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Sample records for abundancein stock abundance

  1. Changes in abundance of the northern Benguela sardine stock ...

    African Journals Online (AJOL)

    ... system-wide environmental changes were an important factor in the decline of the sardine stock at that time. Anomalous oceanographic conditions, such as extensive hypoxic shelf waters in 1993/94 and a Benguela Niño in 1995, support this conclusion. Keywords: environmental effects, fishing effects, northern Benguela, ...

  2. Abundance and survival rates of the Hawai'i Island associated spinner dolphin (Stenella longirostris stock.

    Directory of Open Access Journals (Sweden)

    Julian A Tyne

    Full Text Available Reliable population estimates are critical to implement effective management strategies. The Hawai'i Island spinner dolphin (Stenella longirostris is a genetically distinct stock that displays a rigid daily behavioural pattern, foraging offshore at night and resting in sheltered bays during the day. Consequently, they are exposed to frequent human interactions and disturbance. We estimated population parameters of this spinner dolphin stock using a systematic sampling design and capture-recapture models. From September 2010 to August 2011, boat-based photo-identification surveys were undertaken monthly over 132 days (>1,150 hours of effort; >100,000 dorsal fin images in the four main resting bays along the Kona Coast, Hawai'i Island. All images were graded according to photographic quality and distinctiveness. Over 32,000 images were included in the analyses, from which 607 distinctive individuals were catalogued and 214 were highly distinctive. Two independent estimates of the proportion of highly distinctive individuals in the population were not significantly different (p = 0.68. Individual heterogeneity and time variation in capture probabilities were strongly indicated for these data; therefore capture-recapture models allowing for these variations were used. The estimated annual apparent survival rate (product of true survival and permanent emigration was 0.97 SE ± 0.05. Open and closed capture-recapture models for the highly distinctive individuals photographed at least once each month produced similar abundance estimates. An estimate of 221 ± 4.3 SE highly distinctive spinner dolphins, resulted in a total abundance of 631 ± 60.1 SE, (95% CI 524-761 spinner dolphins in the Hawai'i Island stock, which is lower than previous estimates. When this abundance estimate is considered alongside the rigid daily behavioural pattern, genetic distinctiveness, and the ease of human access to spinner dolphins in their preferred resting habitats, this

  3. Geo-Referenced, Abundance Calibrated Ocean Distribution of Chinook Salmon (Oncorhynchus tshawytscha Stocks across the West Coast of North America.

    Directory of Open Access Journals (Sweden)

    M Renee Bellinger

    Full Text Available Understanding seasonal migration and localized persistence of populations is critical for effective species harvest and conservation management. Pacific salmon (genus Oncorhynchus forecasting models predict stock composition, abundance, and distribution during annual assessments of proposed fisheries impacts. Most models, however, fail to account for the influence of biophysical factors on year-to-year fluctuations in migratory distributions and stock-specific survival. In this study, the ocean distribution and relative abundance of Chinook salmon (O. tshawytscha stocks encountered in the California Current large marine ecosystem, U.S.A were inferred using catch-per-unit effort (CPUE fisheries and genetic stock identification data. In contrast to stock distributions estimated through coded-wire-tag recoveries (typically limited to hatchery salmon, stock-specific CPUE provides information for both wild and hatchery fish. Furthermore, in contrast to stock composition results, the stock-specific CPUE metric is independent of other stocks and is easily interpreted over multiple temporal or spatial scales. Tests for correlations between stock-specific CPUE and stock composition estimates revealed these measures diverged once proportional contributions of locally rare stocks were excluded from data sets. A novel aspect of this study was collection of data both in areas closed to commercial fisheries and during normal, open commercial fisheries. Because fishing fleet efficiency influences catch rates, we tested whether CPUE differed between closed area (non-retention and open area (retention data sets. A weak effect was indicated for some, but not all, analyzed cases. Novel visualizations produced from stock-specific CPUE-based ocean abundance facilitates consideration of how highly refined, spatial and genetic information could be incorporated in ocean fisheries management systems and for investigations of biogeographic factors that influence

  4. Monsoonal impact on planktonic standing stock and abundance in a tropical estuary (Cochin backwaters - India)

    Digital Repository Service at National Institute of Oceanography (India)

    Madhu, N.V.; Jyothibabu, R.; Balachandran, K.K.; Honey, U.K.; Martin, G.D.; Vijay, J.G.; Shiyas, C.A.; Gupta, G.V.M.; Achuthankutty, C.T.

    the distribution and abundance of micro- and mesozooplankton. During premonsoon season, the CBW was characterized by warm waters (av. 32.6 ± 0.6 °C) with relatively high salinity (>23; except in the lower estuary). On the other hand, fresh water was found...

  5. Effects of an increasing filter feeder stock on larval abundance in the Oosterschelde estuary (SW Netherlands)

    NARCIS (Netherlands)

    Troost, Karin; Gelderman, Edzard; Kamermans, Pauline; Smaal, Aad C.; Wolff, Wim J.

    Predation by adult bivalves oil bivalve larvae has been suggested to reduce larval abundance in areas with high bivalve filter-feeder biomass. Although the occurrence of larviphagy is well-studied in the laboratory, its effects in the field have scarcely been studied. We studied larviphagy at

  6. Effects of an increasing filter feeder stock on larval abundance in the Oosterschelde estuary (SW Netherlands)

    NARCIS (Netherlands)

    Troost, K.; Gelderman, E.A.C.; Kamermans, P.; Smaal, A.C.; Wolff, W.

    2009-01-01

    Predation by adult bivalves on bivalve larvae has been suggested to reduce larval abundance in areas with high bivalve filter-feeder biomass. Although the occurrence of larviphagy is well-studied in the laboratory, its effects in the field have scarcely been studied. We studied larviphagy at

  7. [Effect of stock abundance and environmental factors on the recruitment success of small yellow croaker in the East China Sea].

    Science.gov (United States)

    Liu, Zun-lei; Yuan, Xing-wei; Yang, Lin-lin; Yan, Li-ping; Zhang, Hui; Cheng, Jia-hua

    2015-02-01

    Multiple hypotheses are available to explain recruitment rate. Model selection methods can be used to identify the best model that supports a particular hypothesis. However, using a single model for estimating recruitment success is often inadequate for overexploited population because of high model uncertainty. In this study, stock-recruitment data of small yellow croaker in the East China Sea collected from fishery dependent and independent surveys between 1992 and 2012 were used to examine density-dependent effects on recruitment success. Model selection methods based on frequentist (AIC, maximum adjusted R2 and P-values) and Bayesian (Bayesian model averaging, BMA) methods were applied to identify the relationship between recruitment and environment conditions. Interannual variability of the East China Sea environment was indicated by sea surface temperature ( SST) , meridional wind stress (MWS), zonal wind stress (ZWS), sea surface pressure (SPP) and runoff of Changjiang River ( RCR). Mean absolute error, mean squared predictive error and continuous ranked probability score were calculated to evaluate the predictive performance of recruitment success. The results showed that models structures were not consistent based on three kinds of model selection methods, predictive variables of models were spawning abundance and MWS by AIC, spawning abundance by P-values, spawning abundance, MWS and RCR by maximum adjusted R2. The recruitment success decreased linearly with stock abundance (P success might be due to cannibalism or food competition. Meridional wind intensity showed marginally significant and positive effects on the recruitment success (P = 0.06), while runoff of Changjiang River showed a marginally negative effect (P = 0.07). Based on mean absolute error and continuous ranked probability score, predictive error associated with models obtained from BMA was the smallest amongst different approaches, while that from models selected based on the P-value of

  8. Impact of winter oceanographic conditions on zooplankton abundance in northern Adriatic with implications on Adriatic anchovy stock prognosis

    Science.gov (United States)

    Kraus, Romina; Supić, Nastjenjka; Lučić, Davor; Njire, Jakica

    2015-12-01

    Anchovy, Engraulis encrasicolus (L.), is commercially one of the most important Adriatic small pelagic fish. Despite the prevailing oligotrophication trend in the northern Adriatic (NA), the anchovy catch increased after 2000, coinciding with an increased number of the winter type A occurrences, when Po River waters are favoured to spread across the NA. Namely, winter type A is characterised by conditions resulting with Po River waters spreading across the NA along with salinity decrease. On the contrary, in winters of type B, salinity is high. We hypothesized in previous paper, based on correlation between circulation patterns and phytoplankton with anchovy catch, that excess feeding of anchovy in this winter pre-spawning period (February) can lead to increased amounts of the anchovy eggs two months later and subsequently to the total fish catch of the same year. In this paper, we investigate in more details and based on longer time series the relation between anchovy catch and winter circulation patterns of the NA. Additionally, we studied the association between anchovy catch and zooplankton, as anchovy is predominantly zooplanktivorous. We found that zooplankton abundances in winters of A type enhance and that ciliates play an important role in the NA anchovy food web and enrichment of the region with anchovy. Finally, the results of our investigation might in time represent the basics for a sustainable anchovy management in the Adriatic Sea as they enable the development of prediction models of the anchovy stock.

  9. Use of Multiple Methods to Estimate Walrus (Odobenus rosmarus rosmarus Abundance in the Penny Strait-Lancaster Sound and West Jones Sound Stocks, Canada

    Directory of Open Access Journals (Sweden)

    Robert EA Stewart

    2014-12-01

    Full Text Available Surveys to estimate walrus abundance at terrestrial haulout sites in the Penny Strait-Lancaster Sound (PS-LS and West Jones Sound (WJS stocks were conducted in 1977 and 1998-2009. The Minimum Counted Population (MCP was similar in 1977 (565 to recent years (557 for the PS-LS stock. The MCP for the WJS stock was higher in recent surveys (404 than in 1977 (290. Regression analysis of MCP and density (number of walrus divided by number of haulouts surveyed showed no significant trends over time. We also calculated bounded count estimates for comparison. Finally, we used broad-scale behavioural data to estimate the proportion of the total stock that could be considered countable, to produce two adjusted estimates. We selected recent surveys with good coverage and ignored adjusted estimates that were lower than MCP. For the PS-LS stock, the adjusted MCP (with 95% CL was 672 (575-768 and 727 (623-831 walrus in 2007 and 2009, respectively. For WJS, the best estimates were the adjusted MCP of 503 (473-534 in 2008 and the adjusted bounded count of 470 (297-1732 in 2009. While both stocks appear to have remained stable over three decades, differences in survey coverage and possible differences in walrus distribution make precise population estimation difficult.

  10. Targeting Abundant Fish Stocks while Avoiding Overfished Species: Video and Fishing Surveys to Inform Management after Long-Term Fishery Closures.

    Science.gov (United States)

    Starr, Richard M; Gleason, Mary G; Marks, Corina I; Kline, Donna; Rienecke, Steve; Denney, Christian; Tagini, Anne; Field, John C

    2016-01-01

    Historically, it has been difficult to balance conservation goals and yield objectives when managing multispecies fisheries that include stocks with various vulnerabilities to fishing. As managers try to maximize yield in mixed-stock fisheries, exploitation rates can lead to less productive stocks becoming overfished. In the late 1990s, population declines of several U.S. West Coast groundfish species caused the U.S. Pacific Fishery Management Council to create coast-wide fishery closures, known as Rockfish Conservation Areas, to rebuild overfished species. The fishery closures and other management measures successfully reduced fishing mortality of these species, but constrained fishing opportunities on abundant stocks. Restrictive regulations also caused the unintended consequence of reducing fishery-dependent data available to assess population status of fished species. As stocks rebuild, managers are faced with the challenge of increasing fishing opportunities while minimizing fishing mortality on rebuilding species. We designed a camera system to evaluate fishes in coastal habitats and used experimental gear and fishing techniques paired with video surveys to determine if abundant species could be caught in rocky habitats with minimal catches of co-occurring rebuilding species. We fished a total of 58 days and completed 741 sets with vertical hook-and-line fishing gear. We also conducted 299 video surveys in the same locations where fishing occurred. Comparison of fishing and stereo-video surveys indicated that fishermen could fish with modified hook-and-line gear to catch abundant species while limiting bycatch of rebuilding species. As populations of overfished species continue to recover along the U.S. West Coast, it is important to improve data collection, and video and fishing surveys may be key to assessing species that occur in rocky habitats.

  11. Targeting Abundant Fish Stocks while Avoiding Overfished Species: Video and Fishing Surveys to Inform Management after Long-Term Fishery Closures

    Science.gov (United States)

    2016-01-01

    Historically, it has been difficult to balance conservation goals and yield objectives when managing multispecies fisheries that include stocks with various vulnerabilities to fishing. As managers try to maximize yield in mixed-stock fisheries, exploitation rates can lead to less productive stocks becoming overfished. In the late 1990s, population declines of several U.S. West Coast groundfish species caused the U.S. Pacific Fishery Management Council to create coast-wide fishery closures, known as Rockfish Conservation Areas, to rebuild overfished species. The fishery closures and other management measures successfully reduced fishing mortality of these species, but constrained fishing opportunities on abundant stocks. Restrictive regulations also caused the unintended consequence of reducing fishery-dependent data available to assess population status of fished species. As stocks rebuild, managers are faced with the challenge of increasing fishing opportunities while minimizing fishing mortality on rebuilding species. We designed a camera system to evaluate fishes in coastal habitats and used experimental gear and fishing techniques paired with video surveys to determine if abundant species could be caught in rocky habitats with minimal catches of co-occurring rebuilding species. We fished a total of 58 days and completed 741 sets with vertical hook-and-line fishing gear. We also conducted 299 video surveys in the same locations where fishing occurred. Comparison of fishing and stereo-video surveys indicated that fishermen could fish with modified hook-and-line gear to catch abundant species while limiting bycatch of rebuilding species. As populations of overfished species continue to recover along the U.S. West Coast, it is important to improve data collection, and video and fishing surveys may be key to assessing species that occur in rocky habitats. PMID:28002499

  12. Abundance and Summer Distribution of a Local Stock of Black Sea Bottlenose Dolphins, Tursiops truncatus (Cetacea, Delphinidae, in Coastal Waters near Sudak (Ukraine, Crimea

    Directory of Open Access Journals (Sweden)

    Gladilina E. V.

    2016-02-01

    Full Text Available The first assessment of abundance of a local population of bottlenose dolphins in the Black Sea (near the Sudak coast in 2011–2012 has been conducted: the results of a mark-recapture study of photo identified animals were complemented by a vessel line transect survey. The overall abundance of a population was estimated at between 621 ± 198 and 715 ± 267 animals (Chapman and Petersen estimates, and the majority of members of the population were recorded in the surveyed area. The summer range covered the area of a few hundred square kilometers, similar to migrating coastal stocks in other world regions. The greatest density of distribution was observed in August in sea 45–60 m deep; in addition, frequent approaches to the coastline are usual for dolphins of this stock. These trends in distribution may be partly explained by distribution of prey. Interaction with sprat trawling fisheries can be a factor shaping the local population structure. Coastal waters of Sudak and adjoining sea areas are an important habitat for bottlenose dolphins in the northern Black Sea, significant for their conservation.

  13. Seasonal biomass and alginate stock assessment of three abundant genera of brown macroalgae using multispectral high resolution satellite remote sensing: A case study at Ekas Bay (Lombok, Indonesia).

    Science.gov (United States)

    Setyawidati, Nur Azmi R; Puspita, Maya; Kaimuddin, Awaludin H; Widowati, Ita; Deslandes, Eric; Bourgougnon, Nathalie; Stiger-Pouvreau, Valérie

    2018-02-05

    The potential of Indonesian bays as alginate producers was assessed by determining the stock of wild brown algae and exploring their biomass as alginophytes at the scale of entire bay, using a combination of field observations, remote sensing high resolution data and GIS tools. Ekas Bay in Lombok Island presented a stock of brown macroalgae which varied with season and species: for Padina the biomass reached 97.85±12.63 and 79.54±2.53tons in May/June and November respectively; for Sargassaceae species, it reached 669.70±109.64 and 147.70±77.97tons in May/June and November respectively. The best alginate yields occurred during the May/June period: Padina could produce 9.10±0.06tons DW of alginates. Interestingly, Sargassum/Turbinaria together allow 207.61±0.42tons DW of alginates. This study suggests that wild Sargassaceae represent an interesting stock in terms of biomass, alginate yield and M/G ratio. Copyright © 2017 Elsevier Ltd. All rights reserved.

  14. 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....

  15. 78 FR 19446 - Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-04-01

    ... completed in 1995. The MMPA requires NMFS and FWS to review the SARs at least annually for strategic stocks...-strategic stocks. NMFS and FWS are required to revise a SAR if the status of the stock has changed or can be... digital aerial images from our 2012 Gulf of Maine harbor seal abundance survey, our seasonal southeastern...

  16. Statistical modelling of fish stocks

    DEFF Research Database (Denmark)

    Kvist, Trine

    1999-01-01

    for modelling the dynamics of a fish population is suggested. A new approach is introduced to analyse the sources of variation in age composition data, which is one of the most important sources of information in the cohort based models for estimation of stock abundancies and mortalities. The approach combines...... and it is argued that an approach utilising stochastic differential equations might be advantagous in fish stoch assessments....

  17. Effects of changes in stock productivity and mixing on sustainable fishing and economic viability

    DEFF Research Database (Denmark)

    Bastardie, Francois; Nielsen, J. Rasmus; Eero, Margit

    2017-01-01

    have induced alternative individual vessel spatial effort allocation and economic performance by affecting fishing costs and by changing the relative stock abundance and size distribution. Stock mixing heavily influences profit and stock abundance for stocks that have experienced increased fishing...... and conditions greatly reduce the overall cod spawning stock biomass, thus changing the landing size composition and associated fishery profits. As a cumulative effect, fishing efforts are redirected towards western areas depending on management (quotas). However, total profits are less affected when traditional...... accordingly. Recent changes in stock structures, conditions and stock mixing between eastern and western Baltic cod can jeopardize the reliability of stock assessments and of the fishery economy. We modelled how different management, individual vessel decision-making, and stock growth and mixing scenarios...

  18. Adding trend data to Depletion-Based Stock Reduction Analysis

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — A Bayesian model of Depletion-Based Stock Reduction Analysis (DB-SRA), informed by a time series of abundance indexes, was developed, using the Sampling Importance...

  19. 75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2010-08-04

    ... (375), 2008 (375), and 2009 (321) and is 375. Nmin, which is a function of the abundance estimate and... considered strategic. A new SAR is included for a Puerto Rico and Virgin Islands stock of sperm whales in the...

  20. 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…

  1. 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.

  2. Development of Bayesian stock assessment methods for Namibian ...

    African Journals Online (AJOL)

    The application of Bayesian stock assessment methods in the management of Namibian orange roughy Hoplosthethus atlanticus within the 200 mile EEZ of Namibia is reviewed. Time-series of relative abundance are short and their reliability in indicating abundance trends is uncertain. The development of informative prior ...

  3. A Stock Market Project.

    Science.gov (United States)

    Anderson, Christine; Cook, Stan

    1990-01-01

    Offers a field-tested stock market unit designed to develop mathematical skills involving fractions and decimals, basic understanding of the stock market, and hypothesis testing skills in real world situations. Includes tables displaying questions, tally sheets, and instructions, as well as a list of related activities. (MDH)

  4. Stock Implied Volatility, Stock Turnover, and the Stock-Bond Return Relation

    OpenAIRE

    Stivers, Chris; Sun, Licheng

    2002-01-01

    The authors examine how the co-movement between daily stock and Treasury bond returns varies with stock market uncertainty. They use the lagged implied volatility from equity index options to provide an objective, observable, and dynamic measure of stock market uncertainty. The authors find that stock and bond returns tend to move substantially together during periods of lower stock market uncertainty. However, stock and bond returns tend to exhibit little relation or even a negative relation...

  5. 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....

  6. Fishing and stock fluctuations

    National Research Council Canada - National Science Library

    Laevastu, Taivo; Favorite, F

    1988-01-01

    .... Scarcely publicized are the multitude of causes of fish stock fluctuations. This book attempts to summarize the available knowledge on the subject and includes original work of the authors on a matter vital to the fisheries industries of the world...

  7. DLA Forward Stocking

    National Research Council Canada - National Science Library

    Flory, John

    2007-01-01

    .... This study evaluates the feasibility of forward stocking in terms of DoD savings. The performance of DLA's criteria is evaluated and a new criteria using a cost and demand threshold is proposed...

  8. Trading Network Predicts Stock Price

    Science.gov (United States)

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

    2014-01-01

    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.

  9. 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.

  10. 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.

  11. SWFSC/MMTD/ETP: Stenella Abundance Research (STAR) 1998-2000, 2003, and 2006

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Stenella Abundance Research Project (STAR) is a multi-year cetacean and ecosystem assessment study designed to assess the status of dolphin stocks which have...

  12. Zooplankton of the southwest coast of India: abundance, composition, temporal and spatial variability in 1987

    Digital Repository Service at National Institute of Oceanography (India)

    Madhupratap, M.; Haridas, P.; Ramaiah, Neelam; Achuthankutty, C.T.

    During early southwest and northeast monsoon periods of 1967, zooplankton standing stocks and abundances were high all along the west coast of India. Swarms of zooplankton were common in the shelf areas resulting in a low diversity-high biomass...

  13. Estimating carbon stock in secondary forests

    DEFF Research Database (Denmark)

    Breugel, Michiel van; Ransijn, Johannes; Craven, Dylan

    2011-01-01

    of trees and species for destructive biomass measurements. We assess uncertainties associated with these decisions using data from 94 secondary forest plots in central Panama and 244 harvested trees belonging to 26 locally abundant species. AGB estimates from species-specific models were used to assess......Secondary forests are a major terrestrial carbon sink and reliable estimates of their carbon stocks are pivotal for understanding the global carbon balance and initiatives to mitigate CO2 emissions through forest management and reforestation. A common method to quantify carbon stocks in forests...... is the use of allometric regression models to convert forest inventory data to estimates of aboveground biomass (AGB). The use of allometric models implies decisions on the selection of extant models or the development of a local model, the predictor variables included in the selected model, and the number...

  14. About stock markets predictability

    Directory of Open Access Journals (Sweden)

    Hicham Benjelloun

    2011-01-01

    Full Text Available We argue that the financial markets have a predetermined outcome. They behave deterministically but appear to follow random patterns. Stock prices have nothing to do with future expectations; they are a reflection of previous convictions coming from the confident investors. A financial crisis is the result of the lack of confidence that characterizes a market moments before the crisis. Stocks returns are perfectly correlated to each other and it is possible to obtain high gains consistently. Finally we provide a different way of assessing risk and suggest a method to sense future performances.

  15. The effect of firm and stock characteristics on stock returns: Stock market crash analysis

    Directory of Open Access Journals (Sweden)

    Rizaldi Fauzi

    2016-06-01

    Full Text Available This study aims to determine characteristics of stocks and firms that are deliberately affected by stock market crash occurring in Indonesia. The study uses data for three major stock market crashes that occurred in 1997, 2000, and 2008. The analysis is accomplished by using multivariate regression method. The results of the study find that stocks with higher betas, larger capitalization, more return volatility, higher debt ratios, lower levels of liquid assets, and lower asset profitability tend to lose more value on crash day. This study also finds that there are short-term and long-term momentum effects on stock returns during most of stock market crashes.

  16. 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...

  17. Stock Market Savvy.

    Science.gov (United States)

    Okula, Susan

    2003-01-01

    This issue of Keying In, the newsletter of the National Business Education Association, focuses upon teaching young adults how to develop both investment strategies and an understanding of the stock market. The first article, "Sound Investing Know-How: A Must for Today's Young Adults," describes how young adults can plan for their own…

  18. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

    consider firms for which relatively little information is available as “hard to value”. Examples are firms covered by few analysts and small firms. Second, I consider firms with high levels of analyst disagreement on stock price target, next quarter earnings per share and share recommendation as “hard...

  19. Fish species composition, diversity and abundance of the lower New ...

    African Journals Online (AJOL)

    A thirteen-week investigation to determine the fish species composition, diversity and abundance of the Lower New Calabar River, in Rivers State, aimed at providing information on the fish stock and their status for documentation, knowledge improvement, and development of conservation and management strategies was ...

  20. Process of consignment stock implementation

    OpenAIRE

    Vrbová, Petra; Alina, Jiří; Cempírek, Václav

    2016-01-01

    Consignment stock concept is very important in case of short-term assets management in terms of completely innovative approach helping to manage inventories in which the supplier supplies his inventory and maintains a stock of material at the buyer´s stock. This article deals mainly with the process of Consignment stock implementation itself and considers the approach of Battini, Grassi, Persona, Sgarbossa (2010) by filling new phases and particularizes each separate phase and step. This pape...

  1. 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 ...

  2. 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.

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

    Science.gov (United States)

    Chok, Jay; Qian, Jifeng

    2013-01-01

    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.

  4. The North Sea autumn spawning herring (Clupea harengus L.) Spawning Component Abundance Index (SCAI)

    DEFF Research Database (Denmark)

    2013-01-01

    The North Sea autumn-spawning herring (Clupea harengus) stock consists of a set of different spawning components. The dynamics of the entire stock have been well characterized, but although time-series of larval abundance indices are available for the individual components, study of the dynamics...... the other components, whereas the Downs component has been the slowest. These differences give rise to changes in stock composition, which are shown to vary widely within a relatively short time. The modelling framework provides a valuable tool for studying and monitoring the dynamics of the individual...... components of the North Sea herring stock...

  5. series of abundance

    African Journals Online (AJOL)

    denise

    methods are useful for such fisheries because they can unify diverse but sparse sources of data ... risks and uncertainties in future stock assessments for the provision of precautionary management advice, it is proposed that the assessment protocols ...... Scientific and marketing exper- tise from orange roughy fisheries in ...

  6. Outlook '98 - Stock markets

    International Nuclear Information System (INIS)

    Vankka, D.

    1998-01-01

    In view of the recent drop of some 20 per cent in energy stock prices, and the decline in the value of the Canadian dollar, forecasting oilpatch financing in 1998 is a risky undertaking. Based on a variety of relevant factors, it is expected that there will be a slowdown in oil and gas financing deals in the short term. On the other hand, longer term outlook is bullish, based on the huge capital requirements over the next few years for conventional projects, heavy oil, oilsands and pipelines projects. Corporate mergers and acquisitions will continue at about the same rate as in 1997, as companies attempt to achieve ''economies of scale'' and growth in the most economically sensible manner. Adding production and reserves through corporate transactions at the current lower stock prices will be a powerful incentive. Creative deal structuring will become more prevalent. Corporate reorganizations into separate companies in search of value maximization will increase

  7. Assessment demersal fish stocks Mauritania

    OpenAIRE

    Corten, A.A.H.M.; Goudswaard, P.C.; Heessen, H.J.L.

    2006-01-01

    The RIVO project "Assessment of demersal fish stocks in Mauritania" was commissioned by the Ministry of Foreign Affairs of The Netherlands to produce information on the state of the demersal fish stocks (species that live near the bottom) in Mauritania, in particular octopus and shrimps. These stocks are fished by fleets from the EU, working under the fishery agreement between the EU and Mauritania. Although there are no Dutch vessels targeting demersal fish in Mauritania, the government of T...

  8. OXYGEN ABUNDANCES IN CEPHEIDS

    Energy Technology Data Exchange (ETDEWEB)

    Luck, R. E.; Andrievsky, S. M. [Department of Astronomy, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, OH 44106-7215 (United States); Korotin, S. N.; Kovtyukh, V. V., E-mail: luck@fafnir.astr.cwru.edu, E-mail: serkor@skyline.od.ua, E-mail: val@deneb1.odessa.ua, E-mail: scan@deneb1.odessa.ua [Department of Astronomy and Astronomical Observatory, Odessa National University, Isaac Newton Institute of Chile, Odessa Branch, Shevchenko Park, 65014 Odessa (Ukraine)

    2013-07-01

    Oxygen abundances in later-type stars, and intermediate-mass stars in particular, are usually determined from the [O I] line at 630.0 nm, and to a lesser extent, from the O I triplet at 615.7 nm. The near-IR triplets at 777.4 nm and 844.6 nm are strong in these stars and generally do not suffer from severe blending with other species. However, these latter two triplets suffer from strong non-local thermodynamic equilibrium (NLTE) effects and thus see limited use in abundance analyses. In this paper, we derive oxygen abundances in a large sample of Cepheids using the near-IR triplets from an NLTE analysis, and compare those abundances to values derived from a local thermodynamic equilibrium (LTE) analysis of the [O I] 630.0 nm line and the O I 615.7 nm triplet as well as LTE abundances for the 777.4 nm triplet. All of these lines suffer from line strength problems making them sensitive to either measurement complications (weak lines) or to line saturation difficulties (strong lines). Upon this realization, the LTE results for the [O I] lines and the O I 615.7 nm triplet are in adequate agreement with the abundance from the NLTE analysis of the near-IR triplets.

  9. 12 CFR 925.23 - Excess stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Excess stock. 925.23 Section 925.23 Banks and... BANKS Stock Requirements § 925.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of this section, a member may purchase excess stock as long as the purchase is approved by the...

  10. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a class...

  11. Interdecadal variability of anchoveta abundance and overcapacity of the fishery in Peru

    Science.gov (United States)

    Fréon, Pierre; Bouchon, Marilú; Mullon, Christian; García, Christian; Ñiquen, Miguel

    2008-10-01

    Paleontological and historical stock abundance estimates indicate that pelagic fish populations inhabiting upwelling ecosystems undergo large interdecadal variations in abundance with amplitudes equal to, if not larger than, the interannual variability. The interdecadal variability is characterized by periods of high and low abundance, termed “pseudo-cycles”, because of their irregular periodicity. Fisheries targeting small pelagic fish suffer from overall overcapitalization, like many other fisheries, but also from an additional overcapitalization problem: a phase displacement between rapid fish population decreases and a slower disinvestment which follows. This lag produces economic hardship. Here we document the fish:fishery relationship for the Peruvian anchoveta. Anchoveta pseudo-cycles of 20 to >100 years are observed, with the present stock abundance most likely located near upper part of the cycle. Fleet overcapacity expressed as the proportion of unused present capacity is estimated at 72% and processing overcapacity at 89%. A simple bio-economic model demonstrates the risks associated with the pseudo-periodicity in fish stock abundance in conjunction with fishery investment, open access, and overcapacity: a timing bomb for the fishing sector. The lag between disinvestment and decrease in fish abundance is quantified. A reduction of the fishing and processing capacity and measures to decrease the investment lag are recommended to limit the social, economical and political tensions that will result from the expected decrease in stock abundance. Finally, some management options to reduce these risks are discussed.

  12. Scaling analysis of stock markets.

    Science.gov (United States)

    Bu, Luping; Shang, Pengjian

    2014-06-01

    In this paper, we apply the detrended fluctuation analysis (DFA), local scaling detrended fluctuation analysis (LSDFA), and detrended cross-correlation analysis (DCCA) to investigate correlations of several stock markets. DFA method is for the detection of long-range correlations used in time series. LSDFA method is to show more local properties by using local scale exponents. DCCA method is a developed method to quantify the cross-correlation of two non-stationary time series. We report the results of auto-correlation and cross-correlation behaviors in three western countries and three Chinese stock markets in periods 2004-2006 (before the global financial crisis), 2007-2009 (during the global financial crisis), and 2010-2012 (after the global financial crisis) by using DFA, LSDFA, and DCCA method. The findings are that correlations of stocks are influenced by the economic systems of different countries and the financial crisis. The results indicate that there are stronger auto-correlations in Chinese stocks than western stocks in any period and stronger auto-correlations after the global financial crisis for every stock except Shen Cheng; The LSDFA shows more comprehensive and detailed features than traditional DFA method and the integration of China and the world in economy after the global financial crisis; When it turns to cross-correlations, it shows different properties for six stock markets, while for three Chinese stocks, it reaches the weakest cross-correlations during the global financial crisis.

  13. Assessment demersal fish stocks Mauritania

    NARCIS (Netherlands)

    Corten, A.A.H.M.; Goudswaard, P.C.; Heessen, H.J.L.

    2006-01-01

    The RIVO project "Assessment of demersal fish stocks in Mauritania" was commissioned by the Ministry of Foreign Affairs of The Netherlands to produce information on the state of the demersal fish stocks (species that live near the bottom) in Mauritania, in particular octopus and shrimps. These

  14. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

    Full Text Available The Internet is the perfect tool that can assure the market’s transparency for any user who wants to trade on the stock market. The investor can have access to the market news, financial calendar or the press releases of the issuers. A good online trading platform also provides real-time intraday quotes, trading history and technical analysis giving the investor a clearer view of the supply and demand in the market. All this information provides the investor a good image of the market and encourages him to trade. This paper wishes to draft the pieces of an online trading platform and to analyze the impact of developing and implementing one in a brokerage firm.

  15. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

    This paper is based on a pilot study of six parents’ preferences for baby clothing and their experience of value. We investigate ways in which design aesthetics, material and the senses have an impact on high use frequency aiming to understand longevity as a parameter for sustainability in textiles...... of the Repertory Grid technique and Wardrobe Studies to frame a tangible dialogue enabling the parents to elaborate on personal preferences of design aesthetics and materials in baby clothing. In the analysis we use the body stocking as a common reference point for learning about reasons for high use frequency....... In addition, it is exemplified how personal taste, preferences for aesthetics and experience of wellbeing may have an impact on high use frequency. Finally, the paper points to further elaboration by suggesting a (tentative) matrix structure to better understand the parameters in designing sustainable...

  16. Rainy Day Stocks

    DEFF Research Database (Denmark)

    Gormsen, Niels Joachim; Greenwood, Robin

    We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times—value, profitability, small size, safety, and total volatility—also perform well during good times. Stocks with characteristics...... signifying high liquidity, such as high turnover and low bid-ask spreads, perform well during bad times but otherwise underperform. We develop a simple but flexible procedure to recover a “risk neutral alpha” that recognizes a 1% return experienced during bad times as being more valuable than a 1% return...... generated during good times. We also show how an investor can build a “rainy day” portfolio that minimizes underperformance during bad times...

  17. 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.

  18. 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.

  19. A definition of depletion of fish stocks

    Science.gov (United States)

    Van Oosten, John

    1949-01-01

    Attention was focused on the need of a common and better understanding of the term depletion as applied to the fisheries in order to eliminate if possible the existing inexactness of thought on the subject. Depletion has been confused at various times with at least ten different ideas associated with it but which, as has has heen pointed out, are not synonymous at all. In defining depletion we must recognize that the term represents a condition and must not he confounded with the cause (overfishing) that leads to this condition or with the symptoms that identify it. Depletion was defined as a reduction, through overfishing, in the level of abundance of the exploitable segment of a stock that prevents the realization of the maximum productive capacity.

  20. Stock recruitment relationships for cod ( Gadus morhua L.) in the central Baltic Sea incorporating environmental variability

    DEFF Research Database (Denmark)

    Jarre, Astrid; Wieland, Kai; MacKenzie, Brian

    2000-01-01

    of investigations on recruitment, which were continued through a partial recovery of the stock in the mid-1990s. The principal factors influencing recruitment and recognized at present are: (i) the volume of water with temperature, oxygen and salinity conditions which meet the minimum requirements for successful...... using updated time series of these variables, comprising the period 1966 to 1994. Spawning stock biomass and egg production are compared as measures of parent stock size. The influence of wind energy and zooplankton abundance on cod recruitment are discussed. A modified Ricker model is outlined...

  1. 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...

  2. Ammonia abundances in comets

    Science.gov (United States)

    Wyckoff, S.; Tegler, S.; Engel, L.

    The emission band strengths of the NH2 bands of Comets Halley, Hartley-Good, Thiele, and Borrelly were measured to determine the NH2 column densities for the comets. Production rates obtained using the Haser and vectorial models are in agreement within the observational errors, suggesting that a simple two-step decay model may be used to approximate the NH2 distribution in a comet's coma. Ammonia-to-water abundance ratios from 0.01 to 0.4 percent were found for the four comets. The ratio in Comet Halley is found to be Q(NH3)/Q(H2O) = 0.002 + or - 0.001. No significant difference in the ammonia abundance was found before or after perihelion in Comet Halley.

  3. Stocks low, marketers confident

    Energy Technology Data Exchange (ETDEWEB)

    Mantho, M. [ed.

    1997-01-01

    This has been a nerve wracking season as we looked at inadequate inventory spurring prices ever upward. We have watched the American Petroleum Association`s figures on refiner stocks with considerable dismay as they consistantly fell behind year ago inventory. The anxiety extended to how much oil was in marketers` bulkplants and finally in customer tanks. And so, we asked our reporting panel to help us get a fix on how much oil was available for our customers. We asked the questions in early November and so all our figures are for that month. First we asked the capacity of their bulk tanks. And then how many gallons they had on hand November 1, 1996 and the same date of 1995. From these figures, we were able to get estimates of oil inventories. Marketers bulk tanks were 47.5% filled on November 1 which meant that there was on hand at this level, 36 gallons of heating oil for each customer. At that point in the season, customer tanks were 58% filled which translated into 218 gallons.

  4. Distribution, Abundance and Assemblages

    African Journals Online (AJOL)

    E-mail: luis.silva@cd.ieo.es. Cephalopod Species in Mozambican Waters Caught in the. “Mozambique 0307” Survey: Distribution, Abundance and. Assemblages. Luis Silva1, Eduardo Balguerías2, Paula Santana Afonso3, Ignacio Sobrino1, Juan Gil1 and. Candelaria Burgos1. 1Instituto Español de Oceanografía Unidad de ...

  5. Stock Market Index Computer Programs.

    Science.gov (United States)

    Rowley, Eric

    1986-01-01

    Provides two computer programs, written in BASIC, to calculate average stock market price levels. The programs allow students to work directly from the raw price data that appear daily in the financial news. Teaching suggestions are provided. (JDH)

  6. 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... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§ 725.3...

  7. 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…

  8. 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.

  9. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES Common Nontaxable Exchanges § 1.1036-1 Stock for stock of the same corporation. (a) Section 1036 permits the exchange, without the recognition of gain or loss, of common stock...

  10. 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.

  11. 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.

  12. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

    Many methods exist to assess the fishing status of data-limited stocks; however, little is known about the accuracy or the uncertainty of such assessments. Here we evaluate a new size-based data-limited stock assessment method by applying it to well-assessed, data-rich fish stocks treated as data......-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...... assessments remarkably well and the official assessments fell well within the uncertainty bounds. The estimation of spawning stock biomass followed the same trends as the official assessment, but not the same levels. We conclude that the data-limited assessment method can be used for stock assessment...

  13. Spatial patterns and trends in abundance of larval sandeels in the North Sea: 1950–2005

    DEFF Research Database (Denmark)

    Lynam, Christopher P.; Halliday, Nicholas C.; Höffle, Hannes

    2013-01-01

    Early recruitment indices based on larval fish data from the Continuous Plankton Recorder (CPR) have the potential to inform stock assessments of Ammodytes marinus in the North Sea. We evaluate whether the CPR data are reliable for sandeel larvae. Spatially, CPR larval data were comparable...... 0-group trawl data at the east Fair Isle ground (since 1984), and with recruitment data (since 1983) for the Dogger Banks stock assessment area. Therefore, CPR data may provide an early recruit index of relative abundance for the Dogger Banks assessment area, where the majority of the commercial...... years and/or with abundant 1-year-old sandeel that are likely to be cannibalistic....

  14. Are Stock and Corporate Bond Markets Integrated?

    OpenAIRE

    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 default, which are then transformed into expected stock returns. We find, surprisingly, a strong negative cross-sectional relation between these expected and realized stock returns over the period ...

  15. 12 CFR 925.20 - Stock purchase.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Stock purchase. 925.20 Section 925.20 Banks and... BANKS Stock Requirements § 925.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank in which it is a member in an amount equal to the greater of: (1) $500; (2) 1 percent...

  16. 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.

  17. 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.

  18. 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%.

  19. Fishing impact and environmental status in European seas: A diagnosis from stock assessments and ecosystem indicators

    DEFF Research Database (Denmark)

    Gascuel, Didier; Coll, Marta; Fox, Clive

    2016-01-01

    stocks. Fishermen adapted by increasing fishing effort and exploiting a wider part of the ecosystems. This was insufficient to compensate for the decrease in abundance of many stocks, and total landings have halved over the last 30 years. The highest fishing impact took place in the late 1990s......Stock-based and ecosystem-based indicators are used to provide a new diagnosis of the fishing impact and environmental status of European seas. In the seven European marine ecosystems covering the Baltic and the North-east Atlantic, (i) trends in landings since 1950 were examined; (ii) syntheses...... of the status and trends in fish stocks were consolidated at the ecosystem level; and (iii) trends in ecosystem indicators based on landings and surveys were analysed. We show that yields began to decrease everywhere (except in the Baltic) from the mid-1970s, as a result of the over-exploitation of some major...

  20. 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.

  1. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

    We assess the oil price sensitivities and oil risk premiums of NYSE listed oil & gas firms' returns by using a two-step regression analysis under two different arbitrage pricing models. Thus, we apply the Fama and French (1992) factor returns in a study of oil stocks. In all, we find that the return

  2. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

    This paper investigates the link between option repricing, firm performance and corporate governance in Europe. Our sample consists of 77 European firms that repriced their stock option between 1987 and 2003. We document that option repricing is mainly a phenomenon for young and fast growing firms

  3. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

    many developing countries. In this respect, the challenges squarely recline on designing the legal frameworks capable of protecting the investor, preventing systemic crises and promoting the market they govern.3. In the Ethiopian context, the historical development of stock market traces its roots back to the Imperial period.

  4. Dispositional optimism and stock investments

    NARCIS (Netherlands)

    Angelini, Viola; Cavapozzi, D.

    This paper analyzes the relationship between dispositional optimism and stock investments, controlling for cognitive skills and personality traits such as trust, social interactions and risk aversion. We use data from the Survey of Health, Ageing and Retirement in Europe (SHARE) on investors aged

  5. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on current...

  6. The market efficiency in the stock markets

    OpenAIRE

    Yang, Jae-Suk; Kwak, Wooseop; Kaizoji, Taisei; Kim, In-mook

    2007-01-01

    We study the temporal evolution of the market efficiency in the stock markets using the complexity, entropy density, standard deviation, autocorrelation function, and probability distribution of the log return for Standard and Poor's 500 (S&P 500), Nikkei stock average index, and Korean composition stock price index (KOSPI). Based on the microscopic spin model, we also find that these statistical quantities in stock markets depend on the market efficiency.

  7. Interday drifts in opening stock returns

    OpenAIRE

    Andrey KUDRYAVTSEV

    2013-01-01

    In present study, I make an effort to shed light on the actual mechanism of autocorrelations in individual stocks' opening returns. I analyze intraday price data on thirty stocks currently making up the Dow Jones Industrial Index. Employing the sample average and the sample median of opening stock returns for each of the trading days within the sample period as two alternative proxies for the general market opening returns, I document that if the previous day's market and individual stock's o...

  8. Macroeconomic Determinants of Stock Market Development

    OpenAIRE

    Valeriano F. García; Lin Liu

    1999-01-01

    Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and stock market liquidity are important determinants of stock market capitalization; (2) macroeconomic volatility does not prove significant; and (3) stock market development and financial intermediary deve...

  9. 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.

  10. 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

  11. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF... § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange, without the...

  12. 78 FR 17053 - Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities...

    Science.gov (United States)

    2013-03-19

    ... 1545-BJ75 Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or... stock transfers for certain outbound asset reorganizations. The regulations also modify the third... respect to transfers of stock or securities by a domestic corporation to a foreign corporation in a...

  13. 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... stock transfers for certain outbound asset reorganizations. The temporary regulations also modify the... changes with respect to transfers of stock or securities by a domestic corporation to a foreign...

  14. 76 FR 7236 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange...

    Science.gov (United States)

    2011-02-09

    ...-001] Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange... is hereby given that on January 19, 2011, Stock Clearing Corporation of Philadelphia, Inc. (``SCCP'') and Boston Stock Exchange Clearing Corporation (``BSECC'') filed with the Securities and Exchange...

  15. Report of the Workshop on Blue Crab Stock Dynamics in Chesapeake Bay, December 13-15, 1982, Chesapeake Biological Laboratory

    OpenAIRE

    1983-01-01

    This workshop was convened to begin building a foundation of understanding for developing and evaluating proposed measures for the rational management of the blue crab fishery in Chesapeake Bay. Our goal was to generate a summary of knowledge of blue crab stock dynamics. Specifically, we intended to address, and hoped to estimate, the basic parameters of an exploited stock - growth, mortality, natality, migration rates, sex ratios and abundance. In one sense these objectives were simply a ...

  16. 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

  17. Online Stock Market Games for High Schools.

    Science.gov (United States)

    Lopus, Jane; Placone, Dennis

    2002-01-01

    Identifies a Web site providing information about stock market simulations for high school economics courses. Divides the information into two tables: (1) the structure of online stock market games; and (2) the determination of portfolio values of online stock market games. States that changes and updates are available at Web sites. (JEH)

  18. 47 CFR 32.4510 - Capital stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the amount...

  19. 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... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar stock may be produced on bonded wine premises with the addition of any quantity of water desired to meet...

  20. 47 CFR 32.4530 - Treasury stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued and...

  1. 25 CFR 173.6 - Stock grazing.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Stock grazing. 173.6 Section 173.6 Indians BUREAU OF... WITHDRAWN OR ACQUIRED IN CONNECTION WITH INDIAN IRRIGATION PROJECTS § 173.6 Stock grazing. Permittees may graze upon lands covered by such permits, such stock as may be required in connection with the purposes...

  2. Analysis of Naval Ammunition Stock Positioning

    Science.gov (United States)

    2015-12-01

    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...alteration of the current Navy ammunition stock positioning system. The purpose of this project is to analyze the cost and delivery performance risk

  3. 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

  4. 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

  5. Interaction of ecological and angler processes: experimental stocking in an open access, spatially structured fishery.

    Science.gov (United States)

    Mee, Jonathan A; Post, John R; Ward, Hillary; Wilson, Kyle L; Newton, Eric; Cantin, Ariane

    2016-09-01

    Effective management of socioecological systems requires an understanding of the complex interactions between people and the environment. In recreational fisheries, which are prime examples of socioecological systems, anglers are analogous to mobile predators in natural predator-prey systems, and individual fisheries in lakes across a region are analogous to a spatially structured landscape of prey patches. Hence, effective management of recreational fisheries across large spatial scales requires an understanding of the dynamic interactions among ecological density dependent processes, landscape-level characteristics, and angler behaviors. We focused on the stocked component of the open access rainbow trout (Oncorhynchus mykiss) fishery in British Columbia (BC), and we used an experimental approach wherein we manipulated stocking densities in a subset of 34 lakes in which we monitored angler effort, fish abundance, and fish size for up to seven consecutive years. We used an empirically derived relationship between fish abundance and fish size across rainbow trout populations in BC to provide a measure of catch-based fishing quality that accounts for the size-abundance trade off in this system. We replicated our experimental manipulation in two regions known to have different angler populations and broad-scale access costs. We hypothesized that angler effort would respond to variation in stocking density, resulting in spatial heterogeneity in angler effort but homogeneity in catch-based fishing quality within regions. We found that there is an intermediate stocking density for a given lake or region at which angler effort is maximized (i.e., an optimal stocking density), and that this stocking density depends on latent effort and lake accessibility. Furthermore, we found no clear effect of stocking density on our measure of catch-based fishing quality, suggesting that angler effort homogenizes catch-related attributes leading to an eroded relationship between

  6. Northern peatland carbon stocks and dynamics: a review

    Directory of Open Access Journals (Sweden)

    Z. C. Yu

    2012-10-01

    Full Text Available Peatlands contain a large belowground carbon (C stock in the biosphere, and their dynamics have important implications for the global carbon cycle. However, there are still large uncertainties in C stock estimates and poor understanding of C dynamics across timescales. Here I review different approaches and associated uncertainties of C stock estimates in the literature, and on the basis of the literature review my best estimate of C stocks and uncertainty is 500 ± 100 (approximate range gigatons of C (Gt C in northern peatlands. The greatest source of uncertainty for all the approaches is the lack or insufficient representation of data, including depth, bulk density and carbon accumulation data, especially from the world's large peatlands. Several ways to improve estimates of peat carbon stocks are also discussed in this paper, including the estimates of C stocks by regions and further utilizations of widely available basal peat ages.

    Changes in peatland carbon stocks over time, estimated using Sphagnum (peat moss spore data and down-core peat accumulation records, show different patterns during the Holocene, and I argue that spore-based approach underestimates the abundance of peatlands in their early histories. Considering long-term peat decomposition using peat accumulation data allows estimates of net carbon sequestration rates by peatlands, or net (ecosystem carbon balance (NECB, which indicates more than half of peat carbon (> 270 Gt C was sequestrated before 7000 yr ago during the Holocene. Contemporary carbon flux studies at 5 peatland sites show much larger NECB during the last decade (32 ± 7.8 (S.E. g C m−2 yr–1 than during the last 7000 yr (∼ 11 g C m−2 yr–1, as modeled from peat records across northern peatlands. This discrepancy highlights the urgent need for carbon accumulation data and process understanding, especially at decadal and centennial timescales

  7. Analysis of Information Contens and Stock Liquidity on the Companies Which Spliting Their Stock: Examination to Signaling and Trading Range on Jakarta Stock Exchange (Study on the Comanies Splitting Their Stock on the Year 200-2003)

    OpenAIRE

    Darmawan, Akhmad

    2007-01-01

    This research was held to examine signaling hypothesis by comparing the growth of companies profit which splitting their stock and not splitting their stock, on the period before stock splits and comparing yearly profit increase over 4 year before stock splits on the companies which splitting their stock. This research also conucted to examine trading range hypothesis by comparing market stock price the companies which splitting their stock and not splitting their stock split was done, and co...

  8. 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

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

    OpenAIRE

    Mohammed Syedul Islam; Evana Nusrat Dooty

    2015-01-01

    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-cras...

  10. 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.

  11. CARBON STOCKS AND STOCK CHANGES IN AGROFORESTRY PRACTICES: A REVIEW

    Directory of Open Access Journals (Sweden)

    Humphrey Agevi

    2017-05-01

    Full Text Available Trees on farmlands and agricultural lands play a crucial role in small holder farmers’ livelihoods in addition to carbon regulation through carbon sequestration. These trees have received much attention recently due to their contribution to climate change mitigation through carbon storage. Quantification of carbon stocks in these trees has always proven difficult due to the spatial extent of these trees and methodological difficulties encountered during measurement. This paper reviews a number of studies done in quantification of biomass and soil carbon stocks in agroforestry within tropics. Most appropriate method employed in determination of carbon stock changes is through use of allometric equations. The equations use parameters like diameter at breast height (DBH, height, crown area which can be measured during field inventory. DBH has always proven to be the best parameter to be used in the equation since it is easy to measure and it does not need expensive equipments.  Apart from trees, soils in agricultural lands have the capacity to store carbon and help mitigate effects of climate change. It then identifies the gap that future research can be done for accurate carbon quantification.

  12. 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.

  13. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

    This paper provides novel evidence on the effects of employee stock ownership (ESO), using new panel data on Japanese ESO plans for a highly representative sample of publicly-traded firms in Japan (covering more than 75% of all firms listed on Tokyo Stock Exchange) over 1989-2013. Unlike most prior...... studies, we focus on the effects of changes in varying attributes of existing ESO—the effects on the intensive margin. Our fixed effect estimates show that an increase in the strength of the existing ESO plans measured by stake per employee results in statistically significant productivity gains...... of the existing core participants is more effective in boosting gains from ESO plans than bringing in more employees into the trust. Reassuringly, our key results are found to be robust to the use of instrumental variables to account for possible endogeneity of ESO plans. Finally, we explore possible interplays...

  14. Armor Piercing Bullet Core Stock

    Science.gov (United States)

    1934-01-01

    letter 481/1557-1 let Ind., the speolaens were eeleoted ae follows:- 1. Carpenter Steel Co. Oal. .90 old stook ground to else. 8. Universal Steel...Co. Oal. .90 new stock ground to site Rsat 0 11981. 5. Universal Steel Co. Oal. .90 new stook ground to slss Heat C 11888. 4. Carpenter Steel Oo...Oal. .60 old stook oarburlsed oold drawn. 6. Carpenter Steel Co. Oal. .60 old stook oarburlsed oold drawn normalised. 6. Oruolble Steel Oo. Oal

  15. Tick size and stock returns

    Science.gov (United States)

    Onnela, Jukka-Pekka; Töyli, Juuso; Kaski, Kimmo

    2009-02-01

    Tick size is an important aspect of the micro-structural level organization of financial markets. It is the smallest institutionally allowed price increment, has a direct bearing on the bid-ask spread, influences the strategy of trading order placement in electronic markets, affects the price formation mechanism, and appears to be related to the long-term memory of volatility clustering. In this paper we investigate the impact of tick size on stock returns. We start with a simple simulation to demonstrate how continuous returns become distorted after confining the price to a discrete grid governed by the tick size. We then move on to a novel experimental set-up that combines decimalization pilot programs and cross-listed stocks in New York and Toronto. This allows us to observe a set of stocks traded simultaneously under two different ticks while holding all security-specific characteristics fixed. We then study the normality of the return distributions and carry out fits to the chosen distribution models. Our empirical findings are somewhat mixed and in some cases appear to challenge the simulation results.

  16. Abundances in the Galactic bulge

    Energy Technology Data Exchange (ETDEWEB)

    Barbuy, B; Alves-Brito, A [Universidade de Sao Paulo, IAG, Rua do Matao 1226, Sao Paulo 05508-900 (Brazil); Ortolani, S; Zoccali, M [Dipartimento di Astronomia, Universita di Padova, Vicolo dell' Osservatorio 2, I-35122 Padova (Italy); Hill, V; Gomez, A [Observatoire de Paris-Meudon, 92195 Meudon Cedex (France); Melendez, J [Centro de AstrofIsica da Universidade de Porto, Rua das Estrelas, 4150-762 Porto (Portugal); Asplund, M [Max Planck Institute for Astrophysics, Postfach 1317, 85741 Garching (Germany); Bica, E [Departamento de Astronomia, Universidade Federal do Rio Grande do Sul, CP 15051, Porto Alegre 91501-970 (Brazil); Renzini, A [Osservatorio Astronomico di Padova, Vicolo dell' Osservatorio 5, I-35122 Padova (Italy); Minniti, D [Department of Astronomy and Astrophysics, Universidad Catolica de Chile, Casilla 306, Santiago 22 (Chile)], E-mail: barbuy@astro.iag.usp.br

    2008-12-15

    The metallicity distribution and abundance ratios of the Galactic bulge are reviewed. Issues raised by recent work of different groups, in particular the high metallicity end, the overabundance of {alpha}-elements in the bulge relative to the thick disc and the measurement of giants versus dwarfs, are discussed. Abundances in the old moderately metal-poor bulge globular clusters are described.

  17. Energy abundance and economic progress

    International Nuclear Information System (INIS)

    Schurr, S.H.

    1983-01-01

    A discussion is presented on the benefits of energy abundance and on the links between energy supply, economic growth and human welfare in the United States. It is argued that the restoration of energy abundance with dependable sources of supply should be a major national objective. (U.K.)

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock...... 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...... (explaining the need for an increase in nominal share capital) and retained earnings. Basically all firms announcing a stock dividend with a split factor of less than two can also afford to increase their total cash dividends permanently, at least proportionally to the increase in share capital, leading...

  19. Dredging of blue mussels ( Mytilus edulis L.) in a Danish sound: stock sizes and fishery-effects on mussel population dynamic

    DEFF Research Database (Denmark)

    Dolmer, Per; Kristensen, Per Sand; Hoffmann, Erik

    1999-01-01

    In April 1993, 1994 and 1995 the abundance of blue mussels, Mytilus edulis L., was estimated in Limfjorden, Denmark. The stocks were assessed by using a down-scaled model of a commercial mussel dredge which efficiency was analysed by comparing its samples with others collected by diver. The mean...... dredge efficiency was 17%. The fishing area in Limfjorden (700 km(2)) is divided into 22 fishery zones and mussel stock size was calculated for each zone. From April 1993 to April 1994 the total stock size declined from 771 000 to 616 000 t. In the same period, the exploitation rate in the fishery was 14......% of the 1993 stock, and the size of mussel landings from each zone significantly correlated with their change in stock. In April 1995, the total mussel stock was reduced to 494 000 t. The mean exploitation rate in 1994-1995 was 15%. No correlation was observed between the size of mussel landings and the change...

  20. 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)

  1. The past and future of food stocks

    Science.gov (United States)

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

    2016-03-01

    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.

  2. 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

  3. 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.

  4. 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

  5. A joint stock assessment for the anchovy stock of the northern and central Adriatic Sea: comparison of two catch-at-age models

    Directory of Open Access Journals (Sweden)

    Piera Carpi

    2015-03-01

    Full Text Available Anchovy (Engraulis encrasicolus, L. is one of the most important commercial species of the northern and central Adriatic Sea, as well as one of the most productive fisheries in the whole Mediterranean. In the Adriatic Sea the stock of anchovy is shared between Italy, Croatia and Slovenia. A joint stock assessment was carried out using catch data from all the fleets for the time interval 1975-2009. Analyses were performed using estimates of natural mortality at age obtained by means of two different methods and two population dynamics methods based on the analysis of catch-at-age data: Laurec-Sheperd virtual population analysis (VPA and integrated catch-at-age (ICA, both tuned to acoustic estimates of abundance. Gislason’s estimates for natural mortality appeared to be more realistic and were thus preferred for short-lived species. The general trend of biomass and fishing mortality is similar for the two models, highlighting the major collapse of the stock in 1987. Nevertheless, ICA has enough flexibility to combine all the data available without adding too much complexity in comparison with a VPA approach and seems to perform better in terms of the spawning stock biomass/recruitment relationship and diagnostics (i.e. the retrospective pattern. For the stock status, the exploitation rate from ICA is higher than the suggested threshold of 0.4 proposed by Patterson for small pelagic species.

  6. 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...

  7. Diet, abundance and distribution as indices of turbot ( Psetta maxima L.) release habitat suitability

    DEFF Research Database (Denmark)

    Sparrevohn, Claus Reedtz; Støttrup, Josianne

    2008-01-01

    Selection of a suitable release habitat is critical for stock enhancement. As part of the Danish turbot stock enhancement program, individually tagged, artificially reared juveniles were released into three different habitats. Data from the recaptures in the following year revealed a significant...... was also the habitat with the highest natural abundance of age-0 individuals and the deepest distribution of wild turbot. This was the habitat where released turbot grew more slowly than in the other habitats, which indicate that the diet and depth distribution of wild turbot may provide good indicators...

  8. 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.

  9. Fishing elevates variability in the abundance of exploited species.

    Science.gov (United States)

    Hsieh, Chih-Hao; Reiss, Christian S; Hunter, John R; Beddington, John R; May, Robert M; Sugihara, George

    2006-10-19

    The separation of the effects of environmental variability from the impacts of fishing has been elusive, but is essential for sound fisheries management. We distinguish environmental effects from fishing effects by comparing the temporal variability of exploited versus unexploited fish stocks living in the same environments. Using the unique suite of 50-year-long larval fish surveys from the California Cooperative Oceanic Fisheries Investigations we analyse fishing as a treatment effect in a long-term ecological experiment. Here we present evidence from the marine environment that exploited species exhibit higher temporal variability in abundance than unexploited species. This remains true after accounting for life-history effects, abundance, ecological traits and phylogeny. The increased variability of exploited populations is probably caused by fishery-induced truncation of the age structure, which reduces the capacity of populations to buffer environmental events. Therefore, to avoid collapse, fisheries must be managed not only to sustain the total viable biomass but also to prevent the significant truncation of age structure. The double jeopardy of fishing to potentially deplete stock sizes and, more immediately, to amplify the peaks and valleys of population variability, calls for a precautionary management approach.

  10. On the performance of fish stock parameters derived from VIT pseudo-cohort analysis

    Directory of Open Access Journals (Sweden)

    Hans-Joachim Rätz

    2010-03-01

    Full Text Available The comparison of VIT model results with those of the virtual population analysis assessment of the cod stock in the Skagerrak, North Sea and Eastern Channel established by the International Council for the Exploration of the Sea (ICES reveal that overall trends in fishing mortality and stock size are well captured over a period of three decades (1963-1992. However, the implications of the equilibrium assumption (steady state made by the VIT model are enormous, as it forces strong inter-annual variations in the estimated fishing mortality, especially in years when the age composition shows strong year class effects. Estimated VIT output parameters should be carefully interpreted when the assessed stock suffers from reduction in abundance and high exploitation, as this condition is likely to deviate from steady state. The VIT estimates of the virgin stock biomass appear very variable, extremely high and fairly dependent on annual stock size estimates. Their use in fisheries management as a realistic biological stock biomass reference is not recommended. The VIT estimates of F0.1 and Fmax are found to be in line with the ICES estimates. Therefore, model results should allow qualitative conclusions regarding the status of marine living resources in relation to a target reference of exploitation rate. Quantitative conclusions regarding the assessment of the exploitation status are only recommended when the model is applied to short time series of consecutive annual data and the resulting variation in the estimated stock parameters appears reasonably low. As such, the model results may form the basis for scientifically sound fisheries management advice covering the actual state of the stock as well as medium-term forecasts of catch and biomass under different options.

  11. 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.

  12. Model for correlations in stock markets

    Science.gov (United States)

    Noh

    2000-05-01

    We propose a group model for correlations in stock markets. In the group model the markets are composed of several groups, within which the stock price fluctuations are correlated. The spectral properties of empirical correlation matrices reported recently are well understood from the model. It provides the connection between the spectral properties of the empirical correlation matrix and the structure of correlations in stock markets.

  13. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

    are not harmonized because poorer agents mainly use their transfer income to finance present consumption. (ii) Since the evolution of the economy determines both the level of tax revenues and the evolution of the stock market, transfer income is subject to stock market risk. Hence, poorer agents optimally reduce...... their equity shares. This can happen to an extent that they optimally no longer participate in the stock market....

  14. 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....

  15. The role of carrion supply in the abundance of deep-water fish off California.

    Science.gov (United States)

    Drazen, Jeffrey C; Bailey, David M; Ruhl, Henry A; Smith, Kenneth L

    2012-01-01

    Few time series of deep-sea systems exist from which the factors affecting abyssal fish populations can be evaluated. Previous analysis showed an increase in grenadier abundance, in the eastern North Pacific, which lagged epibenthic megafaunal abundance, mostly echinoderms, by 9-20 months. Subsequent diet studies suggested that carrion is the grenadier's most important food. Our goal was to evaluate if changes in carrion supply might drive the temporal changes in grenadier abundance. We analyzed a unique 17 year time series of abyssal grenadier abundance and size, collected at Station M (4100 m, 220 km offshore of Pt. Conception, California), and reaffirmed the increase in abundance and also showed an increase in mean size resulting in a ∼6 fold change in grenadier biomass. We compared this data with abundance estimates for surface living nekton (pacific hake and jack mackerel) eaten by the grenadiers as carrion. A significant positive correlation between Pacific hake (but not jack mackerel) and grenadiers was found. Hake seasonally migrate to the waters offshore of California to spawn. They are the most abundant nekton species in the region and the target of the largest commercial fishery off the west coast. The correlation to grenadier abundance was strongest when using hake abundance metrics from the area within 100 nmi of Station M. No significant correlation between grenadier abundance and hake biomass for the entire California current region was found. Given the results and grenadier longevity, migration is likely responsible for the results and the location of hake spawning probably is more important than the size of the spawning stock in understanding the dynamics of abyssal grenadier populations. Our results suggest that some abyssal fishes' population dynamics are controlled by the flux of large particles of carrion. Climate and fishing pressures affecting epipelagic fish stocks could readily modulate deep-sea fish dynamics.

  16. Elements of stock market analysis

    Directory of Open Access Journals (Sweden)

    Suciu, T.

    2013-12-01

    Full Text Available The paper represents a starting point in the presentation of the two types of stock/market analysis: the fundamental analysis and the technical analysis. The fundamental analysis consist in the assessment of the financial and economic status of the company together with the context and macroeconomic environment where it activates. The technical analysis deals with the demand and supply of securities and the evolution of their trend on the market, using a range of graphics and charts to illustrate the market tendencies for the quick identification of the best moments to buy or sell.

  17. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

    Fazioli, R.; Antonioli, B.; Beccarello, M.; Da Rin, B.

    2000-01-01

    In this paper are reported the structural characteristics of electric power stock exchange in the processes liberalization of european electric markets. International experience are also considered [it

  18. 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.

  19. 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...

  20. 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…

  1. 12 CFR 950.11 - Capital stock requirements; unilateral redemption of excess stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Capital stock requirements; unilateral redemption of excess stock. 950.11 Section 950.11 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS ADVANCES Advances to Members § 950.11 Capital stock...

  2. 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

  3. 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.

  4. The alarming decline of Mediterranean fish stocks.

    Science.gov (United States)

    Vasilakopoulos, Paraskevas; Maravelias, Christos D; Tserpes, George

    2014-07-21

    In recent years, fisheries management has succeeded in stabilizing and even improving the state of many global fisheries resources [1-5]. This is particularly evident in areas where stocks are exploited in compliance with scientific advice and strong institutional structures are in place [1, 5]. In Europe, the well-managed northeast (NE) Atlantic fish stocks have been recovering in response to decreasing fishing pressure over the past decade [3-6], albeit with a long way to go for a universal stock rebuild [3, 7]. Meanwhile, little is known about the temporal development of the European Mediterranean stocks, whose management relies on input controls that are often poorly enforced. Here, we perform a meta-analysis of 42 European Mediterranean stocks of nine species in 1990-2010, showing that exploitation rate has been steadily increasing, selectivity (proportional exploitation of juveniles) has been deteriorating, and stocks have been shrinking. We implement species-specific simulation models to quantify changes in exploitation rate and selectivity that would maximize long-term yields and halt stock depletion. We show that stocks would be more resilient to fishing and produce higher long-term yields if harvested a few years after maturation because current selectivity is far from optimal, especially for demersal stocks. The European Common Fisheries Policy that has assisted in improving the state of NE Atlantic fish stocks in the past 10 years has failed to deliver similar results for Mediterranean stocks managed under the same policy. Limiting juvenile exploitation, advancing management plans, and strengthening compliance, control, and enforcement could promote fisheries sustainability in the Mediterranean. Copyright © 2014 Elsevier Ltd. All rights reserved.

  5. Distribution, stock composition and timing, and tagging response of wild Chinook Salmon returning to a large, free-flowing river basin

    Science.gov (United States)

    Eiler, John H.; Masuda, Michele; Spencer, Ted R.; Driscoll, Richard J.; Schreck, Carl B.

    2014-01-01

    Chinook Salmon Oncorhynchus tshawytscha returns to the Yukon River basin have declined dramatically since the late 1990s, and detailed information on the spawning distribution, stock structure, and stock timing is needed to better manage the run and facilitate conservation efforts. A total of 2,860 fish were radio-tagged in the lower basin during 2002–2004 and tracked upriver. Fish traveled to spawning areas throughout the basin, ranging from several hundred to over 3,000 km from the tagging site. Similar distribution patterns were observed across years, suggesting that the major components of the run were identified. Daily and seasonal composition estimates were calculated for the component stocks. The run was dominated by two regional components comprising over 70% of the return. Substantially fewer fish returned to other areas, ranging from 2% to 9% of the return, but their collective contribution was appreciable. Most regional components consisted of several principal stocks and a number of small, spatially isolated populations. Regional and stock composition estimates were similar across years even though differences in run abundance were reported, suggesting that the differences in abundance were not related to regional or stock-specific variability. Run timing was relatively compressed compared with that in rivers in the southern portion of the species’ range. Most stocks passed through the lower river over a 6-week period, ranging in duration from 16 to 38 d. Run timing was similar for middle- and upper-basin stocks, limiting the use of timing information for management. The lower-basin stocks were primarily later-run fish. Although differences were observed, there was general agreement between our composition and timing estimates and those from other assessment projects within the basin, suggesting that the telemetry-based estimates provided a plausible approximation of the return. However, the short duration of the run, complex stock structure, and

  6. Large-scale synchronization of annual recruitment success and stock size in Wadden Sea populations of the mussel

    NARCIS (Netherlands)

    Beukema, J.J.; Dekker, R.; van Stralen, M.R.; de Vlas, J.

    2015-01-01

    Simultaneous abundance or shortage of mussels over vast areas may seriously affect fishery as well as shellfish-eating birds. We studied synchrony in annual recruit numbers and stock sizes (biomass) of mussels on the base of long-term observations in various parts of the Dutch (and German) Wadden

  7. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Keywords. Fractals; multifractals; / analysis; scaling; stock markets. Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion.

  8. 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

  9. Recent market behavior of utility stocks

    International Nuclear Information System (INIS)

    Studness, C.M.

    1990-01-01

    This article reviews the recent market behavior of utility stocks as compared to the Standard and Poor's 500 and the long-term government bond yield. Utility stock's performance continues to be affected by unfavorable regulation,and it appears that it will continue to be a factor for some time to come. A continually shrinking excess capacity continues to be a concern

  10. A Tale of Two Stock Markets

    Science.gov (United States)

    Armstrong, Michelle Hine; Piercey, Victor I.; Greene-Hunley, Stephanie

    2015-01-01

    This article describes two different projects using the stock market as a context for learning. For both projects, students "bought" shares in individual companies, tracked stock prices for a period of time, and then "sold" their shares at a gain or loss. The projects are adaptable for students in late elementary school through…

  11. Jump Detection in the Danish Stock Market

    DEFF Research Database (Denmark)

    Høg, Esben

    2002-01-01

    It is well known in financial economics that stock market return data are often modelled by a diffusion process with some regular drift function. Occasionally, however, sudden changes or jumps occur in the return data. Wavelet scaling methods are used to detect jumps and cusps in stock market...

  12. Macroeconomic Volatility and Stock Market Volatility, Worldwide

    OpenAIRE

    Francis X. Diebold; Kamil Yilmaz

    2008-01-01

    Notwithstanding its impressive contributions to empirical financial economics, there remains a significant gap in the volatility literature, namely its relative neglect of the connection between macroeconomic fundamentals and asset return volatility. We progress by analyzing a broad international cross section of stock markets covering approximately forty countries. We find a clear link between macroeconomic fundamentals and stock market volatilities, with volatile fundamentals translating in...

  13. Mandatory IFRS Reporting and Stock Price Informativeness

    NARCIS (Netherlands)

    Beuselinck, C.A.C.; Joos, P.P.M.; Khurana, I.K.; van der Meulen, S.

    2010-01-01

    In this paper, we examine whether mandatory adoption of IFRS influences the flow of firm-specific information and contributes to stock price informativeness as measured by stock return synchronicity. Using a constant sample of 1,904 mandatory IFRS adopters in 14 EU countries for the period

  14. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion. Keywords. Fractals; multifractals; R/S analysis; scaling; stock markets. PACS Nos 47.53.

  15. Dynamic behavior of value and growth stocks

    NARCIS (Netherlands)

    Wouters, T.; Plantinga, A.

    2004-01-01

    The difference between the performance of growth and value portfolios presents an interesting puzzle for researchers in finance. Most studies showed that value stocks outperform growth stocks. This is the so-called value premium. In this article, we try to find an answer to the question as to why

  16. Does Stock Market Performance Influence Retirement Intentions?

    Science.gov (United States)

    Goda, Gopi Shah; Shoven, John B.; Slavov, Sita Nataraj

    2012-01-01

    Media reports predicted that the stock market decline in October 2008 would cause changes in retirement intentions, due to declines in retirement assets. We use panel data from the Health and Retirement Study to investigate the relationship between stock market performance and retirement intentions during 1998-2008, a period that includes the…

  17. Optimising stocking rate under commercial and subsistence ...

    African Journals Online (AJOL)

    In terms of the model, it pays (in the short term) to overgraze. There is apparently no technical solution to this problem. Keywords: Commercial pastoralism; Farming; grazing ecosystems; herbivores; livestock; model; overstocking; pastoralism; plant-herbivore models; south africa; stocking rate; Stocking rates; Subsistence ...

  18. 25 CFR 700.717 - Stocking rate.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 2 2010-04-01 2010-04-01 false Stocking rate. 700.717 Section 700.717 Indians THE OFFICE OF NAVAJO AND HOPI INDIAN RELOCATION COMMISSION OPERATIONS AND RELOCATION PROCEDURES New Lands Grazing § 700.717 Stocking rate. The Commissioner will determine livestock carrying capacity for each...

  19. Evaluation of alternative age-based methods for estimating relative abundance from survey data in relation to assessment models

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte; Nielsen, Anders; Kristensen, Kasper

    2014-01-01

    Indices of abundance from fishery-independent trawl surveys constitute an important source of information for many fish stock assessments. Indices are often calculated using area stratified sample means on age-disaggregated data, and finally treated in stock assessment models as independent...... observations. We evaluate a series of alternative methods for calculating indices of abundance from trawl survey data (delta-lognormal, delta-gamma, and Tweedie using Generalized Additive Models) as well as different error structures for these indices when used as input in an age-based stock assessment model...... the different indices produced. The stratified mean method is found much more imprecise than the alternatives based on GAMs, which are found to be similar. Having time-varying index variances is found to be of minor importance, whereas the independence assumption is not only violated but has significant impact...

  20. Solar and stellar photospheric abundances

    Directory of Open Access Journals (Sweden)

    Carlos Allende Prieto

    2016-07-01

    Full Text Available Abstract The determination of photospheric abundances in late-type stars from spectroscopic observations is a well-established field, built on solid theoretical foundations. Improving those foundations to refine the accuracy of the inferred abundances has proven challenging, but progress has been made. In parallel, developments on instrumentation, chiefly regarding multi-object spectroscopy, have been spectacular, and a number of projects are collecting large numbers of observations for stars across the Milky Way and nearby galaxies, promising important advances in our understanding of galaxy formation and evolution. After providing a brief description of the basic physics and input data involved in the analysis of stellar spectra, a review is made of the analysis steps, and the available tools to cope with large observational efforts. The paper closes with a quick overview of relevant ongoing and planned spectroscopic surveys, and highlights of recent research on photospheric abundances.

  1. 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.

  2. 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.

  3. CHLORINE ABUNDANCES IN COOL STARS

    Energy Technology Data Exchange (ETDEWEB)

    Maas, Z. G.; Pilachowski, C. A. [Indiana University Bloomington, Astronomy Department, Swain West 319, 727 East Third Street, Bloomington, IN 47405-7105 (United States); Hinkle, K., E-mail: zmaas@indiana.edu, E-mail: cpilacho@indiana.edu, E-mail: hinkle@noao.edu [National Optical Astronomy Observatory, P.O. Box 26732, Tucson, AZ 85726 (United States)

    2016-12-01

    Chlorine abundances are reported in 15 evolved giants and 1 M dwarf in the solar neighborhood. The Cl abundance was measured using the vibration-rotation 1-0 P8 line of H{sup 35}Cl at 3.69851 μ m. The high-resolution L -band spectra were observed using the Phoenix infrared spectrometer on the Kitt Peak Mayall 4 m telescope. The average [{sup 35}Cl/Fe] abundance in stars with −0.72 < [Fe/H] < 0.20 is [{sup 35}Cl/Fe] = (−0.10 ± 0.15) dex. The mean difference between the [{sup 35}Cl/Fe] ratios measured in our stars and chemical evolution model values is (0.16 ± 0.15) dex. The [{sup 35}Cl/Ca] ratio has an offset of ∼0.35 dex above model predictions, suggesting that chemical evolution models are underproducing Cl at the high metallicity range. Abundances of C, N, O, Si, and Ca were also measured in our spectral region and are consistent with F and G dwarfs. The Cl versus O abundances from our sample match Cl abundances measured in planetary nebula and H ii regions. In one star where both H{sup 35}Cl and H{sup 37}Cl could be measured, a {sup 35}Cl/{sup 37}Cl isotope ratio of 2.2 ± 0.4 was found, consistent with values found in the Galactic ISM and predicted chemical evolution models.

  4. Anthropogenic noise changes arthropod abundances.

    Science.gov (United States)

    Bunkley, Jessie P; McClure, Christopher J W; Kawahara, Akito Y; Francis, Clinton D; Barber, Jesse R

    2017-05-01

    Anthropogenic noise is a widespread and growing form of sensory pollution associated with the expansion of human infrastructure. One specific source of constant and intense noise is that produced by compressors used for the extraction and transportation of natural gas. Terrestrial arthropods play a central role in many ecosystems, and given that numerous species rely upon airborne sounds and substrate-borne vibrations in their life histories, we predicted that increased background sound levels or the presence of compressor noise would influence their distributions. In the second largest natural gas field in the United States (San Juan Basin, New Mexico, USA), we assessed differences in the abundances of terrestrial arthropod families and community structure as a function of compressor noise and background sound level. Using pitfall traps, we simultaneously sampled five sites adjacent to well pads that possessed operating compressors, and five alternate, quieter well pad sites that lacked compressors, but were otherwise similar. We found a negative association between sites with compressor noise or higher levels of background sound and the abundance of five arthropod families and one genus, a positive relationship between loud sites and the abundance of one family, and no relationship between noise level or compressor presence and abundance for six families and two genera. Despite these changes, we found no evidence of community turnover as a function of background sound level or site type (compressor and noncompressor). Our results indicate that anthropogenic noise differentially affects the abundances of some arthropod families. These preliminary findings point to a need to determine the direct and indirect mechanisms driving these observed responses. Given the diverse and important ecological functions provided by arthropods, changes in abundances could have ecological implications. Therefore, we recommend the consideration of arthropods in the environmental

  5. Mixed stock analysis (MSA) - a tool for proper management in fisheries

    OpenAIRE

    Viorica Coşier; I. Valentin Petrescu-Mag

    2013-01-01

    For natural environment, it is crucial to develop a fishery management plan, outliningconservation and restoration measures. From this point of view, if the fishery is managed as a singleunit (stock), there is a huge potential of overfishing of the less abundant population. In order toachieve population levels that support harvests or to protect a particular vulnerable population fromanthropogenic pressure, the uses of genetic markers information have been proposed in fisherymanagement. Mixed...

  6. Body size shifts and early warning signals precede the historic collapse of whale stocks.

    Science.gov (United States)

    Clements, Christopher F; Blanchard, Julia L; Nash, Kirsty L; Hindell, Mark A; Ozgul, Arpat

    2017-06-22

    Predicting population declines is a key challenge in the face of global environmental change. Abundance-based early warning signals have been shown to precede population collapses; however, such signals are sensitive to the low reliability of abundance estimates. Here, using historical data on whales harvested during the 20th century, we demonstrate that early warning signals can be present not only in the abundance data, but also in the more reliable body size data of wild populations. We show that during the period of commercial whaling, the mean body size of caught whales declined dramatically (by up to 4 m over a 70-year period), leading to early warning signals being detectable up to 40 years before the global collapse of whale stocks. Combining abundance and body size data can reduce the length of the time series required to predict collapse, and decrease the chances of false positive early warning signals.

  7. Systematic analysis of group identification in stock markets.

    Science.gov (United States)

    Kim, Dong-Hee; Jeong, Hawoong

    2005-10-01

    We propose improved methods to identify stock groups using the correlation matrix of stock price changes. By filtering out the market-wide effect and the random noise, we construct the correlation matrix of stock groups in which nontrivial high correlations between stocks are found. Using the filtered correlation matrix, we successfully identify the multiple stock groups without any extra knowledge of the stocks by the optimization of the matrix representation and the percolation approach to the correlation-based network of stocks. These methods drastically reduce the ambiguities while finding stock groups using the eigenvectors of the correlation matrix.

  8. Dredging of blue mussels ( Mytilus edulis L.) in a Danish sound: stock sizes and fishery-effects on mussel population dynamic

    DEFF Research Database (Denmark)

    Dolmer, Per; Kristensen, Per Sand; Hoffmann, Erik

    1999-01-01

    in the mussel stock. In summer 1994, there was a long period of oxygen depletion in parts of Limfjorden. This caused mortality of 33% of the mussels in the affected areas. In fishery zones without oxygen depletion a 46% increase in the mussel stocks was estimated. The massive loss of blue mussels caused......In April 1993, 1994 and 1995 the abundance of blue mussels, Mytilus edulis L., was estimated in Limfjorden, Denmark. The stocks were assessed by using a down-scaled model of a commercial mussel dredge which efficiency was analysed by comparing its samples with others collected by diver. The mean...... dredge efficiency was 17%. The fishing area in Limfjorden (700 km(2)) is divided into 22 fishery zones and mussel stock size was calculated for each zone. From April 1993 to April 1994 the total stock size declined from 771 000 to 616 000 t. In the same period, the exploitation rate in the fishery was 14...

  9. Coho Abundance - Linear Features [ds183

    Data.gov (United States)

    California Natural Resource Agency — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  10. Chinook Abundance - Point Features [ds180

    Data.gov (United States)

    California Natural Resource Agency — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  11. Coho Abundance - Point Features [ds182

    Data.gov (United States)

    California Natural Resource Agency — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  12. Steelhead Abundance - Linear Features [ds185

    Data.gov (United States)

    California Department of Resources — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  13. Steelhead Abundance - Point Features [ds184

    Data.gov (United States)

    California Department of Resources — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  14. Chinook Abundance - Point Features [ds180

    Data.gov (United States)

    California Department of Resources — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  15. Coho Abundance - Linear Features [ds183

    Data.gov (United States)

    California Department of Resources — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  16. Coho Abundance - Point Features [ds182

    Data.gov (United States)

    California Department of Resources — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  17. Steelhead Abundance - Linear Features [ds185

    Data.gov (United States)

    California Natural Resource Agency — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  18. Steelhead Abundance - Point Features [ds184

    Data.gov (United States)

    California Natural Resource Agency — The CalFish Abundance Database contains a comprehensive collection of anadromous fisheries abundance information. Beginning in 1998, the Pacific States Marine...

  19. Relative abundance and size of coastal sharks derived from commercial shark longline catch and effort data.

    Science.gov (United States)

    Carlson, J K; Hale, L F; Morgan, A; Burgess, G

    2012-04-01

    In the north-west Atlantic Ocean, stock assessments conducted for some commercially harvested coastal sharks indicate declines from 64 to 80% with respect to virgin population levels. While the status of commercially important species is available, abundance trend information for other coastal shark species in the north-west Atlantic Ocean are unavailable. Using a generalized linear modelling (GLM) approach, a relative abundance index was derived from 1994 to 2009 using observer data collected in a commercial bottom longline fishery. Trends in abundance and average size were estimated for bull shark Carcharhinus leucas, spinner shark Carcharhinus brevipinna, tiger shark Galeocerdo cuvier and lemon shark Negaprion brevirostris. Increases in relative abundance for all shark species ranged from 14% for C. brevipinna, 12% for C. leucas, 6% for N. brevirostris and 3% for G. cuvier. There was no significant change in the size at capture over the time period considered for all species. While the status of shark populations should not be based exclusively on abundance trend information, but ultimately on stock assessment models, results from this study provide some cause for optimism on the status of these coastal shark species. Published 2012. This article is a U.S. Government work and is in the public domain in the USA.

  20. Abundance estimation and conservation biology

    Science.gov (United States)

    Nichols, J.D.; MacKenzie, D.I.

    2004-01-01

    Abundance is the state variable of interest in most population–level ecological research and in most programs involving management and conservation of animal populations. Abundance is the single parameter of interest in capture–recapture models for closed populations (e.g., Darroch, 1958; Otis et al., 1978; Chao, 2001). The initial capture–recapture models developed for partially (Darroch, 1959) and completely (Jolly, 1965; Seber, 1965) open populations represented efforts to relax the restrictive assumption of population closure for the purpose of estimating abundance. Subsequent emphases in capture–recapture work were on survival rate estimation in the 1970’s and 1980’s (e.g., Burnham et al., 1987; Lebreton et al.,1992), and on movement estimation in the 1990’s (Brownie et al., 1993; Schwarz et al., 1993). However, from the mid–1990’s until the present time, capture–recapture investigators have expressed a renewed interest in abundance and related parameters (Pradel, 1996; Schwarz & Arnason, 1996; Schwarz, 2001). The focus of this session was abundance, and presentations covered topics ranging from estimation of abundance and rate of change in abundance, to inferences about the demographic processes underlying changes in abundance, to occupancy as a surrogate of abundance. The plenary paper by Link & Barker (2004) is provocative and very interesting, and it contains a number of important messages and suggestions. Link & Barker (2004) emphasize that the increasing complexity of capture–recapture models has resulted in large numbers of parameters and that a challenge to ecologists is to extract ecological signals from this complexity. They offer hierarchical models as a natural approach to inference in which traditional parameters are viewed as realizations of stochastic processes. These processes are governed by hyperparameters, and the inferential approach focuses on these hyperparameters. Link & Barker (2004) also suggest that our attention

  1. Abundance estimation and Conservation Biology

    Directory of Open Access Journals (Sweden)

    Nichols, J. D.

    2004-06-01

    Full Text Available Abundance is the state variable of interest in most population–level ecological research and in most programs involving management and conservation of animal populations. Abundance is the single parameter of interest in capture–recapture models for closed populations (e.g., Darroch, 1958; Otis et al., 1978; Chao, 2001. The initial capture–recapture models developed for partially (Darroch, 1959 and completely (Jolly, 1965; Seber, 1965 open populations represented efforts to relax the restrictive assumption of population closure for the purpose of estimating abundance. Subsequent emphases in capture–recapture work were on survival rate estimation in the 1970’s and 1980’s (e.g., Burnham et al., 1987; Lebreton et al.,1992, and on movement estimation in the 1990’s (Brownie et al., 1993; Schwarz et al., 1993. However, from the mid–1990’s until the present time, capture–recapture investigators have expressed a renewed interest in abundance and related parameters (Pradel, 1996; Schwarz & Arnason, 1996; Schwarz, 2001. The focus of this session was abundance, and presentations covered topics ranging from estimation of abundance and rate of change in abundance, to inferences about the demographic processes underlying changes in abundance, to occupancy as a surrogate of abundance. The plenary paper by Link & Barker (2004 is provocative and very interesting, and it contains a number of important messages and suggestions. Link & Barker (2004 emphasize that the increasing complexity of capture–recapture models has resulted in large numbers of parameters and that a challenge to ecologists is to extract ecological signals from this complexity. They offer hierarchical models as a natural approach to inference in which traditional parameters are viewed as realizations of stochastic processes. These processes are governed by hyperparameters, and the inferential approach focuses on these hyperparameters. Link & Barker (2004 also suggest that

  2. Managerial Stock Compensation and Risky Investment

    Directory of Open Access Journals (Sweden)

    Raluca Georgiana Nastasescu

    2009-06-01

    Full Text Available This study analyzes the relationship between the mix of CEO equity-based compensation, namely stock options and restricted stock, and firms' risky investment. In general, the theory suggests that long-term compensation aligns CEOs' and shareholders' interests by inducing the managers to undertake risky investment, which has a positive impact on longterm well-being of the firm. However, as my results show, it is important to distinguish between types of awards since they can have different effects on the riskiness of the firm. In this respect, I answer the question how are different types of stock based compensation related to the executives' determination to increase or not the intensity of the firm's risky investment? I find that awarding the CEOs preponderantly with stock options positively affects the firm's level of R&D investment. Conversely, a higher proportion of restricted stock in the CEO's compensation is related to lower investment in (risky R&D. The inverse relation of causality also holds. Firms that make intensive R&D investments are more likely to award their CEOs with more stock options relative to restricted stock. Overall, the results are consistent with the theoretical prediction, in that the managerial compensation scheme plays an important role in determining the level of R&D investment.

  3. 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.

  4. 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.

  5. Single and multispecies reference points for Baltic fish stocks

    DEFF Research Database (Denmark)

    Gislason, Henrik

    1999-01-01

    Single and multispecies models are used to examine the effect of species interaction on biological reference points for cod, herring, and sprat in the Baltic. The results demonstrate that reference points are different in single and multispecies contexts. Reference points for fishing mortality...... based on single-species yield and SSB calculations are difficult to use when natural mortality depends on the absolute abundance of the predators and their alternative prey. Reference points based on maximizing total yield from the system may lead to impractical results when species interact...... reference points. Management advice based on biomass reference points will also differ. In the single species situation the combinations of cod and pelagic fishing effort for which the equilibrium spawning- stock biomass of the three species is above the biomass reference points forms a rectangular area...

  6. Historical rise of waterpower initiated the collapse of salmon stocks

    Science.gov (United States)

    Lenders, H. J. R.; Chamuleau, T. P. M.; Hendriks, A. J.; Lauwerier, R. C. G. M.; Leuven, R. S. E. W.; Verberk, W. C. E. P.

    2016-07-01

    The collapse of Atlantic salmon (Salmo salar) stocks throughout North-Western Europe is generally ascribed to large-scale river regulation, water pollution and over-fishing in the 19th and 20th century. However, other causes have rarely been quantified, especially those acting before the 19th century. By analysing historical fishery, market and tax statistics, independently confirmed by archaeozoological records, we demonstrate that populations declined by up to 90% during the transitional period between the Early Middle Ages (c. 450-900 AD) and Early Modern Times (c. 1600 AD). These dramatic declines coincided with improvements in watermill technology and their geographical expansion across Europe. Our extrapolations suggest that historical Atlantic salmon runs must have once been very abundant indeed. The historical perspective presented here contributes to a better understanding of the primary factors that led to major declines in salmon populations. Such understanding provides an essential basis for the effective ecological rehabilitation of freshwater ecosystems.

  7. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  8. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...... of funding liquidity constraints suggesting an economic channel for the effect....

  9. 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.

  10. Abundances in stars with exoplanets

    OpenAIRE

    Israelian, Garik

    2003-01-01

    Extensive spectroscopic studies of stars with and without planets have concluded that stars hosting planets are significantly more metal-rich than those without planets. More subtle trends of different chemical elements begin to appear as the number of detected extrasolar planetary systems continues to grow. I review our current knowledge concerning the observed abundance trends of various chemical elements in stars with exoplanets and their possible implications.

  11. Deadwood stocks increase with selective logging and large tree frequency in Gabon.

    Science.gov (United States)

    Carlson, Ben S; Koerner, Sally E; Medjibe, Vincent P; White, Lee J T; Poulsen, John R

    2017-04-01

    Deadwood is a major component of aboveground biomass (AGB) in tropical forests and is important as habitat and for nutrient cycling and carbon storage. With deforestation and degradation taking place throughout the tropics, improved understanding of the magnitude and spatial variation in deadwood is vital for the development of regional and global carbon budgets. However, this potentially important carbon pool is poorly quantified in Afrotropical forests and the regional drivers of deadwood stocks are unknown. In the first large-scale study of deadwood in Central Africa, we quantified stocks in 47 forest sites across Gabon and evaluated the effects of disturbance (logging), forest structure variables (live AGB, wood density, abundance of large trees), and abiotic variables (temperature, precipitation, seasonality). Average deadwood stocks (measured as necromass, the biomass of deadwood) were 65 Mg ha -1 or 23% of live AGB. Deadwood stocks varied spatially with disturbance and forest structure, but not abiotic variables. Deadwood stocks increased significantly with logging (+38 Mg ha -1 ) and the abundance of large trees (+2.4 Mg ha -1 for every tree >60 cm dbh). Gabon holds 0.74 Pg C, or 21% of total aboveground carbon in deadwood, a threefold increase over previous estimates. Importantly, deadwood densities in Gabon are comparable to those in the Neotropics and respond similarly to logging, but represent a lower proportion of live AGB (median of 18% in Gabon compared to 26% in the Neotropics). In forest carbon accounting, necromass is often assumed to be a constant proportion (9%) of biomass, but in humid tropical forests this ratio varies from 2% in undisturbed forest to 300% in logged forest. Because logging significantly increases the deadwood carbon pool, estimates of tropical forest carbon should at a minimum use different ratios for logged (mean of 30%) and unlogged forests (mean of 18%). © 2016 John Wiley & Sons Ltd.

  12. 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 ...

  13. Comparing Information Content of Accounting in Companies with Growth and Value Stocks in Tehran Stock Exchange

    OpenAIRE

    Sahar Haghnejad; Zahra Alipourdarvish

    2015-01-01

    Disclosure of information to the market is followed by different behaviors and reactions on the part of analysts and investors. Type of stocks in the market and amount of information content also affect the strength and extent of this reaction. The present study investigates the differences between the information content of accounting in companies with growth and value stocks. The statistical population was the companies listed on Tehran Stock Exchange from 2007 to 2013, out of which the sta...

  14. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion.

  15. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

    Real-time recovery is receiving a fast growing interest in an increasingly competitive railway operation market. This thesis considers the area of rolling stock dispatching which is one of the typical real-time railway dispatching problems. All work of the thesis is based on the network...... and planning processes of the railway operator DSB S-tog a/s. In the thesis the problems existing in the railway planning process from the strategic to real-time level are briefly sketched. Network planning, line planning, timetabling, crew and rolling stock planning is outlined and relevant references...... are given. Specifically the thesis references the operation research studies based on the railway operation of DSB S-tog a/s. Subsequently the process of dispatching is outlined with a specific emphasis on rolling stock. The rolling stock recovery problem is the problem of assigning train units to train...

  16. 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....

  17. SIS - Species and Stock Administrative Data Set

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Species and Stock Administrative data set within the Species Information System (SIS) defines entities within the database that serve as the basis for recording...

  18. Community monitoring of carbon stocks for REDD+

    DEFF Research Database (Denmark)

    Brofeldt, Søren; Theilade, Ida; Burgess, Neil David

    2014-01-01

    Reducing emissions from deforestation and forest degradation in developing countries, and the role of conservation, sustainable management of forests, and enhancement of forest carbon stocks in developing countries (REDD+) is a potentially powerful international policy mechanism that many tropica...

  19. 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.

  20. Sustainment Stocks for the Korean Theater

    National Research Council Canada - National Science Library

    St

    1998-01-01

    .... This study concludes that the Army intends to provide theater Class VII combat loss replacements, in the Korean theater, in the early stage of conflict or war from Army Pre-positioned Stocks-Sustainment 4 (APS-S 4...

  1. 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.

  2. Policy on Existing Stocks of Pesticide Products

    Science.gov (United States)

    This statement establishes general principles the Agency generally will apply in determining whether and under what conditions to allow the sale and use of existing stocks of pesticides for which the registration has been amended, canceled, or suspended.

  3. 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...

  4. 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.

  5. Information and Stock Prices: A Simple Introduction

    OpenAIRE

    Yee, Kenton K.

    2005-01-01

    This article summarizes recent research in financial economics about why information, such as earnings announcements, moves stock prices. The article does not presume any prior exposure to finance beyond what you might read in newspapers.

  6. Development of the stock exchange information system

    Directory of Open Access Journals (Sweden)

    Miladinović Radojko

    2006-01-01

    Full Text Available The stock exchange represents the key institution for the development of capital market of any country. Thus the information system of every stock exchange must satisfy very strict international standards. The development of these systems is particularly difficult in countries in transition, due to intense economic and legal changes, lack of technical and financial resources, lack of experience and knowledge in the area of the capital market business, etc. Therefore the special software project management methodology for their realization must be clearly defined. In the development process of the Belgrade Stock Exchange (BSE information system a new software project management methodology for its realization has been defined, the application of which is illustrated through a series of different development stages of the Belgrade Stock Exchange information system. In order to make all the problems more comprehensive, only the continuous trading method is described, being the most frequently used trading method in the world.

  7. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

    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 participation cost is about 4–6% of labor......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...... income; however, it varies substantially over consumers' life. The model successfully predicts the level of the observed participation rate and the increasing pattern of stock market participation over the consumers' life cycle....

  8. 41 CFR 109-27.5003 - Stock control.

    Science.gov (United States)

    2010-07-01

    ...-INVENTORY MANAGEMENT 27.50-Inventory Management Policies, Procedures, and Guidelines § 109-27.5003 Stock control. (a) Stock control shall be maintained on the basis of stock record accounts of inventories on... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Stock control. 109-27...

  9. 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...

  10. 47 CFR 65.303 - Cost of preferred stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Cost of preferred stock. 65.303 Section 65.303... stock. The formula for determining the cost of preferred stock is: ER01JN95.001 Where: “Total Annual Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local...

  11. 12 CFR 7.2023 - Reverse stock splits.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Reverse stock splits. 7.2023 Section 7.2023... Corporate Practices § 7.2023 Reverse stock splits. (a) Authority to engage in reverse stock splits. A national bank may engage in a reverse stock split if the transaction serves a legitimate corporate purpose...

  12. 26 CFR 1.305-1 - Stock dividends.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Stock dividends. 1.305-1 Section 1.305-1...) INCOME TAXES Effects on Recipients § 1.305-1 Stock dividends. (a) In general. Under section 305, a distribution made by a corporation to its shareholders in its stock or in rights to acquire its stock is not...

  13. 26 CFR 1.306-3 - Section 306 stock defined.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Section 306 stock defined. 1.306-3 Section 1.306... (CONTINUED) INCOME TAXES Effects on Recipients § 1.306-3 Section 306 stock defined. (a) For the purpose of subchapter C, chapter 1 of the code, the term section 306 stock means stock which meets the requirements of...

  14. 41 CFR 101-30.101-3 - National stock number.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true National stock number....1-General § 101-30.101-3 National stock number. The national stock number (NSN) is the identifying... NSN configuration is 1234-00-567-8901. The following terms are elements of the 13-digit national stock...

  15. 12 CFR 925.22 - Adjustments in stock holdings.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Adjustments in stock holdings. 925.22 Section... ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.22 Adjustments in stock holdings. (a) Adjustment in general. A Bank may from time to time increase or decrease the amount of stock any member is required to...

  16. 12 CFR 615.5260 - Retirement of eligible borrower stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Retirement of eligible borrower stock. 615.5260... Dividends § 615.5260 Retirement of eligible borrower stock. (a) Definitions. For the purposes of this subpart the following definitions shall apply: (1) Eligible borrowers stock means: (i) Stock...

  17. 41 CFR 101-27.406 - Disposition of stock.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Disposition of stock. 101...-Elimination of Items From Inventory § 101-27.406 Disposition of stock. Stocks of slow-moving items which are... this section, shall be taken, as necessary, to remove stocks of inactive items from inventory. (a...

  18. 12 CFR 925.21 - Issuance and form of stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance and form of stock. 925.21 Section 925... ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.21 Issuance and form of stock. (a) A Bank shall issue to each new member, as of the effective date of membership, stock in the member's name for the...

  19. Long - Memory Persistence in African Stock Markets

    Directory of Open Access Journals (Sweden)

    Emmanuel Numapau Gyamfi

    2016-05-01

    Full Text Available Emerging stock markets are said to become efficient with time. This study seeks to investigate this assertion by analyzing long - memory persistence in 8 African stock markets covering the period from 28 August 2000 to 28 August 2015. The Hurst exponent is used as our efficiency measure which is evaluated by the Detrended Fluctuation Analysis (DFA. Our findings show strong evidence of long - memory persistence in the markets studied therefore violating the weak - form Efficient Market Hypothesis (EMH.

  20. Econometric Studies of Stock Market Behaviour

    DEFF Research Database (Denmark)

    Rasmussen, Anne-Sofie Reng

    This thesis consists of three sefcontained essays, all centering around the topic of stock market behaviour. The papers focus on the empirical performance of a number of asset pricing models, all attempting to quantify and price asset risk. We look at how well these models actually do in describing...... the historic behaviour of the stock market, allowing us to get further insight into what drives the markes....

  1. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

    2015-01-01

    This article studies the impact of a redistributive tax system on consumption, portfolio decisions, and asset prices in a dynamic general equilibrium model. Poorer agents, which receive more in transfers than they pay in taxes, optimally reduce their exposure to equity, because the transfer incom...... they receive is subject to stock market risk. This article thus provides a novel explanation for the low stock market participation rates of poorer investors....

  2. Stock Markets Indices in Artificial Insymmetrization Patterns

    International Nuclear Information System (INIS)

    Makowiec, D.

    2002-01-01

    The daily data of indices of Warsaw Stock Exchange - WIG, and New York Stock Exchange - NASDAQ, NYSE and S and P 500 for the last two years are being studied. Properties of fluctuations of daily returns found from scaling analysis of tails are confronted with patterns obtained by the artificial insymmetrization method to specify difference between the world-wide American market and local and rather marginal Polish market. (author)

  3. Growth performance of Nigerian fish stocks

    OpenAIRE

    King, R.P.

    1997-01-01

    Parameters of the von Bertalanffy growth function are presented for 42 fish stocks belonging to 16 families, 22 genera and 27 species. The growth performance index, Phi '(= log K + 2logL sub( infinity )), was computed for each stock and was found to be highest in male Gymnarchus niloticus (Gymnarchidae) from Lake Chad and lowest in Chrysichthys auratus (Bagridae) from the Cross River. Mean Phi ' for major fish genera and families are also presented and was highest in brackishwater fishes, clo...

  4. Should Africa Promote Stock Market Capitalism?

    OpenAIRE

    Singh, Ajit

    1998-01-01

    Abstract In a recent paper exploring the relationship between a country's financial system, industrialisation and economic development, I concluded that stock markets are potent symbols of capitalism but paradoxically capitalism flourishes better without them (Singh 1997). It will be argued in this paper that contrary to the international financial institutions (IFIs) who are encouraging and assisting Sub-Saharan African (SSA) countries in establishing stock markets, this conclusion is pa...

  5. The impact of stock spams on volatility

    OpenAIRE

    Taoufik Bouraoui

    2009-01-01

    This paper is dedicated to study the impact of stock spams through the analysis of the variations of volatility. We use the methodology of event studies on a sample of hundred ten firms. The results show positive and significant changes in volatility during 12 days of the event window; a widening of the variation [lowest price - highest price] was noticed following the consignment of messages by the spammers. The sending of stock spams affected the behaviour of investors, indicating thus that...

  6. Interlocking directorships in Polish joint stock companies:

    OpenAIRE

    Pawlak, Marek

    2008-01-01

    Studies concerning interlocking directorships have been carried out among Polish joint stock corporations. The main source of data have been the announcements that are to be published by corporations regularly in a journal called Business and Court Gazette (BCG). Interlocking directorships constitute a network among corporations the use of which enables co-ordinated management of the whole group. The phenomenon of interlocking directorships in Polish joint stock companies can be compared to t...

  7. Democracy, political risks and stock market performance

    OpenAIRE

    Lehkonen, Heikki; Heimonen, Kari

    2015-01-01

    This study examines the impacts of democracy and political risk on stock market. Using annualized panel data for 49 emerging markets for 2000–2012 we find evidence that democracy and political risk do have impact on stock market returns and the relationship between democracy and political risk is parabolic, i.e., there is a threshold level of democracy after which political risk begins to decline. Also our results suggest that decreases in political risk lead to higher returns.

  8. 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.

  9. Stock Price Synchronicity and Material Sustainability Information

    OpenAIRE

    Grewal, Jody; Hauptmann, Clarissa; Serafeim, Georgios

    2017-01-01

    We examine if, and under what conditions, disclosure of sustainability information identified as investor relevant by market-driven innovations in accounting standard-setting, is associated with stock prices reflecting more firm-specific information and thereby lower synchronicity with market and industry returns. We find that firms voluntarily disclosing more sustainability information, identified as material by the Sustainability Accounting Standards Board (SASB), have lower stock price syn...

  10. Analyzing Microblog Feeds to Trade Stocks

    OpenAIRE

    Watts, Joseph; Anderson, Nick; Asbill, Connor; Mehr, Joseph

    2017-01-01

    The goal of this project is to leverage microblogging data about the stock market to predict price trends and execute trades based on these predictions. Predicting the price trends of stocks with microblogging data involves a complex opinion aggregation model. For this, we built upon previous research, specifically a paper called "CrowdIQ" submitted by a team consisting of some Virginia Tech faculty. This paper details a complicated method of aggregating an accurate opinion by modeling judge ...

  11. Do Stock Markets Promote Economic Growth?

    OpenAIRE

    Nauro F. Campos; Jan Hanousek; Randall K. Filer

    1999-01-01

    One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however, has used a true causality framework. This paper fills this lacuna by using Granger-causality tests and finds little evidence of a causal relationship going from stock market development to economic growth. We do find evidence that stock market development can cause currency appreciation...

  12. Stock vs. Bond Yields, and Demographic Fluctuations

    DEFF Research Database (Denmark)

    Gozluklu, Arie; Morin, Annaïg

    that the slow-evolving time-series covariation due to changing population age structure accounts for the equilibrium relation between stock and bond markets. As a result, by exploiting the demographic information into distant future, the forecasting performance of evaluation models improves. Finally, using...... a cross-country panel, we document the cross-sectional variation of the demographic effect and explain the cross-country differences in comovement between stock and bond markets....

  13. The Abundance of Interstellar Fluorine

    Science.gov (United States)

    Lauroesch, James T.

    2005-01-01

    The primary objective of this program was to obtain FUSE observations of the interstellar absorption lines of F I at 951 and 954 Angstroms to derive the abundance of fluorine toward the star HD 164816. The nucleosynthetic source(s) of fluorine are still a matter of debate - the present day abundance of fluorine can potentially constrain models for pulsationally driven dredge-up in asymptotic giant branch stars. An accurate measure for the depletion behavior of fluorine will determine whether it may be detectable in QSO absorption line systems - an unambiguous detection of fluorine at suitably high redshifts would provide the best evidence to date for the neutrino process in massive stars. Furthermore, due to its extreme reactivity, measurement of the gas-phase interstellar fluorine abundance is important for models of grain chemistry. Despite the importance of measuring the interstellar fluorine abundance, at the time of our proposal only one previous detection has been made due to the low relative abundance of fluorine, the lack of lines outside the far-UV, and the blending of the available F I transitions with lines of Hz. The star HD 164816 is associated with the Lagoon nebula (M8), and at a distance of approximately 1.5 kpc probes both distant and local gas. Beginning April 8th, 2004 FUSE FP-Split observations of the star HD 164816 were obtained for this program. This data became available in the FUSE data archive May 21, 2004, and these observations were then downloaded and we began our analysis. Our analysis procedure has involved (1) fitting stellar models to the FUSE spectra, (2) using the multiple lines of Hz and N I at other wavelengths in the FUSE bandpass to derive column densities for the lines of H2 and N I which are blended with the F I features at 951 and 954 angstroms (3) the measurement of the column densities of F I and the species O I and C1 I which are important species for the dis-entangling of dust and nucleosynthetic effects. As discussed in

  14. Monitoring the abundance of plastic debris in the marine environment.

    Science.gov (United States)

    Ryan, Peter G; Moore, Charles J; van Franeker, Jan A; Moloney, Coleen L

    2009-07-27

    Plastic debris has significant environmental and economic impacts in marine systems. Monitoring is crucial to assess the efficacy of measures implemented to reduce the abundance of plastic debris, but it is complicated by large spatial and temporal heterogeneity in the amounts of plastic debris and by our limited understanding of the pathways followed by plastic debris and its long-term fate. To date, most monitoring has focused on beach surveys of stranded plastics and other litter. Infrequent surveys of the standing stock of litter on beaches provide crude estimates of debris types and abundance, but are biased by differential removal of litter items by beachcombing, cleanups and beach dynamics. Monitoring the accumulation of stranded debris provides an index of debris trends in adjacent waters, but is costly to undertake. At-sea sampling requires large sample sizes for statistical power to detect changes in abundance, given the high spatial and temporal heterogeneity. Another approach is to monitor the impacts of plastics. Seabirds and other marine organisms that accumulate plastics in their stomachs offer a cost-effective way to monitor the abundance and composition of small plastic litter. Changes in entanglement rates are harder to interpret, as they are sensitive to changes in population sizes of affected species. Monitoring waste disposal on ships and plastic debris levels in rivers and storm-water runoff is useful because it identifies the main sources of plastic debris entering the sea and can direct mitigation efforts. Different monitoring approaches are required to answer different questions, but attempts should be made to standardize approaches internationally.

  15. Monitoring the abundance of plastic debris in the marine environment

    Science.gov (United States)

    Ryan, Peter G.; Moore, Charles J.; van Franeker, Jan A.; Moloney, Coleen L.

    2009-01-01

    Plastic debris has significant environmental and economic impacts in marine systems. Monitoring is crucial to assess the efficacy of measures implemented to reduce the abundance of plastic debris, but it is complicated by large spatial and temporal heterogeneity in the amounts of plastic debris and by our limited understanding of the pathways followed by plastic debris and its long-term fate. To date, most monitoring has focused on beach surveys of stranded plastics and other litter. Infrequent surveys of the standing stock of litter on beaches provide crude estimates of debris types and abundance, but are biased by differential removal of litter items by beachcombing, cleanups and beach dynamics. Monitoring the accumulation of stranded debris provides an index of debris trends in adjacent waters, but is costly to undertake. At-sea sampling requires large sample sizes for statistical power to detect changes in abundance, given the high spatial and temporal heterogeneity. Another approach is to monitor the impacts of plastics. Seabirds and other marine organisms that accumulate plastics in their stomachs offer a cost-effective way to monitor the abundance and composition of small plastic litter. Changes in entanglement rates are harder to interpret, as they are sensitive to changes in population sizes of affected species. Monitoring waste disposal on ships and plastic debris levels in rivers and storm-water runoff is useful because it identifies the main sources of plastic debris entering the sea and can direct mitigation efforts. Different monitoring approaches are required to answer different questions, but attempts should be made to standardize approaches internationally. PMID:19528052

  16. Pike ( Esox lucius L.) stocking as a biomanipulation tool .1. Effects on the fish population in Lake Lyng, Denmark

    DEFF Research Database (Denmark)

    Berg, Søren; Jeppesen, E.; Søndergaard, M.

    1997-01-01

    relationship between stocking density of pike in May or June and the abundance of juvenile planktivorous fish (r(2) = 0.85, p littoral zone in August. No relationship was found in the pelagic zone (r(2) = 0.21, p > 0.4). Pike survival was low in late August/early September. We suggest that growth...... of the piscivorous perch increased due to increased Secchi depth and a continuous high density of 0+ planktivores in the pelagic zone of the lake during the years of pike stocking, possibly caused by behaviourial changes and the forcing of the 0+ planktivores into the pelagic zone...

  17. Influences of Stocking Salmon Carcass Analogs on Salmonids in Klickitat River Tributaries, 2001-2005 Completion Report.

    Energy Technology Data Exchange (ETDEWEB)

    Zendt, Joe; Sharp, Bill (Yakama Nation Fisheries, Toppenish, WA)

    2006-09-01

    This report describes the work completed by the Yakama Nation Fisheries Program (YNFP) in the Klickitat subbasin in south-central Washington under BPA innovative project No.200105500--Influences of stocking salmon carcass analogs on salmonids in Columbia River Tributaries. Salmon carcasses historically provided a significant source of marine-derived nutrients to many stream systems in the Columbia basin, and decreased run sizes have led to a loss of this nutrient source in many streams. Partners in this project developed a pathogen-free carcass analog and stocked the analogs in streams with the following objectives: restoring food availability to streams with reduced anadromous salmon returns; mimicking the natural pathways and timing of food acquisition by salmonids; minimizing unintended negative ecological effects; and increasing the growth and survival of salmonids. In the Klickitat subbasin, carcass analogs were stocked in two streams in 2002 and 2003; a third stream was used as a control. Salmonid fish abundance, growth, and stomach contents were monitored in all three streams before and after carcass analog placement. Fish, invertebrate, and periphyton samples were also collected for stable isotope analysis (to determine if nutrients from carcass analogs were incorporated into the stream food web). Water quality samples were also collected to determine if nutrient overloading occurred in streams. Significant differences in growth were found between fish in treated and untreated stream reaches. Fish in treatment reaches exhibited higher instantaneous growth rates approximately one month after the first carcass analog stocking. Stomach contents sampling indicated that salmonid fish routinely consumed the carcass analog material directly, and that stomach fullness of fish in treatment reaches was higher than in untreated reaches in the first few weeks following carcass analog stockings. No significant differences were detected in fish abundance between

  18. 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...

  19. 12 CFR 220.11 - Requirements for the list of marginable OTC stocks and the list of foreign margin stocks.

    Science.gov (United States)

    2010-01-01

    ... stocks and the list of foreign margin stocks. 220.11 Section 220.11 Banks and Banking FEDERAL RESERVE... (REGULATION T) § 220.11 Requirements for the list of marginable OTC stocks and the list of foreign margin... paragraph (f) of this section, OTC margin stock shall meet the following requirements: (1) Four or more...

  20. Collective behavior of stock price movements in an emerging market

    OpenAIRE

    Pan, Raj Kumar; Sinha, Sitabhra

    2007-01-01

    To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions ...

  1. Building an Optimal Portfolio Using Fundamental Analysis of Stocks

    OpenAIRE

    Serban Florentin; Busu Mihail; Tudorache Ana

    2012-01-01

    Various methods of analyzing the value of the stocks are called as a general characterization, titles evaluation. Fundamental analysis attempts to predict the direction of evolution of prices of the medium and long term stocks from past and present achievements of the company and the estimates of its future. This article discusses some of the most popular methods of stock assessment using fundamental analysis and propose a build of portfolio for stocks listed at Italian Stock Market using ind...

  2. The impact of investor sentiment on the German stock market

    OpenAIRE

    Finter, Philipp; Niessen-Ruenzi, Alexandra; Ruenzi, Stefan

    2011-01-01

    This paper develops a broad-based sentiment indicator for Germany and investigates whether investor sentiment can explain stock returns on the German stock market. Based on a principal component analysis, we construct a sentiment indicator that condenses information of several well-known sentiment proxies. We show that this indicator explains the return spread between sentiment sensitive stocks and stocks that are not sensitive to sentiment fluctuations. Specifically, stocks that are difficul...

  3. The effects of Macroeconomics on the Kazakhstan Stock Exchange Market

    OpenAIRE

    Baiturganova, Albina

    2010-01-01

    This study is an attempt to empirically find the relationship between the following macro economic variables and the stock market. The variables are: Foreign Exchange Rate (ER), Exchange Reserves (ERES), Discount Rate (DR), Consumer Price Index (CPI) and Gross Domestic Product (GDP). The findings show that the DR is positively related to the stock market, GDP is negatively related to the stock market, Oil is negatively related to the stock market, ER is negatively related to the stock market,...

  4. Abundance, viability and culturability of Antarctic bacteria

    Digital Repository Service at National Institute of Oceanography (India)

    LokaBharathi, P.A.; DeSouza, M.J.B.D.; Nair, S.; Chandramohan, D.

    The viability of total number of bacteria decide the mineralisation rate in any ecosystem and ultimately the fertility of the region. This study aims at establishing the extent of viability in the standing stock of the Antarctic bacterial population...

  5. 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.

  6. Low intensity, mixed livestock grazing improves the breeding abundance of a common insectivorous passerine.

    Science.gov (United States)

    Evans, Darren M; Redpath, Stephen M; Evans, Sharon A; Elston, David A; Gardner, Charles J; Dennis, Peter; Pakeman, Robin J

    2006-12-22

    Livestock grazing is a major driver of ecosystem change and has been associated with significant declines in various bird species in Britain and worldwide. However, there is little experimental evidence to show how grazing affects bird populations. We manipulated livestock densities in a replicated field experiment and found that mixed sheep and cattle grazing, at low intensity, improved the breeding abundance of a common upland passerine, the meadow pipit Anthus pratensis, after two years. Plots stocked with sheep alone (at high or low density) or not stocked at all held fewer pipit territories. Despite a year-on-year decline in pairs of meadow pipits in intensively grazed plots, we found no effect of sheep number on breeding abundance. Our results support the hypothesis that mixed species of herbivores generate greater heterogeneity in vegetation structure, which modifies prey availability, resulting in a greater abundance of birds. The results of our study should inform the management of grassland areas and enhance the abundance of some bird species, particularly in areas that have seen significant shifts from mixed livestock grazing to grazing dominated by single species of animals.

  7. Lead abundance in the uranium star CS 31082-001

    DEFF Research Database (Denmark)

    Plez, B.; Hill, V.; Cayrel, R.

    2004-01-01

    stars:abundances- physical data and processes: nuclear reactions, nucleosynthesis, abundances- atomic data......stars:abundances- physical data and processes: nuclear reactions, nucleosynthesis, abundances- atomic data...

  8. Implications of stock recovery for a neighbouring management unit: experience from the Baltic cod

    DEFF Research Database (Denmark)

    Eero, Margit; Hansen, Jakob Hemmer; Hüssy, Karin

    2014-01-01

    the two populations. Due to immigrating cod from the east, there are currently large spatial differences in cod abundance and mean weight in the western Baltic management unit that raise new management concerns. First, the high abundance of cod of eastern origin found in the western Baltic management unit...... can mask the relatively poor state of the western Baltic cod population. Second, the current fishing mortality estimates for the entire western Baltic management unit, used as basis for fisheries management, are difficult to interpret as these are highly influenced by mixing of biological populations...... also substantially increased cod abundance in a specific area of the adjacent western Baltic management unit. This is investigated through long time-series of spatially resolved stock assessment data supplemented by genetic analyses of origin of the cod currently found in the transition area between...

  9. Targeted stock identification using multilocus genotype 'familyprinting'

    Science.gov (United States)

    Letcher, B.H.; King, T.L.

    1999-01-01

    We present an approach to stock identification of small, targeted populations that uses multilocus microsatellite genotypes of individual mating adults to uniquely identify first- and second-generation offspring in a mixture. We call the approach 'familyprinting'; unlike DNA fingerprinting where tissue samples of individuals are matched, offspring from various families are assigned to pairs of parents or sets of four grandparents with known genotypes. The basic unit of identification is the family, but families can be nested within a variety of stock units ranging from naturally reproducing groups of fish in a small tributary or pond from which mating adults can be sampled to large or small collections of families produced in hatcheries and stocked in specific locations. We show that, with as few as seven alleles per locus using four loci without error, first-generation offspring can be uniquely assigned to the correct family. For second-generation applications in a hatchery more alleles per locus (10) and loci (10) are required for correct assignment of all offspring to the correct set of grandparents. Using microsatellite DNA variation from an Atlantic salmon (Salmo solar) restoration river (Connecticut River, USA), we also show that this population contains sufficient genetic diversity in sea-run returns for 100% correct first, generation assignment and 97% correct second-generation assignment using 14 loci. We are currently using first- and second-generation familyprinting in this population with the ultimate goal of identifying stocking tributary. In addition to within-river familyprinting, there also appears to be sufficient genetic diversity within and between Atlantic salmon populations for identification of 'familyprinted' fish in a mixture of multiple populations. We also suggest that second-generation familyprinting with multiple populations may also provide a tool for examining stock structure. Familyprinting with microsatellite DNA markers is a viable

  10. 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

  11. Taking stock: provider prescribing practices in the presence and absence of ACT stock

    Directory of Open Access Journals (Sweden)

    Jones Caroline

    2011-08-01

    Full Text Available Abstract Background Globally, the monitoring of prompt and effective treatment for malaria with artemisinin combination therapy (ACT is conducted largely through household surveys. This measure; however, provides no information on case management processes at the health facility level. The aim of this review was to assess evidence from health facility surveys on malaria prescribing practices using ACT, in the presence and absence of ACT stock, at time and place where treatment was sought. Methods A systematic search of published literature was conducted. Findings were collated and data extracted on proportion of patients prescribed ACT and alternative anti-malarials in the presence and absence of ACT stock. Results Of the 14 studies identified in which ACT prescription for uncomplicated malaria in the public sector was evaluated, just six, from three countries (Kenya, Uganda and Zambia, reported this in the context of ACT stock. Comparing facilities with ACT stock to facilities without stock (i ACT prescribing was significantly higher in all six studies, increasing by a range of 21.3% in children Conclusions Prescriber practices vary based on ACT availability. Although ACT prescriptions increased and alternative anti-malarials prescriptions decreased in the presence of ACT stock, ACT was prescribed in the absence, and alternative anti-malarials were prescribed in the presence of, ACT. Presence of stock alone does not ensure that treatment guidelines are followed. More health facility surveys, together with qualitative research, are needed to understand the role of ACT stock-outs on provider prescribing behaviours and preferences.

  12. 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.

  13. Impacts of Northern Pike on stocked Rainbow Trout in Pactola Reservoir, South Dakota

    Science.gov (United States)

    Scheibel, Natalie C.; Dembkowski, Daniel J.; Davis, Jacob L.; Chipps, Steven R.

    2016-01-01

    Establishment of nonnative Northern Pike Esox lucius in Pactola Reservoir, South Dakota, has prompted concern among biologists about the influence of this species on the lake’s intensively managed salmonid fisheries. Ancedotal information suggests that catch rates of Rainbow Trout Oncorhynchus mykiss have declined while mean size and abundance of Northern Pike has increased, although quantitative information on diet and growth of the Northern Pike population is lacking. To address potential interactions between Northern Pike and Rainbow Trout, we assessed size-dependent predation by Northern Pike on Rainbow Trout and determined the relative energetic contribution of stocked Rainbow Trout to Northern Pike growth using bioenergetics modeling. Stable isotopes combined with traditional diet analyses revealed that smaller Northern Pike (accounted for 56% of their annual energy consumption. Combining estimates of Northern Pike predation with production costs of catchable-size Rainbow Trout revealed that annual economic losses ranged from US$15,259 to $24,801 per year. Over its lifespan, an age-10 Northern Pike was estimated to consume ~117 Rainbow Trout worth approximately $340. Thus, Northern Pike predation substantially influences salmonid management initiatives and is likely a primary factor contributing to reduced Rainbow Trout abundance and return to anglers in Pactola Reservoir. Strategies for reducing Northern Pike predation on Rainbow Trout include increasing the size of stocked fish or altering the timing and spatial distribution of stocking events.

  14. Recruitment of Baltic cod and sprat stocks: identification of critical life stages and incorporation of environmental variability into stock-recruitment relationships

    Directory of Open Access Journals (Sweden)

    Friedrich W. Köster

    2003-04-01

    Full Text Available The recruitment processes of Baltic cod and sprat were analysed and critical periods were identified by addressing the major impact factors on individual early life history stages separately and relating observed abundance data between successive stages. For cod, recruitment appeared to be dependent on egg survival, with low oxygen concentration in dwelling depths and predation by clupeids as the major causes for egg mortality. Surviving egg production and larval abundance were weakly correlated, whereas larval abundance was significantly related to year class strength. This indicated that the period between the late egg and the early larval stage is critical for cod recruitment. A potential variable identified to affect this life stage was prey availability for larvae. For sprat, early and late egg stage production as well as late egg stage production and larval abundance were significantly related. However, year class strength was largely independent of larval abundance. Thus, the period between the late larval and early juvenile stage appeared to be critical for sprat recruitment. Potential variables identified to affect this life stage were ambient temperature and wind stress. Environmental factors showing statistically significant covariance with the survival of one of these critical life stages were incorporated into stock-recruitment models for individual spawning areas separately and for the Central Baltic combined.

  15. 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.

  16. 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.

  17. Using the Stock Market to Teach Physics

    Science.gov (United States)

    Faux, David A.; Hearn, Stephen

    2004-11-01

    Students are interested in money. Personal finance is an important issue for most students, especially as they move into university education and take a greater control of their own finances. Many are also interested in stock markets and their ability to allow someone to make, and lose, large sums of money, with their interest fueled by the boom in technology-based stocks of 2000/2001 followed by their subsequent dramatic collapse and the publicizing of so-called "rogue-traders." There is also a much greater ownership of stocks by families following public offerings, stock-based savings products, and the ability to trade stocks online. Consequently, there has been a steady growth of finance and finance-related courses available within degree programs in response to the student demand, with many students motivated by the huge salaries commanded by those with a successful career in the financial sector. We report here details of a joint project between Charterhouse School and the University of Surrey designed to exploit the excitement of finance to teach elements of the high school (age 16-18) curriculum through modeling and simulation.

  18. Spillovers among regional and international stock markets

    Science.gov (United States)

    Huen, Tan Bee; Arsad, Zainudin; Chun, Ooi Po

    2014-07-01

    Realizing the greater risk by the increase in the level of financial market integration, this study investigates the dynamic of international and regional stock markets co-movement among Asian countries with the world leading market, the US. The data utilized in this study comprises of weekly closing prices for four stock indices, that consists of two developing markets (Malaysia and China) and two developed markets (Japan and the US), and encompasses the period from January 1996 to December 2012. Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH) model with the BEKK parameterization is employed to investigate the mean and volatility spillover effects among the selected stock indices. The results show significant mean spillover not only from the larger developed markets to smaller developing markets but also from the smaller developing markets to larger developed markets. Volatility spillover between the developed markets is found to be smaller than that between the developing markets. Conditional correlations among the stock markets are found to increase over the sample period. The findings of significant mean and volatility spillovers are considered as bad news for international investors as it reduces the benefit from portfolio diversification but act as useful information for investors to be more aware in diversifying their investment or stock selection.

  19. Changing recruitment capacity in global fish stocks.

    Science.gov (United States)

    Britten, Gregory L; Dowd, Michael; Worm, Boris

    2016-01-05

    Marine fish and invertebrates are shifting their regional and global distributions in response to climate change, but it is unclear whether their productivity is being affected as well. Here we tested for time-varying trends in biological productivity parameters across 262 fish stocks of 127 species in 39 large marine ecosystems and high-seas areas (hereafter LMEs). This global meta-analysis revealed widespread changes in the relationship between spawning stock size and the production of juvenile offspring (recruitment), suggesting fundamental biological change in fish stock productivity at early life stages. Across regions, we estimate that average recruitment capacity has declined at a rate approximately equal to 3% of the historical maximum per decade. However, we observed large variability among stocks and regions; for example, highly negative trends in the North Atlantic contrast with more neutral patterns in the North Pacific. The extent of biological change in each LME was significantly related to observed changes in phytoplankton chlorophyll concentration and the intensity of historical overfishing in that ecosystem. We conclude that both environmental changes and chronic overfishing have already affected the productive capacity of many stocks at the recruitment stage of the life cycle. These results provide a baseline for ecosystem-based fisheries management and may help adjust expectations for future food production from the oceans.

  20. 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

  1. Quantifying Stock Return Distributions in Financial Markets.

    Science.gov (United States)

    Botta, Federico; Moat, Helen Susannah; Stanley, H Eugene; Preis, Tobias

    2015-01-01

    Being able to quantify the probability of large price changes in stock markets is of crucial importance in understanding financial crises that affect the lives of people worldwide. Large changes in stock market prices can arise abruptly, within a matter of minutes, or develop across much longer time scales. Here, we analyze a dataset comprising the stocks forming the Dow Jones Industrial Average at a second by second resolution in the period from January 2008 to July 2010 in order to quantify the distribution of changes in market prices at a range of time scales. We find that the tails of the distributions of logarithmic price changes, or returns, exhibit power law decays for time scales ranging from 300 seconds to 3600 seconds. For larger time scales, we find that the distributions tails exhibit exponential decay. Our findings may inform the development of models of market behavior across varying time scales.

  2. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

    This paper investigates flight-to-safety from stocks to bonds in seven European markets. We use quantile regressions to identify flight-to-safety episodes. The simple risk-return trade-off on the stock markets is negative which is caused by flight-to-safety episodes: During normal periods, the risk......-return trade-off is positive and during flight-to-safety episodes it is negative. The effects of flight-to-safety episodes on the risk-return trade-off are qualitatively similar for own country flight-to-safety episodes, for flight from own country stock market to the US bond market, and for US flight...

  3. 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...... resulted in a 0.2-, 0.5-, 2.4-, and 3.2-fold decrease in mixing time relative to that observed for empty tanks (Pb0.001)....

  4. Clustering stocks using partial correlation coefficients

    Science.gov (United States)

    Jung, Sean S.; Chang, Woojin

    2016-11-01

    A partial correlation analysis is performed on the Korean stock market (KOSPI). The difference between Pearson correlation and the partial correlation is analyzed and it is found that when conditioned on the market return, Pearson correlation coefficients are generally greater than those of the partial correlation, which implies that the market return tends to drive up the correlation between stock returns. A clustering analysis is then performed to study the market structure given by the partial correlation analysis and the members of the clusters are compared with the Global Industry Classification Standard (GICS). The initial hypothesis is that the firms in the same GICS sector are clustered together since they are in a similar business and environment. However, the result is inconsistent with the hypothesis and most clusters are a mix of multiple sectors suggesting that the traditional approach of using sectors to determine the proximity between stocks may not be sufficient enough to diversify a portfolio.

  5. Foreign Delisting and Domestic Stock Value

    DEFF Research Database (Denmark)

    Uderche-Rangau, Loredana; Carugati, Andrea

    2008-01-01

    provided in the delisting announcements. i.e. delisting can be presented either as the result of the not fulfilment of the benefits of cross-listing or as a part of a more general strategy of the company. Highlighting significant clusters, content analysis provides a valuable addition to traditional event......The aim of our paper is to understand the foreign delisting phenomenon using a multi-method approach based on both information content analysis and event study analysis of foreign companies withdrawing their stocks from the Tokyo Stock Exchange. Our objective is to measure the impact...... of the delisting decision on the domestic stock price by observing the link between the pure value impact and the reasons for delisting. Our results show that, contrary to previous results, firms delisting from Tokyo can gain value depending on the reaction of the market operators to the content of the information...

  6. Stock return comovement and Korean business groups

    Directory of Open Access Journals (Sweden)

    Chan Ho Cho

    2015-12-01

    Full Text Available This paper explores whether business group affiliations affect the covariance structure of stock returns in Korea. We find that the stock returns of firms belonging to the same business group show positive and significant comovement. The strong comovement between group returns and firm returns is explained by correlated fundamentals. We find strong comovement among business group affiliate earnings. Moreover, variance decomposition of returns shows that cash flow news plays a relatively more important role in explaining group comovement than discount rate news, suggesting a link between stock return comovement and the “tunneling” and “propping” behaviors of business groups. Finally, return comovement increases when a firm joins a business group.

  7. Lists of semi-dwarf cereal stocks

    International Nuclear Information System (INIS)

    1984-01-01

    The lists are prepared in relation to the Co-ordinated Research Programme. At the first Research Co-ordination Meeting on evaluation of cereal semi-dwarf mutants for cross breeding, March 1981, programme participants were requested to list semi-dwarf mutants available at their institutes including also non-induced semi-dwarf stocks being used in cross-breeding programme for short stature. List-I is prepared from such lists provided by programme participants. Further it was requested to name breeders and institutes providing characteristics of the listed semi-dwarf stocks. List-II gives that information. In the List-I: Parents of semi-dwarf stocks derived from cross breeding, are shown in brackets. In column ''Culm length'', figures are in cm and those of parent cultivars are shown in brackets

  8. Stocks of organic carbon in Estonian soils

    Directory of Open Access Journals (Sweden)

    Kõlli, Raimo

    2009-06-01

    Full Text Available The soil organic carbon (SOC stocks (Mg ha–1 ofautomorphic mineral (9 soil groups, hydromorphic mineral (7, and lowland organic soils (4 are given for the soil cover or solum layer as a whole and also for its epipedon (topsoil layer. The SOC stocks for forest, arable lands, and grasslands and for the entire Estonian soil cover were calculated on the basis of the mean SOC stock and distribution area of the respective soil type. In the Estonian soil cover (42 400 km2, a total of 593.8 ± 36.9 Tg of SOC is retained, with 64.9% (385.3 ± 27.5 Tg in the epipedon layer (O, H, and A horizons and 35.1% in the subsoil (B and E horizons. The pedo-ecological regularities of SOC retention in soils are analysed against the background of the Estonian soil ordination net.

  9. Participation Constraints in the Stock Market

    DEFF Research Database (Denmark)

    Andersen, Steffen; Meisner Nielsen, Kasper

    2011-01-01

    We use a natural experiment to investigate the impact of participation constraints on individuals' decisions to invest in the stock market. Unexpected inheritance due to sudden deaths results in exogenous variation in financial wealth, and allows us to examine whether fixed entry and ongoing...... participation costs cause non-participation. We have three key findings. First, windfall wealth has a positive effect on participation. Second, the majority of households do not react to sizeable windfalls by entering the stock market, but hold on to substantial safe assets—even over longer horizons. Third......, the majority of households inheriting stock holdings actively sell the entire portfolio. Overall, these findings suggest that participation by many individuals is unlikely to be constrained by financial participation costs....

  10. THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Viorica CHIRILA

    2015-12-01

    Full Text Available Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.

  11. The Geometric Phase of Stock Trading.

    Science.gov (United States)

    Altafini, Claudio

    2016-01-01

    Geometric phases describe how in a continuous-time dynamical system the displacement of a variable (called phase variable) can be related to other variables (shape variables) undergoing a cyclic motion, according to an area rule. The aim of this paper is to show that geometric phases can exist also for discrete-time systems, and even when the cycles in shape space have zero area. A context in which this principle can be applied is stock trading. A zero-area cycle in shape space represents the type of trading operations normally carried out by high-frequency traders (entering and exiting a position on a fast time-scale), while the phase variable represents the cash balance of a trader. Under the assumption that trading impacts stock prices, even zero-area cyclic trading operations can induce geometric phases, i.e., profits or losses, without affecting the stock quote.

  12. Statistical aspects of fish stock assessment

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte

    statistical aspects of fish stocks assessment, which includes topics such as time series analysis, generalized additive models (GAMs), and non-linear state-space/mixed models capable of handling missing data and a high number of latent states and parameters. The aim is to improve the existing methods...... for stock assessment by application of state-of-the-art statistical methodology. The main contributions are presented in the form of six research papers. The major part of the thesis deals with age-structured assessment models, which is the most common approach. Conversion from length to age distributions...... in the catches is a necessary step in age-based stock assessment models. For this purpose, GAMs and continuation ratio logits are combined to model the probability of age as a smooth function of length and spatial coordinates, which constitutes an improvement over traditional methods based on area...

  13. Energy savings in Danish residential building stock

    DEFF Research Database (Denmark)

    Tommerup, Henrik M.; Svendsen, Svend

    2006-01-01

    a short account of the technical energy-saving possibilities that are present in existing dwellings and presents a financial methodology used for assessing energy-saving measures. In order to estimate the total savings potential detailed calculations have been performed in a case with two typical...... buildings representing the residential building stock and based on these calculations an assessment of the energy-saving potential is performed. A profitable savings potential of energy used for space heating of about 80% is identified over 45 years (until 2050) within the residential building stock......A large potential for energy savings exists in the Danish residential building stock due to the fact that 75% of the buildings were constructed before 1979 when the first important demands for energy performance of building were introduced. It is also a fact that many buildings in Denmark face...

  14. Stock Performance of Socially Responsible Companies

    Directory of Open Access Journals (Sweden)

    Huang Tzu-Man

    2016-12-01

    Full Text Available Every year Corporate Responsibility Magazine selects and ranks 100 companies on the basis of their corporate social responsibility. This study investigates the stock performance of socially responsible companies in the U.S. The monthly stock returns for these companies are analyzed and compared with the market performance, with the S&P 500 index designated as a proxy for the market. The empirical evidence suggests that these 100 companies outperform the market in their monthly stock returns. We also narrow down the number of companies selected to the top 75, 50, 25, and 10 firms. As we narrow down the companies selected, the difference between their returns and the market returns also narrows. In other words, a portfolio that includes all top 100 companies provides the best stock performance. We extend the analysis to long-term annual stock performance. We find that these socially responsible companies′ annual returns are higher than the market returns for up to seven years after they are listed. We also conduct the same analysis on the top 75, 50, 25, and 10 firms, respectively. Similarly, the larger the number of these top 100 companies, the greater the tendency to generate higher annual returns. We suspect that because the difference between the socially responsible companies′ average returns and the market returns is not dramatic, with a bigger population and thus a larger sample size, the difference becomes more significant. However, in practice, transaction costs must be considered. This study is limited in that it does not consider transaction costs. Nevertheless, we hope to shed some light on the issue of socially responsible companies′ stock performance to encourage companies to start thinking about the importance of corporate social responsibility.

  15. Productivity factors of the Finnish semi-domesticated reindeer (Rangifer t.tarandus stock during the 1990s

    Directory of Open Access Journals (Sweden)

    Jouko Kumpula

    2002-06-01

    Full Text Available Intensive reindeer grazing and the increase of other land use forms have caused a decline in the amount of arboreal (Alectoria, Bryoria spp. and reindeer (Cladina spp. lichens in the Finnish reindeer management area during the last few decades. Supplementary feeding of reindeer has increasingly compensated for the lack of natural winter fodder. The amount of the supplementary feeding and the quantity and quality of summer pastures should therefore have an increasing effect on the productivity of reindeer stock. In order to outline better the present carrying capacity problems on pastures in the Finnish reindeer management area we focused some of the most important productivity factors of Finnish reindeer stock from 1993 to 1999. The results showed that the productivity of reindeer stock in Finland was dependent especially on two main elements: amount of reindeer feeding and reindeer densities on summer pastures. Winter pastures had no clear effect on productivity when analysing the entire management area. High productivity figures in reindeer stock (calf production, carcass mass and meat production per reindeer were reached in the management districts where winter feeding was the most abundant, reindeer densities relatively low and summer pastures abundant. An increase in reindeer density on summer pastures raised meat production per total summer pasture area but decreased carcass mass of reindeer calves and meat production per reindeer. It seems that the fundamental factor for keeping the reindeer stock productivity sustainable at a high enough level is to optimize the longterm reindeer densities on pastures. Summer pastures may gradually become a limiting factor for reindeer stock productivity in some areas if overgrazed and decreased winter pastures are only compensated for by winter feeding of reindeer. 

  16. 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.

  17. Mean reversion in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Rosenberg, Aryeh Adam

    2009-01-01

    This paper revisits the evidence for the weaker form of the efficient market hypothesis, building on recent work by Serletis and Shintani [Serletis A, Shintani M. No evidence of chaos but some evidence of dependence in the US stock market. Chaos, Solitons and Fractals 2003;17:449-54], Elder and Serletis [Elder J, Serletis A. On fractional integrating dynamics in the US stock market. Chaos, Solitons and Fractals 2007;34;777-81], Koustas et al. [Koustas Z, Lamarche J.-F, Serletis A. Threshold random walks in the US stock market. Chaos, Solitons and Fractals, forthcoming], Hinich and Serletis [Hinich M, Serletis A. Randomly modulated periodicity in the US stock market. Chaos, Solitons and Fractals, forthcoming], and Serletis et al. [Serletis A, Uritskaya OY, Uritsky VM. Detrended Fluctuation analysis of the US stock market. Int J Bifurc Chaos, forthcoming]. In doing so, we use daily data, over the period from 5 February 1971 to 1 December 2006 (a total of 9045 observations) on four US stock market indexes - the Dow Jones Industrial Average, the Standard and Poor's 500 Index, the NASDAQ Composite Index, and the NYSE Composite Index - and a new statistical physics approach - namely the 'detrending moving average (DMA)' technique, recently introduced by Alessio et al. [Alessio E, Carbone A, Castelli G, Frappietro V. Second-order moving average and scaling of stochastic time series. Euro Phys J B 2002;27;197-200.] and further developed by Carbone et al. [Carbone A, Castelli G, Stanley HE. Time dependent hurst exponent in financial time series. Physica A 2004;344;267-71, Carbone A, Castelli G, Stanley HE. Analysis of clusters formed by the moving average of a long-range correlated time series. Phys Rev E 2004;69;026105.]. The robustness of the results to the use of alternative testing methodologies is also investigated, by using Lo's [Lo AW. Long-term memory in stock market prices. Econometrica 1991;59:1279-313.] modified rescaled range analysis. We conclude that US stock

  18. TRADING RULES ON A SMALL STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Stefán B. Gunnlaugsson

    2018-03-01

    Full Text Available In this article, the results of an extensive study of the weak form efficiency of the Iceland stock market are presented. This study almost covers the market’s entire history, with the research starting at the beginning of 1993 and ending in July 2017. Four trading rules based on 70-day moving averages were constructed and compared with the passive investment strategy of buying the market index. All of these trading rules provided significantly better returns than the passive strategy, even when considering trading costs. This result indicates that the Icelandic stock market did not show weak form efficiency, and past returns predicted future returns during the period examined.

  19. Stock jumps: Analyzing traditional and behavioral perspectives

    Directory of Open Access Journals (Sweden)

    Francesco Corea

    2015-07-01

    Full Text Available Our aim is to define the concept of stock jumps from a practitioner’s perspective and to give an insightful overview of the topic. We provide different technical and practical definitions from distinct points of view: mathematical, risk managerial, trading and investing. We verify the robustness of some common stylised facts for three major stock indices, and we derive an approximated jumps distribution. We finally provide some innovative insights from a behavioral perspective, and how to account for behavioral biases in this context.

  20. Are Economists More Likely to Hold Stocks?

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Eyðfrið Juanna Schrøter; Rangvid, Jesper

    A unique data set enables us to test the hypothesis that due to informational advantages economists are more likely to hold stocks than otherwise identical investors. Weconfirm that economists have a significantly higher probability of participating in the stockmarket 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....... The results are shown to be highly robust to various assumptions, including unobserved individual heterogeneityand instrumental variables estimation....

  1. Pyjamas, nylon stockings, and other Olympic dreams.

    Directory of Open Access Journals (Sweden)

    Jeroen de Kloet

    2009-05-01

    Full Text Available Photography by Elaine W. Ho. While strolling through the streets of Xiamen in the summer of 1992, I came across many young women wearing short nylon stockings. I remember, with shame, I must confess now, how I would make fun of them with my friends. Taking Dutch standards as the yardstick of good taste, I considered nylon stockings to be part of one’s underwear, whose fringes, indeed the boundaries between the clothed and naked body, were not to be revealed in public. Similar smiles appeared ...

  2. Kokanee Stocking and Monitoring, Flathead Lake, 1993-1994 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Deleray, Mark (Montana Department of Fish, Wildlife and Parks, Kalispell, MT); Fredenberg, Wade (US Fish and Wildlife Service, Bozeman, MT); Hansen, Barry (Confederated Salish and Kootenai Tribes of the Flathead Nation, Pablo, MT)

    1995-07-01

    temperatures, an upsurge in the abundance of Duphniu rhorum, and saturation planting in an area believed to have lower lake trout densities was expected to maximize short-term survival of stocked kokanee. A net-pen experiment demonstrated that yearling hatchery kokanee, in the absence of predation, adjusted to conditions in Flathead Lake and utilized available zooplankton during June and July without substantial poststocking mortality. Kokanee captured after several months in the lake exhibited good growth and condition. We concluded that the food supply in Big Arm Bay was not limiting survival of stocked kokanee. The 1994 monitoring objective was to quantify lake trout predation of kokanee in Big Arm Bay in the first eight weeks following stocking. There were three components needed to quantify predation; estimated number of lake trout in Big Arm Bay, average number of kokanee consumed by lake trout, and estimated time required for lake trout to digest kokanee. As in the previous year, the monitoring results from the 1994 kokanee plant demonstrated that lake trout predation is the primary factor reducing survival of stocked kokanee. We estimated that lake trout consumed a minimum of 232,000 kokanee in Big Arm Bay during the first eight weeks following stocking. This represents 29 percent of kokanee planted. The consumption estimate was based on a hydroacoustic estimate for lake trout abundance (7,850 fish over 300 mm in total length), an incidence of kokanee per lake trout stomach sample which ranged from 2.99 to 0.22 fish, and a gastric evacuation rate of 47 hours for lake trout to digest consumed kokanee. Due to hydroacoustic limitations in identifying bottom-oriented lake trout, we underestimated the true abundance of lake trout, which led to an underestimate of kokanee mortality. By fall of 1994, we estimated that an additional 12.7 percent of surviving kokanee matured, based on observations of similar-sized fish in the hatchery. Thus, up to 72,000 additional fish were

  3. The Index cohesive effect on stock market correlations

    Science.gov (United States)

    Shapira, Y.; Kenett, D. Y.; Ben-Jacob, E.

    2009-12-01

    We present empirical examination and reassessment of the functional role of the market Index, using datasets of stock returns for eight years, by analyzing and comparing the results for two very different markets: 1) the New York Stock Exchange (NYSE), representing a large, mature market, and 2) the Tel Aviv Stock Exchange (TASE), representing a small, young market. Our method includes special collective (holographic) analysis of stock-Index correlations, of nested stock correlations (including the Index as an additional ghost stock) and of bare stock correlations (after subtraction of the Index return from the stocks returns). Our findings verify and strongly substantiate the assumed functional role of the index in the financial system as a cohesive force between stocks, i.e., the correlations between stocks are largely due to the strong correlation between each stock and the Index (the adhesive effect), rather than inter-stock dependencies. The Index adhesive and cohesive effects on the market correlations in the two markets are presented and compared in a reduced 3-D principal component space of the correlation matrices (holographic presentation). The results provide new insights into the interplay between an index and its constituent stocks in TASE-like versus NYSE-like markets.

  4. 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.

  5. 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.

  6. Palila abundance estimates and trend

    Science.gov (United States)

    Camp, Richad; Banko, Paul C.

    2012-01-01

    The Palila (Loxioides bailleui) is an endangered, seed-eating, finch-billed honeycreeper found only on Hawai`i Island. Once occurring on the islands of Kaua`i and O`ahu and Mauna Loa and Hualālai volcanoes of Hawai`i, Palila are now found only in subalpine, dry-forest habitats on Mauna Kea (Banko et al. 2002). Previous analyses showed that Palila numbers fluctuated throughout the 1980s and 1990s but declined rapidly and steadily since 2003 (Jacobi et al. 1996, Leonard et al. 2008, Banko et al. 2009, Gorresen et al. 2009, Banko et al. in press). The aim of this report is to update abundance estimates for the Palila based on the 2012 surveys. We assess Palila trends over two periods: 1) the long-term trend during 1998–2012 and 2) the short-term trajectory between 2003 and 2012. The first period evaluates the population trend for the entire time series since additional transects were established (Johnson et al. 2006). These additional transects were established to produce a more precise population estimate and provide more complete coverage of the Palila range. The initial year for short-term trajectory was chosen subjectively to coincide with the recent decline in the Palila population. Additionally, stations in the core Palila habitat were surveyed on two occasions in 2012, thus allowing us to address the question of how repeat samples improve estimate precision.

  7. Optimal Groundwater Extraction under Uncertainty and a Spatial Stock Externality

    Science.gov (United States)

    We introduce a model that incorporates two important elements to estimating welfare gains from groundwater management: stochasticity and a spatial stock externality. We estimate welfare gains resulting from optimal management under uncertainty as well as a gradual stock externali...

  8. AFSC/REFM: Alaska Stock Assessment Results Archive (SARA)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Each year over 50 Alaskan groundfish stock assessments report the condition of Alaskan fisheries resources in the U.S. Exclusive Economic Zone. Stock assessment...

  9. The Stock Market: Risk vs. Uncertainty.

    Science.gov (United States)

    Griffitts, Dawn

    2002-01-01

    This economics education publication focuses on the U.S. stock market and the risk and uncertainty that an individual faces when investing in the market. The material explains that risk and uncertainty relate to the same underlying concept randomness. It defines and discusses both concepts and notes that although risk is quantifiable, uncertainty…

  10. Empirical Rationality in the Stock Market

    DEFF Research Database (Denmark)

    Raahauge, Peter

    2003-01-01

    for this empiricalrationality on part of the agent, the resulting empirical model assignslikelihood to the data actually observed, unlike in the unmodified rational expectationscase. A Lucas (1978)-type asset pricing model which incorporatesempirical rationality is constructed and estimated using U.S. stock data...

  11. Fractal profit landscape of the stock market.

    Science.gov (United States)

    Grönlund, Andreas; Yi, Il Gu; Kim, Beom Jun

    2012-01-01

    We investigate the structure of the profit landscape obtained from the most basic, fluctuation based, trading strategy applied for the daily stock price data. The strategy is parameterized by only two variables, p and q Stocks are sold and bought if the log return is bigger than p and less than -q, respectively. Repetition of this simple strategy for a long time gives the profit defined in the underlying two-dimensional parameter space of p and q. It is revealed that the local maxima in the profit landscape are spread in the form of a fractal structure. The fractal structure implies that successful strategies are not localized to any region of the profit landscape and are neither spaced evenly throughout the profit landscape, which makes the optimization notoriously hard and hypersensitive for partial or limited information. The concrete implication of this property is demonstrated by showing that optimization of one stock for future values or other stocks renders worse profit than a strategy that ignores fluctuations, i.e., a long-term buy-and-hold strategy.

  12. Expected Stock Returns and Variance Risk Premia

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Tauchen, George; Zhou, Hao

    of the time series variation in post 1990 aggregate stock market returns, with high (low) premia predicting high (low) future returns. Our empirical results depend crucially on the use of "model-free," as opposed to Black- Scholes, options implied volatilities, along with accurate realized variation measures...

  13. Financial literacy and stock market participation

    NARCIS (Netherlands)

    van Rooij, Maarten; Lusardi, Annamaria; Alessie, Rob

    We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some grasp of concepts such as interest

  14. Taking stock of agroforestry adoption studies

    Science.gov (United States)

    Subhrendu K. Pattanayak; D. Evan Mercer; Erin Sills; Jui-Chen Yang

    2003-01-01

    In light of the large number of empirical studies of agroforestry adoption published during the last decade, we believe it is time to take stock and identify general determinants of agroforestry adoption. In reviewing 120 articles on adoption of agricultural and forestry technology by small holders, we find five categories of factors that explain technology adoption...

  15. Preliminary Studies On The Limnological Stock Assessment ...

    African Journals Online (AJOL)

    Preliminary Studies On The Limnological Stock Assessment, Productivity And Potential Fish Yield Of Ojirami Reservoir, Edo State, Nigeria. ... Tropical Freshwater Biology ... This report has only provided preliminary data on the reservoir but it is hoped that future studies would benefit from this initial benchmark information.

  16. Ecosystem carbon stocks of micronesian mangrove forests

    Science.gov (United States)

    J. Boone Kauffman; Chris Heider; Thomas G. Cole; Kathleen A. Dwire; Daniel C. Donato

    2011-01-01

    Among the least studied ecosystem services of mangroves is their value as global carbon (C) stocks. This is significant as mangroves are subject to rapid rates of deforestation and therefore could be significant sources of atmospheric emissions. Mangroves could be key ecosystems in strategies addressing the mitigation of climate change though reduced deforestation. We...

  17. Optimal stocking densities of snails [ Archachatina marginata ...

    African Journals Online (AJOL)

    Optimal stocking densities of breeding and fattening snails [Archachatina marginata Saturalis A.m.s (Swainson)] were determined through two experiments (five treatments, four replicates and randomised complete block design each) between April and December 1998.Experiment 1 had 3,6, 12, 17 and 22 A.m.s. adult ...

  18. Stock keeping unit fill rate specification

    NARCIS (Netherlands)

    Teunter, R. H.; Syntetos, A. A.; Babai, M. Z.

    2017-01-01

    The fill rate is the most widely applied service level measure in industry and yet there is minimal advice available on how it should be differentiated on an individual Stock Keeping Unit (SKU) basis given that there is an overall system target service level. The typical approach utilized in

  19. THE INFLUENCE OF DIFFERENT STOCKING DENSITIES AND ...

    African Journals Online (AJOL)

    Helet Lambrechts

    The maintenance of breeding ostriches in large flocks is a well-known practice in South Africa and. Israel. ... This study presents results on the reproductive performance of a large commercial breeding population and ... Table 1 Stocking rates and male:female (M:F) ratios of the commercial ostrich breeding operation.

  20. Compression Stockings for Treating Venous Leg Ulcers

    Directory of Open Access Journals (Sweden)

    J. P. Benigni

    2013-01-01

    Full Text Available Background. In order to treat venous leg ulcers, it is recommended to use high pressure compression (30–40 mmHg at the ankle. Compression stockings which are not operator dependant could be the best option because of their pressure control. However 30–40 mmHg compression stockings are often hard to put on. Putting two lower pressure compression stockings over each other could be a good therapeutic alternative. Objectives. To compare the in vitro pressures given by the manufacturers of 2 antiulcer kits with the in vivo interface pressures measured in healthy subjects and to evaluate the stiffness and friction indices from those kits based on the interface pressure in order to assess their clinical properties. Material and Methods. Using a Kikuhime pressure device, interface pressure was measured in 12 healthy subjects at the reference point B1. One stiffness index (Static Stiffness Index (SSI and a friction index have been calculated. Results. Mediven Ulcer kit gets the recommended pressures whereas Jobst’s Ulcer Care kit does not for treating a venous leg ulcer. Jobst’s Ulcer Care transmits entirely the pressure in relation to a friction index close to 1. Conclusion. This antiulcer kit study underlines that in vivo and in vitro pressures can be different (Jobst’s Ulcer Care kit and Mediven Ulcer kit. In order not to lose pressure, it is important to take into account the friction index when superimposing two stockings.

  1. A cointegration analysis of wine stock indexes

    Directory of Open Access Journals (Sweden)

    Sabina Introvigne

    2017-12-01

    Full Text Available This paper analyzes price patterns and long-run relationships for both fine wine and non-fine wine, with the aim to highlight price dynamics and co-movements between series, and to exploit potential diversification benefits. Data are from Liv-Ex 100 Fine Wine for fine wine, the Mediobanca Global Wine Industry Share Price for normal wine, and the MSCI World Index as a proxy of the overall stock market. Engle-Granger and Johansen tests were used to detect whether and to what extent the series co-move in the long run and which one of the variables contributes proactively to such an equilibrium by reacting to disequilibria from the long-run path. The estimates highlight that i the two wine indexes have a higher Sharpe ratio compared to the general stock market index, revealing wine stocks as a profitable investment per se, and ii the absence of cointegration among the three series and the existence of possible diversification benefits. In fact, in the long-run price do not move together and, therefore, investors may be better off by including wine stocks into investment portfolios and take advantage of diversification

  2. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    This means that today's returns have nothing to do with yesterday's behaviour and there are no 'memory' effects i.e. the returns are independent. This leads to the argument that the data of stock prices and returns .... Hurst used the dimensionless ratio R/S, where S is the standard deviation which is given as. S = 1 τ τ. ∑ t 1.

  3. Algorithmic Trading at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adrian Victor SĂNDIŢĂ

    2015-09-01

    Full Text Available Very conservative estimates indicate that over 40% of transactions on the stock exchanges in the United States are based on automatically generated orders. Such systems are designed to do algorithmic trading on the basis of a predefined set of rules that determine the composition of the portfolio and the moment in which the purchases and sales of securities are done. Applying highly diverse trading strategies, algorithmic trading systems ultimately aim to maximize profit and minimize risk taking. Algorithmic trading on the Bucharest Stock Exchange is still in its incipient phase. Now, automated trading systems are used only for participants who act as Market Makers for the actions of a few issuers. Estimates indicate a volume of algorithmic trading on the Bucharest Stock Exchange of under 1% of its total transactions. This paper aims to describe a general way that algorithmic trading systems can be connected to the Bucharest Stock Exchange and to present some of our results in the implementation of such a system.

  4. Legal insider trading and stock market liquidity

    NARCIS (Netherlands)

    Degryse, Hans; de Jong, Frank; Lefebvre, J.J.G.

    This paper assesses the impact of legal trades by corporate insiders on the liquidity of the firm’s stock. For this purpose, we analyze two liquidity measures and one information asymmetry measure. The analysis allows us to study as well the effect of a change in insider trading regulation, namely

  5. The Reed Elsevier stock price gap

    NARCIS (Netherlands)

    Kamp, B.

    1995-01-01

    This is the report of a limited study on the structural stock price differences between Reed and Elsevier. The purpose of this study is to provide an overview of the problem area and to formulate and discuss several hypotheses regarding the causes of this gap. The research was performed by

  6. Ecosystem carbon stocks in Pinus palustris forests

    Science.gov (United States)

    Lisa Samuelson; Tom Stokes; John R. Butnor; Kurt H. Johnsen; Carlos A. Gonzalez-Benecke; Pete Anderson; Jason Jackson; Lorenzo Ferrari; Tim A. Martin; Wendell P. Cropper

    2014-01-01

    Longleaf pine (Pinus palustris Mill.) restoration in the southeastern United States offers opportunities for carbon (C) sequestration. Ecosystem C stocks are not well understood in longleaf pine forests, which are typically of low density and maintained by prescribed fire. The objectives of this research were to develop allometric equations for...

  7. Connecting VIX and Stock Index ETF

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); T-L. Hsieh (Tai-Lin); M.J. McAleer (Michael)

    2017-01-01

    textabstractAs stock market indexes are not tradeable, the importance and trading volume of Exchange Traded Funds (ETFs) cannot be understated. ETFs track and attempt to replicate the performance of a specific index. Numerous studies have demonstrated a strong relationship between the S&P500

  8. Probability weighting and employee stock options

    NARCIS (Netherlands)

    Spalt, O.G.

    2013-01-01

    This paper documents that riskier firms with higher idiosyncratic volatility grant more stock options to nonexecutive employees. Standard models in the literature cannot easily explain this pattern; a model in which a risk-neutral firm and an employee with prospect theory preferences bargain over

  9. Hidden Markov Model for Stock Trading

    Directory of Open Access Journals (Sweden)

    Nguyet Nguyen

    2018-03-01

    Full Text Available Hidden Markov model (HMM is a statistical signal prediction model, which has been widely used to predict economic regimes and stock prices. In this paper, we introduce the application of HMM in trading stocks (with S&P 500 index being an example based on the stock price predictions. The procedure starts by using four criteria, including the Akaike information, the Bayesian information, the Hannan Quinn information, and the Bozdogan Consistent Akaike Information, in order to determine an optimal number of states for the HMM. The selected four-state HMM is then used to predict monthly closing prices of the S&P 500 index. For this work, the out-of-sample R OS 2 , and some other error estimators are used to test the HMM predictions against the historical average model. Finally, both the HMM and the historical average model are used to trade the S&P 500. The obtained results clearly prove that the HMM outperforms this traditional method in predicting and trading stocks.

  10. Testing spatial heterogeneity with stock assessment models

    DEFF Research Database (Denmark)

    Jardim, Ernesto; Eero, Margit; Silva, Alexandra

    2018-01-01

    This paper describes a methodology that combines meta-population theory and stock assessment models to gain insights about spatial heterogeneity of the meta-population in an operational time frame. The methodology was tested with stochastic simulations for different degrees of connectivity betwee...

  11. Macroeconomic Factors and the Correlation of Stock and Bond Returns

    OpenAIRE

    Lingfeng Li

    2003-01-01

    This paper examines the correlation between stock and bond returns. It first documents that the major trends in stock-bond correlation for G7 countries follow a similar reverting pattern in the past forty years. Next, an asset pricing model is employed to show that the correlation of stock and bond returns can be explained by their common exposure to macroeconomic factors. The link between the stock-bond correlation and macroeconomic factors is examined using three successively more realistic...

  12. Stock Market Liberalizations and Efficiency: The Case of Latin America

    OpenAIRE

    Vieito, João Paulo; Wong, Wing-Keung; Chow, Sheung Chi

    2016-01-01

    This investigation is among the first to examine the impact of stock market liberalization on the efficiency of Latin American stock markets. It is also among the first to apply the martingale hypothesis test and a stochastic dominance approach to study the issue of efficient markets. Daily stock indices from Latin American countries, including Brazil, Mexico, Chile, Peru, Jamaica, and Trinidad and Tobago, are used in our analysis. To examine the impact of stock market liberalization on effic...

  13. Library stock verification: a ritual and an occupational hazard

    OpenAIRE

    Sridhar, M. S.

    1991-01-01

    Explains the sensitive, controversial stock verification as one of the occupational hazards and a postmortem, emphasises need for clarity of objectives and procedures regarding stock verification and responsibilities of loss, points out that the cost of stock verification often far exceeds the benefits, highlights norms and procedures of stock verification for Government of India institutions, discusses some advantages and various methods and procedures of physical verification, put forth pre...

  14. Company Stock in Pension Plans: How Costly Is It?

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

    Employees often hold substantial levels of company stock in their defined contribution pension plans, a practice widely recognized as risky. But holding company stock is not only risky, it is costly: employees who own company stock are not fully diversified, so expected returns on their portfolios are lower than equally risky, but fully diversified, portfolios. This paper investigates the costs of holding company stock and finds that the loss in diversification reduces the value of employees'...

  15. 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...

  16. Dynamic Evolution Analysis of Stock Price Fluctuation and Its Control

    Directory of Open Access Journals (Sweden)

    Yuhua Xu

    2018-01-01

    Full Text Available This paper studies a simple dynamical system of stock price fluctuation time series based on the rule of stock market. When the stock price fluctuation system is disturbed by external excitations, the system exhibits obviously chaotic phenomena, and its basic dynamic properties are analyzed. At the same time, a new fixed-time convergence theorem is proposed for achieving fixed-time control of stock price fluctuation system. Finally, the effectiveness of the method is verified by numerical simulation.

  17. Chinook salmon Genetic Stock Identification data - Genetic Stock Identification of Washington Chinook salmon

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This project evaluates data from coded wire tagging with that from parental based tagging to identify stock of origin for Chinook salmon landed in Washington state...

  18. An Empirical Examination of the Incremental Contribution of Stock Characteristics in UK Stock Returns

    Directory of Open Access Journals (Sweden)

    Jonathan Fletcher

    2017-10-01

    Full Text Available This study uses the Bayesian approach to examine the incremental contribution of stock characteristics to the investment opportunity set in U.K. stock returns. The paper finds that size, book-to-market (BM ratio, and momentum characteristics all make a significant incremental contribution to the investment opportunity set when there is unrestricted short selling. However, no short selling constraints eliminate the incremental contribution of the size and BM characteristics, but not the momentum characteristic. The use of additional stock characteristics such as stock issues, accruals, profitability, and asset growth leads to a significant incremental contribution beyond the size, BM, and momentum characteristics when there is unrestricted short selling, but no short selling constraints largely eliminates the incremental contribution of the additional characteristics.

  19. 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.

  20. 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.

  1. Hydrocarbon Reserves: Abundance or Scarcity

    International Nuclear Information System (INIS)

    2005-01-01

    IFP and the OAPEC jointly organize a regular international seminar dealing with world oil-related problems appearing in the news. For the first time, this seminar has been opened to oil and gas company specialists, service companies, research centers and independents. This year's theme concerns oil and gas reserves: are they abundant or are we headed towards the shortages announced by some experts? This theme is especially topical in that: oil and gas currently meet two thirds of world energy needs and almost completely dominate the transport sector; the reserves declared by the OAPEC countries account for nearly half of world reserves; the price of a barrel of oil went through the roof in 2004; world energy demand is growing fast and alternative sources of energy are far from ready to take over from oil and gas in the next few decades. Since the reserves correspond to the volume it is technically and economically viable to produce, the seminar has, of course, dealt with the technical and economic questions that arise in connection with exploration and production, but it has also considered changes in the geopolitical context. Presentations by the leading companies of the OAPEC countries and by the IFP group were completed by presentation from the International Energy Agency (IEA), the United States Geological Survey (USGS), the IHS Energy Group, Total and Gaz de France. This document gathers the transparencies of the following presentations: Hydrocarbon reserves in OAPEC members countries: current and future (M. Al-Lababidi); Non OAPEC liquid reserves and production forecasts (Y. Mathieu); World oil and gas resources and production outlook (K. Chew); Global investments in the upstream (F. Birol); Total's policy in the oil and gas sector (C. de Margerie); Gaz de France's policy in the oil and gas sector (J. Abiteboul); NOC/IOC's opportunities in OPEC countries (I. Sandrea); Relationships between companies, countries and investors: How they may impact on the growth

  2. Hydrocarbon Reserves: Abundance or Scarcity

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2005-07-01

    IFP and the OAPEC jointly organize a regular international seminar dealing with world oil-related problems appearing in the news. For the first time, this seminar has been opened to oil and gas company specialists, service companies, research centers and independents. This year's theme concerns oil and gas reserves: are they abundant or are we headed towards the shortages announced by some experts? This theme is especially topical in that: oil and gas currently meet two thirds of world energy needs and almost completely dominate the transport sector; the reserves declared by the OAPEC countries account for nearly half of world reserves; the price of a barrel of oil went through the roof in 2004; world energy demand is growing fast and alternative sources of energy are far from ready to take over from oil and gas in the next few decades. Since the reserves correspond to the volume it is technically and economically viable to produce, the seminar has, of course, dealt with the technical and economic questions that arise in connection with exploration and production, but it has also considered changes in the geopolitical context. Presentations by the leading companies of the OAPEC countries and by the IFP group were completed by presentation from the International Energy Agency (IEA), the United States Geological Survey (USGS), the IHS Energy Group, Total and Gaz de France. This document gathers the transparencies of the following presentations: Hydrocarbon reserves in OAPEC members countries: current and future (M. Al-Lababidi); Non OAPEC liquid reserves and production forecasts (Y. Mathieu); World oil and gas resources and production outlook (K. Chew); Global investments in the upstream (F. Birol); Total's policy in the oil and gas sector (C. de Margerie); Gaz de France's policy in the oil and gas sector (J. Abiteboul); NOC/IOC's opportunities in OPEC countries (I. Sandrea); Relationships between companies, countries and investors: How they may

  3. Intraday Lead-Lag Relationship between Stock Index and Stock Index Futures Markets: Evidence from Turkey

    OpenAIRE

    Ersoy, Ersan; Çıtak, Levent

    2015-01-01

    In perfectly frictionless and rational markets, spot markets and futures markets should simultaneously reflect new information. However, due to market imperfections, one of these markets may reflect information faster than the other and therefore may lead to the other. This study examines the lead-lag relationship between stock index and stock index futures, in terms of both price and volatility, by using 5 minute data over 2007-2010 period. The findings of this study indicate that a stable l...

  4. Impact in Changing Price Fraction to the Stock Trading Indicators in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Natalia Natalia

    2016-11-01

    Full Text Available The purpose of this study was to determine how the impact of changes the price fraction to the stock trading indicator that is volume, value, and frequency of trading transactions. Data were analyzed using the Mann-Whitney U test. The results show that the volume of stock trading is not affected significantly by the implementation of the tick size, whereas for the value of trade and frequency of trade significantly affected.

  5. 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.

  6. 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...

  7. The impact of leverage on stock returns: an empirical test on the Australian stock market

    OpenAIRE

    Thuy Linh, Doan

    2009-01-01

    Asset pricing model is no longer a new topic to theoretical finance but it still maintains researchers’ interest until now. The role of firm characteristics in explaining the stock returns becomes more and more significant in the empirical studies. The Fama French three factor is the most famous model of testing the firm characteristics: size effect and book to market effect on stock returns. However, this model does not include leverage, one of the most important firm characteristics. Starti...

  8. 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 ...

  9. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

    ... section, a class of stock that is traded on one or more qualified exchanges or other markets, as defined... multiple tiers. If an exchange in a foreign country has more than one tier or market level on which stock... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Definition of marketable stock. 1.1296-2 Section...

  10. 26 CFR 52.4682-4 - Floor stocks tax.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 17 2010-04-01 2010-04-01 false Floor stocks tax. 52.4682-4 Section 52.4682-4... TAXES (CONTINUED) ENVIRONMENTAL TAXES § 52.4682-4 Floor stocks tax. (a) Overview. This section provides rules for identifying ozone-depleting chemicals (ODCs) that are subject to the floor stocks tax imposed...

  11. 78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-11-06

    ... Stejneger's), western and central stocks of humpback whales, fin whale, eastern North Pacific right whale... mortality estimates. Strategic stocks included: North Atlantic right whale, humpback whale, fin whale, sei... Maine/Bay of Fundy). Non-strategic stocks included: Minke whale, dwarf sperm whale, pygmy sperm whale...

  12. Determinants of stock market development in Nigeria using error ...

    African Journals Online (AJOL)

    Determinants of stock market development in Nigeria using error correction model approach. ... This study sought to examine empirically whether stock market liquidity, savings rate, investment ratio, and foreign direct investment (FDI) were determinants of stock market development in Nigeria from 1970-2007. Using ...

  13. 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...

  14. 12 CFR 931.2 - Issuance of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance of capital stock. 931.2 Section 931.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank may...

  15. 12 CFR 931.1 - Classes of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Classes of capital stock. 931.1 Section 931.1 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital...

  16. 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...

  17. Application of Energy Performance Indicators for Residential Building Stocks

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper; Diefenbach, Nikolaus

    2016-01-01

    Energy performance indicators of residential building stocks can either describe existing empirical data of a building stock or the input and outcome of building stock modelling. In EPISCOPE both types of quantities are clearly separated by distinguishing monitoring indicators and scenario indica...

  18. Macroeconomic determinants of conditional stock-bond correlation ...

    African Journals Online (AJOL)

    This paper analyzes effects of macroeconomic variables on cross- asset market linkages based on the stock-bond returns correlation. The study focuses on the dependence of stock-bond returns correlation on inflation and interest rate, and attempts to explain conditional stock-bond correlation using the argument that these ...

  19. 26 CFR 1.1563-2 - Excluded stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Excluded stock. 1.1563-2 Section 1.1563-2...) INCOME TAXES Certain Controlled Corporations § 1.1563-2 Excluded stock. (a) Certain stock excluded. For purposes of sections 1561 through 1563 and the regulations thereunder, the term “stock” does not include...

  20. 12 CFR 615.5245 - Limitations on association preferred stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Limitations on association preferred stock. 615... Limitations on association preferred stock. (a) The board of directors of each association offering preferred stock must adopt a policy that addresses the association's conditions or limits on the amount of...

  1. 7 CFR 1610.9 - Class B stock.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Class B stock. 1610.9 Section 1610.9 Agriculture... 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...

  2. 26 CFR 1.958-2 - Constructive ownership of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Constructive ownership of stock. 1.958-2... TAX (CONTINUED) INCOME TAXES Controlled Foreign Corporations § 1.958-2 Constructive ownership of stock...), to treat the stock of a domestic corporation as owned by a United States shareholder of a controlled...

  3. 12 CFR 209.3 - Cancellation of Reserve Bank stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false Cancellation of Reserve Bank stock. 209.3... ISSUE AND CANCELLATION OF FEDERAL RESERVE BANK CAPITAL STOCK (REGULATION I) § 209.3 Cancellation of Reserve Bank stock. (a) Application for cancellation. Any bank that desires to withdraw from membership in...

  4. 29 CFR 4043.31 - Extraordinary dividend or stock redemption.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Extraordinary dividend or stock redemption. 4043.31 Section... Events § 4043.31 Extraordinary dividend or stock redemption. (a) Reportable event. A reportable event... paragraph (e)(3) of this section) or redeems its own stock, if the resulting distribution is reportable...

  5. 17 CFR 256.201 - Common stock issued.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Common stock issued. 256.201... COMPANY ACT OF 1935 Liabilities and Other Credit Accounts § 256.201 Common stock issued. This account shall include the par or stated value of all common capital stock issued and outstanding. ...

  6. 32 CFR 807.4 - Availability and nonavailability of stock.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 6 2010-07-01 2010-07-01 false Availability and nonavailability of stock. 807.4... ADMINISTRATION SALE TO THE PUBLIC § 807.4 Availability and nonavailability of stock. (a) Limit quantities furnished so that stock levels required for operational Air Force support are not jeopardized. (b) If the...

  7. 24 CFR 1000.312 - What is current assisted stock?

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false What is current assisted stock? 1000.312 Section 1000.312 Housing and Urban Development Regulations Relating to Housing and Urban... assisted stock? Current assisted stock consists of housing units owned or operated pursuant to an ACC. This...

  8. 26 CFR 1.382-4 - Constructive ownership of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Constructive ownership of stock. 1.382-4 Section... (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.382-4 Constructive ownership of stock. (a) In general... exercise or transfer, with a substantial portion of the attributes of ownership of the underlying stock. (4...

  9. 12 CFR 615.5250 - Disclosure requirements for borrower stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Disclosure requirements for borrower stock. 615.5250 Section 615.5250 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM FUNDING AND... Disclosure requirements for borrower stock. (a) For sales of borrower stock, which for this subpart means...

  10. 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...

  11. 27 CFR 21.3 - Stocks of discontinued formulas.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Stocks of discontinued..., DEPARTMENT OF THE TREASURY LIQUORS FORMULAS FOR DENATURED ALCOHOL AND RUM General Provisions § 21.3 Stocks of discontinued formulas. Denaturers, or specially denatured spirits dealers or users, having on hand stocks of...

  12. 27 CFR 46.233 - Payment of floor stocks tax.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Payment of floor stocks... PRODUCTS AND CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.233 Payment of floor stocks tax. (a...

  13. The zero inflation of standing dead tree carbon stocks

    Science.gov (United States)

    Christopher W. Woodall; David W. MacFarlane

    2012-01-01

    Given the importance of standing dead trees in numerous forest ecosystem attributes/processes such as carbon (C) stocks, the USDA Forest Service’s Forest Inventory and Analysis (FIA) program began consistent nationwide sampling of standing dead trees in 1999. Modeled estimates of standing dead tree C stocks are currently used as the official C stock estimates for the...

  14. 27 CFR 46.221 - Floor stocks tax rates.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Floor stocks tax rates. 46... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Tax Liability Calculation § 46.221 Floor stocks tax rates. Product...

  15. 27 CFR 46.231 - Floor stocks tax return.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Floor stocks tax return... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.231 Floor stocks tax return. Form 5000...

  16. 27 CFR 46.195 - Floor stocks requirements.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Floor stocks requirements... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 General § 46.195 Floor stocks requirements. (a) Take inventory. The...

  17. Maintenance in Railway Rolling Stock Rescheduling for Passenger Railways

    NARCIS (Netherlands)

    J.C. Wagenaar (Joris); L.G. Kroon (Leo)

    2015-01-01

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

  18. Comparison of advanced genetic loblolly pine planting stock

    Science.gov (United States)

    R.J. Rousseau; S.D. Roberts; B.L. Herrin

    2012-01-01

    Forest landowners have several options when it comes to selecting planting stock for loblolly pine plantations. The majority of plantations established over the past two decades have been planted with 2nd-Generation open-pollinated (2nd-Gen) seedling stock. Today, landowners can increase their yields using more sophisticated planting stock such as Mass Control...

  19. Production and assessment of red alder planting stock.

    Science.gov (United States)

    M.A. Radwan; Y. Tanaka; A. Dobkowskl; W. Fangen

    1992-01-01

    A series of experiments was conducted over 4 years to test and develop methods to produce acceptable red alder planting stock and to assess quality and outplanting performance of resulting stock. Results indicated that red alder planting stock can be produced as containerized seedlings (plugs) or as bare-root nontransplant and transplant trees. In general, bare-root...

  20. Effect of stock indices on cash flow and earnings management ...

    African Journals Online (AJOL)

    The main objective of this study is to investigate the effect of stock indices on cash flow and earnings management in companies listed on Tehran Stock Exchange. In other words, this study has tried to answer the question that whether the stock indices on cash flow and earnings management in companies listed on Tehran ...

  1. An Intense Nigerian Stock Exchange Market Prediction Using Logistic

    African Journals Online (AJOL)

    investor can alter the stock price as defined by expectation. The other work found in the literature, that did not make use of the ANN is the one presented by Emenike K.O (2010) [12], the Autoregressive Integrated. Moving Average (p,d,q) model [ARIMA] was used to models and forecasts stock prices of the Nigerian Stock ...

  2. 29 CFR 779.113 - Warehouse and stock room employees.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false Warehouse and stock room employees. 779.113 Section 779.113 Labor Regulations Relating to Labor (Continued) WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR STATEMENTS....113 Warehouse and stock room employees. Warehouse and stock room employees of retail businesses who...

  3. 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.

  4. 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...

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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...... announcement effects on realized bond and stock volatilities are also investigated....

  10. What Is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    . 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......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...

  11. 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

  12. 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.

  13. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

    We study a redistributive tax system that taxes income and redistributes tax revenues in such a way that relatively rich agents are net contributors to relatively poor agents. The closed-form solution of our model allows two main conclusions: (i) Despite ongoing transfers, wealth levels are not h......We study a redistributive tax system that taxes income and redistributes tax revenues in such a way that relatively rich agents are net contributors to relatively poor agents. The closed-form solution of our model allows two main conclusions: (i) Despite ongoing transfers, wealth levels...... are not harmonized because poorer agents mainly use their transfer income to finance present consumption. (ii) Since the evolution of the economy determines both the level of tax revenues and the evolution of the stock market, transfer income is subject to stock market risk. Hence, poorer agents optimally reduce...

  14. Materials Stock of the Civilian Aircraft Fleet

    Directory of Open Access Journals (Sweden)

    Jörg Woidasky

    2017-11-01

    Full Text Available Currently, about 25,500 large commercial aircraft are in use for passenger transport or as freighters, or in storage. As of today, the most prevalent metals in aircraft recycling are aluminium, as well as nickel and titanium super alloys, e.g., for the engines. The total fleet weight amounts to about 1.3 million metric tons of materials (not only metals. The aircraft engine material stock alone amounts to about 170,000 metric tons in the entire fleet. In the coming decade, more than 200,000 metric tons of obsolete aircraft structural materials can be expected for recycling. This article aims to quantify this flying stock in more detail.

  15. Stock network stability in times of crisis

    Science.gov (United States)

    Heiberger, Raphael H.

    2014-01-01

    Despite many efforts crises on financial markets are in large part still scientific black-boxes. In this paper, we use a winner-take-all approach to construct a longitudinal network of S&P 500 companies and their correlations between 2000 and 2012. A comparison to complex ecosystems is drawn, especially whether the May-Wigner theorem can describe real-world economic phenomena. The results confirm the utility of the May-Wigner theorem as a stability indicator for the US stock market, since its development matches with the two major crises of this period, the dot-com bubble and, particularly, the financial crisis. In those times of financial turmoil, the stock network changes its composition, but unlike ecological systems it tightens and the disassortative structure of prosperous markets transforms into a more centralized topology.

  16. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

    energy savings in residential buildings. The intension with this analysis was to investigate the possible energy reduction in Denmark if the same approach had been taken for the entire Danish building stock. The report concludes that the ZeroHome initiative clearly results in energy savings, but far from......This report provides a summary of the national input from Denmark to the EPISCOPE project supported by Intelligent Energy Europe Programme of the EU. The strategic objective of EPISCOPE was to make the energy refurbishment processes in the European housing sector more transparent and effective...... enough to meet the government’s plan to make Danish buildings free from use of fossil fuels by 2035. This will probably require around 50 % energy savings in the Danish building stock as a whole. However, the project has proven that dedicated engagement of locals can speed up market penetration...

  17. 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.

  18. Nutrient-driven poleward expansion of the Northeast Atlantic mackerel (Scomber scombrus stock: A new hypothesis

    Directory of Open Access Journals (Sweden)

    Selma V. Pacariz

    2016-05-01

    Full Text Available Abstract The Northeast Atlantic mackerel (Scomber scombrus stock has increased and expanded its summer feeding migration west- and northwards since 2006, entailing large geopolitical challenges for the countries harvesting this species. A common perspective is that climatic warming opens up new regions for biota in the north. It has also been suggested that the presently large pelagic fish stocks deplete prey resources in the eastern North Atlantic during their summer feeding phase, forcing the stocks west towards the Irminger Sea in their search for food. Here, we suggest that the declining nutrient (silicate concentrations observed along the northern European continental slope reduce primary and thus secondary production, exacerbating food scarceness in the east and adding to the incentive to migrate westward. The new westward feeding route requires that the fish cross the Iceland Basin, which during the summer season quickly becomes nutrient-depleted and thus might act as a barrier to migration after the spring bloom. Using mackerel and zooplankton abundance data from the International Ecosystem Summer Surveys in the Nordic Seas, we suggest that the oligotrophic waters in the central Iceland Basin force the fish to migrate through a narrow ‘corridor’ along the south Iceland shelf, where nutrients are replenished and both primary and secondary production are higher.

  19. Allelic variability in species and stocks of Lake Superior ciscoes (Coregoninae)

    Science.gov (United States)

    Todd, Thomas N.

    1981-01-01

    Starch gel electrophoresis was used as a means of recognizing species and stocks in Lake Superior Coregonus. Allelic variability at isocitrate dehydrogenase and glycerol-3-phosphate dehydrogenase loci was recorded for samples of lake herring (Coregonus artedii), bloater (C. hoyi), kiyi (C. kiyi), and shortjaw cisco (C. zenithicus) from five Lake Superior localities. The observed frequencies of genotypes within each subsample did not differ significantly from those expected on the basis of random mating, and suggested that each subsample represented either a random sample from a larger randomly mating population or an independent and isolated subpopulation within which mating was random. Significant contingency X2 values for comparisons between both localities and species suggested that more than one randomly mating population occurred among the Lake Superior ciscoes, but did not reveal how many such populations there were. In contrast to the genetic results of this study, morphology seems to be a better descriptor of cisco stocks, and identification of cisco stocks and species will still have to be based on morphological criteria until more data are forthcoming. Where several species are sympatric, management should strive to preserve the least abundant. Failure to do so could result in the extinction or depletion of the rarer forms.

  20. Terrorism and Tourism : The Stock Market Reaction

    OpenAIRE

    Chua, Hui Gee

    2005-01-01

    The tourism sector has inadvertently been seen as the logical companion of terrorism. With terrorism being associated with negative abnormal returns in the capital markets, the linkage of tourism with terrorism implicates greater negative association. This research examines the validity of the association of four terrorist attacks; the 9/11, Bali Bombing, Marriot hotel bombing, and the 7/7 London Bombings on four respectively selected groups of hotels and hotel managements stocks. The standar...

  1. Price jumps on European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, Evžen; Novotný, Jan

    2014-01-01

    Roč. 14, č. 1 (2014), s. 10-22 ISSN 2214-8450 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA ČR(CZ) GBP402/12/G097 Grant - others:UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : stock markets * price jump indicators * non-parametric testing Subject RIV: AH - Economics

  2. Networks of volatility spillovers among stock markets

    Czech Academy of Sciences Publication Activity Database

    Baumöhl, E.; Kočenda, Evžen; Lyócsa, S.; Výrost, T.

    2018-01-01

    Roč. 490, č. 1 (2018), s. 1555-1574 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Volatility spillovers * Shock transmission * Stock markets * Granger causality network * Financial crisis * Spatial regression Subject RIV: AH - Economics OBOR OECD: Applied Economics, Econometrics Impact factor: 2.243, year: 2016 http://library.utia.cas.cz/separaty/2018/E/kocenda-0487923. pdf

  3. Stock Return Prediction with Hidden Order Mapping

    OpenAIRE

    Mamidi, Varsha

    2016-01-01

    Missing data problem is ubiquitous in many real life situations. Information Technology researchers have explored and tried to address this problem in different settings. In this thesis, we undertake research to address missing data problem associated with order book information in stock markets. This is an in-depth and large-scale study with systematic and comprehensive framework to address missing data problem in the finance literature.    Orders placed by traders and ...

  4. An operatorial approach to stock markets

    International Nuclear Information System (INIS)

    Bagarello, F

    2006-01-01

    We propose and discuss some toy models of stock markets using the same operatorial approach adopted in quantum mechanics. Our models are suggested by the discrete nature of the number of shares and of the cash which are exchanged in a real market, and by the existence of conserved quantities, like the total number of shares or some linear combination of cash and shares. The same framework as the one used in the description of a gas of interacting bosons is adopted

  5. Motor vehicle stocks, scrappage, and sales

    OpenAIRE

    Alan Greenspan; Darrel Cohen

    1996-01-01

    This paper offers a framework for forecasting aggregate sales of new motor vehicles; this framework incorporates separate models for the change in the vehicle stock and for the rate of vehicle scrappage. Because this approach requires only a minimal set of assumptions about demographic trends, the state of the economy, consumer ''preferences,'' new vehicle prices and repair costs, and vehicle retirements, it is shown to be especially useful as a macroeconomic forecasting tool. In addition, th...

  6. Style popularity and the comovement of stocks

    OpenAIRE

    Wouters, T.; Plantinga, A.

    2006-01-01

    We examine to what extent the popularity of an investment style can be attributed to style investing. The style investing hypothesis predicts that assets in the same style show strong comovement with respect to their underlying fundamentals and that reclassifying assets into a new style raises its correlation with that style. We test this prediction by studying how comovement varies with proxies of popularity. We use different kinds of data, such as data on stocks, mutual funds, IPO?s and fin...

  7. SURVEY ON SENTIMENT ANALYSIS OF STOCK MARKET

    OpenAIRE

    Nausheen S; Anil Kumar M; Amrutha K K

    2017-01-01

    Sentiment analysis has seen a tremendous growth in the past few years. Sentiment analysis or opinion mining is a process of collecting users’ opinion from user generated content. It has various applications, such as stock market prediction, products’ review collection, etc. a large amount of work has been done in this field by applying sentiment analysis to various applications. The main goal of this paper is to study the various methods used for sentiment analysis. Further we explain the ove...

  8. Determinants of distribution, abundance and reproductive success ...

    African Journals Online (AJOL)

    ... while local vegetation structure determines the abundance of locally established populations. The abundance of trees affects nest site availability and breeding success, based on observations at two oases. Blackbird nests were usually situated on pomegranate trees and olive trees. The Common Blackbird is a successful ...

  9. Resource Abundance and Resource Dependence in China

    NARCIS (Netherlands)

    Ji, K.; Magnus, J.R.; Wang, W.

    2010-01-01

    This paper reconsiders the ‘curse of resources’ hypothesis for the case of China, and distinguishes between resource abundance, resource rents, and resource dependence. Resource abundance and resource rents are shown to be approximately equivalent, and their association with resource dependence

  10. Seasonal variation in fish abundance and physicochemical ...

    African Journals Online (AJOL)

    There is a positive correlation between fish abundance and biomass for wet and dry seasons (r = 0.60 and 0.76 respectively). There was no significant difference between fish abundance in the two seasons. Variations occurred between physico-chemical parameters of water samples. Analysis of the lagoon waters showed ...

  11. Immediate causality network of stock markets

    Science.gov (United States)

    Zhou, Li; Qiu, Lu; Gu, Changgui; Yang, Huijie

    2018-02-01

    Extensive works show that a network of stocks within a single stock market stores rich information on evolutionary behaviors of the system, such as collapses and/or crises. But a financial event covers usually several markets or even the global financial system. This mismatch of scale leads to lack of concise information to coordinate the event. In this work by using the transfer entropy we reconstruct the influential network between ten typical stock markets distributed in the world. Interesting findings include, before a financial crisis the connection strength reaches a maximum, which can act as an early warning signal of financial crises. The markets in America are monodirectionally and strongly influenced by that in Europe and act as the center. Some strongly linked pairs have also close correlations. The findings are helpful in understanding the evolution and modelling the dynamical process of the global financial system. This method can be extended straightly to find early warning signals for physiological and ecological systems, etc.

  12. THE SPECIFIC ACCOUNTING TREATMENTS REGARDING STOCKS

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2014-10-01

    Full Text Available The process of harmonization and convergence of IFRS – U.S. GAAP represents a significant advance in the approach of internationally recognized accounting referential frames, context where the accounting system in our country – undergoing internationalization and Europeanization – also experiences the assimilation of harmonization and convergence products between the two accounting standardizations worldwide. Looking from this perspective, we can say that no nation has the right to be considered superior in accounting, as several steps need to be taken in different countries in order to reach a level of compliance on a global scale – desirable. Because companies have expanded their boundaries and tus increasing the importance of managerial communication and the increasingly deeper globalization of capital markets requires and imposes the global use of a single accounting language, we deemed it useful to conduct a study regarding the main differences between the national accounting regulations and the provisions of the international reference frame on stocks, as the users of information from the financial statements seek to evaluate the profitability of the company in general, but also in terms of its risk of illiquidity, as stocks are an important component of an entity's assets. In this respect, we will address the stocks in terms of the main differences between the national accounting regulations, the provisions of the international reference frame, and the economic and financial indicators – expression of different accounting treatments.

  13. 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.

  14. The response of spider (Araneae assemblages to structural heterogeneity and prey abundance in sub-montane vegetation modified by conservation grazing

    Directory of Open Access Journals (Sweden)

    Peter Dennis

    2015-01-01

    Full Text Available The effect of experimental livestock grazing regimens (4 treatments×6 replicates on spiders via habitat structure and prey abundance was investigated on sub-montane habitats in the Southern Highlands of Scotland. The study, 2002–2004 included a baseline survey under the prior, commercial sheep grazing regimen and two assessments of spider assemblages post-treatment: commercial stocking density of sheep; 1/3 stocking density with sheep; 1/3 stocking density cattle with sheep; and no grazing. Spiders were sampled with a suction sampler, five sucks at each of 25 sample units by 24 plots (600 samples in 2003 and 2004, ca. 320 in 2002. Spider abundance and species richness increased under reduced stocking density, mixed herbivore and ungrazed treatments indirectly via changes in vegetation structure and prey abundance. The results refuted a meta-analysis that concluded species richness of spiders is unaffected by grazing. Grazing regimens caused turnover in species composition more than the net difference in species richness suggested, implying that no single, optimal grazing regimen will support as many species as a patchwork under varied grazing management. Conservation grazing benefits spiders and will have significant benefits for food webs in sub-montane ecosystems but the period to equilibrium after changes to grazing requires further investigation.

  15. Seasonal Trends in Lithuanian Stock Market

    Directory of Open Access Journals (Sweden)

    Žaneta Simanavičienė

    2013-11-01

    Full Text Available Purpose of the article is to disentangle different calendar effects which leave efficiency holes in Lithuanian market. This paper presents and tests if commonly described seasonal patterns exist in Lithuanian stock market. Analysis of three different sections: period-of-the-year; week-of-the-month and day-of-the-week, suggests that calendar effects do exist in this market. The multitude of explanations for the seasonal effect leaves the reader confused about its primary cause(s: is it tax-loss selling, window dressing, information, bid-ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Methodology/methods are logical and systemic analysis of research literature based on the comparative and generalization methods as well as statistical methods. Scientific aim of the article is the lack of arguments questioning if market prices operating system is fully effective. Novelty of the paper is to the answer to the question what seasonal anomalies are also present in the stock market of new open economy countries. Findings show that using this modified strategy investor could achieve 20.7% compounded annual growth rate versus 7.8% achieved using simply holding stocks throughout. The hypothesis asserts that returns generally will be greater following the “January effect”. There is limited amount of data for constructing robust seasonal strategies so we modified Buy and Hold strategy with simple rules of using best and worst months to show how they influence OMXV index performance. In the conclusions, empirical results using stock index returns for 2000 - 2010 support the hypothesis in Lithuaian stock market. Abnormal activity of OMXV index’s performance is found in the end of summer and throughout autumn. August is best performer of the year while October is

  16. 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

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  2. An explicit solution for calculating optimum spawning stock size from Ricker's stock recruitment model.

    Science.gov (United States)

    Scheuerell, Mark D

    2016-01-01

    Stock-recruitment models have been used for decades in fisheries management as a means of formalizing the expected number of offspring that recruit to a fishery based on the number of parents. In particular, Ricker's stock recruitment model is widely used due to its flexibility and ease with which the parameters can be estimated. After model fitting, the spawning stock size that produces the maximum sustainable yield (S MSY) to a fishery, and the harvest corresponding to it (U MSY), are two of the most common biological reference points of interest to fisheries managers. However, to date there has been no explicit solution for either reference point because of the transcendental nature of the equation needed to solve for them. Therefore, numerical or statistical approximations have been used for more than 30 years. Here I provide explicit formulae for calculating both S MSY and U MSY in terms of the productivity and density-dependent parameters of Ricker's model.

  3. 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.

  4. Impacts of Northern Pike on stocked Rainbow Trout in Pactola Reservoir, South Dakota

    Science.gov (United States)

    Scheibel, Natalie C.; Dembkowski, Daniel J.; Davis, Jacob L.; Chipps, Steven R.

    2016-01-01

    Establishment of nonnative Northern Pike Esox lucius in Pactola Reservoir, South Dakota, has prompted concern among biologists about the influence of this species on the lake’s intensively managed salmonid fisheries. Ancedotal information suggests that catch rates of Rainbow Trout Oncorhynchus mykiss have declined while mean size and abundance of Northern Pike has increased, although quantitative information on diet and growth of the Northern Pike population is lacking. To address potential interactions between Northern Pike and Rainbow Trout, we assessed size-dependent predation by Northern Pike on Rainbow Trout and determined the relative energetic contribution of stocked Rainbow Trout to Northern Pike growth using bioenergetics modeling. Stable isotopes combined with traditional diet analyses revealed that smaller Northern Pike (Trout contributed less than 10% to their annual energy consumption. In contrast, larger Northern Pike (≥600 mm TL) consumed primarily Rainbow Trout, which accounted for 56% of their annual energy consumption. Combining estimates of Northern Pike predation with production costs of catchable-size Rainbow Trout revealed that annual economic losses ranged from US$15,259 to $24,801 per year. Over its lifespan, an age-10 Northern Pike was estimated to consume ~117 Rainbow Trout worth approximately $340. Thus, Northern Pike predation substantially influences salmonid management initiatives and is likely a primary factor contributing to reduced Rainbow Trout abundance and return to anglers in Pactola Reservoir. Strategies for reducing Northern Pike predation on Rainbow Trout include increasing the size of stocked fish or altering the timing and spatial distribution of stocking events.

  5. Status and restoration of salmon (Salmo salar L. stocks in the Nemunas River Basin, Lithuania

    Directory of Open Access Journals (Sweden)

    Vytautas Kesminas

    2015-12-01

    Full Text Available Dynamics of salmon resources is of a great importance to most countries in the Baltic Sea region, including Lithuania. Currently, human activity is the main cause of negative impact on salmon stocks status mainly through habitat loss. Salmon restocking program started in 1998 with the aim to recover stocks in the Nemunas River basin. The program involved artificial rearing, construction of fish ladders, protection of spawning grounds, stock monitoring, fishery regulation in the sea and rivers. Our study presents data on salmon stocks status and productivity in Lithuania, including abundance of fry and smolts, age composition and genetic structure of the populations. In total, 12 rivers in Lithuania have salmon populations, but the status of the populations varies. Despite the many measures taken, smolt production in Nemunas basin is increasing slowly. Notable increase in production was observed only in recent years. Production increased substantially during 2007- 2010 period, from 13 thousand individuals to over 47 thousand. Salmon parr density in studied rivers varied from 0.3 – 33.7 per 100 m² (mean value 9.8 individuals per 100 m². Mitochondrial, microsatellite and SNP DNA markers were used to investigate genetic structure of salmon populations. MtDNA was subjected to RFLP analysis, 17 microsatellite loci were used as markers, also samples genotyped with 5568 SNPs. Salmon population from the Nemunas basin was fixed at one haplotype for mtDNA and fell into the same group as the populations from Latvia, Estonia, Russia and Southern Sweden. Microsatellite DNA and SNPs demonstrated distinctiveness from other neighboring populations, however it also indicated lower genetic variability, which could be caused by bottleneck event.

  6. Why fishing magnifies fluctuations in fish abundance.

    Science.gov (United States)

    Anderson, Christian N K; Hsieh, Chih-hao; Sandin, Stuart A; Hewitt, Roger; Hollowed, Anne; Beddington, John; May, Robert M; Sugihara, George

    2008-04-17

    It is now clear that fished populations can fluctuate more than unharvested stocks. However, it is not clear why. Here we distinguish among three major competing mechanisms for this phenomenon, by using the 50-year California Cooperative Oceanic Fisheries Investigations (CalCOFI) larval fish record. First, variable fishing pressure directly increases variability in exploited populations. Second, commercial fishing can decrease the average body size and age of a stock, causing the truncated population to track environmental fluctuations directly. Third, age-truncated or juvenescent populations have increasingly unstable population dynamics because of changing demographic parameters such as intrinsic growth rates. We find no evidence for the first hypothesis, limited evidence for the second and strong evidence for the third. Therefore, in California Current fisheries, increased temporal variability in the population does not arise from variable exploitation, nor does it reflect direct environmental tracking. More fundamentally, it arises from increased instability in dynamics. This finding has implications for resource management as an empirical example of how selective harvesting can alter the basic dynamics of exploited populations, and lead to unstable booms and busts that can precede systematic declines in stock levels.

  7. 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

  8. Responsible genetic approach to stock restoration, sea ranching and stock enhancement of marine fishes and invertebrates

    DEFF Research Database (Denmark)

    Grant, W. Stewart; Jasper, James; Bekkevold, Dorte

    2017-01-01

    The origins of agriculture date to about 9000 years, but commercial culture and supplementation of marine populations reach back only a few centuries. Hence, wild populations still play a major role in seafood production. Closed culture, stock restorations, sea ranching and stock enhancements...... of marine fishes and invertebrates have been implemented with various outcomes. A review of the literature indicates that considerable effort has been directed toward culture technologies to maximize production, but scant attention has been given to genetic risks to wild populations. Genetic risks from...

  9. Interstellar Abundances Toward X Per, Revisited

    Science.gov (United States)

    Valencic, Lynne A.; Smith, Randall K.

    2014-01-01

    The nearby X-ray binary X Per (HD 24534) provides a useful beacon with which to measure elemental abundances in the local ISM. We examine absorption features of 0, Mg, and Si along this line of sight using spectra from the Chandra Observatory's LETG/ ACIS-S and XMM-Newton's RGS instruments. In general, we find that the abundances and their ratios are similar to those of young F and G stars and the most recent solar values. We compare our results with abundances required by dust grain models.

  10. Patterns and trends of macrobenthic abundance, biomass and production in the deep Arctic Ocean

    Directory of Open Access Journals (Sweden)

    Renate Degen

    2015-08-01

    Full Text Available Little is known about the distribution and dynamics of macrobenthic communities of the deep Arctic Ocean. The few previous studies report low standing stocks and confirm a gradient with declining biomass from the slopes down to the basins, as commonly reported for deep-sea benthos. In this study, we investigated regional differences of faunal abundance and biomass, and made for the first time ever estimates of deep Arctic community production by using a multi-parameter artificial neural network model. The underlying data set combines data from recent field studies with published and unpublished data from the past 20 years, to analyse the influence of water depth, geographical latitude and sea-ice concentration on Arctic benthic communities. We were able to confirm the previously described negative relationship of macrofauna standing stock with water depth in the Arctic deep sea, while also detecting substantial regional differences. Furthermore, abundance, biomass and production decreased significantly with increasing sea-ice extent (towards higher latitudes down to values <200 ind m−2, <65 mg C m−2 and <73 mg C m−2 y−1, respectively. In contrast, stations under the seasonal ice zone regime showed much higher standing stock and production (up to 2500 mg C m−2 y−1, even at depths down to 3700 m. We conclude that particle flux is the key factor structuring benthic communities in the deep Arctic Ocean as it explains both the low values in the ice-covered Arctic basins and the higher values in the seasonal ice zone.

  11. Oil prices and the stock prices of alternative energy companies

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

    Energy security issues coupled with increased concern over the natural environment are driving factors behind oil price movements. While it is widely accepted that rising oil prices are good for the financial performance of alternative energy companies, there has been relatively little statistical work done to measure just how sensitive the financial performance of alternative energy companies are to changes in oil prices. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between alternative energy stock prices, technology stock prices, oil prices, and interest rates. Our results show technology stock prices and oil prices each individually Granger cause the stock prices of alternative energy companies. Simulation results show that a shock to technology stock prices has a larger impact on alternative energy stock prices than does a shock to oil prices. These results should be of use to investors, managers and policy makers. (author)

  12. 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.

  13. Power law and multiscaling properties of the Chinese stock market

    Science.gov (United States)

    Bai, Man-Ying; Zhu, Hai-Bo

    2010-05-01

    We investigate the cumulative probability density function (PDF) and the multiscaling properties of the returns in the Chinese stock market. By using returns data adjusted for thin trading, we find that the distribution has power-law tails at shorter microscopic timescales or lags. However, the distribution follows an exponential law for longer timescales. Furthermore, we investigate the long-range correlation and multifractality of the returns in the Chinese stock market by the DFA and MFDFA methods. We find that all the scaling exponents are between 0.5 and 1 by DFA method, which exhibits the long-range power-law correlations in the Chinese stock market. Moreover, we find, by MFDFA method, that the generalized Hurst exponents h(q) are not constants, which shows the multifractality in the Chinese stock market. We also find that the correlation of Shenzhen stock market is stronger than that of Shanghai stock market.

  14. Otolith chemical composition as a useful tool for sciaenid stock discrimination in the south-western Atlantic

    Directory of Open Access Journals (Sweden)

    Alejandra V. Volpedo

    2006-06-01

    Full Text Available Striped weakfish (Cynoscion guatucupa and whitemouth croaker (Micropogonias furnieri are important commercial and recreational species found in abundance along the South American Atlantic coast. In recent years otolith chemical composition has been used as a tool for identifying fish stocks for several species. The chemical composition of C. guatucupa and M. furnieri otoliths was determined by inductively coupled plasma-optical emission spectrometry (ICP-OES in samples from coastal sites (Partido de La Costa, Mar del Plata and San Blás Bay. Significant differences in the ratios of Mg/Ca, Mn/Ca and Sr/Ca for C. guatucupa otoliths and Cd/Ca, Cu/Ca, Mg/Ca, Sr/Ca and Zn/Ca for M. furnieri otoliths suggest the existence of two different fish stocks, one originating in the north (including Samborombón Bay and Partido de La Costa fisheries and another originating in the south (including “El Rincón” and San Blás fisheries. These results agree with previous studies on the same species using different methodologies. These stocks may be separated by an oceanographic barrier, the “Frente El Rincón”. Otolith chemical composition has not been previously used in South America for identifying fish stocks and may be a simple, quick and useful tool for the sustainable exploitation and management of commercial species.

  15. Impacts of large herbivorous mammals on bird diversity and abundance in an African savanna.

    Science.gov (United States)

    Ogada, D L; Gadd, M E; Ostfeld, R S; Young, T P; Keesing, F

    2008-05-01

    Large native mammals are declining dramatically in abundance across Africa, with strong impacts on both plant and animal community dynamics. However, the net effects of this large-scale loss in megafauna are poorly understood because responses by several ecologically important groups have not been assessed. We used a large-scale, replicated exclusion experiment in Kenya to investigate the impacts of different guilds of native and domestic large herbivores on the diversity and abundance of birds over a 2-year period. The exclusion of large herbivorous native mammals, including zebras (Equus burchelli), giraffes (Giraffa camelopardalis), elephants (Loxodonta africana), and buffalos (Syncerus caffer), increased the diversity of birds by 30%. Most of this effect was attributable to the absence of elephants and giraffes; these megaherbivores reduced both the canopy area of subdominant woody vegetation and the biomass of ground-dwelling arthropods, and both of these factors were good predictors of the diversity of birds. The canopy area of subdominant trees was positively correlated with the diversity of granivorous birds. The biomass of ground-dwelling arthropods was positively correlated with the diversity of insectivorous birds. Our results suggest that most native large herbivores are compatible with an abundant and diverse bird fauna, as are cattle if they are at a relatively low stocking rate. Future research should focus on determining the spatial arrangements and densities of megaherbivores that will optimize both megaherbivore abundance and bird diversity.

  16. Testing Relationships between Energy and Vertebrate Abundance

    International Nuclear Information System (INIS)

    Carbone, C.; Pettorelli, N.

    2010-01-01

    Understanding what drives variation in the abundance of organisms is fundamental to evolutionary ecology and wildlife management. Yet despite its importance, there is still great uncertainty about the main factors influencing variation in vertebrate abundance across taxa. We believe valuable knowledge and increased predictive power could be gained by taking into account both the intrinsic factors of species and the extrinsic factors related to environmental surroundings in the commonly cited RQ model, which provides a simple conceptual framework valid at both the interspecific and the intraspecific scales. Approaches comparing studies undertaken at different spatial and taxonomic scales could be key to our ability to better predict abundance, and thanks to the increased availability of population size data, global geographic datasets, and improved comparative methods, there might be unprecedented opportunities to (1) gain a greater understanding of vertebrate abundance patterns and (2) test existing theories on free-ranging animals.

  17. Chinook Abundance - Linear Features [ds181

    Data.gov (United States)

    California Natural Resource Agency — The dataset 'ds181_Chinook_ln' is a product of the CalFish Adult Salmonid Abundance Database. Data in this shapefile are collected from stream sections or reaches...

  18. Stochastic species abundance models involving special copulas

    Science.gov (United States)

    Huillet, Thierry E.

    2018-01-01

    Copulas offer a very general tool to describe the dependence structure of random variables supported by the hypercube. Inspired by problems of species abundances in Biology, we study three distinct toy models where copulas play a key role. In a first one, a Marshall-Olkin copula arises in a species extinction model with catastrophe. In a second one, a quasi-copula problem arises in a flagged species abundance model. In a third model, we study completely random species abundance models in the hypercube as those, not of product type, with uniform margins and singular. These can be understood from a singular copula supported by an inflated simplex. An exchangeable singular Dirichlet copula is also introduced, together with its induced completely random species abundance vector.

  19. SWFSC/MMTD: Vaquita Abundance Survey 1997

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — In 1997, the Southwest Fisheries Science Center (SWFSC) conducted a survey designed to estimate the abundance of vaquita, the Gulf of California harbor porpoise...

  20. Abundance Analysis of Red Horizontal Branch Stars

    Science.gov (United States)

    Jafarzadeh, S.; Lagerholm, C.; Mikolaitis, Š.

    2008-12-01

    During the Observational Stellar Astrophysics research course in Lithuania, we analyzed the spectra of four red horizontal branch stars obtained on the Nordic Optical Telescope and FIES spectrograph. For the analysis we used the program SIU running under IDL. Overall, the metallicity for these stars seems to be higher than what is listed in the literature. We have determined the main atmospheric parameters and abundances of C, N, O and Mg chemical elements. We were only able to get the [O/Fe] abundance for one star because of telluric lines. The abundances were compared with stellar evolutionary models, both for finding the stellar mass and to investigate how well these stars follow theoretical predictions of evolutionary abundance alterations.

  1. Abundance estimation of spectrally similar minerals

    CSIR Research Space (South Africa)

    Debba, Pravesh

    2009-07-01

    Full Text Available This paper evaluates a spectral unmixing method for estimating the partial abundance of spectrally similar minerals in complex mixtures. The method requires formulation of a linear function of individual spectra of individual minerals. The first...

  2. Chinook Abundance - Linear Features [ds181

    Data.gov (United States)

    California Department of Resources — The dataset 'ds181_Chinook_ln' is a product of the CalFish Adult Salmonid Abundance Database. Data in this shapefile are collected from stream sections or reaches...

  3. Electron Density and Temperature Measurements, and Abundance ...

    Indian Academy of Sciences (India)

    2016-01-27

    Jan 27, 2016 ... Using spectra obtained from the SUMER (Solar Ultraviolet Measurements of Emitted Radiation) spectrograph on the spacecraft SOHO (Solar and Heliospheric Observatory), we investigate the height dependence of electron density, temperature and abundance anomalies in the solar atmosphere.

  4. 26 CFR 25.2512-2 - Stocks and bonds.

    Science.gov (United States)

    2010-04-01

    ... the return. (2) If it is established with respect to bonds for which there is a market on a stock... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Stocks and bonds. 25.2512-2 Section 25.2512-2... GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954 Transfers § 25.2512-2 Stocks and bonds. (a) In general...

  5. DETERMINANTS OF SHARE PRICES AT KARACHI STOCK EXCHANGE

    OpenAIRE

    Khan, Muhammad Nauman; Amanullah, -

    2012-01-01

    Knowing about stimulus of stock indices is a key for the future projection of stocks performance and in turn provide base for making and suggesting appropriate economic policies. The main objective of the study is to find different determinants of share prices and the relationship of these determinants with the share prices of Karachi Stock Exchange (KSE) 100 index of Pakistan. After going through literature review 5 quantitative determinants, namely Book to Market (B/M) ratio, Price Earning ...

  6. Institutional development of freshwater fish stocking in Mexico.

    Science.gov (United States)

    Ibáñez, A L; Pérez-Ramírez, M; García-Calderón, J L

    2014-12-01

    By using freshwater fish stocking information from the Mexican government, this work described the current situation of the national stocking and its associated fishery policy. There is a lack of effective freshwater stocking programmes as a result of limited fisheries management, unharmonized fisheries regulations and institutional performance. The fry production has decreased from 140 to 20 million in the past 11 years. © 2014 The Fisheries Society of the British Isles.

  7. Absolute Stock Returns and Trading Volumes: Psychological Insights

    OpenAIRE

    Andrey Kudryavtsev

    2017-01-01

    The present study explores the effect of anchoring on stock trading volumes. I hypothesize that if on the days when the market index rises (falls), a given stock's return is higher (lower) than the market return, potentially perceived as a psychological "anchor", then investors may treat that as a salient event and subsequently increase their trading activity in the stock. Employing a large sample of daily price and trading volume data, I find support for this hypothesis, documentin...

  8. Deep Stock Representation Learning: From Candlestick Charts to Investment Decisions

    OpenAIRE

    Hu, Guosheng; Hu, Yuxin; Yang, Kai; Yu, Zehao; Sung, Flood; Zhang, Zhihong; Xie, Fei; Liu, Jianguo; Robertson, Neil; Hospedales, Timothy; Miemie, Qiangwei

    2017-01-01

    We propose a novel investment decision strategy (IDS) based on deep learning. The performance of many IDSs is affected by stock similarity. Most existing stock similarity measurements have the problems: (a) The linear nature of many measurements cannot capture nonlinear stock dynamics; (b) The estimation of many similarity metrics (e.g. covariance) needs very long period historic data (e.g. 3K days) which cannot represent current market effectively; (c) They cannot capture translation-invaria...

  9. Regime shifts, resilience and recovery of a cod stock

    DEFF Research Database (Denmark)

    Lindegren, Martin; Diekmann, Rabea; Möllmann, Christian

    2010-01-01

    In the North and Baltic seas Atlantic cod Gadus morhua stocks collapsed as part or one of the major factors inducing large-scale ecosystem regime shifts. Determining the relative contribution of overfishing and climate variability in causing these shifts has proven difficult. While facing similar...... of the local cod stock to environmental change. The recovery and healthy condition of the Sound cod stock illustrate the need for adaptive marine management strategies that maximize ecosystem resilience....

  10. Asymmetry Effects of shocks in Chinese Stock Markets Volatility

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

    The unique characteristics of the Chinese stock markets make it difficult to assume a particular distribution for innovations in returns and the specification form of the volatility process when modelling return volatility with the parametric GARCH family models. This paper therefore applies...... a generalized additive nonparametric smoothing technique to examine the volatility of the Chinese stock markets. The empirical results indicate that an asymmetric effect of negative news exists in the Chinese stock markets. Furthermore, compared with other parametric models, the generalized additive...

  11. Analysis of the Main Indicators of the Bucharest Stock Exchange

    OpenAIRE

    Madalina Gabriela ANGHEL

    2014-01-01

    The goal of this article is to achieve an analysis of the evolution and significance of the main indicators of the Bucharest Stock Exchange (stock exchange capitalization, BET index, value of the concluded transactions) over the last fifteen years. One of the significant elements in analyzing the performances of the capital market consist of the stock exchange capitalization which an essential indicator for characterizing of this domain of activity, mainly if considering the fact that it is u...

  12. Methods for biomass stock estimation in Mediterranean maquis systems

    OpenAIRE

    Sirca C; Caddeo A; Spano D; Bacciu V; Marras S

    2016-01-01

    As a result of Kyoto Protocol agreements, the scientific community increased its efforts to enhance the availability of biomass and organic carbon stock data in forest ecosystems. Nevertheless, a considerable data shortage has been recognized in estimating the stock of above-ground biomass (AGB) in Mediterranean maquis systems. This work aims at contributing in addressing such shortage by testing quick and non-disruptive methods to estimate the AGB stock in maquis species. Two methodologies w...

  13. Stock Market Liquidity: Comparative Analysis of Croatian and Regional Markets

    OpenAIRE

    Vladimir Benić; Ivna Franić

    2008-01-01

    On the Croatian stock market liquidity has never been in the focus of academic research, thus we find it necessary to observe liquidity at the aggregate level. This paper observes multi-dimensional liquidity through the impact of turnover on price change together with several one-dimensional measures. In our empirical research we applythe illiquidity measureto seven different stock markets. We focus on the Croatian stock market as compared to other markets in the Central and Eastern Europe an...

  14. Robot traders can prevent extreme events in complex stock markets

    Science.gov (United States)

    Suhadolnik, Nicolas; Galimberti, Jaqueson; Da Silva, Sergio

    2010-11-01

    If stock markets are complex, monetary policy and even financial regulation may be useless to prevent bubbles and crashes. Here, we suggest the use of robot traders as an anti-bubble decoy. To make our case, we put forward a new stochastic cellular automata model that generates an emergent stock price dynamics as a result of the interaction between traders. After introducing socially integrated robot traders, the stock price dynamics can be controlled, so as to make the market more Gaussian.

  15. Problems of the state participation in joint stock and managing

    OpenAIRE

    A. Vinnitsky

    2009-01-01

    The article deals with the current issues of the state participation in joint stock taking into account the latest transformations. First of all the article looks at economic forms and legal mechanisms of managing the states blocks of shares and joint stock companies with state participation in general. Special attention is paid to the legal status of joint stock companies with indirect state participation which are becoming more common in connection with the new wave of capital concentration...

  16. 26 CFR 1.1041-2 - Redemptions of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Redemptions of stock. 1.1041-2 Section 1.1041-2...) INCOME TAXES Common Nontaxable Exchanges § 1.1041-2 Redemptions of stock. (a) In general—(1) Redemptions of stock not resulting in constructive distributions. Notwithstanding Q&A-9 of § 1.1041-1T(c), if a...

  17. 12 CFR 225.44 - Reporting of stock loans.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Reporting of stock loans. 225.44 Section 225.44... § 225.44 Reporting of stock loans. (a) Requirements. (1) Any foreign bank or affiliate of a foreign bank... involves a person or group of persons that has been the owner or owners of record of the stock for a period...

  18. Meiofaunal abundances and faunal similarity on the continental rise off the coast of California

    Science.gov (United States)

    Rohal, Melissa; Thistle, David; Easton, Erin E.

    2014-11-01

    Metazoan meiofauna (e.g., nematodes, benthic copepods) play important roles in deep-sea sediment communities, but information as basic as standing stocks is not known for much of the world ocean. We therefore sampled six stations: one near the 2700-m isobath and one near the 3700-m isobath off northern, central, and southern California. We counted benthic copepods, both Desmoscolecidae and nondesmoscolecid nematodes, kinorhynchs, nauplii, and ostracods from multiple-corer samples. Nematodes from our 2700-m and 3700-m stations, and ostracods and nauplii from our 3700-m stations, were unusually abundant compared to those from other stations from comparable depths in the Pacific. Off California, the abundances of benthic copepods, kinorhynchs, and nondesmoscolecids at the 2700-m stations were significantly greater than those at the 3700-m stations. Abundance of benthic copepods was correlated with the percentage of medium sand in the sediment, so sediment texture could be important to them. That of kinorhynchs was correlated with the concentration of chloroplastic-pigment equivalents and percentage nitrogen, so consumable material from the euphotic zone could be important to them. In contrast to the usual pattern of decreasing abundance with depth, Desmoscolecidae abundance in the central region was greater at the 3700-m than at the 2700-m station. The three regions differed significantly in both kinorhynch and ostracod abundances, independently of depth. In the food-poor deep sea, animals are expected to be more abundant where food is plentiful. Unexpectedly, ostracod abundance was negatively correlated with all food variables. A possible explanation is that the natural enemies of ostracods are abundant where food is abundant. Multivariate faunal similarity at 2700 m differed significantly from that at 3700 m, independently of regions. Benthic copepods were most responsible for the difference. Regions also differed in multivariate faunal similarity independently of

  19. Geon deal triggers bloodbath in Goodrich stock

    International Nuclear Information System (INIS)

    Plishner, E.S.

    1993-01-01

    The stock market has not taken well to BFGoodrich's plans to sell half of its Geon vinyl business to the public in an initial public offering (IPO). Before the announcement of both the Geon offering and Clinton's economic plan, Goodrich stock was selling at about $54/share; a week later, it closed at $42.875. With 25.6 million shares, $285 million of market value, about one-quarter of the total, evaporated in response. As planned, the Geon offering is expected to raise $400 million-$450 million (net, after-tax). The company will redeploy the capital to grow its aerospace business, which focuses on aircraft maintenance and repair, by strategic acquisition. CEO John Ong says, 'We will use the proceeds to expand our specialty chemicals and aerospace businesses,' and the attractive opportunities are aerospace. 'There aren't any bargains in specialty chemicals now,' says Mark L. Parr, analyst at McDonald ampersand Co. Securities (Cleveland). If Goodrich makes only aerospace purchases, specialty chemicals could end up generating less than half of Goodrich's revenues and earnings, although the company expects strong specialty chemicals growth to 'maintain a balance' between the two business areas over the long term. 'Goodrich was never going to be the low-cost producer in PVC [polyvinyl chloride],' says Leonard Bogner, of Prudential Securities (New York), who thinks the move 'makes sense.' Goodrich, advised by Goldman Sachs (New York), apparently reasons that with the IPO market now strong, Wall Street bullish about PVC, and some strong acquisition candidates available in aerospace, it makes good sense to monetize Geon promptly. Some analysts agree: 'This is the point in the PVC cycle where the values tend to be highest, because the stock valuation runs well in advance of earnings,' says Parr

  20. Good abundances from bad spectra - I. Techniques

    Science.gov (United States)

    Jones, J. Bryn; Gilmore, Gerard; Wyse, Rosemary F. G.

    1996-01-01

    Stellar spectra derived from multiple-object fibre-fed spectroscopic radial-velocity surveys, of the type feasible with, among other examples, AUTOFIB, 2dF, HYDRA, NESSIE, and the Sloan survey, differ significantly from those traditionally used for determination of stellar abundances. The spectra tend to be of moderate resolution (around 1A) and signal-to-noise ratio (around 10-20 per resolution element), and cannot usually have reliable continuum shapes determined over wavelength ranges in excess of a few tens of Angstroms. None the less, with care and a calibration of stellar effective temperature from photometry, independent of the spectroscopy, reliable iron abundances can be derived. We have developed techniques to extract true iron abundances and surface gravities from low-signal-to-noise ratio, intermediate-resolution spectra of G-type stars in the 4000-5000A wavelength region. Spectroscopic indices sensitive to iron abundance and gravity are defined from a set of narrow (few-several A wide) wavelength intervals. The indices are calibrated theoretically using synthetic spectra. Given adequate data and a photometrically determined effective temperature, one can derive estimates of the stellar iron abundance and surface gravity. We have also defined a single abundance indicator for the analysis of very low-signal-to-noise ratio spectra; with the further assumption of a value for the stellar surface gravity, this is able to provide useful iron abundance information from spectra having signal-to-noise ratios as low as 10 (1-A elements). The theoretical basis and calibration using synthetic spectra are described in this paper. The empirical calibration of these techniques by application to observational data is described in a separate paper (Jones, Wyse & Gilmore). The technique provides precise iron abundances, with zero-point correct to ~0.1 dex, and is reliable, with typical uncertainties being <~0.2 dex. A derivation of the in situ thick disc metallicity

  1. Composition and abundance of tree regeneration

    Science.gov (United States)

    Todd F. Hutchinson; Elaine Kennedy Sutherland; Charles T. Scott

    2003-01-01

    The composition and abundance of tree seedlings and saplings in the four study areas in southern Ohio were related to soil moisture via a GIS-derived integrated moisture index and to soil texture and fertility. For seedlings, the total abundance of small stems (less than 30 cm tall) was significantly greater on xeric plots (81,987/ha) than on intermediate (54,531/ha)...

  2. Simplified stock markets described by number operators

    Science.gov (United States)

    Bagarello, F.

    2009-06-01

    In this paper we continue our systematic analysis of the operatorial approach previously proposed in an economical context and we discuss a mixed toy model of a simplified stock market, i.e. a model in which the price of the shares is given as an input. We deduce the time evolution of the portfolio of the various traders of the market, as well as of other observable quantities. As in a previous paper, we solve the equations of motion by means of a fixed point like approximation.

  3. INTERACTION OF MACROECONOMIC VARIABLES WITH STOCK PRICES

    Directory of Open Access Journals (Sweden)

    ALİ ÖZER

    2013-06-01

    Full Text Available The aim of this study is to determine whether there is a relationship between ISE 100 Index and some macroeconomic variables by using monthly data of January 1996 – December 2009. ISE 100 Index was used as dependent variable and interest rates, money supply, foreign trade equilibrium, industrial production index, gold prices, exchange rates, consumer price index were used as independent variables. Least squares estimation method, Johansen-Jeselius cointegration test, Granger causality test and variance decomposition results produced by VEC model were used in the study. These analysis show that there is a long run relationship between some macroeconomic variables and stock prices.

  4. TEA: A CODE CALCULATING THERMOCHEMICAL EQUILIBRIUM ABUNDANCES

    Energy Technology Data Exchange (ETDEWEB)

    Blecic, Jasmina; Harrington, Joseph; Bowman, M. Oliver, E-mail: jasmina@physics.ucf.edu [Planetary Sciences Group, Department of Physics, University of Central Florida, Orlando, FL 32816-2385 (United States)

    2016-07-01

    We present an open-source Thermochemical Equilibrium Abundances (TEA) code that calculates the abundances of gaseous molecular species. The code is based on the methodology of White et al. and Eriksson. It applies Gibbs free-energy minimization using an iterative, Lagrangian optimization scheme. Given elemental abundances, TEA calculates molecular abundances for a particular temperature and pressure or a list of temperature–pressure pairs. We tested the code against the method of Burrows and Sharp, the free thermochemical equilibrium code Chemical Equilibrium with Applications (CEA), and the example given by Burrows and Sharp. Using their thermodynamic data, TEA reproduces their final abundances, but with higher precision. We also applied the TEA abundance calculations to models of several hot-Jupiter exoplanets, producing expected results. TEA is written in Python in a modular format. There is a start guide, a user manual, and a code document in addition to this theory paper. TEA is available under a reproducible-research, open-source license via https://github.com/dzesmin/TEA.

  5. TEA: A CODE CALCULATING THERMOCHEMICAL EQUILIBRIUM ABUNDANCES

    International Nuclear Information System (INIS)

    Blecic, Jasmina; Harrington, Joseph; Bowman, M. Oliver

    2016-01-01

    We present an open-source Thermochemical Equilibrium Abundances (TEA) code that calculates the abundances of gaseous molecular species. The code is based on the methodology of White et al. and Eriksson. It applies Gibbs free-energy minimization using an iterative, Lagrangian optimization scheme. Given elemental abundances, TEA calculates molecular abundances for a particular temperature and pressure or a list of temperature–pressure pairs. We tested the code against the method of Burrows and Sharp, the free thermochemical equilibrium code Chemical Equilibrium with Applications (CEA), and the example given by Burrows and Sharp. Using their thermodynamic data, TEA reproduces their final abundances, but with higher precision. We also applied the TEA abundance calculations to models of several hot-Jupiter exoplanets, producing expected results. TEA is written in Python in a modular format. There is a start guide, a user manual, and a code document in addition to this theory paper. TEA is available under a reproducible-research, open-source license via https://github.com/dzesmin/TEA.

  6. Effects of daylight savings time changes on stock market volatility.

    Science.gov (United States)

    Berument, M Hakan; Dogan, Nukhet; Onar, Bahar

    2010-04-01

    The presence of daylight savings time effects on stock returns and on stock volatility was investigated using an EGARCH specification to model the conditional variance. The evidence gathered from the major United States stock markets for the period between 1967 and 2007 did not support the existence of the daylight savings time effect on stock returns or on volatility. Returns on the first business day following daylight savings time changes were not lower nor was the volatility higher, as would be expected if there were an effect.

  7. Do institutional investors have superior stock selection ability in China?

    Directory of Open Access Journals (Sweden)

    Yihong Deng

    2011-09-01

    Full Text Available This paper uses unique data on the shareholdings of both institutional and individual investors to directly investigate whether institutional investors have better stock selection ability than individual investors in China. Controlling for other factors, we find that institutional investors increase (decrease their shareholdings in stocks that subsequently exhibit positive (negative short- and long-term cumulative abnormal returns. In contrast, individual investors decrease (increase their shareholdings in stocks that subsequently exhibit positive (negative short- and long-term cumulative abnormal returns. These findings indicate that institutional investors have superior stock selection ability in China.

  8. Sign and Quantiles of the Realized Stock-Bond Correlation

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

    We scrutinize the monthly realized stock-bond correlation based upon high frequency returns. In particular, we use a probit model to track the dynamics of the sign of the correlation relative to its various economic forces. The sign is predictable to a large extent with bond market liquidity being...... the most important variable. Moreover, stock market volatility, inflation uncertainty, short rate volatility, and bond volatility have significant effects upon the sign. In addition, we use quantile regressions to pin down the systematic variation of the extreme tails of the realized stock-bond correlation...... of the stock-bond correlation....

  9. Electric utility preferred stock financing - twilight or new dawn?

    International Nuclear Information System (INIS)

    Klein, R.

    1991-01-01

    The tax laws have greatly diminished the importance of utility preferred stock. But with utility construction programs expected to rise, it is an opportune time to see if preferreds can be an attractive option again. As recently as 1980, preferred stock financing by electric utilities comprised 55% of all U.S. corporate preferred stock issued. By 1989, this percentage had declined to under 12%. In dollar amounts, electric utility preferred stock financing had decreased by two-thirds over the same time period. The author analyzes just why this decline occurred and what it portends for the future

  10. Informational Content of Open-to-Close Stock Returns

    OpenAIRE

    Kudryavtsev, Andrey

    2015-01-01

    In the present study, I explore interday correlations between open-to-close and opening stock returns. Employing intraday price data on all the stocks that were S&P 500 Index constituents during the period from 1993 to 2013, I find that stock returns in opening trading sessions systematically tend to be higher following days with relatively low (either negative, or lower than the same day's market) open-to-close returns. Moreover, I explicitly document the tendency of opening stock returns to...

  11. Modelling the impact of oil prices on Vietnam's stock prices

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  12. Exploring Market State and Stock Interactions on the Minute Timescale.

    Directory of Open Access Journals (Sweden)

    Lei Tan

    Full Text Available A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

  13. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    . 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......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...

  14. Exploring Market State and Stock Interactions on the Minute Timescale.

    Science.gov (United States)

    Tan, Lei; Chen, Jun-Jie; Zheng, Bo; Ouyang, Fang-Yan

    2016-01-01

    A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

  15. Mental Accounting, Loss Aversion, and Individual Stock Returns

    OpenAIRE

    Nicholas Barberis; Ming Huang

    2001-01-01

    We study equilibrium firm-level stock returns in two economies: one in which investors are loss averse over the fluctuations of their stock portfolio and another in which they are loss averse over the fluctuations of individual stocks that they own. Both approaches can shed light on empirical phenomena, but we find the second approach to be more successful: in that economy, the typical individual stock return has a high mean and excess volatility, and there is a large value premium in the cro...

  16. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Science.gov (United States)

    2010-01-01

    ... all applicable statutes and regulations, including, without limitation, section 5(d) of the Federal... stock organization at § 552.2-1. (b) Any and all of the assets and other property (whether real, personal, mixed, tangible or intangible, including choses in action, rights, and credits) of the former...

  17. Stock Price Reaction to Announcements of Right Issues and Debenture Issues: Evidence from Colombo Stock Exchange

    Directory of Open Access Journals (Sweden)

    Udani Chathurika Edirisinghe

    2015-02-01

    Full Text Available This study investigates the stock market reaction for right issues and debenture issues of Colombo Stock Exchange (CSE during the period of 2005 to 2011 while providing evidence for the research question “how do stock prices react to the debt and equity issue announcements of listed companies in CSE?” In investigating the ex-ante and ex-post market reactions the study employees event study methodology, while predicting abnormal returns, based on three alternative normal/expected returns modeling methods, namely Mean Adjusted Model, Market Adjusted Model, and Capital Asset Pricing Model. When testing the alternative hypothesis, whether stock prices significantly reacts to the announcement of right & debenture issues, results of all models show positive market reaction during the 30 days prior to the announcement and react negatively from 2 days after the announcements for right issues, but for debenture issues market reacted negatively during the period prior to debenture issues and continue to do the same during the post event period. Although the magnitude and significance of abnormal return generated through three alternatives methods differ, the pattern of the CAAR of all models are similar. Thus, as far as the speed of the price adjustment is concerned it seems that the CSE is not efficient.

  18. 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.

  19. MEASURING THE SENSITIVITY OF TURKISH AND ROMANIAN STOCK MARKETS TO EUROPEAN STOCK MARKETS: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Ismet ATES

    2009-05-01

    Full Text Available Since the process of globalization accelerates all over the world, trade and economic relations among countries become very intensive and the stock markets in these countries started to integrate to each other quickly. As a result of this, world wide stoc

  20. 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.

  1. 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.

  2. Temporal Assessment of Growing Stock, Biomass and Carbon Stock of Indian Forests

    Energy Technology Data Exchange (ETDEWEB)

    Manhas, R.K.; Negi, J.D.S.; Chauhan, P.S. [Forest Ecology and Environment Division, Forest Research Institute, Dehradun, 248 006, Uttaranchal (India); Kumar, R. [Forest Survey of India, Dehradun, 248 001, Uttaranchal (India)

    2006-01-15

    The dynamics of terrestrial ecosystems depends on interactions between carbon, nutrient and hydrological cycles. Terrestrial ecosystems retain carbon in live biomass (aboveground and belowground), decomposing organic matter, and soil. Carbon is exchanged naturally between these systems and the atmosphere through photosynthesis, respiration, decomposition, and combustion. Human activities change carbon stock in these pools and exchanges between them and the atmosphere through land-use, land-use change, and forestry. In the present study we estimated the wood (stem) biomass, growing stock (GS) and carbon stock of Indian forests for 1984 and 1994. The forest area, wood biomass, GS, and carbon stock were 63.86 Mha, 4327.99 Mm{sup 3}, 2398.19 Mt and 1085.06 Mt respectively in 1984 and with the reduction in forest area, 63.34 Mha, in 1994, wood biomass (2395.12 Mt) and carbon stock (1083.69 Mt) also reduced subsequently. The Conifers, of temperate region, stocked maximum carbon in their woods, 28.88 to 65.21 t C/ha, followed by Mangrove forests, 28.24 t C/ha, Dipterocarp forests, 28.00 t C/ha, and Shorea robusta forests, 24.07 t C/ha. Boswellia serrata, with 0.22 Mha forest area, stocked only 3.91 t C/ha. To have an idea of rate of carbon loss the negative changes (loss of forest area) in forest area occurred during 1984-1994 (10yrs) and 1991-1994 (4yrs) were also estimated. In India, land-use changes and fuelwood requirements are the main cause of negative change. Total 24.75 Mt C was lost during 1984-1994 and 21.35 Mt C during 1991-94 at a rate of 2.48 Mt C/yr and 5.35 Mt C/yr respectively. While in other parts of India negative change is due to multiple reasons like fuelwood, extraction of non-wood forest products (NWFPs), illicit felling etc., but in the northeastern region of the country shifting cultivation is the only reason for deforestation. Decrease in forest area due to shifting cultivation accounts for 23.0% of the total deforestation in India, with an annual

  3. Fluctuations in production and abundance of commercial species in the Red Lakes, Minnesota, with special reference to changes in the walleye population

    Science.gov (United States)

    Smith, Lloyd L.; Krefting, Laurits W.

    1954-01-01

    The Red Lakes in northwestern Minnesota comprise 275,000 acres of water which support a commercial fishery producing up to 1.5 million pounds of fish per year. Walleye, Stizostedion vitreum vitreum (Mitchill), and yellow perch, Perca flavescens (Mitchill), are the principal species. Statistics for the past 37 years have been analyzed and fluctuations in the abundance of the important species calculated for the 24-year period, 1930–1953. The fishing is carried on exclusively with 3 1/2-inch-mesh (extension measure) gill nets by Chippewa Indians and the catch is marketed through a cooperative fishery enterprise. There have been wide fluctuations in the abundance of principal species but, although fishing effort has increased greatly during the past few years no trends have developed. Changes in walleye abundance have been shown to be independent of changes or levels of fishing effort, and to be determined by strength of individual year classes. Gear competition has no effect on abundance estimates. Strength of year classes is not correlated with size of brood stock, abundance of competing species, or amount of hatchery fish planted. Weather conditions cannot be correlated with observed changes in strength of year classes. Implications for management include provision of adequate prediction of abundance, and annual adjustment of fishing practices to make greatest use of the available stock. Gear limitations should be designed to secure harvest at optimum size of fish and to provide a suitable economic status for the fisherman.

  4. 26 CFR 1.1244(d)-2 - Increases in basis of section 1244 stock.

    Science.gov (United States)

    2010-04-01

    .... Therefore, a loss on stock, the basis of which has been increased subsequent to its issuance, must be... ratio to the total loss as the basis of the stock which is treated as allocated to section 1244 stock... $3,000 loss, $2,500 is allocated to the portion of the stock that qualifies as section 1244 stock...

  5. 26 CFR 1.958-1 - Direct and indirect ownership of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Direct and indirect ownership of stock. 1.958-1... of stock. (a) In general. Section 958(a) provides that, for purposes of sections 951 to 964 (other... Reduction Act of 1975), and 960(a)(1)), stock owned means— (1) Stock owned directly; and (2) Stock owned...

  6. 24 CFR 1000.314 - What is formula current assisted stock?

    Science.gov (United States)

    2010-04-01

    ... stock? 1000.314 Section 1000.314 Housing and Urban Development Regulations Relating to Housing and Urban... current assisted stock? Formula current assisted stock is current assisted stock as described in § 1000... recipient and are under management as indicated in the Formula Response Form. Formula current assisted stock...

  7. Abundance, stock origin, and length of marked and unmarked juvenile Chinook salmon in the surface waters of greater Puget Sound

    Science.gov (United States)

    Rice, C.A.; Greene, C.M.; Moran, P.; Teel, D.J.; Kuligowski, D.R.; Reisenbichler, R.R.; Beamer, E.M.; Karr, J.R.; Fresh, K.L.

    2011-01-01

    This study focuses on the use by juvenile Chinook salmon Oncorhynchus tshawytscha of the rarely studied neritic environment (surface waters overlaying the sublittoral zone) in greater Puget Sound. Juvenile Chinook salmon inhabit the sound from their late estuarine residence and early marine transition to their first year at sea. We measured the density, origin, and size of marked (known hatchery) and unmarked (majority naturally spawned) juveniles by means of monthly surface trawls at six river mouth estuaries in Puget Sound and the areas in between. Juvenile Chinook salmon were present in all months sampled (April-November). Unmarked fish in the northern portion of the study area showed broader seasonal distributions of density than did either marked fish in all areas or unmarked fish in the central and southern portions of the sound. Despite these temporal differences, the densities of marked fish appeared to drive most of the total density estimates across space and time. Genetic analysis and coded wire tag data provided us with documented individuals from at least 16 source populations and indicated that movement patterns and apparent residence time were, in part, a function of natal location and time passed since the release of these fish from hatcheries. Unmarked fish tended to be smaller than marked fish and had broader length frequency distributions. The lengths of unmarked fish were negatively related to the density of both marked and unmarked Chinook salmon, but those of marked fish were not. These results indicate more extensive use of estuarine environments by wild than by hatchery juvenile Chinook salmon as well as differential use (e.g., rearing and migration) of various geographic regions of greater Puget Sound by juvenile Chinook salmon in general. In addition, the results for hatchery-generated timing, density, and length differences have implications for the biological interactions between hatchery and wild fish throughout Puget Sound. ?? American Fisheries Society 2011.

  8. 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.

  9. Robustness of egg production methods as a fishery independent alternative to assess the Eastern Baltic cod stock (Gadus morhua callarias L.)

    DEFF Research Database (Denmark)

    Kraus, Gerd; Hinrichsen, Hans-Harald; Voss, Rüdiger

    2012-01-01

    data to stock assessment models relying on catch statistics from the commercial fisheries is potentially biased and the perception of stock status may be incorrect. Egg production methods (EPM) provide a fishery independent alternative. Additionally, they provide better estimates of stock reproductive...... of the number of egg surveys is tested applying three different methods requiring different numbers of egg surveys. We applied the annual egg production method (AEPM) requiring full egg survey coverage of the spawning season to estimate cod abundances in the Bornholm Basin. In addition, the daily fecundity...... reduction method (DFRM) and the daily egg production method (DEPM) were tested, the latter two methods requiring only single egg surveys, but require more complex reproduction input parameters. All three methods provided a comparable result, which was also expected as many spawning parameters were derived...

  10. Can we estimate molluscan abundance and biomass on the continental shelf?

    Science.gov (United States)

    Powell, Eric N.; Mann, Roger; Ashton-Alcox, Kathryn A.; Kuykendall, Kelsey M.; Chase Long, M.

    2017-11-01

    series on the average will return an estimate of the stock that underestimates true stock abundance. If sampling intensity is increased, the frequency of biased indices balances between high and low values. Incrementing sample number from this point steadily reduces the likelihood of a biased survey; however, the number of samples necessary to drive the probability of survey availability events to a preferred level of infrequency may be daunting. Moreover, certain size classes will be disproportionately susceptible to such events and the impact on size frequency will be species specific, depending on the relative dispersion of the size classes.

  11. Identification of stock components using morphological markers.

    Science.gov (United States)

    McAdam, B J; Grabowski, T B; Marteinsdóttir, G

    2012-10-01

    This study investigated the development of a quantitative method for distinguishing stock components of Icelandic cod Gadus morhua based on visual examination of morphology. The stock is known to be structured into genetically distinct geographic components (north and south of Iceland) and behavioural types that spawn sympatrically. Differences in morphology were tested between locations, genotypes (a proxy for behaviour) and sexes. Results show morphological markers on the head, fins and body of G. morhua that are correlated with the sex, genotype of the fish at the pantophysin (pan-I) locus and the location at which the fish were caught. Females were found to have relatively deep bodies, and the pan-I(BB) genotype (associated with deep-water feeding behaviour) have greater gaps between their fins. Overall, morphology is more useful for distinguishing sympatric genotypes but less powerful at identifying genetically distinct geographic sub-populations, perhaps because counter-gradient evolution reduces phenotypic differences even with an underlying genetic cause. © 2012 The Authors. Journal of Fish Biology © 2012 The Fisheries Society of the British Isles.

  12. Carbon stocks and flux in French forests

    International Nuclear Information System (INIS)

    Dupouey, Jean-Luc; Pignard, Gerome; Badeau, Vincent; Thimonier, A.; Dhote, Jean-Francois; Nepveu, G.; Berges, L.; Augusto, L.; Belkacem, S.; Nys, C.

    2000-01-01

    Forests contain most of the carbon stored in the earth's biomass (81 %) and could play a role in CO 2 mitigation to a certain extent. We estimate French forest carbon stocks in biomass to be 860 MtC on 14.5 million hectares of forests, and 1,140 MtC in forest soils. Total carbon in the 14.5 million hectares of French forests is estimated at 2,000 MtC. Average annual flux for the 1979/91 period is 10.5 MtC/y, i.e. 10 % of national fossil fuel emissions. The main causes of this net carbon uptake are the rapid increase of forest area, increasing productivity due to environmental changes, ageing or, in some localized areas, more intensive silviculture practices. These carbon sinks are not offset by the harvesting level which remains low on average (61 % of the annual volume growth). Forestry carbon mitigation options applicable in France are discussed. The need for global economic and ecological budgets (including carbon stocks, soil fertility and biodiversity) of the possible alternatives is stressed. (authors)

  13. Stock return distribution in the BRICS

    Directory of Open Access Journals (Sweden)

    George Adu

    2015-12-01

    Full Text Available Stock returns in emerging market economies exhibit patterns that are distinctively different from developed countries: returns are noted to be highly volatile and autocorrelated, and long horizon returns are predictable. While these stylized facts are well established, the assumption underlying the distribution of returns is less understood. In particular, the empirical literature continues to rely on the normality assumption as a starting point, and most asset pricing models tend to overstretch this point. This paper questions the rationale behind this supposition and proceeds to test more formally for normality using multivariate joint test for skewness and kurtosis. Additionally, the paper extends the literature by examining a number of empirical regularities for Brazil, Russia, India, China and South Africa (the BRICS for short. Our main findings are that the distribution of stock returns for the BRICS exhibits peakedness with fatter and longer tails, and this is invariant to both the unit of measurement and the time horizon of returns. Volatility clustering is prevalent in all markets, and this decays exponentially for all but Brazil. The relationship between risk and return is found to be significant and risk premiums are prevalent in our sample.

  14. Northeast arctic cod stock and fishery dynamics

    Directory of Open Access Journals (Sweden)

    Oleg Bulatov

    2015-12-01

    Full Text Available Northeast arctic cod stock is one of a most valuable target of fisheries in the Barents Sea. The catches of cod for the period 1960-2014 are widely changed. The minimum level of catches is marked in 1990 (212 thousands ton, and the maximum values of catches were observed in 1969 – 1.2 mill. ton. In the recent years international catch of cod exceeded 1 mill. ton. Fishable and spawning stock biomass (SSB also widely changed in this period. According to ICES data, SSB had a minimum in 1965 (102 thousand tons, and extremely high level in 2013 – 2 150 thousand tons. Fishable biomass changed also widely. The maximum level is registered in 2013 – 3 636 thousand tons, and minimum value was 5 times less, 739 thousand tons (1983. The ratio between historical high level of SSB and catch in 2013 was 2.2:1.0, due to low value of fishing mortality. Possibility to increase catch will be discussed.

  15. Predicting economic growth with stock networks

    Science.gov (United States)

    Heiberger, Raphael H.

    2018-01-01

    Networks derived from stock prices are often used to model developments on financial markets and are tightly intertwined with crises. Yet, the influence of changing market topologies on the broader economy (i.e. GDP) is unclear. In this paper, we propose a Bayesian approach that utilizes individual-level network measures of companies as lagged probabilistic features to predict national economic growth. We use a comprehensive data set consisting of Standard and Poor's 500 corporations from January 1988 until October 2016. The final model forecasts correctly all major recession and prosperity phases of the U.S. economy up to one year ahead. By employing different network measures on the level of corporations, we can also identify which companies' stocks possess a key role in a changing economic environment and may be used as indication of critical (and prosperous) developments. More generally, the proposed approach allows to predict probabilities for different overall states of social entities by using local network positions and could be applied on various phenomena.

  16. Networks of volatility spillovers among stock markets

    Science.gov (United States)

    Baumöhl, Eduard; Kočenda, Evžen; Lyócsa, Štefan; Výrost, Tomáš

    2018-01-01

    In our network analysis of 40 developed, emerging and frontier stock markets during the 2006-2014 period, we describe and model volatility spillovers during both the global financial crisis and tranquil periods. The resulting market interconnectedness is depicted by fitting a spatial model incorporating several exogenous characteristics. We document the presence of significant temporal proximity effects between markets and somewhat weaker temporal effects with regard to the US equity market - volatility spillovers decrease when markets are characterized by greater temporal proximity. Volatility spillovers also present a high degree of interconnectedness, which is measured by high spatial autocorrelation. This finding is confirmed by spatial regression models showing that indirect effects are much stronger than direct effects; i.e., market-related changes in 'neighboring' markets (within a network) affect volatility spillovers more than changes in the given market alone, suggesting that spatial effects simply cannot be ignored when modeling stock market relationships. Our results also link spillovers of escalating magnitude with increasing market size, market liquidity and economic openness.

  17. Clustering in the stellar abundance space

    Science.gov (United States)

    Boesso, R.; Rocha-Pinto, H. J.

    2018-03-01

    We have studied the chemical enrichment history of the interstellar medium through an analysis of the n-dimensional stellar abundance space. This work is a non-parametric analysis of the stellar chemical abundance space. The main goal is to study the stars from their organization within this abundance space. Within this space, we seek to find clusters (in a statistical sense), that is, stars likely to share similar chemo-evolutionary history, using two methods: the hierarchical clustering and the principal component analysis. We analysed some selected abundance surveys available in the literature. For each sample, we labelled the group of stars according to its average abundance curve. In all samples, we identify the existence of a main enrichment pattern of the stars, which we call chemical enrichment flow. This flow is set by the structured and well-defined mean rate at which the abundances of the interstellar medium increase, resulting from the mixture of the material ejected from the stars and stellar mass-loss and interstellar medium gas. One of the main results of our analysis is the identification of subgroups of stars with peculiar chemistry. These stars are situated in regions outside of the enrichment flow in the abundance space. These peculiar stars show a mismatch in the enrichment rate of a few elements, such as Mg, Si, Sc and V, when compared to the mean enrichment rate of the other elements of the same stars. We believe that the existence of these groups of stars with peculiar chemistry may be related to the accretion of planetary material on to stellar surfaces or may be due to production of the same chemical element by different nucleosynthetic sites.

  18. REVIEW: Can habitat selection predict abundance?

    Science.gov (United States)

    Boyce, Mark S; Johnson, Chris J; Merrill, Evelyn H; Nielsen, Scott E; Solberg, Erling J; van Moorter, Bram

    2016-01-01

    Habitats have substantial influence on the distribution and abundance of animals. Animals' selective movement yields their habitat use. Animals generally are more abundant in habitats that are selected most strongly. Models of habitat selection can be used to distribute animals on the landscape or their distribution can be modelled based on data of habitat use, occupancy, intensity of use or counts of animals. When the population is at carrying capacity or in an ideal-free distribution, habitat selection and related metrics of habitat use can be used to estimate abundance. If the population is not at equilibrium, models have the flexibility to incorporate density into models of habitat selection; but abundance might be influenced by factors influencing fitness that are not directly related to habitat thereby compromising the use of habitat-based models for predicting population size. Scale and domain of the sampling frame, both in time and space, are crucial considerations limiting application of these models. Ultimately, identifying reliable models for predicting abundance from habitat data requires an understanding of the mechanisms underlying population regulation and limitation. © 2015 The Authors. Journal of Animal Ecology published by John Wiley & Sons Ltd on behalf of British Ecological Society.

  19. Abundances in Eight M31 Planetary Nebulae

    Science.gov (United States)

    Hensley, Kerry G.; Kwitter, Karen B.; Corradi, Romano; Galera-Rosillo, R.; Balick, Bruce; Henry, Richard B. C.

    2014-06-01

    As part of a continuing project using planetary nebulae (PNe) to study the chemical evolution and formation history of M31 (see accompanying poster by Balick et al.), we obtained spectra of eight PNe in the fall of 2013 with the OSIRIS spectrograph on the GTC. All of these PNe are located outside M31’s inner disk and bulge. Spectral coverage extended from 3700-7800Å with a resolution of ~6 Å. Especially important in abundance determinations is the detection of the weak, temperature-sensitive auroral line of [O III], at 4363Å, which is often contaminated by Hg I 4358Å from streetlights; the remoteness of the GTC eliminated this difficulty. We reduced and measured the spectra using IRAF, and derived nebular diagnostics and abundances with ELSA, our in-house five-level-atom program. Here we report the chemical abundances determined from these spectra. The bottom line is that the oxygen abundances in these PNe are all within a factor of 2-3 of the solar value, (as are all the other M31 PNe our team has previously measured) despite the significant range of galactocentric distance. Future work will use these abundances to constrain models of the central star to estimate progenitor masses and ages. In particular we will use the results to investigate the hypothesis that these PNe might represent a population related to the encounter between M31 and M33 ~3 Gy ago. We gratefully acknowledge support from Williams College.

  20. RELATIVE ABUNDANCE MEASUREMENTS IN PLUMES AND INTERPLUMES

    International Nuclear Information System (INIS)

    Guennou, C.; Hahn, M.; Savin, D. W.

    2015-01-01

    We present measurements of relative elemental abundances in plumes and interplumes. Plumes are bright, narrow structures in coronal holes that extend along open magnetic field lines far out into the corona. Previous work has found that in some coronal structures the abundances of elements with a low first ionization potential (FIP) <10 eV are enhanced relative to their photospheric abundances. This coronal-to-photospheric abundance ratio, commonly called the FIP bias, is typically 1 for elements with a high-FIP (>10 eV). We have used Extreme Ultraviolet Imaging Spectrometer observations made on 2007 March 13 and 14 over a ≈24 hr period to characterize abundance variations in plumes and interplumes. To assess their elemental composition, we used a differential emission measure analysis, which accounts for the thermal structure of the observed plasma. We used lines from ions of iron, silicon, and sulfur. From these we estimated the ratio of the iron and silicon FIP bias relative to that for sulfur. From the results, we have created FIP-bias-ratio maps. We find that the FIP-bias ratio is sometimes higher in plumes than in interplumes and that this enhancement can be time dependent. These results may help to identify whether plumes or interplumes contribute to the fast solar wind observed in situ and may also provide constraints on the formation and heating mechanisms of plumes

  1. Bracken: estimating species abundance in metagenomics data

    Directory of Open Access Journals (Sweden)

    Jennifer Lu

    2017-01-01

    Full Text Available Metagenomic experiments attempt to characterize microbial communities using high-throughput DNA sequencing. Identification of the microorganisms in a sample provides information about the genetic profile, population structure, and role of microorganisms within an environment. Until recently, most metagenomics studies focused on high-level characterization at the level of phyla, or alternatively sequenced the 16S ribosomal RNA gene that is present in bacterial species. As the cost of sequencing has fallen, though, metagenomics experiments have increasingly used unbiased shotgun sequencing to capture all the organisms in a sample. This approach requires a method for estimating abundance directly from the raw read data. Here we describe a fast, accurate new method that computes the abundance at the species level using the reads collected in a metagenomics experiment. Bracken (Bayesian Reestimation of Abundance after Classification with KrakEN uses the taxonomic assignments made by Kraken, a very fast read-level classifier, along with information about the genomes themselves to estimate abundance at the species level, the genus level, or above. We demonstrate that Bracken can produce accurate species- and genus-level abundance estimates even when a sample contains multiple near-identical species.

  2. Deuterium abundance, from ultraviolet to visible

    International Nuclear Information System (INIS)

    Hebrard, Guillaume

    2000-01-01

    In the frame of the standard Big Bang model, the primordial abundance of deuterium is the most sensitive to the baryonic density of the Universe. It was synthesized only during the primordial nucleosynthesis few minutes after the Big Bang and no other standard mechanism is able to produce any further significant amount. On the contrary, since deuterium is burned up within stars, its abundance D/H decreases along cosmic evolution. Thus, D/H measurements constrain Big Bang and galactic chemical evolution models. There are three samples of deuterium abundances: primordial, proto-solar and interstellar. Each of them is representative of a given epoch, respectively about 15 Gyrs past, 4.5 Gyrs past and present epoch. Although the evolution of the deuterium abundance seems to be qualitatively understood, the measurements show some dispersion. Present thesis works are linked to deuterium interstellar abundance measurements. Such measurements are classically obtained from spectroscopic observations of the hydrogen and deuterium Lyman series in absorption in the ultraviolet spectral range, using space observatories. Results presented here were obtained with the Hubble Space Telescope and FUSE, which has recently been launched. Simultaneously, a new way to observe deuterium has been proposed, in the visible spectral range from ground-based telescopes. This has led to the first detections and the identification of the deuterium Balmer series, in emission in HII regions, using CFHT and VLT telescopes. (author) [fr

  3. Why African Stock Markets Should Formally Harmonise and ...

    African Journals Online (AJOL)

    Despite experiencing rapid growth in their number and size, existing evidence suggests that African stock markets remain highly fragmented, small, illiquid and technologically weak, severely affecting their informational efficiency. Therefore, this study attempts to empirically ascertain whether African stock markets can ...

  4. Parameter ranking of stock market dynamics: a comparative study of ...

    African Journals Online (AJOL)

    In this paper, we study a parameter ranking of stock market dynamics for two types of complex interactions in the context of stock markets over a trading period using a Lotka-Volterra system of non-linear first order ordinary differential equations. We started this study by describing the model under consideration and pointing ...

  5. Stock Market Reactions to Fiscal Policy Shocks: Empirical Evidence ...

    African Journals Online (AJOL)

    This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

  6. Impact of stock market performance on the level of economic ...

    African Journals Online (AJOL)

    Impact of stock market performance on the level of economic activities: evidence from Nigerian stock market. James Ofuan Ilaboya, Shaibu Ibrahim. Abstract. No Abstract. Nigeria Journal of Business Administration Vol. 6(1) 2004: 53-82. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT ...

  7. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Science.gov (United States)

    2010-04-01

    ... TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry members may, at a retail establishment, stock, rotate and affix the price to distilled spirits, wine, or malt beverages which they sell, provided products of other industry...

  8. Service differentiation in spare parts supply through dedicated stocks

    NARCIS (Netherlands)

    Alvarez, Elisa; van der Heijden, Matthijs C.; Zijm, Willem H.M.

    2015-01-01

    We investigate the option of keeping dedicated stocks at customer sites in addition to stock kept at some central location as a tool for applying service differentiation in spare parts supply. We study the resulting two-echelon system in a multi-item setting, both under backordering and under the

  9. Service differentiation in spare parts supply through dedicated stocks

    NARCIS (Netherlands)

    Alvarez, Elisa; van der Heijden, Matthijs C.; Zijm, Willem H.M.

    2012-01-01

    We investigate keeping dedicated stocks at customer sites in addition to stock kept at some central location as a tool for applying service differentiation in spare parts supply. We study the resulting two-echelon system in a multi-item setting, both under backordering and under emergency shipments

  10. Has the stock market crash reduced consumer spending?

    OpenAIRE

    C. Alan Garner

    1988-01-01

    Some forecasters expected that the October 1987 stock market collapse would seriously lower GNP growth by curtailing consumer spending. After declining in October, however, consumer spending has grown moderately. This relatively small effect is consistent with empirical studies showing that the stock market has only a modest impact on consumer spending.

  11. The mutual causality analysis between the stock and futures markets

    Science.gov (United States)

    Yao, Can-Zhong; Lin, Qing-Wen

    2017-07-01

    In this paper we employ the conditional Granger causality model to estimate the information flow, and find that the improved model outperforms the Granger causality model in revealing the asymmetric correlation between stocks and futures in the Chinese market. First, we find that information flows estimated by Granger causality tests from futures to stocks are greater than those from stocks to futures. Additionally, average correlation coefficients capture some important characteristics between stock prices and information flows over time. Further, we find that direct information flows estimated by conditional Granger causality tests from stocks to futures are greater than those from futures to stocks. Besides, the substantial increases of information flows and direct information flows exhibit a certain degree of synchronism with the occurrences of important events. Finally, the comparative analysis with the asymmetric ratio and the bootstrap technique demonstrates the slight asymmetry of information flows and the significant asymmetry of direct information flows. It reveals that the information flows from futures to stocks are slightly greater than those in the reverse direction, while the direct information flows from stocks to futures are significantly greater than those in the reverse direction.

  12. Absolute Stock Returns and Trading Volumes: Psychological Insights

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2017-07-01

    Full Text Available The present study explores the effect of anchoring on stock trading volumes. I hypothesize that if on the days when the market index rises (falls, a given stock's return is higher (lower than the market return, potentially perceived as a psychological "anchor", then investors may treat that as a salient event and subsequently increase their trading activity in the stock. Employing a large sample of daily price and trading volume data, I find support for this hypothesis, documenting that average abnormal daily stock trading volumes are significantly higher on the days when absolute daily stock returns are higher than the contemporaneous absolute market returns. This effect is found to be stronger on the days of negative stock and market returns, suggesting that on these days, investors are probably more inclined to treat the market returns as anchors when making their trading decisions. The effect remains significant after controlling for other potentially influential factors, including contemporaneous and lagged actual and absolute stock and market returns, historical stock returns and volatilities, and company-specific events, like earnings announcements and dividend payments.

  13. Impact of Global Financial Crisis on Nigerian Stock Market | Onuoha ...

    African Journals Online (AJOL)

    Based on our findings, we recommended that mergers and acquisition should be encouraged so as to increase the capital base of stock market participants. ... This is to motivate them participate in the stock exchange market; and the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and other ...

  14. 46 CFR 67.31 - Stock or equity interest requirements.

    Science.gov (United States)

    2010-10-01

    ... qualifying corporation or partnership may fail to meet stock or equity interest requirements because: Stock... corporate or partnership business; limit the actions of or replace the chief executive officer, a majority... owned by the corporation or partnership; or otherwise exercise authority over the business of the...

  15. The Role of Stock Market Development on Economic Growth in ...

    African Journals Online (AJOL)

    growth of Nigeria using a 15-year time series data from 1994-2008. The method of analysis used is Ordinary Least Square (OLS) techniques. The study measures the relationship between stock market development indices and economic growth. The stock market capitalization ratio was used as a proxy for market size while ...

  16. Global stock market linkages reduce potential for diversification

    OpenAIRE

    Karen K. Lewis

    2012-01-01

    Recent European government debt difficulties demonstrate how linked stock markets have become. Problems in countries such as Greece and Italy have depressed stock markets not only on the continent but also in the United States. Such comovement across international financial markets highlights U.S. equity markets’ exposure to foreign markets.

  17. Conducting event studies on a small stock exchange

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Olson, Dennis; Peare, Paula

    This paper analyses whether it is possible to perform an event study on a small stock exchange with thinly trade stocks. The main conclusion is that event studies can be performed provided that certain adjustments are made. First, a minimum of 25 events appears necessary to obtain acceptable size...

  18. Do economic policy decisions affect stock market development in ...

    African Journals Online (AJOL)

    The paper finds government revenue and exchange rate reduce stock market development. A policy mix identified was that, the outcomes of government expenditure and government borrowing interest rate exert no influence on stock market development. For equity investors not to easily transfer their investments in ...

  19. determinants of stock market development in nigeria using error ...

    African Journals Online (AJOL)

    DJFLEX

    empirically other determinants of stock market development in Nigeria. The specific objectives include to estimate the short-run and long-run effects of stock market liquidity (equity/GDP), investment ratio (i.e. gross fixed capital formation over GDP ratio), national savings rate (i.e. domestic savings over GDP ratio) and foreign.

  20. Stock market reaction to xenophobic violence in an emerging economy

    Directory of Open Access Journals (Sweden)

    Collins C. Ngwakwe

    2017-05-01

    Full Text Available This paper presents an initial evaluation of possible effect of xenophobic violence on the Johannesburg Stock Market. Violence is inimical to economic development as it constraints normal business operations and causes a rebound on the stock market. The paper applied the event trend analysis combined with a statistical t-test of paired sample means in the pre and post-xenophobic period stock performance. Data was drawn from the JSE All Share Index - Capped Indices Performance (J303 - Capi DY for 2008 and 2015, during & after the xenophobic violence of 2008 and 2015. The economic consequences of social instability were substantiated with related literature. The theoretical foundation was inclined on the integrated threat theory and the social contract theory. Findings from the analysis of paired sample t-test showed a significant difference in means of stock performance with P<0.05 within and after the xenophobic period. Furthermore, a t-test of similarity in stock performance chart for periods of xenophobic violence 2008 and 2015 showed no significant difference in stock performance trend – indicating similarity in stock chart between 2008 and 2015 periods of xenophobic violence. The paper recommends the need for further research of a broader scope that will consider many years of xenophobic events or similar violence across countries using multiple stock performance and economic performance indicators.