- effects from many genomic loci, may overcome limitations of genomic markers to allow for selection. After three generations of selection, the resulting marker-selected stock outperformed an unselected benchmark stock in terms of hygienic behavior, and had improved survival when challenged with a bacterial disease or a parasitic mite, similar to bees selected using a phenotype-based assessment for this trait. This is the first demonstration of the efficacy of protein markers for industrial selective breeding in any agricultural species, plant or animal.

Genetic stock identification of Russian honey bees.

Science.gov (United States)

Bourgeois, Lelania; Sheppard, Walter S; Sylvester, H Allen; Rinderer, Thomas E

2010-06-01

A genetic stock certification assay was developed to distinguish Russian honey bees from other European (Apis mellifera L.) stocks that are commercially produced in the United States. In total, 11 microsatellite and five single-nucleotide polymorphism loci were used. Loci were selected for relatively high levels of homogeneity within each group and for differences in allele frequencies between groups. A baseline sample consisted of the 18 lines of Russian honey bees released to the Russian Bee Breeders Association and bees from 34 queen breeders representing commercially produced European honey bee stocks. Suitability tests of the baseline sample pool showed high levels of accuracy. The probability of correct assignment was 94.2% for non-Russian bees and 93.3% for Russian bees. A neighbor-joining phenogram representing genetic distance data showed clear distinction of Russian and non-Russian honey bee stocks. Furthermore, a test of appropriate sample size showed a sample of eight bees per colony maximizes accuracy and consistency of the results. An additional 34 samples were tested as blind samples (origin unknown to those collecting data) to determine accuracy of individual assignment tests. Only one of these samples was incorrectly assigned. The 18 current breeding lines were represented among the 2009 blind sampling, demonstrating temporal stability of the genetic stock identification assay. The certification assay will be used through services provided by a service laboratory, by the Russian Bee Breeders Association to genetically certify their stock. The genetic certification will be used in conjunction with continued selection for favorable traits, such as honey production and varroa and tracheal mite resistance.

Brown trout ( Salmo trutta ) stocking impact assessment using microsatellite DNA markers

DEFF Research Database (Denmark)

Hansen, Michael Møller; Ruzzante, D.E.; Eg Nielsen, Einar

2001-01-01

, and for monitoring the genetic impact of stocking activity on wild populations of salmonid fishes. Brown trout from ten hatchery strains, one supportive breeding "strain," and five wild populations were screened for variation at eight loci. In most hatchery strains, genetic variation was comparable to that of wild...... between the wild and hatchery populations. We assessed whether wild populations were introgressed by stocked hatchery trout by performing assignment tests to determine population of origin and estimating maximum potential introgression rates. The results suggested that genetic introgression by hatchery...... trout had occurred for only two of the five populations potentially influenced by stocking. In one of these two rivers, microsatellite data obtained from a limited number of old scale samples indicated that individuals from the original population were genetically divergent from these of the present...

Questionnaire study on parasite control practices on Thoroughbred and Standardbred breeding farms in New Zealand.

Science.gov (United States)

Bolwell, Charlotte F; Rosanowski, Sarah M; Scott, Ian; Sells, Patrick D; Rogers, Chris W

2015-04-15

Against a global background of increasing anthelmintic resistance in parasites, little is known about the current parasite control strategies adopted within the equine industry in New Zealand. The aim of the study was to describe and compare the current parasite management and control practices used on Thoroughbred and Standardbred stud farms in New Zealand. An online questionnaire was used to collect data on the demographics of respondents, parasite control methods, grazing management, and use of faecal egg counts. Questions regarding parasite control strategy, how often horses were dewormed, number of treatments per year and stocking density were stratified by horse type: young stock (foals/weanlings/yearlings), wet mares (nursing a foal) or dry mares, and industry (Thoroughbred and Standardbred). Questions on grazing management were stratified by horse type and the breeding and non-breeding season. In total, 136 respondents completed the survey, of which most (66%; 90/136) were involved in the Thoroughbred breeding industry. Most (98%; 134/136) respondents used anthelmintic products to treat the horses on their property, and regardless of industry type most respondents were using interval drenching for young stock (86/129; 53%), dry mares (51/124; 41%) or wet mares (50/126; 40%). Of those respondents treating on regular interval, 55% (68/123), 42% (50/119) and 38% (46/122) were treating young stock, wet mares and dry mares every 6-8 weeks. The median number of treatments per year for young stock, dry mares and wet mares was 6 (IQR 4-8), 4 (IQR 3-6) and 4 (IQR 3-6), respectively; there was no difference in frequency of treatments by industry type. In the last 12 months respondents used a median of 2 (IQR 2-4) and 3 (IQR 2-4) different anthelmintic products to treat horses on Thoroughbred and Standardbred breeding farms, respectively. Of the respondents reporting the anthelmintic products used in the last 12 months, 95% used at least one product containing

Animal breeding in organic dairy farming : an inventory of farmers' views and difficulties to overcome

NARCIS (Netherlands)

Nauta, W.J.; Groen, A.F.; Veerkamp, R.F.; Roep, D.; Baars, T.

2005-01-01

Currently, most organic dairy farmers in the Netherlands use conventional breeding methods and production stock. In view of the organic objective of closed chains, organic dairy farmers discussed in workshops the desirability and practical merits of different possible scenarios for realizing

Stock discrimination in Great Lakes Walleye using mitochondrial DNA restriction analysis

International Nuclear Information System (INIS)

Billington, N.; Hebert, P.D.N.

1986-01-01

Over the past two years it has become evident that because of its strict maternal inheritance and rapid rate of evolutionary differentiation, mitochondrial (mt) DNA diversity offers exceptional promise in the discrimination of fish stocks. The current project aims to determine the extent of mt DNA variation among stocks of walleye (Stizostedion vitreum) from the Great Lakes. At this point, mt DNA has been isolated from 68 walleye representing the Thames River stock and a reef breeding stock from western Lake Erie, as well as from individuals of S. canadense, a species which hybridizes with S. vitreum. Mitochondrial DNA was extracted from livers of these fish, purified by CsCl density gradient centrifugation and digested using 20 endonucleases. Polymorphisms were detected with 8 of the enzymes. There was a great deal of variation among fish from both spawning populations, so much so that individual fish could be identified by this technique. No single enzyme allowed discrimination of the two stocks, but restriction pattern variation following Dde I digestion permitted separation of 50% of Lake Erie fish from Thames River stock. Comparison of mt DNA restriction patterns of walleye and sauger showed that two species are easily separable, setting the stage for a more detailed study of hybridization between the taxa

Evaluation of the Inhalation Toxicology Research Institute beagle dog closed breeding colony: a progress report

International Nuclear Information System (INIS)

Lustgarten, C.S.; Hobbs, C.H.; Muggenburg, B.A.; Benjamin, S.A.; Slauson, D.O.; Hahn, F.F.

1974-01-01

Since early 1968, a closed breeding colony has been in operation at the Inhalation Toxicology Research Institute to produce experimental dogs for inhalation toxicology studies and to replace colony breeding stock for producing dogs with a stable gene pool. From March 1, 1968 through July 15, 1974, 123 bitches were bred 613 times, resulting in 540 litters and 2809 puppies: a conception rate for this period of 88.9 percent. An average of 3.74 pups survived to one year of age. (U.S.)

Identifying footprints of selection in stocked brown trout populations: a spatio-temporal approach

DEFF Research Database (Denmark)

Hansen, Michael Møller; Meier, Kristian; Mensberg, Karen-Lise Dons

2010-01-01

Studies of interactions between farmed and wild salmonid fishes have suggested reduced fitness of farmed strains in the wild, but evidence for selection at the genic level is lacking. We studied three brown trout populations in Denmark which have been significantly admixed with stocked hatchery...... trout (19–64%), along with two hatchery strains used for stocking. The wild populations were represented by contemporary samples (2000–2006) and two of them by historical samples (1943–1956). We analysed 61 microsatellite loci, nine of which showed putative functional relationships [expressed sequence...... trout. In the most strongly admixed population, however, there was no evidence for selection, possibly because of immigration by stocked trout overcoming selection against hatchery-derived alleles or supportive breeding practices allowing hatchery strain trout to escape natural selection. To our...

The influence of age, breed, rearing intensity and exercise on the incidence of spavin in Swedish dairy cattle: a clinical and morphological investigation

International Nuclear Information System (INIS)

Holmberg, T.; Reiland, S.

1984-01-01

The hocks of tied cows of a Swedish dairy herd of different breeds were radiographed. Osteoarthrosis of the arthrodial joints (spavin) was found in 37% of the animals. Changes were seen before the cows were 2 yr old, and they increased in severity with increasing age. Macroscopic and histologic examination revealed that there was osteoarthrosis also in many radiologically normal hocks. The frequency of spavin in tied dairy cows is higher than clinical signs indicate. Only cows with fusion of the arthrodial joints show the stiff hind leg movements considered typical of spavin. Differences in the incidence of spavin were found between the different breeds. Cows of the Swedish Friesian breed had the lowest (20%) and cows of the Jersey breed had the highest (50%) incidence of spavin. As regards the Jersey breed this was due to the high incidence (71%) found in cows raised on a high intensity feeding during the young stock period. Among the SJB [Swedish Jersey] cows raised on a normal intensity feeding the incidence of spavin was 25%. Such a relationship between high young stock feeding intensity and the incidence of spavin was not seen within the other breeds. The cows in another herd with loose housing had a lower frequency of spavin than the tied cows. Offspring of animals with spavin had a higher incidence of spavin than the offspring of animals without spavin. (author)

The influence of age, breed, rearing intensity and exercise on the incidence of spavin in Swedish dairy cattle: a clinical and morphological investigation

Energy Technology Data Exchange (ETDEWEB)

Holmberg, T.; Reiland, S. [Sveriges Lantbruksuniversitet, Uppsala (Sweden)

1984-07-01

The hocks of tied cows of a Swedish dairy herd of different breeds were radiographed. Osteoarthrosis of the arthrodial joints (spavin) was found in 37% of the animals. Changes were seen before the cows were 2 yr old, and they increased in severity with increasing age. Macroscopic and histologic examination revealed that there was osteoarthrosis also in many radiologically normal hocks. The frequency of spavin in tied dairy cows is higher than clinical signs indicate. Only cows with fusion of the arthrodial joints show the stiff hind leg movements considered typical of spavin. Differences in the incidence of spavin were found between the different breeds. Cows of the Swedish Friesian breed had the lowest (20%) and cows of the Jersey breed had the highest (50%) incidence of spavin. As regards the Jersey breed this was due to the high incidence (71%) found in cows raised on a high intensity feeding during the young stock period. Among the SJB [Swedish Jersey] cows raised on a normal intensity feeding the incidence of spavin was 25%. Such a relationship between high young stock feeding intensity and the incidence of spavin was not seen within the other breeds. The cows in another herd with loose housing had a lower frequency of spavin than the tied cows. Offspring of animals with spavin had a higher incidence of spavin than the offspring of animals without spavin. (author)

Applying SNP marker technology in the cacao breeding program at the Cocoa Research Institute of Ghana

Science.gov (United States)

In this investigation 45 parental cacao plants and five progeny derived from the parental stock studied were genotyped using six SNP markers to determine off-types or mislabeled clones and to authenticate crosses made in the Cocoa Research Institute of Ghana (CRIG) breeding program. Investigation wa...

Retrospective view of North American potato (Solanum tuberosum L.) breeding in the 20th and 21st centuries.

Science.gov (United States)

Hirsch, Candice N; Hirsch, Cory D; Felcher, Kimberly; Coombs, Joseph; Zarka, Dan; Van Deynze, Allen; De Jong, Walter; Veilleux, Richard E; Jansky, Shelley; Bethke, Paul; Douches, David S; Buell, C Robin

2013-06-21

Cultivated potato (Solanum tuberosum L.), a vegetatively propagated autotetraploid, has been bred for distinct market classes, including fresh market, pigmented, and processing varieties. Breeding efforts have relied on phenotypic selection of populations developed from intra- and intermarket class crosses and introgressions of wild and cultivated Solanum relatives. To retrospectively explore the effects of potato breeding at the genome level, we used 8303 single-nucleotide polymorphism markers to genotype a 250-line diversity panel composed of wild species, genetic stocks, and cultivated potato lines with release dates ranging from 1857 to 2011. Population structure analysis revealed four subpopulations within the panel, with cultivated potato lines grouping together and separate from wild species and genetic stocks. With pairwise kinship estimates clear separation between potato market classes was observed. Modern breeding efforts have scarcely changed the percentage of heterozygous loci or the frequency of homozygous, single-dose, and duplex loci on a genome level, despite concerted efforts by breeders. In contrast, clear selection in less than 50 years of breeding was observed for alleles in biosynthetic pathways important for market class-specific traits such as pigmentation and carbohydrate composition. Although improvement and diversification for distinct market classes was observed through whole-genome analysis of historic and current potato lines, an increased rate of gain from selection will be required to meet growing global food demands and challenges due to climate change. Understanding the genetic basis of diversification and trait improvement will allow for more rapid genome-guided improvement of potato in future breeding efforts.

Domestic chickens defy Rensch's rule: sexual size dimorphism in chicken breeds.

Science.gov (United States)

Remeš, V; Székely, T

2010-12-01

Sexual size dimorphism (SSD), i.e. the difference in sizes of males and females, is a key evolutionary feature that is related to ecology, behaviour and life histories of organisms. Although the basic patterns of SSD are well documented for several major taxa, the processes generating SSD are poorly understood. Domesticated animals offer excellent opportunities for testing predictions of functional explanations of SSD theory because domestic stocks were often selected by humans for particular desirable traits. Here, we analyse SSD in 139 breeds of domestic chickens Gallus gallus domesticus and compare them to their wild relatives (pheasants, partridges and grouse; Phasianidae, 53 species). SSD was male-biased in all chicken breeds, because males were 21.5 ± 0.55% (mean ± SE) heavier than females. The extent of SSD did not differ among breed categories (cock fighting, ornamental and breeds selected for egg and meat production). SSD of chicken breeds was not different from wild pheasants and allies (23.5 ± 3.43%), although the wild ancestor of chickens, the red jungle fowl G. gallus, had more extreme SSD (male 68.8% heavier) than any domesticated breed. Male mass and female mass exhibited positive allometry among pheasants and allies, consistently with the Rensch's rule reported from various taxa. However, body mass scaled isometrically across chicken breeds. The latter results suggest that sex-specific selection on males vs. females is necessary to generate positive allometry, i.e. the Rensch's rule, in wild populations. © 2010 The Authors. Journal Compilation © 2010 European Society For Evolutionary Biology.

Stocking activities for the Arctic charr in Lake Geneva: Genetic effects in space and time.

Science.gov (United States)

Savary, Romain; Dufresnes, Christophe; Champigneulle, Alexis; Caudron, Arnaud; Dubey, Sylvain; Perrin, Nicolas; Fumagalli, Luca

2017-07-01

Artificial stocking practices are widely used by resource managers worldwide, in order to sustain fish populations exploited by both recreational and commercial activities, but their benefits are controversial. Former practices involved exotic strains, although current programs rather consider artificial breeding of local fishes (supportive breeding). Understanding the complex genetic effects of these management strategies is an important challenge with economic and conservation implications, especially in the context of population declines. In this study, we focus on the declining Arctic charr ( Salvelinus alpinus ) population from Lake Geneva (Switzerland and France), which has initially been restocked with allochtonous fishes in the early eighties, followed by supportive breeding. In this context, we conducted a genetic survey to document the evolution of the genetic diversity and structure throughout the last 50 years, before and after the initiation of hatchery supplementation, using contemporary and historical samples. We show that the introduction of exotic fishes was associated with a genetic bottleneck in the 1980-1990s, a break of Hardy-Weinberg Equilibrium (HWE), a reduction in genetic diversity, an increase in genetic structure among spawning sites, and a change in their genetic composition. Together with better environmental conditions, three decades of subsequent supportive breeding using local fishes allowed to re-establish HWE and the initial levels of genetic variation. However, current spawning sites have not fully recovered their original genetic composition and were extensively homogenized across the lake. Our study demonstrates the drastic genetic consequences of different restocking tactics in a comprehensive spatiotemporal framework and suggests that genetic alteration by nonlocal stocking may be partly reversible through supportive breeding. We recommend that conservation-based programs consider local diversity and implement adequate

Economic values for production traits for different sheep breeds in Kosovo

Directory of Open Access Journals (Sweden)

Hysen Bytyqi

2015-10-01

Full Text Available Generally, all traits of economic importance should be included in the breeding goal of livestock breeding programmes. The main aim of this study was to examine economic values for a combination of dairy and meat traits of the dual purpose Bardhoka (BAR, Balusha (BAL, Sharri (SHA and Kosova (KOS sheep breeds in Kosovo. The underlying herd model is based on a deterministic approach considering a sheep flock with milk production, lamb fattening and replacement stock. In order to examine the economic impact for different sheep breeds, the production traits considered were milk (milk yield and fattening (daily gain. For each lactation cycle among the breeds the main revenues resulted from selling milk (€ 61.82/46.03/26.37/27.22 and fattened lambs (€ 34.06/39.88/35.42/33.92 for BAR/BAL/ SHA/KOS, respectively. For BAR and BAL the economic value per average ewe place and year was € 37.7 for both breeds, while for SHA and KOS it was € 35.1 and € 32.5, respectively. For lamb fattening, daily gain was found to have the highest economic value at € 7.00 for BAL, SHA and KOS, while for BAR it was € 6.67. The relative economic values for milk yield and daily gain for BAR, BAL, SHA and KOS were 84.96:15.04, 84.42:15.58, 83.45:16.55, and 82.36:17.64, respectively.

The Differences Between Stock Splits and Stock Dividends

DEFF Research Database (Denmark)

Bechmann, Ken L.; Raaballe, Johannes

It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market...... different. Second, the positive stock market reaction is closely related to associated changes in a firm's payout policy, but the relationship varies for the two types of events. Finally, there is only very weak evidence for a change in the liquidity of the stock. On the whole, after controlling...... for the firm's payout policy, the results suggest that a stock split is a cosmetic event and that a stock dividend on its own is considered negative news....

Chromosomal inversions effect body size and shape in different breeding resources in Drosophila buzzatii.

Science.gov (United States)

Fernández Iriarte, P J; Norry, F M; Hasson, E R

2003-07-01

The cactophilic Drosophila buzzatii provides an excellent model for the study of reaction norms across discrete environments because it breeds on rotting tissues (rots) of very different cactus species. Here we test the possible effects of second chromosome inversions on body size and shape (wing loading) across suitable natural breeding substrates. Using homokaryotypic stocks derived from several lines homozygous for four naturally occurring chromosomal inversions, we show that arrangements significantly affect size-related traits and wing loading. In addition, karyotypes show differing effects, across natural breeding resources, for wing loading. The 2st and 2jz(3) arrangements decrease and the 2j arrangement increases wing loading. For thorax length and wing loading, karyotypic correlations across host plants are slightly lower in females than in males. These results support the hypothesis that these traits have a genetic basis associated with the inversion polymorphism.

Genetic characterization of Russian honey bee stock selected for improved resistance to Varroa destructor.

Science.gov (United States)

Bourgeois, A Lelania; Rinderer, Thomas E

2009-06-01

Maintenance of genetic diversity among breeding lines is important in selective breeding and stock management. The Russian Honey Bee Breeding Program has strived to maintain high levels of heterozygosity among its breeding lines since its inception in 1997. After numerous rounds of selection for resistance to tracheal and varroa mites and improved honey production, 18 lines were selected as the core of the program. These lines were grouped into three breeding blocks that were crossbred to improve overall heterozygosity levels of the population. Microsatellite DNA data demonstrated that the program has been successful. Heterozygosity and allelic richness values are high and there are no indications of inbreeding among the three blocks. There were significant levels of genetic structure measured among the three blocks. Block C was genetically distinct from both blocks A and B (F(ST) = 0.0238), whereas blocks A and B did not differ from each other (F(ST) = 0.0074). The same pattern was seen for genic (based on numbers of alleles) differentiation. Genetic distance, as measured by chord distance, indicates that all of the 18 lines are equally distant, with minimal clustering. The data indicate that the overall design of the breeding program has been successful in maintaining high levels of diversity and avoiding problems associated with inbreeding.

Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Liem Pei Fun

2012-01-01

Full Text Available Price to Earnings Ratio (PE Ratio has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing PE Ratio which suggests that (trailing PE Ratio is not useful in estimating both short term and long term stock returns

Exploitation dynamics of small fish stocks like Arctic cisco

Science.gov (United States)

Nielsen, Jennifer L.

2004-01-01

Potential impacts to the Arctic cisco population fall into both demographic and behavioral categories. Possible demographic impacts include stock recruitment effects, limited escapement into marine habitats, and variable age-class reproductive success. Potential behavioral impacts involve migratory patterns, variable life histories, and strategies for seasonal feeding. Arctic cisco stocks are highly susceptible to over-exploitation due to our limited basic knowledge of the highly variable Arctic environment and the role they play in this dynamic ecosystem.Our knowledge of potential demographic changes is very limited, and it is necessary to determine the abundance and recruitment of the hypothesized Mackenzie River source population, the extent of the coastal migratory corridor, growth patterns, and coastal upwelling and mixing effects on population dynamics for this species. Information needed to answer some of the demographic questions includes basic evolutionary history and molecular genetics of Arctic cisco (for instance, are there contributions to the Arctic cisco stock from the Yukon?), what is the effective population size (i.e., breeding population size), and potential links to changes in climate. The basic behavioral questions include migratory and variable life history questions. For instance, the extent of movement back and forth between freshwater and the sea, age-specific differences in food web dynamics, and nearshore brackish and high salinity habitats are topics that should be studied. Life history data should be gathered to understand the variation in age at reproduction, salinity tolerance, scale and duration of the freshwater stage, survival, and adult migration. Both molecular and ecological tools should be integrated to manage the Arctic cisco stock(s), such as understanding global climate changes on patterns of harvest and recruitment, and the genetics of population structure and colonization. Perhaps other populations are contributing to the

Genomic selection needs to be carefully assessed to meet specific requirements in livestock breeding programs.

Science.gov (United States)

Jonas, Elisabeth; de Koning, Dirk-Jan

2015-01-01

Genomic selection is a promising development in agriculture, aiming improved production by exploiting molecular genetic markers to design novel breeding programs and to develop new markers-based models for genetic evaluation. It opens opportunities for research, as novel algorithms and lab methodologies are developed. Genomic selection can be applied in many breeds and species. Further research on the implementation of genomic selection (GS) in breeding programs is highly desirable not only for the common good, but also the private sector (breeding companies). It has been projected that this approach will improve selection routines, especially in species with long reproduction cycles, late or sex-limited or expensive trait recording and for complex traits. The task of integrating GS into existing breeding programs is, however, not straightforward. Despite successful integration into breeding programs for dairy cattle, it has yet to be shown how much emphasis can be given to the genomic information and how much additional phenotypic information is needed from new selection candidates. Genomic selection is already part of future planning in many breeding companies of pigs and beef cattle among others, but further research is needed to fully estimate how effective the use of genomic information will be for the prediction of the performance of future breeding stock. Genomic prediction of production in crossbreeding and across-breed schemes, costs and choice of individuals for genotyping are reasons for a reluctance to fully rely on genomic information for selection decisions. Breeding objectives are highly dependent on the industry and the additional gain when using genomic information has to be considered carefully. This review synthesizes some of the suggested approaches in selected livestock species including cattle, pig, chicken, and fish. It outlines tasks to help understanding possible consequences when applying genomic information in breeding scenarios.

Genomic selection needs to be carefully assessed to meet specific requirements in livestock breeding programs

Directory of Open Access Journals (Sweden)

Elisabeth eJonas

2015-02-01

Full Text Available Genomic selection is a promising development in agriculture, aiming improved production by exploiting molecular genetic markers to design novel breeding programs and to develop new markers-based models for genetic evaluation. It opens opportunities for research, as novel algorithms and lab methodologies are developed. Genomic selection can be applied in many breeds and species. Further research on the implementation of genomic selection in breeding programs is highly desirable not only for the common good, but also the private sector (breeding companies. It has been projected that this approach will improve selection routines, especially in species with long reproduction cycles, late or sex-limited or expensive trait recording and for complex traits. The task of integrating genomic selection into existing breeding programs is, however, not straightforward. Despite successful integration into breeding programs for dairy cattle, it has yet to be shown how much emphasis can be given to the genomic information and how much additional phenotypic information is needed from new selection candidates. Genomic selection is already part of future planning in many breeding companies of pigs and beef cattle among others, but further research is needed to fully estimate how effective the use of genomic information will be for the prediction of the performance of future breeding stock. Genomic prediction of production in crossbreeding and across-breed schemes, costs and choice of individuals for genotyping are reasons for a reluctance to fully rely on genomic information for selection decisions. Breeding objectives are highly dependent on the industry and the additional gain when using genomic information has to be considered carefully. This review synthesizes some of the suggested approaches in selected livestock species including cattle, pig, chicken and fish. It outlines tasks to help understanding possible consequences when applying genomic information in

Development of meat cattle breeding under respecialization programs in the Gomel area [Belarus

International Nuclear Information System (INIS)

Karpenko, A.F.; Mostovenko, A.L.; Radchikov, V.F.; Tsaj, V.P.

2011-01-01

In the conditions of the Republic of Belarus there was studied scientific management of introduction of 8 programmes of meat cattle breeding in regions of radioactive pollution in Gomel region. In course of the realized study there were analyzed land areas of the local farms, degree of soil contamination with radionuclides, coefficients of radionuclide transfer into plants and animal husbandry products, rate of production volumes, structure of arable lands and main herds, economic indexes of realized activities, etc. Introduction of programs of development of meat cattle breeding in the polluted areas made it possible to increase both the total and pedigree stock in the Gomel area, to create industrial base for reproduction of livestock and a wide circulation of specialized meat livestock in other farms of the polluted regions

Organic breeding: New trend in plant breeding

Directory of Open Access Journals (Sweden)

Berenji Janoš

2009-01-01

Full Text Available Organic breeding is a new trend in plant breeding aimed at breeding of organic cultivars adapted to conditions and expectations of organic plant production. The best proof for the need of organic cultivars is the existence of interaction between the performances of genotypes with the kind of production (conventional or organic (graph. 1. The adaptation to low-input conditions of organic production by more eddicient uptake and utilization of plant nutrients is especially important for organic cultivars. One of the basic mechanism of weed control in organic production is the competition of organic cultivars and weeds i.e. the enhanced ability of organic cultivars to suppress the weeds. Resistance/tolerance to diseases and pests is among the most important expectations toward the organic cultivars. In comparison with the methods of conventional plant breeding, in case of organic plant breeding limitations exist in choice of methods for creation of variability and selection classified as permitted, conditionally permitted and banned. The use of genetically modified organisms and their derivated along with induced mutations is not permitted in organic production. The use of molecular markers in organic plant breeding is the only permitted modern method of biotechnology. It is not permitted to patent the breeding material of organic plant breeding or the organic cultivars. .

Single nucleotide polymorphisms in i-type lysozyme gene and their correlation with vibrio-resistance and growth of clam Meretrix meretrix based on the selected resistance stocks.

Science.gov (United States)

Yue, Xin; Wang, Hongxia; Huang, Xiaohong; Wang, Chao; Chai, Xueliang; Wang, Chunde; Liu, Baozhong

2012-09-01

I-type lysozyme is considered to play crucial roles in both anti-bacteria and digestion function of the bivalve, which signifies that it is related to both immunity and growth. In this study, based on the principle of case-control association analysis, using the stock materials with different vibrio-resistance profile obtained by selective breeding, single nucleotide polymorphisms (SNPs) in the DNA partial sequence of an i-type lysozyme of Meretrix meretrix (MmeLys) were discovered and examined for their association with vibrio-resistance and growth. Twenty-seven SNPs were detected and fifteen of them were genotyped in clam stocks with different resistance to Vibrio harveyi (09-C and 09-R) and to Vibrio parahaemolyticus (11-S and 11-R). Allele frequency distribution among different stocks was compared. And wet weight of clams with different genotype at each SNP locus was compared. The results indicated that SNP locus 9 was associated with V. harveyi and V. parahaemolyticus resistance and growth of M. meretrix. Loci 12 and 14 were associated with both V. parahaemolyticus-resistance and growth, and also have the potential to be related with V. harveyi-resistance of M. meretrix. Therefore these three SNPs especially locus 9 were the potential markers which may be involved in assisting resistance selective breeding. In addition, this study showed evidence that improvements in clam resistance to vibriosis could be achieved through selective breeding. All results provided encouragement for the continuation of the selective breeding program for vibrio-resistance gain in clam M. meretrix and the application of polymorphisms in MmeLys to the future marker assisted selection. Copyright © 2012 Elsevier Ltd. All rights reserved.

Genetic diversity analysis in Malaysian giant prawns using expressed sequence tag microsatellite markers for stock improvement program.

Science.gov (United States)

Atin, K H; Christianus, A; Fatin, N; Lutas, A C; Shabanimofrad, M; Subha, B

2017-08-17

The Malaysian giant prawn is among the most commonly cultured species of the genus Macrobrachium. Stocks of giant prawns from four rivers in Peninsular Malaysia have been used for aquaculture over the past 25 years, which has led to repeated harvesting, restocking, and transplantation between rivers. Consequently, a stock improvement program is now important to avoid the depletion of wild stocks and the loss of genetic diversity. However, the success of such an improvement program depends on our knowledge of the genetic variation of these base populations. The aim of the current study was to estimate genetic variation and differentiation of these riverine sources using novel expressed sequence tag-microsatellite (EST-SSR) markers, which not only are informative on genetic diversity but also provide information on immune and metabolic traits. Our findings indicated that the tested stocks have inbreeding depression due to a significant deficiency in heterozygotes, and F IS was estimated as 0.15538 to 0.31938. An F-statistics analysis suggested that the stocks are composed of one large panmictic population. Among the four locations, stocks from Johor, in the southern region of the peninsular, showed higher allelic and genetic diversity than the other stocks. To overcome inbreeding problems, the Johor population could be used as a base population in a stock improvement program by crossing to the other populations. The study demonstrated that EST-SSR markers can be incorporated in future marker assisted breeding to aid the proper management of the stocks by breeders and stakeholders in Malaysia.

Mark Stock | NREL

Science.gov (United States)

Stock Mark Stock Scientific Visualization Specialist Mark.Stock@nrel.gov | 303-275-4174 Dr. Stock , virtual reality, parallel computing, and manipulation of large spatial data sets. As an artist, he creates . Stock built the SUNLIGHT artwork that is installed on the Webb Building in downtown Denver. In addition

Relationship Among Political Instability, Stock Market Returns and Stock Market Volatility

OpenAIRE

Irshad Hira

2017-01-01

This study investigated the relationship of political instability with the stock prices. Results of the study indicated the negative relationship of stock prices with political instability. Moreover, results of suggested that instable political system ultimately leads decline in stock prices. Inflation has shown negative relationship with stock prices whereas, industrial production and Exports have positive relationship with stock prices.

Relationship Among Political Instability, Stock Market Returns and Stock Market Volatility

Directory of Open Access Journals (Sweden)

Irshad Hira

2017-08-01

Full Text Available This study investigated the relationship of political instability with the stock prices. Results of the study indicated the negative relationship of stock prices with political instability. Moreover, results of suggested that instable political system ultimately leads decline in stock prices. Inflation has shown negative relationship with stock prices whereas, industrial production and Exports have positive relationship with stock prices.

Perbandingan Stock Market Crash 1987 : Dan Stock Market Crash 1997

OpenAIRE

Indridewi Atmadjaja, Yovita Vivianty

1999-01-01

Stock market crash refers to the condition, which is marked with the large dropping of stock Market price index. Historically, stock market crash has happened three times, namely in 1929, 1987 and 1997. This paper will discuss the causes of 1987's and 1997's stock market Crash and the similarities and the differences between 1987's and 1997's stock market crash. The structure of the paper is as follows. The paper starts with the introduction. The second Section briefly explains the causes of ...

Comparable stocks, boundedly rational stock markets and IPO entry rates.

Directory of Open Access Journals (Sweden)

Jay Chok

Full Text Available In this study, we examine how initial public offerings (IPO entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

Pedigree analysis in the Austrian Noriker draught horse: genetic diversity and the impact of breeding for coat colour on population structure.

Science.gov (United States)

Druml, T; Baumung, R; Sölkner, J

2009-10-01

The pedigree of the current Austrian Noriker draught horse population comprising 2808 horses was traced back to the animals considered as founders of this breed. In total, the number of founders was 1991, the maximum pedigree length was 31 generations, with an average of 12.3 complete generations. Population structure in this autochthonous Austrian draught horse breed is defined by seven breeding regions (Carinthia, Lower Austria, Salzburg, Styria, Tyrol, Upper Austria and Vorarlberg) or through six coat colour groups (Bay, Black, Chestnut, Roan, Leopard, Tobiano). Average inbreeding coefficients within the breeding regions ranged from 4.5% to 5.5%; for the colour groups, the coefficients varied from 3.5% to 5.9%. Other measures of genetic variability like the effective number of founders, ancestors and founder genomes revealed a slightly different genetic background of the subpopulations. Average co-ancestries between and within breeding areas showed that the Salzburg population may be considered as the nucleus or original stock whereas all other subpopulations showed high relationship to horses from Salzburg. The target of draught horse breeding in the 21st century does not meet the breeding concept of maximizing genetic gains any more. Stabilizing selection takes place. In this study, we show that demographic factors as well as structure given by different coat colours helped to maintain genetic diversity in this endangered horse breed.

Jakarta Islamic Index-L 45: Rate Financial Performance, Beta Stocks and Stock Price in Indonesian Stock Exchange

Directory of Open Access Journals (Sweden)

Tajus Subqi

2016-08-01

Full Text Available This research had analyzed the effect of financial performance and stock beta (systematic risk towards stock price of eight listed companies in Jakarta Islamic Index (JII – LQ 45 for the time period of 2012-2014. The data was gathered by employing literature study and documentation of financial statements. Multiple regressions are used to measure the effect of independent variable towards dependent variable along with ttest and F test. The results based on overall test suggested that only ROE and NPM had opposite direction correlation with the stock price, meanwhile other variables had positive direction correlation. From partial test with 5% level of significance, only EPS and PER had significant effect on stock price while other variables had no effect.   Keywords: financial performance analysis, stock price, stock beta (systematic risk, Jakarta Islamic Index

Analysis on the Influence of Stock Index Futures on Chinese Stock Market

Institute of Scientific and Technical Information of China (English)

王钊

2014-01-01

As the first product of financial futures in China, CSI 300 Stock Index Futures is a symbol of the continual improvement and development of Chinese capital market system. So it would be bound to generate immeasurable influence on Chinese capital market and financial system. Starting from introducing the relevant summaries of stock index futures, this paper analyzes the influence of the stock index futures on the fluctuation in the international stock market;then, it analyzes influence of the stock index futures on the fluctuation in Chinese stock market, in order to propose some suggestions to the policies for developing Chinese stock index futures.

The stock selection problem: Is the stock selection approach more important than the optimization method? Evidence from the Danish stock market

OpenAIRE

Grobys, Klaus

2011-01-01

Passive investment strategies basically aim to replicate an underlying benchmark. Thereby, the management usually selects a subset of stocks being employed in the optimization procedure. Apart from the optimization procedure, the stock selection approach determines the stock portfolios' out-of-sample performance. The empirical study here takes into account the Danish stock market from 2000-2010 and gives evidence that stock portfolios including small companies' stocks being estimated via coin...

Early maturing mutations as germplasm stocks for barley breeding

International Nuclear Information System (INIS)

Ukai, Yasuo

1985-01-01

A total of 102 early maturing mutations have been isolated after various treatments of seeds or plants with ionizing radiations or chemicals from a barley cultivar 'Chikurin Ibaraki 1' or its mutants. Fifty of them were evaluated as regards responses to internal physiological factors. The mutants were found to have a mutational alteration in vernalization and/or photoperiodic response. Earliness in a narrow sense was not noticeably changed. The original genotype is a winter and long-day type. By mutation four different degrees of change in vernalization requirement i.e. complete (V 1 ) and incomplete (V 2 ) spring habit and winter habit with reduced requirement to varying degrees (V 3 , V 4 ) have been produced. Photoperiodic response was also changed into at least three types i.e. complete (P 1 ) and incomplete (P 2 ) loss of sensitivity to short photoperiod and a slight reduction in critical daylength for heading. P 1 and P 2 type mutants were all characterized by marked earliness in heading time in field. Thirty seven mutants were located in seven separate loci. Allelism test of the mutated genes to spontaneous ones revealed that the genes carried by P 1 type mutants were all allelic to an earliness gene ea sub(k) on chromosome 5 and the gene involved in P 2 type mutants to ea 7 on chromosome 6. On the contrary, the gene commonly involved in all V 1 type mutants and one V 2 type mutant was not allelic to spring habit gene Sh 2 or Sh 3 . It seemed likely that the gene was not allelic to, either, but closely linked with sh on chromosome 4. The diversity in terms of genetic and physiological properties of the early maturing mutants arising from common ancestry emphasizes the importance of induced mutation in broadening of germplasm of barley breeding. (author)

Breeds of cattle

NARCIS (Netherlands)

Buchanan, David S.; Lenstra, Johannes A.

2015-01-01

This chapter gives an overview on the different breeds of cattle (Bos taurus and B. indicus). Cattle breeds are presented and categorized according to utility and mode of origin. Classification and phylogeny of breeds are also discussed. Furthermore, a description of cattle breeds is provided.

Genetic diversity and stock identification of small abalone (Haliotis diversicolor) in Taiwan and Japan.

Science.gov (United States)

Hsu, Te-Hua; Gwo, Jin-Chywan

2017-01-01

Small abalone (Haliotis diversicolor) is a commercially valuable species for both fisheries and aquaculture. The production of annual farmed small abalone in Taiwan, once the highest in the world, has dramatically decreased in the past 15 years, and currently, the industry is close to collapse. Understanding the genetic diversity of small abalone and developing stock identification methods will be useful for genetic breeding, restoring collapsed stocks, managing stocks, and preventing illegal trade. We investigated 307 cultured and wild individuals from Taiwan, Japan, and Bali Island (Indonesia) by using the mitochondrial cytochrome c oxidase subunit I (COI) gene. Network analysis of mtDNA COI gene sequences revealed that the individuals collected from Taiwan, Japan, and Indonesia could be identified, and showed significant genetic divergence. In addition, the Indonesian population (Haliotis diversicolor squamata) was significantly different from the other populations and might need to be considered a separate species. We discovered a single nucleotide polymorphism marker in the mtDNA COI gene that can be used to distinguish the Taiwan population from the Japan population. We also developed a polymerase chain reaction-restriction fragment length polymorphism method for rapid detection. Furthermore, we could identify the cultured stocks, wild population, and hybrid stocks by using 6 microsatellites and amplified fragment length polymorphism. This study contributes useful tools for stock identification and the production of high-disease resistant small abalone strains (Japan × Taiwan or Taiwan × Japan). Efforts should be made to avoid unintentional random genetic mixing of the Taiwan population with the Japan population and subsequent breakdown of population differentiation, which impair local adaptation of the Taiwan wild population. Molecular markers revealed a split between the Taiwan and Japan populations, and the existence of a possible barrier to the free

"Boldness" in the domestic dog differs among breeds and breed groups.

Science.gov (United States)

Starling, Melissa J; Branson, Nicholas; Thomson, Peter C; McGreevy, Paul D

2013-07-01

"Boldness" in dogs is believed to be one end of the shy-bold axis, representing a super-trait. Several personality traits fall under the influence of this super-trait. Previous studies on boldness in dogs have found differences among breeds, but grouping breeds on the basis of behavioural similarities has been elusive. This study investigated differences in the expression of boldness among dog breeds, kennel club breed groups, and sub-groups of kennel club breed groups by way of a survey on dog personality circulated among Australian dog-training clubs and internet forums and lists. Breed had a significant effect on boldness (F=1.63, numDF=111, denDF=272, ppurpose. Retrievers were significantly bolder than flushing and pointing breeds (Reg. Coef.=2.148; S.E.=0.593; pdogs. Differences in boldness among groups and sub-groups suggest that behavioural tendencies may be influenced by historical purpose regardless of whether that purpose still factors in selective breeding. Copyright © 2013 Elsevier B.V. All rights reserved.

Determinants of Stock Price Movements: Evidence from Chittagong Stock Exchange, Bangladesh

Directory of Open Access Journals (Sweden)

Mohammed Syedul Islam

2015-01-01

Full Text Available Stock market plays a vital role in the economic development of an economy. It bridges up between savers and real manufacturers by raising funds from investors to companies. This process was broken down due to the 2010-2011 stock market crash in Bangladesh. Though the determinants of stock price have been settled empirically, the current paper aims to reexamine the relationship between stock price, dividend and retained earnings of 29 listed banks of Chittagong Stock Exchange, in the post-crash period. Cross-sectional data were collected from secondary sources. Using linear regression method, the study found that both, dividend and retained earnings of sample banks have strong influence over the stock price, though there was moderate explanatory power of those variables. After reviewing the causes of crisis 2010-2011, this study suggests the following: to control price manipulation, to publish proper financial statement, regulate the dividend policy, to ensure sufficient knowledge among investors, recruit technical expert and ensure proper settlement for transactions, prevent crises of stock market against speculation etc.

Development of breeding objectives for beef cattle breeding ...

African Journals Online (AJOL)

Mnr J F Kluyts

However, to solve the simultaneous equations the ... The aggregate breeding value represents a fundamental concept, the breeding objective, which is ..... Two properties characterise a linear programming problem. The first is additivity, ...

Analysis of Right Issue Announcement Effect toward Stock Price Movement and Stock Trading Volume within Issuer in Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Wilson Yaputra Yakup

2016-05-01

Full Text Available The purpose of this study were to identify and analyze the rights issue effect to the stock price, the effect of the rights issue on stock trading volume, the correlation between stock prices before and after the right issue, as well as the correlation between volume of trading activity before the right issue and after that event. The objects of the study are the companies listed on Indonesia Stock Exchange (JSX. The hypothesis stated that right issues have a significant effect on stock price on companies listed on the JSX, rights issues have a significant effect on the stock trading volume on companies listed on the JSX, there is a significant correlation between stock price before and after the rights issue on companies listed in JSX, there is a significant correlation between volume of the stock trading before the rights issue and after that event. Data analysis used were descriptive statistics, simple linear regression analysis and paired t-test. Hypothesis testing was performed by using the Pearson correlation test with significance level of 5%. The results show that the right issue has a positive effect but not significant toward stock prices of companies listed in JSX, right issue has a negative effect and not significant toward the trading volume activity (TVA on companies listed in JSX.

Market Structure and Stock Splits

OpenAIRE

David Michayluk; Paul Kofman

2001-01-01

Enhanced liquidity is one possible motivation for stock splits but empirical research frequently documents declines in liquidity following stock splits. Despite almost thirty years of inquiry, little is known about all the changes in a stock's trading activity following a stock split. We examine how liquidity measures change around more than 2,500 stock splits and find a pervasive decline in most measures. Large stock splits exhibit a more severe liquidity decline than small stock splits, esp...

Stock or stroke? Stock market movement and stroke incidence in Taiwan.

Science.gov (United States)

Chen, Chun-Chih; Chen, Chin-Shyan; Liu, Tsai-Ching; Lin, Ying-Tzu

2012-12-01

This paper investigates the impact of stock market movement on incidences of stroke utilizing population-based aggregate data in Taiwan. Using the daily data from the Taiwan Stock Exchange Capitalization Weighted Stock Index and from the National Health Insurance Research Database during 2001/1/1-2007/12/31, which consist of 2556 observations, we examine the effects of stock market on stroke incidence - the level effect and the daily change effects. In general, we find that both a low stock index level and a daily fall in the stock index are associated with greater incidences of stroke. We further partition the data on sex and age. The level effect is found to be significant for either gender, in the 45-64 and 65 ≥ age groups. In addition, two daily change effects are found to be significant for males and the elderly. Although stockholdings can increase wealth, they can also increase stroke incidence, thereby representing a cost to health. Copyright © 2012 Elsevier Ltd. All rights reserved.

Stock Status

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — These data inform the public of the most recent stock status for all stocks (FSSI and non-FSSI) in the fishery management unit contained in a fishery managment plan....

Trading network predicts stock price.

Science.gov (United States)

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

2014-01-16

Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

The synchronicity between the stock and the stock index via information in market

Science.gov (United States)

Gao, Hai-Ling; Li, Jiang-Cheng; Guo, Wei; Mei, Dong-Cheng

2018-02-01

The synchronicity between the stock and the stock-index in a market system is investigated. The results show that: (i) the synchronicity between the stock and the stock-index increases with the rising degree of market information capitalized into stock prices in certain range; (ii) the synchronicity decreases for large firm-specific information; (iii) the stock return synchronicity is small compared to the big noise trading, however the variance noise facilitates the synchronization within the tailored realms. These findings may be helpful in understanding the effect of market information on synchronicity, especially for the response of firm-specific information and noise trading to synchronicity.

Compression stockings

Science.gov (United States)

Call your health insurance or prescription plan: Find out if they pay for compression stockings. Ask if your durable medical equipment benefit pays for compression stockings. Get a prescription from your doctor. Find a medical equipment store where they can ...

Slave Breeding

OpenAIRE

Sutch, Richard

1986-01-01

This paper reviews the historical work on slave breeding in the ante-bellum United States. Slave breeding consisted of interference in the sexual life of slaves by their owners with the intent and result of increasing the number of slave children born. The weight of evidence suggests that slave breeding occurred in sufficient force to raise the rate of growth of the American slave population despite evidence that only a minority of slave-owners engaged in such practices.

THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS ON DHAKA STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Muhammed Monjurul Quadir

2012-01-01

Full Text Available This article investigates the effects of macroeconomic variables of treasury bill interest rate and industrial production on stock returns on Dhaka Stock Exchange for the period between January 2000 and February 2007 on the basis of monthly time series data using Autoregressive Integrated Moving Average (ARIMA model. The paper has taken the overall market stock returns as an independent variable. It does not consider the stock returns of different companies separately. Though the ARIMA model finds a positive relationship between Treasury bill interest rate and industrial production with market stock returns but the coefficients have turned out to be statistically insignificant.

CASSAVA BREEDING I: THE VALUE OF BREEDING VALUE

Directory of Open Access Journals (Sweden)

Hernán Ceballos

2016-08-01

Full Text Available Breeding cassava relies on several selection stages (single row trial-SRT; preliminary; advanced; and uniform yield trials - UYT. This study uses data from 14 years of evaluations. From more than 20,000 genotypes initially evaluated only 114 reached the last stage. The objective was to assess how the data at SRT could be used to predict the probabilities of genotypes reaching the UYT. Phenotypic data from each genotype at SRT was integrated into the selection index (SIN used by the cassava breeding program. Average SIN from all the progenies derived from each progenitor was then obtained. Average SIN is an approximation of the breeding value of each progenitor. Data clearly suggested that some genotypes were better progenitors than others (e.g. high number of their progenies reaching the UYT, suggesting important variation in breeding values of progenitors. However, regression of average SIN of each parental genotype on the number of their respective progenies reaching UYT resulted in a negligible coefficient of determination (r2 = 0.05. Breeding value (e.g. average SIN at SRT was not efficient predicting which genotypes were more likely to reach the UYT stage. Number of families and progenies derived from a given progenitor were more efficient predicting the probabilities of the progeny from a given parent reaching the UYT stage. Large within-family genetic variation tends to mask the true breeding value of each progenitor. The use of partially inbred progenitors (e.g. S1 or S2 genotypes would reduce the within-family genetic variation thus making the assessment of breeding value more accurate. Moreover, partial inbreeding of progenitors can improve the breeding value of the original (S0 parental material and sharply accelerate genetic gains. For instance, homozygous S1 genotypes for the dominant resistance to cassava mosaic disease could be generated and selected. All gametes from these selected S1 genotypes would carry the desirable allele

Stock Market Project.

Science.gov (United States)

Distel, Brenda D.

This project is designed to teach students the process of buying stocks and to tracking their investments over the course of a semester. The goals of the course are to teach students about the relationships between conditions in the economy and the stock market; to predict the effect of an economic event on a specific stock or industry; to relate…

Genetic restoration of a stocked brown trout Salmo trutta population using microsatellite DNA analysis of historical and contemporary samples

DEFF Research Database (Denmark)

Hansen, Michael Møller; Bekkevold, Dorte; Jensen, L.F.

2006-01-01

1. Gene flow from domesticated to wild populations is a major threat to wild salmonid fish. However, few studies have addressed how populations could be restored after admixture has occurred. We analysed the prospects for restoring the previously intensively stocked brown trout population...... of the Skjern River, Denmark, by identifying remaining non-admixed individuals to be used for supportive breeding. 2. We analysed microsatellite DNA markers in historical (1940-50s) and contemporary (1992-2004) samples from the Skjern River system, from the strain of domesticated trout previously used...... for stocking, and from the neighbouring Stora River. We analysed admixture proportions to estimate the genetic contribution by domesticated trout. We identified non-admixed trout using assignment tests, and further analysed the possible sources of indigenous trout by estimating contemporary migration among...

Ornamental Plant Breeding

Directory of Open Access Journals (Sweden)

Flávia Barbosa Silva Botelho

2015-04-01

Full Text Available World’s ornamental plant market, including domestic market of several countries and its exports, is currently evaluated in 107 billion dollars yearly. Such estimate highlights the importance of the sector in the economy of the countries, as well as its important social role, as it represents one of the main activities, which contributes to income and employment. Therefore a well-structured plant breeding program, which is connected with consumers’ demands, is required in order to fulfill these market needs globally. Activities related to pre-breeding, conventional breeding, and breeding by biotechnological techniques constitute the basis for the successful development of new ornamental plant cultivars. Techniques that involve tissue culture, protoplast fusion and genetic engineering greatly aid conventional breeding (germplasm introduction, plant selection and hybridization, aiming the obtention of superior genotypes. Therefore it makes evident, in the literature, the successful employment of genetic breeding, since it aims to develop plants with commercial value that are also competitive with the ones available in the market.

Stock-market efficiency in thin-trading markets : the case of the Vietnamese stock market

NARCIS (Netherlands)

Truong Dong Loc, [No Value; Lanjouw, Ger; Lensink, Robert

2010-01-01

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

NARCIS (Netherlands)

Dong Loc, T.; Lanjouw, G.; Lensink, B.W.

2010-01-01

This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

Proving the Relation between Stock and Interbank Markets: The Bahrain Stock Exchange

OpenAIRE

Matveev, Aleksandr

2014-01-01

The present paper deals with further analysis of the relationship between the interbank loan rateon the one hand and the volume of investment and the amount of stocks tradable on the stock exchange on the other hand, as corroborated by calculations performed on Bahrain Stock Exchange data.

A simple language to script and simulate breeding schemes: the breeding scheme language

Science.gov (United States)

It is difficult for plant breeders to determine an optimal breeding strategy given that the problem involves many factors, such as target trait genetic architecture and breeding resource availability. There are many possible breeding schemes for each breeding program. Although simulation study may b...

Green turtles (Chelonia mydas foraging at Arvoredo Island in Southern Brazil: genetic characterization and mixed stock analysis through mtDNA control region haplotypes

Directory of Open Access Journals (Sweden)

Maíra Carneiro Proietti

2009-01-01

Full Text Available We analyzed mtDNA control region sequences of green turtles (Chelonia mydas from Arvoredo Island, a foraging ground in southern Brazil, and identified eight haplotypes. Of these, CM-A8 (64% and CM-A5 (22% were dominant, the remainder presenting low frequencies ( 0.05. Mixed Stock Analysis, incorporating eleven Atlantic and one Mediterranean rookery as possible sources of individuals, indicated Ascension and Aves islands as the main contributing stocks to the Arvoredo aggregation (68.01% and 22.96%, respectively. These results demonstrate the extensive relationships between Arvoredo Island and other Atlantic foraging and breeding areas. Such an understanding provides a framework for establishing adequate management and conservation strategies for this endangered species.

To breed or not to breed: a seabird's response to extreme climatic events

OpenAIRE

Cubaynes, Sarah; Doherty, Paul F.; Schreiber, E. A.; Gimenez, Olivier

2010-01-01

Intermittent breeding is an important life-history strategy that has rarely been quantified in the wild and for which drivers remain unclear. It may be the result of a trade-off between survival and reproduction, with individuals skipping breeding when breeding conditions are below a certain threshold. Heterogeneity in individual quality can also lead to heterogeneity in intermittent breeding. We modelled survival, recruitment and breeding probability of the red-footed booby (Sula sula), usin...

Stock Indices as Generalizing Indicators of the Stock Markets Condition in the European Union Countries

Directory of Open Access Journals (Sweden)

Shuba M. V.

2015-03-01

Full Text Available The aim of the article is to determine the degree of interdependence of stock markets in separate countries of the European Union, namely: France, Germany, Great Britain, Poland, the Czech Republic and Hungary on the basis of studying the changes in stock indexes, as well as determining the existence of tendencies of approximating the dynamics of the national stock index «PFTS Index» to the corresponding dynamics of stock indexes in surveyed countries. The article analyzes the dynamics of changes in stock indices in the UK (FTSE, Germany (DAX 30, France (CAC 40 and pan-European ones (EURO STOXX 50, as well as changes in stock indices in Poland (WIG 20, Czech Republic (PX, Hungary (BUX. Calculations of the coefficients of pair correlation between changes in stock indices in the studied countries have been performed. The calculation results show a substantial connection between the indicators of changes in stock indices and allow to make a conclusion that in the dynamics of stock indices of national stock markets of the studied EU countries some common trends are observed, moreover, in the behavior of the considered indices common local trends are noticed as well. The author calculated the coefficient of pair correlation between the indicators of changes in the national stock index «PFTS Index» and the stock indices of the «old» and «new» EU countries. The calculations showed that the PFTS Index does not demonstrate a high level of correlation with stock indices of the «old» EU countries and has a tendency of approaching the corresponding dynamics of stock indices of the «new» EU countries.

Stocks as Money: Convenience Yield and the Tech-Stock Bubble

OpenAIRE

John H. Cochrane

2002-01-01

What caused the rise and fall of tech stocks? I argue that a mechanism much like the transactions demand for money drove many stock prices above the 'fundamental value' they would have had in a frictionless market. I start with the Palm/3Com microcosm and then look at tech stocks in general. High prices are associated with high volume, high volatility, low supply of shares, wide dispersion of opinion, and restrictions on long-term short selling. I review competing theories, and only the conve...

Effects of Stocking Density or Group Size on Intake, Growth, and Meat Quality of Hanwoo Steers (

Directory of Open Access Journals (Sweden)

Sang Moo Lee

2012-11-01

Full Text Available This study was conducted to investigate the effects of stocking density or group size on feed intake, daily gain, and carcass characteristics of Hanwoo (Korean indigenous breed steers reared from 7 months to 31 months of age. Thirty Hanwoo steers were divided into four groups with three replicates each (a total of 12 pens. In each group, one (G1, two (G2, three (G3, and four steers (G4 per pen were allocated as treatments. Pen size was 32.0 m2, and therefore Hanwoo steers in G1, G2, G3, and G4 were reared under different space allowances, i.e. 32.0, 16.0, 10.6, and 8.0 m2/steer, respectively. Steers were reared following a conventional beef cattle management method in Korea, and were offered a fixed amount of commercial concentrate with ad libitum forages. Results were subjected to analysis of variance with stocking density as the main effect, and significance was declared at p<0.05. Although total feed intake was not significantly altered, it numerically increased in animals of low stocking density (G1 compared to those subjected to high stocking density treatment (i.e. G4. Feed conversion ratio was higher (p<0.05 in G3 compared to G1 and G2. Animals in G1 (low stocking density grew faster (p<0.05 than those of high stocking density (G3 and G4. Back fat thickness, meat yield index, and meat yield grade were similar among all levels of stocking density. However, longissimus muscle area was larger in G1 and G2 (p<0.01 compared to G3 and G4, and animals in G3 produced smaller carcasses (p<0.05. Carcass quality traits, including marbling score, meat color, fat color, texture, maturity and meat quality grade, as determined by a group of experts, were not significantly different among the treatments. In conclusion, lower stocking density resulted in increased feed efficiency, daily gain, and carcass weight in Hanwoo steers. However it remains unclear whether such differences are the results of stocking density or group size, or a combination of both

Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange

Science.gov (United States)

Lahmiri, Salim

In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.

Tritium breeding blanket

International Nuclear Information System (INIS)

Smith, D.; Billone, M.; Gohar, Y.; Baker, C.; Mori, S.; Kuroda, T.; Maki, K.; Takatsu, H.; Yoshida, H.; Raffray, A.; Sviatoslavsky, I.; Simbolotti, G.; Shatalov, G.

1991-01-01

The terms of reference for ITER provide for incorporation of a tritium breeding blanket with a breeding ratio as close to unity as practical. A breeding blanket is required to assure an adequate supply of tritium to meet the program objectives. Based on specified design criteria, a ceramic breeder concept with water coolant and an austenitic steel structure has been selected as the first option and lithium-lead blanket concept has been chosen as an alternate option. The first wall, blanket, and shield are integrated into a single unit with separate cooling systems. The design makes extensive use of beryllium to enhance the tritium breeding ratio. The design goals with a tritium breeding ratio of 0.8--0.9 have been achieved and the R ampersand D requirements to qualify the design have been identified. 4 refs., 8 figs., 2 tabs

Genetically influenced resistance to stress and disease in salmonids in relation to present-day breeding practice - a short review

Directory of Open Access Journals (Sweden)

Jan Mendel

2018-01-01

Full Text Available While intensive fish production has many advantages, it also has a number of drawbacks as regards disease and stress. To date, there has been no conclusive review of disease resistance at Czech fish farms. The aim of the study was to describe briefly the existing salmonid breeding practice in the Czech Republic and to point out the trends and new possibilities gaining ground around Europe. However, the present situation in the Czech stocks is not rare at all and therefore it is used here as a model example representing numerous breeding practices in Europe. Stress and disease resistance in fish is polygenic and quantitative, making selection for such traits difficult. In recent years, however, fish breeding methods have developed rapidly, with the use of genetic analysis tools, for example, now allowing much greater selection accuracy. Gradual progress in understanding the importance of individual genetic markers offers many new options that can be utilised in breeding practice. New selection methods, such as quantitative trait loci (QTLs and genomic selection, are increasingly employed in European aquaculture. Next generation sequencing techniques now help in the finding of new and promising QTLs that can be used in assisted selection. This review maps the current progress in improving salmonid resistance to stress and disease in aquaculture and at the same time provides the breeders with a short overview of the latest tools of genetically controlled breeding and of the newest products available at the European market.

Textbook animal breeding : animal breeding andgenetics for BSc students

NARCIS (Netherlands)

Oldenbroek, Kor; Waaij, van der Liesbeth

2014-01-01

This textbook contains teaching material on animal breeding and genetics for BSc students. The text book started as an initiative of the Dutch Universities for Applied (Agricultural) Sciences. The textbook is made available by the Animal Breeding and Genomics Centre (ABGC) of Wageningen UR

Distribution characteristics of stock market liquidity

Science.gov (United States)

Luo, Jiawen; Chen, Langnan; Liu, Hao

2013-12-01

We examine the distribution characteristics of stock market liquidity by employing the generalized additive models for location, scale and shape (GAMLSS) model and three-minute frequency data from Chinese stock markets. We find that the BCPE distribution within the GAMLSS framework fits the distributions of stock market liquidity well with the diagnosis test. We also find that the stock market index exhibits a significant impact on the distributions of stock market liquidity. The stock market liquidity usually exhibits a positive skewness, but a normal distribution at a low level of stock market index and a high-peak and fat-tail shape at a high level of stock market index.

Tritium breeding in fusion reactors

International Nuclear Information System (INIS)

Abdou, M.A.

1982-10-01

Key technological problems that influence tritium breeding in fusion blankets are reviewed. The breeding potential of candidate materials is evaluated and compared to the tritium breeding requirements. The sensitivity of tritium breeding to design and nuclear data parameters is reviewed. A framework for an integrated approach to improve tritium breeding prediction is discussed with emphasis on nuclear data requirements

Portfolio volatility of Islamic and conventional stock: The case of Indonesia stock market

Directory of Open Access Journals (Sweden)

Aldrin Herwany

2013-12-01

Full Text Available Conventional finance suggests that the higher the risk of an investment, the higher the return it should give. Nevertheless, whether Islamic stocks that offer alternative investment in the stock market suggest different risk-return relationship still needs to be investigated. This empirical study is aimed at assessing risk-return behavior of Islamic stocks. This study employs cross sectional data of portfolio developed using beta-rank and market capitalization, in which daily data will better reflect the real volatility. This study also measures volatility of both conventional and Islamic stocks using Value-at-Risk (VaR. To check whether Islamic stocks are immune from any impact of financial crisis, this study utilizes three periods of observation, i.e., before, during and after the 2008 crisis. This study assesses risk and return using Multi-index model, in which variables tested are the respective fundamental factors. Results of this study will provide more accurate approach in Islamic stocks analysis.

STOCK AND STOCK EXCHANGE AS A PART OF FINANCIAL INSTITUTIONS IN DEVELOPED COUNTRIES

Directory of Open Access Journals (Sweden)

Vesna Petrović

2018-01-01

Full Text Available The authors have tried to present the term, meaning and importance of stocks and stock exchange as a part of the financial system of developed countries. By observing the financial system growth, especially in financial institutions, it can be noticed that there are changes in relative positions of various types of financial agents in developed market industries. What determines financial markets, and by that the stocks and stock exchange is the permanent movement of financial instruments and neglecting the national market boundaries.

CSR and Company's Stock Price. A Comparative Evidence from Bucharest Stock Exchange

Directory of Open Access Journals (Sweden)

Adina Dornean

2017-05-01

Full Text Available This paper aims at analysing the relationship between Corporate Social Responsibility (CSR and stock price for the companies listed on Bucharest Stock Exchange (BSE in 2015, comparing with the results obtained for 2014. This study investigates the differences in the market stock price (and other market variables, such as dividends and stock return of companies that show CSR compared with those that do not. For this purpose we will use three statistical techniques: discriminant analysis, probit analysis model and logistic regression. There is no significant difference between the prediction ability of the models, in the context in which probit model and logistic regression have and average correct classification of 70.29%, while discriminant analysis records 71.62%. Our analysis highlighted that stock return has a significant impact on CSR activities of a company. Moreover, all discriminants have a positive impact on CSR.

The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.

Science.gov (United States)

Draze, Dianne

This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…

To breed or not to breed: a seabird's response to extreme climatic events.

Science.gov (United States)

Cubaynes, Sarah; Doherty, Paul F; Schreiber, E A; Gimenez, Olivier

2011-04-23

Intermittent breeding is an important life-history strategy that has rarely been quantified in the wild and for which drivers remain unclear. It may be the result of a trade-off between survival and reproduction, with individuals skipping breeding when breeding conditions are below a certain threshold. Heterogeneity in individual quality can also lead to heterogeneity in intermittent breeding. We modelled survival, recruitment and breeding probability of the red-footed booby (Sula sula), using a 19 year mark-recapture dataset involving more than 11,000 birds. We showed that skipping breeding was more likely in El-Niño years, correlated with an increase in the local sea surface temperature, supporting the hypothesis that it may be partly an adaptive strategy of birds to face the trade-off between survival and reproduction owing to environmental constraints. We also showed that the age-specific probability of first breeding attempt was synchronized among different age-classes and higher in El-Niño years. This result suggested that pre-breeders may benefit from lowered competition with experienced breeders in years of high skipping probabilities.

Stock Market Expectations of Dutch Households.

Science.gov (United States)

Hurd, Michael; van Rooij, Maarten; Winter, Joachim

2011-04-01

Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households' expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households' stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses.

Optimization Stock Portfolio With Mean-Variance and Linear Programming: Case In Indonesia Stock Market

Directory of Open Access Journals (Sweden)

Yen Sun

2010-05-01

Full Text Available It is observed that the number of Indonesia’s domestic investor who involved in the stock exchange is very less compare to its total number of population (only about 0.1%. As a result, Indonesia Stock Exchange (IDX is highly affected by foreign investor that can threat the economy. Domestic investor tends to invest in risk-free asset such as deposit in the bank since they are not familiar yet with the stock market and anxious about the risk (risk-averse type of investor. Therefore, it is important to educate domestic investor to involve in the stock exchange. Investing in portfolio of stock is one of the best choices for risk-averse investor (such as Indonesia domestic investor since it offers lower risk for a given level of return. This paper studies the optimization of Indonesian stock portfolio. The data is the historical return of 10 stocks of LQ 45 for 5 time series (January 2004 – December 2008. It will be focus on selecting stocks into a portfolio, setting 10 of stock portfolios using mean variance method combining with the linear programming (solver. Furthermore, based on Efficient Frontier concept and Sharpe measurement, there will be one stock portfolio picked as an optimum Portfolio (Namely Portfolio G. Then, Performance of portfolio G will be evaluated by using Sharpe, Treynor and Jensen Measurement to show whether the return of Portfolio G exceeds the market return. This paper also illustrates how the stock composition of the Optimum Portfolio (G succeeds to predict the portfolio return in the future (5th January – 3rd April 2009. The result of the study observed that optimization portfolio using Mean-Variance (consistent with Markowitz theory combine with linear programming can be applied into Indonesia stock’s portfolio. All the measurements (Sharpe, Jensen, and Treynor show that the portfolio G is a superior portfolio. It is also been found that the composition (weights stocks of optimum portfolio (G can be used to

Persistent collective trend in stock markets

Science.gov (United States)

Balogh, Emeric; Simonsen, Ingve; Nagy, Bálint Zs.; Néda, Zoltán

2010-12-01

Empirical evidence is given for a significant difference in the collective trend of the share prices during the stock index rising and falling periods. Data on the Dow Jones Industrial Average and its stock components are studied between 1991 and 2008. Pearson-type correlations are computed between the stocks and averaged over stock pairs and time. The results indicate a general trend: whenever the stock index is falling the stock prices are changing in a more correlated manner than in case the stock index is ascending. A thorough statistical analysis of the data shows that the observed difference is significant, suggesting a constant fear factor among stockholders.

Predictability of Stock Returns

Directory of Open Access Journals (Sweden)

Ahmet Sekreter

2017-06-01

Full Text Available Predictability of stock returns has been shown by empirical studies over time. This article collects the most important theories on forecasting stock returns and investigates the factors that affecting behavior of the stocks’ prices and the market as a whole. Estimation of the factors and the way of estimation are the key issues of predictability of stock returns.

RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

Directory of Open Access Journals (Sweden)

M.N. Arshad

2017-04-01

Full Text Available Abstract-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007 and second, after (2008-2012 the financial crisis of 2008. Johansen-Juselius (JJ. Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.

Converting partially-stocked aspen stands to fully-stocked stands in the Lake States: an economic analysis.

Science.gov (United States)

Jeffrey T. Olson; Allen L. Lundgren

1978-01-01

The 1968 Wisconsin Forest Survey showed large areas of aspen type that are not considered fully stocked. The economic feasibility of converting partially-stocked stands to full stocking is examined, and a rule presented for determining when a partially-stocked stand should be harvested to maximize its present value.

Stock prices and business investment

OpenAIRE

Yaron Leitner

2007-01-01

Is there a link between the stock market and business investment? Empirical evidence indicates that there is. A firm tends to invest more when its stock price increases, and it tends to invest less when the price falls. In “Stock Prices and Business Investment,” Yaron Leitner discusses existing research that explains this relationship. One question under consideration is whether the stock market actually improves investment decisions.

Which stocks are profitable? A network method to investigate the effects of network structure on stock returns

Science.gov (United States)

Chen, Kun; Luo, Peng; Sun, Bianxia; Wang, Huaiqing

2015-10-01

According to asset pricing theory, a stock's expected returns are determined by its exposure to systematic risk. In this paper, we propose a new method for analyzing the interaction effects among industries and stocks on stock returns. We construct a complex network based on correlations of abnormal stock returns and use centrality and modularity, two popular measures in social science, to determine the effect of interconnections on industry and stock returns. Supported by previous studies, our findings indicate that a relationship exists between inter-industry closeness and industry returns and between stock centrality and stock returns. The theoretical and practical contributions of these findings are discussed.

The role of managerial stock option programs in governance: evidence from REIT stock repurchases

NARCIS (Netherlands)

Ghosh, C.; Giambona, E.; Harding, J.P.; Sezer, O.; Sirmans, C.F.

2010-01-01

This article examines the role of stock option programs and executive holdings of stock options in real estate investment trust (REIT) governance. We study the issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance

THE EFFECT OF MACROECONOMIC VARIABLES ON BANKING STOCK PRICE INDEX IN INDONESIA STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Laduna R.

2018-01-01

Full Text Available Stock price index can be regarded as a barometer in the measuremet of a nation’s economic condition, besides it can also be used in conducting statistical analysis on the current market. Stock is the proof of one’s share in a company in the form of securities issued by the listed go-public companies. This study was conducted to measure the effect of macroeconomic variables such as inflation, interest rate, and exchange rate on banking stock price index in Indonesia stock exchange or Bursa Efek Indonesia (BEI. The results of study show that inflation and exchange rate posively influence the stock price index. The positive effect of the exchange rate shows that issuers who were positively affected by Rupiah (IDR depreciation appear to be the most dominant group. Meanwhile, the interest rate or Suku Bunga (SBI has a negative effect. Lower interest rate stimulates higher investments and better economic activities which increase the stock price.

Commodities and Stock Investment

Directory of Open Access Journals (Sweden)

Syed Jawad Hussain Shahzad

2014-09-01

Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

Comparison between global financial crisis and local stock disaster on top of Chinese stock network

Science.gov (United States)

Xia, Lisi; You, Daming; Jiang, Xin; Guo, Quantong

2018-01-01

The science of complex network theory can be usefully applied in many important fields, one of which is the finance. In these practical cases, a massive dataset can be represented as a very large network with certain attributes associated with its nodes and edges. As one of the most important components of financial market, stock market has been attracting more and more attention. In this paper, we propose a threshold model to build Chinese stock market networks and study the topological properties of these networks. To be specific, we compare the effects of different crises, namely the 2008 global crisis and the stock market disaster in 2015, on the threshold networks. Prices of the stocks belonging to the Shanghai and Shenzhen 300 index are considered for three periods: the global crisis, common period and the stock market disaster. We find the probability distribution of the cross-correlations of the stocks during the stock market disaster is fatter than that of others. Besides, the thresholds of cross-correlations are assigned to obtain the threshold networks and the power-law of degree distribution in these networks are observed in a certain range of threshold values. The networks during the stock market disaster also appear to have larger mean degree and modularity, which reveals the strong correlations among these stock prices. Our findings to some extent crosscheck the liquidity shortage reason which is believed to result in the outbreak of the stock market disaster. Moreover, we hope that this paper could give us a deeper understanding of the market's behavior and also lead to interesting future research about the problems of modern finance theory.

Co-integration and Causality Among Jakarta Stock Exchange, Singapore Stock Exchange, and Kuala Lumpur Stock Exchange

OpenAIRE

Febrian, Erie; Herwany, Aldrin

2007-01-01

For both risk management and portfolio selection purposes, modeling the linkage across financial markets is crucial, especially among neighboring stock markets. In investigating the dependence or co-movement of three or more stock markets in different countries, researchers frequently use co-integration and causality analysis. Nevertheless, they conducted the causality in mean tests but not the causality in variance tests. This paper examines the co-integration and causal relations among ...

17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

Analysis of breed effects on semen traits in light horse, warmblood, and draught horse breeds.

Science.gov (United States)

Gottschalk, Maren; Sieme, Harald; Martinsson, Gunilla; Distl, Ottmar

2016-05-01

In the present study, systematic effects on semen quality traits were investigated in 381 stallions representing 22 breeds. All stallions were used for AI either at the Lower Saxon National Stud Celle or the North Rhine-Westphalian National Stud Warendorf. A total of 71,078 fresh semen reports of the years 2001 to 2014 were edited for analysis of gel-free volume, sperm concentration, total number of sperm, progressive motility, and total number of progressively motile sperm. Breed differences were studied for warmblood and light horse breeds of both national studs (model I) and for warmblood breeds and the draught horse breed Rhenish German Coldblood from the North Rhine-Westphalian National stud (model II) using mixed model procedures. The fixed effects of age class, year, and month of semen collection had significant influences on all semen traits in both analyses. A significant influence of the horse breed was found for all semen traits but gel-free volume in both statistical models. Comparing warmblood and light horse stallions of both national studs, we observed highest sperm concentrations, total numbers of sperm, and total numbers of progressively motile sperm in Anglo-Arabian stallions. The draught horse breed Rhenish German Coldblood had the highest least squares means for gel-free volume, whereas all other investigated semen traits were significantly lower in this breed compared to the warmblood stallions under study. The variance components among stallions within breeds were significant for all semen traits and accounted for 40% to 59% of the total variance. The between-breed-variance among stallions was not significant underlining the similar size of the random stallion effect in each of the horse breeds analyzed here. In conclusion, breed and stallion are accounting for a significant proportion of the variation in semen quality. Copyright © 2016 Elsevier Inc. All rights reserved.

Growth and contribution of stocked channel catfish, Ictalurus punctatus (Rafinesque, 1818): the importance of measuring post-stocking performance

Science.gov (United States)

Stewart, David R.; Long, James M.

2015-01-01

In this study it was sought to quantify post-stocking growth, survival, and contribution of advanced size (178 mm total length [TL]) channel catfish Ictalurus punctatus fingerlings, something rarely done. Channel catfish populations were evaluated before (May 2010) and after (May to August 2011 and 2012) stocking. Relative abundance, stocking contribution, and growth were different (P stocked in Lake Lone Chimney, stocking contribution was lower (3–35%), and average length and weight of stocked fish by age-2 reached 230 mm TL and 85 g, whereas the stocking contribution (84–98%) and growth in length (340 mm TL) and weight (280 g) were higher by age-2 in Lake Greenleaf. Given these unambiguous differences of post-stocking performance, benchmark metrics that represent population-level information such as relative abundance and average length and weight of the sample masked these significant differences, highlighting the importance of marking hatchery-fish and then following them through time to determine the effectiveness of stocking. These results suggest that stock enhancement programmes would benefit from studies that quantify post-stocking performance of hatchery fish.

Co-Movements Of U.S. And European Stock Markets Before And After The 2008 Gloal Stock Market Crash

Directory of Open Access Journals (Sweden)

Meric Ilhan

2015-08-01

Full Text Available Empirical studies show that correlation between national stock markets increased and the benefits of global portfolio diversification decreased significantly after the global stock market crash of 1987. The 1987 and 2008 crashes are the two most important global stock market crashes since the 1929 Great depression. Although the effects of the 1987 crash on the comovements of national stock markets have been investigated extensively, the effects of the 2008 crash have not been studied sufficiently. In this paper we study this issue with a research sample that includes the U.S stock market and twenty European stock markets. We find that correlation between the twenty-one stock markets increased and the benefits of portfolio diversification decreased significantly after the 2008 stock market crash.

Breeding performance in the Italian chicken breed Mericanel della Brianza

Directory of Open Access Journals (Sweden)

Stefano P. Marelli

2010-11-01

Full Text Available In Italy, 90 local avian breeds were described, the majority (61% were classified extinct and only 8.9 % still diffused. Therefore, efforts for conservation of Italian avian breeds are urgently required. The aim of this study was to record the breeding performance of the Italian breed Mericanel della Brianza and multiply a small population, in order to develop a conservation program. Fourteen females and 8 males were available at the beginning of the reproductive season in 2009 and organized in 8 families (1 male/1-2 females kept in floor pens. Birds received a photoperiod of 14L:10D and fed ad libitum. Breeding performance was recorded from March to June. Egg production and egg weight were recorded daily; eggs were set every 2 weeks and fertility, embryo mortality and hatchability were recorded. Mean egg production was 37% and mean egg weight was 34±3.49 g. High fertility values were recorded in the first three settings, from 94 to 87%, and the overall mean fertility value was 81.6%. Overall hatchability was only 49.6% due to a high proportion of dead embryos. Embryo mortality occurred mainly between day 2 and 7 of incubation and during hatch. Highest hatchability values were recorded in setting 1 and 2, 69 and 60% respectively, and a great decrease was found in the following settings. Great variations in egg production, fertility, hatchability and embryo mortality were found among families. The present results are the basic knowledge on reproductive parameters necessary to improve the reproductive efficiency of the breed within a conservation plan.

The Difference Between Stock Splits and Stock Dividends - Evidence from Denmark

DEFF Research Database (Denmark)

Raaballe, Johannes; Bechmann, Ken L.

2007-01-01

splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt...

Can investor sentiment be used to predict the stock price? Dynamic analysis based on China stock market

Science.gov (United States)

Guo, Kun; Sun, Yi; Qian, Xin

2017-03-01

With the development of the social network, the interaction between investors in stock market became more fast and convenient. Thus, investor sentiment which can influence their investment decisions may be quickly spread and magnified through the network, and to a certain extent the stock market can be affected. This paper collected the user comments data from a popular professional social networking site of China stock market called Xueqiu, then the investor sentiment data can be obtained through semantic analysis. The dynamic analysis on relationship between investor sentiment and stock market is proposed based on Thermal Optimal Path (TOP) method. The results show that the sentiment data was not always leading over stock market price, and it can be used to predict the stock price only when the stock has high investor attention.

Which global stock indices trigger stronger contagion risk in the Vietnamese stock market? Evidence using a bivariate analysis

Directory of Open Access Journals (Sweden)

Wang Kuan-Min

2013-01-01

Full Text Available This paper extends recent investigations into risk contagion effects on stock markets to the Vietnamese stock market. Daily data spanning October 9, 2006 to May 3, 2012 are sourced to empirically validate the contagion effects between stock markets in Vietnam, and China, Japan, Singapore, and the US. To facilitate the validation of contagion effects with market-related coefficients, this paper constructs a bivariate EGARCH model of dynamic conditional correlation coefficients. Using the correlation contagion test and Dungey et al.’s (2005 contagion test, we find contagion effects between the Vietnamese and four other stock markets, namely Japan, Singapore, China, and the US. Second, we show that the Japanese stock market causes stronger contagion risk in the Vietnamese stock market compared to the stock markets of China, Singapore, and the US. Finally, we show that the Chinese and US stock markets cause weaker contagion effects in the Vietnamese stock market because of stronger interdependence effects between the former two markets.

Do stock prices drive people crazy?

Science.gov (United States)

Lin, Chung-Liang; Chen, Chin-Shyan; Liu, Tsai-Ching

2015-03-01

This is the first research to examine a potential relation between stock market volatility and mental disorders. Using data on daily incidences of mental disorders in Taiwan over 4000 days from 1998 through 2009 to assess the time-series relation between stock price movements and mental disorders, we observe that stock price fluctuation clearly affects the hospitalization of mental disorders. We find that during a 12-year follow-up period, a low stock price index, a daily fall in the stock price index and consecutive daily falls in the stock price index are all associated with greater of mental disorders hospitalizations. A 1000-point fall in the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) increases the number of daily mental disorders hospitalizations by 4.71%. A 1% fall in the TAIEX in one single day increases daily hospitalizations for mental disorders by 0.36%. When the stock price index falls one consecutive day, it causes a daily increase of approximately 0.32% hospitalizations due to mental disorders on that day. Stock price index is found to be significant for both gender and all age groups. In addition, daily change is significant for both gender and middle-age groups, whereas accumulated change is significant for males and people aged 45-64. Stockholdings can help people accumulate wealth, but they can also increase mental disorders hospitalizations. In other words, stock price fluctuations do drive people crazy. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

Analysis of Economic Factors Affecting Stock Market

OpenAIRE

Xie, Linyin

2010-01-01

This dissertation concentrates on analysis of economic factors affecting Chinese stock market through examining relationship between stock market index and economic factors. Six economic variables are examined: industrial production, money supply 1, money supply 2, exchange rate, long-term government bond yield and real estate total value. Stock market comprises fixed interest stocks and equities shares. In this dissertation, stock market is restricted to equity market. The stock price in thi...

What drives cooperative breeding?

Directory of Open Access Journals (Sweden)

Walter D Koenig

2017-06-01

Full Text Available Cooperative breeding, in which more than a pair of conspecifics cooperate to raise young at a single nest or brood, is widespread among vertebrates but highly variable in its geographic distribution. Particularly vexing has been identifying the ecological correlates of this phenomenon, which has been suggested to be favored in populations inhabiting both relatively stable, productive environments and in populations living under highly variable and unpredictable conditions. Griesser et al. provide a novel approach to this problem, performing a phylogenetic analysis indicating that family living is an intermediate step between nonsocial and cooperative breeding birds. They then examine the ecological and climatic conditions associated with these different social systems, concluding that cooperative breeding emerges when family living is favored in highly productive environments, followed secondarily by selection for cooperative breeding when environmental conditions deteriorate and within-year variability increases. Combined with recent work addressing the fitness consequences of cooperative breeding, Griesser et al.'s contribution stands to move the field forward by demonstrating that the evolution of complex adaptations such as cooperative breeding may only be understood when each of the steps leading to it are identified and carefully integrated.

indigenous cattle breeds

African Journals Online (AJOL)

Received 31 August 1996; accepted 20 March /998. Mitochondrial DNA cleavage patterns from representative animals of the Afrikaner and Nguni sanga cattle breeds, indigenous to Southern Africa, were compared to the mitochondrial DNA cleavage patterns of the Brahman (zebu) and the Jersey. (taurine) cattle breeds.

Genomic dairy cattle breeding

DEFF Research Database (Denmark)

Mark, Thomas; Sandøe, Peter

2010-01-01

the thoughts of breeders and other stakeholders on how to best make use of genomic breeding in the future. Intensive breeding has played a major role in securing dramatic increases in milk yield since the Second World War. Until recently, the main focus in dairy cattle breeding was on production traits...... it less accountable to the concern of private farmers for the welfare of their animals. It is argued that there is a need to mobilise a wide range of stakeholders to monitor developments and maintain pressure on breeding companies so that they are aware of the need to take precautionary measures to avoid...

Estimating uncertainty of data limited stock assessments

DEFF Research Database (Denmark)

Kokkalis, Alexandros; Eikeset, Anne Maria; Thygesen, Uffe Høgsbro

2017-01-01

-limited. Particular emphasis is put on providing uncertainty estimates of the data-limited assessment. We assess four cod stocks in the North-East Atlantic and compare our estimates of stock status (F/Fmsy) with the official assessments. The estimated stock status of all four cod stocks followed the established stock...

41 CFR 109-27.5003 - Stock control.

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Stock control. 109-27... control. (a) Stock control shall be maintained on the basis of stock record accounts of inventories on... property under stock control for greater than 90 days shall be maintained in stock record accounts. ...

Across Breed QTL Detection and Genomic Prediction in French and Danish Dairy Cattle Breeds

DEFF Research Database (Denmark)

van den Berg, Irene; Guldbrandtsen, Bernt; Hozé, C

Our objective was to investigate the potential benefits of using sequence data to improve across breed genomic prediction, using data from five French and Danish dairy cattle breeds. First, QTL for protein yield were detected using high density genotypes. Part of the QTL detected within breed was...

Valuation of common and preferred stocks

Directory of Open Access Journals (Sweden)

Nikolić Ljubica

2014-01-01

Full Text Available Buying stocks is a modern way of investing. The investors may place the available capital on the domestic and foreign stock market, they may buy more stocks of a single issuer or distribute money to purchase stocks of various public (stock-exchange companies, and they may form a portfolio of various securities. The investors' decisions on these options are based on their estimate on returns and risks underlying individual security instruments (securities. The two basic approaches to valuation of common stocks are: the Present Value Approach (method of valuating the capitalization of income and the P/E Ratio Approach (the method of valuating the multiple of per-share earnings. Instead of viewing these methods as competing alternatives, they should better be viewed as mutually complementary methods. Both methods are equally useful and their concurrent use may provide better grounds for the analysts' valuation of stocks.

Tritium breeding materials

International Nuclear Information System (INIS)

Hollenberg, G.W.; Johnson, C.E.; Abdou, M.

1984-03-01

Tritium breeding materials are essential to the operation of D-T fusion facilities. Both of the present options - solid ceramic breeding materials and liquid metal materials are reviewed with emphasis not only on their attractive features but also on critical materials issues which must be resolved

Tritium breeding materials

International Nuclear Information System (INIS)

Hollenberg, G.W.; Johnson, C.E.; Abdou, M.A.

1984-01-01

Tritium breeding materials are essential to the operation of D-T fusion facilities. Both of the present options - solid ceramic breeding materials and liquid metal materials are reviewed with emphasis not only on their attractive features but also on critical materials issues which must be resolved

The influence of cross-breeding Zlotnicka Spotted native breed sows ...

African Journals Online (AJOL)

To sum up, it is possible to say that the raw meat of Zlotnicka Spotted pigs and their cross-breeds with Duroc and Polish Large White breeds is characterised by good quality and because of its considerable intramuscular fat content, it has a high culinary and processing value, especially for ripening products. Key words: Pigs ...

12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

Science.gov (United States)

2010-01-01

... experience that in some nonqualified plans, particularly stock purchase plans, the credit arrangement is... financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code... PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.119 Applicability of plan-lender...

Multivariate analysis in relation to breeding system in opium popy, Papaver somniferum L.

Directory of Open Access Journals (Sweden)

Singh S.P.

2004-01-01

Full Text Available The opium poppy (Papaver somniferum L. is an important medicinal plant of great pharmacopoel uses. 101 germplasm lines of different eco-geographical origin maintained at National Botanical Research Institute, Lucknow were evaluated to study the genetic divergence for seed yield/plant, opium yield/plant and its 8 component traits following multivariate and canonical analysis. The genotypes were grouped in 13 clusters and confirmed by canonical analysis. Sixty eight percent genotypes (69/101 were genetically close to each other and grouped in 6 clusters (II, III, IV, V, VIII, XII while apparent diversity was noticed for 32 percent (32/101 of the genotypes who diversed into rest 7 clusters (I, VI, VII, IX, X, XI, XIII. Inter cluster distance ranged from 47.28 to 234.55. The maximum was between IX and X followed by VII and IX (208.30 and IX and XI (205.53. The genotypes in cluster IX, X. XI, and XII had greater potential as breeding stock by virtue of high mean values of one or more component characters and high statistical distance among them. Based on findings of high cluster mean of component trait and inter-cluster distance among clusters, a breeding plan has been discussed.

78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

Science.gov (United States)

2013-03-19

... Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in Outbound... issue of the Federal Register, the IRS and the Treasury Department are issuing temporary regulations... stock transfers for certain outbound asset reorganizations. The temporary regulations also modify the...

Stock Market Integration in Africa: The Case of the Johannesburg Stock Exchange and Selected African Countries

OpenAIRE

Gail Ncube; Kapingura Forget Mingiri

2015-01-01

African stock markets are deemed to be small, segmented and illiquid. Given this back ground, the study utilises monthly data for the period 2000-2008, employing the Johansen and Julius cointegration method to determine the long-run relationship between the five selected African stock markets. Granger causality tests were also conducted to establish if there are any causal links between the stock markets in Africa. The analysis in the study indicates that African stock markets are improving i...

Genetic diversity of dog breeds: within-breed diversity comparing genealogical and molecular data.

Science.gov (United States)

Leroy, G; Verrier, E; Meriaux, J C; Rognon, X

2009-06-01

The genetic diversity of 61 dog breeds raised in France was investigated. Genealogical analyses were performed on the pedigree file of the French kennel club. A total of 1514 dogs were also genotyped using 21 microsatellite markers. For animals born from 2001 to 2005, the average coefficient of inbreeding ranged from 0.2% to 8.8% and the effective number of ancestors ranged from 9 to 209, according to the breed. The mean value of heterozygosity was 0.62 over all breeds (range 0.37-0.77). At the breed level, few correlations were found between genealogical and molecular parameters. Kinship coefficients and individual similarity estimators were, however, significantly correlated, with the best mean correlation being found for the Lynch & Ritland estimator (r = 0.43). According to both approaches, it was concluded that special efforts should be made to maintain diversity for three breeds, namely the Berger des Pyrénées, Braque Saint-Germain and Bull Terrier.

Parallel Prediction of Stock Volatility

Directory of Open Access Journals (Sweden)

Priscilla Jenq

2017-10-01

Full Text Available Volatility is a measurement of the risk of financial products. A stock will hit new highs and lows over time and if these highs and lows fluctuate wildly, then it is considered a high volatile stock. Such a stock is considered riskier than a stock whose volatility is low. Although highly volatile stocks are riskier, the returns that they generate for investors can be quite high. Of course, with a riskier stock also comes the chance of losing money and yielding negative returns. In this project, we will use historic stock data to help us forecast volatility. Since the financial industry usually uses S&P 500 as the indicator of the market, we will use S&P 500 as a benchmark to compute the risk. We will also use artificial neural networks as a tool to predict volatilities for a specific time frame that will be set when we configure this neural network. There have been reports that neural networks with different numbers of layers and different numbers of hidden nodes may generate varying results. In fact, we may be able to find the best configuration of a neural network to compute volatilities. We will implement this system using the parallel approach. The system can be used as a tool for investors to allocating and hedging assets.

Volatility Transmission Between Dow Jones Stock Index And Emerging Islamic Stock Index: Case Of Subprime Financial Crises

Directory of Open Access Journals (Sweden)

Amir Saadaoui

2015-02-01

Full Text Available In the course of the recent global crisis, the stock shocks are distributed and transmitted from their homes in the developed stock market to emerging stock markets. By supporting the development of emerging stock markets, this study aims to see the transmission of volatility between the Dow Jones stock index and the Dow Jones emerging Islamic stock indiex. In this study we have divided the period into three, periods, before, during and after this crisis to demonstrate the resilience of the Islamic market index in response to the global financial crisis. Another aim of this study is to provide a new guide line for investors in emerging stock market before making investment decisions. The data are daily, going from 02/01/2005 until 31/12/2012. To measure the transmission we used bivariate BEKK-GARCH and DCC-GARCH model. The result shows that there is a transmission mainly during the crisis period which means that the crisis affects all the financial assets whether Islamic or not. The same result also shows the preference to invest in both Islamic and classical stock indexes since they are less risky.

Breeds in danger of extintion and biodiversity

OpenAIRE

A. Blasco

2008-01-01

Some arguments currently used to support breed conservation are examined. The central point is that we cannot conserve all breeds because we do not have financial resources enough to keep everything (mainly in developing countries) and in many cases we do not have special reasons to conserve breeds. A breed is a human product and it should not be confused with specie. A breed can be generated or transformed. We can create synthetic breeds with the best characteristics of several breeds. Selec...

Does the Shanghai-Hong Kong Stock Connect significantly affect the A-H premium of the stocks?

Science.gov (United States)

Hui, Eddie C. M.; Chan, Ka Kwan Kevin

2018-02-01

Since the Shanghai-Hong Kong Stock Connect ("the Connect") was launched in late 2014, more and more Mainland investors have invested in Hong Kong listed shares, and vice versa, increasing the transaction volume of the stock market on both sides. However, only a few studies investigated how the Shanghai-Hong Kong Stock Connect affected the pricing dynamics of stocks listed in both Shanghai and Hong Kong. Applying linear regression, this study investigates how the Connect affects the H-share discounts of 12 stocks cross-listed in Shanghai and Hong Kong. A new feature of our model is that we add a dummy variable so as to be the first study to examine the effect of the China financial crisis on the A-H premium of the stocks. We find that the A-H premium of all stocks widens significantly after the Connect is launched, implying immatureness or even inefficiency of China's financial market. Furthermore, the result shows that trading activities in the mainland market affects the A-H premium more significantly than trading activities in the Hong Kong market do. This implies that China's financial market plays a dominant role in the Connect.

Genomics-assisted breeding in fruit trees.

Science.gov (United States)

Iwata, Hiroyoshi; Minamikawa, Mai F; Kajiya-Kanegae, Hiromi; Ishimori, Motoyuki; Hayashi, Takeshi

2016-01-01

Recent advancements in genomic analysis technologies have opened up new avenues to promote the efficiency of plant breeding. Novel genomics-based approaches for plant breeding and genetics research, such as genome-wide association studies (GWAS) and genomic selection (GS), are useful, especially in fruit tree breeding. The breeding of fruit trees is hindered by their long generation time, large plant size, long juvenile phase, and the necessity to wait for the physiological maturity of the plant to assess the marketable product (fruit). In this article, we describe the potential of genomics-assisted breeding, which uses these novel genomics-based approaches, to break through these barriers in conventional fruit tree breeding. We first introduce the molecular marker systems and whole-genome sequence data that are available for fruit tree breeding. Next we introduce the statistical methods for biparental linkage and quantitative trait locus (QTL) mapping as well as GWAS and GS. We then review QTL mapping, GWAS, and GS studies conducted on fruit trees. We also review novel technologies for rapid generation advancement. Finally, we note the future prospects of genomics-assisted fruit tree breeding and problems that need to be overcome in the breeding.

Material Stock Demographics: Cars in Great Britain.

Science.gov (United States)

Cabrera Serrenho, André; Allwood, Julian M

2016-03-15

Recent literature on material flow analysis has been focused on quantitative characterization of past material flows. Fewer analyses exist on past and prospective quantification of stocks of materials in-use. Some of these analyses explore the composition of products' stocks, but a focus on the characterization of material stocks and its relation with service delivery is often neglected. We propose the use of the methods of human demography to characterize material stocks, defined herein as stock demographics, exploring the insights that this approach could provide for the sustainable management of materials. We exemplify an application of stock demographics by characterizing the composition and service delivery of iron, steel, and aluminum stocks of cars in Great Britain, 2002-2012. The results show that in this period the stock has become heavier, it is traveling less, and it is idle for more time. The visualization of material stocks' dynamics demonstrates the pace of product replacement as a function of its usefulness and enables the formulation of policy interventions and the exploration of future trends.

Stock-based Compensation Plans and Employee Incentives

OpenAIRE

Jan Zabojnik

2014-01-01

Standard principal-agent theory predicts that large firms should not use employee stock options and other stock-based compensation to provide incentives to non-executive employees. Yet, business practitioners appear to believe that stock-based compensation improves incentives, and mounting empirical evidence points to the same conclusion. This paper provides an explanation for why stock-based incentives can be effective. In the model of this paper, employee stock options complement individual...

The Australian stock market development: Prospects and challenges

OpenAIRE

Sheilla Nyasha; Nicholas M. Odhiambo

2013-01-01

This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these r...

SKEWNESS IN STOCK RETURNS: EVIDENCE FROM THE BUCHAREST STOCK EXCHANGE DURING 2000 – 2011

Directory of Open Access Journals (Sweden)

IULIAN PANAIT

2012-05-01

Full Text Available Our paper investigates the symmetry in stock returns of the 30 most liquid companies traded on Bucharest Stock Exchange during 2000 – 2011 and also the most representative 5 market indices. Our daily data shows that skewness estimates are slightly negative for most indices and individual stocks, but only a few present values significantly different from the characteristics of a normal distribution. We compare our results with skewness estimates for 21 major and emerging stock market indices around the world and find that such results are similar to other low capitalization and trading volume markets. For all the Romanian and international assets studied, the Studentized-Range (St-R and Jarque-Bera (J-B tests reject the hypothesis of normal distribution of daily returns.

Genomic analyses of modern dog breeds.

Science.gov (United States)

Parker, Heidi G

2012-02-01

A rose may be a rose by any other name, but when you call a dog a poodle it becomes a very different animal than if you call it a bulldog. Both the poodle and the bulldog are examples of dog breeds of which there are >400 recognized worldwide. Breed creation has played a significant role in shaping the modern dog from the length of his leg to the cadence of his bark. The selection and line-breeding required to maintain a breed has also reshaped the genome of the dog, resulting in a unique genetic pattern for each breed. The breed-based population structure combined with extensive morphologic variation and shared human environments have made the dog a popular model for mapping both simple and complex traits and diseases. In order to obtain the most benefit from the dog as a genetic system, it is necessary to understand the effect structured breeding has had on the genome of the species. That is best achieved by looking at genomic analyses of the breeds, their histories, and their relationships to each other.

Financial liberalization and stock market cross-correlation: MF-DCCA analysis based on Shanghai-Hong Kong Stock Connect

Science.gov (United States)

Ruan, Qingsong; Zhang, Shuhua; Lv, Dayong; Lu, Xinsheng

2018-02-01

Based on the implementation of Shanghai-Hong Kong Stock Connect in China, this paper examines the effects of financial liberalization on stock market comovement using both multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) methods. Results based on MF-DFA confirm the multifractality of Shanghai and Hong Kong stock markets, and the market efficiency of Shanghai stock market increased after the implementation of this connect program. Besides, analysis based on MF-DCCA has verified the existence of persistent cross-correlation between Shanghai and Hong Kong stock markets, and the cross-correlation gets stronger after the launch of this liberalization program. Finally, we find that fat-tail distribution is the main source of multifractality in the cross-correlations before the stock connect program, while long-range correlation contributes to the multifractality after this program.

Ranking Tehran’s Stock Exchange Top Fifty Stocks Using Fundamental Indexes and Fuzzy TOPSIS

Directory of Open Access Journals (Sweden)

E. S. Saleh

2017-08-01

Full Text Available Investment through the purchase of securities, constitute an important part of countries economic exchange. Therefore, making decisions about investing in a particular stock has become one of the most controversial areas of economic and financial research and various institutions have began to rank companies stock and determine priorities of stock purchase to investment. The current research, with the determination of important required indexes for companies ranking based on their shares value on the Tehran stock exchange, can greatly help to the accurate ranking of fifty premier listed companies. Initial ranking indicators are extracted and then a decision-making group (exchange experts with the use of the Delphi method and also non-parametric statistic methods, determines the final indexes. Then, by using Fuzzy ANP, weight criteria are obtained with taking into account their interaction with each other. Finally, using fuzzy TOPSIS and information extraction about the premier fifty listed companies of Tehran stock exchange in 2014 are ranked with the software "Rahavard Novin”. Sensitivity analysis to criteria weight and relevant analysis presentation was conducted at the end of the study procedures.

Fundamental volatility and stock returns : does fundamental volatility explain stock returns?

OpenAIRE

Selboe, Guner K.; Virdee, Jaspal Singh

2017-01-01

In this thesis, we investigate whether the fundamental uncertainty can explain the crosssection of stock returns. To measure the fundamental uncertainty, we estimate rolling standard deviations and accounting betas of four different fundamentals: revenues, gross profit, earnings and cash flows. The standard deviation and the beta of revenues significantly explain returns in the Fama-Macbeth procedure, but only appears significant among smaller stocks in the portfolio formation ...

Sire breed and breed genotype of dam effects in crossbreeding beef ...

African Journals Online (AJOL)

Cows bred to Afrikaner bulls were less (P < 0.05) productive than cows bred to other Bos taurus sires. An increase in proportion Afrikaner breeding in dam resulted in longer calving intervals and a decline in cow productivity, but these differences were not always significant. A breeding strategy for the retainment of superior ...

GENERAL METHOD OF STOCKS AUDIT

Directory of Open Access Journals (Sweden)

Iryna Galushchak

2017-03-01

Full Text Available The article deals with the organization and methodology of accounting and auditing inventory enterprises. Suggestions for improvement of accounting permit to raise processing and presenting economic information to a higher level for making the economic and management decisions. Theory and practice problems of stocks audit were investigated. The basic directions of improvement of  stock audit were defined. The auditor can form an opinion about the state of business transactions of accounting of goods, define shortcomings in its organization and possible directions of elimination of violations and abuses. Program of audit of operations accounting with stocks should include the investigation of the preservation of property, valuation and posting costs, correct evaluation of purchased tangible assets, using of stocks in production. It is worth  to use techniques and methods of verification such as inventory, comparative control,  comparison of documentary evidence, counter check, check arithmetic for  audit of goods. Keywords: audit, stocks, activities of the company.

Stock selection using a hybrid MCDM approach

Directory of Open Access Journals (Sweden)

Tea Poklepović

2014-12-01

Full Text Available The problem of selecting the right stocks to invest in is of immense interest for investors on both emerging and developed capital markets. Moreover, an investor should take into account all available data regarding stocks on the particular market. This includes fundamental and stock market indicators. The decision making process includes several stocks to invest in and more than one criterion. Therefore, the task of selecting the stocks to invest in can be viewed as a multiple criteria decision making (MCDM problem. Using several MCDM methods often leads to divergent rankings. The goal of this paper is to resolve these possible divergent results obtained from different MCDM methods using a hybrid MCDM approach based on Spearman’s rank correlation coefficient. Five MCDM methods are selected: COPRAS, linear assignment, PROMETHEE, SAW and TOPSIS. The weights for all criteria are obtained by using the AHP method. Data for this study includes information on stock returns and traded volumes from March 2012 to March 2014 for 19 stocks on the Croatian capital market. It also includes the most important fundamental and stock market indicators for selected stocks. Rankings using five selected MCDM methods in the stock selection problem yield divergent results. However, after applying the proposed approach the final hybrid rankings are obtained. The results show that the worse stocks to invest in happen to be the same when the industry is taken into consideration or when not. However, when the industry is taken into account, the best stocks to invest in are slightly different, because some industries are more profitable than the others.

A study on the effect of P/E and PEG ratios on stock returns: Evidence from Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Seyyed Ali Lajevardi

2014-07-01

Full Text Available This paper studies the effect of the ratios of P/E and PEG on stock returns of the firms accepted on Tehran Stock Exchange. The study uses regression and Pearson Correlation Coefficient based on the performance of 138 firms over the period 2004- 2009 according to the Iranian calendar to investigate the effects of P/E and PEG on stock returns. The study also uses the models originally proposed by Chahin and Choudhry (2010 [Chahin, S., & Choudhry, T. (2010. Price to earnings, growth radio and value growth based strategies. Social Science Research Network, 19(4.] to discuss the strategies of investing on stocks. The results show that the ratio of P/E had more effect on stock returns than the ratio of PEG and stocks returns had a direct relationship with P/E and an inverse relationship with PEG. In addition, the returns of growth stock were more than value stock.

Influence of cross-breeding of native breed sows of Zlotnicka spotted ...

African Journals Online (AJOL)

The aim of this study was the estimation of the cross-breeding influence of Zlotnicka spotted sows with boars of polish large white and Duroc breeds on carcass traits of fatteners. 50 pigs were divided into four groups: Zlotnicka spotted (ZS), Zlotnicka spotted x polish large white (ZS x PLW), Zlotnicka spotted x Duroc (ZS x D) ...

The Australian stock market development: Prospects and challenges

Directory of Open Access Journals (Sweden)

Sheilla Nyasha

2013-06-01

Full Text Available This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

The past and future of food stocks

International Nuclear Information System (INIS)

Laio, Francesco; Ridolfi, Luca; D’Odorico, Paolo

2016-01-01

Human societies rely on food reserves and the importation of agricultural goods as means to cope with crop failures and associated food shortage. While food trade has been the subject of intensive investigations in recent years, food reserves remain poorly quantified. It is unclear how food stocks are changing and whether they are declining. In this study we use food stock records for 92 products to reconstruct 50 years of aggregated food reserves, expressed in caloric equivalent (kcal), at the regional and global scales. A detailed statistical analysis demonstrates that the overall regional and global per-capita food stocks are stationary, challenging a widespread impression that food reserves are shrinking. We develop a statistically-sound stochastic representation of stock dynamics and take the stock-halving probability as a measure of the natural variability of the process. We find that there is a 20% probability that the global per-capita stocks will be halved by 2050. There are, however, some strong regional differences: Western Europe and the region encompassing North Africa and the Middle East have smaller halving probabilities and smaller per-capita stocks, while North America and Oceania have greater halving probabilities and greater per-capita stocks than the global average. Africa exhibits low per-capita stocks and relatively high probability of stock halving by 2050, which reflects a state of higher food insecurity in this continent. (letter)

Cascading effect of contagion in Indian stock market: Evidence from reachable stocks

Directory of Open Access Journals (Sweden)

Rajan Sruthi

2017-12-01

Full Text Available The financial turbulence in a country percolates to another along the trajectories of reachable stocks owned by foreign investors. To indemnify the losses originating from the crisis country, foreign investors dispose of shares in other markets triggering a contagion in an unrelated market. This paper provides empirical evidence for the stock market crisis that spreads globally through investors owning international portfolios, with special reference to the global financial crisis of 2008–09. Using two-step Limited Information Maximum Likelihood estimation and Murphy-Topel variance estimate, the results show that reachability plays a crucial role in the transposal of distress from one country to another, explaining investor-induced contagion in the Indian stock market.

Every partridge counts, successful techniques used in the captive conservation breeding programme for wild grey partridge in Ireland

Directory of Open Access Journals (Sweden)

Buckley, K.

2012-01-01

Full Text Available Between 1998 and 2001 the last remaining wild grey partridge (Perdix perdix population in Ireland faced imminent extinction with an estimated spring population of 4–6 pairs, and an autumn population of 22–24 birds. A captive breeding programme began in 2002 with two pairs of grey partridge. In the most successful year in 2010, 39 pairs produced a total of 510 chicks. Average chick survival rate was 65.13%. At 88.9 the highest chick survival rate was achieved in 2011. Chick survival of parent–reared birds in captivity is defined by the number of juveniles surviving at age six weeks: similar to estimations used for wild populations of grey partridge. Family coveys were released in late summer to early autumn. In most instances the entire family cohort was released as one unit. However, in coveys of twenty or above, an average of five parent–reared poults were held back as breeding stock for the following year. In early spring of the following year, birds held back were paired with single males or females trapped from the wild. The techniques we used were traditional and labour intensive but highly effective. We recommend that other grey partridge recovery projects should consider captive breeding using the methods employed in this programme to compliment other game management methods used.

Students Invest in the Stock Market

Science.gov (United States)

Parker, George O.

1977-01-01

How one teacher motivated students to learn about the stock market by allowing them to actually invest money. Class discussion covered inexpensive ways to buy stock, choosing securities, and buying and selling stock. Suggestions are offered for adapting this project for use at the secondary level. (TA)

ROOT VEGETABLES, BREEDING TRENDS, RESULTS

Directory of Open Access Journals (Sweden)

M. I. Fedorova

2017-01-01

Full Text Available The main advantage of root vegetables is their unique specificity and high economic importance. The benefits and medicinal properties of root vegetables being highly demanded by the market requirements to the commodity are highlighted in the article. The main directions of breeding program for root vegetable crops, including species of Apiaceae family with carrot, parsnips; Chenopodioideae family with red beet; Brassicaceae family with radish, Daikon, Raphanus sativus L. var. lobo Sazonova & Stank, turnip and rutabaga. Initial breeding accessions of carrot, red beet, radish, Daikon, Raphanus sativus L. var. lobo Sazonova & Stank, turnip and rutabaga have been selected out to be used for breeding program for heterosis. The mf and ms breeding lines were developed, and with the use of them the new gene pool was created. Variety supporting breeding program and methods were also proposed. 

Conservation priorities for Ethiopian sheep breeds combining threat status, breed merits and contributions to genetic diversity

NARCIS (Netherlands)

Gizaw, S.; Komen, J.; Windig, J.J.; Hanotte, O.; Arendonk, van J.A.M.

2008-01-01

Prioritizing livestock breeds for conservation needs to incorporate both genetic and non-genetic aspects important for the survival of the breeds. Here, we apply a maximum-utility-strategy to prioritize 14 traditional Ethiopian sheep breeds based on their threat status, contributions to farmer

Distinguishing manipulated stocks via trading network analysis

Science.gov (United States)

Sun, Xiao-Qian; Cheng, Xue-Qi; Shen, Hua-Wei; Wang, Zhao-Yang

2011-10-01

Manipulation is an important issue for both developed and emerging stock markets. For the study of manipulation, it is critical to analyze investor behavior in the stock market. In this paper, an analysis of the full transaction records of over a hundred stocks in a one-year period is conducted. For each stock, a trading network is constructed to characterize the relations among its investors. In trading networks, nodes represent investors and a directed link connects a stock seller to a buyer with the total trade size as the weight of the link, and the node strength is the sum of all edge weights of a node. For all these trading networks, we find that the node degree and node strength both have tails following a power-law distribution. Compared with non-manipulated stocks, manipulated stocks have a high lower bound of the power-law tail, a high average degree of the trading network and a low correlation between the price return and the seller-buyer ratio. These findings may help us to detect manipulated stocks.

Welfare in horse breeding

DEFF Research Database (Denmark)

Campbell, M.L.H.; Sandøe, Peter

2015-01-01

and identifies areas in which data is lacking. We suggest that all methods of horse breeding are associated with potential welfare problems, but also that the judicious use of ARTs can sometimes help to address those problems. We discuss how negative welfare effects could be identified and limited and how...... positive welfare effects associated with breeding might be maximised. Further studies are needed to establish an evidence base about how stressful or painful various breeding procedures are for the animals involved, and what the lifetime welfare implications of ARTs are for future animal generations....

PERFORMANCE EVALUATION AND RISK AVERSION RATE FOR SEVERAL STOCK INDICES IN INDONESIA STOCK EXCHANGE

OpenAIRE

Robiyanto Robiyanto

2017-01-01

There are numerous stock indices in Indonesia Stock Exchange. Several of them are LQ-45, MBX, DBX, JII, SRI-KEHATI, PEFINDO-25, BISNIS-27, IDX-30 and KOMPAS-100. Unfortunately there are limi­ted researches which have been done to measure those indices performance specifically. The same condition also occurs on risk aversion level usage in Indonesia Stock Exchange, only few numbers of researches use this me­a­surement in the portfolio valuation. Based on that, this research measured the perfor...

Is Stock Market Crash Predictable? The Case Study of Stock Markets in Malaysia, Indonesia, Korea and Singapore

OpenAIRE

Ng, Ho Keng

2008-01-01

What is the stock market? A stock market is a market place that enables trading of company stocks, other forms of securities (such as bonds, debentures, and equity securities) and derivatives (for example, futures, forwards, options, and swaps). Stock market is an important source for companies or fund raisers to raise money and for investors or traders to make or loose money. It is also a market place for speculators to make arbitraged investment for financial gain. Due to its complexity and...

Stock price prediction using geometric Brownian motion

Science.gov (United States)

Farida Agustini, W.; Restu Affianti, Ika; Putri, Endah RM

2018-03-01

Geometric Brownian motion is a mathematical model for predicting the future price of stock. The phase that done before stock price prediction is determine stock expected price formulation and determine the confidence level of 95%. On stock price prediction using geometric Brownian Motion model, the algorithm starts from calculating the value of return, followed by estimating value of volatility and drift, obtain the stock price forecast, calculating the forecast MAPE, calculating the stock expected price and calculating the confidence level of 95%. Based on the research, the output analysis shows that geometric Brownian motion model is the prediction technique with high rate of accuracy. It is proven with forecast MAPE value ≤ 20%.

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-06-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-03-01

Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions

Energy Technology Data Exchange (ETDEWEB)

Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance

2012-09-15

The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.

Based on BP Neural Network Stock Prediction

Science.gov (United States)

Liu, Xiangwei; Ma, Xin

2012-01-01

The stock market has a high profit and high risk features, on the stock market analysis and prediction research has been paid attention to by people. Stock price trend is a complex nonlinear function, so the price has certain predictability. This article mainly with improved BP neural network (BPNN) to set up the stock market prediction model, and…

The Effects of Asset Management and Profitability on Stock Returns: A Comparative Study between Conventional and Islamic Stock Markets in Indonesia

Directory of Open Access Journals (Sweden)

Shelly Midesia

2016-09-01

Full Text Available This study aims at empirically examining whether there are differences in stock returns between conventional and Islamic stock returns In Indonesia for the period 2010-2013. This study also attempts to explore the effect of asset management and profitability both stock returns in Indonesia. Annual pooled data gathered from the annual financial reports of 100 conventional and Islamic stock returns, which were published by the Indonesian Stock Exchange from 2010 to 2013 were used and analyzed by using the independent t-test and panel multivariate regression analysis. The result shows that there was no difference in stock returns between the conventional and Islamic stock markets. Additionally, the study documents that only profitability, which is measured by market ratio, was found to have an influence on the conventional stock markets. Meanwhile, as for Islamic stock market, only management of assets was found to have a significant effect on the stock return. These findings imply that investors who are investing in both Islamic and conventional markets would gain similar returns. However, in predicting and stabilizing the stock markets, both investors and policy makers should focus on the profitability for the conventional and management of assets for the Islamic stock market.

75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports

Science.gov (United States)

2010-08-04

..., Niihau stock, Kure-Midway stock, and the Pearl and Hermes stock. The SAR for the Hawaii stock of... new bottlenose dolphin stocks are the Kauai-Niihau stock, Oahu stock, Four Islands stock, and the...

Effect on milk production of F1 crossbreds resulted from Alpine breed (♂ x Albanian local goat breed (♀

Directory of Open Access Journals (Sweden)

Kristaq Kume

2012-07-01

Full Text Available About 950,000 goats, farmed mostly in hilly and mountainous areas of Albania, contribute about 8% of the country’s total milk production. In order to increase milk production, farmers are currently using crosses of the local goat breed with exotic breeds, mainly the Alpine breed from France. This study examines milk production data of first lactation from 45 goats of the local breed, 82 goats of the Alpine breed and 58 F1 crosses (♂Alpine breed x ♀local breed. The goats were kept on small-scale farms according to the traditional Albanian system. Milking was carried out in the morning and evening. Kids were weaned at 65 days of age after which milking started. Milk yield was recorded twice with a 15-day interval between the two readings. Total milk yield was calculated using the Fleischmann method. The F1 goats produced 37.8 kg more milk than local breed goats although the lactation length (P<0.05 of F1 goats was six days shorter compared to that of local breed goats (P<0.05. Analysis of variance showed a highly significant effect (P<0.01 of the genotype factor on milk production. The average Cappio-Borlino curves of three genotypes indicated that the lactation curves of local breed and F1 crosses were similar. Although the F1 cross goats had 50% of their genomes from a genetically improved breed they were still able to deal with the difficult conditions that characterize the traditional extensive farming systems in Albania. Breeding pure Alpine breed or its crosses with the local goat breed improved milk production in an extensive traditional system.

12 CFR 725.5 - Capital stock.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided...

The Stock Market's Reaction to Unemployment News: Why Bad News is Usually Good for Stocks

OpenAIRE

John H. Boyd; Ravi Jagannathan; Jian Hu

2001-01-01

We find that on average an announcement of rising unemployment is 'good news' for stocks during economic expansions and 'bad news' during economic contractions. Thus stock prices usually increase on news of rising unemployment, since the economy is usually in an expansion phase. We provide an explanation for this phenomenon. Unemployment news bundles two primitive types of information relevant for valuing stocks: information about future interest rates and future corporate earnings and divide...

Stocks and energy shocks : the impact of energy accidents on stock market value

NARCIS (Netherlands)

Scholtens, B.; Boersen, A.

We investigate how financial market participants value energy accidents. We employ an event study to look into the response of stock markets to 209 accidents. These accidents were derived from Sovacool's (2008) database on major energy accidents from 1907 to 2007. It appears that the stock market in

Company Stock in Pension Funds

OpenAIRE

Even, William E.; Macpherson, David

2004-01-01

This study examines several issues surrounding the tendency for some pension funds to invest in their own company’s stock. After reviewing the existing literature describing the benefits and costs of investing in company stock, the legislative environment surrounding company stock holdings is reviewed. Using data from Internal Revenue Service Form 5500 filings on the pension fund holdings of over 300,000 defined–contribution pension plans in the 1990s, we show that about one out of ten define...

Capital Structure and Stock Returns

OpenAIRE

Ivo Welch

2002-01-01

U.S. corporations do not issue and repurchase debt and equity to counteract the mechanistic effects of stock returns on their debt-equity ratios. Thus over one- to five-year horizons, stock returns can explain about 40 percent of debt ratio dynamics. Although corporate net issuing activity is lively and although it can explain 60 percent of debt ratio dynamics (long-term debt issuing activity being most capital structurerelevant), corporate issuing motives remain largely a mystery. When stock...

Risk management of stock index futures

Institute of Scientific and Technical Information of China (English)

无

2008-01-01

The Hong Kong Hang Seng index futures is taken as a study object and a method of empirical analysis is adopted in order to verify the validity of the application of the value-at-risk (VaR) method in the risk measurement of the stock index futures market. The results suggest that under normal market conditions it is feasible to apply the VaR method in the measurement of the market risks of stock index futures. The daily VaR value of the stock index futures provides a foreseeable profit and loss of the stock ...

The Role of Exchange Traded Funds in the Price Discovery Process of Stocks Listed on the Botswana Stock Exchange

Directory of Open Access Journals (Sweden)

Edson Kambeu

2017-04-01

Full Text Available In this paper we analyse the role of Exchange Traded Funds (ETFs in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015   for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

The roles of the trading time risks on stock investment return and risks in stock price crashes

Science.gov (United States)

Li, Jiang-Cheng; Dong, Zhi-Wei; Yang, Guo-Hui; Long, Chao

2017-03-01

The roles of the trading time risks (TTRs) on stock investment return and risks are investigated in the condition of stock price crashes with Hushen300 data (CSI300) and Dow Jones Industrial Average (ˆDJI), respectively. In order to describe the TTR, we employ the escape time that the stock price drops from the maximum to minimum value in a data window length (DWL). After theoretical and empirical research on probability density function of return, the results in both ˆDJI and CSI300 indicate that: (i) As increasing DWL, the expectation of returns and its stability are weakened. (ii) An optimal TTR is related to a maximum return and minimum risk of stock investment in stock price crashes.

Efficient Breeding by Genomic Mating.

Science.gov (United States)

Akdemir, Deniz; Sánchez, Julio I

2016-01-01

Selection in breeding programs can be done by using phenotypes (phenotypic selection), pedigree relationship (breeding value selection) or molecular markers (marker assisted selection or genomic selection). All these methods are based on truncation selection, focusing on the best performance of parents before mating. In this article we proposed an approach to breeding, named genomic mating, which focuses on mating instead of truncation selection. Genomic mating uses information in a similar fashion to genomic selection but includes information on complementation of parents to be mated. Following the efficiency frontier surface, genomic mating uses concepts of estimated breeding values, risk (usefulness) and coefficient of ancestry to optimize mating between parents. We used a genetic algorithm to find solutions to this optimization problem and the results from our simulations comparing genomic selection, phenotypic selection and the mating approach indicate that current approach for breeding complex traits is more favorable than phenotypic and genomic selection. Genomic mating is similar to genomic selection in terms of estimating marker effects, but in genomic mating the genetic information and the estimated marker effects are used to decide which genotypes should be crossed to obtain the next breeding population.

Optimization Stock Portfolio With Mean-Variance and Linear Programming: Case In Indonesia Stock Market

OpenAIRE

Yen Sun

2010-01-01

It is observed that the number of Indonesia’s domestic investor who involved in the stock exchange is very less compare to its total number of population (only about 0.1%). As a result, Indonesia Stock Exchange (IDX) is highly affected by foreign investor that can threat the economy. Domestic investor tends to invest in risk-free asset such as deposit in the bank since they are not familiar yet with the stock market and anxious about the risk (risk-averse type of investor). Therefore, it is i...

Analysing News for Stock Market Prediction

Science.gov (United States)

Ramalingam, V. V.; Pandian, A.; Dwivedi, shivam; Bhatt, Jigar P.

2018-04-01

Stock market means the aggregation of all sellers and buyers of stocks representing their ownership claims on the business. To be completely absolute about the investment on these stocks, proper knowledge about them as well as their pricing, for both present and future is very essential. Large amount of data is collected and parsed to obtain this essential information regarding the fluctuations in the stock market. This data can be any news or public opinions in general. Recently, many methods have been used, especially big unstructured data methods to predict the stock market values. We introduce another method of focusing on deriving the best statistical learning model for predicting the future values. The data set used is very large unstructured data collected from an online social platform, commonly known as Quindl. The data from this platform is then linked to a csv fie and cleaned to obtain the essential information for stock market prediction. The method consists of carrying out the NLP (Natural Language Processing) of the data and then making it easier for the system to understand, finds and identifies the correlation in between this data and the stock market fluctuations. The model is implemented using Python Programming Language throughout the entire project to obtain flexibility and convenience of the system.

Stock Assessment Supplementary Information (SASINF)

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — In the interest of efficiency, clarity and standardization of stock assessment materials, the stock assessment reports for the 2015 Groundfish update have been...

Market Confidence Predicts Stock Price: Beyond Supply and Demand.

Directory of Open Access Journals (Sweden)

Xiao-Qian Sun

Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

Market Confidence Predicts Stock Price: Beyond Supply and Demand.

Science.gov (United States)

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

2016-01-01

Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

A computational approach to animal breeding.

Science.gov (United States)

Berger-Wolf, Tanya Y; Moore, Cristopher; Saia, Jared

2007-02-07

We propose a computational model of mating strategies for controlled animal breeding programs. A mating strategy in a controlled breeding program is a heuristic with some optimization criteria as a goal. Thus, it is appropriate to use the computational tools available for analysis of optimization heuristics. In this paper, we propose the first discrete model of the controlled animal breeding problem and analyse heuristics for two possible objectives: (1) breeding for maximum diversity and (2) breeding a target individual. These two goals are representative of conservation biology and agricultural livestock management, respectively. We evaluate several mating strategies and provide upper and lower bounds for the expected number of matings. While the population parameters may vary and can change the actual number of matings for a particular strategy, the order of magnitude of the number of expected matings and the relative competitiveness of the mating heuristics remains the same. Thus, our simple discrete model of the animal breeding problem provides a novel viable and robust approach to designing and comparing breeding strategies in captive populations.

Stocking chart for upland central hardwoods

Science.gov (United States)

Martin E. Dale; Donald E. Hilt

1989-01-01

The upland hardwoods stocking chart, introduced by Gingrich in 1967, has become one of the forest manager's most useful tools. The chart allows you to determine the condition of the present stand in relation to a stocking standard. The stocking of a stand is extremely helpful in prescribing various silvicultural treatments such as intermediate thinnings,...

Diversifying Selection Between Pure-Breed and Free-Breeding Dogs Inferred from Genome-Wide SNP Analysis

Directory of Open Access Journals (Sweden)

Małgorzata Pilot

2016-08-01

Full Text Available Domesticated species are often composed of distinct populations differing in the character and strength of artificial and natural selection pressures, providing a valuable model to study adaptation. In contrast to pure-breed dogs that constitute artificially maintained inbred lines, free-ranging dogs are typically free-breeding, i.e., unrestrained in mate choice. Many traits in free-breeding dogs (FBDs may be under similar natural and sexual selection conditions to wild canids, while relaxation of sexual selection is expected in pure-breed dogs. We used a Bayesian approach with strict false-positive control criteria to identify FST-outlier SNPs between FBDs and either European or East Asian breeds, based on 167,989 autosomal SNPs. By identifying outlier SNPs located within coding genes, we found four candidate genes under diversifying selection shared by these two comparisons. Three of them are associated with the Hedgehog (HH signaling pathway regulating vertebrate morphogenesis. A comparison between FBDs and East Asian breeds also revealed diversifying selection on the BBS6 gene, which was earlier shown to cause snout shortening and dental crowding via disrupted HH signaling. Our results suggest that relaxation of natural and sexual selection in pure-breed dogs as opposed to FBDs could have led to mild changes in regulation of the HH signaling pathway. HH inhibits adhesion and the migration of neural crest cells from the neural tube, and minor deficits of these cells during embryonic development have been proposed as the underlying cause of “domestication syndrome.” This suggests that the process of breed formation involved the same genetic and developmental pathways as the process of domestication.

Validating Virtual Safety Stock Effectiveness through Simulation

Directory of Open Access Journals (Sweden)

Maria Elena Nenni

2013-08-01

safety stock effectiveness through simulation in an inventory system using a base stock policy with periodic reviews and backorders. This approach can be useful for researchers as well as practitioners who want to model the behaviour of an inventory system under uncertain conditions and verify the opportunity for setting up a virtual safety stock on top of, or instead of, the traditional physical safety stock.

Breeds in danger of extintion and biodiversity

Directory of Open Access Journals (Sweden)

A. Blasco

2008-07-01

Full Text Available Some arguments currently used to support breed conservation are examined. The central point is that we cannot conserve all breeds because we do not have financial resources enough to keep everything (mainly in developing countries and in many cases we do not have special reasons to conserve breeds. A breed is a human product and it should not be confused with specie. A breed can be generated or transformed. We can create synthetic breeds with the best characteristics of several breeds. Selection is not exhausting genetic variability (there are several experiments showing that, and genetic variability within breeds is large. We need reasons to keep breeds in danger in extinction. A breed is a tool, and we can decide to keep it when it is useful because it is specially adapted to some environments (although in this case it should not be in danger of extinction, it can be useful in crossbreeding to shorten the way of obtaining response to selection, or it has some extreme values for traits that may be useful in the future (in this case we have to define clearly which traits and how we expect the future to be. We can add cultural reasons when we have money enough to spend in culture.

Does the Order Between Dividend Payment and New Stock Issuance Matter to Stock Price? — Evidence from Taiwan

OpenAIRE

Mia Twu

2010-01-01

I argue that paying dividends before issuing new stock can increase the stock price in the case when firms announce dividend payments and new stock issuance contemporaneously. It enables issuing firms to disentangle the agency problem of paying dividends by newly-raised funds from dividend information for new stock issuances. I employ the seasoned offerings of Taiwan listed firms as the sample, because of their practice of paying dividends once a year. The conditional event study strongly sup...

Genomics-assisted breeding in fruit trees

OpenAIRE

Iwata, Hiroyoshi; Minamikawa, Mai F.; Kajiya-Kanegae, Hiromi; Ishimori, Motoyuki; Hayashi, Takeshi

2016-01-01

Recent advancements in genomic analysis technologies have opened up new avenues to promote the efficiency of plant breeding. Novel genomics-based approaches for plant breeding and genetics research, such as genome-wide association studies (GWAS) and genomic selection (GS), are useful, especially in fruit tree breeding. The breeding of fruit trees is hindered by their long generation time, large plant size, long juvenile phase, and the necessity to wait for the physiological maturity of the pl...

Do More Economists Hold Stocks?

DEFF Research Database (Denmark)

Christiansen, Charlotte; Joensen, Juanna Schröter; Rangvid, Jesper

A unique data set enables us to test the hypothesis that more economists than otherwise identical investors hold stocks due to informational advantages. We confirm that economists have a significantly higher probability of participating in the stock market than investors with any other education......, even when controlling for several background characteristics. We make use of a large register-based panel data set containing detailed information on the educational attainments and various financial and socioeconomic variables. We model the stock market participation decision by the probit model...

Review: Towards the agroecological management of ruminants, pigs and poultry through the development of sustainable breeding programmes. II. Breeding strategies.

Science.gov (United States)

Phocas, F; Belloc, C; Bidanel, J; Delaby, L; Dourmad, J Y; Dumont, B; Ezanno, P; Fortun-Lamothe, L; Foucras, G; Frappat, B; González-García, E; Hazard, D; Larzul, C; Lubac, S; Mignon-Grasteau, S; Moreno, C R; Tixier-Boichard, M; Brochard, M

2016-11-01

Agroecology uses ecological processes and local resources rather than chemical inputs to develop productive and resilient livestock and crop production systems. In this context, breeding innovations are necessary to obtain animals that are both productive and adapted to a broad range of local contexts and diversity of systems. Breeding strategies to promote agroecological systems are similar for different animal species. However, current practices differ regarding the breeding of ruminants, pigs and poultry. Ruminant breeding is still an open system where farmers continue to choose their own breeds and strategies. Conversely, pig and poultry breeding is more or less the exclusive domain of international breeding companies which supply farmers with hybrid animals. Innovations in breeding strategies must therefore be adapted to the different species. In developed countries, reorienting current breeding programmes seems to be more effective than developing programmes dedicated to agroecological systems that will struggle to be really effective because of the small size of the populations currently concerned by such systems. Particular attention needs to be paid to determining the respective usefulness of cross-breeding v. straight breeding strategies of well-adapted local breeds. While cross-breeding may offer some immediate benefits in terms of improving certain traits that enable the animals to adapt well to local environmental conditions, it may be difficult to sustain these benefits in the longer term and could also induce an important loss of genetic diversity if the initial pure-bred populations are no longer produced. As well as supporting the value of within-breed diversity, we must preserve between-breed diversity in order to maintain numerous options for adaptation to a variety of production environments and contexts. This may involve specific public policies to maintain and characterize local breeds (in terms of both phenotypes and genotypes), which could

Breeding phenology of African Black Oystercatchers Haematopus ...

African Journals Online (AJOL)

The timing of the start and duration of breeding and the effect of these on breeding productivity were analysed for African Black Oystercatchers Haematopus moquini on Robben Island, South Africa, over three breeding seasons from 2001 to 2004. African Black Oystercatchers have a long breeding season, from November ...

Stock Issues in Aristotle's Rhetoric

Science.gov (United States)

Harpine, Bill

1977-01-01

Defines "stock issue" by the manner in which they function in Aristotle's theory, reviews examples of modern theories of stock issues, examines previous investigations of the "Rhetoric," and analyzes Aristotle's approach to this aspect of argumentation. (MH)

Breeding in a den of thieves

NARCIS (Netherlands)

Fouw, de Jimmy; Bom, Roeland A.; Klaassen, Raymond H.G.; Müskens, Gerard J.D.M.; Vries, de Peter P.; Popov, Igor Yu; Kokorev, Yakov I.; Ebbinge, Bart; Nolet, Bart A.

2016-01-01

Breeding success of many Arctic-breeding bird populations varies with lemming cycles due to prey switching behavior of generalist predators. Several bird species breed on islands to escape from generalist predators like Arctic fox Vulpes lagopus, but little is known about how these species

Genetic analysis of three South African horse breeds

Directory of Open Access Journals (Sweden)

E.G. Cothran

1998-07-01

Full Text Available Genetic variability at 7 blood-group and 10 biochemical genetic loci was examined in 3 South African horse breeds, the Nooitgedacht, Boerperd and Basuto Pony. Observed heterozygosity for these breeds was intermediate for domestic horses, with the highest heterozygosity in the Boerperd and the lowest in the Basuto Pony. The 3 breeds show greater genetic similarity to each other than to other domestic horse breeds. Compared to other breeds, the South African breeds show greater genetic similarity to breeds such as the Thoroughbred, Holstein, Trakehner and Hanovarian and also to North American breeds such as the Saddlebred, Standardbred and Morgan Horse.

An Empirical Analysis Of Stock Returns And Volatility: The Case Of Stock Markets From Central And Eastern Europe

Directory of Open Access Journals (Sweden)

Okičić Jasmina

2015-04-01

Full Text Available The main goal of this paper is to investigate the behaviour of stock returns in the case of stock markets from Central and Eastern Europe (CEE, focusing on the relationship between returns and conditional volatility. Since there is relatively little empirical research on the volatility of stock returns in underdeveloped stock markets, with even fewer studies on markets in the transitional economies of the CEE region, this paper is designed to shed some light on the econometric modelling of the conditional mean and volatility of stock returns from this region. The results presented in this paper provide confirmatory evidence that ARIMA and GARCH processes provide parsimonious approximations of mean and volatility dynamics in the case of the selected stock markets. There is overwhelming evidence corroborating the existence of a leverage effect, meaning that negative shocks increase volatility more than positive shocks do. Since financial decisions are generally based upon the trade-off between risk and return, the results presented in this paper will provide valuable information in decision making for those who are planning to invest in stock markets from the CEE region.

Analysis of Naval Ammunition Stock Positioning

Science.gov (United States)

2015-12-01

not manipulated to be in favor of any system based on the assumption that stock positioned closer to demand would result in more favorable delivery...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT ANALYSIS OF NAVAL AMMUNITION STOCK POSITIONING...professional report 4. TITLE AND SUBTITLE ANALYSIS OF NAVAL AMMUNITION STOCK POSITIONING 5. FUNDING NUMBERS 6. AUTHOR(S) David Sharp and Eric

Random Walks in Stock Exchange Prices and the Vienna Stock Exchange

OpenAIRE

Huber, Peter

1995-01-01

This paper uses the multiple variance ratio test procedure developed by Chow and Denning (1993) to test for a random walk of stock returns on the Austrian Stock Exchange. I find that with daily data the test rejects the random walk hypothesis at all conventional significance levels for each and every title and for both indeces tested. Individual shares, however, do seem to follow a random walk when weekly returns are considered, while the hypothesis is rejected for both indices. Dieser Art...

PERFORMANCE EVALUATION AND RISK AVERSION RATE FOR SEVERAL STOCK INDICES IN INDONESIA STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Robiyanto Robiyanto

2017-03-01

Full Text Available There are numerous stock indices in Indonesia Stock Exchange. Several of them are LQ-45, MBX, DBX, JII, SRI-KEHATI, PEFINDO-25, BISNIS-27, IDX-30 and KOMPAS-100. Unfortunately there are limi­ted researches which have been done to measure those indices performance specifically. The same condition also occurs on risk aversion level usage in Indonesia Stock Exchange, only few numbers of researches use this me­a­surement in the portfolio valuation. Based on that, this research measured the performance and risk aversion rate of those indices in Indonesia Stock Exchange. The results of this study were SRI-KEHATI becomes the best performer with the highest risk aversion rate, while Jakarta Islamic Index (JII produces the lowest positive per­formance with the lowest risk aversion rate. This finding shows that sharia stocks’ characters (i.e. usury free could give relieveness and convenience regardless its per­formance.

Semen quality of Italian local pig breeds

Directory of Open Access Journals (Sweden)

G. Gandini

2010-01-01

Full Text Available From 1996 to 1999 a conservation programme was carried out within the framework of EC contract “European gene banking project for the pig genetic resources” (Ollivier et al., 2001 in the Italian local pig breeds. The aims of the program included the primary characterization of the breeds, i.e. information on the organization in charge of the breed, breeding population numbers, breed description and qualifications, and field trials on productive and reproductive performances. In this context the “Semen Bank of Italian local pig breeds” was built. A total of 30,835 straws of four Italian local pig breeds (Cinta Senese, Casertana, Mora Romagnola and Nero Siciliano, collected from 42 sires, have been stored. In this work semen quality traits, lipid composition and freezability of the four Italian local pig breeds are reported.

Market Performance and Accounting Information as the Reference of Stocks Portfolio Formation in Indonesia Stock Exchange

OpenAIRE

Pasaribu, Rowland Bismark Fernando

2009-01-01

This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real difference among variabel refer to their market capitalization and influence of predictor to stock return. Hereinafter, the performance of selected portfolio were evaluated. The evaluation result conclude ...

The Speculative Nature of Stock Market

Directory of Open Access Journals (Sweden)

Bogdan-Gabriel FILIPESCU

2011-12-01

Full Text Available This paper focuses on the speculative nature of the stock market in Romania, emphasizing the basic rules and risks associated with stock transactions. On the one hand, the speculative nature may be considered as a mandatory feature of the stock market, for the purposes of supporting a fair and efficient functioning stock system. On the other hand, the term "speculative" can be also interpreted in a negative direction, i.e. in combination with market manipulation or market abuse. Related to this latter interpretation, the study refers to European legislation on market abuse, accepted market practices and those that constitute market manipulation.

VOLATILITY AND KURTOSIS OF DAILY STOCK RETURNS AT MSE

Directory of Open Access Journals (Sweden)

Zoran Ivanovski

2015-12-01

Full Text Available Prominent financial stock pricing models are built on assumption that asset returns follow a normal (Gaussian distribution. However, many authors argue that in the practice stock returns are often characterized by skewness and kurtosis, so we test the existence of the Gaussian distribution of stock returns and calculate the kurtosis of several stocks at the Macedonian Stock Exchange (MSE. Obtaining information about the shape of distribution is an important step for models of pricing risky assets. The daily stock returns at Macedonian Stock Exchange (MSE are characterized by high volatility and non-Gaussian behaviors as well as they are extremely leptokurtic. The analysis of MSE time series stock returns determine volatility clustering and high kurtosis. The fact that daily stock returns at MSE are not normally distributed put into doubt results that rely heavily on this assumption and have significant implications for portfolio management. We consider this stock market as good representatives of emerging markets. Therefore, we argue that our results are valid for other similar emerging stock markets.

What Is the Expected Return on a Stock?

DEFF Research Database (Denmark)

Martin, Ian; Wagner, Christian

We derive a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock's excess risk-neutral variance relative to the average stock. These components can be computed from index and stock option prices; the formula has no free parameters....... We test the theory in-sample by running panel regressions of stock returns onto risk-neutral variances. The formula performs well at 6-month and 1-year forecasting horizons, and our predictors drive out beta, size, book-to-market, and momentum. Out-of-sample, we find that the formula outperforms...... a range of competitors in forecasting individual stock returns. Our results suggest that there is considerably more variation in expected returns, both over time and across stocks, than has previously been acknowledged....

Maintenance Appointments in Railway Rolling Stock Rescheduling

NARCIS (Netherlands)

J.C. Wagenaar (Joris); L.G. Kroon (Leo); M.E. Schmidt (Marie)

2016-01-01

textabstractThis paper addresses the Rolling Stock Rescheduling Problem (RSRP), while taking maintenance appointments into account. After a disruption, the rolling stock of the disrupted passenger trains has to be rescheduled in order to restore a feasible rolling stock circulation. Usually, a

On the Design of Artificial Stock Markets

NARCIS (Netherlands)

K. Boer-Sorban (Katalin); A. de Bruin (Arie); U. Kaymak (Uzay)

2005-01-01

textabstractArtificial stock markets are designed with the aim to study and understand market dynamics by representing (part of) real stock markets. Since there is a large variety of real stock markets with several partially observable elements and hidden processes, artificial markets differ

Heuristics and stock buying decision: Evidence from Malaysian and Pakistani stock markets

Directory of Open Access Journals (Sweden)

Habib Hussain Khan

2017-06-01

Full Text Available Applying both qualitative and quantitative approaches, we examine whether or not investors fall prey to three heuristics; namely, anchoring and adjustment, representativeness, and availability, while investing in stocks. We also compare investors' vulnerability to these heuristics based on their economic association, their type and demographic factors such as income, education and experience. For the data collection, a self-constructed questionnaire was administered to investors in the Malaysian and Pakistani stock exchanges. Data has been analyzed through description, correlation and regression analysis. The results indicate that all three heuristics are likely to affect the investors' stock buying decisions. The effect of heuristics is similar across the sample countries, the type of investors, and the income groups. However, the investors with a higher level of education and more experience are less likely to be affected by the heuristics.

Hidden Markov Model for Stock Selection

Directory of Open Access Journals (Sweden)

Nguyet Nguyen

2015-10-01

Full Text Available The hidden Markov model (HMM is typically used to predict the hidden regimes of observation data. Therefore, this model finds applications in many different areas, such as speech recognition systems, computational molecular biology and financial market predictions. In this paper, we use HMM for stock selection. We first use HMM to make monthly regime predictions for the four macroeconomic variables: inflation (consumer price index (CPI, industrial production index (INDPRO, stock market index (S&P 500 and market volatility (VIX. At the end of each month, we calibrate HMM’s parameters for each of these economic variables and predict its regimes for the next month. We then look back into historical data to find the time periods for which the four variables had similar regimes with the forecasted regimes. Within those similar periods, we analyze all of the S&P 500 stocks to identify which stock characteristics have been well rewarded during the time periods and assign scores and corresponding weights for each of the stock characteristics. A composite score of each stock is calculated based on the scores and weights of its features. Based on this algorithm, we choose the 50 top ranking stocks to buy. We compare the performances of the portfolio with the benchmark index, S&P 500. With an initial investment of $100 in December 1999, over 15 years, in December 2014, our portfolio had an average gain per annum of 14.9% versus 2.3% for the S&P 500.

Evolution, plant breeding and biodiversity

Directory of Open Access Journals (Sweden)

Salvatore Ceccarelli

2011-11-01

Full Text Available This paper deals with changes in biodiversity during the course of evolution, plant domestication and plant breeding. It shows than man has had a strong influence on the progressive decrease of biodiversity, unconscious at first and deliberate in modern times. The decrease in biodiversity in the agricultures of the North causes a severe threat to food security and is in contrasts with the conservation of biodiversity which is part of the culture of several populations in the South. The concluding section of the paper shows that man could have guided evolution in a different way and shows an example of participatory plant breeding, a type of breeding which is done in collaboration with farmers and is based on selection for specific adaptation. Even though participatory plant breeding has been practiced for only about 20 years and by relatively few groups, the effects on both biodiversity and crop production are impressive. Eventually the paper shows how participatory plant breeding can be developed into ‘evolutionary plant breeding’ to cope in a dynamic way with climate changes.

Future breeding for organic and low-input agriculture: integrating values and modern breeding tools for improving robustness

NARCIS (Netherlands)

Lammerts Van Bueren, E.

2010-01-01

Organic production and also the attention for plant breeding for organic agriculture is still increasing in Europe. The question often raised is how much does plant breeding for the organic sector differ from modern plant breeding and does a ban on GMO also include refraining from molecular marker

Residential building stocks and flows as dynamic systems: Chilean dwelling stock and energy modeling, including earthquakes.

OpenAIRE

Gallardo, Carla

2012-01-01

The building sector comprises a very important part of each country s economy, playing an important role in the consumption of resources and energy. In practice there is little knowledge on how the building stock develops. It is useful then to understand the dynamics and the metabolism of the built environment. Research on building stocks, predominantly on the residential sector, has been performed mainly for developed countries. There is little or none research on building stock for developi...

Mutation breeding in malting barley

Energy Technology Data Exchange (ETDEWEB)

Hiraki, Makoto; Sanada, Matsuyoshi

1984-03-01

The released varieties of malting barley through mutation breeding is more than ten in number, including foreign varieties. In Japan four varieties has been released so far. We started mutation breeding in 1956 together with cross breeding that we employed before. Until now, Gamma 4, Amagi Nijo 1 and Fuji Nijo 2 have been produced from the direct use of induced mutations and Nirasaki Nijo 8 from the indirect use of them. Mutation breeding has been used mainly in the partial improvement of agronomic characteristics since the selection for malting quality was very complicated. As the variety bred by induced mutation is usually equivalent to the original variety in malting quality, both this new variety and the original one could be cultivated in the same area without any problem on later malt production. Particularly when one farmer cultivates barley in an extensive acreage, he can harvest at the best time according to the different maturing time of each variety. From these points of view, mutation breeding is an efficient tool in malting barley breeding. Mutagens we have used so far are X-rays, ..gamma..-rays, neutron and chemicals such as dES. From our experience in selection, the low dose of radiation and chemical mutagens are more effective in selection of point mutation than the high dose of radiation which tends to produce many abnormal but few practical mutants. (author).

Genetic characterization of four native Italian shepherd dog breeds and analysis of their relationship to cosmopolitan dog breeds using microsatellite markers.

Science.gov (United States)

Bigi, D; Marelli, S P; Randi, E; Polli, M

2015-12-01

Very little research into genetic diversity of Italian native dog breeds has been carried out so far. In this study we aimed to estimate and compare the genetic diversity of four native Italian shepherd dog breeds: the Maremma, Bergamasco, Lupino del Gigante and Oropa shepherds. Therefore, some cosmopolitan dog breeds, which have been widely raised in Italy for a long time past, have also been considered to check possible influence of these dog populations on the Italian autochthonous breeds considered here. A total of 212 individuals, belonging to 10 different dog breeds, were sampled and genotyped using 18 autosomal microsatellite loci. We analyzed the genetic diversity of these breeds, within breed diversity, breed relationship and population structure. The 10 breeds considered in this study were clearly genetically differentiated from each other, regardless of current population sizes and the onset of separate breeding history. The level of genetic diversity explained 20% of the total genetic variation. The level of H E found here is in agreement with that found by other studies. The native Italian breeds showed generally higher genetic diversity compared with the long established, well-defined cosmopolitan dog breeds. As the Border Collie seems closer to the Italian breeds than the other cosmopolitan shepherd dogs considered here, a possible utilization of this breed to improve working performance in Italian traditional working shepherd dogs cannot be ignored. The data and information found here can be utilized in the organization of conservation programs planned to reduce inbreeding and to minimize loss of genetic variability.

Sector Identification in a Set of Stock Return Time Series Traded at the London Stock Exchange

Science.gov (United States)

Coronnello, C.; Tumminello, M.; Lillo, F.; Micciche, S.; Mantegna, R. N.

2005-09-01

We compare some methods recently used in the literature to detect the existence of a certain degree of common behavior of stock returns belonging to the same economic sector. Specifically, we discuss methods based on random matrix theory and hierarchical clustering techniques. We apply these methods to a portfolio of stocks traded at the London Stock Exchange. The investigated time series are recorded both at a daily time horizon and at a 5-minute time horizon. The correlation coefficient matrix is very different at different time horizons confirming that more structured correlation coefficient matrices are observed for long time horizons. All the considered methods are able to detect economic information and the presence of clusters characterized by the economic sector of stocks. However, different methods present a different degree of sensitivity with respect to different sectors. Our comparative analysis suggests that the application of just a single method could not be able to extract all the economic information present in the correlation coefficient matrix of a stock portfolio.

Global stock market in 1990-s

Directory of Open Access Journals (Sweden)

Moshenskyi S.Z.

2017-08-01

Full Text Available The 1990s became a period of long-term recovery, the main driving force of which was the high-tech companies of the so-called «new economy», mainly associated with information technology and Internet at the global stock market. Such innovations have led to unrealistic expectations of the profitability of new companies from the sale of goods and services on the Internet. This became a prerequisite for a speculative boom in equity markets in developed financial systems. The boom intensified the mass privatization of state-owned enterprises in UK, Germany, France and some other countries. The capitalization of the global stock market increased more than ten times although the world GDP grew only 2.5 times during two decades, from 1980 to 2000. Though the stock market is the source of capital only in the countries with the Anglo-American model of financial markets (for countries of continental Europe and Japan such sources are bank loans, stock markets increased in all countries with developed financial systems. The systematic analysis of such key indicators as market capitalization and liquidity is required for an objective assessment of such rise in stock markets. But statistical information at stock markets is often not systematized and fragmentary. Therefore, the author (based on the official statistics of such international financial organizations as the Organization for Economic Co-operation and Development and the World Federation of Exchanges has calculated and systematically analyzed capitalization and liquidity as the main indicators of the stock market for the largest countries with developed financial systems (USA, Great Britain, Germany, France, Japan. The paper displays the differences in the mechanisms of attraction of capital determined by the different models of financial markets (decentralized Anglo-American and centralized European as well as the features of the composition of the main investors in the world stock markets.

Manufacturing Capital Lingers in the Stock Market

Institute of Scientific and Technical Information of China (English)

吴程涛; 段铸; 张景宇; 张曙光

2008-01-01

Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.

12 CFR 221.114 - Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock...

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Bank loans to purchase stock of American...) Interpretations § 221.114 Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock Plan. (a) The Board of Governors interpreted this part in connection with proposed loans by a bank...

Dynamic Stock Market Participation of Households

DEFF Research Database (Denmark)

Khorunzhina, Natalia

This paper develops and estimates a dynamic model of stock market participation, where consumers’ decisions regarding stock market participation are influenced by participation costs. The practical significance of the participation costs is considered as being a channel through which financial...... education programs can affect consumers’ investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market articipation cost is about 5% of labor...... income; however, it varies substantially over consumers’ life. The model successfully predicts the level of the observed articipation rate and the increasing pattern of stock market participation over the consumers’ life cycle....

The volatility of stock market prices.

Science.gov (United States)

Shiller, R J

1987-01-02

If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

Male and female breeding strategies in a cooperative primate.

Science.gov (United States)

Yamamoto, Maria Emilia; Araujo, Arrilton; Arruda, Maria de Fatima; Lima, Ana Karinne Moreira; Siqueira, Jose de Oliveira; Hattori, Wallisen Tadashi

2014-11-01

Marmosets are cooperative breeders organized as extended family groups, but breeding is generally restricted to a single pair. Breeding competition is fierce in female marmosets; males, on the other hand, show low levels of intragroup aggression. We investigated male and female breeding strategies and the resulting reproductive output in 9 wild groups. Reproductive output, tenure of breeding animals, identification of the breeding system, breeding position replacements, migration and infanticide were recorded; also, we recorded grooming and aggression. Replacement of the breeding male or female was observed on nine occasions. On four occasions, the son of the breeding male inherited the breeding post, but we never observed inheritance of a breeding post by a daughter. Mostly, females attained a breeding post by immigrating to a group that had a breeding vacancy. Our results showed that Callithrix jacchus males and females use different strategies to attain a breeding position and maintain it for as long as possible. These strategies prolong the tenure of the breeding position, which is the best way to produce a large number of offspring. This article is part of a Special Issue entitled: Neotropical Behaviour. Copyright © 2014 Elsevier B.V. All rights reserved.

Are Stock and Corporate Bond Markets Integrated?

NARCIS (Netherlands)

van Zundert, J.; Driessen, Joost

2017-01-01

This study explores the cross-sectional integration of stock and corporate bond markets by comparing a firm’s expected stock return, as implied by corporate bond spreads, to its realized stock return. We compute expected corporate bond returns by correcting credit spreads for expected losses due to

Native Pig and Chicken Breed Database: NPCDB

Directory of Open Access Journals (Sweden)

Hyeon-Soo Jeong

2014-10-01

Full Text Available Indigenous (native breeds of livestock have higher disease resistance and adaptation to the environment due to high genetic diversity. Even though their extinction rate is accelerated due to the increase of commercial breeds, natural disaster, and civil war, there is a lack of well-established databases for the native breeds. Thus, we constructed the native pig and chicken breed database (NPCDB which integrates available information on the breeds from around the world. It is a nonprofit public database aimed to provide information on the genetic resources of indigenous pig and chicken breeds for their conservation. The NPCDB (http://npcdb.snu.ac.kr/ provides the phenotypic information and population size of each breed as well as its specific habitat. In addition, it provides information on the distribution of genetic resources across the country. The database will contribute to understanding of the breed’s characteristics such as disease resistance and adaptation to environmental changes as well as the conservation of indigenous genetic resources.

Surveying effects of forward-backward P/E‎‎ ratios on stock's return and ‎fluctuation in Tehran's stock exchange

Directory of Open Access Journals (Sweden)

Younos VakilAlroaia

2012-08-01

Full Text Available The aim of this study is to study the relationship between forward-backward effects on stock return, which normally depends on Price-Earnings ratio (P/E‎ and stock fluctuation in stock exchange. Monthly time series pattern of Tehran stock exchange are used monthly from 2006 to 2010. The data contains all available companies in exchange where the shares were traded at the least 120 days during for the recent 12 months. The results of this research show that the independent variables investigated in this research have meaningful effects on the research's dependent variable. This means that the effects of company’s systematic risk and markets risk on companies’ stock return are positive.

Stock Market Optimism and Cointegration among Stocks: The Case of the Prague Stock Exchange

Czech Academy of Sciences Publication Activity Database

Baxa, Jaromír

2007-01-01

Roč. 15, č. 4 (2007), s. 5-16 ISSN 0572-3043 R&D Projects: GA ČR GD402/03/H057 Institutional research plan: CEZ:AV0Z10750506 Keywords : stock market * optimism * cointegration Subject RIV: AH - Economics

RUSSIAN STOCK MARKET INSTITUTIONAL PARTICIPANTS: HABITUS AND PRACTICES

Directory of Open Access Journals (Sweden)

Boris Borisovich Podgorny

2017-11-01

Full Text Available The global investment experience shows that economic growth is impossible without the creation of an effective national stock market. Also, along with the solution of the funds inflow into the economy, developed stock market contributes the creation of a mass economy owners community. Economic characteristics – economy demand for credit resources (especially in sanction terms, the availability of the savings among the Russian population, rates reduction on bank deposits, – saying that “investment boom” should take place in Russia today, in which a significant part of the population must be taken mass participation in the stock market, including the way through collective investment. However, the current situation does not allow us to talk about the successful development this direction of the Russian stock market. In this article, prepared in the framework of the author’s special sociological theory «The Russian Stock Market as a Social Space» [27], presented the results of Russian stock market institutional investors study including: the statistical indicators characterizing institutional investors on the stock market were analyzed; the practices caused by the existing habitus of Russian stock market institutional investors were classified and studied. It was found that the habitus of most institutional investors participating in the Russian stock market is marked a speculative nature.

HOW PERFORMANCE OF JAKARTA ISLAMIC INDEX (JII STOCKS RELATIVE TO OTHER STOCKS?

Directory of Open Access Journals (Sweden)

Erna Listyaningsih

2015-09-01

Full Text Available This study was conducted to assess the performance of Jakarta Islamic Index (JII stocks and also investigate whether there was an ethical effect (JII selection restriction and compare it with non-Sharia stocks. The main model used in this study was the Capital Asset Pricing Model (CAPM single index model extended to the Fama and French three factors. This study employs elaborate matching data. The data used in this study was split into two periods: the 2005-2007 periods which consists of two groups: JII and non-JII and the 2008-2012 periods which consists of three groups: JII, Sharia and non-Sharia based on industry sector. This study found that basically there was no difference on performance between JII and non-JII stocks. Therefore, this result supports the previous studies in which there were no significant differences between Sharia and conventional investment.

Stock portfolio selection using Dempster–Shafer evidence theory

Directory of Open Access Journals (Sweden)

Gour Sundar Mitra Thakur

2018-04-01

Full Text Available Markowitz’s return–risk model for stock portfolio selection is based on the historical return data of assets. In addition to the effect of historical return, there are many other critical factors which directly or indirectly influence the stock market. We use the fuzzy Delphi method to identify the critical factors initially. Factors having lower correlation coefficients are finally considered for further consideration. The critical factors and historical data are used to apply Dempster–Shafer evidence theory to rank the stocks. Then, a portfolio selection model that prefers stocks with higher rank is proposed. Illustration is done using stocks under Bombay Stock Exchange (BSE. Simulation is done by Ant Colony Optimization. The performance of the outcome is found satisfactory when compared with recent performance of the assets. Keywords: Stock portfolio selection, Ranking, Dempster–Shafer evidence theory, Ant Colony Optimization, Fuzzy Delphi method

Combining Stocks and Flows of Knowledge

DEFF Research Database (Denmark)

Ambos, Tina C.; Nell, Phillip Christopher; Pedersen, Torben

2013-01-01

While previous research has mostly focused on either knowledge stocks or knowledge flows, our study is among the first to integrate these perspectives in order to shed light on the complementarity effects of different types of knowledge stocks and flows in the multinational corporation (MNC...... of complementarity create benefits for these units, but that the effects from intra-functional combinations of knowledge stocks and flows are significantly stronger than from cross-functional combinations....

Are oil and gas stocks from the Australian market riskier than coal and uranium stocks? Dependence risk analysis and portfolio optimization

International Nuclear Information System (INIS)

Arreola Hernandez, Jose

2014-01-01

This article models the dependence risk and resource allocation characteristics of two 20-stock coal–uranium and oil–gas sector portfolios from the Australian market in the context of the global financial crisis of 2008–2009. The modeling framework implemented consists of pair vine copulas and, linear and nonlinear portfolio optimization methods with respect to five risk measures. The paper's objectives are to find out if the oil and gas stocks are riskier than the coal and uranium stocks, to identify the optimization method and risk measure that produce the best risk-return trade-off, to recognize the stocks in which the optimal weight allocations converge on average, and to acknowledge the vine copula model that best accounts for the overall dependence of the energy portfolios. The research findings indicate that the oil stocks have higher dependence risk than the coal, uranium and gas stocks in financial crisis periods. The higher risk of the oil stocks is confirmed by the larger concentration of symmetric and asymmetric dependence they have in the negative tail. The canonical vine (c-vine) copula model is observed to better capture the overall dependence of the energy portfolios. The combination of a pair c-vine copula and nonlinear portfolio optimization produces the highest return relative to risk. The optimal weight allocations converge on average in some stocks. - Highlights: • Vine copula dependence modeling of coal, uranium, oil and gas stocks • Oil stocks are riskier than coal, uranium and gas stocks in financial crisis periods. • The c-vine model better captures the overall dependence of the energy portfolios. • Vine copulas and nonlinear optimization combined produce the best results. • The optimal weight allocations converge on average in some stocks

Statistical analysis of bankrupting and non-bankrupting stocks

Science.gov (United States)

Li, Qian; Wang, Fengzhong; Wei, Jianrong; Liang, Yuan; Huang, Jiping; Stanley, H. Eugene

2012-04-01

The recent financial crisis has caused extensive world-wide economic damage, affecting in particular those who invested in companies that eventually filed for bankruptcy. A better understanding of stocks that become bankrupt would be helpful in reducing risk in future investments. Economists have conducted extensive research on this topic, and here we ask whether statistical physics concepts and approaches may offer insights into pre-bankruptcy stock behavior. To this end, we study all 20092 stocks listed in US stock markets for the 20-year period 1989-2008, including 4223 (21 percent) that became bankrupt during that period. We find that, surprisingly, the distributions of the daily returns of those stocks that become bankrupt differ significantly from those that do not. Moreover, these differences are consistent for the entire period studied. We further study the relation between the distribution of returns and the length of time until bankruptcy, and observe that larger differences of the distribution of returns correlate with shorter time periods preceding bankruptcy. This behavior suggests that sharper fluctuations in the stock price occur when the stock is closer to bankruptcy. We also analyze the cross-correlations between the return and the trading volume, and find that stocks approaching bankruptcy tend to have larger return-volume cross-correlations than stocks that are not. Furthermore, the difference increases as bankruptcy approaches. We conclude that before a firm becomes bankrupt its stock exhibits unusual behavior that is statistically quantifiable.

Genetic distinctiveness of the Herdwick sheep breed and two other locally adapted hill breeds of the UK.

Science.gov (United States)

Bowles, Dianna; Carson, Amanda; Isaac, Peter

2014-01-01

There is considerable interest in locally adapted breeds of livestock as reservoirs of genetic diversity that may provide important fitness traits for future use in agriculture. In marginal areas, these animals contribute to food security and extract value from land unsuitable for other systems of farming. In England, close to 50% of the national sheep flock is farmed on grassland designated as disadvantaged areas for agricultural production. Many of these areas are in the uplands, where some native breeds of sheep continue to be commercially farmed only in highly localised geographical regions to which they are adapted. This study focuses on three of these breeds, selected for their adaptation to near identical environments and their geographical concentration in regions close to one another. Our objective has been to use retrotyping, microsatellites and single nucleotide polymorphisms to explore the origins of the breeds and whether, despite their similar adaptations and proximity, they are genetically distinctive. We find the three breeds each have a surprisingly different pattern of retrovirus insertions into their genomes compared with one another and with other UK breeds. Uniquely, there is a high incidence of the R0 retrotype in the Herdwick population, characteristic of a primitive genome found previously in very few breeds worldwide and none in the UK mainland. The Herdwick and Rough Fells carry two rare retroviral insertion events, common only in Texels, suggesting sheep populations in the northern uplands have a historical association with the original pin-tail sheep of Texel Island. Microsatellite data and analyses of SNPs associated with RXFP2 (horn traits) and PRLR (reproductive performance traits) also distinguished the three breeds. Significantly, an SNP linked to TMEM154, a locus controlling susceptibility to infection by Maedi-Visna, indicated that all three native hill breeds have a lower than average risk of infection to the lentivirus.

Genetic distinctiveness of the Herdwick sheep breed and two other locally adapted hill breeds of the UK.

Directory of Open Access Journals (Sweden)

Dianna Bowles

Full Text Available There is considerable interest in locally adapted breeds of livestock as reservoirs of genetic diversity that may provide important fitness traits for future use in agriculture. In marginal areas, these animals contribute to food security and extract value from land unsuitable for other systems of farming. In England, close to 50% of the national sheep flock is farmed on grassland designated as disadvantaged areas for agricultural production. Many of these areas are in the uplands, where some native breeds of sheep continue to be commercially farmed only in highly localised geographical regions to which they are adapted. This study focuses on three of these breeds, selected for their adaptation to near identical environments and their geographical concentration in regions close to one another. Our objective has been to use retrotyping, microsatellites and single nucleotide polymorphisms to explore the origins of the breeds and whether, despite their similar adaptations and proximity, they are genetically distinctive. We find the three breeds each have a surprisingly different pattern of retrovirus insertions into their genomes compared with one another and with other UK breeds. Uniquely, there is a high incidence of the R0 retrotype in the Herdwick population, characteristic of a primitive genome found previously in very few breeds worldwide and none in the UK mainland. The Herdwick and Rough Fells carry two rare retroviral insertion events, common only in Texels, suggesting sheep populations in the northern uplands have a historical association with the original pin-tail sheep of Texel Island. Microsatellite data and analyses of SNPs associated with RXFP2 (horn traits and PRLR (reproductive performance traits also distinguished the three breeds. Significantly, an SNP linked to TMEM154, a locus controlling susceptibility to infection by Maedi-Visna, indicated that all three native hill breeds have a lower than average risk of infection to the

26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

Science.gov (United States)

2010-04-01

... acquiring entity disposes of the stock of the issuing corporation, the acquiring entity purchased the issuing corporation's stock from the issuing corporation for fair market value with cash contributed to... stock of the issuing corporation. If the issuing corporation receives money or other property in payment...

Population ecology of the mallard: II. Breeding habitat conditions, size of the breeding populations, and production indices

Science.gov (United States)

Pospahala, Richard S.; Anderson, David R.; Henny, Charles J.

1974-01-01

This report, the second in a series on a comprehensive analysis of mallard population data, provides information on mallard breeding habitat, the size and distribution of breeding populations, and indices to production. The information in this report is primarily the result of large-scale aerial surveys conducted during May and July, 1955-73. The history of the conflict in resource utilization between agriculturalists and wildlife conservation interests in the primary waterfowl breeding grounds is reviewed. The numbers of ponds present during the breeding season and the midsummer period and the effects of precipitation and temperature on the number of ponds present are analyzed in detail. No significant cycles in precipitation were detected and it appears that precipitation is primarily influenced by substantial seasonal and random components. Annual estimates (1955-73) of the number of mallards in surveyed and unsurveyed breeding areas provided estimates of the size and geographic distribution of breeding mallards in North America. The estimated size of the mallard breeding population in North America has ranged from a high of 14.4 million in 1958 to a low of 7.1 million in 1965. Generally, the mallard breeding population began to decline after the 1958 peak until 1962, and remained below 10 million birds until 1970. The decline and subsequent low level of the mallard population between 1959 and 1969 .generally coincided with a period of poor habitat conditions on the major breeding grounds. The density of mallards was highest in the Prairie-Parkland Area with an average of nearly 19.2 birds per square mile. The proportion of the continental mallard breeding population in the Prairie-Parkland Area ranged from 30% in 1962 to a high of 600/0 in 1956. The geographic distribution of breeding mallards throughout North America was significantly related to the number of May ponds in the Prairie-Parkland Area. Estimates of midsummer habitat conditions and indices to

7 CFR 1216.9 - Farmers stock peanuts.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Farmers stock peanuts. 1216.9 Section 1216.9... INFORMATION ORDER Peanut Promotion, Research, and Information Order Definitions § 1216.9 Farmers stock peanuts. Farmers stock peanuts means picked or threshed peanuts produced in the United States which have not been...

Emerging interdependence between stock values during financial crashes.

Directory of Open Access Journals (Sweden)

Jacopo Rocchi

Full Text Available To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs in the proximity of global financial crises, where stock values exhibit strong and substantial interdependence for a prolonged period. This behavior is consistent with what one would generally expect from a complex system near criticality in physical systems, showing the long lasting effects of crashes on stock markets.

Emerging interdependence between stock values during financial crashes.

Science.gov (United States)

Rocchi, Jacopo; Tsui, Enoch Yan Lok; Saad, David

2017-01-01

To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs in the proximity of global financial crises, where stock values exhibit strong and substantial interdependence for a prolonged period. This behavior is consistent with what one would generally expect from a complex system near criticality in physical systems, showing the long lasting effects of crashes on stock markets.

Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

DEFF Research Database (Denmark)

Christiansen, Charlotte; Ranaldo, Angelo

2005-01-01

We investigate the effects of macroeconomic announcements on the realized correlation between bond and stock returns. Our results deliver insights into the dominating drivers of bond-stock comovements. We find that it is not so much the surprise component of the announcement, but the mere fact...... that an announcement occurs that influences the realized bond-stock correlation. The impact of macroeconomic announcements varies across the business cycle. Announcement effects are highly dependent on the sign of the realized bond-stock correlation which has recently gone from positive to negative. Macroeconomic...

ADVISABILITY OF MERGING THE BUCHAREST STOCK EXCHANGE AND THE SIBIU MONETARYFINANCIAL AND STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Aura Dudas

2011-01-01

Full Text Available Analysis of performances of local stock exchanges in the latest years points out thenecessity of increasing the visibility of the local capital market in the regional andEuropean landscape. A single stock market may have the effect of increased credibility,giving thus an impulse to the number of new listings and of new investors.

The dependence of Islamic and conventional stocks: A copula approach

Science.gov (United States)

Razak, Ruzanna Ab; Ismail, Noriszura

2015-09-01

Recent studies have found that Islamic stocks are dependent on conventional stocks and they appear to be more risky. In Asia, particularly in Islamic countries, research on dependence involving Islamic and non-Islamic stock markets is limited. The objective of this study is to investigate the dependence between financial times stock exchange Hijrah Shariah index and conventional stocks (EMAS and KLCI indices). Using the copula approach and a time series model for each marginal distribution function, the copula parameters were estimated. The Elliptical copula was selected to present the dependence structure of each pairing of the Islamic stock and conventional stock. Specifically, the Islamic versus conventional stocks (Shariah-EMAS and Shariah-KLCI) had lower dependence compared to conventional versus conventional stocks (EMAS-KLCI). These findings suggest that the occurrence of shocks in a conventional stock will not have strong impact on the Islamic stock.

Asymmetric conditional volatility in international stock markets

Science.gov (United States)

Ferreira, Nuno B.; Menezes, Rui; Mendes, Diana A.

2007-08-01

Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the SP 500, FTSE 100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of changes in macroeconomic variables, we find no significant evidence of asymmetric behaviour of the stock market returns. There are some signs that the Portuguese Stock Market tends to show somewhat less market efficiency than other markets since the effect of the shocks appear to take a longer time to dissipate.

Quantum Brownian motion model for the stock market

Science.gov (United States)

Meng, Xiangyi; Zhang, Jian-Wei; Guo, Hong

2016-06-01

It is believed by the majority today that the efficient market hypothesis is imperfect because of market irrationality. Using the physical concepts and mathematical structures of quantum mechanics, we construct an econophysical framework for the stock market, based on which we analogously map massive numbers of single stocks into a reservoir consisting of many quantum harmonic oscillators and their stock index into a typical quantum open system-a quantum Brownian particle. In particular, the irrationality of stock transactions is quantitatively considered as the Planck constant within Heisenberg's uncertainty relationship of quantum mechanics in an analogous manner. We analyze real stock data of Shanghai Stock Exchange of China and investigate fat-tail phenomena and non-Markovian behaviors of the stock index with the assistance of the quantum Brownian motion model, thereby interpreting and studying the limitations of the classical Brownian motion model for the efficient market hypothesis from a new perspective of quantum open system dynamics.

Mutation breeding newsletter. No. 45

International Nuclear Information System (INIS)

2001-07-01

This issue of the Mutation Breeding newsletter contains 39 articles dealing with radiation induced mutations and chemical mutagenesis techniques in plant breeding programs with the aims of improving crop productivity and disease resistance as well as exploring genetic variabilities

A new Loan-Stock Financial Instrument

OpenAIRE

Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

2000-01-01

A new financial instrument (a new kind of a loan) is introduced. The loan-stock instrument (LSI) combines fixed rate instruments (loans, etc.) with other financial instruments that have higher volatilities and returns (stocks, mutual funds, currencies, derivatives, options, etc.). This new loan depends on the value of underlying security (for example, stock) in such a way that when underlying security increases, the value of loan decreases and backwards. The procedure to create a risk free po...

Network structure detection and analysis of Shanghai stock market

Directory of Open Access Journals (Sweden)

Sen Wu

2015-04-01

Full Text Available Purpose: In order to investigate community structure of the component stocks of SSE (Shanghai Stock Exchange 180-index, a stock correlation network is built to find the intra-community and inter-community relationship. Design/methodology/approach: The stock correlation network is built taking the vertices as stocks and edges as correlation coefficients of logarithm returns of stock price. It is built as undirected weighted at first. GN algorithm is selected to detect community structure after transferring the network into un-weighted with different thresholds. Findings: The result of the network community structure analysis shows that the stock market has obvious industrial characteristics. Most of the stocks in the same industry or in the same supply chain are assigned to the same community. The correlation of the internal stock prices’ fluctuation is closer than in different communities. The result of community structure detection also reflects correlations among different industries. Originality/value: Based on the analysis of the community structure in Shanghai stock market, the result reflects some industrial characteristics, which has reference value to relationship among industries or sub-sectors of listed companies.

Genetic diversity of Prochilodus lineatus stocks using in the stocking program of Tietê River, Brazil

Directory of Open Access Journals (Sweden)

Ricardo Ribeiro

2013-11-01

Full Text Available Objective. Assess the genetic diversity in four brood stocks and one juvenile stock of curimba Prochilodus lineatus in a Hydropower plant in São Paulo - Brazil, using the Tietê River stocking program. Materials and methods. Five RAPD primers were used to amplify the extracted DNA from 150 fin-clip samples. Results. Fifty-nine fragments were polymorphic, 52 had frequencies with significant differences (p<0.05, 45 had low frequencies, 54 were excluded, and two were fixed fragments. High values for polymorphic fragments (71.19% to 91.53% and Shannon index (0.327 to 0.428 were observed. The genetic divergence values within each stock were greater than 50%. Most of the genetic variation was found within the groups through the AMOVA analysis, which was confirmed by the results of the identity and genetic distance. High ancestry levels (FST among the groups value indicated high and moderate genetic differentiation. The estimates of number of migrants by generation (Nm indicated low levels of gene flow. High and moderate genetic divergence between groups (0.58 to 0.83 was observed. Conclusions. The results indicate high variability within the stocks, and genetic differentiation among them. The fish stocks analyzed represent a large genetic base that will allow the fish technicians to release juveniles without genetic risks to wild populations present in the river. These genetic procedures may be used as models for other migratory species, including those threatened by extinction.

Structuring an Efficient Organic Wheat Breeding Program

Directory of Open Access Journals (Sweden)

P. Stephen Baenziger

2011-08-01

Full Text Available Our long-term goal is to develop wheat cultivars that will improve the profitability and competitiveness of organic producers in Nebraska and the Northern Great Plains. Our approach is to select in early generations for highly heritable traits that are needed for both organic and conventional production (another breeding goal, followed by a targeted organic breeding effort with testing at two organic locations (each in a different ecological region beginning with the F6 generation. Yield analyses from replicated trials at two organic breeding sites and 7 conventional breeding sites from F6 through F12 nurseries revealed, using analyses of variance, biplots, and comparisons of selected lines that it is inappropriate to use data from conventional testing for making germplasm selections for organic production. Selecting and testing lines under organic production practices in different ecological regions was also needed and cultivar selections for organic production were different than those for conventional production. Modifications to this breeding protocol may include growing early generation bulks in an organic cropping system. In the future, our selection efforts should also focus on using state-of-the-art, non-transgenic breeding technologies (genomic selection, marker-assisted breeding, and high throughput phenotyping to synergistically improve organic and conventional wheat breeding.

Recurrence quantification analysis of global stock markets

Science.gov (United States)

Bastos, João A.; Caiado, Jorge

2011-04-01

This study investigates the presence of deterministic dependencies in international stock markets using recurrence plots and recurrence quantification analysis (RQA). The results are based on a large set of free float-adjusted market capitalization stock indices, covering a period of 15 years. The statistical tests suggest that the dynamics of stock prices in emerging markets is characterized by higher values of RQA measures when compared to their developed counterparts. The behavior of stock markets during critical financial events, such as the burst of the technology bubble, the Asian currency crisis, and the recent subprime mortgage crisis, is analyzed by performing RQA in sliding windows. It is shown that during these events stock markets exhibit a distinctive behavior that is characterized by temporary decreases in the fraction of recurrence points contained in diagonal and vertical structures.

Genetic diversity of a Daugava basin brown trout (Salmo trutta brood stock

Directory of Open Access Journals (Sweden)

Schmidt Thomas

2017-01-01

Full Text Available Genetics play an increasingly important role in the conservation of threatened fish populations. We have examined twelve microsatellite markers to determine the genetic diversity of a brood stock of brown trout from the Latvian Daugava river basin, used in a local supportive breeding program and compared diversity values to other Baltic populations. Allelic data was further inspected for indications of increased inbreeding. Additionally, we have analyzed the mitochondrial control region to classify the population within a broader phylogenetic framework. We found that the genetic diversity was comparatively low, but there was no strong evidence of high inbreeding. A newly detected mitochondrial haplotype indicates unnoticed genetic diversity of “Atlantic lineage” brown trout in the Daugava basin region. Our study provides first genetic details on resident brown trout from the Baltic Daugava river basin to improve the regional conservation management of this valuable genetic resource and contributes phylogeographically useful information.

Statistical properties of trading activity in Chinese stock market

Science.gov (United States)

Sun, Xiaoqian; Cheng, Xueqi; Shen, Huawei; Wang, Zhaoyang

2010-08-01

We investigate the statistical properties of traders' trading behavior using cumulative distribution function(CDF). We analyze exchange data of 52 stocks for one-year period which contains non-manipulated stocks and manipulated stocks published by China Securities Regulatory Commission(CSRC). By analyzing the total number of transactions and the trading volume of each trader over a year, we find the cumulative distributions have power-law tails and the distributions between non-manipulated stocks and manipulated stocks are different. These findings can help us to detect the manipulated stocks.

INTERDEPENDENCE BETWEEN JAKARTA STOCK EXCHANGE AND OTHER PACIFIC-BASIN STOCK MARKETS

Directory of Open Access Journals (Sweden)

Noer Azam Achsani

2011-08-01

Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 International capital markets linkages have been studied since early 90-es.  Most of these studies have mainly focused on the US and other developed markets. There were only a few researches on this topic in the emerging markets.  This paper examines the dynamic linkages among Indonesian and other Pacific-Basin stock markets using correlation analysis, Granger-causality and vector autoregressive (VAR approach. All the methods give generally similar results. Our empirical results indicate a high degree of international co-movement among the stock price indices.  The degree of integration among these markets after Asian Crisis increased substantially in compare to those before Asian Crisis. The results also show that there are close relationships among the geographically and economically closed markets such as ASEAN markets, New Zealand-Australian and also Hong Kong - South Korea.  The pattern of impulse-response functions illustrates a rapid transmission of stock market events. Shocks in the developed markets are immediately transmitted to other markets. Shocks in the emerging markets are also transmitted to other markets, but without such a big effect comparing to those in the developed markets. The Jakarta stock exchange is strongly correlated with other Pacific-Basin markets, especially with ASEAN markets, Hong Kong and Australia.   The strongest foreign effects for the JSX come from Singapore, Hong Kong and Thailand. They can explain about 5 – 8% of error variance of the Jakarta Index. In contrast, the JSX index can explain 3 - 5 % of their error variances. 

Plant breeding and genetics newsletter. No. 2

International Nuclear Information System (INIS)

1998-12-01

This is the second issue of the Plant Breeding and Genetics Newsletter. The Newsletter will inform you about current activities of the FAO/IAEA sub-programme on plant breeding and genetics which is implemented by the Plant Breeding and Genetics Section of the Joint FAO/IAEA Division of Nuclear Techniques in Food and Agriculture (Vienna) in close collaboration with the Plant Breeding Unit of the FAO/IAEA Agriculture and Biotechnology Laboratory (Seibersdorf)

Plant breeding and genetics newsletter. No. 1

International Nuclear Information System (INIS)

1998-05-01

This is the first issue of the Plant Breeding and Genetics Newsletter. The Newsletter will inform you about current activities of the FAO/IAEA sub-programme on plant breeding and genetics which is implemented by the Plant Breeding and Genetics Section of the Joint FAO/IAEA Division of Nuclear Techniques in Food and Agriculture (Vienna) in close collaboration with the Plant Breeding Unit of the FAO/IAEA Agriculture and Biotechnology Laboratory (Seibersdorf)

Mutation breeding in mangosteen

International Nuclear Information System (INIS)

Mohd Khalid Mohd Zain

2002-01-01

Mangosteen the queen of the tropical fruits is apomitic and only a cultivar is reported and it reproduces asexually. Conventional breeding is not possible and the other methods to create variabilities are through genetic engineering and mutation breeding. The former technique is still in the infantry stage in mangosteen research while the latter has been an established tool in breeding to improve cultivars. In this mutation breeding seeds of mangosteen were irradiated using gamma rays and the LD 50 for mangosteen was determined and noted to be very low at 10 Gy. After sowing in the seedbed, the seedlings were transplanted in polybags and observed in the nursery bed for about one year before planted in the field under old oil palm trees in Station MARDI, Kluang. After evaluation and screening, about 120 mutant mangosteen plants were selected and planted in Kluang. The plants were observed and some growth data taken. There were some mutant plants that have good growth vigour and more vigorous that the control plants. The trial are now in the fourth year and the plants are still in the juvenile stage. (Author)

Selection and Breeding of Cattle in Asia: Strategies and Criteria for Improved Breeding. Prepared under the Framework of an RCA Project with the Technical Support of the Joint FAO/IAEA Programme of Nuclear Techniques in Food and Agriculture

International Nuclear Information System (INIS)

2009-10-01

The International Atomic Energy Agency (IAEA) and the Regional Cooperative Agreement for Asia and the Pacific Region (RCA), with the technical support of the Joint FAO/IAEA Programme of Nuclear Techniques in Food and Agriculture, implemented a Technical Cooperation (TC) project entitled Integrated Approach for Improving Livestock Production Using Indigenous Resources and Conserving the Environment (RAS/5/044). The 23 project counterparts and the IAEA technical officer, based on the lack of standard practices in the region with regard to selection of cattle for breeding purposes, and the need to properly manage the genetic resources within each country for improving the productivity of the existing stock while maintaining the unique and beneficial genetic characteristics of the indigenous breeds, agreed during the first meeting to request the IAEA to recruit a group of experts with the task of preparing guidelines for the selection and breeding of cattle and buffalo on the Asian continent. To address these recommendations, an experts meeting on Selection Criteria for Breeding Heifers was organized and held in Mymensingh, Bangladesh. The meeting was hosted by the Faculty of Veterinary Science of the Bangladesh Agricultural University (BAU) from 6 to 10 February 2006. It was attended by six foreign experts and two local experts, and was supported by the technical officer of RAS/5/044. The experts from countries participating in RAS/5/044 gave presentations on the current state of cattle breeding in their countries and two experts working in industrialized countries within the region (New Zealand and Australia) informed the participants about the existing cattle breeding programmes in their respective countries and offered their perspectives on how similar approaches could be transferred to the Member States participating in RAS/5/044. All experts also made a field visit to a prominent dairy-producing region, to experience at first-hand some of the current programmes

MACROECONOMIC VARIABLES AND STOCK PRICE VOLATILITY IN NIGERIA

Directory of Open Access Journals (Sweden)

OSAZEE GODWIN OMOROKUNWA

2014-10-01

Full Text Available The purpose of this paper is to examine the relationship between stock price volatility and few macroeconomic variables such as inflation, exchange rate, GDP and interest rate. Annual time series data ranging from 1980 to 2011 was used for this study. The generalized autoregressive conditional heteroskedasticity (GARCH model was used in the empirical analysis. The findings of the study showed that stock prices in Nigeria are volatile. And that past information in the market have effect on stock price volatility in Nigeria. In addition, the study showed that interest rate and exchange have a weak effect on stock price volatility while inflation is the main determinant of stock price volatility in Nigeria. The authors recommend that inflation should be targeted as the main monetary policy aimed at directing the stock market.

What is the Expected Return on a Stock?

DEFF Research Database (Denmark)

Martin, Ian; Wagner, Christian

We derive a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock’s excess risk-neutral variance relative to the average stock. These components can be computed from index and stock option prices; the formula has no free parameters....... We test the theory in-sample by running panel regressions of stock returns onto risk-neutral variances. The formula performs well at 6-month and 1-year forecasting horizons, and our predictors drive out beta, size, book-to-market, and momentum. Out-of-sample, we find that the formula outperforms...... a range of competitors in forecasting individual stock returns. Our results suggest that there is considerably more variation in expected returns, both over time and across stocks, than has previously been acknowledged....

Long memory in the Croatian and Hungarian stock market returns

Directory of Open Access Journals (Sweden)

Silvo Dajčman

2012-06-01

Full Text Available The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market efficiency. The starting working hypothesis that there is no long memory in the Croatian and Hungarian stock market returns is tested by applying the Kwiatkowski-Phillips-Schmidt-Shin (KPSS (1992 test, Lo’s (1991 modified rescaled range (R/S test, and the wavelet ordinary least squares (WOLS estimator of Jensen (1999. The research showed that the WOLS estimator may lead to different conclusions regarding long memory presence in the stock returns from the KPSS and unit root tests or Lo’s R/S test. Furthermore, it proved that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index. The main finding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identified for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weakform efficient, the Croatian stock market is not.

Looking Back on the Stock Market

Institute of Scientific and Technical Information of China (English)

无

2007-01-01

@@ Looking back at the ups and downs of China's stock market in 2007,it is clear that it has developed far beyond people's expectation. While the stock index constantly reaches new highs and the size of the market becomes larger and larger, the Chinese financial market has also reintegrated. A multi-level revolution occurred in 2007, involving changes in stock structure, the variety of core composition, chip cost of the capital market, investor makeup, as well as trade rules and operational methods.

Stock market dynamics created by interacting agents

Directory of Open Access Journals (Sweden)

Mohamed Riad Remita

2006-01-01

Full Text Available We study a stock market model, consisting in a large number of agents, going eventually to infinity, and evaluate the stock price under the influence of opinions of different agents. Next we study the behavior of prices when the market is very nervous; there appear discontinuities (phase transitions which can be interpreted as stock market crashes.

7 CFR 1610.9 - Class B stock.

Science.gov (United States)

2010-01-01

... POLICIES § 1610.9 Class B stock. Borrowers receiving loans from the Bank shall be required to invest in class B stock at 5 percent of the total amount of loan funds advanced. Borrowers may purchase class B... 7 Agriculture 11 2010-01-01 2010-01-01 false Class B stock. 1610.9 Section 1610.9 Agriculture...

How accurately can soil organic carbon stocks and stock changes be quantified by soil inventories?

Directory of Open Access Journals (Sweden)

M. Schrumpf

2011-05-01

Full Text Available Precise determination of changes in organic carbon (OC stocks is prerequisite to understand the role of soils in the global cycling of carbon and to verify changes in stocks due to management. A large dataset was collected to form base to repeated soil inventories at 12 CarboEurope sites under different climate and land-use, and with different soil types. Concentration of OC, bulk density (BD, and fine earth fraction were determined to 60 cm depth at 100 sampling points per site. We investigated (1 time needed to detect changes in soil OC, assuming future re-sampling of 100 cores; (2 the contribution of different sources of uncertainties to OC stocks; (3 the effect of OC stock calculation on mass rather than volume base for change detection; and (4 the potential use of pedotransfer functions (PTF for estimating BD in repeated inventories.

The period of time needed for soil OC stocks to change strongly enough to be detectable depends on the spatial variability of soil properties, the depth increment considered, and the rate of change. Cropland sites, having small spatial variability, had lower minimum detectable differences (MDD with 100 sampling points (105 ± 28 gC m⁻² for the upper 10 cm of the soil than grassland and forest sites (206 ± 64 and 246 ± 64 gC m⁻² for 0–10 cm, respectively. Expected general trends in soil OC indicate that changes could be detectable after 2–15 yr with 100 samples if changes occurred in the upper 10 cm of stone-poor soils. Error propagation analyses showed that in undisturbed soils with low stone contents, OC concentrations contributed most to OC stock variability while BD and fine earth fraction were more important in upper soil layers of croplands and in stone rich soils. Though the calculation of OC stocks based on equivalent soil masses slightly decreases the chance to detect changes with time at most sites except for the croplands, it is still recommended to

Minimizing waste (off-cuts using cutting stock model: The case of one dimensional cutting stock problem in wood working industry

Directory of Open Access Journals (Sweden)

Gbemileke A. Ogunranti

2016-09-01

Full Text Available Purpose: The main objective of this study is to develop a model for solving the one dimensional cutting stock problem in the wood working industry, and develop a program for its implementation. Design/methodology/approach: This study adopts the pattern oriented approach in the formulation of the cutting stock model. A pattern generation algorithm was developed and coded using Visual basic.NET language. The cutting stock model developed is a Linear Programming (LP Model constrained by numerous feasible patterns. A LP solver was integrated with the pattern generation algorithm program to develop a one - dimensional cutting stock model application named GB Cutting Stock Program. Findings and Originality/value: Applying the model to a real life optimization problem significantly reduces material waste (off-cuts and minimizes the total stock used. The result yielded about 30.7% cost savings for company-I when the total stock materials used is compared with the former cutting plan. Also, to evaluate the efficiency of the application, Case I problem was solved using two top commercial 1D-cutting stock software.  The results show that the GB program performs better when related results were compared. Research limitations/implications: This study round up the linear programming solution for the number of pattern to cut. Practical implications: From Managerial perspective, implementing optimized cutting plans increases productivity by eliminating calculating errors and drastically reducing operator mistakes. Also, financial benefits that can annually amount to millions in cost savings can be achieved through significant material waste reduction. Originality/value: This paper developed a linear programming one dimensional cutting stock model based on a pattern generation algorithm to minimize waste in the wood working industry. To implement the model, the algorithm was coded using VisualBasic.net and linear programming solver called lpsolvedll (dynamic

The Effect of Increasing Numbers of Horses of Undefined Breed on Horse Breeding in the Czech Republic

Directory of Open Access Journals (Sweden)

Iveta Bihuncová

2015-01-01

Full Text Available The objective of the present study was to analyse the numbers and division of horses of undefined breed. At the present time this group is the most numerous in the entire population of horses. Horses of undefined breed do not come under any breeder union which would provide reports about these horses; these horses are only registered and breeders are informed only about their numbers. Our study is the first to deal with the problem of increasing numbers of horses of undefined breed. The database contained 22 211 horses not entered registered in any of the stud books. In the database we filed approved horses born between 1972 and 1 September 2012 and horses registered from 1987. The data were processed in the Excel programme and results were evaluated in graphs. The most frequent horse in this group was the warm-blood type (n = 9 303, pony type (n = 6 285, cold-blooded type (n = 2 663 and unlisted horses (n = 2 278. Since 2001 the number of registered horses of undefined breed has increased. The most numerous dams of horses of undefined breed is the Czech warm-blood with 1 912 offspring; dams of the English Thoroughbred with 552 offspring and mares of the utility Huzule horse with 492 offspring. In the group of registered horses of undefined breed the Czech warm-blood appears in the pedigree of 507 colts and the American Paint Horse in the pedigree of sires of 506 colts. Why the numbers of horses of undefined breed are increasing is the boom of leisure horsemanship and unqualified horse breeding.

Bee Queen Breeding Methods - Review

Directory of Open Access Journals (Sweden)

Silvia Patruica

2016-05-01

Full Text Available The biological potential of a bee family is mainly generated by the biological value of the queen. Whether we grow queens widely or just for our own apiaries, we must consider the acquisition of high-quality biological material, and also the creation of optimal feeding and caring conditions, in order to obtain high genetic value queens. Queen breeding technology starts with the setting of hoeing families, nurse families, drone-breeding families – necessary for the pairing of young queens, and also of the families which will provide the bees used to populate the nuclei where the next queens will hatch. The complex of requirements for the breeding of good, high-production queens is sometimes hard to met, under the application of artificial methods. The selection of breeding method must rely on all these requirements and on the beekeeper’s level of training.

Genetic improvement of Eucalyptus grandis using breeding seedling ...

African Journals Online (AJOL)

Eucalyptus grandis is commercially important in Zimbabwe and a breeding program has been in progress since 1962. A classical breeding strategy was used initially but, in 1981, the Multiple Population Breeding Strategy (MPBS) was implemented and the concept of the Breeding Seedling Orchard (BSO) became central to ...

Rapid diagnostic test supply chain and consumption study in Cabo Delgado, Mozambique: estimating stock shortages and identifying drivers of stock-outs.

Science.gov (United States)

Hasselback, Leah; Crawford, Jessica; Chaluco, Timoteo; Rajagopal, Sharanya; Prosser, Wendy; Watson, Noel

2014-08-02

Malaria rapid diagnostic tests (RDTs) are particularly useful in low-resource settings where follow-through on traditional laboratory diagnosis is challenging or lacking. The availability of these tests depends on supply chain processes within the distribution system. In Mozambique, stock-outs of malaria RDTs are fairly common at health facilities. A longitudinal cross-sectional study was conducted to evaluate drivers of stock shortages in the Cabo Delgado province. Data were collected from purposively sampled health facilities, using monthly cross-sectional surveys between October 2011 and May 2012. Estimates of lost consumption (consumption not met due to stock-outs) served as the primary quantitative indicator of stock shortages. This is a better measure of the magnitude of stock-outs than binary indicators that only measure frequency of stock-outs at a given facility. Using a case study based methodology, distribution system characteristics were qualitatively analysed to examine causes of stock-outs at the provincial, district and health centre levels. 15 health facilities were surveyed over 120 time points. Stock-out patterns varied by data source; average monthly proportions of 59%, 17% and 17% of health centres reported a stock-out on stock cards, laboratory and pharmacy forms, respectively. Estimates of lost consumption percentage were significantly high; ranging from 0% to 149%; with a weighted average of 78%. Each ten-unit increase in monthly-observed consumption was associated with a nine-unit increase in lost consumption percentage indicating that higher rates of stock-outs occurred at higher levels of observed consumption. Causes of stock-outs included inaccurate tracking of lost consumption, insufficient sophistication in inventory management and replenishment, and poor process compliance by facility workers, all arguably stemming from inadequate attention to the design and implementation of the distribution system. Substantially high levels of RDT

Weibo sentiments and stock return: A time-frequency view.

Science.gov (United States)

Xu, Yingying; Liu, Zhixin; Zhao, Jichang; Su, Chiwei

2017-01-01

This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

Weibo sentiments and stock return: A time-frequency view.

Directory of Open Access Journals (Sweden)

Yingying Xu

Full Text Available This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive, detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

Weibo sentiments and stock return: A time-frequency view

Science.gov (United States)

Liu, Zhixin; Zhao, Jichang; Su, Chiwei

2017-01-01

This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter’s variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market. PMID:28672026

Analysis of Plant Breeding on Hadoop and Spark

Directory of Open Access Journals (Sweden)

Shuangxi Chen

2016-01-01

Full Text Available Analysis of crop breeding technology is one of the important means of computer-assisted breeding techniques which have huge data, high dimensions, and a lot of unstructured data. We propose a crop breeding data analysis platform on Spark. The platform consists of Hadoop distributed file system (HDFS and cluster based on memory iterative components. With this cluster, we achieve crop breeding large data analysis tasks in parallel through API provided by Spark. By experiments and tests of Indica and Japonica rice traits, plant breeding analysis platform can significantly improve the breeding of big data analysis speed, reducing the workload of concurrent programming.

Novel optimum contribution selection methods accounting for conflicting objectives in breeding programs for livestock breeds with historical migration.

Science.gov (United States)

Wang, Yu; Bennewitz, Jörn; Wellmann, Robin

2017-05-12

Optimum contribution selection (OCS) is effective for increasing genetic gain, controlling the rate of inbreeding and enables maintenance of genetic diversity. However, this diversity may be caused by high migrant contributions (MC) in the population due to introgression of genetic material from other breeds, which can threaten the conservation of small local populations. Therefore, breeding objectives should not only focus on increasing genetic gains but also on maintaining genetic originality and diversity of native alleles. This study aimed at investigating whether OCS was improved by including MC and modified kinships that account for breed origin of alleles. Three objective functions were considered for minimizing kinship, minimizing MC and maximizing genetic gain in the offspring generation, and we investigated their effects on German Angler and Vorderwald cattle. In most scenarios, the results were similar for Angler and Vorderwald cattle. A significant positive correlation between MC and estimated breeding values of the selection candidates was observed for both breeds, thus traditional OCS would increase MC. Optimization was performed under the condition that the rate of inbreeding did not exceed 1% and at least 30% of the maximum progress was achieved for all other criteria. Although traditional OCS provided the highest breeding values under restriction of classical kinship, the magnitude of MC in the progeny generation was not controlled. When MC were constrained or minimized, the kinship at native alleles increased compared to the reference scenario. Thus, in addition to constraining MC, constraining kinship at native alleles is required to ensure that native genetic diversity is maintained. When kinship at native alleles was constrained, the classical kinship was automatically lowered in most cases and more sires were selected. However, the average breeding value in the next generation was also lower than that obtained with traditional OCS. For local

Breeding biology of a winter-breeding procellariiform in the North Atlantic, the Macaronesian shearwater Puffinus lherminieri baroli.

Science.gov (United States)

Fagundes, Ana Isabel; Ramos, Jaime A; Ramos, Urtelinda; Medeiros, Renata; Paiva, Vitor H

2016-10-01

The breeding success of burrow-nesting seabirds may be influenced by both nest site characteristics and oceanographic conditions influencing food availability at sea. In this study we describe the breeding biology of the winter-breeding Macaronesian shearwater (Puffinus lherminieri baroli), including nest site characteristics and interspecific competition. We also evaluate the possible effects of changing oceanographic conditions on breeding phenology and breeding success. The study was carried out over two breeding seasons on two islands in the North Atlantic Ocean, Cima Islet and Selvagem Grande. Oceanographic characteristics differed between years. On a regional scale, the North Atlantic Oscillation (NAO) index was low and negative in 2011, and on a local scale, birds used areas with significantly lower values of chlorophyll a concentration and significantly higher values of sea surface temperature anomalies. Hatching success was higher in 2012 than in 2011. At both colonies, egg cracking was the main cause of hatching failure, but in 2011 several eggs on Selvagem Grande were deserted. In 2012 birds laid earlier and chicks had longer wings and were heavier. At both colonies, nests that were deeper, were sheltered from prevailing winds and had small chambers and a soil substrate had a higher probability of being used successfully by the birds. Nests occupied solely by Macaronesian shearwaters were much deeper and had less volume than nests shared with other species. Our study suggests that the breeding success of Macaronesian shearwaters is strongly related to nest site characteristics and that at-sea environmental conditions exert a strong influence on reproductive parameters, with birds breeding in a poor year (evaluated in terms of lower marine productivity) laying much later and their chicks growing at a slower rate than in a good year. The influence of nest site characteristics and environmental conditions may be very important for understanding the breeding

Twitter as driver of stock price

OpenAIRE

Jubbega, Annika

2012-01-01

The goal of this research is to examine the dynamic relationship of Twitter and stock price, by examining the effects for the ten most valuable brands according Interbrand (2010): Coca-Cola, IBM, Microsoft, Google, McDonald’s, Intel, Nokia, Disney, Toyota and Cisco. A VAR modelling approach captures the short and long term effects of Twitter to stock price and stock price to Twitter. Effects were found for 5 of the 10 brand. For Coca-Cola and Toyota, the number of brand sentiment tweets dri...

STOCK PRICES, 1900-1995: THE REAL AND NOMINAL STORY

Directory of Open Access Journals (Sweden)

Kenneth Weiher

2000-01-01

Full Text Available Prompted by the inflation-adjusted Dow Jones Industrials Average setting its first record high in almost thirty years in 1995, this paper studies the impact of inflation on nominal and real stock prices from a theoretical, historical, and empirical perspective. While stocks are an excellent longterm hedge against inflation, nominal stock prices stagnate and real stock prices fall during a period of rapid inflation. Both nominal and real stockprices then go through a catch-up phase during the subsequent disinflation period. The history for this century is consistent with this pattern. Regression analysis between real and nominal stock prices as the dependent variables and inflation as the independent variable shows statistically significant evidence that (a nominal stock returns are positively related to inflation while real stock returns are not; and (b both nominal and real stock returns are negatively related to accelerations of inflation and positively related to decelerations.

Stochastic GARCH dynamics describing correlations between stocks

Science.gov (United States)

Prat-Ortega, G.; Savel'ev, S. E.

2014-09-01

The ARCH and GARCH processes have been successfully used for modelling price dynamics such as stock returns or foreign exchange rates. Analysing the long range correlations between stocks, we propose a model, based on the GARCH process, which is able to describe the main characteristics of the stock price correlations, including the mean, variance, probability density distribution and the noise spectrum.

Emerging interdependence between stock values during financial crashes

OpenAIRE

Rocchi, Jacopo; Tsui, Enoch Yan Lok; Saad, David

2016-01-01

To identify emerging interdependencies between traded stocks we investigate the behavior of the stocks of FTSE 100 companies in the period 2000-2015, by looking at daily stock values. Exploiting the power of information theoretical measures to extract direct influences between multiple time series, we compute the information flow across stock values to identify several different regimes. While small information flows is detected in most of the period, a dramatically different situation occurs...

SENSITIVITY OF THE INVESTOR'S TOWARDS STOCK MARKET INVESTMENT

OpenAIRE

M. Jaya

2017-01-01

Investment in stock market has become a common phenomenon for all the individuals. The growth of stock market contributes to national economic growth only when this growth translates into increased mobilization of resources, return from investment, and minimizing the risk attached to stock market investment. This survey has been conducted to find out the stock market investment pattern and risk diversification of retail equity investors. A well structured questionnaire which is pilot teste...

Fundmental Analysis for Stock Price Valuation by Using Price Earnings Ratio Method (Study at Mining Companies Listed on Indonesian Stock Exchange Year 2011-2013)

OpenAIRE

Wahyuningtyas, Rovi; Suhadak,; Hidayat, Raden Rustam

2015-01-01

The research was conducted based on the misprice on the investment of stock. The misprice of investment on stock can be reduced with evaluate the reasonable of stock price by using fundamental analysis. The fundamental analysis that used in this research is Price Earnings Ratio (PER) method. The PER method aim to know the reasonableness of stock price with compare the intrinsic value of stock and the stock market price. The research is descriptive quantitative method. The research takes the s...

Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

OpenAIRE

Juan Carlos Ames Santillán

2012-01-01

This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.

RosBREED: Enabling marker-assisted breeding in Rosaceae

NARCIS (Netherlands)

Iezzoni, A.F.; Weebadde, C.; Luby, J.; Yue, C.; Weg, van de W.E.; Fazio, G.; Main, D.; Peace, C.P.; Bassil, N.V.; McFerson, J.

2010-01-01

Genomics research has not yet been translated into routine practical application in breeding Rosaceae fruit crops (peach, apple, strawberry, cherry, apricot, pear, raspberry, etc.). Through dedicated efforts of many researchers worldwide, a wealth of genomics resources has accumulated, including EST

Genetic diversity of tambaqui broodstocks in stock enhancement programs

Directory of Open Access Journals (Sweden)

Americo Moraes Neto

2017-06-01

Full Text Available Natural populations of tambaqui (Colossoma macropomum have significantly decreased in recent decades especially due to human extraction activities. So that the environmental impact may be reduced, the restocking of fish and increase in fish production are enhanced. Genetic evaluations using molecular markers are essential for this purpose. Current study evaluates the genetic variability of two tambaqui broodstocks used in restocking programs. Sixty-five samples (33 samples from broodstock A and 32 samples from broodstock B were collected. DNA was extracted from caudal fin samples, with the amplification of four microsatellite loci: Cm1A11 (EU685307 Cm1C8 (EU685308 Cm1F4 (EU685311 and Cm1H8 (EU685315. Fourteen alleles in the stock of broodstock A were produced, five alleles for Cm1A11 locus (230, 255, 260, 270 and 276 bp, three alleles Cm1C8 (239, 260, and 273 bp, two alleles Cm1F4 (211 and 245 bp, four alleles for Cm1H8 (275, 290, 320 and 331 bp and two unique alleles were found for Cm1A11 loci (alleles 270 and 276 bp and Cm1H8 (alleles 275 and 331 bp. In broodstock B, ten alleles were produced, the same alleles of the first stock except for alleles 270 and 276 bp in Cm1A11 locus and 275 and 331 bp in Cm1H8 locus. Broodstock A revealed low frequency alleles in Cm1A11 loci, Cm1C8, Cm1F4 and Cm1H8, whereas broodstock B had no locus with low allelic frequency. Loci Cm1A11, Cm1C8 and Cm1H8 exhibited significant deficit of heterozygotes in both broodstocks, revealing changes in Hardy-Weinberg equilibrium. Genetic diversity between stocks was 0.1120, whilst genetic similarity was 0.894, with FST rate = 0.05, and Nm = 3.93, indicating gene flow between the two broodstocks. Results show that broodstocks are genetically closely related, with no great genetic variability. Strategies such as a previous genetic analysis of breeding with its marking, use of a large Ne crossing between the most genetically divergent specimens, and the introduction of new

Androgen receptor-beta mRNA levels in different tissues in breeding and post-breeding male and female sticklebacks, Gasterosteus aculeatus

Directory of Open Access Journals (Sweden)

Hoffmann Erik

2012-03-01

Full Text Available Abstract Background Androgens induce male characters by activating androgen receptors (AR. Previous quantitative studies on AR in fishes have been limited to few tissues and/or a single season/reproductive state. The aim of this investigation was to study the possible role of AR-beta expression levels in the control of male traits in the three-spined stickleback. To that end, AR-beta expression levels in major tissues in breeding and post-breeding male and female sticklebacks were examined. Methods AR-beta mRNA levels were quantified in ten tissues; eye, liver, axial muscle, heart, brain, intestine, ovary, testis, kidney and pectoral muscle in six breeding and post-breeding males and females using reverse transcription quantitative PCR. Results Breeding in contrast to post-breeding males built nests and showed secondary sexual characters (e.g. kidney hypertrophy and elevated androgen levels. Post-breeding females had lower ovarian weights and testosterone levels than breeding females. AR-beta was expressed in all studied tissues in both sexes and reproductive states with the highest expression in the gonads and in the kidneys. The kidney is an androgen target organ in sticklebacks, from which breeding males produce the protein spiggin, which is used in nest-building. There was also high AR-beta expression in the intestine, an organ that appears to take over hyperosmo-regulation in fresh water when the kidney hypertrophies in mature males and largely loses this function. The only tissue that showed effects of sex or reproductive state on AR-beta mRNA levels was the kidneys, where post-breeding males displayed higher AR-beta mRNA levels than breeding males. Conclusion The results indicate that changes in AR-beta mRNA levels play no or little role in changes in androgen dependent traits in the male stickleback.

Between-breed variations in resistance/resilience to gastrointestinal nematodes among indigenous goat breeds in Uganda

NARCIS (Netherlands)

Onzima, R.B.; Mukiibi, Robert; Ampaire, A.; Benda-Beckmann, von K.; Kanis, E.

2017-01-01

Gastrointestinal nematodes (GINs), Haemonchus contortus, are a major health problem in goat production. Resistance to H. contortus, the most prevalent GIN in Uganda, was studied among three indigenous goat breeds to assess their differences. Twelve male goats of each breed approximately 7 months old

Production system and participatory identification of breeding objective traits for indigenous goat breeds of Uganda

NARCIS (Netherlands)

Onzima, R.B.; Gizaw, S.; Kugonza, D.R.; Arendonk, van J.A.M.; Kanis, E.

2018-01-01

The success of breeding programs in improving indigenous livestock breeds in Uganda has hitherto been limited due to lack of involvement of the key stakeholders. Thus, participatory approaches are being promoted for designing community based improvement programs. The aim of this study was to

Production system and participatory identification of breeding objective traits for indigenous goat breeds of Uganda

NARCIS (Netherlands)

Onzima, R.B.; Gizaw, S.; Kugonza, D.R.; Arendonk, van J.A.M.; Kanis, E.

2017-01-01

The success of breeding programs in improving indigenous livestock breeds in Uganda has hitherto been limited due to lack of involvement of the key stakeholders. Thus, participatory approaches are being promoted for designing community based improvement programs. The aim of this study was to

Fractal patterns in Stock Intertrading Times

Science.gov (United States)

White, Ainslie; Lee, Youngki; Ivanov, Plamen Ch.

2003-03-01

We study intertrades times (ITT) of stock trades of a range of companies included in the New York Stock Exchange's Trades and Quotes (TAQ) database. The time between transactions is an indicator of the dynamics of the market, and in the field of econometrics, intertrade durations play a key role in the understanding of the market activity and microstructure. Previous work has mainly focused on the properties of price changes of individual company stocks as well as global financial indices (e.g. SP500, DJ etc.). We hypothesize that there is a relation between the dynamics of price change and the trading activity. To investigate this relation we first study the statistical features of ITT data. The TAQ database covers all transactions on the NSE, AMEX, NASDAQ and the US regional exchanges. We have performed a preliminary analysis of 100 company stocks from a range of industries of the US economy selecting predominantly those companies which have large market capitalisations (MC). We focus on companies with large MC, since the dynamics of the price change and trading activity of stocks of such companies has a considerable impact on the market behaviour.

Combining Stocks and Flows of Knowledge

DEFF Research Database (Denmark)

Ambos, Tina C.; Nell, Phillip Christopher; Pedersen, Torben

In the area of knowledge management and knowledge governance, previous research has mostly focused on either knowledge stocks or knowledge flows of firms or organizational units. Contrary to this work, our study is among the first to integrate these two perspectives in order to shed light...... on the complementarity effects of different types of knowledge stocks and flows in the multinational corporation (MNC). We investigate intra-functional as well as cross-functional complementarity effects from the perspective of the knowledge recipient. We test the impact of stocks on flows on the benefit that is created...... for MNC units. Based on a comprehensive sample of 324 relationships between MNC units we find that both types of complementarity create benefits for these units, but that the effects from intra-functional combinations of knowledge stocks and flows are significantly stronger than from cross...

Assigning breed origin to alleles in crossbred animals.

Science.gov (United States)

Vandenplas, Jérémie; Calus, Mario P L; Sevillano, Claudia A; Windig, Jack J; Bastiaansen, John W M

2016-08-22

For some species, animal production systems are based on the use of crossbreeding to take advantage of the increased performance of crossbred compared to purebred animals. Effects of single nucleotide polymorphisms (SNPs) may differ between purebred and crossbred animals for several reasons: (1) differences in linkage disequilibrium between SNP alleles and a quantitative trait locus; (2) differences in genetic backgrounds (e.g., dominance and epistatic interactions); and (3) differences in environmental conditions, which result in genotype-by-environment interactions. Thus, SNP effects may be breed-specific, which has led to the development of genomic evaluations for crossbred performance that take such effects into account. However, to estimate breed-specific effects, it is necessary to know breed origin of alleles in crossbred animals. Therefore, our aim was to develop an approach for assigning breed origin to alleles of crossbred animals (termed BOA) without information on pedigree and to study its accuracy by considering various factors, including distance between breeds. The BOA approach consists of: (1) phasing genotypes of purebred and crossbred animals; (2) assigning breed origin to phased haplotypes; and (3) assigning breed origin to alleles of crossbred animals based on a library of assigned haplotypes, the breed composition of crossbred animals, and their SNP genotypes. The accuracy of allele assignments was determined for simulated datasets that include crosses between closely-related, distantly-related and unrelated breeds. Across these scenarios, the percentage of alleles of a crossbred animal that were correctly assigned to their breed origin was greater than 90 %, and increased with increasing distance between breeds, while the percentage of incorrectly assigned alleles was always less than 2 %. For the remaining alleles, i.e. 0 to 10 % of all alleles of a crossbred animal, breed origin could not be assigned. The BOA approach accurately assigns

Which global stock indices trigger stronger contagion risk in the Vietnamese stock market? Evidence using a bivariate analysis

OpenAIRE

Wang Kuan-Min; Lai Hung-Cheng

2013-01-01

This paper extends recent investigations into risk contagion effects on stock markets to the Vietnamese stock market. Daily data spanning October 9, 2006 to May 3, 2012 are sourced to empirically validate the contagion effects between stock markets in Vietnam, and China, Japan, Singapore, and the US. To facilitate the validation of contagion effects with market-related coefficients, this paper constructs a bivariate EGARCH model of dynamic conditional correlation coefficients. Using the...

U.S. monetary shocks and global stock prices

NARCIS (Netherlands)

Laeven, L.; Tong, H.

2012-01-01

This paper studies how US monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in US interest rates, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that

Prospects for Hybrid Breeding in Bioenergy Grasses

DEFF Research Database (Denmark)

Aguirre, Andrea Arias; Studer, Bruno; Frei, Ursula

2012-01-01

, we address crucial topics to implement hybrid breeding, such as the availability and development of heterotic groups, as well as biological mechanisms for hybridization control such as self-incompatibility (SI) and male sterility (MS). Finally, we present potential hybrid breeding schemes based on SI...... of different hybrid breeding schemes to optimally exploit heterosis for biomass yield in perennial ryegrass (Lolium perenne L.) and switchgrass (Panicum virgatum), two perennial model grass species for bioenergy production. Starting with a careful evaluation of current population and synthetic breeding methods...

In-use product stocks link manufactured capital to natural capital.

Science.gov (United States)

Chen, Wei-Qiang; Graedel, T E

2015-05-19

In-use stock of a product is the amount of the product in active use. In-use product stocks provide various functions or services on which we rely in our daily work and lives, and the concept of in-use product stock for industrial ecologists is similar to the concept of net manufactured capital stock for economists. This study estimates historical physical in-use stocks of 91 products and 9 product groups and uses monetary data on net capital stocks of 56 products to either approximate or compare with in-use stocks of the corresponding products in the United States. Findings include the following: (i) The development of new products and the buildup of their in-use stocks result in the increase in variety of in-use product stocks and of manufactured capital; (ii) substitution among products providing similar or identical functions reflects the improvement in quality of in-use product stocks and of manufactured capital; and (iii) the historical evolution of stocks of the 156 products or product groups in absolute, per capita, or per-household terms shows that stocks of most products have reached or are approaching an upper limit. Because the buildup, renewal, renovation, maintenance, and operation of in-use product stocks drive the anthropogenic cycles of materials that are used to produce products and that originate from natural capital, the determination of in-use product stocks together with modeling of anthropogenic material cycles provides an analytic perspective on the material linkage between manufactured capital and natural capital.

Breeding strategies for north central tree improvement programs

Science.gov (United States)

Ronald P. Overton; Hyun Kang

1985-01-01

The rationales and concepts of long-term tree breeding are discussed and compared with those for short-term breeding. A model breeding program is reviewed which maximizes short-term genetic gain for currently important traits and provides genetic resources that can be used effectively in future short-term breeding. The resources of the north-central region are examined...

Population structure of four Thai indigenous chicken breeds.

Science.gov (United States)

Mekchay, Supamit; Supakankul, Pantaporn; Assawamakin, Anunchai; Wilantho, Alisa; Chareanchim, Wanwisa; Tongsima, Sissades

2014-03-27

In recent years, Thai indigenous chickens have increasingly been bred as an alternative in Thailand poultry market. Due to their popularity, there is a clear need to improve the underlying quality and productivity of these chickens. Studying chicken genetic variation can improve the chicken meat quality as well as conserving rare chicken species. To begin with, a minimal set of molecular markers that can characterize the Thai indigenous chicken breeds is required. Using AFLP-PCR, 30 single nucleotide polymorphisms (SNPs) from Thai indigenous chickens were obtained by DNA sequencing. From these SNPs, we genotyped 465 chickens from 7 chicken breeds, comprising four Thai indigenous chicken breeds--Pradhuhangdum (PD), Luenghangkhao (LK), Dang (DA) and Chee (CH), one wild chicken--the red jungle fowls (RJF), and two commercial chicken breeds--the brown egg layer (BL) and commercial broiler (CB). The chicken genotypes reveal unique genetic structures of the four Thai indigenous chicken breeds. The average expected heterozygosities of PD=0.341, LK=0.357, DA=0.349 and CH=0.373, while the references RJF= 0.327, CB=0.324 and BL= 0.285. The F(ST) values among Thai indigenous chicken breeds vary from 0.051 to 0.096. The F(ST) values between the pairs of Thai indigenous chickens and RJF vary from 0.083 to 0.105 and the FST values between the Thai indigenous chickens and the two commercial chicken breeds vary from 0.116 to 0.221. A neighbour-joining tree of all individual chickens showed that the Thai indigenous chickens were clustered into four groups which were closely related to the wild RJF but far from the commercial breeds. Such commercial breeds were split into two closely groups. Using genetic admixture analysis, we observed that the Thai indigenous chicken breeds are likely to share common ancestors with the RJF, while both commercial chicken breeds share the same admixture pattern. These results indicated that the Thai indigenous chicken breeds may descend from the

Value Investing in the Stock Market of Thailand

Directory of Open Access Journals (Sweden)

Gerardo “Gerry” Alfonso Perez

2017-11-01

Full Text Available Value investment and growth investment have attracted a large amount of research in recent decades, but most of this research focuses on the U.S. and Europe. This article covers the Thai stock market which has very different characteristics compared to western markets and even South East Asian countries such as Indonesia or Malaysia. Among South East Asian countries, Thailand has one of the most dynamic capital markets. In order to see if some well-known trends in other markets exist in Thailand the performance of value and growth stocks in the Thai market were analyzed for a period of 17 years using existing style indexes (MSCI as well as creating portfolios using individual stocks. For this entire period, when using the indexes, returns are statistically significant superior for value stocks compared to growth stocks. However, when analyzing the performance of the market in any given calendar year from 1999 to 2016, the results are much more mixed with in fact growth stocks outperforming in several of those years. Interestingly, when building portfolios using criteria such as low P/E or low P/B the results are not statistically different. Suggesting perhaps that the classification into value or growth stocks is more complex than it would appear. One of the common assumptions of value investing is that those stocks outperform over long periods of time. It might well be that in the Thai case one year is not a long enough period for value stocks to outperform. While there have been some clear efforts over recent years to modernize the stock market of Thailand, it remains relatively underdeveloped, particularly when compared to markets such as the U.S. Hence, its behavior regarding value versus growth investment might be rather different.

Owner perceived differences between mixed-breed and purebred dogs.

Science.gov (United States)

Turcsán, Borbála; Miklósi, Ádám; Kubinyi, Enikő

2017-01-01

Studies about the behaviours of mixed-breed dogs are rare, although mixed-breeds represent the majority of the world's dog population. We have conducted two surveys to investigate the behavioural, demographic, and dog keeping differences between purebred and mixed-breed companion dogs. Questionnaire data were collected on a large sample of dogs living in Germany (N = 7,700 purebred dogs representing more than 200 breeds, and N = 7,691 mixed-breeds). We found that according to their owners, mixed-breeds were (1) less calm, (2) less sociable toward other dogs, and (3) showed more problematic behaviour than purebreds (p dog keeping factors differed between purebred and mixed-breed dogs, and two factors showed considerable (> 10%) differences: neutering was more frequent among mixed-breeds, and they were acquired at older ages than purebreds (p dog keeping factors, we found that mixed-breeds were (1) more trainable than purebreds, (2) less calm, and (3) showed more problematic behaviour than purebreds (p dogs, mixed-breeds represent a special group with characteristic behavioural traits.

A comparison of phenotypic traits related to trypanotolerance in five west african cattle breeds highlights the value of shorthorn taurine breeds.

Directory of Open Access Journals (Sweden)

David Berthier

Full Text Available Animal African Trypanosomosis particularly affects cattle and dramatically impairs livestock development in sub-Saharan Africa. African Zebu (AFZ or European taurine breeds usually die of the disease in the absence of treatment, whereas West African taurine breeds (AFT, considered trypanotolerant, are able to control the pathogenic effects of trypanosomosis. Up to now, only one AFT breed, the longhorn N'Dama (NDA, has been largely studied and is considered as the reference trypanotolerant breed. Shorthorn taurine trypanotolerance has never been properly assessed and compared to NDA and AFZ breeds.This study compared the trypanotolerant/susceptible phenotype of five West African local breeds that differ in their demographic history. Thirty-six individuals belonging to the longhorn taurine NDA breed, two shorthorn taurine Lagune (LAG and Baoulé (BAO breeds, the Zebu Fulani (ZFU and the Borgou (BOR, an admixed breed between AFT and AFZ, were infected by Trypanosoma congolense IL1180. All the cattle were genetically characterized using dense SNP markers, and parameters linked to parasitaemia, anaemia and leukocytes were analysed using synthetic variables and mixed models. We showed that LAG, followed by NDA and BAO, displayed the best control of anaemia. ZFU showed the greatest anaemia and the BOR breed had an intermediate value, as expected from its admixed origin. Large differences in leukocyte counts were also observed, with higher leukocytosis for AFT. Nevertheless, no differences in parasitaemia were found, except a tendency to take longer to display detectable parasites in ZFU.We demonstrated that LAG and BAO are as trypanotolerant as NDA. This study highlights the value of shorthorn taurine breeds, which display strong local adaptation to trypanosomosis. Thanks to further analyses based on comparisons of the genome or transcriptome of the breeds, these results open up the way for better knowledge of host-pathogen interactions and

Relationships among and variation within rare breeds of swine.

Science.gov (United States)

Roberts, K S; Lamberson, W R

2015-08-01

Extinction of rare breeds of livestock threatens to reduce the total genetic variation available for selection in the face of the changing environment and new diseases. Swine breeds facing extinction typically share characteristics such as small size, slow growth rate, and high fat percentage, which limit them from contributing to commercial production. Compounding the risk of loss of variation is the lack of pedigree information for many rare breeds due to inadequate herd books, which increases the chance that producers are breeding closely related individuals. By making genetic data available, producers can make more educated breeding decisions to preserve genetic diversity in future generations, and conservation organizations can prioritize investments in breed preservation. The objective of this study was to characterize genetic variation within and among breeds of swine and prioritize heritage breeds for preservation. Genotypes from the Illumina PorcineSNP60 BeadChip (GeneSeek, Lincoln, NE) were obtained for Guinea, Ossabaw Island, Red Wattle, American Saddleback, Mulefoot, British Saddleback, Duroc, Landrace, Large White, Pietrain, and Tamworth pigs. A whole-genome analysis toolset was used to construct a genomic relationship matrix and to calculate inbreeding coefficients for the animals within each breed. Relatedness and average inbreeding coefficient differed among breeds, and pigs from rare breeds were generally more closely related and more inbred ( Guinea pigs. Tamworth, Duroc, and Mulefoot tended to not cluster with the other 7 breeds.

Efficient Circulation of Railway Rolling Stock

NARCIS (Netherlands)

Alfieri, A.; Groot, R.; Kroon, L.G.; Schrijver, A.

2006-01-01

Railway rolling stock (locomotives, carriages, and train units) is one of the most significant cost sources for operatorsof passenger trains, both public and private. Rolling stock costsare due to material acquisition, power supply, and material maintenance. The efficient circulation of rolling

Efficient Circulation of Railway Rolling Stock

NARCIS (Netherlands)

A. Alfieri (Arianna); R. Groot (Rutger); L.G. Kroon (Leo); A. Schrijver (Lex)

2002-01-01

textabstractRailway rolling stock (locomotives, carriages, and train units) is one of the most significant cost sources for operatorsof passenger trains, both public and private. Rolling stock costsare due to material acquisition, power supply, and material maintenance. The efficient circulation of

Stock Market Manipulation on the Hong Kong Stock Exchange

Directory of Open Access Journals (Sweden)

Dionigi Gerace

2014-10-01

Full Text Available This study is the first to empirically examine stock market manipulation on the Hong Kong Stock Exchange. The dataset contains 40 cases of market manipulation from 1996 to 2009 that were successfully prosecuted by the Hong Kong Securities & Futures Commission. Manipulation is found to negatively impact market efficiency measures such as the bid-ask spread and volatility. Markets appear incapable of efficiently responding to the presence of manipulators and are characterised by information asymmetry. Manipulators were successfully able to raise prices and exit the market. This finding contradicts views that trade-based manipulation is entirely unprofitable and self-deterring. The victimisation of information-seeking investors and the market as a whole provides a strong rationale for all jurisdictions, including Australia, to have effective laws that prohibit manipulation and for robust enforcement of those laws to further deter market manipulation.

The risks and returns of stock investment in a financial market

Science.gov (United States)

Li, Jiang-Cheng; Mei, Dong-Cheng

2013-03-01

The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

12 CFR 931.3 - Minimum investment in capital stock.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank, both...

Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

Directory of Open Access Journals (Sweden)

Juan Carlos Ames Santillán

2012-06-01

Full Text Available This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.

Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

OpenAIRE

Ames Santillán, Juan Carlos

2012-01-01

This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk. El presente trabajo estima la fronte...

Production objectives, trait and breed preferences of farmers keeping N'Dama, Fulani Zebu and crossbred cattle and implications for breeding programs.

Science.gov (United States)

Traoré, S A; Markemann, A; Reiber, C; Piepho, H P; Valle Zárate, A

2017-04-01

Many local livestock breeds in developing countries are being replaced by exotic breeds, leading to a loss of genetic resources. In southern Mali, for the past two decades, a trend towards increasing crossbreeding between the trypanotolerant N'Dama cattle and the trypano-susceptible Fulani Zebu cattle has been taking place. A survey with 160 farmers owning a cattle herd was carried out in southern Mali to investigate their production objectives, as well as trait and breed preferences and correlated socio-economic determinants in order to understand farmers' breeding decisions and to identify comparative advantages of three breed groups (N'Dama, Fulani Zebu and crossbreds) raised in the study area. Data were analyzed using an exploded logit model. The reasons for raising cattle, as well as trait and breed preferences reflected the multiple objectives of the farmers. Draught power and savings were the most important production objectives. Productive traits were ranked highest; farmers reported large body size as the most preferred trait, followed by fertility, draught ability and milk yield. Crossbreds were the favored breed group. Breed preferences were mainly explained by 'resistance to disease' for N'Dama cattle and 'high market price' for Fulani Zebu and crossbred cattle. Production objectives, trait and breed preferences were mainly influenced by farmer group (local farmers and settled transhumants). Local farmers put comparatively more emphasis on livestock functions linked to crop production such as draught power. They had a higher preference for traction ability as a selection trait and preferred N'Dama over Fulani Zebu cattle. Settled transhumants emphasized milk yield as a selection trait and preferred Fulani Zebu over N'Dama. The results indicate that the trend towards more crossbreeding will continue putting the N'Dama breed under high risk of genetic dilution in southern Mali. The N'Dama cattle remain a valuable breed due to their adaptive traits such as

Prevalence of congenital heart disease in 76,301 mixed-breed dogs and 57,025 mixed-breed cats.

Science.gov (United States)

Schrope, Donald P

2015-09-01

Assess the prevalence of congenital heart disease (CHD) in a large population of mixed-breed dogs and cats. 76,301 mixed-breed dogs and 57,025 mixed-breed cats. Retrospective review of records and examinations based on specified diagnostic criteria. Among mixed-breed dogs, the prevalence of CHD was 0.13% (51.4% female) and of innocent murmurs was 0.10% (53.0% male). Pulmonic stenosis was the most common defect followed by patent ductus arteriosus, aortic stenosis, and ventricular septal defect. Among mixed-breed cats, prevalence of CHD was 0.14% (55.2% male) and of innocent murmurs was 0.16% (54.4% male). When the 25 cats with dynamic left or right ventricular outflow obstruction were counted with cases of innocent murmurs, the overall prevalence was 0.2%. Ventricular septal defects were the most common feline CHD followed closely by aortic stenosis and hypertrophic obstructive cardiomyopathy. There was no overall sex predilection for CHD in mixed-breed cats or dogs, and no significant difference in CHD prevalence between cats or dogs. Among dogs, subvalvular aortic stenosis and mitral valve dysplasia had a male predisposition while patent ductus arteriosus had a female predisposition. Among cats, valvular pulmonic stenosis, subvalvular and valvular aortic stenosis, and ventricular septal defects had a male predisposition while pulmonary artery stenosis had a female predisposition. The prevalence of CHD in a mixed-breed dogs and cats is lower than for prior studies, perhaps due to the lack of purebreds in the study population or actual changes in disease prevalence. Copyright © 2015 Elsevier B.V. All rights reserved.

Do Earthquakes Shake Stock Markets?

Science.gov (United States)

Ferreira, Susana; Karali, Berna

2015-01-01

This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. Results show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. Results also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan.

On the Feed-back Mechanism of Chinese Stock Markets

Science.gov (United States)

Lu, Shu Quan; Ito, Takao; Zhang, Jianbo

Feed-back models in the stock markets research imply an adjustment process toward investors' expectation for current information and past experiences. Error-correction and cointegration are often used to evaluate the long-run relation. The Efficient Capital Market Hypothesis, which had ignored the effect of the accumulation of information, cannot explain some anomalies such as bubbles and partial predictability in the stock markets. In order to investigate the feed-back mechanism and to determine an effective model, we use daily data of the stock index of two Chinese stock markets with the expectational model, which is one kind of geometric lag models. Tests and estimations of error-correction show that long-run equilibrium seems to be seldom achieved in Chinese stock markets. Our result clearly shows the common coefficient of expectations and fourth-order autoregressive disturbance exist in the two Chinese stock markets. Furthermore, we find the same coefficient of expectations has an autoregressive effect on disturbances in the two Chinese stock markets. Therefore the presence of such feed-back is also supported in Chinese stock markets.

THE TURN OF THE MONTH EFFECT CONTINUED: A COMPARISON OF SMALL CAP STOCKS AND LARGE CAP STOCKS

OpenAIRE

Ramsundhar, Shamman

2010-01-01

The purpose of this paper is to investigate whether the turn of the month effect occurs in small cap and large cap stocks and if it occurs in both categories, to determine whether there is a difference in the magnitude. My research, for the period of 1963-2008, based on the CRSP value weighted index, shows that there is a significant turn of the month effect in small and large cap stocks, however the effect is larger in small cap stocks. Furthermore, this effect is not limited to a short time...

SPRING BARLEY BREEDING FOR MALTING QUALITY

OpenAIRE

Alžbeta Žofajová; Jozef Gubiš; Ľudovít Sleziak; Klára Križanová; Vratislav Psota

2010-01-01

The aim of this contribution is to illustrate the results of spring barley breeding for malting quality and point out an important position of variety in production of  qualitative  raw material for maltinq and beer  industry as well as the system of evaluation the qualitative parameters of breeding materials and adaptation of barley breeding programms to the  new requirements of  malting and beer industry. As an example of the results obtained most recently descripti...

Politics and the Stock Market ; Evidence from Germany

OpenAIRE

Jörg Döpke; Christian Pierdzioch

2004-01-01

We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of...

Production objectives and trait preferences of village poultry producers of Ethiopia: implications for designing breeding schemes utilizing indigenous chicken genetic resources.

Science.gov (United States)

Dana, Nigussie; van der Waaij, Liesbeth H; Dessie, Tadelle; van Arendonk, Johan A M

2010-10-01

To generate information essential for the implementation of breeding schemes suitable for village poultry producers in Ethiopia, a survey was conducted aimed at defining the socioeconomic characteristics of the production environments in different geographic regions, understanding the important functions of chickens, identifying farmers' choice of chicken breeds and the underlying factors that determine the choice of genetic stock used. The survey included both questionnaire survey and a participatory group discussion. A total of 225 households (45 households from each of five Woredas) were interviewed. The questionnaire was designed to collect data covering general information on village poultry production such as socio-management characteristics, production objectives, population structure, breed choice and trait preferences, market preferences of specific traits, and farmers' selection practices. The participatory farmers' discussions were designed to involve stakeholders in defining the breeding objective "traits" and deriving their relative importance in the production environment based on the different functions of chickens and "traits" identified in the interviews. The results showed that production of eggs for consumption is the principal function of chickens in most regions followed by the use as source of income and meat for home consumption. The production system in all geographic regions studied revealed similar features generally characterized by extensive scavenging management, absence of immunization programs, increased risk of exposure of birds to disease and predators, and reproduction entirely based on uncontrolled natural mating and hatching of eggs using broody hens. Farmers' ratings of indigenous chickens with respect to modern breeds showed the highest significance of the adaptive traits in general, and the superior merits of indigenous chickens to high yielding exotic breeds in particular. Adaptation to the production environment was the most

Global Concept of Financial Institutional Transformation of Stock Exchange

Directory of Open Access Journals (Sweden)

Burmaka Mykola

2017-12-01

Full Text Available The article is about the research of processes of global transformation of stock exchanges through the mechanisms of internationalization, corporate and network consolidation, and technology. Objective processes of internationalization in stock markets affected by financial globalization and arising global information resources create new challenges for stock exchanges that can be overcome by adequate development strategies. The growing competition between stock exchanges and new capital institutes requires stock exchanges to use modern exchange technologies, primarily innovative, in order to maintain liquidity and increase investment attractiveness. Have been analysed the newest tendencies and determinants of modern global financial institutional architecture construction, the leading role in which are starting to play new stock exchanges and stalk exchange platforms, formed in growing financial centres of the world. Have been identified he main components of international stock market restructurization in the process of financial globalization, one of the attributes of which turned out to be a certain fragmentation of markets and their universalization. Through the example of US and EU financial market modernization processes of the last decade have been analysed financial and legal mechanisms of the national and regional levels, which are designed to ensure sustainable development of the global economy at the postcrisis stage. Have been diagnosed international activity of stock exchanges through the quantity indexed of foreign companies in listing, volume of trade with foreign financial instruments, and participation of foreign investors in exchange trade. Have been offered and calculated indices of internationalization of the world’s leading stock market. Have been analysed consolidation processes of the leading stock exchanges and new electronic trading systems at the regional, meso-global and global levels, which resulted in formation of

Environmental Factors Associated with Success Rates of Australian Stock Herding Dogs

Science.gov (United States)

Arnott, Elizabeth R.; Early, Jonathan B.; Wade, Claire M.; McGreevy, Paul D.

2014-01-01

This study investigated the current management practices associated with stock herding dogs on Australian farms. A parallel goal was to determine whether these practices and the characteristics of the dog handlers were associated with success rates. Success rate refers to the proportion of dogs acquired by the farmer that were retained as working dogs. Data on a total of 4,027 dogs were obtained through The Farm Dog Survey which gathered information from 812 herding dog owners around Australia. Using logistic regression, significant associations were identified between success rate and seven variables: dog breed, housing method, trial participation, age of the dog at acquisition, electric collar use, hypothetical maximum treatment expenditure and the conscientiousness score of the owner's personality. These findings serve as a guide to direct further research into ways of optimising herding dog performance and welfare. They emphasise the importance of not only examining the genetic predispositions of the working dog but also the impact the handler can have on a dog's success in the workplace. PMID:25136828

Environmental factors associated with success rates of Australian stock herding dogs.

Directory of Open Access Journals (Sweden)

Elizabeth R Arnott

Full Text Available This study investigated the current management practices associated with stock herding dogs on Australian farms. A parallel goal was to determine whether these practices and the characteristics of the dog handlers were associated with success rates. Success rate refers to the proportion of dogs acquired by the farmer that were retained as working dogs. Data on a total of 4,027 dogs were obtained through The Farm Dog Survey which gathered information from 812 herding dog owners around Australia. Using logistic regression, significant associations were identified between success rate and seven variables: dog breed, housing method, trial participation, age of the dog at acquisition, electric collar use, hypothetical maximum treatment expenditure and the conscientiousness score of the owner's personality. These findings serve as a guide to direct further research into ways of optimising herding dog performance and welfare. They emphasise the importance of not only examining the genetic predispositions of the working dog but also the impact the handler can have on a dog's success in the workplace.

SIMULATING AN EVOLUTIONARY MULTI-AGENT BASED MODEL OF THE STOCK MARKET

Directory of Open Access Journals (Sweden)

Diana MARICA

2015-08-01

Full Text Available The paper focuses on artificial stock market simulations using a multi-agent model incorporating 2,000 heterogeneous agents interacting on the artificial market. The agents interaction is due to trading activity on the market through a call auction trading mechanism. The multi-agent model uses evolutionary techniques such as genetic programming in order to generate an adaptive and evolving population of agents. Each artificial agent is endowed with wealth and a genetic programming induced trading strategy. The trading strategy evolves and adapts to the new market conditions through a process called breeding, which implies that at each simulation step, new agents with better trading strategies are generated by the model, from recombining the best performing trading strategies and replacing the agents which have the worst performing trading strategies. The simulation model was build with the help of the simulation software Altreva Adaptive Modeler which offers a suitable platform for financial market simulations of evolutionary agent based models, the S&P500 composite index being used as a benchmark for the simulation results.

Modeling Chaotic Behavior of Chittagong Stock Indices

Directory of Open Access Journals (Sweden)

Shipra Banik

2012-01-01

Full Text Available Stock market prediction is an important area of financial forecasting, which attracts great interest to stock buyers and sellers, stock investors, policy makers, applied researchers, and many others who are involved in the capital market. In this paper, a comparative study has been conducted to predict stock index values using soft computing models and time series model. Paying attention to the applied econometric noises because our considered series are time series, we predict Chittagong stock indices for the period from January 1, 2005 to May 5, 2011. We have used well-known models such as, the genetic algorithm (GA model and the adaptive network fuzzy integrated system (ANFIS model as soft computing forecasting models. Very widely used forecasting models in applied time series econometrics, namely, the generalized autoregressive conditional heteroscedastic (GARCH model is considered as time series model. Our findings have revealed that the use of soft computing models is more successful than the considered time series model.

INDONESIA SHARI'AH COMPLIANCE STOCK RETURN BEHAVIOUR

Directory of Open Access Journals (Sweden)

Helma Malini

2017-04-01

Full Text Available This study aims to measures the behaviour of Indonesia Shari'ah compliance stock return. The measurement of return behaviour toward volatility will proved the capability of Indonesia Shari'ah compliance toward volatility that happened in Indonesia during the period of observation. Investing in Shari'ah compliance is quite different than investing in conventional stock which followed the capital market set of rules and law, Shari'ah compliance follows not only the capital market set of laws and but also the Islamic principles of principles. Most of the previous studies examine issues related to the conventional stocks and market. The present study take one step further by investigating issue related to Shari'ah compliance instrument. In the case of Shari'ah stock price in Indonesia, the dynamics volatility of the stock price can be minimized by taking an integrated screening process to the listed company, as precautions steps toward volatility

Microsatellite assessment of walrus (Odobenus rosmarus rosmarus stocks in Canada

Directory of Open Access Journals (Sweden)

Aaron BA Shafer

2014-12-01

Full Text Available Walruses in Canada are currently subdivided into seven stocks based on summering areas; Western Jones Sound (WJS, Baffin Bay (BB, Penny Strait-Lancaster Sound (PS-LS, North Foxe Basin (N-FB, Central Foxe Basin (C-FB, Hudson Bay Davis Strait (HB-DS and Southern and Eastern Hudson Bay (SE-HB. In this study, walrus were sampled from six of the seven stocks (SE-HB samples were not available and genotyped at 10 microsatellite loci. All stocks were genetically diverse (average heterozygosity of 0.58 with no evidence of inbreeding (average FIS of 0.03. We detected significant genetic differentiation among the stocks and a pattern of genetic spatial autocorrelation that suggests a moderate effect of geographic distance on gene flow among stocks. Bayesian clustering suggested the six recognized stocks were elements of two larger genetic clusters - a northern Arctic population (containing BB, WJS, and PS-LS stocks and a central Arctic population (containing C-FB, N-FB, and HB-DS stocks. These populations are moderately differentiated (FST = 0.07, but based on evidence of contemporary movement from assignment tests, are not completely isolated. There was support for maintaining the WJS stock and a combined BB+PS-LS stock, although the latter conclusion is based on a small sample size. Similarly, there was some evidence suggesting separation of the Foxe Basin stocks from the HB-DS but not the N-FB from the C-FB stock. However, given that there are morphological and chemical differences between N-FB and C-FB stocks, there is currently insufficient evidence to support a revision of the current stock designations.

Multifractal analysis of Moroccan family business stock returns

Science.gov (United States)

Lahmiri, Salim

2017-11-01

In this paper, long-range temporal correlations at different scales in Moroccan family business stock returns are investigated. For comparison purpose, presence of multifractality is also investigated in Casablanca Stock Exchange (CSE) major indices: MASI which is the all shares index and MADEX which is the index of most liquid shares. It is found that return series of both family business companies and major stock market indices show strong evidence of multifractality. In particular, empirical results reveal that short (long) fluctuations in family business stock returns are less (more) persistent (anti-persistent) than short fluctuations in market indices. In addition, both serial correlation and distribution characteristics significantly influence the strength of the multifractal spectrums of CSE and family business stocks returns. Furthermore, results from multifractal spectrum analysis suggest that family business stocks are less risky. Thus, such differences in price dynamics could be exploited by investors and forecasters in active portfolio management.

The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

Directory of Open Access Journals (Sweden)

Farah Margaretha

2015-03-01

Full Text Available This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x are cash dividends per share, retained earnings per share, earnings per share, and leverage, while the dependent variable (y is stock price. The samples used were 23 companies with purposive sampling method. The empirical results of this study indicate that cash dividends per share, retained earnings per share, earnings per share, and leverage has significant effect on the stock price. It is therefore the higher stock price will attract investors to invest their money. Hence, companies and investors need to attend cash dividends per share, retained earnings per share, earnings per share, and leverage as factors that affect the increase or decrease of the stock price. 

Sign realized jump risk and the cross-section of stock returns: Evidence from China's stock market.

Science.gov (United States)

Chao, Youcong; Liu, Xiaoqun; Guo, Shijun

2017-01-01

Using 5-minute high frequency data from the Chinese stock market, we employ a non-parametric method to estimate Fama-French portfolio realized jumps and investigate whether the estimated positive, negative and sign realized jumps could forecast or explain the cross-sectional stock returns. The Fama-MacBeth regression results show that not only have the realized jump components and the continuous volatility been compensated with risk premium, but also that the negative jump risk, the positive jump risk and the sign jump risk, to some extent, could explain the return of the stock portfolios. Therefore, we should pay high attention to the downside tail risk and the upside tail risk.

Dynamic structure of stock communities: a comparative study between stock returns and turnover rates

Science.gov (United States)

Su, Li-Ling; Jiang, Xiong-Fei; Li, Sai-Ping; Zhong, Li-Xin; Ren, Fei

2017-07-01

The detection of community structure in stock market is of theoretical and practical significance for the study of financial dynamics and portfolio risk estimation. We here study the community structures in Chinese stock markets from the aspects of both price returns and turnover rates, by using a combination of the PMFG and infomap methods based on a distance matrix. An empirical study using the overall data set shows that for both returns and turnover rates the largest communities are composed of specific industrial or conceptional sectors and the correlation inside a sector is generally larger than the correlation between different sectors. However, the community structure for turnover rates is more complex than that for returns, which indicates that the interactions between stocks revealed by turnover rates may contain more information. This conclusion is further confirmed by the analysis of the changes in the dynamics of community structures over five sub-periods. Sectors like banks, real estate, health care and New Shanghai take turns to comprise a few of the largest communities in different sub-periods, and more interestingly several specific sectors appear in the communities with different rank orders for returns and turnover rates even in the same sub-period. To better understand their differences, a comparison between the evolution of the returns and turnover rates of the stocks from these sectors is conducted. We find that stock prices only had large changes around important events while turnover rates surged after each of these events relevant to specific sectors, which shows strong evidence that the turnover rates are more susceptible to exogenous shocks than returns and its measurement for community detection may contain more useful information about market structure.

Boosting Learning Algorithm for Stock Price Forecasting

Science.gov (United States)

Wang, Chengzhang; Bai, Xiaoming

2018-03-01

To tackle complexity and uncertainty of stock market behavior, more studies have introduced machine learning algorithms to forecast stock price. ANN (artificial neural network) is one of the most successful and promising applications. We propose a boosting-ANN model in this paper to predict the stock close price. On the basis of boosting theory, multiple weak predicting machines, i.e. ANNs, are assembled to build a stronger predictor, i.e. boosting-ANN model. New error criteria of the weak studying machine and rules of weights updating are adopted in this study. We select technical factors from financial markets as forecasting input variables. Final results demonstrate the boosting-ANN model works better than other ones for stock price forecasting.

26 CFR 1.552-3 - Stock ownership requirement.

Science.gov (United States)

2010-04-01

... (CONTINUED) INCOME TAXES (CONTINUED) Foreign Personal Holding Companies § 1.552-3 Stock ownership requirement... more than 50 percent in value of the outstanding stock of the foreign corporation be owned, directly or... section 544 (relating to rules for determining stock ownership in the case of personal holding companies...

Connecting single-stock assessment models through correlated survival

DEFF Research Database (Denmark)

Albertsen, Christoffer Moesgaard; Nielsen, Anders; Thygesen, Uffe Høgsbro

2017-01-01

times. We propose a simple alternative. In three case studies each with two stocks, we improve the single-stock models, as measured by Akaike information criterion, by adding correlation in the cohort survival. To limit the number of parameters, the correlations are parameterized through...... the corresponding partial correlations. We consider six models where the partial correlation matrix between stocks follows a band structure ranging from independent assessments to complex correlation structures. Further, a simulation study illustrates the importance of handling correlated data sufficiently...... by investigating the coverage of confidence intervals for estimated fishing mortality. The results presented will allow managers to evaluate stock statuses based on a more accurate evaluation of model output uncertainty. The methods are directly implementable for stocks with an analytical assessment and do...

Is income breeding an appropriate construct for waterfowl?

Science.gov (United States)

Janke, Adam K.; Anteau, Michael J.; Markl, Nicholas; Stafford, Joshua D.

2015-01-01

Breeding birds use a range of nutrient accumulation and allocation strategies to meet the nutritional demands of clutch formation and incubation. On one end of the spectrum, capital breeders use stored nutrients acquired prior to clutch formation and incubation to sustain metabolism during reproduction, while on the opposite end, income breeders derive nutrients solely from exogenous sources on the breeding grounds. Blue-winged Teal (Anas discors) are an ideal candidate to test for adoption of an income strategy among migratory waterfowl because of their small body size, temperate breeding range, and timing of reproduction relative to pulses in nutrient availability within breeding habitats. We collected migrating and pre-breeding Blue-winged Teal (n = 110) during the warmest spring in over a century in the southern edge of the species’ breeding range, which produced ideal conditions to test for adoption of an income breeding strategy among migratory waterfowl. Regression analyses revealed that females accumulated protein and fat reserves early in follicle development and appeared to mobilize at least some reserves coincident with the onset of clutch formation. Accumulation and subsequent mobilization of nutrient reserves was inconsistent with adherence to an income breeding strategy and suggested breeding Blue-winged Teal used capital (albeit locally acquired) for reproduction. Our results add to existing knowledge on the ubiquity of endogenous nutrient reserve accumulation prior to and during reproduction by waterfowl, perhaps suggesting endogenous nutrient reserves are universally used for clutch formation or incubation to some degree. If indeed Blue-winged Teal and other waterfowl universally use capital for breeding, research and conservation efforts should shift from evaluating whether an income breeding strategy is used and focus on when and where necessary capital is acquired prior to clutch formation.

CAGE BREEDING OF WARM WATER FRESHWATER FISH SPECIES

Directory of Open Access Journals (Sweden)

Roman Safner

2008-10-01

Full Text Available In the 1970s, Croatia became actively involved in the contemporary trend of breeding fish in floating cages. In addition to various species of marine fishes, breeding was attempted with trout, carp, catfish, cisco and salmon. Of the above freshwater fish species, specific standards were established only for the cage breeding of rainbow trout. Cage breeding of the remaining species remained at the level of occasional attempts, with more of an experimental than a commercial character. The regular attempts to master this technique for cage breeding of warm water freshwater fish species were aimed at achieving the known benefits of such breeding, such as simplicity of implementing technological measures, easier establishment of the breeding system, simpler manipulation, the possibility of denser colonies per unit volume with a high level of production, easier adaptations to market conditions and fewer initial structural investments. Despite the many advantages, the main reasons for the lack of greater implementation of the cage breeding technology for warm water species of freshwater fish include problems in obtaining the appropriate category and quantity of healthy fry, the specificity and applicability of physical and chemical properties of the recipients and human error. In evaluating the advantages and disadvantages, the final decision on the justification of cage breeding for individual warm water freshwater species must be based on both biological and economic factors. Based on the knowledge of cage breeding acquired to date, the rule for virtually all intensive breeding systems is that it is only recommended for those species with high market demand and a high market price. The technology that demands nutrition with highly concentrated feed and other production expenditures is costly, and is therefore not profitable with less expensive fish species. Furthermore, production must be market oriented, i.e. the appropriate market research measures

26 CFR 1.165-4 - Decline in value of stock.

Science.gov (United States)

2010-04-01

... fluctuation in the market price of the stock or to other similar cause. A mere shrinkage in the value of stock... insofar as the loss is recognized under § 1.1002-1 upon the sale or exchange of the stock and except as... price of the stock or if no reasonable attempt to determine the worthlessness of the stock has been made...

Operating revenue changes in a demutualized stock exchange

Directory of Open Access Journals (Sweden)

Mohamed Hesham Abdel-Hafez

2015-03-01

Full Text Available Stock exchanges were traditionally run as cooperative venues. The globalization, the development of technology, and the increase of competition among stock exchanges forced these venues to change their structure and adopt a new one-demutualization- that can be a lifeline in facing these environmental changes in regards to stock exchanges. This new trend enables the exchange to expand their activities and supply the market with new products and services, therefore enhancing the value of the exchange itself. The main sources of revenue for traditional exchanges have been listing fees, transaction fees, membership fees and the sale of information services such as market data, quotations, and trade data. Due to the environmental changes the stock exchanges' services are now executed electronically, and in turn, this has led to an increase in the competition among exchanges. Furthermore, this increased competition has led to the re-adjustment of the regulation structure which gradually erodes the sources of revenues provided by the conventional stock exchanges. The paper divided the research plan into two sections: the first section is to highlight the concept of demutualization process; the phases of demutualization, the factors that push the stock exchanges to demutualize and the benefits of demutualization. The second section was based on statistical comparative analysis of the stock exchanges' revenues prior and after demutualization. The researcher used the regression analysis tool on seven demutualized stock exchanges during the period from 1997-2012. The paper aims to prove that demutualization has a positive effect on the revenues of the stock exchange, thus it enhances the value of the exchange.

Simulation testing the robustness of stock assessment models to error: some results from the ICES strategic initiative on stock assessment methods

DEFF Research Database (Denmark)

Deroba, J. J.; Butterworth, D. S.; Methot, R. D.

2015-01-01

The World Conference on Stock Assessment Methods (July 2013) included a workshop on testing assessment methods through simulations. The exercise was made up of two steps applied to datasets from 14 representative fish stocks from around the world. Step 1 involved applying stock assessments to dat...

Fundamental uncertainty and stock market volatility

NARCIS (Netherlands)

Arnold, I.J.M.; Vrugt, E.B.

2008-01-01

We provide empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from participants in the Survey of Professional Forecasters over the period 1969 to 1996.

UNDERGROUND ECONOMY, GDP AND STOCK MARKET

Directory of Open Access Journals (Sweden)

Caus Vasile Aurel

2012-07-01

Full Text Available Economic growth is affected by the size and dynamics of underground economy. Determining this size is a subject of research for many authors. In this paper we present the relationship between underground economy dynamics and the dynamics of stock markets. The observations are based on regression used by Tanzi (1983 and the relationship between GDP and stock market presented in Tudor (2008. The conclusion of this paper is that the dynamics of underground economy is influenced by dynamic of financial markets. Thus, using specific stock market mathematical tools analysis, one can analyze the dynamic of underground economy

Impact Of Volatility And Performance Of Major Stock Markets On Sarajevo Stock Exchange In 2008 – 2012 Period

OpenAIRE

Dzanic, Enis; Omerbegovic, Sead

2014-01-01

Previous research indicates that performance and volatility of small and regional stock markets can be influenced by the performance of major world exchanges such as New York, Frankfurt or Tokyo stock exchange. This research analyses weekly composite index data for SASE (Sarajevo Stock Exchange), NYSE, NIKKEI, and DAX indices, for the period from 2008 until the end of 2012. This time period contains significant events in the US and the rest of the world, including the housing bubble, and a gr...

Stock management optimization. Example of the management of a reprocessed plutonium stock

International Nuclear Information System (INIS)

Herault, L.; Privault, C.

1997-01-01

This paper describes a method developed by the CEA for the management of a stock of nuclear materials of Electricite de France and which combines meta-heuristics with mathematical programing results for a better efficiency. The industrial problem to solve concerns the reprocessing of spent fuels and the reuse of their plutonium content for the manufacturing of mixed oxide (MOX) fuels. In this problem, the plutonium stock is shared into subsets which must supply fuel fabrication plants at a given date and with precise energetic, chemical and quality criteria in order to minimize the reprocessing costs. (J.S.)

Genetic diversity and relationships of Vietnamese and European pig breeds

Energy Technology Data Exchange (ETDEWEB)

Thuy, N T.D. [Department of Animal Breeding and Biotechnology, University of Hohenheim, Stuttgart (Germany); Institute of Biotechnology (IBT), National Center for Natural Science and Technology, Hanoi (Viet Nam); Melchinger, E; Kuss, A W; Peischl, T; Bartenschlager, H; Geldermann, H [Department of Animal Breeding and Biotechnology, University of Hohenheim, Stuttgart (Germany); Cuong, N V [Institute of Biotechnology (IBT), National Center for Natural Science and Technology, Hanoi (Viet Nam)

2005-07-01

Indigenous resources of the Asian pig population are less defined and only rarely compared with European breeds. In this study, five indigenous pig breeds from Viet Nam (Mong Cai, Muong Khuong, Co, Meo, Tap Na), two exotic breeds kept in Viet Nam (Large White, Landrace), three European commercial breeds (Pietrain, Landrace, Large White), and European Wild Boar were chosen for evaluation and comparison of genetic diversity. Samples and data from 317 animals were collected and ten polymorphic microsatellite loci were selected according to the recommendations of the FAO Domestic Animal Diversity Information System (DAD-IS; http://www.fao.org/dad-is/). Effective number of alleles, Polymorphism Information Content (PIC), within-breed diversity, estimated heterozygosities and tests for Hardy-Weinberg equilibrium were determined. Breed differentiation was evaluated using the fixation indices of Wright (1951). Genetic distances between breeds were estimated according to Nei (1972) and used for the construction of UPGMA dendrograms which were evaluated by bootstrapping. Heterozygosity was higher in indigenous Vietnamese breeds than in the other breeds. The Vietnamese indigenous breeds also showed higher genetic diversity than the European breeds and all genetic distances had a strong bootstrap support. The European commercial breeds, in contrast, were closely related and bootstrapping values for genetic distances among them were below 60%. European Wild Boar displayed closer relation with commercial breeds of European origin than with the native breeds from Viet Nam. This study is one of the first to contribute to a genetic characterization of autochthonous Vietnamese pig breeds and it clearly demonstrates that these breeds harbour a rich reservoir of genetic diversity. (author)

Genetic diversity and relationships of Vietnamese and European pig breeds

International Nuclear Information System (INIS)

Thuy, N.T.D.; Melchinger, E.; Kuss, A.W.; Peischl, T.; Bartenschlager, H.; Geldermann, H.; Cuong, N.V.

2005-01-01

Indigenous resources of the Asian pig population are less defined and only rarely compared with European breeds. In this study, five indigenous pig breeds from Viet Nam (Mong Cai, Muong Khuong, Co, Meo, Tap Na), two exotic breeds kept in Viet Nam (Large White, Landrace), three European commercial breeds (Pietrain, Landrace, Large White), and European Wild Boar were chosen for evaluation and comparison of genetic diversity. Samples and data from 317 animals were collected and ten polymorphic microsatellite loci were selected according to the recommendations of the FAO Domestic Animal Diversity Information System (DAD-IS; http://www.fao.org/dad-is/). Effective number of alleles, Polymorphism Information Content (PIC), within-breed diversity, estimated heterozygosities and tests for Hardy-Weinberg equilibrium were determined. Breed differentiation was evaluated using the fixation indices of Wright (1951). Genetic distances between breeds were estimated according to Nei (1972) and used for the construction of UPGMA dendrograms which were evaluated by bootstrapping. Heterozygosity was higher in indigenous Vietnamese breeds than in the other breeds. The Vietnamese indigenous breeds also showed higher genetic diversity than the European breeds and all genetic distances had a strong bootstrap support. The European commercial breeds, in contrast, were closely related and bootstrapping values for genetic distances among them were below 60%. European Wild Boar displayed closer relation with commercial breeds of European origin than with the native breeds from Viet Nam. This study is one of the first to contribute to a genetic characterization of autochthonous Vietnamese pig breeds and it clearly demonstrates that these breeds harbour a rich reservoir of genetic diversity. (author)

Improving capacity of stock assessment for sea turtles: using ocean circulation modeling to inform genetic mixed stock analysis

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — Genetic approaches have been useful for assigning stock ID to sea turtles caught as bycatch in fisheries, or determining stock composition at foraging grounds. In...

Long Memory in the Greek Stock Market

OpenAIRE

John T. Barkoulas; Christopher F. Baum; Nickolaos Travlos

1996-01-01

We test for stochastic long memory in the Greek stock market, an emerging capital market. The fractional differencing parameter is estimated using the spectral regression method. Contrary to findings for major capital markets, significant and robust evidence of positive long-term persistence is found in the Greek stock market. As compared to benchmark linear models, the estimated fractional models provide improved out-of-sample forecasting accuracy for the Greek stock returns series over long...

Macroeconomic Forces and Stock Returns in Vietnam

OpenAIRE

Phan, Van Hang

2008-01-01

Capital market development, especially the appearance of Vietnamese equity market recently has a strategic importance in the economic growth and structural reform process of Vietnam (Chun et al, 2003). This dissertation focuses on the impacts of macroeconomic forces on stock market returns in Vietnamese stock market which has not been investigated in detail before, and thereby to contribute further literature on this new emerging stock market. Specifically, the research will intensively inves...

Optimal Portfolio Selection in Ex Ante Stock Price Bubble and Furthermore Bubble Burst Scenario from Dhaka Stock Exchange with Relevance to Sharpe’s Single Index Model

Directory of Open Access Journals (Sweden)

Javed Bin Kamal

2012-09-01

Full Text Available The paper aims at constructing an optimal portfolio by applying Sharpe’s single index model of capital asset pricing in different scenarios, one is ex ante stock price bubble scenario and stock price bubble and bubble burst is second scenario. Here we considered beginning of year 2010 as rise of stock price bubble in Dhaka Stock Exchange. Hence period from 2005 -2009 is considered as ex ante stock price bubble period. Using DSI (All share price index in Dhaka Stock Exchange as market index and considering daily indices for the March 2005 to December 2009 period, the proposed method formulates a unique cut off point (cut off rate of return and selects stocks having excess of their expected return over risk-free rate of return surpassing this cut-off point. Here, risk free rate considered to be 8.5% per annum (Treasury bill rate in 2009. Percentage of an investment in each of the selected stocks is then decided on the basis of respective weights assigned to each stock depending on respective ‘β’ value, stock movement variance representing unsystematic risk, return on stock and risk free return vis-à-vis the cut off rate of return. Interestingly, most of the stocks selected turned out to be bank stocks. Again we went for single index model applied to same stocks those made to the optimum portfolio in ex ante stock price bubble scenario considering data for the period of January 2010 to June 2012. We found that all stocks failed to make the pass Single Index Model criteria i.e. excess return over beta must be higher than the risk free rate. Here for the period of 2010 to 2012, the risk free rate considered to be 11.5 % per annum (Treasury bill rate during 2012.

Hybrid Clustering-GWO-NARX neural network technique in predicting stock price

Science.gov (United States)

Das, Debashish; Safa Sadiq, Ali; Mirjalili, Seyedali; Noraziah, A.

2017-09-01

Prediction of stock price is one of the most challenging tasks due to nonlinear nature of the stock data. Though numerous attempts have been made to predict the stock price by applying various techniques, yet the predicted price is not always accurate and even the error rate is high to some extent. Consequently, this paper endeavours to determine an efficient stock prediction strategy by implementing a combinatorial method of Grey Wolf Optimizer (GWO), Clustering and Non Linear Autoregressive Exogenous (NARX) Technique. The study uses stock data from prominent stock market i.e. New York Stock Exchange (NYSE), NASDAQ and emerging stock market i.e. Malaysian Stock Market (Bursa Malaysia), Dhaka Stock Exchange (DSE). It applies K-means clustering algorithm to determine the most promising cluster, then MGWO is used to determine the classification rate and finally the stock price is predicted by applying NARX neural network algorithm. The prediction performance gained through experimentation is compared and assessed to guide the investors in making investment decision. The result through this technique is indeed promising as it has shown almost precise prediction and improved error rate. We have applied the hybrid Clustering-GWO-NARX neural network technique in predicting stock price. We intend to work with the effect of various factors in stock price movement and selection of parameters. We will further investigate the influence of company news either positive or negative in stock price movement. We would be also interested to predict the Stock indices.

Dispersal, growth and diet of stocked and wild northern pike fry in a shallow natural lake, with implications for management of stocking programs

DEFF Research Database (Denmark)

Skov, Christian; Koed, Anders; Baastrup-Spohr, Lars

2011-01-01

season. Stomach analyses revealed that the stocked pike ingested less diverse prey items and had higher fractions of empty stomachs throughout the study period. Overall, the fraction of stocked pike in samples rapidly declined over the season, which may have been caused by differential survival...... low fitness of stocked individuals in competition with wild conspecifics: (1) genetic-based local maladaptation among the stocked fish and (2) carryover effects from the hatchery. The latter may be less likely because the fry stocked were the offspring of wild fish and only spent a few weeks...

Stock market volatility and macroeconomic uncertainty

NARCIS (Netherlands)

Arnold, I.J.M.; Vrugt, E.B.

2006-01-01

This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

Directory of Open Access Journals (Sweden)

Ali Akbar Farzinfar

2013-01-01

Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

Factors of Selection of the Stock Allocation Method

Directory of Open Access Journals (Sweden)

Rohov Heorhii K.

2014-03-01

Full Text Available The article describes results of the author’s study of factors of making strategic decisions on selection of methods of stock allocation by public joint stock companies in Ukraine. The author used the Random forest mathematical apparatus of classification trees building and also informal methods. The article analyses the reasons that restrain public allocation of stock. It shows significant influence upon selection of a method of stock allocation of such factors as capital concentration, balance rate of corporate rights, sector of economy and significant participation of the institutes of common investment or the state in the authorised capital. The built hierarchical model of classification of factors of the issuing policy of joint stock companies finds logical justification in specific features of the institutional environment, however, it does not fit into the framework of the classical concept of the market economy. The model could be used both for formation of goals of corporate financial strategies and in the process of improvement of state regulation of activity of securities issuers. The prospect of further studies in this direction is identification of transformation of factors of selection of the stock allocation method under conditions of revival of the stock market.

Maternal genealogical patterns of chicken breeds sampled in Europe.

Science.gov (United States)

Lyimo, C M; Weigend, A; Msoffe, P L; Hocking, P M; Simianer, H; Weigend, S

2015-08-01

The aim of this study was to investigate the maternal genealogical pattern of chicken breeds sampled in Europe. Sequence polymorphisms of 1256 chickens of the hypervariable region (D-loop) of mitochondrial DNA (mtDNA) were used. Median-joining networks were constructed to establish evolutionary relationships among mtDNA haplotypes of chickens, which included a wide range of breeds with different origin and history. Chicken breeds which have had their roots in Europe for more than 3000 years were categorized by their founding regions, encompassing Mediterranean type, East European type and Northwest European type. Breeds which were introduced to Europe from Asia since the mid-19th century were classified as Asian type, and breeds based on crossbreeding between Asian breeds and European breeds were classified as Intermediate type. The last group, Game birds, included fighting birds from Asia. The classification of mtDNA haplotypes was based on Liu et al.'s (2006) nomenclature. Haplogroup E was the predominant clade among the European chicken breeds. The results showed, on average, the highest number of haplotypes, highest haplotype diversity, and highest nucleotide diversity for Asian type breeds, followed by Intermediate type chickens. East European and Northwest European breeds had lower haplotype and nucleotide diversity compared to Mediterranean, Intermediate, Game and Asian type breeds. Results of our study support earlier findings that chicken breeds sampled in Europe have their roots in the Indian subcontinent and East Asia. This is consistent with historical and archaeological evidence of chicken migration routes to Europe. © 2015 Stichting International Foundation for Animal Genetics.

Breeding biology of House Crows ( Corvus splendens ) in Durban ...

African Journals Online (AJOL)

Details of nestling growth, and fledging and post-fledging dependence periods, are provided. Breeding success was relatively poor. Early breeding attempts were more successful than late breeding attempts. Breeding failure was suspected, or known, to be associated with observer disturbance, egg breakage, failure of ...

The price momentum of stock in distribution

Science.gov (United States)

Liu, Haijun; Wang, Longfei

2018-02-01

In this paper, a new momentum of stock in distribution is proposed and applied in real investment. Firstly, assuming that a stock behaves as a multi-particle system, its share-exchange distribution and cost distribution are introduced. Secondly, an estimation of the share-exchange distribution is given with daily transaction data by 3 σ rule from the normal distribution. Meanwhile, an iterative method is given to estimate the cost distribution. Based on the cost distribution, a new momentum is proposed for stock system. Thirdly, an empirical test is given to compare the new momentum with others by contrarian strategy. The result shows that the new one outperforms others in many places. Furthermore, entropy of stock is introduced according to its cost distribution.

Multifractal structures for the Russian stock market

Science.gov (United States)

Ikeda, Taro

2018-02-01

In this paper, we apply the multifractal detrended fluctuation analysis (MFDFA) to the Russian stock price returns. To the best of our knowledge, this paper is the first to reveal the multifractal structures for the Russian stock market by financial crises. The contributions of the paper are twofold. (i) Finding the multifractal structures for the Russian stock market. The generalized Hurst exponents estimated become highly-nonlinear to the order of the fluctuation functions. (ii) Computing the multifractality degree according to Zunino et al. (2008). We find that the multifractality degree of the Russian stock market can be categorized within emerging markets, however, the Russian 1998 crisis and the global financial crisis dampen the degree when we consider the order of the polynomial trends in the MFDFA.

Stock Market and Sustainable Economic Growth in Nigeria

Directory of Open Access Journals (Sweden)

Erasmus L Owusu

2016-11-01

Full Text Available This paper examines the relationship between stock market evolution and sustainable economic growth in Nigeria. The study employs Auto-Regressive Distributed Lag (ARDL-bounds testing approach and a combined stock market indicators index to examine the relationship. The paper finds that, in the long run, stock markets have no positive and at best mixed effect on economic growth in Nigeria. This finding supports the numerous past studies, which have reported negative/mixed or inconclusive results on the effects of stock markets on economic growth. The paper, therefore, concludes that, there is the need for increasing financial deepening and the removal of bottlenecks in the financial sectors of the economy by providing further public and institutional education on the value of stock markets for economic development.

Influence of production circumstances and economic evaluation criteria on economic comparison of breeds and breed-crosses.

NARCIS (Netherlands)

Kahi, A.K.; Koskey, I.S.; Cardoso, V.L.; Arendonk, van J.A.M.

1998-01-01

The ranking of genotypes (i.e., breeds and breed crosses) for economic performance depends on the production circumstances of the herd and the criteria for economic evaluation. In this study, the effects of evaluation criteria and production circumstance are quantified using data from the literature

Stock prices forecasting based on wavelet neural networks with PSO

OpenAIRE

Wang Kai-Cheng; Yang Chi-I; Chang Kuei-Fang

2017-01-01

This research examines the forecasting performance of wavelet neural network (WNN) model using published stock data obtained from Financial Times Stock Exchange (FTSE) Taiwan Stock Exchange (TWSE) 50 index, also known as Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX), hereinafter referred to as Taiwan 50. Our WNN model uses particle swarm optimization (PSO) to choose the appropriate initial network values for different companies. The findings come with two advantages. First...

Stock returns and foreign investment in Brazil

OpenAIRE

Reis, Luciana; Meurer, Roberto; Da Silva, Sergio

2008-01-01

We examine the relationship between stock returns and foreign investment in Brazil, and find that the inflows of foreign investment boosted the returns from 1995 to 2005. There was a strong contemporaneous correlation, although not Granger-causality. Foreign investment along with the exchange rate, the influence of the world stock markets, and country risk can explain 73 percent of the changes that occurred in the stock returns over the period. We also find that positive feedback trading play...

Breeding phenology and winter activity predict subsequent breeding success in a trans-global migratory seabird.

Science.gov (United States)

Shoji, A; Aris-Brosou, S; Culina, A; Fayet, A; Kirk, H; Padget, O; Juarez-Martinez, I; Boyle, D; Nakata, T; Perrins, C M; Guilford, T

2015-10-01

Inter-seasonal events are believed to connect and affect reproductive performance (RP) in animals. However, much remains unknown about such carry-over effects (COEs), in particular how behaviour patterns during highly mobile life-history stages, such as migration, affect RP. To address this question, we measured at-sea behaviour in a long-lived migratory seabird, the Manx shearwater (Puffinus puffinus) and obtained data for individual migration cycles over 5 years, by tracking with geolocator/immersion loggers, along with 6 years of RP data. We found that individual breeding and non-breeding phenology correlated with subsequent RP, with birds hyperactive during winter more likely to fail to reproduce. Furthermore, parental investment during one year influenced breeding success during the next, a COE reflecting the trade-off between current and future RP. Our results suggest that different life-history stages interact to influence RP in the next breeding season, so that behaviour patterns during winter may be important determinants of variation in subsequent fitness among individuals. © 2015 The Authors.

Genetic diversity and population structure of 20 North European cattle breeds

DEFF Research Database (Denmark)

kantanen, J; Olsaker, Ingrid; Holm, Lars-Erik

2000-01-01

Blood samples were collected from 743 animals from 15 indigenous, 2 old imported, and 3 commercial North European cattle breeds. The samples were analyzed for 11 erythrocyte antigen systems, 8 proteins, and 10 microsatellites, and used to assess inter- and intrabreed genetic variation and genetic......, allelic diversity has been reduced in several breeds, which was explained by limited effective population sizes over the course of man-directed breed development and demographic bottlenecks of indigenous breeds. A tree showing genetic relationships between breeds was constructed from a matrix of random...... drift-based genetic distance estimates. The breeds were classified on the basis of the tree topology into four major breed groups, defined as Northern indigenous breeds, Southern breeds, Ayrshire and Friesian breeds, and Jersey. Grouping of Nordic breeds was supported by documented breed history...

Modeling the stock price returns volatility using GARCH(1,1) in some Indonesia stock prices

Science.gov (United States)

Awalludin, S. A.; Ulfah, S.; Soro, S.

2018-01-01

In the financial field, volatility is one of the key variables to make an appropriate decision. Moreover, modeling volatility is needed in derivative pricing, risk management, and portfolio management. For this reason, this study presented a widely used volatility model so-called GARCH(1,1) for estimating the volatility of daily returns of stock prices of Indonesia from July 2007 to September 2015. The returns can be obtained from stock price by differencing log of the price from one day to the next. Parameters of the model were estimated by Maximum Likelihood Estimation. After obtaining the volatility, natural cubic spline was employed to study the behaviour of the volatility over the period. The result shows that GARCH(1,1) indicate evidence of volatility clustering in the returns of some Indonesia stock prices.

Linkage between company scores and stock returns

Directory of Open Access Journals (Sweden)

Saban Celik

2017-12-01

Full Text Available Previous studies on company scores conducted at firm-level, generally concluded that there exists a positive relation between company scores and stock returns. Motivated by these studies, this study examines the relationship between company scores (Corporate Governance Score, Economic Score, Environmental Score, and Social Score and stock returns, both at portfolio-level analysis and firm-level cross-sectional regressions. In portfolio-level analysis, stocks are sorted based on each company scores and quintile portfolio are formed with different levels of company scores. Then, existence and significance of raw returns and risk-adjusted returns difference between portfolios with the extreme company scores (portfolio 10 and portfolio 1 is tested. In addition, firm-level cross-sectional regression is performed to examine the significance of company scores effects with control variables. While portfolio-level analysis results indicate that there is no significant relation between company scores and stock returns; firm-level analysis indicates that economic, environmental, and social scores have effect on stock returns, however, significance and direction of these effects change, depending on the included control variables in the cross-sectional regression.

Inventory analysis of West African cattle breeds

International Nuclear Information System (INIS)

Belemsaga, D.M.A.; Lombo, Y.; Sylla, S.; Thevenon, S.

2005-01-01

The improvement of livestock productivity and the preservation of their genetic diversity to allow breeders to select animals adapted to environmental changes, diseases and social needs, require a detailed inventory and genetic characterization of domesticated animal breeds. Indeed, in developing countries, the notion of breed is not clearly defined, as visual traits are often used and characterization procedures are often subjective. So it is necessary to upgrade the phenotypic approach using genetic information. At CIRDES, a regional centre for subhumid livestock research and development, such studies have been conducted. This paper focuses on cattle breed inventory in seven countries of West Africa as a tool for genetic research on cattle improvement. Data collection was done using a bibliographical study, complemented by in situ investigations. According to phenotypic description and concepts used by indigenous livestock keepers, 13 local cattle breeds were recognized: N'dama, Kouri, the Baoule-Somba group, the Lagoon cattle group, zebu Azawak, zebu Maure, zebu Touareg, zebu Goudali, zebu Bororo, zebu White Fulani, zebu Djelli, zebu Peuhl soudanien and zebu Gobra (Toronke). Nine exotic breeds, (American Brahman, Gir, Girolando, Droughtmaster, Santa Gertrudis, Holstein, Montbeliarde, Jersey and Brown Swiss) and five typical cross-breeds (Holstein x Goudali; Montbeliarde x Goudali; Holstein x Azawak; Brown Swiss x Azawak; and Brown Swiss x zebu peuhl soudanien) were also found. From this initial investigation, the areas of heavy concentration of herds and the most important breeds were described. The review has also indicated the necessity for a balance between improving livestock productivity and the conservation of trypanotolerant breeds at risk of extinction in West Africa. (author)

Genomic prediction across dairy cattle populations and breeds

DEFF Research Database (Denmark)

Zhou, Lei

Genomic prediction is successful in single breed genetic evaluation. However, there is no achievement in acoress breed prediction until now. This thesis investigated genomic prediction across populations and breeds using Chinese Holsterin, Nordic Holstein, Norwgian Red, and Nordic Red. Nordic Red...

Testicular Histomorphometric Evaluation of Zebu Bull Breeds

Directory of Open Access Journals (Sweden)

Paulo Antônio Terrabuio Andreussi

2014-12-01

Full Text Available The objective of this study was to evaluate the quantitative histology and testicular biometrics in zebu bulls of different breeds. Testicular fragments of Nelore (n=10, Polled Nelore (n=6, Gir (n=5, Guzerat (n=5 and Tabapuã bulls (n=5 were used. The fragments were perfusion-fixed in Karnovsky solution, embedded in glycol methacrylate and stained with toluidine blue-1% sodium borate. The Nelore animals had a higher tubular volumetric proportion (85.2% and greater height of the seminiferous epithelium (73.2 µm than the Gir, Guzerat and Tabapuã breeds. The Nelore animals also had a higher volumetric proportion of Leydig cells (5.2% than the Guzerat and Tabapuã breeds. There was no significant difference for any of these parameters between the Nelore and Polled Nelore breeds. The gonadosomatic index, seminiferous tubule diameter, cross-sectional area of the seminiferous tubule and tubule length (total length and length per gram of testicular parenchyma did not vary among the breeds studied. The morphometric parameters evaluated suggested that the genetic selection applied to the Nelore and Polled Nelore breeds improved the efficiency of spermatogenesis in these breeders.

Disease burden in four populations of dog and cat breeds compared to mixed-breed dogs and European shorthair cats.

Science.gov (United States)

Keijser, S F A; Meijndert, L E; Fieten, H; Carrière, B J; van Steenbeek, F G; Leegwater, P A J; Rothuizen, J; Nielen, M

2017-05-01

Current public and professional opinion is that many dog breeds suffer from health issues related to inherited diseases or extreme phenotypes. The aim of this historical comparative observational study was to evaluate the breed-related disease burden in three purebred dog populations (Chihuahua, French bulldog, Labrador retriever) and one purebred cat breed (Persian cats) in the Netherlands by comparison to a control population of mixed-breed dogs and European Shorthair cats. A qualitative query was performed, consisting of a literature review and collecting the expert opinions of University veterinary specialists, to gather insight into potential diseases of the study population. Next, a referral clinic case control study of the patients referred to specific medical disciplines in the University Clinic was performed. The odds ratio (OR) was calculated to determine the likelihood of a patient referred to a particular medical discipline being a certain breed. Together, the qualitative query and the case control study resulted in a list of potentially relevant diseases limited to five organ systems per breed. These were analysed in data from primary practices. Patient files from ten primary practices over a period of two years were manually extracted and examined. Four-hundred individual patient records per breed as well as 1000 non-breed records were randomly selected from the 10 practices, weighted per practice size. Records were then examined and the presence or absence of certain diseases was identified. To evaluate the disease burden per breed, proportional difference (PD) was estimated, as well as the animal's age at presentation in months. The results of the referral clinic case control study showed an overrepresentation (Odds Ratio>1.5) of the selected breeds in several medical specialties, while median age at presentation was in some cases significantly lower than in the non-breed animals. Results of the practice-based extended cross-sectional study showed

The reaction of stock market returns to anticipated unemployment

OpenAIRE

Taamouti, Abderrahim; Gonzalo Muñoz, Jesús

2012-01-01

We empirically investigate the short-run impact of anticipated and unanticipated unemployment rates on stock prices. We particularly examine the nonlinearity in stock market's reaction to unemployment rate and study the effect at each individual point (quantile) of stock return distribution. Using nonparametric Granger causality and quantile regression based tests, we find that, contrary to the general findings in the literature, only anticipated unemployment rate has a strong impact on stock...

Does timing of breeding matter less where the grass is greener? Seasonal declines in breeding performance differ between regions in an endangered endemic raptor

Directory of Open Access Journals (Sweden)

Marie-Sophie Garcia-Heras

2016-09-01

Full Text Available The timing of breeding can strongly influence individual breeding performance and fitness. Seasonal declines in breeding parameters have been often documented in birds, particularly in the Northern Hemisphere. Fewer studies have investigated whether seasonal declines in productivity vary in space, which would have implications for a species’ population dynamics across its distributional range. We report here on variation in the timing of breeding in the Black Harrier (Circus maurus, an endangered and endemic raptor to Southern Africa. We investigated how key breeding parameters (clutch size, nesting success and productivity varied with the timing of breeding, weather conditions (rainfall and temperature and between contrasted regions (coastal vs. interior-mountain. Black Harrier onset of breeding extended over an 8-month period, with a peak of laying between mid-August and end of September. We show a marked seasonal decline in all breeding parameters. Importantly, for clutch size and productivity these seasonal declines differed regionally, being more pronounced in interior-mountain than in coastal regions, where the breeding season was overall shorter. Timing of breeding, clutch size and productivity were also partly explained by weather conditions. In coastal regions, where environmental conditions, in particular rainfall, appear to be less variable, the timing of breeding matters less for breeding output than in interior-mountain regions, and breeding attempts thus occurred over a longer period. The former areas may act as population sources and be key in protecting the long-term population viability of this threatened endemic raptor. This study provides unique evidence for a regionally variable seasonal decline in breeding performance with implications for population biology and conservation.

Stocking equations for regeneration in mixed oak stands

Science.gov (United States)

Songlin Fei; Kim C. Steiner; James C. Finley

2007-01-01

Regeneration stocking equations for mixed-oak stands were developed based on data collected from nearly 14,000 plots in the central Appalachians. Maximum stand density was identified by plotting aggregate height against number of seedlings per plot, and was used as the reference level of the average maximum stand density (100 percent stocking or A-level stocking)....

12 CFR 931.6 - Transfer of capital stock.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Transfer of capital stock. 931.6 Section 931.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital plan...

Fish stocking density impacts tank hydrodynamics

DEFF Research Database (Denmark)

Rasmussen, Michael R.; Lunger, Angela; Laursen, Jesper

2006-01-01

The effect of stocking density upon the hydrodynamics of a circular tank, configured in a recirculation system, was investigated. Red drums Sciaenops ocellatus of approximately 140 g wet weight, were stocked at five rates varying from 0 to 12 kg m-3. The impact of the presence of fish upon tank...... hydrodynamics was established using in-tank-based Rhodamine WT fluorometry at a flow rate of 0.23 l s-1 (tank exchange rate of 1.9 h-1). With increasing numbers of animals, curvilinear relationships were observed for dispersion coefficients and tank mixing times. Stocking densities of 3, 6, 9 and 12 kg m-3...

Forecast Correlation Coefficient Matrix of Stock Returns in Portfolio Analysis

OpenAIRE

Zhao, Feng

2013-01-01

In Modern Portfolio Theory, the correlation coefficients decide the risk of a set of stocks in the portfolio. So, to understand the correlation coefficients between returns of stocks, is a challenge but is very important for the portfolio management. Usually, the stocks with small correlation coefficients or even negative correlation coefficients are preferred. One can calculate the correlation coefficients of stock returns based on the historical stock data. However, in order to control the ...

27 CFR 24.217 - Vinegar stock.

Science.gov (United States)

2010-04-01

... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Vinegar stock. 24.217 Section 24.217 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar...

THE INFLUENCE OF DIFFERENT STOCKING DENSITIES AND ...

African Journals Online (AJOL)

Helet Lambrechts

stocking densities will have a possible inhibitory effect on the establishment of ... Keywords: Ostriches, stocking density, male:female ratio, reproductive performance .... Eggs were stored upright with the air cell in the uppermost position.

Scoring on the stock exchange? The effect of football matches on stock market returns : an event study

NARCIS (Netherlands)

Scholtens, B.; Peenstra, W.

2009-01-01

We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for

Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

Directory of Open Access Journals (Sweden)

Mobeen Ur Rehman

2013-05-01

Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

Cattle breeding goals and production circumstances

NARCIS (Netherlands)

Groen, A.F.

1989-01-01

This thesis gives the results of a study on the relationship between cattle breeding goals and production circumstances. The relationship between breeding goals and production circumstances mostly arises from the influences of production circumstances on the economic values of