WorldWideScience

Sample records for breeding stock

  1. Impact of sheep stocking density and breed on behaviour of newly regrouped adult rams

    Directory of Open Access Journals (Sweden)

    Engeldal SEC

    2013-03-01

    Full Text Available Placing animals in cages with certain density and good grouping were two important aspects needed in intensive livestock production system to produce optimal production and animal welfare. The objective of this study was to examine effect of stocking density, breed and elapse of time on behaviour of newly regrouped, unacquainted adult rams from three sheep breeds i.e. Barbados Blackbelly Cross, Local Garut and Composite Garut, as possible factor causing variation in welfare status. Instantaneous scan sampling was used for recording sheep behaviour at three different stocking densities. Thirty-six adult rams were used in this research and divided into three groups (n = 12 on the basis of breed. At each stocking density four rams of the same breed were observed during two consecutive days. The recorded behaviours were agonistic-, self-care-, exploratory-, aberrant-, mating-, locomotive- and standing behaviour. The results showed that during the entire experiment agonistic behaviour was observed at the highest frequency. Stocking density was found to have a significant effect on exploratory-, locomotive- and standing behaviour. The effect of breed was found to cause significant differences in agonistic-, self-care-, aberrant- and mating behaviour. Significant differences were also found between day 1 and day 2 of regrouping for agonistic-, exploratory, self-care- and mating behaviour. It is concluded that the three breeds do differ in their behavioural reactions to different stocking density levels and time needed for adaptation after regrouping

  2. Selection of Breeding Stock among Australian Purebred Dog Breeders, with Particular Emphasis on the Dam

    Directory of Open Access Journals (Sweden)

    Veronika Czerwinski

    2016-11-01

    Full Text Available Every year, thousands of purebred domestic dogs are bred by registered dog breeders. Yet, little is known about the rearing environment of these dogs, or the attitudes and priorities surrounding breeding practices of these dog breeders. The objective of this study was to explore some of the factors that dog breeders consider important for stock selection, with a particular emphasis on issues relating to the dam. Two-hundred and seventy-four Australian purebred dog breeders, covering 91 breeds across all Australian National Kennel Club breed groups, completed an online survey relating to breeding practices. Most breeders surveyed (76% reported specialising in one breed of dog, the median number of dogs and bitches per breeder was two and three respectively, and most breeders bred two litters or less a year. We identified four components, relating to the dam, that were considered important to breeders. These were defined as Maternal Care, Offspring Potential, Dam Temperament, and Dam Genetics and Health. Overall, differences were observed in attitudes and beliefs across these components, showing that there is variation according to breed/breed groups. In particular, the importance of Maternal Care varied according to dog breed group. Breeders of brachycephalic breeds tended to differ the most in relation to Offspring Potential and Dam Genetics and Health. The number of breeding dogs/bitches influenced breeding priority, especially in relation to Dam Temperament, however no effect was found relating to the number of puppies bred each year. Only 24% of breeders used their own sire for breeding. The finding that some breeders did not test for diseases relevant to their breed, such as hip dysplasia in Labrador Retrievers and German Shepherds, provides important information on the need to educate some breeders, and also buyers of purebred puppies, that screening for significant diseases should occur. Further research into the selection of breeding dams

  3. Paratuberculosis in breeding stock of red Holstein cows

    Directory of Open Access Journals (Sweden)

    Prodanović Radiša

    2011-01-01

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

  4. Rapid increase of the grey seal ( Halichoerus grypus) breeding stock at Helgoland

    Science.gov (United States)

    Abt, K.; Engler, J.

    2009-06-01

    Over the past 25 years, the grey seal ( Halichoerus grypus) population in the North Sea increased on average at 5% per year, while founding a number of new colonies. Based on published data, this note compares recent trends in pup production at nine breeding sites, with focus on the German island of Helgoland. Since 1997, numbers born at Helgoland increased at 35% per year (95% CI: 29-42), reaching an all-time high of 53 in 2007. Yet, this was less than 1% of all grey seal offspring in the North Sea area. Some other small stocks had similarly high growth rates of 20-50%, which must be explained by immigration from the larger colonies, as sustained autochthonous increase cannot exceed 13% per year in the species. Further, the Helgoland breeding stock increased significantly faster than the neighbouring colonies at Amrum (13%) and in the Dutch Wadden Sea (20%), indicating higher offspring survival and/or higher relative influx of migrants. This is attributed to the fact that at Helgoland newborn seals are safe from floodwater. In the other two sites, in contrast, pups are born on sandbanks and are thus often hit by winterly storm tides, which poses a risk to their survival. Because of the favourable breeding conditions at Helgoland, this new colony is expected to soon become an important stronghold of the grey seal in the Dutch-German North Sea area.

  5. Relationships between Single Nucleotide Polymorphism Markers and Meat Quality Traits of Duroc Breeding Stocks in Korea.

    Science.gov (United States)

    Choi, J S; Jin, S K; Jeong, Y H; Jung, Y C; Jung, J H; Shim, K S; Choi, Y I

    2016-09-01

    This study was conducted to determine the relationships of five intragenic single nucleotide polymorphism (SNP) markers (protein kinase adenosine monophosphate-activated γ3 subunit [PRKAG3], fatty acid synthase [FASN], calpastatin [CAST], high mobility group AT-hook 1 [HMGA1], and melanocortin-4 receptor [MC4R]) and meat quality traits of Duroc breeding stocks in Korea. A total of 200 purebred Duroc gilts from 8 sires and 40 dams at 4 pig breeding farms from 2010 to 2011 reaching market weight (110 kg) were slaughtered and their carcasses were chilled overnight. Longissimus dorsi muscles were removed from the carcass after 24 h of slaughter and used to determine pork properties including carcass weight, backfat thickness, moisture, intramuscular fat, pH24h, shear force, redness, texture, and fatty acid composition. The PRKAG3, FASN, CAST, and MC4R gene SNPs were significantly associated with the meat quality traits (p<0.003). The meats of PRKAG3 (A 0.024/G 0.976) AA genotype had higher pH, redness and texture than those from PRKAG3 GG genotype. Meats of FASN (C 0.301/A 0.699) AA genotype had higher backfat thickness, texture, stearic acid, oleic acid and polyunsaturated fatty acid than FASN CC genotype. While the carcasses of CAST (A 0.373/G 0.627) AA genotype had thicker backfat, and lower shear force, palmitoleic acid and oleic acid content, they had higher stearic acid content than those from the CAST GG genotype. The MC4R (G 0.208/A 0.792) AA genotype were involved in increasing backfat thickness, carcass weight, moisture and saturated fatty acid content, and decreasing unsaturated fatty acid content in Duroc meat. These results indicated that the five SNP markers tested can be a help to select Duroc breed to improve carcass and meat quality properties in crossbred pigs.

  6. Estimating the incidence of equine viral arteritis and the sensitivity of its surveillance in the French breeding stock.

    Science.gov (United States)

    Amat, J P; Vergne, T; Tapprest, J; Ferry, B; Hans, A; Hendrikx, P; Dufour, B; Leblond, A

    2016-08-30

    Equine viral arteritis (EVA) may have serious economic impact on the equine industry. For this reason, it is monitored in many countries, especially in breeding stock, to avoid its spread during breeding activities. In France, surveillance is mainly based on serological tests, since mares are not vaccinated, but difficulties in interpreting certain series of results may impair the estimation of the number of outbreaks. In this study, we propose specific rules for identifying seroconversion in order to estimate the number of outbreaks that were detected by the breeding stock surveillance component (BSSC) in France between 2006 and 2013. A consensus among multidisciplinary experts was reached to consider seroconversion as a change in antibody titer from negative to at least 32, or as an eight-fold or greater increase in antibody level. Using these rules, 239 cases and 177 outbreaks were identified. Subsequently, we calculated the BSSC's sensitivity as the ratio of the number of detected outbreaks to the total number of outbreaks that occurred in breeding stock (including unreported outbreaks) estimated using a capture-recapture model. The total number of outbreaks was estimated at 215 (95% credible interval 195-249) and the surveillance sensitivity at 82% (CrI95% 71-91). Our results confirm EVA circulation in French breeding stock, show that neutralizing antibodies can persist up to eight years in naturally infected mares and suggest that certain mares have been reinfected. This study shows that the sensitivity of the BSSC is relatively high and supports its relevance to prevent the disease spreading through mating.

  7. Stock structure, connectivity and breeding sex ratios of eastern Pacific hawksbills

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This project, initiated with FY13 funds and extended with FY14 funds, will determine stock structure, connectivity the latter only evident in Central American...

  8. Long-term changes in nutrients and mussel stocks are related to numbers of breeding eiders Somateria mollissima at a large Baltic colony.

    Directory of Open Access Journals (Sweden)

    Karsten Laursen

    Full Text Available BACKGROUND: The Baltic/Wadden Sea eider Somateria mollissima flyway population is decreasing, and this trend is also reflected in the large eider colony at Christiansø situated in the Baltic Sea. This colony showed a 15-fold increase from 1925 until the mid-1990's, followed by a rapid decline in recent years, although the causes of this trend remain unknown. Most birds from the colony winter in the Wadden Sea, from which environmental data and information on the size of the main diet, the mussel Mytilus edulis stock exists. We hypothesised that changes in nutrients and water temperature in the Wadden Sea had an effect on the ecosystem affecting the size of mussel stocks, the principal food item for eiders, thereby influencing the number of breeding eider in the Christiansø colony. METHODOLOGY/PRINCIPAL FINDING: A positive relationship between the amount of fertilizer used by farmers and the concentration of phosphorus in the Wadden Sea (with a time lag of one year allowed analysis of the predictions concerning effects of nutrients for the period 1925-2010. There was (1 increasing amounts of fertilizer used in agriculture and this increased the amount of nutrients in the marine environment thereby increasing the mussel stocks in the Wadden Sea. (2 The number of eiders at Christiansø increased when the amount of fertilizer increased. Finally (3 the number of eiders in the colony at Christiansø increased with the amount of mussel stocks in the Wadden Sea. CONCLUSIONS/SIGNIFICANCE: The trend in the number of eiders at Christiansø is representative for the entire flyway population, and since nutrient reduction in the marine environment occurs in most parts of Northwest Europe, we hypothesize that this environmental candidate parameter is involved in the overall regulation of the Baltic/Wadden Sea eider population during recent decades.

  9. Analysis of heritability and breeding value of different stocks for Japanese flounder (Paralichthys olivaceus)%不同牙鲆群体遗传力和育种值分析

    Institute of Scientific and Technical Information of China (English)

    2013-01-01

    As an important mariculture species in China, the rapid development of breeding industry of Japanese flounder (Paralichthys olivaceus), lead to the breeding of Japanese flounder facing more and more serious prob-lems at present, such as growth rate depression, fertility declined, resistance recession etc. In order to keep Japa-nese flounder aquaculture developing healthy and sustainability, it is necessary to get fast-growing Japanese flounder by crossbreeding and selecting. In this paper, four base stocks of Japanese flounder (Paralichthys oliva-ceus), including Resistance stock (RS), Korea stock (KS), Resistance Japanese stock (RJ), Japanese Resistance stock (JR), were used to crossbreed and establish Japanese flounder families. The total length and body weight of these families would be measured, when they were about 19 months old. The SPSS system was used to analysis the data, at first. And then, estimated breeding values (EBVs) and other genetic parameters of total length and body weight were estimated by DMU package, based on the method of REML (Restricted Maximum Likelihood) and BLUP (Best Linear Unbiased Prediction) procedure. Results showed that, the phenotypic value of crossbreed-ing combination, KS (♂) × RJ (♀), was best among all the combinations. The heritabilities of Japanese flounder’s total length and body weight were 0.301 and 0.295, respectively, both of which were medium heritability. The correlations coefficient of breeding value and phenotypic value of growth traits were 0.838 and 0.827; both phe-notypes of total length and body weight were statistically highly significant (P<0.01) correlated to their breeding values, respectively. That is to say, the prediction result of breeding value reasonable accuracy was perfect. Com-paring the means of breeding value of all combinations, we selected KS as male and RJ as female to breeding new species, because the two has the best breeding value relative to sex. By this method, new Japanese

  10. Selective breeding in organic dairy production

    NARCIS (Netherlands)

    Nauta, W.J.

    2009-01-01

    Organic dairy farming started to take off in the early 1990s, when the European Union laid down organic standards for animal production. Until now, however, only incidental steps have been taken towards organic breeding and organic farmers mainly use breeding stock from conventional breeding program

  11. Strategy and Opportunity for The Development of Duck Breeding Farm

    Directory of Open Access Journals (Sweden)

    L Hardy Prasetyo

    2006-09-01

    Full Text Available The recent development of duck farming requires the availability of good quality breeding stocks commercially in order to improve productivity and efficiency . Presently, there is no commercial duck breeding farm which can produce good quality breeding stocks . This article presents information on alternatives in developing duck breeding farm, particularly for layer ducks . There are two alternative approaches in duck breeding farms : (1 Group breeding farm, which belongs to duck farmers' group, as part of a group production system, and (2 Commercial breeding farm, by an individual private company/Semi-Government Institution in a commercial scale and particularly for export market . A good breeding farm requires appropriate systems for selection and mating of the animals in order to guarantee the quality of the breeding stocks being produced . A breeding farm must be economically and technically feasible as an economic entity, so that economic analysis and marketing must be prepared seriously.

  12. Stock market

    OpenAIRE

    Pachlerová, Šárka

    2017-01-01

    This bachelor thesis deals with the stock market in the Czech republic. The first part of this work is focused on the characteristics concepts of the stock market. It is comprised of the definitions of the financial market, stocks, commodities, the stock exchange indexes and others. Introduction to the term Forex and definition of the types of stock exchanges and exchange trades. Introduction to the OTC trading and how the stock exchange work. In the analytical part there is introduction t...

  13. Stock Markets

    Institute of Scientific and Technical Information of China (English)

    亚玲

    2005-01-01

    There are stock markets in large cities in many countries. Stock markets in Paris, London, Tokyo, Shanghai and New York are among the largest and most well-known. The stock market, also called stock exchange, is a place where people can buy or sell shares of a factory or company. And each share means certain ownership of a factory or company.

  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. Genetic monitoring of supportive breeding in brown trout ( Salmo trutta L.), using microsatellite DNA markers

    DEFF Research Database (Denmark)

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

    2000-01-01

    Stocking with offspring of local wild fish, so-called supportive breeding, is often advocated as an alternative to stocking domesticated fish. However, it is important to ensure that supportive breeding does not result in inbreeding and loss of genetic variability. We analysed eight microsatellite...

  16. Stock Price Expectations and Stock Trading

    OpenAIRE

    Michael D. Hurd; Susann Rohwedder

    2012-01-01

    Background: The fact that many individuals inexplicably fail to buy stocks, despite the historical evidence for a good return on investment has been referred to as the stock market puzzle. However, measurements of the subjective probability of a gain show that people are more pessimistic than historical outcomes would suggest. Further, expectations of future stock price increases apparently depend on old information, which would seem to be at odds with rational expectations in the context of ...

  17. MODELING REGIONAL SYSTEMS OF BREEDING PIGS

    Directory of Open Access Journals (Sweden)

    Svinarev I. Y.

    2015-12-01

    Full Text Available The article contains the experience of the development of the methodology and the computer program for calculation of regional and local systems of pigs hybridization at the example of the Rostov region (Russia. Crossing the GP lines for F1 should be organized in multiplier farm, which may be separate farms and to be part of large commercial farms. For the production of F1 in a multiplier farm, we must breed a purebred specialized paternal and a maternal line, selected on the effect of combining ability. For the successful functioning of the system of hybridization, it is necessary to build a genetic pyramid, including breeding and genetic centers (nucleus farm, multiplier farm, reproducing the baseline. The article gives a detailed calculation of sow population of levels of P, GP, GGP for maternal and paternal breeds of pigs. The program uses user-defined parameters of pigs productivity, of the simulated population, and the parameters characterizing the intensity of selection of young animals. To ensure annual production of 1,822 million pigs in the Rostov region it is necessary to provide the availability of brood stock in the amount of 89 thousand heads, 6 800 heads in the structure of grandparent flocks (GP, 730 heads in the structure of the Grand-Grand-parent stock (GGP, excluding sows second maternal and paternal breeds

  18. Indigenous knowledge of animal breeding and breeds

    OpenAIRE

    I. Kohler-Rollefson

    2004-01-01

    Indigenous knowledge of animal breeding (IK-AB) includes concepts and practices used to influence the genetic composition of herds. Indigenous selection is often based on preferences based on physical characteristics, vigor, social and economic insurance. This issue paper summarizes the value of indigenous knowledge and local breeds to achieve agricultural sustainability. Links to IK-AB information are also provided. Available in SANREM office, ES

  19. Indication of two Pacific walrus stocks from whole tooth elemental analysis

    Science.gov (United States)

    Jay, C.V.; Outridge, P.M.; Garlich-Miller, J. L.

    2008-01-01

    The Pacific walrus (Odobenus rosmarus divergens) is considered to be a single panmictic population for management purposes. However, studies on population structuring in this species are limited; in part, because portions of the population's range are often inaccessible. Therefore, alternative and complementary methods for investigating stock structure in the Pacific walrus are of particular interest. We used measures of elemental concentrations in whole tooth sections from ICP-MS in a discriminant analysis to investigate evidence of stock separation between walruses from two of three known breeding areas (S.E. Bering, St Lawrence, and Anadyr Gulf). Elemental compositions of teeth from female and male walruses from the S.E. Bering and St Lawrence breeding areas were significantly different, providing evidence of separate stocks. We also obtained insights into the potential relation of walruses from non-breeding areas to walruses from these breeding groups based on similarities in their dental elemental profiles. ?? 2008 Springer-Verlag.

  20. Custos e rentabilidade da produção de juvenis de tilápia-do-nilo em tanques-rede utilizando-se diferentes densidades de estocagem Costs and profitability of juvenile Nile Tilapia breeding using different stocking densities in net cages

    Directory of Open Access Journals (Sweden)

    Luiz Marques da Silva Ayroza

    2011-02-01

    - initial weight 43.08 ± 2.98 and final weight of 262.14 ± 47.86 g and from March to April 2006 (58 days - initial weight of 43.16 ± 5.34 g and final weight of 314.24 ± 73.30 g. The following economic variables were analyzed: ration cost plus unit cost of juvenile divided by biomass, in R$ kg-1; percentage of ration cost per kilogram of fish produced upon sales price; percentage of juvenile cost per kilogram of fish produced upon sales price and percentage of ration costs plus juvenile cost per kilogram of fish produced upon sales price. From the smallest (100 to the highest stocking density (400, there was a decrease in the daily weight gain and an increase in the apparent feed conversion index, but this reduction did not compromise survival rate. However, the biomass gain increased with fish crowding. The highest net incomes were obtained in stocking densities of 100 and 200 fish m-3. The prices used did not remunerate the operational costs (effective and total costs, at higher densities (300 and 400 fish m-3. The best results for the juvenile Nile Tilapia breeding were obtained using densities of up to 200 fish m-3.

  1. Genomic dairy cattle breeding

    DEFF Research Database (Denmark)

    Mark, Thomas; Sandøe, Peter

    2010-01-01

    The aim of this paper is to discuss the potential consequences of modern dairy cattle breeding for the welfare of dairy cows. The paper focuses on so-called genomic selection, which deploys thousands of genetic markers to estimate breeding values. The discussion should help to structure...... the thoughts of breeders and other stakeholders on how to best make use of genomic breeding in the future. Intensive breeding has played a major role in securing dramatic increases in milk yield since the Second World War. Until recently, the main focus in dairy cattle breeding was on production traits......, unfavourable genetic trends for metabolic, reproductive, claw and leg diseases indicate that these attempts have been insufficient. Today, novel genome-wide sequencing techniques are revolutionising dairy cattle breeding; these enable genetic changes to occur at least twice as rapidly as previously. While...

  2. New Future for Stock Trading

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Securities regulators formulated the risk-control mechanism prior to launch of stock index futures in China For three years Wang Liangguang, an experienced stock investor, waited patiently for the trading of stock index futures. And now, that day has

  3. Stocks Go Up

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    China's stock market comes alive with the resumption of new share issues Securities investors have reacted calmly after the industry regulator announced the resumption of initial public offerings (IPOs) on the Chinese stock market following a yearlong suspension, a move previously believed to hit the market by causing a drain in liquidity from the secondary to the primary market. According to the China Securities

  4. A multidisciplinary study of Jan Hendrik Stock (with the description of one new genus and four new species)

    NARCIS (Netherlands)

    Weinberg, Steven; Zijl, van Wil

    1990-01-01

    On the 22nd of October 1990, Prof.Dr. Jan Hendrik Stock will retire officially from the professorship of Special Zoology at the Institute of Taxonomic Zoology at the University of Amsterdam. Prof. Stock being a very rare sample of the already exotic breed of animal taxonomists, the authors decided t

  5. Honey bee stock genotypes do not affect the level of physiological responses to chalkbrood fungus, Ascosphaera apis.

    Science.gov (United States)

    Breeding honey bees (Apis mellifera) for physiological resistance to diseases is a highly desirable and environmentally safe approach to increasing colony survival. Selection of desirable traits is a critical element of any breeding program. In this study we investigate whether honey bee stocks dif...

  6. Stocks and shocks

    Directory of Open Access Journals (Sweden)

    Bert Scholtens

    2002-12-01

    Full Text Available How do stock markets respond to extreme events? This paper analyzes the reaction ofstock markets in four industrialized economies (Italy, the Netherlands, Sweden, the US to ten major international crises. We employ an event study to investigate whether the stock exchanges react differently with respect to extreme events such as the Chernobyl nuclear power plant meltdown, the Gulf War, the peso crisis, the Kosovo War or the 11/9 attack on the US. There is no substantial evidence that markets react differently to extreme events than to more ordinary news. We have significant evidence that there is no standard reaction of stock markets to extreme events.

  7. The Stock Market

    OpenAIRE

    Deca Claudiu

    2011-01-01

    The foundation and the establishment of the stock market express the emergence of the exchange relationships, and of the market as a defining structure of modern economy. The well-known French historian Fernand Brandel states that “the stock market is the last floor of a market, but that of a market which never ends”, of a market which includes and dominates the entire economic reality. Once with the acknowledgement of the stock market, the exchange relationships have reached the complete exp...

  8. Captive breeding programs based on family groups in polyploid sturgeons.

    Science.gov (United States)

    Boscari, Elisa; Pujolar, Jose Martin; Dupanloup, Isabelle; Corradin, Riccardo; Congiu, Leonardo

    2014-01-01

    In species with long life cycles and discontinuous availability of individuals to reproduction, implementing a long-term captive breeding program can be difficult or impossible. In such cases, managing diversity among familiar groups instead of individuals could become a suitable approach to avoid inbreeding and increase the possibility to accomplish a breeding scheme. This is the case of several sturgeon species including the Adriatic sturgeon, whose recovery depends on the management of a few captive stocks directly descended from the same group of wild parents. In the present study, relatedness among 445 potential breeders was inferred with a novel software for pedigree reconstruction in tetraploids ("BreedingSturgeons"). This information was used to plan a breeding scheme considering familiar groups as breeding units and identifying mating priorities. A two-step strategy is proposed: a short-term breeding program, relying on the 13 remaining F0 individuals of certain wild origin; and a long-term plan based on F1 families. Simulations to evaluate the loss of alleles in the F2 generation under different pairing strategies and assess the number of individuals to breed, costs and logistical aquaculture constraints were performed. The strategy proposed is transferable to the several other tetraploid sturgeon species on the brink of extinction.

  9. New Future for Stock Trading

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ For three years Wang Liangguang,an cxperienced stock investor,waited patiently for the trading of stock index futures.And now,that day has arrived-stock index futures will soon be launched on Chinese financial market.The China Securities Regulatory Commission (CSRC) may officially launch stock index futures as soon as May.

  10. 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.

  11. 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.

  12. Stock Market Tournaments

    OpenAIRE

    Ozdenoren, Emre; Yuan, Kathy

    2012-01-01

    We propose a new theory of suboptimal risk-taking based on contractual externalities. We examine an industry with a continuum of firms. Each firm's manager exerts costly hidden effort. The productivity of effort is subject to systematic shocks. Firms' stock prices reflect their performance relative to the industry average. In this setting, stock-based incentives cause complementarities in managerial effort choices. Externalities arise because shareholders do not internalize the impact of thei...

  13. Stock Market Driven Acquisitions

    OpenAIRE

    Andrei Shleifer; Vishny, Robert W.

    2001-01-01

    We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms, the horizons of their respective managers, and the market's perception of the synergies from the combination. The model explains who acquirers whom, whether the medium of payment is cash or stock, what are the valuation consequences of mergers, and why there are merger waves. The model is consistent with a...

  14. Welfare in horse breeding

    DEFF Research Database (Denmark)

    Campbell, M.L.H.; Sandøe, Peter

    2015-01-01

    Welfare problems related to the way horses are bred, whether by coitus or by the application of artificial reproduction techniques (ARTs), have been given no discrete consideration within the academic literature. This paper reviews the existing knowledge base about welfare issues in horse breeding...... and identifies areas in which data is lacking. We suggest that all methods of horse breeding are associated with potential welfare problems, but also that the judicious use of ARTs can sometimes help to address those problems. We discuss how negative welfare effects could be identified and limited and how...... positive welfare effects associated with breeding might be maximised. Further studies are needed to establish an evidence base about how stressful or painful various breeding procedures are for the animals involved, and what the lifetime welfare implications of ARTs are for future animal generations....

  15. Birds - Breeding [ds60

    Data.gov (United States)

    California Department of Resources — This data set provides access to information gathered on annual breeding bird surveys in California using a map layer developed by the Department. This data layer...

  16. Garlic breeding system innovations

    NARCIS (Netherlands)

    Zheng, S.J.; Kamenetsky, R.; Féréol, L.; Barandiaran, X.; Rabinowitch, H.D.; Chovelon, V.; Kik, C.

    2007-01-01

    This review outlines innovative methods for garlic breeding improvement and discusses the techniques used to increase variation like mutagenesis and in vitro techniques, as well as the current developments in florogenesis, sexual hybridization, genetic transformation and mass propagation. Sexual ste

  17. PRINCIPLES OF ANIMAL BREEDING

    OpenAIRE

    2014-01-01

    University textbook Principles of Animal Breeding is intended for students of agriculture and veterinary medicine. The material is the adapted curricula of undergraduate and graduate level studies in the framework of which the modules Principles of animal breeding as well as Basics of genetics and selection of animals attended are listened. The textbook contains 14 chapters and a glossary of terms. Its concept enables combining fundamental and modern knowledge in the ...

  18. Detection of Breeding Blankets Using Antineutrinos

    Science.gov (United States)

    Cogswell, Bernadette; Huber, Patrick

    2016-03-01

    The Plutonium Management and Disposition Agreement between the United States and Russia makes arrangements for the disposal of 34 metric tons of excess weapon-grade plutonium. Under this agreement Russia plans to dispose of its excess stocks by processing the plutonium into fuel for fast breeder reactors. To meet the disposition requirements this fuel would be burned while the fast reactors are run as burners, i.e., without a natural uranium blanket that can be used to breed plutonium surrounding the core. This talk discusses the potential application of antineutrino monitoring to the verification of the presence or absence of a breeding blanket. It is found that a 36 kg antineutrino detector, exploiting coherent elastic neutrino-nucleus scattering and made of silicon, could determine the presence of a breeding blanket at a liquid sodium cooled fast reactor at the 95% confidence level within 90 days. Such a detector would be a novel non-intrusive verification tool and could present a first application of coherent elastic neutrino-nucleus scattering to a real-world challenge.

  19. EFFECTS OF STOCK SPLIT ON STOCK LIQUIDITY AND STOCK PRICE OPTIMALITY OF COMPANIES QUOTED AT NAIROBI STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    MR. SIMON KAMAU GATEI

    2012-11-01

    Full Text Available A number of researchers have found a stock split is normally followed by either positive abnormal returns or increased stock liquidity or both. However other researchers such as Murray (1985 and Bley (2002 found results that are contrary to this. The objective of this paper was to assess the consequence of stock splits on stock liquidity of Kenyan firms quoted at the NSE.The research was a causal study with a trend analytical design aimed at determining the relationship between the stock liquidity positions as a result of the stock split event. The population consisted of all companies quoted in the NSE that had undertaken a stock split between the years of 2005 and 2011. The data used was secondary data on daily volumes of stock traded and daily closing stock prices that was retrieved from the NSE website. The model used for data analysis was the Amivest liquidity ratio which was developed by cooper Groth and Avera (1985. This model measured the shillings volume traded for each 1% change in stock price. The data analysis package used was Excel spread sheet.The results from the study found out that generally the liquidity of stock, as measured by the Amivest liquidity ratio, is relatively higher in the days before the stock split than in the days after the stock split. It was also observed that liquidity tends to be lowest in the days around the stock split. Generally the aggregate liquidity position in the month before the stock split was found to be higher than in the month after the stock split.It was also observed that after the stock split, stock price showed optimality by trading at a relatively constant stock price in almost all the companies.

  20. Broiler breeding : breeding goals, selection schemes and the usefulness of local breeds for China

    NARCIS (Netherlands)

    Jiang, X.

    1999-01-01

    This dissertation considers three aspects of broiler breeding: definition of breeding goals, selection schemes for specialized lines, and the usefulness of local breeds for China. Economic values in broiler breeding were derived based on a deterministic model. A systematic design for the application

  1. 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.

  2. Breeding-assisted genomics.

    Science.gov (United States)

    Poland, Jesse

    2015-04-01

    The revolution of inexpensive sequencing has ushered in an unprecedented age of genomics. The promise of using this technology to accelerate plant breeding is being realized with a vision of genomics-assisted breeding that will lead to rapid genetic gain for expensive and difficult traits. The reality is now that robust phenotypic data is an increasing limiting resource to complement the current wealth of genomic information. While genomics has been hailed as the discipline to fundamentally change the scope of plant breeding, a more symbiotic relationship is likely to emerge. In the context of developing and evaluating large populations needed for functional genomics, none excel in this area more than plant breeders. While genetic studies have long relied on dedicated, well-structured populations, the resources dedicated to these populations in the context of readily available, inexpensive genotyping is making this philosophy less tractable relative to directly focusing functional genomics on material in breeding programs. Through shifting effort for basic genomic studies from dedicated structured populations, to capturing the entire scope of genetic determinants in breeding lines, we can move towards not only furthering our understanding of functional genomics in plants, but also rapidly improving crops for increased food security, availability and nutrition.

  3. Stocks, Junk and Pharmaceuticals

    Institute of Scientific and Technical Information of China (English)

    何伟文

    2004-01-01

    Stock analysts in the West have recently been taking a close look at markets in the East. Among their favourites were Chinese stock funds, even though the bourses in Shanghai and Shenzhen tumbled to historic lows. But of course it is the long-term promise that counts and given the rather sombre and gloomy economic mood in Europe, this most probably will make sense for the near and, hopefully, more distant future. Nevertheless, qualified foreign institutional investors should take precautions and in our Focus (pp.20) section we pose the question of how these investors should adjust their portfolios.

  4. On Stock Right

    Institute of Scientific and Technical Information of China (English)

    潘雯

    2008-01-01

    The Company Law of 1993 is important in protecting the interests of both companies and shareholders. But on stock right, it always arouses heated debate among scholars. Before the promulgation of New Company Law of 2006, varieties of theories of this issue have been formed. Through analyzing and refuting those theories, I try to clear the ambiguous definition by explaining the essence of right and comparing related right, so as to reach the conclusion that the stock right is only the changeable form of the ownership of shareholders.

  5. Welfare in horse breeding

    DEFF Research Database (Denmark)

    Campbell, M.L.H.; Sandøe, Peter

    2015-01-01

    Welfare problems related to the way horses are bred, whether by coitus or by the application of artificial reproduction techniques (ARTs), have been given no discrete consideration within the academic literature. This paper reviews the existing knowledge base about welfare issues in horse breeding...... and identifies areas in which data is lacking. We suggest that all methods of horse breeding are associated with potential welfare problems, but also that the judicious use of ARTs can sometimes help to address those problems. We discuss how negative welfare effects could be identified and limited and how...

  6. 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...

  7. Travelling to breed

    NARCIS (Netherlands)

    Drent, RJ; Fox, AD; Stahl, J

    2006-01-01

    Traditionally, investigation of the dynamics of avian migration has been heavily biased towards the autumn return trip to the wintering quarters. Since the migratory prelude to breeding has direct fitness consequences, the European Science Foundation recently redressed the balance and sponsored a wo

  8. Breeding kennel management.

    Science.gov (United States)

    Mullen, S

    1992-09-01

    Veterinarians and dog breeders should work together to establish protocols for health care and breeding management that are based on sound scientific principles as well as practical systems. These protocols should involve bitches, stud dogs, and puppies. Tantamount importance must be placed on record keeping so that problems may be identified and solved before they are irreversible.

  9. Penguin breeding in Edinburgh

    NARCIS (Netherlands)

    Gillespie, T.H.; F.R.S.E.,; F.Z.S.,

    1939-01-01

    The Scottish National Zoological Park at Edinburgh has been notably successful in keeping and breeding penguins. It is happy in possessing as a friend and benefactor, Mr Theodore E. Salvesen, head of the firm of Christian Salvesen & Co., Leith, to whose interest and generosity it owes the great numb

  10. 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…

  11. 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 stock

  12. Reverse breeding: a novel breeding approach based on engineered meiosis

    NARCIS (Netherlands)

    Dirks, R.; Dun, van K.P.M.; Snoo, de B.; Berg, van den M.; Lelivelt, C.L.C.; Voermans, W.; Woudenberg, L.; Wit, de J.P.C.; Reinink, K.; Schut, J.W.; Jong, de J.H.S.G.M.; Wijnker, T.G.

    2009-01-01

    Reverse breeding (RB) is a novel plant breeding technique designed to directly produce parental lines for any heterozygous plant, one of the most sought after goals in plant breeding. RB generates perfectly complementing homozygous parental lines through engineered meiosis. The method is based on re

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

    Science.gov (United States)

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

  14. Stock market driven acquisitions

    OpenAIRE

    Shleifer, Andrei; Vishny, Robert W.

    2003-01-01

    We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms and the market’s perception of the synergies from the combination. The model explains who acquires whom, the choice of the medium of payment, the valuation consequences of mergers, and merger waves. The model is consistent with available empirical findings about characteristics and returns of merging firms,...

  15. An Overview of Ten Italian Horse Breeds through Mitochondrial DNA

    Science.gov (United States)

    Capodiferro, Marco Rosario; Capomaccio, Stefano; Buttazzoni, Luca; Biggio, Giovanni Paolo; Cherchi, Raffaele; Albertini, Emidio; Olivieri, Anna; Cappelli, Katia; Achilli, Alessandro; Silvestrelli, Maurizio

    2016-01-01

    Background The climatic and cultural diversity of the Italian Peninsula triggered, over time, the development of a great variety of horse breeds, whose origin and history are still unclear. To clarify this issue, analyses on phenotypic traits and genealogical data were recently coupled with molecular screening. Methodology To provide a comprehensive overview of the horse genetic variability in Italy, we produced and phylogenetically analyzed 407 mitochondrial DNA (mtDNA) control-region sequences from ten of the most important Italian riding horse and pony breeds: Bardigiano, Esperia, Giara, Lipizzan, Maremmano, Monterufolino, Murgese, Sarcidano, Sardinian Anglo-Arab, and Tolfetano. A collection of 36 Arabian horses was also evaluated to assess the genetic consequences of their common use for the improvement of some local breeds. Conclusions In Italian horses, all previously described domestic mtDNA haplogroups were detected as well as a high haplotype diversity. These findings indicate that the ancestral local mares harbored an extensive genetic diversity. Moreover, the limited haplotype sharing (11%) with the Arabian horse reveals that its impact on the autochthonous mitochondrial gene pools during the final establishment of pure breeds was marginal, if any. The only significant signs of genetic structure and differentiation were detected in the geographically most isolated contexts (i.e. Monterufolino and Sardinian breeds). Such a geographic effect was also confirmed in a wider breed setting, where the Italian pool stands in an intermediate position together with most of the other Mediterranean stocks. However, some notable exceptions and peculiar genetic proximities lend genetic support to historical theories about the origin of specific Italian breeds. PMID:27054850

  16. An avifaunal survey of the Istranca mountains, turkish thrace: novel breeding bird records including the first breeding record of Wood Warbler Phylloscopus sibilatrix in Turkey

    DEFF Research Database (Denmark)

    Özkan, Korhan

    2011-01-01

    A breeding bird survey in the Istranca (Yıldız) mountains of Turkish Thrace seawards to the Black sea was conducted May–August 2009. Eighty-eight days of field work in 697 locations generated novel breeding evidence for several species. The survey provided the first certain evidence of Wood Warbler...... in the study area. Moreover, breeding evidence was gathered for Garden Warbler Sylvia borin, Baillon’s Crake Porzana pusilla, Stock Dove Columba oenas, Icterine Warbler Hippolais icterina and Common Rosefinch Carpodacus erythrinus for the first time in Turkish Thrace. Furthermore, the survey provided some...... cinclus, Sardinian Warbler Sylvia melanocephala, Barred Warbler Sylvia nisoria and Red-breasted Flycatcher Ficedula parva, which require further research on their breeding distributions in the study area....

  17. Liquidity and stock returns-evidence from UK stock market

    OpenAIRE

    Le, Dang Thuy Trang

    2013-01-01

    Liquidity has been acknowledged to affect stock returns due to its importance to investors, financial markets, and listed companies. Although there is abundant literature documenting the liquidity-stock returns relationship, results about this relationship are mixed. This might be due to the reasons that liquidity has various meanings and methods of measurements. The purposes of this study are to provide definition of liquidity in relation to stocks, introduce measures of liquidity and examin...

  18. Metal Returns, Stock Returns and Stock Market Volatility

    Directory of Open Access Journals (Sweden)

    Mauricio Zevallos

    2015-08-01

    Full Text Available Given the extensive participation of mining stocks in the Peruvian stock market, the Lima Stock Exchange (BVL provides an ideal setting for exploring both the impact of metal returns on mining stock returns and stock market volatility, and the comovements between mining stock returns and metal returns. This research is a first attempt to explore these issues using international metal prices and the prices of the most important mining stocks on the BVL and the IGBVL index. To achieve this, we use univariate GARCH models to model individual volatilities, and the Exponentially Weighted Moving Average (EWMA method and multivariate GARCH models with time-varying correlations to model comovements in returns. We found that Peruvian mining stock volatilities mimic the behavior of metal volatilities and that there are important correlation levels between metals and mining stock returns. In addition, we found time-varying correlations with distinctive behavior in different periods, with rises potentially related to international and local historical events.

  19. Evolutionary model of stock markets

    Science.gov (United States)

    Kaldasch, Joachim

    2014-12-01

    The paper presents an evolutionary economic model for the price evolution of stocks. Treating a stock market as a self-organized system governed by a fast purchase process and slow variations of demand and supply the model suggests that the short term price distribution has the form a logistic (Laplace) distribution. The long term return can be described by Laplace-Gaussian mixture distributions. The long term mean price evolution is governed by a Walrus equation, which can be transformed into a replicator equation. This allows quantifying the evolutionary price competition between stocks. The theory suggests that stock prices scaled by the price over all stocks can be used to investigate long-term trends in a Fisher-Pry plot. The price competition that follows from the model is illustrated by examining the empirical long-term price trends of two stocks.

  20. Universality in the stock exchange

    CERN Document Server

    Gonçalves, Rui

    2008-01-01

    We analyze the constituents stocks of the Dow Jones Industrial Average and the Standard & Poor's 100 index of the NYSE stock exchange market. Surprisingly, we discovered that the distribution of the fluctuations of the cubic root of the squared daily return are close to the universal non-parametric Bramwell-Holdsworth-Pinton (BHP) distribution. Since the BHP probability density function appears in several other dissimilar phenomena, our result reveals an universal feature of the stock exchange market.

  1. Stock Repurchases and Incentive Compensation

    OpenAIRE

    Christine Jolls

    1998-01-01

    A longstanding puzzle in corporate finance is the rise of stock repurchases as a means of distributing earnings to shareholders. While most attempts to explain repurchase behavior focus on the incentives of firms, this paper focuses on the incentives of the agents who run firms, as determined by those agents' compensation packages. The increased use of repurchases coincided with an increasing reliance on stock options to compensate top managers, and stock options encourage managers to choose ...

  2. 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... outstanding advances. (b) Timing of minimum stock purchase. (1) Within 60 calendar days after an...

  3. 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...

  4. 2008 Stock Market Rhapsody

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    In early 2007,spring chickens lined up to register for trading in the booming stock market.In the beginning of 2008, salespeople of securities companies spread their counters on street comers to market their companies to random passersby. The U.S.subprime mortgage crisis swept the whole world and no countries were lucky enough to escape it. The benchmark Shanghai Composite Index plunged 7.22 percent on January 22, the biggest drop so far this year,and de- voured all the increases since August 2007.

  5. Radiation mutation breeding

    Energy Technology Data Exchange (ETDEWEB)

    Song, Hi Sup; Kim, Jae Sung; Kim, Jin Kyu; Shin, In Chul; Lim, Young Taek

    1998-04-01

    In order to develop an advanced technical knowledge for the selection of better mutants, some of the crops were irradiated and the mutation rate, the survival rate and the method for selction of a mutant were studied. Furthermore, this study aimed to obtain basic data applicable to the development of genetic resources by evaluation and analysis the specific character for selection of the superior mutant and its plant breeding. 1. selection of the mutant with a superior resistance against environment in the principal crops 1) New varieties of mutant rices such as Wonpyeongbyeo, Wongwangbyeo, Winmibyeo, and heogseon chalbeyeo (sticky forma) were registered in the national variety list and made an application to crop variety protection right. They are under review now. 2) We also keep on studying on the number of a grain of 8 lines of excellent mutant rice for the purpose of improvement of breeding . 3) We selected 3 lines which have a resistance to pod and stem blight in large soybean, 31 lines with small grain size and higher yield, 112 lines of soybean of cooking, 7 lines of low lipoxygenase content, and 12 lines with decreased phytic acid content by 20 % compared to the previous level. 2. Selection of advanced Mugunwha (Rose of Sharon) mutant 1) Bagseul, a new variety of mutant, was developed and 30 plantlets of it are being proliferated. 2) Fifty-three lines of a mutant having a various morphologies were selected.

  6. Stock Returns, Volatility, and Cointegration among Chinese Stock Markets

    Institute of Scientific and Technical Information of China (English)

    QiZhou; ZhongguoZhou

    2005-01-01

    This paper examines stock returns, volatility, and cointegration among three Chinese stock markets before and after Hong Kong's return to China. The average daily returns are much higher during the first sub-period (from April 1991 to June 1997) and significantly lower or even negative during the second sub-period (from July 1997 to December 2002). The mean adjusted change in volatility is negatively and significantly correlated with the lagged returns. This negative relation is mainly caused by a contemporaneous and significantly positive correlation between returns and volatility in the first sub-period. This significant relationship disappears for the Shanghai and Shenzhen Stock Exchanges and is even negative for the Hong Kong Stock Exchange during the second sub-period. Three Chinese stock markets are cointegrated over the entire sample period and become more closely related after Hong Kong's return to China. Our results have important implications for both policy makers and individual investors.

  7. 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.

  8. 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.

  9. Biotechnology in maize breeding

    Directory of Open Access Journals (Sweden)

    Mladenović-Drinić Snežana

    2004-01-01

    Full Text Available Maize is one of the most important economic crops and the best studied and most tractable genetic system among monocots. The development of biotechnology has led to a great increase in our knowledge of maize genetics and understanding of the structure and behaviour of maize genomes. Conventional breeding practices can now be complemented by a number of new and powerful techniques. Some of these often referred to as molecular methods, enable scientists to see the layout of the entire genome of any organism and to select plants with preferred characteristics by "reading" at the molecular level, saving precious time and resources. DNA markers have provided valuable tools in various analyses ranging from phylogenetic analysis to the positional cloning of genes. Application of molecular markers for genetic studies of maize include: assessment of genetic variability and characterization of germ plasm, identification and fingerprinting of genotypes, estimation of genetic distance, detection of monogamic and quantitative trait loci, marker assisted selection, identification of sequence of useful candidate genes, etc. The development of high-density molecular maps which has been facilitated by PCR-based markers, have made the mapping and tagging of almost any trait possible and serve as bases for marker assisted selection. Sequencing of maize genomes would help to elucidate gene function, gene regulation and their expression. Modern biotechnology also includes an array of tools for introducing or deieting a particular gene or genes to produce plants with novel traits. Development of informatics and biotechnology are resulted in bioinformatic as well as in expansion of microarrey technique. Modern biotechnologies could complement and improve the efficiency of traditional selection and breeding techniques to enhance agricultural productivity.

  10. Potato breeding in the Netherlands

    NARCIS (Netherlands)

    Haan, de H.

    1953-01-01

    A remarkable feature of potato breeding in the Netherlands is the great number of private breeders who have concentrated their efforts on the improvement of the potato. The author calls attention to some circumstances and measures that have made potato breeding attractive in the Netherlands

  11. 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...... and clothing. We take as a starting point that longevity has a significant impact on furthering sustainability in textiles and clothing since it can be a driver on many levels, e.g. new business models, decisions made in the design phase and/or changes in use and consumption. The study applies variations...

  12. Geo-Financial Association of Ukrainian Stock Market with European Stock Exchanges: Modern Trends

    Directory of Open Access Journals (Sweden)

    Olena Slozko

    2015-06-01

    Full Text Available The paper investigates geo-financial association of Ukrainian stock market within the system of European stock exchange mechanisms. It analyzes current trends on Ukrainian stock exchanges and aims at considering and drawing possible ways and paths for integrating the Ukrainian stock market into the European stock exchange market framework. The authors believe that IT network is a strong background for further sustainable transformation of Ukrainian stock market and its consolidation with the EU stock market.

  13. Stock Market Liquidity: A Case Study of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hakim Ali Kanasro

    2009-06-01

    Full Text Available A market is to be considered as liquid when large transactions are executed with a small impact on price. This paper identifies the position of stock market liquidity at Karachi Stock Exchange (KSE during the period from 1985 to 2006. The analysis is based on using annual data of the listed firms at KSE and the data available on economic survey of the Government of Pakistan and other sources. For measurements of liquidity at KSE we have used three measuring tools as; Liquidity Analysis, Turnover Ratio and Size of Market to determine the liquidity issues at KSE. We provide the evidences of less stock market liquidity or to say illiquidity at Karachi Stock Exchange during the sample period. Consequently, market is still for behind in its efficiency, especially in liquidity hence it fails to attract new investors. We find that less liquidity causes less synchronicity in prices attracting less inventors and results is low size of market.

  14. Methods for Predicting Stock Indexes

    Directory of Open Access Journals (Sweden)

    Martha Cecilia García

    2013-11-01

    Full Text Available This paper presents a literature review on methods that have been used in the last two decades to predict Stock Market Indexes. Methods studied range from those enabling to grab the linear characteristics present in the stock market indexes, going through those that focus on non-linear features and finally hybrid methods that are more robust, since they capture linear and non-linear features. In addition, this research includes methods that use macroeconomic variables to predict indexes from different stock exchanges around the world.

  15. 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...

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

    Science.gov (United States)

    Remeš, V; Székely, T

    2010-12-01

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

  17. RosBREED: Enabling marker-assisted breeding in Rosaceae

    NARCIS (Netherlands)

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

    2010-01-01

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

  18. RosBREED: Enabling Marker-Assisted Breeding in Rosaceae

    Science.gov (United States)

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

  19. Will Financial Analysts Mistake Stocks of Good Companies for Good Stocks? Evidence from Taiwan Stock Market

    Directory of Open Access Journals (Sweden)

    I-Ju Chen

    2005-01-01

    Full Text Available It has been shown that the individual or institutional investors rely on the information provided by the financial analysts. A good stock recommended by financial experts is expected to make profit to the investors. However, due to the cognitive biases, the financial analysts or investors are probably confused in the firm characteristics between the good stocks and the stocks of good companies. Good companies are normally inferred to the company that have good managing and operating systems, however, it is usually though to have good returns as good stocks. The future earning forecasts of these good companies may be thus overestimated as compared with the others. Such cognitive biases probably results in improper investment and investment loss. In this study, the reputation survey results for the companies in Taiwan and the corresponding financial data are used to verify the proposed cognitive biases hypothesis. The empirical evidence in this study shows that financial analysts mistake stocks of good companies for good stocks. However, it is also shown that the average one-year buy-and-hold return of these sample firms (including good companies and good stocks is still higher than that of the chosen matching firms.

  20. Expecting a Stock Market Recovery

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    Abundant liquidity is expected to be the mainstay that helps to prop up the nation’s stock markets, according to the Economic Information Daily’s review of financial institutions’ research reports. Excerpts follow.

  1. 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.

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

    Directory of Open Access Journals (Sweden)

    O. Oleksiyenko

    2015-12-01

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

  3. New Hope for Chinese Stocks

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Many people in recent years have held that investing in the Chinese stock markets posed risks. But remarkable changes have taken place in China's stock markets during the past year, according to Mark De Weaver, a research analyst in Shenzhen who now manages a fund investing in Asian equities called Quantrarian Asia Hedge. According to De Weaver, the changes include split-share and brokerage reforms, a new securities law and more opportunities for qualified foreign investors. His main ideas follow:

  4. Germplasm of breeding Pseudosciaena crocea as revealed by microsatellite markers

    Institute of Scientific and Technical Information of China (English)

    CHANG Yumei; DING Lei; LI Mingyun; XUE Liangyi; LIANG Liqun; HE Jianguo; LEI Qingquan

    2008-01-01

    The germplasm of breeding large yellow croaker(Pseudosciaena crocea Richardson)was revealed using 12 microsatellite markers.The results showed that the genetic diversities were on a mediated level in the bred Daiqu and Min-Yue stocks and two hybrid groups,as represented by 4.83 of the mean number of alleles and 0.561 of the average observed heterozygosity.The value of pair-wise differentiation coefficient(Fst)was only 13.1% between Daiqu and Min-Yue stocks,demonstrating the low level of differcn-tiation and a close relationship.However,STRUCTURE simulations and phylogenetie tree based on the UPGMA method supported that they are geographically different populations of the same species with distinct genetic structures.Examinations of individual ad-mixture showed that Min-Yue stock had been contaminated by alien individuals.Moreover,the genetic structures of the two hybridgroups resembled those of their parents,especially affected more by their female parents.Finally,the values of average observed beterozygasity between parents and their ascendants were compared and tested,as a result of no detectable differences(P>0.05).

  5. Illinois’ 2000 breeding season report

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the 2000 breeding season for grassland birds in Illinois. The report begins by summarizing weather conditions throughout the season and...

  6. Bee Queen Breeding Methods - Review

    Directory of Open Access Journals (Sweden)

    Silvia Patruica

    2016-05-01

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

  7. Atlantic Flyway Breeding Waterfowl Survey

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — The Atlantic Flyway Technical Section initiated this breeding waterfowl survey in 11 northeast states ranging from New Hampshire to Virginia.

  8. Tricolored Blackbird - Breeding [ds20

    Data.gov (United States)

    California Department of Resources — These data come from observations of breeding tricolored blackbirds throughout their range in California. NAD27 coordinates are given in the data for each record....

  9. Mutations induced in plant breeding

    Energy Technology Data Exchange (ETDEWEB)

    Barriga B, P. (Universidad Austral de Chile, Valdivia. Inst. de Produccion y Sanidad Vegetal)

    1984-10-01

    The most significant aspects of the use of ionizing radiations in plant breeding are reviewed. Aspects such as basic principles of mutation, expression and selection in obtention of mutants, methods for using induced mutations and sucess achieved with this methodology in plant breeding are reviewed. Results obtained in a program of induced mutation on wheat for high content of protein and lysine at the Universidad Austral de Chile are presented.

  10. A system dynamics model for stock and flow of tritium in fusion power plant

    Energy Technology Data Exchange (ETDEWEB)

    Kasada, Ryuta, E-mail: r-kasada@iae.kyoto-u.ac.jp [Institute of Advanced Energy, Kyoto University, Gokasho, Uji, Kyoto 611-0011 (Japan); Kwon, Saerom [Institute of Advanced Energy, Kyoto University, Gokasho, Uji, Kyoto 611-0011 (Japan); Japan Atomic Energy Agency, Tokai-mura, Naka-gun, Ibaraki-ken 319-1195 (Japan); Konishi, Satoshi [Institute of Advanced Energy, Kyoto University, Gokasho, Uji, Kyoto 611-0011 (Japan); Sakamoto, Yoshiteru; Yamanishi, Toshihiko; Tobita, Kenji [Japan Atomic Energy Agency, Rokkasho-mura, Kamikita-gun, Aomori-ken 039-3212 (Japan)

    2015-10-15

    Highlights: • System dynamics model of tritium fuel cycle was developed for analyzing stock and flow of tritium in fusion power plants. • Sensitivity of tritium build-up to breeding ratio parameters has been assessed to two plant concepts having 3 GW and 1.5 GW fusion power. • D-D start-up absolutely without initial loading of tritium is possible for both of the 3 GW and 1.5 GW fusion power plant concepts. • Excess stock of tritium is generated by the steady state operation with the value of tritium breeding ratio over unity. - Abstract: In order to analyze self-efficiency of tritium fuel cycle (TFC) and share the systems thinking of TFC among researchers and engineers in the vast area of fusion reactor technology, we develop a system dynamics (SD) TFC model using a commercial software STELLA. The SD-TFC model is illustrated as a pipe diagram which consists of tritium stocks, such as plasma, fuel clean up, isotope separation, fueling with storage and blanket, and pipes connecting among them. By using this model, we survey a possibility of D-D start-up without initial loading of tritium on two kinds of fusion plant having different plasma parameters. The D-D start-up scenario can reduce the necessity of initial loading of tritium through the production in plasma by D-D reaction and in breeding blanket by D-D neutron. The model is also used for considering operation scenario to avoid excess stock of tritium which must be produced at tritium breeding ratio over unity.

  11. Breeding performance in the Italian chicken breed Mericanel della Brianza

    Directory of Open Access Journals (Sweden)

    Stefano P. Marelli

    2010-11-01

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

  12. Evolution, plant breeding and biodiversity

    Directory of Open Access Journals (Sweden)

    Salvatore Ceccarelli

    2011-11-01

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

  13. Selkirk Rex: morphological and genetic characterization of a new cat breed.

    Science.gov (United States)

    Filler, Serina; Alhaddad, Hasan; Gandolfi, Barbara; Kurushima, Jennifer D; Cortes, Alejandro; Veit, Christine; Lyons, Leslie A; Brem, Gottfried

    2012-01-01

    Rexoid, curly hair mutations have been selected to develop new domestic cat breeds. The Selkirk Rex is the most recently established curly-coated cat breed originating from a spontaneous mutation that was discovered in the United States in 1987. Unlike the earlier and well-established Cornish and Devon Rex breeds with curly-coat mutations, the Selkirk Rex mutation is suggested as autosomal dominant and has a different curl phenotype. This study provides a genetic analysis of the Selkirk Rex breed. An informal segregation analysis of genetically proven matings supported an autosomal, incomplete dominant expression of the curly trait in the Selkirk Rex. Homozygous curl cats can be distinguished from heterozygous cats by head and body type, as well as the presentation of the hair curl. Bayesian clustering of short tandem repeat (STR) genotypes from 31 cats that represent the future breeding stock supported the close relationship of the Selkirk Rex to the British Shorthair, Scottish Fold, Persian, and Exotic Shorthair, suggesting the Selkirk as part of the Persian breed family. The high heterozygosity of 0.630 and the low mean inbreeding coefficient of 0.057 suggest that Selkirk Rex has a diverse genetic foundation. A new locus for Selkirk autosomal dominant Rex, SADRE, is suggested for the curly trait.

  14. Breeding for Improved Disease Resistance in Organic Farming – Possibilities and Constraints

    Directory of Open Access Journals (Sweden)

    Magnusson Ulf

    2002-03-01

    Full Text Available Lowered incidences of disease may be reached in several ways: management and rearing measures, vaccination programmes and preventive medications as well as breeding for improved disease resistance. Here the focus is on breeding for improved resistance to infectious diseases. In comparison to conventional farming, one has to acknowledge that the spectrum of diseases in animals reared under organic conditions is different and that the proportion of the breeding stock of animals in organic farming is considerably smaller. There are at least four different approaches that may be used in breeding towards resistance to infectious diseases. The most obvious is to record disease incidence in the progeny and select those parents that produce the progeny with the lowest incidences of disease. Another approach is to use breeders possessing certain major histo-compatibility complex antigens suggested being associated with resistance to certain infections. A third approach is to analyse the heritability of a set of immune functions or related traits crucial for resistance to infections and then use the traits with high heritability in breeding programmes. Finally, one may genetically select animals for high immune response using an index that combines estimated breeding values for several immunological traits. Examples of these various approaches are given and the feasibility for using these in organic farming are discussed.

  15. Economic values for production traits for different sheep breeds in Kosovo

    Directory of Open Access Journals (Sweden)

    Hysen Bytyqi

    2015-10-01

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

  16. Cassava Breeding I: The Value of Breeding Value

    Science.gov (United States)

    Ceballos, Hernán; Pérez, Juan C.; Joaqui Barandica, Orlando; Lenis, Jorge I.; Morante, Nelson; Calle, Fernando; Pino, Lizbeth; Hershey, Clair H.

    2016-01-01

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

  17. Gold versus stock investment: An econometric analysis

    Directory of Open Access Journals (Sweden)

    Martin Surya Mulyadi

    2012-06-01

    Full Text Available It is important to have a portfolio in investment to diversify the investment to different kinds of instruments. Based on previous research, it is concluded that gold is a good portfolio diversifier, a hedge against stock and safe haven in extreme stock market condition. As an investment instrument, stock is exposed to macroeconomic risks and global stock market risks. In this research, we conduct a comparison between the stock investment and gold investment by using the probit econometric model and data from 1997 to 2011. The final result obtained from the model shows that the gold investment is more advantageous than the stock investment.

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    a retained earnings/signaling hypothesis. For stock splits, no separate announcement effect was found when a firm's payout policy was controlled for. This lends support to the idea that a stock split per se is a cosmetic event on the CSE and is also consistent with the fact that making a stock split......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...

  19. 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.

  20. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    investment expenditures: one eliminates the capital stock by direct substitution, while the other employs generalized differences of detrended data and the Malmquist index. In short samples, these measures can exhibit consistently lower root mean squared errors than the Solow–Törnqvist counterpart. Capital......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...

  1. Emperor penguins breeding on iceshelves.

    Science.gov (United States)

    Fretwell, Peter T; Trathan, Phil N; Wienecke, Barbara; Kooyman, Gerald L

    2014-01-01

    We describe a new breeding behaviour discovered in emperor penguins; utilizing satellite and aerial-survey observations four emperor penguin breeding colonies have been recorded as existing on ice-shelves. Emperors have previously been considered as a sea-ice obligate species, with 44 of the 46 colonies located on sea-ice (the other two small colonies are on land). Of the colonies found on ice-shelves, two are newly discovered, and these have been recorded on shelves every season that they have been observed, the other two have been recorded both on ice-shelves and sea-ice in different breeding seasons. We conduct two analyses; the first using synthetic aperture radar data to assess why the largest of the four colonies, for which we have most data, locates sometimes on the shelf and sometimes on the sea-ice, and find that in years where the sea-ice forms late, the colony relocates onto the ice-shelf. The second analysis uses a number of environmental variables to test the habitat marginality of all emperor penguin breeding sites. We find that three of the four colonies reported in this study are in the most northerly, warmest conditions where sea-ice is often sub-optimal. The emperor penguin's reliance on sea-ice as a breeding platform coupled with recent concerns over changed sea-ice patterns consequent on regional warming, has led to their designation as "near threatened" in the IUCN red list. Current climate models predict that future loss of sea-ice around the Antarctic coastline will negatively impact emperor numbers; recent estimates suggest a halving of the population by 2052. The discovery of this new breeding behaviour at marginal sites could mitigate some of the consequences of sea-ice loss; potential benefits and whether these are permanent or temporary need to be considered and understood before further attempts are made to predict the population trajectory of this iconic species.

  2. Breeding monkeys for biomedical research

    Science.gov (United States)

    Bourne, G. H.; Golarzdebourne, M. N.; Keeling, M. E.

    1973-01-01

    Captive bred rhesus monkeys show much less pathology than wild born animals. The monkeys may be bred in cages or in an outdoor compound. Cage bred animals are not psychologically normal which makes then unsuited for some types of space related research. Compound breeding provides contact between mother and infant and an opportunity for the infants to play with their peers which are important requirements to help maintain their behavioral integrity. Offspring harvested after a year in the compound appear behaviorally normal and show little histopathology. Compound breeding is also an economical method for the rapid production of young animals. The colony can double its size about every two and a half years.

  3. Sport horses : breeding specialist from a single breeding programme?

    NARCIS (Netherlands)

    Rovere, G.A.

    2016-01-01

    Summary The general goal of this thesis was to provide information useful for the breeding programme of the Royal Dutch Warmblood Studbook (KWPN) in relation with the ongoing specialisation of the population. Data provided by KWPN consisted of records from studbook-first inspection,

  4. A study on the effect of stock liquidity and stock liquidity risk on information asymmetry: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Hassani

    2014-05-01

    Full Text Available This study investigates the effect of stock liquidity and stock liquidity risk on information asymmetry in Tehran Stock Exchange (TSE listed companies. In this study, the bid-ask spread is considered as the criterion of information asymmetry. In addition, stock trade volume and the number of stock trades are considered as the criteria of stock liquidity. Some variables such as size, stock price, beta and growth are also considered as control variables. To test the hypotheses of the survey, 202 TSE listed companies over the period 2007-2012 are considered based on the multiple regression (Panel method. The evidence shows that both proposed criteria, stock liquidity criterion as well as the stock trade volume and the number of stock trades, had negative effects on information asymmetry, but this effect is not statistically meaningful. In addition, evidence shows that stock liquidity risk had positive effect on information asymmetry, which is statistically meaningful. Research results also show that firm size and beta had positive and meaningful effects on information asymmetry. Finally, the results show that growth and stock price had negative meaningful effects on information asymmetry.

  5. The revision of classical stock model

    Institute of Scientific and Technical Information of China (English)

    YE Bai-qing; WANG Hong-li

    2001-01-01

    On the basis of the analysis of classical stock model, according to th e limitation of the model, the article puts forward the revision of classical mo del and enforces the applicability of the stock model.

  6. 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.

  7. The revision of classical stock model

    Institute of Scientific and Technical Information of China (English)

    叶柏青; 王洪利

    2001-01-01

    On the basis of the analysis of classical stock model, according to the limitation of the model, the article puts forward the revision of classical model and enforces the applicability of the stock model.

  8. Stock Market Equilibrium and Macroeconomic Fundamentals

    OpenAIRE

    Lamin Y Leigh

    1997-01-01

    This paper examines the efficiency of the Stock Exchange of Singapore and the relationship between the stock market and the overall economy. Using a wide range of methods for testing market efficiency, the paper establishes that the Singapore stock market is both “weakly” and “semi-strongly” efficient in asset-pricing terms but not “strongly” efficient. Granger causality tests based on the efficiency test results indicate that developments in the stock market appear to be systematically relat...

  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. Global Portfolio Diversification with Emerging Stock Markets

    Directory of Open Access Journals (Sweden)

    İlhan Meriç

    2016-02-01

    Full Text Available Because of their low correlation with each other and with developed stock markets, emerging stock markets are generally mentioned as attractive portfolio diversification prospects for global investors. In this paper, we use the Principal Components Analysis (PCA method to study the global portfolio diversification opportunities for the investors of seven developed stock markets in twenty emerging stock markets with data for the January 1, 2003-January 1, 2014 period.

  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...

  12. 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...

  13. 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 focu

  14. Phylogenetic relationships of three Italian merino-derived sheep breeds evaluated through a complete mitogenome analysis.

    Directory of Open Access Journals (Sweden)

    Hovirag Lancioni

    Full Text Available In Italy, the crisis of the wool industry triggered the necessity to reconvert the two traditional Merino-derived breeds, Gentile di Puglia and Sopravissana, to meat production, by creating the Merinizzata Italiana. The aim of the present study was to assess the genetic diversity of these three Italian Merino-derived (IMd breeds by examining the molecular information encoded in the maternally-inherited mitochondrial DNA (mtDNA. A parallel molecular investigation was performed on the putative paternal and maternal breeds, the Merino from Spain and the Appenninica from Italy, respectively, as well as on three unrelated dairy breeds (Sarda and Comisana from Italy, and Lacaune from France. Firstly, the mtDNA control region of 291 samples was analyzed. When comparing the overall genetic distances among the eight stocks, the three IMd breeds clustered together close to the Appenninica, thus confirming its parental role. Among the 90 IMd samples, 82 different haplotypes were observed, almost all belonging to haplogroup B, and only one to A. For 23 mtDNAs, including nine IMd, the analysis was then brought to the level of entire mitogenomes. Three distinct sub-haplogroups within B were found to encompass the IMd samples, with one clade (B1a2a1 apparently restricted to those sheep. Thus, despite experiencing a drastic reduction in number (mainly due to changes in breeding practices driven by the economy, the IMd breeds still represent a reservoir of distinctive mitochondrial variants, which could potentially contribute to the development of conservation and management programs of Italian sheep breeds.

  15. TRACEABILITY IN STOCK MANAGEMENT SYSTEMS

    Directory of Open Access Journals (Sweden)

    Demian Horia

    2009-05-01

    Full Text Available This paper presents traceability of a product if we are using a stock management system which uses FIFO or LIFO discharging methods. In the first part there is a little presentation regarding the four types of inputs and outputs and the side effect to the

  16. Lessons From a Stock Tumble

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    China’s bullish stock market survived a startling 'correction,' when the benchmark Shanghai Composite Index witnessed a 15-percent drop from May 30 to June 5 this year. Zhao Xiao, professor at the University of Science and Technology Beijing, calls for a

  17. TRACEABILITY IN STOCK MANAGEMENT SYSTEMS

    OpenAIRE

    Demian Horia

    2009-01-01

    This paper presents traceability of a product if we are using a stock management system which uses FIFO or LIFO discharging methods. In the first part there is a little presentation regarding the four types of inputs and outputs and the side effect to the

  18. 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

  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... commercial standards for the production of vinegar. Vinegar stock may be made only by the addition of...

  20. 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... received for capital stock issued and outstanding. (b) Subsidiary records shall be maintained so as to...

  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...

  2. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

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

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

    Institute of Scientific and Technical Information of China (English)

    王钊

    2014-01-01

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

  4. The evolution of potato breeding

    Science.gov (United States)

    Potato cultivars in most regions of the world are tetraploid and clonally propagated. For over a century, the breeding strategy has been phenotypic recurrent selection. However, the polyploid nature of the crop prevents breeders from eliminating deleterious alleles and assembling positive alleles fo...

  5. Rose breeding: past, present, prospects

    NARCIS (Netherlands)

    Vries, de D.P.; Dubois, L.A.M.

    1996-01-01

    In this review the PAST, PRESENT and PROSPECT will be considered as three separate periods in the history of the breeding and development of rose cultivars. The recurring theme is the genetic variation. This theme was chosen because there is justified doubt as to sufficient genetic variation availab

  6. Enhanced resistance of Portunus trituberculatus to Vibrio alginolyticus by selective breeding

    Institute of Scientific and Technical Information of China (English)

    MU Changkao; LIU Shuai; SONG Weiwei; LI Ronghua; WANG Chunlin

    2012-01-01

    We established a line (screened) of Portunus trituberculatus by selectively breeding individuals that survived from challenge with Vibrio alginolyticus,and compared the response of screened and unscreened (control) P.trituberculatus challenged with V.alginolyticus.We measured superoxide dismutase,catalase,acid phosphatase,alkaline phosphatase,and peroxidase activity and the content of hemocyanin in the plasma and phenoloxidase activity in serum.The cumulative survival rate after 24-h challenge with V.alginolyticus was significantly higher in the screened crabs than in the unscreened crabs (P<0.05).T-SOD and PO activity were significantly lower in the screened stock than in the unscreened stock (P<0.05).POD,CAT,and ACP activity and hemocyanin content were significantly higher in the screened stock than in the unscreened stock.Our results suggest that the screened stock was more resistant to infection.Furthermore,the indices we measured may be used to evaluate the health state of P.trituberculatus.

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

    Directory of Open Access Journals (Sweden)

    Windig Jack J

    2008-07-01

    Full Text Available Abstract Prioritizing livestock breeds for conservation needs to incorporate both genetic and non-genetic aspects important for the survival of the breeds. Here, we apply a maximum-utility-strategy to prioritize 14 traditional Ethiopian sheep breeds based on their threat status, contributions to farmer livelihoods (current breed merits and contributions to genetic diversity. Contributions of the breeds to genetic diversity were quantified using Eding's marker-estimated kinship approaches. Non-genetic aspects included threats (e.g. low population size, low preferences by farmers and current merits (economic, ecological and cultural merits. Threat analysis identified eight of the 14 breeds as threatened. Analysis of current merits showed that sub-alpine and arid-lowland breeds contribute most to farmer livelihoods in comparison to other breeds. The highest contribution to the genetic diversity conserved was from the Simien breed. Simien showed high between-breed (low between-breed kinship = 0.04 as well as high within-breed diversity (low within-breed kinship = 0.09 and high HE = 0.73 and allelic richness = 6.83. We combined the results on threat status, current breed merits and contributions to genetic diversity to produce a ranking of the 14 breeds for conservation purposes. Our results balance the trade-offs between conserving breeds as insurance against future uncertainties and current sustainable utilization. The ranking of breeds provides a basis for conservation strategies for Ethiopian sheep and contributes to a regional or global conservation plan.

  8. Predicting Daily Stock Returns: A Lengthy Study of the Hong Kong and Tokyo Stock Exchanges

    OpenAIRE

    Jeffrey E Jarrett

    2008-01-01

    If stock markets are efficient then it should not be possible to predict stock returns, i.e., no explanatory variable in a stock market regression model should be statistically significant. In this study, we find results indicating that daily effects exist in stock market returns. These daily or calendar effects previously shown to exist by others clearly indicate the purpose of this study. Researchers often equate stock market efficiency with the non-predictability property of time series of...

  9. The effect of stock liquidity on the risk of falling stock prices: Evidence from the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehdi Moghanloo

    2015-12-01

    Full Text Available Liquidity of the stock exchanges plays essential role on investment decisions and it is one of the factors that may influence on stock price. The easier one can buy/sell shares of a firm, the higher liquidity the firm has. In fact, lack of liquidity may lead investors to sell their assets at cheaper prices and it could influence negatively on overall market. The primary objective of this paper is to study the effect of stock liquidity on the risk of falling stock prices. The study chooses historical information of 70 selected firms listed on Tehran Stock Exchange over the period 2006-2012. The results of this survey have indicated that there was a negative and meaningful relationship between stock liquidity and stock price decline.

  10. Native Pig and Chicken Breed Database: NPCDB.

    Science.gov (United States)

    Jeong, Hyeon-Soo; Kim, Dae-Won; Chun, Se-Yoon; Sung, Samsun; Kim, Hyeon-Jeong; Cho, Seoae; Kim, Heebal; Oh, Sung-Jong

    2014-10-01

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

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

    Science.gov (United States)

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

    2013-06-21

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

  12. 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.

  13. Grooming relationships between breeding females and adult group members in cooperatively breeding moustached tamarins (Saguinus mystax).

    Science.gov (United States)

    Löttker, Petra; Huck, Maren; Zinner, Dietmar P; Heymann, Eckhard W

    2007-10-01

    Grooming is the most common form of affiliative behavior in primates that apart from hygienic and hedonistic benefits offers important social benefits for the performing individuals. This study examined grooming behavior in a cooperatively breeding primate species, characterized by single female breeding per group, polyandrous matings, dizygotic twinning, delayed offspring dispersal, and intensive helping behavior. In this system, breeding females profit from the presence of helpers but also helpers profit from staying in a group and assisting in infant care due to the accumulation of direct and indirect fitness benefits. We examined grooming relationships of breeding females with three classes of partners (breeding males, potentially breeding males, (sub)adult non-breeding offspring) during three reproductive phases (post-partum ovarian inactivity, ovarian activity, pregnancy) in two groups of wild moustached tamarins (Saguinus mystax). We investigated whether grooming can be used to regulate group size by either "pay-for-help" or "pay-to-stay" mechanisms. Grooming of breeding females with breeding males and non-breeding offspring was more intense and more balanced than with potentially breeding males, and most grooming occurred during the breeding females' pregnancies. Grooming was skewed toward more investment by the breeding females with breeding males during the phases of ovarian activity, and with potentially breeding males during pregnancies. Our results suggest that grooming might be a mechanism used by female moustached tamarins to induce mate association with the breeding male, and to induce certain individuals to stay in the group and help with infant care.

  14. A controllable laboratory stock market for modeling real stock markets

    Science.gov (United States)

    An, Kenan; Li, Xiaohui; Yang, Guang; Huang, Jiping

    2013-10-01

    Based on the different research approaches, econophysics can be divided into three directions: empirical econophysics, computational econophysics, and experimental econophysics. Because empirical econophysics lacks controllability that is needed to study the impacts of different external conditions and computational econophysics has to adopt artificial decision-making processes that are often deviated from those of real humans, experimental econophysics tends to overcome these problems by offering controllability and using real humans in laboratory experiments. However, to our knowledge, the existing laboratory experiments have not convincingly reappeared the stylized facts (say, scaling) that have been revealed for real economic/financial markets by econophysicists. A most important reason is that in these experiments, discrete trading time makes these laboratory markets deviated from real markets where trading time is naturally continuous. Here we attempt to overcome this problem by designing a continuous double-auction stock-trading market and conducting several human experiments in laboratory. As an initial work, the present artificial financial market can reproduce some stylized facts related to clustering and scaling. Also, it predicts some other scaling in human behavior dynamics that is hard to achieve in real markets due to the difficulty in getting the data. Thus, it becomes possible to study real stock markets by conducting controlled experiments on such laboratory stock markets producing high frequency data.

  15. Cross-correlations in Warsaw Stock Exchange

    CERN Document Server

    Rak, R; Drozdz, S; Oswiecimka, P

    2008-01-01

    We study the inter-stock correlations for the largest companies listed on Warsaw Stock Exchange and included in the WIG20 index. Our results from the correlation matrix analysis indicate that the Polish stock market can be well described by a one factor model. We also show that the stock-stock correlations tend to increase with the time scale of returns and they approach a saturation level for the time scales of at least 200 min, i.e. an order of magnitude longer than in the case of some developed markets. We also show that the strength of correlations among the stocks crucially depends on their capitalization. These results combined with our earlier findings together suggest that now the Polish stock market situates itself somewhere between an emerging market phase and a mature market phase.

  16. Emperor penguins breeding on iceshelves.

    Directory of Open Access Journals (Sweden)

    Peter T Fretwell

    Full Text Available We describe a new breeding behaviour discovered in emperor penguins; utilizing satellite and aerial-survey observations four emperor penguin breeding colonies have been recorded as existing on ice-shelves. Emperors have previously been considered as a sea-ice obligate species, with 44 of the 46 colonies located on sea-ice (the other two small colonies are on land. Of the colonies found on ice-shelves, two are newly discovered, and these have been recorded on shelves every season that they have been observed, the other two have been recorded both on ice-shelves and sea-ice in different breeding seasons. We conduct two analyses; the first using synthetic aperture radar data to assess why the largest of the four colonies, for which we have most data, locates sometimes on the shelf and sometimes on the sea-ice, and find that in years where the sea-ice forms late, the colony relocates onto the ice-shelf. The second analysis uses a number of environmental variables to test the habitat marginality of all emperor penguin breeding sites. We find that three of the four colonies reported in this study are in the most northerly, warmest conditions where sea-ice is often sub-optimal. The emperor penguin's reliance on sea-ice as a breeding platform coupled with recent concerns over changed sea-ice patterns consequent on regional warming, has led to their designation as "near threatened" in the IUCN red list. Current climate models predict that future loss of sea-ice around the Antarctic coastline will negatively impact emperor numbers; recent estimates suggest a halving of the population by 2052. The discovery of this new breeding behaviour at marginal sites could mitigate some of the consequences of sea-ice loss; potential benefits and whether these are permanent or temporary need to be considered and understood before further attempts are made to predict the population trajectory of this iconic species.

  17. Mitochondrial lineages reveal intense gene flow between Iberian wild boars and South Iberian pig breeds.

    Science.gov (United States)

    van Asch, B; Pereira, F; Santos, L S; Carneiro, J; Santos, N; Amorim, A

    2012-02-01

    The phylogeography of wild boars (WB) and domestic pigs (Sus scrofa) has contributed important insights into where and when domestication occurred. The geographic distribution of two core haplotypes (E1a and E1c) of the main European phylogenetic clade suggests that Central Europe was an early domestication centre, although the complexity of the pattern does not exclude the possibility that multiple domestication events occurred in different regions. To investigate the relationships among WB and domestic pig breeds in Iberia, a fragment of the mitochondrial DNA control region from a large sample (n=409) of WB and local pig breeds was co-analysed with published sequences from other European populations. The Iberian sample revealed a high frequency of a sub-cluster (E1c) of the European haplogroup E1 in 77% of total Iberian samples, 96% of WB, 90% of Alentejano (Portugal) and 87% of Iberian breed pigs (Spain; Black Hairy, Black Hairless and Red varieties). Low genetic distance (F'(ST) = 0.105) was observed between Alentejano (Portugal) and Iberian breed pigs (Spain). Alentejano and Iberian breed pigs showed low genetic distances to both Iberian and Central European WB (average F'(ST) =0.345 and 0.215, respectively). This pattern suggests that early pig husbandry in the Iberian Peninsula did not solely rely on imported Central European stock, but also included the recruitment of local WB.

  18. Artificial propagation and breeding of marine fish in China

    Science.gov (United States)

    Hong, Wan-Shu; Zhang, Qi-Yong

    2002-03-01

    Since the 1990s, artificial propagation and breeding technique of marine fish in China have developed by way of increasing species and fry numbers, with special stress laid on valuable species. Large quantities of artificial fry can meet the needs of both marine cage culture and pond culture for most species. Experimental results obtained by scientists have been put into use in actual production. Fish fry production has entered a period of sustainable development. So far, at least 44 species (21 families) of marine fish have been successfully bred in China. The artificial fry number of large yellow croaker ( Pseudosciaena crocea) exceeded 300 million in 1999. The species whose artificial fry numbers have each surpassed 10 million annually are red drum ( Sciaenops ocellatus), Japanese seabass ( Lateolabrax japonicus), cuneate drum ( Nibea miichthioides), spring spawning red seabream ( Pagrosomus major) and threebanded sweetlip ( Plectorhynchus cinctus). Millions of artificial fry are bred annually in the species of black porgy ( Sparus macrocephalus), Russell's snapper ( Lutjanus russelli), javelin grunt ( Pomadasys hasta), miiuy croaker ( Miichthys miiuy) and skewband grunt ( Hapalogenys nitens). The fish in the family Sciaenidae are the main species in artificial propagation and breeding. Some problems and prospects on marine fish culture and stock enhancement are also discussed and some proposals for sustainable development are put forward in this article.

  19. ARTIFICIAL PROPAGATION AND BREEDING OF MARINE FISH IN CHINA

    Institute of Scientific and Technical Information of China (English)

    洪万树; 张其永

    2002-01-01

    Since the 1990s, artificial propagation and breeding technique of marine fish in China have developed by way of increasing species and fry numbers, with special stress laid on valuable species. Large quantities of artificial fry can meet the needs of both marine cage culture and pond culture for most species. Experimental results obtained by scientists have been put into use in actual production. Fish fry production has entered a period of sustainable development. So far, at least 44 species (21 families) of marine fish have been successfully bred in China. The artificial fry number of large yellow croaker (Pseudosciaena crocea) exceeded 300 million in 1999. The species whose artificial fry numbers have each surpassed 10 million annually are red drum (Sciaenops ocellatus), Japanese seabass (Lateolabrax japonicus), cuneate drum (Nibea miichthioides), spring spawning red seabream (Pagrosomus major) and threebanded sweetlip (Plectorhynchus cinctus). Millions of artificial fry are bred annually in the species of black porgy (Sparus macrocephalus), Russell's snapper (Lutjanus russelli), javelin grunt (Pomadasys hasta), miiuy croaker (Miichthys miiuy) and skewband grunt (Hapalogenys nitens). The fish in the family Sciaenidae are the main species in artificial propagation and breeding. Some problems and prospects on marine fish culture and stock enhancement are also discussed and some proposals for sustainable development are put forward in this article.

  20. Breeding quinoa (Chenopodium quinoa Willd.)

    DEFF Research Database (Denmark)

    Zurita-Silva, Andrés; Fuentes, Francisco; Zamora, Pablo

    2014-01-01

    Quinoa (Chenopodium quinoa Willd.) originated in the Andean region of South America; this species is associated with exceptional grain nutritional quality and is highly valued for its ability to tolerate abiotic stresses. However, its introduction outside the Andes has yet to take off on a large...... scale. In the Andes, quinoa has until recently been marginally grown by small-scale Andean farmers, leading to minor interest in the crop from urban consumers and the industry. Quinoa breeding programs were not initiated until the 1960s in the Andes, and elsewhere from the 1970s onwards. New molecular...... tools available for the existing quinoa breeding programs, which are critically examined in this review, will enable us to tackle the limitations of allotetraploidy and genetic specificities. The recent progress, together with the declaration of "The International Year of the Quinoa" by the Food...

  1. Canine hip dysplasia: phenotypic scoring and the role of estimated breeding value analysis.

    Science.gov (United States)

    Soo, M; Worth, Aj

    2015-03-01

    Canine hip dysplasia (CHD) is a developmental orthopaedic disease of the coxofemoral joints with a multifactorial mode of inheritance. Multiple gene effects are influenced by environmental factors; therefore, it is unlikely that a simple genetic screening test with which to identify susceptible individuals will be developed in the near future. In the absence of feasible methods for objectively quantifying clinical CHD, radiographic techniques have been developed and widely used to identify dogs for breeding which are less affected by the disease. A hip-extended ventrodorsal view of the pelvis has been traditionally used to identify dogs with subluxation and/or osteoarthritis of the coxofemoral joints. More recently, there has been emphasis on the role of coxofemoral joint laxity as a determinant of CHD and methods have been developed to measure passive hip laxity. Though well-established worldwide, the effectiveness of traditional phenotypic scoring schemes in reducing the prevalence of CHD has been variable. The most successful implementation of traditional CHD scoring has occurred in countries or breeding colonies with mandatory scoring and open registries with access to pedigree records. Several commentators have recommended that for quantitative traits like CHD, selection of breeding stock should be based on estimated breeding values (EBV) rather than individual hip score/grade. The EBV is a reflection of the genetic superiority of an animal compared to its counterparts and is calculated from the phenotype of an individual and its relatives and their pedigree relationship. Selecting breeding stock on the basis of a dog's genetic merit, ideally based on a highly predictive phenotype, will confer the breeder with greater selection power, accelerate genetic improvement towards better hip conformation and thus more likely decrease the prevalence of CHD.

  2. Taxonomy of stock market indices

    Science.gov (United States)

    Bonanno, Giovanni; Vandewalle, Nicolas; Mantegna, Rosario N.

    2000-12-01

    We investigate sets of financial nonredundant and nonsynchronously recorded time series. The sets are composed by a number of stock market indices located all over the world in five continents. By properly selecting the time horizon of returns and by using a reference currency we find a meaningful taxonomy. The detection of such a taxonomy proves that interpretable information can be stored in a set of nonsynchronously recorded time series.

  3. 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....

  4. SOYBEAN - MOLECULAR ASPECTS OF BREEDING

    Directory of Open Access Journals (Sweden)

    Aleksandra Sudarić

    2012-12-01

    Full Text Available The book Soybean: Molecular Aspects of Breeding focuses recent progress in our understanding of the genetics and molecular biology of soybean. This book is divided into four parts and contains 22 chapters. Part I, Molecular Biology and Biotechnology focuses advances in molecular biology and laboratory procedures that have been developed recently to manipulate DNA. Part II, Breeding for abiotic stress covers proteomics approaches form as a powerful tool for investigating the molecular mechanisms of the plant responses to various types of abiotic stresses. Part III, Breeding for biotic stress addresses issues related to application of molecular based strategies in order to increase soybean resistance to various biotic factors. Part IV, Recent Technology reviews recent technologies into the realm of soybean monitoring, processing and product use. While the information accumulated in this book is of primary interest for plant breeders, valuable insights are also offered to agronomists, molecular biologists, physiologists, plant pathologists, food scientists and students. The book is a result of efforts made by many experts from different countries (USA, Japan, Croatia, Serbia, China, Canada, Malawi, Iran, Hong Kong, Brasil, Mexico.

  5. Charge Breeding of Radioactive Ions

    CERN Document Server

    Wenander, F J C

    2013-01-01

    Charge breeding is a technique to increase the charge state of ions, in many cases radioactive ions. The singly charged radioactive ions, produced in an isotope separator on-line facility, and extracted with a low kinetic energy of some tens of keV, are injected into a charge breeder, where the charge state is increased to Q. The transformed ions are either directed towards a dedicated experiment requiring highly charged ions, or post-accelerated to higher beam energies. In this paper the physics processes involved in the production of highly charged ions will be introduced, and the injection and extraction beam parameters of the charge breeder defined. A description of the three main charge-breeding methods is given, namely: electron stripping in gas jet or foil; external ion injection into an electron-beam ion source/trap (EBIS/T); and external ion injection into an electron cyclotron resonance ion source (ECRIS). In addition, some preparatory devices for charge breeding and practical beam delivery aspects ...

  6. 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.

  7. Genetic diversity of eleven European pig breeds

    Directory of Open Access Journals (Sweden)

    Foulley Jean-Louis

    2000-03-01

    Full Text Available Abstract A set of eleven pig breeds originating from six European countries, and including a small sample of wild pigs, was chosen for this study of genetic diversity. Diversity was evaluated on the basis of 18 microsatellite markers typed over a total of 483 DNA samples collected. Average breed heterozygosity varied from 0.35 to 0.60. Genotypic frequencies generally agreed with Hardy-Weinberg expectations, apart from the German Landrace and Schwäbisch-Hällisches breeds, which showed significantly reduced heterozygosity. Breed differentiation was significant as shown by the high among-breed fixation index (overall FST = 0.27, and confirmed by the clustering based on the genetic distances between individuals, which grouped essentially all individuals in 11 clusters corresponding to the 11 breeds. The genetic distances between breeds were first used to construct phylogenetic trees. The trees indicated that a genetic drift model might explain the divergence of the two German breeds, but no reliable phylogeny could be inferred among the remaining breeds. The same distances were also used to measure the global diversity of the set of breeds considered, and to evaluate the marginal loss of diversity attached to each breed. In that respect, the French Basque breed appeared to be the most "unique" in the set considered. This study, which remains to be extended to a larger set of European breeds, indicates that using genetic distances between breeds of farm animals in a classical taxonomic approach may not give clear resolution, but points to their usefulness in a prospective evaluation of diversity.

  8. Storage protein-2 as a dependable biochemical index for screening germplasm stocks of the silkworm Bombyx mori (L.

    Directory of Open Access Journals (Sweden)

    Jingade H. Anuradha

    2012-09-01

    Full Text Available Storage protein (SP-2 variation was investigated among selected silkworm germplasm stocks representing two major potential sericulture areas of India. The expression levels of storage protein varied among them, as seen in Sodium Dodecylsulfate Polyacrylamide Gel Electrophoresis (SDS-PAGE, which correlated with their geographical origin. The storage protein variation is an inter origin variability and this differential expression of the protein is helpful to tag the robustness of the breed/race associated with parentage and their origin. Present study revealed that silkworm races/breeds viz., LMO, Kolar Gold and A4e possess higher protein content among the races studied. This may be correlated with their robustness reflecting higher survival rate in the varied environments prevailing in the tropical zone. Such identified races can be conserved as storage protein rich genetic stocks for their maximal genetic potentials and high-grade silk productivity.

  9. Breeding without breeding: is a complete pedigree necessary for efficient breeding?

    Directory of Open Access Journals (Sweden)

    Yousry A El-Kassaby

    Full Text Available Complete pedigree information is a prerequisite for modern breeding and the ranking of parents and offspring for selection and deployment decisions. DNA fingerprinting and pedigree reconstruction can substitute for artificial matings, by allowing parentage delineation of naturally produced offspring. Here, we report on the efficacy of a breeding concept called "Breeding without Breeding" (BwB that circumvents artificial matings, focusing instead on a subset of randomly sampled, maternally known but paternally unknown offspring to delineate their paternal parentage. We then generate the information needed to rank those offspring and their paternal parents, using a combination of complete (full-sib: FS and incomplete (half-sib: HS analyses of the constructed pedigrees. Using a random sample of wind-pollinated offspring from 15 females (seed donors, growing in a 41-parent western larch population, BwB is evaluated and compared to two commonly used testing methods that rely on either incomplete (maternal half-sib, open-pollinated: OP or complete (FS pedigree designs. BwB produced results superior to those from the incomplete design and virtually identical to those from the complete pedigree methods. The combined use of complete and incomplete pedigree information permitted evaluating all parents, both maternal and paternal, as well as all offspring, a result that could not have been accomplished with either the OP or FS methods alone. We also discuss the optimum experimental setting, in terms of the proportion of fingerprinted offspring, the size of the assembled maternal and paternal half-sib families, the role of external gene flow, and selfing, as well as the number of parents that could be realistically tested with BwB.

  10. Anticipating Long-Term Stock Market Volatility

    OpenAIRE

    Conrad, Christian; Loch, Karin

    2012-01-01

    We investigate the relationship between long-term U.S. stock market risks and the macroeconomic environment using a two component GARCH-MIDAS model. Our results provide strong evidence in favor of counter-cyclical behavior of long-term stock market volatility. Among the various macro variables in our dataset the term spread, housing starts, corporate profits and the unemployment rate have the highest predictive ability for stock market volatility . While the term spread and housing starts are...

  11. 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....

  12. Looking Back on the Stock Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  13. LETTER: Synchronization model for stock market asymmetry

    Science.gov (United States)

    Donangelo, Raul; Jensen, Mogens H.; Simonsen, Ingve; Sneppen, Kim

    2006-11-01

    The waiting time needed for a stock market index to undergo a given percentage change in its value is found to have an up down asymmetry, which, surprisingly, is not observed for the individual stocks composing that index. To explain this, we introduce a market model consisting of randomly fluctuating stocks that occasionally synchronize their short term draw-downs. These synchronous events are parametrized by a 'fear factor', that reflects the occurrence of dramatic external events which affect the financial market.

  14. 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.

  15. Aquaculture, Capture Fisheries, and Wild Fish Stocks

    OpenAIRE

    Shan Jiang

    2007-01-01

    In a general equilibrium model, this paper examines how the rise of aquaculture and the decline of wild fish stocks are related. Two factors, population growth and technological improvement in aquaculture, have been studied in an aquaculture restricted entry case and an aquaculture free entry case. Both factors raise aquaculture production, while changes in wild fish stocks hinge on entry conditions. In the restricted entry case, population growth reduces wild fish stocks, but technological p...

  16. Federal Securities Regulations and Stock Market Returns

    OpenAIRE

    Tung Liu; Gary Santoni; Courtenay Cliff Stone

    2008-01-01

    This paper examines the impact of federal securities statutes (seven major legislative acts and 535 amendments) on the mean and variance of total real U.S. stock market returns. In contrast to previous work, this study controls for the persistence of the variability of stock returns, employs a longer time period, utilizes a broader array of stocks and examines the impact of seven federal securities regulations and their selected amendments from 1933 through 2001. Despite the popular appeal of...

  17. 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....

  18. Major Factors influences the 2008 Stock Market

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    @@ 2007 was an unusual year for China's stock market, as the index climbed from 2675 points up to 6124 by the end of the year, setting new records again and again throughout 2007. What will happen to the stock market in the coming 2008? Let's havea look at some of the main factors that will influence the stock market this year, perhaps we can find out if 2008 will be another memorable year full of surprises.

  19. A novel method for conserving cowpea germplasm and breeding stocks using solar disinfestation

    Energy Technology Data Exchange (ETDEWEB)

    Ntoukam, G.; Kitch, L.W.; Shade, R.E.; Murdock, L.L. [Purdue Univ., Entomology Dept., Lafayette, IN (United States)

    1997-10-01

    Experiments conducted in Maroua, Cameroon, demonstrated that a large 50-kg-capacity solar heater can be used to successfully eradicate infestations of Callosobruchus maculatus from cowpea seeds kept in small, transparent Minigrip zip lock plastic bags. Temperatures produced inside the heater were sufficient to kill all developing insects living within infested cowpea seeds. Small, transparent ziplock plastic bags are useful seed storage containers for short-term cowpea germplasm collections and are easily inspected during storage following solar disinfestation. Published reports indicate that temperatures of up to 85{sup o}C do not adversely affect seed germination, germination rates, or seeding viability. These temperature and biological experiments provide evidence that the solar heater technique can serve as an effective and practical means to improve the short-term storage of cowpea seeds in developing country national agricultural research programs. (author)

  20. Breeding schemes in reindeer husbandry

    Directory of Open Access Journals (Sweden)

    Lars Rönnegård

    2003-04-01

    Full Text Available The objective of the paper was to investigate annual genetic gain from selection (G, and the influence of selection on the inbreeding effective population size (Ne, for different possible breeding schemes within a reindeer herding district. The breeding schemes were analysed for different proportions of the population within a herding district included in the selection programme. Two different breeding schemes were analysed: an open nucleus scheme where males mix and mate between owner flocks, and a closed nucleus scheme where the males in non-selected owner flocks are culled to maximise G in the whole population. The theory of expected long-term genetic contributions was used and maternal effects were included in the analyses. Realistic parameter values were used for the population, modelled with 5000 reindeer in the population and a sex ratio of 14 adult females per male. The standard deviation of calf weights was 4.1 kg. Four different situations were explored and the results showed: 1. When the population was randomly culled, Ne equalled 2400. 2. When the whole population was selected on calf weights, Ne equalled 1700 and the total annual genetic gain (direct + maternal in calf weight was 0.42 kg. 3. For the open nucleus scheme, G increased monotonically from 0 to 0.42 kg as the proportion of the population included in the selection programme increased from 0 to 1.0, and Ne decreased correspondingly from 2400 to 1700. 4. In the closed nucleus scheme the lowest value of Ne was 1300. For a given proportion of the population included in the selection programme, the difference in G between a closed nucleus scheme and an open one was up to 0.13 kg. We conclude that for mass selection based on calf weights in herding districts with 2000 animals or more, there are no risks of inbreeding effects caused by selection.

  1. Is the Chinese Stock Market Really Efficient?

    Institute of Scientific and Technical Information of China (English)

    Weiwei Zhang

    2014-01-01

    The purpose of this research is to examine whether Chinese Stock Market is weak- form efficient. The sample involves daily index price of Shanghai and Shenzhen Stock Exchange for both A share and B share over an extensive period of 1993-2013. In order to seek out whether the result of market efficiency is sensitive to sub-period, this paper computes the different time period of sample. This essay will use three empirical methods, namely unit root test, auto correlation test and run test, to examine whether Chinese Stock Marketis weak-form efficient. The results, regarding efficiency, indicate that Chinese Stock Market is not weak-form efficient.

  2. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  3. A Framework for Rolling Stock Rescheduling

    DEFF Research Database (Denmark)

    Haahr, Jørgen Thorlund; Lusby, Richard Martin

    by network buffer times. However, if the problems are more severe, changes must be made to the rolling stock schedule. In this talk we will discuss the Rolling Stock Rescheduling problem and Disruption Management. We will present our current work and planned future work on a framework for solving the Rolling......Rolling Stock schedules are typically made months or weeks prior to the date of execution. It is, however, rare that everything goes exactly as planned due to internal and external factors on the day of operation. If the magnitude of the disturbances is small then the problems may be absorbed...... Stock in a disruption context....

  4. 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.

  5. 41 CFR 109-27.5003 - Stock control.

    Science.gov (United States)

    2010-07-01

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

  6. 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.

  7. 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…

  8. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

    ... Revenue Service 26 CFR Part 1 RIN 1545-BJ74 Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in Outbound Asset Reorganizations AGENCY: Internal Revenue Service (IRS... between asset transfers and indirect stock transfers for certain outbound asset reorganizations....

  9. 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 struc

  10. Breeding for behavioural change in farm animails

    DEFF Research Database (Denmark)

    Sandøe, Peter; D'eath, RB; Lawrence, AB

    2009-01-01

    examples, such as breeding for good maternal behaviour, could enhance welfare, production and naturalness, although dilemmas emerge where improved welfare could result from breeding away from natural behaviour. Selection against certain behaviours may carry a risk of creating animals which are generally......In farm animal breeding, behavioural traits are rarely included in selection programmes despite their potential to improve animal production and welfare. Breeding goals have been broadened beyond production traits in most farm animal species to include health and functional traits......, and opportunities exist to increase the inclusion of behaviour in breeding indices. On a technical level, breeding for behaviour presents a number of particular challenges compared to physical traits. It is much more difficult and time-consuming to directly measure behaviour in a consistent and reliable manner...

  11. Breeding of speciality maize for industrial purposes

    OpenAIRE

    2010-01-01

    The breeding programme on speciality maize with specific traits was established at the Maize Research Institute, Zemun Polje, several decades ago. The initial material was collected, new methods applying to breeding of speciality maize, i.e. popping maize, sweet maize and white-seeded maize, were introduced. The aim was to enhance and improve variability of the initial material for breeding these three types of maize. Then, inbred lines of good combining abilities were developed and used as c...

  12. Development Of Space Breeding In China

    Institute of Scientific and Technical Information of China (English)

    Liu Luxiang

    2009-01-01

    @@ Space breeding provides a new technical platform for Chinese agricaltural scientists to explore the mechanism of crop mutation induced during spaceflight and breeds new varieties of crops. It is important for China to develop the space breeding industry,maintain China's lead position in this field,serve agricultural production better,promote China's sustainable and healthy agricultural development,and ensure national food safety.

  13. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Science.gov (United States)

    2010-04-01

    ... loss is recognized on the disposition of the X stock option by Y. Immediately before Y's disposition of the X stock option, Y is treated as purchasing the X stock option from X for $100 of cash contributed... nonstatutory stock option to purchase 10 shares of X stock as compensation for services provided to Y....

  14. The Breeding Bird Survey, 1966

    Science.gov (United States)

    Robbins, C.S.; Van Velzen, W.T.

    1967-01-01

    A Breeding Bird Survey of a large section on North America was conducted during June 1966. Cooperators ran a total of 585 Survey routes in 26 eastern States and 4 Canadian Provinces. Future coverage of established routes will enable changes in the abundance of North American breeding birds to be measured. Routes are selected at random on the basis of one-degree blocks of latitude and longitude. Each 241/2-mile route, with 3-minute stops spaced one-half mile apart, is driven by automobile. All birds heard or seen at the stops are recorded on special forms and the data are then transferred to machine punch cards. The average number of birds per route is tabulated by State, along with the total number of each species and the percent of routes and stops upon which they were recorded. Maps are presented showing the range and abundance of selected species. Also, a year-to-year comparison is made of populations of selected species on Maryland routes in 1965 and 1966.

  15. Genetic variation of natural and cultured stocks of Paralichthys olivaceus by allozyme and RAPD

    Institute of Scientific and Technical Information of China (English)

    YOU Feng; ZHANG Peijun; WANG Keling; XIANG Jianhai

    2007-01-01

    Population genetics of the left-eyed flounder, Paralichthys olivaceus, including natural and cultured stocks distributed in the coastal waters near Qingdao of eastern maritime China, was analyzed in allozyme and RAPD. The results showed that among total 29 gene loci of 15 isozymes, 9 and 7 were polymorphic in natural and cultured stocks, respectively. The status of genetic diversity in P olivaceus is low in terms of polymorphic loci in chi-square test and genetic departure index of Hardy-Weinberg equilibrium. More alleles in IDHP, CAT, GDH and Ldh-C allozymes were found in the fish, which could be used as markers in assortive breeding and distinguishing stock, population or species evolution. Total 88 and 86 RAPD bands ranging from 200 to 2 500 bp were recognized individually in average of 7.8-8.0 bands per primer. The genetic diversity in cultured stock is lower than that in natural ones showing an obviously decreasing genetic divergence. Therefore, effective countermeasures must be taken to protect genetic resources of marine cultured fishes. The 2 markers have their own pros and cons. Combining the 2 markers to investigate the genetic variation of populations is suggested. The results provide basic data of this flounder and they are useful for studying genetic improvement and genetic resources of the fish.

  16. Increasing salinity tolerance in tilapias: selective breeding using locally available strains

    Directory of Open Access Journals (Sweden)

    Cecilia J. Jaspe

    2011-10-01

    Full Text Available The culture of tilapias is an important industry in most aquaculture producing countries in theworld. Due to the many favorable attributes of this species of fish, including tolerance to wide range ofenvironmental conditions and fast growth rates, interest in its culture is increasing at a rapid pace. Therehave been research initiatives on breeding, genetic improvement and stock manipulation in order toincrease the resistance of this fish to high salinity levels, enabling them to thrive in brackishwater andalmost seawater conditions. Saline-tolerant tilapias have been co-cultured with shrimp in brackishwaterponds as it was believed that tilapias are able to inhibit the occurrence of luminous vibriosis in ponds.This paper describes the selective breeding program that we developed in order to produce high-salinetolerant tilapias by using locally available strains.

  17. Genomics-assisted breeding in fruit trees.

    Science.gov (United States)

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

    2016-01-01

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

  18. Chemical classification of cattle. 1. Breed groups.

    Science.gov (United States)

    Baker, C M; Manwell, C

    1980-01-01

    From approximately 1000 papers with data on protein polymorphism in some 216 breeds of cattle, 10 polymorphic proteins were compared in means and variances of gene frequencies (arcsin p 1/2) for ten well-recognized breed groups for 196 of the breeds. The polymorphic proteins were alpha-lactalbumin, beta-lactoglobulin, caseins (alpha s1, beta and chi), serum albumin, transferrin, haemoglobin, amylase I and carbonic anhydrase II. The breed groups were North European, Pied Lowland, European Red brachyceros, Channel Island brachyceros, Upland brachyceros, primigenius-brachyceros mixed, primigenius, Indian Zebu, African Humped (with Zebu admixture), and African Humped (Sanga). The coherence within groups and the differences between groups are often impressive. Only carbonic anhydrase II fails to differentiate at least some of the major breed groups. In some cases paradoxical distributions of rare genetic variants can be explained by a more detailed inspection of breed history. The chemical data support the morphological and geographical divisions of cattle into major breed groups. There are three distinct but related brachyceros groups; for some polymorphisms the two Channel Island breeds, the Jersey and the Guernsey, are quite divergent. Although some authorities have considered the Pied Lowland as primigenius, it is a very distinct breed group.

  19. The productivity of various pure breed and cross breed of imported pigs during lactation period

    Directory of Open Access Journals (Sweden)

    Djamuara Aritonang

    2001-03-01

    Full Text Available A study has been conducted to evaluate the productivity of pure breeds and cross breeds of imported pigs. Sixteen strains of pigs with five best sows were selected based on litter size and birth weight on the second parity. The results of the study showed that the pure breed performance was better than the cross breeds, as shown by the litter size, birth and weaned weight, less mortality, better mothering ability and better feed efficiency. Between pure breed, the Landrace and Yorkshire were better than other sows and between the cross breed, the LH and YL performed better than other crossbreeds. It is recommended that the pure breed especially Landrace and Yorkshire and LH and YL of cross breed are better than others

  20. [Mendelism in animal breeding as developed by professor Leopold Frateur, Louvain (1877-1946)].

    Science.gov (United States)

    Gobin, A

    2000-01-01

    Educated as a veterinarian at Cureghem, Leopold Frateur started his scientific career in 1899 as a professor at the Faculty of Sciences of the Catholic University of Louvain, Belgium, in charge of the course in zootechnology. After a study tour to zootechnical institutes and centres of animal breeding in Europe he was invited by the governmental department of Agriculture and the Belgian Society of Zootechnology to investigate the relevance of the Mendelian laws of heredity for the improvement of cattle breeding. In the early years of the century, Frateur conducted field research in order to determine the characteristics of the cattle breeds in Belgium. In 1908 Frateur founded the Institute of Animal Husbandry at his university. Here he worked out his programme of experimental genetics until his retirement in 1936. The last six years of his professorship he teached also agricultural economics in the Faculty of Economical Sciences. In Frateur's experimental research the following main lines can be distinguished: 1) The analysis of simple and complex hereditary factors in cattle, rabbits and poultry; 2) The study of qualitative and quantitative characteristics of importance for the improvement of animal breeds; 3) The synthesis of genetic factors from different stock in order to obtain higher yielding breeds with stable characteristics; 4) Theoretical study of the relationship between genotype and phenotype and the influence of environment factors; 5) Theoretical exploration of the issue of variability and modification of newly formed characteristics; 6) Research leading to an explanation of telegony and atavism; 7) The formulation of a theory on the creation of new breeds in domestic animals and plants, and the relation between breed and species. Also he was responding to topical needs, e.g. he determined the causal factor of pullorum epidemic in chicken farming, or he investigated the hereditary resistance against diphteric infection amongst chickens. Frateur took

  1. Empirical Study of the Risks in Shenzhen Stock Market

    Institute of Scientific and Technical Information of China (English)

    ZUO Xiao-de; GAO Wei-cun

    2001-01-01

    This paper conducts an empirical research on the system risks of the Shenzhen Stock Market using Capital Asset Pricing Model. The typical composition stocks on Shenzhen Stock Market in 1998 are taken as samples.

  2. Crossing Stocks and the Positive Grassmannian I: The Geometry behind Stock Market

    OpenAIRE

    Ovidiu Racorean

    2014-01-01

    It seems to be very unlikely that all relevant information in the stock market could be fully encoded in a geometrical shape. Still,the present paper will reveal the geometry behind the stock market transactions. The prices of market index (DJIA) stock components are arranged in ascending order from the smallest one in the left to the highest in the right. In such arrangement, as stock prices changes due to daily market quotations, it could be noticed that the price of a certain stock get ove...

  3. 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 2003-2007

  4. 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...

  5. Distinguishing manipulated stocks via trading network analysis

    Science.gov (United States)

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

    2011-10-01

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

  6. 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 r...

  7. Young stock rearing using automatically recorded data

    NARCIS (Netherlands)

    Ipema, A.H.; Mol, de R.M.; Hogewerf, P.H.

    2014-01-01

    The subject ‘young stock rearing’ is important for future dairy farming. So far there has been too little attention for young stock rearing. Proper care by monitoring health and growth of the young animals will lengthen life expectancy and increase milk production of the adult dairy cow. Due to the

  8. 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…

  9. 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…

  10. Stock market stability: Diffusion entropy analysis

    Science.gov (United States)

    Li, Shouwei; Zhuang, Yangyang; He, Jianmin

    2016-05-01

    In this article, we propose a method to analyze the stock market stability based on diffusion entropy, and conduct an empirical analysis of Dow Jones Industrial Average. Empirical results show that this method can reflect the volatility and extreme cases of the stock market.

  11. ON THE INCREMENTS DISTRIBUTION OF STOCK PRICES

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    In this paper,the models of increment distributions of stock price are constructed with two approaches. The first approach is based on limit theorems of random summation. The second approach is based on the statistical analysis of the increment distribution of the logarithms of stock prices.

  12. Competition between stock exchanges and optimal trading

    NARCIS (Netherlands)

    van Kervel, V.L.

    2013-01-01

    This doctoral thesis focuses on two topics on trading in financial markets: competition between stock exchanges and optimal trading strategies. Chapter one analyzes the effect on the liquidity of a stock when it is traded on multiple trading venues, and distinguishes between competition from transpa

  13. Bun splitting: a practical cutting stock problem

    NARCIS (Netherlands)

    C.A. Glass (Catherine); J.M. van Oostrum (Jeroen)

    2010-01-01

    textabstractWe describe a new hierarchical 2D-guillotine Cutting Stock Problem. In contrast to the classic cutting stock problem, waste is not an issue. The problem relates to the removal of a defective part and assembly of the remaining parts into homogeneous size blocks. The context is the packing

  14. 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

  15. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

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

    2008-01-01

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

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

    DEFF Research Database (Denmark)

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

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

  17. 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.

  18. 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.

  19. 78 FR 45494 - Plant Breeding Listening Session meeting

    Science.gov (United States)

    2013-07-29

    ...; ] DEPARTMENT OF AGRICULTURE Plant Breeding Listening Session meeting ACTION: Notice of a Plant Breeding... Agriculture (USDA) announces a Plant Breeding Listening Session stakeholder meeting for all interested plant breeding and cultivar development stakeholders. DATES: The Plant Breeding Listening Session will be...

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

    Directory of Open Access Journals (Sweden)

    Shuba M. V.

    2015-03-01

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

  1. Breeding for Grass Seed Yield

    DEFF Research Database (Denmark)

    Boelt, Birte; Studer, Bruno

    2010-01-01

    Seed yield is a trait of major interest for many fodder and amenity grass species and has received increasing attention since seed multiplication is economically relevant for novel grass cultivars to compete in the commercial market. Although seed yield is a complex trait and affected...... by agricultural practices as well as environmental factors, traits related to seed production reveal considerable genetic variation, prerequisite for improvement by direct or indirect selection. This chapter first reports on the biological and physiological basics of the grass reproduction system, then highlights...... important aspects and components affecting the seed yield potential and the agronomic and environmental aspects affecting the utilization and realization of the seed yield potential. Finally, it discusses the potential of plant breeding to sustainably improve total seed yield in fodder and amenity grasses....

  2. Plant Breeding: Surprisingly, Less Sex Is Better.

    Science.gov (United States)

    van Dijk, Peter J; Rigola, Diana; Schauer, Stephen E

    2016-02-01

    Introduction of apomixis, asexual reproduction through seeds, into crop species has the potential to dramatically transform plant breeding. A new study demonstrates that traits can be stably transferred between generations in newly produced apomictic lines, and heralds a breeding revolution needed to increase food production for the growing planet.

  3. Lily breeding research in the Netherlands

    NARCIS (Netherlands)

    Tuyl, van J.M.; Holsteijn, van H.M.C.

    1996-01-01

    At the Centre for Plant Breeding and Reproduction Research (CPRO-DLO) in Wageningen lily breeding research in the Netherlands is concentrated. To this end sources of germplasm (genetic material) are maintained in a lily species and cultivar collection. Research is done on long term storage of this c

  4. Breeding for behavioural change in farm animals

    DEFF Research Database (Denmark)

    D'Eath, R.B.; Conington, J.; Lawrence, A.B.

    2010-01-01

    In farm animal breeding, behavioural traits are rarely included in selection programmes despite their potential to improve animal production and welfare. Breeding goals have been broadened beyond production traits in most farm animal species to include health and functional traits, and opportunit...

  5. Breed predisposition to canine gastric carcinoma

    DEFF Research Database (Denmark)

    Seim-Wikse, Tonje; Jörundsson, Einar; Nødtvedt, Ane;

    2013-01-01

    Previous research has indicated a breed predisposition to gastric carcinoma in dogs. However, results to date are inconsistent since several studies have failed to prove such a predisposition. Better knowledge of breeds at risk could facilitate early detection of gastric carcinoma in dogs. The ai...

  6. Genetic diversity of 11 European pig breeds

    NARCIS (Netherlands)

    Lavall, G.; Iannuccelli, N.; Legault, C.; Milan, D.; Groenen, M.A.M.; Andersson, L.; Fredholm, M.; Geldermann, H.; Foulley, J.L.; Chevalet, C.; Ollivier, L.

    2000-01-01

    A set of eleven pig breeds originating from six European countries, and including a small sample of wild pigs, was chosen for this study of genetic diversity. Diversity was evaluated on the basis of 18 microsatellite markers typed over a total of 483 DNA samples collected. Average breed heterozygosi

  7. Cattle breeding goals and production circumstances.

    NARCIS (Netherlands)

    Groen, A.F.

    1989-01-01

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

  8. Impact of selective breeding on European aquaculture

    NARCIS (Netherlands)

    Janssen, K.; Chavanne, H.; Berentsen, P.; Komen, H.

    2016-01-01

    Objectives of this study were to determine the combined market share of breeding companies in aquaculture production in Europe, to describe the main characteristics of breeding companies and their programs, and to provide per species estimates on cumulative genetic gain in growth performance. Sur

  9. Viscoelastic behavior of stock indices

    Science.gov (United States)

    Gündüz, Güngör; Gündüz, Yalin

    2010-12-01

    The scattering diagram of a stock index results in a complex network structure, which can be used to analyze the viscoelastic properties of the index. The change along x- or y-direction of the diagram corresponds to purely elastic (or spring like) movement whereas the diagonal change at an angle of 45° corresponds to purely viscous (or dashpot like) movement. The viscous component pushes the price from its current value to any other value, while the elastic component acts like a restoring force. Four indices, namely, DJI, S&P-500, NASDAQ-100, and NASDAQ-composite were studied for the period of 2001-2009. NASDAQ-composite displayed very high elasticity while NASDAQ-100 displayed the highest fluidity in the time period considered. The fluidity of DJI and S&P-500 came out to be close to each other, and they are almost the same in the second half of the period.

  10. Breed predisposition to canine gastric carcinoma

    DEFF Research Database (Denmark)

    Seim-Wikse, Tonje; Jörundsson, Einar; Nødtvedt, Ane

    2013-01-01

    Previous research has indicated a breed predisposition to gastric carcinoma in dogs. However, results to date are inconsistent since several studies have failed to prove such a predisposition. Better knowledge of breeds at risk could facilitate early detection of gastric carcinoma in dogs. The ai...... of the study was to retrospectively investigate the proportion and possible breed predisposition to canine gastric carcinoma using the Norwegian Canine Cancer Register for calculations of proportional morbidity ratios (PMRs) for the period 1998-2009.......Previous research has indicated a breed predisposition to gastric carcinoma in dogs. However, results to date are inconsistent since several studies have failed to prove such a predisposition. Better knowledge of breeds at risk could facilitate early detection of gastric carcinoma in dogs. The aim...

  11. Selection criteria in organic cattle breeding

    Directory of Open Access Journals (Sweden)

    Savić Mila

    2014-01-01

    Full Text Available The central issue in process of organizing organic cattle breeding is the knowledge about specificities of this kind of production, good knowledge of breed characteristics (body composition, immune tolerance, expressed predisposition towards some diseases, production properties. Research centres, in collaboration with producers, have defined the essential features on which the selection programmes in organic cattle breeding are based on. Of the greatest importance for veterinary service is the fact that selection programmes in organic cattle breeding are in the first place based on giving priority to healthy animals, with strong immune system, good reproductive characteristics, which can be in production system for a long period. Additional important selective criteria is specific body resistance and adaptability of autochtonous breeds to environmental conditions. [Projekat Ministarstva nauke Republike Srbije, br. TP 31085

  12. 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.

  13. Patterns of molecular genetic variation among cat breeds.

    Science.gov (United States)

    Menotti-Raymond, Marilyn; David, Victor A; Pflueger, Solveig M; Lindblad-Toh, Kerstin; Wade, Claire M; O'Brien, Stephen J; Johnson, Warren E

    2008-01-01

    Genetic variation in cat breeds was assessed utilizing a panel of short tandem repeat (STR) loci genotyped in 38 cat breeds and 284 single-nucleotide polymorphisms (SNPs) genotyped in 24 breeds. Population structure in cat breeds generally reflects their recent ancestry and absence of strong breed barriers between some breeds. There is a wide range in the robustness of population definition, from breeds demonstrating high definition to breeds with as little as a third of their genetic variation partitioning into a single population. Utilizing the STRUCTURE algorithm, there was no clear demarcation of the number of population subdivisions; 16 breeds could not be resolved into independent populations, the consequence of outcrossing in established breeds to recently developed breeds with common ancestry. These 16 breeds were divided into 6 populations. Ninety-six percent of cats in a sample set of 1040 were correctly assigned to their classified breed or breed group/population. Average breed STR heterozygosities ranged from moderate (0.53; Havana, Korat) to high (0.85; Norwegian Forest Cat, Manx). Most of the variation in cat breeds was observed within a breed population (83.7%), versus 16.3% of the variation observed between populations. The hierarchical relationships of cat breeds is poorly defined as demonstrated by phylogenetic trees generated from both STR and SNP data, though phylogeographic grouping of breeds derived completely or in part from Southeast Asian ancestors was apparent.

  14. Comparison of stock valuation models with their intrinsic value in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-06-01

    Full Text Available Stock evaluation is one of the most important and most complex operational processes in the stock exchange. In financial markets, the pricing of tradable assets plays a basic role in resource allocation. After initial stock valuation of listed companies in Tehran Stock Exchange, some changes were observed in prices with the value set by the Stock Exchange. The aim of this study was to determine the model applied in the formation of stock prices in the stock market to find an appropriate market value model among value-based valuation models. To test the models of stock valuation, ordinary least square regression was used. Also, E-Views software was used for further data analysis. The sample included all the companies listed in Tehran Stock Exchange from 2008 till 2013. Based on the stratified random sampling, each industry was selected as a category and using Cochran formula, sample size of 40 participants was determined from each category. The data analysis indicated that the price-to-book ratio (P/B ratio had the highest adjustment factor and had been set as the best stock valuation model.

  15. 大鲵亲鲵的培育研究%Cultivation of the Giant Salamander(Andrias davidanus)Brood Stock

    Institute of Scientific and Technical Information of China (English)

    张红星; KOUBA Andy; 沈建忠; 赵虎; 王启军; 王中乾

    2012-01-01

    2003-2005年在西安市大鲵(Andrias daviddanus)生态繁育养殖基地对大鲵亲体进行培育,分别采取单池群养培育、单池单养培育、雌雄一对一隔网单养培育三种培育方式开展试验.三种方式培育结果显示,雌雄素鲵参繁率为雌雄一对一隔网单养培育>单池单养培育>单池群养培育,且雌鲵整体发育优于雄鲵;产卵量为雌雄一对一隔网单养培育>单池单养培育>单池群养培育;亲鲵产后成活率为雌雄一对一隔网单荞培育=单地单养培育>单池群养培育.雌雄一对一隔网单养对亲鲵培育较为有利,可以减少干扰与伤残.%From 2003 to 2005, giant salamanders brood stock were breeded in three different conditions in Xi'an ecological breeding farm, including group breeding in one pond, individual breeding in one pond, pair breeding, a male and a female in one pond, and separated by net or not. The results showed the total reproduction rate was pair breeding > individual breeding > group breeding in both male and female, and the overall development of female giant salamander was better than male. The oviposition rate was pair breeding > individual breeding > group breeding; the survival rate of post-spawning salamander was pair breeding = individual breeding > group breeding. In conclusion, the pair breeding method, especially separated by net was the most appropriate way to breed of the giant salamander, as it reduced interference and harm.

  16. Asymmetric conditional volatility in international stock markets

    Science.gov (United States)

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

    2007-08-01

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

  17. Power law models of stock indices

    Science.gov (United States)

    Tse, Man Kit

    Viewing the stock market as a self-organized system, Sornette and Johansen introduced physics-based models to study the dynamics of stock market crashes from the perspective of complex systems. This involved modeling stock market Indices using a mathematical power law exhibiting log-periodicity as the system approaches a market crash, which acts like a critical point in a thermodynamic system. In this dissertation, I aim to investigate stock indices to determine whether or not they exhibit log-periodic oscillations, according to the models proposed by Sornette, as they approach a crash. In addition to analyzing stock market crashes in the frequency domain using the discrete Fourier transform and the Lomb-Scargle periodogram, I perform a detailed analysis of the stock market crash models through parameter estimation and model testing. I find that the probability landscapes have a complex topography and that there is very little evidence that these phase transition-based models accurately describe stock market crashes.

  18. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

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

  19. 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.

  20. 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...

  1. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

    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...... 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...... for energy savings in the existing Building stock....

  2. Fish stocking density impacts tank hydrodynamics

    DEFF Research Database (Denmark)

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

    2006-01-01

    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......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...

  3. Three Essays on Stock Market Volatility

    OpenAIRE

    Li, Qianru

    2008-01-01

    Volatility is inherently unobservable, and thus the selection of models and their definition is crucial in financial research. This dissertation attempts to check the role of investor sentiment and forecast Value-at-Risk (VaR) of the stock market using both parametric and nonparametric approaches. In the first essay, based on daily return data of three stock indices and four individual stocks from January 1988 to December 2006, the role of day-of-the-week, as well as investor sentiment, is ex...

  4. Efficient stock piling of 40mm shells

    Directory of Open Access Journals (Sweden)

    J. N. Nanda

    1958-10-01

    Full Text Available A problem was posed as to discuss efficient stock-piling of 40mm shells. There is, in fact no data from which emergency requirements can be deduced. A figure has been quoted by Army authorities that E rounds per month are required during an emergency. The size of the emergency stock pile will depend upon the difference of the normal peace time production, and also on the time taken for the crash programme of emergency production to come into fulfillment. In addition the delivery time from factories to the stock piles is also kept in view.

  5. Breeding objectives for Targhee sheep.

    Science.gov (United States)

    Borg, R C; Notter, D R; Kuehn, L A; Kott, R W

    2007-11-01

    Breeding objectives were developed for Targhee sheep under rangeland production conditions. Traits considered were those for which EPD were available from the US National Sheep Improvement Program and included direct and maternal effects on 120-d weaning weight (WW and MM, respectively); yearling weight (YW); yearling fleece weight, fiber diameter, and staple length; and percent lamb crop (PLC), measured as the number of lambs born per 100 ewes lambing. A bioeconomic model was used to predict the effects of a change of 1 additive SD in EPD for each trait, holding all other traits constant at their mean, on animal performance, feed requirements, feed costs, and economic returns. Resulting economic weightings were then used to derive selection indexes. Indexes were derived separately for 3 prolificacy levels (1.41, 1.55, and 1.70 lambs/ewe lambing), 2 triplet survival levels (50 and 67%), 2 lamb pricing policies (with or without discounting of prices for heavy feeder lambs), and 3 forage cost scenarios (renting pasture, purchasing hay, or reducing flock size to accommodate increased nutrient requirements for production). Increasing PLC generally had the largest impact on profitability, although an increase in WW was equally important, with low feed costs and no discounting of prices for heavy feeder lambs. Increases in PLC were recommended at all 3 prolificacy levels, but with low triplet survival the value of increasing PLC eventually declined as the mean litter size increased to approximately 2.15 lambs/ewe lambing and above. Increasing YW (independent of WW) increased ewe maintenance costs and reduced profitability. Predicted changes in breeding values for WW and YW under index selection varied with lamb pricing policy and feed costs. With low feed costs or no discounts for heavy lambs, YW increased at a modest rate in association with increasing WW, but with high feed costs or discounting of heavy lambs, genetic trends in WW were reduced by approximately 50% to

  6. Advances in Japanese pear breeding in Japan.

    Science.gov (United States)

    Saito, Toshihiro

    2016-01-01

    The Japanese pear (Pyrus pyrifolia Nakai) is one of the most widely grown fruit trees in Japan, and it has been used throughout Japan's history. The commercial production of pears increased rapidly with the successive discoveries of the chance seedling cultivars 'Chojuro' and 'Nijisseiki' around 1890, and the development of new cultivars has continued since 1915. The late-maturing, leading cultivars 'Niitaka' and 'Shinko' were released during the initial breeding stage. Furthermore, systematic breeding by the Horticultural Research Station (currently, NARO Institute of Fruit Tree Science, National Agriculture and Food Research Organization (NIFTS)) began in 1935, which mainly aimed to improve fruit quality by focusing on flesh texture and black spot disease resistance. To date, 22 cultivars have been released, including 'Kosui', 'Hosui', and 'Akizuki', which are current leading cultivars from the breeding program. Four induced mutant cultivars induced by gamma irradiation, which exhibit some resistance to black spot disease, were released from the Institute of Radiation Breeding. Among these cultivars, 'Gold Nijisseiki' has become a leading cultivar. Moreover, 'Nansui' from the Nagano prefectural institute breeding program was released, and it has also become a leading cultivar. Current breeding objectives at NIFTS mainly combine superior fruit quality with traits related to labor and cost reduction, multiple disease resistance, or self-compatibility. Regarding future breeding, marker-assisted selection for each trait, QTL analyses, genome-wide association studies, and genomic selection analyses are currently in progress.

  7. LINE CONSTRUCTION OF NONIUS BREED IN SLOVAKIA

    Directory of Open Access Journals (Sweden)

    Eva Mlyneková

    2013-12-01

    Full Text Available Nowadays breeding has become the problem often solved in European states and it has been paid much attention by breeding organizations. In terms of hippology as well as some urgent requirements from the side of nonius breeders we have focussed on this particular breed especially from the reason of its further survival and development in Slovakia. The aim of this paper was to evaluate the growth indicators as well as the achievement level of the stallions since 1927 to the present. Based on our research of the nonius body lines we can state that at present there are 3 stallions that are followers of the N VIII horse line founder. In general, there are 12 stallions that are active within this breed in Slovakia. It was statistically confirmed that this particular breed grew much stronger through the goal-directed breeding work, improved nutrition as well as the immediate breeding site. It was quite complicated to evaluate the performance tests because the individual indicators were significantly influenced by the subjective views of the commitee members performing the evaluation. The next factor which prevents the objective evaluation is the fact that in the period up to 1979, the performance tests were valued by the 100 point system and from the year 1980 by the 10 point system. That is why we take the performance test results into account only as supplemental ones, which can provide a kind of amendment to the observed biological parameters.

  8. 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.

  9. The Relationship between Macroeconomic Variables and Stock Returns in the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Saeed Samadi

    2012-06-01

    Full Text Available Relationship between stock returns and macroeconomic variables of interest to many researchers have been, But so far not reached a definitive conclusion about this relationship. This relationship varies from country to country due to the economic structure provides different results. In this study the impact of macroeconomic variables including exchange rates, world gold prices, inflation, liquidity and oil price on the stock returns index in Tehran Stock Exchange data is evaluated monthly over the period 1379 to 1389 by “ GACH “ economic model. Results showed that the gold price , inflation and exchange rate variables influencing on the stock return and oil price and liquidity had no impact on the stock returns. The results indicate that there is a lever on Tehran stock market.

  10. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Nadica Ivanovska

    2014-06-01

    Full Text Available We examine the valuation performance of Discounted Free Cash Flow Model (DFCF at the Macedonian Stock Exchange (MSE in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used for stocks analyses at MSE.

  11. Breeding Practices in Sheep Farming

    Directory of Open Access Journals (Sweden)

    M.A. Shejal

    2009-02-01

    Full Text Available The sheep is an important economic livestock species, contributing greatly to the Indian economy, especially in arid, semi arid and mountain areas. The current population in world is 1110.78 millions, around 44.85 millions (1987 sheeps in India (ICAR., 2002. Sheeps are mostly reared for meat and wool. The average annual wool production per sheep is between 3.5 to 5.5 kg of fine quality wool in Australia, New Zealand and U.S.S.R., where as in India except Magra sheep which annually yield more than 2 kg wool having staple length 5.8 cm, the average of rest of the wool produced is less than 1.0 kg per sheep of inferior quality (Banerjee G.C., 1998. Therefore many farmers in southern India adapted sheep rearing for meat production than for wool production. For yielding more production from sheep farming one should have sound knowledge of general information related to the reproduction and different breeding practices. [Vet. World 2009; 2(1.000: 43-44

  12. 26 CFR 1.306-3 - Section 306 stock defined.

    Science.gov (United States)

    2010-04-01

    ... extent that the fair market value of the stock rights, on the date distributed to the shareholder, would... the definition of section 306 stock any stock (except as provided in section 306(c)(1)(B)) the basis... classified if the basis of such stock is determined by reference to its fair market value on the date of...

  13. Resilience and Critical Stock Size in a Stochastic Recruitment Model

    NARCIS (Netherlands)

    Grasman, J.; Huiskes, M.J.

    2001-01-01

    A stochastic model for fish recruitment is fitted to data after performing an age-structured stock assessment. The main aim is to investigate the relation between safe levels of spawning stock size and fish stock resilience. Resilience indicators, such as stock recovery time and the frequency that a

  14. 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,...

  15. 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...

  16. 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...

  17. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Definition of marketable stock. 1.1296-2 Section... Definition of marketable stock. (a) General rule. For purposes of section 1296, the term marketable stock means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as defined...

  18. Another Look at the Volatility of Stock Prices

    Science.gov (United States)

    Maruszewski, Richard F., Jr.

    2007-01-01

    Investors are interested in the volatility of a stock for various reasons. One investor may desire to purchase a low volatility stock for peace of mind. Another may be interested in a high volatility stock in order to have the opportunity to buy low and sell high as the price of the stock oscillates. This author had the fortunate timing of reading…

  19. Are South East Europe stock markets integrated with regional and global stock markets?

    OpenAIRE

    Guidi, Francesco; Ugur, Mehmet

    2012-01-01

    This paper analyses whether stock markets of South East Europe (SEE) have become more integrated with regional and global stock markets during 2000s. Using a variety of co integration methodologies we show that SEE stock markets have no long-run relationship with their mature counterparts. This means that SEE markets might be immunized to external shocks. We also model time varying correlations among these markets by using Multivariate Generalised Autoregressive Conditional Heteroschedastic (...

  20. Management and Breeding Soundness of Mature Bulls.

    Science.gov (United States)

    Palmer, Colin W

    2016-07-01

    Mature bulls must be fed a balanced ration, vaccinated appropriately, and undergo a breeding soundness evaluation to ensure they meet what is required of a short, but intense breeding season. To be classified as a satisfactory potential breeder, minimum standards for physical soundness, scrotal circumference, sperm motility, and sperm morphology must be achieved using an accepted bull-breeding soundness evaluation format. Sperm production requires approximately 70 days. Heat and stress are the most common insults to spermatogenesis, causing an increase in morphologic abnormalities with obesity-associated scrotal fat accumulation being the most frequent cause of elevated testicular temperature in mature bulls.

  1. 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...

  2. Accrual components and stock trading costs

    Institute of Scientific and Technical Information of China (English)

    Qianhua; Lei

    2013-01-01

    This paper examines the relationship between accrual components and stock trading costs in China and finds that both abnormal and normal accruals are associated with these costs. Moreover, negative accruals, both abnormal and normal, have a greater influence on stock trading costs than positive accruals because of short-selling constraints in the Chinese stock market. Further analysis reveals that investors who are fixated on accruals are unable to separate positive or negative abnormal accruals from earnings in general.Additionally, investors overestimate the persistence of both positive and negative normal accruals. These findings constitute further evidence of the low degree of market efficiency in China. Chinese investors seem to overestimate firm value when abnormal and normal accruals are positive and underestimate it when they are negative, thus leading to an asymmetric effect on trading costs between positive and negative accruals in the face of short-selling constraints in the Chinese stock market.

  3. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Ashok Razdan

    2002-03-01

    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.

  4. 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.

  5. 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...

  6. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

    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 participation cost is about 4–6% of labor...... 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....

  7. 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...

  8. 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 tropical...

  9. Influence network in Chinese stock market

    CERN Document Server

    Gao, Ya-Chun; Cai, Shi-Min

    2015-01-01

    In a stock market, the price fluctuations are interactive, that is, one listed company can influence others. In this paper, we seek to study the influence relationships among listed companies by constructing a directed network on the basis of Chinese stock market. This influence network shows distinct topological properties, particularly, a few large companies that can lead the tendency of stock market are recognized. Furthermore, by analyzing the subnetworks of listed companies distributed in several significant economic sectors, it is found that the influence relationships are totally different from one economic sector to another, of which three types of connectivity as well as hub-like listed companies are identified. In addition, the rankings of listed companies obtained from the centrality metrics of influence network are compared with that according to the assets, which gives inspiration to uncover and understand the importance of listed companies in the stock market. These empirical results are meaning...

  10. Antidote Stocking at Hospitals in North Palestine

    Directory of Open Access Journals (Sweden)

    Ansam F. Sawalha

    2007-03-01

    Full Text Available Objective: The purpose of this study was to determine the availability and adequacy of antidote stocking at hospitals in north Palestine based on published guidelines for antidote stocking.Methodology: This study is a cross sectional survey of all hospitals at north Palestine (n=11 using a questionnaire which was completed by the director of the pharmacy department at each hospital. The questionnaire was divided into 2 parts. The first part contained a list of 25 antidotes while the second part contained a list of 12 antidotes. This classification is based on the guideline proposed by the British Association for Emergency Medicine (BAEM. The net antidote stock results were compared with the American guidelines as well.Result: The overall availability of each antidote in the first list varied widely from zero for glucagon to 100% for atropine. The number antidotes of the first list that were stocked in the 11 hospitals ranged from 5 to 12 antidotes but none of the hospitals stocked all the 25 antidotes. Additionally, availability of antidotes in the second list varied widely from zero for polyethylene glycol to 100% for dobutamine. The number of antidotes stocked ranged from 5 to 9 but none of the hospitals stocked all the 12 antidotes.Discussion and Conclusion: hospitals in north Palestine do not have adequate stock of antidotes. Raising awareness of the importance of antidotes by education, regular review of antidote storage, distribution plans, and appropriate legislation might provide solutions. Coordination between Palestinian hospitals and the PCDIC at An-Najah National University is also important.

  11. 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....

  12. 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....

  13. Oil price shocks and stock market activity

    Energy Technology Data Exchange (ETDEWEB)

    Sadorsky, P. [Schulich School of Business, York University, Toronto, ON (Canada)

    1999-10-01

    Results from a vector autoregression show that oil prices and oil price volatility both play important roles in affecting real stock returns. There is evidence that oil price dynamics have changed. After 1986, oil price movements explain a larger fraction of the forecast error variance in real stock returns than do interest rates. There is also evidence that oil price volatility shocks have asymmetric effects on the economy. 29 refs.

  14. Stock Option Compensation and Managerial Turnover

    OpenAIRE

    Raluca Georgiana NASTASESCU

    2009-01-01

    This study examines the association between managerial turnover and equity-based compensation. I investigate whether stock options act to bond executives to their firms and whether retention of managers is a motivation of companies in designing CEO incentive contracts. The results show that stock options do negatively influence the probability of a CEO leaving the company. The monetary cost of losing the value of equity-based compensation package keeps the manager with his company. I also fin...

  15. Management Joint Stock Company by the Unitary

    OpenAIRE

    Gheorghe Lucian

    2012-01-01

    According to article 137, section III, subsection I of Law no.31/1990 republished, joint stock company is managed by one or more directors, their number is always odd. When there are more administrators, the law necessarily implies that we are in presence of a board of directors. In an imperative forms in paragraph 2 from article 137 states that joint stock companies whose annual financial statements subject to audit legal obligations are administered at least by 3 directors. Regarding the ap...

  16. Trading networks, abnormal motifs and stock manipulation

    OpenAIRE

    2012-01-01

    We study trade-based manipulation of stock prices from the perspective of complex trading networks constructed by using detailed information of trades. A stock trading network consists of nodes and directed links, where every trader is a node and a link is formed from one trader to the other if the former sells shares to the latter. Specifically, three abnormal network motifs are investigated, which are found to be formed by a few traders, implying potential intention of price manipulation. W...

  17. Horizontal/Vertical Stock Fund Cost Comparison

    Science.gov (United States)

    1974-08-01

    and the Stock Fund as They Relate to the Logistics System, HQ Third US Army, Fort McPhers on, Georgi a The Standardization of DOD Stock Fund...Installations and Logistics: Mr. Howard Mai tingly COL Thomas L. Stovall rnn fliKiMiMWiMMiiii E-3 Assistant Secretary of the Army (cont) US Army...Management Information Systems: Mr. Cliff L. Harrell AVSCOM Directorate of Materiel Management; Mr. B. Howard Mr. J. Moro Mr. Charles

  18. The ascent of cat breeds: genetic evaluations of breeds and worldwide random-bred populations.

    Science.gov (United States)

    Lipinski, Monika J; Froenicke, Lutz; Baysac, Kathleen C; Billings, Nicholas C; Leutenegger, Christian M; Levy, Alon M; Longeri, Maria; Niini, Tirri; Ozpinar, Haydar; Slater, Margaret R; Pedersen, Niels C; Lyons, Leslie A

    2008-01-01

    The diaspora of the modern cat was traced with microsatellite markers from the presumed site of domestication to distant regions of the world. Genetic data were derived from over 1100 individuals, representing 17 random-bred populations from five continents and 22 breeds. The Mediterranean was reconfirmed to be the probable site of domestication. Genetic diversity has remained broad throughout the world, with distinct genetic clustering in the Mediterranean basin, Europe/America, Asia and Africa. However, Asian cats appeared to have separated early and expanded in relative isolation. Most breeds were derived from indigenous cats of their purported regions of origin. However, the Persian and Japanese bobtail were more aligned with European/American than with Mediterranean basin or Asian clusters. Three recently derived breeds were not distinct from their parental breeds of origin. Pure breeding was associated with a loss of genetic diversity; however, this loss did not correlate with breed popularity or age.

  19. The Development of Stock Markets: In Search of a Theory

    OpenAIRE

    KAMAL A. EL-WASSAL

    2013-01-01

    This paper aims to provide a framework for the main determinants of stock market development. Assessing stock market development requires not only an understanding of its main determinants but also a clear definition of what “stock market development” means and how progress towards it can be measured. This paper reconsiders the concept of stock market development and suggests five dimensions for assessing it. In addition, it proposes four sets of factors that shape or determine stock market d...

  20. Stock-based compensation plans and employee incentives

    OpenAIRE

    Zabojnik, Jan

    2014-01-01

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

  1. Waterfowl Breeding Population and Habitat Survey

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — The Waterfowl Breeding Population and Habitat Survey was initiated experimentally in 1947 and became operational in 1955. It is conducted cooperatively by the U.S....

  2. Waterfowl breeding population survey: Southern Manitoba: 1983

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for southern Manitoba during 1983. The primary purpose of the survey is to provide...

  3. Final Performance Report : Snowy Plover Breeding Distribution

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — Surveys of breeding populations and nesting habitat of the snowy plover were conducted from January to August, 1989 along the Gulf Coast of Florida and Alabama....

  4. Waterfowl breeding population survey for Montana: 1993

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for Montana during 1993. The primary purpose of the survey is to provide information on...

  5. Western Ontario: Waterfowl breeding population survey: 1986

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1986. The primary purpose of the survey is to provide...

  6. Waterfowl breeding population survey for Montana: 1998

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for Montana during 1998. The primary purpose of the survey is to provide information on...

  7. Waterfowl breeding pair survey: Southern Alberta: 1981

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for southern Alberta during 1981. The primary purpose of the survey is to provide...

  8. California Least Tern Breeding Survey 1995 Season

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — Sterna antillarum browni) nested at 37 sites along the coast of California. This 7% decrease in breeding population size from 1994 brings to an end the trend since...

  9. Western Ontario: Waterfowl breeding population survey: 1989

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1989. The primary purpose of the survey is to provide...

  10. Western Ontario: Waterfowl breeding population survey: 1995

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1995. The primary purpose of the survey is to provide...

  11. Western Ontario: Waterfowl breeding population survey: 1993

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1993. The primary purpose of the survey is to provide...

  12. Western Ontario: Waterfowl breeding population survey: 1994

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1994. The primary purpose of the survey is to provide...

  13. Western Ontario: Waterfowl breeding population survey: 1996

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1996. The primary purpose of the survey is to provide...

  14. Western Ontario: Waterfowl breeding population survey: 1987

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1987. The primary purpose of the survey is to provide...

  15. Western Ontario: Waterfowl breeding population survey: 1992

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1992. The primary purpose of the survey is to provide...

  16. Western Ontario: Waterfowl breeding population survey: 1990

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1990. The primary purpose of the survey is to provide...

  17. Western Ontario: Waterfowl breeding population survey: 1997

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1997. The primary purpose of the survey is to provide...

  18. Western Ontario: Waterfowl breeding population survey: 1988

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This report summarizes the Waterfowl Breeding Population and Habitat Survey for western Ontario during 1988. The primary purpose of the survey is to provide...

  19. 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.

  20. Prunus transcription factors: Breeding perspectives

    Directory of Open Access Journals (Sweden)

    Valmor João Bianchi

    2015-06-01

    Full Text Available Many plant processes depend on differential gene expression, which is generally controlled by complex proteins called transcription factors (TFs. In peach, 1,533 TFs have been identified, accounting for about 5.5% of the 27,852 protein-coding genes. These TFs are the reference for the rest of the Prunus species. TF studies in Prunus have been performed on the gene expression analysis of different agronomic traits, including control of the flowering process, fruit quality, and biotic and abiotic stress resistance. These studies, using quantitative RT-PCR, have mainly been performed in peach, and to a lesser extent in other species, including almond, apricot, black cherry, Fuji cherry, Japanese apricot, plum, and sour and sweet cherry. Other tools have also been used in TF studies, including cDNA-AFLP, LC-ESI-MS, RNA and DNA blotting or mapping. More recently, new tools assayed include microarray and high-throughput DNA sequencing (DNA-Seq and RNA sequencing (RNA-Seq. New functional genomics opportunities include genome resequencing and the well-known synteny among Prunus genomes and transcriptomes. These new functional studies should be applied in breeding programs in the development of molecular markers. With the genome sequences available, some strategies that have been used in model systems (such as SNP genotyping assays and genotyping-by-sequencing may be applicable in the functional analysis of Prunus TFs as well. In addition, the knowledge of the gene functions and position in the peach reference genome of the TFs represents an additional advantage. These facts could greatly facilitate the isolation of genes via QTL (quantitative trait loci map-based cloning in the different Prunus species, following the association of these TFs with the identified QTLs using the peach reference genome.

  1. Prospects for Hybrid Breeding in Bioenergy Grasses

    DEFF Research Database (Denmark)

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

    2012-01-01

    of different hybrid breeding schemes to optimally exploit heterosis for biomass yield in perennial ryegrass (Lolium perenne L.) and switchgrass (Panicum virgatum), two perennial model grass species for bioenergy production. Starting with a careful evaluation of current population and synthetic breeding methods...... and MS for the two bioenergy grass species, and discuss how molecular tools and synteny can be used to transfer relevant information for genes controlling these biological mechanisms across grass species...

  2. [Pain caused by breeding: definition, judgment, pathogenesis].

    Science.gov (United States)

    Herzog, A

    1997-02-01

    Special terms of the "German Animal Protection Law (section 11b)"and the "European Agreement for Protection of Domestic Animals" particularly "torture-breeding, genetic characteristics, well-being, soundness, pains, injuries and specific use" are commented. Examples of torture-breedings are discussed: Dog (Merle-faktor, brachycephalie, atrichosis), cat (Mans-factor, W-gene, folded-ears), birds (tuffs, ear-drops, tailesness, hypertrophy of bill-warts, abnormal position of tarsal-joints, hypertrophy of imposing behavior).

  3. Micropropagation of tulip: production of virus-free stock plants.

    Science.gov (United States)

    Podwyszyńska, Małgorzata; Sochacki, Dariusz

    2010-01-01

    We describe here a new tulip micropropagation method based on the cyclic shoot multiplication in presence of the thidiazuron (TDZ), which enables the production of virus-free stock plants, speeds up breeding, and provides new genotypes for the market. In our novel protocol, cyclic shoot multiplication can be performed for 2-3 years by using TDZ instead of other cytokinins, as 6-benzylaminopurine (BAP) and N(6)-(-isopentyl)adenine (2iP). It makes possible to produce 500-2,000 microbulbs from one healthy plant. There are six main stages of tulip micropropagation. Stage 0 is the selection of true-to-type and virus-free plants, confirmed by ELISA. Fragments of flower stems isolated from bulbs are used as initial explants. Shoot multiplication is based on the regeneration of adventitious shoots, which are sub-cultured every 8 weeks. In the Stage 3, the specially prepared shoots are induced by low temperature treatment to form bulbs which finally develop on a sucrose-rich medium at 20 degrees C. Bulbs are then dried for 6 weeks and rooted in vivo. The number of multiplication subcultures should be limited to 5-10 cycles in order to lower the risk of mutation. Virus indexing should be repeated 3-4 times, at the initial stage and then during shoot multiplication. Genetic stability of micropropagated shoots can be confirmed using molecular markers.

  4. Citrus breeding, genetics and genomics in Japan.

    Science.gov (United States)

    Omura, Mitsuo; Shimada, Takehiko

    2016-01-01

    Citrus is one of the most cultivated fruits in the world, and satsuma mandarin (Citrus unshiu Marc.) is a major cultivated citrus in Japan. Many excellent cultivars derived from satsuma mandarin have been released through the improvement of mandarins using a conventional breeding method. The citrus breeding program is a lengthy process owing to the long juvenility, and it is predicted that marker-assisted selection (MAS) will overcome the obstacle and improve the efficiency of conventional breeding methods. To promote citrus molecular breeding in Japan, a genetic mapping was initiated in 1987, and the experimental tools and resources necessary for citrus functional genomics have been developed in relation to the physiological analysis of satsuma mandarin. In this paper, we review the progress of citrus breeding and genome researches in Japan and report the studies on genetic mapping, expression sequence tag cataloguing, and molecular characterization of breeding characteristics, mainly in terms of the metabolism of bio-functional substances as well as factors relating to, for example, fruit quality, disease resistance, polyembryony, and flowering.

  5. Testicular Histomorphometric Evaluation of Zebu Bull Breeds

    Directory of Open Access Journals (Sweden)

    Paulo Antônio Terrabuio Andreussi

    2014-12-01

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

  6. Neutronic Comparison of Tritium-Breeding Performance of Candidate Tritium-Breeding Materials

    Institute of Scientific and Technical Information of China (English)

    郑善良; 吴宜灿

    2003-01-01

    Tritium self-sustainment, which will meet the fuel requirement of fusion reactor, isone of the key issues of fusion power development. The tritium breeding performances of varioustritium-breeding materials are compared based on a series of neutronics calculations using three-dimensional Monte Carlo neutron-photon transport code MCNP/4C with the IAEA FENDL-2data library. The effects of the dimensions of the tritium-breeding zone and the enrichment of 6Lion Tritium Breeding Ratio (TBR) are analyzed. The effects of Be as a neutron multiplier on TBRare also calculated.

  7. 12 CFR 333.4 - Conversions from mutual to stock form.

    Science.gov (United States)

    2010-01-01

    .... 1828(i)(1)). (e) Stock benefit plan limitations. The FDIC will presume that a stock option plan or..., implement a stock option plan or management or employee stock benefit plan, other than a tax-qualified... the stock issuance; (4) For stock option plans, stock options are granted at no lower than the...

  8. 50 CFR 15.24 - Permits for cooperative breeding.

    Science.gov (United States)

    2010-10-01

    ... 50 Wildlife and Fisheries 1 2010-10-01 2010-10-01 false Permits for cooperative breeding. 15.24... PLANTS WILD BIRD CONSERVATION ACT Permits and Approval of Cooperative Breeding Programs § 15.24 Permits for cooperative breeding. (a) Application requirements for permits for cooperative breeding....

  9. 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.

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

    Science.gov (United States)

    2010-04-01

    ... acquisition of rights, such as shareholder or pre-emptive rights, pursuant to a pro rata grant to all holders..., and pro rata rights. 240.16a-9 Section 240.16a-9 Commodity and Securities Exchanges SECURITIES AND... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The...

  11. 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.

  12. 76 FR 7236 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange...

    Science.gov (United States)

    2011-02-09

    ... share, for $21.82 per share (approximately $497 million in aggregate) from Borse Dubai Limited (``Borse Dubai'') (``Stock Repurchase''). Also on December 16, 2010, Nomura International plc (``Nomura'') agreed to purchase 8 million shares of NASDAQ OMX common stock from Borse Dubai (``Nomura Purchase'')....

  13. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Science.gov (United States)

    2010-01-01

    ..., the term “depository institution” shall have the meaning set forth at 12 CFR 552.13(b). An application... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Conversion from stock form depository institution to Federal stock association. 552.2-6 Section 552.2-6 Banks and Banking OFFICE OF...

  14. 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...

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

    NARCIS (Netherlands)

    Scholtens, B.; Boersen, A.

    2011-01-01

    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

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

    Directory of Open Access Journals (Sweden)

    Yen Sun

    2010-04-01

    Full Text Available It is observed that the number of Indonesias 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 stocks 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 predict the forward

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2012-09-15

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

  18. Stock selection using support vector machine in Chinese securities exchange

    Institute of Scientific and Technical Information of China (English)

    TIAN Bo-ping; GONG Qi; YANG Yu-shu; SHANG Zhi-hui; FENG Ying-jun

    2007-01-01

    The risk and performance of ST stocks are studied. The SVM method is applied on 100 general stocks and 100 ST stocks selected from the website, and a criterion is gotten to select stocks, then the risk of these sample stocks is analysed. In the performance evaluation, the SVM method is also applied on the 100 general stocks and 100 ST stocks according to the return per share, and 57 stocks which are all + 1 are selected. Their equally weighted return rate is only -0.02%, but equally weighted return rate of 31 general stocks is 13.23%, that of 26 ST stocks is -96.15%. Naturally, we conclude that ST stocks are unsteady and do not deserve long-term investment. From the Chinese fund website, we know that equally weighted return rate of stock fund in 2004 was -3.3%, so the equally weighted return rate of the selected stocks (except ST stocks)is much higher than that of average return rate.

  19. Long memory in the Croatian and Hungarian stock market returns

    Directory of Open Access Journals (Sweden)

    Silvo Dajčman

    2012-06-01

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

  20. Asymmetric Conditional Volatility in International Stock Markets

    CERN Document Server

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

    2006-01-01

    Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the S&P 500, FTSE100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of chan...

  1. Influence network in the Chinese stock market

    Science.gov (United States)

    Gao, Ya-Chun; Zeng, Yong; Cai, Shi-Min

    2015-03-01

    In a stock market, the price fluctuations are interactive, that is, one listed company can influence others. In this paper, we seek to study the influence relationships among listed companies by constructing a directed network on the basis of the Chinese stock market. This influence network shows distinct topological properties. In particular, a few large companies that can lead the tendency of the stock market are recognized. Furthermore, by analyzing the subnetworks of listed companies distributed in several significant economic sectors, it is found that the influence relationships are totally different from one economic sector to another, of which three types of connectivity as well as hub-like listed companies are identified. In addition, the rankings of listed companies obtained from the centrality metrics of the influence network are compared with those according to the assets, which gives inspiration to uncover and understand the importance of listed companies on the stock market. These empirical results are meaningful in providing these topological properties of the Chinese stock market and economic sectors as well as revealing the interactive influence relationships among listed companies.

  2. Foreign Delisting and Domestic Stock Value

    DEFF Research Database (Denmark)

    Uderche-Rangau, Loredana; Carugati, Andrea

    2008-01-01

    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 delis......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...... 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...

  3. 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.

  4. STOCK TREND PREDICTION USING NEWS SENTIMENT ANALYSIS

    Directory of Open Access Journals (Sweden)

    Kalyani Joshi

    2016-06-01

    Full Text Available Efficient Market Hypothesis is the popular theory about stock prediction. With its failure much research has been carried in the area of prediction of stocks. This project is about taking non quantifiable data such as financial news articles about a company and predicting its future stock trend with news sentiment classification. Assuming that news articles have impact on stock market, this is an attempt to study relationship between news and stock trend. To show this, we created three different classification models which depict polarity of news articles being positive or negative. Observations show that RF and SVM perform well in all types of testing. Naïve Bayes gives good result but not compared to the other two. Experiments are conducted to evaluate various aspects of the proposed model and encouraging results are obtained in all of the experiments. The accuracy of the prediction model is more than 80% and in comparison with news random labelling with 50% of accuracy; the model has increased the accuracy by 30%.

  5. Fractal patterns in Stock Intertrading Times

    Science.gov (United States)

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

    2003-03-01

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

  6. Breeding programmes for smallholder sheep farming systems: II. Optimization of cooperative village breeding schemes.

    Science.gov (United States)

    Gizaw, S; van Arendonk, J A M; Valle-Zárate, A; Haile, A; Rischkowsky, B; Dessie, T; Mwai, A O

    2014-10-01

    A simulation study was conducted to optimize a cooperative village-based sheep breeding scheme for Menz sheep of Ethiopia. Genetic gains and profits were estimated under nine levels of farmers' participation and three scenarios of controlled breeding achieved in the breeding programme, as well as under three cooperative flock sizes, ewe to ram mating ratios and durations of ram use for breeding. Under fully controlled breeding, that is, when there is no gene flow between participating (P) and non-participating (NP) flocks, profits ranged from Birr 36.9 at 90% of participation to Birr 21.3 at 10% of participation. However, genetic progress was not affected adversely. When there was gene flow from the NP to P flocks, profits declined from Birr 28.6 to Birr -3.7 as participation declined from 90 to 10%. Under the two-way gene flow model (i.e. when P and NP flocks are herded mixed in communal grazing areas), NP flocks benefited from the genetic gain achieved in the P flocks, but the benefits declined sharply when participation declined beyond 60%. Our results indicate that a cooperative breeding group can be established with as low as 600 breeding ewes mated at a ratio of 45 ewes to one ram, and the rams being used for breeding for a period of two years. This study showed that farmer cooperation is crucial to effect genetic improvement under smallholder low-input sheep farming systems.

  7. Breeding barnacle geese in Kolokolkova Bay, Russia : number of breeding pairs, reproductive success and morphology

    NARCIS (Netherlands)

    van der Jeugd, HP; Gurtovaya, E; Eichhorn, G; Litvin, KY; Mineev, OY; van Eerden, M

    2003-01-01

    We report the results of an expedition to a barnacle-goose (Branta leucopsis) breeding area in Kolokolkova Bay, west of the lower Pechora delta in northern Russia, undertaken in July 2002. In total, 6 breeding colonies were found within the study area, harbouring 1,324 nests. Mean clutch size was 2.

  8. Motives and values in farming local cattle breeds in Europe: a survey on 15 breeds

    NARCIS (Netherlands)

    Gandini, G.; Avon, L.; Bohte-Wilhelmus, D.I.; Bay, E.; Colinet, F.G.; Choroszy, Z.; Diaz, C.; Duclos, D.; Fernandez, J.; Gengler, N.; Hoving-Bolink, A.H.; Kearney, F.; Lilja, T.; Mäki-Tanila, A.; Martin-Collado, D.; Maurice - Van Eijndhoven, M.H.T.; Musella, M.; Pizzi, F.; Soini, K.; Toro, M.; Turri, F.; Viinalas, H.; Hiemstra, S.J.

    2010-01-01

    Within the EURECA project (Towards self-sustainable EUropean REgional CAttle breeds), we interviewed a total of 371 farmers of 15 local cattle breeds in eight European countries. Besides collecting data on farmers, land use, herd composition and economic role of cattle, we aimed at understanding far

  9. Participatory definition of breeding objectives and selection indexes for sheep breeding in traditional systems

    NARCIS (Netherlands)

    Gizaw, S.; Lemma, S.; Komen, J.; Arendonk, van J.A.M.

    2010-01-01

    A farmer participatory approach was used to define breeding objectives and selection indexes for short-fat-tailed sheep in sheep–barley systems and Black Head Somali sheep in pastoral systems in Ethiopia. Breeding-objective traits were identified based on producers' preferences for traits collected

  10. The sub-annual breeding cycle of a tropical seabird.

    Science.gov (United States)

    Reynolds, S James; Martin, Graham R; Dawson, Alistair; Wearn, Colin P; Hughes, B John

    2014-01-01

    Breeding periodicity allows organisms to synchronise breeding attempts with the most favourable ecological conditions under which to raise offspring. For most animal species, ecological conditions vary seasonally and usually impose an annual breeding schedule on their populations; sub-annual breeding schedules will be rare. We use a 16-year dataset of breeding attempts by a tropical seabird, the sooty tern (Onychoprion fuscatus), on Ascension Island to provide new insights about this classical example of a population of sub-annually breeding birds that was first documented in studies 60 years previously on the same island. We confirm that the breeding interval of this population has remained consistently sub-annual. By ringing >17,000 birds and re-capturing a large sample of them at equivalent breeding stages in subsequent seasons, we reveal for the first time that many individual birds also consistently breed sub-annually (i.e. that sub-annual breeding is an individual as well as a population breeding strategy). Ascension Island sooty terns appear to reduce their courtship phase markedly compared with conspecifics breeding elsewhere. Our results provide rare insights into the ecological and physiological drivers of breeding periodicity, indicating that reduction of the annual cycle to just two life-history stages, breeding and moult, is a viable life-history strategy and that moult may determine the minimum time between breeding attempts.

  11. EFFECT OF BREED, SEX AND SOURCE WITHIN BREED ON THE HEAMATOGICAL PARAMETERS OF THE NIGERIAN GOATS

    Directory of Open Access Journals (Sweden)

    J.C. OKONKWO

    2011-01-01

    Full Text Available Effect of breed, sex and source within breed, together with their interactions on the haematological parameters of Nigerian goats were studied using 81 goats (comprising 9 males and 18 females per breed, objective being to characterize and outline the differences and similarities between the breeds in blood parameters. The goats were derived from different geo-ecological zones in the country based on the areas of preponderance of each breed. The breeds studied were: the Sahel goat (SG, Red Sokoto goat (RSG, and West African Dwarf goat (WADG and hematological values obtained per breed were: 22.52±1.48, 23.04±3.56, and 29.22±4.76 (%PCV; 7.52±0.50, 7.82±1.25 and 9.48±1.60 (g/dl Hb; 2.71±0.23, 3.09±0.64, and 4.10±0.42 (x1012/l RBC; 11.94±1.10, 11.32±2.03 and 9.23±0.63 (x109cells/l WBC, and 83.22±1.67, 76.72±2.30 and 73.34±3.40 (x106/mm3 MCV, respectively. Significant differences (P0.05 for all the breeds. The WADGs were superior to the RSGs and SGs in PCV, Hb, and RBC counts, but lower in WBC counts and MCV. The SGs were similar in most of the haematological profiles examined, irrespective of geo-ecological distance, indicating homogeneity of the breed. The sahelian goat breed also outscored other breeds in MCV, showing that the breed has greater propensity to transport oxygen and in situation occasioning oxygen starvation, the breed survives better. This explains the reason for the survival of the breed in arid and semi-arid zone. Gender has no effect on the MCV and the values of 83.22±1.67x106/mm3, 76.72±2.30x106/mm3 and 73.34±3.40x106/mm3 were observed for the SG, RSG, and WADG, respectively.

  12. Specifications and Quality of Lube Oil Base Stocks in China

    Institute of Scientific and Technical Information of China (English)

    Wang Ping

    2004-01-01

    The Chinese standard Q/SHR001-95 for base stocks is compared with the API specifications. The viscosity-temperature characteristics of base stock required by lube oil in use and market demand on oil quality are analyzed. The quality indicators of base stocks in China and other countries are compared. A new classification of base stocks in response to the requirements of modem lube oil is proposed and the research on new technology to produce premium base stocks meeting API specification is recommended on the basis of current base stock processing technology.

  13. 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

  14. 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.

  15. Evolvement Complexity in an Artificial Stock Market

    Institute of Scientific and Technical Information of China (English)

    YANG Chun-Xia; ZHOU Tao; ZHOU Pei-Ling; LIU Jun; TANG Zi-Nan

    2005-01-01

    @@ An artificial stock market is established based on the multi-agent model.Each agent has a limited memory of the history of stock price, and will choose an action according to its memory and trading strategy.The trading strategy of each agent evolves ceaselessly as a result of a self-teaching mechanism.The simulation results exhibit that large events are frequent in the fluctuation of the stock price generated by the present model when compared with a normal process, and the price returns distribution is a L関y distribution in the central part followed by an approximately exponential truncation.In addition, by defining a variable to gauge the evolvement complexity of this system, we have found a phase cross-over from simple-phase to complex-phase along with the increase of the number of individuals, which may be a ubiquitous phenomenon in multifarious real-life systems.

  16. Optimal Investment Horizons for Stocks and Markets

    CERN Document Server

    Johansen, A

    2006-01-01

    The inverse statistics is the distribution of waiting times needed to achieve a predefined level of return obtained from (detrended) historic asset prices \\cite{optihori,gainloss}. Such a distribution typically goes through a maximum at a time coined the {\\em optimal investment horizon}, $\\tau^*_\\rho$, which defines the most likely waiting time for obtaining a given return $\\rho$. By considering equal positive and negative levels of return, we reported in \\cite{gainloss} on a quantitative gain/loss asymmetry most pronounced for short horizons. In the present paper, the inverse statistics for 2/3 of the individual stocks presently in the DJIA is investigated. We show that this gain/loss asymmetry established for the DJIA surprisingly is {\\em not} present in the time series of the individual stocks nor their average. This observation points towards some kind of collective movement of the stocks of the index (synchronization).

  17. 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.

  18. Dependence phenomenon analysis of the stock market

    Science.gov (United States)

    Cheng, Wuyang; Wang, Jun

    2013-04-01

    A random financial stock price model is developed by the interacting contact process, which is one of the statistical-physics systems. The contact process is a continuous-time Markov process, one interpretation of this process is as a model for the spread of an infection, where the epidemic spreading mimics the interplay of local infections and the recovery of individuals. We investigate and analyze the long-term memory, the nonlinear correlations and the multifractal phenomenon of normalized returns of the price model by statistical analysis methods, which include autocorrelation analysis, the Gaussian copula method and the multifractal analysis method. Moreover, we consider the daily returns of the Shanghai Stock Exchange Composite Index and the Shenzhen Stock Exchange Composite Index, and the comparisons of statistical behaviors of returns between the actual data and the simulation data are presented.

  19. 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....

  20. 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.

  1. 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.......This paper analyzes the strong comovement between real stock and nominal bond yields at generational (low) frequencies. Life-cycle patterns in savings behavior in an overlapping generations model with cash-in-advance constraints explain this persistent comovement between financial yields. We argue...

  2. Statistical aspects of fish stock assessment

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte

    Fish stock assessments are conducted for two main purposes: 1) To estimate past and present fish abundances and their commercial exploitation rates. 2) To predict the consequences of different management strategies in order to ensure a sustainable fishery in the future. This thesis concerns...... 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...

  3. 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.

  4. 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.

  5. USING SENTIMENT ANALYSIS FOR STOCK EXCHANGE PREDICTION

    Directory of Open Access Journals (Sweden)

    Milson L. Lima

    2016-01-01

    Full Text Available The economic growth is a consensus in any country. To grow economically, it is necessary to channel the revenues for investment. One way of raising is the capital market and the stock exchanges. In this context, predicting the behavior of shares in the stock exchange is not a simple task, as itinvolves variables not always known and can undergo various influences, from the collective emotion to high-profile news. Such volatility can represent considerable financial losses for investors. In order to anticipate such changes in the market, it has been proposed various mechanisms trying to predict the behavior of an asset in the stock market, based on previously existing information. Such mechanisms include statistical data only, without considering the collective feeling. This paper is going to use natural language processing algorithms (LPN to determine the collective mood on assets and later with the help of the SVM algorithm to extract patterns in an attempt to predict the active behaviour.

  6. Perspectives of Using Ultra-Fine Metals as Universal Safe BioStimulators to Get Cattle Breeding Quality Products

    Science.gov (United States)

    Polishchuk, S.

    2015-11-01

    We have conducted investigations of ultra-fine metals biological activity with lab non-pedigree white rats, rabbits breed “Soviet chinchilla” and cattle young stock of the black and white breed as the most widely spread in the central part of Russia. One can see the possibility of using microelements of ultra-fine iron, cobalt and copper as cheap, non-toxic and highly effective biological catalyst of biochemical processes in the organism that improve physiological state, morphological and biochemical blood parameters increasing activity of the experimental animals’ ferment systems and their productivity and meat biological value. We have proved the ultra-fine powders safety when adding them to the animals’ diet.

  7. Empirical study of recent Chinese stock market

    Science.gov (United States)

    Jiang, J.; Li, W.; Cai, X.; Wang, Qiuping A.

    2009-05-01

    We investigate the statistical properties of the empirical data taken from the Chinese stock market during the time period from January, 2006 to July, 2007. By using the methods of detrended fluctuation analysis (DFA) and calculating correlation coefficients, we acquire the evidence of strong correlations among different stock types, stock index, stock volume turnover, A share (B share) seat number, and GDP per capita. In addition, we study the behavior of “volatility”, which is now defined as the difference between the new account numbers for two consecutive days. It is shown that the empirical power-law of the number of aftershock events exceeding the selected threshold is analogous to the Omori law originally observed in geophysics. Furthermore, we find that the cumulative distributions of stock return, trade volume and trade number are all exponential-like, which does not belong to the universality class of such distributions found by Xavier Gabaix et al. [Xavier Gabaix, Parameswaran Gopikrishnan, Vasiliki Plerou, H. Eugene Stanley, Nature, 423 (2003)] for major western markets. Through the comparison, we draw a conclusion that regardless of developed stock markets or emerging ones, “cubic law of returns” is valid only in the long-term absolute return, and in the short-term one, the distributions are exponential-like. Specifically, the distributions of both trade volume and trade number display distinct decaying behaviors in two separate regimes. Lastly, the scaling behavior of the relation is analyzed between dispersion and the mean monthly trade value for each administrative area in China.

  8. 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.

  9. 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.

  10. 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.

  11. Causalities of the Taiwan stock market

    Science.gov (United States)

    Ting, Julian Juhi-Lian

    2003-06-01

    Volatility, fitting with first-order Landau expansion, stationarity, and causality of the Taiwan stock market (TAIEX) are investigated based on daily records. Instead of consensuses that consider stock market index change as a random time series we propose the market change as a dual time series consists of the index and the corresponding volume. Therefore, causalities between these two time series are investigated. Our results suggest the volume time series is of second-order importance than the index time series. The index time series receives slightly stronger influence from the previous 67th trading day, while the volume time series is slightly stronger influenced by the previous 62nd trading day.

  12. ACCOUNTING TREATMENTS USED IN STOCKS VALUATION

    Directory of Open Access Journals (Sweden)

    Suciu Gheorghe

    2012-12-01

    Full Text Available Accounting treatments represent the methods used by a company to apply its own accounting policies. Accounting treatments can be divided into two categories: basic accounting treatments and alternative treatments. Stocks represent the quantities of material resources, half-finished goods, finished goods which stockpile in supply repositories of the economic entities, with a certain structure and volume, for a certain period of time, in order to ensure continuity and regularity of the manufacturing process and of consumption. Stocks will be acknowledges only when the company is likely to make an economic benefit and when the costs and values can be estimated in a credible way.

  13. Mean reversion in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos [Department of Economics, University of Calgary, Calgary, Alberta, T2N 1N4 (Canada)], E-mail: Serletis@ucalgary.ca; Rosenberg, Aryeh Adam [Department of Economics, University of Calgary, Calgary, Alberta, T2N 1N4 (Canada)

    2009-05-30

    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

  14. Taxes versus quotas for a stock pollutant

    Energy Technology Data Exchange (ETDEWEB)

    Hoel, Michael [University of Oslo, P.O. Box 1095, Blindern, N-0317 OSLO (Norway); Karp, Larry [Department of Agriculture and Resource Economics, University of Berkeley, 207 Giannini Hall, 94720 Berkeley, CA (United States)

    2002-11-01

    We compare the effects of taxes and quotas for an environmental problem where the regulator and polluter have asymmetric information about abatement costs, and environmental damage depends on pollution stock. An increase in the slope of the marginal abatement cost curve, or a decrease in the slope of the marginal damage curve, favors taxes. An increase in the discount rate or the stock decay rate favors tax usage. Taxes dominate quotas if the length of a period during which decisions are constant is sufficiently small. An empirical illustration suggests that taxes dominate quotas for the control of greenhouse gasses.

  15. Developments in breeding cereals for organic agriculture

    DEFF Research Database (Denmark)

    Wolfe, M.S.; Baresel, J.P.; Desclaux, D.

    2008-01-01

    The need for increased sustainability of performance in cereal varieties, particularly in organic agriculture (OA), is limited by the lack of varieties adapted to organic conditions. Here, the needs for breeding are reviewed in the context of three major marketing types, global, regional, local......, in European OA. Currently, the effort is determined, partly, by the outcomes from trials that compare varieties under OA and CA (conventional agriculture) conditions. The differences are sufficiently large and important to warrant an increase in appropriate breeding. The wide range of environments within OA...... into the crop can be helped by diversification within the crop, allowing complementation and compensation among plants. Although the problems of breeding cereals for organic farming systems are large, there is encouraging progress. This lies in applications of ecology to organic crop production, innovations...

  16. Selective breeding for scrapie resistance in sheep

    Directory of Open Access Journals (Sweden)

    Cristina Santos Sotomaior

    2012-11-01

    Full Text Available It is well known that the susceptibility of sheep to scrapie is determined by the host’s prion protein gene (PRNP. PRNP polymorphisms at codons 136 (alanine, A/valine, V, 154 (histidine, H/arginine, R and 171 (glutamine, Q/histidine, H/arginine, R are the main determinants of sheep susceptibility/resistance to classical scrapie. There are four major variants of the wild-type ARQ allele: VRQ, AHQ, ARH and ARR. Breeding programs have been developed in the European Union and the USA to increase the frequency of the resistant ARR allele while decreasing the frequency of the susceptible VRQ allele in sheep populations. In Brazil, little PRNP genotyping data are available for sheep, and thus far, no controlled breeding scheme for scrapie has been implemented. This review will focus on important epidemiological aspects of scrapie and the use of genetic resistance as a tool in breeding programs to control the disease.

  17. The study of issuance of stocks in venture companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-09-01

    Full Text Available In order to implement the profitable projects, achieve the maximum efficiency, and increase their shareholders, companies may use different types of financial resources in different ways. The ability of companies to identify the internal and external resources for providing capital and financial programs is considered as one of the main factors that affects on the growth and development of the companies. Financing resources and their usage volume are factors that affect on the companies’ operating performance. In this regard, companies and economic institutions can be financially provided from both inside and outside. Companies can issue and sell new common stocks to investors to provide their required financial resources. This study was conducted to investigate the issuance of stocks as one of resources of financing in the companies. Statistical population of this study was active listed companies in Tehran Stock Exchange. The sample of study was selected among listed companies raising capital through applying stage random sampling and simple random sampling. Sampling was conducted during the period 2008-20013 and finally the sample size including 40 companies were chosen using a Cochran formula. To analyze the obtained information, t-test and correlation coefficient were used. Although the results of the study revealed that there was no significant difference between the internal sources of financing and the issuance of stocks among the studied companies, there is a significant relationship between companies’ issuance of stocks and their size. Companies increase the use of retained earnings and stocks for financing through expanding the size of companies. Also, due to the existence of relationship between financing and the fixed assets of the companies through issuing the stocks of companies, no statistically significant relationship were observed between financing and companies’ profitability. Finally, there was no significant

  18. Under-forest Breeding Pattern and the Practice Form

    Institute of Scientific and Technical Information of China (English)

    SHEN Zhong-ming

    2012-01-01

    Through the development in recent years, China’s under-forest breeding pattern can be divided into four kinds of practice form of under-forest breeding pattern (the pattern of breeding driven by leading enterprises; the pattern of breeding driven by intermediary economic organizations; the pattern of breeding driven by the professional wholesale market; the pattern of breeding driven by the modern animal husbandry demonstration areas), according to difference in the main body participating in signing the operation contract in breeding pattern. In the production practice of under-forest breeding pattern, the most widely used and successful pattern is the pattern of breeding driven by leading enterprises and its derivative forms.

  19. MARKER ASSISTED SELECTION IN DISEASE RESISTANCE BREEDING

    Directory of Open Access Journals (Sweden)

    Narasimhulu Ragimekula

    2013-08-01

    Full Text Available Feeding ever-increasing population is the main challenge faced by the agricultural scientists and to meet this plant breeders have to put continuous efforts to develop new crop varieties on fast track basis. DNA based polymorphism, commonly known as DNA markers can be used for genetic improvement through selection for favourable traits such as disease resistance. Molecular markers are becoming an essential component in backcross breeding programs for tracking the resistance genes in gene pyramiding. Marker assisted selection (MAS, is expected to increase genetic response by affecting efficiency and accuracy of selection. Even though marker-assisted selection now plays a prominent role in the field of plant breeding, examples of successful, practical outcomes are rare. MAS, with few exceptions, has not yet delivered its expected benefits in commercial breeding. It is clear that DNA markers hold great promise, but realizing that promise remains elusive. The economic and biological constraints such as a low return of investment in small-grain cereal breeding, lack of diagnostic markers, and the prevalence of QTL-background effects hinder the broad implementation of MAS. Until complex traits can be fully dissected, the application of MAS will be limited to genes of moderate-to-large effect and to applications that do not endanger the response to conventional selection. Till then, observable phenotype will remain an important component of genetic improvement programmes, because it takes in to account the collective effect of all genes. In future, chip-based, high-throughput genotyping platforms and the introduction of genomic selection will reduce the current problems of integrating MAS in practical breeding programs and open new avenues for a molecular-based resistance breeding.

  20. 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...

  1. Think About Tomorrow Morning: Opening Stock Returns May Show Reversals

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2013-12-01

    Full Text Available In present study, I explore the dynamics of the interday stock price reversals. Employing intraday price data on thirty stocks currently making up the Dow Jones Industrial Index, I document that stock returns in opening trading sessions tend to be higher following days with relatively low (either negative, or lower than the same day's average and median for the total sample of stocks open-to-close returns. This kind of price behavior seems to contradict stock market efficiency. Based on this finding, I construct three portfolios based on the opening trading sessions and involving a long position in the stocks on the days when their opening returns are expected to be high and a short position in the stocks on the days when their opening returns are expected to be low. All the portfolios are found to yield significantly positive returns, providing an evidence for the practical applicability of the "overnight reversals" pattern in stock prices.

  2. The Interactive Influence of Perceived Ownership and Perceived Choosership of Stocks on Brain Response to Stock Outcomes

    Science.gov (United States)

    Shang, Zhe; Wang, Lei; Wu, Han

    2017-01-01

    The present research examined the influence of perceived ownership (self/other) and perceived chooser (self/other) of stocks on brain activity, and investigated whether differential brain responses to stock outcomes as a result of perceived differences in ownership of stock would be modulated by perceived chooser of stock. We used a 2 (stock chooser: self, other) × 2 (stock owner: self, other) within-subject design to represent four types of chooser-owner relationships. Brain potentials were recorded while participants observed increasing and decreasing stock prices. Results showed that observations of stock outcomes among four types of chooser-owner relationships elicited differentiated feedback-related negativity (d-FRN: differences in FRN waves between losses and gains, reflecting violations of expectancy to stock outcomes): (1) Self-chosen-other-owned stocks evoked significantly larger d-FRN discrepancies than self-chosen-self-owned stocks, indicating a greater expectancy violation to others' losses than to one's own, demonstrating a reversed ownership effect. Moreover, people high in conscientiousness showed an increase in this trend, suggesting a stronger other-consideration; (2) Self-chosen-self-owned stocks and other-chosen-self-owned stocks revealed no significant d-FRN discrepancy, showing no choosership effect beyond the ownership effect; (3) Other-chosen-self-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, demonstrating an ownership effect; (4) Self-chosen-other-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, revealing a choosership effect. These findings suggest that the ownership effect could be reversed by conscientiousness induced by perceived choosership in the agency relationship, while the choosership effect is attenuated and even disappears under the influence of perceived ownership. PMID:28194118

  3. Estimating superpopulation size and annual probability of breeding for pond-breeding salamanders

    Science.gov (United States)

    Kinkead, K.E.; Otis, D.L.

    2007-01-01

    It has long been accepted that amphibians can skip breeding in any given year, and environmental conditions act as a cue for breeding. In this paper, we quantify temporary emigration or nonbreeding probability for mole and spotted salamanders (Ambystoma talpoideum and A. maculatum). We estimated that 70% of mole salamanders may skip breeding during an average rainfall year and 90% may skip during a drought year. Spotted salamanders may be more likely to breed, with only 17% avoiding the breeding pond during an average rainfall year. We illustrate how superpopulations can be estimated using temporary emigration probability estimates. The superpopulation is the total number of salamanders associated with a given breeding pond. Although most salamanders stay within a certain distance of a breeding pond for the majority of their life spans, it is difficult to determine true overall population sizes for a given site if animals are only captured during a brief time frame each year with some animals unavailable for capture at any time during a given year. ?? 2007 by The Herpetologists' League, Inc.

  4. 78 FR 17023 - Certain Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by...

    Science.gov (United States)

    2013-03-19

    ... Certain Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by Domestic Corporations; Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities... Corporations; Certain Stock Distributions by Domestic Corporations AGENCY: Internal Revenue Service...

  5. Costs Associated with Equine Breeding in Kentucky

    Science.gov (United States)

    Walker, Cassandra L.

    There were approximately 9 million horses in the United States having a 102 billion impact on the U.S. economy (AHC, 2005). Over 1 million of those horses were involved in the breeding sector. In Kentucky, nearly 18% of the horse population have been involved in breeding. Managing an equine enterprise can be difficult, particularly given that many who undertake such endeavors do not have a background or education in business management. Kentucky Cooperative Extension has produced interactive spreadsheets to help horse owners better understand the costs associated with owning horses or managing certain equine businesses, including boarding and training operations. However, there has been little support for breeders. Therefore, the objectives of this study were to provide owners with a list of services offered for breeding and the costs associated with those services. Survey questions were created from a list of topics pertinent to equine breeding and from that list of questions, an electronic survey was created. The survey was sent via Qualtrics Survey Software to collect information on stallion and mare management costs as well as expenses related to owning and breeding. Question topics included veterinary and housing costs, management and advertising expenses, and membership fees. A total of 78 farms were selected from the 2013 breeder's listings for the Kentucky Quarter Horse Association (n = 39) and the Kentucky Thoroughbred Farm Managers' Club (n = 26), and other breed association contacts (n = 13). These farms were selected from the lists by outside individuals who were not related to the project. Participants were asked to answer all questions relevant to the farm. After the initial survey distribution, follow-up e-mails and phone calls were conducted in order to answer any questions participants might have had about the survey. Survey response rate was 32.1% (25 of 78 surveys returned). Farms in Kentucky had an average of two farm-owned and two outside

  6. Analysis of Plant Breeding on Hadoop and Spark

    Directory of Open Access Journals (Sweden)

    Shuangxi Chen

    2016-01-01

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

  7. Breed differences in calving interval in the humid Mexican tropic.

    Science.gov (United States)

    Murillo Medina, Aída Lorena; Córdova-Izquierdo, Alejandro; Soriano Robles, Ramón; Mendoza Martínez, Germán David; Castillo-Juárez, Héctor

    2009-10-01

    The objective of this study was to evaluate the influence of breed, breed and sex of the calf, farm, calving number (CN), type of calving, and their interactions on CI using records from four different beef breeds performing in the humid tropical environment of Mexico. The influence of these factors on CN was also evaluated. CI and CN varied with farm, breed of the dam, and with breed of the dam by calf breed interaction (PAngus cows, although with an apparent unexpected negative impact on CN.

  8. Analysis of the performance test results of young pure breed boars from the Bydgoszcz breeding region in Poland

    Directory of Open Access Journals (Sweden)

    Grażyna MICHALSKA

    2016-02-01

    Full Text Available The aim of presented paper was analysis of the performance test results of young pure breed boars coming from The Bydgoszcz Breeding Region (located in Poland in Kujawy-Pomorze Province. The research covered the results concerning 4190 young boars of following breeds: Polish Large White, Polish Landrace, Hampshire, Duroc and Pietrain. Young pure breed boars were performance tested in 2009 and 2010 in The Bydgoszcz Breeding Region according to the actual methodology. Among young pure breed boars performance tested in The Bydgoszcz Breeding Region in tested years animals of Hampshire breed had the higher growth rate. The pigs of Pietrain breed had the highest meat content. Regarding to the most important parameter of performance test, i.e. selection index in analyzed years 2009 and 2010 the best results had young boars of Hampshire then Pietrain, Duroc, PLW and PL.

  9. German stock market behavior and the IFO business climate index

    OpenAIRE

    Jovanovic, Mario

    2011-01-01

    This paper investigates the driving force for German stock market behavior - stock market confidence. By using monthly new VDAX closing prices and a copula-based Markov approach, a proxy for German stock market confidence is derived. It can be shown that confidence responds to expected output changes in terms of differences of the IFO business climate index and to US confidence changes. Furthermore,German stock market behavior seems to be sticky in comparison to the United States and...

  10. Implied volatility transmissions between Thai and selected advanced stock markets

    OpenAIRE

    Thakolsri, Supachok; Sethapramote, Yuthana; Jiranyakul, Komain

    2015-01-01

    This paper investigates the impacts of changes in the U. S. implied volatility on the changes in implied volatilities of the Euro and Thai stock markets. For that purpose, volatilities implicit in stock index option prices from the U. S., Euro and Thai stock markets are analyzed using the standard Granger causality test, impulse response analysis, and variance decompositions. The results found in this study suggest that the U. S. stock market is the leading source of volatility transmissions ...

  11. Privatization, political risk and stock market development

    NARCIS (Netherlands)

    E.C. Perotti; P.H. van Oijen

    1999-01-01

    This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test which gradually resolves uncertainty ove

  12. Polarimetry for four Stockes parameters in space

    Institute of Scientific and Technical Information of China (English)

    张肇先; 王培纲

    2002-01-01

    Continuously growing attention has been paid to potential of polarimetry to provide additional information of remote sounding of the earth and other planets and to detect some special targets. In the present paper the polarimetric technique in space for all the four Stockes parameters is presented.

  13. 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.

  14. Assurance of operate reliability of rolling stock

    Institute of Scientific and Technical Information of China (English)

    Gubacheva; L.A.; Naish; N.; M.

    2005-01-01

    The safety of movement of rolling stock is mainly related to operate reliability of conjugated parts of running carriages which are characterized by their ability of no failure operation in complex conditions of service and have a sufficient high strength and wear resistance.……

  15. Assurance of operate reliability of rolling stock

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ The safety of movement of rolling stock is mainly related to operate reliability of conjugated parts of running carriages which are characterized by their ability of no failure operation in complex conditions of service and have a sufficient high strength and wear resistance.

  16. A new Loan-Stock Financial Instrument

    CERN Document Server

    Morozovsky, A; Kholodenko, Y; Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

    A new financial instrument (a new kind of a loan) is introduced. The loan-stock instrument (LSI) combines fixed rate instruments (loans, etc.) with other financial instruments that have higher volatilities and returns (stocks, mutual funds, currencies, derivatives, options, etc.). This new loan depends on the value of underlying security (for example, stock) in such a way that when underlying security increases, the value of loan decreases and backwards. The procedure to create a risk free portfolio and a technique to fairly price the LSI is described. The philosophy behind this procedure is quite similar to the Black-Scholes formalism in option theory. Creation of the risk free portfolio is possible because the change in the underlying security offsets the change in the value of the loan (or the amount that the borrower has to repay). The new financial instrument takes an advantage of the fact that on average the stock market grows in time. It is beneficial for both the borrower and the lender. The LSI is mo...

  17. Confidence building in emerging stock markets

    NARCIS (Netherlands)

    Laeven, L.; Perotti, E.C.

    2001-01-01

    Investor confidence in reliable property rights and stable, market-oriented policies are a necessary condition for financial integration and the development of emerging stock markets. Announced market-oriented policies may be reversed, however, and are initially not fully credible. We argue that sus

  18. Confidence building in emerging stock markets

    NARCIS (Netherlands)

    Perotti, E.C.; Laeven, L.; van Oijen, P.

    2000-01-01

    Investor confidence in reliable property rights and stable, market-oriented policies are a necessary condition for financial integration and the development of emerging stock markets. Announced market-oriented policies may be reversed, however, and are initially not fully credible. We argue that sus

  19. Are Economists More Likely to Hold Stocks?

    DEFF Research Database (Denmark)

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

    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...

  20. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    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...

  1. 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.

  2. 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...

  3. Group identification in Indonesian stock market

    Science.gov (United States)

    Nurriyadi Suparno, Ervano; Jo, Sung Kyun; Lim, Kyuseong; Purqon, Acep; Kim, Soo Yong

    2016-08-01

    The characteristic of Indonesian stock market is interesting especially because it represents developing countries. We investigate the dynamics and structures by using Random Matrix Theory (RMT). Here, we analyze the cross-correlation of the fluctuations of the daily closing price of stocks from the Indonesian Stock Exchange (IDX) between January 1, 2007, and October 28, 2014. The eigenvalue distribution of the correlation matrix consists of noise which is filtered out using the random matrix as a control. The bulk of the eigenvalue distribution conforms to the random matrix, allowing the separation of random noise from original data which is the deviating eigenvalues. From the deviating eigenvalues and the corresponding eigenvectors, we identify the intrinsic normal modes of the system and interpret their meaning based on qualitative and quantitative approach. The results show that the largest eigenvector represents the market-wide effect which has a predominantly common influence toward all stocks. The other eigenvectors represent highly correlated groups within the system. Furthermore, identification of the largest components of the eigenvectors shows the sector or background of the correlated groups. Interestingly, the result shows that there are mainly two clusters within IDX, natural and non-natural resource companies. We then decompose the correlation matrix to investigate the contribution of the correlated groups to the total correlation, and we find that IDX is still driven mainly by the market-wide effect.

  4. Oil Giants Return Domestic Stock Market

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    @@ China National Petrochemical Corporation (Sinopec) plans to raise 11.8 billion yuan (US$1.5billion) on the domestic stock market, setting its initial price offering (IPO) at 4.22 yuan (51 US cents)per share recently.

  5. Heterogeneous information-based artificial stock market

    Science.gov (United States)

    Pastore, S.; Ponta, L.; Cincotti, S.

    2010-05-01

    In this paper, an information-based artificial stock market is considered. The market is populated by heterogeneous agents that are seen as nodes of a sparsely connected graph. Agents trade a risky asset in exchange for cash. Besides the amount of cash and assets owned, each agent is characterized by a sentiment. Moreover, agents share their sentiments by means of interactions that are identified by the graph. Interactions are unidirectional and are supplied with heterogeneous weights. The agent's trading decision is based on sentiment and, consequently, the stock price process depends on the propagation of information among the interacting agents, on budget constraints and on market feedback. A central market maker (clearing house mechanism) determines the price process at the intersection of the demand and supply curves. Both closed- and open-market conditions are considered. The results point out the validity of the proposed model of information exchange among agents and are helpful for understanding the role of information in real markets. Under closed market conditions, the interaction among agents' sentiments yields a price process that reproduces the main stylized facts of real markets, e.g. the fat tails of the returns distributions and the clustering of volatility. Within open-market conditions, i.e. with an external cash inflow that results in asset price inflation, also the unitary root stylized fact is reproduced by the artificial stock market. Finally, the effects of model parameters on the properties of the artificial stock market are also addressed.

  6. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

    F.A. de Roon (Frans); T.E. Nijman (Theo); B.J.M. Werker

    2000-01-01

    textabstractThis paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an

  7. 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 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury...

  8. Legal insider trading and stock market liquidity

    NARCIS (Netherlands)

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

    2016-01-01

    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 t

  9. 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...

  10. 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.

  11. 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...

  12. 26 CFR 1.422-2 - Incentive stock options defined.

    Science.gov (United States)

    2010-04-01

    ... option defined—(1) In general. The term incentive stock option means an option that meets the requirements of paragraph (a)(2) of this section on the date of grant. An incentive stock option is also subject to the $100,000 limitation described in § 1.422-4. An incentive stock option may contain a...

  13. A CBO Paper: Accounting for Employee Stock Options

    Science.gov (United States)

    2004-04-01

    form of employee stock options . For some types of employee stock options they grant, however firms can choose how to measure that value. They can use...than zero. As a result, firms may assign a cost of zero to that portion of compensation made up of grants of employee stock options . That practice results in overstatement of reported net income.

  14. 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...

  15. 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...

  16. 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...

  17. 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....

  18. 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...

  19. 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...

  20. 16 CFR 802.10 - Stock dividends and splits; reorganizations.

    Science.gov (United States)

    2010-01-01

    ... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Stock dividends and splits; reorganizations... INTERPRETATIONS UNDER THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 EXEMPTION RULES § 802.10 Stock dividends and splits; reorganizations. (a) The acquisition of voting securities pursuant to a stock split...

  1. 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...

  2. 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....

  3. 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...

  4. 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...

  5. 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...

  6. 46 CFR 67.31 - Stock or equity interest requirements.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 2 2010-10-01 2010-10-01 false Stock or equity interest requirements. 67.31 Section 67... VESSELS DOCUMENTATION OF VESSELS Citizenship Requirements for Vessel Documentation § 67.31 Stock or equity interest requirements. (a) The stock or equity interest requirements for citizenship under this...

  7. 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...

  8. 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...

  9. 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 s

  10. 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...

  11. 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.

  12. 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.

  13. Are stock options the managers' blessing?, stock option compensation and institutional controls

    OpenAIRE

    Benz, Matthias; Kucher, Marcel; Stutzer, Alois

    2001-01-01

    Stock option grants to top managers have largely contributed to the dramatic increase in US executive pay in recent years. In this paper it is argued that stock options, compared to other forms of compensation, have created strong incentives for managers to engage in lobbying activities for higher compensation. The empirical results presented for the S&P 500 firms and the years from 1992 to 1997 show that the relative success of such skimming activities is shaped by institutional controls. St...

  14. 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.

  15. Development and application of biological technologies in fish genetic breeding.

    Science.gov (United States)

    Xu, Kang; Duan, Wei; Xiao, Jun; Tao, Min; Zhang, Chun; Liu, Yun; Liu, ShaoJun

    2015-02-01

    Fish genetic breeding is a process that remolds heritable traits to obtain neotype and improved varieties. For the purpose of genetic improvement, researchers can select for desirable genetic traits, integrate a suite of traits from different donors, or alter the innate genetic traits of a species. These improved varieties have, in many cases, facilitated the development of the aquaculture industry by lowering costs and increasing both quality and yield. In this review, we present the pertinent literatures and summarize the biological bases and application of selection breeding technologies (containing traditional selective breeding, molecular marker-assisted breeding, genome-wide selective breeding and breeding by controlling single-sex groups), integration breeding technologies (containing cross breeding, nuclear transplantation, germline stem cells and germ cells transplantation, artificial gynogenesis, artificial androgenesis and polyploid breeding) and modification breeding technologies (represented by transgenic breeding) in fish genetic breeding. Additionally, we discuss the progress our laboratory has made in the field of chromosomal ploidy breeding of fish, including distant hybridization, gynogenesis, and androgenesis. Finally, we systematically summarize the research status and known problems associated with each technology.

  16. Rapid cyling plant breeding in citrus

    Science.gov (United States)

    Resistance or tolerance to huanglongbing (HLB) and other important traits have been identified in several citrus types and relatives and associated markers should be identified soon. What is urgently needed in addition is an accelerated strategy for citrus variety breeding. Identification and use of...

  17. Breeding and Cytogenetics in the Genus Tulipa

    NARCIS (Netherlands)

    Marasek Ciolakowska, A.R.; Ramanna, M.S.; Arens, P.; Tuyl, van J.M.

    2012-01-01

    Tulip (Tulipa) is one of the most important ornamental bulbous plants, which has been cultivated for cut flower, potted plant, garden plant and for landscaping. Species from the different sections display complementary agronomic characteristics and breeding techniques are used to combine desired fea

  18. Breeding for trypanotolerance in African cattle

    NARCIS (Netherlands)

    Waaij, van der E.H.

    2001-01-01

    Trypanosomosis, or sleeping sickness, is one of the most important livestock diseases in Africa. Some West African cattle breeds show a degree of resistance to a trypanosome infection: they are trypanotolerant. At the International Livestock Research Institute (ILRI) in Nairobi, Kenya, an F2 experim

  19. Breeding for feed intake capacity in pigs

    NARCIS (Netherlands)

    Eissen, J.J.

    2000-01-01

    This thesis deals with feed intake capacity of pigs. By selection, breeding organizations try to achieve genetic improvement in production and reproduction efficiency. Future genetic improvement may become constrained by a limited feed intake capacity of growing pigs and lactating sows, respectively

  20. Breed differences in behavioural development in kittens.

    Science.gov (United States)

    Marchei, P; Diverio, S; Falocci, N; Fatjó, J; Ruiz-de-la-Torre, J L; Manteca, X

    2009-03-23

    Differences in behaviour of pure breed cats have been suggested but not wholly investigated. Oriental/Siamese/Abyssinian (OSA) kittens (n=43) were weekly compared with Norwegian Forest (NFO) kittens (n=39) from the 4th to the 10th week of age in a repeated Open Field Test (OFT) paradigm. Heart rate (HR) and rectal temperature (RT) before and after the test, and behavioural responses during the OFT were recorded. Behaviours registered were analysed by focal animal sampling. Significant breed differences were found; cats of the northern zones (NFO) seem to develop earlier thermoregulatory abilities. Precocious opening of eyes, higher locomotion scores and longer time spent standing, observed in OSA kittens may indicate an earlier neurological development. Inter breed differences recorded for exploration and locomotion seem to indicate coping style divergences: in the OFT challenging situation OSA kittens presented higher emotional tachycardia and performed more passively, with a faster decline in exploration and locomotion scores. NFO kittens exerted a more active behaviour as they spent more time exploring the arena and in escape attempts. Notwithstanding OSA and NFO cat selection was mainly aimed to improve divergent morphological traits, some different behavioural and physiological traits seem to have been maintained or co-selected within each breed.

  1. San Diego Zoo:Success in Breeding

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Giant pandas have become very popular in U.S.zoos. One in particular, the San Diego Zoo, has been extremely successful at making the pandas feel at home and getting them to breed. In 1999, it became home tothe first surviving panda cub born in the United States.

  2. Evaluation of charge breeding options for EURISOL

    CERN Document Server

    Delahaye, P; Lamy, T; Marie-Jeanne, M; Kester, O; Wenander, F

    2010-01-01

    A comprehensive study of charge breeding techniques for the most ambitious ISOL-facility project, EURISOL, is presented here. It is based on results obtained during the past years at CERN-ISOLDE and LPSC Grenoble with charge breeders of both ECR and EBIS types.

  3. Marketing potential of advanced breeding clones

    Science.gov (United States)

    The accumulation of reducing sugars during cold storage of potato tubers is a serious and costly problem for producers and processors. The degree to which cultivars accumulate reducing sugars during storage determines their processing and market potential. Cultivars or advanced breeding lines with...

  4. Computerized management support for swine breeding farms.

    NARCIS (Netherlands)

    Huirne, R.B.M.

    1990-01-01

    1. INTRODUCTIONThe investigations described in this thesis have been directed towards computerized management support for swine breeding farms, focused on sow productivity and profitability. The study is composed of three basic parts: (1) basic description and definition of farm man

  5. Applied Genetics and Genomics in Alfalfa Breeding

    Directory of Open Access Journals (Sweden)

    E. Charles Brummer

    2012-03-01

    Full Text Available Alfalfa (Medicago sativa L., a perennial and outcrossing species, is a widely planted forage legume for hay, pasture and silage throughout the world. Currently, alfalfa breeding relies on recurrent phenotypic selection, but alternatives incorporating molecular marker assisted breeding could enhance genetic gain per unit time and per unit cost, and accelerate alfalfa improvement. Many major quantitative trait loci (QTL related to agronomic traits have been identified by family-based QTL mapping, but in relatively large genomic regions. Candidate genes elucidated from model species have helped to identify some potential causal loci in alfalfa mapping and breeding population for specific traits. Recently, high throughput sequencing technologies, coupled with advanced bioinformatics tools, have been used to identify large numbers of single nucleotide polymorphisms (SNP in alfalfa, which are being developed into markers. These markers will facilitate fine mapping of quantitative traits and genome wide association mapping of agronomic traits and further advanced breeding strategies for alfalfa, such as marker-assisted selection and genomic selection. Based on ideas from the literature, we suggest several ways to improve selection in alfalfa including (1 diversity selection and paternity testing, (2 introgression of QTL and (3 genomic selection.

  6. Plant Breeding by Using Radiation Mutation

    Energy Technology Data Exchange (ETDEWEB)

    Kang, Si Yong; Kim, Dong Sub; Lee, Geung Joo (and others)

    2007-06-15

    A mutation breeding is to use physical or chemical mutagens to induce mutagenesis, followed by individual selections with favorable traits. The mutation breeding has many advantages over other breeding methods, which include the usefulness for improving one or two inferior characteristics, applications to broad species with different reproductive systems or to diverse plant materials, native or plant introduction with narrow genetic background, time and cost-effectiveness, and valuable mutant resources for genomic researches. Recent applications of the radiation breeding techniques to developments of flowering plants or food crops with improved functional constituents heightened the public's interests in agriculture and in our genetic resources and seed industries. The goals of this project, therefore, include achieving advances in domestic seed industries and agricultural productivities by developing and using new radiation mutants with favored traits, protecting an intellectual property right of domestic seeds or germplasm, and sharing the valuable mutants and mutated gene information for the genomic and biotech researches that eventually leads to economic benefits.

  7. Seabird metapopulations: searching for alternative breeding habitats

    NARCIS (Netherlands)

    Schippers, P.; Snep, R.P.H.; Schotman, A.G.M.; Jochem, R.; Stienen, E.W.M.; Slim, P.A.

    2009-01-01

    Today, many seabird species nest in port areas, which are also necessary for human economic activity. In this paper, we evaluate, using a metapopulation model, the possibilities for creating alternative breeding sites for the Common Tern (Sterna hirundo) in the Rhine¿Meuse¿Scheldt estuary. We explor

  8. Breeding for longevity in Italian Chianina cattle

    NARCIS (Netherlands)

    Forabosco, F.

    2005-01-01

    The objective of this thesis was to evaluate genetic aspects of longevity (LPL) in the Chianina beef cattle population in order to define how to include this trait in selection criteria. The Chianina breed has been raised for over twenty-two centuries inItaly

  9. Pericardial effusion in a mixed breed dog.

    OpenAIRE

    2001-01-01

    A 7-year-old, spayed female mixed breed dog was evaluated for labored breathing, lethargy, and a distended abdomen. Pericardial effusion was diagnosed after radiographic and echocardiographic interpretation. Treatment consisted of thoracocentesis and a single pericardiocentesis. Follow-up examinations indicate that the dog's condition has remained stable.

  10. Relevance of test information in horse breeding

    NARCIS (Netherlands)

    Ducro, B.J.

    2011-01-01

      The aims of this study were 1) to determine the role of test results of young horses in selection for sport performance, 2) to assess the genetic diversity of a closed horse breed and 3) the consequences of inbreeding for male reproduction. The study was performed using existing databases

  11. Artificial Breeding Techniques of Whitmania pigra

    Institute of Scientific and Technical Information of China (English)

    Zhao; Nan; Xu; Ziliang

    2014-01-01

    The artificial breeding technology for juvenile of Whitmania pigra was introduced in the paper,including selection of sites and water quality,construction of spawning pool,hatching pool and escape proof facilities,key technology of leech selection,feeding,cocoon hatching,juvenile feeding and management.

  12. The influence of stocking density on the growth of common carp, Cyprinus carpio, in a recirculating aquaculture system

    Directory of Open Access Journals (Sweden)

    Ionica Enache

    2011-04-01

    Full Text Available The paper presents some aspects regarding the influence of stocking density on the breeding of the common carp in a recirculating aquaculture system (RAS. The experiment covered a 30 dayperiod. It was conducted in four aquaculture tanks, 500 L/tank, in the recirculating aquaculture pilot system of “Dunarea de Jos” University of Galați. Two kind of stocking density variants were compared: 64 kg/m3 in V1 (B1, B3 and 32 kg/m3 in V2 (B2, B4. The stocking density was: 491 fish in B1, average weight - 65 g/ fish; 245 fish in B2, average weight - 66 g/ fish; 211 fish in B3, average weight - 152 g/fish; 107 fish in B4, average weight - 150 g/fish. The technological indicators obtained revealed the following: the specific growth rate (SGR, calculated as a mean value on the two repetitions, was 1.28%/day in V1 and 1.49 %/day in V2, indicating better growth in V2; the food conversion ratio (FCR, calculated as the mean value of the two repetitions, was 1.28 in V1 and 1.06 in V2, expressing a higher efficiency in capitalization of food in V2. The mean biomass gain in V1 was 30.46 kg/m3 as compared to 18.55 kg/m3 in V2, almost perfectly correlated with the stocking density. The daily growth rate (DGR varied in a similar way, from 494.57 to 520.90 g/day in V1 and 302.4 to 315.9 g/day in V2. The experiment demonstrated a remarkable technological plasticity in both experimental variants, whereas, in terms of technological performance indicators, it was found that the application of lower stocking densities lead to higher crop biomass. The high stocking density means, therefore, large amounts of metabolic waste, removed from the breeding units through their effluent, the recirculating flow of which is 4m3/h, enough to ensure the whole volume of water in a growth tank to be changed every half hour.

  13. Calculating Organic Carbon Stock from Forest Soils

    Directory of Open Access Journals (Sweden)

    Lucian Constantin DINCĂ

    2015-12-01

    Full Text Available The organic carbon stock (SOC (t/ha was calculated in different approaches in order to enhance the differences among methods and their utility regarding specific studies. Using data obtained in Romania (2000-2012 from 4,500 profiles and 9,523 soil horizons, the organic carbon stock was calculated for the main forest soils (18 types using three different methods: 1 on pedogenetical horizons, by soil bulk density and depth class/horizon thickness; 2 by soil type and standard depths; 3 using regression equations between the quantity of organic C and harvesting depths. Even though the same data were used, the differences between the values of C stock obtained from the three methods were relatively high. The first method led to an overvaluation of the C stock. The differences between methods 1 and 2 were high (and reached 33% for andosol, while the differences between methods 2 and 3 were smaller (a maximum of 23% for rendzic leptosol. The differences between methods 2 and 3 were significantly lower especially for andosol, arenosol and vertisol. A thorough analysis of all three methods concluded that the best method to evaluate the organic C stock was to distribute the obtained values on the following standard depths: 0 - 10 cm; 10 - 20 cm; 20 - 40 cm; > 40 cm. For each soil type, a correlation between the quantity of organic C and the sample harvesting depth was also established. These correlations were significant for all types of soil; however, lower correlation coefficients were registered for rendzic leptosol, haplic podzol and fluvisol.

  14. The role of water in animal breeding

    Directory of Open Access Journals (Sweden)

    Monica Serrantoni

    2006-07-01

    Full Text Available The role of water in animal breeding must be extended to a wider context than the animal production area, considering that 70% of the water used in the world is consumed by the whole production chain (agriculture and animal production. Therefore has a great importance the connection with other fields of the chain, as the fodder-growing and the cereal-growing, together with the evaluation and quantification of the environmental impacts. Water, that plays an essential role in the breeding, assumes different importance in relation to the animal class (birds, fish and mammals and to the animal species. Therefore are extremely different the water requirements and the water consumptions, that are moreover strongly influenced by many factors, such as the dry matter, the climatic breeding conditions, together with the individual animal features. All that represents the starting point to determine the strategies and the ways of the water giving in animal breeding, related to the technological, project and management aspects. Besides the quantitative aspects, water must be considered as food, because it is necessary to animal survival. The importance of the quality of water used in animal breeding and its nutritional role is closely related to the qualitative characteristics and to the presence of residual and polluting substances. The animal production chain, moreover, can produce environmental impacts on the aquatic ecosystems and therefore a particular attention goes to end uses of water as output of the whole animal production chain and to the quantification of the impacts, that is extremely complicate and difficult, depending on many variables. The considerations related to animal production chain assume a different value in the productive context of the management of the water resources in the third countries.

  15. Breeding productivity of Smith Island black ducks

    Science.gov (United States)

    Haramis, G.M.; Jorde, D.G.; Olsen, G.H.; Stotts, D.B.; Harrison, M.K.; Perry, M.C.

    2002-01-01

    We investigated the breeding performance of American black ducks (Anas rubripes) on Smith Island, Chesapeake Bay, to improve our understanding of island black duck breeding ecology and to make management recommendations to enhance productivity. During 1995-96, we implanted 56 female black ducks with 20-g radio transmitters and tracked 35 of the individuals through the breeding season to locate nests, determine nest fate, and identify brood habitat. We also increased preseason banding efforts and compared capture characteristics over 12 years with those from the Deal Island Wildlife Management Area, a banding site on the mainland of Tangier Sound. A low rate of nesting (37%), lack of renesting, and poor hatching success (31%) indicated that island salt marsh habitats present a harsh environment for breeding black ducks. Black ducks located 11 of 13 nests (85%) in black needlerush (Juncus roemerianus) marsh where they were vulnerable to flooding from extreme tides and to egg predators. No nests were found on forested tree hammocks, a feature that distinguishes Smith Island from nearby South Marsh and Bloodsworth Islands. Nest predators included red foxes (Vulpes vulpes), herring gulls (Larus argentams), fish crows (Corvus ossifragus), and, potentially, Norway rats (Rattus norvegicus). Unlike mainland red foxes, foxes radio tracked on Smith Island were found to be capable swimmers and effective low marsh predators. We found shoreline meadows of widgeon grass (Ruppia maritima) to be important foraging sites for black ducks and suspected that the virtual absence of fresh water in this high salinity environment (1217+ ppt) to incur some cost in terms of growth and survival of ducklings. Preseason bandings revealed a high proportion of banded adults and a strong positive correlation in age ratios with the Deal Island banding site. This latter finding strongly suggests a negative universal effect of storm tides on nest success for Tangier Sound black ducks. Management to

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

    DEFF Research Database (Denmark)

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

    was shared across breed. Second, sequence data was used to quantify the loss in prediction reliabilities that results from using genomic markers rather than the causal variants. 50, 100 or 250 causative mutations were simulated and different sets of prediction markers were used to predict genomic...... relationships at causative mutations. Prediction of genomic relationships at causative mutations was most accurate when predicted by a selective number of markers within 1 Kb of the causative mutations. Whole-genome sequence data can help to get closer to the causative mutations and therefore improve genomic......Our objective was to investigate the potential benefits of using sequence data to improve across breed genomic prediction, using data from five French and Danish dairy cattle breeds. First, QTL for protein yield were detected using high density genotypes. Part of the QTL detected within breed...

  17. 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

    ... dealers stand willing to, and do in fact, make a market in such stock and regularly submit bona fide bids... fact, make a market in such stock and regularly submit bona fide bids and offers to an automated... definition of OTC margin stock. (f) Discretionary authority of Board. Without regard to other paragraphs...

  18. 12 CFR 221.114 - Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock...

    Science.gov (United States)

    2010-01-01

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

  19. 12 CFR 225.103 - Bank holding company acquiring stock by dividends, stock splits or exercise of rights.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Bank holding company acquiring stock by... holding company acquiring stock by dividends, stock splits or exercise of rights. (a) The Board of... SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BANK HOLDING COMPANIES AND CHANGE...

  20. Co-movements of and Linkages between Asian Stock Markets

    Directory of Open Access Journals (Sweden)

    Joe H. Kim,

    2012-01-01

    Full Text Available International marketers may be interested in stock market linkages for various reasons: the co-movements of equity prices appear to reflect not only market globalization but also the globalization of capital resources. The co-movements can affect the balancing strategies of country market portfolios as they indicate opportunities and risks. The strategic choice of alternative market presence, such as market entry via export marketing or a full ownership and marketing may need to match with the type of financial resources. The co-movements of and the linkages between the U.S. stock market and Asian stock markets have been studied extensively. However, little attention has been given to the co-movements of Asian stock markets and the lead/lag linkages between them. In this paper, we study this issue with the principal components analysis (PCA and Granger-causality (G-C statistical techniques. We find that the contemporaneous co-movements of Asian stock markets have become closer and portfolio diversification benefits with Asian stock markets have diminished over time during the January 1, 2001-January 1, 2011 period. We find that the Singapore, Indian, and Japanese stock markets are the most influential stock markets and the Philippine and South Korean stock markets are the least influential stock markets in Asia. The Japanese, Singapore, and New Zealand stock markets are the least affected stock markets and the Shanghai, Australian, and South Korean stock markets are the most affected stock markets by the movements in the other Asian stock markets.

  1. BREED PREFERENCES AND EFFECTIVENESS OF BEEKEEPING IN THE SOUTH URAL

    Directory of Open Access Journals (Sweden)

    A. Mashenkov

    2012-12-01

    Full Text Available Efficiency of beekeeping is defined by breed of bees and melliferous herbs. In the conditions of sharply continental climate of South Ural, duration of success of beekeeping is provided with breed of bees.

  2. New trends in plant breeding - example of soybean

    Directory of Open Access Journals (Sweden)

    Miladinović Jegor

    2015-01-01

    Full Text Available Soybean breeding and selection is a continual process designed to increase yield levels and improve resistance to biotic and abiotic stresses. Soybean breeders have been successful in producing a large number of varieties using conventional breeding methods, the Single Seed Descent method in particular. In recent decades, with the increased use of genetic transformations, backcrossing is more frequent though the only trait that has been commercialized is glyphosate tolerance. Physiological breeding poses a particular challenge, as well as phenotyping and development of useful criteria and techniques suitable for plant breeding. Using modern remote sensing techniques provides great opportunity for collecting a large amount of physiological data in real environment, which is necessary for physiological breeding. Molecular based plant breeding methods and techniques are a conceptual part of any serious breeding program. Among those methods, the most extensively used is marker-assisted selection, as a supplement to conventional breeding methods. [Projekat Ministarstva nauke Republike Srbije, br. TR-31022

  3. Four Square Mile Survey breeding population report for 2001

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — Production report of Four Square Mile Survey breeding population estimates for 13 species of ducks. Data includes summaries of breeding population estimates...

  4. Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns

    OpenAIRE

    John Y. Campbell; Polk, Christopher; Vuolteenaho, Tuomo

    2010-01-01

    The cash flows of growth stocks are particularly sensitive to temporary movements in aggregate stock prices, driven by shocks to market discount rates, while the cash flows of value stocks are particularly sensitive to permanent movements, driven by shocks to aggregate cash flows. Thus, the high betas of growth (value) stocks with the market's discount-rate (cash-flow) shocks are determined by the cash-flow fundamentals of growth and value companies. Growth stocks are not merely “glamour st...

  5. Breeding objectives, selection criteria and breeding system of indigenous goat types in bale zone, oromia, Ethiopia

    Directory of Open Access Journals (Sweden)

    Belete Asefa

    2015-12-01

    Full Text Available The study was undertaken in bale zone to assess farmer’s selective breeding objectives, trait preferences, selection criteria and breeding system October 2012 to November 2013. A purposive and multistage sampling technique was applied for selection of 3 district and 9 kebeles. Then 360 households were selected by using simple random sampling techniques after the list of pastoralist having goats was identified. Statistical analysis system version 9.1 was used for analysis of data. Indices, effective population size and rate of inbreeding were calculated on average each respondent holds about 14 goats. Milk production is the main reason of goat keeping in the study area. Appearance is the first rank as selection criteria for male and female in all studies area. About 47.8% of the respondents have their own buck. The main use of breeding buck in the study area was for mating purpose (76.2%. Mean estimate of effective population size and mean rate of inbreeding was 2.43 and 0.21, respectively when a household flock is herded alone and under random mating. Therefore, any breed improvement strategies that are intended to be implemented in the study area and else- where should consider the traditional breeding practices and breeding objectives of the community.

  6. Breeding biology and nestling development of the Grasshopper Buzzard

    OpenAIRE

    Buij, R.; Kortekaas, K.; Folkertsma, I.; Van Der Velde, M.; Komdeur, J.; H. H. de Iongh; A. Monadjem

    2012-01-01

    Research into the effect of environmental variables on reproductive success of tropical raptors is often constrained by the lack of information on breeding biology. We provide the first detailed information of the breeding biology and nestling development of the Grasshopper Buzzard Butastur rufipennis, an Afrotropical migratory raptor threatened by extensive land transformation in its breeding range. Breeding coincided with the transition from the dry to the wet season. The mean incubation pe...

  7. Examining the dynamic interactions on volatilities of paired stock markets

    Science.gov (United States)

    Lee, Jun Shean; Sek, Siok Kun

    2015-02-01

    We conduct empirical analyses to investigate the interaction between volatilities of paired stock markets. The main objective of this study is to reveal possibility of spillover effects among stock markets which can determine the performances of stock returns and trade volumes of stocks. In particular, we seek to investigate if there exist two-way causal relationships on the volatilities in two stock markets in two groups of countries, i.e. between emerging markets of ASEAN-5 and between emerging and advanced countries. Our study is focused in Malaysia stock market and the paired relationship with its neighbouring countries (ASEAN5) and advanced countries (Japan and U.S.) respectively. The multivariate GARCH(1,1) model is applied in studying the interactions on the volatilities of paired stock markets. The results are compared between neighbouring countries and with that of advanced countries. The results are expected to reveal linkages between volatilities of stock markets and the dynamic relationships across markets. The results provide useful information in studying the performances of stock markets and predicting the stock movements by incorporating the external impacts from foreign stock markets.

  8. 50 CFR 15.26 - Approval of cooperative breeding programs.

    Science.gov (United States)

    2010-10-01

    ... 50 Wildlife and Fisheries 1 2010-10-01 2010-10-01 false Approval of cooperative breeding programs... WILDLIFE AND PLANTS WILD BIRD CONSERVATION ACT Permits and Approval of Cooperative Breeding Programs § 15.26 Approval of cooperative breeding programs. Upon receipt of a complete application, the...

  9. Maternal genealogical patterns of chicken breeds sampled in Europe.

    Science.gov (United States)

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

    2015-08-01

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

  10. Genomic prediction across dairy cattle populations and breeds

    DEFF Research Database (Denmark)

    Zhou, Lei

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

  11. The Evolution and Ecology of Cooperative Breeding in Vertebrates

    NARCIS (Netherlands)

    Komdeur, Jan; Eikenaar, Cas; Brouwer, Lyanne; Richardson, David S.

    2008-01-01

    Cooperative breeding – in which some adults forgo independent breeding and remain as subordinates within a group helping to raise the offspring of others – occurs in between 3% and 10% of vertebrates. The structure of such systems varies greatly, from pairs with helpers-at-the-nest to communal breed

  12. The use of clones in dairy cattle breeding.

    NARCIS (Netherlands)

    Boer, de I.J.M.

    1994-01-01

    The aim of this thesis was to determine a breeding scheme that optimally uses large scale production of genetically identical individuals (clones) in dairy cattle. Such a breeding scheme should optimize the continuous genetic improvement of the breeding population (genetic response), and the selecti

  13. 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.

  14. Assessment of inbreeding resulting from selection for scrapie resistance: a model for rare sheep breeds.

    Science.gov (United States)

    Brown, C; Orford, M; Tzamaloukas, O; Mavrogenis, A P; Miltiadou, D

    Inbreeding in a small population of Chios sheep undergoing intense selection for the PrP gene was assessed 10 years after the beginning of a scrapie resistance selection programme. Inbreeding in this stock, already under selection for production traits, was analysed by using pedigree records containing 10,492 animals from 1968 to 2008, and also by genotyping 192 individuals with a panel of 15 microsatellites. Genetic markers indicated a loss of heterozygosity (FIS over all loci was 0.059) and allelic diversity (mean effective number of alleles was 3.075±0.275). The annual rate of inbreeding increased significantly after the start of the scrapie resistance programme, ΔF=0.005 compared with ΔF=0.001 before 1999, and was subjected to several genetic bottlenecks, mainly due to the low initial frequency of resistant animals. However, the mean individual inbreeding coefficient estimated from the pedigree - in this closed stock resembling the case of a rare breed - stood at the level of 4.5 per cent, five generations after the implementation of selection for the PrP gene. The inbreeding coefficient estimated by genetic markers was 4.37 per cent, implying that such a marker panel could be a useful and cost-effective tool for estimating inbreeding in unrecorded populations.

  15. 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.

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

    Science.gov (United States)

    Stewart, David R.; Long, James M.

    2015-01-01

    In this study it was sought to quantify post-stocking growth, survival, and contribution of advanced size (178 mm total length [TL]) channel catfish Ictalurus punctatus fingerlings, something rarely done. Channel catfish populations were evaluated before (May 2010) and after (May to August 2011 and 2012) stocking. Relative abundance, stocking contribution, and growth were different (P < 0.05) in the two study impoundments (lakes Lone Chimney and Greenleaf, Oklahoma). For fish stocked in Lake Lone Chimney, stocking contribution was lower (3–35%), and average length and weight of stocked fish by age-2 reached 230 mm TL and 85 g, whereas the stocking contribution (84–98%) and growth in length (340 mm TL) and weight (280 g) were higher by age-2 in Lake Greenleaf. Given these unambiguous differences of post-stocking performance, benchmark metrics that represent population-level information such as relative abundance and average length and weight of the sample masked these significant differences, highlighting the importance of marking hatchery-fish and then following them through time to determine the effectiveness of stocking. These results suggest that stock enhancement programmes would benefit from studies that quantify post-stocking performance of hatchery fish.

  17. Macro-players in stock markets

    CERN Document Server

    Röhner, B M

    2005-01-01

    It is usually assumed that stock prices reflect a balance between large numbers of small individual sellers and buyers. However, over the past fifty years mutual funds and other institutional shareholders have assumed an ever increasing part of stock transactions: their assets, as a percentage of GDP, have been multiplied by more than one hundred. The paper presents evidence which shows that reactions to major shocks are often dominated by a small number of institutional players. Most often the market gets a wrong perception and inadequate understanding of such events because the relevant information (e.g. the fact that one mutual fund has sold several million shares) only becomes available weeks or months after the event, through reports to the Securities and Exchange Commission (SEC). Our observations suggest that there is a radical difference between small ($ 5% $) price changes which, on the contrary, may be caused by massive sales (or purchases) by a few players. This suggests that the mechanisms which a...

  18. 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.

  19. Estimating carbon stock in secondary forests

    DEFF Research Database (Denmark)

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

    2011-01-01

    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...... 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...

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

    Science.gov (United States)

    Guo, Kun; Sun, Yi; Qian, Xin

    2017-03-01

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

  1. Long-term population dynamics of breeding bird species in the German Wadden Sea area

    Science.gov (United States)

    Vauk, Gottfried; Prüter, Johannes; Hartwig, Eike

    1989-09-01

    For no other group of organisms in coastal areas are there so exact and long-term data available as there are for seabirds. Since the beginning of the 20th century, documentation of population size, especially for species breeding in colonies from the groups gulls, terns and auks, is almost complete. These species act as bio-indicators, and data on fluctuations in their population size are useful as they reflect changes in the state of the marine ecosystem. The population development of some of these seabird species (Herring Gull, Guillemot, Common, Arctic and Sandwich Tern) from the German North Sea coast, which primarily feed on fish, is given. Common to all these species is an exponential increase in numbers in recent years (1970 1985). Possible causes for this development, e.g. pressure from enemies or competitors, availability of breeding places, anthropogenic stress and mortality factors, as well as the direct and indirect anthropogenic-influenced changes in the trophic system due to the increasing eutrophication of coastal waters, are evaluated. Signs of a collapse in the stocks of seabrids resulting from environmental pollution are discussed. Consequences resulting from the ecosystem changes, such as reduction of nutrient discharge into the North Sea and the expansion of biological monitoring, are described.

  2. 柑桔砧木育种研究进展%Advances in Citrus Rootstock Breeding

    Institute of Scientific and Technical Information of China (English)

    朱世平; 江东; 洪棋斌; 龚桂芝; 刘小丰; 赵晓春

    2013-01-01

    柑桔主要通过嫁接进行繁殖.柑桔砧木对接穗生长势、产量、果实大小、品质和抗性等都有直接的影响.砧木遗传改良是保持柑桔产业具有较强竞争力和较高生产力的重要步骤,世界各国都在致力于柑桔优良砧木的培育.本文就近几十年来柑桔砧木育种进展进行简要综述.%Citrus is mainly propagated by grafting. The rootstock directly affects the growth vigor, production, fruit size and quality, and stress-responsiveness of the scion. The health and productivity of citrus industry is greatly dependent on the performance of the rootstocks. The genetic improvement of citrus rootstocks has become a vital step towards the industry being more productive and competitive. In most of citrus growing countries, selecting and creating superior rootstock is one of the most important practices in citrus breeding. In this paper, the progresses in citrus root-stock breeding in the past decades will be briefly reviewed.

  3. Genetics and breeding of brewers yeast

    Energy Technology Data Exchange (ETDEWEB)

    Nilsson-Tillgren, T.; Gjermansen, C.; Petersen, J.G.L.; Holmberg, S.; Kielland-Brandt, M.C.

    1984-01-01

    Yeasts, used for beer production, can be divided into two groups, top fermenters and bottom fermenters and Saccharomyces carlsbergensis has been chosen as the name for the bottom fermenting yeasts which are used in lager beer production. The key for the analysis of the chromosomes of Saccharomyces carlsbergensis was provided by the discovery that single chromosomes of meiotic segregants of these strains can be transferred to genetically marked Saccharomyces cerevisiae strains and subsequently analyzed by tetrad analysis and molecular hybridization. It is proposed that Saccharomyces carlsbergensis is composed of two rather divergent genotypes. Breeding can be accomplished by cross breeding and mutagenesis and possibly by introducing in vitro modified cloned genes into meiotic segregants of Saccharomyces carlsbergensis.

  4. Vertebral heart scores in eight dog breeds.

    Science.gov (United States)

    Jepsen-Grant, K; Pollard, R E; Johnson, L R

    2013-01-01

    The vertebral heart score (VHS) measurement is commonly used to provide a more objective measurement of cardiomegaly in canines. However, several studies have shown significant breed variations from the value previously established by Buchanan and Bücheler (9.7 ± 0.5). This study describes VHS measurements in Pug, Pomeranian, Yorkshire Terrier, Dachshund, Bulldog, Shih Tzu, Lhasa Apso, and Boston Terrier dog breeds. Dogs with two or three view thoracic radiographs, no subjective radiographic evidence of cardiomegaly, and no physical examination findings of heart murmurs or gallop rhythms were included in the study. The Pug, Pomeranian, Bulldog, and Boston Terrier groups were found to have a VHS significantly greater than 9.7 ± 0.5 (P Bulldog (P = 0.028) and Boston Terrier (P = 0.0004) groups. Thoracic depth to width ratio did not have a significant effect on VHS.

  5. 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...

  6. Organic matter stocks in temperate forest soil

    OpenAIRE

    Schöning, Ingo

    2006-01-01

    In temperate forests, more than 60% of the total carbon reserves are located in forest floor and mineral soil. The main objectives of this study were (1) to investigate the composition and radiocarbon age of organic matter (OM) pools of different stability in mineral soils, (2) to identify associations between iron oxides and specific carbon species, and (3) to analyse the small scale spatial variability of soil organic carbon (SOC) stocks. Composition, radiocarbon age and associations betwee...

  7. Financial Liberalization and Stock Market Efficiency

    OpenAIRE

    Maria-Lenuţa ULICI; Ioan Alin NISTOR

    2011-01-01

    Stock market liberalization may have a favorable impact on the economy in many aspects. Many empirical studies have shown that liberalization had a positive effect on developing economies, resulting in diminishing the impact of the cost of capital, the increasing of returns and individuals investment. However, liberalization can make a country to be sensitive to some economic and foreign policy turbulence, leading, ultimately, to a higher volatility of domestic markets. In this article we int...

  8. Physicochemical Propertieso Briquettes from Different Feed Stock

    OpenAIRE

    D. K. Vyas; F. G. Sayyad; M. S. Khardiwar; Shailendra Kumar

    2015-01-01

    This study was undertaken to evaluate the Physico-chemical properties of eight different types of biomass feed stock and their briquettes were studied among that some properties which are influence their storage and combustion properties like Equilibrium moisture content (EMC %) and Relative humidity (%). Equilibrium moisture content are found out by static equilibrium technique using aqueous glycerol solutions of different concentrations in the relative humidity (RH) range of 40 to 90 % and...

  9. Transfer Entropy Analysis of the Stock Market

    CERN Document Server

    Baek, S K; Kwon, O; Moon, H T; Baek, Seung Ki; Jung, Woo-Sung; Kwon, Okyu; Moon, Hie-Tae

    2005-01-01

    In terms of transfer entropy, we investigated the strength and the direction of information transfer in the US stock market. Through the directionality of the information transfer, the more influential company between the correlated ones can be found and also the market leading companies are selected. Our entropy analysis shows that the companies related with energy industries such as oil, gas, and electricity influence the whole market.

  10. Effect of stocking density on social, feeding, and lying behavior of prepartum dairy animals.

    Science.gov (United States)

    Lobeck-Luchterhand, K M; Silva, P R B; Chebel, R C; Endres, M I

    2015-01-01

    nulliparous 100D animals, whereas 100D parous animals tended to spend 7.6±4.5 fewer minutes per day feeding than 80D parous animals. The 2 treatments were not different in the number of lying bouts or lying-bout duration; lying time was longer for 100D on d -33, -29, and -26 and shorter on d -7, -5, and 0 than 80D. The interaction between treatment, parity, and social rank was associated with lying and feeding times. In summary, animals in the 80D treatment had a lower number of displacements from the feed bunk and spent more time lying down near parturition than 100D animals, and 80D nulliparous animals had reduced daily feeding time compared with 100D nulliparous animals. Although these results showed some potential behavior benefits of a prepartum stocking density of 80% compared with 100%, observed changes were small. However, greater stocking density cannot be recommended; more research is needed to evaluate the effects of stocking densities greater than 100% and with other breeds of cattle besides Jersey.

  11. THE EFFECT OF STOCKING FISH PRODUCTION ON THE QUALITY OF WATER DISCHARGED FROM THE HATCHERY

    Directory of Open Access Journals (Sweden)

    Małgorzata Bonisławska

    2016-09-01

    Full Text Available The aim of this study was to assess the effect of a fish hatchery (Stocking-Breeding Centre in Goleniów -OHZ, focused on the production and on-growing of stocking material, on the quality of post-production water. The following parameters were determined: dissolved oxygen, organic matter content, buffering capacity, the concentration of some forms of nitrogen and phosphorus ((N-NH4+, N-NO2–, N-NO3-, total nitrogen, P-PO43-, total phosphorus and the concentration of chloride ions. The study also included the measurements of water temperature, electrolytic conductivity and pH. It was shown that the water supplied to the hatchery had good quality, providing optimum conditions for growth and living of fry and juvenile forms of various fish species (most indices were within the range of the first water quality class. Production activities at the hatchery caused a reduction in the quality of discharged post-production water with respect to indicators such as total suspended solids, organic matter and phosphorus.

  12. ITER breeding blanket module design and analysis

    Energy Technology Data Exchange (ETDEWEB)

    Kuroda, Toshimasa; Enoeda, Mikio; Kikuchi, Shigeto [Japan Atomic Energy Research Inst., Naka, Ibaraki (Japan). Naka Fusion Research Establishment] [and others

    1998-11-01

    The ITER breeding blanket employs a ceramic breeder and Be neutron multiplier both in small spherical pebble form. Radial-poloidal cooling panels are arranged in the blanket box to remove the nuclear heating in these materials and to reinforce the blanket structure. At the first wall, Be armor is bonded onto the stainless steel (SS) structure to provide a low Z plasma-compatible surface and to protect the first wall/blanket structure from the direct contact with the plasma during off-normal events. Thermo-mechanical analyses and investigation of fabrication procedure have been performed for this breeding blanket. To evaluate thermo-mechanical behavior of the pebble beds including the dependency of the effective thermal conductivity on stress, analysis methods have been preliminary established by the use of special calculation option of ABAQUS code, which are briefly summarized in this report. The structural response of the breeding blanket module under internal pressure of 4 MPa (in case of in-blanket LOCA) resulted in rather high stress in the blanket side (toroidal end) wall, thus addition of a stiffening rib or increase of the wall thickness will be needed. Two-dimensional elasto-plastic analyses have been performed for the Be/SS bonded interface at the first wall taking a fabrication process based on HIP bonding and thermal cycle due to pulsed plasma operation into account. The stress-strain hysteresis during these process and operation was clarified, and a procedure to assess and/or confirm the bonding integrity was also proposed. Fabrication sequence of the breeding blanket module was preliminarily developed based on the procedure to fabricate part by part and to assemble them one by one. (author)

  13. Price jumps on European stock markets

    Directory of Open Access Journals (Sweden)

    Jan Hanousek

    2014-03-01

    Full Text Available We analyze the dynamics of price jumps and the impact of the European debt crisis using the high-frequency data reported by selected stock exchanges on the European continent during the period January 2008 to June 2012. We employ two methods to identify price jumps: Method 1 minimizes the probability of false jump detection (the Type-II Error-Optimal price jump indicator and Method 2 maximizes the probability of successful jump detection (the Type-I Error-Optimal price jump indicator. We show that individual stock markets exhibited differences in price jump intensity before and during the crisis. We also show that in general the variance of price jump intensity could not be distinguished as different in the pre-crisis period from that during the crisis. Our results indicate that, contrary to common belief, the intensity of price jumps does not uniformly increase during a period of financial distress. However, there do exist differences in price jump dynamics across stock markets and investors have to model emerging and mature markets differently to properly reflect their individual dynamics.

  14. Vegetable oil base stocks for lubricants

    Energy Technology Data Exchange (ETDEWEB)

    Garces, R.; Martinez-Force, E.; Salas, J.

    2011-07-01

    The use of vegetable biodegradable base stocks for lubricant oils present several advantages over the much more extended mineral bases. These advantages refer to biodegradability, a renewable feedstock of local production, lubricant and viscosity index and lower costs than synthetic lubricant bases. Despite these benefits, their use in industry and motor vehicles is not yet extensive due their lower stability and higher pour points. Vegetable oils are esters of fatty acids and glycerol, and their physicochemical properties rely mainly on the composition of their acyl moieties. Thus, to assure the maximum levels of stability while maintaining acceptable behavior at low temperatures, monounsaturated fatty acids are preferred for this purpose. The presence of natural antioxidants also improves the properties of these vegetable based stocks as lubricants. These oils usually require additives to improve their viscosity value, oxidative stability and properties at low temperatures. In the present work, the different sources of vegetable oils appropriate for bio lubricant production were reviewed. Their properties and the future improvement of the oil bases, oil based stock production, uses and additives are discussed. (Author).

  15. FORECASTING CROATIAN STOCK MARKET INDEX: CROBEX

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovic

    2013-06-01

    Full Text Available Forecasting stock returns is considered one of the hardest tasks for every potential investor. This paper attempts to predict the movement of Croatian stock market index Crobex on Zagreb Stock Exchange. Main aim of this paper was to empirically examine the best univariate Autoregressive Integrated Moving Average model for forecasting. This research examined ARIMA (p;d;q model on weekly closed prices of Crobex from 01/01/2011 to 01/01/2013. First it was necessary to meet the stationary condition. While checking the conditions of stationarity, data series were observed by ACF, PACF plots and by Ljung– Box Q statistic and Augmented Dickey–Fuller test statistic. After differencing, statistic showed that the data is stationary and the next step was to find the best ARIMA model. The most important criteria that were used are: R-squared, Adjusted R-squared, Akaike information criterion, Schwarz criterion and Hannan–Quinn information criterion. After checking the exceptionally large number of models it was found the model that suits best, according to the criteria.

  16. Application of Markov Chains to Stock Trends

    Directory of Open Access Journals (Sweden)

    Kevin J. Doubleday

    2011-01-01

    Full Text Available Problem statement: Modeling of the Dow Jones Industrial Average is frequently attempted in order to determine trading strategies with maximum payoff. Changes in the DJIA are important since movements may affect both individuals and corporations profoundly. Previous work showed that modeling a market as a random walk was valid and that a market may be viewed as having the Markov property. Approach: The aim of this research was to determine the relationship between a diverse portfolio of stocks and the market as a whole. To that end, the DJIA was analyzed using a discrete time stochastic model, namely a Markov Chain. Two models were highlighted, where the DJIA was considered as being in a state of (1 gain or loss and (2 small, moderate, or large gain or loss. A portfolio of five stocks was then considered and two models of the portfolio much the same as those for the DJIA. These models were used to obtain transitional probabilities and steady state probabilities. Results: Our results indicated that the portfolio behaved similarly to the entire DJIA, both in the simple model and the partitioned model. Conclusion: When treated as a Markov process, the entire market was useful in gauging how a diverse portfolio of stocks might behave. Future work may include different classifications of states to refine the transition matrices.

  17. 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.

  18. Beef cattle breeding à la Jefferson.

    Science.gov (United States)

    Hohenboken, W D

    1982-03-01

    ?Even more than most disciplines in the Animal Sciences, quantitative genetics is dependent upon models. Models, by definition, are abstractions of reality. Invariably they require simplifying assumptions, which should be but sometimes are not clearly specified. One thesis of this article, illustrated by examples, is that many of the assumptions upon which animal breeding theory and practice are based are not valid. Some proportion of research resources should be devoted to challenging or verifying those assumptions and following up those areas of enquiry suggested by the outcome of such research. A further thesis is that the selection of topics and priorities for animal breeding research should be a matter of choice by individual scientists and should not be determined by steering committees or directed by administrative fiat. Hopefully, the resultant mutation, cross-fertilization, assortment, recombination and selection of ideas that would result would bestow upon our discipline higher fitness from multiple-peak epistasis, and minimal danger of extinction (or petrification) from over-specialization. A final thesis is that true creativity by research scientists should be nurtured and rewarded and that work in traditional areas of breeding and quantitative genetics should be continued-but done better.

  19. The development of beef breeding bulls.

    Science.gov (United States)

    Engelken, T J

    2008-08-01

    Management of the bull battery will have a dramatic impact on profitability of the cow/calf enterprise. It is critical that young bulls be selected and developed to maximize longevity and productivity for the eventual buyer. Bulls must be structurally sound, healthy, and have adequate libido in order to service the required number of females. Once bulls complete their first breeding season, special care must be taken in order to ensure that they recover and regain needed body condition and pass a bull breeding soundness examination (BBSE). Mature bulls that have reached their genetic potential for growth require less intensive management, but the health program and annual BBSE cannot be overlooked. Mature bulls are also more likely to carry venereal disease and should be screened according to local disease incidence and state regulations. All bulls, regardless of age, should be observed early during the breeding season to ensure that they are physically capable of mounting and servicing females. The establishment of a complete management program, especially for young bulls, is essential to ensure that ranch resources are used efficiently, including maintenance of a high level of reproductive performance of the cow herd.

  20. Cytogenetical characterization of bovine breeds Caracu, Junqueira, Pantaneiro and Patua

    Directory of Open Access Journals (Sweden)

    Rita Maria Ladeira Pires

    2014-10-01

    Full Text Available During the adaptive process to Brazilian conditions, the native cattle breeds acquired physiological and phenotypic characteristics wich differs them from European breeds, from which they derive. The objectives of present study were to compare the sex chromosomes morphologies between four Brazilian native cattle breeds as well as the incidence of chromosomal abnormalities. The karyotype of 332 animals from four breeds were analyzed: Caracu (115 females and 159 males, Junqueira (13 females and 3 males, Pantaneiro (8 males and Patua (21 females and 13 males. The Giemsa coloring were used to read the chromosome. All cattle breeds studied showed the normal chromosome (2n=60 consisting of 58 acrocentric autosomes and two submetacentric X chromosomes in females, and one X and one Y in males. In Caracu breed, selected for dairy or beef, it was developed by animals dimorphism carriers of Y chromosome (acrocentric and submetacentric, and the beef bloodlines showed higher percentage of acrocentric Y chromosome. There was 1% significant difference in Chi-Square test. In two females and two male born from twin birth of Caracu breed it was observed chemerism 60, XX/ 60, XY, and in other female from same breed it was observed 60, XX/ 61 XXY. For other three breeds, no chromosomal abnormality was observed. The Y chromosome morphology of the Pantaneiro and Patua breeds showed dimorphism of Y chromosome (submetacentric an acrocentric. In the Junqueira breed, only submetacentric morphology was observed.

  1. The different breeding strategies of penguins: a review.

    Science.gov (United States)

    Ancel, André; Beaulieu, Michaël; Gilbert, Caroline

    2013-01-01

    The 18 penguin species are exclusively and widely distributed in the Southern hemisphere, from the Equator to the Antarctic continent, and are thus submitted to various ecological constraints in their reproductive strategy. This results in a high variability in all aspects of the breeding biology of the different species. Although penguins appear primarily adapted for a marine existence, they remain dependent on land for breeding, rearing young, and moulting. Here we describe and compare the breeding cycle of all the penguin species, highlighting the characteristics of each species in terms of breeding range, population status, threats induced by environmental changes, duration of the different phases of the breeding cycle, mate fidelity, body mass, body height, egg mass and duration of egg formation. We also focus on the breeding cycle of the genus Aptenodytes, since it largely differs from the breeding cycle of most of the other penguin species.

  2. Life histories and the evolution of cooperative breeding in mammals.

    Science.gov (United States)

    Lukas, Dieter; Clutton-Brock, Tim

    2012-10-07

    While the evolution of cooperative breeding systems (where non-breeding helpers participate in rearing young produced by dominant females) has been restricted to lineages with socially monogamous mating systems where coefficients of relatedness between group members are usually high, not all monogamous lineages have produced species with cooperative breeding systems, suggesting that other factors constrain the evolution of cooperative breeding. Previous studies have suggested that life-history parameters, including longevity, may constrain the evolution of cooperative breeding. Here, we show that transitions to cooperative breeding across the mammalian phylogeny have been restricted to lineages where females produce multiple offspring per birth. We find no support for effects of longevity or of other life-history parameters. We suggest that the evolution of cooperative breeding has been restricted to monogamous lineages where helpers have the potential to increase the reproductive output of breeders.

  3. Status and Prospects of Hybrid Rice Breeding in Jiangsu, China

    Institute of Scientific and Technical Information of China (English)

    WANG Cai-lin

    2005-01-01

    Research on hybrid rice in Jiangsu Province, China began in 1970. Great progress has been made since then, which can be divided into three stages according to the development of hybrid rice breeding and production in Jiangsu Province. The first stage was beginning stage from 1970 to 1980, when progress was mainly made in cytoplasmic male sterile line breeding. The second stage could be described as developing stage, from 1980 to 1995, when indica hybrid rice was rapidly popularized, and japonica hybrid rice became popular later. From 1996, hybrid rice breeding in Jiangsu Province entered the third stage, when both indica and japonica hybrid rice breeding in the three-line system or intersubspecific hybrid rice breeding in the two-line system made a great breakthrough with the successful breeding of the hybrids Teyou 559, 9 You 138 and Liangyoupeijiu. The developing trend of hybrid rice breeding in Jiangsu Province is also discussed.

  4. 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.

  5. 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

  6. Spatial scale of local breeding habitat quality and adjustment of breeding decisions.

    Science.gov (United States)

    Doligez, Blandine; Berthouly, Anne; Doligez, Damien; Tanner, Marion; Saladin, Verena; Bonfils, Danielle; Richner, Heinz

    2008-05-01

    Experimental studies provide evidence that, in spatially and temporally heterogeneous environments, individuals track variation in breeding habitat quality to adjust breeding decisions to local conditions. However, most experiments consider environmental variation at one spatial scale only, while the ability to detect the influence of a factor depends on the scale of analysis. We show that different breeding decisions by adults are based on information about habitat quality at different spatial scales. We manipulated (increased or decreased) local breeding habitat quality through food availability and parasite prevalence at a small (territory) and a large (patch) scale simultaneously in a wild population of Great Tits (Parus major). Females laid earlier in high-quality large-scale patches, but laying date did not depend on small-scale territory quality. Conversely, offspring sex ratio was higher (i.e., biased toward males) in high-quality, small-scale territories but did not depend on large-scale patch quality. Clutch size and territory occupancy probability did not depend on our experimental manipulation of habitat quality, but territories located at the edge of patches were more likely to be occupied than central territories. These results suggest that integrating different decisions taken by breeders according to environmental variation at different spatial scales is required to understand patterns of breeding strategy adjustment.

  7. Is the efficiency of stock market correlated with multifractality? An evidence from the Shanghai stock market

    Science.gov (United States)

    Gu, Rongbao; Shao, Yanmin; Wang, Qingnan

    2013-01-01

    In this paper, we propose an efficiency index and multifractality degree for financial markets, and investigate the dynamics of the relationship between the two indices for the Shanghai stock market employing the technique of rolling window. By using the DCCA cross-correlation coefficient, we find that, for the Shanghai stock market, the increase in the degree of market multifractality can lead to a lower degree of market efficiency before the equity division reforms, whereas it can result in a lower degree of market efficiency in the short-term and a higher degree of market efficiency in the long-term after the equity division reforms. This finding reflects the process of development of the Shanghai stock market and also provides strong evidence which supports Liu’s argument that the increase in the degree of market complexity can improve the market efficiency Liu (2009) [1].

  8. The Stock Market as a Game: An Agent Based Approach to Trading in Stocks

    CERN Document Server

    Engle, Eric

    2008-01-01

    Just as war is sometimes fallaciously represented as a zero sum game -- when in fact war is a negative sum game - stock market trading, a positive sum game over time, is often erroneously represented as a zero sum game. This is called the "zero sum fallacy" -- the erroneous belief that one trader in a stock market exchange can only improve their position provided some other trader's position deteriorates. However, a positive sum game in absolute terms can be recast as a zero sum game in relative terms. Similarly it appears that negative sum games in absolute terms have been recast as zero sum games in relative terms: otherwise, why would zero sum games be used to represent situations of war? Such recasting may have heuristic or pedagogic interest but recasting must be clearly explicited or risks generating confusion. Keywords: Game theory, stock trading and agent based AI.

  9. 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.

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

    Directory of Open Access Journals (Sweden)

    M. Schrumpf

    2011-01-01

    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 kg C m−2 for the upper 10 cm of the soil than the grassland (206 ± 64 kg C m−2 and forest (246 ± 64 kg C m−2 sites. Expected general trends in soil OC indicate that changes could be detectable after 2–15 years 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 account

  11. 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

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

    Directory of Open Access Journals (Sweden)

    Buckley, K.

    2012-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Henriques, Irene; Sadorsky, Perry [Schulich School of Business, 4700 Keele Street, Toronto, Ontario (Canada)

    2008-05-15

    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)

  14. Financial earthquakes, aftershocks and scaling in emerging stock markets

    Science.gov (United States)

    Selçuk, Faruk

    2004-02-01

    This paper provides evidence for scaling laws in emerging stock markets. Estimated parameters using different definitions of volatility show that the empirical scaling law in every stock market is a power law. This power law holds from 2 to 240 business days (almost 1 year). The scaling parameter in these economies changes after a change in the definition of volatility. This finding indicates that the stock returns may have a multifractal nature. Another scaling property of stock returns is examined by relating the time after a main shock to the number of aftershocks per unit time. The empirical findings show that after a major fall in the stock returns, the stock market volatility above a certain threshold shows a power law decay, described by Omori's law.

  15. Cross-response in correlated financial markets: individual stocks

    Science.gov (United States)

    Wang, Shanshan; Schäfer, Rudi; Guhr, Thomas

    2016-04-01

    Previous studies of the stock price response to trades focused on the dynamics of single stocks, i.e. they addressed the self-response. We empirically investigate the price response of one stock to the trades of other stocks in a correlated market, i.e. the cross-responses. How large is the impact of one stock on others and vice versa? - This impact of trades on the price change across stocks appears to be transient instead of permanent as we discuss from the viewpoint of market efficiency. Furthermore, we compare the self-responses on different scales and the self- and cross-responses on the same scale. We also find that the cross-correlation of the trade signs turns out to be a short-memory process.

  16. Scale-Free Behavior in Weighted Stock Network

    Institute of Scientific and Technical Information of China (English)

    WAN Yang-song; CHEN Zhong; CHEN Xiao-rong

    2007-01-01

    A weighted stock network model of stock market is presented based on the complex network theory. The model is a weighted random network, in which each vertex denotes a stock, and the weight assigned to each edge is the cross-correlation coefficient of returns. Analysis of A shares listed at Shanghai Stock Exchange finds that the influence-strength (IS) follows a power-law distribution with the exponent of 2.58. The empirical analysis results show that there are a few stocks whose price fluctuations can powerfully influence the price dynamics of other stocks in the same market. Further econometric analysis reveals that there are significant differences between the positive IS and the negative IS.

  17. An Ensemble of Neural Networks for Stock Trading Decision Making

    Science.gov (United States)

    Chang, Pei-Chann; Liu, Chen-Hao; Fan, Chin-Yuan; Lin, Jun-Lin; Lai, Chih-Ming

    Stock turning signals detection are very interesting subject arising in numerous financial and economic planning problems. In this paper, Ensemble Neural Network system with Intelligent Piecewise Linear Representation for stock turning points detection is presented. The Intelligent piecewise linear representation method is able to generate numerous stocks turning signals from the historic data base, then Ensemble Neural Network system will be applied to train the pattern and retrieve similar stock price patterns from historic data for training. These turning signals represent short-term and long-term trading signals for selling or buying stocks from the market which are applied to forecast the future turning points from the set of test data. Experimental results demonstrate that the hybrid system can make a significant and constant amount of profit when compared with other approaches using stock data available in the market.

  18. Examining mean-volatility spillovers across national stock markets

    Directory of Open Access Journals (Sweden)

    Vinodh Kesavaraj Natarajan

    2014-06-01

    Full Text Available The study of the stock market in a country and the understanding of the influence of stock market crashes within and across the markets has been the subject matter of many researches, academicians and analysts during recent times. In this study we investigate the mean-volatility spillover effects that happen across international stock markets. The study, by taking into consideration the stock market returns based on various indices, investigates the mean-volatility spillover effects using the GARCH in Mean model for the period January 2002 to December 2011. The GARCH-M model seeks to provide useful insights into how information is transmitted and disseminated across stock markets. In particular, the model examines the precise and separate measures of return spillovers and volatility spillovers. The analysis provides the evidence of strong mean and volatility spillover across some stock exchanges.

  19. Effects on milk production in F1 crossbred of Alpine goat breed (♂ and Albanian goat breed (♀

    Directory of Open Access Journals (Sweden)

    Luan Hajno

    2012-07-01

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

  20. Breeding blanket design for ITER and prototype (DEMO) fusion reactors and breeding materials issues

    Energy Technology Data Exchange (ETDEWEB)

    Takatsu, H.; Enoeda, M. [Japan Atomic Energy Research Inst., Naka, Ibaraki (Japan). Naka Fusion Research Establishment

    1998-03-01

    Current status of the designs of the ITER breeding blanket and DEMO blankets is introduced placing emphasis on the breeding materials selection and related issues. The former design is based on the up-to-date design activities, as of October 1997, being performed jointly by Joint Central Team (JCT) and Home Teams (HT`s), while the latter is based on the DEMO blanket test module designs being proposed by each Party at the TBWG (Test Blanket Working Group) meetings. (J.P.N.)

  1. Topological properties of stock market networks: The case of Brazil

    Science.gov (United States)

    Tabak, Benjamin M.; Serra, Thiago R.; Cajueiro, Daniel O.

    2010-08-01

    This paper investigates the topological properties of the Brazilian stock market networks. We build the minimum spanning tree, which is based on the concept of ultrametricity, using the correlation matrix for a variety of stocks of different sectors. Our results suggest that stocks tend to cluster by sector. We employ a dynamic approach using complex network measures and find that the relative importance of different sectors within the network varies. The financial, energy and material sectors are the most important within the network.

  2. 26 CFR 1.305-1 - Stock dividends.

    Science.gov (United States)

    2010-04-01

    ... § 1.301-1, is the fair market value of such stock or rights on the date of distribution. See Example...) Definitions. (1) For purposes of this section and §§ 1.305-2 through 1.305-7, the term stock includes rights... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Stock dividends. 1.305-1 Section...

  3. Stock Market Trend Analysis Using Hidden Markov Models

    OpenAIRE

    Kavitha, G.; Udhayakumar, A.; D. Nagarajan

    2013-01-01

    Price movements of stock market are not totally random. In fact, what drives the financial market and what pattern financial time series follows have long been the interest that attracts economists, mathematicians and most recently computer scientists [17]. This paper gives an idea about the trend analysis of stock market behaviour using Hidden Markov Model (HMM). The trend once followed over a particular period will sure repeat in future. The one day difference in close value of stocks for a...

  4. Stock market confidence and copula-based Markov models

    OpenAIRE

    Jovanovic, Mario

    2010-01-01

    This paper presents a descriptive model of stock market confidence conditional on stock market uncertainty in a first-order copula-based Markov approach. By using monthly closing prices of the VIX as a stock market uncertainty proxy for the United States and the copula of Fang et al. (2000) a stable nonlinear relation between confidence and uncertainty is derived. Based on the existence of a specific dependence structure uncertainty-reducing policies by US institutions w...

  5. STOCK MANAGEMENT IN A MANUFACTURING AND TRADING COMPANY

    OpenAIRE

    Ewa Kempa

    2009-01-01

    The article shows stock management in the logistic context on the example of a manufacturing and trading company. Stock is one of the most important, and, at the same time, the most difficult issues related to company management as it requires efficient handling of transport and inventory. Also, the amount of stock should possibly be optimal so it does not account for too high operating costs of a company.

  6. Asymmetric joint multifractal analysis in Chinese stock markets

    Science.gov (United States)

    Chen, Yuwen; Zheng, Tingting

    2017-04-01

    In this paper, the asymmetric joint multifractal analysis method based on statistical physics is proposed to explore the asymmetric correlation between daily returns and trading volumes in Chinese stock markets. The result shows asymmetric multifractal correlations exist between return and trading volume in Chinese stock markets. Moreover, when the stock indexes are upward, the fluctuations of returns are always weaker than when they are downward, whether the trading volumes are more or less.

  7. Prefabricated Stock Trays for Impression of Auricular Region

    OpenAIRE

    Vibha, Shetty; Anandkrishna, G. N.; Anupam, Purwar; Namratha, N.

    2010-01-01

    The conventional methods of impression making for maxillofacial defects are cumbersome and time consuming for both patient and operator. This study focuses upon standardizing and simplifying the impression making methodology for auricular prosthesis with the help of prefabricated stock trays for auricular region. The stock trays were designed on positive replicas of anatomical structures, broadly divided into long and narrow, short and broad and long and broad ear. For each stock tray, impres...

  8. 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...

  9. 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...

  10. OPTIMAL EXERCISE OF AN EXECUTIVE STOCK OPTION BY AN INSIDER

    OpenAIRE

    MICHAEL MONOYIOS; ANDREW NG

    2011-01-01

    We consider an optimal stopping problem arising in connection with the exercise of an executive stock option by an agent with inside information. The agent is assumed to have noisy information on the terminal value of the stock, does not trade the stock or outside securities, and maximises the expected discounted payoff over all stopping times with regard to an enlarged filtration which includes the inside information. This leads to a stopping problem governed by a time-inhomogeneous diffusio...

  11. Stock prices, exchange rates and causality in Malaysia: a note

    OpenAIRE

    2006-01-01

    This article contributes to the debate on stock prices and exchange rates in Malaysia. It examines causal relations using a new Granger non-causality test proposed by Toda and Yamamoto (Journal of Econometrics, 66, 225-50, 1995). Among the findings of interest, there is a feedback interaction between exchange rates and stock prices for the pre-crisis period. The results also reveal that exchange rates lead stock prices for the crisis period. In a financially liberalized environment, exchange ...

  12. How Healthy Is China’s Stock Market?

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    It seems that China is on a roll. The world’s fourth largest economy now has a high flying stock market. According to Shang Fulin, Chairman of the China Securities Regulatory Commission, China’s booming stock market, previously having a poor reputation, should be attributed to the almost concluded split share reform that requires the country’s listed companies to convert their state holdings to tradable shares. Investors are now thrilled at soaring stock indexes.

  13. Simulation Modeling in Plant Breeding: Principles and Applications

    Institute of Scientific and Technical Information of China (English)

    WANG Jian-kang; Wolfgang H Pfeiffer

    2007-01-01

    Conventional plant breeding largely depends on phenotypic selection and breeder's experience, therefore the breeding efficiency is low and the predictions are inaccurate. Along with the fast development in molecular biology and biotechnology, a large amount of biological data is available for genetic studies of important breeding traits in plants,which in turn allows the conduction of genotypic selection in the breeding process. However, gene information has not been effectively used in crop improvement because of the lack of appropriate tools. The simulation approach can utilize the vast and diverse genetic information, predict the cross performance, and compare different selection methods. Thus,the best performing crosses and effective breeding strategies can be identified. QuLine is a computer tool capable of defining a range, from simple to complex genetic models, and simulating breeding processes for developing final advanced lines. On the basis of the results from simulation experiments, breeders can optimize their breeding methodology and greatly improve the breeding efficiency. In this article, the underlying principles of simulation modeling in crop enhancement is initially introduced, following which several applications of QuLine are summarized, by comparing the different selection strategies, the precision parental selection, using known gene information, and the design approach in breeding. Breeding simulation allows the definition of complicated genetic models consisting of multiple alleles, pleiotropy, epistasis, and genes, by environment interaction, and provides a useful tool for breeders, to efficiently use the wide spectrum of genetic data and information available.

  14. Fitness consequences of timing of migration and breeding in cormorants.

    Directory of Open Access Journals (Sweden)

    Phillip Gienapp

    Full Text Available In most bird species timing of breeding affects reproductive success whereby early breeding is favoured. In migratory species migration time, especially arrival at the breeding grounds, and breeding time are expected to be correlated. Consequently, migration time should also have fitness consequences. However, in contrast to breeding time, evidence for fitness consequences of migration time is much more limited. Climate change has been shown to negatively affect the synchrony between trophic levels thereby leading to directional selection on timing but again direct evidence in avian migration time is scarce. We here analysed fitness consequences of migration and breeding time in great cormorants and tested whether climate change has led to increased selection on timing using a long-term data set from a breeding colony on the island of Vorsø (Denmark. Reproductive success, measured as number of fledglings, correlated with breeding time and arrival time at the colony and declined during the season. This seasonal decline became steeper during the study period for both migration and breeding time and was positively correlated to winter/spring climate, i.e. selection was stronger after warmer winters/springs. However, the increasing selection pressure on timing seems to be unrelated to climate change as the climatic variables that were related to selection strength did not increase during the study period. There is indirect evidence that phenology or abundances of preferred prey species have changed which could have altered selection on timing of migration and breeding.

  15. Breeding implications resulting from classification of patellae luxation in dogs.

    Science.gov (United States)

    van Grevenhof, E M; Hazewinkel, H A W; Heuven, H C M

    2016-08-01

    Patellar luxation (PL) is one of the major hereditary orthopaedic abnormalities observed in a variety of dog breeds. When the patellae move sideways out of the trochlear groove, this is called PL. The PL score varies between dogs from normal to very severe. Reducing the prevalence of PL by breeding could prevent surgery, thereby improve welfare. Orthopaedic specialists differentiate between normal and loose patellae, where the patellae can be moved to the edge of the trochlear groove, considering scoring loose patellae as normal in the future. Loose patellae are considered acceptable for breeding so far by the breeding organization. The aim of this study was to analyse the genetic background of PL to decide on the importance of loose patellae when breeding for healthy dogs. Data are available from two dog breeds, that is Flat-coated Retrievers (n = 3808) and Kooiker dogs (n = 794), with a total of 4602 dogs. Results show that loose patellae indicate that dogs are genetically more susceptible to develop PL because family members of the dogs with loose patellae showed more severe PL. In addition, the estimated breeding values for dogs with loose patellae indicate that breeding values of dogs with loose patellae were worse than breeding values obtained for dogs with a normal score. Given these results, it is advised to orthopaedic specialists to continue to score loose patellae as a separate class and to dog breeders to minimize the use of dogs in breeding with a genetically higher susceptibility for PL.

  16. Aloe vera bathing improved physical and humoral protection in breeding stock after induced spawning in matrinxã (Brycon amazonicus).

    Science.gov (United States)

    Zanuzzo, Fábio S; Zaiden, Sérgio F; Senhorini, José A; Marzocchi-Machado, Cleni M; Urbinati, Elisabeth C

    2015-07-01

    In this study, we show that induced spawning causes stress, an intense loss of epithelia and immunosuppression, decreasing physical and humoral protection in fish, effects that were prevented or improved in fish bathed with Aloe vera. A. vera has several medicinal properties, including wound healing and immunostimulatory effects, which we observed in this study. Fish bathed with A. vera had a higher number of epidermal goblet cells and, in general, an improved wound healing rate compared with the control after induced spawning. These effects might be related to (1) the stimulation of leukocyte activity, represented here by the increased leukocyte respiratory activity triggered by A. vera (leukocytes are recognized as playing an important role in wound repair); (2) the antimicrobial properties of A. vera, which decrease wound infection and accelerate the healing process; and (3) several mechanisms that explain the healing effect of A. vera (increased collagen synthesis, rate of epithelialization, and anti-inflammatory and moisturizing effects). Our results also suggest that caution is necessary during the induced spawning process, especially during stripping, and A. vera bathing is recommended after intensive aquaculture operations.

  17. Evidence of multi-affinity in the Japanese stock market

    Science.gov (United States)

    Katsuragi, Hiroaki

    2000-04-01

    Fluctuations of the Japanese stock market (Tokyo Stock Price Index: TOPIX) are analyzed using a multi-affine analysis method. In the research to date, only some simulated self-affine models have shown multi-affinity. In most experiments using observations of self-affine fractal profiles, multi-affinity has not been found. However, we find evidence of multi-affinity in fluctuations of the Japanese stock market (TOPIX). The qth-order Hurst exponent Hq varies with changes in q. This multi-affinity indicates that there are plural mechanisms that affect the same time scale as stock market price fluctuation dynamics.

  18. Managing Risk Caused by Pension Investments in Company Stock

    OpenAIRE

    Even, William E.; Macpherson, David A.

    2009-01-01

    This paper uses simulation methods to determine the optimal mix of assets in a pension plan that has half of its assets in company stock. The optimal share is shown to vary with workers’ risk aversion, non-pension wealth, and the financial characteristics of the underlying stock. Relative to a strategy that blends company stock with all bonds, there are substantial efficiency gains from optimizing the mix of stocks and bonds—particularly for workers with lower levels of risk aversion and subs...

  19. Applying Moving Objects Patterns towards Estimating Future Stocks Direction

    Directory of Open Access Journals (Sweden)

    Galal Dahab

    2016-01-01

    Full Text Available Stock is gaining vast popularity as a strategic investment tool not just by investor bankers, but also by the average worker. Large capitals are being traded within the stock market all around the world, making its impact not only macro economically focused, but also greatly valued taking into consideration its direct social impact. As a result, almost 66% of all American citizens are striving in their respective fields every day, trying to come up with better ways to predict and find patterns in stocks that could enhance their estimation and visualization so as to have the opportunity to take better investment decisions. Given the amount of effort that has been put into enhancing stock prediction techniques, there is still a factor that is almost completely neglected when handling stocks. The factor that has been obsolete for so long is in fact the effect of a correlation existing between stocks of the same index or parent company. This paper proposes a distinct approach for studying the correlation between stocks that belong to the same index by modelling stocks as moving objects to be able to track their movements while considering their relationships. Furthermore, it studies one of the movement techniques applied to moving objects to predict stock movement. The results yielded that both the movement technique and correlation coefficient technique are consistent in directions, with minor variations in values. The variations are attributed to the fact that the movement technique takes into consideration the sibling relationship

  20. Random matrix theory and portfolio optimization in Moroccan stock exchange

    Science.gov (United States)

    El Alaoui, Marwane

    2015-09-01

    In this work, we use random matrix theory to analyze eigenvalues and see if there is a presence of pertinent information by using Marčenko-Pastur distribution. Thus, we study cross-correlation among stocks of Casablanca Stock Exchange. Moreover, we clean correlation matrix from noisy elements to see if the gap between predicted risk and realized risk would be reduced. We also analyze eigenvectors components distributions and their degree of deviations by computing the inverse participation ratio. This analysis is a way to understand the correlation structure among stocks of Casablanca Stock Exchange portfolio.