Determining supply chain safety stock level and location

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Bahareh Amirjabbari

2014-01-01

Full Text Available Purpose: The lean methodology and its principles have widely been applied in supply chain management in recent decades. Manufacturers are one of the most important contributors in a supply chain and inventory plays a paramount role for them to become lean. Therefore, there should be appropriate management of inventory and all of its drivers in accordance with a lean strategy. Safety stock is one of the main drivers of inventory; it protects against increasing the stretch in the breaking points of the supply chain, which in turn can result in possible reduction of inventory. In this paper an optimization model and a simulation model are developed and applied in a real case to optimize the safety stock level with the objective of logistics cost minimization.Design/methodology/approach: In order to optimize the safety stock level while minimizing logistics costs, a nonlinear cost minimization safety stock model is developed in this paper and then it is applied in a real world manufacturing case company. A safety stock simulation model based on appropriate metrics in the case company’s supply chain performance is also provided.Findings: These models result in not only the optimum levels but also locations of safety stock within the supply chain.Originality/value: In this research, two models of cost minimization and simulation have been developed and also applied in a real case company to result in not only optimized levels but also optimized locations of safety stock across the whole supply chain. In addition, the appropriate supply chain performance measurement metrics have been introduced in this paper and the simulation model is developed based on those.

Developing Inventory Projection Models Using Empirical Net Forest Growth and Growing-Stock Density Relationships Across U.S. Regions and Species Group

Science.gov (United States)

Prakash Nepal; Peter J. Ince; Kenneth E. Skog; Sun J. Chang

2012-01-01

This paper describes a set of empirical net forest growth models based on forest growing-stock density relationships for three U.S. regions (North, South, and West) and two species groups (softwoods and hardwoods) at the regional aggregate level. The growth models accurately predict historical U.S. timber inventory trends when we incorporate historical timber harvests...

Effect of Growing Size of Interaction Neighbors on the Evolution of Cooperation in Spatial Snowdrift Game

International Nuclear Information System (INIS)

Zhang Juanjuan; Sun Shiwen; Wang Li; Xia Chengyi; Wang Juan; Wang Zhen

2012-01-01

In this paper, we study the influence of the size of interaction neighbors (k) on the evolution of cooperation in the spatial snowdrift game. At first, we consider the effects of noise K and cost-to-benefit ratio r, the simulation results indicate that the evolution of cooperation depends on the combined action of noise and cost-to-benefit ratio. For a lower r, the cooperators are multitudinous and the cooperation frequency ultimately increases to 1 as the increase of noise. However, for a higher r, the defectors account for the majority of the game and dominate the game if the noise is large enough. Then we mainly investigate how k influences the evolution of cooperation by varying the noise in detail. We find that the frequency of cooperators is closely related to the size of neighborhood and cost-to-benefit ratio r. In the case of lower r, the augmentation of k plays no positive role in promoting the cooperation as compared with that of k = 4, while for higher r the cooperation is improved for a growing size of neighborhood. At last, based on the above discussions, we explore the cluster-forming mechanism among the cooperators. The current results are beneficial to further understand the evolution of cooperation in many natural, social and biological systems. (general)

Strengthening the Regional Integration in Central and Eastern Europe through Cohesion Policy Instruments and Cooperation among Stock Exchanges

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JULIA STEFANOVA

2014-05-01

Full Text Available The research paper is focused on the analysis of two ways of strengthening the regional integration in the Central and Eastern Europe – through the Cohesion policy instruments and cooperation among stock exchanges. Substantial benefits from the regional integration through cohesion policy include economic and social prosperity, political understanding. It should be further intensified, as it contributes to reduce regional disparities, exchange knowledge and best practices, ensure economic development. On the other hand, the deepening intra-regional cooperation among CEE stock exchanges leads to quantitative and qualitative changes in the course of their consolidation. Some assumptions are reached regarding expected changes on the Bulgarian capital market in the course of intensifying its intra-regional integrational links to CEE capital markets in conformity with set strategic priorities.

Global Concept of Financial Institutional Transformation of Stock Exchange

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Burmaka Mykola

2017-12-01

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

Impact of Diet Supplemented by Coconut Milk on Corticosterone and Acute Phase Protein Level under High Stocking Density

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Majid SHAKERI

2016-05-01

Full Text Available The purpose of this study was to investigate effects of coconut milk supplementation on corticosterone and acute phase protein level under high stocking density. A total 300 Cobb 500 male chicks were placed in cages and stocked as 10 birds/cage (normal stocking density and 15 birds/cage (high stocking density. The treatments were as (i control diet and stocked at 10 and 15 birds/cage (ii control diet + 3% coconut milk from 1-42 day and stocked at 10 and 15 birds/cage (iii control diet + 5% coconut milk from 1-42 day and stocked at 10 and 15 birds/cage. On day 42, 20 birds per treatment were slaughtered to collect blood samples. The results showed higher level of corticosterone and acute phase protein level in control diet compare to other supplemented diets with coconut milk. In conclusion, coconut milk decreased the level of corticosterone and acute phase protein when chicks were subjected to high stocking density.

Decision Support for the Rolling Stock Dispatcher

DEFF Research Database (Denmark)

Groth, Julie Jespersen

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

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

Science.gov (United States)

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

2014-08-02

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

Performance of farmers in the future stock market in agricultural sector

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Paulo Ricardo Lima

2013-03-01

Full Text Available This study aimed to evaluate the performance of the Coopermibra associated members related to agricultural contracts future. The study was carried in the municipality of Campo Mourão, State of Paraná, Brazil, through a descriptive and qualitative method. The sample consisted of 40 cooperative members, who were interviewed in September/2008 during on-farm visits together technical assistants or during farmers´ visits to the Cooperative. It was observed that 80% of the farmers perform early sales in the Cooperative branch. Among them, who can achieve a higher level of good decision (67.5%, are those that follow daily prices. The Cooperative works as an intermediary between the farmers and BM&F BOVESPA stock market because it has offered contracts to farmers for setting the price at the future at it branch, but it does not provide for the cooperative members a way to act directly in the market for derivatives. Such situation does not prevent the farmers to hold both types of contracts.

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

OpenAIRE

Juan Carlos Ames Santillán

2012-01-01

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

Growing container seedlings: Three considerations

Science.gov (United States)

Kas Dumroese; Thomas D. Landis

2015-01-01

The science of growing reforestation and conservation plants in containers has continually evolved, and three simple observations may greatly improve seedling quality. First, retaining stock in its original container for more than one growing season should be avoided. Second, strongly taprooted species now being grown as bareroot stock may be good candidates...

The study of the rate of convergence in the stock exchange market of ...

African Journals Online (AJOL)

The study of the rate of convergence in the stock exchange market of the ... level during the past years have created some concerns to managers and investors. ... This study used the stock price index of the Persian Gulf countries available on ...

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

Directory of Open Access Journals (Sweden)

Juan Carlos Ames Santillán

2012-06-01

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

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

OpenAIRE

Ames Santillán, Juan Carlos

2012-01-01

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

Ecosystem-Level Carbon Stocks in Costa Rican Mangrove Forests

Science.gov (United States)

Cifuentes, M.

2012-12-01

Tropical mangroves provide a wide variety of ecosystem services, including atmospheric carbon sequestration. Because of their high rates of carbon accumulation, the large expected size of their total stocks (from 2 to 5 times greater than those of upland tropical forests), and the alarming rates at which they are being converted to other uses (releasing globally from 0.02 to 0.12 Pg C yr-1), mangroves are receiving increasing attention as additional tools to mitigate climate change. However, data on whole ecosystem-level carbon in tropical mangroves is limited. Here I present the first estimate of ecosystem level carbon stocks in mangrove forests of Central America. I established 28, 125 m-long, sampling transects along the 4 main rivers draining the Térraba-Sierpe National Wetland in the southern Pacific coast of Costa Rica. This area represents 39% of all remaining mangroves in the country (48300 ha). A circular nested plot was placed every 25 m along each transect. Carbon stocks of standing trees, regeneration, the herbaceous layer, litter, and downed wood were measured following internationally-developed methods compatible with IPCC "Good Practice Guidelines". In addition, total soil carbon stocks were determined down to 1 m depth. Together, these carbon estimates represent the ecosystem-carbon stocks of these forests. The average aboveground carbon stocks were 72.5 ± 3.2 MgC ha-1 (range: 9 - 241 MgC ha-1), consistent with results elsewhere in the world. Between 74 and 92% of the aboveground carbon is stored in trees ≥ 5cm dbh. I found a significant correlation between basal area of trees ≥ 5cm dbh and total aboveground carbon. Soil carbon stocks to 1 m depth ranged between 141 y 593 MgC ha-1. Ecosystem-level carbon stocks ranged from 391 MgC ha-1 to 438 MgC ha-1, with a slight increase from south to north locations. Soil carbon stocks represent an average 76% of total ecosystem carbon stocks, while trees represent only 20%. These Costa Rican mangroves

Columbia River Stock Identification Study; Validation of Genetic Method, 1980-1981 Final Report.

Energy Technology Data Exchange (ETDEWEB)

Milner, George B.; Teel, David J.; Utter, Fred M. (Northwest and Alaska Fisheries Science Center, Coastal Zone and Estuarine Studies Division, Seattle, WA)

1981-06-01

The reliability of a method for obtaining maximum likelihood estimate of component stocks in mixed populations of salmonids through the frequency of genetic variants in a mixed population and in potentially contributing stocks was tested in 1980. A data base of 10 polymorphic loci from 14 hatchery stocks of spring chinook salmon of the Columbia River was used to estimate proportions of these stocks in four different blind'' mixtures whose true composition was only revealed subsequent to obtaining estimates. The accuracy and precision of these blind tests have validated the genetic method as a valuable means for identifying components of stock mixtures. Properties of the genetic method were further examined by simulation studies using the pooled data of the four blind tests as a mixed fishery. Replicated tests with samples sizes between 100 and 1,000 indicated that actual standard deviations on estimated contributions were consistently lower than calculated standard deviations; this difference diminished as sample size increased. It is recommended that future applications of the method be preceded by simulation studies that will identify appropriate levels of sampling required for acceptable levels of accuracy and precision. Variables in such studies include the stocks involved, the loci used, and the genetic differentiation among stocks. 8 refs., 6 figs., 4 tabs.

A note on cooperative versus non-cooperative strategies in international pollution control

Energy Technology Data Exchange (ETDEWEB)

Rubio, Santiago J.; Casino, Begona [Department of Economic Analysis, University of Valencia, Avda. de los Naranjos s/n, Edificio Departamental Oriental, 46022 Valencia (Spain)

2002-06-01

In this note, we evaluate the scope of Dockner and Long's [Journal of Environment Economics and Management 24 (1993) 13] conclusion on the efficiency of the non-cooperative outcome in a differential game of international pollution control. We also complete the study of the different equilibria the differential game can present. Our results show that their conclusion requires that the initial value of the stock of pollution be higher than the Pareto-efficient pollution stock so that the equilibrium path of emissions involves a decreasing stock of pollution. Our results also show that the application of the procedure proposed by Tsutsui and Mino [Journal of Economic Theory 52 (1990) 136] to construct a Markov-perfect equilibrium using non-linear strategies is problematic when the initial pollution stock is lower than the Pareto-efficient pollution stock.

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

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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.

The independence principle for the subject of administration of stock trading companies. Comparative study of European legislation

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Dragoş-Mihail Daghie

2009-06-01

Full Text Available One of the main contemporary reforms of the trading companies in Romania has been realized through Lawno. 441/2006, through which, besides the introduction of corporatist government principles, other legislations and otherconceptions of absolute novelty have been transplanted. Among these new principles there is also the independentadministrator, which founds its regulation in art. 1382 from Law no. 31/1990 according to which „through the constitutivepaper or through the decision of the general assembly of the stock holders, can foresee that one or more members of theadministration committee to be independent”. The appointment of some independent administrators represents putting inapplication of the principles of the Organization for Cooperation and Economical Development concerning newcorporatist governing concepts by implementing of some fundamental rights of the stock holders, rights that the stockholders detain apart from their participation to the social capital. In Romania, in comparison with countries like England,France, Spain, Germany, where the corporative governing has reached another implementation level, the new principlesbrought in the life of the stock trading company, concerning its management, is at the beginning of the road; the next stepis to confirm or, on the contrary, contest their necessity.

Competition or cooperation in transboundary fish stocks management: Insight from a dynamical model.

Science.gov (United States)

Nguyen, Trong Hieu; Brochier, Timothée; Auger, Pierre; Trinh, Viet Duoc; Brehmer, Patrice

2018-06-14

An idealized system of a shared fish stock associated with different exclusive economic zones (EEZ) is modelled. Parameters were estimated for the case of the small pelagic fisheries shared between Southern Morocco, Mauritania and the Senegambia. Two models of fishing effort distribution were explored. The first one considers independent national fisheries in each EEZ, with a cost per unit of fishing effort that depends on local fishery policy. The second one considers the case of a fully cooperative fishery performed by an international fleet freely moving across the borders. Both models are based on a set of six ordinary differential equations describing the time evolution of the fish biomass and the fishing effort. We take advantage of the two time scales to obtain a reduced model governing the total fish biomass of the system and fishing efforts in each zone. At the fast equilibrium, the fish distribution follows the ideal free distribution according to the carrying capacity in each area. Different equilibria can be reached according to management choices. When fishing fleets are independent and national fishery policies are not harmonized, in the general case, competition leads after a few decades to a scenario where only one fishery remains sustainable. In the case of sub-regional agreement acting on the adjustment of cost per unit of fishing effort in each EEZ, we found that a large number of equilibria exists. In this last case the initial distribution of fishing effort strongly impact the optimal equilibrium that can be reached. Lastly, the country with the highest carrying capacity density may get less landings when collaborating with other countries than if it minimises its fishing costs. The second fully cooperative model shows that a single international fishing fleet moving freely in the fishing areas leads to a sustainable equilibrium. Such findings should foster regional fisheries organizations to get potential new ways for neighbouring fish stock

Vitamin D levels in children with growing pains

International Nuclear Information System (INIS)

Qamar, S.; Shmim, S.

2011-01-01

To estimate the serum levels of vitamin D in children with growing pains and determine the relationship between serum vitamin D levels, parathormone and routine biochemical markers. Study Design: Cross-sectional study. Place and Duration of Study: Department of Paediatrics, Liaquat National Hospital, Karachi, from October 2008 to September 2009. Methodology: Hundred children, aged 5-12 years presenting in Paediatric Outpatient Department of Liaquat National Hospital, Karachi, with limb pains, fulfilling the diagnostic criteria of growing pains, were included. Children with any systemic illness, organic cause of pain, rheumatologic disorders and signs of rickets were excluded from the study. Children were investigated for serum total calcium, inorganic phosphorus, alkaline phosphatase, vitamin D3 (25-hydroxycholecalciferol) and parathormone levels. On the basis of serum vitamin D3 level, patients were divided into 3 groups; group 1 with normal level of vitamin D3 (> 75 nmol/L), group 2 with vitamin D insufficiency (level between 50-75 nmol/L), and group 3 with vitamin D deficiency (level < 50 nmol/L). Significance of group proportions was determined using chi-square test with significance at p < 0.05. Results: The mean age of the participants was 8.05 years with the majority (59%) being females. Only 6% had normal vitamin D levels. Over 95% of the children with vitamin D insufficiency had normal alkaline phosphatase and parathormone levels. Conclusion: Hypovitaminosis D may have a role in pathogenesis of growing pains. All children with unexplained limb pains without identifiable organic pathology should be tested for vitamin D status, and treated, if necessary. Routine biochemical markers alone are not sufficient to detect all cases of hypovitaminosis D. (author)

Mapping Canopy Height and Growing Stock Volume Using Airborne Lidar, ALOS PALSAR and Landsat ETM+

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Wayne Walker

2012-10-01

Full Text Available We have investigated for forest plantations in Chile the stand-level retrieval of canopy height (CH and growing stock volume (GSV using Airborne Laser Scanner (ALS, ALOS PALSAR and Landsat. In a two-stage up-scaling approach, ensemble regression tree models (randomForest were used to relate a suite of ALS canopy structure indices to stand-level in situ measurements of CH and GSV for 319 stands. The retrieval of CH and GSV with ALS yielded high accuracies with R2s of 0.93 and 0.81, respectively. A second set of randomForest models was developed using multi-temporal ALOS PALSAR intensities and repeat-pass coherences in two polarizations as well as Landsat data as predictor and stand-level ALS based estimates of CH and GSV as response variables. At three test sites, the retrieval of CH and GSV with PALSAR/Landsat reached promising accuracies with R2s in the range of 0.7 to 0.85. We show that the combined use of multi-temporal PALSAR intensity, coherence and Landsat yields higher retrieval accuracies than the retrieval with any of the datasets alone. Potential limitations for the large-area application of the fusion approach included (1 the low sensitivity of ALS first/last return data to forest horizontal structure, affecting the retrieval of GSV in less managed types of forest, and (2 the dense ALS sampling required to achieve high retrieval accuracies at larger scale.

Grow-out of spiny lobster Panulirus sp. with high stocking density in controlled tanks

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Rio Yusufi Subhan

2018-05-01

Full Text Available ABSTRACTThe aim of this research was to determine optimum stocking density for growing-out of spiny lobster Panulirus sp. in controlled tanks that conducted for 30 days. The experimental spiny lobsters have the initial average weight of 130.39 ± 0.32 g and initial average total length of 140.70 ± 0.06 mm. This study used completely randomized design with three different stocking densities (KT10: 10 ind/m3; KT18: 18 ind/m3; and KT26: 26 ind/m3 and two replications. The parameters observed in this study included water quality (temperature, pH, salinity, dissolved oxygen, and total ammonia nitrogen, physiological responses (total haemocyte count, haemolymph glucose, and frequency of molt, and production performances, such as growth, specific growth rate, feed conversion ratio, and survival rate. The results showed that the spiny lobster could be reared in high stocking density in controlled tanks. Water quality during the study in each treatment was; temperature 26.56–28.65oC, salinity 29.7–33.6 g/L, pH 7.5–8.5, dissolved oxygen 6.15–6.58 mg/L, and total ammonia nitrogen 0.11–0.34 mg/L. The best stocking densities for spiny lobster was 18 ind/m3 (KT18 with 2.5‒3.5×106cells/mL total haemocyte counts, 24.6‒28.3 mg/dL haemolymph glucose, and 38.37 ± 3.20% frequency of molt. The final average body weight and length were 145.06 ± 0.42 g and 142.77 ± 0.19 mm, respectively. The survival rate reached 86.11 ± 3.92% with a specific growth rate 0.35 ± 0.01%/day, and feed conversion ratio 7.87 ± 0.31.Keywords: high stocking density, Panulirus sp., physiological responses, productivity.  ABSTRAKTujuan dari penelitian ini adalah untuk menentukan kepadatan terbaik dalam pembesaran lobster laut Panulirus sp. yang dipelihara dalam bak terkontrol selama 30 hari. Lobster laut yang digunakan pada awal penelitian memiliki bobot 130,39 ± 0,32 g dan panjang total 140,70 ± 0,06 mm. Penelitian dilakukan menggunakan rancangan acak lengkap dengan

An Empirical study of the Co-integration of the Indian stock market with select Stock Exchanges

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Smita RAMAKRISHNA

2017-07-01

Full Text Available Fluctuations in the stock market can have an intense economic impact on the economy. This paper studies the inter-linkages between select stock markets. Daily closing levels of the benchmark indices are taken for a period of 15 years. The stationarity of the series has checked by applying line charts and unit-root test. Granger’s causality model and Vector Auto Regression (VAR model are performed to identify the integration among the markets chosen for study. The series was found to be stationary. Granger’s causality indicated that there is a causation effect by some of the markets uni-directionally. The results of Granger Causality test indicate a unidirectional causality from the Indian Market to Canada and China. In the reverse direction, Korea causes movements in the Indian markets

The level of influence of trust, commitment, cooperation, and power in the interorganizational relationships of Brazilian credit cooperatives

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Denise Maria Martins

Full Text Available Abstract This article aims to analyze the level of influence of trust, commitment, cooperation, and power in the interrelationships of individual credit cooperatives and their central organization in Brazil. The quantitative and descriptive research was developed in unique credit unions linked to the Central Bank of Brazil and the Organization of Brazilian Cooperatives. The data were analyzed using structural equation modeling, with the estimation through partial least squares. The results obtained for the coefficients of determination (R2 of the endogenous latent variables confirmed the assumptions found in the theoretical models of Morgan and Hunt (1994 and Coote, Forrest, and Tam (2003. Statistical significance was also found in the relationships between power and trust, commitment and cooperation, trust and commitment, trust and cooperation, and power and commitment. However, in this study the relationship between power and commitment characterized the significance and was positive between the individual credit cooperatives and their central organization. This is in line with the understanding that power is the solution to resolving conflicts. The research identifies how the constructs of trust, commitment, cooperation, and power show relevance to the alignment of relations between individual credit cooperatives and their central organization.

Corruption and Stock Market Development: New Evidence from GCC Countries

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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.

Dietary protein level and performance of growing Baladi kids.

Science.gov (United States)

Abdelrahman, M M; Aljumaah, R S

2014-01-01

A study was conducted to evaluate the effect of feeding different levels of protein to black Baladi breed kids. Weanling Baladi kids (n=18; 75 to 90 days old) were selected and individually housed at our experimental farm. Kids were divided randomly to one of the three treatments for 12 weeks. The three dietary treatments were: T1: control ration, formulated according to NRC to cover the protein (level 1) and other nutrients requirements. T2: ration formulated to cover only 75% of protein (level 2) recommended by NRC. T3: control diet + 2.4 g undegradable methionine (Smartamine®)/day/kid (level 3). Feed intake, initial and monthly body weights were recorded. Blood samples were collected monthly and analyzed for metabolites and Co, Zn and Cu levels. Decreasing the dietary level of protein (T2) negatively affected (Pkids below the NRC requirements of protein negatively affect the growth performance and feed efficiency. The recommended protein level by NRC for growing kids cover the requirements of growing black Baladi kids for maximum growth and productivity.

Energy demand in the Norwegian building stock. Scenarios on potential reduction

Energy Technology Data Exchange (ETDEWEB)

Sartori, Igor; Hestnes, Anne Grete [Department of Architectural Design, History and Technology, Norwegian University of Science and Technology (NTNU), 7491 Trondheim (Norway); Wachenfeldt, Bjoern Jensen [SINTEF Building and Infrastructure, 7465 Trondheim (Norway)

2009-05-15

A model has been developed for studying the effect of three hypothetical approaches in reducing electricity and energy demand in the Norwegian building stock: wide diffusion of thermal carriers, heat pumps and conservation measures, respectively. Combinations of these are also considered. The model has a demand side perspective, considers both residential and service sectors, and calculates energy flows from net to delivered energy. Energy demand is given by the product of activity and intensity matrices. The activity levels are defined for the stock and the new construction, renovation and demolition flows. The intensity properties are defined in archetypes, and are the result of different energy class and heating carriers share options. The scenarios are shaped by combining the activity flows with different archetypes. The results show that adopting conservation measures on a large scale does allow reducing both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlight the importance of making a clear distinction between the assumptions on intensity and activity levels. (author)

Energy demand in the Norwegian building stock: Scenarios on potential reduction

Energy Technology Data Exchange (ETDEWEB)

Sartori, Igor [Department of Architectural Design, History and Technology, Norwegian University of Science and Technology (NTNU), 7491 Trondheim (Norway)], E-mail: igor.sartori@sintef.no; Wachenfeldt, Bjorn Jensen [SINTEF Building and Infrastructure, 7465 Trondheim (Norway); Hestnes, Anne Grete [Department of Architectural Design, History and Technology, Norwegian University of Science and Technology (NTNU), 7491 Trondheim (Norway)

2009-05-15

A model has been developed for studying the effect of three hypothetical approaches in reducing electricity and energy demand in the Norwegian building stock: wide diffusion of thermal carriers, heat pumps and conservation measures, respectively. Combinations of these are also considered. The model has a demand side perspective, considers both residential and service sectors, and calculates energy flows from net to delivered energy. Energy demand is given by the product of activity and intensity matrices. The activity levels are defined for the stock and the new construction, renovation and demolition flows. The intensity properties are defined in archetypes, and are the result of different energy class and heating carriers share options. The scenarios are shaped by combining the activity flows with different archetypes. The results show that adopting conservation measures on a large scale does allow reducing both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlight the importance of making a clear distinction between the assumptions on intensity and activity levels.

Energy demand in the Norwegian building stock: Scenarios on potential reduction

International Nuclear Information System (INIS)

Sartori, Igor; Wachenfeldt, Bjorn Jensen; Hestnes, Anne Grete

2009-01-01

A model has been developed for studying the effect of three hypothetical approaches in reducing electricity and energy demand in the Norwegian building stock: wide diffusion of thermal carriers, heat pumps and conservation measures, respectively. Combinations of these are also considered. The model has a demand side perspective, considers both residential and service sectors, and calculates energy flows from net to delivered energy. Energy demand is given by the product of activity and intensity matrices. The activity levels are defined for the stock and the new construction, renovation and demolition flows. The intensity properties are defined in archetypes, and are the result of different energy class and heating carriers share options. The scenarios are shaped by combining the activity flows with different archetypes. The results show that adopting conservation measures on a large scale does allow reducing both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlight the importance of making a clear distinction between the assumptions on intensity and activity levels.

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

Level crossing analysis of growing surfaces

International Nuclear Information System (INIS)

Shahbazi, F; Sobhanian, S; Tabar, M Reza Rahimi; Khorram, S; Frootan, G R; Zahed, H

2003-01-01

We investigate the average frequency of positive slope ν + α , crossing the height α = h - h-bar in the surface growing processes. The exact level crossing analysis of the random deposition model and the Kardar-Parisi-Zhang equation in the strong coupling limit before creation of singularities is given

Development of an Executive Level Stock Fund Handbook

Science.gov (United States)

1990-09-01

appearance of a document. Format involves, among other matters, the typography and physical arrangement of the words of a document. However, not only...Concepts What Are Stock Funds? Unless you actually worked with stock funds before, your immediate reaction may be captured by the thought "smoke and

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

Directory of Open Access Journals (Sweden)

Tajus Subqi

2016-08-01

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

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

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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.

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.

Linkage between company scores and stock returns

Directory of Open Access Journals (Sweden)

Saban Celik

2017-12-01

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

Global Education and the Cooperation of NGOs and Schools: A German Case Study

Science.gov (United States)

Bergmüller, Claudia

2016-01-01

In recent years, there has been growing pressure but also an increase of possibilities for non-governmental organizations (NGOs) to cooperate with schools in the field of global education. However, especially in cases of more continuous forms of cooperation, difficulties in process management are noted and the intended cooperation impacts often…

Market impact and trading profile of hidden orders in stock markets.

Science.gov (United States)

Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

2009-12-01

We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

The Effects of Domestic Macroeconomic Determinants on Stock Returns: A Sector Level Analysis

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Şerife Özlen

2014-08-01

Full Text Available Investment analysis should be carefully performed in stock markets. Therefore, firms take necessary actions according to stock market behavior and macroeconomic variables. Therefore, the predictability of stock market determinants becomes important. This study aims to identify the effects of selected macroeconomic factors (interest rate, exchange rates, inflation-consumer price index, current account deficit, unemployment rates and sector indices on stock returns of selected 48 companies in 11 different sectors of Istanbul Stock Exchange including electric, food, communication, paper, chemistry, metal-main, metal-product, stone, textile, commerce and transportation sectors. The study employs ARDL approach on the period between the second month of 2005 and the second month of 2012 including 85 monthly observations. According to the results, Sector Indices are found to be quite influential through the selected sectors. Exchanges rate is also significantly influential on almost all the sectors except Communication and Textile sectors. The impacts of Interest Rate, Inflation Rate, Current Account Deficit, and Unemployment Rate are various through the selected sectors. Moreover, the influence of Istanbul Stock Exchange Market on the stock returns of considered companies is significantly clear through the sectors except six companies (two companies from Paper sector, one company from Metal-Main sector, two companies from Stone sector and one company from Textile sector out of 48 companies. Since it includes a wide range of companies and sectors, this study is expected to be useful for all policy makers and investment decisions.

26 CFR 301.7701-14 - Cooperative bank.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Cooperative bank. 301.7701-14 Section 301.7701... ADMINISTRATION PROCEDURE AND ADMINISTRATION Definitions § 301.7701-14 Cooperative bank. For taxable years beginning after October 16, 1962, the term “cooperative bank” means an institution without capital stock...

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.

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.

Exploiting Growing Stock Volume Maps for Large Scale Forest Resource Assessment: Cross-Comparisons of ASAR- and PALSAR-Based GSV Estimates with Forest Inventory in Central Siberia

Directory of Open Access Journals (Sweden)

Christian Hüttich

2014-07-01

Full Text Available Growing stock volume is an important biophysical parameter describing the state and dynamics of the Boreal zone. Validation of growing stock volume (GSV maps based on satellite remote sensing is challenging due to the lack of consistent ground reference data. The monitoring and assessment of the remote Russian forest resources of Siberia can only be done by integrating remote sensing techniques and interdisciplinary collaboration. In this paper, we assess the information content of GSV estimates in Central Siberian forests obtained at 25 m from ALOS-PALSAR and 1 km from ENVISAT-ASAR backscatter data. The estimates have been cross-compared with respect to forest inventory data showing 34% relative RMSE for the ASAR-based GSV retrievals and 39.4% for the PALSAR-based estimates of GSV. Fragmentation analyses using a MODIS-based land cover dataset revealed an increase of retrieval error with increasing fragmentation of the landscape. Cross-comparisons of multiple SAR-based GSV estimates helped to detect inconsistencies in the forest inventory data and can support an update of outdated forest inventory stands.

Momentum Investment Strategy : (An Empirical Study of the Canadian Stock Market and the Swedish Stock Market)

OpenAIRE

Ludvigsson, Anita

2008-01-01

Abstract Market efficiency is a highly debated topic within the academic research field of finance. Several studies have presented that the return on stocks may be predictable by employing the momentum investment strategy, which contradicts the Efficient Market Hypothesis in exchange market. There is extensive international evidence, on an academic level that the momentum investment strategy yields positive abnormal returns when short-term periods are considered. This paper examines the profi...

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

Science.gov (United States)

Stewart, David R.; Long, James M.

2015-01-01

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

The Effects of Accounting Treatment and Financial Crisis on the Stock Option Plans of Italian Companies

Directory of Open Access Journals (Sweden)

Francesco Avallone

2014-03-01

Full Text Available Many studies state that favourable accounting treatment has been one of the main reasons behind employee stock options. In addition, stock options have recently been the target of growing criticism with a possible influence on incentive effectiveness and outrage costs. In such a perspective, the main purpose of the paper is to explore the impact of IFRS 2 and of the recent financial crisis on stock option compensation. Empirical evidence suggests that: (i IFRS 2 did not have a significant effect on stock option granting, (ii the issue of stock options is less likely to occur during the financial crisis.

An empirical study about catering theory of dividends: The proof from Chinese stock market

Directory of Open Access Journals (Sweden)

Xiaoguang Lu

2014-05-01

Full Text Available Purpose: This paper aims to study the remarkable effect of dividends catering in Chinese stock market, and its significance on dividend policy and investment decisions. Is there a significant difference in operation status of companies between issuing cash dividend and those without cash dividend, and which one is the better? Is there a significant difference in income level of stocks between issuing cash dividend and those without cash dividend, which one is the higher? Is the irrational preference of cash dividend detracting along with the development and improvement of securities market? All issues above need the market inspection.Design/methodology/approach: Based on related dividend theories and the empirical data of Chinese securities market, we construct three portfolios including stock dividend, cash dividend and non-dividend. The paper studies the returns from these three kinds of portfolios which is analyzed by the least significant difference method, co-integration model, Sharpe index model, and error correction model, and then finally comes to the conclusions.Findings: The main finding is that there is significant effect of dividends catering in Chinese stock market; the income level of cash dividend portfolio is significantly lower than that of other portfolios; the listed companies issuing stock dividend have a high investment value.Originality/value: Through collecting a lot of data from the year 2004 to 2009 and developing models to analyze, the paper deem that whether the earnings growth or not determines the dividend policy of listed companies, and that stock dividend is the natural choice for those listed companies which have sustainable development advantages.

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.

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

Directory of Open Access Journals (Sweden)

Shelly Midesia

2016-09-01

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

An fMRI study of joint action – varying levels of cooperation correlates with activity in sensorimotor control, but not mentalization, networks

Directory of Open Access Journals (Sweden)

Thierry eChaminade

2012-06-01

Full Text Available As social agents, humans continuously interact with with the people around them. Here, motor cooperation was investigated by designing a situation in which pairs of participants, one being scanned with fMRI, controlled jointly a visually presented object with joystick movements. The object oscillated dynamically along two dimensions, shades of pink and width of gratings, corresponding to the two cardinal directions of joystick movements. While the overall control of each participant on the object was kept constant, the amount of cooperation along the two dimensions varied along four levels, from no (each participant controlled exclusively one dimension to full (each participant controlled half of each dimension cooperation. Increasing cooperation correlated with BOLD signal in the left parietal operculum and anterior cingulate cortex, while decreasing cooperation correlated with activity in the right inferior frontal and superior temporal gyri, in the intraparietal sulci and inferior temporal gyrii bilaterally, and in the dorsomedial prefrontal cortex. As joint control improved with the level of cooperation, we assessed the brain responses correlating with joint performance, and found that activity in most of the areas associated with levels of cooperation also correlated with the joint performance. The only brain area found exclusively in the negative correlation with cooperation was within the posterior region of the rostral medial frontal cortex, involved in the monitoring of action outcome. We therefore propose that this region responds to the predictability of visual feedback given the motor commands, which is maximal when participants do not cooperate as they fully control one dimension. Our results therefore indicate that, in the current experimental paradigm, the level of cooperation affects sensorimotor processing, but not mentalizing. Altogether, humans do not need to have access to others’ intentional states to cooperate on a joint

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.

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

Science.gov (United States)

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

2017-07-01

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

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.

Consumer cooperatives as a new governance form : the case of the cooperatives in the broadband industry

NARCIS (Netherlands)

Sadowski, B.M.

2014-01-01

Since Williamson’s semi-final paper (1975) on governance forms in a market economy, a growing number of studies have focused on new forms of governance, but research seems to have neglected consumer cooperatives despite their growing importance in some sectors of the economy. With an increasing

Recycling strategy of the end-of-life rolling stock in China

Science.gov (United States)

Guo, L.; Wang, X. W.; Lin, Y.; Shen, X. F.; Liu, Y. Q.

2018-03-01

China's high-speed railway industry is growing fast, the side effect is that plenty of rolling stock come to the end of life each year. However, there are not relevant standards nor regulations for the recycling of rolling stock in China, which causes pollution and a waste of resources. In this paper, the basic meaning and characteristics of the circular economy is reviewed and applied to the rolling stock industry. The recycling steps are elaborated in detail according to the characteristics of rolling stock. The result proves that circular economy has both the theoretical and practical meaning in the rolling stock recycling industry in China.

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

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-06-01

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

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

Directory of Open Access Journals (Sweden)

Muhammad Iqbal

2017-03-01

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

Fiber level for laying hens during the growing phase

Directory of Open Access Journals (Sweden)

Ednardo Rodrigues Freitas

2014-04-01

Full Text Available Feeding management of laying hens has been focused on the direct influence of nutrient intake on weight gain, especially at growing phase. This study evaluates nutrient digestibility, performance, development of the digestive tract, body composition, and bone quality of two strains of laying hens fed with different levels of neutral detergent fiber (NDF during the growing phase from the 7th to the 12th week of age. A total of 1,296 birds were distributed in a completely randomized design in a 2 x 3 factorial arrangement (two strains x three levels of NDF with four replicates of 54 birds per treatment. Semi-heavy (Hy Line Brown and light-strain (Lohman LSL pullets were allotted to dietary treatments consisting of 14.50, 16.50, and 18.50% NDF. An interaction between strains and NDF levels was observed only for feed/gain ratio and light-strain pullets had lower performance with 18.50% NDF. The increasing levels of NDF in the diet reduced the coefficients of digestibility of dry matter, nitrogen and gross energy, and the values of metabolizable energy. Higher levels of NDF in the diet increased the relative weight of liver and intestines and reduced gizzard weight. It was also observed differences between bone quality and composition of the femur and tibia of light and semi-heavy hens. The increase in NDF level in ration for growing phase laying hens above 14.50% decreases the nutrient digestibility and the metabolizable energy of the diet; however, it does not affect the carcass composition, bone quality, feed intake, and weight gain, although it may impair feed conversion of light-strain pullets.

Engaging Communities in Commodity Stock Monitoring Using Telecommunication Technology in Primary Health Care Facilities in Rural Nigeria

Directory of Open Access Journals (Sweden)

Ugo Okoli

2015-10-01

Full Text Available Background: With several efforts being made by key stakeholders to bridge the gap between beneficiaries and their having full access to free supplies, frequent stock-out, pilfering, collection of user fees for health commodities, and poor community engagement continue to plague the delivery of health services at the primary health care (PHC level in rural Nigeria. Objective: To assess the potential in the use of telecommunication technology as an effective way to engage members of the community in commodity stock monitoring, increase utilization of services, as well as promote accountability and community ownership. Methods: The pilot done in 8 PHCs from 4 locations within Nigeria utilized telecommunication technologies to exchange information on stock monitoring. A triangulated technique of data validation through cross verification from 3 subsets of respondents was used: 160 ward development committee (WDC members, 8 officers-in-charge (OICs of PHCs, and 383 beneficiaries (health facility users participated. Data collection made through a call center over a period of 3 months from July to September 2014 focused on WDC participation in inventory of commodities and type and cost of maternal, neonatal, and child health services accessed by each beneficiary. Results: Results showed that all WDCs involved in the pilot study became very active, and there was a strong cooperation between the OICs and the WDCs in monitoring commodity stock levels as the OICs participated in the monthly WDC meetings 96% of the time. A sharp decline in the collection of user fees was observed, and there was a 10% rise in overall access to free health care services by beneficiaries. Conclusion: This study reveals the effectiveness of mobile phones and indicates that telecommunication technologies can play an important role in engaging communities to monitor PHC stock levels as well as reduce the incidence of user fees collection and pilfering of commodities (PHC level in

Dynamic Stock Market Participation of Households

DEFF Research Database (Denmark)

Khorunzhina, Natalia

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

Methods of cutting ponderosa pine in the Southwest - Establishment report: Even-aged yield study, Plot 11

Science.gov (United States)

Gilbert H. Schubert

1963-01-01

The objectie of the study is to obtain information on the growth and yield of even-aged stands of different stocking levels. The plot will also serve as the start of a detailed growing stock study for the ponderosa pine region.

Heavy Metals Levels in Soil and Vegetables in Different Growing Systems

Directory of Open Access Journals (Sweden)

Hura C.

2013-04-01

Full Text Available The current project deals with an issue of actuality and scientific/technical necessity and aims to assess the factors contributing to the vulnerability of ecological systems and therefore endangering/compromising food safety. The goals of this ongoing study are to address the main risk factors on ecological system with particular regards to fresh growing vegetables and to establish technical monitoring system(s with a view to increase food safety. Herein, the authors present the research results obtained in 2011 in SIECOLEG Project regarding the assessment of some heavy metals (mainly lead, cadmium, cooper, and manganese of 80 samples soils and 25 samples vegetables from some ecological system. The concentrations of heavy metals were measured by Atomic absorption spectrometer (AAS Schimadzu 6300 - with graphite furnace atomizer and autosampler. In soil: lead and cadmium concentrations ranged from 4.51 to 6.58 mg/kg and from 0.14 to 0.4 mg/kg, respectively. Cooper and manganese concentrations ranged from 20.73 to 6.58 mg/kg and from 218.1 to 298.3 mg/kg, respectively. In vegetables (tomatoes, cucumber, peppers, eggplant, cabbage: lead concentrations ranged from 0.0 (tomatoes to 4.35 mg/kg (cabbage; cooper concentrations ranged from 0.2 mg/kg (cucumber to 0.80 mg/kg (eggplant; manganese concentrations ranged from 0.0 mg/kg (tomatoes to 0.60 mg/kg (eggplant. Cadmium was not detected in any of analysed vegetable samples. Under these circumstances, the project intends to demonstrate the extent of this vulnerability and to elaborate measures for controlling and diminishing the effects of the involved factors in order to increase food safety and security for ecological fresh vegetables

Macroeconomic determinants of conditional stock-bond correlation ...

African Journals Online (AJOL)

The study focuses on the dependence of stock-bond returns correlation on inflation and interest rate, and attempts to explain conditional stock-bond correlation using the argument that these variables' effects change based on levels of their volatilities as suggested by rational present value asset pricing theory, rather than ...

Evolutionary game dynamics in a growing structured population

Energy Technology Data Exchange (ETDEWEB)

Poncela, Julia; Gomez-Gardenes, Jesus; Moreno, Yamir [Institute for Biocomputation and Physics of Complex Systems (BIFI), University of Zaragoza, E-50009 Zaragoza (Spain); Traulsen, Arne [Emmy-Noether Group for Evolutionary Dynamics, Department of Evolutionary Ecology, Max Planck Institute for Evolutionary Biology, August-Thienemann-Strasse 2, 24306 Ploen (Germany)], E-mail: traulsen@evolbio.mpg.de

2009-08-15

We discuss a model for evolutionary game dynamics in a growing, network-structured population. In our model, new players can either make connections to random preexisting players or preferentially attach to those that have been successful in the past. The latter depends on the dynamics of strategies in the game, which we implement following the so-called Fermi rule such that the limits of weak and strong strategy selection can be explored. Our framework allows to address general evolutionary games. With only two parameters describing the preferential attachment and the intensity of selection, we describe a wide range of network structures and evolutionary scenarios. Our results show that even for moderate payoff preferential attachment, over represented hubs arise. Interestingly, we find that while the networks are growing, high levels of cooperation are attained, but the same network structure does not promote cooperation as a static network. Therefore, the mechanism of payoff preferential attachment is different to those usually invoked to explain the promotion of cooperation in static, already-grown networks.

Evolutionary game dynamics in a growing structured population

International Nuclear Information System (INIS)

Poncela, Julia; Gomez-Gardenes, Jesus; Moreno, Yamir; Traulsen, Arne

2009-01-01

We discuss a model for evolutionary game dynamics in a growing, network-structured population. In our model, new players can either make connections to random preexisting players or preferentially attach to those that have been successful in the past. The latter depends on the dynamics of strategies in the game, which we implement following the so-called Fermi rule such that the limits of weak and strong strategy selection can be explored. Our framework allows to address general evolutionary games. With only two parameters describing the preferential attachment and the intensity of selection, we describe a wide range of network structures and evolutionary scenarios. Our results show that even for moderate payoff preferential attachment, over represented hubs arise. Interestingly, we find that while the networks are growing, high levels of cooperation are attained, but the same network structure does not promote cooperation as a static network. Therefore, the mechanism of payoff preferential attachment is different to those usually invoked to explain the promotion of cooperation in static, already-grown networks.

Survival and growth of fresh and stored planting stock.

Science.gov (United States)

Robert H. Ruth

1953-01-01

Does planting stock that has been kept in storage survive and grow as well as freshly dug stock? This question is important because the ground at a forest nursery may still be frozen when spring planting time arrives in the warmer parts of the region. This means that seedlings for spring planting need to be dug in the fall, kept in cold storage over winter, and shipped...

Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

OpenAIRE

Nåmdal, Synne Meling; Meling, Kristine

2015-01-01

Master's thesis in Finance In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the ana...

Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

OpenAIRE

Nåmdal, Synne Meling; Meling, Kristine

2015-01-01

In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the analysis, and this could indicate...

Stakeholder cooperation in implementation of the sustainable development concept: Montenegrin tourist destinations

Directory of Open Access Journals (Sweden)

Ljiljana Pjerotic

2017-06-01

Full Text Available The importance of involving diverse stakeholders in tourism planning is receiving growing recognition. Tourism destination planning is a complex process, due to the existence of a wide variety of stakeholders with a wide range of opinions, multiple problem visions and different interests. Despite the complexity of the planning process one feature acknowledged for successful destination management planning is high level of stakeholder cooperation. The paper examines the level of stakeholder cooperation on the specific example of the sustainable development concept implementation in Montenegrin tourism. It starts with two hypotheses: first, the development level of instruments for managing tourist destination depends on stakeholder cooperation level in a particular destination, and second, implementation of the sustainable development concept is positively correlated with the development of instruments for managing tourist destination. The results have indicated poor implementation of tourism development plans and low level of stakeholder cooperation.

Market Efficiency Analysis at the Stockholm Stock Exchange: Measuring Intraday Stock Price Performance around Interim Reports of the OMXS30 Large Cap Stocks - An Event Study Approach

OpenAIRE

Tames Blanco, Juan Marcelo; Nsiah, Samuel Osei

2010-01-01

The purpose of this thesis is to perform event studies that determine the level of efficiency of twenty-two large cap stocks from the OMXS30 Index. Under the event study methodology, analysts’ expectations, the standard Capital Asset Pricing Model and a set of parametric tests are implemented. As a result, significant evidence is found on the existence of intraday abnormal returns at the exact moment of an interim report publication. However, further evidence on market corrections state effic...

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.

A preliminary study on safety stock placement in capacitated supply chains

NARCIS (Netherlands)

Sitompul, Carles; Aghezzaf, El Houssaine; Chen, Huan; Dullaert, Wout

2006-01-01

The issue of safety stock placement is one of the challenging problems in the area of supply chain design. Safety stocks play a significant role in supply chains since they assure the service level and the smoothness of the flow of materials throughout the chain. Some special models of the problem

A PRELIMINARY STUDY ON SAFETY STOCK PLACEMENT IN CAPACITATED SUPPLY CHAINS

NARCIS (Netherlands)

Sitompul, Carles; Aghezzaf, El Houssaine; Chen, Huan; Dullaert, Wout; Dolgui, A.; Morel, G.; Pereira, C.E.

2006-01-01

Abstract The issue of safety stock placement is one of the challenging problems in the area of supply chain design. Safety stocks play a significant role in supply chains since they assure the service level and the smoothness of the flow of materials throughout the chain. Some special models of the

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....

Safety stock placement in supply chains with demand forecast updates

Directory of Open Access Journals (Sweden)

Youssef Boulaksil

2016-01-01

Full Text Available Supply chains are exposed to many types of risks and it may not be obvious where to keep safety stocks in the supply chain to hedge against those risks, while maintaining a high customer service level. In this paper, we develop an approach to determine the safety stock levels in supply chain systems that face demand uncertainty. We model customer demand following the Martingale Model of Forecast Evolution (MMFE. An extensive body of literature discusses the safety stock placement problem in supply chains, but most studies assume independent and identically distributed demand. Our approach is based on a simulation study in which mathematical models are solved in a rolling horizon setting. It allows determining the safety stock levels at each stage of the supply chain. Based on a numerical study, we find that a big portion of the safety stocks should be placed downstream in the supply chain to achieve a high customer service level.

The impact of brand equity and the hedonic level of products on consumer stock-out reactions

NARCIS (Netherlands)

Sloot, LM; Verhoef, PC; Franses, PH

2005-01-01

We investigate the impact of brand equity and the hedonic level of the product on consumer stock-out responses. We also examine whether the hedonic level of the product moderates the effect of brand equity. Using a sample of Dutch consumers divided over eight product groups and eight retail chains,

Nanshan Aluminum Reached Strategic Cooperation with CSR Corporation Limited

Institute of Scientific and Technical Information of China (English)

2015-01-01

As a key supplier of aluminum profiles and aluminum plate,sheet and trip products for CSR Corporation Limited,Nanshan Aluminum will join hands with CSR Corporation Limited to reach strategic cooperation.On January 5,Nanshan Aluminum signed strategic cooperation agreement with CSR Sifang Locomotive&Rolling; Stock Co.,Ltd,both

China's stock market integration with a leading power and a close neighbor

OpenAIRE

Yi, Zheng; Heng, Chen; Wong, Wing-keung

2009-01-01

Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China's stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners. Taking into account economic and geographical considerations, the US and Hong Kong are considerably...

Genetic analysis of farmed and wild stocks of large yellow croaker ...

African Journals Online (AJOL)

The pair-wise FST, the phylogenetic tree, the factor correspondence analysis and the model based clustering analysis revealed that, the Ningbo stock, which was from Zhejiang province, was different from the remaining stocks from Fujian province. This study suggested that (1) the farmed stocks were at relatively low level ...

A study on the Nuclear Cooperation between the Republic of Korea and Japan

International Nuclear Information System (INIS)

Lee, Hanmyung; Lee, K. S.; Lee, B. W.; Ryu, J. S.; Jeon, E. J.; Yeo, J. W.; Yun, S. W.

2010-09-01

As the nuclear cooperation including nuclear trade between Korea and Japan grows, the necessity for the conclusion of bilateral nuclear cooperation agreement is emerging. As nuclear cooperation agreement affects future nuclear development and utilization, the establishment of optimized scheme for both countries is essential. The nuclear cooperation between Korea and Japan is expected to be established based on the understanding that both countries are major suppliers in world nuclear industries. As the nuclear export control regimes of both countries are based on the NSG Guidelines, the nuclear agreement between two countries are expected to be built based on the mutual respects of each other's national nuclear policy and the recognition on the optimized export control

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.

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.

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

Customer satisfaction as a buffer against sentimental stock-price corrections

NARCIS (Netherlands)

Merrin, R.P.; Hoffmann, A.O.I.; Pennings, J.M.E.

2013-01-01

Abstract Previous research has shown that customer satisfaction is a market-based asset that can contribute to a firm’s value by increasing its stock-market returns, while simultaneously reducing the riskiness of these returns. This study contributes to the growing literature on the

Econometric Studies of Stock Market Behaviour

DEFF Research Database (Denmark)

Rasmussen, Anne-Sofie Reng

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

Performance of growing Yankasa rams Fed graded levels of ...

African Journals Online (AJOL)

A feeding trial which lasted eight (8) weeks was carried out to determine the intake and nutrient digestibility by growing Yankasa rams fed graded levels of Tamarindus indica leaves. Twelve Yankasa rams with average liveweight of 17.40kg were randomly allocated to three treatments of four replicates in a Randomized ...

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

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.

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.

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.

Scaling and predictability in stock markets: a comparative study.

Directory of Open Access Journals (Sweden)

Huishu Zhang

Full Text Available Most people who invest in stock markets want to be rich, thus, many technical methods have been created to beat the market. If one knows the predictability of the price series in different markets, it would be easier for him/her to make the technical analysis, at least to some extent. Here we use one of the most basic sold-and-bought trading strategies to establish the profit landscape, and then calculate the parameters to characterize the strength of predictability. According to the analysis of scaling of the profit landscape, we find that the Chinese individual stocks are harder to predict than US ones, and the individual stocks are harder to predict than indexes in both Chinese stock market and US stock market. Since the Chinese (US stock market is a representative of emerging (developed markets, our comparative study on the markets of these two countries is of potential value not only for conducting technical analysis, but also for understanding physical mechanisms of different kinds of markets in terms of scaling.

Scaling and predictability in stock markets: a comparative study.

Science.gov (United States)

Zhang, Huishu; Wei, Jianrong; Huang, Jiping

2014-01-01

Most people who invest in stock markets want to be rich, thus, many technical methods have been created to beat the market. If one knows the predictability of the price series in different markets, it would be easier for him/her to make the technical analysis, at least to some extent. Here we use one of the most basic sold-and-bought trading strategies to establish the profit landscape, and then calculate the parameters to characterize the strength of predictability. According to the analysis of scaling of the profit landscape, we find that the Chinese individual stocks are harder to predict than US ones, and the individual stocks are harder to predict than indexes in both Chinese stock market and US stock market. Since the Chinese (US) stock market is a representative of emerging (developed) markets, our comparative study on the markets of these two countries is of potential value not only for conducting technical analysis, but also for understanding physical mechanisms of different kinds of markets in terms of scaling.

Global stock market in 1990-s

Directory of Open Access Journals (Sweden)

Moshenskyi S.Z.

2017-08-01

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

Promoting cooperation by preventing exploitation: The role of network structure

Science.gov (United States)

Utkovski, Zoran; Stojkoski, Viktor; Basnarkov, Lasko; Kocarev, Ljupco

2017-08-01

A growing body of empirical evidence indicates that social and cooperative behavior can be affected by cognitive and neurological factors, suggesting the existence of state-based decision-making mechanisms that may have emerged by evolution. Motivated by these observations, we propose a simple mechanism of anonymous network interactions identified as a form of generalized reciprocity—a concept organized around the premise "help anyone if helped by someone'—and study its dynamics on random graphs. In the presence of such a mechanism, the evolution of cooperation is related to the dynamics of the levels of investments (i.e., probabilities of cooperation) of the individual nodes engaging in interactions. We demonstrate that the propensity for cooperation is determined by a network centrality measure here referred to as neighborhood importance index and discuss relevant implications to natural and artificial systems. To address the robustness of the state-based strategies to an invasion of defectors, we additionally provide an analysis which redefines the results for the case when a fraction of the nodes behave as unconditional defectors.

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.

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

Directory of Open Access Journals (Sweden)

Mohammed Syedul Islam

2015-01-01

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

Impacts of land use and cover change on terrestrial carbon stocks and the micro-climate over urban surface: a case study in Shanghai, China

Science.gov (United States)

Zhang, F.; Zhan, J.; Bai, Y.

2016-12-01

Land use and cover change is the key factor affecting terrestrial carbon stocks and micro-climate, and their dynamics not only in regional ecosystems but also in urbanized areas. Using the typical fast-growing city of Shanghai, China as a case study, this paper explored the relationships between terrestrial carbon stocks, micro-climate and land cover within an urbanized area. The main objectives were to assess variation in soil carbon stocks and local climate conditions across terrestrial land covers with different intensities of urban development, and quantify spatial distribution and dynamic variation of carbon stocks and microclimate in response to urban land use and cover change. On the basis of accurate spatial datasets derived from a series of Landsat TM images during the years 1988 to 2010 and reliable estimates of urban climate and soil carbon stocks using the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST) model, our results showed that carbon stocks per unit area in terrestrial land covers decreased and urban temperature increased with increasing intensity of urban development. Urban land use and cover change and sealing of the soil surface created hotspots for losses in carbon stocks. Total carbon stocks in Shanghai decreased by about 30%-35%, representing a 1.5% average annual decrease, and the temperature increased by about 0.23-0.4°/10a during the past 20 years. We suggested potential policy measures to mitigate negative effects of land use and cover change on carbon stocks and microclimate in urbanized areas.

International pollution control: Cooperative versus noncooperative strategies

International Nuclear Information System (INIS)

Dockner, E.J.; Van Long, N.

1993-01-01

International pollution control involving two neighboring countries is modeled as a simple two-player dynamic game. Each country produces a good that is consumed by domestic households. Production of each consumption good results in emissions of pollutants. Households in each country derive utility from the consumption of the domestically produced good but incur costs through the total stock of pollution (stock externality). In this setting we characterize cooperative as well as noncooperative pollution control strategies of the governments of the two countries that maximize the discounted stream of net benefits of a representative consumer. It turns out that when the governments are restricted to use linear strategies noncooperative behavior results in overall losses for both countries. If, on the contrary, governments use nonlinear Markov-perfect strategies and the discount rate is small enough a Pareto-efficient steady-state pollution stock can be supported as a differentiable subgame-perfect equilibrium. Thus, the emergence of first-best solutions (cooperative outcomes) does not require any institutional arrangements (threats, retaliation, etc.) but can be brought about through the use of nonlinear Markov-perfect equilibrium strategies. 20 refs., 1 tab

Cointegration-based financial networks study in Chinese stock market

Science.gov (United States)

Tu, Chengyi

2014-05-01

We propose a method based on cointegration instead of correlation to construct financial complex network in Chinese stock market. The network is obtained starting from the matrix of p-value calculated by Engle-Granger cointegration test between all pairs of stocks. Then some tools for filtering information in complex network are implemented to prune the complete graph described by the above matrix, such as setting a level of statistical significance as a threshold and Planar Maximally Filtered Graph. We also calculate Partial Correlation Planar Graph of these stocks to compare the above networks. Last, we analyze these directed, weighted and non-symmetric networks by using standard methods of network analysis, including degree centrality, PageRank, HITS, local clustering coefficient, K-shell and strongly and weakly connected components. The results shed a new light on the underlying mechanisms and driving forces in a financial market and deepen our understanding of financial complex network.

STUDY OF PHENOTYPIC CHARACTERS VARIABILITY OF THE SILKMOTH COCOON FROM THE NATIVE GENETIC STOCK OF BOMBYX MORI L. SP.

Directory of Open Access Journals (Sweden)

ALEXANDRA MATEI

2008-10-01

Full Text Available This study had aims the analysis of phenotypic characters variability of silkmoth cocoon within the native genetic stock of Bombyx mori L. sp. The biological material was represented by 72 races consisting of the gene stock of Bombyx mori sp., grouped by their origin. The main phenotypical ad quantitative parameters of the races that represent the gene stock of Bombyx mori sp., present the following values: raw cocoon weight (1.445-2.361 g, cocoon shell weight (0.240-0.520 g, fiber length (746-1356 m, metric number of fiber (2917-3764 m/g. Depending on the quantitative parameters value, the silkworm races are being used differently, entire genetic stock being destined for various technological levels, as follows: 4 active races (parents of hybrids, 4 candidate races for parents of hybrids, 64 races in preservation.

EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT

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Oleksandr Trofimchuk

2015-11-01

Full Text Available The purpose of the article is to research and critically evaluate the features of functioning and development the stock market in Ukraine. The main point is to substantiate modern tendencies and to find ways of more efficient development of the Ukrainian stock market. Methodology. The research is based on the analysis of the important aspects which characterize stock market development. They are the volume of trading activity that was done on stock exchanges, level of market capitalization, economic concentration, price policy on market services, and control over the insider information use and manipulation identification. Results. On the basis of volume of trading activity that was done on stock exchanges, features of stock market structure are determined. Comparative analysis between the stock market capitalization level of Ukraine and average world index of stock market capitalization is done. The level and dynamic of economic concentration is defined. Features of competition between Ukrainian stock exchanges are analyzed. Great attention in research is paid to problems of control over the insider information use and principles of manipulation identification by stock exchanges. Value/originality. The research showed that main amount of trading operations was done in “shadow” stock market, capitalization level decreased and stock market in Ukraine does not meet international standards of transparency. Further research should be focused on problems of ensuring the effective implementation of the basic principles of competition between market participants. Main point is to provide law mechanisms to increase transparency level of the national stock market and to increase share of organized stock market in Ukraine.

Selective toxin effects on faster and slower growing individuals in the formation of hormesis at the population level - A case study with Lactuca sativa and PCIB.

Science.gov (United States)

Belz, Regina G; Sinkkonen, Aki

2016-10-01

Natural plant populations have large phenotypic plasticity that enhances acclimation to local stress factors such as toxin exposures. While consequences of high toxin exposures are well addressed, effects of low-dose toxin exposures on plant populations are seldom investigated. In particular, the importance of 'selective low-dose toxicity' and hormesis, i.e. stimulatory effects, has not been studied simultaneously. Since selective toxicity can change the size distribution of populations, we assumed that hormesis alters the size distribution at the population level, and investigated whether and how these two low-dose phenomena coexist. The study was conducted with Lactuca sativa L. exposed to the auxin-inhibitor 2-(p-chlorophenoxy)-2-methylpropionic acid (PCIB) in vitro. In two separate experiments, L. sativa was exposed to 12 PCIB doses in 24 replicates (50 plants/replicate). Shoot/root growth responses at the population level were compared to the fast-growing (≥90% percentile) and the slow-growing subpopulations (≤10% percentile) by Mann-Whitney U testing and dose-response modelling. In the formation of pronounced PCIB hormesis at the population level, low-dose effects proved selective, but widely stimulatory which seems to counteract low-dose selective toxicity. The selectivity of hormesis was dose- and growth rate-dependent. Stimulation occurred at lower concentrations and stimulation percentage was higher among slow-growing individuals, but partly or entirely masked at the population level by moderate or negligible stimulation among the faster growing individuals. We conclude that the hormetic effect up to the maximum stimulation may be primarily facilitated by an increase in size of the most slow-growing individuals, while thereafter it seems that mainly the fast-growing individuals contributed to the observed hormesis at the population level. As size distribution within a population is related to survival, our study hints that selective effects on slow

Factors associated with the growing-finishing performances of swine herds: an exploratory study on serological and herd level indicators.

Science.gov (United States)

Fablet, C; Rose, N; Grasland, B; Robert, N; Lewandowski, E; Gosselin, M

2018-01-01

Growing and finishing performances of pigs strongly influence farm efficiency and profitability. The performances of the pigs rely on the herd health status and also on several non-infectious factors. Many recommendations for the improvement of the technical performances of a herd are based on the results of studies assessing the effect of one or a limited number of infections or environmental factors. Few studies investigated jointly the influence of both type of factors on swine herd performances. This work aimed at identifying infectious and non-infectious factors associated with the growing and finishing performances of 41 French swine herds. Two groups of herds were identified using a clustering analysis: a cluster of 24 herds with the highest technical performance values (mean average daily gain = 781.1 g/day +/- 26.3; mean feed conversion ratio = 2.5 kg/kg +/- 0.1; mean mortality rate = 4.1% +/- 0.9; and mean carcass slaughter weight = 121.2 kg +/- 5.2) and a cluster of 17 herds with the lowest performance values (mean average daily gain =715.8 g/day +/- 26.5; mean feed conversion ratio = 2.6 kg/kg +/- 0.1; mean mortality rate = 6.8% +/- 2.0; and mean carcass slaughter weight = 117.7 kg +/- 3.6). Multiple correspondence analysis was used to identify factors associated with the level of technical performance. Infection with the porcine reproductive and respiratory syndrome virus and the porcine circovirus type 2 were infectious factors associated with the cluster having the lowest performance values. This cluster also featured farrow-to-finish type herds, a short interval between successive batches of pigs (≤3 weeks) and mixing of pigs from different batches in the growing or/and finishing steps. Inconsistency between nursery and fattening building management was another factor associated with the low-performance cluster. The odds of a herd showing low growing-finishing performance was significantly

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

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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.

The position profiles of order cancellations in an emerging stock market

International Nuclear Information System (INIS)

Gu, Gao-Feng; Ren, Fei; Zhou, Wei-Xing; Xiong, Xiong; Zhang, Wei

2013-01-01

Order submission and cancellation are two constituent actions of stock trading behaviors in order-driven markets. Order submission dynamics has been extensively studied for different markets, while order cancellation dynamics is less understood. There are two positions associated with a cancellation, that is, the price level in the limit-order book (LOB) and the position in the queue at each price level. We study the profiles of these two order cancellation positions through rebuilding the limit-order book using the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in the year 2003. We find that the profiles of relative price levels where cancellations occur obey a log-normal distribution. After normalizing the relative price level by removing the factor of order numbers stored at the price level, we find that the profiles exhibit a power-law scaling behavior on the right tails for both buy and sell orders. When focusing on the order cancellation positions in the queue at each price level, we find that the profiles increase rapidly in the front of the queue, and then fluctuate around a constant value till the end of the queue. These profiles are similar for different stocks. In addition, the profiles of cancellation positions can be fitted by an exponent function for both buy and sell orders. These two kinds of cancellation profiles seem universal for different stocks investigated and exhibit minor asymmetry between buy and sell orders. Our empirical findings shed new light on the order cancellation dynamics and pose constraints on the construction of order-driven stock market models. (paper)

Benefits and organization of cooperative research for fisheries management

NARCIS (Netherlands)

Johnson, T.R.; Densen, van W.L.T.

2007-01-01

Drawing on research in the northeastern USA and northwestern Europe, a description is given of how cooperative research is organized and a statement made of how involving fishers in research can contribute to better fisheries management. The focus is on improving stock assessments through the

11 CFR 114.7 - Membership organizations, cooperatives, or corporations without capital stock.

Science.gov (United States)

2010-01-01

... organizational structure. (j) A membership organization, including a trade association, cooperative, or... 11 Federal Elections 1 2010-01-01 2010-01-01 false Membership organizations, cooperatives, or... CORPORATE AND LABOR ORGANIZATION ACTIVITY § 114.7 Membership organizations, cooperatives, or corporations...

An econometric model of the South African stock market

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E Moolman

2015-01-01

Full Text Available A wealth of literature exists concerning the modelling of stock markets, as well as the examination of the relationshiop between share price and various economic factors, both theoretically and empirically.  However, most studies use data for developed countries in their analyses, while the literature moselling emerging stock markets in general, and the south African stock market in particular, is quite sparse.  This study develops a structural theoretically founded model of the South African stock market that is estimated using co-integration and error-correction techniques. These techniques respectively estimate the long-term equilibrium or intrinsic value of the stock market, and the short-term fluctuations around the quilibrium level. According to the results, share prices are co-integrated with the variables dictated by the expected present value model of asset price determination.  The short-term fluctuations are determined by various factors such as interest rates, a risk premium, the exchange rate, foreign stock market adn other variables.

STUDY ON DISCLOSURE LEVEL OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE CASE OF INTANGIBLE ASSETS

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CĂTĂLINA GORGAN

2014-05-01

Full Text Available In the context of economic globalization, the need for high quality financial information has become a desiderate. Accounting met such needs through a set of high quality standards, the International Financial Reporting Standards. Their global imposing, either through adoption or convergence, make its contribution to proper functioning of capital markets and even of the entire economy. The quality of financial reporting, however, is the result of how they are applied in each country or company. The objective of our study is to analyze the disclosure level of companies listed at Bucharest Stock Exchange (BSE in compliance with the presentation requirements of the international accounting standard IAS 38 “Intangible assets”. The empirical study revealed a significant level of non-compliance. In order to determine the degree of compliance with international accounting referential we built a disclosure index. Four hypothesis were tested in order to identify the factors that influence the disclosure level.

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

OpenAIRE

Ng, Ho Keng

2008-01-01

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

STUDY ON ENERGY EXCHANGE PROCESSES IN NORMAL OPERATION OF METRO ROLLING STOCK WITH REGENERATIVE BRAKING SYSTEMS

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A. O. Sulym

2017-10-01

Full Text Available Purpose. The analysis of the existing studies showed that the increasing of energy efficiency of metro rolling stock becomes especially important and requires timely solutions. It is known that the implementation of regenerative braking systems on rolling stock will allow significantly solving this problem. It was proved that one of the key issues regarding the introduction of the above-mentioned systems is research on efficient use of electric energy of regenerative braking. The purpose of the work is to evaluate the amount of excessive electric power of regenerative braking under normal operation conditions of the rolling stock with regenerative braking systems for the analysis of the energy saving reserves. Methodology. Quantifiable values of electrical energy consumed for traction, returned to the contact line and dissipated in braking resistors (excessive energy are determined using results of experimental studies of energy exchange processes under normal operating conditions of metro rolling stock with regenerative systems. Statistical methods of data processing were applied as well. Findings. Results of the studies analysis of metro rolling stock operation under specified conditions in Sviatoshinsko-Brovarskaia line of KP «Kyiv Metro system» stipulate the following: 1 introduction of regenerative braking systems into the rolling stock allows to return about 17.9-23.2% of electrical energy consumed for traction to the contact line; 2 there are reserves for improving of energy efficiency of rolling stock with regenerative systems at the level of 20.2–29.9 % of electrical energy consumed for traction. Originality. For the first time, it is proved that the most significant factor that influences the quantifiable values of the electrical energy regeneration is a track profile. It is suggested to use coefficients which indicate the amount and reserves of unused (excessive electrical energy for quantitative evaluation. Studies on

Influence of different initial distributions on robust cooperation in scale-free networks: A comparative study

International Nuclear Information System (INIS)

Chen Xiaojie; Fu Feng; Wang Long

2008-01-01

We study the evolutionary Prisoner's dilemma game on scale-free networks, focusing on the influence of different initial distributions for cooperators and defectors on the evolution of cooperation. To address this issue, we consider three types of initial distributions for defectors: uniform distribution at random, occupying the most connected nodes, and occupying the lowest-degree nodes, respectively. It is shown that initial configurations for defectors can crucially influence the cooperation level and the evolution speed of cooperation. Interestingly, the situation where defectors initially occupy the lowest-degree vertices can exhibit the most robust cooperation, compared with two other distributions. That is, the cooperation level is least affected by the initial percentage of defectors. Moreover, in this situation, the whole system evolves fastest to the prevalent cooperation. Besides, we obtain the critical values of initial frequency of defectors above which the extinction of cooperators occurs for the respective initial distributions. Our results might be helpful in explaining the maintenance of high cooperation in scale-free networks

Operating revenue changes in a demutualized stock exchange

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Mohamed Hesham Abdel-Hafez

2015-03-01

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

Foreign portfolio capital flows and stock returns: a study of Brazilian listed firms

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Tiago Rodrigues Loncan

2015-12-01

Full Text Available Abstract This study analyzed the effect of foreign portfolio capital flows on stock returns of Brazilian listed firms through a 6-factors APT model, in which an additional risk factor for foreign portfolio capital flows was included. First, an aggregate analysis was conducted. The partial effect of foreign portfolio capital flows on the IBOVESPA index’s returns was statistically significant and positive. Next, a disaggregate analysis was also implemented, in which portfolios of stocks were sorted by sector of economic activity, level of risk and level of corporate governance. Foreign portfolio capitals caused increases in returns especially for sectors related to commodities, industry and cyclical consumption. For the portfolios sorted by risk (in which the stocks’ betas were used as a risk parameter for sorting, foreign capitals increased the returns of mid-high and high beta portfolios, but decreased the returns of low and low-mid beta portfolios. For corporate governance portfolios, the firms listed on the Novo Mercado segment (according to BMF&Bovespa criteria experienced a statistically significant revaluation effect. Overall, the results of the study provide support to the revaluation effect hypothesis.

Procurement and Supply Management System for MDR-TB in Nigeria: Are the Early Warning Targets for Drug Stock Outs and Over Stock of Drugs Being Achieved?

Science.gov (United States)

Jatau, Bolajoko; Avong, Yohanna; Ogundahunsi, Olumide; Shah, Safieh; Tayler Smith, Katherine; Van den Bergh, Rafael; Zachariah, Rony; van Griensven, Johan; Ekong, Ernest; Dakum, Patrick

2015-01-01

The World Health Organisation (WHO) introduced the twelve early warning indicators for monitoring and evaluating drug Procurement and Supply management (PSM) systems, intended to prevent drug stock-outs and overstocking. Nigeria--one of the high Multi Drug Resistant Tuberculosis (MDR-TB) burden countries, scaled-up treatment in 2012 with the concurrent implementation of a PSM system. We evaluated how well this system functioned using the WHO indicators, including all seven MDR-TB treatment centres in the country that were functional throughout 2013. The quantity of MDR-TB drugs ordered for 2013 matched the annual forecast and all central orders placed during the year were delivered in full and on time. Drug consumption was 81%-106% of the quantity allocated for routine consumption. Timely submission of complete inventory reports ranged from 86-100%, late submissions being 5-15 days late. Forty to 71% of treatment centres placed a drug order when stock was below the minimum level of three months. The proportion of drug orders received at the treatment centres in full and on time ranged from 29-80%, late orders being 1-19 days late. The PSM was found to be performing well in terms of forecasting and procurement of MDR-TB drugs, but there were shortcomings in drug distribution, reporting at treatment centre level and in drug order placements. Despite these gaps, there were no stock outs. These findings indicate that where it matters most, namely ensuring that no drug stock outs affect patient management, the PSM system is effective. Addressing the observed shortcomings will help to strengthen the existing PSM system in anticipation of a growing MDR-TB case burden in the country.

China’s Stock Market Integration with a Leading Power and a Close Neighbor

Directory of Open Access Journals (Sweden)

Zheng Yi

2009-12-01

Full Text Available Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China’s stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners. Taking into account economic and geographical considerations, the US and Hong Kong are considerably the most comparable stock markets to China. The usual vector error correction model (VECM could overlook the long memory feature of cointegration residual series, which can in turn exert bias on the resulting inferences. To overcome its limitations, we employ a fractionally integrated VECM (FIVECM in this paper to investigate the long-term cointegration relations binding China’s stock market to the aforementioned stock markets. In addition, by augmenting the FIVECM with multivariate GARCH model, the return transmission and volatility spillover between market return series were revealed simultaneously. Our empirical results show that China’s stock market is fractionally cointegrated with the two markets, and it appears that China’s stock market has stronger ties with its neighboring Hong Kong market than with the world superpower, the US market.

Effects of dietary protein level on growth, health and physiological parameters in growing-furring mink

DEFF Research Database (Denmark)

Damgaard, Birthe Marie; Larsen, Peter F.; Clausen, Tove

2012-01-01

The aim of the study was to investigate the effects of the dietary protein level and the feeding strategy on growth, health and physiological blood and liver parameters in growing-furring male mink. Effects of dietary protein levels ranging from 22% of metabolizable energy (MEp) to experimental p...

Exploring the dynamics of financial markets: from stock prices to strategy returns

International Nuclear Information System (INIS)

Borland, Lisa

2016-01-01

Exploring the dynamics of financial time-series is an exciting and interesting challenge because of the many truly complex interactions that underly the price formation process. In this contribution we describe some of the anomalous statistical features of such time-series and review models of the price dynamics both across time and across the universe of stocks. In particular we discuss a non-Gaussian statistical feedback process of stock returns which we have developed over the past years with the particular application of option pricing. We then discuss a cooperative model for the correlations of stock dynamics which has its roots in the field of synergetics, where numerical simulations and comparisons with real data are presented. Finally we present summarized results of an empirical analysis probing the dynamics of actual trading strategy return streams.

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%.

A self-similar hierarchy of the Korean stock market

Science.gov (United States)

Lim, Gyuchang; Min, Seungsik; Yoo, Kun-Woo

2013-01-01

A scaling analysis is performed on market values of stocks listed on Korean stock exchanges such as the KOSPI and the KOSDAQ. Different from previous studies on price fluctuations, market capitalizations are dealt with in this work. First, we show that the sum of the two stock exchanges shows a clear rank-size distribution, i.e., the Zipf's law, just as each separate one does. Second, by abstracting Zipf's law as a γ-sequence, we define a self-similar hierarchy consisting of many levels, with the numbers of firms at each level forming a geometric sequence. We also use two exponential functions to describe the hierarchy and derive a scaling law from them. Lastly, we propose a self-similar hierarchical process and perform an empirical analysis on our data set. Based on our findings, we argue that all money invested in the stock market is distributed in a hierarchical way and that a slight difference exists between the two exchanges.

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.

Investment Strategies of Different Holding Periods: Evidence from Stock Markets of Hong Kong, Korea, Shanghai, and Taiwan

OpenAIRE

Massoud Moslehpour; Munkh-Ulzii Batmunkh

2013-01-01

Although there is abundant research focusing on estimating the level of returns on stock market, there is a lack of studies examining the comparison of stock return movements for short-term and long-term investment in the Asian stock market. The present study examines return on investment of different holding periods among selected stock markets in Asia. Based on the trading performance of key indices and market capitalization value, Korean Stock Exchange (KRE), Shanghai Stock Exchange (SSE),...

Attitudes of Economics and Sociology Students towards Cooperation. A Cross-Cultural Study

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Joanna Dzionek-Kozlowska

2017-12-01

Full Text Available The impact of university education on the learners’ attitudes remains uncertain. Nevertheless, the Economics students’ unwillingness to cooperate is frequently attributed to the content of economic courses, and the theories of profit maximization. This article contributes to the discussion on students’ attitudes towards cooperation based on the survey of 341 Polish and Romanian students. Since these countries differ in terms of collectivism/individualism dimension, we focus on tracing the influence of cultures on cooperativeness. Specifically, we investigate three variables. First, the impact of culture on the willingness to cooperate, secondly, the influence of gender on collaboration, and finally, the differences in attitudes among the students of Sociology and Economics. We find significant differences between Polish and Romanian students’ attitudes towards cooperation, we also observe higher level cooperation among females than males. We detect a drop in cooperation from the first year to the subsequent years of undergraduate studies in Economics.

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

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Yen Sun

2010-05-01

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

Delivery of pharmaceutical services at ward level in a teaching hospital.

Science.gov (United States)

Schellack, N; Martins, V; Botha, N; Meyer, J C

2009-03-01

Poor management of pharmaceuticals could lead to wastage of financial resources and poor services in the public sector. The main aim of the study was to investigate the quality of pharmaceutical services at ward level in a teaching hospital. The design of the study was descriptive. Three data collection instruments were designed and pilot-tested prior to the actual data collection. Two structured questionnaires were used to interview the sister-in-charge of each ward and the stock and drug controller at the pharmacy. A checklist for the management of pharmaceuticals was completed for each ward. Descriptive statistics were used to describe and summarise the data. Sisters-in-charge of 30 wards and the stock and drug controller at the pharmacy participated in the study. The relationship with the pharmacy was perceived to be average by 54% (n = 30) of the sisters-in-charge of the wards. Communication with the pharmacy was mainly by telephone and 57% of the sisters-in-charge mentioned that they experienced difficulties in conveying messages to the pharmacy. Ten of the wards received regular ward visits by a pharmacist. Expiry dates were checked by all wards but at different intervals. The majority of the wards (90%) used patient cards, which refer to prescription charts, for stock control and ordering from the pharmacy. Fridge temperatures were checked and charted on a daily basis by 30% of the wards. Written standard operating procedures (SOPs) were used by the pharmacy for issuing ward stock. Although 83% of the wards indicated that they used SOPs, evidence of written SOPs was not available. The results indicated that the management of pharmaceutical services at ward level could be improved. Implementation of appropriate communication systems will enhance cooperation between the pharmacy and the wards. A uniform ward stock control system, either by computer or stock cards, should be introduced. Regular ward visits by a pharmacist to oversee ward stock management are

How the workload impacts on cognitive cooperation: A pilot study.

Science.gov (United States)

Sciaraffa, Nicolina; Borghini, Gianluca; Arico, Pietro; Di Flumeri, Gianluca; Toppi, Jlenia; Colosimo, Alfredo; Bezerianos, Anastatios; Thakor, Nitish V; Babiloni, Fabio

2017-07-01

Cooperation degradation can be seen as one of the main causes of human errors. Poor cooperation could arise from aberrant mental processes, such as mental overload, that negatively affect the user's performance. Using different levels of difficulty in a cooperative task, we combined behavioural, subjective and neurophysiological data with the aim to i) quantify the mental workload under which the crew was operating, ii) evaluate the degree of their cooperation, and iii) assess the impact of the workload demands on the cooperation levels. The combination of such data showed that high workload demand impacted significantly on the performance, workload perception, and degree of cooperation.

Contribution of cooperative sector recycling to greenhouse gas emissions reduction: A case study of Ribeirão Pires, Brazil

International Nuclear Information System (INIS)

King, Megan F.; Gutberlet, Jutta

2013-01-01

Highlights: • Cooperative recycling achieves environmental, economic and social objectives. • We calculate GHG emissions reduction for a recycling cooperative in São Paulo, Brazil. • The cooperative merits consideration as a Clean Development Mechanism (CDM) project. • A CDM project would enhance the achievements of the recycling cooperative. • National and local waste management policies support the recycling cooperative. - Abstract: Solid waste, including municipal waste and its management, is a major challenge for most cities and among the key contributors to climate change. Greenhouse gas emissions can be reduced through recovery and recycling of resources from the municipal solid waste stream. In São Paulo, Brazil, recycling cooperatives play a crucial role in providing recycling services including collection, separation, cleaning, stocking, and sale of recyclable resources. The present research attempts to measure the greenhouse gas emission reductions achieved by the recycling cooperative Cooperpires, as well as highlight its socioeconomic benefits. Methods include participant observation, structured interviews, questionnaire application, and greenhouse gas accounting of recycling using a Clean Development Mechanism methodology. The results show that recycling cooperatives can achieve important energy savings and reductions in greenhouse gas emissions, and suggest there is an opportunity for Cooperpires and other similar recycling groups to participate in the carbon credit market. Based on these findings, the authors created a simple greenhouse gas accounting calculator for recyclers to estimate their emissions reductions

Contribution of cooperative sector recycling to greenhouse gas emissions reduction: A case study of Ribeirão Pires, Brazil

Energy Technology Data Exchange (ETDEWEB)

King, Megan F., E-mail: mfking@uvic.ca [The Community-Based Research Laboratory, Department of Geography, University of Victoria, PO Box 3060 STN CSC, Victoria, BC V8W 3R4 (Canada); Gutberlet, Jutta, E-mail: gutber@uvic.ca [Department of Geography, University of Victoria, PO Box 3060 STN CSC, Victoria, BC V8W 3R4 (Canada)

2013-12-15

Highlights: • Cooperative recycling achieves environmental, economic and social objectives. • We calculate GHG emissions reduction for a recycling cooperative in São Paulo, Brazil. • The cooperative merits consideration as a Clean Development Mechanism (CDM) project. • A CDM project would enhance the achievements of the recycling cooperative. • National and local waste management policies support the recycling cooperative. - Abstract: Solid waste, including municipal waste and its management, is a major challenge for most cities and among the key contributors to climate change. Greenhouse gas emissions can be reduced through recovery and recycling of resources from the municipal solid waste stream. In São Paulo, Brazil, recycling cooperatives play a crucial role in providing recycling services including collection, separation, cleaning, stocking, and sale of recyclable resources. The present research attempts to measure the greenhouse gas emission reductions achieved by the recycling cooperative Cooperpires, as well as highlight its socioeconomic benefits. Methods include participant observation, structured interviews, questionnaire application, and greenhouse gas accounting of recycling using a Clean Development Mechanism methodology. The results show that recycling cooperatives can achieve important energy savings and reductions in greenhouse gas emissions, and suggest there is an opportunity for Cooperpires and other similar recycling groups to participate in the carbon credit market. Based on these findings, the authors created a simple greenhouse gas accounting calculator for recyclers to estimate their emissions reductions.

On the rebound: soil organic carbon stocks can bounce back to near forest levels when agroforests replace agriculture in southern India

Science.gov (United States)

Hombegowda, H. C.; van Straaten, O.; Köhler, M.; Hölscher, D.

2016-01-01

Tropical agroforestry has an enormous potential to sequester carbon while simultaneously producing agricultural yields and tree products. The amount of soil organic carbon (SOC) sequestered is influenced by the type of the agroforestry system established, the soil and climatic conditions, and management. In this regional-scale study, we utilized a chronosequence approach to investigate how SOC stocks changed when the original forests are converted to agriculture, and then subsequently to four different agroforestry systems (AFSs): home garden, coffee, coconut and mango. In total we established 224 plots in 56 plot clusters across 4 climate zones in southern India. Each plot cluster consisted of four plots: a natural forest reference, an agriculture reference and two of the same AFS types of two ages (30-60 years and > 60 years). The conversion of forest to agriculture resulted in a large loss the original SOC stock (50-61 %) in the top meter of soil depending on the climate zone. The establishment of home garden and coffee AFSs on agriculture land caused SOC stocks to rebound to near forest levels, while in mango and coconut AFSs the SOC stock increased only slightly above the agriculture SOC stock. The most important variable regulating SOC stocks and its changes was tree basal area, possibly indicative of organic matter inputs. Furthermore, climatic variables such as temperature and precipitation, and soil variables such as clay fraction and soil pH were likewise all important regulators of SOC and SOC stock changes. Lastly, we found a strong correlation between tree species diversity in home garden and coffee AFSs and SOC stocks, highlighting possibilities to increase carbon stocks by proper tree species assemblies.

Radionuclide levels in vegetation growing on uranium tailings, Elliot Lake, Ontario

International Nuclear Information System (INIS)

Pave, N.K.; Cloutier, N.R.; Lim, T.P.

1985-01-01

In Elliot Lake, Ontario, Canada, most of the inactive uranium tailings have been reclaimed by revegetation where a thick vegetation cover has been established. The surface amendments have also prompted volunteer growth of various species of local trees and shrubs on tailings. Radionuclide levels were measured in various tissues of grasses, legumes and trees growing on uranium tailings at different sites. Lower Th than Ra and Pb levels in tailings substrate were believed to be the cause for the relatively lower Th levels measured in vegetation when compared to Ra and Pb concentrations. No correlation was observed between the level of a given radionuclide in tailings and in the vegetation growing on that tailings

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

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Robiyanto Robiyanto

2017-03-01

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

Effects Of Membership Of Cooperative Organisations And Determinants On Farmer-Members Income In Rural Anambra State Nigeria

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Nkechi Cordelia Ojiagu

2015-08-01

Full Text Available ABSTRACT The study examined the effect of membership of cooperative societies on the economic activities of farmers as well as the determinants of their income in rural Nigeria focusing on Anambra State. Data from 2506 members selected through multi-stage stratified random sampling were analyzed. The study found among others that members incomes are dependent upon their socio-economic profile such as age marital status and membership or otherwise of cooperative societies education cooperative marketing credit gender and business expertise. Also respondents depend largely on farming related activities for generation of income in the study area. Furthermore it was found that the major challenge of the farmer-members is inadequate fund poor education and illiteracy among most members conflict among members and lack of access to farm input. The Nigerian government is advised to formulate policies that will incorporate information from the local level that can support planning implementation and evaluation of programmes that can enhance farmers income this however will influence the pattern of agricultural growth in ways that can change income level of rural farmers to grow fast. The study recommends that cooperatives should intensify their education of members to gain more benefits and that government non-governmental organizations and international development agencies should show interest in supervising and providing development support to Farmers Cooperative Societies in rural Nigeria.

Effects of cooperative learning strategy on undergraduate kinesiology students' learning styles.

Science.gov (United States)

Meeuwsen, Harry J; King, George A; Pederson, Rockie

2005-10-01

A growing body of research supports cooperative learning as an effective teaching strategy. A specific cooperative learning strategy, Team-based Learning, was applied to a convenience sample of four undergraduate sophomore-level motor behavior courses over four semesters from Fall 2002 to Spring 2004 to examine whether this strategy would affect students' learning styles. The data from the Grasha-Reichmann Student Learning Style Scales indicated that this teaching strategy was associated with a significant decrease in the negative Avoidant and Dependent learning styles and an improvement in the positive Participant learning style.

Effect Of Different Protein Levels on The Performance Of Growing ...

African Journals Online (AJOL)

T4 was superior to other treatments in terms of feed to gain ratio, efficiency of feed utilization and reproductive performance. Snails in T1 with 10% CP failed to lay eggs and had the least developed reproductive system. A diet of 15-20% C. P is therefore recommended for growing snails. Key words: Protein levels, snails, ...

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

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Ricardo Ribeiro

2013-11-01

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

The impact of conditional and unconditional conservatism on trade credit: evidence of Tehran Stock Exchange

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Samin KOHANSAL

2017-02-01

Full Text Available The aim of this research is to examine the impact of conditional and unconditional conservatism on the trade credit of companies listed at the Tehran Stock Exchange. In this respect, using a systematic deletion sampling, 74 companies were chosen and studied during the period 2009 to 2013. The method of testing the research hypotheses was a multivariate regression using estimated generalized least square. The results of the research indicated that conditional and unconditional conservatism are positively and significantly related to the trade credit of the companies; in other words, if a higher level of conservatism is used and types of conservatism grow, more trade credit will accrue to companies.

Effects of stocking density on growth performance, carcass traits, and foot pad lesions of White Pekin ducks.

Science.gov (United States)

Xie, M; Jiang, Y; Tang, J; Wen, Z G; Huang, W; Hou, S S

2014-07-01

Two experiments were conducted to study the effects of stocking density on growth performance, carcass yield, and foot pad lesions of White Pekin ducks from hatch to 14 d of age (experiment 1) and from 14 to 42 d of age (experiment 2), respectively. All ducks were reared in raised plastic wire-floor pens with a pen size of 30 m(2), and males and females were mixed at a ratio of 1:1 in each pen of both experiments. In experiment 1, a total of 10,200 ducks that were 1 d old were allotted to 20 pens according to the stocking densities of 13, 15, 17, 19, and 21 birds/m(2) (or 8.4, 9.7, 10.9, 11.9, and 13.0 kg of actually achieved BW/m(2)), respectively, with 4 replicates per treatment. In experiment 2, a total of 3,150 ducks that were 14 d old were allotted to 15 pens according to the stocking densities of 5, 6, 7, 8, and 9 birds/m(2) (or 17.0, 20.3, 23.6, 26.9, and 29.9 kg of actually achieved BW/m(2)), respectively, with 3 replicates per treatment. The stocking density had significant effects on final BW and weight gain of starter and growing ducks (P 0.05). The final BW and weight gain of starter and growing ducks all decreased with increasing density (P ducks were reduced significantly as stocking density increased from 17 to 21 birds/m(2) (P ducks decreased significantly when stocking density was 9 birds/m(2) (P ducks (P > 0.05). © 2014 Poultry Science Association Inc.

Designing Leadership models in a Three Level Unlimited Supply Chain: Non-Cooperative Game Theory Approach

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Ahmad Jaafarnehad

2015-09-01

Full Text Available The role and importance of supply chain management, has faced with many challenges and problems. Although a comprehensive model of supply chain issues, has not been explained, we have to indicate that issues such as reviewing the theoretical foundations of information systems, marketing, financial management, logistical and organizational relations have been considered by many researchers. The objective of supply chain management is to improve various activities and components to increase overall supply chain system benefits. In order to achieve the overall objectives, many contradictions may occur between the components and different levels of supply chain and the contradictions that these disorders over time, result in decreased strength and competitiveness of the supply chain. Such conflicts, like marketing costs (advertising, pricing and inventory can occur during the supply chain life cycle. A Game Theory approach with respect to property is the appropriate tool for collaboration in the supply chain. This tool is used for collaborative making in any kind of supply chain such as cooperative supply chain and non-cooperative supply chain. In the present study and assuming a lack of cooperation between different levels of a supply chain, a dynamic game with complete information has been generated. In addition identifying appropriate leaders of various levels of the supply chain is considered. Non-Cooperative dynamic game mode (Stackelberg Game, for each of the three levels of supply chain including retailers, suppliers and manufacturers are modeled. Depending on the bargaining power and its position in the market, any level of supply chain can make a leader of the following rule. In the present study, the equilibrium model to play Stackelberg game may be led by a leader or leading players and ultimately identifying and modeling the appropriate unlimited three level supply chain are determined.

Effects of stocking density of freshwater prawn Macrobrachium rosenbergii and addition of different levels of tilapia Oreochromis niloticus on production in C/N controlled periphyton based system

NARCIS (Netherlands)

Asaduzzaman, M.; Wahab, M.A.; Verdegem, M.C.J.; Mondal, M.N.; Azim, M.E.

2009-01-01

An on-station trial was conducted to evaluate the effect of stocking density of freshwater prawn and addition of different levels of tilapia on production in carbon/nitrogen (C/N) controlled periphyton based system. The experiment had a 2 × 3 factorial design, in which two levels of prawn stocking

Third-party punishment increases cooperation in children through (misaligned) expectations and conditional cooperation.

Science.gov (United States)

Lergetporer, Philipp; Angerer, Silvia; Glätzle-Rützler, Daniela; Sutter, Matthias

2014-05-13

The human ability to establish cooperation, even in large groups of genetically unrelated strangers, depends upon the enforcement of cooperation norms. Third-party punishment is one important factor to explain high levels of cooperation among humans, although it is still somewhat disputed whether other animal species also use this mechanism for promoting cooperation. We study the effectiveness of third-party punishment to increase children's cooperative behavior in a large-scale cooperation game. Based on an experiment with 1,120 children, aged 7 to 11 y, we find that the threat of third-party punishment more than doubles cooperation rates, despite the fact that children are rarely willing to execute costly punishment. We can show that the higher cooperation levels with third-party punishment are driven by two components. First, cooperation is a rational (expected payoff-maximizing) response to incorrect beliefs about the punishment behavior of third parties. Second, cooperation is a conditionally cooperative reaction to correct beliefs that third party punishment will increase a partner's level of cooperation.

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.

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.

Predictability of Stock Returns

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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.

Study of Using Excess Stock to Reduce Naval Aviation Depot-Level Repairable Piece Part Backorders

Science.gov (United States)

2016-12-01

used to develop and run the comparison of the backorders and excess stock records. Python is chosen because of its ease of learning and use...sustainable source of bit-piece parts for future requisitions. 14. SUBJECT TERMS naval aviation AVDLRs, backorder, excess, DLA, WSS, FRC, Python ...SCHOOL December 2016 Approved by: Geraldo Ferrer Eddine Dahel Peter Ward Bryan Hudgens Academic Associate

Applying Portfolio Selection: A Case of Indonesia Stock Exchange

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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.

An EOQ Model with Stock-Dependent Demand under Two Levels of Trade Credit and Time Value of Money

OpenAIRE

H.A.O. Jia-Qin; M.O. Jiangtao

2013-01-01

Since the value of money changes with time, it is necessary to take account of the influence of time factor in making the replenishment policy. In this study, to investigate the influence of the time value of money to the inventory strategy, an inventory system for deteriorating items with stock-dependent demand is investigated under two levels of trade credit. The method to efficiently determine the optimal cycle time is presented. Numerical examples are provided to demonstrate the model and...

Cooperative Group Performance in Graduate Research Methodology Courses: The Role of Study Coping and Examination-Taking Coping Strategies

Science.gov (United States)

Jiao, Qun G.; Collins, Kathleen M. T.; Onwuegbuzie, Anthony J.

2013-01-01

This study seeks to examine the extent to which cooperative group members' levels of coping strategies (study and examination-taking coping strategies) and the degree that heterogeneity (variability of study coping strategies and examination-taking coping strategies) predict cooperative groups' levels of achievement in research methodology…

Analysis of the efficiency-integration nexus of Japanese stock market

Science.gov (United States)

Rizvi, Syed Aun R.; Arshad, Shaista

2017-03-01

This paper attempts a novel approach in analysing the Japanese economy through a dual-dimension analysis of its stock market, examining the efficiency and market integration. Taking a period of 24 years, this study employs MFDFA and MGARCH to understand how the efficiency and integration of the stock market faired during different business cycle phases of the Japanese economy. The results showed improving efficiency over the time period. For the case of market integration, our findings conform to recent literature on business cycles and stock market integration that every succeeding recession creates a break into integration levels resulting in a decrease.

Intuition, deliberation, and the evolution of cooperation.

Science.gov (United States)

Bear, Adam; Rand, David G

2016-01-26

Humans often cooperate with strangers, despite the costs involved. A long tradition of theoretical modeling has sought ultimate evolutionary explanations for this seemingly altruistic behavior. More recently, an entirely separate body of experimental work has begun to investigate cooperation's proximate cognitive underpinnings using a dual-process framework: Is deliberative self-control necessary to reign in selfish impulses, or does self-interested deliberation restrain an intuitive desire to cooperate? Integrating these ultimate and proximate approaches, we introduce dual-process cognition into a formal game-theoretic model of the evolution of cooperation. Agents play prisoner's dilemma games, some of which are one-shot and others of which involve reciprocity. They can either respond by using a generalized intuition, which is not sensitive to whether the game is one-shot or reciprocal, or pay a (stochastically varying) cost to deliberate and tailor their strategy to the type of game they are facing. We find that, depending on the level of reciprocity and assortment, selection favors one of two strategies: intuitive defectors who never deliberate, or dual-process agents who intuitively cooperate but sometimes use deliberation to defect in one-shot games. Critically, selection never favors agents who use deliberation to override selfish impulses: Deliberation only serves to undermine cooperation with strangers. Thus, by introducing a formal theoretical framework for exploring cooperation through a dual-process lens, we provide a clear answer regarding the role of deliberation in cooperation based on evolutionary modeling, help to organize a growing body of sometimes-conflicting empirical results, and shed light on the nature of human cognition and social decision making.

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...

Cooperative Learning Effects on Achievement and Community of Inquiry in Online Education

Science.gov (United States)

Oyarzun, Beth Allred; Morrison, Gary R.

2013-01-01

While distance education continues to grow in higher education, students express the concern that they feel isolated. The purpose of this study was to determine if the implementation of a cooperative learning strategy would affect social presence and achievement. Each group completed an individual assignment and a cooperative learning assignment…

Assessing stocks in data-poor African fisheries: a case study on the ...

African Journals Online (AJOL)

Assessing stocks in data-poor African fisheries: a case study on the white grouper Epinephelus aeneus of Mauritania. ... African Journal of Marine Science ... The lack of reliable stock assessment for numerous exploited stocks in West Africa often results from poor-quality data, high multi-specificity of captures, and the ...

Dynamic Stock Market Participation of Households with Heterogeneous Participation Costs

DEFF Research Database (Denmark)

Khorunzhina, Natalia

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

The Application of Dividend Yield Based Investment Strategy in Indonesian Stock Exchange

OpenAIRE

Ekaputra, Adriansyah; Sukarno, Subiakto

2012-01-01

Stock market development in Indonesia is growing rapidly, coupled with the increase of Indonesia's investment rating by investment research and rating companies such as Moody's and S&P, it makes Indonesian stock market look sexy in the eyes of investors from various countries. The investment strategy that simple and applicable is often sought by investors to maximize the investors' portfolio. One investment strategy is evolving but still not widely used in Indonesia is an investment strat...

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)

High-frequency stock linkage and multi-dimensional stationary processes

Science.gov (United States)

Wang, Xi; Bao, Si; Chen, Jingchao

2017-02-01

In recent years, China's stock market has experienced dramatic fluctuations; in particular, in the second half of 2014 and 2015, the market rose sharply and fell quickly. Many classical financial phenomena, such as stock plate linkage, appeared repeatedly during this period. In general, these phenomena have usually been studied using daily-level data or minute-level data. Our paper focuses on the linkage phenomenon in Chinese stock 5-second-level data during this extremely volatile period. The method used to select the linkage points and the arbitrage strategy are both based on multi-dimensional stationary processes. A new program method for testing the multi-dimensional stationary process is proposed in our paper, and the detailed program is presented in the paper's appendix. Because of the existence of the stationary process, the strategy's logarithmic cumulative average return will converge under the condition of the strong ergodic theorem, and this ensures the effectiveness of the stocks' linkage points and the more stable statistical arbitrage strategy.

Empirical studies on the cross-section of corporate bond and stock markets

NARCIS (Netherlands)

van Zundert, Jeroen

2018-01-01

This dissertation contains five empirical studies on the efficiency of corporate bond and stock markets. In Chapter 2, the pricing of interest rate risk in the stock market is analyzed. Over the long run, 1927 to 2015, the price of bearing interest rate risk is positive as expected, but there is

Academic Procrastination and the Performance of Graduate-Level Cooperative Groups in Research Methods Courses

Science.gov (United States)

Jiao, Qun G.; DaRos-Voseles, Denise A.; Collins, Kathleen M. T.; Onwuegbuzie, Anthony J.

2011-01-01

This study examined the extent to which academic procrastination predicted the performance of cooperative groups in graduate-level research methods courses. A total of 28 groups was examined (n = 83 students), ranging in size from 2 to 5 (M = 2.96, SD = 1.10). Multiple regression analyses revealed that neither within-group mean nor within-group…

CONDUCT RESEARCH STOCK MARKET BASED ON MODELS OF ARCH

Directory of Open Access Journals (Sweden)

Ivan Burtnyak

2016-06-01

Full Text Available The purpose of this article is to study the dynamics of the volatility of some indicators of financial market of Ukraine using the methods ARCH modeling. As indicators of the financial market we take the most aggregated variables describing profitability or market price of the portfolio, but not individual assets constituting the portfolio. An indicator of the stock market index stands First Stock Trading System (PFTS. The conditional variance of financial indicators reflecting the level of systemic risk, measures the uncertainty associated with forecasting market dynamics. Key words. Autoregression models, econometric models, stock market, financial instruments, the PFTS index, volatility time series. JEL: C 50

Energy Efficient Four Level Cooperative Opportunistic Communication for Wireless Personal Area Networks (WPAN)

DEFF Research Database (Denmark)

Rohokale, Vandana M.; Inamdar, Sandeep; Prasad, Neeli R.

2013-01-01

For wireless sensor networks (WSN),energy is a scarce resource. Due to limited battery resources, the energy consumption is the critical issue for the transmission as well as reception of the signals in the wireless communication. WSNs are infrastructure-less shared network demanding more energy...... consumption due to collaborative transmissions. This paper proposes a new cooperative opportunistic four level model for IEEE 802.15.4 Wireless Personal Area Network (WPAN).The average per node energy consumption is observed merely about 0.17mJ for the cooperative wireless communication which proves...... the proposed mechanism to be energy efficient. This paper further proposes four levels of cooperative data transmission from source to destination to improve network coverage with energy efficiency....

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

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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.

Comparative study on DuPont analysis and DEA models for measuring stock performance using financial ratio

Science.gov (United States)

Arsad, Roslah; Shaari, Siti Nabilah Mohd; Isa, Zaidi

2017-11-01

Determining stock performance using financial ratio is challenging for many investors and researchers. Financial ratio can indicate the strengths and weaknesses of a company's stock performance. There are five categories of financial ratios namely liquidity, efficiency, leverage, profitability and market ratios. It is important to interpret the ratio correctly for proper financial decision making. The purpose of this study is to compare the performance of listed companies in Bursa Malaysia using Data Envelopment Analysis (DEA) and DuPont analysis Models. The study is conducted in 2015 involving 116 consumer products companies listed in Bursa Malaysia. The estimation method of Data Envelopment Analysis computes the efficiency scores and ranks the companies accordingly. The Alirezaee and Afsharian's method of analysis based Charnes, Cooper and Rhodes (CCR) where Constant Return to Scale (CRS) is employed. The DuPont analysis is a traditional tool for measuring the operating performance of companies. In this study, DuPont analysis is used to evaluate three different aspects such as profitability, efficiency of assets utilization and financial leverage. Return on Equity (ROE) is also calculated in DuPont analysis. This study finds that both analysis models provide different rankings of the selected samples. Hypothesis testing based on Pearson's correlation, indicates that there is no correlation between rankings produced by DEA and DuPont analysis. The DEA ranking model proposed by Alirezaee and Asharian is unstable. The method cannot provide complete ranking because the values of Balance Index is equal and zero.

Solving the Problem of Relocation of Residents from Old and Unfit Housing Stock

Directory of Open Access Journals (Sweden)

Prokopovich Vladimir Pavlovich

2014-06-01

Full Text Available The speed of construction does not solve the problem of relocating the residents from old and unfit housing stock, the number of which exceeds the maximum permissible values. To assess housing stock condition, the author uses a model describing the path traversed by an accelerated body. The graphic analogue of model is a coil spring with a variable, increasing step, from which it follows that the volume of old and unfit housing stock is growing exponentially. The proposed model helps to project possible consequences of slow relocation, to plan necessary annual volume of new construction for relocation of the residents, as well as to assess the additional resources for preventing accidents.

Stocking equations for regeneration in mixed oak stands

Science.gov (United States)

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

2007-01-01

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

The Influence of Fundamental and Macroeconomic Analysis on Stock Price

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Hari Gursida

2017-12-01

Full Text Available The purpose of this research is to analyze the effect of fundamental and macroeconomic analysis on stock price. The research was conducted at a coal company listed on the Indonesia Stock Exchange. Fundamental analysis measured by current ratio, debt to equity ratio (DER, earning per share (EPS, return on assets (ROA, and total assets turnover (TATO, while macroeconomic analysis is measured by inflation and exchange rate.  Current ratio (CR has a positive effect on Stock Price. Strengthening this level of liquidity can provide information to investors to decide to buy shares of companies that tend to be healthy and stable. Return on assets (ROA has a positive and significant influence on stock price. Efforts to maximize the level of profitability by increasing the value of return on assets can provide information to investors that investments invested in the company will provide good profit. The impact of stock prices will rise. While debt to equity ratio (DER, earning per share (EPS and total assets turnover (TATO have no effect on Stock Price.  Macroeconomic analysis shows: (a Inflation rate has no effect on stock price of coal company. This can be because the inflation rate in Indonesia is at the level of 6% -7% per year and included in the category of mild inflation. Mild inflation resulted in very slow economic growth, not affecting stock prices. The exchange rate has a negative and significant effect on coal company stock price. If the Rupiah is depreciated then the stock price of the coal company will decrease.

Corruption and stock market development: A quantitative approach

Science.gov (United States)

Bolgorian, Meysam

2011-11-01

Studying the relation between corruption and economic factors and examining its consequences for economic development have attracted many economists and physicists in recent years. The purpose of this paper is to focus on the role of stock market development on corruption. Analyzing a data set of corruption and stock market development measures such as market capitalization and total value of share trading for 46 countries around the world for the period 2007-2009, we examine the dependence of the Corruption Perception Index (CPI) on stock market development. Our findings suggest that there exists a power-law dependence between corruption and stock market development. We also observe a negative relation between level of corruption and financial system improvement.

Proactive inventory policy intervention to mitigate risk within cooperative supply chains

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Takako Kurano

2014-04-01

Full Text Available This exploratory paper will investigate the concept of supply chain risk management involving supplier monitoring within a cooperative supply chain. Inventory levels and stockouts are the key metrics. Key to this concept is the assumptions that (1 out-of-control supplier situations are causal triggers for downstream supply chain disruptions, (2 these triggers can potentially be predicted using statistical process monitoring tools, and (3 carrying excess inventory only when needed is preferable as opposed to carrying excess inventory on a continual basis. Simulation experimentation will be used to explore several supplier monitoring strategies based on statistical runs tests, specifically "runs up and down" and/or "runs above and below" tests. The sensitivity of these tests in detecting non-random supplier behavior will be explored and their performance will be investigated relative to stock-outs and inventory levels. Finally, the effects of production capacity and yield rate will be examined. Results indicate out-of-control supplier signals can be detected beforehand and stock-outs can be significantly reduced by dynamically adjusting inventory levels. The largest benefit occurs when both runs tests are used together and when the supplier has sufficient production capacity to respond to downstream demand (i.e., safety stock increases. When supplier capacity is limited, the highest benefit is achieved when yield rates are high and, thus, yield loss does not increase supplier production requirements beyond its available capacity.

A study of the effects of company size on systematic risk based on the capital asset pricing model among accepted companies in Tehran Stock Market ,

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Reza Rostami

2012-08-01

Full Text Available Systematic risk (beta is one of the most effective factors in predicting the appropriate required rate of return of portfolios. Understanding systematic risk of usual portfolio of various companies helps investors consider financial investment, more confidentially. The aim of this study is to determine if there is any significant relationship between Company Size (Market value of stocks, Book value of stocks, level of company sale, trade volume of stocks, Price dividend ratio as independent variables and Systematic risk (Beta as dependent variables. The study chooses 112 companies accepted in Tehran Stock Market based on screening (systematic deletion in a six-year- period from 2005 to 2010. The required data were gathered from basic financial statement, committee reports, and other available documents in Tehran Stock Market. Regression and Pearson correlation were used to analyze the data. The results of the study revealed that there is a significant relationship between the variables. Some suggestions regarding the topic of the research are given too.

Influence of stocking, site quality, stand age, low-severity canopy disturbance, and forest composition on sub-boreal aspen mixedwood carbon stocks

Science.gov (United States)

Reinikainen, Michael; D’Amato, Anthony W.; Bradford, John B.; Fraver, Shawn

2014-01-01

Low-severity canopy disturbance presumably influences forest carbon dynamics during the course of stand development, yet the topic has received relatively little attention. This is surprising because of the frequent occurrence of such events and the potential for both the severity and frequency of disturbances to increase as a result of climate change. We investigated the impacts of low-severity canopy disturbance and average insect defoliation on forest carbon stocks and rates of carbon sequestration in mature aspen mixedwood forests of varying stand age (ranging from 61 to 85 years), overstory composition, stocking level, and site quality. Stocking level and site quality positively affected the average annual aboveground tree carbon increment (CAAI), while stocking level, site quality, and stand age positively affected tree carbon stocks (CTREE) and total ecosystem carbon stocks (CTOTAL). Cumulative canopy disturbance (DIST) was reconstructed using dendroecological methods over a 29-year period. DIST was negatively and significantly related to soil carbon (CSOIL), and it was negatively, albeit marginally, related to CTOTAL. Minima in the annual aboveground carbon increment of trees (CAI) occurred at sites during defoliation of aspen (Populus tremuloides Michx.) by forest tent caterpillar (Malacosoma disstria Hubner), and minima were more extreme at sites dominated by trembling aspen than sites mixed with conifers. At sites defoliated by forest tent caterpillar in the early 2000s, increased sequestration by the softwood component (Abies balsamea (L.) Mill. and Picea glauca (Moench) Voss) compensated for overall decreases in CAI by 17% on average. These results underscore the importance of accounting for low-severity canopy disturbance events when developing regional forest carbon models and argue for the restoration and maintenance of historically important conifer species within aspen mixedwoods to enhance stand-level resilience to disturbance agents and maintain

EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

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Udoka Bernard Alajekwu

2017-06-01

Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

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

Refurbishment of Social housing: a survey of the building stock owned by ATC Torino

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Andrea Levra Levron

2016-11-01

Full Text Available The Italian public housing building stock is considerable, although quantitatively less than that of other European countries,. The public policies adopted in the last decades have pushed the supply of housing by the private sector and supported the sale of the assets by the public housing authorities. Those buildings are often degraded and obsolete. Nevertheless, the issue of redevelopment of this part of the residential building stock is a central focus, also because of its important social role, especially in the current period of crisis. One of the recurring factors in the Italian case is the low quality of this building stock due to the lack of an organic maintenance activity. The paper reports the first results of a research carried out by the Department of Architecture and Design in cooperation with a social housing public authority, the Regional Agency for the Central Piedmont House (ATC. The goal of the research was the development of methodologies for estimating and analysis of maintenance requirements. Moreover, the study suggests and develops a forecasting tool for the planning of maintenance operations and redevelopment of the large building estates.

Relationships between the stocking levels of live trees and dead tree attributes in forests of the United States

Science.gov (United States)

C.W. Woodall; J.A. Westfall

2009-01-01

There has been little examination of the relationship between the stocking of live trees in forests and the associated attributes of dead tree resources which could inform large-scale efforts to estimate and manage deadwood resources. The goal of this study was to examine the relationships between the stocking of standing live trees and attributes of standing dead and...

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

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Laduna R.

2018-01-01

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

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.

The effect of asymmetric information risk on returns of stocks traded on the BM&FBOVESPA

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Leonardo Souza Siqueira

Full Text Available ABSTRACT This study sought to analyze information asymmetry in the Brazilian stock market and its relation with the returns required from portfolios through the metrics volume-synchronized probability of informed trading. To do this, the study used actual data from the transactions of 142 stocks on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA, within the period from May 1, 2014, to May 31, 2016. The results point out a high flow toxicity level in the orders of these stocks. In segment analyses of the stock market listing, data suggest there is no clue that stocks from the theoretically more overt segments have a lower toxicity level of order flows. The justification for this finding lies on the negative correlation observed between the market value of stocks and the toxicity level of orders. To test the effect of asymmetric information risk on stock returns, a factor related to the toxicity level of orders was added to the three-, four-, and five-factor models. Through the GRS test, we observed that the combination of factors that optimize the explanation of returns of the portfolios created was the one taking advantage of the factors market, size, profitability, investment, and information risk. To test the robustness of these results, the Average F-test was used in data simulated by the bootstrap method, and similar estimates were obtained. It was observed that the factor related to the book-to-market index becomes redundant in the national scenario for the models tested. Also, it was found that the factor related to information risk works as a complement to the factor size and that its inclusion leads to an improved performance of the models, indicating a possible explanatory power of information risk on portfolio returns. Therefore, data suggest that information risk is priced in the Brazilian stock market.

Considering individual satisfaction levels enhances cooperation in a spatial prisoner’s dilemma game

International Nuclear Information System (INIS)

Tanimoto, Jun

2015-01-01

Highlights: • A new model for the SPD game considering an individual’s satisfaction level is presented. • Simulation results show a non-trivial enhancement of cooperation. • The enhancement found results from a stochastic resonance effect. - Abstract: Based on the observance in human society, the satisfaction level of an individual as a result of an obtained payoff depends on personal tendency to some extent; we establish a new model for spatial prisoner’s dilemma games. We describe individual satisfaction as a stochastically deviated value around each of the four payoffs stipulated by a payoff matrix, which is maintained throughout the life of a certain agent. When strategy updating, an agent who refers to his own satisfaction level cannot see neighbors’ satisfaction levels but can only observe neighbors’ accumulated payoffs. By varying the update rule and underlying topology, we perform numerical simulations that reveal cooperation is significantly enhanced by this change. We argue that this enhancement of cooperation is analogous to a stochastic resonance effect, like the payoff noise effects Perc (2006).

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.

Regional cooperation to stimulate technical progress

International Nuclear Information System (INIS)

Ridvan, M.; Ehjrej, P.L.

1987-01-01

The main principles of the IAEA regional agreement on co-operation in the field of researches, elaboration and training of specialists in nuclear science and engineering for the states of Asia and Pacific Ocean region (RAC) and of the ARCAL program in Latin America are considered. The RAC projects envisage co-operation in the field of medicine (radiotherapy and nuclear methods, sterilization, etc.), agriculture (nuclear methods, raising of plants, using radiation mutations, food irradiation, etc.), industry (application of isotopes and radiation technology) and others. The ARCAL projects comprise radiation protection, nuclear control instruments, nuclear analytic methods, radioimmune analysis in stock-breeding, product irradiation, nuclear information, etc

POTENTIAL PRODUCTION OF DEMERSAL FISH STOCK IN THE MALACCA STRAIT OF INDONESIA

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Purwanto Purwanto

2015-06-01

Full Text Available Malacca Strait is one of the main fishing areas for demersal fishery in Indonesia. To support the management of that fishery, an assessment of the demersal fish stock was conducted. This study estimated that the maximum sustainable yield and the optimal catch per unit effortof demersal fishery in the Malacca Strait were about 106.8 thousand tons/year and 28.5 tons per unit of Danish seine, respectively, resulting from the operation of 3,752 Danish seines. Unfortunately, fishing effort was higher than its optimum level and the fish stock was over-exploited since 2003. To recover the demersal fish stock to its optimum level and to ensure the optimal fish production from demersal fishery in the Malacca Strait, it was necessary to reduce fishing effort at about 67% from its level in 2011.

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

OpenAIRE

Robiyanto Robiyanto

2017-01-01

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

A study on the establishment of nuclear cooperative relations and future direction between Korea and Vietnam

Energy Technology Data Exchange (ETDEWEB)

Yang, M H; Kim, H S; Chung, W S; Yun, S W; Ko, H S; Lee, J K

2000-10-01

This study was carried out in order to review the cooperation with vietnam and establish and activate the cooperative relations with Vietnam. During the study, current status of use and development of nuclear energy in vietnam, were investigated including nuclear power plant and cooperative relations between two nations were also established. It was agreed through exchanges of visits of cooperation delegation; 1) exchange of visits of cooperation delegation, 2) holding of policy seminar for high level decision makers of Vietnam 3) cooperaton between KAERI/VAEC, 4) joint feasibility study for the construction of KSNP into Vietnam and technical presentation of KSNP. It is recommended that cooperaion with vietnam be implemented systematically through the long term based basic directions and integrated national strategies.

A study on the establishment of nuclear cooperative relations and future direction between Korea and Vietnam

International Nuclear Information System (INIS)

Yang, M. H.; Kim, H. S.; Chung, W. S.; Yun, S. W.; Ko, H. S.; Lee, J. K.

2000-10-01

This study was carried out in order to review the cooperation with vietnam and establish and activate the cooperative relations with Vietnam. During the study, current status of use and development of nuclear energy in vietnam, were investigated including nuclear power plant and cooperative relations between two nations were also established. It was agreed through exchanges of visits of cooperation delegation; 1) exchange of visits of cooperation delegation, 2) holding of policy seminar for high level decision makers of Vietnam 3) cooperaton between KAERI/VAEC, 4) joint feasibility study for the construction of KSNP into Vietnam and technical presentation of KSNP. It is recommended that cooperaion with vietnam be implemented systematically through the long term based basic directions and integrated national strategies

Cooperation: the foundation of improvement.

Science.gov (United States)

Clemmer, T P; Spuhler, V J; Berwick, D M; Nolan, T W

1998-06-15

Cooperation--working together to produce mutual benefit or attain a common purpose--is almost inseparable from the quest for improvement. Although the case for cooperation can be made on ethical grounds, neither the motivation for nor the effects of cooperation need to be interpreted solely in terms of altruism. Cooperation can be a shrewd and pragmatic strategy for accomplishing personal goals in an interdependent system. Earlier papers in this series have explored the conceptual roots of modern approaches to improvement, which lie in systems theory. To improve systems, we must usually attend first and foremost to interactions. Among humans, "better interaction" is almost synonymous with "better cooperation." Physicians have ample opportunities and, indeed, an obligation to cooperate with other physicians in the same or different specialties, with nurses and other clinical workers, with administrators, and with patients and families. Many intellectual disciplines have made cooperation an object of study. These include anthropology; social psychology; genetics; biology; mathematics; game theory; linguistics; operations research; economics; and, of course, moral and rational philosophy. Scientifically grounded methods to enhance cooperation include developing a shared purpose; creating an open, safe environment; including all who share a common purpose and encouraging diverse viewpoints; negotiating agreement; and insisting on fairness and equity in the application of rules. These methods apply at the organizational level and at the level of the individual physician. This paper describes the application of these methods at the organizational level and focuses on one especially successful example of system-level cooperation in a care delivery site where interactions matter a great deal: the modern intensive care unit.

Strategies of EU agro-food cooperatives to confront globalization: The case of wine cooperatives

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Juan Sebastián Castillo Valero

2013-06-01

Full Text Available Due to globalization and market integration, the agro-food cooperative sector needs to be more competitive. This generates new challenges for cooperative enterprises in the agro-food sector. In this article the analysis of the wine producing sector is undertaken in the area of greatest world-wide wine production and commercialization, Castilla-La Mancha. EU wineries and cooperatives should propose strategic lines within an economy marked by a globalization process in world markets. The paradigmatic case is analyzed in this paper of the comparison of strategies followed by cooperatives confronting capitalist winery enterprises. Therefore, the degree of suitability is aimed to be elucidated and the success of the foundations of international commercial strategies that cooperative enterprises of the sector have followed, depending on their characteristics. Moreover, an exhaustive diagnosis is offered of the current strategic situation of cooperatives and their probability of gaining access to and/or growing in the international market. The parameters that have resulted significant are used as conclusions and recommendations so that cooperatives will reformulate their strategies and the organizations linked to the agro-food sector will know what factors to foment and support in their internationalization and global competitive positioning.

STUDYING THE STOCKS MANAGEMENT OF A SMALL COMPANY OF THE SERVICES

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Paulo Cesar Chagas Rodrigues

2013-06-01

Full Text Available Many are the possibilities of intervention in the organizations so that they rationalize their process of production, and satisfy the necessities of their customers. Among these possibilities to be treated in this article it is the stocks management optimization, that is one of the great generators of waste, also, when badly managed, occults the majority of the management problems. Simple elements as tools for predicting demand, stocks control and classification systems, evaluation physicist-financier system, layout, amongst other instruments, if correctly implanted and managed bring considerable benefits for the organization, increasing productivity and competitiveness. This research, has tried to restrict its focus, by studying the stocks management of a small of the computer science company located in the city of Bauru, State of Sao Paulo, which has an estimated population of 305.753 inhabitants, with approximately 1.338 industries, 7.094 commerce and 5.371 rendered company service.

Urban soils as hotspots of anthropogenic carbon accumulation: Review of stocks, mechanisms and factors

Science.gov (United States)

Vasenev, Viacheslav; Kuzyakov, Yakov

2017-04-01

Urban soils and cultural layers accumulate carbon (C) over centuries and consequently large C stocks are sequestered below the cities. These C stocks as well as the full range of processes and mechanisms leading to high C accumulation in urban soils remain unknown. We collected data on organic (SOC), inorganic (SOC) and black (pyrogenic) (BC) C content in urban and natural soils from 100 papers based on Scopus and Web-of-Knowledge databases. The yielded database includes 770 values on SOC, SIC and BC stocks from 118 cities worldwide. The collected data were analyzed considering the effects of climatic conditions and urban-specific factors: city size, age and functional zoning. For the whole range of climatic conditions, the C contents in urban soils were 1.5-3 times higher than in respective natural soils. This higher C content and much deeper C accumulation in urban soils resulted in 3 to 5 times higher C stocks compared to natural soils. Urban SOC stocks were positively correlated with latitude, whereas SIC stocks were less affected by climate. The city size and age were the main factors controlling intra-city variability of C stocks with higher stocks in small cities compared to megapolises and in medieval compared to new cities. The inter-city variability of C stocks was dominated by functional zoning: large SOC and N stocks in residential areas and large SIC and BC stocks in industrial zones and roadsides were similar for all climates and for cities of different size and age. Substantial stocks of SOC, SIC and N were sequestered for long-term in the subsoils and cultural layers of the sealed soils, which underline the importance of these 'hidden' stocks for C assessments. Typical and specific for urban soils is that the anthropogenic factor overshadows the other five factors of soil formation. Substantial C stocks in urban soils and cultural layers result from specific mechanisms of C accumulation in cities: i) large and long-term C inputs from outside the

IFRS and Stock Returns: An Empirical Analysis in Brazil

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Rodrigo F. Malaquias

2016-09-01

Full Text Available In recent years, the convergence of accounting standards has been an issue that motivated new studies in the accounting field. It is expected that the convergence provides users, especially external users of accounting information, with comparable reports among different economies. Considering this scenario, this article was developed in order to compare the effect of accounting numbers on the stock market before and after the accounting convergence in Brazil. The sample of the study involved Brazilian listed companies at BM&FBOVESPA that had American Depository Receipts (levels II and III at the New York Stock Exchange (NYSE. For data analysis, descriptive statistics and graphic analysis were employed in order to analyze the behavior of stock returns around the publication dates. The main results indicate that the stock market reacts to the accounting reports. Therefore, the accounting numbers contain relevant information for the decision making of investors in the stock market. Moreover, it is observed that after the accounting convergence, the stock returns of the companies seem to present lower volatility.

Cognitive Load and Cooperation

DEFF Research Database (Denmark)

Døssing, Felix Sebastian; Piovesan, Marco; Wengström, Erik Roland

2017-01-01

We study the effect of intuitive and reflective processes on cooperation using cognitive load. Compared with time constraint, which has been used in the previous literature, cognitive load is a more direct way to block reflective processes, and thus a more suitable way to study the link between...... intuition and cooperation. Using a repeated public goods game, we study the effect of different levels of cognitive load on contributions. We show that a higher cognitive load increases the initial level of cooperation. In particular, subjects are significantly less likely to fully free ride under high...... cognitive load....

Green initiative impact on stock prices: A quantitative study of the clean energy industry

Science.gov (United States)

Jurisich, John M.

The purpose of this quantitative ex post facto research study was to explore the relationship between green initiative expense disclosures and stock prices of 46 NASDAQ listed Clean Edge Green Energy global companies from 2007 to 2010. The independent variables were sales and marketing, environmental, customer and supplier, community, and corporate governance practices that were correlated with the dependent variable in the study of stock prices. Expense disclosures were examined in an effort to measure the impact of green initiative programs and to expose the interrelationships between green initiative expense disclosures and fluctuations of stock prices. The data for the research was secondary data from existing annual reports. A statistically significant relationship was revealed between environmental practices and changes in stock prices. The study results also provided substantial evidence for leadership and managerial decision making to reduce or increase green initiative practices to maximize shareholder wealth of their respective organizations.

Fact or fiction? An empirical analysis of cooperation between mass sport providers at the local level

NARCIS (Netherlands)

Steven Vos; Jeroen Scheerder

2014-01-01

This paper explores inter-organisational relationships, in terms of cooperation, between three main types of sport providers at the local level: voluntary sport clubs, for-profit fitness and health clubs, and local sports authorities. Both withinand cross-sector cooperation are analysed and related

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

NARCIS (Netherlands)

Scholtens, B.; Peenstra, W.

2009-01-01

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

Levels of specificity of Xylaria species associated with fungus-growing termites: a phylogenetic approach

DEFF Research Database (Denmark)

Visser, Andre; Ros, V I D; De Beer, Z. W.

2009-01-01

of the ascomycete genus Xylaria appear and rapidly cover the fungus garden. This raises the question whether certain Xylaria species are specialised in occupying termite nests or whether they are just occasional visitors. We tested Xylaria specificity at four levels: (1) fungus-growing termites, (2) termite genera...... of the ITS region revealed 16 operational taxonomic units of Xylaria, indicating high levels of Xylaria species richness. Not much of this variation was explained by termite genus, species, or colony; thus, at level 2-4 the specificity is low. Analysis of the large subunit rDNA region, showed that all...... termite-associated Xylaria belong to a single clade, together with only three of the 26 non-termite-associated strains. Termite-associated Xylaria thus show specificity for fungus-growing termites (level 1). We did not find evidence for geographic or temporal structuring in these Xylaria phylogenies...

Substrates and irrigation levels for growing desert rose in pots

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Ronan Carlos Colombo

Full Text Available ABSTRACT In the past decades, desert rose has become a very popular ornamental plant, especially among collectors, due to its exotic and sculptural forms. However, it has been grown on a commercial scale only recently, and little is known about how to best manage it as a container-grown plant, or even which potting medium (substrate to recommend. Therefore, the aim of this study was to investigate the interactions between potting media and irrigation levels for growing desert rose as a potted ornamental plant. The experiment was conducted in a greenhouse using a 6 x 2 factorial arrangement with six replications, six potting media and two irrigation levels. The mixes were characterized by measuring their physical properties, specifically the density and water retention capacity (WRC, as well as chemical properties, such as the pH and electrical conductivity (EC. After 210 days, plant growth and plant water consumption were evaluated and measured. A lower dry density for the vermiculite mixes was observed in comparison to that for the sand mixes. However, WRC ranged from 428 to 528 mL L-1 among the mixes, values considered close to ideal. In general, plant growth exhibited higher increases in mixes consisting of coconut fiber + sand or vermiculite, regardless of the irrigation level. Mixes of vermiculite + coconut fiber and sand + coconut fiber can be used to grow desert rose in pots, as long as irrigation is used to maintain the moisture content of the potting medium (mix between 60-70% and 80-90% of the WRC.

Post-socialist agricultural cooperatives in Russia : A case study of top-down cooperatives in the Belgorod region

NARCIS (Netherlands)

A. Kurakin (Alexander); O. Visser (Oane)

2017-01-01

markdownabstractThrough a study of agricultural service cooperatives in Russia’s Belgorod region, this article addresses two gaps in the literature: _first_, the dearth of empirical studies on cooperatives in post-socialist Russia; _second_, the lack of attention to top-down cooperatives in

Survey of stocking policies for tailwater trout fisheries in the southern United States

Science.gov (United States)

Swink, William D.

1983-01-01

A survey of the 16 southern states showed that 48 tailwaters in 13 states were stocked with trout in 1980. Of the almost 3.7 million trout released in these waters, 81% were of catchable size and 19% were fingerlings (Salmo gairdneri). A trend away from "put-grow-and-take" fisheries toward "put-and-take" fisheries was noted. Limited creel data confirmed that fishing pressure in southern tailwaters was heavy, and that 25 to 90% of the trout stocked were recovered by anglers

Performance Convergence Analysis of Stock Exchanges: the Situation of the Ibovespa in the World Scenario

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Paulo Rogério Faustino Matos

2011-09-01

Full Text Available This paper studies the behavior of the most relevant worldwide stock exchanges indices. The semiparametric time series technique proposed by Phillips and Sul (2007 is used to a panel containing 36 stock exchanges allocated in economies with different development levels situated on all continents, during the period from January 1998 to December 2007. According to the results, there is no common trend, corroborating Antzolautos et al. (2009. The traditional São Paulo Stock Exchange Index (Ibovespa is the oldest one of the group with the highest level of the trend for the dynamic transition, which is comprised by volatile indices of stock exchanges with a reasonable level of maturity, located in developing economies with high rates of inflation in Central and Latin America. The second club comprises most of the indices, characterized by a higher level of maturity and tradition of financial markets and development, located mainly in Europe, North America and Asia. The third club with only four indices, has no clear patterns. The evidence that the convergence clubs composition has macroeconomic, geographical and financial patterns can be a useful to infer about the post world financial crisis behavior of stock exchanges.

Stock-outs of essential health products in Mozambique-longitudinal analyses from 2011 to 2013

Science.gov (United States)

Wagenaar, Bradley H.; Gimbel, Sarah; Hoek, Roxanne; Pfeiffer, James; Michel, Cathy; Manuel, João Luis; Cuembelo, Fatima; Quembo, Titos; Afonso, Pires; Gloyd, Stephen; Sherr, Kenneth

2015-01-01

objectives To assess the relationship between health system factors and facility-level EHP stock-outs in Mozambique. methods Service provisions were assessed in 26 health facilities and 13 district warehouses in Sofala Province, Mozambique, from July to August in 2011–2013. Generalised estimating equations were used to model factors associated with facility-level availability of essential drugs, supplies and equipment. results Stock-out rates for drugs ranged from 1.3% for oral rehydration solution to 20.5% for Depo-Provera and condoms, with a mean stock-out rate of 9.1%; mean stock-out rates were 15.4% for supplies and 4.1% for equipment. Stock-outs at the district level accounted for 27.1% (29/107) of facility-level drug stock-outs and 44.0% (37/84) of supply stock-outs. Each 10-km increase in the distance from district distribution warehouses was associated with a 31% (CI: 22–42%), 28% (CI: 17–40%) or 27% (CI: 7–50%) increase in rates of drug, supply or equipment stock-outs, respectively. The number of heath facility staff was consistently negatively associated with the occurrence of stock-outs. conclusions Facility-level stock-outs of EHPs in Mozambique are common and appear to disproportionately affect those living far from district capitals and near facilities with few health staff. The majority of facility-level EHP stock-outs in Mozambique occur when stock exists at the district distribution centre. Innovative methods are urgently needed to improve EHP supply chains, requesting and ordering of drugs, facility and district communication, and forecasting of future EHP needs in Mozambique. Increased investments in public-sector human resources for health could potentially decrease the occurrence of EHP stock-outs. PMID:24724617

Performance of Islamic Stocks Index: Comparative Studies Between Indonesia and Malaysia

Directory of Open Access Journals (Sweden)

Tulasmi Tulasmi

2016-06-01

Full Text Available The aim of this research is to compare the Islamic stocks index performance between Malaysia and Indonesia using Sharpe method, Treynor method, and Jensen method. The result show that the Islamic stocks index performance in Indonesia –measured by Jakarta Islamic Index- is better than Malaysia if using Treynor and Jensen methods. Otherwise, using the Sharpe method show that Islamic stock index in Malaysia is better than Islamic stocks index in Indonesia. The implication from this result is the investor with enough funds recommended to invest in Indonesia, but the small investor can do the investment to Islamic stocks index in Malaysia.DOI:  10.15408/sjie.v5i1.3127 

Intermunicipal cooperation, public spending and service levels

NARCIS (Netherlands)

Allers, Maarten A.; de Greef, J.A.

2018-01-01

Local governments can increase size in particular policy fields through cooperation with other local governments. This is often thought to improve efficiency, but there is little empirical evidence supporting this hypothesis. We study the case of the Netherlands, which has been a veritable

Taxation, Transfer Income and Stock Market Participation

DEFF Research Database (Denmark)

Fischer, Marcel; Astrup Jensen, Bjarne

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

Energy Provider: Delivered Energy Efficiency: A global stock-taking based on case studies

Energy Technology Data Exchange (ETDEWEB)

NONE

2013-06-01

In 2011 the IEA and the Regulatory Assistance Project (RAP) took on a work programme focused on the role of energy providers in delivering energy efficiency to end-users. This work was part of the IEA’s contribution to the PEPDEE Task Group, which falls under the umbrella of the International Partnership on Energy Efficiency Cooperation (IPEEC). In addition to organizing regional dialogues between governments, regulators, and energy providers, the PEPDEE work stream conducted global stock-takings of regulatory mechanisms adopted by governments to obligate or encourage energy providers to delivery energy savings and the energy savings activities of energy providers. For its part the IEA conducted a global review of energy provider-delivered energy savings programmes. The IEA reached out to energy providers to identify the energy savings activities they engaged in. Some 250 energy saving activities were considered, and 41 detailed case studies spanning 18 countries were developed. Geographic balance was a major consideration, and much effort was expended identifying energy provider-delivered energy savings case studies from around the world. Taken together these case studies represent over USD 1 billion in annual spending, or about 8% of estimated energy provider spending on energy efficiency.

Enhancing international technology cooperation for climate change mitigation. Lessons from an electromobility case study

Energy Technology Data Exchange (ETDEWEB)

Bhasin, Shikha

2014-07-01

As a global agreement on climate mitigation and absolute emissions reductions remains grid-locked, this paper assesses whether the prospects for international technology cooperation in low-carbon sectors can be improved. It analyses the case of international cooperation on electric vehicle technologies to elaborate on the trade-offs that cooperation such as this inherently attempts to balance- national growth objectives of industrial and technology development versus the global goods benefit of reducing greenhouse gas (GHG) emissions. It focuses on bilateral German-Chinese programmes for electric vehicle development, as well as multilateral platforms on low-carbon technology cooperation related to electric vehicles. Based on insights from these cases studies, this paper ultimately provides policy recommendations to address gaps in international technology cooperation at a bilateral level for ongoing German-Chinese engagement on electric vehicles; and at a multilateral level with a focus on the emerging technology cooperation framework of the United Nations Framework Convention on Climate Change (UNFCCC).

Enhancing international technology cooperation for climate change mitigation. Lessons from an electromobility case study

International Nuclear Information System (INIS)

Bhasin, Shikha

2014-01-01

As a global agreement on climate mitigation and absolute emissions reductions remains grid-locked, this paper assesses whether the prospects for international technology cooperation in low-carbon sectors can be improved. It analyses the case of international cooperation on electric vehicle technologies to elaborate on the trade-offs that cooperation such as this inherently attempts to balance- national growth objectives of industrial and technology development versus the global goods benefit of reducing greenhouse gas (GHG) emissions. It focuses on bilateral German-Chinese programmes for electric vehicle development, as well as multilateral platforms on low-carbon technology cooperation related to electric vehicles. Based on insights from these cases studies, this paper ultimately provides policy recommendations to address gaps in international technology cooperation at a bilateral level for ongoing German-Chinese engagement on electric vehicles; and at a multilateral level with a focus on the emerging technology cooperation framework of the United Nations Framework Convention on Climate Change (UNFCCC).

Analysis of portfolio optimization with lot of stocks amount constraint: case study index LQ45

Science.gov (United States)

Chin, Liem; Chendra, Erwinna; Sukmana, Agus

2018-01-01

To form an optimum portfolio (in the sense of minimizing risk and / or maximizing return), the commonly used model is the mean-variance model of Markowitz. However, there is no amount of lots of stocks constraint. And, retail investors in Indonesia cannot do short selling. So, in this study we will develop an existing model by adding an amount of lot of stocks and short-selling constraints to get the minimum risk of portfolio with and without any target return. We will analyse the stocks listed in the LQ45 index based on the stock market capitalization. To perform this analysis, we will use Solver that available in Microsoft Excel.

Random Walks in Stock Exchange Prices and the Vienna Stock Exchange

OpenAIRE

Huber, Peter

1995-01-01

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

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.

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

Directory of Open Access Journals (Sweden)

Amir Saadaoui

2015-02-01

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

A local-community-level, physically-based model of end-use energy consumption by Australian housing stock

International Nuclear Information System (INIS)

Ren Zhengen; Paevere, Phillip; McNamara, Cheryl

2012-01-01

We developed a physics based bottom-up model to estimate annual housing stock energy consumption at a local community level (Census Collection District—CCD) with an hourly resolution. Total energy consumption, including space heating and cooling, water heating, lighting and other household appliances, was simulated by considering building construction and materials, equipment and appliances, local climates and occupancy patterns. The model was used to analyse energy use by private dwellings in more than five thousand CCDs in the state of New South Wales (NSW), Australia. The predicted results focus on electricity consumption (natural gas and other fuel sources were excluded as the data are not available) and track the actual electricity consumption at CCD level with an error of 9.2% when summed to state level. For NSW and Victoria 2006, the predicted state electricity consumption is close to the published model (within 6%) and statistical data (within 10%). A key feature of the model is that it can be used to predict hourly electricity consumption and peak demand at fine geographic scales, which is important for grid planning and designing local energy efficiency or demand response strategies. - Highlights: ► We developed a physics-based model to estimate housing stock energy consumption. ► House type and vintage, family type and occupancy time were considered. ► The model results are close to actual energy consumption at local community level. ► Its’ results agree well with the published model and statistical data at state level. ► It shows the model could provide from hourly to annual residential energy consumption.

Levels of acid-soluble polyphosphate in growing cultures of Saccharomyces cerevisiae.

OpenAIRE

Solimene, R; Guerrini, A M; Donini, P

1980-01-01

Short-chain acid-soluble polyphosphates were extracted from growing cultures of Saccharomyces cerevisiae, and the changes in the levels of these compounds were determined. The production of acid-soluble polyphosphates correlated with the mitochondrial activities since it occurred in two bursts in respiration-competent yeast cells and in only one burst in respiration-deficient yeast cells. The possible role of these compounds is discussed.

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...

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.

Genetic stock identification of Russian honey bees.

Science.gov (United States)

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

2010-06-01

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

In situ determination of the reduction levels of cytochromes b and c in growing bacteria : a case study with N2-fixing Azorhizobium caulinodans

NARCIS (Netherlands)

Pronk, A.F.; Boogerd, F C; Stoof, C.; Oltmann, L F; Stouthamer, A.H.; van Verseveld, H W

1993-01-01

The determination of the in situ reduction levels of cytochromes b and c in growing bacteria is achieved by coupling a chemostat with a dual wavelength spectrophotometer. Visible light absorption spectra of cytochromes present in bacterial cells actively growing in a chemostat at a specific growth

A study of the impacts of leverage on labor and capital productivity: A case study of companies listed in Tehran Stock Market

Directory of Open Access Journals (Sweden)

Peyman Akbari

2013-03-01

Full Text Available Productivity is a primary objective of increasing competition in modern economy and any increase in productivity level helps development of organization in the competitive market. The purpose of this paper is to investigate the relationship between operating leverage, financial leverage, compound leverage as independent variables and productivity indices including labor and capital productivities as dependent variables. The study includes 102 companies accepted in Tehran Stock Market based on screening, systematic deletion, over the period 2005-2010. The required data are gathered through official financial statements, committee reports, and other available documents in Tehran Stock Market. Stepwise regression and Pearson correlation are used to analyze the data. The results of the study have indicated that there were significant relationships between independent variables including leverage ratios with labor productivity. In addition, there is also a significance relationship between leverage ratios with capital productivity of total assets.

INVESTORS REACTIONS TO CHANGING FIRMS’ DEBT LEVEL AND ITS EFFECT TO STOCK RETURNS

Directory of Open Access Journals (Sweden)

AYŞE GÜL YILGÖR

2013-06-01

Full Text Available This paper investigates whether stock retuns are influenced by changing firms’ debt level and what the investors’ reactions to the announcement of this change are. We examine if the firms which have more debt comparing with prior year, could obtain cumulative abnormal return(CAR, then we test if the firms which leverage ratios are below the industry average could obtain more CAR than firms that the ratios are above the industry average. We find investors react changing firms’ debt level(with significantly positive or negative CAR. However the reactions are not related with if the leverage ratios are below or above industry average.

High dietary biotin levels affect the footpad and hock health of broiler chickens reared at different stocking densities and litter conditions.

Science.gov (United States)

Sun, Z W; Fan, Q H; Wang, X X; Guo, Y M; Wang, H J; Dong, X

2017-06-01

Responses to stocking density (SD), dietary biotin concentration and litter condition were evaluated on 2016 Ross 308 male broilers in the fattening period (day 22-day 42). The birds were placed in 48 pens with either dry or wet litter to simulate the final stocking density of 30 kg (12 broilers/m 2 ; normal stocking density, NSD) and 40 kg (16 broilers/m 2 ; high stocking density, HSD) of body weight (BW)/m 2 floor space. A corn-soybean meal-based diet was supplemented with biotin to provide a normal (NB; 155 μg/kg) or high (HB, 1521 μg/kg) level of dietary biotin. There were six repetitions per treatment. The inappropriate moisture content of litter associated with HSD was avoided (p  0.05) for growth and processing yield. In HSD, the biotin effect (gains, FCR) was significantly higher (p chickens, and a significant interaction (p density, biotin supplementation and litter condition existed from 35 to 42 days of age. Taken together, increasing dietary biotin improves the performance and well-being of broiler chickens stocked at high densities in litter-independent and litter-dependent manners respectively. Journal of Animal Physiology and Animal Nutrition © 2016 Blackwell Verlag GmbH.

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.

NT-pro brain natriuretic peptide levels and the risk of death in the cooperative study of sickle cell disease.

Science.gov (United States)

Machado, Roberto F; Hildesheim, Mariana; Mendelsohn, Laurel; Remaley, Alan T; Kato, Gregory J; Gladwin, Mark T

2011-08-01

Epidemiological studies support a hypothesis that pulmonary hypertension (PH) is a common complication of sickle cell disease (SCD) that is associated with a high risk of death and evolves as a complication of haemolytic anaemia. This fundamental hypothesis has been recently challenged and remains controversial. In order to further test this hypothesis in a large and independent cohort of SCD patients we obtained plasma samples from the Cooperative Study of Sickle Cell Disease (CSSCD) for analysis of a biomarker, N-terminal-pro brain natriuretic peptide (NT-proBNP), which is elevated in the setting of pulmonary arterial and venous hypertension. A NT-pro-BNP value previously identified to predict PH in adults with SCD was used to determine the association between the risk of mortality in 758 CSSCD participants (428 children and 330 adults). An abnormally high NT-proBNP level ≥160ng/l was present in 27·6% of adult SCD patients. High levels were associated with markers of haemolytic anaemia, such as low haemoglobin level (P<0·001), high lactate dehydrogenase (P<0·001), and high total bilirubin levels (P<0·007). A NT-proBNP level ≥160ng/l was an independent predictor of mortality (RR 6·24, 95% CI 2·9-13·3, P<0·0001). These findings provide further support for an association between haemolytic anaemia and cardiovascular complications in this patient population. © 2011 Blackwell Publishing Ltd.

The Interplay of Different Types of Governance in Horizontal Cooperations

DEFF Research Database (Denmark)

Raue, Jan Simon; Wieland, Andreas

2015-01-01

Purpose – Over the last decades, horizontal cooperations between logistics service providers (LSPs) have become a well-established organizational form and their use is expected to grow even further in the future. In spite of this increasing importance of horizontal LSP cooperations, little research...

Hikers and recreational stock users: Predicting and managing recreation conflicts in three wildernesses

Science.gov (United States)

Alan E. Watson; Michael J. Niccolucci; Daniel R. Williams

1993-01-01

A long-term problem that continues to grow in many wildland areas is the displeasure hikers express about meeting recreational livestock (primarily horses and mules) and seeing impacts from stock use. Three studies were conducted to provide a broad look at this interaction in wilderness and some of the contributors to the conflict between hikers and horse users....

RELATIONSHIP DERIVATIVES FINANCIAL MARKETS, MONEY AND STOCK MARKETS AS A SUBSYSTEM OF FINANCIAL MARKET

Directory of Open Access Journals (Sweden)

Yulia Yelnikova

2016-11-01

Full Text Available Under conditions of intensive strengthening of globalization of world financial markets and deepening of the crisis, the main source of which are financial markets, financial derivatives market is rapidly developing. In such circumstances, we observe very active growing demand for tools, the main purpose of which is to reduce the financial risk – derivatives. Outlined trend has also involved Ukraine. In this connection, there is an objective need to develop estimate the interconnection of the money and stock markets and derivatives market. It should be kept in mind that achieving the outlined goal is possible only under condition of the full understanding of the scientific and methodological principles of the development of these markets. Purpose is to estimate the interconnection of the money and stock markets and derivatives market by building a mathematical model of system of structural equations that will promote the compilation of scientifically based program of derivatives market. Methodology. By using methods of economic-mathematical modelling were estimated the degree of influence of studied markets factors on financial derivatives market development and by changing this or that factor were predicted future trends of its operations. Results of the survey showed the current state and problems of derivatives market functioning. At the same time, our study allowed us to talk, that factors of the money and stock markets have a different impact on the derivatives market. So, the majority of money market factors have a reverse influence on the development of derivatives market. Instead, the stock market has a direct influence. Practical implications. The proposed scientific and methodical approach to evaluating the impact of factors on the derivatives market allows: influenced by different factors; to conduct a qualitative interpretation of the quantitative changes in the level of market development; to form a complete system of state

A national scale estimation of soil carbon stocks of Pinus densiflora forests in Korea: a modelling approach

Science.gov (United States)

Yi, K.; Park, C.; Ryu, S.; Lee, K.; Yi, M.; Kim, C.; Park, G.; Kim, R.; Son, Y.

2011-12-01

Soil carbon (C) stocks of Pinus densiflora forests in Korea were estimated using a generic forest soil C dynamics model based on the process of dead organic matter input and decomposition. Annual input of dead organic matter to the soil was determined by stand biomass and turnover rates of tree components (stem, branch, twig, foliage, coarse root, and fine root). The model was designed to have a simplified structure consisting of three dead organic matter C (DOC) pools (aboveground woody debris (AWD), belowground woody debris (BWD), and litter (LTR) pool) and one soil organic C (SOC) pool. C flows in the model were regulated by six turnover rates of stem, branch, twig, foliage, coarse root, and fine root, and four decay rates of AWD, BWD, LTR, and SOC. To simulate the soil C stocks of P. densiflora forests, statistical data of forest land area (1,339,791 ha) and growing stock (191,896,089 m3) sorted by region (nine provinces and seven metropolitan cities) and stand age class (11 to 20- (II), 21 to 30- (III), 31 to 40- (IV), 41 to 50- (V), and 51 to 60-year-old (VI)) were used. The growing stock of each stand age class was calculated for every region and representable site index was also determined by consulting the yield table. Other model parameters related to the stand biomass, annual input of dead organic matter and decomposition were estimated from previous studies conducted on P. densiflora forests in Korea, which were also applied for model validation. As a result of simulation, total soil C stock of P. densiflora forests were estimated as 53.9 MtC and soil C stocks per unit area ranged from 28.71 to 47.81 tC ha-1 within the soil depth of 30 cm. Also, soil C stocks in the P. densiflora forests of age class II, III, IV, V, and VI were 16,780,818, 21,450,812, 12,677,872, 2,366,939, and 578,623 tC, respectively, and highly related to the distribution of age classes. Soil C stocks per unit area initially decreased with stand age class and started to increase

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.

Emergence of Opinion Leaders Based on Agent Model and Its Impact to Stock Prices

Science.gov (United States)

Misawa, Tadanobu; Suzuki, Kyoko; Okano, Yoshitaka; Shimokawa, Tetsuya

Recently, we can be able to get a lot of information easily because information technology has been developed. Therefore, it is thought that the impact to a society by communication of information such as word of mouth has been growing. In this paper, we propose a model of emergence of opinion leader based on word of mouth in artificial stock market. Moreover, the process of emergence of opinion leader and impact to stock prices by opinion leader are verified by simulation.

Optimising a Model of Minimum Stock Level Control and a Model of Standing Order Cycle in Selected Foundry Plant

Directory of Open Access Journals (Sweden)

Szymszal J.

2013-09-01

Full Text Available It has been found that the area where one can look for significant reserves in the procurement logistics is a rational management of the stock of raw materials. Currently, the main purpose of projects which increase the efficiency of inventory management is to rationalise all the activities in this area, taking into account and minimising at the same time the total inventory costs. The paper presents a method for optimising the inventory level of raw materials under a foundry plant conditions using two different control models. The first model is based on the estimate of an optimal level of the minimum emergency stock of raw materials, giving information about the need for an order to be placed immediately and about the optimal size of consignments ordered after the minimum emergency level has occurred. The second model is based on the estimate of a maximum inventory level of raw materials and an optimal order cycle. Optimisation of the presented models has been based on the previously done selection and use of rational methods for forecasting the time series of the delivery of a chosen auxiliary material (ceramic filters to a casting plant, including forecasting a mean size of the delivered batch of products and its standard deviation.

Cross-Correlation Asymmetries and Causal Relationships between Stock and Market Risk

Science.gov (United States)

Borysov, Stanislav S.; Balatsky, Alexander V.

2014-01-01

We study historical correlations and lead-lag relationships between individual stock risk (volatility of daily stock returns) and market risk (volatility of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over all stocks, using 71 stock prices from the Standard & Poor's 500 index for 1994–2013. We focus on the behavior of the cross-correlations at the times of financial crises with significant jumps of market volatility. The observed historical dynamics showed that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when the volatility of an individual stock follows the market volatility and vice versa. PMID:25162697

Cross-correlation asymmetries and causal relationships between stock and market risk.

Science.gov (United States)

Borysov, Stanislav S; Balatsky, Alexander V

2014-01-01

We study historical correlations and lead-lag relationships between individual stock risk (volatility of daily stock returns) and market risk (volatility of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over all stocks, using 71 stock prices from the Standard & Poor's 500 index for 1994-2013. We focus on the behavior of the cross-correlations at the times of financial crises with significant jumps of market volatility. The observed historical dynamics showed that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when the volatility of an individual stock follows the market volatility and vice versa.

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.

Exploring Hope, Self-Efficacy, Procrastination, and Study Skills between Cooperative and Non-Cooperative Education Students

Science.gov (United States)

Drysdale, Maureen T. B.; McBeath, Margaret

2014-01-01

The aim of this study was to examine the relationship between participation in cooperative education, and several psychological constructs believed to be related to success in both academic and professional settings. Participants, undergraduate cooperative (n = 1224) and non-cooperative education (n = 746) students in all years of study and from…

Lead-lag relationships between stock and market risk within linear response theory

Science.gov (United States)

Borysov, Stanislav; Balatsky, Alexander

2015-03-01

We study historical correlations and lead-lag relationships between individual stock risks (standard deviation of daily stock returns) and market risk (standard deviation of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over stocks, using historical stock prices from the Standard & Poor's 500 index for 1994-2013. The observed historical dynamics suggests that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when individual stock risks affect market risk and vice versa. This work was supported by VR 621-2012-2983.

Effects of Deforestation and Forest Degradation on Forest Carbon Stocks in Collaborative Forests, Nepal

Directory of Open Access Journals (Sweden)

Ram Asheshwar MANDAL

2012-12-01

Full Text Available There are some key drivers that favor deforestation and forest degradation. Consequently, levels of carbon stock are affected in different parts of same forest types. But the problem lies in exploring the extent of the effects on level of carbon stocking. This paper highlights the variations in levels of carbon stocks in three different collaborative forests of same forest type i.e. tropical sal (Shorea robusta forest in Mahottari district of the central Terai in Nepal. Three collaborative forests namely Gadhanta-Bardibas Collaborative Forest (CFM, Tuteshwarnath CFM and Banke- Maraha CFM were selected for research site. Interview and workshops were organized with the key informants that include staffs, members and representatives of CFMs to collect the socio-economic data and stratified random sampling was applied to collect the bio-physical data to calculate the carbon stocks. Analysis was carried out using statistical tools. It was found five major drivers namely grazing, fire, logging, growth of invasive species and encroachment. It was found highest carbon 269.36 ton per ha in Gadhanta- Bardibash CFM. The findings showed that the levels of carbon stocks in the three studied CFMs are different depending on how the drivers of deforestation and forest degradation influence over them.

An empirical study of real estate stock return behavior on the Nordic markets : – A 2003-2013 study

OpenAIRE

Mäki, David; Lundström, Martin

2013-01-01

The financial crisis has made the stock markets a very turbulent place. Investors have therefore begun searching for stable and profitable investments. Nordic real estate has for decades steadily increased in value and the stocks of real estate companies are said to be less risky than the market. This has led to a view of them being a safe haven for risk adverse investors. Very few empirical studies have been done on how these supposedly safe stocks actually behave in the Nordic countries. Th...

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.

Cooperative networks overcoming defectors by social influence

Science.gov (United States)

Gomez Portillo, Ignacio

2014-01-01

We address the cooperation problem in structured populations by considering the prisoner’s dilemma game as a metaphor of the social interactions between individuals with imitation capacity. We present a new strategy update rule called democratic weighted update where the individual’s behavior is socially influenced by each one of their neighbors. In particular, the capacity of an individual to socially influence other ones is proportional to its accumulated payoff. When in a neighborhood there are cooperators and defectors, the focal player is contradictorily influenced by them and, therefore, the effective social influence is given by the difference of the accumulated payoff of each strategy in its neighborhood. First, by considering the growing process of the network and neglecting mutations, we show the evolution of highly cooperative systems. Then, we broadly show that the social influence allows to overcome the emergence of defectors into highly cooperative systems. In this way, we conclude that in a structured system formed by a growing process, the cooperation evolves if the individuals have an imitation capacity socially influenced by each one of their neighbors. Therefore, here we present a theoretical solution of the cooperation problem among genetically unrelated individuals.

Carbon stock of Moso bamboo (Phyllostachys pubescens) forests along a latitude gradient in the subtropical region of China.

Science.gov (United States)

Xu, Mengjie; Ji, Haibao; Zhuang, Shunyao

2018-01-01

Latitude is an important factor that influences the carbon stock of Moso bamboo (Phyllostachys pubescens) forests. Accurate estimation of the carbon stock of Moso bamboo forest can contribute to sufficient evaluation of forests in carbon sequestration worldwide. Nevertheless, the effect of latitude on the carbon stock of Moso bamboo remains unclear. In this study, a field survey with 36 plots of Moso bamboo forests along a latitude gradient was conducted to investigate carbon stock. Results showed that the diameter at breast height (DBH) of Moso bamboo culms increased from 8.37 cm to 10.12 cm that well fitted by Weibull model, whereas the bamboo culm density decreased from 4722 culm ha-1 to 3400 culm ha-1 with increasing latitude. The bamboo biomass carbon decreased from 60.58 Mg C ha-1 to 48.31 Mg C ha-1 from north to south. The total carbon stock of Moso bamboo forests, which comprises soil and biomass carbon, ranged from 87.83 Mg C ha-1 to 119.5 Mg C ha-1 and linearly increased with latitude. As a fast-growing plant, Moso bamboo could be harvested amounts of 6.0 Mg C ha-1 to 7.6 Mg C ha-1 annually, which indicates a high potential of this species for carbon sequestration. Parameters obtained in this study can be used to accurately estimate the carbon stock of Moso bamboo forest to establish models of the global carbon balance.

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

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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.

Government policy uncertainty and stock prices: The case of Australia's uranium industry

International Nuclear Information System (INIS)

Ferguson, Andrew; Lam, Peter

2016-01-01

We investigate effects of government policy uncertainty on stock prices, reflecting tension between ‘private interest’ (economic benefits) and ‘public interest’ arguments over uranium mining. Using a sample of Australian-listed uranium firms from January 2005 through June 2008, we document a positive contemporaneous correlation between stock returns and volatility and two measures of government policy uncertainty, proxied by the spread in voters' opinion polls between the two major political parties and a news-based sentiment index. Event-study results show significant stock price reactions to key uranium-related policy events, with cross-sectional variation in event returns predicted by models incorporating firm- and project-level characteristics. Our research design and findings may inform future research on the capital market effects of government policy uncertainty in other regulated industries. - Highlights: • Government policy uncertainty has direct effects on stock prices of uranium explorers. • Stock returns are positively related to the spread in two-party-preferred voting intention. • Stock volatility is positively related to a uranium news-based sentiment index. • Event-study results show significant market reaction to key uranium policy events.

Looking Back on the Stock Market

Institute of Scientific and Technical Information of China (English)

无

2007-01-01

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

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

Local Reasons to Give Globally: Identity Extension and Global Cooperation.

Science.gov (United States)

Buchan, Nancy R; Jeong, Sophia Soyoung; Ward, A K

2017-11-14

Recent political events across the world suggest a retrenchment from globalization and a possible increase in parochialism. This inward-looking threat from parochialism occurs just as the global community faces growing challenges that require trans-national cooperation. In this research, we question if strong identification with an in-group necessarily leads to parochialism and ultimately is detrimental to global cooperation. Building on research on global social identification, we explore whether strong local identification can expand in inclusiveness to global identification, and among whom this is likely to happen. The results of our global public goods study - conducted in South Korea and the United States - show that high levels of social identification with a local group can extend to the global collective, particularly for individuals who are also high in concern-for-others. Furthermore, this identification translates into behavior that benefits the global, anonymous group at a cost to oneself. These results shed light on how to avoid the trap of parochialism and instead engender cooperative behavior with the broader global community.

Oil prices and stocks in the second quarter of 2004

International Nuclear Information System (INIS)

2004-01-01

Notwithstanding forecasting difficulties, the oil supply and demand balance has proved to be a good indicator of the state of the market and stock levels, which, in turn, influence price behaviour. In periods where OECD commercial stock levels lie within a certain range, currently around 2,450-2,650 million barrels, the range of prices is larger than when stock levels are very high or very low. In both the latter extreme situations, prices are prone to rapid movements, undermining market stability. Other factors, of course, also influence price fluctuations. The general opinion among regularly published oil market reports points to the inevitability of a higher-than-normal build in stocks in the second quarter of 2004. If the resulting surplus is not handled in a timely and effective manner, there is likely to be excessive downward pressure on prices, which, if left unattended, would lead to a protracted spell of volatility. (Author)

Inventory Optimization through Safety Stock Schemata

Directory of Open Access Journals (Sweden)

Abdul Aleem

2013-04-01

Full Text Available In the complex business environment and stiff competition, inventory optimization in an industry's supply chain has gained tremendous significance. It has become business imperative to optimally tune the supply chain and save lot of working capital by reducing inventory levels; this can surely be done while increasing the customer service level and utilizing the internal capacities optimally. Stock out costs and stock surplus costs both impact businesses badly, the former in the form of opportunity loss and resultantly causing customer annoyance and later in high financial markups and increasing cost and reducing margins accordingly. So inventory optimization can essentially help to reduce costs, which results in a considerable improvement of the company performance indicators. Traditional IMS (Inventory Management System followed in a selected manufacturing industry has been examined for all types of inventories, i.e. raw materials; WIP (Work In Process, and finished goods as a case study. The paper suggests an optimized inventory model for an organization to provide the best possible customer service within the restraint of the lowest practical inventory costs. The safety stock optimization was implemented in a complex business environment and considerable savings were realized thereof

Stakeholder Specific Multi-Scale Spatial Representation of Urban Building-Stocks

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Magnus Österbring

2018-05-01

Full Text Available Urban building-stocks use a significant amount of resources and energy. At the same time, they have a large potential for energy efficiency measures (EEM. To support decision-making and planning, spatial building-stock models are used to examine the current state and future development of urban building-stocks. While these models normally focus on specific cities, generic and broad stakeholder groups such as planners and policy makers are often targeted. Consequently, the visualization and communication of results are not tailored to these stakeholders. The aim of this paper is to explore the possibilities of mapping and representing energy use of urban building-stocks at different levels of aggregation and spatial distributions, to communicate with specific stakeholders involved in the urban development process. This paper uses a differentiated building-stock description based on building-specific data and measured energy use from energy performance certificates for multi-family buildings (MFB in the city of Gothenburg. The building-stock description treats every building as unique, allowing results to be provided at any level of aggregation to suit the needs of the specific stakeholders involved. Calculated energy use of the existing stock is within 10% of the measured energy use. The potential for EEM in the existing stock is negated by the increased energy use due to new construction until 2035, using a development scenario based on current renovation rates and planned developments. Visualizations of the current energy use of the stock as well as the impact of renovation and new construction are provided, targeting specific local stakeholders.

Risk management of stock index futures

Institute of Scientific and Technical Information of China (English)

无

2008-01-01

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

Evidence for strategic cooperation in humans.

Science.gov (United States)

Burton-Chellew, Maxwell N; El Mouden, Claire; West, Stuart A

2017-06-14

Humans may cooperate strategically, cooperating at higher levels than expected from their short-term interests, to try and stimulate others to cooperate. To test this hypothesis, we experimentally manipulated the extent an individual's behaviour is known to others, and hence whether or not strategic cooperation is possible. In contrast with many previous studies, we avoided confounding factors by preventing individuals from learning during the game about either pay-offs or about how other individuals behave. We found clear evidence for strategic cooperators-just telling some individuals that their groupmates would be informed about their behaviour led to them tripling their initial level of cooperation, from 17 to 50%. We also found that many individuals play as if they do not understand the game, and their presence obscures the detection of strategic cooperation. Identifying such players allowed us to detect and study strategic motives for cooperation in novel, more powerful, ways. © 2017 The Author(s).

RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

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M.N. Arshad

2017-04-01

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

Short-range mobility and the evolution of cooperation: an experimental study.

Science.gov (United States)

Antonioni, Alberto; Tomassini, Marco; Sánchez, Angel

2015-05-20

A pressing issue in biology and social sciences is to explain how cooperation emerges in a population of self-interested individuals. Theoretical models suggest that one such explanation may involve the possibility of changing one's neighborhood by removing and creating connections to others, but this hypothesis has problems when random motion is considered and lacks experimental support. To address this, we have carried out experiments on diluted grids with human subjects playing a Prisoner's Dilemma. In contrast to previous results on purposeful rewiring in relational networks, we have found no noticeable effect of mobility in space on the level of cooperation. Clusters of cooperators form momentarily but in a few rounds they dissolve as cooperators at the boundaries stop tolerating being cheated upon. Our results highlight the difficulties that mobile agents have to establish a cooperative environment in a spatial setting.

Stock Market Liquidity: Comparative Analysis of Croatian and Regional Markets

Directory of Open Access Journals (Sweden)

Vladimir Benić

2008-12-01

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

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

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

Conditional Cooperativity in Toxin-Antitoxin Regulation Prevents Random Toxin Activation and Promotes Fast Translational Recovery

DEFF Research Database (Denmark)

Cataudella, Ilaria; Trusina, Ala; Sneppen, Kim

2012-01-01

system, relBE of Escherichia coli. We show that the model with the in vivo and in vitro established parameters reproduces experimentally observed response to nutritional stress. We further demonstrate that conditional cooperativity stabilizes the level of antitoxin in rapidly growing cells...

Spatial–Temporal Analysis of the Heat and Electricity Demand of the Swiss Building Stock

Directory of Open Access Journals (Sweden)

Stefan Schneider

2017-08-01

Full Text Available In 2015, space heating and domestic hot water production accounted for around 40% of the Swiss final energy consumption. Reaching the goals of the 2050 energy strategy will require significantly reducing this share despite the growing building stock. Renewables are numerous but subject to spatial–temporal constraints. Territorial planning of energy distribution systems enabling the integration of renewables requires having a spatial–temporal characterization of the energy demand. This paper presents two bottom-up statistical extrapolation models for the estimation of the geo-dependent heat and electricity demand of the Swiss building stock. The heat demand is estimated by means of a statistical bottom-up model applied at the building level. At the municipality level, the electricity load curve is estimated by combining socio-economic indicators with average consumption per activity and/or electric device. This approach also allows to break down the estimated electricity demand according to activity type (e.g., households, various industry, and service activities and appliance type (e.g., lighting, motor force, fridges. The total estimated aggregated demand is 94 TWh for heat and 58 TWh for electricity, which represent a deviation of 2.9 and 0.5%, respectively compared to the national energy consumption statistics. In addition, comparisons between estimated and measured electric load curves are done to validate the proposed approach. Finally, these models are used to build a geo-referred database of heat and electricity demand for the entire Swiss territory. As an application of the heat demand model, a realistic saving potential is estimated for the existing building stock; this potential could be achieved through by a deep retrofit program. One advantage of the statistical bottom-up model approach is that it allows to simulate a building stock that replicates the diversity of building demand. This point is important in order to

Impact of Derivative Trading On Stock Market Volatility in India: A Study of S&P CNX Nifty

Directory of Open Access Journals (Sweden)

Ruchika GAHLOT

2010-11-01

Full Text Available The Purpose of the study is to examine the impact of derivative trading on stock market volatility. The sample data consist of closing prices of S&P CNX Nifty as well as closing prices of five derivative stocks and five non derivative stocks from April 1, 2002 to March 31, 2005. The study uses GARCH model to capture nature of volatility over time and volatility clustering phenomenon of data. The evidences suggest that there is no significant change in the volatility of S &P CNX Nifty, but the structure of volatility has changed to some extent. However, results show mixed effect in case of 10 individual stocks. These results can assist investors in making investment decision. It also helps to identify need for regulation.

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.

Detailed assessment of structural characteristics of Turkish RC building stock for loss assessment models

NARCIS (Netherlands)

Bal, I. E.; Crowley, Helen; Pinho, Rui; Gülay, F. Gülten

2008-01-01

Assessment of the seismic vulnerability of the building stock in the earthquake-prone Marmara region of Turkey is of growing importance since such information is needed for reliable estimation of the losses that possible future earthquakes are likely to induce. The outcome of such loss assessment

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

Directory of Open Access Journals (Sweden)

Habib Hussain Khan

2017-06-01

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

Evolution, epigenetics and cooperation.

Science.gov (United States)

Bateson, Patrick

2014-04-01

Explanations for biological evolution in terms of changes in gene frequencies refer to outcomes rather than process. Integrating epigenetic studies with older evolutionary theories has drawn attention to the ways in which evolution occurs. Adaptation at the level of the gene is givingway to adaptation at the level of the organism and higher-order assemblages of organisms. These ideas impact on the theories of how cooperation might have evolved. Two of the theories, i.e. that cooperating individuals are genetically related or that they cooperate for self-interested reasons, have been accepted for a long time. The idea that adaptation takes place at the level of groups is much more controversial. However, bringing together studies of development with those of evolution is taking away much of the heat in the debate about the evolution of group behaviour.

Autoradiographic study of actinide sorption on climax stock granite

International Nuclear Information System (INIS)

Beall, G.W.; O'Kelley, G.D.; Allard, B.

1980-06-01

An autoradiographic technique that employed an arrangement for placing in firm contact Polaroid sheet film, a scintillator screen, and the radioactive face of a specimen was applied to a study of the sorption of americium, neptunium, plutonium, and uranium on Climax Stock granite under varying conditions of pH and Eh. Qualitative agreement was found between the sorption of americium on crushed, pure minerals and on the minerals comprising the specimen of Climax Stock granite. The observations also supported a mechanism for reduction of Np(V) to Np(IV) and Pu(VI) to Pu(IV) by Fe(II)-containing minerals. There was no evidence for reduction of U(VI) by the Fe(II)-containing minerals, although the uranium, assumed to be present as UO 2 2+ , appeared to be the only actinide species to exhibit sorption by a simple, cation-exchange mechanism at particular mineral sites. Some implications of these results for nuclear waste isolation are discussed briefly

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

Science.gov (United States)

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

2018-01-01

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

Opting for cooperation: A case study in siting a low level radioactive waste management facility

International Nuclear Information System (INIS)

Armour, A.

1991-01-01

In 1976, the Canadian federal government called a halt to efforts by a crown corporation to site a low-level radioactive waste management facility when it became apparent that continuation of the siting process would likely result in significant social disruption and political conflict. It established an independent six-person Task Force to advise it on how to proceed. Twelve months later, the Task Force put forward a radically different siting process based on the voluntary participation of communities and collaborative, joint problem-solving and decision making. Cabinet endorsed the approach and in September 1988 authorized the Task Force to begin implementing the recommended process. The first three phases of the process have been implemented and so far it appears to be achieving its desired objective -- to encourage less confrontation and more cooperation in the siting of the low-level radioactive waste management facility

Statistical analysis of bankrupting and non-bankrupting stocks

Science.gov (United States)

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

2012-04-01

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

Regional cooperation in transportation planning.

Science.gov (United States)

2012-02-01

As Floridas urbanized areas grow and merge, : neighboring jurisdictions experience interrelated : problems and opportunities, and regional : cooperation becomes an imperative. In the : transportation sector, Floridas metropolitan : planning org...

Non-invasive assessment of glucocorticoid and androgen metabolite levels in cooperatively breeding Damaraland mole-rats (Fukomys damarensis).

Science.gov (United States)

Medger, Katarina; Bennett, Nigel C; Lutermann, Heike; Ganswindt, Andre

2018-05-18

Dominant females of cooperative breeding species often use aggression to suppress reproduction of subordinate females, resulting in subordinates experiencing stress-related increases in glucocorticoid levels, which may cause reproductive down-regulation. This would suggest a general pattern with higher glucocorticoid levels in subordinate compared to dominant individuals; however, the opposite was found in a number of cooperatively breeding species. Furthermore, breeding females of the cooperatively breeding Damaraland mole-rats (Fukomys damarensis) exhibit very high androgen concentrations during the wet season, presumably to support their breeding monopoly. Hormone analysis in Damaraland mole-rats have typically been measured using plasma and urine, but faecal analysis offers additional advantages especially for field studies on this species. The present study examines the suitability of Damaraland mole-rat faecal samples for determining glucocorticoid metabolite (fGCM) and androgen metabolite (fAM) concentrations using enzyme immunoassays. Using these assays, we further evaluated the effects of breeding status on fGCM and fAM concentrations in wild-caught and captive Damaraland mole-rats. Wild-caught breeding and non-breeding males and females exhibited no differences in fAM concentrations. Immunoreactive fGCM concentrations were only high in male breeders and comparatively low in non-breeders and breeding females. Concentrations of fAMs and fGCMs were similar in captive males and females, but fAM concentrations were elevated in captive compared to wild-caught individuals, which may be related to a higher reproductive activity due to removal from the breeding female. The relatively uniform fAM and fGCM concentrations found in wild-caught mole-rats may be explained by a stable colony structure during the dry season during which this study was conducted. Limited dispersal opportunities result in lower aggression and stress levels within a colony and as a result

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