WorldWideScience

Sample records for investigations stock status

  1. 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....

  2. Kootenai River Fisheries Investigation : Stock Status of Burbot : Project Progress Report 2008 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Paragamian, Valughn L.; Laude Dorothy C.

    2008-12-26

    Objectives of this investigation were to (1) monitor the population status and recruitment of burbot Lota lota in the Kootenai River, Idaho and British Columbia, Canada during the winter of 2006-2007; (2) evaluate the selective withdrawal system in place at Libby Dam to maintain the river temperature near Bonners Ferry between 1-4 C (November-December) to improve burbot migration and spawning activity; and (3) determine if a hatching success of 10% of eyed burbot embryos could be achieved through extensive rearing and produce fingerlings averaging 9.8 cm in six months. Water temperature did not fall below the upper limit (4 C) until mid-January but was usually maintained between 1-4 C January through February and was acceptable. Snowpack was characterized by a 101% of normal January runoff forecast. Adult burbot were sampled with hoop nets and slat traps. Only three burbot were captured in hoop nets, all at Ambush Rock (rkm 244.5). No burbot were caught in either slat traps or juvenile sampling gear, indicating the population is nearly extirpated. Burbot catch per unit effort in hoop nets was 0.003 fish/net d. Extensive rearing was moved to a smaller private pond and will be reported in the 2008-2009 annual report.

  3. 75 FR 1596 - Grant of Authority for Subzone Status, Reynolds Packaging LLC (Aluminum Foil Liner Stock...

    Science.gov (United States)

    2010-01-12

    ... Status, Reynolds Packaging LLC (Aluminum Foil Liner Stock), Louisville, Kentucky Pursuant to its...-purpose subzone at the aluminum foil liner stock manufacturing and distribution facilities of Reynolds... manufacturing and distribution of aluminum foil liner stock and aluminum foil at the facilities of Reynolds...

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

    Directory of Open Access Journals (Sweden)

    Vytautas Kesminas

    2015-12-01

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

  5. Applying a new ensemble approach to estimating stock status of marine fisheries around the world

    DEFF Research Database (Denmark)

    Rosenberg, Andrew A.; Kleisner, Kristin M.; Afflerbach, Jamie

    2018-01-01

    The exploitation status of marine fisheries stocks worldwide is of critical importance for food security, ecosystem conservation, and fishery sustainability. Applying a suite of data-limited methods to global catch data, combined through an ensemble modeling approach, we provide quantitative...... substantial yield. Our results enable managers to consider more detailed information than simply a categorization of stocks as "fully" or "over" exploited. Our approach is reproducible, allows consistent application to a broad range of stocks, and can be easily updated as new data become available. Applied...... on an ongoing basis, this approach can provide critical, more detailed information for resource management for more exploited fish stocks than currently available....

  6. Relations of imagery, creativity, and socioeconomic status with performance on a stock-market E-trading game.

    Science.gov (United States)

    Roberts, D S; MacDonald, B E

    2001-06-01

    The purpose of the present investigation was to examine how measures of imagery, creativity, and socioeconomic status relate to performance in a stock-market trading game. The 368 participants were students enrolled in an administration studies curriculum. A multiple regression analysis showed imaging scores to be a predictor of stock-trading performance as were creativity and socioeconomic status to a lesser extent. High imagers and high scorers on creativity and socioeconomic status made several times more profit with their portfolios. Results are discussed in terms of imagery having multiple repercussions on learning, e.g., memory and problem-solving. It is concluded that scores on imagery, creativity, and socioeconomic status, being weakly correlated, are interdependent and likely associated with personality traits shaped within a stimulating home or social environment.

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

    DEFF Research Database (Denmark)

    Gascuel, Didier; Coll, Marta; Fox, Clive

    2016-01-01

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

  8. Status and trends of the major roundfish, flatfish, and pelagic fish stocks in the North Sea : Thirty-year overview

    DEFF Research Database (Denmark)

    Serchuk, F.M.; Kirkegaard, Eskild; Daan, N.

    1996-01-01

    Changes in the status of the major roundfish, flatfish, and pelagic stocks in the North Sea over the past 30 years are reviewed. Synopses are presented on trends in catches, fishing mortality, spawning-stock biomass, and recruitment for eight stocks (cod, haddock, whiting, saithe, plaice, sole...

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

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

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

  10. An empirical investigation of Australian Stock Exchange data

    Science.gov (United States)

    Bertram, William K.

    2004-10-01

    We present an empirical study of high frequency Australian equity data examining the behaviour of distribution tails and the existence of long memory. A method is presented allowing us to deal with Australian Stock Exchange data by splitting it into two separate data series representing an intraday and overnight component. Power-law exponents for the empirical density functions are estimated and compared with results from other studies. Using the autocorrelation and variance plots we find there to be a strong indication of long-memory type behaviour in the absolute return, volume and transaction frequency.

  11. 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.

  12. The Determinants of Stock Market Returns: An ARDL Investigation on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Sevinç Güler

    2014-03-01

    Full Text Available In this paper we examine the long run and the short run dynamics of stock return and macroeconomic and financial variables like gold prices, oil prices, export volume, import volume and exchange rate. The empirical investigation employed on monthly data between January 1988 to November 2013. The Autoregressive Distrubuted Lag (ARDL called analytical-cointegration technique is applied to capture the dynamics of short-run and long-run relationship between veriables. According to results we found a long run relationship between stock return and economic factors and existence of significant relationship between import and stock return in long run and short run models

  13. Investigating the Nonlinear Dynamics of Emerging and Developed Stock Markets

    Directory of Open Access Journals (Sweden)

    K. Guhathakurta

    2015-01-01

    Full Text Available Financial time-series has been of interest of many statisticians and financial experts. Understanding the characteristic features of a financial-time series has posed some difficulties because of its quasi-periodic nature. Linear statistics can be applied to a periodic time series, but since financial time series is non-linear and non-stationary, analysis of its quasi periodic characteristics is not entirely possible with linear statistics. Thus, the study of financial series of stock market still remains a complex task having its specific requirements. In this paper keeping in mind the recent trends and developments in financial time series studies, we want to establish if there is any significant relationship existing between trading behavior of developing and developed markets. The study is conducted to draw conclusions on similarity or differences between developing economies, developed economies, developing-developed economy pairs. We take the leading stock market indices dataset for the past 15 years in those markets to conduct the study. First we have drawn probability distribution of the dataset to see if any graphical similarity exists. Then we perform quantitative techniques to test certain hypotheses. Then we proceed to implement the Ensemble Empirical Mode Distribution technique to draw out amplitude and phase of movement of index value each data set to compare at granular level of detail. Our findings lead us to conclude that the nonlinear dynamics of emerging markets and developed markets are not significantly different. This could mean that increasing cross market trading and involvement of global investment has resulted in narrowing the gap between emerging and developed markets. From nonlinear dynamics perspective we find no reason to distinguish markets into emerging and developed any more.

  14. Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams; 2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Connor, Jason M. (Kalispell Department of Natural Resources, Usk, WA); McLellan, Jason G. (Washington Department of Fish and Wildlife, Spokane, WA); O' Connor, Dick (Washington Department of Fish and Wildlife, Olympia, WA)

    2003-01-01

    In 1980, the United States Congress enacted the Northwest Power Planning and Conservation Act (PL 96-501, 1980), which established the Northwest Power Planning Council (NPPC). The NPPC was directed by Congress to develop a regional Power Plan and also the Columbia River Basin Fish and Wildlife Program (FWP) to restore or replace losses of fish caused by construction and operation of hydroelectric dams in the Columbia River Basin. In developing the FWP, Congress specifically directed NPPC to solicit recommendations for measures to be included in the Program from the region's fish and wildlife agencies and Indian tribes. All measures adopted by the Council were also required to be consistent with the management objectives of the agencies and tribes [Section 4.(h)(6)(A)], the legal rights of Indian tribes in the region [Section 4.(h)(6)(D)] and be based upon and supported by the best available scientific knowledge [Section 4.(h)(6)(B)]. The Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams Project, also known as the Joint Stock Assessment Project (JSAP) specifically addresses NPPC Council measure 10.8B.26 of the 1994 program. The Joint Stock Assessment Project is a management tool using ecosystem principles to manage artificial fish assemblages and native fish in altered environments existing in the Columbia River System above Chief Joseph and Grand Coulee Dams (Blocked Area). A three-phase approach of this project will enhance the fisheries resources of the Blocked Area by identifying data gaps, filling data gaps with research, and implementing management recommendations based on research results. The Blocked Area fisheries information is housed in a central location, allowing managers to view the entire system while making decisions, rather than basing management decisions on isolated portions of the system. The JSAP is designed and guided jointly by fisheries managers in the Blocked Area and the Columbia Basin Blocked Area Management Plan

  15. Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams; 2002-2003 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Connor, Jason M. (Kalispel Tribe of Indians, Usk, WA); McLellan, Jason G. (Washington Department of Fish and Wildlife); Butler, Chris (Spokane Tribe of Indians, Wellpinit, WA)

    2006-02-01

    In 1980, the United States Congress enacted the Northwest Power Planning and Conservation Act (PL 96-501, 1980), which established the Northwest Power and Conservation Council (NPCC), formerly the Northwest Power Planning Council. The NPCC was directed by Congress to develop a regional Power Plan and also the Columbia River Basin Fish and Wildlife Program (FWP) to restore or replace losses of fish caused by construction and operation of hydroelectric dams in the Columbia River Basin. In developing the FWP, Congress specifically directed NPCC to solicit recommendations for measures to be included in the Program from the region's fish and wildlife agencies and Indian tribes. All measures adopted by the Council were also required to be consistent with the management objectives of the agencies and tribes [Section 4.(h)(6)(A)], the legal rights of Indian tribes in the region [Section 4.(h)(6)(D)] and be based upon and supported by the best available scientific knowledge [Section 4.(h)(6)(B)]. The Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams Project, also known as the Joint Stock Assessment Project (JSAP) specifically addresses NPPC Council measure 10.8B.26 of the 1994 program. The Joint Stock Assessment Project is a management tool using ecosystem principles to manage artificial and native fish assemblages in altered environments existing in the Columbia River System above Chief Joseph and Grand Coulee Dams (Blocked Area). A three-phase approach of this project will enhance the fisheries resources of the Blocked Area by identifying data gaps, filling data gaps with research, and implementing management recommendations based on research results. The Blocked Area fisheries information is housed in a central location, allowing managers to view the entire system while making decisions, rather than basing management decisions on isolated portions of the system. The JSAP is designed and guided jointly by fisheries managers in the Blocked Area. The

  16. Effect of stock size, climate, predation, and trophic status on recruitment of alewives in Lake Ontario, 1978-2000

    Science.gov (United States)

    O'Gorman, Robert; Lantry, Brian F.; Schneider, Clifford P.

    2004-01-01

    The population of alewives Alosa pseudoharengus in Lake Ontario is of great concern to fishery managers because alewives are the principal prey of introduced salmonines and because alewives negatively influence many endemic fishes. We used spring bottom trawl catches of alewives to investigate the roles of stock size, climate, predation, and lake trophic status on recruitment of alewives to age 2 in Lake Ontario during 1978–2000. Climate was indexed from the temperature of water entering a south-shore municipal treatment plant, lake trophic status was indexed by the mean concentration of total phosphorus (TP) in surface water in spring, and predation was indexed by the product of the number of salmonines stocked and relative, first-year survival of Chinook salmonOncorhynchus tshawytscha. A Ricker-type parent–progeny model suggested that peak production of age-1 alewives could occur over a broad range of spawning stock sizes, and the fit of the model was improved most by the addition of terms for spring water temperature and winter duration. With the addition of the two climate terms, the Ricker model indicated that when water was relatively warm in spring and the winter was relatively short, peak potential production of young was nine times higher than when water temperature and winters were average, and 73 times higher than when water was cold in spring and winters were long. Relative survival from age 1 to recruitment at age 2 was best described by a multiple linear regression with terms for adult abundance, TP, and predation. Mean recruitment of age-2 fish in the 1978–1998 year-classes predicted by using the two models in sequence was only about 20% greater than the observed mean recruitment. Model estimates fit the measured data exceptionally well for all but the largest four year-classes, which suggests that the models will facilitate improvement in estimates of trophic transfer due to alewives.

  17. Limits to the reliability of size-based fishing status estimation for data-poor stocks

    DEFF Research Database (Denmark)

    Kokkalis, Alexandros; Thygesen, Uffe Høgsbro; Nielsen, Anders

    2015-01-01

    to a considerable improvement in the assessment. Overall, the simulation study demonstrates that it may be possible to classify a data-poor stock as undergoing over- or under-fishing, while the exact status, i.e., how much the fishing mortality is above or below Fmsy, can only be assessed with a substantial...... information availability scenarios, from data-limited, where none of the parameters are known beforehand, to different degrees of information availability cases where one or more parameters are known. If no parameters are known it is possible to correctly assess whether the fishing mortality is below Fmsy...

  18. Investigation of Causal Relationship between Stock Prices and Trading Volume using Toda and Yamamoto Procedure

    Directory of Open Access Journals (Sweden)

    Sushil BAJAJ

    2014-11-01

    Full Text Available The present study probes the relationship between the stock prices and trading volume. For achieving this purpose, daily data of adjusted closing stock prices, trading volume of 39 individual securities and S&P CNX Nifty from January 1, 1998 to May 31, 2013 have been used. In this study, instead of applying ordinary Granger causality test to investigate the relationship between stock prices and trading volume, Toda and Yamamoto (1995 procedure has been applied for analyzing the data. Lag length chosen by AIC and FPE criterion has been insured by running Lagrange Multiplier (LM test and causality determined by Toda and Yamamoto test has also been confirmed by using VAR methodology. Although, Toda and Yamamoto and VAR test produced little dissimilar results, nevertheless, the empirical analysis provides sufficient grounds to declare the presence of interaction between stock prices and trading volume.

  19. Investigating stock-outs in Johannesburg’s warehouse retail liquor sector

    Directory of Open Access Journals (Sweden)

    Amit Govind

    2017-09-01

    Full Text Available Purpose: The aim of this exploratory study was to investigate how management practices and processes contribute to stock-outs in the warehouse retail liquor sector in Johannesburg. Research design: A pragmatic research philosophy was used in a multi-case approach to determine the association between business management practices and stock-outs. The unit of analysis of the study is the highest turnover outlets. Findings: The results revealed that retailers base demand forecasting on judgement and naïve or simple moving average forecast methods. There is little consideration of variability, lead time or targeted customer service levels when determining optimal inventory levels. Product breakages are common, implying that data inaccuracies and stock-outs are highly probable. Information sharing between the retailers and suppliers is limited and formal collaboration programmes do not exist. The respondents revealed that frequent stock-outs resulted in poor business performance characterised by declining sales, customer retention and competitive advantage. Limitations: Although the sample selected represented a significant portion of the top 50% contributors to the sector’s sales, the sample is small and the focus of the study is limited, which decreases the generalisability of the results. Practical implications: Retailers can reduce stock-outs by investing in improvements in demand forecasting, synchronisation through collaboration and training of employees. Originality or value: This study provides empirical evidence of the linkages between poor management practices and processes, stock-outs, customer service and business performance.

  20. 76 FR 23794 - Stock Status Determination for Atlantic Highly Migratory Scalloped Hammerhead Shark

    Science.gov (United States)

    2011-04-28

    ... DEPARTMENT OF COMMERCE National Oceanic and Atmospheric Administration [RIN 0648-XA196] Stock... shark, and the stock is overfished. NMFS notifies the public whenever it determines that: overfishing is occurring, a stock is overfished, or a stock is approaching an overfished condition. FOR FURTHER INFORMATION...

  1. Size-based estimation of the status of fish stocks: simulation analysis and comparison with age-based estimations

    DEFF Research Database (Denmark)

    Kokkalis, Alexandros; Thygesen, Uffe Høgsbro; Nielsen, Anders

    is linked to physiology more directly than is age, and can be measured easier with less cost. In this work we used a single-species size-based model to estimate the fishing mortality (F) and the status of the stock, quantified by the ratio F/Fmsy between actual fishing mortality and the fishing mortality...

  2. Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

    2016-08-01

    We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

  3. Earnings management and Stock Market Return: An Investigation of Lean against the Wind Hypothesis

    Directory of Open Access Journals (Sweden)

    Amir Sajjad Khan

    2013-09-01

    Full Text Available This study attempts to investigate the “lean against the wind hypothesis”. For this purpose the relationship of earnings management to that of the aggregate stock market return was investigated. Data for the year 2005 to 2009 was examined and Panel Data techniques were applied on the data set. F-statistics were used to check for appropriateness of the model, Housman test were used to finally decide for fixed effect model. Results of the paper were against the existence of lean against the wind behavior of the firms towards the aggregate under valuation of stock market returns. These Results were in favor of the past study of Cohen and Zarowin (2011.Keywords: Earnings management, Discretionary accruals, Modified Jones model, KSE

  4. Investigating the Influence Relationship Models for Stocks in Indian Equity Market: A Weighted Network Modelling Study.

    Science.gov (United States)

    Bhattacharjee, Biplab; Shafi, Muhammad; Acharjee, Animesh

    2016-01-01

    The socio-economic systems today possess high levels of both interconnectedness and interdependencies, and such system-level relationships behave very dynamically. In such situations, it is all around perceived that influence is a perplexing power that has an overseeing part in affecting the dynamics and behaviours of involved ones. As a result of the force & direction of influence, the transformative change of one entity has a cogent aftereffect on the other entities in the system. The current study employs directed weighted networks for investigating the influential relationship patterns existent in a typical equity market as an outcome of inter-stock interactions happening at the market level, the sectorial level and the industrial level. The study dataset is derived from 335 constituent stocks of 'Standard & Poor Bombay Stock Exchange 500 index' and study period is 1st June 2005 to 30th June 2015. The study identifies the set of most dynamically influential stocks & their respective temporal pattern at three hierarchical levels: the complete equity market, different sectors, and constituting industry segments of those sectors. A detailed influence relationship analysis is performed for the sectorial level network of the construction sector, and it was found that stocks belonging to the cement industry possessed high influence within this sector. Also, the detailed network analysis of construction sector revealed that it follows scale-free characteristics and power law distribution. In the industry specific influence relationship analysis for cement industry, methods based on threshold filtering and minimum spanning tree were employed to derive a set of sub-graphs having temporally stable high-correlation structure over this ten years period.

  5. InterCatch - a tool for fish stock assessment, status and methods

    DEFF Research Database (Denmark)

    Kjems-Nielsen, Henrik; Larsen, Lena Inger; Zarecki, Maria

    2006-01-01

    InterCatch is a web-based system for handling fish stock assessment data focusing on documenting characteristics of the catches. These national fish stock data are uploaded to InterCatch by national data submitters. After all data are uploaded the stock coordinators (working for the fish stock as...... assessment group) can then check and set up allocation schemes for unsampled catches. After applying the best allocation scheme to the unsampled catches, the catch data are aggregated as required and exported for analysis, e.g. XSA or ICA....

  6. EXPERIMENTAL INVESTIGATIONS OF INTERACTION OF TRACK AND ROLLING STOCK ON CROSSOVERS

    Directory of Open Access Journals (Sweden)

    M. A. Arbuzov

    2016-10-01

    Full Text Available Purpose. Recently on the Ukrainian railways network more attention is paid to the cases of violations in the maintenance of crossovers, which may lead to deterioration of the train traffic safety conditions. As a rule, such violations occur as a result of inaccuracies during crossover pegging and laying, as well as are the consequence of impact of rolling stock and thermal forces. The appearance of geometrical irregularities can also be triggered by violation of the scheme of layout of concrete sleepers in the crossover turnout curve with intertrack spaces of less than 5.3 m. Therefore, we have decided to analyze the impact of the presence of deviations from the layout scheme of the sleepers and geometric irregularities on the conditions of track and rolling stock interaction based on the results of experimental investigations. It was also decided to establish a connection between the stress-strain states of the track and the presence of short sleepers. Methodology. The effect of deviations from the layout scheme of the sleepers and geometric irregularities on the interaction conditions of track and rolling stock was studied by means of theoretical calculations and experimental research. The experimental research covered the area on the non-public railway tracks that meets the required conditions for scientific and research work on the territory of «Transinvestservice» company. Findings. The distribution of stresses and forces acting on a railway track depending on speed movement of experienced rolling stock was obtained. In addition we obtained the data on the influence of the sleeper geometric parameters on its stress-strain state. Originality. For the first time the paper assessed the impact of rolling stock in the presence of geometrical irregularities and asymmetrically truncated sleepers within the crossover connection part on the stress-strain state of track in this zone. In addition, we compared the results for the area with common and

  7. Resident fish stock status above Chief Joseph and Grand Coulee dams : 2000 annual report; ANNUAL

    International Nuclear Information System (INIS)

    Lockwood, N.; McLellan, J.; Crossley, B.

    2001-01-01

    The Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams Project, commonly known as the Joint Stock Assessment Project (JSAP) is a management tool using ecosystem principles to manage artificial fish assemblages and native fish in altered environments existing in the Columbia River System above Chief Joseph and Grand Coulee Dams (blocked area). The three-phase approach of this project will enhance the fisheries resources of the blocked area by identifying data gaps, filling data gaps with research, and implementing management recommendations based on research results. The Blocked Area fisheries information housed in a central location will allow managers to view the entire system while making decisions, rather than basing management decisions on isolated portions of the system. The JSAP (NWPPC program measure 10.8B.26) is designed and guided jointly by fisheries managers in the blocked area and the Columbia Basin blocked area management plan (1998). The initial year of the project (1997) identified the need for a central data storage and analysis facility, coordination with the StreamNet project, compilation of blocked area fisheries information, and a report on the ecological condition of the Spokane River System. These needs were addressed in 1998 by acquiring a central location with a data storage and analysis system, coordinating a pilot project with StreamNet, compiling fisheries distribution data throughout the blocked area, identifying data gaps based on compiled information, and researching the ecological condition of the Spokane River. In order to ensure that any additional information collected throughout the life of this project will be easily stored and manipulated by the central storage facility, it was necessary to develop standardized methodologies between the JSAP fisheries managers. The use of common collection and analytical tools is essential to the process of streamlining joint management decisions. In 1999 and 2000 the project

  8. Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams; 2000 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Lockwood, Jr., Neil [Kalispel Tribe of Indians, Usk, WA (United States); McLellan, Jason G [Washington Department of Fish and Wildlife, Spokane, WA (United States); Crossley, Brian [Spokane Tribe of Indians, Department of Natural Resources, Wellpinit, WA (United States); O' Connor, Dick

    2001-01-01

    The Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams Project, commonly known as the Joint Stock Assessment Project (JSAP) is a management tool using ecosystem principles to manage artificial fish assemblages and native fish in altered environments existing in the Columbia River System above Chief Joseph and Grand Coulee Dams (blocked area). The three-phase approach of this project will enhance the fisheries resources of the blocked area by identifying data gaps, filling data gaps with research, and implementing management recommendations based on research results. The Blocked Area fisheries information housed in a central location will allow managers to view the entire system while making decisions, rather than basing management decisions on isolated portions of the system. The JSAP (NWPPC program measure 10.8B.26) is designed and guided jointly by fisheries managers in the blocked area and the Columbia Basin blocked area management plan (1998). The initial year of the project (1997) identified the need for a central data storage and analysis facility, coordination with the StreamNet project, compilation of blocked area fisheries information, and a report on the ecological condition of the Spokane River System. These needs were addressed in 1998 by acquiring a central location with a data storage and analysis system, coordinating a pilot project with StreamNet, compiling fisheries distribution data throughout the blocked area, identifying data gaps based on compiled information, and researching the ecological condition of the Spokane River. In order to ensure that any additional information collected throughout the life of this project will be easily stored and manipulated by the central storage facility, it was necessary to develop standardized methodologies between the JSAP fisheries managers. The use of common collection and analytical tools is essential to the process of streamlining joint management decisions. In 1999 and 2000 the project

  9. Effects of dietary organic chromium and vitamin C supplementation on performance, immune responses, blood metabolites, and stress status of laying hens subjected to high stocking density.

    Science.gov (United States)

    Mirfendereski, E; Jahanian, R

    2015-02-01

    The present study was carried out to investigate the effects of dietary supplementation of chromium-methionine (CrMet) and vitamin C (VC) on performance, immune response, and stress status of laying hens subjected to high stocking density. A total of 360 Hy-Line W-36 leghorn hens (at 26 wk old) were used in a 2×3×2 factorial arrangement that had 2 cage densities (5 and 7 hens per cage), 3 Cr levels (0, 500, and 1,000 ppb as CrMet), and 2 dietary VC levels (0 and 500 ppm as L-ascorbic acid). The trial lasted for 12 wk. The first 2 wk were for adaptation (26 to 28 wk of age), and the remaining 10 wk served as the main recording period. In addition to performance, immune response to Newcastle disease virus (NDV) was assessed at d 7 and 14 postvaccination. Also, the birds' stress status was evaluated by analyzing appropriate plasma metabolites. The results showed that hens in cages with higher stocking density had lower hen-day egg production, egg mass, and feed intake compared with those in normal density cages (Pfeed conversion efficiency (Pfeed conversion ratio in VC-unsupplemented diets. Although plasma concentrations of triglycerides and high-density lipoproteins were not influenced by dietary treatments, supplemental CrMet decreased plasma cholesterol levels (Phens kept at a density of 7 hens/cage were significantly higher than those of hens in normal cage density (Phens. While high stocking density caused a marked increase in plasma corticosterone (Phens. The high stocking density challenge suppressed NDV antibody response (Phens kept at a density of 7 hens/cage (P<0.01). From the present observations, it can be concluded that CrMet can improve laying performance largely because it alleviates harmful responses to stressful conditions. © 2015 Poultry Science Association Inc.

  10. Status of eel fisheries, stocks and their management in England and Wales

    Directory of Open Access Journals (Sweden)

    Aprahamian M.

    2009-05-01

    Full Text Available All continental life stages of eel are exploited in England and Wales. The main fisheries for glass eel are by estuarine dip-nets in the southwest. The main fisheries for yellow and silver eel occur in southern and eastern England, with fyke nets being the preferred instrument. Fishing effort is not directly recorded but is inferred from licence sales. Around 1100 glass eel licenses were sold annually from 1980 to 1994, increasing to around 2500 in 1998, but declined to about 800 per annum since 2001. Declared catches of glass eel have been below 1–2 t since 2001, compared to 10–70 t in the 1970s and 1980s. Licence sales for yellow and silver eel fisheries (combined varied from around 1100 to 2900 over the period 1983–2007, peaking in the mid-1980s, mid-1990s and again in 2005–2007. Declared catches peaked in the late 1980s and mid-1990s (peak 280 t, but have been low since 2001 (mean 29 t. Nett export data suggests catches may be 4 times higher. Eel landings are reported as bycatch from various marine fisheries around the UK coasts, with landings from 2001 to 2007 ranging from 0.2 to 13.7 t per annum. Assessment of stock status is based mainly on catch and catch per unit effort data as there has been little fishery independent survey of eels. There has been a general decreasing trend in both glass eel catches reported to the Agency and in nett export data. Comparing maximum catch levels in the late 1970s–early 1980s with minimum levels in the 2000s suggests that the catch has declined by around 75–95%. Trends in CPUE are similar, at least until 1998. It is concluded that current glass eel recruitment to the western coast of the UK is approximately 30% of the pre-1980 level of recruitment. Yellow and silver eel indices derived from HMRC nett exports or reported catches per licence sold, both suggest that the current estimate of stocks derived from these data are 20% those of the late 1980s and mid 1990s. The Reference Condition

  11. Investigating the effects of global financial crisis on stock price and operating profit: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyedeh Shideh Dianat Jahromi

    2013-09-01

    Full Text Available In some decades, capitalism countries have suffered from financial crises and the financial crises have created economic recession started from the country of origin and distributed to other counties. The purpose of this paper is to study the global financial crisis effects on the stock price as well as operating profit of some listed companies in Tehran Stock Exchange(TSE. This research shows the difference between operating profit and the price of the products of the firms before and after the global financial crisis. The aim of this research is to study the effects of the global financial crisis on 133 TSE firms over the period 2004-2011 by considering two periods: Before/after crisis, i.e. 2004-2008 and 2008-2011. The results of testing different hypotheses show that there was a significant difference between the operating profit and the stock price of the firms before and after the global financial crisis on the different industries of the Iranian companies.

  12. INVESTIGATION OF STOCK ILLIQUIDITY ON CENTRAL AND SOUTH EAST EUROPEAN MARKETS IN NAÏVE PORTFOLIO FRAMEWORK

    OpenAIRE

    Vidović, Jelena

    2013-01-01

    This paper questions existence of illiquidity premium on 8 Central and South East European stock markets. Using the ILLIQ illiquidity measure proposed by Amihud (2002) we investigate liquidity of each stock. Naïve portfolio diversification is applied in forming liquidity sorted portfolios. These portfolios were formed using daily data in the half-year period and in the second part of analysis by using daily data within one month. Performance of these portfolios was observed in the half-year p...

  13. Singleton status and childhood obesity: Investigating effects and mechanisms Status :

    OpenAIRE

    Maoyong Fan; Yanhong Jin

    2015-01-01

    Over the past four decades, paralleling the increasing prevalence of childhood obesity, the share of families with only one child has been rising steadily. Using three waves of the National Survey of Children's Health, we examine the effect of being the only child in a family on childhood obesity and the mechanisms through which singleton status might affect childhood obesity. We find gender-specific and age-dependent singleton effects. That is, singletons have a higher level of body mass ind...

  14. An investigation on important factors influencing on forecasted earnings adjustment: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Babakhani

    2014-01-01

    Full Text Available This paper presents an empirical investigation to detect important factors influencing earning adjustment on firms selected on Tehran Stock Exchange over the period 2006-2011. There are four independent variables associated with the proposed study of this paper including Proportion of shares owned by institutional investors, Return on assets, Profit change and Market value to book value. In addition, Investment restructuring is considered as control variable. The results of the implementation of regression analysis indicate that there was a reverse relationship between earning forecasted adjustment and two independent variables including size of firm as well as the ratio of market value to book value. However, Net profit has a direct and positive relationship with earning forecast adjustment.

  15. Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation

    Directory of Open Access Journals (Sweden)

    GianMario Raggetti

    2017-09-01

    Full Text Available Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources.Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion and, eventually, size and type (Buy/Sell of stock negotiations, made through Direct Access Trading (DAT platforms.Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform.Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC, the posterior parietal cortex (PPC, the nucleus accumbens (NAcc, and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders

  16. Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation.

    Science.gov (United States)

    Raggetti, GianMario; Ceravolo, Maria G; Fattobene, Lucrezia; Di Dio, Cinzia

    2017-01-01

    Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed

  17. Investigation of the impact of stocking density on the production of ...

    African Journals Online (AJOL)

    The aim of this study was to determine the stocking density that maximises the commercial production of O. niloticus fry in hapas at Lake Harvest Aquaculture. The study was conducted over a period of nine weeks. Three stocking densities of 4500 (A), 8000 (B) and 11500 (C) fry/hapa with four replicates each were used in ...

  18. Immune status investigations for radiation workers

    International Nuclear Information System (INIS)

    Obreja, D.; Tulbure, R.; Marinescu, I.

    2002-01-01

    In Romania, the enhanced development of nuclear energy leads to an increase of number of occupational exposed persons to ionizing radiation. Hence, a good knowledge of effects of ionizing radiation exposure on human body is necessary. Beginning with this decade, the opinion regarding medical surveillance of occupational exposed persons to ionizing radiation has changed - the surveillance system has to insure firstly the prevention of professional diseases. It is important to select some biological tests as helpful indicators both in immediate assessment and in health status prognosis for occupational exposed people in the future. The fact that ionizing radiation leads to immune system modifications is well known. In the last 20 years, the effect of ionizing radiation upon immune system was extensively studied, as a result of an intense research activity and of an improvement of knowledge in the field of immunology. Researches have made important steps in understanding the mechanisms of action and control for immune responses

  19. Kokanee Stock Status and Contribution of Cabinet Gorge Hatchery, Lake Pend Oreille, Idaho, 1990 Annual Progress Report.

    Energy Technology Data Exchange (ETDEWEB)

    Paragamian, Vaughn L.

    1991-03-01

    Rehabilitation of kokanee Oncorhynchus nerka in Lake Pend Oreille met with some success in 1990, but unexpected results have raised new questions. Estimated kokanee abundance during late August of 1990 was about 6.9 million fish. This is a decline of 19% from 1989, a continued decrease since 1988. The decreased population was attributed to low stocking of hatchery fry (7.3 million), lower wild fry survival in 1990 (1.5%), and exceptionally poor survival of fish ages 3+ and 4+. Average survival of the older fish was only 11% in 1990 compared to 72% in prior years. Compensatory survival was noted for kokanee ages 1+ and 2+, with an average of 81% in 1990 compared to 44% in 1989. Hatchery fry comprised 47% of the total kokanee fry recruitment in 1990 (80% of fry biomass). This contribution ranked third behind 1988 and 1989 since hatchery supplementation began in the 1970s. Survival of hatchery fry was 20%, the second highest since this investigation began. Findings of 1990 indicate a more comprehensive approach to managing kokanee must take into account predator stockings and predator/prey interaction. An unexpected low adult escapement was responsible for an egg-take of only 5.6 million eggs in 1990, 58% of the previous year, which will limit experimental stocking in 1991. Modification of the fish ladder at the Cabinet Gorge Fish Hatchery to improve adult escapement is strongly recommended to increase egg-take. 27 refs., 28 figs., 6 tabs.

  20. DOES STOCK MARKET DEVELOPMENT PLAY ANY ROLE IN THE EFFECT OF FDI ON ECONOMIC GROWTH IN NIGERIA? AN EMPIRICAL INVESTIGATION

    Directory of Open Access Journals (Sweden)

    Oziengbe Scott Aigheyisi

    2016-09-01

    Full Text Available The objective of the paper is to investigate whether stock market development plays any role in the effect of foreign direct investment (FDI on economic growth in Nigeria. Using annual time series data that span the period from 1981 to 2014, and employing the fully modified ordinary least squares (FMOLS estimation technique, the empirical evidence indicates that FDI, domestic investment and stock market development positively and significantly affect economic growth, but the effect of the interaction between stock market development and FDI on economic growth is negative and significant, indicating that the Nigerian bourse is not yet fully developed to engender positive growth effect of FDI. The study further finds that government consumption expenditure and trade openness adversely affect the growth of the country’s real GDP per capita. Recommendations of the paper include efforts by the government to design and implement programmes and policies aimed at enhancing the attractiveness of the country to foreign and local investors, efforts by capital market regulators to enhance stock market efficiency, reduction of government consumption expenditures and import control.

  1. Investigating the effect of tax costs on accounting conservatism: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Reza Asgari

    2014-01-01

    Full Text Available The purpose of this paper is to study the effect of the tax expenses on accounting conservatism on firms listed on Tehran Stock Exchange. In this study to measure the conservatism accruals is used to test the research hypotheses based on the information gathered from 61 firms listed on Tehran Stock Exchange over the period 2004-2009. Findings indicate that the relationship between conservatism accounting and corporate tax burden was positive and significant. In addition, firms with high book-tax conformity had higher motivation to use the conservative accounting to reduce their tax payments.

  2. Tourism Stocks in Times of Crises: an Econometric Investigation of Non-macro Factors

    NARCIS (Netherlands)

    A. Zopiatis (Anastasios); C.S. Savva (Christos); N. Lambertides (Neophytos); M.J. McAleer (Michael)

    2016-01-01

    textabstractFollowing the recent terrorist attacks in Paris, the European media emphatically pronounced that billions of euros were wiped from tourism related stocks. This comes at a troublesome time for the tourism industry, in the midst of a global financial crisis, and the unpredictable rise of

  3. Tourism Stocks in Times of Crises: An Econometric Investigation of Unexpected Non-macroeconomic Factors

    NARCIS (Netherlands)

    A. Zopiatis (Anastasios); C.S. Savva (Christos); N. Lambertides (Neophytos); M.J. McAleer (Michael)

    2017-01-01

    textabstractFollowing the recent terrorist attacks in Paris, the European media emphatically pronounced that billions of Euros were wiped from tourism related stocks. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate academic coverage.

  4. Soil Organic Carbon Stocks in Arctic Deltaic Sediments: Investigations in the Lena River Delta.

    Science.gov (United States)

    Zubrzycki, S.; Kutzbach, L.; Desyatkin, A.; Pfeiffer, E.-M.

    2012-04-01

    The soil organic carbon stock (SSOC) of deltaic sediments in arctic permafrost regions is known to be significant but is insufficiently investigated so far. Previous SSOC studies were conducted mainly in the comparatively well studied Mackenzie River Delta (area: 13,000 km2) in Canada. The few studies from other arctic delta regions report only the gravimetric carbon (C) contents and are limited to the active layer depth at the time of sampling. Since C deposits in permafrost regions are likely to become a future C source, more detailed investigations of the presently frozen likely carbon-rich sediment and soil layers in other arctic delta regions are of importance. Our investigations were performed on Samoylov Island in the southern-central part of the Lena River Delta (32,000 km2) which is the largest arctic delta and the fifth largest delta worldwide. Samoylov Island is representative for the Lena River Delta's first terrace and the active floodplains. Within this study a new portable Snow-Ice-Permafrost-Research-Establishment (SIPRE) auger was used during a spring field session to obtain 1 m deep frozen soil cores (n = 37) distributed over all known soil and vegetation units. These cores are analyzed for bulk contents of nitrogen (N) and C, ice content and bulk density (BD) and to determine the SSOC including the rarely investigated currently permanently frozen layers up to 1 m depth on Samoylov Island. Our study provides evidence for high SSOC for a depth of 1 m for the investigated area ranging between 6 kg m2 and 54 kg m2. Considering the spatial extent of different soil units on the two geomorphological units of Samoylov Island, the area-weighted average SSOC were 31 kg m2 (n = 31) for the first terrace and 15 kg m2 (n = 6) for the active floodplain. For the correspondent soil units of Turbels and Orthels in circumpolar permafrost regions, Tarnocai et al. 2009 reported a mean SSOC of 27 kg m2 (min: 0.1 kg m2, max: 126 kg m2) for a depth of 1 m. For up

  5. Predictability of Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-06-01

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

  6. Kokanee Stock Status and Contribution of Cabinet Gorge Hatchery, Lake Pend Oreille, Idaho, 1991 Annual Progress Report.

    Energy Technology Data Exchange (ETDEWEB)

    Paragamian, Vaughn L.

    1991-01-01

    Initially, rehabilitation of kokanee Oncorhynchus nerka met with apparent success reaching a peak abundance of 10.2 million fishTl988. However, a decline of 47% followed from 1988 through 1991 to 5.4 million fish. The decreased population was attributed to poor recruitment of wild fish, poor egg take, thus, low stocking of hatchery fry (7.3 million in 1990 and 5.0 million in 1991 compared to about 13.0 million in 1981), and poor survival of fish ages 3 and 4 (average survival of the older fish was only 35% in 1990 compared to 72% in prior years but it was 68% in 1991). In addition, standing stocks of kokanee have remained relatively stable (x = 8.6 kg/hectare) since 1986 despite the dramatic changes in density. Prior to this study (1985) standing stocks were substantially higher (x = 13.6 kg/hectare). The kokanee population is probably operating below carrying capacity. Hatchery fry comprised 59% of the total kokanee recruitment in 1991 (93% of fry biomass). This contribution of 1.06 million fry ranked fifth behind 1988 (3.74 million), 1989 (2.25 million), 1982 (1.89 million), and 1990 (1.56 million) since hatchery supplementation began in the 1970s. Survival of hatchery fry was 21% in 1991, the second highest since this investigation began. Two release strategies were tested in 1991 of which the best survival was recorded for the Sullivan Springs release at 23% while the early Clark Fork River release continued to have lowest survival at 18%. Survival of hatchery reared kokanee fry is still below the goal of 30% and it appears that this goal may not be attainable most years. Statistical analysis between number of days from fry release to recapture day and fry survival did not reveal a relationship (P = 0.43). Survival of fry from late releases is higher (P = 0.05) than early releases but no difference (P L 0.71) was detected between stocking locations. Good survival of fry from the Sullivan Springs releases was attributed to large size of kokanee fry (55 mm), warm

  7. Investigation of dynamic influence of rolling stock for the track structure

    Directory of Open Access Journals (Sweden)

    Nozhenko E.S.

    2016-08-01

    Full Text Available Are presented the results of experimental studies to evaluate the dynamic impact of rolling stock wheels with defects in the track structure. Was accomplished of evaluation the impact of movement speeds in the range of 10 to 40 km/h and loading of rolling stock on the edge stresses in the rails, and acceleration of the rail, were compared results of statistical processing of the measured data to determine the maximum permissible level of acceleration of the rails. Was analyzed the influence of defects of various sizes on the value of stresses in the rails and accelerations of rails. It revealed a monotonic increase of the maximum probability values of rail acceleration when passing a locomotive and wagon, regardless of how load the wagon, unlike the stresses in the edges of the rails, which do not depend on the speed in the test speed range. It was found that only in the value of the maximum possible value of the rail edge stresses for the empty wagon can not be detected the defects of wheel with using only the statistical methods, in the same time is presented the anomaly in the values of acceleration of the rail in the records of the empty wagon.

  8. An investigation on the effects of conservatism on reducing risk of stock market investment: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rezvan Hejazi

    2013-07-01

    Full Text Available Accounting conservatism limits managerial incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk. This study examines relationship between conservatism on financial reports and risk of stock price crash. Using a sample of 54 listed firms in Tehran Stock Exchange over the period of 2006–2010 and panel logistic regression, we examine different hypotheses. The results indicate that accounting conservatism, as measured by Khan and Watts (2009 CSCORE [Khan, M., & Watts, R. L. (2009. Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2, 132-150.], reduces the likelihood of a firm experiencing stock price crashes. The finding holds after controlling other variables such as: negative skewness of firm-specific-weekly return, standard deviation of firm-specific-weekly return, the mean of firm-specific-weekly return, detrend share turnover, size, market to book value of equity ratio, total debt ratio and return on asset ratio, but we did not observe any relationship between these variables during stock price crash.

  9. Parasites as biological tags for the discrimination of marine fish stocks in Brazil: current status and perspectives

    Directory of Open Access Journals (Sweden)

    Iris Aparecida Soares

    2016-11-01

    Full Text Available ABSTRACT. Soares I.A. & Luque J.L. [Parasites as biological tags for the discrimination of marine fish stocks in Brazil: current status and perspectives.] Parasitos como marcadores biológicos para discriminação de estoques de peixes marinhos no Brasil: estado atual e perspectivas. Revista Brasileira de Medicina Veterinária, 38(supl. 3:99-113, 2016. Programa de Pós-Graduação em Ciências Veterinárias, Universidade Federal Rural do Rio de Janeiro, BR 465 Km 7, Seropédica, RJ 23890-000, Brasil. E-mail: luqueufrrj@gmail.com The global state of marine fisheries and its effects endanger the future of fishery resources, which may result in extinction of several species as well as threatening the overall integrity of the ecosystems. As the fish consumption growths, marine fishing and related market activities are stimulated increasing the incidence of threatened or exploited species. Aiming the future sustainability, fishery inventories need to be properly identified as a tool for implementation of more efficient policies on the management and conservation of the natural resources. Thus, by the high heterogeneity observed in the Atlantic coast of Brazil as well as the lack of related studies using this tool, the country represents great potential for the use of this technique, to improve our knowledge of local fishing resources. Therefore, the present study highlights the use of parasites as biological markers on identifying fish populations through robust statistical analysis, which represents an efficient and low cost approach and the lack of similar studies in Brazil showing the need of more research efforts on this subject in Brazil.

  10. Stock market returns and clinical trial results of investigational compounds: an event study analysis of large biopharmaceutical companies.

    Science.gov (United States)

    Hwang, Thomas J

    2013-01-01

    For biopharmaceutical companies, investments in research and development are risky, and the results from clinical trials are key inflection points in the process. Few studies have explored how and to what extent the public equity market values clinical trial results. Our study dataset matched announcements of clinical trial results for investigational compounds from January 2011 to May 2013 with daily stock market returns of large United States-listed pharmaceutical and biotechnology companies. Event study methodology was used to examine the relationship between clinical research events and changes in stock returns. We identified public announcements for clinical trials of 24 investigational compounds, including 16 (67%) positive and 8 (33%) negative events. The majority of announcements were for Phase 3 clinical trials (N = 13, 54%), and for oncologic (N = 7, 29%) and neurologic (N = 6, 24%) indications. The median cumulative abnormal returns on the day of the announcement were 0.8% (95% confidence interval [CI]: -2.3, 13.4%; P = 0.02) for positive events and -2.0% (95% CI: -9.1, 0.7%; P = 0.04) for negative events, with statistically significant differences from zero. In the day immediately following the announcement, firms with positive events were associated with stock price corrections, with median cumulative abnormal returns falling to 0.4% (95% CI: -3.8, 12.3%; P = 0.33). For firms with negative announcements, the median cumulative abnormal returns were -1.7% (95% CI: -9.5, 1.0%; P = 0.03), and remained significantly negative over the two day event window. The magnitude of abnormal returns did not differ statistically by indication, by trial phase, or between biotechnology and pharmaceutical firms. The release of clinical trial results is an economically significant event and has meaningful effects on market value for large biopharmaceutical companies. Stock return underperformance due to negative events is greater in magnitude and persists longer than

  11. Investigating the effect of growth and financial strength variables on the financial leverage: Evidence from the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iman Dadashi

    2013-04-01

    Full Text Available The primary objective of this study is to investigate the effect of growth and financial strength variables on the financial leverage for some listed companies in the Tehran Stock Exchange. For this purpose, a sample of 700 firm-years among listed companies in the Tehran Stock Exchange over the period 2006-2010 was examined. In the present study, the growth variables, including asset growth, profit growth and sales growth; and financial strength calculated by the Altman Z-bankruptcy model have been considered as independent variables. In addition, the ratios of long-term debt to total assets, long-term debt to fixed assets, total long-term debt and short-term receivable facilities to equity capital and total long-term debt and short-term receivable facilities to total assets are used as measures of financial leverage and dependent variables. The results indicate that there is a negative and significant relationship between assets growth and some indexes of financial leverage. There is also a positive and significant relationship between the variables of profit growth, sales growth and financial strength with financial leverage measures.

  12. Kootenai River fisheries investigation: Stock status of burbot. Annual report 1996

    International Nuclear Information System (INIS)

    Paragamian, V.L.; Whitman, V.

    1996-11-01

    The main theme of the 1996 burbot Lota lota study was to test the hypothesis that winter discharge for power production/flood control inhibits burbot migration to spawning tributaries. There were to be two to three minimum discharge (113 m 3 /s) periods from Libby Dam of approximately five days duration during December 1995 and January 1996. However, exceptionally heavy precipitation and an excessive amount of water stored in Lake Koocanusa created near flood conditions in the Kootenai River. These high flows prevented a controlled test. But the authors captured 27 burbot in the Kootenai River, Idaho and the Goat River, British Columbia, Canada. Burbot catch from November 1995 through March 1996 averaged 0.055 fish/net-day. Captured burbot ranged from 396 to 830 mm total length and weighed from 400 to 2,800 g (mean = 1,376 g). One burbot was captured at rkm 170 (the Idaho-Canada border) in mid-March after the spawning season. Nine burbot were implanted with sonic transmitters and released at the Goat River capture location. Two additional burbot had active transmitters from the previous season. Telemetry of burbot during the pre-spawn, spawning, and post-spawning periods was conducted. Burbot were located a total of 161 times from September 1, 1995 through August 31, 1996. Ripe burbot were captured at the mouth of the Goat River during February

  13. Lake Roosevelt Fisheries Evaluation Program; Meadow Creek vs. Lake Whatcom Stock Kokanee Salmon Investigations in Lake Roosevelt, Annual Report 2002.

    Energy Technology Data Exchange (ETDEWEB)

    McLellan, Holly

    2003-03-01

    Lake Whatcom, Washington kokanee have been stocked in Lake Roosevelt since 1987 with the primary objective of creating a self-sustaining fishery. Success has been limited by low recruitment to the fishery, low adult returns to hatcheries, and a skewed sex ratio. It was hypothesized that a stock native to the upper Columbia River might perform better than the coastal Lake Whatcom stock. Kokanee from Meadow Creek, a tributary of Kootenay Lake, British Columbia were selected as an alternative stock. Post smolts from each stock were released from Sherman Creek Hatchery in late June 2000 and repeated in 2001. Stock performance was evaluated using three measures; (1) number of returns to Sherman Creek, the primary egg collection facility, (2) the number of returns to 86 tributaries sampled and, (3) the number of returns to the creel. In two repeated experiments, neither Meadow Creek or Lake Whatcom kokanee appeared to be capable of providing a run of three-year old spawners to sustain stocking efforts. Less than 10 three-years olds from either stock were collected during the study period. Chi-square analysis indicated age two Meadow Creek kokanee returned to Sherman Creek and to other tributaries in significantly higher numbers when compared to the Lake Whatcom stock in both 2000 and 2001. However, preliminary data from the Spokane Tribe of Indians indicated that a large number of both stocks were precocial before they were stocked. The small number of hatchery three-year olds collected indicated that the current hatchery rearing and stocking methods will continue to produce a limited jacking run largely composed of precocious males and a small number of three-year olds. No kokanee from the study were collected during standard lake wide creel surveys. Supplemental creel data, including fishing derbies, test fisheries, and angler diaries, indicated anglers harvested two-year-old hatchery kokanee a month after release. The majority of the two-year old kokanee harvested

  14. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

    Many methods exist to assess the fishing status of data-limited stocks; however, little is known about the accuracy or the uncertainty of such assessments. Here we evaluate a new size-based data-limited stock assessment method by applying it to well-assessed, data-rich fish stocks treated as data......-limited. Particular emphasis is put on providing uncertainty estimates of the data-limited assessment. We assess four cod stocks in the North-East Atlantic and compare our estimates of stock status (F/Fmsy) with the official assessments. The estimated stock status of all four cod stocks followed the established stock...... assessments remarkably well and the official assessments fell well within the uncertainty bounds. The estimation of spawning stock biomass followed the same trends as the official assessment, but not the same levels. We conclude that the data-limited assessment method can be used for stock assessment...

  15. An investigate on relationship between moral hazard and corporate governance with earning forecast quality in the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyed ahmad Khalifehsultani

    2012-09-01

    Full Text Available Moral hazard and corporate governance are important factors in determining market transparency. The proposed study of this paper investigates the effects of these two factors on earning quality as well as forecasted earning in Tehran Stock Exchange. We have selected some stocks based on some predefined circumstances and extracted some necessary information over the period of 2005-2010. Based on these criteria, the information of 132 firms are qualified for the proposed study of this paper using 792 years/firm from 23 industries. There are two hypotheses associated with this study. According to the first hypothesis, we investigate whether there is a relationship between board of director independency and quality of forecasted earning. In the second hypothesis, we look to find out whether there is a relationship between the size of board of directors and quality of forecasted earning. We have used three models and using ordinary regression analysis tried to test the models. Based on the results of the survey, we have concluded that moral hazard does not influence forecasted earning, significantly. However, the results of this survey concluded that there is a meaningful relationship between forecasted earning and quality of earning. In terms of members of editorial board, quality of earning has a reverse relationship with absolute deviation of forecasted earning. In other words, as the number of editorial board increases, we may expect a more precise earning estimation. The other observation is that non-board member's duties have better motivation to contribute to firms and could make some changes.

  16. Investigation of status of safety management in radiation handle works

    International Nuclear Information System (INIS)

    Amauchi, Hiroshi; Nishimura, Kenji; Izumi, Kokichi

    2007-01-01

    This report describes the investigation in the title concerning the system for safety management and for accident prevention, which was done by a questionnaire in a period of 1.5 months in 2005. The questionnaire including 55 questions for safety management system, 33 for instruments and safety utilization of radiation and 57 for present status of safety management in high-risk radiation works, was performed in 780 hospitals, of which 313 answered. The first 55 questions concerned with the facility, patient identification, information exchange, management of private information, safety management activities, measures to prevent accident, manual preparation, personnel education and safety awareness; the second, with management of instruments, package insert, system for reporting the safety information, management of implants, re-imaging and radiation protection; and the third, with the systems for patients' emergency, in departments of CT/MR, of IVR, of nuclear diagnosis and of radiation therapy. Based on the results obtained, many problems, tasks and advices are presented to various items and further continuation of efforts to improve the present status is mentioned to be necessary. Details are given in the homepage of the Japanese Society of Radiological Technology. (T.I.)

  17. Investigating the Status of Social Capital in Tehran in 2008

    Directory of Open Access Journals (Sweden)

    yahya shadi

    2016-02-01

    Full Text Available Abstract Introduction: Today, the role of social capital has been proved to be undeniable in the health . The World Health Organization (WHO in 2000 declared that almost 60% of the causes of disease and mortality were related to the social factors. Therefore, this study aimed to investigate the status of social capital as one of the social determinants of health in Tehran, capital of Iran. Methods:   The study participants, who aged over 18 years, lived in 22 districts of Tehran in 2010. The study data were collected on social capital and socioeconomic variables in Iran. Different dimensions of social capital as well as the mean score of social capital was measured in various groups using the SC-IQ. The study data were analyzed using Stata statistical software: release 13.0. Results: In this study, 2.484 participants were selected via multistage random sampling. The mean age of participants was 41.38±17.7, and the mean score of social capital was slightly more in men (31.18 than women (30.41. Social capital was demonstrated to be lower within poor participants than other groups. In terms of marital status, the divorced had the lowest social capital (26.50. The mean social capital in those with university education was higher compared to individuals with other levels of education. Conclusion: Social capital is regarded as one of the factors affecting health. To promote the level of this valuable capital, the factors affecting the  social capital level should be identified and all appropriate measures should be taken into account in order to ultimately enhance the level of public health.

  18. Random Walk Investigation in Indian Market with special reference to S&P Nifty – Fifty Stocks.

    Directory of Open Access Journals (Sweden)

    Tamilselvan M Manickam

    2015-10-01

    Full Text Available The competence of a financial system is entirely depending upon the stock market efficiency. The gradual growth of equity investor’s participation is inevitable to enrich the overall growth of emerging economies.Hence the necessity is felt to provide an empirical support to the investing community. For the purpose, this study attempts to examine the weak-form efficiency of Indian stock market – National Stock Exchange (NSE. The study has used the daily closing price of the Nifty fiftystocks from 3rdJanuary 2011 to 24thApril 2015. To test the weak form efficiency both parametric and non-parametric tests called Autocorrelation, Augmented Dicky Fuller test, and Runs Test were performed.  The study reveals that 39 stocks of NSE-Nifty Fifty are found to be weak form inefficient, so that the investors can formulate trading strategies to gain abnormal returns. The Index and 10 stocks are found to be weak form efficient during the study period since the price series found to be autocorrelation existence.Key words: Time Series - Auto Correlation – Unit Root Test – Random Walk– Stationary – National Stock Exchange

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

    Directory of Open Access Journals (Sweden)

    Irshad Hira

    2017-08-01

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

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

    OpenAIRE

    Irshad Hira

    2017-01-01

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

  1. Lake Roosevelt Fisheries Evaluation Program; Meadow Creek vs. Lake Whatcom Stock Kokanee Salmon Investigations in Lake Roosevelt, 2001 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    McLellan, Holly; Scholz, Allan

    2002-03-01

    Lake Roosevelt has been stocked with Lake Whatcom stock kokanee since 1989 with the primary objective of creating a self-sustaining recreational fishery. Due to low return numbers, it was hypothesized a stock of kokanee, native to the upper Columbia River, might perform better than the coastal Lake Whatcom strain. Kokanee from Meadow Creek, a tributary of Kootenay Lake, British Columbia were selected as an alternative stock. Matched pair releases of Lake Whatcom and Meadow Creek kokanee were made from Sherman Creek Hatchery in late June 2000 and repeated in 2001. Stock performance between Lake Whatcom and Meadow Creek kokanee was evaluated using three performance measures; (1) the number of returns to Sherman Creek, the primary egg collection facility, (2) the number of returns to other tributaries and (3) the number of returns to the creel. Kokanee were collected during five passes through the reservoir via electrofishing, which included 87 tributary mouths during the fall of 2000 and 2001. Chi-square analysis indicated age two Meadow Creek kokanee returned to Sherman Creek in significantly higher numbers when compared to the Whatcom stock in 2000 ({chi}{sup 2} = 736.6; d.f. = 1; P < 0.01) and 2001 ({chi}{sup 2} = 156.2; d.f. = 1; P < 0.01). Reservoir wide recoveries of age two kokanee had similar results in 2000 ({chi}{sup 2} = 735.3; d.f. = 1; P < 0.01) and 2001 ({chi}{sup 2} = 150.1; d.f. = 1; P < 0.01). Six Lake Whatcom and seven Meadow Creek three year olds were collected in 2001. The sample size of three year olds was too small for statistical analysis. No kokanee were collected during creel surveys in 2000, and two (age three kokanee) were collected in 2001. Neither of the hatchery kokanee collected were coded wire tagged, therefore stock could not be distinguished. After two years of monitoring, neither Meadow Creek or Lake Whatcom kokanee appear to be capable of providing a run of three-year-old spawners to sustain stocking efforts. The small number of

  2. [Investigation on sleep status of college and high school students].

    Science.gov (United States)

    Chen, Wei; Shen, Yue-di; Chen, Rong; Ding, Guo-xian

    2005-01-01

    To investigate the sleep status of college and high schools students. Pittsburgh sleep quality index (PSQI) and self-manufactured questionnaires about siesta habits were used as tools. Three groups of students from medical college (MC), senior high school (SS) and junior high school (JS) were surveyed. In the group MC, SS and JS, the occurrence rates of sleep disorders were 27%, 62% and 54%, respectively, and in which the appearance rates of insomnia were 17%, 19% and 19%, longing for sleep were 10%, 43% and 35% respectively. And there were no significant difference between schoolboy and schoolgirl. The occurrence rates of slack breathing were different (5/155, 1/154) significantly between group SS and JS. The distinct differences also were found in group JS and MC, in which students felt hot (10/155, 1/122) and in all the three groups, in which students felt sleepy (55/155, 62/154, 13/122) whereas the difference of sleepy between group SS and JS was comparatively distinct (55/155, 62/154). Significant differences were also found between group JS and SS, MC in average sleep time of (7.65 +/- 0.87) hours, (7.16 +/- 0.83) hours, and (7.10 +/- 0.57) hours. The time of falling asleep (median 15 min, 10 min, 20 min) and siesta habit (8/155, 19/154, 75/122) among group MC and SS, JS were different respectively and markedly, whereas siesta habit differences between group SS and JS were comparatively distinct (8/155, 19/154). Students in high school showed higher rate of longing for sleep, and this implicated they fall short of sleep time greatly and siesta could improve their sleepy signs.

  3. An Investigation of the impact of interest rates and interest rate volatility on Australian financial sector stock return distributions

    NARCIS (Netherlands)

    Faff, R.; Kremmer, M.; Hodgson, A.

    2004-01-01

    This paper extends the existing literature by analysing the dual impact of changes in the interest rate and interest rate volatility on the distribution of Australian financial sector stock returns. In addition, a multivariate GARCH-M model is used to analyse the impact of deregulation on the

  4. Investigation Status of Heat Exchange while Boiling Hydrocarbon Fuel

    Directory of Open Access Journals (Sweden)

    D. S. Obukhov

    2006-01-01

    Full Text Available The paper contains analysis of heat exchange investigations while boiling hydrocarbon fuel. The obtained data are within the limits of the S.S. Kutateladze dependence proposed in 1939. Heat exchange at non-stationary heat release has not been investigated. The data for hydrocarbon fuel with respect to critical density of heat flow are not available even for stationary conditions.

  5. The status of isotopic investigations of the Limpopo mobile belt

    International Nuclear Information System (INIS)

    Barton, J.M. Jr.

    1981-01-01

    The Limpopo Belt is a zone of multiple deformed metamorphic rocks situated between the Rhodesian and Kaapvaal Cratons of Southern Africa. During the duration of the International Geodynamics Project, geochronologic and isotopic investigations were undertaken in the nothern Transvaal of rocks of the Central Zone, Southern Marginal Zone and Soutpansberg Supergroup. Strontium 86, strontium 87 and lead isotopes were used in the isotopic investigations

  6. On the effects of world stock market and oil price shocks on food prices: An empirical investigation based on TVP-VAR models with stochastic volatility

    International Nuclear Information System (INIS)

    Jebabli, Ikram; Arouri, Mohamed; Teulon, Frédéric

    2014-01-01

    Transmission of price shocks from one market to another one has long been investigated in the economic literature. However, studies have namely dealt with the relationship between financial and energy markets. With the recent changes in market conditions, investors, policy-makers and interest groups are giving special attention to food market. This paper aims at analyzing shock transmission between international food, energy and financial markets and to provide some insights into the volatility behavior during the past years and discuss its implications for portfolio management. To do this, we present a new time varying parameter VAR (TVP-VAR) model with stochastic volatility approach which provides extreme flexibility with a parsimonious specification. We resort also to a generalized vector autoregressive framework in which forecast-error variance decompositions are invariant to the variable ordering for the assessment of total and directional volatility spillovers. Our main findings suggest that volatility spillovers increase considerably during crisis and, namely after mid-2008, when stock markets become net transmitter of volatility shocks while crude oil becomes a net receiver. Shocks to crude oil or MSCI markets have immediate and short-term impacts on food markets which are emphasized during the financial crisis period. Moreover, we show that augmenting a diversified portfolio of food commodities with crude oil or stocks significantly increases its risk-adjusted performance. - Highlights: • We study shock transmission between food, energy and financial markets. • We use a new time-varying parameter VAR model with stochastic volatility. • There is volatility spillover from oil and stock markets to food. • Volatility spillovers increase considerably during crisis, namely after mid-2008. • Augmenting a portfolio of foods with oil or stocks increases its performance

  7. An investigation of the techno-economic impact of internal combustion engine based cogeneration systems on the energy requirements and greenhouse gas emissions of the Canadian housing stock

    International Nuclear Information System (INIS)

    Asaee, S. Rasoul; Ugursal, V. Ismet; Beausoleil-Morrison, Ian

    2015-01-01

    This study provides a techno-economic evaluation of retrofitting internal combustion engine (ICE) based cogeneration systems in the Canadian housing stock (CHS). The study was conducted using the Canadian Hybrid Residential End-Use Energy and GHG Emissions Model (CHREM). CHREM includes close to 17,000 unique house files that are statistically representative of the Canadian housing stock. The cogeneration system performance was evaluated using a high resolution integrated building performance simulation software. It is assumed that the ICE cogeneration system is retrofitted into all houses that currently use a central space heating system and have a suitable basement or crawl space. The GHG emission intensity factor associated with marginal electricity generation in each province is used to estimate the annual GHG emissions reduction due to the cogeneration system retrofit. The results show that cogeneration retrofit yields 13% energy savings in the CHS. While the annual GHG emissions would increase in some provinces due to cogeneration retrofits, the total GHG emissions of the CHS would be reduced by 35%. The economic analysis indicates that ICE cogeneration system retrofits may provide an economically feasible opportunity to approach net/nearly zero energy status for existing Canadian houses. - Highlights: • Techno-economic evaluation ICE cogeneration systems for Canadian housing is reported. • ICE cogeneration retrofit could yield 13% annual energy savings in Canadian housing. • Annual GHG emissions of Canadian housing could decrease by 35% with ICE cogeneration. • But, in some provinces, GHG emissions would increase as a result of ICE cogeneration

  8. Investigating the status and barriers of science laboratory activities ...

    African Journals Online (AJOL)

    This study aims at investigating the barriers encountered by science teachers in laboratory activities in Rwandan teacher training colleges (TTCs) using questionnaires and interviews. The results confirmed that teachers face barriers like time limitation, material scarcity and lack of improvising skills in their everyday science ...

  9. Investigation of the Greek Stock Exchange volatility and the impact of foreign markets from 2007 to 2012

    Directory of Open Access Journals (Sweden)

    Nikolaos Sariannidis

    2015-10-01

    Full Text Available Purpose of this paper - The current paper aims to analyze the impact of the debt crisis on the FTSE / ASE 20 index volatility. The research also examines the impact of powerful foreign capital markets on the Greek Stock Exchange market, the seasonality returns (Day-of-the-Week effect and the volatility structure. Design/methodology/approach - The analysis of data is made by employing the GARCH models, and more specifically the GJR-GARCH model. Findings - The results of the GJR-GARCH model demonstrate that the debt crisis and, therefore, its consequences increase the FTSE / ASE 20 index volatility and the Greek market does not react asymmetrically to negative information. In addition, the results indicate the importance of foreign markets in shaping the first moment of the FTSE / ASE 20 index and the presence of the Reverse Day of the Week effect. Research limitations/implications - The implication of volatility measurement is vital in determining the cost for investment, security pricing markets, hedging and other trading strategies, and also for regulatory policies conducted within financial markets. Originality/value - The paper may prove helpful to regulatory authorities, investors and financial analysts to understand the structure and behavior of volatility in a small stock exchange market under crisis.

  10. Status of immunoassay as an analytical tool in environmental investigations

    International Nuclear Information System (INIS)

    Van Emon, J.M.

    2000-01-01

    Immunoassay methods were initially applied in clinical situations where their sensitivity and selectivity were utilized for diagnostic purposes. In the 1970s, pesticide chemists realized the potential benefits of immunoassay methods for compounds difficult to analyze by gas chromatography. This transition of the technology has extended to the analysis of soil, water, food and other matrices of environmental and human exposure significance particularly for compounds difficult to analyze by chromatographic methods. The utility of radioimmunoassays and enzyme immunoassays for environmental investigations was recognized in the 1980s by the U.S. Environmental Protection Agency (U.S. EPA) with the initiation of an immunoassay development programme. The U.S. Department of Agriculture (USDA) and the U.S. Food and Drug Administration (PDA) have investigated immunoassays for the detection of residues in food both from an inspection and a contamination prevention perspective. Environmental immunoassays are providing rapid screening information as well as quantitative information to fulfill rigorous data quality objectives for monitoring programmes

  11. An investigation of zincite from spent anodic portions of alkaline batteries: An industrial mineral approach for evaluating stock material for recycling potential

    Science.gov (United States)

    Barrett, Heather A.; Borkiewicz, Olaf; Krekeler, Mark P. S.

    The mineralogy of anodic portions of spent alkaline batteries from a leading brand (Duracell) that had been equilibrated in ambient air for approximately 4 months was investigated to determine if material generated from this low energy process may be suitable stock material for recycling. Powder X-ray diffraction (XRD) identified the bulk of the ambient air oxidized anodic material as zincite (ZnO). Scanning electron microscopy investigation indicates a variety of textures of zincite are present with euhedral hexagonal prisms being the most common crystal form. Energy dispersive spectroscopy (EDS) analysis indicates that there are no minor amounts of Mn within the zincite. Transmission electron microscopy investigation indicates a variety of textures exist in the zinc oxide. Impurities in the batteries. A promising applications of zincite are numerous, including the development of new solar cell materials. The spent alkaline battery waste stream may serve as promising resource for driving further development of this sector of the economy.

  12. Status of experimental and analytical investigations on degraded core reflood

    International Nuclear Information System (INIS)

    Hering, W.; Homann, C.; Tromm, W.

    2011-01-01

    The severe fuel damage (SFD) research at Forschungszentrum Karlsruhe GmbH started with single rod experiments already before the TMI-2 accident revealed that the knowledge on accident initiation and progression was scarce. The focus of related primary circuit research was the understanding of the relevant processes and their interactions, and, if possible, of countermeasures and their efficiency. However, even today, the most prominent countermeasure, the flooding of a degraded core, is not yet completely understood, namely the influence of adverse effects such as enhanced core degradation and hydrogen spikes under the most probable accident scenarios. Various state of the art reports were scheduled concentrating on either experimental database or capabilities of system codes to predict correctly the system response in case of degraded core reflood. The present report takes credit from these studies and tries to find the main relevant parameters, their spectrum, and weight. In a future step, the rather simplified criteria for reflood success in PSA codes will be formulated more realistically. In a first step, a reflood database with respect to reactor conditions is established with an emphasis on low reflood make-up rates. It includes all public available data of reflood bundle experiments in the beyond design basis regime. During this work, the main global parameters were identified as core damage state, core reflood mass flow rate, system pressure, injection position, core burn-up, fuel composition, and loading and core size. For each parameter the individual experimental database has to take into account. Parameters with cannot be investigated directly in experiments such as core size or core loading are assessed. Based on this analysis, a list of white spots on the degraded core reflood map is presented. The present work shows as a basic result that design basis accident (DBA) procedures of core reflood can be extended to peak core temperatures of approximately

  13. 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.

  14. 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.

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock...... splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt...... (explaining the need for an increase in nominal share capital) and retained earnings. Basically all firms announcing a stock dividend with a split factor of less than two can also afford to increase their total cash dividends permanently, at least proportionally to the increase in share capital, leading...

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

    Science.gov (United States)

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

    2018-02-01

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

  17. Weight Status in Iranian Children with Autism Spectrum Disorders: Investigation of Underweight, Overweight and Obesity

    Science.gov (United States)

    Memari, Amir Hossein; Kordi, Ramin; Ziaee, Vahid; Mirfazeli, Fatemeh Sadat; Setoodeh, Mohammad S.

    2012-01-01

    The purpose of this study was to survey the weight status of children and adolescents with autism spectrum disorders (ASDs) in Iranian pupils and further to investigate the most likely associated factors such as demographics, autism severity and medications. The survey was designed to provide a random sample of 113 children and adolescents (boys =…

  18. 78 FR 19446 - Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-04-01

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

  19. Investigating banks’ financial structure on profitability and price volatility of banks’ shares: Evidence from Tehran Stock Exchange

    OpenAIRE

    Zeinab Mirzaei; Mohsen Hamidian; Mohammad Khodaei Valahzaghard

    2014-01-01

    This paper presents an empirical investigation to study the relationship between financial structure on profitability and price volatility of banks’ shares, which are operating in Iran. The proposed study considers the information of 21 Iranian banks over the period 2006-2012. Using some regression techniques, the study has determined that there was a negative relationship between leverage and return on assets but there was not any meaningful relationship between leverage and price volatility...

  20. 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.

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

    OpenAIRE

    Pan, Raj Kumar; Sinha, Sitabhra

    2007-01-01

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

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

    OpenAIRE

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

    2011-01-01

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

  3. Eastern Baltic cod in distress: biological changes and challenges for stock assessment

    DEFF Research Database (Denmark)

    Eero, Margit; Hjelm, Joakim; Behrens, Jane

    2015-01-01

    , and the EB cod was considered one of the most successful stock recoveries in recent times. In contrast to this optimistic view, the analytical stock assessment failed in 2014, leaving the present stock status unclear. Deteriorated quality of some basic input data for stock assessment in combination...... that the stock is in distress. In this study, we (i) summarize the knowledge of recent changes in cod biology and ecosystem conditions, (ii) describe the subsequent challenges for stock assessment, and (iii) highlight the key questions where answers are urgently needed to understand the present stock status...

  4. Lake Roosevelt Fisheries Evaluation Program : Meadow Creek vs. Lake Whatcom Stock Kokanee Salmon Investigations in Lake Roosevelt Annual Report 2000-2001.

    Energy Technology Data Exchange (ETDEWEB)

    McLellan, Holly J.; Scholz, Allan T.

    2001-07-01

    Lake Roosevelt has been stocked with Whatcom stock kokanee since 1989 to mitigate for anadromous salmon losses caused by the construction of Grand Coulee Dam. The primary objective of the hatchery plantings was to create a self-sustaining recreational fishery. Due to low return numbers, it was hypothesized a native stock of kokanee might perform better than the coastal Whatcom strain. Therefore, kokanee from Meadow Creek, a tributary of Kootenay Lake, British Columbia were selected as an alternative stock. Matched pair releases of Whatcom stock and Meadow Creek kokanee were made from Sherman Creek in late June 2000. Stock performance between Lake Whatcom and Meadow Creek kokanee was evaluated through three performance measures (1) returns to Sherman Creek, the primary egg collection facility, (2) returns to other tributaries, indicating availability for angler harvest, and (3) returns to the creel. A secondary objective was to evaluate the numbers collected at downstream fish passage facilities. Age 2 kokanee were collected during five passes through the reservoir, which included 89 tributaries between August 17th and November 7th, 2000. Sherman Creek was sampled once a week because it was the primary egg collection location. A total of 2,789 age 2 kokanee were collected, in which 2,658 (95%) were collected at Sherman Creek. Chi-square analysis indicated the Meadow Creek kokanee returned to Sherman Creek in significantly higher numbers compared to the Whatcom stock ({chi}{sup 2} = 734.4; P < 0.01). Reservoir wide recoveries indicated similar results ({chi}{sup 2} = 733.1; P < 0.01). No age 2 kokanee were collected during creel surveys. Age 3 kokanee are expected to recruit to the creel in 2001. No age 2 kokanee were collected at the fish passage facilities due to a 170 mm size restriction at the fish passage centers. Age 3 kokanee are expected to be collected at the fish passage centers during 2001. Stock performance cannot be properly evaluated until 2001, when

  5. The past and future of food stocks

    International Nuclear Information System (INIS)

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

    2016-01-01

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

  6. The past and future of food stocks

    Science.gov (United States)

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

    2016-03-01

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

  7. Investigation on the status of rare earth elements contained in the powder of spent fluorescent lamps

    Energy Technology Data Exchange (ETDEWEB)

    Belardi, G. [Institute of Environmental Geology and Geoengineering (CNR) Area della Ricerca CNR, via Salaria km 29300, Monterotondo, Rome 00016 (Italy); Ippolito, N. [Department of Chemical Engineering, Materials and Environment, Sapienza University of Rome, via Eudossiana 84, Rome 00184 (Italy); Piga, L., E-mail: luigi.piga@uniroma1.it [Department of Chemical Engineering, Materials and Environment, Sapienza University of Rome, via Eudossiana 84, Rome 00184 (Italy); Serracino, M. [Institute of Environmental Geology and Geoengineering (CNR) Area della Ricerca CNR, via Salaria km 29300, Monterotondo, Rome 00016 (Italy)

    2014-09-10

    Highlights: • Most of rare earth elements are contained in particles of size finer than 7 μm. • Most of Si, K and Na are contained in the coarser size-fractions. • The phases in the size-fractions of the fluorescent powder have been determined. • Europium is contained in yttrium oxide and in vanadium–yttrium oxides. • The crystallo–chemical composition of all the phases has been determined. - Abstract: The aim of this study is to examine the status of rare earth elements (REE) contained in the chemical compounds that make up the powder of spent fluorescent lamps, with a view of their recovery. The status of REE in the as-received powder, as well as in a few size-class fractions of it, has been established. This way, only those size-class fractions containing high REE concentrations can be considered in a recovery process. The investigation has been carried out using particle-size, chemical, TGA/DTA, XRPD, SEM-EDS and EMPA analyses. The last technique enabled to establish the status of REE within the lattice of the chemical compounds present in the powder. The fineness of the as-received powder and the higher REE concentration in the finest size-classes suggest that physical methods of separation should not be used to separate the REE-containing chemical compounds from each other. Leaching methods seem more suitable with a material of such size.

  8. Development and assessment of a physics-based simulation model to investigate residential PM2.5 infiltration across the US housing stock

    Science.gov (United States)

    The Lawrence Berkeley National Laboratory Population Impact Assessment Modeling Framework (PIAMF) was expanded to enable determination of indoor PM2.5 concentrations and exposures in a set of 50,000 homes representing the US housing stock. A mass-balance model is used to calculat...

  9. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

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

  10. 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…

  11. Self-assessment of hearing status and risk of noise-induced hearing loss in workers in a rolling stock plant.

    Science.gov (United States)

    Pawlaczyk-Łuszczyńska, Małgorzata; Dudarewicz, Adam; Zamojska, Małgorzata; Sliwinska-Kowalska, Mariola

    2012-01-01

    Noise measurements and questionnaire inquiries were carried out for 124 workers of a rolling stock plant to develop a hearing conservation program. On the basis of that data, the risk of noise-induced hearing loss (NIHL) was evaluated. Additionally, the workers' hearing ability was assessed with the (modified) Amsterdam inventory for auditory disability and handicap, (m)AIADH. The workers had been exposed to noise at A-weighted daily noise exposure levels of 74-110 dB for 1-40 years. Almost one third of the workers complained of hearing impairment and the (m)AIADH results showed some hearing difficulties in over half of them. The estimated risk of hearing loss over 25 dB in the frequency range of 3-6 kHz was 41-50% when the standard method of predicting NIHL specified in Standard No. ISO 1999:1990 was used. This risk increased to 50-67% when noise impulsiveness, coexposure to organic solvents, elevated blood pressure and smoking were included in calculations.

  12. Stock Market Project.

    Science.gov (United States)

    Distel, Brenda D.

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

  13. Computation of order and volume fill rates for a base stock inventory control system with heterogeneous demand to investigate which customer class gets the best service

    DEFF Research Database (Denmark)

    Larsen, Christian

    We consider a base stock inventory control system serving two customer classes whose demands are generated by two independent compound renewal processes. We show how to derive order and volume fill rates of each class. Based on assumptions about first order stochastic dominance we prove when one ...... customer class will get the best service. That theoretical result is validated through a series of numerical experiments which also reveal that it is quite robust.......We consider a base stock inventory control system serving two customer classes whose demands are generated by two independent compound renewal processes. We show how to derive order and volume fill rates of each class. Based on assumptions about first order stochastic dominance we prove when one...

  14. A multiparameter investigation into adverse effects of aflatoxin on Oreochromis niloticus health status

    Directory of Open Access Journals (Sweden)

    Magdy E. Mahfouz

    2015-08-01

    Full Text Available Aflatoxin is a common contaminant of foods, particularly in the staple diets of many developing countries. To evaluate adverse effects of aflatoxin B1 (AFB1 toxicity on health status in the Nile tilapia Oreochromis niloticus, fish were fed diet contaminated with either 20 or 100 ppb AFB1 for 6 or 12 weeks. Growth indices, survival rate and hepatosomatic index (HSI were assessed. Blood samples were collected for hematological profiles (e.g. RBCs and WBC count, Hb content. Liver enzyme activity; aspartate aminotransferase (AST, alanine aminotransferase (ALT as well as alkaline phosphatase (ALP, were evaluated and toxin residues in the liver and musculature were detected. Liver histopathological investigations were carried out, whereas antioxidant glutathione peroxidase (GPx and glutathione S-transferase (GST gene expression were determined in this tissue by semi-quantitative RT-PCR. Furthermore, to test the fish immune status, challenge against Aeromonas hydrophila was conducted. Results indicated that 100 ppb AFB1 negatively impacted O. niloticus weight gain, feed efficiency, hematological profiles, HSI as well as liver histopathology, while increase in AST, ALT, ALP liver enzymes activity was evidenced. Further, the expression of liver GPx and GST down-regulated and AFB1 residues were always detected in the liver and only in the musculature in fish fed 100 ppb AFB1 for 12 weeks. The ability of fish to withstand A. hydrophila infection was remarkably lowered. Overall, the results herein demonstrate the toxic effects of AFB1 in O. niloticus. The observed alterations in fish status, especially in the liver coincide well with the expected oxidative stress resulting from the AFB1 toxicity.

  15. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

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

  16. Investigating the status of supplementary tuition in the teaching and learning of mathematics

    Directory of Open Access Journals (Sweden)

    David Mogari

    2009-09-01

    Full Text Available The study seeks to investigate the status of supplementary tuition in the teaching and learning of mathematics and mathematical literacy. The study followed a descriptive survey design involving the use of learner and teacher questionnaires. A convenient sample of mathematics and mathematical literacy teachers together with a stratified sample of their Grade 11 learners were drawn from a purposive sample of highperforming high schools in the East London district of the Eastern Cape, South Africa. The results show that supplementary tuition is popular, especially among girls, and it is in three forms (i.e. private tuition, vacation school and problem-solving classes: Problemsolving classes dominated by working on past/model examination papers is the most preferred; in some instances supplementary tuition is offered for a fee; it is not only confined to poor performing learners; and participation in supplementary tuition is influenced by a variety of factors.

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

    OpenAIRE

    Sahar Haghnejad; Zahra Alipourdarvish

    2015-01-01

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

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

    African Journals Online (AJOL)

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

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

    OpenAIRE

    A. Vinnitsky

    2009-01-01

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

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

    OpenAIRE

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

    2016-01-01

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

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

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

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

  2. The reaction of stock market returns to anticipated unemployment

    OpenAIRE

    Taamouti, Abderrahim; Gonzalo Muñoz, Jesús

    2012-01-01

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

  3. A prospective, multi-site investigation of patient satisfaction and psychosocial status following cosmetic surgery.

    Science.gov (United States)

    Sarwer, David B; Gibbons, Lauren M; Magee, Leanne; Baker, James L; Casas, Laurie A; Glat, Paul M; Gold, Alan H; Jewell, Mark L; Larossa, Don; Nahai, Foad; Young, V Leroy

    2005-01-01

    Although several studies have investigated patient satisfaction and changes in body image following aesthetic plastic surgery, few have investigated more specific dimensions of body image, including dysphoric emotions that occur in specific social situations or body image quality of life. In addition, few studies have investigated changes in body image that may occur in concert with changes in more general areas of psychosocial functioning, such as depressive symptoms and self-esteem. This prospective, multi-site study investigated postoperative satisfaction and changes in psychosocial status following cosmetic surgery. One hundred patients recruited from 8 geographically diverse surgical practices completed psychometric measures of body image, depressive symptoms, and self-esteem prior to surgery. Seventy-two patients completed the 3-month postoperative assessment, 67 completed the 6-month assessment, and 63 completed the 12-month assessment. All statistical tests on changes after surgery were conducted using the sample of 72 patients who completed the 3-month assessment. A Last Observation Carried Forward analysis was used to account for patients who did not complete the subsequent follow-up assessments. In addition, they reported their postoperative satisfaction as well as self-rated attractiveness at the 3 postoperative assessment points. Eighty-seven percent of patients reported satisfaction with their postoperative outcomes. Patients also reported significant improvements in their overall appearance, as well as the appearance of the feature altered by surgery, at each of the postoperative assessment points. Patients experienced significant improvements in their overall body image, their degree of dissatisfaction with the feature altered by surgery, and the frequency of negative body image emotions in specific social situations. All of these improvements were maintained 12 months after surgery. These results add to a growing body of literature documenting

  4. Investigation of vitamin D status and its correlation with insulin resistance in a Chinese population.

    Science.gov (United States)

    Han, Bing; Wang, Xiaojin; Wang, Ningjian; Li, Qin; Chen, Yi; Zhu, Chunfang; Chen, Yingchao; Xia, Fangzhen; Pu, Xiaoqi; Cang, Zhen; Zhu, Chaoxia; Lu, Meng; Meng, Ying; Guo, Hui; Chen, Chi; Tu, Weiping; Li, Bin; Hu, Ling; Wang, Bingshun; Lu, Yingli

    2017-06-01

    Although many studies worldwide have focused on the relationship between vitamin D and insulin resistance, results remain controversial. Furthermore, concentrations of serum 25-hydroxyvitamin D (25(OH)D) in the Chinese population are unclear. We aimed to investigate vitamin D status and its correlation with insulin resistance among a Chinese adult population. Serum 25(OH)D, fasting blood glucose, fasting insulin, glycated Hb (HbA1c) and other metabolic parameters were assessed. Neck circumference, waist circumference, hip circumference, weight and height were also measured. Lifestyle factors including smoking and drinking status were obtained. Diabetes mellitus was diagnosed by HbA1c according to the 2010 American Diabetes Association criteria. Eastern China. Of 7200 residents included, 6597 individuals were ultimately analysed. We enrolled 2813 males (mean age 52·7 (sd 13·5) years) and 3784 females (52·3 (sd 13·5) years); mean serum 25(OH)D concentration was 43·1 (sd 11·6) and 39·6 (sd 9·8) nmol/l, respectively. Additionally, 83·3 % of participants were 25(OH)D deficient. A significant difference in 25(OH)D was observed between males and females in winter and spring (Pinsulin resistance (HOMA-IR) in the overweight and pre-diabetic populations. After adjusting for several variables, 25(OH)D was significantly associated with HOMA-IR in winter. When 25(OH)D values were categorized into quartiles, HOMA-IR was significantly associated with decreasing 25(OH)D. The majority of the Chinese population was vitamin D deficient and this deficiency was negatively associated with insulin resistance, particularly in the overweight and pre-diabetic populations. Moreover, these associations might be more evident in the winter.

  5. 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.

  6. Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Ranaldo, Angelo

    2005-01-01

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

  7. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

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

  8. 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.

  9. 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.

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

    NARCIS (Netherlands)

    Scholtens, B.; Boersen, A.

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

  11. Investigation of current status in Europe and USA on boron neutron capture therapy

    International Nuclear Information System (INIS)

    2000-11-01

    This report describes on the spot investigation results of current status of medical irradiation in Europe and USA at Feb. 1999. In HFR (Netherlands), the phase 1 study with the Joint Research Centre (JRC) of the EU had been already finished in those days, at the same time, an improvement of medical irradiation field of VTT(Finland) had been finishing and then clinical trial research had been about to start. On the other hand, phase 1 studies by two groups of BNL (Brook heaven National Laboratory) and MIT (Nuclear Engineering of Massachusetts Institute of Technology) in US were now in almost final stage, and they would start on phase 2 study. Either reactors of MIT and BNL were in modification to increase neutron flux, especially that employing fission converter into the irradiation facility and installation of irradiation room were carrying out in the former. In Europe and USA, the accelerator-based BNCT planes are now in progress vigorously, and will have reality. A reform of dynamitron accelerator at University of Birmingham was progressed, and the clinical treatment would be started from September 2000. The accelerator group at MIT has a small type of tandem accelerator, and they were performing basic experiment for BNCS (Boron Neutron Capture Synovectomy) with this accelerator. The concept design for an accelerator and a moderator had been finished at Lawrence Berkeley National Laboratory and University of Berkeley. (author)

  12. 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.

  13. Stock assessment model outputs for ICCAT (International) managed species

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Includes outputs from the various models run in the evaluation of stock status for species managed by the International Commission for the Conservation of Atlantic...

  14. Launching Markets for Stock Index Futures and Options: Case of Korea

    OpenAIRE

    Yu-Kyung Kim

    1998-01-01

    This paper discusses experiences on launching Korea’s first-ever regulated derivatives market, namely stock index futures, on May 3, 1996, and subsequent opening of a stock index options market on July 7, 1997. It illustrates what went on as the Korea Stock Exchange was making a decision on its opening and describes the current status of the derivatives market.

  15. A Stock Market Project.

    Science.gov (United States)

    Anderson, Christine; Cook, Stan

    1990-01-01

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

  16. Investigation of insecticide-resistance status of Cydia pomonella in Chinese populations.

    Science.gov (United States)

    Yang, X-Q; Zhang, Y-L

    2015-06-01

    The codling moth Cydia pomonella (L.) is an economically important fruit pest and it has been directly targeted by insecticides worldwide. Serious resistance to insecticides has been reported in many countries. As one of the most serious invasive pest, the codling moth has populated several areas in China. However, resistance to insecticides has not been reported in China. We investigated the insecticide-resistance status of four field populations from Northwestern China by applying bioassays, enzyme activities, and mutation detections. Diagnostic concentrations of lambda-cyhalothrin, chlorpyrifos-ethyl, carbaryl, and imidacloprid were determined and used in bioassays. Field populations were less susceptible to chlorpyrifos-ethyl and carbaryl than laboratory strain. Insensitive populations displayed an elevated glutathione S-transferases (GSTs) activity. Reduced carboxylesterase (CarE) activity was observed in some insecticide insensitive populations and reduced acetylcholinesterase activity was observed only in the Wuw population. The cytochrome P450 polysubstrate monooxygenases activities in four field populations were not found to be different from susceptible strains. Neither the known-resistance mutation F399V in the acetylcholinesterase (AChE) gene, ace1, nor mutations in CarE gene CpCE-1 were found in adult individuals from our field populations. Native-PAGE revealed that various CarE isozymes and AChE insensitivity were occurring among Chinese populations. Our results indicate that codling moth populations from Northwestern China were insensitivity to chlorpyrifos-ethyl and carbaryl. Increased GST activity was responsible for insecticides insensitivity. Decreased CarE activity, as well as the presence of CarE and AChE polymorphisms might also be involved in insecticides insensitivity. New management strategies for managing this pest are discussed.

  17. Investigating nurses' quality of life and work-life balance statuses in Singapore.

    Science.gov (United States)

    Kowitlawkul, Y; Yap, S F; Makabe, S; Chan, S; Takagai, J; Tam, W W S; Nurumal, M S

    2018-04-06

    To investigate the key determinants of nurses' quality of life and work-life balance statuses in a tertiary hospital in Singapore. Nurses' quality of life can directly and indirectly impact patients' safety and quality of care. Therefore, identifying key factors that influence nurses' quality of life is essential in the healthcare delivery system. A descriptive quantitative study design was adopted, and validated questionnaires were used. Data were collected in a period of 3 months (March to May 2014) at a 600-bed tertiary hospital in Singapore. One thousand and forty nurses participated in the study. Social support and sense of coherence were found to be significant predictors for high quality of life in all domains. Most nurses in this study spent more time on work than their private lives. However, there was no significant difference in job satisfaction among the four groups of nurses' proportions of percentages of actual time spent on work and private life. Cultivating social support from family, friends/colleagues and supervisors can help an individual cope with stress and enhance a nurse's quality of life. Even though nurses who spent more time at work were still satisfied with their job, they might need to be aware of their physical health and work environment. Nursing policy related to nurses' physical health and environment should be established. Health promotion programmes such as physical exercise and mindfulness interventions should be conducted to promote nurses' well-being and healthy workplace environments to enhance nurses' quality of life. © 2018 International Council of Nurses.

  18. Investigating the Status of Tablet Computers and E-Books Use of Open Education Faculty Students: A Case Study

    Science.gov (United States)

    Koçak, Ömer; Yildirim, Önder; Kursun, Engin; Yildirim, Gürkan

    2016-01-01

    The increase in tablet computers and e-books use brings to mind the question of how users benefited from these technologies. In this sense, the present study investigated the status of students' tablet computers and e-books use and the reasons why students prefer to use and not use of tablet computers and e-books. Students' study habits while…

  19. THE IMPACT OF SELENIUM STATUS ON THE METABLISM AND DISPOSITION OF ARSENIC AND ITS IMPLICATIONS FOR EPIDEMIOLOGIC INVESTIGATIONS

    Science.gov (United States)

    The Impact of Selenium Status on the Metabolism and Disposition of Arsenic and Its Implications for Epidemiologic InvestigationsE. M. Kenyon1*, M.F. Hughes1, L.M. Del Razo2, and O.A. Levander31Office of Research and Development, Experimental Toxicology Division, N...

  20. Long - Memory Persistence in African Stock Markets

    Directory of Open Access Journals (Sweden)

    Emmanuel Numapau Gyamfi

    2016-05-01

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

  1. Using Garch-in-Mean Model to Investigate Volatility and Persistence at Different Frequencies for Bucharest Stock Exchange during 1997-2012

    Directory of Open Access Journals (Sweden)

    Iulian PANAIT

    2012-05-01

    Full Text Available In our paper we use data mining to compare the volatility structure of high (daily and low (weekly, monthly frequencies for seven Romanian companies traded on Bucharest Stock Exchange and three market indices, during 1997-2012. For each of the 10 time series and three frequencies we fit a GARCH-in-mean model and we find that persistency is more present in the daily returns as compared with the weekly and monthly series. On the other hand, the GARCH-in-mean failed to confirm (on our data the theoretical hypothesis that an increase in volatility leads to a rise in future returns, mainly because the variance coefficient from the mean equation of the model was not statistically significant for most of the time series analyzed and on most of the frequencies. The diagnosis that we ran in order the verify the goodness of fit for the model showed that GARCH-in-mean was well fitted on the weekly and monthly time series but behaved less well on the daily time series.

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

    OpenAIRE

    Stivers, Chris; Sun, Licheng

    2002-01-01

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

  3. 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.

  4. Investigating Opinions of Mothers on Different Socioeconomic Status in Terms of Perceived Maternal Styles

    Science.gov (United States)

    Çalik Var, Esra; Kiliç, Sükran; Kumandas, Hatice

    2015-01-01

    Problem Statement: There are various environmental factors such as culture, socioeconomic status, family patterns, parental personality, family size, and education system among others, which affect development of individuals. Especially in the childhood period, parenting style is an important variable in forming physical, emotional, cognitive, and…

  5. Investigating Opinions of Mothers on Different Socioeconomic Status in Terms of Perceived Maternal Styles

    OpenAIRE

    VAR, Esra ÇALIK; Kılıç, Şükran; Kumandaş, Hatice

    2017-01-01

    Problem Statement: There are various environmental factors such as culture, socioeconomic status, family patterns, parental personality, family size, and education system among others, which affect development of individuals. Especially in the childhood period, parenting style is an important variable in forming physical, emotional, cognitive, and social development. Parenting style affects the capacity of children to interact with others, psychological wellbeing, and life skills; therefore, ...

  6. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

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

  7. 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...

  8. Fishing and stock fluctuations

    National Research Council Canada - National Science Library

    Laevastu, Taivo; Favorite, F

    1988-01-01

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

  9. DLA Forward Stocking

    National Research Council Canada - National Science Library

    Flory, John

    2007-01-01

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

  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. Healthcare utilization among Hispanic immigrants with diabetes: investigating the effect of US documentation status.

    Science.gov (United States)

    Do, Elizabeth K; Matsuyama, Robin K

    2014-04-01

    Previous studies have not examined whether documentation status has an effect on healthcare utilization among US Hispanic immigrants with diabetes. A secondary analysis was conducted using data from the Pew Hispanic Center and Robert Johnson Wood Foundation's 2007 Hispanic Healthcare Survey. Hispanic immigrants diagnosed with diabetes were included in analyses. The association between documentation status and healthcare utilization was assessed using logistic regressions. Of N = 577 Hispanic immigrants with diabetes, 80 % were documented immigrants and 81% reported having visited a healthcare provider in the last 6 months. Adjusting for confounders, those who were undocumented faced higher odds of having seen a healthcare provider more than 6 months ago or never when compared to those who were documented (OR = 1.79; 95% CI 1.01, 3.14). Unique opportunities in addressing healthcare disparities can be found in focusing on the Hispanic immigrant population living with diabetes.

  13. Two replications of an investigation on empathy and utilitarian judgement across socioeconomic status

    OpenAIRE

    Babcock, Sarah; Li, Yixian; Sinclair, Vanessa M.; Thomson, Clint; Campbell, Lorne

    2017-01-01

    Research by C?t?, Piff, and Willer (2013) found that through the induction of empathy in an experimental condition, the association between socioeconomic status (SES) and utilitarian moral judgment was diminished. Participant self-reported income interacted with experimental condition such that high SES participants who empathized with a disadvantaged group member redistributed fewer experimental dollars during an online task at the losing member?s expense. This suggests that lower levels of ...

  14. 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.

  15. Kootenai River fisheries investigation: Stock status of burbot and rainbow trout and fisheries inventory. Annual progress report, January 1--December 31, 1995

    International Nuclear Information System (INIS)

    Paragamian, V.L.

    1995-11-01

    The author sampled 33 burbot Lota lota in the Kootenay River in British Columbia, Canada. Burbot catch from November 1994 to February 1995 averaged 0.047 fish/net-day. Total length ranged from 3854 mm to 958 mm and weighed from 272 g to 4,086 g (mean = 982 g). Twelve burbot were implanted with sonic transmitters and released at capture sites. Two additional burbot had active transmitters from the previous season. Telemetry of burbot during the pre-spawn, spawning, and post-spawning periods was conducted. Burbot were located a total of 203 times from November 1994 through August 8, 1995. Ripe burbot were captured and they appeared to have an affinity to water <2C. The author believes burbot spawned in the Goat River, British Columbia. Burbot with sonic transmitters did not reach Idaho until after the spawning period. Statistical analysis of burbot movement and discharge from Libby Dam indicated there was a significant relation between winter power production and spawning migration of burbot. A controlled test is needed to verify this relation. Zooplankton samples from the Kootenai River were substantially lower than the delta of Kootenay Lake, British Columbia, Canada

  16. Multifractal analysis of Moroccan family business stock returns

    Science.gov (United States)

    Lahmiri, Salim

    2017-11-01

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

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

    Science.gov (United States)

    Bai, Man-Ying; Zhu, Hai-Bo

    2010-05-01

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

  18. 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.

  19. 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.

  20. Rebuilding EU fish stocks and fisheries, a process underway?

    DEFF Research Database (Denmark)

    Cardinale, M.; Doerner, H.; Abella, A.

    2013-01-01

    As a signatory to the World Summit on Sustainable Development (WSSD), the European Union (EU) has made a commitment to maintain or restore fish stocks to levels that can produce the maximum sustainable yield (MSY), and where possible not later than 2015. So how has the EU's Common Fisheries Policy...... (CFP) fared in trying to achieve this objective? The development of the status of 41 commercially exploited fish stocks from the North East Atlantic, North Sea and Baltic Sea (FAO Area 27) was analysed together with the economic performance of the fleets exploiting those stocks. The analyses indicate...... in the status of many commercially important fish stocks and their fleets towards levels that are closer to those producing MSY....

  1. The Investigation of Physical Performance Status of Visually and Hearing Impaired Applying Judo Training Program

    Science.gov (United States)

    Karakoc, Onder

    2016-01-01

    It was aimed to investigate the physical performances of visually and hearing impaired doing judo training in this study. 32 male athletes, who were doing judo training, volunteer and, visually and hearing impaired, participated in this study. The investigation was applied to visually impaired (N = 12, mean ± SD; age: 25.75 ± 3.55 years, height:…

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

    OpenAIRE

    Selboe, Guner K.; Virdee, Jaspal Singh

    2017-01-01

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

  3. Investigation and analysis of the development status of amateur tennis sport in Zhuhai

    Directory of Open Access Journals (Sweden)

    Changsheng Chen

    2017-02-01

    Full Text Available This thesis conducted survey on the development status of amateur tennis sport in Zhuhai from 9 aspects: tennis court quantity, characteristic, and region; gender characteristics of tennis lovers; educational situation of tennis lovers; age situation of tennis lovers; vocational income situation of tennis lovers; motivation for tennis lovers to participate in tennis sport; tennis lover’s initial learning approaches; frequency and time of tennis lover’s participation in tennis; and the amateur tennis competition in Zhuhai. The research methods applied in this thesis include references, questionnaire survey, and mathematical analysis. This thesis made further analysis based on the research results, and proposed related suggestions to boost the development of amateur tennis sport in Zhuhai, aiming at providing reference for Zhuhai to have better tennis development.

  4. Aeroservoelastic wind-tunnel investigations using the active flexible wing model - Status and recent accomplishments

    Science.gov (United States)

    Noll, Thomas; Perry, Boyd, III; Tiffany, Sherwood; Cole, Stanley; Buttrill, Carey; Adams, William, Jr.; Houck, Jacob; Srinathkumar, S.

    1989-01-01

    This paper describes the status of the joint NASA/Rockwell Active Flexible Wing Wind-Tunnel Test Program. The objectives of the program are to develop and validate the analysis, design and test methodologies required to apply multifunction active control technology for improving aircraft performance and stability. Major tasks of the program include designing digital multiinput/multioutput flutter-suppression and rolling-maneuver-load-alleviation concepts for a flexible full-span wind-tunnel model, obtaining an experimental data base for the basic model and each control concept, and providing comparisons between experimental and analytical results to validate the methodologies. This program is also providing the opportunity to improve real-time simulation techniques and to gain practical experience with digital control law implementation procedures.

  5. Investigation of Nutritional Status in Elementary School Students of South Khorasan Province:East of Iran

    Directory of Open Access Journals (Sweden)

    A. Zarban

    2008-10-01

    Full Text Available Background and ObjectivesChildren have greater nutritional needs than adults in order to maintain their growth. It has been determined that about 70% of all malnourished children in the world live in Asia. This study evaluates nutritional status of elementary students in south khorasan province and some effective factors on it. MethodsThe height and weight of 1303 elementary school students ages between 7 to 12 years old which were selected by multistage random sampling from urban and rural areas of the South Khorasan province were measured. Data for this study was collected for a period of six months from September 2006 to February 2007. Nutritional habits of these students and its relation to demographic factors were evaluated using Gomes (weight – for – age, Maclaren-ride (weight to height for age and Waterlow (height – for – age criteria. ResultsBased on the finding of this study, 69.8% of the students were underweight, 30.9% were wasted and 43.6% were stunted. The effects of malnutrition in this group were mild and severe cases of malnutrition effects were rare. The adverse effects of malnutrition were more widespread with the increase in the age of the students. These adverse effects were also more persistence with increased level of illiteracy among the parents of these students. The number of underweight students was significantly larger in the rural areas than in the urban areas. Heights of the students were directly correlated to the order of their birth. The higher the birth orders the higher the prevalence of being shorter Being stunted was more widespread among female students with less educated mothers.ConclusionIn order to improve high prevalence of malnutrition in elementary school students of South Khorasan province, we recommend improvement of the level of literacy, nutritional education of mothers, and students. We also suggest improvement of quality of students’ free meal in schools. Keywords: Underweight; Wasting

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

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

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

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

    Science.gov (United States)

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

    2017-09-01

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

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

    Science.gov (United States)

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

    2010-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Yihong Deng

    2011-09-01

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

  10. About stock markets predictability

    Directory of Open Access Journals (Sweden)

    Hicham Benjelloun

    2011-01-01

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

  11. STABILITY OF SMOKING STATUS IN THE U.S. POPULATION: A LONGITUDINAL INVESTIGATION

    Science.gov (United States)

    Weinberger, Andrea H.; Pilver, Corey E.; Mazure, Carolyn M.; McKee, Sherry A.

    2014-01-01

    Aims To determine smoking transitions in a representative sample of United States (U.S.) adults. Design Longitudinal study using data from the National Epidemiologic Survey on Alcohol and Related Conditions (Wave 1, 2001–2002; Wave 2, 2004–2005). Setting The general U.S. adult population. Participants 33,309 adults (54% female) classified as Wave 1 Current Daily, Current Non-Daily, Former Daily, Former Non-Daily, or Never Smokers. Measurements Smoking transitions were determined from Wave 1 and Wave 2 data. Findings Smoking status remained stable for the majority of current daily (79.8%), former daily (95.8%), former non-daily (96.3%), and never (97.1%) smokers. Among current non-daily smokers, 54.5% quit smoking while 22.5% increased to daily smoking. Current daily smokers who were older (30–44, OR=0.62; 95% CI=0.49–0.87; 45+, OR=0.75; 95% CI=0.61–0.93) and unmarried (OR=0.80, 95% CI=0.66–0.96) were less likely to report smoking cessation. Current daily smokers who were Hispanic (OR=2.15, 95% CI=1.65–2.81) and college educated (OR=1.27, 95% CI=1.05–1.53) were more likely to report smoking cessation. Relapse in former daily smokers was greater in women (OR=1.44, 95% CI=0.27–0.74) and lower in older adults (OR=0.44; 95% CI=0.27–0.74). Smoking initiation occurred less in women (OR=0.65; 95% CI=0.49–0.87) and Hispanic adults (OR=0.57; 95% CI=0.36–0.91) and more in unmarried adults (OR=1.84; 95% CI=1.09–2.44) and adults with less education (OR=1.63; 95% CI=1.09–2.44). Conclusions From 2001 to 2005, smoking status was extremely stable in the United States population. Specific gender, race, and educational groups need increased prevention and intervention efforts. PMID:24916157

  12. 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.

  13. Investigation of redox status in chronic cerebral hypoperfusion-induced neurodegeneration in rats

    Directory of Open Access Journals (Sweden)

    Anil Kumar Saxena

    2015-06-01

    Full Text Available Aging related reduction in cerebral blood flow (CBF has been linked with neurodegenerative disorders including Alzheimer's disease and dementia. Experimentally, a condition of chronic cerebral hypoperfusion due to reduced CBF can be induced by permanent bilateral occlusion of common carotid arteries (2-vessel occlusion, 2VO in rats. Since oxidative stress, leading to neuronal apoptosis and death, is one of the mechanisms, which is thought to play a significant role in chronic degenerative neurological disorders, the present study was planned to assess the ROS status by measuring the levels of anti-oxidant enzymes that might occur during chronic cerebral hypoperfusion. Antioxidant enzymes namely glutathione peroxidase (GPx, superoxide dismutase (SOD, and catalase were measured in the brain tissue at eight weeks of 2VO induction in rats. Results show significantly elevated levels of GPx, SOD, and catalase enzymes as compared with the control group. It is possible that compensatory rise in antioxidant enzymes occurs in response to increased oxidative stress following ischemic insult.

  14. Managing identity impacts associated with disclosure of HIV status: a qualitative investigation.

    Science.gov (United States)

    Frye, Victoria; Fortin, Princess; MacKenzie, Sonja; Purcell, David; Edwards, Lorece V; Mitchell, Shannon Gwin; Valverde, Eduardo; Garfein, R; Metsch, Lisa; Latka, Mary H

    2009-08-01

    Disclosure of HIV status to potential and current sex partners by HIV-positive people (HIVPP) is a complex issue that has received a significant amount of attention. Research has found that disclosure depends upon the evaluation by HIVPP of potential benefits and risks, especially of the risks stemming from the profound social stigma of HIV and AIDS. Drawing on concepts from Goffman's classic stigma theory and Anderson's more recently developed cultural-identity theory of drug abuse, we analyzed data from in-depth, post-intervention qualitative interviews with 116 heterosexually active, HIV-positive injection drug users enrolled in a randomized trial of a behavioral intervention to prevent HIV transmission. We explored how disclosure experiences lead to "identity impacts" defined as: (1) identity challenges (i.e. interactions that challenge an individual's self-concept as a "normal" or non-deviant individual); and (2) identity transformations (i.e. processes whereby an individual comes to embrace a new identity and reject behaviors and values of an old one, resulting in the conscious adoption of a social and/or public identity as an HIV-positive individual). Participants engaged in several strategies to manage the identity impacts associated with disclosure. Implications of these findings for research and prevention programming are discussed.

  15. Two replications of an investigation on empathy and utilitarian judgement across socioeconomic status.

    Science.gov (United States)

    Babcock, Sarah; Li, Yixian; Sinclair, Vanessa M; Thomson, Clint; Campbell, Lorne

    2017-01-17

    Research by Côté, Piff, and Willer (2013) found that through the induction of empathy in an experimental condition, the association between socioeconomic status (SES) and utilitarian moral judgment was diminished. Participant self-reported income interacted with experimental condition such that high SES participants who empathized with a disadvantaged group member redistributed fewer experimental dollars during an online task at the losing member's expense. This suggests that lower levels of empathy could help explain utilitarian decision-making in high SES individuals. Two pre-registered, high-powered replications were conducted in order to assess the magnitude and reliability of this finding. While the first replication attempt failed to uncover the effect, the second attempt found a pattern consistent with the original study. A meta-analysis of the replication attempts with the original author's interaction effects was conducted. The confidence interval of the meta-analytic effect suggests that the true effect size may be as robust as reported by the original authors, or may be close to zero. Implications of the results found in the replication attempts are discussed.

  16. Virtual Teams In Malaysia: A Qualitative Investigation In Multimedia Super Corridor Status Companies

    Directory of Open Access Journals (Sweden)

    Norizah Aripin

    2011-10-01

    Full Text Available The proliferation of various communication technologies such as e-mail, Instant Messaging, video conferencing, audio conferencing and others in organizations today has led to the development of a special group called virtual team. A virtual team is defined as a group of people who interact through interdependent tasks by common purpose and work across space and organizational boundaries with links strengthened by webs of communication technologies. A virtual team works with its members scattered across regions with time and cultural differences. These factors pose a challenge to team members in creating and developing a dynamic and productive team. Thus, the aim of this study is to understand virtual teams and its working environment in MSC status organizations. The study uses qualitative method that is indepth interview with semi-structured and open ended questions. Interviews involving three staffs (project manager, leader and employee from three multinational organizations such as Motorola, software development and hardware design. The interviews were recorded, transcribed and analyzed according to the thematic analysis. Study results show that work in virtual teams involving team members scattered or geographically dispersed team, the use of communication technologies and team relationship. In addition, the study also found that factors team culture, time zone differences and language contribute to virtual team working environment.

  17. Current status of the surface-based investigations in the MIU project

    International Nuclear Information System (INIS)

    Nakano, Katushi; Osawa, Hideaki

    2001-01-01

    Tono Geoscience Center (TGC) has been conducting a wide range of geoscientific research in order to build a firm scientific and technological basis for the research and development of geological disposal. One of the major components of the ongoing geoscientific research program is the Mizunami Underground Research Laboratory (MIU) project in the Tono region, central Japan. The R and D work of the MIU project has the following main goals: Develop comprehensive investigation techniques for the geological environment. Develop a range of engineering techniques for deep underground application. A wide range of geoscientific research and development activities of the MIU project is planned in three phases a 20 years period; Phase one: surface-based investigation. Phase two: construction. Phase three: operations. The MIU site has been investigated by geological, hydrogeological, hydrochemical and rock mechanical surveys on the surface. Based on this information, modeling and simulation works have been conducted in the different investigation stages. Technological knowledge and experience have been accumulated, which allow application of the methodologies and techniques to characterize the deep geological environment in crystalline rock. This report presents the results of the investigations from fiscal 1996 to 1999 in phase one. (author)

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

    Directory of Open Access Journals (Sweden)

    Rizaldi Fauzi

    2016-06-01

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

  19. 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...

  20. 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.

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

    African Journals Online (AJOL)

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

  2. Service differentiation in spare parts supply through dedicated stocks

    NARCIS (Netherlands)

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

    2015-01-01

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

  3. Service differentiation in spare parts supply through dedicated stocks

    NARCIS (Netherlands)

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

    2012-01-01

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

  4. Bounds for the American perpetual put on a stock index

    OpenAIRE

    Paulsen, V.

    2001-01-01

    Let us consider n stocks with dependent price processes each following a geometric Brownian motion. We want to investigate the American perpetual put on an index of those stocks. We will provide inner and outer boundaries for its early exercise region by using a decomposition technique for optimal stopping.

  5. Asymmetry of Returns in the Australian STOCK Market

    Science.gov (United States)

    Gunner, Susan M.; Brooks, Louise; Storer, Robin G.

    We use econophysics techniques to investigate the characteristics of the distribution of returns from the All Ordinaries Index and from optimal portfolios constructed from individual stocks on the Australian Stock Exchange. We find in general that the tails of the distributions are asymmetric and that the negative tail favours a power-law behaviour while the positive tail is more Gaussian.

  6. Changes in endogenous hormone contents of pear stock ( Pyrus ...

    African Journals Online (AJOL)

    In this study, changes in endogenous hormone contents of pear stock seeds during cold stratification were investigated. Abscisic acid (ABA) content decreased with increase in the periods of stratification of pear stock seeds. However, gibberellic acid (GA) and indole-3-acetic acid (IAA) contents of Pyrus betulaefolia and ...

  7. Investigation of Exposure to Formaldehyde from Preserved Biological Specimens. Status Report.

    Science.gov (United States)

    Consumer Product Safety Commission, Washington, DC.

    This investigation of formaldehyde exposure in school laboratories, where its principal source is from preserved biological specimens, was undertaken because of concern over exposure levels reported in the literature. Information was obtained in two ways. A limited survey of schools was conducted to determine extent of students' use of preserved…

  8. What is in PageRank? A Historical and Conceptual Investigation of a Recursive Status Index

    NARCIS (Netherlands)

    Rieder, B.

    2012-01-01

    This paper proposes an analysis, based in a software studies mindset, of Google’s PageRank algorithm. It develops two lines of investigation: first, it situates this ‘evaluative metric’ in a larger genealogy of ideas, concepts, theories, and methods that developed, from the 1930s onwards, around the

  9. 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…

  10. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

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

  11. Investigating the status of biological stimuli as objects of attention in multiple object tracking.

    Directory of Open Access Journals (Sweden)

    Lee H de-Wit

    2011-03-01

    Full Text Available Humans are able to track multiple simultaneously moving objects. A number of factors have been identified that can influence the ease with which objects can be attended and tracked. Here, we explored the possibility that object tracking abilities may be specialized for tracking biological targets such as people.We used the Multiple Object Tracking (MOT paradigm to explore whether the high-level biological status of the targets affects the efficiency of attentional selection and tracking. In Experiment 1, we assessed the tracking of point-light biological motion figures. As controls, we used either the same stimuli or point-light letters, presented in upright, inverted or scrambled configurations. While scrambling significantly affected performance for both letters and point-light figures, there was an effect of inversion restricted to biological motion, inverted figures being harder to track. In Experiment 2, we found that tracking performance was equivalent for natural point-light walkers and 'moon-walkers', whose implied direction was incongruent with their actual direction of motion. In Experiment 3, we found higher tracking accuracy for inverted faces compared with upright faces. Thus, there was a double dissociation between inversion effects for biological motion and faces, with no inversion effect for our non-biological stimuli (letters, houses.MOT is sensitive to some, but not all naturalistic aspects of biological stimuli. There does not appear to be a highly specialized role for tracking people. However, MOT appears constrained by principles of object segmentation and grouping, where effectively grouped, coherent objects, but not necessarily biological objects, are tracked most successfully.

  12. Process of consignment stock implementation

    OpenAIRE

    Vrbová, Petra; Alina, Jiří; Cempírek, Václav

    2016-01-01

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

  13. Perbandingan Stock Market Crash 1987 : Dan Stock Market Crash 1997

    OpenAIRE

    Indridewi Atmadjaja, Yovita Vivianty

    1999-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jay Chok

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

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

    Science.gov (United States)

    Chok, Jay; Qian, Jifeng

    2013-01-01

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

  16. [Investigation of noise hazards and hearing status of workers in outdoor quarries].

    Science.gov (United States)

    Zhang, Guoying; Tang, Zhifeng; Yao, Yongping; Wang, Haiying

    2014-08-01

    To investigate the noise hazards in open quarries and to provide a basis for further control of noise hazards. An investigation was performed during 2010 to 2011 among all open quarries in Deqing County of Zhejiang Province, China. The investigation included basic information of the quarries, the occupational health situation and noise intensity at the workplace, and the hearing loss of workers exposed to noise in quarry enterprises. The hearing test results were evaluated based on the Diagnostic criteria of occupational noise-induced hearing loss (GBZ 49-2007). A total of 25 enterprises with open quarries were investigated, of which only 30.4% (17/56) workplaces met the national standard. The median noise level was 92.5 dB (A). Fifty-four (10.6%) out of 508 workers in the 25 enterprises were diagnosed with binaural hearing loss in the initial physical examination, with 18.3% (93/508) under surveillance. The rate of normal hearing among crushing workers, mechanists, drilling workers, and blasting workers ranged between 27.6% and 41.4%, which was significantly lower than that among workers exposed to slight noise hazards (80.0%) or other workers (63.7%) (P hearing loss of crushing workers became serious. Serious occupational noise hazards existed in most jobs in open quarries, with crushing workers, mechanists, drilling workers, and blasting workers most seriously jeopardized. Among crushing workers, those working in the first-line or unprotected second?line positions suffered more than the others. Further measures should be taken by the supervision department and the enterprises to control the noise hazards in open quarries.

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

    DEFF Research Database (Denmark)

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

    2011-01-01

    , growth, and food composition of advanced pike fry (∼30 mm) stocked at a high density at a common release site in a shallow natural lake that contained wild youngof- the-year (age-0) pike. The stocked pike fry colonized the entire lake shoreline within just a few days. Dispersal was inversely related......Increasing evidence suggests that stocking northern pike Esox lucius has had limited success, especially when age-0 fish are stocked into water bodies where the recruitment of northern pike already occurs. To better understand the ecology of wild and stocked fry, we investigated the dispersal...... low fitness of stocked individuals in competition with wild conspecifics: (1) genetic-based local maladaptation among the stocked fish and (2) carryover effects from the hatchery. The latter may be less likely because the fry stocked were the offspring of wild fish and only spent a few weeks...

  18. Investigation of Nutritional Status in Elementary School Students of South Khorasan Province:East of Iran

    Directory of Open Access Journals (Sweden)

    A Fesharakinia

    2012-05-01

    Full Text Available

    Background and Objectives

    Children have greater nutritional needs than adults in order to maintain their growth. It has been determined that about 70% of all malnourished children in the world live in Asia. This study evaluates nutritional status of elementary students in south khorasan province and some effective factors on it.

     

    Methods

    The height and weight of 1303 elementary school students ages between 7 to 12 years old which were selected by multistage random sampling from urban and rural areas of the South Khorasan province were measured. Data for this study was collected for a period of six months from September 2006 to February 2007. Nutritional habits of these students and its relation to demographic factors were evaluated using Gomes (weight – for – age, Maclaren-ride (weight to height for age and Waterlow (height – for – age criteria.

     

    Results

    Based on the finding of this study, 69.8% of the students were underweight, 30.9% were wasted and 43.6% were stunted. The effects of malnutrition in this group were mild and severe cases of malnutrition effects were rare. The adverse effects of malnutrition were more widespread with the increase in the age of the students. These adverse effects were also more persistence with increased level of illiteracy among the parents of these students.

    The number of underweight students was significantly larger in the rural areas than in the urban areas. Heights of the students were directly correlated to the order of their birth. The higher the birth orders the higher the prevalence of being shorter Being stunted was more widespread among female students with less educated mothers.

     

    Conclusion

    In order to improve high prevalence of malnutrition in elementary school students of South Khorasan province, we recommend improvement of the level

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

    Directory of Open Access Journals (Sweden)

    Lei Tan

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

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

    Science.gov (United States)

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

    2016-01-01

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

  1. The Danish investigation on iodine intake and thyroid disease, DanThyr: status and perspectives

    DEFF Research Database (Denmark)

    Laurberg, P.; Jørgensen, T.; Perrild, H.

    2006-01-01

    Objective: Denmark was an area of iodine deficiency, and mandatory iodine fortification of table salt and salt in bread (13 p.p.m. iodine) was initiated in 2000/2001. The Danish investigation on iodine intake and thyroid disease (DanThyr) is the monitoring of the iodine fortification program...... in risk, oral contraception and alcohol consumption), and the individual risk depended on the genetic background. Environmental factors had only a minor influence on the prevalence of thyroid autoantibodies in the population. There were more cases of overt hypothyroidism in mild than in moderate iodine...

  2. Status report on speech research. A report on the status and progress of studies on the nature of speech, instrumentation for its investigation, and practical applications

    Science.gov (United States)

    Liberman, A. M.

    1985-10-01

    This interim status report on speech research discusses the following topics: On Vagueness and Fictions as Cornerstones of a Theory of Perceiving and Acting: A Comment on Walter (1983); The Informational Support for Upright Stance; Determining the Extent of Coarticulation-effects of Experimental Design; The Roles of Phoneme Frequency, Similarity, and Availability in the Experimental Elicitation of Speech Errors; On Learning to Speak; The Motor Theory of Speech Perception Revised; Linguistic and Acoustic Correlates of the Perceptual Structure Found in an Individual Differences Scaling Study of Vowels; Perceptual Coherence of Speech: Stability of Silence-cued Stop Consonants; Development of the Speech Perceptuomotor System; Dependence of Reading on Orthography-Investigations in Serbo-Croatian; The Relationship between Knowledge of Derivational Morphology and Spelling Ability in Fourth, Sixth, and Eighth Graders; Relations among Regular and Irregular, Morphologically-Related Words in the Lexicon as Revealed by Repetition Priming; Grammatical Priming of Inflected Nouns by the Gender of Possessive Adjectives; Grammatical Priming of Inflected Nouns by Inflected Adjectives; Deaf Signers and Serial Recall in the Visual Modality-Memory for Signs, Fingerspelling, and Print; Did Orthographies Evolve?; The Development of Children's Sensitivity to Factors Inf luencing Vowel Reading.

  3. Status of site investigation for L/ILW facilities in the Philippines - 59262

    International Nuclear Information System (INIS)

    Palattao, Maria V.; Nohay, Carl; Reyes, Rolando; Singayan, Alfonso; Mallants, Dirk

    2012-01-01

    Document available in abstract form only. Full text of publication follows: Radioactive waste in the Philippines is generated from the various applications of radioactive materials in medicine, industries and research. The Philippine Nuclear Research Institute (PNRI) currently manages these wastes through its centralized treatment and storage facilities on site. Radioactive wastes that are received at the Institute are of different types ranging from contaminated solid and liquid materials to spent sealed sources, including radium. Treated and conditioned wastes are temporarily stored in simple roofed above ground concrete bunkers. The Philippine government through the Inter-agency Subcommittee on Radioactive Waste Management is committed to the development of a national repository for the country's radioactive waste. This policy has been recognized in spite of the relatively small volume of radioactive waste compared with countries that have a nuclear power program. To date, a potential site has been identified for detailed investigation with the assistance of the International Atomic Energy Agency (IAEA). The site is located in the northern part of the Philippine archipelago and has about 34 hectares for potential development. A drilling program that aimed to investigate the geologic, hydrogeologic and hydrologic properties of the site has been implemented

  4. Paleoseismic investigations in the Northeastern and Southeastern United States: A status report

    International Nuclear Information System (INIS)

    Amick, D.; Gelinas, R.; Kemppinen, H.; Cato, K.

    1991-01-01

    A systematic search for evidence of prehistoric earthquake activity along the Atlantic Seaboard found no conclusive paleoliquefaction evidence of large prehistoric earthquakes originating outside of South Carolina. In contrast, evidence of 6 large Holocene earthquakes has been found within the epicentral area of the 1886 Charleston earthquake. These findings support the hypothesis that during the past few thousand years earthquake induced ground motions have been strongest in the meizoseismal zone of the 1886 earthquake, and are in keeping with the concept of a unique seismotectonic setting near Charleston. The return period for these rare events was determined to be approximately 500 years. It is important to note that these past studies focused exclusively on coastal areas. As a logical extension the US Nuclear Regulatory Commission is presently funding neotectonic/paleoliquefaction studies in non-coastal areas of the South Carolina-Georgia Seismic Zone (SCGSZ), the Southern Appalachian Seismic Zone (SASZ), and at several locales in New England. Within the SCGSZ present paleoliquefaction investigations have targeted: (1) fluvial deposits near Union, SC; (2) lacustrine, fluvial and marine deposits near Bowman, SC; and (3) fluvial, lacustrine and marine deposits along the Coastal Plain segment of the Savannah River. Within the SASZ, the Giles County and eastern Tennessee seismicity clusters have been identified as high priority locales for future field investigations

  5. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

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

  6. Fish stocking density impacts tank hydrodynamics

    DEFF Research Database (Denmark)

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

    2006-01-01

    The effect of stocking density upon the hydrodynamics of a circular tank, configured in a recirculation system, was investigated. Red drums Sciaenops ocellatus of approximately 140 g wet weight, were stocked at five rates varying from 0 to 12 kg m-3. The impact of the presence of fish upon tank...... hydrodynamics was established using in-tank-based Rhodamine WT fluorometry at a flow rate of 0.23 l s-1 (tank exchange rate of 1.9 h-1). With increasing numbers of animals, curvilinear relationships were observed for dispersion coefficients and tank mixing times. Stocking densities of 3, 6, 9 and 12 kg m-3...... resulted in a 0.2-, 0.5-, 2.4-, and 3.2-fold decrease in mixing time relative to that observed for empty tanks (Pb0.001)....

  7. 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....

  8. Investigation on water status and distribution in broccoli and the effects of drying on water status using NMR and MRI methods

    NARCIS (Netherlands)

    Xu, Fangfang; Jin, Xin; Zhang, Lu; Chen, Xiao Dong

    2017-01-01

    Many quality attributes of food products are influenced by the water status and the microstructure. Low-field nuclear magnetic resonance (NMR) and magnetic resonance imaging (MRI) methods are applied to non-destructively monitor the water status and structure of food. The aim of this study is to

  9. Status of NEPA activities in the (Nevada Nuclear Waste Storage Investigation) program

    International Nuclear Information System (INIS)

    Bertram, S.G.

    1981-01-01

    Sandia National Laboratories, in the role of Technical Overview Contractor for the Nevada Nuclear Waste Storage Investigation (NNWSI) is, among other things, responsible for: (1) coordinating the development and integration of technical data and criteria for environmental documentation; (2) performing repository environmental analyses; and (3) preparing environmental documentation as required by the National Siting Plan and the NWTS Licensing Plan. The objective of the FY 81 studies was to prepare an Environmental Area Characterization Report (EACR) that will be the initial data base for subsequent impact analyses and to identify environmental factors and information significant for area-to-location screening. A comprehensive literature survey and evaluation was performed for each of eight topics: biology, meteorology/air quality, cultural resources, water resources, background radiation, socioeconomics, energy and mineral resources and paleontology

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

    Science.gov (United States)

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

    2012-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Aldrin Herwany

    2013-12-01

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

  12. The Experimental Investigation of the Missing N*- and Δ-RESONANCES Problem:. Current Status and Perspectives

    Science.gov (United States)

    Sumachev, V. V.; Bekrenev, V. S.; Beloglazov, Yu. A.; Filimonov, E. A.; Kovalev, A. I.; Kozlenko, N. G.; Kruglov, S. P.; Kulbardis, A. A.; Lopatin, I. V.; Novinsky, D. V.; Shchedrov, V. A.; Trautman, V. Yu.; Alekseev, I. G.; Budkovsky, P. E.; Kanavets, V. P.; Koroleva, L. I.; Morozov, B. V.; Nesterov, V. M.; Ryltsov, V. V.; Sulimov, A. D.; Svirida, D. N.; Bazhanov, N. A.; Bunyatova, E. I.

    2007-11-01

    Numerous attempts to create a model that would exactly reproduce the N* - and Δ - resonances spectrum (that was presented in the Review of Particle Physics) failed. The existing models usually predicted considerably more resonances (twice or more in number) than were found in elastic πN - scattering. This problem is known as the problem of "missing" resonances. The recent partial wave analysis (PWA) SP06 that was made at George Washington University (2006) and included the modern experimental data revealed considerably fewer (approximately half) the N*- and Δ-resonances than those presented in the Review of Particle Physics (RPP) tables (2006). This disagreement invites further experimental investigation of the pion-nucleon interactions. Recent spin rotation parameter A and R measurements of the PNPI and PNPI-ITEP collaborations resolved a part of the twofold ambiguities of the PWA's. These results were used in the last PWA of the George Washington University (GWU) groups. The proposal for the additional measurements of the differential cross section and spin-rotation parameters R and A in the resonance region of the πN interactions is motivated. Such additional experiments are necessary to resolve the problem of the narrow (Γ < 30 MeV) baryon resonances existing and to complete monosemantic PWA of the πN elastic scattering.

  13. The influence of stocking rate and male:female ratio on the ...

    African Journals Online (AJOL)

    Breeding ostriches are concentrated on relatively small areas and through trampling have a most significant impact on the vegetation in the Little Karoo. Reproductive performance, as influenced by stocking rate and M:F ratio, was investigated. Stocking rates for the large flocks ranged from 114 to 210 birds/ha, and stocking ...

  14. Relationships between oil price shocks and stock market: An empirical analysis from China

    DEFF Research Database (Denmark)

    Cong, Ronggang; Wei, Yi-Ming; Jiao, Jian-Ling

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing...

  15. Measuring the Effect of Exchange Rate Movements on Stock Market Returns Volatility: GARCH Model

    Directory of Open Access Journals (Sweden)

    Abdelkadir BESSEBA

    2017-06-01

    Full Text Available This paper aims to investigate the dynamic links between exchange rate fluctuations and stock market return volatility. For this purpose, we have employed a Generalized Autoregressive Conditional Heteroscedasticity model (GARCH model. Stock market returns sensitivities are found to be stronger for exchange rates, implying that exchange rate change plays an important role in determining the dynamics of the stock market returns.

  16. Outlook '98 - Stock markets

    International Nuclear Information System (INIS)

    Vankka, D.

    1998-01-01

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

  17. Status of volcanic hazard studies for the Nevada Nuclear Waste Storage Investigations. Volume II

    International Nuclear Information System (INIS)

    Crowe, B.M.; Wohletz, K.H.; Vaniman, D.T.; Gladney, E.; Bower, N.

    1986-01-01

    Volcanic hazard investigations during FY 1984 focused on five topics: the emplacement mechanism of shallow basalt intrusions, geochemical trends through time for volcanic fields of the Death Valley-Pancake Range volcanic zone, the possibility of bimodal basalt-rhyolite volcanism, the age and process of enrichment for incompatible elements in young basalts of the Nevada Test Site (NTS) region, and the possibility of hydrovolcanic activity. The stress regime of Yucca Mountain may favor formation of shallow basalt intrusions. However, combined field and drill-hole studies suggest shallow basalt intrusions are rare in the geologic record of the southern Great Basin. The geochemical patterns of basaltic volcanism through time in the NTS region provide no evidence for evolution toward a large-volume volcanic field or increases in future rates of volcanism. Existing data are consistent with a declining volcanic system comparable to the late stages of the southern Death Valley volcanic field. The hazards of bimodal volcanism in this area are judged to be low. The source of a 6-Myr pumice discovered in alluvial deposits of Crater Flat has not been found. Geochemical studies show that the enrichment of trace elements in the younger rift basalts must be related to an enrichment of their mantle source rocks. This geochemical enrichment event, which may have been metasomatic alteration, predates the basalts of the silicic episode and is, therefore, not a young event. Studies of crater dimensions of hydrovolcanic landforms indicate that the worst case scenario (exhumation of a repository at Yucca Mountain by hydrovolcanic explosions) is unlikely. Theoretical models of melt-water vapor explosions, particularly the thermal detonation model, suggest hydrovolcanic explosion are possible at Yucca Mountain. 80 refs., 21 figs., 5 tabs

  18. Dynamic Linkages Between Kazakhstan and Its Major Trading PArtners' Stock Market

    OpenAIRE

    Zhulanov, Bekezhan

    2011-01-01

    This paper examines the linkages among stock markets of six countries. Kazakhstan stock market was chosen as dependant variable. Other five stock markets represent trade partner countries’ markets, namely Russia, Ukraine, US, China, Turkey. Particular study implemented Johansen – Juselius (1990) technique to investigate the cointegration between variables and Granger causality test (1969) to determine the causal relationship among stock markets. Trace test within cointegration approach identi...

  19. Stock Performance of Socially Responsible Companies

    Directory of Open Access Journals (Sweden)

    Huang Tzu-Man

    2016-12-01

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

  20. Statistical Analysis by Statistical Physics Model for the STOCK Markets

    Science.gov (United States)

    Wang, Tiansong; Wang, Jun; Fan, Bingli

    A new stochastic stock price model of stock markets based on the contact process of the statistical physics systems is presented in this paper, where the contact model is a continuous time Markov process, one interpretation of this model is as a model for the spread of an infection. Through this model, the statistical properties of Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) are studied. In the present paper, the data of SSE Composite Index and the data of SZSE Component Index are analyzed, and the corresponding simulation is made by the computer computation. Further, we investigate the statistical properties, fat-tail phenomena, the power-law distributions, and the long memory of returns for these indices. The techniques of skewness-kurtosis test, Kolmogorov-Smirnov test, and R/S analysis are applied to study the fluctuation characters of the stock price returns.

  1. Suitability of otolith microchemistry for stock separation of Baltic cod

    DEFF Research Database (Denmark)

    Heidemann, F; Marohn, L; Hinrichsen, HH

    2012-01-01

    Microchemical otolith analyses have been shown to provide valuable information on the life history, dispersal and stock characteristics of teleost fish. In the present study, the suitability of this technique for identifying the origin and distribution of Atlantic cod Gadus morhua L. from...... the Baltic Sea was examined using laser ablation-ICPMS. The capacity to distinguish individuals from different Baltic Sea stocks and from the adjacent North Sea stock based on incoporation of stock-specific elemental fingerprints along otolith growth axes was investigated. It was further tested if different...... origins led to spawning-site specific element concentrations in otolith cores. The results indicate that microchemical analyses of Baltic cod otoliths are applicable for differentiating individuals of different stocks. Analyses of similarities including 12 element/calcium ratios resulted in significant...

  2. Variation in angler distribution and catch rates of stocked rainbow trout in a small reservoir.

    Science.gov (United States)

    Harmon, Brian S; Martin, Dustin R; Chizinski, Christopher J; Pope, Kevin L

    2018-01-01

    We investigated the spatial and temporal relationship of catch rates and angler party location for two days following a publicly announced put-and-take stocking of rainbow trout (Oncorhynchus mykiss). Catch rates declined with time since stocking and distance from stocking. We hypothesized that opportunity for high catch rates would cause anglers to fish near the stocking location and disperse with time, however distance between angler parties and stocking was highly variable at any given time. Spatially explicit differences in catch rates can affect fishing quality. Further research could investigate the variation between angler distribution and fish distribution within a waterbody.

  3. Is age structure a relevant criterion for the health of fish stocks?

    NARCIS (Netherlands)

    Brunel, T.P.A.; Piet, G.J.

    2013-01-01

    The age and size structure of exploited fish stocks is one of the criteria for Good Environmental Status of commercial fish. However, two underlying assumptions to this criterion remain to be tested: first, that a well-balanced age structure is indeed indicative of a “healthier” stock, and second,

  4. Move over! Stock turnover, retrofit and industrial energy efficiency

    International Nuclear Information System (INIS)

    Worrell, Ernst; Biermans, Gijs

    2005-01-01

    We demonstrate the importance of stock turnover on industrial energy efficiency through a literature review and a case study of energy-intensive equipment, i.e. the electric arc furnace in the US steel industry. We describe the common methods for assessing stock turnover. We have found that both stock turnover and retrofit are important elements to explain the energy efficiency improvement rates. We investigated the development of electricity use in electric arc furnaces in the United States by tracking the development of individual furnaces over the period 1990-2002. This provides a detailed picture of changes in the stock or fleet of furnaces through turnover and/or retrofit. Our results confirm the results of other empirical studies that there is no clear lifetime of equipment. However, retired furnaces are distinctly less efficient than furnaces remaining in the stock, while new furnaces are distinctly more efficient than the average stock. We found an annual average improvement in specific electricity consumption of 1.3%/year over the studied period, of which 0.7%/year was due to stock turnover and 0.5%/year due to retrofit of stock in service throughout the period

  5. Mean reversion in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Rosenberg, Aryeh Adam

    2009-01-01

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

  6. Assessment demersal fish stocks Mauritania

    OpenAIRE

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

    2006-01-01

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

  7. 12 CFR 925.23 - Excess stock.

    Science.gov (United States)

    2010-01-01

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

  8. 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.

  9. Investigation into the relationship between the socio-economic and health status of the Coloured people of the Western Cape in an urban setting

    Directory of Open Access Journals (Sweden)

    EL Stellenberg

    2008-09-01

    Full Text Available A descriptive non-experimental approach was applied to investigate and describe the prevalence of factors influencing the health status of the Coloured people of the Western Cape in an urban setting as a dissertation for a doctorate degree. For the purpose of this article the relationship between the socio-economic and health status of the Coloured people of the Western Cape in an urban setting are described. The study only included economically active persons < 21 ^ 50 years. The objective was to determine the relationship between the health status and the socio-economic status of economically active Coloured people in an urban area as defined. The objectives set for the study were reached through a cross sectional study. The hypothesis, an association between the health status and the socio-economic status of the Coloured people of an urban area in the Western Cape was tested using the chi square statistical test. A purposeful stratified sample of 353 participants was drawn from the residential areas as defined for the purpose of the study. All social classes were well represented in the suburbs. Statistical associations on a 95% confidence interval were shown between the socio-economic status (i.e. educational level, income and occupation social habits, diet, and money available for food, exercise and the health status of the respondents. Recommendations were made based on the scientific evidence obtained through the study.

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

    Science.gov (United States)

    2010-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Erna Listyaningsih

    2015-09-01

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

  12. Statistics of extreme events in Chinese stock markets

    International Nuclear Information System (INIS)

    Wu Gan-Hua; Qiu Lu; Li Xin-Li; Yang Yue; Yang Hui-Jie; Jiang Yan; Stephen Mutua

    2014-01-01

    We investigate the impact of financial factors on daily volume recurrent time intervals in the developing Chinese stock markets. The tails of probability distribution functions (PDFs) of volume recurrent intervals behave as a power-law, and the scaling exponent decreases with the increase of stock lifetime, which are similar to those in the US stock markets, and they are typical representatives of developed markets. The difference is that the power-law exponent values remain almost the same with the changes of market capitalization, mean volume, and mean trading value, respectively. These findings enrich the results for event statistics for financial markets. (interdisciplinary physics and related areas of science and technology)

  13. Predicting short-term stock fluctuations by using processing fluency

    Science.gov (United States)

    Alter, Adam L.; Oppenheimer, Daniel M.

    2006-01-01

    Three studies investigated the impact of the psychological principle of fluency (that people tend to prefer easily processed information) on short-term share price movements. In both a laboratory study and two analyses of naturalistic real-world stock market data, fluently named stocks robustly outperformed stocks with disfluent names in the short term. For example, in one study, an initial investment of $1,000 yielded a profit of $112 more after 1 day of trading for a basket of fluently named shares than for a basket of disfluently named shares. These results imply that simple, cognitive approaches to modeling human behavior sometimes outperform more typical, complex alternatives. PMID:16754871

  14. Relationships between oil price shocks and stock market: An empirical analysis from China

    International Nuclear Information System (INIS)

    Cong Ronggang; Wei Yiming; Jiao Jianlin; Fan Ying

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index

  15. The Relationship between Stock Performance and the Efficiency in Turkish Banking Sector

    Directory of Open Access Journals (Sweden)

    Hakan AYGÖREN

    2015-11-01

    Full Text Available This study aims to investigate the relationship between efficiency and the stock performance of the banking sector in Turkey. Efficiency analysis is conducted via Stochastic Frontier Analysis (SFA. Subsequently, the market-to-book value as a measure of stock performance is regressed against the percentage change in efficiency using panel data analysis. SFA shows that the concentration ratios and capital adequacy ratio have a positive effect on the efficiency of stocks, whereas the number of employees per unit of branches and age influence stocks negatively. The results also show that investors perceive efficiency to be a significant factor in terms of stock performance.

  16. EFFICIENCY AND STOCK PERFORMANCE OF BANKS IN TRANSITION COUNTRIES: IS THERE A RELATIONSHIP?

    Directory of Open Access Journals (Sweden)

    Gülin Vardar

    2013-04-01

    Full Text Available The study investigates the link between the cost and profit efficiency scores of the banks in the Central and Eastern European Countries as well as Turkey along with their stock price performance to determine whether the efficiency scores are priced accordingly in bank stocks. Changes in efficiency scores of banks, obtained from Stochastic Frontier Analysis (SFA model, are regressed against their stock price performance by applying fixed effects panel regression technique. Empirical results indicate that changes in profit efficiency estimates have a positive and significant impact on stock returns; however, a significant but negative relationship is found between changes in cost efficiency and stock returns.

  17. 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

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

    Science.gov (United States)

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

    2018-02-01

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

  19. Two-year results of a prospective, multi-site investigation of patient satisfaction and psychosocial status following cosmetic surgery.

    Science.gov (United States)

    Sarwer, David B; Infield, Alison L; Baker, James L; Casas, Laurie A; Glat, Paul M; Gold, Alan H; Jewell, Mark L; Larossa, Don; Nahai, Foad; Young, V Leroy

    2008-01-01

    The number of cosmetic surgical and nonsurgical procedures performed in the United States has increased by 500% over the past 10 years. Most studies of psychosocial functioning following aesthetic procedures have reported high levels of patient satisfaction and improved functioning; however, nearly all these studies focused only on changes during the first posttreatment year. This paper reports on the 2-year results of a prospective, multi-site investigation of postoperative satisfaction and changes in psychosocial status following cosmetic surgery. One hundred patients from 8 surgical practices completed psychometric measures of body image, depressive symptoms, and self-esteem before surgery. Patients completed the same measures again at 3, 6, 12, and 24 months postoperatively. In addition, they reported their postoperative satisfaction as well as self-rated attractiveness at the 4 postoperative assessment points. Patients reported improvements in their overall appearance and body image, the appearance of and their degree of dissatisfaction with the feature altered by surgery, and the frequency of negative body image emotions in specific social situations through 24 months after surgery. These improvements were first evident at 3 months postoperatively and were maintained, without deterioration, through 2 years following surgery. Patients reported high rates of satisfaction and improvements in body image within the first 3 months of cosmetic surgery. These improvements were well maintained through the first 2 postoperative years.

  20. Investigating the effects of a multidimensional exercise program on symptoms and antiinflammatory status in female patients with ankylosing spondylitis.

    Science.gov (United States)

    Kisacik, Pinar; Unal, Edibe; Akman, Umit; Yapali, Gokmen; Karabulut, Erdem; Akdogan, Ali

    2016-02-01

    The purpose of this study is to investigate the effects of a multidimensional exercise program on symptoms and antiinflammatory status in female patients with ankylosing spondylitis (AS). The BATH Indexes, Dougados Functional Index (DFI), Health Assessment Questionnaire in Spondyloarthopathies (HAQ-S), Ankylosing Spondylitis Quality of Life (ASQoL) and Beck Depression Inventory (BDI) were used to evaluate twenty-four female AS patients. ESR, CRP, TNF-α and IL-6 were also analyzed. All patients were assessed at baseline and with 3 weeks intervals till 12 week. A multidimensional exercise program was applied for three times a week. There were significant differences in Bath Ankylosing Spondylitis Global Index (BAS-G) and Disease Activity Index (BASDAI), HAQ-S, ASQoL and BDI scores (p < 0.05). The level of the ESR, CRP and IL-6 fluctuated slightly. There was only significant difference at 3 and 12 weeks as compared to baseline levels in TNF-α values (p = 0.048, p < 0.001). We concluded that multidimensional exercise program should be taken into consideration for AS patients due to its positive effects on symptoms and antiinflammatory effects. Copyright © 2015 Elsevier Ltd. All rights reserved.

  1. Status of Knowledge after Ulysses and SOHO: Session 2: Investigate the Links between the Solar Surface, Corona, and Inner Heliosphere.

    Science.gov (United States)

    Suess, Steven

    2006-01-01

    As spacecraft observations of the heliosphere have moved from exploration into studies of physical processes, we are learning about the linkages that exist between different parts of the system. The past fifteen years have led to new ideas for how the heliospheric magnetic field connects back to the Sun and to how that connection plays a role in the origin of the solar wind. A growing understanding these connections, in turn, has led to the ability to use composition, ionization state, the microscopic state of the in situ plasma, and energetic particles as tools to further analyze the linkages and the underlying physical processes. Many missions have contributed to these investigations of the heliosphere as an integrated system. Two of the most important are Ulysses and SOHO, because of the types of measurements they make, their specific orbits, and how they have worked to complement each other. I will review and summarize the status of knowledge about these linkages, with emphasis on results from the Ulysses and SOHO missions. Some of the topics will be the global heliosphere at sunspot maximum and minimum, the physics and morphology of coronal holes, the origin(s) of slow wind, SOHO-Ulysses quadrature observations, mysteries in the propagation of energetic particles, and the physics of eruptive events and their associated current sheets. These specific topics are selected because they point towards the investigations that will be carried out with Solar Orbiter (SO) and the opportunity will be used to illustrate how SO will uniquely contribute to our knowledge of the underlying physical processes.

  2. Prediagnostic selenium status and hepatobiliary cancer risk in the European Prospective Investigation into Cancer and Nutrition cohort

    NARCIS (Netherlands)

    Hughes, David J.; Duarte-Salles, Talita; Hybsier, Sandra; Trichopoulou, Antonia; Stepien, Magdalena; Aleksandrova, Krasimira; Overvad, Kim; Tjønneland, Anne; Olsen, Anja; Affret, Aurélie; Fagherazzi, Guy; Boutron-Ruault, Marie Christine; Katzke, Verena; Kaaks, Rudolf; Boeing, Heiner; Bamia, Christina; Lagiou, Pagona; Peppa, Eleni; Palli, Domenico; Krogh, Vittorio; Panico, Salvatore; Tumino, Rosario; Sacerdote, Carlotta; Bueno de Mesquita, Hendrik Bastiaan|info:eu-repo/dai/nl/06929528X; Peeters, Petra H.|info:eu-repo/dai/nl/074099655; Engeset, Dagrun; Weiderpass, Elisabete; Lasheras, Cristina; Agudo, Antonio; Sánchez, Maria José; Navarro, Carmen; Ardanaz, Eva; Dorronsoro, Miren; Hemmingsson, Oskar; Wareham, Nicholas J.; Khaw, Kay Tee; Bradbury, Kathryn E.; Cross, Amanda J.; Gunter, Marc; Riboli, Elio; Romieu, Isabelle; Schomburg, Lutz; Jenab, Mazda

    2016-01-01

    Selenium status is suboptimal in many Europeans and may be a risk factor for the development of various cancers, including those of the liver and biliary tract. Objective: We wished to examine whether selenium status in advance of cancer onset is associated with hepatobiliary cancers in the EPIC

  3. Selenium status is associated with colorectal cancer risk in the European prospective investigation of cancer and nutrition cohort

    NARCIS (Netherlands)

    Hughes, David J.; Fedirko, Veronika; Jenab, Mazda; Schomburg, Lutz; Meplan, Catherine; Freisling, Heinz; Bueno-de-Mesquita, H. B(as)|info:eu-repo/dai/nl/06929528X; Hybsier, Sandra; Becker, Niels-Peter; Czuban, Magdalena; Tjonneland, Anne; Outzen, Malene; Boutron-Ruault, Marie-Christine; Racine, Antoine; Bastide, Nadia; Kuehn, Tilman; Kaaks, Rudolf; Trichopoulos, Dimitrios; Trichopoulou, Antonia; Lagiou, Pagona; Panico, Salvatore; Peeters, Petra H.|info:eu-repo/dai/nl/074099655; Weiderpass, Elisabete; Skeie, Guri; Dagrun, Engeset; Chirlaque, Maria-Dolores; Sanchez, Maria-Jose; Ardanaz, Eva; Ljuslinder, Ingrid; Wennberg, Maria; Bradbury, Kathryn E.; Vineis, Paolo; Naccarati, Alessio; Palli, Domenico; Boeing, Heiner; Overvad, Kim; Dorronsoro, Miren; Jakszyn, Paula; Cross, Amanda J.; Quiros, Jose Ramon; Stepien, Magdalena; Kong, So Yeon; Duarte-Salles, Talita; Riboli, Elio; Hesketh, John E.

    2015-01-01

    Suboptimal intakes of the micronutrient selenium (Se) are found in many parts of Europe. Low Se status may contribute to colorectal cancer (CRC) development. We assessed Se status by measuring serum levels of Se and Selenoprotein P (SePP) and examined the association with CRC risk in a nested

  4. Investigating Perceived vs. Medical Weight Status Classification among College Students: Room for Improvement Exists among the Overweight and Obese

    Science.gov (United States)

    Duffrin, Christopher; Eakin, Angela; Bertrand, Brenda; Barber-Heidel, Kimberly; Carraway-Stage, Virginia

    2011-01-01

    The American College Health Association estimated that 31% of college students are overweight or obese. It is important that students have a correct perception of body weight status as extra weight has potential adverse health effects. This study assessed accuracy of perceived weight status versus medical classification among 102 college students.…

  5. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

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

  6. Rainy Day Stocks

    DEFF Research Database (Denmark)

    Gormsen, Niels Joachim; Greenwood, Robin

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

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

    OpenAIRE

    Ramsundhar, Shamman

    2010-01-01

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

  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. Dominating clasp of the financial sector revealed by partial correlation analysis of the stock market.

    Science.gov (United States)

    Kenett, Dror Y; Tumminello, Michele; Madi, Asaf; Gur-Gershgoren, Gitit; Mantegna, Rosario N; Ben-Jacob, Eshel

    2010-12-20

    What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001-2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market.

  10. —The Stock Market's Pricing of Customer Satisfaction

    OpenAIRE

    Christopher Ittner; David Larcker; Daniel Taylor

    2009-01-01

    A number of recent marketing studies examine the stock market's response to the release of American Customer Satisfaction Index (ACSI) scores. The broad purpose of these studies is to investigate the stock market's valuation of customer satisfaction. However, a key focus is on whether customer satisfaction information predicts long-run returns. We provide evidence on the market's pricing of ACSI information using a more comprehensive set of well-established tests from the accounting and finan...

  11. Macroeconomics Variables and the Stock Market : The Case of Russia

    OpenAIRE

    Yelyubayev, Talgat

    2011-01-01

    This study investigates the relationship between macroeconomic variables and the Russian stock market. Following macroeconomic variables are used: industrial production, consumer price index, discount rate, exchange rate and oil prices. Index of the MICEX stock exchange is chosen to represent the Russian market. Monthly time series data of mentioned variables are used and time span covers September 1997 to April 2011 period. Empirical analysis consists of applying Augmented Dickey-Fuller (ADF...

  12. Parallel Prediction of Stock Volatility

    Directory of Open Access Journals (Sweden)

    Priscilla Jenq

    2017-10-01

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

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

    Directory of Open Access Journals (Sweden)

    Okičić Jasmina

    2015-04-01

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

  14. Hot money and China's stock market volatility: Further evidence using the GARCH-MIDAS model

    Science.gov (United States)

    Wei, Yu; Yu, Qianwen; Liu, Jing; Cao, Yang

    2018-02-01

    This paper investigates the influence of hot money on the return and volatility of the Chinese stock market using a nonlinear Granger causality test and a new GARCH-class model based on mixed data sampling regression (GARCH-MIDAS). The empirical results suggest that no linear or nonlinear causality exists between the growth rate of hot money and the Chinese stock market return, implying that the Chinese stock market is not driven by hot money and vice versa. However, hot money has a significant positive impact on the long-term volatility of the Chinese stock market. Furthermore, the dependence between the long-term volatility caused by hot money and the total volatility of the Chinese stock market is time-variant, indicating that huge volatilities in the stock market are not always triggered by international speculation capital flow and that Chinese authorities should further focus on more systemic reforms in the trading rules and on effectively regulating the stock market.

  15. The Power of Trading Polarity: Evidence from China Stock Market Crash

    OpenAIRE

    Lu, Shan; Zhao, Jichang; Wang, Huiwen

    2018-01-01

    The imbalance of buying and selling functions profoundly in the formation of market trends, however, a fine-granularity investigation of the imbalance is still missing. This paper investigates a unique transaction dataset that enables us to inspect the imbalance of buying and selling on the man-times level at high frequency, what we call 'trading polarity', for a large cross-section of stocks from Shenzhen Stock Exchange. The trading polarity measures the market sentiment toward stocks from a...

  16. GIS-BASED EXPERIENCE OF INVESTIGATING THE STATUS OF SPAWNING AREAS WITHIN THE UPPER SECTION OF THE TSIMLYANSK RESERVOIR

    Directory of Open Access Journals (Sweden)

    N. S. Kalioujnaia

    2017-01-01

    Full Text Available This paper presents a GIS-based research approach to investigating the status and dynamics of spawning areas of the Tsimlyansk Reservoir (within Volgograd Region, one of the largest inland fishery water bodies in the South of Russia.The spawning areas were considered in terms of the concept of ecotone origin, of the highly dynamic aquatic-terrestrial transitional environment in which temporary flooding is the main factor determining the diversity of spawning habitats, recruitment conditions, as well as ecosystem productivity.The processing and interpretation of Landsat images for the spring and low-water seasons for years between 2005 and 2016, in combination with other data (large-scale topographic maps, fishery research, and scientific papers allowed revealing the location of main spawning areas within the reservoir’s Upper section and to calculate their areas.For three case study sites located on the left bank of the reservoir, the main natural and anthropogenic factors determining the spawning conditions were identified. Retrospective analysis and synthesis of data on young fish composition and abundance between 1980 and today confirmed the importance of these sites for fish recruitment as well as the opportunities for their improvement by means of restoration measures.The output maps present the spatial distribution of the spawning areas and the environmental factors directly or indirectly affecting fish recruitment conditions. The most impacted areas have been determined, including the areas affected by abrasion, siltation and eutrophication processes, as well as pollution of the aquatic zone and water protection zone of the reservoir.The results of the research are useful both for understanding the general environmental conditions of the Tsimlyansk Reservoir and for supporting management decisions towards its improvement. 

  17. RE-EXAMINING STOCK MARKET INTEGRATION AMONG BRICS COUNTRIES

    Directory of Open Access Journals (Sweden)

    Berzanna Seydou Ouattara

    2017-09-01

    Full Text Available The main goal of this paper is to contribute to the international investment decision making process among the BRICS countries and to the development or changes of policies in response to the dynamics in these countries. The background is important for international investors seeking diversification benefits abroad and for policy makers reacting to the developments in the aforementioned economies. Thus, the context of this paper is directed to the examination of the stock market interaction among the BRICS countries. The objective of this research paper is to analyze the existence of the short-term linkages and long-term cointegration among the BRICS markets. Augmented Dicker-Fuller (ADF and Philips-Perron tests (PP are used to analyze stationarity among the selected variables. The research applies the correlation test on the stock markets returns to investigate the degree of freedom existing among the markets. The long run and the short run are also investigated using Johansen cointegration test while the Pairwise Granger Causality and the Wald tests are applied to assess the direction of the causality between the stock market indices. The study also extends the investigation by employing the impulse response function and variance decomposition to evaluate the reaction of each stock to a shock from other stock indices. The quarterly data consisted of fifteen years from 2000 to 2015 and are exclusively composed of stock market index of selected countries. One of the key findings of the research is that the Chinese stock markets are mostly independent from other BRICS markets, implying diversification benefits for the international investors both in the short and the long run. Another important finding is that the BRICS stock markets are not cointegrated in the long run, thus, being a favorable destination for the long-term investments.

  18. 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...

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

    Directory of Open Access Journals (Sweden)

    Udani Chathurika Edirisinghe

    2015-02-01

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

  20. Soil and vegetation carbon stocks in Brazilian Western Amazonia: relationships and ecological implications for natural landscapes.

    Science.gov (United States)

    Schaefer, C E G R; do Amaral, E F; de Mendonça, B A F; Oliveira, H; Lani, J L; Costa, L M; Fernandes Filho, E I

    2008-05-01

    The relationships between soils attributes, soil carbon stocks and vegetation carbon stocks are poorly know in Amazonia, even at regional scale. In this paper, we used the large and reliable soil database from Western Amazonia obtained from the RADAMBRASIL project and recent estimates of vegetation biomass to investigate some environmental relationships, quantifying C stocks of intact ecosystem in Western Amazonia. The results allowed separating the western Amazonia into 6 sectors, called pedo-zones: Roraima, Rio Negro Basin, Tertiary Plateaux of the Amazon, Javari-Juruá-Purus lowland, Acre Basin and Rondonia uplands. The highest C stock for the whole soil is observed in the Acre and in the Rio Negro sectors. In the former, this is due to the high nutrient status and high clay activity, whereas in the latter, it is attributed to a downward carbon movement attributed to widespread podzolization and arenization, forming spodic horizons. The youthful nature of shallow soils of the Javari-Juruá-Purus lowlands, associated with high Al, results in a high phytomass C/soil C ratio. A similar trend was observed for the shallow soils from the Roraima and Rondonia highlands. A consistent east-west decline in biomass carbon in the Rio Negro Basin sector is associated with increasing rainfall and higher sand amounts. It is related to lesser C protection and greater C loss of sandy soils, subjected to active chemical leaching and widespread podzolization. Also, these soils possess lower cation exchangeable capacity and lower water retention capacity. Zones where deeply weathered Latosols dominate have a overall pattern of high C sequestration, and greater than the shallower soils from the upper Amazon, west of Madeira and Negro rivers. This was attributed to deeper incorporation of carbon in these clayey and highly pedo-bioturbated soils. The results highlight the urgent need for refining soil data at an appropriate scale for C stocks calculations purposes in Amazonia. There

  1. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

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

  2. The Impact of fear on the stock exchange gamblers’ behaviour

    Directory of Open Access Journals (Sweden)

    Titus SUCIU

    2015-12-01

    Full Text Available The paper creates a link between the five basic fears in humans and their occurrence when we invest in the stock exchange. The author identifies five basic fears in humans: fear of being rejected, abandoned, humiliated, betrayed and the victim of an injustice. The stock market investor is confronted with the following fears: the disposition effect, the hedonistic approach, the effect of the committed expenditure, the snake bite effect, the dismissal of any regret (or the no regret approach, the status quo prejudice and the endowment effect. The author shows that the stock investor’s seven fears are specific cases of the five basic fears. The first step in confronting these fears is to become aware of the mask worn.

  3. 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

  4. Investigation of a redox-sensitive predictive model of mouse embryonic stem cells differentiation using quantitative nuclease protection assays and glutathione redox status

    Science.gov (United States)

    Investigation of a redox-sensitive predictive model of mouse embryonic stem cell differentiation via quantitative nuclease protection assays and glutathione redox status Chandler KJ,Hansen JM, Knudsen T,and Hunter ES 1. U.S. Environmental Protection Agency, Research Triangl...

  5. Social Interaction and Stock Market Participation: Evidence from China

    Directory of Open Access Journals (Sweden)

    Zhifeng Liu

    2014-01-01

    Full Text Available Current research on the impact of social interaction on the stock market participation only involves the traditional way of social interaction, and this paper further investigates the modern social interaction effects on the stock market participation and its activeness. The sample containing 150 Chinese counties is selected, and we apply grouping analysis and linear regression to conclude that social interaction has positive influence on the stock market participation and its activeness. Both traditional and modern social interaction ways affect the stock market participation and its activeness to the similar extent, so modern social interaction is of the same importance. Controlling for the respondents’ age, wealth, and education level, the above conclusion still holds.

  6. Corruption and Stock Market Development: New Evidence from GCC Countries

    Directory of Open Access Journals (Sweden)

    Moaz Alsherfawi Aljazaerli

    2016-06-01

    Full Text Available The theoretical relationship between corruption and stock market development has been debated quite extensively in the literature, yet the evidence on the impact of corruption on stock market development remains contradictory and ambiguous. This paper investigates the impact of corruption, as measured by Corruption Perception Index (CPI published by Transparency International, on stock market development focusing exclusively on Gulf Cooperation Council (GCC countries with its special characteristics of combining richness with relatively high level of corruption. Results from an estimation of alternative regression models on a panel of six GCC countries over the period 2003–2011, through which CPI is legitimately comparable, confirms a positive impact of corruption on stock market development, where the latter is measured by market capitalization. This is consistent with the view that corruption greases the wheels of economy by expediting transactions and allowing private firms to overcome governmentally imposed inefficiencies.

  7. Stock portfolio structure of individual investors infers future trading behavior.

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  8. Stock Portfolio Structure of Individual Investors Infers Future Trading Behavior

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

  9. Stocks low, marketers confident

    Energy Technology Data Exchange (ETDEWEB)

    Mantho, M. [ed.

    1997-01-01

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

  10. Stock Market Index Computer Programs.

    Science.gov (United States)

    Rowley, Eric

    1986-01-01

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

  11. Quality of Life and Functional Status Across the Life Course. Project 2: Investigating Mechanisms to Explain Age Associated Differences in Quality of Life Among Breast Cancer Patients

    Science.gov (United States)

    2002-10-01

    4.3.7 Symptoms Questionnaire 4.3.8 Quality of Life Form....... 4.3.9 Spirituality ....................... 4.3.10 BriefCOPE Scale...AD Award Nuimber: DAMD17-01-1-0447 TITLE: Quality of Life and Functional Status Across the Life Course Project 2: Investigating Mechanisms to...Explain Age Associated Differences in Quality of Life Among Breast Cancer Patients PRINCIPAL INVESTIGATOR: Michelle J. Naughton, Ph.D. Nancy E

  12. Biological fundamentals of stocking the Zaporizhzhia (Dnipro reservoir with fish

    Directory of Open Access Journals (Sweden)

    O. Fedonenko

    2017-12-01

    Full Text Available Purpose. The main purpose is developing effective measures for stocking the Zaporizhzhia (Dnipro reservoir with valuable fish species by studying the biological and fishery aspects of the formation and exploitation of their commercial stocks. Methods. During the work, we used the generalized results of integrated hydrobiological studies performed in 2015-2017. Materials were collected in the Zaporizhzhia (Dnipro reservoir using standard fishing gears for fish sampling. Collection and processing of phyto-, zooplankton and zoobenthos samples were carried out using conventional hydrobiological methods. Calculation of fish seed amounts was carried out using classical fishery and ichthyological methods. Findings. The status of fish feed supply of the Zaporizhzhia (Dnipro reservoir and its production potential was determined. Based on the obtained data, we calculated the potential productivity of the reservoir. It was found that the reservoir had certain feed supply reserves allowing large scale stocking with the juveniles of commercial fish species. The recommended amounts of reservoir stocking in 2017 were calculated as follows: 570 thousand 1+ carp (weight 100-130 g; 1560 thousand 1+ silver carp (weight of 100-130 g; 400 thousand 1+ bighead carp (weight of 100-130 g; 220 thousand 1+ grass carp (weight of 100-130 g; 135 thousand 0+ tench (weight of 10-20 g; 83 thousand 0+ pike (weight of 100 g; 83 thousand 1+ pikeperch (weight 100 g. Scientific novelty. The presented results of the study of the state of fish feed supply in the reservoir allow stocking with the calculated amounts creating the bases of the rational use of aquatic bioresources with the preservation of the productive potential of commercial fish species exploited by commercial fishery in the Zaporizhzhia (Dnipro reservoir. Practical value. Stocking the reservoir with fish allows improving the overall ecological status of the reservoir and increasing fish productivity under the

  13. [Measurement of airborne asbestos fibers on railroad rolling stock].

    Science.gov (United States)

    Camilucci, L; Catasta, P F; Chiappino, G; Governa, M; Munafò, E; Verduchi, P; Paba, G

    2000-01-01

    In February 1995 the Italian Railways Health Department set up a special study group in order to assess the effectiveness of the measures adopted against hazards due to the presence of asbestos in rolling stock currently in use on the rail network. The group set up specific procedures for sampling and analysis, on the basis of the criteria fixed for civil buildings in Ministerial Decree of 6/9/94, which was subsequently applied to rolling stock by Ministerial Decree of 26/10/95. In accordance with these procedures the study group carried out environmental studies via test runs programmed by the Railways Technical Departments, on trains made up of different types of vehicles. Insulated, completely or partially deinsulated and originally non-insulated vehicles were studied. Samples were analysed via scanning electron microscopy (SEM) with elementary dispersion X spectroscopy (EDXS) carried out by highly qualified public laboratories (ISPESL--National Institute for Prevention and Work Safety, ARPA--Regional Environmental Protection Agency, CRA--Veneto Region, University Departments). Altogether, from the start of the programme up to September 1998, 1464 samples in 170 test runs on 619 rolling stock vehicles were examined. These involved 83 locomotives, 83 electric rail-cars and 453 carriages. The results showed that in over 99% of the samples the fibre concentrations were below 2 fibres/litre, which is the value fixed by law for buildings and rail vehicles in order to qualify for effective decontamination status. Values exceeding 2 fibres/litre were found in only 4 vehicles, which were withdrawn or blocked for further checks. As a precaution, 18 vehicles where concentrations over 1 but less than 2 fibres/litre were found, were also blocked and their return to service has been postponed for further checks and analyses until the results show concentrations below 1 fibre/litre. Environmental analyses carried out up to the present indicate an overall situation comparable

  14. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§ 725.3...

  15. Based on BP Neural Network Stock Prediction

    Science.gov (United States)

    Liu, Xiangwei; Ma, Xin

    2012-01-01

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

  16. Chubby but cheerful? Investigating the compensatory judgments of high, medium, and low status weight groups in Malaysia

    Directory of Open Access Journals (Sweden)

    Chuma Owuamalam

    2016-05-01

    Full Text Available We examined two strategies that people use in their social judgements – indifference and compensation. Given the average position of members of intermediate status groups, we reasoned that an indifference strategy would characterise perceivers’ competence vs. warmth judgements of these people because they do not possess features that deviate from normality. In contrast, high and low status groups deviate from normality, and we reasoned that attention to the negative aspects of their competence vs. warmness should enlist a complementary desire to compensate such groups on the opposite dimension, in line with societal norms of politeness. We tested these ideas in relation to people who were underweight (intermediate status group, overweight (low status group, and ideal weight (high status group. Results from Study 1 showed that compensation was used for underweight faces and ideal weight faces, while an indifference strategy was used in the judgements of overweight faces, which we reasoned may be tied to cultural and individual differences. When these noise variables were removed in Studies 2a and 2b, we showed that, consistent with our assumptions, the indifference strategy was used in the evaluations of underweight people, and compensation was used for the ideal- and over-weight categories. Finally, Study 2b showed that norms of politeness predicted the use of compensation, but only for the overweight category.

  17. 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.

  18. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Science.gov (United States)

    2010-04-01

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

  19. Modelling energy demand in the Norwegian building stock

    Energy Technology Data Exchange (ETDEWEB)

    Sartori, Igor

    2008-07-15

    Energy demand in the building stock in Norway represents about 40% of the final energy consumption, of which 22% goes to the residential sector and 18% to the service sector. In Norway there is a strong dependency on electricity for heating purposes, with electricity covering about 80% of the energy demand in buildings. The building sector can play an important role in the achievement of a more sustainable energy system. The work performed in the articles presented in this thesis investigates various aspects related to the energy demand in the building sector, both in singular cases and in the stock as a whole. The work performed in the first part of this thesis on development and survey of case studies provided background knowledge that was then used in the second part, on modelling the entire stock. In the first part, a literature survey of case studies showed that, in a life cycle perspective, the energy used in the operating phase of buildings is the single most important factor. Design of low-energy buildings is then beneficial and should be pursued, even though it implies a somewhat higher embodied energy. A case study was performed on a school building. First, a methodology using a Monte Carlo method in the calibration process was explored. Then, the calibrated model of the school was used to investigate measures for the achievement of high energy efficiency standard through renovation work. In the second part, a model was developed to study the energy demand in a scenario analysis. The results showed the robustness of policies that included conservation measures against the conflicting effects of the other policies. Adopting conservation measures on a large scale showed the potential to reduce both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlighted the inertia to change of the building stock, due to low activity levels compared to the stock size. It also became clear that a deeper

  20. Are Stock and Corporate Bond Markets Integrated?

    OpenAIRE

    van Zundert, J.; Driessen, Joost

    2017-01-01

    This study explores the cross-sectional integration of stock and corporate bond markets by comparing a firm’s expected stock return, as implied by corporate bond spreads, to its realized stock return. We compute expected corporate bond returns by correcting credit spreads for expected losses due to default, which are then transformed into expected stock returns. We find, surprisingly, a strong negative cross-sectional relation between these expected and realized stock returns over the period ...

  1. 12 CFR 925.20 - Stock purchase.

    Science.gov (United States)

    2010-01-01

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

  2. An Applied Framework for Incorporating Multiple Sources of Uncertainty in Fisheries Stock Assessments.

    Science.gov (United States)

    Scott, Finlay; Jardim, Ernesto; Millar, Colin P; Cerviño, Santiago

    2016-01-01

    Estimating fish stock status is very challenging given the many sources and high levels of uncertainty surrounding the biological processes (e.g. natural variability in the demographic rates), model selection (e.g. choosing growth or stock assessment models) and parameter estimation. Incorporating multiple sources of uncertainty in a stock assessment allows advice to better account for the risks associated with proposed management options, promoting decisions that are more robust to such uncertainty. However, a typical assessment only reports the model fit and variance of estimated parameters, thereby underreporting the overall uncertainty. Additionally, although multiple candidate models may be considered, only one is selected as the 'best' result, effectively rejecting the plausible assumptions behind the other models. We present an applied framework to integrate multiple sources of uncertainty in the stock assessment process. The first step is the generation and conditioning of a suite of stock assessment models that contain different assumptions about the stock and the fishery. The second step is the estimation of parameters, including fitting of the stock assessment models. The final step integrates across all of the results to reconcile the multi-model outcome. The framework is flexible enough to be tailored to particular stocks and fisheries and can draw on information from multiple sources to implement a broad variety of assumptions, making it applicable to stocks with varying levels of data availability The Iberian hake stock in International Council for the Exploration of the Sea (ICES) Divisions VIIIc and IXa is used to demonstrate the framework, starting from length-based stock and indices data. Process and model uncertainty are considered through the growth, natural mortality, fishing mortality, survey catchability and stock-recruitment relationship. Estimation uncertainty is included as part of the fitting process. Simple model averaging is used to

  3. Caries status and proximal lesion behaviour during a 6-year period in young adult Danes: an epidemiological investigation

    DEFF Research Database (Denmark)

    Martignon, Stefania; Chavarría, Nathaly; Ekstrand, Kim

    2009-01-01

    Studies have indicated that many initial proximal caries lesions progress and are eventually restored even if the patients have been under comprehensive preventive programmes. The objectives of the study were (1) to describe the 1996-year baseline caries status of male Danish conscripts and (2...

  4. An Investigation of the Status of Piano Teacher Training in Taiwan from the Perspective of Undergraduate Piano Pedagogy Course Offerings

    Science.gov (United States)

    Chiang, Ju-Yu

    2009-01-01

    The purpose of this study was to determine the status of piano teacher training in Taiwan. A survey questionnaire and two groups of interviewees facilitated research to conduct the study. The information gained from survey questionnaires documents the content of undergraduate piano pedagogy courses in Taiwanese universities and colleges. The…

  5. Peer Influence, Peer Status, and Prosocial Behavior: An Experimental Investigation of Peer Socialization of Adolescents' Intentions to Volunteer.

    Science.gov (United States)

    Choukas-Bradley, Sophia; Giletta, Matteo; Cohen, Geoffrey L; Prinstein, Mitchell J

    2015-12-01

    Peer influence processes have been documented extensively for a wide range of maladaptive adolescent behaviors. However, peer socialization is not inherently deleterious, and little is known about whether adolescents influence each other's prosocial behaviors, or whether some peers are more influential than others towards positive youth outcomes. This study addressed these questions using an experimental "chat room" paradigm to examine in vivo peer influence of prosocial behavior endorsement. A school-based sample of 304 early adolescents (55% female, 45% male; M(age) = 12.68) believed they were interacting electronically with same-gender grademates (i.e., "e-confederates"), whose peer status was experimentally manipulated. The participants' intent to engage in prosocial behaviors was measured pre-experiment and in subsequent "public" and "private" experimental sessions. Overall, the adolescents conformed to the e-confederates' prosocial responses in public; yet, these peer influence effects were moderated by the peer status of the e-confederates, such that youth more strongly conformed to the high-status e-confederates than to the low-status ones. There also was some evidence that these peer influence effects were maintained in the private session, indicating potential internalization of prosocial peer norms. These findings help bridge the positive youth development and peer influence literatures, with potential implications for campaigns to increase prosocial behaviors.

  6. Effects of fundamentals acquisition and strategy switch on stock price dynamics

    Science.gov (United States)

    Wu, Songtao; He, Jianmin; Li, Shouwei

    2018-02-01

    An agent-based artificial stock market is developed to simulate trading behavior of investors. In the market, acquisition and employment of information about fundamentals and strategy switch are investigated to explain stock price dynamics. Investors could obtain the information from both market and neighbors resided on their social networks. Depending on information status and performances of different strategies, an informed investor may switch to the strategy of fundamentalist. This in turn affects the information acquisition process, since fundamentalists are more inclined to search and spread the information than chartists. Further investigation into price dynamics generated from three typical networks, i.e. regular lattice, small-world network and random graph, are conducted after general relation between network structures and price dynamics is revealed. In each network, integrated effects of different combinations of information efficiency and switch intensity are investigated. Results have shown that, along with increasing switch intensity, market and social information efficiency play different roles in the formation of price distortion, standard deviation and kurtosis of returns.

  7. Stock Assessment of Columbia River Anadromous Salmonids : Final Report, Volume I, Chinook, Coho, Chum and Sockeye Salmon Summaries.

    Energy Technology Data Exchange (ETDEWEB)

    Howell, Philip J.

    1986-07-01

    The purpose was to identify and characterize the wild and hatchery stocks of salmon and steelhead in the Columbia River Basin on the basis of currently available information. This report provides a comprehensive compilation of data on the status and life histories of Columbia Basin salmonid stocks.

  8. Investigation of health promotion status in specialized hospitals associated with Hamadan University of Medical Sciences: health-promoting hospitals.

    Science.gov (United States)

    Hamidi, Yadollah; Hazavehei, Seyed Mohammad Mahdi; Karimi-Shahanjarini, Akram; SeifRabiei, Mohamad Ali; Farhadian, Maryam; Alimohamadi, Shohreh; Kharghani Moghadam, Seyedeh Melika

    2017-12-01

    The prophecy of health promoting hospitals (HPH) is bringing about a change and transition from treatment-oriented to health-oriented attitudes. In Iran, hospitals usually play the traditional roles. The present study was aimed at the evaluation of the health promotion status in specialized hospitals associated with Hamadan University of Medical Sciences (HUMS). This applied study was conducted in two Hamadan specialized hospitals in the Hamadan city. The health promotion status was evaluated using a self-assessment checklist designed by the World Health Organization's HPH. The evaluation was done in five standards including management policy, patient assessment, patient information and intervention, promotion of a healthy workplace and continuity and cooperation. The results showed that both the hospitals studied had a poor status in terms of promoting a healthy workplace (average = 31.24%) and management policy standards (average = 35.29%) in comparison with the other relevant standards: patient assessment (53.12%), patient information and intervention (62.5%), continuity and cooperation (65.78%)). The results of the standards and sub-standards status displayed better performance in the cardiovascular hospital (53.67%) compared to the women and parturition hospital (42.64%). The findings indicated that HPH standards are very low in the studied hospitals. The reason behind this wide gap might be due to the fact that hospitals in Iran are more treatment-oriented and patient-oriented and they do not play an active part in health promoting. It was found that management policy and promoting healthy workplace standards had the worst status and must be improved.

  9. Quantifying the effect of investors’ attention on stock market

    Science.gov (United States)

    Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

    2017-01-01

    The investors’ attention has been extensively used to predict the stock market. Different from existing proxies of the investors’ attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors’ attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors’ attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors’ attention. PMID:28542216

  10. Association between Stock Market Gains and Losses and Google Searches.

    Science.gov (United States)

    Arditi, Eli; Yechiam, Eldad; Zahavi, Gal

    2015-01-01

    Experimental studies in the area of Psychology and Behavioral Economics have suggested that people change their search pattern in response to positive and negative events. Using Internet search data provided by Google, we investigated the relationship between stock-specific events and related Google searches. We studied daily data from 13 stocks from the Dow-Jones and NASDAQ100 indices, over a period of 4 trading years. Focusing on periods in which stocks were extensively searched (Intensive Search Periods), we found a correlation between the magnitude of stock returns at the beginning of the period and the volume, peak, and duration of search generated during the period. This relation between magnitudes of stock returns and subsequent searches was considerably magnified in periods following negative stock returns. Yet, we did not find that intensive search periods following losses were associated with more Google searches than periods following gains. Thus, rather than increasing search, losses improved the fit between people's search behavior and the extent of real-world events triggering the search. The findings demonstrate the robustness of the attentional effect of losses.

  11. The Behavior of Stock Prices during Lent and Advent

    Directory of Open Access Journals (Sweden)

    Ramona DUMITRIU

    2017-06-01

    Full Text Available The religious practices generate some important calendar effects on the stock markets evolutions. This paper explores the impact on stock markets of two periods from the Catholic Church Calendar, Advent and Lent, for the period January 2009 � May 2017. We employ as data the closing daily values of stock exchanges indexes from five countries where the main religion is the Roman Catholicism: Argentina, Brazil, Chile, Hungary and Mexico. The sample of data used in the investigation is divided in two sub � samples: the first, from January 2009 to December 2012, covers a period when international stock market recovered after the 2007 � 2008 crisis, while the second sub � sample, from January 2013 to May 2017, corresponds, at a global scale, to a relative normal period. We employ GARCH models to reveal the impact of the Advent and Lent on the prices returns and volatility. For the first sub-sample we found no effect on returns but a decline in volatility during Advent for all the five indexes and during Lent only for the stock market from Brazil. For the second sub-sample the results indicate a decline in returns during Advent, for the stock markets from Argentina and Chile, but no impact on volatility. Such results could be explained by the circumstances specific to the religious practices but also by the inference of other calendar effects.

  12. Quantifying the effect of investors' attention on stock market.

    Directory of Open Access Journals (Sweden)

    Zhen-Hua Yang

    Full Text Available The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI, we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100 show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

  13. Cluster fusion-fission dynamics in the Singapore stock exchange

    Science.gov (United States)

    Teh, Boon Kin; Cheong, Siew Ann

    2015-10-01

    In this paper, we investigate how the cross-correlations between stocks in the Singapore stock exchange (SGX) evolve over 2008 and 2009 within overlapping one-month time windows. In particular, we examine how these cross-correlations change before, during, and after the Sep-Oct 2008 Lehman Brothers Crisis. To do this, we extend the complete-linkage hierarchical clustering algorithm, to obtain robust clusters of stocks with stronger intracluster correlations, and weaker intercluster correlations. After we identify the robust clusters in all time windows, we visualize how these change in the form of a fusion-fission diagram. Such a diagram depicts graphically how the cluster sizes evolve, the exchange of stocks between clusters, as well as how strongly the clusters mix. From the fusion-fission diagram, we see a giant cluster growing and disintegrating in the SGX, up till the Lehman Brothers Crisis in September 2008 and the market crashes of October 2008. After the Lehman Brothers Crisis, clusters in the SGX remain small for few months before giant clusters emerge once again. In the aftermath of the crisis, we also find strong mixing of component stocks between clusters. As a result, the correlation between initially strongly-correlated pairs of stocks decay exponentially with average life time of about a month. These observations impact strongly how portfolios and trading strategies should be formulated.

  14. ORGANIC ACIDS CONCENTRATION IN WINE STOCKS AFTER Saccharomyces cerevisiae FERMENTATION

    Directory of Open Access Journals (Sweden)

    V. N. Bayraktar

    2013-04-01

    Full Text Available The biochemical constituents in wine stocks that influence the flavor and quality of wine are investigated in the paper. The tested parameters consist of volume fraction of ethanol, residual sugar, phenolic compounds, tartaric, malic, citric, lactic, acetic acids, titratable acidity and volatile acids. The wine stocks that were received from white and red grape varieties Tairov`s selection were tested. There was a correlation between titratable acidity and volatile acids in the wine stocks from white and red grape varieties. High correlation was also found between lactic and acetic acids, between volatile acids, acetic acid and sugar. It was determined that wine stocks with a high concentration of ethanol originated from those yeast strains of Saccharomyces cerevisiae, in a fermented grape must of high speed of enzyme activity. The taste of wine stocks correlated with the ratio of tartaric to malic acid. Analysis showed significant differences between the varieties of white and red wine stocks in concentrations of organic acids, phenolic compounds, residual sugar, and volume fraction of ethanol. Positive correlation was indicated for both studied groups for volatile acids and acetic acid, tartaric, malic, lactic acids and total sugar. Prospective yeast cultures with high productivity of alcohol (ethanol were selected for winemaking biotechnology.

  15. Association between Stock Market Gains and Losses and Google Searches.

    Directory of Open Access Journals (Sweden)

    Eli Arditi

    Full Text Available Experimental studies in the area of Psychology and Behavioral Economics have suggested that people change their search pattern in response to positive and negative events. Using Internet search data provided by Google, we investigated the relationship between stock-specific events and related Google searches. We studied daily data from 13 stocks from the Dow-Jones and NASDAQ100 indices, over a period of 4 trading years. Focusing on periods in which stocks were extensively searched (Intensive Search Periods, we found a correlation between the magnitude of stock returns at the beginning of the period and the volume, peak, and duration of search generated during the period. This relation between magnitudes of stock returns and subsequent searches was considerably magnified in periods following negative stock returns. Yet, we did not find that intensive search periods following losses were associated with more Google searches than periods following gains. Thus, rather than increasing search, losses improved the fit between people's search behavior and the extent of real-world events triggering the search. The findings demonstrate the robustness of the attentional effect of losses.

  16. Testing for regime-switching CAPM on Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-12-01

    Full Text Available The standard Capital Asset Pricing Model assumes that a linear relationship exists between the risk (beta and the expected excess return of a stock. However, empirical findings have shown over the years that this relationship varies over time. Stock markets undergo phases of greater and smaller volatility in which beta varies accordingly (undergoes different regimes. Given that the Croatian capital market is still insufficiently investigated, the aim of this paper is to explore the possibility of a non-linear relationship between the stock risk and return. Linear and Markov-switching models (Hamilton 1989 are examined on the Zagreb Stock Exchange based on monthly data on 21 stocks, ranging from January 2005 to December 2013. In that way, investors can use the results based on the best model when making decisions about buying stocks. Since this is one of the first papers on regime-switching on the Croatian capital market, it will hopefully contribute to the existing literature on investing.

  17. Are compression stockings an effective treatment for orthostatic presyncope?

    Directory of Open Access Journals (Sweden)

    Clare Louise Protheroe

    Full Text Available BACKGROUND: Syncope, or fainting, affects approximately 6.2% of the population, and is associated with significant comorbidity. Many syncopal events occur secondary to excessive venous pooling and capillary filtration in the lower limbs when upright. As such, a common approach to the management of syncope is the use of compression stockings. However, research confirming their efficacy is lacking. We aimed to investigate the effect of graded calf compression stockings on orthostatic tolerance. METHODOLOGY/PRINCIPAL FINDINGS: We evaluated orthostatic tolerance (OT and haemodynamic control in 15 healthy volunteers wearing graded calf compression stockings compared to two placebo stockings in a randomized, cross-over, double-blind fashion. OT (time to presyncope, min was determined using combined head-upright tilting and lower body negative pressure applied until presyncope. Throughout testing we continuously monitored beat-to-beat blood pressures, heart rate, stroke volume and cardiac output (finger plethysmography, cerebral and forearm blood flow velocities (Doppler ultrasound and breath-by-breath end tidal gases. There were no significant differences in OT between compression stocking (26.0±2.3 min and calf (29.3±2.4 min or ankle (27.6±3.1 min placebo conditions. Cardiovascular, cerebral and respiratory responses were similar in all conditions. The efficacy of compression stockings was related to anthropometric parameters, and could be predicted by a model based on the subject's calf circumference and shoe size (r = 0.780, p = 0.004. CONCLUSIONS/SIGNIFICANCE: These data question the use of calf compression stockings for orthostatic intolerance and highlight the need for individualised therapy accounting for anthropometric variables when considering treatment with compression stockings.

  18. Research on the Dividend Policy of Listed Company and Fluctuation Effect of Stock Market

    Directory of Open Access Journals (Sweden)

    Wang Hua

    2015-01-01

    Full Text Available Based on the dividend policy and theory, this article takes the events that A stock of all the listed banking companies (16 in total issued dividend in the CSI stock market for 5 years from 2008 to 2012 as the investigation samples to inspect the relevance of dividend policy with the fluctuation of stock price and transaction volume, thus to prove the dividend policy is an efficient mechanism for information transmission.

  19. The Moderating Influence of Supermarket Satisfaction on Out-of-stock Store Switching Behavior

    DEFF Research Database (Denmark)

    Hansen, Torben; Beckmann, Suzanne C.; Solgaard, Hans Stubbe

    2015-01-01

    . Based on a survey of 631 grocery consumers, this study investigates the moderating influence of preferred supermarket satisfaction on relations between quality consciousness, price consciousness, pre-planning propensity and out-of-stock store switching, and also examines the direct influence...... and out-of-stock store switching. In addition, it is demonstrated that quality consciousness, price consciousness, and pre-planning propensity positively influence consumer out-of-stock store switching behaviour....

  20. Foreign investment fluctuations and emerging market stock returns: the case of Mexico

    OpenAIRE

    John Clark; Elizabeth Berko

    1996-01-01

    We investigate the economically and statistically significant positive correlation between monthly foreign purchases of Mexican stocks and Mexican stock returns. We find that a 1 percent of market capitalization surprise foreign inflow is associated with a 13 percent increase in Mexican stock prices. We explore whether this correlation might be explained by permanent reductions in conditional expected returns resulting from expansion of the investor base along the lines modeled by Merton (198...

  1. Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets

    OpenAIRE

    Marcus Clements; Harminder Singh; Antonie Van Eekelen

    2007-01-01

    In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as evident through abnormal returns and trading volumes. In regard to contraire trading, this study investigates possible explanations for its existence including liquidity clustering, falsely informed trading ...

  2. Degrees of difference among minority female juvenile offenders' psychological functioning, risk behavior engagement, and health status: a latent profile investigation.

    Science.gov (United States)

    Guthrie, Barbara J; Cooper, Shauna M; Brown, Charity; Metzger, Isha

    2012-02-01

    Given the increase in the number of female youth who come in contact with the juvenile justice system, particularly those from ethnic minority backgrounds, concerns have been raised about the health status of this population. Using a latent profile analysis, we identified health profiles using indicators of psychological well-being, health risk behaviors, and health status. Participants included 153 minority adolescent females (M=15.13, SD=1.70) who were currently in a juvenile diversion program. Results indicated that a three-class solution fit the data optimally. Profiles included girls with low to moderate health risks (n=35; 22.9%), higher mental health symptoms (n=68; 44.4%), and a combination of multiple health risks (n=50; 32.7%). Additionally, demographic, contextual and offense-related variation existed across health profiles. Treatment and policy implications are discussed.

  3. Application of geographic information systems to investigating associations between social status and burial location in medieval Trino Vercellese (Piedmont, Italy).

    Science.gov (United States)

    Stewart, Marissa C; Vercellotti, Giuseppe

    2017-09-01

    Socioeconomic status differences in skeletal populations are often inferred from skeletal indicators of stress and burial location. However, to date, the association between osteometric parameters and spatial location in relation to socioeconomic status in medieval Italy has not been explicitly tested. This study examined the spatial distribution of osteometric data in the medieval (8th-13th c.) cemetery of San Michele di Trino (Trino Vercellese, VC, Italy) to determine whether skeletal correlates of socioeconomic status correspond with privileged burial locations. Specifically, we tested the hypothesis that greater growth outcomes are associated with privileged burials located inside the church by examining osteometric data (femoral bicondylar length [N = 74], maximum tibial length [N = 62], and the sum of the two measurements [N = 59]) in a geographic information system (GIS) of the cemetery. Getis-Ord G Hot Spot analysis identified significant (90% CI) spatial clustering of high osteometric values within the church, while low values clustered in areas of the cemetery farther from the church. These results, supported by the results of interpolation analyses, became more pronounced when z-scores were calculated to combine the male and female samples and the analyses were repeated. Overall, the findings corroborate the observation that the spatial distribution of osteometric data reflects socioeconomic status differences within the population. This research exemplifies the advantages of integrating bioarchaeology and spatial analysis to examine mortuary behavior and health outcomes in highly stratified societies where access to resources is demarcated in both life and in death. © 2017 Wiley Periodicals, Inc.

  4. The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data

    Directory of Open Access Journals (Sweden)

    Pramod Kumar NAIK

    2012-11-01

    Full Text Available The study investigates the relationships between the Indian stock market index (BSE Sensex and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, macroeconomic variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.

  5. Perceived health status and environmental quality in the assessment of external costs of waste disposal facilities. An empirical investigation.

    Science.gov (United States)

    Giaccaria, Sergio; Frontuto, Vito

    2012-08-01

    Taxation for urban waste management has been reformed in Italy by the introduction of an environmental law in 2006. In the planning phase of waste management, externalities generated by new facilities remain widely unaccounted, with a consequent distortion for prices, often raising local conflicts. The paper presents a survey based on the choice modelling methodology, aimed to evaluate on a monetary scale the disamenity effect perceived by incinerator and landfills in an Italian urban context: the city of Turin. In a random utility framework the behaviour of respondents, whose choices are found to be driven by the endowment of information about technological options, socio-economic characteristics as income, education, family composition, and also by their health status was modelled. Furthermore, empirical evidence that the behaviour in residential location choices is affected by different aspects of the respondent life and in particular by the health status was found. Distinct estimates of willingness to accept compensation for disamenity effects of incinerator (Euro 2670) and landfill (Euro 3816) are elicited. The effect of health status of the respondents, their level of information about the waste disposal infrastructure, the presence of a subjective strong aversion (NIMBY) and the actual endowment and concentration of infrastructures are demonstrated to be significant factors determining the choice behaviour, but differentiated and specific for incinerators and landfills.

  6. A social work study to investigate the relationships between women’s personal characteristics and employment status

    Directory of Open Access Journals (Sweden)

    Shahram Basity

    2013-02-01

    Full Text Available Women play important role on building a sustainable family oriented society; they could also contribute to society by contributing to labor market. However, women’s personal characteristics such as educational background, years of experience, etc. could impact their future occupations. In this paper, we study the impact of various factors on women’s job status. The measurement tools for social factors of employment in this research is a questionnaire consists of 32 questions. The study measures the reflection of repliers to different social factors including social position, popularity, socialize, social manners, self-reliance, speech abilities, responsibility, etc. Data were gathered from a sample of 300 people using random sampling and analyzed using descriptive mono factor statistics, Spearman correlation, Kramer correlation coefficient, Chi-square, regression and path analysis. The validity of questionnaire is tested by using Cronbach alpha (%75. The results indicate that there are some meaningful relationships between woman’s educational level, age, residency status, socialization capability, urbanity, skill & ability and their employment. The study, however, does not find any relationship between marital status and number of children and outcome of woman’s employment.

  7. 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.

  8. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

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

    2018-03-01

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

  9. Regional-Scale Declines in Productivity of Pink and Chum Salmon Stocks in Western North America.

    Directory of Open Access Journals (Sweden)

    Michael J Malick

    Full Text Available Sockeye salmon (Oncorhynchus nerka stocks throughout the southern part of their North American range have experienced declines in productivity over the past two decades. In this study, we tested the hypothesis that pink (O. gorbuscha and chum (O. keta salmon stocks have also experienced recent declines in productivity by investigating temporal and spatial trends in productivity of 99 wild North American pink and chum salmon stocks. We used a combination of population dynamics and time series models to quantify individual stock trends as well as common temporal trends in pink and chum salmon productivity across local, regional, and continental spatial scales. Our results indicated widespread declines in productivity of wild chum salmon stocks throughout Washington (WA and British Columbia (BC with 81% of stocks showing recent declines in productivity, although the exact form of the trends varied among regions. For pink salmon, the majority of stocks in WA and BC (65% did not have strong temporal trends in productivity; however, all stocks that did have trends in productivity showed declining productivity since at least brood year 1996. We found weaker evidence of widespread declines in productivity for Alaska pink and chum salmon, with some regions and stocks showing declines in productivity (e.g., Kodiak chum salmon stocks and others showing increases (e.g., Alaska Peninsula pink salmon stocks. We also found strong positive covariation between stock productivity series at the regional spatial scale for both pink and chum salmon, along with evidence that this regional-scale positive covariation has become stronger since the early 1990s in WA and BC. In general, our results suggest that common processes operating at the regional or multi-regional spatial scales drive productivity of pink and chum salmon stocks in western North America and that the effects of these process on productivity may change over time.

  10. Regional-Scale Declines in Productivity of Pink and Chum Salmon Stocks in Western North America

    Science.gov (United States)

    Malick, Michael J.; Cox, Sean P.

    2016-01-01

    Sockeye salmon (Oncorhynchus nerka) stocks throughout the southern part of their North American range have experienced declines in productivity over the past two decades. In this study, we tested the hypothesis that pink (O. gorbuscha) and chum (O. keta) salmon stocks have also experienced recent declines in productivity by investigating temporal and spatial trends in productivity of 99 wild North American pink and chum salmon stocks. We used a combination of population dynamics and time series models to quantify individual stock trends as well as common temporal trends in pink and chum salmon productivity across local, regional, and continental spatial scales. Our results indicated widespread declines in productivity of wild chum salmon stocks throughout Washington (WA) and British Columbia (BC) with 81% of stocks showing recent declines in productivity, although the exact form of the trends varied among regions. For pink salmon, the majority of stocks in WA and BC (65%) did not have strong temporal trends in productivity; however, all stocks that did have trends in productivity showed declining productivity since at least brood year 1996. We found weaker evidence of widespread declines in productivity for Alaska pink and chum salmon, with some regions and stocks showing declines in productivity (e.g., Kodiak chum salmon stocks) and others showing increases (e.g., Alaska Peninsula pink salmon stocks). We also found strong positive covariation between stock productivity series at the regional spatial scale for both pink and chum salmon, along with evidence that this regional-scale positive covariation has become stronger since the early 1990s in WA and BC. In general, our results suggest that common processes operating at the regional or multi-regional spatial scales drive productivity of pink and chum salmon stocks in western North America and that the effects of these process on productivity may change over time. PMID:26760510

  11. Regional-Scale Declines in Productivity of Pink and Chum Salmon Stocks in Western North America.

    Science.gov (United States)

    Malick, Michael J; Cox, Sean P

    2016-01-01

    Sockeye salmon (Oncorhynchus nerka) stocks throughout the southern part of their North American range have experienced declines in productivity over the past two decades. In this study, we tested the hypothesis that pink (O. gorbuscha) and chum (O. keta) salmon stocks have also experienced recent declines in productivity by investigating temporal and spatial trends in productivity of 99 wild North American pink and chum salmon stocks. We used a combination of population dynamics and time series models to quantify individual stock trends as well as common temporal trends in pink and chum salmon productivity across local, regional, and continental spatial scales. Our results indicated widespread declines in productivity of wild chum salmon stocks throughout Washington (WA) and British Columbia (BC) with 81% of stocks showing recent declines in productivity, although the exact form of the trends varied among regions. For pink salmon, the majority of stocks in WA and BC (65%) did not have strong temporal trends in productivity; however, all stocks that did have trends in productivity showed declining productivity since at least brood year 1996. We found weaker evidence of widespread declines in productivity for Alaska pink and chum salmon, with some regions and stocks showing declines in productivity (e.g., Kodiak chum salmon stocks) and others showing increases (e.g., Alaska Peninsula pink salmon stocks). We also found strong positive covariation between stock productivity series at the regional spatial scale for both pink and chum salmon, along with evidence that this regional-scale positive covariation has become stronger since the early 1990s in WA and BC. In general, our results suggest that common processes operating at the regional or multi-regional spatial scales drive productivity of pink and chum salmon stocks in western North America and that the effects of these process on productivity may change over time.

  12. Relationships among energy price shocks, stock market, and the macroeconomy: evidence from China.

    Science.gov (United States)

    Cong, Rong-Gang; Shen, Shaochuan

    2013-01-01

    This paper investigates the interactive relationships among China energy price shocks, stock market, and the macroeconomy using multivariate vector autoregression. The results indicate that there is a long cointegration among them. A 1% rise in the energy price index can depress the stock market index by 0.54% and the industrial value-adding growth by 0.037%. Energy price shocks also cause inflation and have a 5-month lag effect on stock market, which may result in the stock market "underreacting." The energy price can explain stock market fluctuations better than the interest rate over a longer time period. Consequently, investors should pay greater attention to the long-term effect of energy on the stock market.

  13. Hybrid machine learning technique for forecasting Dhaka stock market timing decisions.

    Science.gov (United States)

    Banik, Shipra; Khodadad Khan, A F M; Anwer, Mohammad

    2014-01-01

    Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange.

  14. Volatility Transmission between Bond and Stock Markets: Case of Emerging Financial Markets

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2014-12-01

    Full Text Available This paper investigates the transmission of market volatility between the emerging stock and bond markets. In order to examine this relation between the bond and stock market, we use the BEKK GARCH model; a decomposition approach of the multivariate GARCH (1, 1 model. The outcome of this study displays a significant relation between bond and stock index and the incidence of the interest rate in this transmission. Besides, there is a transmission of volatility between the bond and stock index demonstrated by the DCC GARCH graph.

  15. Return and volatility transmission between gold and stock sectors: Application of portfolio management and hedging effectiveness

    Directory of Open Access Journals (Sweden)

    Dilip Kumar

    2014-03-01

    Full Text Available The paper investigates the first and second orders moment transmission between gold and Indian industrial sectors with an application of portfolio design and hedging effectiveness using generalised VAR-ADCC-BVGARCH model. Our findings indicate unidirectional significant return spillover from gold to stock sectors. The negative values of estimated time varying conditional correlations are mainly observed during periods of market turbulence and crisis indicating the scope of portfolio diversification and hedging during these periods. We also estimate optimal weights, hedge ratios, and hedging effectiveness for the stock-gold portfolios. Our findings suggest that stock-gold portfolio provides better diversification benefits than stock portfolios.

  16. THE STOCK MARKET WEALTH AND CONSUMER SPENDING BEHAVIOUR: IS THERE A WEALTH EFFECT?

    Directory of Open Access Journals (Sweden)

    Hussain Al-Obaid

    2011-01-01

    Full Text Available This paper investigates the effects of stock market wealth on consumer spending. Basic macroeconometric models estimate that a Saudi Riyal's increase in stock market wealth boosts consumer spending by 7-9 Halals per year. With the significant 2004 and 2005 rise in stock prices in Saudi financial market, the nature and importance of this wealth effect have been much debated. After reviewing previous works, we find new evidence from the Direct Survey of Income Consumption(DSOIC. The survey results are mostly consistent with lifecycle saving and a modest wealth effect. Some stockholders reported substantial effect of stock prices on their saving and spending.

  17. Investigation on psychological status and its relationship with Helicobacter pylori infection in servicemen from a Chinese army unit

    Directory of Open Access Journals (Sweden)

    Shu-jun LI

    2017-04-01

    Full Text Available Objective  To understand the mental health status of officers and soldiers (OSs in a Chinese army unit, and analyze its relationship with Helicobacter pylori (H.pylori infection. Methods  Cross sectional extraction of 1293 male soldiers from a certain unit of Chinese army in September 2015, aged 17-37 years old, average age 20.5±3.2. Using the symptom self rating scale (SCL-90 to conduct a psychological evaluation, comparison between the evaluation results and the Chinese military norm was conducted to understand the mental health status of OSs in the unit. 13C-urea breath test was used to detect H.pylori infection, and the relationship between the positivity rate of various factors, the SCL-90 score and H.pylori infection were analyzed. Ninety OSs who had desire to eradicate H.pylori serves as the experimental group, and 90 H.pylori-infected OSs as control group. The experimental group received quadruple-drug eradication therapy, control group received no drug treatment. SCL-90 scores before and after the treatment were compared, and SCL-90 scores after treatment in the experimental group and those in the control group were also compared for analyzing the relationship between the OSs psychological status and H.pylori infection. Results  The SCL-90 score of the OSs was lower than the norm of Chinese army, and the difference was statistically significant (P<0.05. The psychological screening positive rate was higher in H.pylori-positive OSs than H.pylori-negative those and the positive rates of psychological screening factors somatization, interpersonal sensitivity, hostility and paranoid were higher in H.pylori-positive OSs than in H.Pylorinegative those, and the difference was statistically significant (P<0.05. After the eradication of H.pylori in the experimental group these factor scores were lower than those before eradication. Compared with control group SCL-90 scores, soldiers somatization, interpersonal sensitivity, anxiety

  18. The Impulsive Stock Market of Bangladesh and the Great Recession

    Directory of Open Access Journals (Sweden)

    Saif Hossain

    2013-07-01

    Full Text Available The paper investigates whether the stock market of Bangladesh can be related with the last world recession. The Pearson’s correlation analysis model was used to find the correlation between the Dhaka Stock Exchange General index and real GDP growth rate of the world. The findings show that no statistically significant correlation exists between the two variables inferring that the stock market of Bangladesh was not significantly affected by ‘the great recession’ (2007-2009. The findings of this study are inconsistent with the results of previous studies which claimed that the Bangladesh stock market shares a common stochastic trend with the capital market of USA. The results of this study may be explained mainly by domestic factors such as low market capitalization, market inefficiency, strict monitoring and control by the Security and Exchange Commission and low international participation in the stock market of Bangladesh. All these factors, along with the inconsistency with past results, instigate further investigation.

  19. Investigating the patterns and determinants of seasonal variation in vitamin D status in Australian adults: the Seasonal D Cohort Study

    Directory of Open Access Journals (Sweden)

    Laura King

    2016-08-01

    Full Text Available Abstract Background Vitamin D status generally varies seasonally with changing solar UVB radiation, time in the sun, amount of skin exposed, and, possibly, diet. The Seasonal D Study was designed to quantify the amplitude and phase of seasonal variation in the serum concentration of 25-hydroxyvitamin D, (25OHD and identify the determinants of the amplitude and phase and those of inter-individual variability in seasonal pattern. Methods The Seasonal D Study collected data 2-monthly for 12 months, including demographics, personal sun exposure using a diary and polysulphone dosimeters over 7 days, and blood for serum 25(OHD concentration. The study recruited 333 adults aged 18–79 years living in Canberra (35°S, n = 168 and Brisbane (27°South, n = 165, Australia. Discussion We report the study design and cohort description for the Seasonal D Study. The study has collected a wealth of data to examine inter- and intra-individual seasonal variation in vitamin D status and serum 25(OHD levels in Australian adults.

  20. Status for investigations of birds and proposals for further investigations of birds in 2002 and 2003 for Horns Rev offshore wind farm

    International Nuclear Information System (INIS)

    2001-09-01

    The purpose of the investigations of birds is to establish a knowledge and data base that can make possible to enlighten the extent and character of potential influences the offshore wind farm might have on the birds. The potential influences the offshore wind farm might have on birds include: a) modification of the habitat, b) collision effects, and c) disturbances. (BA)

  1. Effect of brood stock size on egg fertilization, hatchability and fry ...

    African Journals Online (AJOL)

    Abstract. This experiment was conducted to investigate the effect of size of brood stock on egg fertilization, hatchability and fry survival rate of Clarias gariepinus in an intensive culture system, for a period of four weeks. ... The survival rate of fry after starvation increased with increase in parent brood stock size. Best on this ...

  2. The impact of European antitrust policy : Evidence from the stock market

    NARCIS (Netherlands)

    A. Günster (Andrea); M.A. van Dijk (Mathijs)

    2016-01-01

    markdownabstractWe evaluate the impact of European antitrust policy by analyzing the stock market response to investiga-tion announcements, infringement decisions, and appeals for 253 companies involved in 118 Europeanantitrust cases over 1974–2004. We find significantly negative stock price

  3. Bankruptcy by catastrophes for major multi-nationals : Stock exchange sensitivity for three catastrophes

    NARCIS (Netherlands)

    Van Gulijk, C.; Ale, B.J.M.

    2012-01-01

    This paper investigates the effect of major catastrophes have on stock exchange values for the major multi-nationals. The paper demonstrates that the Sharpe analysis is more sensitive in identifying effects than just following the daily stock values for assessing market response. It was found that

  4. Increased stocking density influences the acute physiological stress response of common carp (Cyprinus carpio (L.))

    NARCIS (Netherlands)

    Ruane, N.M.; Carballo, E.C.; Komen, J.

    2002-01-01

    The physiological response of common carp, Cyprinus carpio (L.) to increased stocking density and an additional acute net confinement stressor was investigated. Stocking densities were increased from 28.4 to 56.8 or 113.6 kg m¿3 by the use of crowding screens and fish were sampled from the crowded

  5. Empirical Essays on the Stock Returns, Risk Management, and Liquidity Creation of Banks

    NARCIS (Netherlands)

    Y. Xu (Ying)

    2010-01-01

    textabstractThis thesis consists of three studies that respectively investigate the stock returns, risk management, and liquidity creation of banks. Chapter 2 focuses on the cross-section of bank stock returns and found that pricing factors such as leverage and beta, shown to be irrelevant to

  6. Exposure to socially responsible investing of mutual funds in the Euronext stock markets

    NARCIS (Netherlands)

    Plantinga, Auke; Scholtens, Bert; Brunia, Nanne

    2002-01-01

    This paper analyses fund management and exposure on the Euronext stock exchanges. Especially, we investigate to what extent mutual funds are engaged in socially responsible investing (SRI). In order to accomplish this goal, we use regression analysis to measure the exposure of mutual funds to stock

  7. Age-structure-dependent recruitment: a meta-analysis applied to Northeast Atlantic fish stocks

    NARCIS (Netherlands)

    Brunel, T.P.A.

    2010-01-01

    Exploitation alters the age structure of fish stocks. Several stock-specific studies have suggested that changes in the age structure might have consequences for subsequent recruitment, but the evidence is not universal. To investigate how common such effects are among 39 Northeast Atlantic fish

  8. 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

  9. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

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

  10. Dispositional optimism and stock investments

    NARCIS (Netherlands)

    Angelini, Viola; Cavapozzi, D.

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

  11. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

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

  12. Multiscale Detrended Cross-Correlation Analysis of STOCK Markets

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2014-06-01

    In this paper, we employ the detrended cross-correlation analysis (DCCA) to investigate the cross-correlations between different stock markets. We report the results of cross-correlated behaviors in US, Chinese and European stock markets in period 1997-2012 by using DCCA method. The DCCA shows the cross-correlated behaviors of intra-regional and inter-regional stock markets in the short and long term which display the similarities and differences of cross-correlated behaviors simply and roughly and the persistence of cross-correlated behaviors of fluctuations. Then, because of the limitation and inapplicability of DCCA method, we propose multiscale detrended cross-correlation analysis (MSDCCA) method to avoid "a priori" selecting the ranges of scales over which two coefficients of the classical DCCA method are identified, and employ MSDCCA to reanalyze these cross-correlations to exhibit some important details such as the existence and position of minimum, maximum and bimodal distribution which are lost if the scale structure is described by two coefficients only and essential differences and similarities in the scale structures of cross-correlation of intra-regional and inter-regional markets. More statistical characteristics of cross-correlation obtained by MSDCCA method help us to understand how two different stock markets influence each other and to analyze the influence from thus two inter-regional markets on the cross-correlation in detail, thus we get a richer and more detailed knowledge of the complex evolutions of dynamics of the cross-correlations between stock markets. The application of MSDCCA is important to promote our understanding of the internal mechanisms and structures of financial markets and helps to forecast the stock indices based on our current results demonstrated the cross-correlations between stock indices. We also discuss the MSDCCA methods of secant rolling window with different sizes and, lastly, provide some relevant implications and

  13. The market efficiency in the stock markets

    OpenAIRE

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

    2007-01-01

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

  14. Interday drifts in opening stock returns

    OpenAIRE

    Andrey KUDRYAVTSEV

    2013-01-01

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

  15. Macroeconomic Determinants of Stock Market Development

    OpenAIRE

    Valeriano F. García; Lin Liu

    1999-01-01

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

  16. 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.

  17. Application Status and Problem Investigation of Distributed Generation in China: The Case of Natural Gas, Solar and Wind Resources

    Directory of Open Access Journals (Sweden)

    Tian-tian Feng

    2017-06-01

    Full Text Available The development of distributed energy systems in China is one of the important measures to promote the revolution for energy production and its utilization patterns. First of all, we analyze the present application status of China’s distributed generation from three major types: natural gas, photovoltaic, and distributed wind. Secondly, based on the analysis of the project overview, project scale, and project effect in three patterns of distributed generation, we summarize the policy deficiencies and development obstacles. Finally, aiming to promote the development of distributed energy in China, we propose some relevant policies corresponding to countermeasures on the problems existing in the development process of China’s distributed generation of natural gas, photovoltaic, and wind power.

  18. 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

  19. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Science.gov (United States)

    2010-04-01

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

  20. 78 FR 17053 - Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities...

    Science.gov (United States)

    2013-03-19

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

  1. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

    ... Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in Outbound... stock transfers for certain outbound asset reorganizations. The temporary regulations also modify the... changes with respect to transfers of stock or securities by a domestic corporation to a foreign...

  2. 76 FR 7236 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange...

    Science.gov (United States)

    2011-02-09

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

  3. Are Stock and Corporate Bond Markets Integrated?

    NARCIS (Netherlands)

    van Zundert, J.; Driessen, Joost

    2017-01-01

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

  4. Online Stock Market Games for High Schools.

    Science.gov (United States)

    Lopus, Jane; Placone, Dennis

    2002-01-01

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

  5. 47 CFR 32.4510 - Capital stock.

    Science.gov (United States)

    2010-10-01

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

  6. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar stock may be produced on bonded wine premises with the addition of any quantity of water desired to meet...

  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... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued and...

  8. 25 CFR 173.6 - Stock grazing.

    Science.gov (United States)

    2010-04-01

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

  9. Analysis of Naval Ammunition Stock Positioning

    Science.gov (United States)

    2015-12-01

    NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT ANALYSIS OF NAVAL AMMUNITION STOCK POSITIONING...professional report 4. TITLE AND SUBTITLE ANALYSIS OF NAVAL AMMUNITION STOCK POSITIONING 5. FUNDING NUMBERS 6. AUTHOR(S) David Sharp and Eric...alteration of the current Navy ammunition stock positioning system. The purpose of this project is to analyze the cost and delivery performance risk

  10. Maintenance Appointments in Railway Rolling Stock Rescheduling

    NARCIS (Netherlands)

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

    2016-01-01

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

  11. On the Design of Artificial Stock Markets

    NARCIS (Netherlands)

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

    2005-01-01

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

  12. Status for investigations of birds and proposals for further investigations of birds in 2002 and 2003 for Horns Rev offshore wind farm; Status for fugleundersoegelser samt forslag til opfoelgende fugleundersoegelser i 2002 og 2003 for Horns Rev vindmoellepark

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-09-15

    The purpose of the investigations of birds is to establish a knowledge and data base that can make possible to enlighten the extent and character of potential influences the offshore wind farm might have on the birds. The potential influences the offshore wind farm might have on birds include: a) modification of the habitat, b) collision effects, and c) disturbances. (BA)

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

    OpenAIRE

    Darmawan, Akhmad

    2007-01-01

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

  14. THE INDONESIAN STOCK MARKET PERFORMANCE DURING ASIAN ECONOMIC CRISIS AND GLOBAL FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    MARIA PRAPTININGSIH

    2011-04-01

    Full Text Available Volatility in the stock market had strongly affected by the movement of publicly or even inside information. The movements of this information will generate the perspectives and expectations of investors in decision-making. How strong is the level of market efficiency in determining the movement of stock market, especially to achieve stability in the stock market during the economic crisis? How effective are the policies of central banks in controlling the movement of the stock market? This study aims to measure the factors that influence changes in the movement of stock price in Indonesian stock market in terms of market efficiency hypothesis. This research also aims to investigate the effectiveness of central bank policy in controlling and stabilizing the movement of stocks in Indonesia. The research will focus on the economic crisis in 1997 and the global crisis in 2008 as case studies. Thepaperutilizesthe vector error-correction model, impulse responses and variance decomposition in measuring the contribution of the factors that affect the movement of stock and determine the effectiveness of central bank policy. The findings are beneficialto central banks, governments, companies and investors in strengthening the Indonesian Stock Market particularly in facing the threat of financial crisis.

  15. Structure Characteristics of the International Stock Market Complex Network in the Perspective of Whole and Part

    Directory of Open Access Journals (Sweden)

    Guangxi Cao

    2017-01-01

    Full Text Available International stock market forms an abstract complex network through the fluctuation correlation of stock price index. Past studies of complex network almost focus on single country’s stock market. Here we investigate the whole and partial characteristics of international stock market network (ISMN (hereinafter referred to as ISMN. For the analysis on the whole network, we firstly determine the reasonable threshold as the basic of the following study. Robustness is applied to analyze the stability of the network and the result shows that ISMN has robustness against random attack but intentional attack breaks the connection integrity of ISMN rapidly. In the partial network, the sliding window method is used to analyze the dynamic evolution of the relationship between the Chinese (Shanghai stock market and the international stock market. The connection between the Chinese stock market and foreign stock markets becomes increasingly closer, and the links between them show a significant enhancement especially after China joined the WTO. In general, we suggest that transnational investors pay more attention to some significant event of the stock market with large degree for better risk-circumvention.

  16. A causality between fund performance and stock market

    Science.gov (United States)

    Kim, Ho-Yong; Kwon, Okyu; Oh, Gabjin

    2016-02-01

    We investigate whether the characteristic fund performance indicators (FPI), such as the fund return, the Net asset value (NAV) and the cash flow, are correlated with the asset price movement using information flows estimated by the Granger causality test. First, we find that the information flow of FPI is most sensitive to extreme events of the Korean stock market, which include negative events such as the sub-prime crisis and the impact of QE (quantitative easing) by the US subprime and Europe financial crisis as well as the positive events of the golden period of Korean Composite Stock Price Index (KOSPI), except for the fund cash flow. Second, both the fund return and the NAV exhibit significant correlations with the KOSPI, whereas the cash flow is not correlated with the stock market. This result suggests that the information resulting from the ability of the fund manager should influence stock market. Finally, during market crisis period, information flows between FPI and the Korean stock market are significantly positively correlated with the market volatility.

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

    Czech Academy of Sciences Publication Activity Database

    Baxa, Jaromír

    2007-01-01

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

  18. TREHS (Temporary Rivers Ecological and Hydrological Status): new software for investigating the degree of hydrologic alteration of temporary streams.

    Science.gov (United States)

    Gallart, Francesc; Llorens, Pilar; Cid, Núria; latron, Jérôme; Bonada, Núria; Prat, Narcís

    2017-04-01

    The evaluation of the hydrological alteration of a stream due to human activities is a first step to assess its overall quality and to design management strategies for its potential restoration. This task is currently made comparing impacted against unimpacted hydrographs, with the help of software tools, such as the IHA (Indicators of Hydrologic Alteration). Then, the environmental evaluation of the hydrological alteration is to be made in terms of its expectable menace for the original biological communities and/or its help for the spread of invasive species. However, when the regime of the target stream is not perennial, there are four main difficulties for implementing methods for assessing hydrological alteration: i) the main hydrological features relevant for biological communities in a temporary stream are not quantitative (discharges) but qualitative (temporal patterns of states such as flowing water, stagnant pools or lack of surface water), ii) stream flow records do not inform on the temporal occurrence of stagnant pools, which act as refugees for many species during the cessation of flow, iii) as most of the temporary streams are ungauged, the evaluation of their regime must be determined by using alternative methods such as remote sensing or citizen science, and iv) the biological quality assessment of the ecological status of a temporary stream must be conducted following a sampling schedule adapted to the flow regime and using adequate reference conditions. In order to overcome these challenges using an operational approach, the TREHS freely available software tool has been developed within the EU LIFE TRIVERS project (LIFE13 ENV/ES/000341). This software allows for the input of information coming from flow simulations obtained using any rainfall-runoff model (to set an unimpacted reference stream regime) and compares them with the information obtained from flow gauging records, interviews made to local citizens, instantaneous observations made by

  19. Optimisation of fuel stocks under liberalisation of energy market

    International Nuclear Information System (INIS)

    Shipkovs, P.; Sitenko, L.; Kashkarova, G.

    2001-01-01

    The paper discusses the influence of regional fuel stocks on the reliability of the energy sector's activities in a given region. The authors give classification of stocks by their purpose and describe their role in avoiding energy shortage situations. The fuel deficiency at a regional fuel market is shown in connection with the resulting loss for the national economy. The authors employ imitative modelling for investigation of fuel supply schemes acting in Latvia. They estimate possible expenses on the maintenance of fuels - such as gas, residual oil, and coal - for different variants of fuel delivery. (author)

  20. Quantifying Wikipedia Usage Patterns Before Stock Market Moves

    Science.gov (United States)

    Moat, Helen Susannah; Curme, Chester; Avakian, Adam; Kenett, Dror Y.; Stanley, H. Eugene; Preis, Tobias

    2013-05-01

    Financial crises result from a catastrophic combination of actions. Vast stock market datasets offer us a window into some of the actions that have led to these crises. Here, we investigate whether data generated through Internet usage contain traces of attempts to gather information before trading decisions were taken. We present evidence in line with the intriguing suggestion that data on changes in how often financially related Wikipedia pages were viewed may have contained early signs of stock market moves. Our results suggest that online data may allow us to gain new insight into early information gathering stages of decision making.

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

    OpenAIRE

    Mohammed Syedul Islam; Evana Nusrat Dooty

    2015-01-01

    Stock market plays a vital role in the economic development of an economy. It bridges up between savers and real manufacturers by raising funds from investors to companies. This process was broken down due to the 2010-2011 stock market crash in Bangladesh. Though the determinants of stock price have been settled empirically, the current paper aims to reexamine the relationship between stock price, dividend and retained earnings of 29 listed banks of Chittagong Stock Exchange, in the post-cras...

  2. Multifractal detrended cross-correlation analysis between the Chinese stock market and surrounding stock markets

    Science.gov (United States)

    Ma, Feng; Wei, Yu; Huang, Dengshi

    2013-04-01

    In this paper, we investigate the cross-correlations between the stock market in China and markets in Japan, South Korea and Hong Kong. We use not only the qualitative analysis of the cross-correlation test, but also the quantitative analysis of the MF-X-DFA. Our findings confirm the existence of cross-correlations between the stock market in China and markets in Japan, South Korea and Hong Kong, which have strongly multifractal features. We find that the cross-correlations display the characteristic of multifractality in the short term. Moreover, the cross-correlations of small fluctuations are persistent and those of large fluctuations are anti-persistent in the short term, while the cross-correlations of all kinds of fluctuations are persistent in the long term. Furthermore, based on the multifractal spectrum, we also find that the multifractality of cross-correlation between stock markets in China and Japan are stronger than those between China and South Korea, as well as between China and Hong Kong.

  3. 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.

  4. Privatization, political risk and stock market development in emerging economies

    NARCIS (Netherlands)

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

    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 that gradually resolves uncertainty over

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

    African Journals Online (AJOL)

    African Research Review ... Abstract. This study investigated the role of stock market development on economic growth of Nigeria using a 15-year time series data from 1994 - 2008. ... This result implies that liquidity has propensity to spur economic growth in Nigeria and that market capitalization influences market liquidity.

  6. Implications of Spatial Pattern of Social Infrastructure Stock in the ...

    African Journals Online (AJOL)

    ... study examines the levels of stock of social infrastructure and the spatial pattern of development in rural areas of Akwa Ibom State. Empirical and theoretical approaches were employed in the investigation and data on 21 social indicator variables/surrogates were collected from 50 villages in the state using questionnaire, ...

  7. Monetary Policy Shocks and Stock Returns Reactions: Evidence ...

    African Journals Online (AJOL)

    This paper applies standard vector autoregressions (VAR) technique to quarterly data for Botswana for the period 1993-2010 to investigate the impact of monetary policy shocks on stock returns. Monetary policy is measured by changes in the 91 day Bank of Botswana Certificates rate. Our results indicate that positive ...

  8. Dynamics of the pelagic component of Namibian hake stocks ...

    African Journals Online (AJOL)

    A study was undertaken to investigate the spatial, diurnal and interannual dynamics of the pelagic component of Namibian hake stocks. Data were derived from trawl surveys conducted on board the R.V. Dr Fridtjof Nansen during the period 1991–1999. In addition to trawl surveys, acoustic methods were applied ...

  9. Sodicity tolerant polyembryonic mango root stock plants: A putative ...

    African Journals Online (AJOL)

    The diversity of endophytic bacteria associated with leaves, stems and roots of sodicity tolerant polyembryonic mango root stock (GPL-1 and ML-2), grown at the sodic soil experiment farm (shivery farm), Central Soil Salinity Research Institute, Regional Research Station, Lucknow, India was investigated. In this study, we ...

  10. Discussion: Agricultural Commodities and Agribusiness Stocks as Financial Assets

    OpenAIRE

    Brorsen, B. Wade

    2012-01-01

    Nonfarm investors might benefit from diversifying their portfolios by investing in the agricultural sector. Such diversifying investments could include investments in agricultural stocks or long-only futures positions through index funds. The papers in this session investigate the diversification potential of agricultural investments and discuss the effects of investments in index funds on agricultural markets.

  11. Central Bank Autonomy, The Money Stock And Price Developments ...

    African Journals Online (AJOL)

    This artcle uses on econometric model to analyse central bank policy on the money stock and prices by investigating the relationship among the components of the balance sheet using data from the BOT spanning from 1986 to 2001. The results indicate that the behavior of the BOTs balance sheet has strong implications of ...

  12. The Impact of Earthquakes on the Domestic Stock Market

    NARCIS (Netherlands)

    Scholtens, Bert; Voorhorst, Yvonne

    How do financial markets respond to the impact of earthquakes? We investigate this for more than 100 earthquakes with fatalities in 21 countries from five continents in the period 1973-2011. Using an event study methodology we conclude that there are significant negative effects on stock market

  13. Life insurance investment and stock market participation in Europe.

    Science.gov (United States)

    Cavapozzi, Danilo; Trevisan, Elisabetta; Weber, Guglielmo

    2013-03-01

    In most European countries life insurance has played a key role in household portfolios, to the extent that it has often been the first asset ever purchased. In this paper we use life history data from a host of European countries to investigate the role of life insurance investment in shaping individuals' attitudes towards participation in stocks and mutual funds. We show that individuals who purchased a life insurance policy are more likely to invest in stocks and mutual funds later. On the one hand, these findings support the notion that life insurance policies play an educational role in financial investment. On the other hand, they are also consistent with behavioural models where economic agents are first concerned with avoiding unacceptable adverse scenarios by purchasing low risk investments, such as life insurance policies, and then invest in riskier assets, such as stocks and mutual funds, to obtain higher economic returns. Copyright © 2012 Elsevier Ltd. All rights reserved.

  14. Hierarchical structure of stock price fluctuations in financial markets

    International Nuclear Information System (INIS)

    Gao, Ya-Chun; Cai, Shi-Min; Wang, Bing-Hong

    2012-01-01

    The financial market and turbulence have been broadly compared on account of the same quantitative methods and several common stylized facts they share. In this paper, the She–Leveque (SL) hierarchy, proposed to explain the anomalous scaling exponents deviating from Kolmogorov monofractal scaling of the velocity fluctuation in fluid turbulence, is applied to study and quantify the hierarchical structure of stock price fluctuations in financial markets. We therefore observed certain interesting results: (i) the hierarchical structure related to multifractal scaling generally presents in all the stock price fluctuations we investigated. (ii) The quantitatively statistical parameters that describe SL hierarchy are different between developed financial markets and emerging ones, distinctively. (iii) For the high-frequency stock price fluctuation, the hierarchical structure varies with different time periods. All these results provide a novel analogy in turbulence and financial market dynamics and an insight to deeply understand multifractality in financial markets. (paper)

  15. Assessment of Intellectual Capital in Joint-Stock Companies

    Directory of Open Access Journals (Sweden)

    Rima Tamošiūnienė

    2015-12-01

    Full Text Available The evaluation of intellectual capital factors is an essential part for the management of joint-stock companies. Many authors indicate that successful intellectual capital management increases value added in joint-stock companies. Nevertheless, intellectual capital is a complex and challenging concept as there is still no clear guidance, what the intellectual capital features and its structural parts are. Theoretical research revealed that scientists accentuate various intellectual capital parts depending basically on the type of their research, on the level of the research (micro, mezzo, macro, variables they selected to investigate and similar. This research paper gives an insight what drivers can be increasing value added in joint-stock companies.

  16. An international integration history of the Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Luka Sikic

    2017-06-01

    Full Text Available We investigate stock market co-movements among the Croatian and several other markets (in the US, UK, Germany, Austria, Poland, Czech Republic and Hungary in the period from 3 September 1997 to 19 August 2016 with dynamic correlation coefficient models. This allows us to analyse long-term trends of the international financial integration of the Zagreb Stock Exchange in the last two decades as well as the separate impacts of major events that influenced financial markets during that period. Our results imply a relatively low level of international financial integration of the Croatian stock market, but some convergence in co-movement with the analysed markets over time is present. The strongest market co-movement is related to the subprime mortgage crisis, and EU accession seems to have made Croatian international integration less segmented.

  17. Applying Portfolio Selection: A Case of Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Maria Praptiningsih

    2012-01-01

    Full Text Available This study has three objectives. First, we investigate whether Modern Portfolio Theory can be applied on the financial decisions that made by investors or individual in order to increase their wealth through investment activities. Second, we examine the real behavior of each asset in terms of capital assets pricing models. Third, we determine whether our portfolio is the best model to produce a higher return in a given level of risk or a lowest risk in a particular level of return. It is found that three different stocks listed in the Indonesia Stock Exchange have a positive relationship with market returns. The reactions of the investor regarding these stocks are not influenced by each other. Lastly, the minimum variance portfolio (MVP point which represents the single portfolio with the lowest possible level of standard deviation, occurs when the expected return of portfolio is approximately 2.2 percent at a standard deviation of 8.8 percent.

  18. Caries status and proximal lesion behaviour during a 6-year period in young adult Danes: an epidemiological investigation.

    Science.gov (United States)

    Martignon, Stefania; Chavarría, Nathaly; Ekstrand, Kim Rud

    2010-08-01

    Studies have indicated that many initial proximal caries lesions progress and are eventually restored even if the patients have been under comprehensive preventive programmes. The objectives of the study were (1) to describe the 1996-year baseline caries status of male Danish conscripts and (2) to assess their early proximal lesions 6-year behaviour. In 1996, all 20-year-old conscripts at Central Barrack Birkerød (n = 115) went through an oral examination, including visual surface-level fillings' recording and a radiographic examination with bitewing radiographs that assessed the proximal-surface caries and restoration patterns. After 6 years, the behaviour of proximal lesions was studied in 73 of these subjects, and oral health habits were assessed through a questionnaire. Mean number of filled surfaces was 7.5, of which 23% were posterior proximal. Radiographically, the mean number of proximal lesions was 5.5. Over the 6-year period, there was progression of lesions into deeper radiolucencies or fillings in 57% of cases. The questionnaire showed a poor compliance with regular flossing/tooth-stick use (18%). Based on these results, more efficacious preventive measures seem to be needed for proximal surfaces.

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

    Directory of Open Access Journals (Sweden)

    Humphrey Agevi

    2017-05-01

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

  20. Universal and nonuniversal allometric scaling behaviors in the visibility graphs of world stock market indices

    International Nuclear Information System (INIS)

    Qian Mengcen; Jiang Zhiqiang; Zhou Weixing

    2010-01-01

    The investigations of financial markets from a complex network perspective have unveiled many phenomenological properties, in which the majority of these studies map the financial markets into one complex network. In this work, we investigate 30 world stock market indices through their visibility graphs by adopting the visibility algorithm to convert each single stock index into one visibility graph. A universal allometric scaling law is uncovered in the minimal spanning trees, whose scaling exponent is independent of the stock market and the length of the stock index. In contrast, the maximal spanning trees and the random spanning trees do not exhibit universal allometric scaling behaviors. There are marked discrepancies in the allometric scaling behaviors between the stock indices and the Brownian motions. Using surrogate time series, we find that these discrepancies are caused by the fat-tailedness of the return distribution and the nonlinear long-term correlation.

  1. PERCEPTION OF CAPITAL, PROFIT AND DIVIDENDS AFFECT THE STOCK PURCHASE INTENTION IN INDONESIA PUBLIC COMPANY

    Directory of Open Access Journals (Sweden)

    Iskandar Muda

    2017-05-01

    Full Text Available This study aims to investigate the influence perception of Capital Gains and Dividends on Stock Purchase Intention in Indonesian companies. Variables used in this research are the capital, profit and dividends (independent variables and Stock Purchase Intention (dependent variable and to show their relationship, it was used multiple linear regression. This research included Manufacturing Companies listed on the Indonesia Stock Exchange and there were taken into account a number of 38 societies Data of this research are secondary data, obtained from the financial statements of the investigated companies published in the Indonesia Stock Exchange. The results showed that simultaneous independent variables have a significant influence on the capital structure, while partially effect on the Capital Shares Purchase Intentions. It was also shown that Profit and Dividends do not affect the Stock Purchase Intention.

  2. Investigations of harbour porpoises at the planned site for wind turbines at Horns Reef. Status report. 1/1 2001 - 31/12 2001

    International Nuclear Information System (INIS)

    Skov, H.; Teilmann, J.; Damsgaard Henriksen, O.; Carstensen, Jacob

    2002-07-01

    An offshore wind farm is currently being established at Horns Reef. EIA (Environmental Impact Assessment) studies were carried out in 2000 following the guidelines jointly drawn up by the Danish Energy Agency and the National Forest and Nature Agency. Part of the demonstration program for the Horns Reef wind farm is to assess the effect of wind farms on the environment, and one of the tasks is to monitor whether wind farms will cause measurable, temporary or permanent, changes in the local stock of harbour porpoises (Phocoena phocoena). On the basis of two-years of ship-based surveys and analyses of historic data, the impact assessment regarding harbour porpoises for the Horns Reef wind farm was finalised in February 2000. The results of the impact assessment suggested that short-term effects on harbour porpoises would take place as a result of disturbance during the construction phase caused by a large number of service boats and sound emissions from the ramming activities. The EIA estimated that the animals would disappear from the wind farm area during construction, and subsequently return to the site after construction activities have ceased. On the basis of the fact that the sound emissions from the turbines during production are more regular and at a low level and a modest disturbance from service vessels the long-term effects on the number of harbour porpoises on Horns Reef during the production phase was estimated to be relatively small, or equivalent to 25% as compared to the base line level. Following the EIA, a monitoring programme was launched to measure the level of long-term effects on harbour porpoises on Horns Reef, and base-line investigations have been carried out up to the present time, - at the onset of the construction phase. This report deals with the results of the investigations on harbour porpoises on Horns Reef during the period from January 2001 to December 2001. These investigations involve a range of new field and analysis techniques

  3. Investigations of harbour porpoises at the planned site for wind turbines at Horns Reef. Status report. 1/1 2001 - 31/12 2001

    Energy Technology Data Exchange (ETDEWEB)

    Skov, H. [Ornis Consult A/S, Copenhagen (Denmark); Teilmann, J.; Damsgaard Henriksen, O. [National Environmental Res. Inst., Dept. of Arctic Environment, Roskilde (Denmark); Carstensen, Jacob [National Environmental Res. Inst., Dept. of Marine Ecology, Roskilde (Denmark)

    2002-07-15

    An offshore wind farm is currently being established at Horns Reef. EIA (Environmental Impact Assessment) studies were carried out in 2000 following the guidelines jointly drawn up by the Danish Energy Agency and the National Forest and Nature Agency. Part of the demonstration program for the Horns Reef wind farm is to assess the effect of wind farms on the environment, and one of the tasks is to monitor whether wind farms will cause measurable, temporary or permanent, changes in the local stock of harbour porpoises (Phocoena phocoena). On the basis of two-years of ship-based surveys and analyses of historic data, the impact assessment regarding harbour porpoises for the Horns Reef wind farm was finalised in February 2000. The results of the impact assessment suggested that short-term effects on harbour porpoises would take place as a result of disturbance during the construction phase caused by a large number of service boats and sound emissions from the ramming activities. The EIA estimated that the animals would disappear from the wind farm area during construction, and subsequently return to the site after construction activities have ceased. On the basis of the fact that the sound emissions from the turbines during production are more regular and at a low level and a modest disturbance from service vessels the long-term effects on the number of harbour porpoises on Horns Reef during the production phase was estimated to be relatively small, or equivalent to 25% as compared to the base line level. Following the EIA, a monitoring programme was launched to measure the level of long-term effects on harbour porpoises on Horns Reef, and base-line investigations have been carried out up to the present time, - at the onset of the construction phase. This report deals with the results of the investigations on harbour porpoises on Horns Reef during the period from January 2001 to December 2001. These investigations involve a range of new field and analysis techniques

  4. Waste Area Group 10, Operable Unit 10-08, Remedial Investigation/Feasibility Study Annual Status Report for Fiscal Year 2006

    Energy Technology Data Exchange (ETDEWEB)

    R. P. Wells

    2007-05-09

    This report provides a status of the progress made in Fiscal Year 2006 on tasks identified in the Waste Area Group 10, Operable Unit 10-08, Remedial Investigation/Feasibility Study Work Plan. Major accomplishments include: (1) groundwater sampling and review of the groundwater monitoring data, (2) installation of a Sitewide groundwater-level monitoring network, (3) update of the Groundwater Monitoring and Field Sampling Plan of Operable Unit 10-08, (4) re-evaluation of the risk at Site TSF-08, (5) progress on the Operable Unit 10-08 Sitewide Groundwater Model.

  5. Valuation of common and preferred stocks

    Directory of Open Access Journals (Sweden)

    Nikolić Ljubica

    2014-01-01

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

  6. Spatial optimization of carbon-stocking projects across Africa integrating stocking potential with co-benefits and feasibility

    DEFF Research Database (Denmark)

    Greve, Michelle; Reyers, Belinda; Lykke, Anne Mette

    2013-01-01

    Carbon (C) offset projects through forestation are employed within the emissions trading framework to store C. Yet, information about the potential of landscapes to stock C, essential to the design of offset projects, is often lacking. Based on data on vegetation C, climate and soil we quantified...... the potential for C storage in woody vegetation across tropical Africa. The ability for offset projects to produce co-benefits for ecosystems and local communities was also investigated. When co-benefits such as biodiversity conservation were considered, the top-ranked sites were often different to sites...... selected purely for their C stocking potential, but they still possessed 68% of the latter’s C stocking potential. This work provides the first continental-scale assessment of which areas may provide the greatest direct and indirect benefits from C storage reforestation projects at the smallest costs...

  7. Effects of stocking density on production and economics of Nile tilapia (Oreochromis niloticus) and freshwater prawn (Macrobrachium rosenbergii) polyculture in periphyton-based systems

    NARCIS (Netherlands)

    Uddin, S.; Rahman, S.M.S.; Azim, M.E.; Wahab, M.A.; Verdegem, M.C.J.; Verreth, J.A.J.

    2007-01-01

    The present research investigated the effect of stocking density on pond (75 m2, depth 1.2 m) production of Nile tilapia (Oreochromis niloticus) and freshwater prawn (Macrobrachium rosenbergii) stocked at a fixed 3:1 tilapia:prawn ratio. Three stocking densities were tried in triplicate: 20 000 ha¿1

  8. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

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

  9. Identification of stock components using morphological markers.

    Science.gov (United States)

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

    2012-10-01

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

  10. [The evaluation of nutritional status of stable COPD patients and to investigate the effect of nutritional status on perception of dyspnea, exercise capacity, body composition, hospitalisation and life quality].

    Science.gov (United States)

    Ayar Karakoç, Gamze; Ernam, Dilek; Aka Aktürk, Ülkü; Öztaş, Selahattin; Oğur, Erhan; Kabadayı, Feyyaz

    2016-06-01

    Malnutrition is a comorbidity oftenly seen in COPD patients who have progressive chronic inflammation and severity. In this prospective study, we aimed to determine the nutritional status of stable COPD patients and to investigate the impact of nutritional status on perception of dyspnoea, exercise capacity, body composition, hospitalisation and life quality. COPD patients were assessed using previous smoking story, physical examination and irreversible airway obstruction. This study was done with 50 COPD patients older than 65 years of age and 30 control subjects. Exclusion criteria were also the co-existance of malignancies, malabsorbtion, DM, neurological diseases, renal failure and unstable cardiac diseases known to influence the nutritional state. The obstruction degree was evaluated by spirometry, nutritional status was classified by the MNA questionnaire, perception of dyspnoea was assessed by the MMRC scale, exercise capacity was assessed by the 6MWT, life quality was assessed by the CAT scale. Body composition parameters FM, FFM and FMI were analyzed and hospitalisations during 6 months after discharge were recorded. The COPD patients were divided into three groups as without malnutrition (n= 25,%50), under risk of malnutrition (n= 19,%38) and malnourished (n= 6,%12). The COPD severity, MMRC dyspnoea score, CAT score and hospitalisations during 6 months following were higher among the malnourished patients. On the other hand, body mass index, 6MWT results, FM and FFM were lower in malnourished patients. A positive correlation between FFM and 6MWT and a negative correlation between FFM and hospitalisation were observed. MNA is a well-developed questionnaire which evaluates malnutrition in COPD patients. We determined that malnourished COPD patients have higher airway obstruction degree, perception of dyspnoea, CAT score and lower exercise capacity and FFM. FFM is an independent predictor of exercise capacity and rehospitalisation during 6 months.

  11. 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....

  12. Armor Piercing Bullet Core Stock

    Science.gov (United States)

    1934-01-01

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

  13. [Somewhere in tertiary hospital clinical laboratory in pursuance of personnel sharp injury incidence status investigation and relative factor analysis].

    Science.gov (United States)

    Ding, E; Li, W H; Wang, P; Jian, X D

    2016-07-20

    Objective: Investigation in tertiary hospital clinical laboratory in pursuance of the current state of the sharp injury incidence and influencing factors, analyze the causes and discuss the control strategy. Methods: Application of cross-sectional survey method, according to the unified investigation questionnaire investigation, with chi-square test and the multi-factor Logistic regression analysis methods to analyze research data. Results: The work environment exit contact with injection needles, glass and other sharps, contact with noise, contact with chemicals, contact the patient's blood and other biological specimens, high-risk groups, the patient and family to negative emotions, by patients and their families complain or abuse related influencing factors. In the organization and management factors, in order to work strength is insufficient for the most dissatisfied, protective equipment, medical staff personal cognitive factors of occupational exposure, failing to abide by the medical care standard operation and high incidence after exposure to failed to report. Somewhere in tertiary hospital clinical laboratory in pursuance of the incidence of sharps injuries associated with five factors: different jobs, working strength, protective equipment perfect or not, sharp instrument use and disposal of medical wastes. Conclusion: Tertiary hospital clinical laboratory in pursuance of the incidence of sharp injury related to many factors, Hospitals should formulate corresponding rules and regulations, improve the working environment, the standard safety operation, reduced the incidence of sharps injuries.

  14. An Application on Performances of the Turkish and Foreign Football Teams in Their Stock Markets

    Directory of Open Access Journals (Sweden)

    Feyyaz ZEREN

    2013-12-01

    Full Text Available The aim of this study is determination of relationship presence between 8 teams’ win-defeat and stock market performance. These teams are incorporate status at their stock market and their shares trade in markets. Turkish teams consist of Besiktaş, Galatasaray, Fenerbahce and Trabzonspor. Other teams were choosed among the European teams. Other 4 teams consist of AS Roma, Borussia Dortmund, Olimpique Lyon and Juventus. We determined 4 football seasons which are 2007-2011 as base. We used SPPS and practiced T test. In according to the result of test and analysis, Galatasaray is only one team having significant relationship between teams’ victory and stock performance. On the contrary of this result, Fenerbahce, Juventus, Roma and Borussia Dortmund have relationship between teams’ defeat and stock performance.

  15. An investigation into the Swan Island Honduras collecting event of Tiaporus fuliginosus Cope (Reptilia: Teiidae) and its systematic status

    Science.gov (United States)

    McCranie, James R.; Gotte, Steve W.

    2015-01-01

    Confusion exists in the literature concerning the collecting event of the teiid lizard Tiaporus fuliginosus. We investigated the literature and documents stored at the Smithsonian Institution Archives involving the collector of those specimens in an effort to resolve that confusion. We conclude that the type series was collected on the Swan Islands of Honduras by Charles H. Townsend during 1887. We also provide a redescription of that nominal form and show that it is a valid species that should be called Ameiva fuliginosa. We also examined the type series of A. panchlora from Old Providence, Colombia and confirm that its 1950 placement as a junior synonym of A. fuliginosa is correct.

  16. [A preliminary evaluation of mental status and an investigation of occupational health knowledge demand in operating and maintenance personnel in wind power plants].

    Science.gov (United States)

    Hu, S Q; Zhang, Q; Zhu, X H; Sun, K; Chen, S Z; Liu, A G; Luo, G L; Huang, W

    2016-10-20

    Objective: To investigate the mental status, level of occupational health knowledge, health behaviors, and occupational health knowledge demand in operating and maintenance personnel in wind power plants, and to provide a basis for formulating protective measures of occupational health for operating and maintenance personnel in wind power plants. Methods: A cluster sampling was performed in regionally representative wind power plants in the wind power industry from May 2014 to June 2015, and the Symptom Checklist-90 (SCL-90) and a self-made evaluation questionnaire were used to investigate the general status, mental health, and occupational health knowledge demand in 160 operating and maintenance workers. Results: Of all respondents, 26.9% had mental health issues. The awareness rate of infectious disease knowledge and preventive measures was 11.9%. Of all workers, 96.5% wanted to know the occupational hazard factors in the workplace, and 96.3% wanted to get the knowledge of the prevention of related diseases. Conclusion: Mental health issues in operating and maintenance personnel in wind power plants cannot be neglected and there is a high demand for occupational health services and related knowledge. Comprehensive intervention measures for health promotion in the workplace should be adopted to improve working environment, enhance individual mental health education, increase the level of occupational health management, and protect the health of workers.

  17. Value of eight-amino-acid matches in predicting the allergenicity status of proteins: an empirical bioinformatic investigation

    Directory of Open Access Journals (Sweden)

    ThirumalaiswamySekhar Arvind

    2009-10-01

    Full Text Available Abstract The use of biotechnological techniques to introduce novel proteins into food crops (transgenic or GM crops has motivated investigation into the properties of proteins that favor their potential to elicit allergic reactions. As part of the allergenicity assessment, bioinformatic approaches are used to compare the amino-acid sequence of candidate proteins with sequences in a database of known allergens to predict potential cross reactivity between novel food proteins and proteins to which people have become sensitized. Two criteria commonly used for these queries are searches over 80-amino-acid stretches for >35% identity, and searches for 8-amino-acid contiguous matches. We investigated the added value provided by the 8-amino-acid criterion over that provided by the >35%-identity-over-80-amino-acid criterion, by identifying allergens pairs that only met the former criterion, but not the latter criterion. We found that the allergen-sequence pairs only sharing 8-amino-acid identity, but not >35% identity over 80 amino acids, were unlikely to be cross reactive allergens. Thus, the common search for 8-amino-acid identity between novel proteins and known allergens appears to be of little additional value in assessing the potential allergenicity of novel proteins.

  18. Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

    Science.gov (United States)

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.

  19. Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets

    Science.gov (United States)

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

  20. Juvenile Status Offender. Hearing Before the Subcommittee to Investigate Juvenile Delinquency of the Committee on the Judiciary, United States Senate, Ninety-Fifth Congress, First Session, June 19, 1978.

    Science.gov (United States)

    Congress of the U.S., Washington, DC. Senate Committee on the Judiciary.

    This record of the testimony presented to the Subcommittee to Investigate Juvenile Delinquency of the Committee on the Judiciary concerns the problem of the juvenile status offender in Iowa. Running away, truancy, defiance of and refusal to submit to parental authority and promiscuity are defined and treated as status offenses. This problem is…

  1. Striped bass stocks and concentrations of polychlorinated biphenyls

    Science.gov (United States)

    Fabrizio, Mary C.; Sloan, Ronald J.; O'Brien, John F.

    1991-01-01

    Harvest restrictions on striped bass Morone saxatilis fisheries in Atlantic coastal states were relaxed in 1990, but consistent, coastwide regulations of the harvest have been difficult to implement because of the mixed-stock nature of the fisheries and the recognized contamination of Hudson River fish by polychlorinated biphenyls (PCBs). We examined PCB concentrations and stock of origin of coastal striped bass to better understand the effects of these two factors on the composition of the harvest. The probability of observing differences in PCB concentration among fish from the Hudson River stock and the 'southern' group (Chesapeake Bay and Roanoke River stocks combined) was investigated with the logit model (a linear model for analysis of categorical data). Although total PCB concentrations were highly variable among fish from the two groups, striped bass classified as Hudson River stock had a significantly greater probability of having PCB concentrations equal to or greater than 2.00 mg/kg than did fish belonging to the southern group for all age- and size-classes examined. There was a significantly greater probability of observing total PCB concentrations equal to or exceeding 2.00 mg/kg in fish that were 5, 6, and 7 or more years old, and this probability increased linearly with age. We observed similar results when we examined the effect of size on total PCB concentration. The minimum-size limit estimated to permit escapement of fish to sustain stock production is 610 mm total length. Unless total PCB concentrations decrease in striped bass, it is likely that many harvestable fish will have concentrations that exceed the tolerance limit set by the U.S. Food and Drug Administration.

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

    Directory of Open Access Journals (Sweden)

    Hans-Joachim Rätz

    2010-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Tajus Subqi

    2016-08-01

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

  4. Economic Policy Uncertainty and Long-Run Stock Market Volatility and Correlation

    DEFF Research Database (Denmark)

    Asgharian, Hossein; Christiansen, Charlotte; Hou, Ai Jun

    We use Baker, Bloom, and Davis’s (2016) economic policy uncertainty indices in combination with the mixed data sampling (MIDAS) approach to investigate long-run stock market volatility and correlation, primarily for the US and UK. Long-run US–UK stock market correlation depends positively on US...... economic policy uncertainty shocks. The dependence is asymmetric, with only positive shocks - increasing uncertainty - being of importance. The US long-run stock market volatility depends significantly on US economic policy uncertainty shocks but not on UK shocks, while the UK long-run stock market...... volatility depends significantly on both. Allowing for US economic policy uncertainty shocks improves the out-of-sample forecasting of US–UK stock market correlation and enhances portfolio performance. Similar results apply to the long-run correlation between the US and Canada, China, and Germany....

  5. Stock Market Development and Economic Growth: Evidence from the European Union

    Directory of Open Access Journals (Sweden)

    Veronika Kajurová

    2016-01-01

    Full Text Available The paper examines the causal relation between the stock markets development and economic growth in the EU countries. In particular, the nature and causality direction is investigated. Panel data techniques including cointegration tests, vector error correction models and Granger causality tests were applied to indicate the nature and direction of causality. Long‑run effects of the economic growth upon stock market development was detected in the sample of the Euro area member countries. In addition, the short‑run mutual relations between growth and stock markets were indicated in that country‑sample. In the non‑Euro area countries, only short‑run impact of the stock market development upon economic growth was found. The empirical findings bring up implications for macroeconomic stabilization and development policies. The indicated relations also play a role in predicting economic growth and stock markets’ development.

  6. Long and Short-Term Dynamic Relationship between Macedonian and Croatian Stock Markets

    Directory of Open Access Journals (Sweden)

    Angelovska Julijana

    2017-11-01

    Full Text Available The aim of this study is the empirical investigation of the long-run relations and the short-term dynamics between two Balkan stock markets: Macedonian and Croatian. The presence of long run common trend between the Macedonian and Croatian stock market indices is identified by applying Johansen’s cointegration maximum eigenvalue and trace tests, while potential causal relations are examined by employing Granger’s causality tests. Data sample spans from January 3rd, 2005 to March 31st, 2017. The stock market indices were found to be co-integrated with significant relationships. A bi-directional pattern of causality is documented between the Macedonian and Croatian returns. This pattern is remarkably stable and suggests significant economic ties between the investors in Macedonian and Croatian stock markets. The findings are important for the investors meaning that they cannot gain diversification benefits of investing in the Croatian or Macedonian stock market.

  7. Granger causality between stock prices and currency exchange rates in Thailand

    Science.gov (United States)

    Kosapattarapim, Chaiwat

    2017-11-01

    The objective of this paper is to study the causal relationship between stock prices and exchange rates in Thailand using the Granger causality tests based on cointegration. The daily closing prices and exchange rates data considered in this paper cover from December 7, 2012 to June 22, 2016. The Johansen cointegration test finds that there is a long-run relationship between the stock prices and exchange rates. Using the Granger test for investigating the directional causality of stock prices and exchange rates in Thailand, the results show that there is an evidence of unidirectional long-run causality running from stock prices to exchange rate but no evidence of the movement from exchange rates to stock prices.

  8. Negative Return-Volume Relationship in Asian Stock Markets: Figarch-Copula Approach

    Directory of Open Access Journals (Sweden)

    Muhammad Naeem

    2014-09-01

    Full Text Available We explore the potential dependence among different Asian stock markets, using several different statistical models. Extreme return-volume dependence in Hong Kong Seng Index, Bombay Stock Exchange, Indonesia Composite Index and Bursa Malaysia has been examined by using FIGARCH-Copula and GARCH-Copula approach. We have used Gaussian, Student-t, Frank, Clayton, Survival Clayton and Gumbel copulas. Based on Akaike information criterion (AIC, we found that using FIGARCH model for return series improves the results of copula parameter estimation. According to our finding, Hong Kong and Indian stock indices showed weak upper tail dependence between return and volume. Further, we have found that the extremely low returns for Malaysia and Indonesia stock indices are followed by high volumes, providing evidence of leverage effect. Our investigation shows that Malaysia and Indonesia stock indices are sensitive to bad news rather than good news.

  9. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

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

  10. An Investigation on the Current Status of the Operation Recovery Rooms in Yazd Hospitals in 2010-2011

    Directory of Open Access Journals (Sweden)

    MR Khajeh Aminian

    2012-08-01

    Full Text Available Introduction: The recovery ward is a vital unit to care patients awaking from anesthesia and is a standard requirement for the operating room. Recovery ward is located adjacent to the operation room and is easily accessible to trained and skilled individuals. The unit must have adequate equipment for surveillance and monitoring of patients and required medication should also be provided. Methods: This study is a cross-sectional conducted in one phase through referring to hospital facilities and equipment. Physical space, personnel and their skill levels and other factors that are involved in the care of patients in the recovery have been investigated. The instruments used in this study were a check list and observe sheet which were completed by the researchers. Data analysis was conducted by SPSS software. Results: The results showed that the standards of buildings and physical space in the researched areas were mostly nonstandard. Equipment standards were to some extent in line with the criteria set by American Association of Anesthesia. Besides, some equipment was blow standard levels. Personnel standards regarding the number of nurses toward the number of recovery beds did not meet the standard criteria in most of the cases. Conclusion: The research shows that building standards in most cases are not in line with mentioned references. Undertaking equipment standards in the hospital recovery wards needs reviewing and providing controlling equipment for preventing the complications of recovery phase of anesthesia in recovery wards.

  11. An Investigation on the Status of Implementation of Communications and Information Management System (MCI) in Khorasan Razavi Hospitals.

    Science.gov (United States)

    Shojaei, Saeed; Farzianpour, Fereshteh; Arab, Mohammad; Rahimi Foroushani, Abbas

    2015-09-02

    The aim of this investigation is to determine the mean scores of the possibility of implementing the MCI standards in Khorasan Razavi hospitals, from the perspective of Managers, in order to provide a suitable model for evaluating and promoting the system. This was a Research and method (R&D) and Survey Research method, which is of the type of Cross- Sectional, descriptive-analytic Studies conducted in two steps in hospitals of Khorasan Razavi from July to December 2014. This study was approved by the Ethical Committee of Tehran University of Medical Sciences (TUMS) in 2013/6/10. About the nature and purpose of the study was explained to the participants. Were used to apply functional assessment, based on Accreditation Model. In order to collect data, two questionnaires were used, all of which were taken from the standards of MCI. The reliability and validity of the questionnaires were approved by experts.Cronbach's alphas for the questionnaires were obtained to be (0.95, 0.86), respectively. In order to analyze information, statistical analyses, including one way ANOVA, and Independent sample t-test were used. The mean scores of the possibility of implementing the MCI standards in Khorasan Razavi hospitals, were (51.6 and 12.27), respectively. According to half (43.8%) of managers, the MCI standards are applicable in hospitals of Khorasan Razavi; however, their application requires greater efforts by the hospitals.

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

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

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

  13. assessment of the status of lates stappersii (centropomidae) stock in ...

    African Journals Online (AJOL)

    Mgina

    10x is a scaling factor; x = 4 was used. Maturity stages were recorded according to the six point scale adopted from King. (1995). All individuals whose gonads were identified as immature were ... parametric Mann-Whitney U test, because the data were not normally distributed. Regression analysis and a special t-test were.

  14. Status of the Major Commercial Fish Stocks and Proposed Species ...

    African Journals Online (AJOL)

    African Journal of Tropical Hydrobiology and Fisheries. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current Issue · Archives · Journal Home > Vol 12, No 1 (2009) >. Log in or Register to get access to full text downloads.

  15. Spawner-recruit relationships and fish stock carrying capacity in aquatic ecosystems

    DEFF Research Database (Denmark)

    MacKenzie, Brian; Myers, R.A.; Bowen, K.G.

    2003-01-01

    Few marine ecologists have addressed important questions about the relative productivity and carrying capacity of different ecosystems required to support fish populations. Whereas many researchers have investigated interannual variability in recruitment within a stock, we asked whether relations...

  16. The Relationship Between Stock Market Development and Macroeconomic Fundamentals in the Visegrad Group

    Directory of Open Access Journals (Sweden)

    Pražák Tomáš

    2017-09-01

    Full Text Available This study examines the effect of specific macroeconomic factors on the stock prices of selected financial sector companies listed on the Central European Exchanges (Budapest Stock Exchange, Prague Stock Exchange, Bratislava Stock Exchange, or Warsaw Stock Exchange. We investigate the nature of the causal relationships between macroeconomic factors and stock prices. The long‑term causality, tested using the Johansen cointegration test, and the short‑run dynamics between the variables, examined using the VECM model, are explored using quarterly data from the 2005-2014 period. The short‑term causality shows the possibility of time series fluctuations; however a steady state should be achieved in the long‑term. In general, we confirmed that macroeconomic fundamentals had a negative impact on stock prices. The interest rate, which also has a negative impact, is the most prominent predictor of the long‑run developments. We also found very rare examples of macroeconomic variables that explain changes in stock prices within the VECM framework.

  17. Static and dynamic factors in an information-based multi-asset artificial stock market

    Science.gov (United States)

    Ponta, Linda; Pastore, Stefano; Cincotti, Silvano

    2018-02-01

    An information-based multi-asset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented. In the market, agents trade risky assets in exchange for cash. Beside the amount of cash and of stocks owned, each agent is characterized by sentiments and agents share their sentiments by means of interactions that are determined by sparsely connected networks. A central market maker (clearing house mechanism) determines the price processes for each stock at the intersection of the demand and the supply curves. Single stock price processes exhibit volatility clustering and fat-tailed distribution of returns whereas multivariate price process exhibits both static and dynamic stylized facts, i.e., the presence of static factors and common trends. Static factors are studied making reference to the cross-correlation of returns of different stocks. The common trends are investigated considering the variance-covariance matrix of prices. Results point out that the probability distribution of eigenvalues of the cross-correlation matrix of returns shows the presence of sectors, similar to those observed on real empirical data. As regarding the dynamic factors, the variance-covariance matrix of prices point out a limited number of assets prices series that are independent integrated processes, in close agreement with the empirical evidence of asset price time series of real stock markets. These results remarks the crucial dependence of statistical properties of multi-assets stock market on the agents' interaction structure.

  18. Effects of stocking density on feather pecking and aggressive behavior in Thai crossbred chickens

    Directory of Open Access Journals (Sweden)

    Xin Huo

    2016-09-01

    Full Text Available The influence of stocking density on feather pecking and aggressive behavior of Thai crossbred chickens was investigated from age 4–12 wk. In total, 900 day-old mixed sex Thai crossbred chickens were assigned to three replicates of 100 birds per pen, at stocking densities of 8 birds/m2, 12 birds/m2 and 16 birds/m2, respectively. The frequency of feather pecking, the number of pecks per bout, pecking intensity and the frequency of aggressive behavior were recorded once a week by scanning all the birds in the pen. It was found that the stocking density had no effect on the frequencies of feather pecking on body areas except on the wings area (p < 0.05. The stocking density had no effect on the occurrence of 1–4 pecks per bout or 5–9 pecks per bout. The stocking density had no significant influence on the pecking, pinching or plucking intensity, except on the intensity of pulling. The different types of aggressive behavior such as stand-off, fight, threat, leap, chase, avoidance and peck were not affected by the stocking density. In conclusion, stocking density did not affect the feather pecking activities and aggressive behavior of Thai crossbred chickens. However, further work is suggested with a larger number of replications to establish that there is no effect of stocking density, as the power of this study was low.

  19. Modeling dependence structure between stock market volatility and sukuk yields: A nonlinear study in the case of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Nader Naifar

    2016-09-01

    Full Text Available The aim of this paper is to investigate the dependence structure between sukuk (Islamic bonds yields and stock market (returns and volatility in the case of Saudi Arabia. We consider three Archimedean copula models with different tail dependence structures namely Gumbel, Clayton, and Frank. This study shows that the sukuk yields exhibit significant dependence only with stock market volatility. In addition, the dependence structure between sukuk yields and stock market volatility are symmetric and linked with the same intensity.

  20. Effects of Economic Policy Uncertainty Shocks on the Long-Run US-UK Stock Market Correlation

    DEFF Research Database (Denmark)

    Asgharian, Hossein; Christiansen, Charlotte; Gupta, Rangan

    We use the economic policy uncertainty indices of Baker, Bloom, and Davis (2016) in combination with the mixed data sampling (MIDAS) approach to investigate the US and UK stock market movements. The long-run US-UK stock market correlation depends positively on US economic policy uncertainty shocks....... The US long-run stock market volatility depends significantly on the US economic policy uncertainty shocks but not on UK shocks while the UK depends significantly on both....

  1. The Quality of Financial Information and Stock Market Development: A Panel Data Study for the European Economies

    OpenAIRE

    Lazarov, Darko; Lakovic, Tanja; Miteva-Kacarski, Emilija

    2017-01-01

    The main aim of the paper is to investigate whether the quality of financial information facilitates and promotes the stock market development. We test this hypothesis by using a sample of 36 European economies in the period 2006–2012 based on dynamic panel regression (system GMM) approach. The strength of auditing and reporting standards (SARS) is used as a measure of financial information quality, while the stock market capitalization relative to GDP measures the stock market development. T...

  2. Comparative Empirical Analysis of Macroeconomic Variables, Firm Characteristics and Stock Return in Four South East Asian Countries

    OpenAIRE

    Tan, Ee Chain

    2013-01-01

    This paper investigates the role of macroeconomic factors and firm characteristics in explaining stock return in four countries, namely, Malaysia, Singapore, Thailand and Indonesia. The factors model is employed for two time intervals, namely, sub-period A (from July 2003 to June 2007) and subperiod B (from July 2007 to June 2011) to examine the change in relationship between macroeconomic variables and stock return as well as firm characteristics and stock return during these two periods. Th...

  3. Calendar anomalies in the Russian stock market

    Directory of Open Access Journals (Sweden)

    Guglielmo Maria Caporale

    2017-03-01

    Full Text Available This research note investigates whether or not calendar anomalies (such as the January, day-of-the-week and turn-of-the-month effects characterize the Russian stock market, which could be interpreted as evidence against market efficiency. Specifically, OLS, GARCH, EGARCH and TGARCH models are estimated using daily data for the MICEX market index over the period Sept. 1997–Apr. 2016. The empirical results show the importance of taking into account transactions costs (proxied by the bid-ask spreads: once these are incorporated into the analysis, calendar anomalies disappear, and therefore, there is no evidence of exploitable profit opportunities based on them that would be inconsistent with market efficiency.

  4. Measurable inhomogeneities in stock trading volume flow

    Science.gov (United States)

    Cortines, A. A. G.; Riera, R.; Anteneodo, C.

    2008-08-01

    We investigate the statistics of volumes of shares traded in stock markets. We show that the stochastic process of trading volumes can be understood on the basis of a mixed Poisson process at the microscopic time level. The beta distribution of the second kind (also known as q-gamma distribution), that has been proposed to describe empirical volume histograms, naturally results from our analysis. In particular, the shape of the distribution at small volumes is governed by the degree of granularity in the trading process, while the exponent controlling the tail is a measure of the inhomogeneities in market activity. Furthermore, the present case furnishes empirical evidence of how power law probability distributions can arise as a consequence of a fluctuating intrinsic parameter.

  5. Econometric testing on linear and nonlinear dynamic relation between stock prices and macroeconomy in China

    Science.gov (United States)

    Borjigin, Sumuya; Yang, Yating; Yang, Xiaoguang; Sun, Leilei

    2018-03-01

    Many researchers have realized that there is a strong correlation between stock prices and macroeconomy. In order to make this relationship clear, a lot of studies have been done. However, the causal relationship between stock prices and macroeconomy has still not been well explained. A key point is that, most of the existing research adopts linear and stable models to investigate the correlation of stock prices and macroeconomy, while the real causality of that may be nonlinear and dynamic. To fill this research gap, we investigate the nonlinear and dynamic causal relationships between stock prices and macroeconomy. Based on the case of China's stock prices and acroeconomy measures from January 1992 to March 2017, we compare the linear Granger causality test models with nonlinear ones. Results demonstrate that the nonlinear dynamic Granger causality is much stronger than linear Granger causality. From the perspective of nonlinear dynamic Granger causality, China's stock prices can be viewed as "national economic barometer". On the one hand, this study will encourage researchers to take nonlinearity and dynamics into account when they investigate the correlation of stock prices and macroeconomy; on the other hand, our research can guide regulators and investors to make better decisions.

  6. 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.

  7. Model for correlations in stock markets

    Science.gov (United States)

    Noh

    2000-05-01

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

  8. 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....

  9. 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....

  10. Accounting Fundamentals and Variations of Stock Price: Methodological Refinement with Recursive Simultaneous Model

    OpenAIRE

    Sumiyana, Sumiyana; Baridwan, Zaki

    2013-01-01

    This study investigates association between accounting fundamentals and variations of stock prices using recursive simultaneous equation model. The accounting fundamentalsconsist of earnings yield, book value, profitability, growth opportunities and discount rate. The prior single relationships model has been investigated by Chen and Zhang (2007),Sumiyana (2011) and Sumiyana et al. (2010). They assume that all accounting fundamentals associate direct-linearly to the stock returns. This study ...

  11. ACCOUNTING FUNDAMENTALS AND VARIATIONS OF STOCK PRICE: METHODOLOGICAL REFINEMENT WITH RECURSIVE SIMULTANEOUS MODEL

    OpenAIRE

    Sumiyana, Sumiyana; Baridwan, Zaki

    2015-01-01

    This study investigates association between accounting fundamentals and variations of stock prices using recursive simultaneous equation model. The accounting fundamentalsconsist of earnings yield, book value, profitability, growth opportunities and discount rate. The prior single relationships model has been investigated by Chen and Zhang (2007),Sumiyana (2011) and Sumiyana et al. (2010). They assume that all accounting fundamentals associate direct-linearly to the stock returns. This study ...

  12. Investigating Discontinuity of Age Relations in Cognitive Functioning, General Health Status, Activity Participation, and Life Satisfaction between Young-Old and Old-Old Age.

    Science.gov (United States)

    Ihle, Andreas; Jopp, Daniela S; Oris, Michel; Fagot, Delphine; Kliegel, Matthias

    2016-11-05

    Health research suggests that findings on young-old adults cannot be generalized to old-old adults and thus that old-old age seems not a simple continuation of young-old age due to qualitative changes that result in a discontinuity in old age. Specifically, it would be of conceptual and methodological importance to inform research regarding estimates around which chronological age the beginning of old-old age could be placed at a population level, and whether this is universal or domain-specific. To derive such criteria, we investigated potential discontinuity of age relations between young-old and old-old age in a large population-based sample considering measures in different domains (processing speed, verbal abilities, general health status, activity participation, and life satisfaction). For processing speed, verbal abilities, general health status, and life satisfaction we observed some very small indication that there might be a discontinuity of age relations at the end of individuals' eighties, and for activity participation already at the beginning of individuals' eighties. In conclusion, models conceptualizing aging as a gradual development might not suffice to adequately represent the differences between the stages of young-old and old-old age due to some very small indication that there might be discontinuity in late adulthood.

  13. Preliminary investigation of methylation status of microRNA-124a in spinal cords of rat fetuses with congenital spina bifida.

    Science.gov (United States)

    Qin, Pan; Li, Lin; Zhang, Da; Liu, Qiu-Liang; Chen, Xin-Rang; Yang, He-Ying; Fan, Yingzhong; Wang, Jia-Xiang

    2017-01-01

    We investigated the expression of microRNA-124a and its methylation status in the spinal cords of rats with congenital spina bifida versus rats with normal fetuses. Real-time quantitative reverse transcription-polymerase chain reaction was used to compare the expression of microRNA-124a in the spinal cords of 42 rats with all-trans retinoic acid induced congenital spina bifida and 42 rats with normal fetuses. The DNA methylation status in the promoter region of miRNA-124a was detected using methylation specific-PCR. Compared with rats with normal fetuses, expression of microRNA-124a was significantly decreased in rats with congenital spina bifida fetuses. The percentages of spinal cords with DNA hypermethylation in the microRNA-124a promoter were 81% and 14% in the congenital spina bifida and normal control groups, respectively. The difference was statistically significant. Further apoptosis testing revealed increased apoptosis cell numbers in the congenital spina bifida samples. Meanwhile, the phosphorylated mitogen-activated protein kinase protein expression level dramatically decreased in the congenital spina bifida samples. Aberrant DNA methylation was responsible for down-regulation of microRNA-124a by regulating the mitogen-activated protein kinase pathway, suggesting that microRNA-124a is a potential diagnostic biomarker in congenital spina bifida.

  14. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

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

    2000-01-01

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

  15. 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.

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

    OpenAIRE

    Gail Ncube; Kapingura Forget Mingiri

    2015-01-01

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

  17. 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…

  18. 12 CFR 950.11 - Capital stock requirements; unilateral redemption of excess stock.

    Science.gov (United States)

    2010-01-01

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

  19. 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

  20. DIVIDEND YIELD AND INTEREST ON OWN CAPITAL VERSUS STOCK RETURN

    Directory of Open Access Journals (Sweden)

    Renato Marques Corso

    2012-06-01

    Full Text Available The aim of this study is to investigate the relation between dividend yield and interest on own capital and stock return. Miller & Modigliani’s (M&M, 1961 Dividend Irrelevance Theory and Gordon & Lintner’s (1963 Birdin-the-Hand Theory serve as the theoretical framework, besides Brazilian studies on the theme. In view of its objectives, this research is classified as descriptive and the empirical-analytic approach will be used to treat the data. Analysis data were collected from Economática software. The sample consisted of companies traded on the São Paulo Stock Exchange (Bovespa. The period between 1995 and 2008 was analyzed. Before regression analysis with panel data, the multivariate correspondence analysis (Anacor technique was used for an exploratory analysis of the study variables. The results indicated that dividend yield and interest on own capital are related with stock return, so that the study hypothesis was not rejected. Based on the use of regression with fixed effects, applying the ordinary least squares method, with R2 equal to approximately 47.55%, it was verified that dividend yield and interest on own capital are inversely related with stock return. Through this research, the intent is to provide and expand empirical evidence on the theme and offer support for future research.

  1. Innovations, status, and networks

    NARCIS (Netherlands)

    P. Wang (Pengfei)

    2016-01-01

    markdownabstractTo obtain and maintain competitive advantage, firms need to implement appropriate innovation strategies (i.e. exploration or exploitation) and acquire status in external networks. In this dissertation, I investigate how innovation strategy, status, and network structure jointly

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

    Directory of Open Access Journals (Sweden)

    M Renee Bellinger

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

  3. Do stock prices drive people crazy?

    Science.gov (United States)

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

    2015-03-01

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

  4. The alarming decline of Mediterranean fish stocks.

    Science.gov (United States)

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

    2014-07-21

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

  5. Effects of sex, stock, and environment on the shape of known-age Atlantic cod ( Gadus morhua ) otoliths

    DEFF Research Database (Denmark)

    Cardinale, M.; Doering-Arjes, P.; Kastowsky, M.

    2004-01-01

    The effects of sex, stock, and environment on the shape of known-age Atlantic cod (Gadus morhua) otoliths from the Faroe Islands were investigated. Moreover, the feasibility of otolith shape analysis for stock identification was evaluated. The shape was described by using several normalized Fourier...... descriptors and morphometric variables. There were no consistent differences between the left and right otoliths and between sexes within different age classes, stocks, and environments. With our experimental design, we could evaluate the relative importance of genetic and environmental conditions (water....... The significant differences in otolith shape between Faroe Bank and Faroe Plateau cod stocks provided a phenotypic basis for stock separation. Stock and environmental influences were substantial in determining the shape of cod otoliths....

  6. STOCK PERFORMANCE ANALYSIS OF LISTED ENTITIES AT THE BUCHAREST STOCK EXCHANGE. CASE STUDY ON THE ENERGY AND RELATED UTILITIES SECTOR COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Anghel

    2016-12-01

    Full Text Available Financial performance, as a multi-criteria economic category, constitutes a current topic broadly investigated by authors and experts in finance, financial management, accounting, evaluation and general management. In this ever more competitive capital market, because investors are increasingly better informed, it becomes essential for a company to know and periodically evaluate its stock performance in order to compare it at economic branch level. This present research study analyses six companies that activate in the energy and related utilities sector, listed at the Bucharest Stock Exchange, between 2004 and 2015, with the aim of identifying branch similarities regarding the evolution of the key stock growth ratios and indicators used in stock performance analysis. Furthermore, the authors deemed appropriate to correlate their results with the evolution of the main rates of return of the same companies

  7. Long-run equilibrium relationships in the international stock market factor systems

    Directory of Open Access Journals (Sweden)

    Hyung-Suk Choi

    2014-06-01

    Full Text Available The main objective of this paper is to investigate the international linkages among local, country-specific stock market factors in order to better understand the dependence structure of increasingly integrated world financial markets. The seeming discordance between Fama and French (1998 and Griffin (2002 regarding the multi-factor model in the international stock markets motivates us to study the international relationship among local factors. With the individual stock data from the six major developed countries in the international stock market, we compose daily returns to the Fama-French three factors (i.e. market, size, and value and the momentum factor over the period from January 2000 to June 2010. We investigate the international linkages among local stock market factors, focusing on their equilibrium relationship in the integrated world financial market. The cointegration analysis indicates that local factor indices, constructed from the cumulative factor returns, are cointegrated for each of the four factor classes. Thus, we conclude that local factors are globally bound to each other through a long-run equilibrium relationship and that although stock market factors may be local, rather than global, individual stock returns are driven by common global stochastic trends.

  8. Causality between stock price and GDP in Turkey: An ARDL Bounds Testing Approach

    Directory of Open Access Journals (Sweden)

    Turgut Tursoy

    2016-12-01

    Full Text Available The study investigates the dynamic relationship between stock prices and GDP in Turkey using quarterly data from 1989Q2-2014Q2. The study investigated the interrelationship between the variables via auto regressive distributive lag (ARDL framework and ECM to analyse the existence of a long-run equilibrium relationship between gross domestic product and stock prices. The results provide strong evidence that both the stock prices and GDP are strongly cointegrated in the long-run. The empirical estimation indicated a significantly positive relationship between GDP and stock prices. The robustness of the ARDL model was confirmed by using Johansen and Juselius’s cointegration test (1990. The Granger causality test results indicate a long-run bidirectional causality between stock prices and GDP, and also a uni-directional causality from GDP to stock prices in the short-run. Both the stock prices and the economic growth are directly linked with each other. The reliability and validity of our estimations are confirmed by the diagnostics and the CUSUM test.

  9. Investigating the Visual-Motor Integration Skills of 60-72-Month-Old Children at High and Low Socio-Economic Status as Regard the Age Factor

    Science.gov (United States)

    Ercan, Zülfiye Gül; Ahmetoglu, Emine; Aral, Neriman

    2011-01-01

    This study aims to define whether age creates any differences in the visual-motor integration skills of 60-72 months old children at low and high socio-economic status. The study was conducted on a total of 148 children consisting of 78 children representing low socio-economic status and 70 children representing high socio-economic status in the…

  10. Effective transfer entropy approach to information flow between exchange rates and stock markets

    International Nuclear Information System (INIS)

    Sensoy, Ahmet; Sobaci, Cihat; Sensoy, Sadri; Alali, Fatih

    2014-01-01

    We investigate the strength and direction of information flow between exchange rates and stock prices in several emerging countries by the novel concept of effective transfer entropy (an alternative non-linear causality measure) with symbolic encoding methodology. Analysis shows that before the 2008 crisis, only low level interaction exists between these two variables and exchange rates dominate stock prices in general. During crisis, strong bidirectional interaction arises. In the post-crisis period, the strong interaction continues to exist and in general stock prices dominate exchange rates

  11. Dynamical systems modelling of the interactions of animal stocking density and soil fertility in grazed pasture

    Directory of Open Access Journals (Sweden)

    B. S. Thorrold

    1997-01-01

    Full Text Available To examine the long-term effects of fertiliser application on pasture growth under grazing, a mathematical representation of the pasture ecosystem is created and analysed mathematically. From this the nutrient application level needed to maintain a given stocking rate can be determined, along with its profitability. Feasible stocking levels and fertiliser application rates are investigated and the optimal combination found, along with the sensitivity of this combination. It is shown that profitability is relatively insensitive to fertiliser level compared with stocking rate.

  12. Macro-Finance Determinants of the Long-Run Stock-Bond Correlation

    DEFF Research Database (Denmark)

    Asgharian, Hossein; Christiansen, Charlotte; Hou, Ai Jun

    itself. Macro-finance variables and the lagged realized correlation are simultaneously significant in forecasting the long-run stock-bond correlation. The behavior of the long-run stock-bond correlation is very different when estimated taking the macro-finance variables into account. Supporting......We investigate the long-run stock-bond correlation using a novel model that combines the dynamic conditional correlation model with the mixed-data sampling approach. The long-run correlation is affected by both macro-finance variables (historical and forecasts) and the lagged realized correlation...

  13. Mortality in the Ornamental Fish Retail Sector: an Analysis of Stock Losses and Stakeholder Opinions

    OpenAIRE

    Smith, Lucy Anna

    2014-01-01

    ABSTRACT\\ud The ornamental fish trade is a growing trade sector that has a number of stakeholders that form the supply chain. Stock loss has been highlighted as a concern in relation to the sustainable growth of the industry and welfare concerns. To investigate the issues surrounding stock loss and its extent within the ornamental fish trade, a mixed method approach was used. Specifically, the factors that affect stock loss were identified and the relation to care taken by retail staff (n=40)...

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

    DEFF Research Database (Denmark)

    Jarre, Astrid; Wieland, Kai; MacKenzie, Brian

    2000-01-01

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

  15. Hisse Senetleri Fiyatlarının Belirlenmesinde Finansal Oranların Rolü(The Role of Financial Ratios in Determining the Stock Prices

    Directory of Open Access Journals (Sweden)

    Oğuzhan AYDEMİR

    2012-01-01

    Full Text Available In this study, financial ratios being effective in determining stock prices are investigated by panel data analysis. In this aim, data set belonging to 73 companies indexed in Istanbul Stock Exchange (ISE and operating in manufacturing sector over the period of 1990-2000 is used. Empirical results suggest that profitability and liquidity ratios have a positive effect on stock returns. Moreover, leverage ratio taken as an indicator of indebtedness has the same effect. However, it is seen that operating ratios have no impact on stock returns. Consequently, it may be said that the role of financial ratios in determining the stock returns is low.

  16. Türkiye Hisse Senedi Piyasasında Likidite Ölçülerinin Karşılaştırılması ve Likidite Volatilitesi Hisse Senedi Getirisi Arasındaki İlişki (Comparison of Liquidity Measures and The Relationship Between Volatility of Liquidity and Stock Returns in Turkish Stock Market

    Directory of Open Access Journals (Sweden)

    Cüneyt AKAR

    2015-06-01

    Full Text Available This paper aims to determine the relationship between stock returns and volatility of liquidity in Turkish Stock Market. It is also investigated whether various liquidity measures sort the stocks in the same way according to their liquidities. The data used in the study contains the closing prices, trading volumes and free floating of the stocks that are included in Borsa Istanbul 100 Index (BIST100 and covers the period from 28.02.2011 to 18.11.2014. Generalized Autoregressive Conditional Heteroscedasticity (GARCH and Autoregressive Moving Average models (ARMA are used to perform empirical analysis. According to the results, it can not be determined the clear significant relationship between stock returns and volatility of liquidity. Results also show that while stock size and Amihud illiquidity criteria sort the stocks in the same way, stock return standard deviation criterion produces different ranking.

  17. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

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

  18. 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

  19. Recent market behavior of utility stocks

    International Nuclear Information System (INIS)

    Studness, C.M.

    1990-01-01

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

  20. 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…

  1. 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...

  2. Macroeconomic Volatility and Stock Market Volatility, Worldwide

    OpenAIRE

    Francis X. Diebold; Kamil Yilmaz

    2008-01-01

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

  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

  4. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

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

  5. Dynamic behavior of value and growth stocks

    NARCIS (Netherlands)

    Wouters, T.; Plantinga, A.

    2004-01-01

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

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

    African Journals Online (AJOL)

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

  7. 25 CFR 700.717 - Stocking rate.

    Science.gov (United States)

    2010-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Piera Carpi

    2015-03-01

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

  9. 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.

  10. Random matrix approach to the dynamics of stock inventory variations

    Science.gov (United States)

    Zhou, Wei-Xing; Mu, Guo-Hua; Kertész, János

    2012-09-01

    It is well accepted that investors can be classified into groups owing to distinct trading strategies, which forms the basic assumption of many agent-based models for financial markets when agents are not zero-intelligent. However, empirical tests of these assumptions are still very rare due to the lack of order flow data. Here we adopt the order flow data of Chinese stocks to tackle this problem by investigating the dynamics of inventory variations for individual and institutional investors that contain rich information about the trading behavior of investors and have a crucial influence on price fluctuations. We find that the distributions of cross-correlation coefficient Cij have power-law forms in the bulk that are followed by exponential tails, and there are more positive coefficients than negative ones. In addition, it is more likely that two individuals or two institutions have a stronger inventory variation correlation than one individual and one institution. We find that the largest and the second largest eigenvalues (λ1 and λ2) of the correlation matrix cannot be explained by random matrix theory and the projections of investors' inventory variations on the first eigenvector u(λ1) are linearly correlated with stock returns, where individual investors play a dominating role. The investors are classified into three categories based on the cross-correlation coefficients CV R between inventory variations and stock returns. A strong Granger causality is unveiled from stock returns to inventory variations, which means that a large proportion of individuals hold the reversing trading strategy and a small part of individuals hold the trending strategy. Our empirical findings have scientific significance in the understanding of investors' trading behavior and in the construction of agent-based models for emerging stock markets.

  11. Random matrix approach to the dynamics of stock inventory variations

    International Nuclear Information System (INIS)

    Zhou Weixing; Mu Guohua; Kertész, János

    2012-01-01

    It is well accepted that investors can be classified into groups owing to distinct trading strategies, which forms the basic assumption of many agent-based models for financial markets when agents are not zero-intelligent. However, empirical tests of these assumptions are still very rare due to the lack of order flow data. Here we adopt the order flow data of Chinese stocks to tackle this problem by investigating the dynamics of inventory variations for individual and institutional investors that contain rich information about the trading behavior of investors and have a crucial influence on price fluctuations. We find that the distributions of cross-correlation coefficient C ij have power-law forms in the bulk that are followed by exponential tails, and there are more positive coefficients than negative ones. In addition, it is more likely that two individuals or two institutions have a stronger inventory variation correlation than one individual and one institution. We find that the largest and the second largest eigenvalues (λ 1 and λ 2 ) of the correlation matrix cannot be explained by random matrix theory and the projections of investors' inventory variations on the first eigenvector u(λ 1 ) are linearly correlated with stock returns, where individual investors play a dominating role. The investors are classified into three categories based on the cross-correlation coefficients C VR between inventory variations and stock returns. A strong Granger causality is unveiled from stock returns to inventory variations, which means that a large proportion of individuals hold the reversing trading strategy and a small part of individuals hold the trending strategy. Our empirical findings have scientific significance in the understanding of investors' trading behavior and in the construction of agent-based models for emerging stock markets. (paper)

  12. Land use change and terrestrial carbon stocks in Senegal

    Science.gov (United States)

    Woomer, P.L.; Tieszen, L.L.; Tappan, G.; Toure, A.; Sall, M.

    2004-01-01

    Environmental degradation resulting from long-term drought and land use change has affected terrestrial carbon (C) stocks within Africa's Sahel. We estimated Senegal's terrestrial carbon stocks in 1965, 1985, and 2000 using an inventory procedure involving satellite images revealing historical land use change, and recent field measurements of standing carbon stocks occurring in soil and plants. Senegal was divided into eight ecological zones containing 11 land uses. In 2000, savannas, cultivated lands, forests, and steppes were the four largest land uses in Senegal, occupying 70, 22, 2.7, and 2.3 percent of Senegal's 199,823 km2. System C stocks ranged from 9 t C ha−1 in degraded savannas in the north, to 113 t C ha−1 in the remnant forests of the Senegal River Valley. This approach resulted in estimated total C stocks of 1019 and 727 MT C between 1965 and 2000, respectively, indicating a loss of 292 MT C over 35 years. The proportion of C residing in biomass decreased with time, from 55 percent in 1965 to 38 percent in 2000. Calculated terrestrial C flux for 1993 was −7.5 MT C year−1 and had declined by 17 percent over the previous 18 years. Most of the terrestrial C flux in 1993 was attributed to biomass C reduction. Human disturbance accounted for only 22 percent of biomass C loss in 1993, suggesting that the effects of long-term Sahelian drought continue to play an overriding role in ecosystem change. Some carbon mitigation strategies for Senegal were investigated, including potential C sequestration levels. Opportunities for C mitigation exist but are constrained by available knowledge and access to resources.

  13. Determinants and valuation implications of compulsory stock option disclosures in a weak regulatory setting the case of France

    NARCIS (Netherlands)

    Goh, Lisa; Joos, Philip; Soonawalla, Kazbi

    Using a sample of listed French firms in 2005, the year of mandatory IFRS adoption in the European Union (EU), we investigate the determinants of disclosure compliance of stock option expenses under IFRS 2, Share-based Payment. Stock options are a popular means of executive compensation in France

  14. Systematic analysis of group identification in stock markets.

    Science.gov (United States)

    Kim, Dong-Hee; Jeong, Hawoong

    2005-10-01

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

  15. Can Network Linkage Effects Determine Return? Evidence from Chinese Stock Market.

    Science.gov (United States)

    Qiao, Haishu; Xia, Yue; Li, Ying

    2016-01-01

    This study used the dynamic conditional correlations (DCC) method to identify the linkage effects of Chinese stock market, and further detected the influence of network linkage effects on magnitude of security returns across different industries. Applying two physics-derived techniques, the minimum spanning tree and the hierarchical tree, we analyzed the stock interdependence within the network of the China Securities Index (CSI) industry index basket. We observed that that obvious linkage effects existed among stock networks. CII and CCE, CAG and ITH as well as COU, CHA and REI were confirmed as the core nodes in the three different networks respectively. We also investigated the stability of linkage effects by estimating the mean correlations and mean distances, as well as the normalized tree length of these indices. In addition, using the GMM model approach, we found inter-node influence within the stock network had a pronounced effect on stock returns. Our results generally suggested that there appeared to be greater clustering effect among the indexes belonging to related industrial sectors than those of diverse sectors, and network comovement was significantly affected by impactive financial events in the reality. Besides, stocks that were more central within the network of stock market usually had higher returns for compensation because they endured greater exposure to correlation risk.

  16. Can Network Linkage Effects Determine Return? Evidence from Chinese Stock Market

    Science.gov (United States)

    Qiao, Haishu; Xia, Yue; Li, Ying

    2016-01-01

    This study used the dynamic conditional correlations (DCC) method to identify the linkage effects of Chinese stock market, and further detected the influence of network linkage effects on magnitude of security returns across different industries. Applying two physics-derived techniques, the minimum spanning tree and the hierarchical tree, we analyzed the stock interdependence within the network of the China Securities Index (CSI) industry index basket. We observed that that obvious linkage effects existed among stock networks. CII and CCE, CAG and ITH as well as COU, CHA and REI were confirmed as the core nodes in the three different networks respectively. We also investigated the stability of linkage effects by estimating the mean correlations and mean distances, as well as the normalized tree length of these indices. In addition, using the GMM model approach, we found inter-node influence within the stock network had a pronounced effect on stock returns. Our results generally suggested that there appeared to be greater clustering effect among the indexes belonging to related industrial sectors than those of diverse sectors, and network comovement was significantly affected by impactive financial events in the reality. Besides, stocks that were more central within the network of stock market usually had higher returns for compensation because they endured greater exposure to correlation risk. PMID:27257816

  17. Empirical properties of inter-cancellation durations in the Chinese stock market

    Directory of Open Access Journals (Sweden)

    Gao-Feng eGu

    2014-03-01

    Full Text Available Order cancellation process plays a crucial role in the dynamics of price formation in order-driven stock markets and is important in the construction and validation of computational finance models. Based on the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003, we investigate the empirical statistical properties of inter-cancellation durations in units of events defined as the waiting times between two consecutive cancellations. The inter-cancellation durations for both buy and sell orders of all the stocks favor a $q$-exponential distribution when the maximum likelihood estimation method is adopted; In contrast, both cancelled buy orders of 9 stocks and cancelled sell orders of 4 stocks prefer Weibull distribution when the nonlinear least-square estimation is used. Applying detrended fluctuation analysis (DFA, centered detrending moving average (CDMA and multifractal detrended fluctuation analysis (MF-DFA methods, we unveil that the inter-cancellation duration time series process long memory and multifractal nature for both buy and sell cancellations of all the stocks. Our findings show that order cancellation processes exhibit long-range correlated bursty behaviors and are thus not Poissonian.

  18. Impact of Monetary Policy and Fiscal Policy on Indonesian Stock Market

    Directory of Open Access Journals (Sweden)

    Rossanto Dwi HANDOYO

    2015-05-01

    Full Text Available This paper attempts to investigate the effect of fiscal and monetary policy on Indonesian Stock price as well as main sectors stock price such as agricultural, mining, manufacture, and financial sector indexes. We consider the world oil price as a foreign variable that will influence domestic economy as in regular small open economy model. In this paper, we employ the Monte Carlo algorithm to Near-SVAR models (If some of the VAR equations have regressors not included in the others. We find that there is a positive stock price response to monetary policy shock both aggregated and sectoral stock price. In term of interaction between fiscal policy shock and stock market, we find that all sectors respond negative relationship. From this empirical finding, fiscal policy crowd out private sector activity in market, thus, its effect will be impotent in economy. We also provide the evidence that not only both policies are able to influence the stock price individually, but also the interaction between monetary and fiscal policy is important in explaining stock market performance.

  19. The association between attempted suicide and stock price movements: Evidence from Taiwan.

    Science.gov (United States)

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

    2017-08-01

    This study is the first comprehensive analysis to investigate the potential association between stock market fluctuations and attempted suicide events as measured by self-inflicted injuries treated in hospitalization. Using nationwide, 15-year population-based data from 1998 through 2012, we observe that the occurrences for the hospitalizations of attempted suicides are apparently predicted by stock price movements. A low stock price index, a daily fall in the stock index, and consecutive daily falls in the stock index have been shown to be associated with increased risk of hospitalization in patients with attempted suicide. More specifically, stock price index is found to be significant impact on attempted suicide in the 45-54 age groups of both genders, whilst daily change is significant for both genders in the 25-34 and 55-64 age groups and accumulated change is only significant in female aged 25-44 and above 65. On the basis of the results, relevant organizations should consider the suicidal factors that relate prime-working-age and near-retirement-age people to better carry out specific suicide prevention measures, and, meanwhile, encourage those people to pay less attention towards daily stock price movements. Copyright © 2017 Elsevier Ireland Ltd. All rights reserved.

  20. China’s Stock Market Integration with a Leading Power and a Close Neighbor

    Directory of Open Access Journals (Sweden)

    Zheng Yi

    2009-12-01

    Full Text Available Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China’s stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners. Taking into account economic and geographical considerations, the US and Hong Kong are considerably the most comparable stock markets to China. The usual vector error correction model (VECM could overlook the long memory feature of cointegration residual series, which can in turn exert bias on the resulting inferences. To overcome its limitations, we employ a fractionally integrated VECM (FIVECM in this paper to investigate the long-term cointegration relations binding China’s stock market to the aforementioned stock markets. In addition, by augmenting the FIVECM with multivariate GARCH model, the return transmission and volatility spillover between market return series were revealed simultaneously. Our empirical results show that China’s stock market is fractionally cointegrated with the two markets, and it appears that China’s stock market has stronger ties with its neighboring Hong Kong market than with the world superpower, the US market.

  1. Granger Causality Between Exchange Rate and Stock Price: A Toda Yamamoto Approach

    OpenAIRE

    Siami-Namini, Sima

    2017-01-01

    This research article attempts to examine the relationship between exchange rate (EX) and stock price using quarterly data of Iran on nominal EX, stock price index, liquidity and consumer price index covering the period of 1994:02 to 2010:01. It also investigates the long‑run relationship between variables using Johansen and Juselius (1990) co‑integration test and the short‑run dynamic causal relationship by using Toda and Yamamoto (1995) procedure. Likewise, variance decompositions serve as ...

  2. Do on/off time series models reproduce emerging stock market comovements?

    OpenAIRE

    Mohamed el hédi Arouri; Fredj Jawadi

    2011-01-01

    Using nonlinear modeling tools, this study investigates the comovements between the Mexican and the world stock markets over the last three decades. While the previous works only highlight some evidence of comovements, our paper aims to specify the different time-varying links and mechanisms characterizing the Mexican stock market through the comparison of two nonlinear error correction models (NECMs). Our findings point out strong evidence of time-varying and nonlinear mean-reversion and lin...

  3. Empirical Evidence on Student-t Log-Returns of Diversified World Stock Indices

    OpenAIRE

    Eckhard Platen; Renata Rendek

    2007-01-01

    The aim of this paper is to document some empirical facts related to log-returns of diversified world stock indices when these are denominated in different currencies. Motivated by earlier results, we have obtained the estimated distribution of log-returns for a range of world stock indices over long observation periods. We expand previous studies by applying the maximum likelihood ratio test to the large class of generalized hyperbolic distributions, and investigate the log-returns of a vari...

  4. Asset Pricing Behaviour with Dual-Beta in Case of Pakistani Stock Market

    OpenAIRE

    Attiya Y. Javid; Eatzaz Ahmad

    2011-01-01

    This study investigates the dynamics of beta by the asymmetric response of beta to bullish and bearish market environment on 50 stocks traded in Karachi Stock Exchange during 1993-2007. The results show that the betas increase (decrease) when the market is bullish (bearish). The results however suggest that investors receive a positive premium for accepting down-side risk, while a negative premium is associated with up-market beta. The results suggest that the conditional Fama and French thre...

  5. The Preferences and Investment Behaviour of Small Investors in the Hong Kong Bank Stock Market

    OpenAIRE

    Tai-Yuen HON

    2015-01-01

    This paper investigates the behaviour of small investors in the Hong Kong bank stock market.The objective of this study was to researchthe factors, investing characteristics, and decision making processes. Informed by behavioural finance, we develop four hypotheses regarding the opinions and investment behaviour of small investors in the Hong Kong bank stock market. These hypotheses are then tested with the data collected from 1,054 small investors via a survey. By doing so, we hope to contri...

  6. 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.

  7. Hidden Markov Model for Stock Selection

    Directory of Open Access Journals (Sweden)

    Nguyet Nguyen

    2015-10-01

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

  8. Climatic regions as an indicator of forest coarse and fine woody debris carbon stocks in the United States

    Directory of Open Access Journals (Sweden)

    Liknes Greg C

    2008-06-01

    Full Text Available Abstract Background Coarse and fine woody debris are substantial forest ecosystem carbon stocks; however, there is a lack of understanding how these detrital carbon stocks vary across forested landscapes. Because forest woody detritus production and decay rates may partially depend on climatic conditions, the accumulation of coarse and fine woody debris carbon stocks in forests may be correlated with climate. This study used a nationwide inventory of coarse and fine woody debris in the United States to examine how these carbon stocks vary by climatic regions and variables. Results Mean coarse and fine woody debris forest carbon stocks vary by Köppen's climatic regions across the United States. The highest carbon stocks were found in regions with cool summers while the lowest carbon stocks were found in arid desert/steppes or temperate humid regions. Coarse and fine woody debris carbon stocks were found to be positively correlated with available moisture and negatively correlated with maximum temperature. Conclusion It was concluded with only medium confidence that coarse and fine woody debris carbon stocks may be at risk of becoming net emitter of carbon under a global climate warming scenario as increases in coarse or fine woody debris production (sinks may be more than offset by increases in forest woody detritus decay rates (emission. Given the preliminary results of this study and the rather tenuous status of coarse and fine woody debris carbon stocks as either a source or sink of CO2, further research is suggested in the areas of forest detritus decay and production.

  9. 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...

  10. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

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

  11. Equation-based model for the stock market.

    Science.gov (United States)

    Xavier, Paloma O C; Atman, A P F; de Magalhães, A R Bosco

    2017-09-01

    We propose a stock market model which is investigated in the forms of difference and differential equations whose variables correspond to the demand or supply of each agent and to the price. In the model, agents are driven by the behavior of their trust contact network as well by fundamental analysis. By means of the deterministic version of the model, the connection between such drive mechanisms and the price is analyzed: imitation behavior promotes market instability, finitude of resources is associated to stock index stability, and high sensitivity to the fair price provokes price oscillations. Long-range correlations in the price temporal series and heavy-tailed distribution of returns are observed for the version of the model which considers different proposals for stochasticity of microeconomic and macroeconomic origins.

  12. Modeling the time-changing dependence in stock markets

    International Nuclear Information System (INIS)

    Frezza, Massimiliano

    2012-01-01

    The time-changing dependence in stock markets is investigated by assuming the multifractional process with random exponent (MPRE) as model for actual log price dynamics. By modeling its functional parameter S(t, ω) via the square root process (S.R.) a twofold aim is obtained. From one hand both the main financial and statistical properties shown by the estimated S(t) are captured by surrogates, on the other hand this capability reveals able to model the time-changing dependence shown by stocks or indexes. In particular, a new dynamical approach to interpreter market mechanisms is given. Empirical evidences are offered by analysing the behaviour of the daily closing prices of a very known index, the Industrial Average Dow Jones (DJIA), beginning on March,1990 and ending on February, 2005.

  13. Structure and dynamics of stock market in times of crisis

    Science.gov (United States)

    Zhao, Longfeng; Li, Wei; Cai, Xu

    2016-02-01

    Daily correlations among 322 S&P 500 constituent stocks are investigated by means of correlation-based (CB) network. By using the heterogeneous time scales, we identify global expansion and local clustering market behaviors during crises, which are mainly caused by community splits and inter-sector edge number decreases. The CB networks display distinctive community and sector structures. Graph edit distance is applied to capturing the dynamics of CB networks in which drastic structure reconfigurations can be observed during crisis periods. Edge statistics reveal the power-law nature of edges' duration time distribution. Despite the networks' strong structural changes during crises, we still find some long-duration edges that serve as the backbone of the stock market. Finally the dynamical change of network structure has shown its capability in predicting the implied volatility index (VIX).

  14. Anticipating Stock Market Movements with Google and Wikipedia

    Science.gov (United States)

    Moat, Helen Susannah; Curme, Chester; Stanley, H. Eugene; Preis, Tobias

    Many of the trading decisions that have led to financial crises are captured by vast, detailed stock market datasets. Here, we summarize two of our recent studies which investigate whether Internet usage data contain traces of attempts to gather information before such trading decisions were taken. By analyzing changes in how often Internet users searched for financially related information on Google (Preis et al., Sci Rep 3:1684, 2013) and Wikipedia (Moat et al., Sci Rep 3:1801, 2013), patterns are found that may be interpreted as "early warning signs" of stock market moves. Our results suggest that online data may allow us to gain new insight into early information gathering stages of economic decision making.

  15. Equation-based model for the stock market

    Science.gov (United States)

    Xavier, Paloma O. C.; Atman, A. P. F.; de Magalhães, A. R. Bosco

    2017-09-01

    We propose a stock market model which is investigated in the forms of difference and differential equations whose variables correspond to the demand or supply of each agent and to the price. In the model, agents are driven by the behavior of their trust contact network as well by fundamental analysis. By means of the deterministic version of the model, the connection between such drive mechanisms and the price is analyzed: imitation behavior promotes market instability, finitude of resources is associated to stock index stability, and high sensitivity to the fair price provokes price oscillations. Long-range correlations in the price temporal series and heavy-tailed distribution of returns are observed for the version of the model which considers different proposals for stochasticity of microeconomic and macroeconomic origins.

  16. Influence of information systems on stock management in little and middle sized supermarkets

    Directory of Open Access Journals (Sweden)

    Valdir Luis Pick

    2011-05-01

    Full Text Available This paper aims at presenting a multiple case study in which was analyzed the influence of information systems usage on the stock management processes in medium and little-sized retailers. We assessed four supermarkets from the inner land of Rio Grande do Sul, with different status in information systems development. The performance in stock management was appraised with the aid of five numerical indicators, defined in focus group sections with experts, led by researcher. The main observed influences were: average inventory, stock cycle, percentage of shortages and GM-ROI. WE observed high negative correlations between these variables and the level of usage of information systems: the more the company uses it, the less the variables grew, what is a desirable behavior. We do not found influence of the information system on sales volumes.

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

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

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

  18. Rolling Stock Planning at DSB S-tog - Processes, Cost Structures and Requirements

    DEFF Research Database (Denmark)

    Thorlacius, Per

    A central issue for operators of suburban passenger train transport systems is providing sufficient number of seats for the passengers while at the same time minimising operating costs. The process of providing this is called rolling stock planning. This technical report documents the terminology......, the processes, the cost structures and the requirements for rolling stock planning at DSB S-tog, the suburban passenger train operator of the City of Copenhagen. The focus of the technical report is directed at practical train operator oriented issues. The technical report is thought to serve as a basis...... for investigating better methods to perform the rolling stock planning (to be the topic of later papers). This technical report is produced as a part of the current industrial Ph. D. project to improve the rolling stock planning process of DSB S-tog....

  19. The Dow is Killing Me: Risky Health Behaviors and the Stock Market.

    Science.gov (United States)

    Cotti, Chad; Dunn, Richard A; Tefft, Nathan

    2015-07-01

    We investigate how risky health behaviors and self-reported health vary with the Dow Jones Industrial Average (DJIA) and during stock market crashes. Because stock market indices are leading indicators of economic performance, this research contributes to our understanding of the macroeconomic determinants of health. Existing studies typically rely on the unemployment rate to proxy for economic performance, but this measure captures only one of many channels through which the economic environment may influence individual health decisions. We find that large, negative monthly DJIA returns, decreases in the level of the DJIA, and stock market crashes are widely associated with worsening self-reported mental health and more cigarette smoking, binge drinking, and fatal car accidents involving alcohol. These results are consistent with predictions from rational addiction models and have implications for research on the association between consumption and stock prices. Copyright © 2014 John Wiley & Sons, Ltd.

  20. The Moderating Influence of Supermarket Satisfaction on Out-of-Stock Store Switching Behaviour

    DEFF Research Database (Denmark)

    Hansen, Torben; Beckmann, Suzanne C.; Solgaard, Hans Stubbe

    Consumer store switching behaviour – going to another store to buy an item that is out-of-stock is often considered to be associated with high brand loyalty in combination with low store loyalty, making a study of the causes for such behaviour highly important to both store and brand managers....... Based on a survey of 631 grocery consumers, this study investigates the moderating influence of preferred supermarket satisfaction on relations between quality consciousness, price consciousness, pre-planning propensity and out-of-stock store switching, and also examines the direct influence...... and out-of-stock store switching. In addition, it is demonstrated that quality consciousness, price consciousness, and pre-planning propensity positively influence consumer out-of-stock store switching behaviour....

  1. A study on relationship between firm's financial performance and immediate and long-term stock return

    Directory of Open Access Journals (Sweden)

    Mohamad Sirani

    2013-08-01

    Full Text Available Previous studies show investors’ overreaction towards firms past performance. In fact, investors overvalue past winners and undervalue past losers. However, when their expectations do not come true, stock prices return to their fair values. This study investigates investors’ overreaction in Tehran Stock Exchange in three steps. Using a five-year period data collected from Tehran Stock Exchange (TSE, we evaluate portfolio performance and analyze them based on a sample of 70 firms selected from this exchange and, using Pearson correlation as well as regression analysis, examine the effects of past performance on price appreciation. The preliminary results indicate that TSE investors normally overreact to sale, quality of sale, operating profit, quality of profit, cash flow and stock return, significantly.

  2. Correlation analysis of the Korean stock market: Revisited to consider the influence of foreign exchange rate

    Science.gov (United States)

    Jo, Sang Kyun; Kim, Min Jae; Lim, Kyuseong; Kim, Soo Yong

    2018-02-01

    We investigated the effect of foreign exchange rate in a correlation analysis of the Korean stock market using both random matrix theory and minimum spanning tree. We collected data sets which were divided into two types of stock price, the original stock price in Korean Won and the price converted into US dollars at contemporary foreign exchange rates. Comparing the random matrix theory based on the two different prices, a few particular sectors exhibited substantial differences while other sectors changed little. The particular sectors were closely related to economic circumstances and the influence of foreign financial markets during that period. The method introduced in this paper offers a way to pinpoint the effect of exchange rate on an emerging stock market.

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

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

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

  4. Increased stocking density causes changes in expression of selected stress- and immune-related genes, humoral innate immune parameters and stress responses of rainbow trout (Oncorhynchus mykiss).

    Science.gov (United States)

    Yarahmadi, Peyman; Miandare, Hamed Kolangi; Fayaz, Sahel; Caipang, Christopher Marlowe A

    2016-01-01

    The present study investigated the effects of various stocking densities on the health status (stress and immune responses) of rainbow trout (Onchorhynchus mykiss). Juvenile rainbow trout were acclimated, placed in circular tanks under stocking densities of 10, 40 and 80 kg m(-3) and reared for 30 days. The relative expression of genes involved in stress and immunity such as HSP70, LyzII, TNF-1α, IL-1β, IL-8 and IFN-γ1 in the head kidney was determined. Serum cortisol, ACTH, total antioxidant capacity, osmolality and lactate were measured after 30 days of culture at different stocking densities (D1:10 kg m(-3), D2: 40 kg m(-3) and D3: 80 kg m(-3)) as indices of stress responses. In addition, the effects of stocking densities on serum complement, bactericidal activity, agglutinating antibody titers, serum IgM, anti-protease activity, serum total protein and alkaline phosphatase of the fish were measured. HSP70 gene expression was significantly density-dependent upregulated in D2 and D3 densities compared to D1 (P < 0.05). Also, there was significant downregulation in expression of LyzII, TNF-1α, IL-1β, IL-8 and IFN-γ1 in fish reared at density of either D2 or D3 (P < 0.05). In terms of stress responses, serum ACTH, cortisol and lactate level showed significant density-dependent increase (P < 0.05) while serum osmolality and total antioxidant capacity showed significant decline (P < 0.05) in fish reared at higher densities (D2 and D3) compared to fish reared at lower density (D1) (P < 0.05). Concordant with the expression of the immune-related genes, the serum complement and bactericidal activity as well as specific antibody titer against Aeromonas hydrophila, IgM and anti-protease activity decreased along with elevation of stocking density from D1 to D3 (P < 0.05). However, different stocking densities had no significant effect on serum total protein level and alkaline phosphatase activity. These results suggested that elevation of stocking

  5. Dynamic evolution of cross-correlations in the Chinese stock market.

    Science.gov (United States)

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

    The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop) before (after) the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management.

  6. Stock Market Fluctuations and Self-Harm among Children and Adolescents in Hong Kong.

    Science.gov (United States)

    Wong, Wilfred Hing-Sang; Lee, James Chun-Yin; Ho, Frederick Ka-Wing; Li, Tim Man-Ho; Ip, Patrick; Chow, Chun-Bong

    2017-06-09

    Although a few studies investigated the impact of stock market fluctuations on population health, the question of whether stock market fluctuations have an impact on self-harm in children and adolescents remain unanswered. This study therefore investigated the association between stock market fluctuations and self-harm among children and adolescents in Hong Kong. Daily self-harm attendance records were retrieved from all 18 local Accident and Emergency Departments (AED) from 2001 to 2012. 4931 children and adolescents who committed self-harm were included. The results indicated positive correlation between daily change in stock market index, Hang Seng Index (∇HSI, per 300 points), and daily self-harm incident risk of children and adolescents, without time lag between the two. The incident risk ratio for ∇HSI was 1.09 ( p = 0.0339) in children and 1.06 ( p = 0.0246) in adolescents. Importantly, non-trading days were found to impose significant protective effect in both groups against self-harm risk. Our results showed that stock market fluctuations were related to self-harm behaviors in children and adolescents. Parents and professionals should be educated about the potential harm of stock market fluctuations and the importance of effective parenting in reducing self-harm among children and adolescents.

  7. The effects of financial risks on the relationship between earnings and stock returns

    Directory of Open Access Journals (Sweden)

    Mehri Akhavi Babi

    2015-06-01

    Full Text Available This study was conducted to investigate the effects of financial risks on the relationship between earnings per share and stock returns. The statistical population of the study consisted of the companies accepted by Tehran Stock Exchange. According to the conditions for sampling, 65 companies were selected during a period of six years from 2008 to 2013 (i.e., 390 fiscal years, and four hypotheses were set forth to achieve the purposes of the study. The first hypothesis tried to assess the relationship between earnings per share and stock returns. The second, third, and fourth hypotheses investigated the significance of the effects of three financial risks, namely liquidity, credit, and solvency risks on the relationship between earnings per share and stock returns. The hypotheses of the study were tested using linear and multiple regressions. The findings of the study indicated that there was a positive and significant relationship between earnings per share and stock returns. In addition, the results proved that the credit and solvency risks had negative and significant effects on the relationship between earnings per share and stock returns, but the effect of liquidity risk on this relationship was not significant.

  8. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

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

  9. 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...

  10. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

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

  11. 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...

  12. Community monitoring of carbon stocks for REDD+

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  13. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

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

  14. Sustainment Stocks for the Korean Theater

    National Research Council Canada - National Science Library

    St

    1998-01-01

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

  15. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

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

  16. Policy on Existing Stocks of Pesticide Products

    Science.gov (United States)

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

  17. Boosting Learning Algorithm for Stock Price Forecasting

    Science.gov (United States)

    Wang, Chengzhang; Bai, Xiaoming

    2018-03-01

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

  18. Information and Stock Prices: A Simple Introduction

    OpenAIRE

    Yee, Kenton K.

    2005-01-01

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

  19. 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.

  20. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

    education programs can affect consumers' investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market participation cost is about 4–6% of labor......This paper develops and estimates a dynamic model of stock market participation, where consumers' decisions regarding stock market participation are influenced by participation costs. The practical significance of the participation costs is considered as being a channel through which financial...... income; however, it varies substantially over consumers' life. The model successfully predicts the level of the observed participation rate and the increasing pattern of stock market participation over the consumers' life cycle....