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. 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

    , were investigated and our estimations were compared to the ICES advice. Only size-specific catch data were used, in order to emulate data limited situations. The simulation analysis reveals that the status of the stock, i.e. F/Fmsy, is estimated more accurately than the fishing mortality F itself....... Specific knowledge of the natural mortality improves the estimation more than having information about all other life history parameters. Our approach gives, at least qualitatively, an estimated stock status which is similar to the results of an age-based assessment. Since our approach only uses size...

  5. Stone material investigations of the Riga Stock Exchange building

    Science.gov (United States)

    Igaune-Blumberga, S.; Vitina, I.; Lindina, L.; Timma, I.; Barbane, I.

    2011-12-01

    This paper deals with the stone material investigation of former Riga Stock Exchange building and presents the following aspects: characterization of materials, analyses of mortars for sealing and cladding of artificial marble, decors, bricks, render of sealing, analyses of soluble salts, analyses of deteriorated granite surface of foundation. The last damage by fire was in 1979 which caused the collapse of the roof and consequently an infiltration of rain water. The conditions of the objects were found in very bad condition-deterioration represented by salt efflorescence's, cracking and in very large areas there was a complete loss of the artificial marble (stucco marble).

  6. Stone material investigations of the Riga Stock Exchange building

    International Nuclear Information System (INIS)

    Igaune-Blumberga, S; Vitina, I; Lindina, L; Timma, I; Barbane, I

    2011-01-01

    This paper deals with the stone material investigation of former Riga Stock Exchange building and presents the following aspects: characterization of materials, analyses of mortars for sealing and cladding of artificial marble, decors, bricks, render of sealing, analyses of soluble salts, analyses of deteriorated granite surface of foundation. The last damage by fire was in 1979 which caused the collapse of the roof and consequently an infiltration of rain water. The conditions of the objects were found in very bad condition-deterioration represented by salt efflorescence's, cracking and in very large areas there was a complete loss of the artificial marble (stucco marble).

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

    NARCIS (Netherlands)

    Serchuk, F.M.; Kirkegaard, E.; 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, whitting, saithe, plaice, sole,

  8. Underestimation of boreal soil carbon stocks by mathematical soil carbon models linked to soil nutrient status

    Science.gov (United States)

    Ťupek, Boris; Ortiz, Carina A.; Hashimoto, Shoji; Stendahl, Johan; Dahlgren, Jonas; Karltun, Erik; Lehtonen, Aleksi

    2016-08-01

    Inaccurate estimate of the largest terrestrial carbon pool, soil organic carbon (SOC) stock, is the major source of uncertainty in simulating feedback of climate warming on ecosystem-atmosphere carbon dioxide exchange by process-based ecosystem and soil carbon models. Although the models need to simplify complex environmental processes of soil carbon sequestration, in a large mosaic of environments a missing key driver could lead to a modeling bias in predictions of SOC stock change.We aimed to evaluate SOC stock estimates of process-based models (Yasso07, Q, and CENTURY soil sub-model v4) against a massive Swedish forest soil inventory data set (3230 samples) organized by a recursive partitioning method into distinct soil groups with underlying SOC stock development linked to physicochemical conditions.For two-thirds of measurements all models predicted accurate SOC stock levels regardless of the detail of input data, e.g., whether they ignored or included soil properties. However, in fertile sites with high N deposition, high cation exchange capacity, or moderately increased soil water content, Yasso07 and Q models underestimated SOC stocks. In comparison to Yasso07 and Q, accounting for the site-specific soil characteristics (e. g. clay content and topsoil mineral N) by CENTURY improved SOC stock estimates for sites with high clay content, but not for sites with high N deposition.Our analysis suggested that the soils with poorly predicted SOC stocks, as characterized by the high nutrient status and well-sorted parent material, indeed have had other predominant drivers of SOC stabilization lacking in the models, presumably the mycorrhizal organic uptake and organo-mineral stabilization processes. Our results imply that the role of soil nutrient status as regulator of organic matter mineralization has to be re-evaluated, since correct SOC stocks are decisive for predicting future SOC change and soil CO2 efflux.

  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. 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

    For stocks which are considered “data-poor” no knowledge exist about growth, mortality or recruitment. The only available information is from catches. Here we examine the ability to assess the level of exploitation of a data-poor stock based only on information of the size of individuals in catches....... The model is a formulation of the classic Beverton–Holt theory in terms of size where stock parameters describing growth, natural mortality, recruitment, etc. are determined from life-history invariants. A simulation study was used to compare the reliability of assessments performed under different...... 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...

  11. 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

    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...

  12. 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 esti...

  13. Stock Market Integration Measurement: Investigation of Malaysia and Singapore Stock Markets

    OpenAIRE

    B. K. Yeoh; Z. Arsad; C. W. Hooy

    2010-01-01

    This paper tests the level of market integration between Malaysia and Singapore stock markets with the world market. Kalman Filter (KF) methodology is used on the International Capital Asset Pricing Model (ICAPM) and the pricing errors estimated within the framework of ICAPM are used as a measure of market integration or segmentation. The advantage of the KF technique is that it allows for time-varying coefficients in estimating ICAPM and hence able to capture the varying degree of market int...

  14. Investigation of multifractality in the Brazilian stock market

    Science.gov (United States)

    Maganini, Natália Diniz; Da Silva Filho, Antônio Carlos; Lima, Fabiano Guasti

    2018-05-01

    Many studies point to a possible new stylized fact for financial time series: the multifractality. Several authors have already detected this characteristic in multiple time series in several countries. With that in mind and based on Multifractal Detrended Fluctuation Analysis (MFDFA) method, this paper analyzes the multifractality in the Brazilian market. This analysis is performed with daily data from IBOVESPA index (Brazilian stock exchange's main index) and other four highly marketable stocks in the Brazilian market (VALE5, ITUB4, BBDC4 and CIEL3), which represent more than 25% of the index composition, making up 1961 observations for each asset in the period from June 26 2009 to May 31 2017. We found that the studied stock prices and Brazilian index are multifractal, but that the multifractality degree is not the same for all the assets. The use of shuffled and surrogated series indicates that for the period and the actions considered the long-range correlations do not strongly influence the multifractality, but the distribution (fat tails) exerts a possible influence on IBOVESPA and CIEL3.

  15. Investigating the effects of liquidity and exchange rate on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Younos Vakil Alroaia

    2014-08-01

    Full Text Available This paper presents an empirical investigation to study the effects of two macroeconomic factors; namely exchange rate and liquidity on stock index. The proposed study was applied in Iran and on major index of Tehran Stock Exchange over the period 2001-2011. They reported that the currency exchange maintained negative impact on stock exchange for the period of investigation. This is due to the fact that when currency devalued, working capital decreases and firms did not enough money to purchase raw materials, pay wages, etc. In addition, liquidity marinated a direct and positive relationship with exchange index. However, the impact of liquidity seems to be bigger than currency exchange.

  16. 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.

  17. 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.

  18. 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

  19. 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.

  20. 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

  1. 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

  2. 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.

  3. 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.

  4. 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......, herring, and mackerel), together with an evaluation of the current state of these resources and the most resent management advice provided by the ICES Advisory, Committee on Fishery Management. (C) 1996 International Council for the Exploration of the Sea...

  5. Is backdating vicious? - An investigation on the rationale of backdating CEO stock options

    NARCIS (Netherlands)

    Wu, B.

    2008-01-01

    The widespread practice of backdating executive stock options has drawn strong criticism of the public and also serious attention of the regulators. Other than pure luck and insider manipulation, I conjecture some backdating is rational. By using a sample of 126 US companies under investigations

  6. Is backdating vicious?: an investigation on the rationale of backdating CEO stock options

    NARCIS (Netherlands)

    Wu, H.T.

    2009-01-01

    The widespread practice of backdating executive stock options has drawn strong criticism of the public and also serious attention of the regulators. Other than pure luck and insider manipulation, I conjecture some backdating is ra- tional. By using a sample of 126 US companies under investigations

  7. 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.

  8. 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

  9. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  10. 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.

  11. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    OpenAIRE

    Roghayeh Ahmdi Panah Banad Koki; Iman Jokar

    2014-01-01

    This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also perf...

  12. Status of the electric utilities' saltdome investigations

    International Nuclear Information System (INIS)

    1980-09-01

    In 1978 the Danish government and the Danish Ministry of Trade asked ELSAM and ELKRAFT to accomplish phase two of the evaluation of the possibilities of disposal of high-level radioactive wastes from Danish nuclear power plants in a Danish salt dome. A status is given of the work up til September 1980. 5 salt domes have been evaluated. The field work comprises geophysical investigations, deep test drillings, and hydrogeological investigations. 2 types of repositories are considered, a deep hole repository and a pit repository. Main emphasis is placed on the first type. At the commencement of 1981 all measuring results and investigations will be completed, and the final report is planned to be given to the authorities in April 1981. (BP)

  13. 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....

  14. Effects of stocking density of the white shrimp Litopenaeus vannamei (Boone) on immunities, antioxidant status, and resistance against Vibrio harveyi in a biofloc system.

    Science.gov (United States)

    Liu, Gang; Zhu, Songming; Liu, Dezhao; Guo, Xishan; Ye, Zhangying

    2017-08-01

    Determining optimum stocking density of the white shrimp Litopenaeus vannamei (Boone) is a big concern for shrimp farmers. However, few studies have assessed the influence of stocking density on the antioxidant status, immunology, digestive enzyme activities, and growth performance of white shrimp in biofloc systems. In this study, these parameters of white shrimp in a biofloc system were compared at three stocking densities: 300 orgs m -3 as low stocking density (LD), 400 orgs m -3 as medium stocking density (MD), and 500 orgs m -3 as high stocking density (HD). The feed conversion ratio in the LD group was significantly lower than that in the MD and HD groups (P white shrimp can be seriously impaired in the HD condition (i.e., ≥500 m -3 ) in biofloc systems. These findings can be used to determine suitable stocking densities in the white shrimp farming industry using the biofloc system. Copyright © 2017 Elsevier Ltd. All rights reserved.

  15. 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

  16. 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

  17. 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

  18. 76 FR 23794 - Stock Status Determination for Atlantic Highly Migratory Scalloped Hammerhead Shark

    Science.gov (United States)

    2011-04-28

    ...) published in the North American Journal of Fisheries Management a stock assessment of the Atlantic... conservation and management measures to rebuild overfished stocks within 2 years of making this determination... to rebuilding the fishery within the shortest time possible in accordance with 16 U.S.C. 1854(e)(4...

  19. 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.

  20. 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

  1. AN EMPIRICAL INVESTIGATION OF THE RELATIONSHIP AMONG P/E RATIO, STOCK RETURN AND DIVIDEND YIELS FOR ISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Funda H. SEZGIN

    2010-01-01

    Full Text Available The price to earnings ratio (P/E is widely used, particularly by practitioners, as a measure of relative stock valuation. Price to earnings is an indicator which indicates current mood of investors how much they are willing to pay per unit of company earnings. Traditionally, the P/E ratio has been assumed to be an indicator of the quality of an investment; a relatively low P/E ratio implies a good investment, whereas a relatively high P/E ratio indicates a “poor” investment prospect. The aim of this study is to identify relationship among market stock return, dividend yields and price to earnings ratio affect in the period 2000.01-2009.12. Therefore, to determine long-run and short-run relationship, Johansen cointegration tests, error-correction models and Granger causality tests are used.

  2. An investigation on the relationship between arbitrage and macro-economic indicators: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Samira Fazli

    2014-04-01

    Full Text Available This paper presents an empirical investigation to study the effects of macro-economic factors on the performance of stocks listed on Tehran Stock Exchange (TSE. The proposed study considers the effects of money supply, inflation rate, oil price, unforeseen changes in the course structure of interest rates as well as unanticipated changes in industrial production on stock price. Using seasonal information of stock price over the period 1997-2007 as well as regression analysis, the study has determined that risk premium of unforeseen changes in the course structure of interest rates, money supply, inflation rate and unanticipated changes in industrial production are meaningful when the level of significance is five percent. In other words, Arbitrage pricing theory model describing the expected return per share is reasonable and macro-level variables explain systematic risk on TSE.

  3. 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.

  4. Investigate Volatility Jumps in Chinese Stock Index Future and Spot Markets Based on Realized Volatility

    Institute of Scientific and Technical Information of China (English)

    Zhang qiang

    2014-01-01

    This paper aims to investigate Chinese stock index future and spot market's volatility jumps characteristics by using recentlydeveloped jumpstest(Barndorff-Nielsenand Shephard,2004).Thedataisoneyearhigh frequencydatafromthe period19/04/2012 to 19/04/2013. The empirical results show two important points. Firstly, the logarithm of adjusted realized volatility shows a high degree of autocorrelation and folows a normal distribution nearly perfect. These characteristics show a potential high forecast ability. Secondly,thedailyrealizedvolatilityjumpsshowalowdegreeofautocorrealtionbutwithsignificantvolatilityclusters.Ingeneral,thejumps component has a low percentage in realized volatility estimation for both future and spot market. On average, there is one significant jumpswithinevery ten continue trading days.Spotmarkets showshigherdegree of jumps,anda rapidly jumpscharacterises.It implies that jumps may transmission from spot to future market, and spot market dominate future market at some degree.

  5. 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

  6. 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

  7. 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

  8. 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.

  9. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  10. Status report of shielding investigation in Japan

    International Nuclear Information System (INIS)

    Shindo, M.

    1964-01-01

    The Japan Atomic Energy Research Institute (JAERI) was established in 1954, and immediately proceeded with the construction of a research reactor. The first symposium in Japan on nuclear energy was held in 1957. Most of the papers presented in the field of reactor shielding were limited to shielding materials and their fabrication. In the first stage of our investigations, our efforts were devoted to practical design studies of reactor shielding. As a result of these studies, it was found that the formulae at hand for calculations were inadequate, but at that time no electronic computer was available in Japan nor were theoretical calculations very actively undertaken. Problems on nuclear ship shielding had been investigated at the Ship Research Institute, since 1956 and many fruitful results had been obtained. About that time the Japan Atomic Industry Forum started activities and took the initiative in organizing shielding research. Research workers in the shipbuilding industry in particular have been seriously studying shielding problems. Few years after the first symposium, problems concerning more fundamental studies were treated by many research workers. Shielding experiments using radioisotopes were carried out and many fruitful results were obtained. They are described in the this paper. Medium size electronic computers became available in Japan, permitting a theoretical study group to make an active contribution. They produced some codes, and their results are also described in the following sections. This constituted the second stage of our investigations. A swimming-pool reactor, JRR-4 (Japan Research Reactor-4), has been under construction at JAERI since 1962 and will become critical in autumn 1964. After characteristic tests it will be a very powerful tool for the shielding investigations. This id the beginning of the third stage of investigations

  11. 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.

  12. 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.

  13. 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

  14. 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

  15. 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.

  16. Nutrient stocks of short-term fallows on high base status soils in the humid tropics of Papua New Guinea

    NARCIS (Netherlands)

    Hartemink, A.E.

    2004-01-01

    In order to understand nutrient dynamics in tropical farming systems with fallows, it is necessary to assess changes in nutrient stocks in plants, litter and soils. Nutrient stocks (soil, above ground biomass, litter) were assessed of one-year old fallows with Piper aduncum, Gliricidia sepium and

  17. 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

  18. 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.

  19. 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.

  20. 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

  1. New-Onset Refractory Status Epilepticus: More Investigations, More Questions

    Directory of Open Access Journals (Sweden)

    Philippe Dillien

    2016-06-01

    Full Text Available A 27-year-old previously healthy woman was admitted to the hospital with recurrent seizures. Status epilepticus developed that became refractory to third-line therapy with propofol and barbiturates. The patient had a very extensive diagnostic workup including autoimmune, viral and genetic investigations. A tentative immune therapy was proposed with high doses of steroids and plasma exchanges. Our patient had an inherited heterozygous single nucleotide variant in the sequence c.1280A>G [p.Lys427Arg] of the SMC3 gene that was insufficient to explain the seizures. Surprisingly, IgM antibodies against Japanese encephalitis virus were positive on the serum drawn 11 days after symptom onset, as detected by ELISA and the immunofluorescence antibody (IFA technique. IgG antibodies were also positive using the IFA technique, but not with ELISA. The same investigations as well as the detection of the viral genome by the q-RT-PCR technique were negative on cerebrospinal fluid. Despite the suspicion of a viral infection, we concluded that our patient had a new-onset refractory status epilepticus of cryptogenic origin. Termination of the status epilepticus was obtained after 47 days, with a possible benefit from the introduction of ketamine.

  2. 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.

  3. 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

  4. Comparative Status of Sequestered Carbon Stock of Azadirachta indica and Conocarpus erectus at the University of Karachi Campus, Pakistan

    Directory of Open Access Journals (Sweden)

    Amber Ajani

    2016-05-01

    Full Text Available Carbon sequestration by trees is one of the most cost-effective and efficient methods to remove carbon dioxide from atmosphere since trees remove and store carbon at higher rates compared to other land covers. Carbon storage by trees typically ranges from 1 to 8 MgC ha-1 yr-1.The carbon is sequestered in different parts of the trees as biomass. The measurements of biomass provide reasonably accurate estimate of the amount of carbon that was removed from lower troposphere over the years. Therefore, the present study investigates and compares the carbon stock of native Azadirachta indica and exotic Conocarpus erectus, which are extensively cultivated in the campus of the University of Karachi, Pakistan. The above-ground and below-ground biomass of 327 trees of A. indica and 253 trees of C. erectus were estimated by using non-destructive method. The average carbon content of A. indica is calculated to be 662.32 + 1144.81 Kg while that of C. erectus is 192.70 + 322.60 Kg. The independent t-test analysis showed significant difference (p < 0.001 between the means of the carbon content of both the species. The carbon contents of two different species were also correlated with bole’s diameter at breast height (DBH and tree’s height. The analysis demonstrated greater correlation between the carbon content and the DBH of both the species compared to that with their height. The study will help to understand the carbon sequestration potential of two different types of species for planting particularly in urban area of the world.INTERNATIONAL JOURNAL OF ENVIRONMENTVolume-5, Issue-2, March-May 2016, Page: 89-97

  5. 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

  6. 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.

  7. 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.)

  8. Stock Issues in Aristotle's Rhetoric

    Science.gov (United States)

    Harpine, Bill

    1977-01-01

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

  9. Compression stockings

    Science.gov (United States)

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

  10. Connecting single-stock assessment models through correlated survival

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  11. 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.

  12. 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

  13. Investigation corporate governance characteristics on risk taking: A case study of private banks listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2013-02-01

    Full Text Available During the past few years, there have been tremendous works on detecting the relationship between banks performance and the number of seats on board of directors. Board of directors of banks is responsible for shareholders ownership’s interest. In this study, governance and ownership characteristics affecting risk appetite on some private banks listed in Tehran Stock Exchange is studied. The study investigates 12 private banks for a period 2005-2011 based on the implementation of some regression analysis using panel data. The results indicate that the effect of five major shareholders on risk-taking is positive and significant. The effect of institutional ownership on risk-taking is negative and significant. Effects of other variables, including the percentage of ownership concentration, return on assets and the logarithm of cash from operations (CFO on risk-taking of the private banks are not significant. The effects of board size, reliance on debt and log of assets on risk-taking are significantly negative among private banks in Iran. These results indicate that shareholders that are institutional investors play a key role in monitoring managers.

  14. 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.

  15. 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.

  16. [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.

  17. 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

  18. Investigation on Current Status of World Nuclear Education and Training

    International Nuclear Information System (INIS)

    Shin, J. Y.; Min, M. J.; Noh, B. C.

    2010-04-01

    All over the world, the interest of nuclear energy is increasing and the expectations of it are getting more as one of the most practical alternative energy resources. However, since 1990s, as a lot of nuclear specialists are being retired, now the problem of manpower shortage is taken into consideration for all of us and will be continued until 2011. In this point of view, the good quality of the professional nuclear training and education systems and the nuclear education centers are requested in order to breed and supply the next generation nuclear scientists and engineers. Thus, the objective of this study is to explore the current status of world nuclear education for both of nuclear power countries and potential nuclear power utilization countries in the near future. This report introduces the importance of nuclear energy, the current status of world nuclear power plants operation and the contribution of nuclear energy. Besides, it also includes the nuclear energy development plan of potential nuclear developing countries in the near future. In addition, this study also explores the nuclear training and education systems of the nuclear development countries and the current status of nuclear education in various fields such as government, industries, nuclear power plants ect. Especially, as considering the status of nuclear education classified such as Asia, the Americas, East and West Europe, the Middle East and Africa, it shows the different characteristics of nuclear education systems in each regions aimed to identify the good practices on the nuclear education systems. Finally, through observation of international cooperation and networks of the various nuclear organizations, this will be contributed to the development of nuclear education for member states and be suggested the various of the direction of development for nuclear education in Korea. The report presents in the basis of the recent status data of the world nuclear education systems collected

  19. 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

  20. Status Convergence: A Sociological Investigation of Undocumented Students' Legal and Collegiate Social Statuses

    Science.gov (United States)

    Muñoz, Alejandra; Alleman, Nathan F.

    2016-01-01

    This qualitative study examines the role of college in how undocumented students make meaning of their identity through the concept of status ownership. Using a sociological framework that drew upon Kaufman and Feldman's (2004) work, this study calls attention to the social context in the college experience and offers insight into this student…

  1. 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

  2. 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.

  3. 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

  4. 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.

  5. Data availability for the evaluation of stock status of species without catch advice: Case study: turbot (Psetta maxima) and Brill (Scophthalmus rhombus)

    NARCIS (Netherlands)

    Hammen, van der T.; Poos, J.J.; Quirijns, F.J.

    2011-01-01

    Several commercially important demersal fish stocks for the North Sea fisheries are classified as “category 11” in the light of the EU policy paper on fisheries management (17 May 2010, COM(2010) 241). For stocks in this category, there is no STECF (Scientific, technical and economic committee for

  6. An investigation on the effects of financial management skills, wealth and financial intelligence on investors’ risk tolerance: Empirical evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Saied Aghasi

    2014-05-01

    Full Text Available During the past few years, Tehran Stock Exchange (TSE has been changed into one of the most popular places to invest and index has been quadrupled in fewer than three years. As a result, many people have been attracted to invest on TSE market. This paper presents an empirical investigation to study the effects of investors’ personal characteristics including financial management skills, wealth and financial intelligence on investors’ risk tolerance among 384 randomly chosen investors who were active on TSE market in city of Esfahan, Iran. Using structural equation modeling, the study has determined that financial management skills, wealth and financial intelligence influence positively on investors’ risk tolerance.

  7. 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 ...

  8. Exotic baryon resonances. Modern status. Possibilities to search and investigate

    International Nuclear Information System (INIS)

    Bagdasaryan, L.S.; Galumyan, P.I.; Grigoryan, A.A.; Kazaryan, S.P.; Khachatryan, G.N.; Oganesyan, A.G.; Vartapetyan, H.H.

    1985-01-01

    A possibility to investigate the exotic baryon resonances with qqqqq quark composition, in the systems pπ + π + , Λπ - π - , Σ - π - , etc. possessing exotic quantum numbers of isospin is considered. The most favourable reactions and kinematical regions where an effective search for the exotic baryons is possible are grounded. The contribution of the background subprocesses to the investigated systems is analyzed in various reactions and momenta configurations of the particles. The analysis shows that the search for the I=5/2 resonances in the system pπ + π + (Δ ++ π + ) is more reasonable in the π + p-interaction process, this system carrying the main portion of momentum in the lab. system. The exotic hyperons with S=-1 srangeness and I=2 isospin are to be searched in the fast-flying systems Λπ - π - (Σ* - (1385)π - ) and Σ - π - produced in the reactions on the K - beams. The cross sections of the production of the E 55 -baryon (J p =5/2 + , I=5/2) in the π + p → E 55 +++ π- and π + p → E 55 +++ x processes are theoretically estimated. The estimations show that in the experiments with the OMEGA spectometer at CERN one can get a substantial increase in the statistics as compared to that available, thus providing a detailed analysis of the pπ + π + system on the high confidence level. The question of investigation of the exotic baryon Regge trajectories in the processes of the inclusive production of ordinary (nonexotic) Δ ++ (1232), Σ* + (1385)- and Σ + -resonances in the π - -beam fragmentation region is also considered

  9. 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

  10. Investigation of the blindness status in Haimen of Jiangsu province

    Directory of Open Access Journals (Sweden)

    Dong-Bing Yuan

    2017-06-01

    Full Text Available AIM:To investigate the cause of blindness, except those caused by cataract, in Haimen city. METHODS:According to the WHO's criteria of blindness, the blindness level was decided through ophthalmic tests by associate chief or chief ophthalmologists who were trained especially for disability evaluation. The analysis of the the leading cause were taken too. RESULTS:Totally 3 266 persons were blindness, in which 2 118 were first level blindness, 1 148 persons were second lever blindness, and 1 308 persons were male, 1 958 were female. The leading cause of blindness were retina and uveitis diseases(31.58%, genetic diseases(23.47%, cornea disease(14.49%. CONCLUSION:The leading cause of blindness are retina and uveitis diseases, genetic diseases, cornea diseases in Haimen city of Jiangsu province. Early prevention and treatment should be strengthened to reduce the occurrence of blindness.

  11. 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.

  12. Mark Stock | NREL

    Science.gov (United States)

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

  13. 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.

  14. 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 =…

  15. 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.

  16. 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...

  17. Investigation of the refractive status of preschool children in Xiantao, Hubei Province

    OpenAIRE

    Nian Guan; Hao-Ming Chen; Zhi-Guang Hu

    2014-01-01

    AIM: To investigate the refractive status of the preschool children in Xiantao, Hubei Province in order to find out the abnormal refraction error beyond the physiological range. METHODS: In this cross-sectional study, we investigated preschool children in kindergartens and the scattered ones were 12 716(25 432 eyes)ranging from 6mo~6 years old. 1 581 children(3 162 eyes)were diagnosed ametropia by Suresight refractive screening instrument, which were confirmed again after mydriasis optometry....

  18. Awareness and intervention status of prediabetes among Chinese adults: implications from a community-based investigation

    OpenAIRE

    Zhuang, Qianling; Wu, Lirong; Lu, Yiqun; Du, Jiangang; Guo, Guifang

    2015-01-01

    With the rapid changes in lifestyle of China, the prevalence of diabetes and prediabetes is increasing. This study aims to evaluate the prevalence of prediabetes and study the disease awareness of prediabetes in a Southern China community. Furthermore, it also aimed to investigate the intervention status of lifestyle changes for pre-diabetes prevention. 881 adults without diabetes mellitus were recruited from the Suzhou community of China in 2012-2013. Self-report questionnaires including dem...

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

    Directory of Open Access Journals (Sweden)

    Muhammed Monjurul Quadir

    2012-01-01

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

  20. Macroeconomic Forces and Stock Returns in Vietnam

    OpenAIRE

    Phan, Van Hang

    2008-01-01

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

  1. 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)

  2. Market Reactions to Publicly Announced Privacy and Security Breaches Suffered by Companies Listed on the United States Stock Exchanges: A Comparative Empirical Investigation

    Science.gov (United States)

    Coronado, Adolfo S.

    2012-01-01

    Using a sample of security and privacy breaches the present research examines the comparative announcement impact between the two types of events. The first part of the dissertation analyzes the impact of publicly announced security and privacy breaches on abnormal stock returns, the change in firm risk, and abnormal trading volume are measured.…

  3. 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...

  4. 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...

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

    International Nuclear Information System (INIS)

    Belardi, G.; Ippolito, N.; Piga, L.; Serracino, M.

    2014-01-01

    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

  6. Status of ANL out-of-pile investigations of severe accident phenomena for liquid metal reactors

    International Nuclear Information System (INIS)

    Spencer, B.W.; Marchaterre, J.F.; Anderson, R.P.

    1986-01-01

    Research addressing LMFBR whole core accidents has been terminated, and there is now emphasis on quantifying reactivity feedbacks, and in particular enhancing negative feedback, so that advanced LMR designs will provide inherently safe operation. The status of recent HCDA-related laboratory research performed at ANL, up to the time that such activities were no longer needed to support CRBR licensing, is described. Included are descriptions of programs addressing sodium channel voiding, fuel sweepout, fuel dispersal and plugging, boiled-up pool, UO 2 /sodium FCI, and debris coolability. Descriptions of recent investigations involving the metal fuel/sodium system are also included

  7. 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.

  8. Does Stock Market Performance Influence Retirement Intentions?

    Science.gov (United States)

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

    2012-01-01

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

  9. 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.

  10. Statistical properties of trading activity in Chinese stock market

    Science.gov (United States)

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

    2010-08-01

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

  11. Investigation of the refractive status of preschool children in Xiantao, Hubei Province

    Directory of Open Access Journals (Sweden)

    Nian Guan

    2014-12-01

    Full Text Available AIM: To investigate the refractive status of the preschool children in Xiantao, Hubei Province in order to find out the abnormal refraction error beyond the physiological range. METHODS: In this cross-sectional study, we investigated preschool children in kindergartens and the scattered ones were 12 716(25 432 eyesranging from 6mo~6 years old. 1 581 children(3 162 eyeswere diagnosed ametropia by Suresight refractive screening instrument, which were confirmed again after mydriasis optometry. RESULTS: The incidence rate of ametropia in preschool children in Xiantao was 12.4%, and statistics showed no significant difference between boys and girls(P>0.05, but had differences of morbility rate among each age group(PCONCLUSION: The incidence rate of ametropia decreases with age increasing in the preschool children from 6mo~6 years old, which imply preschool children should have mydriasis optometry in order to find out amblyopia and other congenital eye disease.

  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

    OpenAIRE

    Larsen, Christian

    2006-01-01

    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.

  14. 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

  15. Differentiation of Apple Varieties and Investigation of Organic Status Using Portable Visible Range Reflectance Spectroscopy

    Directory of Open Access Journals (Sweden)

    Jordan Vincent

    2018-05-01

    Full Text Available Food fraud, the sale of goods that have in some way been mislabelled or tampered with, is an increasing concern, with a number of high profile documented incidents in recent years. These recent incidents and their scope show that there are gaps in the food chain where food authentication methods are not applied or otherwise not sufficient and more accessible detection methods would be beneficial. This paper investigates the utility of affordable and portable visible range spectroscopy hardware with partial least squares discriminant analysis (PLS-DA when applied to the differentiation of apple types and organic status. This method has the advantage that it is accessible throughout the supply chain, including at the consumer level. Scans were acquired of 132 apples of three types, half of which are organic and the remaining non-organic. The scans were preprocessed with zero correction, normalisation and smoothing. Two tests were used to determine accuracy, the first using 10-fold cross-validation and the second using a test set collected in different ambient conditions. Overall, the system achieved an accuracy of 94% when predicting the type of apple and 66% when predicting the organic status. Additionally, the resulting models were analysed to find the regions of the spectrum that had the most significance. Then, the accuracy when using three-channel information (RGB is presented and shows the improvement provided by spectroscopic data.

  16. Differentiation of Apple Varieties and Investigation of Organic Status Using Portable Visible Range Reflectance Spectroscopy.

    Science.gov (United States)

    Vincent, Jordan; Wang, Hui; Nibouche, Omar; Maguire, Paul

    2018-05-25

    Food fraud, the sale of goods that have in some way been mislabelled or tampered with, is an increasing concern, with a number of high profile documented incidents in recent years. These recent incidents and their scope show that there are gaps in the food chain where food authentication methods are not applied or otherwise not sufficient and more accessible detection methods would be beneficial. This paper investigates the utility of affordable and portable visible range spectroscopy hardware with partial least squares discriminant analysis (PLS-DA) when applied to the differentiation of apple types and organic status. This method has the advantage that it is accessible throughout the supply chain, including at the consumer level. Scans were acquired of 132 apples of three types, half of which are organic and the remaining non-organic. The scans were preprocessed with zero correction, normalisation and smoothing. Two tests were used to determine accuracy, the first using 10-fold cross-validation and the second using a test set collected in different ambient conditions. Overall, the system achieved an accuracy of 94% when predicting the type of apple and 66% when predicting the organic status. Additionally, the resulting models were analysed to find the regions of the spectrum that had the most significance. Then, the accuracy when using three-channel information (RGB) is presented and shows the improvement provided by spectroscopic data.

  17. Information Asymmetry and Financing Decisions: Evidence from Iran Stock Exchange

    OpenAIRE

    Mehdi Elhaei Sahar; Seyed Ali Vaez

    2013-01-01

    This study aims to investigate the relations of information asymmetry and financing decisions in Tehran Stock Exchange (TSE) during 2009 to 2011. Our statistical simple consist 170 firms and stepwise regression method has been used. We found that the relationship between information asymmetry and stock issuing is negative. Other results refer to positive relation between financing deficit and stock issuing.

  18. 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.

  19. 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'...

  20. Stock Market Overreaction and Trading Volume: Evidence from Malaysia

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

    We investigate the stock market overreaction in Bursa Malaysia from January 2000 to October 2010 using weekly data. We find that winner portfolios tend to have negative returns whereas loser portfolios have positive returns for various holding periods from 1 to 52 weeks. Loser stocks experience more persistent and stronger return reversals than winner stocks. The evidence implies that a lower level of overreaction exists for winner stocks. Overall, a loser-winner portfolio yields highly signi...

  1. Emerging interdependence between stock values during financial crashes

    OpenAIRE

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

    2016-01-01

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

  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. Market Structure and Stock Splits

    OpenAIRE

    David Michayluk; Paul Kofman

    2001-01-01

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

  4. 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.

  5. Privatization, political risk and stock market development

    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 which gradually resolves uncertainty

  6. 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.

  7. 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.

  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. 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

  10. 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.

  11. Allocation pattern and accumulation potential of carbon stock in natural spruce forests in northwest China

    Directory of Open Access Journals (Sweden)

    Jun-Wei Yue

    2018-05-01

    Full Text Available Background The spruce forests are dominant communities in northwest China, and play a key role in national carbon budgets. However, the patterns of carbon stock distribution and accumulation potential across stand ages are poorly documented. Methods We investigated the carbon stocks in biomass and soil in the natural spruce forests in the region by surveys on 39 plots. Biomass of tree components were estimated using allometric equations previously established based on tree height and diameter at breast height, while biomass in understory (shrub and herb and forest floor were determined by total harvesting method. Fine root biomass was estimated by soil coring technique. Carbon stocks in various biomass components and soil (0–100 cm were estimated by analyzing the carbon content of each component. Results The results showed that carbon stock in these forest ecosystems can be as high as 510.1 t ha−1, with an average of 449.4 t ha−1. Carbon stock ranged from 28.1 to 93.9 t ha−1 and from 0.6 to 8.7 t ha−1 with stand ages in trees and deadwoods, respectively. The proportion of shrubs, herbs, fine roots, litter and deadwoods ranged from 0.1% to 1% of the total ecosystem carbon, and was age-independent. Fine roots and deadwood which contribute to about 2% of the biomass carbon should be attached considerable weight in the investigation of natural forests. Soil carbon stock did not show a changing trend with stand age, ranging from 254.2 to 420.0 t ha−1 with an average of 358.7 t ha−1. The average value of carbon sequestration potential for these forests was estimated as 29.4 t ha−1, with the lower aged ones being the dominant contributor. The maximum carbon sequestration rate was 2.47 t ha−1 year−1 appearing in the growth stage of 37–56 years. Conclusion The carbon stock in biomass was the major contributor to the increment of carbon stock in ecosystems. Stand age is not a good predictor of soil carbon stocks and accurate

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

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    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)

  13. 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.

  14. Financing R & D with Knowledge Stock Rentals

    OpenAIRE

    John M. Hartwick

    1993-01-01

    We set out an endogenous growth model along the lines of Romer(1990) and investigate the implications of financing new knowledge production (R&D) with rental income accruing to the knowledge stock used in goods production. The knowledge stock is a non-public input in goods production. The balance growth rate under optimal growth can be greater or less than that under the invest knowledge stock rentals regime depends on the parameters of the production function and not on the parameters of pre...

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

  16. 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...

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

    OpenAIRE

    Febrian, Erie; Herwany, Aldrin

    2007-01-01

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

  18. 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.

  19. 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.

  20. Stock Option Compensation and Managerial Turnover

    OpenAIRE

    Raluca Georgiana NASTASESCU

    2009-01-01

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

  1. 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.

  2. Investigating the Relationship between Perceived Discrimination, Social Status, and Mental Health.

    Science.gov (United States)

    Lee, Hedwig; Turney, Kristin

    2012-03-01

    A growing body of evidence suggests that experiences with discrimination have implications for mental health and that these associations may vary by social status. We use data from the Chicago Community Adult Health Study (CCAHS) to examine how two types of perceived discrimination, chronic everyday discrimination and major lifetime discrimination, are linked to mental health, and how this association varies by race/ethnicity, gender, and socioeconomic status. Results indicate that everyday discrimination is generally independently linked to greater depressive symptoms, loneliness, and hostility across all social status groups. Major discrimination is not associated with depressive symptoms or loneliness after adjusting for a host of covariates, but is associated with hostility, especially for certain groups. These findings highlight the need to examine multiple indicators of discrimination and mental health, and to pay attention to both differences and similarities in these associations by social status.

  3. Investigating the Relationship between Perceived Discrimination, Social Status, and Mental Health*

    OpenAIRE

    Lee, Hedwig; Turney, Kristin

    2012-01-01

    A growing body of evidence suggests that experiences with discrimination have implications for mental health and that these associations may vary by social status. We use data from the Chicago Community Adult Health Study (CCAHS) to examine how two types of perceived discrimination, chronic everyday discrimination and major lifetime discrimination, are linked to mental health, and how this association varies by race/ethnicity, gender, and socioeconomic status. Results indicate that everyday d...

  4. Historic changes in length distributions of three Baltic cod (Gadus morhua) stocks: Evidence of growth retardation.

    Science.gov (United States)

    Svedäng, Henrik; Hornborg, Sara

    2017-08-01

    Understanding how combinations of fishing effort and selectivity affect productivity is central to fisheries research. We investigate the roles of fishing regulation in comparison with ecosystem status for Baltic Sea cod stock productivity, growth performance, and population stability. This case study is interesting because three cod populations with different exploitation patterns and stock status are located in three adjacent but partially, ecologically different areas. In assessing stock status, growth, and productivity, we use survey information and rather basic stock parameters without relying on age readings. Because there is an urgent interest of better understanding of the current development of the Eastern Baltic cod stock, we argue that our approach represents partly a novel way of interpreting monitoring information together with catch data in a simplified yet more informative way. Our study reports how the Eastern and Western Baltic cod have gone toward more truncated size structures between 1991 and 2016, in particular for the Eastern Baltic cod, whereas the Öresund cod show no trend. We suggest that selective fishing may disrupt fish population dynamic stability and that lower natural productivity might amplify the effects of selective fishing. In support of earlier findings on a density-dependent growth of Eastern Baltic cod, management is advised to acknowledge that sustainable exploitation levels for Eastern Baltic cod are much more limited than perceived in regular assessments. Of more general importance, our results emphasize the need to embrace a more realistic view on what ecosystems can produce regarding tractable fish biomass to facilitate a more ecosystem-based fisheries management.

  5. 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.

  6. 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…

  7. 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...

  8. 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.

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

    Directory of Open Access Journals (Sweden)

    Adina Dornean

    2017-05-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2012-09-15

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

  11. 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....

  12. 75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2010-08-04

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

  13. 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...

  14. Religion and stock price crash risk: Evidence

    Directory of Open Access Journals (Sweden)

    Wenfei Li

    2016-09-01

    Full Text Available This paper investigates whether religious traditions influence firm-specific crash risk in China. Using a sample of A-share listed firms from 2003 to 2013, we provide evidence that the more intense the religious environment, the lower the stock price crash risk, implying that religion plays an important role in Chinese corporate governance. Further, we find that (1 religion affects stock price crash risk by reducing earnings management and the management perk problem; (2 different religions have different effects, and Taoism, in particular, is unrelated to crash risk; and (3 the effects of religion are more pronounced with higher quality corporate governance and a stronger legal environment. Religion constrains the management agency problem, thus reducing stock price crash risk in China. Our paper enriches the literature on stock price crash risk and religion, and on new economic geography.

  15. 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...

  16. 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.

  17. 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…

  18. Investigation of neutrino properties in experiments at nuclear reactors: Present status and prospects

    International Nuclear Information System (INIS)

    Mikaelyan, L.A.

    2002-01-01

    The present status of experiments that are being performed at nuclear reactors in order to seek the neutrino masses, mixing, and magnetic moments, whose discovery would be a signal of the existence of physics beyond the Standard Model, is considered, along with their future prospects

  19. 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, ...

  20. 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.

  1. 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.

  2. 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

  3. 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.

  4. Network structure detection and analysis of Shanghai stock market

    Directory of Open Access Journals (Sweden)

    Sen Wu

    2015-04-01

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

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

    OpenAIRE

    Wang Kuan-Min; Lai Hung-Cheng

    2013-01-01

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

  6. 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 ...

  7. 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

    The eastern Baltic (EB) cod (Gadus morhua) stock was depleted and overexploited for decades until the mid-2000s, when fishing mortality rapidly declined and biomass started to increase, as shown by stock assessments. These positive developments were partly assigned to effective management measures...... 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...

  8. Investigation of ageing status assessment and lifetime evaluation based on actual operation conditions of QNPC NPP

    International Nuclear Information System (INIS)

    Huilie, S.; Chun, G.; Hongyun, L.; Yinqiang, C.; Jun, T.; Wenbing, W.

    2009-01-01

    Qinshan NPP has been successfully operated for over 18 years with 30 year's design life. For 2nd PSR preparation and life extension strategies, a comprehensive status assessment and lifetime evaluation project is performed by NPP and SG research organization (CNPO). Assessment is subjects to main degradation mechanism of SG materials, including tube IGA/IGSCC tube pitting, fatigue of pressure boundary. Based on two primary functions of PWR steam generator, a comprehensive lifetime evaluation system and indicators has been established for keeping structural integrity of SG pressure boundary and thermal output performance. A series of specific assessment activities are implemented for defining actual ageing status and estimating safety and function margin of SG, including SG impurities hideout return analysis, fatigue evaluation of feedwater pipes based thermal stratification number simulation, fatigue evaluation of pressure boundary based on actual transition records, structure integrity assessment for lower chamber with defect, tube fouling analysis and trending etc. Assessment results shows, even extending operation to 50 years, SG would still keep sufficient safety and function margin, SG is not the neck of NPP life extension. (author)

  9. Emerging interdependence between stock values during financial crashes.

    Directory of Open Access Journals (Sweden)

    Jacopo Rocchi

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

  10. Emerging interdependence between stock values during financial crashes.

    Science.gov (United States)

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

    2017-01-01

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

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

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

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

  12. 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.

  13. 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...

  14. 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.

  15. Fish community status in Norwegian lakes in relation to acidification: a comparison between interviews and actual catches by test fishing

    Energy Technology Data Exchange (ETDEWEB)

    Hesthagen, T.; Berger, H.M.; Larsen, B.M. (Norwegian Inst. for Nature Research, Trondheim (Norway)); Rosseland, B.O. (Norwegian Inst. for Water Research, Oslo (Norway))

    1993-01-01

    Inquiries are used to obtain information on fish community status in terms of unchanged, reduced and lost communities, to assess the effects of acidification in lakes. The aim of this paper was to investigate the validity of this method by comparing fish status with actual catches on standard gill net series (CPUE). Data from 230 test fishing incidents comprising 357 stocks of 7 different fish species are presented. We found significant differences in CPUE between perceived fish status categories for brown trout (Salmo trutta), arctic char (Salvelinus alpinus) and perch (Perca fluviatilis), for which sufficient data were available. A discriminant analysis revealed that for stocks reported as unchanged and lost, the predicted membership ranged between 60.0-72.1 % respectively. However, a dominant fraction (50.0-66.7 %) of stocks reported as reduced were assigned as lost. Stocks which have been declining for less than 10 years, had a significantly higher CPUE than stocks which have declined for a longer period of time. Another apparent change in population characteristics was an acidification induced increase in mean weight for fish affected stocks. It is suggested that interviews tend to overestimate the current fish status. This is discussed in relation to a time lag between the damage and the time when it became apparent to fishermen, and rapid decline in population numbers. 26 refs, 2 figs, 4 tabs

  16. The impact of the introduction of index options on volatility and liquidity on the underlying stocks : Empirical evidence from the Asian stock markets

    OpenAIRE

    Hasan, Md Kamrul; Chowdhury, Shabyashachi

    2011-01-01

    The impact of the introduction of derivatives on the underlying stock is a debatable topic among the researchers. The issue is quite controversial as contradictory results have been obtained by researchers in various stock markets. The purpose of this study is to examine the volatility and the liquidity effect on the underlying stock after the introduction of index options. We have investigated volatility and liquidity effect by collecting sample data from the stock markets of India, Korea, T...

  17. 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.

  18. Limitations of the scalp-hair biologic monitor in assessing selenium status in epidemiological investigations

    International Nuclear Information System (INIS)

    Morris, J.S.; Spate, V.L.; Crane, S.B.; Alejandra Gudino

    2012-01-01

    Scalp hair is routinely used to assess exposure to toxic trace elements and nutritional status of some required trace elements. The advantages and disadvantages of hair as a biologic monitor have been comprehensively discussed in the literature for many years. Among the concerns is distinguishing between exogenous and endogenous contributions. Nested in this issue is the longitudinal distribution of a trace element along the hair strand. The typical observation for many elements of interest is that the element concentration increases from the root end to the distal end; and this is attributed to continuing contamination from exogenous sources. In this study we used neutron activation analysis to measure 14 trace elements in 6 mm segments of full-length scalp hair from three healthy members of the same household having light-urban environmental exposure. To extend the data set for selenium, we included three adult female subjects with longer than average scalp hair. From these trace-element concentrations we calculated the root-to-distal end ratios as a profile diagnostic of trace-element distributions. Ratios fall into three diagnostic categories, >1, ∼1, and 1, Zn and S have R ∼ 1, and the remaining 11 elements all have R I > Hg ∼ Au ∼ Mg ∼ Mn ∼ Sb ∼ Ca > Cu > Al ∼ Ag. R Se is greater than 1 and increases with hair length (P 0.02) corresponding to a continuous longitudinal loss of Se in stark and puzzling contrast to the other elements measured. An analogous loss of Se in the nail monitor was not observed leading us to conclude that the nail is less prone to misclassification of selenium status in epidemiological studies. (author)

  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. The analysis and investigation on basic data for development status study on the radioisotope industry

    International Nuclear Information System (INIS)

    Kim, In Hwan; Shim, H. S.; Chun, I. Y.; Jang, J. H.

    2005-12-01

    This study is intended to investigate and analysis the use degree of the radioisotope in domestic industry by the data of indirect information in focus of industry using the radioisotope per year basis. The contents and scope of this study is as follows: - Review of the industry sorting methods and application of the UNIDO(United Nation Industry Development organization). - Investigation of RI permitted companies and notified companies by 2003. 12. 31. - The Analysis and investigation of the basic data for the number of workers, wages and salaries of employees, product costs and the value added etc. of RI permitted companies from 1980

  1. 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.

  2. 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 signi...

  3. Optimizing Plutonium stock management

    International Nuclear Information System (INIS)

    Niquil, Y.; Guillot, J.

    1997-01-01

    Plutonium from spent fuel reprocessing is reused in new MOX assemblies. Since plutonium isotopic composition deteriorates with time, it is necessary to optimize plutonium stock management over a long period, to guarantee safe procurement, and contribute to a nuclear fuel cycle policy at the lowest cost. This optimization is provided by the prototype software POMAR

  4. 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…

  5. Stock Selection, Style Rotation

    NARCIS (Netherlands)

    Lucas, A.; van Dijk, R.; Prof. Kloek, T.

    2002-01-01

    Using US data from June 1984 to July 1999, we show that the impact of firm-specific characteristics like size and book-to-price on future excess stock returns varies considerably over time. The impact can be either positive or negative at different times. This time variation is partially

  6. 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.

  7. 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.

  8. 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 ...

  9. 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 ...

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

    African Journals Online (AJOL)

    The Efficient Market Hypothesis proposes that macroeconomic policy actions do not influence stock market development but the Tobin's q theory argues otherwise. This paper uses the autoregressive distributed lag (ARDL) technique to investigate the impact of macroeconomic policy on the development of the Ghana Stock ...

  11. 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 ...

  12. Hedging with stock index futures: downside risk versus the variance

    NARCIS (Netherlands)

    Brouwer, F.; Nat, van der M.

    1995-01-01

    In this paper we investigate hedging a stock portfolio with stock index futures.Instead of defining the hedge ratio as the minimum variance hedge ratio, we considerseveral measures of downside risk: the semivariance according to Markowitz [ 19591 andthe various lower partial moments according to

  13. 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

  14. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

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

  15. Granger Causality between Stock Market and Macroeconomic Indicators: Evidence from Germany

    Directory of Open Access Journals (Sweden)

    Tomáš Plíhal

    2016-01-01

    Full Text Available The aim of this paper is to investigate informational efficiency of the stock market in Germany. Granger causality between the stock market and the selected macroeconomic variables is investigated by bivariate analysis using Toda-Yamamoto (1995 approach. This study focuses on monthly data from January 1999 to September 2015, and the stock market is represented by blue chip stock market index DAX. Investigated macroeconomic indicators include industrial production, inflation, money supply, interest rate, trade balance and exchange rate. Stock market Granger-causes industrial production and interest rate, and is therefore leading indicator of these variables. Between money supply and stock prices is Granger causality in both directions. Other variables seem to be independent on development of the stock market. We do not find any violation of Efficient market hypothesis which indicates that the stock market in Germany is informational efficient.

  16. The Time-Varying Risk and Return Trade Off in Indian Stock Markets

    OpenAIRE

    Mohanty, Roshni; P, Srinivasan

    2014-01-01

    This paper investigates the relationship between stock market returns and volatility in the Indian stock markets using AR(1)-EGARCH(p, q)-in-Mean model. The study considers daily closing prices of two major indexes of Indian stock exchanges, viz., S&P CNX NIFTY and the BSE-SENSEX of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), respectively for the period from July 1, 1997 to December 31, 2013. The empirical results show positive but insignificant relationship between stock r...

  17. Study on Return and Volatility Spillover Effects among Stock, CDS, and Foreign Exchange Markets in Korea

    Directory of Open Access Journals (Sweden)

    Taly I

    2015-09-01

    Full Text Available The key objective of this study is to investigate the return and volatility spillover effects among stock market, credit default swap (CDS market and foreign exchange market for three countries: Korea, the US and Japan. Using the trivariate VAR BEKK GARCH (1,1 model, the study finds that there are significant return and volatility spillover effects between the Korean CDS market and the Korean stock market. In addition, the return spillover effects from foreign exchange markets and the US stock market to the Korean stock market, and the volatility spillover effect from the Japanese stock market to the Korean stock market are both significant.

  18. 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 ...

  19. 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.

  20. 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.

  1. Dental status of three Egyptian mummies: radiological investigation by multislice computerized tomography.

    Science.gov (United States)

    Gerloni, Alessandro; Cavalli, Fabio; Costantinides, Fulvio; Costantinides, Fulvia; Bonetti, Stefano; Paganelli, Corrado

    2009-06-01

    The aim of the study was to provide a paleopathologic and radiologic overview of the jaws and teeth of 3 Egyptian mummies preserved in the Civic Museum of History and Art in Trieste. Computerized tomography (CT) imaging and postprocessing techniques were used to examine the oral structures. A 16-slice CT scanner was used (Aquilion 16; Toshiba Medical Systems Europe, Zoetermeer, The Netherlands). Scans were obtained at high resolution. Orthogonal-plane and 3-dimensional (3D) reconstructions were created along with curved reconstructions of the lower and upper jaws. Determination of decayed/missing teeth (DMT) and decayed/missing/tooth surfaces (DMTs) were made with 3D images. Analyses revealed differences in the embalming techniques and state of preservation of the bodies. Marked wear of the occlusal surfaces was a characteristic finding in all of the mummies. The DMT and DMTs were low compared with values for contemporary populations. Two mummies had fully erupted third molars. All mummies exhibited bone changes consistent with periodontitis. The CT evaluations of the oral structures of the mummies provided insight into the dental status and oral diseases of these ancient Egyptians. The low DMT and DMTs values and indications of periodontitis may be associated with the lifestyle of these Egyptians. The fully erupted and well aligned third molars may represent a morphologic adaptation of the arches to the muscular activity associated with grinding tough foods.

  2. 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.

  3. Current status of investigations in the field of solid state science in central Kazakstan region

    International Nuclear Information System (INIS)

    Kuketaev, T.A.

    1999-01-01

    Investigations in the field of solid state science were initiated together with foundation of University in Karaganda. Historically general investigations in this field were conducted for scientific directions related to optical, luminescent and radiation properties of wide gap insulator. This activity was carried out according to appropriate plans of coordination counsels en-gaged in the physics of insulators, luminescent and radiation physics at the Academy of Science USSR and in the Committee on sciences and engineering of the Counsel of Ministers of the USSR. A number of works were coordinated by the Academy of Sciences of Kazakhstan Republic. Investigations in the field of solid state science, con-ducted in the Central Kazakstan and coordinated by the Institute of Physics and Engineering of Kazakhstan National Academy of Sciences, can be currently distinguished according to scientific directions. Currently, the following scientific directions in the field of solid state science exist in the Central Kazakstan: influence of polymorph phase transitions on electron excitation in wide-gap crystals, radiation malformation and recombination, dielectric spectroscopy of crystals with hydrogen link, spectral and luminescent properties and energy migration processes in disordered and partly ordered systems of organic molecules. It is necessary to note that all investigated objects, described in this report, were recovered by investigators. That is, the relevant hardware is available

  4. 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.

  5. 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.

  6. Investigation of the structure of isobutylene oligomers, used in the capacity of stock for succinimide additives, by the method of proton magnetic resonance

    Energy Technology Data Exchange (ETDEWEB)

    Iarmoliuk, V.M.; Garun, Ia.E.; Ostroverkhov, V.G.; Pustovit, V.E.; Tikhonov, V.P.

    1980-01-01

    By the method of proton magnetic resonance, investigation was made of the structure of hydrocarbon framework of isobutylene oligomers of the Salavatsk petrochemical plant, produced by the cation polymerization of the isobutane isobutylene fraction at a temperature from -10 to +20/sup 0/ with A1C1/sub 3/ and used in the production of succinide additives. Determination was made of the qualitative and quantitative compositions of the various structures in the oligomers. It is shown, that as a rule, oligobutenes are not pure oligomers of isobutylene, but represent, at least, fragments of four structures, which can be formed on the basis of isobutylene. The content of the given structures does not affect the reaction capacity of the oligomers in respect to the maleic anhydride. It was established, that the low molecular fraction, contained in oligomers up to 5%, are not isobutylene oligomers, but represent a low molecular polymer of butene-2 and its copolymer with isobutylene.

  7. Fractal patterns in Stock Intertrading Times

    Science.gov (United States)

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

    2003-03-01

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

  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. [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 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.

  10. Investigation of the trust status of the nurse-patient relationship.

    Science.gov (United States)

    Ozaras, Gözde; Abaan, Süheyla

    2016-09-07

    Professional nurses provide holistic healthcare to people and deal with patients closely. Furthermore, patients need nurses to do self-care and patients trust them for their treatments. Therefore, trust is extremely important in a professional care relationship and in satisfactory patient outcomes. The aim of this study was to examine the patients' views on the trust status toward nurses and the factors important for the development of trust in a nurse-patient relationship. This research was planned as a descriptive cross-sectional study. The study was carried out between April and July 2014 at the oncology hospital of a university in Ankara, Turkey. The sample size was calculated by power analysis and was composed of 356 inpatients diagnosed with cancer. For data collection, a questionnaire and the "Trust in Nurses Scale" were used. FROM THE HOSPITAL AND WRITTEN INFORMED CONSENT OBTAINED FROM PARTICIPATING PATIENTS: Approval from the University Clinical Research Ethics Committee was obtained. Written approval was obtained from the hospital and consent letter from the patients. The average score on the scale was 24.5 ± 3.9, meaning that patients had a high level of trust toward nurses in this hospital. The patients who were in the 50-59 age group and men had statistically higher scores compared with other groups. Patients' answers revealed that themes of "Personal and Professional Characteristics" were important when developing trust, however "Mistreatment, Professional Incapability, and Communication Problem" were important causing mistrust toward the nurses. In this study, the nurses' professional competencies and interpersonal caring attributes emerged as most important in developing trust. This study paid attention to the values and attitudes that develop patients' trust toward nurses. Moreover, the findings raise ethical questions about how the patients' basic rights are to be protected and how their trust level can be heightened. Nurse managers need to

  11. 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...

  12. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

    -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......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...

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

    Directory of Open Access Journals (Sweden)

    Wang Kuan-Min

    2013-01-01

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

  14. 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.

  15. 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.

  16. 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.

  17. Status of remedial investigation activities in the Hanford Site 300 Area groundwater operable unit

    International Nuclear Information System (INIS)

    Hulstrom, L.C.; Innis, B.E.; Frank, M.A.

    1993-09-01

    The Phase 1 remedial investigation (RI) and Phase 1 and 2 feasibility studies (FS) for the 300-FF-5 groundwater operable unit underlying the 300 Area on the Hanford Site have been completed. Analysis and evaluation of soil, sediment, and surface water, and biotic sampling data, groundwater chemistry, and radiological data gathered over the past 3 years has been completed. Risk assessment calculations have been performed. Use of the data gathered, coupled with information from an automated water level data collection system, has enabled engineers to track three plumes that represent the most significant contamination of the groundwater

  18. 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

  19. 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.

  20. 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

  1. 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

  2. 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

  3. An investigation report on the status of very low level radioactive waste management in China

    International Nuclear Information System (INIS)

    Sun Donghui

    2008-01-01

    This report briefly introduces the result of investigation on the study of Very Low Level Waste (VLLW) management and the engineering details of landfill facilities for slightly contaminated waste produced during past few decades in China. Since it has been recognized by IAEA and some countries, that VLLW can be disposed in the landfill for hazardous waste, industrial waste or garbage from cities, standards involved with the non-radioactive solid waste disposal were collected and the brief information in situ for some landfill projects, just like in Beijing and Shanghai, are also given in this report. In the end, some questions and points of view are raised, on which I wish to discuss with you. These points could be very important, when we want to develop the standard for VLLW management. (authors)

  4. 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

  5. ASEAN-5+3 AND US STOCK MARKETS INTERDEPENDENCE BEFORE, DURING AND AFTER ASIAN FINANCIAL CRISIS

    OpenAIRE

    Royfaizal, R. C; Lee, C; Mohamed, Azali

    2007-01-01

    The issues of international stock markets linkages had been investigated over the time. Since the Asian financial crisis in 1997, many economists are concerned about the relationship between Asian stock markets and others in the world. This paper is conducted to examine the linkages between ASEAN-5+3 namely Malaysia, Singapore, the Philippines, Thailand, Indonesia, China, Japan and Korea and US stock markets. The data consists of weekly stock indices data. The total samples are se...

  6. THE EFFICIENT MARKET HYPOTHESIS REVISITED: EVIDENCE FROM THE FIVE SMALL OPEN ASEAN STOCK MARKETS

    OpenAIRE

    QAISER MUNIR; KOK SOOK CHING; FUMITAKA FUROUKA; KASIM MANSUR

    2012-01-01

    The efficient market hypothesis (EMH), which suggests that returns of a stock market are unpredictable from historical price changes, is satisfied when stock prices are characterized by a random walk (unit root) process. A finding of unit root implies that stock returns cannot be predicted. This paper investigates the stock prices behavior of five ASEAN (Association of Southeast Asian Nations) countries i.e., Indonesia, Malaysia, Philippines, Singapore and Thailand, for the period from 1990:1...

  7. A Campus-Wide Investigation of Clicker Implementation: The Status of Peer Discussion in STEM Classes

    Science.gov (United States)

    Lewin, Justin D.; Vinson, Erin L.; Stetzer, MacKenzie R.; Smith, Michelle K.

    2016-01-01

    At the University of Maine, middle and high school teachers observed more than 250 university science, technology, engineering, and mathematics classes and collected information on the nature of instruction, including how clickers were being used. Comparisons of classes taught with (n = 80) and without (n = 184) clickers show that, while instructional behaviors differ, the use of clickers alone does not significantly impact the time instructors spend lecturing. One possible explanation stems from the observation of three distinct modes of clicker use: peer discussion, in which students had the opportunity to talk with one another during clicker questions; individual thinking, in which no peer discussion was observed; and alternative collaboration, in which students had time for discussion, but it was not paired with clicker questions. Investigation of these modes revealed differences in the range of behaviors, the amount of time instructors lecture, and how challenging the clicker questions were to answer. Because instructors can vary their instructional style from one clicker question to the next, we also explored differences in how individual instructors incorporated peer discussion during clicker questions. These findings provide new insights into the range of clicker implementation at a campus-wide level and how such findings can be used to inform targeted professional development for faculty. PMID:26931397

  8. 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.

  9. 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

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

    Science.gov (United States)

    Laurberg, Peter; Jørgensen, Torben; Perrild, Hans; Ovesen, Lars; Knudsen, Nils; Pedersen, Inge Bülow; Rasmussen, Lone B; Carlé, Allan; Vejbjerg, Pernille

    2006-08-01

    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. DanThyr consists of three main parts: a study of population cohorts initialized before (n=4649) and after (n=3570) iodization of salt, a prospective identification of incident cases of overt hyper- and hypothyroidism in a population of around 550,000 people since 1997, and compilation of data from the national registers on the use of thyroid medication, thyroid surgery, and radioiodine therapy. Studies were carried-out in parallel in subcohorts living in areas with differences in iodine content of ground water. The study showed profound effects of even small differences in iodine intake level on the prevalence of goiter, nodules, and thyroid dysfunction. Mild and moderate iodine deficiency was associated with a decrease in serum TSH with age. Other environmental factors were also important for goiter development (increase in risk, smoking and pregnancy; decrease 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 deficiency caused by a 53% higher incidence of spontaneous (presumably autoimmune) hypothyroidism. On the other hand, there were 49% more cases of overt hyperthyroidism in the area with moderate iodine deficiency. The cautious iodine fortification program, aiming at an average increase in iodine intake of 50 mug/day has been associated with a 50% increase in incidence of hyperthyroidism in the area with the most severe iodine deficiency. The incidence is expected to decrease in the future, but there may be more cases of Graves

  11. Formation of initial cost of stocks of own production

    Directory of Open Access Journals (Sweden)

    Elena Krukovskiy

    2016-06-01

    Full Text Available The concept and component stocks according to national accounting standards are revealed. The procedure for forming the initial value of the stock, depending on the way they arrive at the company according to the guidelines as well as methods for evaluating stocks of own production is grounded. The methodological principles of formation of information on stocks and the disclosure of its financial statements are considered. In the article investigated the procedure of forming the original value of stocks depending on how they flow to the enterprise. Number of methods of assessment of inventory, which can be used to reflect their value in the accounting and financial reporting, and methods of evaluation of own production is characterized. Identified costs are included in the initial cost of inventories, including inventories of own production. The estimation of the definition of agricultural produce at fair value and features of its application in the enterprise is proposed by authors.

  12. INDONESIA SHARI'AH COMPLIANCE STOCK RETURN BEHAVIOUR

    Directory of Open Access Journals (Sweden)

    Helma Malini

    2017-04-01

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

  13. [Investigation of nutritional status of pupils and dietary survey in primary schools in poor counties of Guangxi and Yunnan].

    Science.gov (United States)

    Tang, Wenjing; Shen, Xiuhua; Mao, Xuanxia; Huang, Jingyan; Cai, Wei

    2013-07-01

    To understand the nutritional status of pupils and to provide basic evidence for the nutritional interventions. The subjects of the study were 2046 pupils from 9 primary schools in poor counties of Guangxi and Yunnan. The contents of the investigation included medical physical examination, haematoglobin determination and dietary survey. Nutritional Status was evaluated according to WHO growth standards. The prevalence of stunting and wasting in children from 6 to 14 years old in poor areas of Guangxi and Yunnan were 34.3% and 6.5% respectively. The anemia prevalence of them was 20.5%. The diet provided by the canteens of local school was mainly composed of plant food. Animal food was deficient. The cooking oil in local school was most of lard oil. The per pupil average daily intake of energy, protein, thiamin, riboflavin, vitamin C and calcium was 1491.29 kcal, 36.36 g, 179.15 ug, 0.57 mg, 0.37 mg, 53.67 mg and 163.14 mg respectively, which were lower than RNI or Al. The chronic malnutrition of pupils in poor areas is still serious. The variety of food provided by the canteens of local school is quite single, and the quality of the meals is low. Intakes of energy, protein and micronutrient from school diet are insufficient for pupils.

  14. [Investigation on the current status of oral health care in the disease controls system in Sichuan Province].

    Science.gov (United States)

    Zhuo, Wang; Ying, Deng; Wei, Yin; Xiaoxia, Liu; Yujin, He; Jun, He

    2015-04-01

    To analyze the status and characteristics of dental manpower in the center for disease controls (CDC) in Sichuan Province and to provide more evidence for strengthening the oral healthcare workforce in the CDC system. A mass survey on dental manpower was made in CDCs in Sichuan Province through questionnaire investigation. Data were collected and entered with the Epidemiological Dynamic Data Collection (EDDC) platform and analyzed with SPSS 13.0 software. Sichuan Province had 0.15 hospitals providing oral health services and 0.38 dentists on average per 10,000 people. About 65.53% (135/206) of the CDCs had one department responsible for the oral health service. However, oral health care personnel comprised only 2.23% (237/10,624) of the personnel of the whole CDC system. About 64.67% (119/184) of county CDCs and 47.62% (10/21) of city CDCs knew well the dental health status of local residents. Less than 5% of the CDCs used the data and assisted in the policy making of public health administrators. The dental care personal deficit exists in the CDC system in Sichuan Province. The distribution and composition of dental manpower are not reasonable. The oral health service ability of CDCs in Sichuan Province should be strengthened and improved.

  15. 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,

  16. Stock Market Autoregressive Dynamics: A Multinational Comparative Study with Quantile Regression

    Directory of Open Access Journals (Sweden)

    Lili Li

    2016-01-01

    Full Text Available We study the nonlinear autoregressive dynamics of stock index returns in seven major advanced economies (G7 and China. The quantile autoregression model (QAR enables us to investigate the autocorrelation across the whole spectrum of return distribution, which provides more insightful conditional information on multinational stock market dynamics than conventional time series models. The relation between index return and contemporaneous trading volume is also investigated. While prior studies have mixed results on stock market autocorrelations, we find that the dynamics is usually state dependent. The results for G7 stock markets exhibit conspicuous similarities, but they are in manifest contrast to the findings on Chinese stock markets.

  17. 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.

  18. 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 privatisation in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatisation programme represents a major political test which gradually resolves uncertainty

  19. Mitochondrial DNA variation in brood stocks of the lake trout

    International Nuclear Information System (INIS)

    Grewe, P.M.; Hebert, P.D.N.

    1986-01-01

    Efforts are in progress to restore lake trout populations in the Great Lakes from hatchery stocks. In most cases, plantings include a variety of brood stocks that originated from different portions of the Great Lakes. Members of the various stocks can be differentially fin clipped to permit comparison of their survival success, but this does not allow assessment of their reproductive capability in the wild. Assessment of reproductive success requires the existence of genetic markers between brook stocks which will ideally persist over many generations. Efforts to identify allozyme differences between brood stocks have met with little success. The present investigation has employed an alternative technique to identify genetic markers--the restriction analysis of mitochondrial DNA. Mitochondiral DNA analysis of 7 lake trout brood stocks has revealed the existence of 10 mitochondrial clones falling into 3 major groups. The results indicate that mt-DNA markers have great potential for brood stock management. Genetic variability in the nuclear genome of each stock can be maintained by utilizing a large number of male parents, while restricting female parents to members of a single mitochondrial clone. Genetically marked fry could then be produced with only minor shifts in hatchery management

  20. On the Feed-back Mechanism of Chinese Stock Markets

    Science.gov (United States)

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

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

  1. 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

  2. Mean reversion in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-30

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

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

    Science.gov (United States)

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

    2017-03-01

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

  4. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

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

  5. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

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

  6. "THE EXTRAVAGANT HUMOUR OF STOCK-JOBBING” AND THE MEMBERS OF THE ENGLISH BODY POLITIC, 1690-1720

    Directory of Open Access Journals (Sweden)

    Matthew David Mitchell

    2012-01-01

    Full Text Available The title of a 1697 pamphlet about London’s stock-jobbers referred to the “extravagant humour of stock-jobbing,” using the imagery of contemporary medical knowledge to suggest that stock-jobbers represented a potentially unbalancing element within the English body-politic. Members of different social orders, however, perceived differently the threat stock-jobbers allegedly posed. Landowners, merchants, craftworkers, bureaucrats, and the officers of joint-stock companies all saw the stock-jobbers perils specific to their own social statuses and ambitions. The few defenders of the stock-jobbers therefore also sought to demonstrate the benefits that dealings joint-stock companies could offer to the body-politic as a whole as well as to all its members in particular.

  7. The Spirit of Capitalism and Stock-Market Prices

    OpenAIRE

    Gurdip S. Bakshi; Zhiwu Chen

    1996-01-01

    In existing theory, wealth is no more valuable than its implied consumption rewards. In reality, investors acquire wealth not just for its implied consumption but for the resulting social status. Max M. Weber (1958) refers to this desire for wealth as the spirit of capitalism. The authors examine, both analytically and empirically, implications of Weber's hypothesis for consumption, savings, and stock prices. When investors care about relative social status, propensity to consume and risk-tak...

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

    Science.gov (United States)

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

    2005-09-01

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

  10. Exchange rate movements and stock market returns in a regime-switching environment: Evidence for BRICS countries

    OpenAIRE

    Walid Chkili; Duc Khuong Nguyen

    2014-01-01

    We use a regime-switching model approach to investigate the dynamic linkages between the exchange rates and stock market returns for the BRICS countries (Brazil, Russia, India, China and South Africa). The univariate analysis indicates that stock returns

  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. 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

  13. 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)

  14. 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.

  15. 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.

  16. 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

  17. Growth strategies and value creation: what works best for stock exchanges?

    OpenAIRE

    Hasan, Iftekhar; Schmiedel, Heiko; Song, Liang

    2010-01-01

    In recent years, demutualized stock exchanges have increasingly engaged in M&A and alliance activities. To shed light on this topic, we investigate short-run share price responses to the formation of 110 stock exchange M&As and alliances in the period 2000–2008. Our findings show that the average stock-price responses to a stock-exchange M&A or alliance is positive. Stock exchange M&As create more value than alliances. For alliances, joint ventures generate more value than non-equity alliances...

  18. 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...... 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...

  19. 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.

  20. Investigating Knowledge Management Status among Faculty Members of Kerman University of Medical Sciences based on the Nonaka Model in 2015.

    Science.gov (United States)

    Vali, Leila; Izadi, Azar; Jahani, Yunes; Okhovati, Maryam

    2016-08-01

    Education and research are two major functions of universities, which require proper and systematic exploitation of available knowledge and information. Therefore, it is necessary to investigate the knowledge management status in an education system by considering the function of faculty members in creation and dissemination of knowledge. This study was conducted to investigate the knowledge management status among faculty members of the Kerman University of Medical Sciences based on the Nonaka and Takeuchi models in 2015. This was a descriptive-analytical and cross-sectional study. It was conducted on 165 faculty members at the Kerman University of Medical Sciences, who were selected from seven faculties as weighted using a random stratified sampling method. The Nonaka and Takeuchi knowledge management questionnaire consists of 26 questions in four dimensions of socialization, externalization, internalization, and combination. Scoring of questions was conducted using the five-point Likert scale. To analyze data, independent t-test, one-way ANOVA, Pearson correlation coefficients, and the Kruskal-Wallis test were employed. The four dimensions in the Nonaka and Takeuchi model are based on optimal indicators (3.5), dimensions of combination, and externalization with an average of 3.3 were found in higher ranks and internalization and socialization had averages of 3.1 and 3. According to the findings of this study, the average knowledge management among faculty members of the Kerman University of Medical Sciences was estimated to be 3.1, with a bit difference compared to the average. According to the results of t-tests, there was no significant relationship between gender and various dimensions of knowledge management (p>0.05). The findings of Kruskal-Wallis showed that there is no significant relationship between variables of age, academic rank, and type of faculty with regard to dimensions of knowledge management (p>0.05). In addition, according to the results of

  1. Analysis of Economic Factors Affecting Stock Market

    OpenAIRE

    Xie, Linyin

    2010-01-01

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

  2. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

    Firms which issue new equity subsequently have lower returns than other firms, but does the strength of the issuance effect vary in the cross section of firms? The essay shows, that US firms with characteristics that makes them “hard to value” have returns which are strongly related to their past...... issuance activity, while the return of “easy to value” firms are less related to their past issuance activity. In most cases the difference between “hard to value” and “easy to value” firms are signiffcant. As proxies for “hard to value”, I use three different types of firm characteristics. First, I...... 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...

  3. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

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

  4. 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.

  5. Stock market volatiltity around national elections

    OpenAIRE

    Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz

    2006-01-01

    This paper investigates a sample of 27 OECD countries to test whether national elections induce higher stock market volatility. It is found that the country-specific component of index return variance can easily double during the week around an Election Day, which shows that investors are surprised by the election outcome. Several factors, such as a narrow margin of victory, lack of compulsory voting laws, change in the political orientation of the government, or the failure to form a coaliti...

  6. Stock Market Volatility around National Elections

    OpenAIRE

    Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz Piotr

    2006-01-01

    This paper investigates a sample of 27 OECD countries to test whether national elections induce higher stock market volatility. It is found that the countryspecific component of index return variance can easily double during the week around an Election Day, which shows that investors are surprised by the election outcome. Several factors, such as a narrow margin of victory, lack of compulsory voting laws, change in the political orientation of the government, or the failure to form a coalitio...

  7. Corporate tax minimization and stock price reactions

    OpenAIRE

    Blaufus, Kay; Möhlmann, Axel; Schwäbe, Alexander

    2016-01-01

    Tax minimization strategies may lead to significant tax savings, which could, in turn, increase firm value. However, such strategies are also associated with significant costs, such as expected penalties and planning, agency, and reputation costs. The overall impact of firms' tax minimization strategies on firm value is, therefore, unclear. To investigate whether corporate tax minimization increases firm value, we analyze the stock price reaction to news concerning corporate tax avoidance or ...

  8. Leverage and growth: effect of stock options

    OpenAIRE

    Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

    2011-01-01

    This paper investigates the potential effects of stock options on managers’ investment decisions and therefore on a firm’s growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the paper utilizes a framework establishing a negative relationship between leverage and the firm’s growth. However, in contrast to some of the existing results, the empirical analysis of manufacturing firms in this paper shows that the negative relationship bet...

  9. The Weekly Structure of US Stock Prices

    OpenAIRE

    Guglielmo Maria Caporale; Luis A. Gil-Alana

    2010-01-01

    In this paper we use fractional integration techniques to examine the degree of integration of four US stock market indices, namely the Standard and Poor, Dow Jones, Nasdaq and NYSE, at a daily frequency from January 2005 till December 2009. We analyse the weekly structure of the series and investigate their characteristics depending on the specific day of the week. The results indicate that the four series are highly persistent; a small degree of mean reversion (i.e., orders of integration s...

  10. 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...

  11. 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.

  12. 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.

  13. Foreign ownership in Vietnam stock markets - an empirical analysis

    OpenAIRE

    Vo, Xuan Vinh

    2010-01-01

    This paper investigates foreign ownership in the Vietnam stock market from 2007 to 2009 employing a rich and detailed dataset. From the perspective of informational asymmetry, the paper examines the relationship between the foreign ownership level and attributes of Vietnamese listed firm in Ho Chi Minh City Stock Exchange. The findings of the paper indicate that foreign investors have preference for large firms, firms with high book-to-market ratio and firms with low leverage. Foreign investo...

  14. Influence of External Factors on the Taiwan Stock Exchange

    OpenAIRE

    Chin-Wen Huang

    2014-01-01

    Due to the small market size and the low trading volume, emerging markets are, in general, shallow and easily affected by external factors such as the capital flows from foreign portfolio investment and the stock market fluctuations of their major trading partners. This study attempts to investigate how foreign portfolio investment and the trading partner’s equity market affect the local stock market and whether such impacts are persistent through time. Adopting the GARCH-EVT-Copula approac...

  15. —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...

  16. Stock Market Volatility: Examining North America, Europe and Asia

    OpenAIRE

    Gamini Premaratne; Lakshmi Bala

    2004-01-01

    An understanding of volatility in stock markets is important for determining the cost of capital and for assessing investment and leverage decisions as volatility is synonymous with risk. Substantial changes in volatility of financial markets are capable of having significant negative effects on risk averse investors. Using daily returns from 1992 to 2002, we investigate volatility co-movement between the Singapore stock market and the markets of US, UK, Hong Kong and Japan. In order to gauge...

  17. Does Automation Improve Stock Market Efficiency? Evidence from Ghana

    OpenAIRE

    Mensah, Justice T.; Pomaa-Berko, Maame; Adom, Philip Kofi

    2012-01-01

    As a burgeoning capital market in an emerging economy, automation of the stock market is regarded as a major step towards integrating the financial market as a conduit for economic growth. The automation of the Ghana Stock Exchange (GSE) in 2008 is expected among other things to improve the efficiency of the market. This paper therefore investigates the impact of the automation on the efficiency of the GSE within the framework of the weak-form Efficient Market Hypothesis (EMH) using daily mar...

  18. A question of origin: dioxin-like PCBs and their relevance in stock management of European eels.

    Science.gov (United States)

    Freese, Marko; Sühring, Roxana; Pohlmann, Jan-Dag; Wolschke, Hendrik; Magath, Victoria; Ebinghaus, Ralf; Hanel, Reinhold

    2016-01-01

    The stock of European Eel (Anguilla anguilla L.) has reached an all-time low in 2011. Spawner quality of mature eels in terms of health status and fitness is considered one of the key elements for successful migration and reproduction. Dioxin-like Polychlorinated Biphenyls (dl-PCBs) are known persistent organic pollutants potentially affecting the reproductive capability and health status of eels throughout their entire lifetime. In this study, muscle tissue samples of 192 European eels of all continental life stages from 6 different water bodies and 13 sampling sites were analyzed for contamination with lipophilic dl-PCBs to investigate the potential relevance of the respective habitat in light of eel stock management. Results of this study reveal habitat-dependent and life history stage-related accumulation of targeted PCBs. Sum concentrations of targeted PCBs differed significantly between life stages and inter-habitat variability in dl-PCB levels and -profiles was observed. Among all investigated life stages, migrant silver eels were found to be the most suitable life history stage to represent their particular water system due to habitat dwell-time and their terminal contamination status. With reference to a possible negative impact of dl-PCBs on health and the reproductive capability of eels, it was hypothesized that those growing up in less polluted habitats have a better chance to produce healthy offspring than those growing up in highly polluted habitats. We suggest that the contamination status of water systems is fundamental for the life cycle of eels and needs to be considered in stock management and restocking programs.

  19. 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.

  20. 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.…

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. 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.

  6. 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.

  7. 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

  8. 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.

  9. 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

  10. 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

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Ludvig Bohlin

    Full Text Available 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.

  13. 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.

  14. 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.

  15. Dental radiological protection - an investigation of the status in general practice in the Republic of South Africa

    International Nuclear Information System (INIS)

    Seeliger, J.E.

    1984-09-01

    The historical events relating to the discovery of x-rays in 1895 by W.C. Roentgen, are briefly sketched and previous surveys on radiological protection in dental practice are critically examined. The most important factors influencing the radiation dose in dental radiography are discussed, as well as the biological effects of ionizing radiation. The aims and objectives of the study were to carry out a survey on a representative sample of dentists in private practice to ascertain the current status of dental radiological protection, to analyse the results and to compare them to the findings of surveys performed in other countries. The final aim was to be able to make, wherever necessary and possible, recommendations to improve the standard of radiation protection in general practice. A personal survey was made of 141 randomly-selected dental practices throughout the country. Observations and measurements were made and a questionnaire was completed by the investigator. The findings were subsequently analysed statistically by a computer and compared to both various norms and the findings of previous surveys carried out overseas. The results showed conclusively that, whereas, in general, the hazard to the dentist, staff members and persons in the environs, from dental radiology is low, to the patient it is significant. Various specific recommendations made include the replacement of the old low-kilovoltage x-ray machines, short, unlined plastic dental cones and faulty exposure timers. They include the promotion of the use of Speed Group E Film, the Paralleling technique, correct film processing techniques, professional judgement in the use of radiographs, leaded aprons, thyroid shields film badges and continuing education courses. The compulsory recording in the patient's own identity book of each patient exposure to x-radiation, from all sources, is also recommended

  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. Parent Perceptions of Child Weight Status in Mexican-Origin Immigrant Families: An Investigation of Acculturation, Stress, and Coping Factors.

    Science.gov (United States)

    McLeod, Dorothy L; Bates, Carolyn R; Heard, Amy M; Bohnert, Amy M; Santiago, Catherine DeCarlo

    2018-04-01

    Parents often underestimate their child's weight status, particularly when the child is overweight or obese. This study examined acculturation, stress, coping, and involuntary responses to stress and their relation to estimation of child's weight status among Mexican-origin immigrant families. Eighty-six families provided data on child's height and weight, caregiver's perception of their child's weight status, and caregiver's responses to acculturation, stress, and coping scales. Parents underestimated their child's weight status, particularly when the child was overweight or obese. Although acculturation and stress were not associated with accuracy, parents' responses to stress were linked to parent perceptions. Parents who reported more frequent use of involuntary engagement (e.g., rumination, physiological arousal) were more accurate. Future research, as well as healthcare providers, should consider how parents manage and respond to stress in order to fully understand the factors that explain weight perceptions among Mexican-origin immigrant parents.

  18. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

    The term stock can be defined as “the capital or principal fund raised by a corporation .... 20 Tiruneh Legesse (2012), “Establishing Financial Markets in Ethiopia: the .... improve accounting and auditing standards, provide effective tools for.

  19. 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…

  20. 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.

  1. Health insurance status and control of diabetes and coronary artery disease risk factors on enrollment into the Bypass Angioplasty Revascularization Investigation 2 Diabetes (BARI 2D) trial.

    Science.gov (United States)

    Grogan, Mary; Jenkins, Margaret; Sansing, Veronica V; MacGregor, Joan; Brooks, Maria Mori; Julien-Williams, Patricia; Amendola, Angela; Abbott, J Dawn

    2010-01-01

    The purpose of this study was to examine measures of chronic disease severity and treatment according to insurance status in a clinical trial setting. Baseline insurance status of 776 patients with type 2 diabetes and stable coronary artery disease (CAD) enrolled in the United States in the Bypass Angioplasty Revascularization Investigation 2 Diabetes (BARI 2D) trial was analyzed with regard to measures of metabolic and cardiovascular risk factor control. Compared with patients with private or public insurance, the uninsured were younger, more often female, and less often white non-Hispanic. Uninsured patients had the greatest burden of CAD. Patients with public insurance were treated with the greatest number of medications, had the greatest self-reported functional status, and the lowest mean glycosylated hemoglobin and low-density lipoprotein (LDL) cholesterol values. Overall, for 5 measured risk factor targets, the mean number above goal was 2.49 ± 1.18. After adjustment for demographic and clinical variables, insurance status was not associated with a difference in risk factor control. In the BARI 2D trial, we did not observe a difference in baseline cardiovascular risk factor control according to insurance status. An important observation, however, was that risk factor control overall was suboptimal, which highlights the difficulty in treating type 2 diabetes and CAD irrespective of insurance status.

  2. 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...

  3. 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

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.

  10. 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.

  11. State-Space Estimation of Soil Organic Carbon Stock

    Science.gov (United States)

    Ogunwole, Joshua O.; Timm, Luis C.; Obidike-Ugwu, Evelyn O.; Gabriels, Donald M.

    2014-04-01

    Understanding soil spatial variability and identifying soil parameters most determinant to soil organic carbon stock is pivotal to precision in ecological modelling, prediction, estimation and management of soil within a landscape. This study investigates and describes field soil variability and its structural pattern for agricultural management decisions. The main aim was to relate variation in soil organic carbon stock to soil properties and to estimate soil organic carbon stock from the soil properties. A transect sampling of 100 points at 3 m intervals was carried out. Soils were sampled and analyzed for soil organic carbon and other selected soil properties along with determination of dry aggregate and water-stable aggregate fractions. Principal component analysis, geostatistics, and state-space analysis were conducted on the analyzed soil properties. The first three principal components explained 53.2% of the total variation; Principal Component 1 was dominated by soil exchange complex and dry sieved macroaggregates clusters. Exponential semivariogram model described the structure of soil organic carbon stock with a strong dependence indicating that soil organic carbon values were correlated up to 10.8m.Neighbouring values of soil organic carbon stock, all waterstable aggregate fractions, and dithionite and pyrophosphate iron gave reliable estimate of soil organic carbon stock by state-space.

  12. 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.

  13. 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.

  14. STOCK PRICES OF DOMESTIC BANKING SECTOR AND EXTERNAL SHOCKS IN EAST ASIA

    OpenAIRE

    Masahiro Inoguchi

    2011-01-01

    This paper examines the impact of price fluctuations in foreign stock markets on the stock prices of domestic banks’ stocks to explore if and how external shocks have affected the banking system in Korea, Malaysia, Singapore, and Thailand during the 2000s. Some researchers insist that domestic banks in East Asia were less affected by the 2007–2009 global financial crisis. However, few previous articles have investigated how the banking sector in East Asia has been affected by external shocks....

  15. The Effects of Market Properties on Portfolio Diversification in the Korean and Japanese Stock Markets

    OpenAIRE

    Cheoljun Eom; Jongwon Park; Woo-Sung Jung; Taisei Kaizoji; Yong H. Kim

    2009-01-01

    In this study, we have investigated empirically the effects of market properties on the degree of diversification of investment weights among stocks in a portfolio. The weights of stocks within a portfolio were determined on the basis of Markowitz's portfolio theory. We identified that there was a negative relationship between the influence of market properties and the degree of diversification of the weights among stocks in a portfolio. Furthermore, we noted that the random matrix theory met...

  16. 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.

  17. 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.

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

    Science.gov (United States)

    Giletta, Matteo; Cohen, Geoffrey L.

    2018-01-01

    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; Mage = 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. PMID:26525387

  19. 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 ...

  20. 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.

  1. 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.

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

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2012-01-01

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

  3. 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.

  4. 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%.

  5. 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

  6. Using alternative biological information in stock assessment: condition-corrected natural mortality of Eastern Baltic cod

    DEFF Research Database (Denmark)

    Casini, Michele; Eero, Margit; Carlshamre, Sofia

    2016-01-01

    ) assumed in the analytical stock assessment model. The results in terms of Spawning Stock Biomass (SSB), Fishing mortality (F) and Recruitment (R) in the final year from the stock assessment using M values adjusted for low condition were up to 40% different compared with the assessment assuming a constant......The inclusion of biological and ecological aspects in the assessment of fish population status is one of the bases for an ecosystem-based fisheries management. During the past two decades the Eastern Baltic cod has experienced a drastic reduction in growth and body condition that may have affected...

  7. Asset management using genetic algorithm: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Abbas Sarijaloo

    2014-02-01

    Full Text Available This paper presents an empirical investigation to study the effect of market management using Markowitz theorem. The study uses the information of 50 best performers on Tehran Stock Exchange over the period 2006-2009 and, using Markowitz theorem, the efficient asset allocation are determined and the result are analyzed. The proposed model of this paper has been solved using genetic algorithm. The results indicate that Tehran Stock Exchange has managed to perform much better than average world market in most years of studies especially on year 2009. The results of our investigation have also indicated that one could reach outstanding results using GA and forming efficient portfolio.

  8. Status and results of the theoretical and experimental investigations on the LWR fuel rod behavior under accident conditions

    International Nuclear Information System (INIS)

    Bocek, M.; Hofmann, P.; Leistikow, S.; Class, G.; Meyder, R.; Raff, S.; Erbacher, F.; Hofmann, G.; Ihle, P.; Karb, E.; Fiege, A.

    1978-09-01

    In this report the status of knowledge is described which has been gathered up to the end of 1977 of the LWR fuel rod behavior in loss-of-coolant accidents. The majority of results indicated have been derived from studies on the fuel rod behavior performed within the framework of the Nuclear Safety Project (PNS); partly, also the results of cooperating research establishments and fm international exchange of experience are referred to. The report has been subdivided into two complete parts: Part I provides a survey of the most significant results of the theoretical and experimental research projects on fuel rod behavior. Part II describes by detailed individual presentations the status as well as the results with respect to the major central subjects. (orig.) 891 RW 892 AP [de

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

    OpenAIRE

    Shahram Basity; Mohammad Reza Iravani; Zahra Ghassabi; Faezeh Taghipour; Hajar Jannesari

    2013-01-01

    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 measur...

  10. 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.

  11. 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.

  12. Unusual Market Activity Announcements: A Study of Price Manipulation on the Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mamduh M. Hanafi

    2010-05-01

    Full Text Available We investigate stocks involved in the Unusual Market Activity (UMA Announcements. The Indonesian Stock Exchange occasionally issues UMA announcements when it suspects that there are unusual price increases (positive UMAs or price decreases (negative UMAs, as well as unusual increases in trading volumes. We believe that UMA announcements signal a high probability that stocks are being manipulated. We find no differences in fundamentals and trading variables between stocks in the UMA announcements and those not in the UMA announcements. Any stock is vulnerable to market manipulation. Stocks in the UMA announcements do not exhibit reversal patterns, suggesting that price effect is permanent. UMAs seem to convey relevant information, which is most likely in the form of insider type of information. Keywords: emerging market; price manipulation; unusual market activity announcement.

  13. The time-varying correlation between policy uncertainty and stock returns: Evidence from China

    Science.gov (United States)

    Xiong, Xiong; Bian, Yuxiang; Shen, Dehua

    2018-06-01

    In this paper, we use a new policy uncertainty index to investigate the time-varying correlation between economic policy uncertainty (EPU) and Chinese stock market returns. The correlation is examined in the period from January 1995 to December 2016. We show that absolute changes in EPU have a significant impact on stock market returns. Specifically, empirical results based on the DCC-GARCH model reveal that the correlation between EPU and stock returns has large fluctuations, especially during a financial crisis; in addition, the impact of EPU on the Shanghai stock market is greater than on the Shenzhen stock market. Robustness results reveal that the impact of EPU on state-owned enterprises is larger than on non-state enterprises. All of these results highlight the important role of EPU in the Chinese stock market, and shed light on such issues for future research.

  14. 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.

  15. Economic Stress and Mental Health: The Relationship Between the Stock Market and Neurotic Disorder Doctor Visits.

    Science.gov (United States)

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

    2016-12-01

    This paper investigates the relationship between the stock market and the neurotic disorder doctor visits. We use aggregate data, partition the population by age and gender and examine the impact of changes in the stock market on neurotic disorders. Using doctor visits as a proxy measure of morbidity, we find evidence of some relationship between neurotic disorder morbidity and stock market variations. A stock market falling in a single day and the accumulation of daily stock market drops are both associated with more neurotic disorder doctor visits. We also observe more neurotic disorder doctor visits during periods of a low stock index for the elderly, regardless of gender. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

  16. Case study to identify the causes of stock-out of a textile retailer

    Directory of Open Access Journals (Sweden)

    Fernando Henrique Aguiar

    2014-05-01

    Full Text Available One of the main problems faced by large retailers is related to the lack of supply in display racks, the so called stock-out points. Studies have been made since the sixties, which show that progress related to this subject is limited. Stock-out levels are around 8.3%. Furthermore, literature on the subject is insufficient, as very few studies have been dedicated to investigating the causes of stock-out. The present study aims to collect stock-out data from a large textile retailer for a product category and elaborate a tree of stock-out causes. Qualitative and quantitative methods were used in this research, through software and interviews, in order to generate and refine our results. From this approach, it was possible to identify that 38% of the causes of stock-outs are within the store, that is, the product is not available in the sales area, but in the back end.

  17. 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.

  18. 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.

  19. 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.

  20. STOCK Market Differences in Correlation-Based Weighted Network

    Science.gov (United States)

    Youn, Janghyuk; Lee, Junghoon; Chang, Woojin

    We examined the sector dynamics of Korean stock market in relation to the market volatility. The daily price data of 360 stocks for 5019 trading days (from January, 1990 to August, 2008) in Korean stock market are used. We performed the weighted network analysis and employed four measures: the average, the variance, the intensity, and the coherence of network weights (absolute values of stock return correlations) to investigate the network structure of Korean stock market. We performed regression analysis using the four measures in the seven major industry sectors and the market (seven sectors combined). We found that the average, the intensity, and the coherence of sector (subnetwork) weights increase as market becomes volatile. Except for the "Financials" sector, the variance of sector weights also grows as market volatility increases. Based on the four measures, we can categorize "Financials," "Information Technology" and "Industrials" sectors into one group, and "Materials" and "Consumer Discretionary" sectors into another group. We investigated the distributions of intrasector and intersector weights for each sector and found the differences in "Financials" sector are most distinct.

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

    African Journals Online (AJOL)

    Helet Lambrechts

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

  2. 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

  3. 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

  4. Behavioral heterogeneity in stock prices

    NARCIS (Netherlands)

    Boswijk, H.P.; Hommes, C.H.; Manzan, S.

    2007-01-01

    We estimate a dynamic asset pricing model characterized by heterogeneous boundedly rational agents. The fundamental value of the risky asset is publicly available to all agents, but they have different beliefs about the persistence of deviations of stock prices from the fundamental benchmark. An

  5. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

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

  6. 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

  7. Dietary flavonoid and lignan intake and breast cancer risk according to menopause and hormone receptor status in the European Prospective Investigation into Cancer and Nutrition (EPIC) Study

    DEFF Research Database (Denmark)

    Zamora-Ros, Raul; Ferrari, Pietro; González, Carlos A.

    2013-01-01

    Evidence on the association between dietary flavonoids and lignans and breast cancer (BC) risk is inconclusive, with the possible exception of isoflavones in Asian countries. Therefore, we investigated prospectively dietary total and subclasses of flavonoid and lignan intake and BC risk according...... to menopause and hormonal receptor status in the European Prospective Investigation into Cancer and Nutrition (EPIC) cohort. The study included 334,850 women, mostly aged between 35 and 70 years from ten European countries. At baseline, country-specific validated dietary questionnaires were used. A flavonoid...

  8. 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

  9. Financial Development and the Sensitivity of Stock Markets to External Influences

    OpenAIRE

    Dellas, Harris; Hess, Martin K.

    2000-01-01

    We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect is present even after having accounted for capital controls and international trade effects.

  10. THE CONTRADICTIONS OF THE FORMATION OF FUNCTIONAL AND TARGET REGULATION OF THE STOCK MARKET OF UKRAINE

    Directory of Open Access Journals (Sweden)

    A. Kalach

    2013-07-01

    Full Text Available The characteristics of formation of the inversion type of the stock market and its contradictions were investigated, the necessity of transition to a functional-target regulation of the stock market was proved the ways of optimization of the institutional system by integrating the functions of regulatory authorities were proposed.

  11. 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

  12. 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

  13. 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

  14. 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.

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

    Directory of Open Access Journals (Sweden)

    Younos VakilAlroaia

    2012-08-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

  17. 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

  18. 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.

  19. Students Invest in the Stock Market

    Science.gov (United States)

    Parker, George O.

    1977-01-01

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

  20. Stochastic GARCH dynamics describing correlations between stocks

    Science.gov (United States)

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

    2014-09-01

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

  1. 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

  2. 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

  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. Stock market dynamics created by interacting agents

    Directory of Open Access Journals (Sweden)

    Mohamed Riad Remita

    2006-01-01

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

  5. Analysis of Naval Ammunition Stock Positioning

    Science.gov (United States)

    2015-12-01

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

  6. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

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

  7. Stocking chart for upland central hardwoods

    Science.gov (United States)

    Martin E. Dale; Donald E. Hilt

    1989-01-01

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

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

    Institute of Scientific and Technical Information of China (English)

    王钊

    2014-01-01

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

  9. 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)

  10. Stock Splits and Liquidity for Two Major Capital Markets from Central–Eastern Europe

    Directory of Open Access Journals (Sweden)

    Józef Rudnicki

    2012-12-01

    Full Text Available In the stock market there occur some events that contradict the efficient market hypothesis therefore they are called anomalies. One of the mysterious corporate events which has attracted the attention of numerous researchers is a stock split. I perform the review of implications of splitting the stock for market liquidity of companies listed on the Warsaw Stock Exchange and the Vienna Stock Exchange. I use event study, in particular Market model method and Market adjusted return method, to inspect the behavior of abnormal changes in daily trading volume for stock splits performed between 2000 through 2011 over a short run and assuming a longer time interval. Moreover, I juxtapose the results for both stock exchanges to examine whether the stock split phenomenon for two major capital markets from this part of Europe can be better explained by means of existing theories on stock splits. The research is aimed at analyzing the implications of the split for market liquidity, i.e. whether there occurs an immediate effect following the split as well as whether this corporate event improves the level of market liquidity over long run. Furthermore, the goal of the paper is to investigate whether the investors can cash in on the stock split, more specifically, whether they can profit from lower transaction costs. I document a significant growth in the market liquidity of stock splitting firms over 36 months following the split for both capital markets what is indicative of lower transaction costs for investors. The 1–percent significant results are consistent with the liquidity hypothesis on stock splits.

  11. Statistical Control Charts: Performances of Short Term Stock Trading in Croatia

    Directory of Open Access Journals (Sweden)

    Dumičić Ksenija

    2015-03-01

    Full Text Available Background: The stock exchange, as a regulated financial market, in modern economies reflects their economic development level. The stock market indicates the mood of investors in the development of a country and is an important ingredient for growth. Objectives: This paper aims to introduce an additional statistical tool used to support the decision-making process in stock trading, and it investigate the usage of statistical process control (SPC methods into the stock trading process. Methods/Approach: The individual (I, exponentially weighted moving average (EWMA and cumulative sum (CUSUM control charts were used for gaining trade signals. The open and the average prices of CROBEX10 index stocks on the Zagreb Stock Exchange were used in the analysis. The statistical control charts capabilities for stock trading in the short-run were analysed. Results: The statistical control chart analysis pointed out too many signals to buy or sell stocks. Most of them are considered as false alarms. So, the statistical control charts showed to be not so much useful in stock trading or in a portfolio analysis. Conclusions: The presence of non-normality and autocorellation has great impact on statistical control charts performances. It is assumed that if these two problems are solved, the use of statistical control charts in a portfolio analysis could be greatly improved.

  12. 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.

  13. 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.

  14. 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

  15. 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.

  16. 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.

  17. 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......) 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...

  18. 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)

  19. 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.

  20. Effects of interest rate, exchange rate and their volatilities on stock prices: evidence from banking industry of Pakistan

    Directory of Open Access Journals (Sweden)

    Syed Tehseen JAWAID

    2012-08-01

    Full Text Available This study investigates the effects of exchange rate, interest rates, and their volatilities on stock prices of banking industry of Pakistan. Cointegration results suggests the existance of significant negative long run relationship between exchange rate and short term interest rate with stock prices. On the other hand, positive and significant relationship exists between volatilities of exchange rate and interest rate with stock prices. Causality analysis confirms bidirectional causality between exchange rate and stock prices. Whereas, unidirectional causality runs from short term interest rate to stock prices. Sensitivity analysis confirms that the results are robust. It is suggested that investors should invest in banking sector stocks when exchange rate and interest rates are highly volatile. The result also supports the view that exchange rate and interest rate can be used as an indicator for investment decision making in banking sector stocks.

  1. The Asymmetric Effects of Oil Price Shocks on the Chinese Stock Market: Evidence from a Quantile Impulse Response Perspective

    Directory of Open Access Journals (Sweden)

    Huiming Zhu

    2016-08-01

    Full Text Available This paper uses a quantile impulse response approach to investigate the impact of oil price shocks on Chinese stock returns. This process allows us to uncover asymmetric effects of oil price shocks on stock market returns by taking into account the different quantiles of oil price shocks. Our results show that the responses of Chinese stock market returns to oil price shocks differ greatly, depending on whether the oil and stock market is in a bust or boom state and whether the shock is driven by demand or supply. The impacts of oil price shocks on Chinese stock returns present asymmetric features. In particular during a bust phase, oil supply and demand shocks significantly depress stock market returns, while during a boom period, the aggregate demand shock enhances stock market returns. These results suggest some important implications for investors and decision makers.

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

    NARCIS (Netherlands)

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

    2001-01-01

    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

  3. Performance-vested stock options and interest alignment

    NARCIS (Netherlands)

    Kuang, Y.; Qin, B.

    2009-01-01

    This paper investigates the effects of performance-vested stock options (PVSOs) in aligning management interests and shareholder wealth. Using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999-2004 period, we find that the use of

  4. Performance-vested stock options and interest alignment

    NARCIS (Netherlands)

    Kuang, Y.; Qin, B.

    2009-01-01

    This paper investigates the effects of performance-vested stock options (PVSOs) in aligning management interests and shareholder wealth. Using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999–2004 period, we find that the use of

  5. 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

  6. Movement and mortality of stocked brown trout in a stream

    DEFF Research Database (Denmark)

    Aarestrup, Kim; Jepsen, Niels; Koed, Anders

    2005-01-01

    The movement and mortality of stocked brown trout Salmo trutta were investigated using radio telemetry. Four brown trout left the study area whereas the remaining fish were stationary. After 5 weeks, 13 out of 50 tagged brown trout were still alive in the stream. Surviving fish had a significantly...

  7. 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

  8. 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.

  9. 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.

  10. 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.

  11. 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)

  12. 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.

  13. DOWNWARD SLOPING DEMAND CURVES FOR STOCK AND LEVERAGE

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2006-01-01

    Full Text Available This research attempts to investigate the effect of downward sloping demand curves for stock on firms' financing decisions. For the same size of equity issuance, firms with steeper slope of demand curves for their stocks experience a larger price drop in their share price compare to their counterparts. As a consequence, firms with a steeper slope of demand curves are less likely to issue equity and hence they have higher leverage ratios. This research finds that the steeper the slope of demand curve for firm's stock, the higher the actual leverage of the firm. Furthermore, firms with a steeper slope of demand curves have higher target leverage ratios, signifying that these firms prefer debt to equity financing in order to avoid the adverse price impact of equity issuance on their share price.

  14. 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.

  15. 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.

  16. 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.

  17. 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)

  18. 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.

  19. 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

  20. 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...

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

    Science.gov (United States)

    Chao, Youcong; Liu, Xiaoqun; Guo, Shijun

    2017-01-01

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

  2. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

    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....... Furthermore, such productivity gains are found to lead to profitability gains since wage gains from ESO plans are statistically significant yet rather modest. Our analysis of Tobin's Q suggests that the market tends to view such gains from ESO plans as permanent. We further find that increasing the stake......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...

  3. Statistical modelling of fish stocks

    DEFF Research Database (Denmark)

    Kvist, Trine

    1999-01-01

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

  4. Is the stock market efficient?

    Science.gov (United States)

    Malkiel, B G

    1989-03-10

    A stock market is said to be efficient if it accurately reflects all relevant information in determining security prices. Critics have asserted that share prices are far too volatile to be explained by changes in objective economic events-the October 1987 crash being a case in point. Although the evidence is not unambiguous, reports of the death of the efficient market hypothesis appear premature.

  5. 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

  6. 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

  7. 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.

  8. Framework of stock-recovery strategies: analyses of factors affecting success and failure

    DEFF Research Database (Denmark)

    Hammer, Cornelius; Dorrien, Christian von; Hopkins, Christopher C. E.

    2010-01-01

    The EU FP6 UNCOVER project was aimed at producing a rational scientific basis for developing recovery strategies for some ecologically and socio-economically important fish stocks/fisheries in European seas. The immediate objectives were to identify changes experienced during stock depletion...... to the recovery of more than 30 fish stocks/fisheries worldwide by multivariate exploratory analysis (canonical correspondence analysis), followed by model building [discriminant analysis (DA)] to quantify the relative importance of key performance criteria, singly or combined. Using the existing database, DA...... indicated that the four best additive predictors of successful recovery were “rapid reduction in fishing mortality”, “environmental conditions during the recovery period”, “life-history characteristics” of the target stock, and “management performance criteria”. The model classified the status “recovered...

  9. Baseline investigations of folate status in Aboriginal and non-Aboriginal West Australians prior to the introduction of mandatory fortification.

    Science.gov (United States)

    Maxwell, Susannah J; Brameld, Kate J; Bower, Caroline; D'Antoine, Heather; Hickling, Siobhan; Marley, Julia; O'Leary, Peter

    2013-02-01

    In September 2009, Australia implemented mandatory folic acid fortification of wheat flour for bread-making to reduce the incidence of neural tube defects. Our study aimed to establish baseline folate status data in Aboriginal and non-Aboriginal Western Australians. Patients who presented at a health service or collection centre for blood tests were invited to participate. One hundred and ninety-one Aboriginals and 159 non-Aboriginals were recruited between April 2008 and September 2009. Participants completed a five-minute questionnaire and had blood taken for red blood cell (RBC) folate and serum vitamin B12. Data were analysed using SPSS (version 17.0.2, SPSS Inc., Chicago, IL, USA). Ten per cent (95% confidence intervals (CI): 5, 19) of the Aboriginal women participants and 26% (95% CI: 16, 40) of men had RBC folate concentrations below 250 ng/mL, the cut-off associated with folate deficiency. None of the non-Aboriginal women (95% CI: 0, 4) and 4% of the non-Aboriginal men (95% CI: 2, 12) had RBC folate concentrations below 250 ng/mL. All participants were vitamin B12 replete. None of the 96 Aboriginal and 8% of non-Aboriginal women aged 16-44 reported consumption of supplements with a daily intake of >400 μg folic acid during the previous week. This study established a baseline of RBC folate, folate consumption and supplement use in Aboriginal and non-Aboriginal groups. We identified 10% of Aboriginal women and none of non-Aboriginal women participants with low folate concentrations. The higher prevalence of folate deficiency in Aboriginal participants suggests they are more likely to benefit from a universal program of folate fortification. © 2012 The Authors ANZJOG © 2012 The Royal Australian and New Zealand College of Obstetricians and Gynaecologists.

  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. Comparative investigation on the effect of T-2 mycotoxin on lipid peroxidation and antioxidant status in different poultry species.

    Science.gov (United States)

    Mézes, M; Barta, M; Nagy, G

    1999-02-01

    The effect of low dose T-2 toxin was investigated in chicken, duck and goose. The purpose of the present study was to investigate the effect of T-2 toxin on the lipid peroxidation and on the activity of glutathione redox system (amount of reduced and oxidised glutathione and the activity of glutathione peroxidase) in blood and liver. The treatment lasted days and two samples were taken, first at the time of lowest feed intake and second when the intake was the same as the control. It was found, that lipid per oxidation as detected by the amount of malondialdehyde increased in all of the species and tissues but the changes varied by species. The most sensitive species was goose followed by duck and chicken, and the most sensitive tissue was the liver followed by blood plasma and red blood cells.

  12. 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.

  13. 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

  14. 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

  15. 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...

  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. Revisiting the investor sentiment-stock returns relationship: A multi-scale perspective using wavelets

    Science.gov (United States)

    Lao, Jiashun; Nie, He; Jiang, Yonghong

    2018-06-01

    This paper employs SBW proposed by Baker and Wurgler (2006) to investigate the nonlinear asymmetric Granger causality between investor sentiment and stock returns for US economy while considering different time-scales. The wavelet method is utilized to decompose time series of investor sentiment and stock returns at different time-scales to focus on the local analysis of different time horizons of investors. The linear and nonlinear asymmetric Granger methods are employed to examine the Granger causal relationship on similar time-scales. We find evidence of strong bilateral linear and nonlinear asymmetric Granger causality between longer-term investor sentiment and stock returns. Furthermore, we observe the positive nonlinear causal relationship from stock returns to investor sentiment and the negative nonlinear causal relationship from investor sentiment to stock returns.

  18. 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....

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

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

    OpenAIRE

    Grobys, Klaus

    2011-01-01

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

  5. 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.

  6. 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.

  7. Studying the Relationship between Economic Massive Changes with Earnings Management of Listed Companies in Tehran Stock Exchange

    OpenAIRE

    RAHMANİ SERYASAT, Hamid; PİRAYESH, Reza; NOORALİDOKHT, Hamid

    2015-01-01

    Abstract. This study investigates the relationship between earnings management and profitability of companies listed in Tehran stock exchange and its purpose is to examine the existence of earnings management phenomenon of listed companies in Tehran stock exchange. One of the executives' main objectives about earning management is creation a more stable flow, in order to support higher earning payments. More stable earnings flow can be perceived as a lower risk that leads to higher stock pric...

  8. Contagion Effects of US Subprime Crisis on ASEAN-5 Stock Markets: Evidence from MGARCH-DCC Application

    OpenAIRE

    Chunxiu, Ma; Masih, Mansur

    2014-01-01

    We attempted to investigate the contagion effects of the US subprime crisis on ASEAN-5 stock markets [including Malaysia (conventional and Islamic), Thailand, Singapore, Indonesia, Philippines] by applying MGARCH-DCC through the period of January 1, 2004 to July 5, 2012 on daily stock indices returns, and also Continuous Wavelet Transform coherence method through the period of January 1, 2006 to December 31, 20091 on daily stock indices returns. This is motivated by the fact that the 2007-200...

  9. 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....

  10. 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.

  11. Long Memory in the Greek Stock Market

    OpenAIRE

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

    1996-01-01

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

  12. Looking Back on the Stock Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  13. 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....

  14. Stock returns and foreign investment in Brazil

    OpenAIRE

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

    2008-01-01

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

  15. A new Loan-Stock Financial Instrument

    OpenAIRE

    Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

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

  16. 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.

  17. 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.

  18. Performance of technical trading rules: evidence from Southeast Asian stock markets

    OpenAIRE

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index...

  19. 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 ...

  20. 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 ...

  1. Price and Volatility Spillovers across North American, European and Asian Stock Markets: With Special Focus on Indian Stock Market

    OpenAIRE

    Priyanka Singh; Brajesh Kumar; Pandey, Ajay

    2008-01-01

    This paper investigates interdependence of fifteen world indices including an Indian market index in terms of return and volatility spillover effect. Interdependence of Indian stock market with other fourteen world markets in terms of long run integration, short run dependence (return spillover) and volatility spillover are investigated. These markets are that of are Canada, China, France, Germany, Hong-Kong, Indonesia, Japan, Korea, Malaysia, Pakistan, Singapore, Taiwan, United Kingdom and U...

  2. 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

  3. The Speculative Nature of Stock Market

    Directory of Open Access Journals (Sweden)

    Bogdan-Gabriel FILIPESCU

    2011-12-01

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

  4. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  5. 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.

  6. 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.

  7. Investigating the associations between work hours, sleep status, and self-reported health among full-time employees.

    Science.gov (United States)

    Nakata, Akinori

    2012-04-01

    The extent to which work hours and sleep are associated with self-rated health (SRH) was investigated in full-time employees of small- and medium-scale businesses (SMBs) in a suburb of Tokyo. A total of 2,579 employees (1,887 men and 692 women), aged 18-79 (mean 45) years, in 296 SMBs were surveyed using a self-administered questionnaire from August to December 2002. Work hours, sleep, and SRH were evaluated. Compared with those working 6-8 h/day, participants working >8 to 10 h/day and >10 h/day had significantly higher odds of suboptimal SRH [adjusted odds ratio (aOR) 1.36 and 1.87, respectively]. Similarly, compared with those sleeping 6+ h/day and sufficient sleep, participants with short sleep (work hours with short sleep (aOR 3.30) or insufficient sleep (aOR 3.40) exerted synergistic negative associations on SRH. This study suggests that long work hours and poor sleep and its combination are associated with suboptimal SRH.

  8. 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.

  9. An investigation into the dental health of children with obesity: an analysis of dental erosion and caries status.

    Science.gov (United States)

    Tong, H J; Rudolf, M C J; Muyombwe, T; Duggal, M S; Balmer, R

    2014-06-01

    To investigate whether children with obesity experienced more erosion and caries than children with normal weight. This study involved children aged 7-15 years. The study and control group comprised 32 children with BMI > 98th centile and 32 healthy children with normal BMI-for-age, respectively. O'Sullivan Erosion Index and WHO Caries Index were used in the examination of erosion and caries, respectively. Stimulated salivary flow rate, buffering capacity, Streptococcus mutans and lactobacilli counts (CFU/ml) were evaluated. A cross-sectional questionnaire survey was employed to collect information on participant's demographic background, oral health history and habits, and utilisation of dental care services. Children with obesity were more likely to have erosion than healthy children (p erosion in terms of severity (p erosion (OR 0.32, 95 % CI 0.012-0.082). Gender had no effect on erosion. There were no statistically significant differences in the DMFT, saliva profiles or questionnaire responses between the groups. Children with obesity may have high risk of dental erosion, but do not necessarily have higher risk of dental caries than children with normal weight.

  10. 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...

  11. 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)

    OpenAIRE

    Cüneyt AKAR

    2015-01-01

    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 ...

  12. Hydrochemical investigation and status of geochemical modeling of groundwater evolution at the Kamaishi in-situ tests site, Japan

    International Nuclear Information System (INIS)

    Sasamoto, Hiroshi; Yui, Mikazu; Arthur, Randolph C.

    1999-07-01

    The results of hydrochemical investigations of groundwaters in the Kurihashi granodiorite at JNC's Kamaishi in-situ tests site indicate that these solutions are: meteoric in origin, chemically reducing (at depths greater than a few hundreds meters), relatively young [residence times in the Kurihashi granodiorite generally less than about 40 years, but groundwaters older than several thousand years BP (before present) are also indicated by preliminary carbon-14 dating of samples obtained from the KH-1 borehole], Ca-HCO 3 type solutions near the surface, changing to Na-HCO 3 type groundwaters with increasing depth. The evolution of groundwater compositions in the Kurihashi granodiorite is modeled assuming local equilibrium for selected mineral-fluid reactions, taking into account the rainwater origin of these solutions. Results suggest it is possible to interpret approximately the 'real' groundwater chemistry (i.e., pH, Eh, total dissolved concentrations of Si, Na, Ca, K, Al, carbonate and sulfate) in the Kurihashi granodiorite if the following assumptions are adopted: CO 2 concentration in the gas phase contacting pore solutions in the overlying soil zone=10 -2 bar, minerals in the rock zone that control the solubility of respective elements in the groundwater include; chalcedony (Si), albite (Na), kaolinite (Al), calcite (Ca and carbonate), microcline (K) and pyrite (Eh and sulfate). Discussions with international experts suggest a systematic approach utilizing reaction-path models of irreversible water-rock interactions in open systems may be needed to more realistically model groundwater evolution at the Kamaishi test site. Detailed information characterizing certain site properties (e.g., fracture mineralogy) may be required to adequately constrain such models, however. (author)

  13. 41 CFR 109-27.5003 - Stock control.

    Science.gov (United States)

    2010-07-01

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

  14. 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…

  15. 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

  16. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

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

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

    OpenAIRE

    Matveev, Aleksandr

    2014-01-01

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

  18. 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.

  19. Scaling in the distribution of intertrade durations of Chinese stocks

    Science.gov (United States)

    Jiang, Zhi-Qiang; Chen, Wei; Zhou, Wei-Xing

    2008-10-01

    The distribution of intertrade durations, defined as the waiting times between two consecutive transactions, is investigated based upon the limit order book data of 23 liquid Chinese stocks listed on the Shenzhen Stock Exchange in the whole year 2003. A scaling pattern is observed in the distributions of intertrade durations, where the empirical density functions of the normalized intertrade durations of all 23 stocks collapse onto a single curve. The scaling pattern is also observed in the intertrade duration distributions for filled and partially filled trades and in the conditional distributions. The ensemble distributions for all stocks are modeled by the Weibull and the Tsallis q-exponential distributions. Maximum likelihood estimation shows that the Weibull distribution outperforms the q-exponential for not-too-large intertrade durations which account for more than 98.5% of the data. Alternatively, nonlinear least-squares estimation selects the q-exponential as a better model, in which the optimization is conducted on the distance between empirical and theoretical values of the logarithmic probability densities. The distribution of intertrade durations is Weibull followed by a power-law tail with an asymptotic tail exponent close to 3.

  20. EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Aleksandar Naumoski

    2017-06-01

    Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

  1. 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.

  2. 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

  3. Scaling and volatility of breakouts and breakdowns in stock price dynamics.

    Science.gov (United States)

    Liu, Lu; Wei, Jianrong; Huang, Jiping

    2013-01-01

    Because the movement of stock prices is not only ubiquitous in financial markets but also crucial for investors, extensive studies have been done to understand the law behind it. In particular, since the financial crisis in 2008, researchers have a more interest in investigating large market volatilities in order to grasp changing market trends. In this work, we analyze the breakouts and breakdowns of both the Standard & Poor's 500 Index in the US stock market and the Shanghai Composite Index in the Chinese stock market. The breakout usually represents an ongoing upward trend in technical analysis while the breakdown represents an ongoing downward trend. Based on the renormalization method, we introduce two parameters to quantize breakouts and breakdowns, respectively. We discover scaling behavior, characterized by power-law distributions for both the breakouts and breakdowns in the two financial markets with different power-law exponents, which reflect different market volatilities. In detail, the market volatility for breakdowns is usually larger than that for breakouts. Moreover, as an emerging market, the Chinese stock market has larger market volatilities for both the breakouts and breakdowns than the US stock market (a mature market). Further, the short-term volatilities show similar features for both the US stock market and the Chinese stock market. However, the medium-term volatilities in the US stock market are almost symmetrical for the breakouts and breakdowns, whereas those in the Chinese stock market appear to be asymmetrical for the breakouts and breakdowns. The methodology presented here provides a way to understand scaling and hence volatilities of breakouts and breakdowns in stock price dynamics. Our findings not only reveal the features of market volatilities but also make a comparison between mature and emerging financial markets.

  4. Scaling and volatility of breakouts and breakdowns in stock price dynamics.

    Directory of Open Access Journals (Sweden)

    Lu Liu

    Full Text Available BACKGROUND: Because the movement of stock prices is not only ubiquitous in financial markets but also crucial for investors, extensive studies have been done to understand the law behind it. In particular, since the financial crisis in 2008, researchers have a more interest in investigating large market volatilities in order to grasp changing market trends. METHODOLOGY/PRINCIPAL FINDINGS: In this work, we analyze the breakouts and breakdowns of both the Standard & Poor's 500 Index in the US stock market and the Shanghai Composite Index in the Chinese stock market. The breakout usually represents an ongoing upward trend in technical analysis while the breakdown represents an ongoing downward trend. Based on the renormalization method, we introduce two parameters to quantize breakouts and breakdowns, respectively. We discover scaling behavior, characterized by power-law distributions for both the breakouts and breakdowns in the two financial markets with different power-law exponents, which reflect different market volatilities. In detail, the market volatility for breakdowns is usually larger than that for breakouts. Moreover, as an emerging market, the Chinese stock market has larger market volatilities for both the breakouts and breakdowns than the US stock market (a mature market. Further, the short-term volatilities show similar features for both the US stock market and the Chinese stock market. However, the medium-term volatilities in the US stock market are almost symmetrical for the breakouts and breakdowns, whereas those in the Chinese stock market appear to be asymmetrical for the breakouts and breakdowns. CONCLUSIONS/SIGNIFICANCE: The methodology presented here provides a way to understand scaling and hence volatilities of breakouts and breakdowns in stock price dynamics. Our findings not only reveal the features of market volatilities but also make a comparison between mature and emerging financial markets.

  5. 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.

  6. The cross-correlation analysis of multi property of stock markets based on MM-DFA

    Science.gov (United States)

    Yang, Yujun; Li, Jianping; Yang, Yimei

    2017-09-01

    In this paper, we propose a new method called DH-MXA based on distribution histograms of Hurst surface and multiscale multifractal detrended fluctuation analysis. The method allows us to investigate the cross-correlation characteristics among multiple properties of different stock time series. It may provide a new way of measuring the nonlinearity of several signals. It also can provide a more stable and faithful description of cross-correlation of multiple properties of stocks. The DH-MXA helps us to present much richer information than multifractal detrented cross-correlation analysis and allows us to assess many universal and subtle cross-correlation characteristics of stock markets. We show DH-MXA by selecting four artificial data sets and five properties of four stock time series from different countries. The results show that our proposed method can be adapted to investigate the cross-correlation of stock markets. In general, the American stock markets are more mature and less volatile than the Chinese stock markets.

  7. 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...

  8. 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

    . 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...... of these variables on out-of-stock store switching. The results indicate that whereas preferred supermarket satisfaction negatively moderates the relation between quality consciousness and out-of-stock store switching, preferred supermarket satisfaction positively moderates the relation between price consciousness...

  9. Investor sentiment and stock returns: Evidence from provincial TV audience rating in China

    Science.gov (United States)

    Zhang, Yongjie; Zhang, Yuzhao; Shen, Dehua; Zhang, Wei

    2017-01-01

    In this paper, we advocate the provincial TV audience rating as the novel proxy for the provincial investor sentiment (PIS) and investigate its relation with stock returns. The empirical results firstly show that the PIS is positively related to stock returns. Secondly, we provide direct evidence on the existence of home bias in China by observing that the provincial correlation coefficient is significantly larger than the cross-provincial correlation coefficient. Finally, the PIS can explain a large proportion of provincial comovement. To sum up, all these findings support the role of the non-traditional information sources in understanding the ;anomalies; in stock market.

  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. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

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

    2008-01-01

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

  12. 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…

  13. 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

  14. Legal institutions, strategic default, and stock returns

    NARCIS (Netherlands)

    Favara, G.; Schroth, E.; Valta, P.

    2008-01-01

    This paper studies the impact of legal institutions on stock returns. More specifically, we examine how differences in debt enforcement and creditor protection around the world affect stock returns of individual firms. We hypothesize that if legal institutions prevent shareholders from engaging in

  15. Distinguishing manipulated stocks via trading network analysis

    Science.gov (United States)

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

    2011-10-01

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

  16. 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

  17. 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

  18. SETS, arbitrage activity and stock price dynamics

    NARCIS (Netherlands)

    Taylor, N.; van Dijk, D.; Franses, P.H.; Lucas, A.

    2000-01-01

    This paper provides an empirical description of the relationship between the trading system operated by a stock exchange and the trading behaviour of heterogeneous investors who use the exchange. The recent introduction of SETS in the London Stock Exchange provides an excellent opportunity to study

  19. 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...

  20. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

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

  1. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2006-01-01

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

  2. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2002-01-01

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

  3. 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.

  4. 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.

  5. Investigations on site suitability for a final repository of low-and intermediate-level radioactive wastes. Status report of phase I investigations for the feasible Bois de la Glaive site (community of Ollon, VD)

    International Nuclear Information System (INIS)

    1988-10-01

    On 30 th September 1985, site suitability investigations with a view to disposal of low- and intermediate-level radioactive waste were licensed by the Federal Government at three locations - Bois de la Glaive (Canton Vaud), Oberbauenstock (Canton Uri) and Piz Pian Grand (Canton Graubuenden). This report presents the status of the investigations at Bois de la Glaive as at the end of 1987 and discusses the results of the programme. Because of the opposition of the community of Ollon, none of the investigations subject to authorization have been carried out, even though these investigations had been approved by the Federal Government on 30 th September 1985. Nevertheless, various investigations not requiring a license have provided a considerable store of data. The details of the work actually carried out are as follows: (1) Detailed geological mapping of the earth's surface over an area of 22.5 km 2 on a scale of 1:5000. This study included the first geological recording of the Galerie de Salin (Salin drift) which formed part of an 18 th -century mine. (2) The existing hydrogeological data on the area were compiled and provided a first impression of the overall hydrogeological conditions. (3) The provisional concept of a possible repository at Bois de la Glaive and of the corresponding exploration gallery was elaborated under the point of view of civil engineering and the long-term behaviour of the host rock was assessed qualitatively. To summarize, based on the present stage of the investigations and on rock- resp. site-specific knowledge of the anhydrite as a host rock, there are no real reasons for ruling out the site. 54 refs., 11 figs

  6. 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…

  7. 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.

  8. 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)

  9. Dynamics relationship between stock prices and economic variables in Malaysia

    Science.gov (United States)

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

    2014-07-01

    Knowledge on linkages between stock prices and macroeconomic variables are essential in the formulation of effective monetary policy. This study investigates the relationship between stock prices in Malaysia (KLCI) with four selected macroeconomic variables, namely industrial production index (IPI), quasi money supply (MS2), real exchange rate (REXR) and 3-month Treasury bill (TRB). The variables used in this study are monthly data from 1996 to 2012. Vector error correction (VEC) model and Kalman filter (KF) technique are utilized to assess the impact of macroeconomic variables on the stock prices. The results from the cointegration test revealed that the stock prices and macroeconomic variables are cointegrated. Different from the constant estimate from the static VEC model, the KF estimates noticeably exhibit time-varying attributes over the entire sample period. The varying estimates of the impact coefficients should be better reflect the changing economic environment. Surprisingly, IPI is negatively related to the KLCI with the estimates of the impact slowly increase and become positive in recent years. TRB is found to be generally negatively related to the KLCI with the impact fluctuating along the constant estimate of the VEC model. The KF estimates for REXR and MS2 show a mixture of positive and negative impact on the KLCI. The coefficients of error correction term (ECT) are negative in majority of the sample period, signifying the stock prices responded to stabilize any short term deviation in the economic system. The findings from the KF model indicate that any implication that is based on the usual static model may lead to authorities implementing less appropriate policies.

  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. Dynamics and management of stage-structured fish stocks.

    Science.gov (United States)

    Meng, Xinzhu; Lundström, Niklas L P; Bodin, Mats; Brännström, Åke

    2013-01-01

    With increasing fishing pressures having brought several stocks to the brink of collapse, there is a need for developing efficient harvesting methods that account for factors beyond merely yield or profit. We consider the dynamics and management of a stage-structured fish stock. Our work is based on a consumer-resource model which De Roos et al. (in Theor. Popul. Biol. 73, 47-62, 2008) have derived as an approximation of a physiologically-structured counterpart. First, we rigorously prove the existence of steady states in both models, that the models share the same steady states, and that there exists at most one positive steady state. Furthermore, we carry out numerical investigations which suggest that a steady state is globally stable if it is locally stable. Second, we consider multiobjective harvesting strategies which account for yield, profit, and the recovery potential of the fish stock. The recovery potential is a measure of how quickly a fish stock can recover from a major disturbance and serves as an indication of the extinction risk associated with a harvesting strategy. Our analysis reveals that a small reduction in yield or profit allows for a disproportional increase in recovery potential. We also show that there exists a harvesting strategy with yield close to the maximum sustainable yield (MSY) and profit close to that associated with the maximum economic yield (MEY). In offering a good compromise between MSY and MEY, we believe that this harvesting strategy is preferable in most instances. Third, we consider the impact of harvesting on population size structure and analytically determine the most and least harmful harvesting strategies. We conclude that the most harmful harvesting strategy consists of harvesting both adults and juveniles, while harvesting only adults is the least harmful strategy. Finally, we find that a high percentage of juvenile biomass indicates elevated extinction risk and might therefore serve as an early-warning signal of

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

    OpenAIRE

    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 political commitment to a market-oriented policy as well as to regulatory and private property rights. We present evidence suggesting that progress in privatization is indeed correlated with impro...

  13. Biodiversity in floodplains with special reference to artificial stocking

    OpenAIRE

    Hossain, M.S.; Ehshan, M.A.; Mazid, M.A.; Rahman, S.; Razzaque, A.

    2000-01-01

    A five years investigation on fish biodiversity in connection with artificial stocking was conducted in three south-western floodplains of Bangladesh from 1992 to 1996. The ten top most available and ten rarest fish species were identified. Puntius sp., Channa punctatus, Mystus sp., Anabus testudinius, Ambasis sp., Colisha sp. and Macrobrachium sp. etc. were the most common available species. On the other hand, Mystus aor, Notopterus chitala, Clupisoma garua, Aplocheilus panchax, Ctenophmyngo...

  14. Fundamental ratios and stock market performance : evidence from Turkey

    OpenAIRE

    Parlak, Deniz

    2013-01-01

    The fundamental analysis strives to determine the approximate future market value of a firm and an important step in a fundamental analysis is the computation of basic ratios which provide an indication of firms' financial performance in several key areas. The purpose of this study is to investigate the financial performance of Turkish manufacturing companies and the impact of this performance on common stock returns for the three years from 2009 to 2012. The sample consisted of 20 chemical-s...

  15. Generalized Bogoliubov Polariton Model: An Application to Stock Exchange Market

    International Nuclear Information System (INIS)

    Anh, Chu Thuy; Anh, Truong Thi Ngoc; Lan, Nguyen Tri; Viet, Nguyen Ai

    2016-01-01

    A generalized Bogoliubov method for investigation non-simple and complex systems was developed. We take two branch polariton Hamiltonian model in second quantization representation and replace the energies of quasi-particles by two distribution functions of research objects. Application to stock exchange market was taken as an example, where the changing the form of return distribution functions from Boltzmann-like to Gaussian-like was studied. (paper)

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

    Directory of Open Access Journals (Sweden)

    Shuba M. V.

    2015-03-01

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

  17. Thinking Aloud While Solving a Stock-Flow Task: Surfacing the Correlation Heuristic and Other Reasoning Patterns

    NARCIS (Netherlands)

    Korzilius, H.P.L.M.; Raaijmakers, S.F.J.M.; Rouwette, E.A.J.A.; Vennix, J.A.M.

    2014-01-01

    In the literature, it is assumed that individuals, while performing stock-flow tasks, often use a correlation heuristic, a form of pattern matching in which they think that the behavior of the stock resembles the (net) flow. To investigate this assumption and to increase our insight in the actual

  18. 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

  19. 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.

  20. 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.