Usefulness Of Derivative Instruments In Emerging Markets: Turkish Experience

OpenAIRE

Cem Saatcioglu; Iskender Karagul; Ara G. Volkan

2011-01-01

This article presents an overview of derivative markets, definitions of derivative investment instruments, development of global derivative markets and the applicability of derivative markets in Turkey, given their economic value added to the Turkish economy. Readers will acquire insight into investing in various investment instruments and hedging against risk. Turkish derivative markets will be described, supportive statistical data will be presented, and readers will be introduced to the de...

Urinary excretion of purine derivatives as an index of microbial protein supply in cross-bred (Bos indicus x Bos taurus) cattle in tropical environment

International Nuclear Information System (INIS)

Ojeda, A.; Parra, O.

1999-01-01

Four experiments were carried out to establish a response model between urinary excretion of purine derivatives (PD) and microbial production in Bos indicus x Bos taurus cross-bred cattle: LZ, MZ and HZ (3/8, 1/2 and 5/8 Bos indicus, respectively). The fasting PD excretion was considered as endogenous excretion and amounted to 268 (± 85.1), 294 (± 128.1) and 269 (± 68.4) μmol/kg W 0.75 for LZ, MZ and HZ, respectively. Urinary recovery of absorbed purine bases (PB) was calculated as the urinary recovery of a single dose of intrajugular infused uric acid (1,3- 15 N). In HZ crossbred cattle 83% (± 20.3) of infused uric acid was recovered in the urinary PD. The relationship between duodenal purine absorption (X, mmol/d) and urinary PD excretion (Y, mmol/d) was defined in HZ crossbred cattle as Y = 0.83 X + 0.269W 0.75 (± 85.1), assuming that the endogenous contribution was constant and independent of the exogenous PB supply. The activity of xanthine oxidase (EC 1.2.3.2.) was determined in HZ and MZ and was found to be higher in the liver (0.62 and 0.66 units/g, respectively) than in intestinal mucosa (0.09 and 0.03 units/g, respectively), whereas xanthine oxidase activity was practically absent in plasma of both cross breeds. The ratio PB:total N was determined in microbial extracts taken from rumen fluid of cows fed Bermuda grass (Cynodon dactylon) as the sole diet or supplemented (ratio of 80:20, grass: supplement) with gluten feed, soybean hulls or Gliricidia species and were found to range from 1.52-1.62 μmol PB/mg N. (author)

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

OpenAIRE

Yulia Yelnikova

2016-01-01

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...

QUARTER-WISE COMPARATIVE PREVALENCE OF MASTITIS IN BUFFALOES AND CROSSBRED COWS

Directory of Open Access Journals (Sweden)

A. Z. Khan and G. Muhammad1

2005-01-01

Full Text Available The present study was designed to determine the quarter-wise comparative prevalence of mastitis in buffaloes and crossbred cows. Milk samples collected from 50 dairy buffaloes and 50 crossbred cows were tested for subclinical mastitis by Surf Field Mastitis Test. In addition, all milk samples were processed for isolation and identification of pathogens. In buffaloes, overall prevalence of subclinical mastitis was 27%, clinical mastitis 4% and blind quarters 10%. In crossbred cows, subclinical mastitis was observed in 36%, clinical mastitis in 5.5% and blind quarters in 8% quarters. Prevalence was higher (32% in hindquarters of crossbred cows than those of buffaloes (29%. Among the isolates, Staphylococcus aureus showed the highest (45% frequency, followed by Streptococcus agalactiae (23%, E. coli (18% and Bacillus spp. (14% in buffaloes. In case of crossbred cows, Staphylococcus aureus , Streptococcus agalactiae , E. coli and Bacillus spp. were isolated from 48, 30, 13 and 8% milk samples respectively.

Risk Factors in Derivatives Markets

Directory of Open Access Journals (Sweden)

Raimonda Martinkutė-Kaulienė

2015-02-01

Full Text Available The objective of the article is to analyse and present the classification of risks actual to derivative securities. The analysis is based on classical and modern literature findings and analysis of newest statistical data. The analysis led to the conclusion, that the main risks typical for derivatives contracts and their traders are market risk, liquidity risk, credit and counterparty risk, legal risk and transactions risk. Pricing risk and systemic risk is also quite important. The analysis showed that market risk is the most important kind of risk that in many situations influences the level of remaining risks.

Financial derivatives in power marketing: The basics

International Nuclear Information System (INIS)

Ramesh, V.C.; Ghosh, K.

1996-01-01

With the ongoing changes in the power industry worldwide, electricity is beginning to be traded like other commodities. The use of financial derivative instruments in power markets is on the rise. The purpose of this paper is to explain the role of these derivatives in risk management which is vital for survival in the increasingly competitive industry. Starting with the familiar cash markets, the paper discusses the basics of futures, options, and swap markets as applied to electric energy trading

Differences in Physicochemical and Nutritional Properties of Breast and Thigh Meat from Crossbred Chickens, Commercial Broilers, and Spent Hens

Science.gov (United States)

Chen, Yulian; Qiao, Yan; Xiao, Yu; Chen, Haochun; Zhao, Liang; Huang, Ming; Zhou, Guanghong

2016-01-01

The objective of this study was to compare the physicochemical and nutritional properties of breast and thigh meat from commercial Chinese crossbred chickens (817 Crossbred chicken, 817C), imported commercial broilers (Arbor Acres broiler, AAB), and commercial spent hens (Hyline Brown, HLB). The crossbred chickens, commercial broilers and spent hens were slaughtered at their typical market ages of 45 d, 40 d, and 560 d, respectively. The results revealed that several different characteristic features for the three breeds. The meat of the 817C was darker than that of the other two genotypes. The 817C were also characterized by higher protein, lower intramuscular fat, and better texture attributes (cooking loss, pressing loss and Warner-Bratzler shear force [WBSF]) compared with AAB and HLB. The meat of the spent hens (i.e. HLB) was higher in WBSF and total collagen content than meat of the crossbred chickens and imported broilers. Furthermore, correlation analysis and principal component analysis revealed that there was a clear relationship among physicochemical properties of chicken meats. With regard to nutritional properties, it was found that 817C and HLB exhibited higher contents of essential amino acids and essential/non-essential amino acid ratios. In addition, 817C were noted to have highest content of microelements whereas AAB have highest content of potassium. Besides, 817C birds had particularly higher proportions of desirable fatty acids, essential fatty acids, polyunsaturated/saturated and (18:0+18:1)/16:0 ratios. The present study also revealed that there were significant differences on breast meat and thigh meat for the physicochemical and nutritional properties, regardless of chicken breeds. In conclusion, meat of crossbred chickens has some unique features and exhibited more advantages over commercial broilers and spent hens. Therefore, the current investigation would provide valuable information for the chicken meat product processing, and

The impact of derivatives on Malaysian stock market

Science.gov (United States)

Malim, M. R.; Halim, F. A.; Murad, A.; Maad, H. A.; Annuar, N. F. M.

2017-09-01

The essential of derivatives has been discovered by researchers over recent decade. However, the conclusions made regarding the impact of derivatives on stock market volatility remains debatable. The main objective of this study is to examine the impact of derivatives on Malaysian stock market volatility by exploring FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures (BMD FKLI) using FBM KLCI as the underlying asset. Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1, 1) model was employed to realize the objective. The results have shown that the introduction of futures trading has decreased the volatility of Malaysian stock market. The volatility increased vigorously during the Asian financial crisis compared to the Global financial crisis. However, the role of futures as a risk transfer is agreed as it could improve the market by decreasing the volatility in the spot market.

Australian OTC Derivatives Markets: Insights from the BIS Semiannual Survey

OpenAIRE

Jason Ahn; Mihovil Matic; Christian Vallence

2012-01-01

The Reserve Bank of Australia recently commenced surveying participants in Australian over-the-counter (OTC) derivatives markets as part of the Bank for International Settlements’ (BIS) semiannual global OTC derivatives survey. Australia’s contribution to the survey complements regulatory efforts to improve the resilience and transparency of Australia’s OTC derivatives markets. It also facilitates a higher frequency comparison of the Australian and foreign OTC derivatives markets. The survey ...

Time-zero efficiency of European power derivatives markets

International Nuclear Information System (INIS)

Peña, Juan Ignacio; Rodriguez, Rosa

2016-01-01

We study time-zero efficiency of electricity derivatives markets. By time-zero efficiency is meant a sequence of prices of derivatives contracts having the same underlying asset but different times to maturity which implies that prices comply with a set of efficiency conditions that prevent profitable time-zero arbitrage opportunities. We investigate whether statistical tests, based on the law of one price, and trading rules, based on price differentials and no-arbitrage violations, are useful for assessing time-zero efficiency. We apply tests and trading rules to daily data of three European power markets: Germany, France and Spain. In the case of the German market, after considering liquidity availability and transaction costs, results are not inconsistent with time-zero efficiency. However, in the case of the French and Spanish markets, limitations in liquidity and representativeness are challenges that prevent definite conclusions. Liquidity in French and Spanish markets should improve by using pricing and marketing incentives. These incentives should attract more participants into the electricity derivatives exchanges and should encourage them to settle OTC trades in clearinghouses. Publication of statistics on prices, volumes and open interest per type of participant should be promoted. - Highlights: •We test time-zero efficiency of derivatives power markets in Germany, France and Spain. •Prices in Germany, considering liquidity and transaction costs, are time-zero efficient. •In France and Spain, limitations in liquidity and representativeness prevent conclusions. •Liquidity in France and Spain should improve by using pricing and marketing incentives. •Incentives attract participants to exchanges and encourage them to settle OTC trades in clearinghouses.

Urinary excretion of purine derivatives as an indicator of microbial protein supply in Sri Lankan local Zebu cattle and crossbred milking cows

International Nuclear Information System (INIS)

Thakshala Seresinhe; Pathirana, K.K.; Jayasuriya, M.C.N.

2004-01-01

The objective of the present study was to evaluate the applicability of purine derivative (PD) method to Sri Lankan Zebu cattle and their crosses. In the first experiment four male Zebu cattle (LW 100 kg) were used to determine the response of PD excretion at four levels of intake (95, 80, 60 and 40% of the voluntary intake). Digestibility of dry matter and organic matter were not affected (P > 0.05) but nitrogen retention was increased with increasing levels of feed intake. The PD excretion were 1.91, 1.46, 1.21 and 0.66 mmol/kgW 0.75 /d for 95, 80, 60 and 40% of the voluntary intake levels, respectively. The proportion of allantoin in total PD was 82.6%. The excretion of creatinine was 1.05, 1.04, 0.92 and 0.84 mmol/kgW 0.75 /d, respectively. Daily output of total PD showed a positive response to the level of feed intake, while creatinine excretion was independent of dietary treatments. The correlation between PD excretion and digestible organic matter intake (DOMI) was significant (r 2 0.70). Nevertheless, the PDC index was affected (P > 0.05) by the level of feed intake and the correlation of the PDC index and DOMI was significant as well (r 2 =0.63). Results of spot urine analysis showed that the sampling period had little or no influence on the concentration of total PD or creatinine in urine. The PDC index was affected by the level of feed intake, but not by the time of sampling. In the second experiment, crossbred milking cows showed a higher PD excretion when fed with the experimental ration as compared with the farm ration. The mean PD excretion were 3.45 and 5.21 mmol/d for farm and experimental diets respectively. Allantoin accounted for more than 80% of the total PD, as in the previous experiment. In conclusion, urinary PD excretion appears to be a valid and non-invasive procedure to assess the microbial protein supply in local Zebu cattle and crossbred milking cows in Sri Lanka. Spot urine sampling also appeared to be a satisfactory method for

Determination of Heat Tolerance Coefficient in Crossbred and Baladi Pregnant Cows under Egyptian Environmental Conditions

International Nuclear Information System (INIS)

EL-Masry, K.A.; Nessim, M.Z.; Gad, A.E.

2010-01-01

The experiment was carried out during August (hot climate) on twelve pregnant cows, six crossbred (50% native Baladi and 50% Brown Swiss) and six native Baladi pregnant cows in the same age and second parity during their mid-pregnancy as detected by rectal palpation. The experiment was repeated during December (mild climate) on similar twelve pregnant cows. Blood sample was obtained from each cow at the end of August (first group) and at the end of December (second group) to determine blood plasma levels of two thermogenic hormones (total T3 and cortisol) and biochemical parameters, total protein, creatinine, urea-N, triglycerides, ALT and AST. Comparison was made between hot group and mild group to estimate heat induced changes in both breeds and to identify which breed is more tolerant to heat stress. The results showed that heat- induced a significant decrease (p<0.01) in plasma level of total T3 in crossbred and Baladi by (-53.6 and -51.8%), respectively and triglycerides in crossbred and Baladi by (-35.6 and-32.2%), respectively. But hot weather caused a significant increase (p<0.01) in cortisol hormone level in crossbred and Baladi by (78.3 and 77.6%), respectively. Significant (p<0.01) difference between crossbred and Baladi cows in cortisol hormone level was remarked. Moreover, a significant increase (p<0.01) in total protein level in crossbred and Baladi by (11.4 and 13.4%), respectively was observed. An increase (p<0.05) was noticed in creatinine level by 25.0% and 20.1% in crossbred and Baladi, respectively, urea-N level in crossbred and Baladi by 16.6% and 21.7%, respectively and ALT in crossbred and Baladi by 42.4% and 45.7%, respectively. Also, a difference was recognized amounted in AST level in crossbred and Baladi by 22.3 %, (p<0.02) and 31.0 % (p<0.01), respectively.

EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

Directory of Open Access Journals (Sweden)

Bernard Adjekophori

2016-07-01

Full Text Available The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05 is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation.

Differences in Physicochemical and Nutritional Properties of Breast and Thigh Meat from Crossbred Chickens, Commercial Broilers, and Spent Hens

Directory of Open Access Journals (Sweden)

Yulian Chen

2016-06-01

Full Text Available The objective of this study was to compare the physicochemical and nutritional properties of breast and thigh meat from commercial Chinese crossbred chickens (817 Crossbred chicken, 817C, imported commercial broilers (Arbor Acres broiler, AAB, and commercial spent hens (Hyline Brown, HLB. The crossbred chickens, commercial broilers and spent hens were slaughtered at their typical market ages of 45 d, 40 d, and 560 d, respectively. The results revealed that several different characteristic features for the three breeds. The meat of the 817C was darker than that of the other two genotypes. The 817C were also characterized by higher protein, lower intramuscular fat, and better texture attributes (cooking loss, pressing loss and Warner-Bratzler shear force [WBSF] compared with AAB and HLB. The meat of the spent hens (i.e. HLB was higher in WBSF and total collagen content than meat of the crossbred chickens and imported broilers. Furthermore, correlation analysis and principal component analysis revealed that there was a clear relationship among physicochemical properties of chicken meats. With regard to nutritional properties, it was found that 817C and HLB exhibited higher contents of essential amino acids and essential/non-essential amino acid ratios. In addition, 817C were noted to have highest content of microelements whereas AAB have highest content of potassium. Besides, 817C birds had particularly higher proportions of desirable fatty acids, essential fatty acids, polyunsaturated/saturated and (18:0+18:1/16:0 ratios. The present study also revealed that there were significant differences on breast meat and thigh meat for the physicochemical and nutritional properties, regardless of chicken breeds. In conclusion, meat of crossbred chickens has some unique features and exhibited more advantages over commercial broilers and spent hens. Therefore, the current investigation would provide valuable information for the chicken meat product processing

Pricing and Hedging of Derivatives in Contagious Markets

DEFF Research Database (Denmark)

Kokholm, Thomas

2016-01-01

It is well documented that stock markets are contagious. A negative shock to one market increases the probability of adverse shocks to other markets. We model this contagion effect by including mutually exciting jump processes in the dynamics of the indexes' log-returns. On top of this we add...... a stochastic volatility component to the dynamics. It is important to take the contagion effect into account if derivatives written on a basket of assets are to be priced or hedged. Due to the affine model specification the joint characteristic function of the log-returns is known analytically, and for two......-asset derivatives prices and show how for certain derivatives the impact is heavy. Moreover, we derive hedge ratios for European put and call options and perform a numerical experiment, which illustrates the impact of contagious jumps on option prices and hedge ratios. Mutually exciting processes have been analyzed...

Derivative Securities on Romanian Capital Market

Directory of Open Access Journals (Sweden)

Ramona Maria GOGONCEA

2011-12-01

Full Text Available This study aimed to investigate whether the world wide agreed models of valuation of derivates may be properly applied to the Romanian capital market, obtaining reliable results for decision makers. The most common valuation models take into account market data such as, interest and exchange rates, volatilities and the price of the underlying instrument. The procedures for valuation must clearly define the nature of the market data to be taken into consideration (for example the zero-coupon curve for the valuation of swaps and the independent reference base to be used (Reuters at a given time, bid/offer or mid price, broker. In order to be able to obtain the results, I based my study on a self-developed software which can calculate the price and characteristics for different types of derivatives securities once the primary data are filled in. I compared the results obatined usig the valuation models with the actual prices on the Romanian capital market. I expected that the results obtained to be more accurate as the parameters used in the calculation models properly reflect market data as at that date being as widely as possible.. These assumptions were only supported for certain value orientations. In conclusion, explanations for these results are given and limitations for this study are discussed. Also, suggestions for future research are presented in the final part of the article.

Imputation of genotypes in Danish two-way crossbred pigs using low density panels

DEFF Research Database (Denmark)

Xiang, Tao; Christensen, Ole Fredslund; Legarra, Andres

Genotype imputation is commonly used as an initial step of genomic selection. Studies on humans, plants and ruminants suggested many factors would affect the performance of imputation. However, studies rarely investigated pigs, especially crossbred pigs. In this study, different scenarios...... of imputation from 5K SNPs to 7K SNPs on Danish Landrace, Yorkshire, and crossbred Landrace-Yorkshire were compared. In conclusion, genotype imputation on crossbreds performs equally well as in purebreds, when parental breeds are used as the reference panel. When the size of reference is considerably large...... SNPs. This dataset will be analyzed for genomic selection in a future study...

Mexico; Financial Sector Assessment Program Update: Technical Note: Derivatives Market: Overview and Potential Vulnerabilities

OpenAIRE

International Monetary Fund

2007-01-01

This technical note provides an overview of Mexico’s derivatives markets, and describes concisely the derivatives regulatory framework and risk management practices in financial institutions active in these markets. The most important derivatives market in Mexico is the over-the-counter (OTC) derivatives market, which is fully integrated with the global derivatives market. The origin of the OTC derivatives market can be traced back to the 1994 Mexican crisis that forced Mexico to abandon its ...

Derivative Market: An Integral Part Of The Zimbabwe Stock Exchange

OpenAIRE

Kosmas Njanike

2010-01-01

The study assesses the need for a derivative market as an integral of Zimbabwe Stock Exchange. It also aims to evaluate the feasibility of establishing a derivative market as an essential element of Zimbabwe Stock Exchange. The research identifies factors that need to be addressed to facilitate such a market. Views of various fund managers, financial analysts and dealers drawn from asset management firms were used. Changes in market trends are influenced by hyper inflation and acute financial...

Refractive state of the Spanish Thoroughbred horse: a comparison with the Crossbred horse.

Science.gov (United States)

Rull-Cotrina, Jorge; Molleda, Jose M; Gallardo, José; Martín-Suárez, Eva

2013-01-01

To assess the refractive state of the equine eye utilizing retinoscopy. To compare the refractive state of Spanish Thoroughbred horses with the refractive state of Crossbred horses. The refractive state of 135 horses (264 eyes) was assessed utilizing streak retinoscopy. Two perpendicular meridians were examined in order to assess astigmatism at a working distance of approximately 67 cm. A group of 81 Spanish Thoroughbred horses was compared with a group of 54 Crossbred horses. Cyclopentolate ophthalmic solution was instilled in the eyes of a group of 18 horses to determine if accommodation has any influence on the assessment of the refractive state.   Mean ± SE refractive state of all horses examined was -0.17 ± 0.04 D. The mean refractive state of the Spanish Thoroughbred was -0.28 ± 0.06 D while that of the Crossbred was -0.01 ± 0.05 D. The refractive state of the Spanish Thoroughbred was found to be statistically different to that of the Crossbred. The most prevalent refractive state was emmetropia in all cases, followed by hyperopia for the Crossbred, and myopia for the Spanish Thoroughbred. Astigmatism ≥0.50 D present in both eyes from the same individual was found in 21.7% of all horses examined. Anisometropia ≥1.00 D was diagnosed in 4 out of 129 horses with both visual eyes. Cycloplegia did not statistically affect the refractive state of the evaluated eyes. The equine eye has a refractive state close to emmetropia. Myopia is higher among Spanish Thoroughbred horses than among Crossbred horses. © 2012 American College of Veterinary Ophthalmologists.

Assessment of semen quality in pure and crossbred Jersey bulls

Science.gov (United States)

Kumar, Umesh; Gawande, Ajay P.; Sahatpure, Sunil K.; Patil, Manoj S.; Lakde, Chetan K.; Bonde, Sachin W.; Borkar, Pradnyankur L.; Poharkar, Ajay J.; Ramteke, Baldeo R.

2015-01-01

Aim: To compare the seminal attributes of neat, pre-freeze (at equilibration), and post-freeze (24 h after freezing) semen in pure and crossbred Jersey bulls. Materials and Methods: Total 36 ejaculates (3 ejaculates from each bull) were collected from 6 pure Jersey and 6 crossbred Jersey bulls and evaluated for various seminal attributes during neat, pre-freeze, and post-freeze semen. Results: The mean (±standard error [SE]) values of neat semen characteristics in pure and crossbred Jersey bulls were recorded such as volume (ml), color, consistency, mass activity (scale: 0-5), and sperm concentration (millions/ml). The extended semen was further investigated at pre-freeze and post-freeze stages and the mean (±SE) values recorded at neat, pre-freeze, and post-freeze semen were compared between pure and crossbred Jersey bulls; sperm motility (80.55±1.70%, 62.77±1.35%, 46.11±1.43% vs. 80.00±1.80%, 65.00±1.66%, 47.22±1.08%), live sperm count (83.63±1.08%, 71.72±1.09%, 58.67±1.02% vs. 80.00±1.08%, 67.91±1.20%, 51.63±0.97%), total abnormal sperm count (8.38±0.32%, 12.30±0.39%, 16.75±0.42% vs. 9.00±0.45%, 12.19±0.48%, 18.11±0.64%), hypo-osmotic swelling (HOS) reacted spermatozoa (71.88±0.77%, 62.05±0.80%, 47.27±1.05% vs. 72.77±1.02%, 62.11±0.89%, 45.94±1.33%), acrosome integrity (89.05±0.83%, 81.33±0.71%, 71.94±0.86% vs. 86.55±0.57%, 78.66±0.42%, 69.38±0.53%), and DNA integrity (99.88±0.07%, 100, 99.66±0.11% vs. 99.94±0.05%, 100, 99.44±0.18%,). The volume, color, consistency, sperm concentration, and initial motility in pure and crossbred Jersey bulls did not differ significantly (p>0.05). The mass activity was significantly (p0.05) was observed in abnormal sperm; HOS reacted spermatozoa and DNA integrity percentage among breeds. Conclusion: It may be concluded that the quality of pure Jersey bull semen was comparatively better than the crossbred Jersey bulls. PMID:27047028

The impact of energy derivatives on the crude oil market

Energy Technology Data Exchange (ETDEWEB)

Fleming, J.; Ostdiek, B. [Jones Graduate School of Management, Rice University, MS 531, P.O. Box 1892 Houston, TX (United States)

1999-04-01

We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

The impact of energy derivatives on the crude oil market

International Nuclear Information System (INIS)

Fleming, J.; Ostdiek, B.

1999-01-01

We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

Maximizing Crossbred Performance through Purebred Genomic Selection

DEFF Research Database (Denmark)

Esfandyari, Hadi; Sørensen, Anders Christian; Bijma, Pieter

Genomic selection (GS) can be used to select purebreds for crossbred performance (CP). As dominance is the likely genetic basis of heterosis, explicitly including dominance in the GS model may be beneficial for selection of purebreds for CP, when estimating allelic effects from pure line data. Th...

Reproductive performance and survival of Holstein and Holstein × Simmental crossbred cows.

Science.gov (United States)

Knob, Deise Aline; Alessio, Dileta Regina Moro; Thaler Neto, Andre; Mozzaquatro, Fabrício Desconsi

2016-10-01

Crossbreed dairy breeds, such as Holstein × dairy type of Simmental, have been generally used to improve fertility, udder health, and longevity of dairy herds. The aim was to compare the reproductive performance and survival of Holstein and Holstein × Simmental crossbred cows. Data from two farms were used as follows: one located in Bom Retiro, in the state of Santa Catarina, Brazil. and another in Carambeí, Paraná state. Information concerning birth, inseminations, and parity date were obtained from the management software of the farms, generating information regarding the calving interval, days between calving to first service, conception rate, and age at first calving. At one of the farms, calving was monitoring to quantify dystocia. Live weight as well as body condition score (BCS) of cows and information of culling were obtained to determine the survival rate. Data were analyzed by variance analysis and by logistic regression. Crossbred Holstein × Simmental cows had better reproductive performance than the Holstein cows, characterized by lower calving interval (381 vs. 445 days), higher conception rate (37.3 vs. 33.6 %), and shorter calving to first service interval (65 vs. 89 days). These results were related to a higher BCS in crossbred cows (3.63 vs. 2.94 points). Crossbred Holstein × Simmental cows had higher survival rate than Holstein cows on the second parity (83 vs. 92 %). No differences between genetic groups were observed (P > 0.05) for body weight and dystocia. In conclusion, Holstein × Simmental crossbred cows have better reproductive performance and higher survival rate than Holstein cows.

Risk factors for postpartum anestrus in crossbred cows in Bangladesh

International Nuclear Information System (INIS)

Kamal, M.M.; Uddin Bhuiyan, M.M.; Parveen, N.; Momont, H.W.; Shamsuddin, M.

2016-01-01

Full text: Ultrasonography and a structured questionnaire were used in a cross-sectional study to gather data on the prevalence and risk factors for anestrus in crossbred cows at ≥60 days postpartum in 273 smallholder farms. The prevalence of anestruc was 18%. The odds ratio (OR) for true anestrus was 17.52 and 2.81 times higher (P < 0.05) in cows with poor (≤2.0) and excessive (>3.5) body condition score (BCS), respectively, compared to those with optimal BCS (2.5-3.5), 2.82 times higher in suckled than in nonsuckled cows (P = 0.03), and 2.53 times higher in cows that calved during the cold season than in those that calved during the hot season (P = 0.03). The OR for anestrus was 1.62 times higher (P = 0.017) in cows managed by an employee than in those managed by the farmers themselves (P = 0.001), and 2.66 times higher (P = 0.003) in small farms (≤5 cows) than in large farms (≥11 cows). The OR was 0.71 to 0.46 times lower in farms having a guaranteed market to sell milk than those with an uncertain traditional milk market (P < 0.05). Maintaining optimal BCS of cows, farmers' training on management of cattle reproduction, and development of a market linkage to sell milk would improve the number of cows for breeding by 60 days postpartum. (author)

FACTORS AFFECTING HEAT TOLERANCE IN CROSSBRED CATTLE IN CENTRAL BRAZIL

Directory of Open Access Journals (Sweden)

Concepta Margaret McManus

2014-06-01

Full Text Available This study compared the adaptation traits in common crosses of crossbred dairy cattle in central Brazil. Twenty animals of each of three genetic groups were used: zebu (Bos indicus, Simmental x Zebu (SZ and Holstein x Zebu (HZ. The test measured variations in rectal temperature (RT, respiration rate (RR and heart rate (HR of animals in the shade and after exposure to the sun, as well as mean daily milk production throughout the lactation period. The procedure was repeated three times. There were significant interactions between test group and genetic group for the traits investigated and the correlations among traits were low. The RR of the crossbred groups may be controlling body temperature in such a way as not to cause an increase in RT. Milk production influenced RR in crossbred cows exposed to the sun, confirming their poorer adaptation in comparison with zebu cows. We observed that the adaptation can be measured in terms of production within the same genetic group. In conclusion, the crosses with European breeds produced more milk than zebu, although they were influenced by heat/solar radiation.

Determination of energy and protein requirements for crossbred Holstein × Gyr preweaned dairy calves

NARCIS (Netherlands)

Silva, A.L.; Marcondes, M.I.; Detmann, E.; Campos, M.M.; Machado, F.S.; Filho, S.C.V.; Castro, M.M.D.; Dijkstra, J.

2017-01-01

The objective was to quantify the energy and protein nutritional requirements of Holstein × Gyr crossbred preweaned dairy calves until 64 d of age. Thirty-nine Holstein × Gyr crossbred male calves with an average initial live weight (mean ± SEM; for all next values) of 36 ± 1.0 kg were used. Five

Determinants of Revenue Derived from Pineapple Marketing in Edo ...

African Journals Online (AJOL)

Determinants of Revenue Derived from Pineapple Marketing in Edo State, Nigeria. ... The results showed that an average pineapple marketer has a mean volume of 98 dozens and incurred a variable ... EMAIL FULL TEXT EMAIL FULL TEXT

Genotyping of the Holstein-Friesian crossbred cattle for CD18 gene using PCR-RFLP

Directory of Open Access Journals (Sweden)

A. S. Khade

2014-05-01

Full Text Available Aim: The present study was undertaken in Holstein-Friesian (HF crossbred cattle with the objective to find out genotype of HF crossbred cattle for Bovine Leucocyte Adhesion Deficiency (BLAD by using PCR-RFLP. Materials and Methods: 50 blood samples were collected from HF crossbred cattle and subjected to PCR. The amplified PCR products were digested using Taq I restriction enzyme at 65 oC overnight. After restriction digestion, the final PCR products were electrophoresed on 2.5 % agarose gel. Results: All the 50 animals under present investigation were found to be normal as the amplified PCR product upon digestion with Taq I restriction enzyme, revealed two bands of 313 bp and 54 bp for normal animals. Conclusions: In the present investigation D128G carrier frequency was found to be 0 %. However, recent reports suggest that the mutant gene has already been observed in the HF crossbred cattle population of India, which makes it necessary to screen the animals to avoid the risk of spreading BLAD in the breeding cattle population.

IV. Crossbred reproduction and constant slaughter mass

African Journals Online (AJOL)

Higher reproduction and lower replacement rates lead to a higher proportion of terminally crossbred offspring to sell. Substantial improvement in herd .... growth below the knee and hock is completed at birth. In cattle and sheep there is hope ... reported highly significant total heterosis for birth mass in the. Angus X Hereford ...

Modeling of the influence of transparency of the derivatives market on financial depth

Directory of Open Access Journals (Sweden)

Irina Burdenko

2016-07-01

Full Text Available The market of derivative tools becomes an integral part of the financial market, the functions which are carrying out in it peculiar only to it: hedging, distribution of risks, ensuring liquidity of basic assets, information support of future movement of the prices, decrease in asymmetry of information in the financial markets. However, the insufficiency or lack of transparent information can lead to emergence of the crisis phenomena, shocks in the financial market and growth of system risk. Emergence of need for strengthening of information function of the market of derivatives changes of requirements to transparency of information had been caused by financial crisis of 2008-2009. In this article the attempt of an assessment of influence was made by means of autoregressive models the change of requirements to standard transparency, such as qualitative characteristic of the derivatives market, on quantitative indices of the financial market, in particular financial depth. The results of research demonstrate that reforming of the legislation concerning strengthening of transparency in the derivatives market positively influences the growth of financial depth. The research of this question will promote the best understanding of importance of reforming of regulation of the derivatives market, in particular strengthening of requirements to transparency. Recommendations of the further researches concern the needs of input of reforms of financial regulation in the derivatives market in Ukraine, and, thus, to provide the corresponding conditions for his development

Production, performance, slaughter characteristics, and meat quality of Ziwuling wild crossbred pigs.

Science.gov (United States)

Chen, Guoshun; Sui, Yanan

2018-02-01

Wild boars, because of their large size and ability to survive adverse conditions, are usually used to cross with domestic breeds to improve the quality of domesticated pigs. This study aimed to investigate the growth performance, slaughter performance, and meat quality of Ziwuling crossbred pigs. Crossbred pigs in four groups (n = 8 per group, 4 boars and 4 sows, all aged 100 days), F 1 [wild × B (Bamei)], F 1  × B, F 1  × Y (Yorkshire), and F 1  × F 1 , were selected at a commercial pig farm. Growth performance, slaughter performance, and meat quality of these crossbred pigs were determined. Characteristics of fatty acids, amino acids, and longissimus muscle fiber in relation to growth, carcass, and meat quality traits were also investigated. Pigs in F 1 and F 1  × F 1 groups had lower average daily weight gain, water and storage loss rates, larger meat color score, higher muscle amino acid levels, larger muscle fiber diameter, and higher ratio of flavor amino acids to unsaturated fatty acids compared to other groups. Crossbred pigs with higher rate of wild boar's consanguinity could improve production performance, slaughter performance, and meat quality. Thus, crossbreeding wild pig with domestic breeds might be an effective method to improve meat quality and flavor.

GENETIC STUDIES ON REPRODUCTION TRAITS IN CROSSBRED JERSEY CATTLE IN WESTERN ODISHA

Directory of Open Access Journals (Sweden)

S.K.Dhal

2016-06-01

Full Text Available The present study was conducted on 412 crossbred (Jersey X Deshi cows sired by 24 bulls, maintained over the period from 2005 to 2014. The economic traits studied were age at first calving (AFC; months, calving interval (CI; days, dry period (DP; days and service period (SP; days. The averages for AFC, CI, DP and SP were 34.46±0.22 months, 505.95±3.24, 224.20±3.31 and 228.26±3.21 days, respectively. Effect of management system was significant for all the economic traits (AFC, CI and DP except SP. It may be inferred that rearing crossbred Jersey cows under intensive system of management may be advocated to utilize the maximum genetic potential of crossbred cattle for all the traits. Semi-intensive system may help moderate exploration of the traits. But exclusively pasture dependent management should be avoided for rearing crossbred Jersey cows. Heritability estimates for AFC, CI and DP were found to be 0.462 ±0.179; 0.062 ±0.088; 0.270 ±0.138, respectively. Genetic correlations of AFC with CI and SP were high and positive. For maximum genetic improvement and their correlated response, it is necessary to include all the economic traits with differential weightage for achieving accuracy in selection programs.

Conference Proceedings: Effectively utilizing energy derivatives in a deregulated electricity market

International Nuclear Information System (INIS)

1998-01-01

This conference was devoted to a discussion about the likely impacts of deregulation on electricity markets in North America. Many of the presentations emphasized price risk in a competitive open access energy market. It was noted that deregulation is frequently associated with the creation of larger companies, higher risks and lower costs. Some of the individual topics addressed by the speakers included discussion of : (1) how underlying physical markets will work in Ontario, (2) experiences in derivative trading in the natural gas industry, (3) how to create value through multiple commodity risk management products, (4) trading with energy derivatives in the U.S. (5) how derivatives can add value for municipal electrical utilities, and (6) risk management mechanisms for energy derivative trading. refs., tabs., figs

Market information and price volatility in petroleum derivatives spot and future markets

International Nuclear Information System (INIS)

Khalid Nainar, S.M.

1993-01-01

This paper examines the relationship between petroleum futures trading, market information and spot prices. It tests the hypothesis that there is increased spot market information with futures trading of various petroleum derivatives for weekly data during the period January 1970 to July 1985 at the new York Mercantile Exchange. Increased market information with futures trading is indicated by the insignificance of coefficients of past prices in spot price regressions in periods with futures trading. However, the estimates of the coefficient of variation indicate that price volatility tends to increase with futures trading. Thus, traders seem better informed with futures trading although the advantages of increased market information might potentially be undermined by increased price volatility as in the case of regular gasoline. (author)

Ovarian follicular dynamics in purebred and crossbred Boran cows ...

African Journals Online (AJOL)

Tuoyo Aghomotsegin

2016-08-17

Aug 17, 2016 ... purebred Boran cattle, adapted to Ethiopian conditions for centuries and ... fertility than crossbreds, would exhibit a different pattern of ovarian ..... Influence of dietary supplementation and partial suckling on body weight and ...

Comparison of pure Holsteins to crossbred Holsteins with Norwegian Red cattle in first and second generations.

Science.gov (United States)

Ezra, E; Van Straten, M; Weller, J I

2016-08-01

A total of 1922 first generation crossbred cows born between 2005 and 2012 produced by inseminating purebred Israeli Holstein cows with Norwegian Red semen, and 7487 purebred Israeli Holstein cows of the same age in the same 50 herds were analyzed for production, calving traits, fertility, calving diseases, body condition score, abortion rate and survival under intensive commercial management conditions. Holstein cows were higher than crossbreds for 305-day milk, fat and protein production. Differences were 764, 1244, 1231 for kg milk; 23.4, 37.4, 35.6 for kg fat, and 16.7, 29.8, 29.8 for kg protein; for parities 1 through 3. Differences for fat concentration were not significant; while crossbred cows were higher for protein concentration by 0.06% to 0.08%. Differences for somatic cells counts were not significant. Milk production persistency was higher for Holstein cows by 5, 8.3 and 8% in parities 1 through 3. Crossbred cows were higher for conception status by 3.1, 3.6 and 4.7% in parities 1 through 3. Rates of metritis for Holsteins were higher than the crossbred cows by 7.8, 4.6 and 3.4% in parities 1 to 3. Differences for incidence of abortion, dystocia, ketosis and milk fever were not significant. Holstein cows were lower than crossbred cows for body condition score for all three parities, with differences of 0.2 to 0.4 units. Contrary to comparisons in other countries, herd-life was higher for Holsteins by 79 days. A total of 6321 Holstein cows born between 2007 and 2011 were higher than 765 progeny of crossbred cows backcrossed to Israeli Holsteins of the same ages for milk, fat and protein production. Differences were 279, 537, 542 kg milk; 10.5, 17.7, 17.0 kg fat and 6.2, 12.9, 13.2 kg protein for parities 1 through 3. Differences for fat concentration were not significant, while backcross cows were higher for protein percentage by 0.02% to 0.04%. The differences for somatic cell score, conception rate, and calving diseases other than metritis, were not

Liquidity effects and FFA returns in the international shipping derivatives market

OpenAIRE

Alizadeh, Amir H.; Kappou, K; Tsouknidis, Dimitris; Visvikis, Ilias

2015-01-01

The study examines the impact of liquidity risk on freight derivatives returns. The Amihud liquidity ratio and bid–ask spreads are utilized to assess the existence of liquidity risk in the freight derivatives market. Other macroeconomic variables are used to control for market risk. Results indicate that liquidity risk is priced and both liquidity measures have a significant role in determining freight derivatives returns. Consistent with expectations, both liquidity measures are found to hav...

Electricity derivative markets: Investment valuation, production planning and hedging

International Nuclear Information System (INIS)

Naesaekkaelae, E.

2005-01-01

This thesis studies electricity derivative markets from a view point of an electricity producer. The traditionally used asset pricing methods, based on the no arbitrage principle, are extended to take into account electricity specific features: the non storability of electricity and the variability in the load process. The sources of uncertainty include electricity forward curve, prices of resources used to generate electricity, and the size of the future production. Also the effects of competitors' actions are considered. The thesis illustrates how the information in the derivative prices can be used in investment and production planning. In addition, the use of derivatives as a tool to stabilize electricity dependent cash flows is considered. The results indicate that the information about future electricity prices and their uncertainty, obtained from derivative markets, is important in investment analysis and production planning. (orig.)

Electricity derivative markets: Investment valuation, production planning and hedging

Energy Technology Data Exchange (ETDEWEB)

Naesaekkaelae, E.

2005-07-01

This thesis studies electricity derivative markets from a view point of an electricity producer. The traditionally used asset pricing methods, based on the no arbitrage principle, are extended to take into account electricity specific features: the non storability of electricity and the variability in the load process. The sources of uncertainty include electricity forward curve, prices of resources used to generate electricity, and the size of the future production. Also the effects of competitors' actions are considered. The thesis illustrates how the information in the derivative prices can be used in investment and production planning. In addition, the use of derivatives as a tool to stabilize electricity dependent cash flows is considered. The results indicate that the information about future electricity prices and their uncertainty, obtained from derivative markets, is important in investment analysis and production planning. (orig.)

Genetic and environmental causes of variation in gestation length of Jersey crossbred cattle

OpenAIRE

Kumar, Anshuman; Mandal, Ajoy; Gupta, A. K.; Ratwan, Poonam

2016-01-01

Aim: The objective of this study was to investigate the effect of genetic and non-genetic factors and estimate the genetic parameter for gestation length (GL) of Jersey crossbred cattle. Materials and Methods: The data included the 986 parturition records on Jersey crossbred cattle maintained at the Eastern Regional Station of ICAR-National Dairy Research Institute, Kalyani, West Bengal, India during 36 years (1978-2013). The data were analyzed applying mixed model least square technique c...

Claw Lesions Causing Clinical Lameness in Lactating Holstein Frisian Crossbred Cows

Directory of Open Access Journals (Sweden)

Umar Nazir Zahid

2014-01-01

Full Text Available The objective of this study was to identify claw lesions causing clinical lameness in lactating Holstein Frisian (HF crossbred cows in dairy cattle. Seventy dairy farmers were interviewed at the monthly meetings of Progressive Dairy Farmers Association of Ludhiana, Punjab, India. Ten dairy farms were randomly selected as per probability proportional to size and a total of 450 lactating HF crossbred cows were taken into the study. All the lactating cows were scored for locomotion and rear leg view index. Trimming was done in all the clinically lame animals (animals with locomotion scores 2 and 3 and equal number of animals selected randomly from those with locomotion scores 0 and 1. Various claw lesions were evaluated in both the groups. There was a significant relationship between locomotion score and rear leg view index to identify lameness. Sole ulcers and white line fissures were the lesions responsible for clinical lameness. Other lesions did not cause clinical lameness but increased the asymmetry in lactating HF crossbred cows. Both locomotion score and rear leg view index could be reliably used to identify clinical lameness in lactating cattle.

Ingestive behavior of pastured crossbred dairy cows offered different supplement types.

Science.gov (United States)

Mendes, Aline Medeiros de Paula; Silva, Dulciene Karla de Andrade; Ferreira, Marcelo de Andrade; Veras, Antonia Sherlânea Chaves; Ferreira, Geane Dias Gonçalves; Vigoderis, Ricardo Brauer; Arcanjo, Helton Gregory Santos; Silva, Jarbas Miguel; de Almeida, Josimar Santos; Fotius, Anna Christine Alencar; Farias, Glébio de Almeida

2013-01-01

The aim of this study was to assess the effect of different supplements on the behavior variables of crossbred dairy cows that were in pasture that comprised two 4 × 4 Latin squares (four periods, four treatments, and four animals). Each experimental period lasted 15 days (10 days to adapt animals to treatments and 5 days for data collection). The animals were supplemented twice a day, with different forage (corn silage and cactus pear) and concentrate sources (soy mea + wheat meal + corn meal + cotton seed together and soy meal as a single constituent of the concentrate). A significant difference (p ingestive behavior of crossbred dairy cows.

Growth performance of crossbred kids (Boer x Indigenous Goat Breeds

Directory of Open Access Journals (Sweden)

Tsegay Teklebrhan

2018-06-01

Full Text Available The study was conducted to evaluate growth performance of crossbred (Boer x Hararaghe Highland and Boer x Short Eared Somali kids at Haramaya University Goat Farm in Eastern Ethiopia. Breed (p

Estrus response and fertility of Menz and crossbred ewes to single prostaglandin injection protocol.

Science.gov (United States)

Mekuriaw, Zeleke; Assefa, Habtemariam; Tegegne, Azage; Muluneh, Dagne

2016-01-01

Natural lambing in sheep in Ethiopia occurs throughout the year in a scattered manner negatively affecting survival and growth rates of the lambs born during the unfavorable season of the year. Thus, controlling the time of mating artificially using exogenous source of hormones is considered as one of the ways to mitigated problems related to haphazard lambing. To this end, an experiment was conducted to evaluate efficacy of prostaglandin-based estrus synchronization protocol in local and crossbred ewes. A total of 160 ewes (80 local and 80 crossbreds) which lambed at least once and aged 3-5 years were used. Lutalyse® (dinoprost tromethamine sterile solution equivalent to 5 mg dinoprost per ml) and its analog, Synchromate® (cloprostenol sodium equivalent to 0.250 mg cloprostenol per ml), were tested at different doses. The treatments used were intramuscular injection of (1) 2.50 ml of Lutalyse® (12.5 mg dinoprost tromethamine), (2) 2 ml of Lutalyse® (10.0 mg dinoprost tromethamine), (3) 1 ml of Synchromate® (0.25 mg of cloprostenol Sodium), and (4) 0.8 ml of Synchromate® (0.20 mg of cloprostenol Sodium). Forty ewes (20 local and 20 crossbreds) were allocated per treatment. Following injection of the respective hormones, rams of known fertility were introduced into the flock for the duration of 96 h at the ratio of one ram to 10 ewes. All estrus synchronization protocols except treatment 4 (0.8 ml of Synchromate®) induced estrus (heat) in majority (55-65%) of local and crossbred ewes within 96 h post-hormone injection. The time interval from hormone administration to onset of estrus was also more or less similar for all treatment groups except for treatment group 4 which showed heat quicker. The highest lambing rate was recorded in local ewes (84.62% (11/13) treated with 2.5 ml of Lutalyse®, whereas the least was obtained in crossbreds (33.33% (3/9) treated with 0.8 ml Synchromate®. In conclusion, even though 2.5 ml and 2 ml of Lutalyse® or 1 ml of

Studies on body composition of crossbred lambs determined by tritiated water with 50:50 roughage: concentrate ratio

International Nuclear Information System (INIS)

Hyder Ali, Md.; Saxena, K.K.; Shukla, V.P.; Ranjhan, S.K.

1977-01-01

Six Muzzaffarnagri x Dorset and six Muzzaffarnagri x Suffolk crossbred lambs were fed 50 : 50 roughage : concentrate ratio having ME of 2.1 Mcal/kg of ratio until they attained 25 kg body weight. Body composition of all the lambs was determined at 25 kg body weight by direct (slaughter method) and indirect (TOH technique) methods. The average corrected TOH space expressed on percent of body weight was found to be 70.48 +- 0.82 and average total body water estimated by desiccation, expressed on percent of body weight, was observed as 69.8 +- 1.08. Body composition of Muzzaffarnagri x Suffolk and Muzzaffarnagri x Dorset crossbred lambs was determined and expressed on empty body weight. The moisture content in Muzzaffarnagri x Dorset crossbred lambs was significantly higher (p<0.05) than in Muzzaffarnagri x Suffolk crossbred lambs but fat and protein contents were not significantly different in the two processes. (author)

Eating behavior of Ongole crossbred and Limousin crossbred steers fed fermented rice straw and concentrate

Directory of Open Access Journals (Sweden)

Agung Purnomoadi

2003-12-01

Full Text Available A study on eating behavior of Ongole Crossbred (OC and Limousin Crossbred (LC steers (aged 9 months fed fermented rice straw and concentrate has been carried out. Rice straw and concentrate were given in 60:40 ratio. Rice straw was fermented by commercial starter (BioP 2000 Z, while concentrate was composed of commercial concentrate and soybean pulp (by-product of soy-sauce industry. The diet was set to meet the dry matter (DM requirement at 3.0% of liveweight. Eating behaviour was measured from 3 days continuously observation. Chewing number was accounted by halter equipped with tape-switch in jaw side and was recorded every 1/10 second in connected PC. The results showed that DMI of both OC (3.21 kg and LC (4.18 kg was similar, being 2.8% LW. However, chewing number of OC (133808 chews/d was higher than that of LC (106353 chews/d. Chewing for eating and for rumination in OC (86995 and 46813 chews was higher than of LC (67628 and 38725 chews. Chewing efficiency for eating in OC (0.041 g DMI/chew was lower than that of LC (0.066 g DMI/chew. Similar tendency was observed in chewing efficiency for rumination that OC (0.080 g DMI/chew was lower than that of LC (0.109 g DMI/chew. The conclusion is LC has a better chewing efficiency than of OC and it was pointed to different jaw size between OC and LC.

How does market concern derived from the Internet affect oil prices?

International Nuclear Information System (INIS)

Guo, Jian-Feng; Ji, Qiang

2013-01-01

Highlights: • The impact of market concern derived from the Web on oil volatility is analysed. • It has an equilibrium relationship between oil prices and long-run market concern. • The short-run market concerns have an asymmetric influence on oil price volatility. • The Internet can exaggerate the impact of information shocks on oil price. - Abstract: With the acceleration of oil marketisation and the rapid development of electronic information carriers, external information shocks can be easily and quickly transmitted to the oil market through the Internet. This paper analyses the impact of short- and long-run market concerns, derived from search query volumes in Google for different domains around the oil market on oil volatility using co-integration and the modified EGARCH model. Empirical results suggest there is a long-term equilibrium relationship between oil prices and long-run market concern for oil prices and oil demand. The short-run market concerns for the 2008 financial crisis and the Libyan war convulsion have a significant and asymmetric influence on oil price volatility. This indicates that market concern transmitted through the Internet can strengthen the linkage between oil price changes and external events by influencing the expectation of market traders, and to some extent it can exaggerate the impact of nonfundamental information shocks

Derivative markets, speculation and oil prices

International Nuclear Information System (INIS)

Babusiaux, D.; Lasserre, F.; Pierru, A.

2010-01-01

Recent movements in oil prices have been ascribed by a number of analysts and political leaders not to market fundamentals but to the speculative positions taken by financial investors in derivatives markets. Various economists including Nobel Prize Paul Krugman believe however that the constitution of stocks is a necessary element for speculation, a feature that was not very evident during the sudden price increase in 2008; but these points of view are not entirely incompatible. Various explanations can be put forward, among which the most important is demand inertia. On the very short run, demand price elasticity is significantly lower than that usually calculated for the short term, which can significantly reduce the impact - on stocks - of a temporary price increase provoked by financial investors' behavior. (authors)

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (1/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Abstract: An introduction to the mathematics and practicalities of market trading and risk management for financial derivatives, the course will focus on examples from the short-term and long term Foreign Exchange (FX) and Interest Rate (IR) derivatives markets. Topics: - Government Bonds and IR Curves - Stochastic FX, Black-Scholes Vanilla FX Options and Martingales - Risk Management and Market Trading for Vanilla FX Options, Market Implied Volatility, Valuation and Risk Management, Market Trading Strategies - Stochastic IR Curves and Implied Volatility, IR Derivatives - Long Term FX Options: Interaction of Stochastic FX and Stochastic IR Vanilla Foreign Exchange (FX) Options - $ Government Bonds, Interest Rate (IR) Curves, Continuous IR - Domestic ($) and Foreign (Yen) Government Bonds, IR curves - Stochastic Spot FX, Forward FX: Ito processes for $ and Yen Investors - Black-Scholes Vanilla FX Options, Connection to Heat/Diffusion Equation - Stochastic Differential Equations with Mart...

Studies of management effects on fertility of purebred and crossbred ...

African Journals Online (AJOL)

Consequently constraints are identified for improvement through efficient resources inputs, staff incentives and application of modem strategic management techniques re-commended for tropical environment. Further research into stocking Hamphsire crossbred pigs in the tropics is suggested, in view of its favourable ...

The Conditions of Creation and Prospects of Weather Derivatives Development on the Domestic Market

Directory of Open Access Journals (Sweden)

Piotr Binkowski

2008-06-01

Full Text Available Analysing the possibility of creations and prospects of weather derivatives development on the domestic market the first of all should be identify the business areas that are strongly exposed for weather risk, which are: energy, agricultural, building and transportation. The specificity of the Polish climate is the high volatility of the major weather factors like temperature or precipitations. Similar to other European countries where weather derivatives markets already exist (e.g.: Germany, France, and United Kingdom. Having in mind dynamic grow of companies with regards to management processes, used technologies and marketing strategies, the exposure for weather risk is getting higher. Therefore, there is a strong pressure for creation of mechanisms and instruments that will allow reducing that kind of risks. Currently in Poland there are no conditions for development of weather derivatives market due to lack of demand. That situation is caused by low level of awareness regarding to possibilities of reducing weather risks. Within a few years the demand for such the instruments will appear ñ together with growing awareness. Once the demand for weather derivative will appear, the existing infrastructure of financial sector is ready for its implementation. Of course it is hard to say what will be the direction of whether derivatives grow on the domestic financial market but taking into consideration its dynamic grow and strong correlations with global markets, there is a small probability that weather derivatives will not appear on the Polish market ñ it is only the matter of time.

Use of derivative instruments to integrate renewable energies into the electricity market

International Nuclear Information System (INIS)

Hartmann, Kilian; Nelles, Michael; Candra, Dodiek Ika

2017-01-01

The implementation of renewable energies to the electricity market is inefficient and expensive with current measures. Further these measures are prejudicial for the existing energy-only-market. The combination of fluctuating and controllable renewable powers in virtual power plants enables the marketing of this power as a derivate on the future market. Thus would relieve the spot market and stabilize pricing on both markets. Subsequently the renewable energy obligation will reduce and renewable energies could be marketed as secured power.

Pulling the Trigger or Not: Factors Affecting Behavior of Initiating a Position in Derivatives Markets

NARCIS (Netherlands)

Pennings, J.M.E.

2002-01-01

The behavior of managers in initiating a derivatives market position brings to the surface an interesting phenomenon: sometimes managers initiate a position in derivatives markets (i.e., futures and options markets) and sometimes they do not, even though the price volatility of the underlying asset

Evaluation of Genetic Diversity, Population Structure, and Relationship Between Legendary Vechur Cattle and Crossbred Cattle of Kerala State, India.

Science.gov (United States)

Radhika, G; Aravindakshan, T V; Jinty, S; Ramya, K

2018-01-02

The legendary Vechur cattle of Kerala, described as a very short breed, and the crossbred (CB) Sunandini cattle population exhibited great phenotypic variation; hence, the present study attempted to analyze the genetic diversity existing between them. A set of 14 polymorphic microsatellites were chosen from FAO-ISAG panel and amplified from genomic DNA isolated from blood samples of 30 Vechur and 64 unrelated crossbred cattle, using fluorescent labeled primers. Both populations revealed high genetic diversity as evidenced from high observed number of alleles, Polymorphic Information Content and expected heterozygosity. Observed heterozygosity was lesser (0.699) than expected (0.752) in Vechur population which was further supported by positive F IS value of 0.1149, indicating slight level of inbreeding in Vechur population. Overall, F ST value was 0.065, which means genetic differentiation between crossbred and Vechur population was 6.5%, indicating that the crossbred cattle must have differentiated into a definite population that is different from the indigenous Vechur cows. Structure analysis indicated that the two populations showed distinct differences, with two underlying clusters. The present study supports the separation between Taurine and Zebu cattle and throws light onto the genetic diversity and relationship between native Vechur and crossbred cattle populations in Kerala state.

Market segment derivation and profiling via a finite mixture model framework

NARCIS (Netherlands)

Wedel, M; Desarbo, WS

The Marketing literature has shown how difficult it is to profile market segments derived with finite mixture models. especially using traditional descriptor variables (e.g., demographics). Such profiling is critical for the proper implementation of segmentation strategy. we propose a new finite

Comparison of peripartum metabolic status and postpartum health of Holstein and Montbéliarde-sired crossbred dairy cows.

Science.gov (United States)

Mendonça, L G D; Abade, C C; da Silva, E M; Litherland, N B; Hansen, L B; Hansen, W P; Chebel, R C

2014-02-01

Objectives of the current experiment were to evaluate plasma concentrations of metabolites and haptoglobin peripartum, uterine health and involution, and follicle growth and resumption of cyclicity of Holstein (HO) and Montbéliarde-sired crossbred cows. Cows (52 HO and 52 crossbred) were enrolled in the study 45 d before expected calving date. Cows had body weight and body condition score recorded on d -45, -14, 0, 1, 28, and 56 relative to calving. Dry matter intake was calculated for a subgroup of cows (25 HO and 38 crossbred) from 6 wk before to 6 wk after calving. Blood was sampled weekly from d -14 to 56 relative to calving for determination of glucose, nonesterified fatty acid, and β-hydroxybutyrate concentrations; from d -7 to 21 relative to calving for determination of haptoglobin concentration; and from d 14 to 56 postpartum for determination of progesterone concentration. Cows were examined at calving and on d 4, 7, 10, and 14 postpartum for diagnosis of postparturient diseases, on d 24 postpartum for diagnosis of purulent vaginal discharge, and on d 42 postpartum for diagnosis of subclinical endometritis. Uteri and ovaries were examined by ultrasonography every 3 d from d 14 to 41 postpartum. Milk yield and composition were measured monthly and yield of milk, fat, protein, and energy-corrected milk were recorded for the first 90 d postpartum. Body weight was not different between Holstein and crossbred cows, but HO cows had reduced body condition score compared with crossbred cows. Even though DMI from 6 wk before to 6 wk after calving tended to be greater for HO cows (16.8 ± 0.7 vs. 15.3 ± 0.5 kg/d), HO cows tended to have more pronounced decline in dry matter intake, expressed in percentage of body weight from d -15 to 0 relative to calving. Energy-corrected milk and nonesterified fatty acid and β-hydroxybutyrate concentrations were not different between breeds. No differences were observed in incidence of retained fetal membranes, metritis, and

Performance differences of Rhode Island Red, Bashang Long-tail Chicken, and their reciprocal crossbreds under natural cold stress.

Science.gov (United States)

Xie, Shanshan; Yang, Xukai; Gao, Yahui; Jiao, Wenjie; Li, Xinghua; Li, Yajie; Ning, Zhonghua

2017-10-01

The Bashang Long-tail chicken (BS), an indigenous Chinese breed, is considered cold tolerant. We selected BS, the Rhode Island Red (RIR), and their reciprocal crossbreds for the present study. The objectives were: i) to validate whether BS is cold tolerant and whether egg production and cold tolerance of crossbreds could be improved; and ii) to determine the physiological characteristics that underlie cold tolerance and favorable egg production performance in cold environments. A total of 916 chickens were reared in warm and natural cold environments (daily mean ambient temperature varied from 7.4°C to 26.5°C in the warm environment and from -17.5°C to 27.0°C in the cold environment). To investigate their adaptability to the cold environment, the egg production performance and body weight were monitored and compared between breeds and environments. The cloacal temperature and serum biochemical parameters were monitored to reveal the physiological characteristics underlie cold tolerance and favorable egg production performance in the cold environment. The warm environment experiment showed that RIR had the highest egg production performance, and that the reciprocal crossbreds had a higher egg production performance than BS. While in the cold environment RIR had the lowest egg production performance, and the reciprocal crossbreds had a higher egg production performance than BS. In the cold environment BS and reciprocal crossbreds had higher triiodothyronine, tetraiodothyronine levels than RIR. At 35 and 39 wk of age, when the ambient temperature was extremely low (varied from -20°C to 0°C), serum glucose, follicle-stimulating hormone, luteinizing hormone, estradiol of BS and crossbreds were higher than RIR. Bashang Long-tail chicken has a favorable cold tolerance ability. Crossbreeding with RIR and BS is an effective way to develop cold tolerant chickens with improved egg production performance.

A comparative study on growth performance of crossbred and ...

African Journals Online (AJOL)

Crossbreds had higher body weight than purebred Mecheri sheep at all age groups. However, it was not significant up to nine months of age. In general, period of lambing and sex of the lambs had significant effects on body weight of both genetic groups at different ages. The estimates of heritability for body weight ranged ...

Morphological measurements and body indices for Cuban Creole goats and their crossbreds

Directory of Open Access Journals (Sweden)

Edilberto Chacón

2011-08-01

Full Text Available In this work, linear body measures were taken and production indices calculated for 100 Cuban Creole goats and 100 crossbred goats in order to aid in the characterization of animal genetic resources in Cuba. Low variation was found for all indices of the Creole goats, showing homogeneity between the groups of animals studied. Most of the functional indices are related to the milk biotype which is in agreement the possible origin of the breed from animals of the Iberian Peninsula and Canary Islands. The crossbreds were more varied, mostly due to undesigned disorganized crossing. These data may help in identifying a commercial niche for the breed and contribute to in situ conservation of the Cuban Creole goat.

Mineral deficiency predisposes occurrence of retention of placenta in crossbred

Directory of Open Access Journals (Sweden)

S. K. Sheetal

2014-12-01

Full Text Available Aim: The present study was carried out to investigate the relationship between blood serum concentrations of macro and micro minerals and development of retention of placenta (ROP in crossbred cattle. Materials and Methods: The present study was carried out at Instructional Livestock Farm, Bihar Veterinary College and local Khatals in and around Patna. A total of 20 crossbred cattle (n=10 with normal expulsion of the placenta as control and n=10 with ROP were selected in the present study. Blood samples were collected from these animals and serum was separated and stored in the deep freezer at −20°C till further analysis. The estimation of serum macro-minerals (Ca, P, Ca/P ratio was done by Span diagnostic Kits (Surat, India and trace minerals or micro-minerals (Zn, Cu, and Fe were analyzed by atomic absorption spectrophotometer (Perkin Elmer AAS 220. Mean values were compared between both the groups at 0 h (at parturition and 12 h after parturition. Results: The mean values of serum calcium and zinc were found significantly lower in cattle having ROP than control at both 0 h and 12 h after parturition. The mean values of serum Ca and P ratio obtained at 0 hour were significantly lower in ROP groups as compared to control groups and non-significant at 12 h. The mean values of serum inorganic phosphorus, copper and iron was found non-significantly lower in ROP cases as compared to control. Conclusions: Macro and micro mineral deficiency such as calcium, iron, zinc and copper in blood serum may be predisposing factor for the occurrence of retention of placenta in crossbred cattle.

FX and derivatives markets in emerging economies and the internationalisation of their currencies

OpenAIRE

Torsten Ehlers; Frank Packer

2013-01-01

Derivatives markets in emerging economies have continued to grow since 2010, driven mostly by very strong growth in the OTC market. Emerging market currencies have become more international as offshore markets are a major contributor to FX turnover. The Chinese renminbi is actively traded within emerging Asia. Trading of emerging market currencies is positively related to the size of cross-border financial flows.

Effects of bovine leukemia virus infection on crossbred and purebred dairy cattle productive performance in Brazil

Directory of Open Access Journals (Sweden)

Daniela Souza Rajão

2014-02-01

Full Text Available The aim of this study was to evaluate the effects of bovine leukemia virus (BLV infection on productive performance of dairy cattle in Brazil. A total of 158 blood samples from lactating adult cows, purebred Holstein and crossbred Holstein X Zebu, were analyzed by Agar Gel Immunodifusion Test (AGID and leukogram. According to AGID and leukogram results, animals were grouped into three categories: seronegative, seropositive without persistent lymphocytosis, and seropositive with persistent lymphocytosis. Milk production data were compared between groups, according to breed. BLV infected females showed lower milk yield than uninfected ones, both purebred and crossbred ones. There was no difference between milk yield of seropositive cows with or without persistent lymphocytosis. These results indicate an association between BLV infection and reduction of milk production, and this study is the first one to show these effects in crossbred Holstein X Zebu cows.

Fodder Market in Bihar: An Exploratory Study

OpenAIRE

Singh, K.M.; Singh, R.K.P.; Jha, A.K.; Kumar, Abhay

2013-01-01

Dairy farmers in Bihar are mostly smallholders having one or two local-bred milch animals, which are raised on crop residues and natural pastures with under-employed family labour. Feeding grains, oil cakes and green nutritious fodder are limited to crossbred cattle. Feed and fodder deficiencies are major limiting factors in raising livestock productivity. Fodder markets are important for communities, which have limited ability to produce their own fodder, but need quality fodder at reasonabl...

DETECTION OF MENDELIAN AND GENOTYPE FREQUENCY OF GROWTH HORMONE GENE IN ONGOLE CROSSBRED CATTLE MATED BY THE ARTIFICIAL INSEMINATION TECHNIQUE

Directory of Open Access Journals (Sweden)

U. Paputungan

2012-06-01

Full Text Available The objectives of this study were to detect the Mendelian mode inheritance of growth hormone (GH and to establish genotype frequency of GH gene in Ongole-crossbred cattle mated by the artificial insemination (AI technique. Total of 76 blood samples were collected from Ongole-crossbred cows and bulls (G0, and their progenies (G1 at the Tumaratas AI service center in North Sulawesi province, Indonesia. All blood samples were screened for the presence of GH locus using a PCR-RFLP method involving restricted enzyme Msp1 on 1.2 % of agarose gel. Data were analyzed using statistical program function in Excel XP. The results showed that GH locus using alleles of Msp1+ and Msp1- enzyme restriction in Ongole-crossbred cows and bulls was inherited to their Ongole-crossbred progenies following the Mendelian mode inheritance. This Mendelian inheritance generated by AI technique was not under genetic equilibrium for the Msp1 genotype frequencies in groups of G0 and G1. The breeding program using genotypes of bulls and cows (G0 for generating the genotype of GH Msp1 enzyme restriction by AI technique should be maintained to increase these various allele dispersion rates for breeding under genetic equilibrium of the Ongole-crossbred cattle population.

Seasonal incidence of Haemoprotozoal diseases in crossbred cattle and buffalo in Kaira and Anand districts of Gujarat, India

Directory of Open Access Journals (Sweden)

S P Vahora

2012-08-01

Full Text Available Seasonal incidence of haemoprotozoal diseases in crossbred cattle and buffalo was studied by examining 3152 and 1129 blood smears respectively, received from various veterinary sub centres located in Anand and Kaira districts of Gujarat during period from April 2009 to March 2010. The present study has recorded higher incidence of haemoprotozoal diseases in crossbred cattle and buffalo from June to September and June to August, respectively. In crossbred cattle, 1172 (37% out of 3152 blood smears were positive for haemoprotozoal infection while in buffalo, 191 (17% out of 1129 blood smears were positive for haemoprotozoal infection. In both the species, higher incidence of Theileriosis was recorded during monsoon season as compared to other protozoan diseases. [Vet. World 2012; 5(4.000: 223-225

Performans Induk Sapi Silangan Simmental – Peranakan Ongole dan Induk Sapi Peranakan Ongole dengan Pakan Hijauan dan Konsentrat (Performance of Simmental – Ongole Crossbred Cow and Ongole Crossbred Cow Fed with Forage and Concentrate Feed

Directory of Open Access Journals (Sweden)

Eny Endrawati

2012-02-01

matter, organic matter, crude protein digestibility (70.83±3.26% vs 65.36±2.19%; 72.38±3.08% vs 67.10±2.15%; 79.48±2.29% vs 75.79±2.17%, and so were in the case of BCS, and estrus cycles in SIMPO and PO cow. It is concluded that based on the metabolic body weight and feed digestibility, between SIMPO and PO cows were similar. (Key words: Performance, Cow, Simmental – Ongole Crossbred cow, Ongole Crossbred cow, Forage, Concentrate

Physiological Responses and Lactation to Cutaneous Evaporative Heat Loss in , , and Their Crossbreds

Directory of Open Access Journals (Sweden)

Wang Jian

2015-11-01

Full Text Available Cutaneous evaporative heat loss in Bos indicus and Bos taurus has been well documented. Nonetheless, how crossbreds with different fractional genetic proportions respond to such circumstances is of interest. A study to examine the physiological responses to cutaneous evaporative heat loss, also lactation period and milk yield, were conducted in Sahiwal (Bos indicus, n = 10, 444±64.8 kg, 9±2.9 years, Holstein Friesian (Bos taurus, HF100% (n = 10, 488±97.9 kg, 6±2.8 years and the following crossbreds: HF50% (n = 10, 355±40.7 kg, 2±0 years and HF87.5% (n = 10, 489±76.8 kg, 7±1.8 years. They were allocated so as to determine the physiological responses of sweating rate (SR, respiration rate (RR, rectal temperature (RT, and skin temperature (ST with and without hair from 06:00 h am to 15:00 h pm. And milk yield during 180 days were collected at days from 30 to 180. The ambient temperature-humidity-index (THI increased from less than 80 in the early morning to more than 90 in the late afternoon. The interaction of THI and breed were highly affected on SR, RR, RT, and ST (p0.05 but did change over time. The ST with and without hair were similar, and was higher in HF100% (37.4°C; 38.0°C and their crossbred HF50% (35.5°C; 35.5°C and HF87.5% (37.1°C; 37.9°C than Sahiwal (34.8°C; 34.8°C (p<0.01. Moreover, the early lactation were higher at HF100% (25 kg and 87.5% (25 kg than HF50% (23 kg which were higher than Sahiwal (18 kg while the peak period of lactation was higher at HF100% (35 kg than crossbreds both HF87.5% and HF50% (32 kg which was higher than Sahiwal (26 kg (p<0.05. In conclusion, sweating and respiration were the main vehicle for dissipating excess body heat for Sahiwal, HF and crossbreds, respectively. The THI at 76 to 80 were the critical points where the physiological responses to elevated temperature displayed change.

A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

Science.gov (United States)

Sajipriya, N.

2012-10-01

The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

Comparison of productive and reproductive performance and hair cortisol levels between Brown Swiss cross-bred and Holstein cows housed in the same barn.

Science.gov (United States)

Endo, Natsumi; Kuroki, Reimi; Tanaka, Tomomi

2017-10-01

The productive and reproductive characteristics of Brown Swiss (B) cross-bred cows were investigated by comparing with those of Holstein (H) cows housed in the same barn. Additionally, their hair cortisol levels were analyzed to evaluate the extent of stress experienced during dry and lactation periods. B cross-bred cows had lower milk yields and higher milk fat rates than H cows. Reproductive records showed that days from parturition to first artificial insemination (AI) in B cross-bred (n = 16) and H (n = 27) cows were not significantly different, but conception rate at first AI of B cross-bred cows tended to be higher than that of H cows. Percentage of B cross-bred cows that resumed ovarian cyclic activity within 45 days after parturition was higher than that of H cows (6/6 (100%) and 5/11 (45.5%), P cows had higher body condition scores at that time. Hair cortisol level at 60 to 90 days after parturition in H cows increased significantly compared with in the dry period, and it was higher than that of B cows during the same period. These results suggest that B cross-bred cows experience less metabolic stress during early lactation, which may result in earlier resumption of reproductive function. © 2017 Japanese Society of Animal Science.

Performance of F1 Primiparous German Black-headed Mutton x Turcana Crossbred Ewes under Extensive Management Conditions

Directory of Open Access Journals (Sweden)

Dinu Gavojdian

2012-10-01

Full Text Available Aim of the current research was to evaluate the effects that crossbreeding Romanian indigenous Turcana (TA eweswith German Black-faced Mutton (GBM rams have on the body weight and reproduction performances ofprimiparous F1 GBM x TA descendants under extensive management conditions, when put to ram as ewe lambs or asyearlings. The study was initiated in a commercial farm from Timis County, western Romania, and starting autumn2009. At the age of 8 months, F1 crossbred female lambs registered on average 37.6 kg, while averages og 32.2 kgwere achieved by the TA females from the control group (CG, differences between the two genotypes weresignificant (p<0.001. When put to ram as ewe-lambs at the age of 8 months, F1 crossbreds registered a averagefertility rate of 84.0%, compared with 29.4% the females from the CG, differences registered between the two groupswere significant (p<0.01. Data registered in the current study proven that the F1 crossbreds are significantly moreprecocious compared to purebred TA, reared under identical conditions. When put to ram at the age of 18 months,F1crossbred glimmers registered an average prolificacy of 140.0%, compared to 111.7% the females from the CG.GBM sired females grow faster, achieve higher body weights, are more precocious and more prolific compared withpurebred TA females of the same age.

Individual Heterosis for Birth Weight of N'dama Crossbred Calves in ...

African Journals Online (AJOL)

Birth weight records of 1137 calves of which 94 were straight bred and 1043 were crossbred (545 males and 592 females) from crosses with two indigenous breeds Muturu and Keteku and seven breeds, Brahman, Angus, Charolais, German Brown, Hereford, Jersey and Santa Getrudis collected from Fasola Stock Farm ...

Comparative study of growth performance, meat quality and haematological parameters of Fayoumi, Rhode Island Red and their reciprocal crossbred chickens

Directory of Open Access Journals (Sweden)

Abida Parveen

2012-04-01

Full Text Available A total of 2001 unsexed day-old-chicks of each Fayoumi, Rhode Island Red (RIR, RIR × Fayoumi (RIFI and Fayoumi × RIR (FIRI were obtained from hatchery of Poultry Research Institute, Rawalpindi. The birds were maintained on deep litter system for a period of 20 weeks. The results revealed that the average day old weight was highest in RIR and FIRI, intermediate in RIFI and lowest in Fayoumi chickens. The RIR breed consumed more feed and gained maximum (P0.05 difference among pure and crossbred chickens. There was non-significant (P>0.05 difference in haematological values among all chickens. The total erythrocyte number, haemoglobin and packed cell volume increased with the advancement of age. However, erythrocyte sedimentation rate, mean corpuscular volume and mean corpuscular haemoglobin values decreased gradually with the advancement of age. It may be concluded that crossbred chickens gained better body weight than Fayoumi and moderate than RIR chickens with lower mortality. The crossbred chickens of FIRI showed better performance in all traits than crossbred chickens of RIFI.

Financial Derivatives Market for Grid Computing

CERN Document Server

Aubert, David; Lindset, Snorre; Huuse, Henning

2007-01-01

This Master thesis studies the feasibility and properties of a financial derivatives market on Grid computing, a service for sharing computing resources over a network such as the Internet. For the European Organization for Nuclear Research (CERN) to perform research with the world's largest and most complex machine, the Large Hadron Collider (LHC), Grid computing was developed to handle the information created. In accordance with the mandate of CERN Technology Transfer (TT) group, this thesis is a part of CERN's dissemination of the Grid technology. The thesis gives a brief overview of the use of the Grid technology and where it is heading. IT trend analysts and large-scale IT vendors see this technology as key in transforming the world of IT. They predict that in a matter of years, IT will be bought as a service, instead of a good. Commoditization of IT, delivered as a service, is a paradigm shift that will have a broad impact on all parts of the IT market, as well as on the society as a whole. Political, e...

Production, fertility, survival, and body measurements of Montbéliarde-sired crossbreds compared with pure Holsteins during their first 5 lactations.

Science.gov (United States)

Hazel, A R; Heins, B J; Seykora, A J; Hansen, L B

2014-01-01

Two-breed crossbreds of Montbéliarde and Holstein (MO × HO) as well as 3-breed crossbreds of Montbéliarde and Jersey/Holstein (MO × JH) were compared with pure Holstein (HO) cows for production, somatic cell score (SCS), fertility, survival to subsequent calving, mortality, and body measurements during their first 5 lactations. Cows calved for the first time between 2005 and 2010 and were housed in either a confinement herd or a herd that had access to pasture for 165d of the year in the north central region of the United States. Body, hoof, and udder measurements of cows were also objectively measured. The MO × HO crossbred cows were not different from pure HO cows for fat-plus-protein production during any lactation. However, the MO × JH crossbred cows had 5% lower fat-plus-protein production compared with pure HO cows in the confinement herd. On the other hand, the MO × JH crossbred cows were not different for fat-plus-protein production in the third to fifth lactation compared with pure HO cows in the seasonal pasture herd. Across the 2 herds, the MO × HO and MO × JH crossbred cows had 21% higher first-service conception rate, 41 fewer days open, and 12% higher pregnancy rate compared with the pure HO cows. Furthermore, the MO × HO (5%) and MO × JH (12%) crossbred cows had lower mortality rates than the pure HO cows (18%). Because of superior fertility and lower mortality rates, the MO × HO and MO × JH crossbred cows, combined, had greater survival to second (+13%), third (+24%), fourth (+25%), and fifth (+17%) lactation compared with pure HO cows. For body measurements, MO × HO were similar to pure HO cows for hip height and heart girth, but MO × HO cows had more body condition and greater body weight (+39kg) across the first 5 lactations. The MO × JH cows had more body condition but 5cm shorter hip height and 28kg less body weight than pure HO cows across the first 5 lactations. Foot angle was steeper and hoof length was shorter for MO × HO

Genetic evaluation of reproduction performance of Jersey × Red Sindhi crossbred cows

Directory of Open Access Journals (Sweden)

S. Vinothraj

2016-09-01

Full Text Available Aim: The present investigation was undertaken to study the reproduction performance and effect of non-genetic factors on reproduction performance of Jersey crossbred cows. Materials and Methods: Data on 355 Jersey crossbred cattle maintained at the Post-graduate Research Institute in Animal Sciences, Kattupakkam, Tamil Nadu, distributed over 30 years (1985 to 2014. The effect of various non-genetic factors including the period of birth, season of birth, period of calving, season of calving and parity were analyzed through least-squares analyses using univariate general linear model. The different (covariance components for calculation of genetic parameters were estimated using restricted maximum likelihood method by fitting an animal model. Results: The overall least-squares means (±standard error of age at first service, age at first calving, weight at first calving, service period, calving interval, dry period, and number of services per conception were 848.06±9.72 days, 1204±12.20 days, 289.81±1.71 kg, 210.01±6.41 days, 489.12±6.45 days, 137.96±5.58 days, 2.50±0.07, respectively. Period of calving had either significant (p<0.05 or highly significant (p<0.01 effect on all reproduction traits studied except service period, calving interval, and dry period. Number of services per conception was affected by season of calving. Parity had significant influence (p<0.05 or highly significant (p<0.01 influence on all the traits studied except service period and dry period. Heritability estimates of age at first service, age at first calving, weight at first calving, service period, calving interval, dry period, and number of services per conception were 0.299, 0.220, 0.017, 0.142, 0.222, 0.177, and 0.042, respectively. The estimates of repeatability for service period, calving interval, dry period, and number of services per conception were 0.219, 0.234, 0.420, and 0.001, respectively. Conclusions: The reproduction performances of Jersey �

On the Feasibility of Decentralized Derivatives Markets

OpenAIRE

Eskandari, Shayan; Clark, Jeremy; Sundaresan, Vignesh; Adham, Moe

2018-01-01

In this paper, we present Velocity, a decentralized market deployed on Ethereum for trading a custom type of derivative option. To enable the smart contract to work, we also implement a price fetching tool called PriceGeth. We present this as a case study, noting challenges in development of the system that might be of independent interest to whose working on smart contract implementations. We also apply recent academic results on the security of the Solidity smart contract language in valida...

COMPARATIVE EFFICIENCY OF SUNFLOWER MEAL AND COTTONSEED CAKES IN THE FEED OF CROSSBRED CALVES FOR MEAT PRODUCTION

OpenAIRE

M. A. JABBAR, M. I. ANJUM1, S. REHMAN2 AND W. SHAHZAD2

2006-01-01

Thirty crossbred (Sahiwal x Friesian) male calves of 9-10 months age and weighing 70 to 90 kg, were used in completely randomized design to investigate the possibility of replacing cottonseed cakes (CSC) with sunflower meal (SFM), partially or completely, in rations for fattening of crossbred calves for meat production. Three concentrate rations viz. A, B and C were formulated. Ration A containing CSC was fed to the calves of group A, ration B containing SFM was fed to calves of group B and...

Genomic evaluation of both purebred and crossbred performances

DEFF Research Database (Denmark)

Christensen, Ole Fredslund; Madsen, Per; Nielsen, Bjarne

2014-01-01

relationship matrices for the two breeds; (2) marker-based partial relationship matrices are constructed; (3) marker-based partial relationship matrices are adjusted to be compatible to pedigree-based partial relationship matrices and (4) combined partial relationship matrices are constructed using information...... from both pedigree and marker genotypes. The extension of the Wei van der Werf model can be implemented using software that allows inverse covariance matrices in sparse format as input. A method for genomic evaluation of both purebred and crossbred performances was developed for a two...

Effect of iron dextran injection on growth performance of crossbred and desi piglets under farm and village conditions

Directory of Open Access Journals (Sweden)

Raghuvir Ranjan

Full Text Available Aim: To study the effect of iron dextran injection on growth performance of crossbred and desi piglets under farm and village conditions. Materials and Methods: The experiments were conducted in Pig Breeding Farm, Ranchi Veterinary College, Ranchi and different villages on crossbred and desi preweaned piglets. The piglets were divided into three treatment groups as T 1 (control, T2 (injected iron dextran @ 1 ml (50mg I/M twice at 3rd and 14th days of age and T3 (injected iron dextran @ 2 ml 2 3 (100mg I/M once at 3rd day of age. Results: The average body weight of crossbred piglets in farm condition of T1 , T2 and T3 groups at weaning (8 week were 7.162±0.365, 9.985±0.281 and 9.572±0.295 kg, respectively. The piglets of T2 group showed better performance over T3 and T1 groups in farm and village conditions on crossbred and desi piglets. Conclusion: On the basis of present findings it may be concluded that irondextran (50mg/ ml injection should be given to all piglets @ 1 ml I/M during preweaning period at 3rd and 14th day of age for better growth of piglets. [Vet World 2012; 5(10.000: 599-602

PRODUCTIVE PERFORMANCES OF TWO ITALIAN CROSSBRED PIGS FED HIGH ENERGY DIET

Directory of Open Access Journals (Sweden)

R. FORTINA

2009-05-01

Full Text Available The aim of the trial was to compare the average daily gain (ADG, the carcass characteristics, and the meat and fat quality of 18 Italian crossbred pigs fed high energy diets formulated for improved genotypes (digestible energy: DE >14 MJ/kg DM. Nine “Fumati” crossbreds (Large White x Mora Romagnola; average initial live weight: 84 kg and nine “Borghigiana” (Large White x Nera di Parma; average initial live weight: 90 kg, reared under similar environmental and nutritional conditions, were slaughtered at the average final weight of 180 kg (285 days. Calculated dry matter intake (DMI and feed conversion index (FCI were similar; no significant differences were observed with respect to average daily gain (ADG: 679 vs. 658 g/d. At slaughtering, the dressing percentage of the Fumati was significantly lower than that of the Borghigiana (80.9 vs. 84.5. The Fumati seemed more prone to fattening than the Borghigiana, as confirmed by the statistically higher percentage of belly (14.9 vs.12.2, and fat (3.9 vs. 2.4 and marbling of M. longissimus dorsi (2.7 vs. 1.4. On colour analysis, the Fumati had statistically higher L* and hue values, and lower a* of M. longissimus dorsi. The fatty acid composition of meat was similar between crossbreds; backfat fatty acid composition of the Fumati showed a significantly higher percentage of saturated fatty acids (SFA, and lower amounts of monounsaturated and polyunsaturated fatty acids (MUFA and PUFA than in the Borghigiana. Results showed that performances and meat quality of local crossbreeds still bred in semi-intensive systems, like Fumati and Borghigiana, can be positively influenced when fed diets considered suitable for improved pig genotypes.

Genetic parameters of the piglet mortality traits stillborn, weak at birth, starvation, crushing, and miscellaneous in crossbred pigs

DEFF Research Database (Denmark)

Strange, T.; Ask, B.; Nielsen, B.

2013-01-01

This study aimed to estimate genetic parameters for the mortality causes stillborn, weak at birth, starvation, crushing, and miscellaneous in crossbred piglets produced by crossbred dams. Data were collected in a single Danish commercial herd from October 2006 to July 2008 and consisted of 34......,194 piglets (2,152 litters), which originated from 195 Danish Duroc sires and 955 crossbreds between Danish Landrace and Danish Yorkshire dams. Of the 34,194 piglets born, 11.5% were stillborn, 4.2% were crushed by the sow, 2.7% died due to starvation, 2.3% were weak at birth, and 2.2% died of miscellaneous...... traits based on the sire component ranged from -0.05 between stillborn and starvation to 0.35 between stillborn and weak at birth whereas genetic correlations based on the dam component ranged from -0.11 between weak at birth and starvation to 0.76 between crushing and starvation. There seemed...

Net protein and metabolizable protein requirements for maintenance and growth of early-weaned Dorper crossbred male lambs

Institute of Scientific and Technical Information of China (English)

Tao Ma; Kaidong Deng; Yan Tu; Naifeng Zhang; Bingwen Si; Guishan Xu; Qiyu Diao

2017-01-01

Background:Dorper is an important breed for meat purpose and widely used in the livestock industry of the world.However,the protein requirement of Dorper crossbred has not been investigated.The current paper reports the net protein (NP) and metabolizable protein (MP) requirements of Dorper crossbred ram lambs from 20 to 35 kg BW.Methods:Thirty-five Dorper × thin-tailed Han crossbred lambs weaned at approximately 50 d of age (20.3 ± 2.15 kg of BW) were used.Seven lambs of 25 kg BW were slaughtered as the baseline animals at the start of the trial.An intermediate group of seven randomly selected lambs fed ad libitum was slaughtered at 28.6 kg BW.The remaining 21 lambs were randomly divided into three levels of dry matter intake:ad libitum or 70％ or 40％ of ad libitum intake.Those lambs were slaughtered when the lambs fed ad libitum reached 35 kg BW.Total body N and N retention were measured.Results:The daily NP and MP requirements for maintenance were 1.89 and 4.52 g/kg metabolic shrunk BW (SBW0.75).The partial efficiency of MP utilization for maintenance was 0.42.The NP requirement for growth ranged from 12.1 to 43.5 g/d,for the lambs gaining 100 to 350 g/d,and the partial efficiency of MP utilization for growth was 0.86.Conclusions:The NP and MP requirements for the maintenance and growth of Dorper crossbred male lambs were lower than the recommendations of American and British nutritional systems.

Derivative pricing with liquidity risk: Theory and evidence from the credit default swap market

NARCIS (Netherlands)

Bongaerts, D.; de Jong, F.; Driessen, J.

2008-01-01

We derive a theoretical asset-pricing model for derivative contracts that allows for expected liquidity and liquidity risk, and estimate this model for the market of credit default swaps (CDS). Our model extends the LCAPM of Acharya and Pedersen (2005) to a setting with derivative instruments and

Effect of high and low roughage total mixed ration diets on rumen metabolites and enzymatic profiles in crossbred cattle and buffaloes

Directory of Open Access Journals (Sweden)

S. K. Sinha

2017-06-01

Full Text Available Aim: A comparative study was conducted on crossbred cattle and buffaloes to investigate the effect of feeding high and low roughage total mixed ration (TMR diets on rumen metabolites and enzymatic profiles. Materials and Methods: Three rumen-fistulated crossbred cattle and buffalo were randomly assigned as per 3x3 switch over design for 21-days. Three TMR diets consisting of concentrate mixture, wheat straw and green maize fodder in the ratios of (T1 60:20:20, (T2 40:30:30, and (T3 20:40:40, respectively, were fed to the animals ad libitum. Rumen liquor samples were collected at 0, 2, 4, 6, and 8 h post feeding for the estimation of rumen biochemical parameters on 2 consecutive days in each trial. Results: The lactic acid concentration and pH value were comparable in both species and treatments. Feed intake (99.77±2.51 g/kg body weight, ruminal ammonia nitrogen, and total nitrogen were significantly (p0.05 among treatments and significantly (p<0.05 greater in crossbred cattle than buffaloes. Molar proportions of individual VFAs propionate (C3, propionate:butyrate (C3:C4, and (acetate+butyrate:propionate ([C2+C4]:C3 ratio in both crossbred cattle and buffalo were not affected by high or low roughage diet, but percentage of acetate and butyrate varied significantly (p<0.05 among treatment groups. Activities of microbial enzymes were comparable among species and different treatment groups. A total number of rumen protozoa were significantly (p<0.05 higher in crossbred cattle than buffaloes along with significantly (p<0.05 higher population in animal fed with high concentrate diet (T1. Conclusion: Rumen microbial population and fermentation depend on constituents of the treatment diet. However, microbial enzyme activity remains similar among species and different treatments. High concentrate diet increases number of rumen protozoa, and the number is higher in crossbred cattle than buffaloes.

Incidence and risk factors of milk fever among cross-bred dairy cows ...

African Journals Online (AJOL)

The study was conducted on 206 cross-bred dairy cows in different dairy herds in Khartoum State, Sudan, during the period from March 2003 to June 2004 to determine the prevalence and incidence rate of milk fever (MF) based on clinical and laboratory diagnosis, and to recognize the risk factors associated with the ...

The selected histological traits of the pectoral muscle and basic slaughter values in crossbred geese

Directory of Open Access Journals (Sweden)

Konrad WALASIK

2017-11-01

Full Text Available The aim of study was to determine of basic values slaughter meat production and histological parameters of pectoral muscle in quadruple 24 weeks old crossbred geese. The hybrids produced using Graylag, White Kołuda and Slovakian geese. The geese were divided to 4 groups differing crosses scheme. The body weight before slaughter was in the range from 4,752 g to 4,921 g, weight of carcass with neck from 3,101 g to 3,175 g and weight of breast muscles from 649 g to 698 g. Histological analysis of pectoral muscle showed that diameters of white fibers (αW was in the range from 43 μm to 46 μm, red fibers (βR from 19.4 μm to 22.1 μm. The percentage share of αW muscle fibers was in the range from 25.3% to 28.9%, βR fibers from 71.1% to 74.7%. The number of muscle fibers per unit area was in the range from 256 to 316 and intramuscular fat content from 3.9% to 6.7%. The results of evaluation of microstructural traits of musculus pectoralis superficialis and meat production parameters suggest that the breast muscles of the crossbred geese are raw material of high quality. The quadruple crossbred geese with graylag geese it is an alternative for production of high-quality meat.

Nutrition content of brisket point end of part Simental Ongole Crossbred meat in boiled various temperature

Science.gov (United States)

Riyanto, J.; Sudibya; Cahyadi, M.; Aji, A. P.

2018-01-01

This aim of this study was to determine the quality of nutritional contents of beef brisket point end of Simental Ongole Crossbred meat in various boiling temperatures. Simental Ongole Crossbred had been fattened for 9 months. Furthermore, they were slaughtered at slaughterhouse and brisket point end part of meat had been prepared to analyse its nutritional contents using Food Scan. These samples were then boiled at 100°C for 0 (TR), 15 (R15), and 30 (R30) minutes, respectively. The data was analysed using Randomized Complete Design (CRD) and Duncan’s multiple range test (DMRT) had been conducted to differentiate among three treatments. The results showed that boiling temperatures significantly affected moisture, and cholesterol contents of beef (P<0.05) while fat content was not significantly affected by boiling temperatures. The boiling temperature decreased beef water contents from 72.77 to 70.84%, on the other hand, the treatment increased beef protein and cholesterol contents from 20.77 to 25.14% and 47.55 to 50.45 mg/100g samples, respectively. The conclusion of this study was boiling of beef at 100°C for 15 minutes and 30 minutes decreasing water content and increasing protein and cholesterol contents of brisket point end of Simental Ongole Crossbred beef.

The economics of Raramuri Criollo versus British crossbred cattle production in the Chihuahuan Desert

Science.gov (United States)

Preliminary research indicates Raramuri Criollo cattle may range significantly further and forage in areas where traditional breeds rarely venture. They are thought to impose a lighter environmental footprint compared to their mainstream British crossbred counterparts. These small-frame animals are ...

Growth at fattening and carcass characteristics of D'man, Sardi and meat-sire crossbred lambs slaughtered at two stages of maturity.

Science.gov (United States)

Boujenane, Ismaïl

2015-10-01

The objective of this study was to evaluate growth at fattening, carcass characteristics and carcass measurements of 19 Sardi, 19 D'man and 52 meat-sire crossbred lambs of both sexes slaughtered at 50 and 70 % of mature weight. Crossbred lambs were born from Sardi, D'man and F1 Sardi × D'man ewes mated to meat-breed rams (Ile de France and Mérinos Précoce). Lambs of each group (breed type by sex) were chosen at random and slaughtered either at 50 or 70 % of mature weight. Sardi and D'man purebred lambs had significantly lower growth at fattening, pre-slaughter live weight, empty body weight, hot carcass weight, carcass conformation, carcass fatness, red offal, white offal, sub-products and non-carcass fat than meat-sire crossbred lambs. Differences were 42.2 g/day, 5.03 kg, 4.46 kg, 2.57 kg, 0.96, 0.59, 0.18 kg, 0.39 kg, 0.63 kg and 0.12 kg, respectively. B and Wr measurements of meat-sire crossbred lambs were higher than those of Sardi and D'man purebred lambs, whereas the F measurement was in favour of purebreds. Likewise, CC, G/F and Wr/Th indices of meat-sire crossbreds were higher than those of purebreds; however, the opposite was observed for L/G and Th/G indices. Maternal heterosis was positive and not significant for most traits, negative and not significant for few traits (P > 0.05), but negative and significant for the proportion of sub-products (P carcass characteristics of local sheep can be significantly improved by terminal crossbreeding.

A Semianalytical Solution of the Fractional Derivative Model and Its Application in Financial Market

Directory of Open Access Journals (Sweden)

Lina Song

2018-01-01

Full Text Available Fractional differential equation has been introduced to the financial theory, which presents new ideas and tools for the theoretical researches and the practical applications. In the work, an approximate semianalytical solution of the time-fractional European option pricing model is derived using the method of combining the enhanced technique of Adomian decomposition method with the finite difference method. And then the result is introduced in China’s financial market. The work makes every effort to test the feasibility of the fractional derivative model in the actual financial market.

THE USE OF DIETARY FATS AND CONCENTRATES TO ALLEVIATE THE NEGATIVE ENERGY BALANCE IN CROSSBRED COWS IN EARLY LACTATION

Directory of Open Access Journals (Sweden)

Carlos F. Aguilar-Pérez

2014-08-01

Full Text Available Energy balance (EB is defined as the difference between energy intake and energy expenditure. Fertility in the high-merit cow has been adversely associated with high milk production, low intake of energy and mobilisation of body reserves in early lactation, which combine in the term negative energy balance (NEB.  The timing of insemination usually coincides with peak milk yield, when dairy cows are often in NEB. Crossbred cows (Bos taurus x Bos indicus in the tropics have comparatively lower nutrient requirements and different partition of nutrients than high merit dairy cows. Thus, it would be expected that both the magnitude and length of negative energy balance were different in a crossbred cow. Because of marked differences compared with high-merit cows, crossbred cows in the tropics would be expected to show greater response to additional energy in early lactation improving their energy status and hence reproductive performance. Knowing the influence of nutrition on reproduction, many methods have been proposed for manipulating the diet to avoid or to alleviate negative energy balance. The use of fats is one alternative, which has been extensively studied in dairy and beef cows but with inconclusive results. Another alternative is to use starch-based concentrates, taking into account level of inclusion and quality and availability of pasture, in order to avoid substitution effects and to get maximum profits. Two experiments were carried out in Yucatan Mexico, in order to evaluate the use of bypass fats (calcium soaps of long-chain fatty acids, CAFA or a starch-based concentrate to alleviate the NEB in grazing crossbred cows in early lactation. The NEB in early lactation was successfully avoided by the use of the starch-based concentrate but not by the use of bypass fats, this due to a reduction in the grass DM intake. It was concluded that crossbred cows in the tropics may experience a period of NEB postpartum, which can be avoided if

Production objectives, trait and breed preferences of farmers keeping N'Dama, Fulani Zebu and crossbred cattle and implications for breeding programs.

Science.gov (United States)

Traoré, S A; Markemann, A; Reiber, C; Piepho, H P; Valle Zárate, A

2017-04-01

Many local livestock breeds in developing countries are being replaced by exotic breeds, leading to a loss of genetic resources. In southern Mali, for the past two decades, a trend towards increasing crossbreeding between the trypanotolerant N'Dama cattle and the trypano-susceptible Fulani Zebu cattle has been taking place. A survey with 160 farmers owning a cattle herd was carried out in southern Mali to investigate their production objectives, as well as trait and breed preferences and correlated socio-economic determinants in order to understand farmers' breeding decisions and to identify comparative advantages of three breed groups (N'Dama, Fulani Zebu and crossbreds) raised in the study area. Data were analyzed using an exploded logit model. The reasons for raising cattle, as well as trait and breed preferences reflected the multiple objectives of the farmers. Draught power and savings were the most important production objectives. Productive traits were ranked highest; farmers reported large body size as the most preferred trait, followed by fertility, draught ability and milk yield. Crossbreds were the favored breed group. Breed preferences were mainly explained by 'resistance to disease' for N'Dama cattle and 'high market price' for Fulani Zebu and crossbred cattle. Production objectives, trait and breed preferences were mainly influenced by farmer group (local farmers and settled transhumants). Local farmers put comparatively more emphasis on livestock functions linked to crop production such as draught power. They had a higher preference for traction ability as a selection trait and preferred N'Dama over Fulani Zebu cattle. Settled transhumants emphasized milk yield as a selection trait and preferred Fulani Zebu over N'Dama. The results indicate that the trend towards more crossbreeding will continue putting the N'Dama breed under high risk of genetic dilution in southern Mali. The N'Dama cattle remain a valuable breed due to their adaptive traits such as

Integrated tick and tick-borne disease control trials in crossbred dairy cattle in Malawi

DEFF Research Database (Denmark)

Tjørnehøj, Kirsten; Whiteland, A. P.; Mfitilodze, M. W.

1996-01-01

Crossbred dairy heifers on a farm in an East Coast fever (ECF) endemic area in Malawi were immunised against Theileria parva, Anaplasma spp., Babesia bigemina, Babesia bovis and Cowdria ruminantium. They were treated at infrequent intervals with chlorfenvinphos to limit infestation with adult tic...

PRODUKSI DAN EVALUASI KUALITAS SUSU BUBUK ASAL KAMBING PERANAKAN ETTAWA (PE [Production and Quality Evaluation of Ettawa-Crossbred Goat Milk Powder

Directory of Open Access Journals (Sweden)

I Gede Suparta Budisatria

2012-12-01

Full Text Available The objective of this study was to produce milk powder from Ettawa-crossbred goat milk and subsequently evaluate the quality of the products. The raw material used was Ettawa-crossbred goat fresh milk with total solid, lactose, fat, and protein content of 15.93%, 4.2%, 4.8% and 4.7%, respectively. Milk with final total solid of 17.5% and 20% were prepared for spray drying by adding skim milk powder. Drying was carried out using a spray dryer type Lamp having nozzle size of 0.05 mm with an inlet temperature of 90°C and an outlet temperature of 45°C. Parameters observed were chemical, physical and microbiological qualities. The data showed that milk powder produced from Ettawa-crossbred goat milk had water content of 1.5-1.7%. Further analysis showed that the acidity, proteins, lactose, and fat content were 0.90%, 28.4%, 21.7%, and 22.5%, respectively. The physical analysis showed that milk powder produced from Ettawa-crossbred goat milk had a higher wettability score (143 seconds as compared to that of commercial products (29 seconds, a higher sieve test score (0.6 g vs 0.004 g, but similar index of insolubility (1.4 ml vs.1.6 ml. The microbiological analysis showed that the Total Plate Count (TPC, Enterobacteriaceae (EB and presumptive coliforms increased during storage either in refrigerator or room temperature. The increase in TPC, EB and coliforms was substantially higher when products were kept at room temperature than in refrigerator. In conclusion, Ettawa-crossbred goat milk powder had a good nutrition quality, but still need improvement for the physicochemical characteristic including wettability and nutritional enrichment for vitamins and minerals by means of fortification.

Ultrasonographic Imaging of Normal and Impacted Omasum in Indian Crossbred Cows

Directory of Open Access Journals (Sweden)

Sheikh Imran

2011-01-01

Full Text Available Omasal impaction is a serious disease problem in cattle in India, but it is difficult to diagnose clinically. Ultrasonography has been proposed for the noninvasive evaluation of omasal disease. The objectives of this study were to compare the in vitro and in vivo ultrasonographic appearance of the omasum and to compare omasal appearance, limits, and size in clinically healthy cows with those in cows having confirmed omasal impaction. A 3.5 MHz curvilinear transducer was used to image and record the appearance of the omasum in vitro in a water bath, and its appearance, dorsal and ventral limits, and size in 10 healthy Indian Jersey/Red Sindhi crossbred cows. The results were compared with the ultrasonographic data collected from 5 cows with omasal impaction, as confirmed at necropsy. On moving the transducer dorsoventrally in each intercostal space and below the costal arch, the wall of omasum could be seen as an echogenic arc-like structure. The difference between mean dorsoventral extents of the normal and impacted omasums was statistically insignificant. These results suggest that ultrasonographic imaging may not be useful in the diagnosis of omasal impaction in Indian crossbred cows, however, additional studies may be warranted.

Short communication: Genomic selection in a crossbred cattle population using data from the Dairy Genetics East Africa Project.

Science.gov (United States)

Brown, A; Ojango, J; Gibson, J; Coffey, M; Okeyo, M; Mrode, R

2016-09-01

Due to the absence of accurate pedigree information, it has not been possible to implement genetic evaluations for crossbred cattle in African small-holder systems. Genomic selection techniques that do not rely on pedigree information could, therefore, be a useful alternative. The objective of this study was to examine the feasibility of using genomic selection techniques in a crossbred cattle population using data from Kenya provided by the Dairy Genetics East Africa Project. Genomic estimated breeding values for milk yield were estimated using 2 prediction methods, GBLUP and BayesC, and accuracies were calculated as the correlation between yield deviations and genomic breeding values included in the estimation process, mimicking the situation for young bulls. The accuracy of evaluation ranged from 0.28 to 0.41, depending on the validation population and prediction method used. No significant differences were found in accuracy between the 2 prediction methods. The results suggest that there is potential for implementing genomic selection for young bulls in crossbred small-holder cattle populations, and targeted genotyping and phenotyping should be pursued to facilitate this. Copyright © 2016 American Dairy Science Association. Published by Elsevier Inc. All rights reserved.

Lactoferrin gene promoter variants and their association with clinical and subclinical mastitis in indigenous and crossbred cattle.

Science.gov (United States)

Chopra, A; Gupta, I D; Verma, A; Chakravarty, A K; Vohra, V

2015-01-01

Lactoferrin (Lf) gene promoter was screened for the presence of single nucleotide polymphism in indigenous and crossbred cattle from North India and to evaluate its association with Mastitis. Study revealed the presence of genetic variation in regulatory region of bovine Lactoferrin gene using PCR-RFLP technique. Three genotypes namely GG, GH and HH were identified. A single nucleotide change, from guanine to adenine at 25th position was found to be significantly associated (pmastitis in indigenous Sahiwal and crossbred Karan Fries cattle maintained at organised herd of National Dairy Research Institute, Karnal. A non-significant association was observed between subclinical mastitis, somatic cell score (SCS), and GG genotype in Karan Fries cattle, however, a lower SCS was observed in animals having GG genotype. Overall a lower incidence of clinical mastitis was recorded in those animals having GG genotype of Lf in Sahiwal and Karan Fries (KF) cattle. The SNP identified in the promoter region may effect expression lactoferrin protein, which may lead to different levels of antibacterial and anti-inflammatory activity of Lf gene. Results from this study indicated the probable role played by Lactoferrin promoter to serve as candidate gene for mastitis susceptibility among indigenous and crossbred milch cattle.

The Analysis of Prospects for Derivatives Market Development in Ukraine in View of Solving the Problems of its Normative Legal Regulation

Directory of Open Access Journals (Sweden)

Kolodizev Oleg M.

2016-02-01

Full Text Available The increased uncertainty in the country’s economy, impossibility of raising capital only by standard financial instruments substantiated the need for such financial innovations as derivatives. The relevance of the suggested topic is justified by the lack of strong legislative framework regulating the market of derivative financial instruments, as well as by significant demand for them in Ukraine. The aim of the article is to analyze the development level of the normative and legal field of trade in the derivatives market as well as the quality of the formed system of main indicators for derivatives trading in Ukraine. The paper identifies the problem, which could be neutralized through the use of derivative financial instruments. The volume and structure of the world and domestic derivatives markets have been analyzed. Based on the analysis of the legal field of regulating the market of derivative financial instruments as well as statistical analysis of its volume and structure, the reasons for the low activity in the considered market have been justified and recommendations to improve the current situation proposed.

First Significant Digits and the Credit Derivative Market During the Financial Crisis

Directory of Open Access Journals (Sweden)

Paul Hofmarcher

2013-06-01

Full Text Available The Credit Default Swap (CDS market has both been lauded for its ability to stabilize the financial system through credit risk transfers and been the source of regulatory concern due to its size and lack of transparency. As a decentralized over-the-counter market, detailed information about pricing mechanisms is rather scarce. To investigate reported CDS prices (spreads more closely, we make use of empirical First Significant Digit (FSD distributions and analyze daily CDS prices for European and US entities during the financial crisis starting in 2007. We find that on a time-aggregated level, the European and US markets obey empirical FSD distributions similar to the theoretical ones. Surprising differences are observed in the development of the FSD distributions between the US and European markets. Whereas the FSD distribution of the US derivative market behaves nearly constantly during the last financial crisis, we find huge fluctuations in the FSD distribution of the European market. One reason for these differences might be the possibility of strategic default for US companies due to Chapter 11 and avoided contagion effects.

Comparison of innate immune responses and somatotropic axis components of Holstein and Montbéliarde-sired crossbred dairy cows during the transition period.

Science.gov (United States)

Mendonça, L G D; Litherland, N B; Lucy, M C; Keisler, D H; Ballou, M A; Hansen, L B; Chebel, R C

2013-06-01

Objectives were to compare parameters related to innate immune responses and somatotropic axis of Holstein (HO) and Montbéliarde (MO)-sired crossbred cows during the transition from late gestation to early lactation. Cows (40 HO and 47 MO-sired crossbred) were enrolled in the study 45d before expected calving date (study d 0=calving). Polymorphonuclear leukocytes (PMNL) isolated from blood samples collected weekly from study d -7 to 21 and on study d 42 were used for determination of percentage of PMNL positive for phagocytosis (PA+) and oxidative burst (OB+), intensity of PA and OB, percentage of PMNL expressing CD18 (CD18+) and L-selectin (LS+), and intensity of CD18 and LS expression. Blood was sampled weekly from study d -7 to 14 and on study d 28, 42, and 56 for determination of insulin, growth hormone (GH), leptin, and insulin-like growth factor (IGF)-1 concentrations. Blood sampled weekly from study d -14 to 21 and on study d 42 was used to determine cortisol concentration. Liver biopsies were performed on study d -14, 7, 14, and 28 for determination of mRNA expression for insulin receptor B (IRB), total GH receptor (GHRtot), GHR variant 1A (GHR1A), and IGF-1. Data were analyzed by ANOVA for repeated measures or by ANOVA using the GLM procedure of SAS (SAS Institute Inc., Cary, NC). Intensity of CD18 expression was greater in PMNL from crossbred cows compared with PMNL from HO cows [1,482.1 ± 82.3 vs. 1,286.6 ± 69.8 geometric mean fluorescence intensity (GMFI)]. Furthermore, among HO cows, the percentage of PA+ PMNL on study d -7 (64.4 ± 5.2%) tended to be greater than on study d 0 (57.1 ± 5.1%), but no differences in percentage of PA+ PMNL between study d -7 and 0 were observed in crossbred cows. Similarly, intensity of PA in PA+ PMNL from HO cows decreased from study d -7 to 0 (4,750.6 ± 1,217.0 vs. 1,964.7 ± 1,227.9 GMFI), but no changes in intensity of PA in PA+ PMNL from crossbred cows were observed. On study d 0, intensity of PA tended to be

Epitheliogenesis imperfecta in a crossbred Holstein calf, southwestern Iran

Directory of Open Access Journals (Sweden)

Shahrzad Azizi

2016-08-01

Full Text Available Epitheliogenesis imperfect (EI is a rare autosomal recessive skin defect that is clinically identified with absence of cutaneous epithelium of the limbs, muzzle and nostrils as well as oral mucous membranes. This congenital newborn desease is reported mainly in domestic animals. The present study described EI in a 13 day-old, female crossbred Holstein calf. Gross examination showed epithelium agenesis of two front and hind limbs skin around the carpal and tarsal joints, and also extensive areas of the metacarpal and metatarsal regions. The calf died 5 days after antibiotic therapy and use of topical cream.

A critical view on temperature modelling for application in weather derivatives markets

International Nuclear Information System (INIS)

Šaltytė Benth, Jūratė; Benth, Fred Espen

2012-01-01

In this paper we present a stochastic model for daily average temperature. The model contains seasonality, a low-order autoregressive component and a variance describing the heteroskedastic residuals. The model is estimated on daily average temperature records from Stockholm (Sweden). By comparing the proposed model with the popular model of Campbell and Diebold (2005), we point out some important issues to be addressed when modelling the temperature for application in weather derivatives market. - Highlights: ► We present a stochastic model for daily average temperature, containing seasonality, a low-order autoregressive component and a variance describing the heteroskedastic residuals. ► We compare the proposed model with the popular model of Campbell and Diebold (2005). ► Some important issues to be addressed when modelling the temperature for application in weather derivatives market are pointed out.

The Behaviour of Small Investors in the Hong Kong Derivatives Markets: A Factor Analysis

Directory of Open Access Journals (Sweden)

Tai-Yuen Hon

2012-12-01

Full Text Available This paper investigates the behaviour of small investors in Hong Kong’s derivatives markets. The study period covers the global economic crisis of 2011- 2012, and we focus on small investors’ behaviour during and after the crisis. We attempt to identify and analyse the key factors that capture their behaviour in derivatives markets in Hong Kong. The data were collected from 524 respondents via a questionnaire survey. Exploratory factor analysis was employed to analyse the data, and some interesting findings were obtained. Our study enhances our understanding of behavioural finance in the setting of an Asian financial centre, namely Hong Kong.

Evaluation of dried bread waste as feedstuff for growing crossbred pigs

Directory of Open Access Journals (Sweden)

Ajay Kumar

2014-09-01

Full Text Available Aim: The aim was to investigate the effect of bread waste feeding on feed intake, utilization and growth performance of crossbred pigs and to evaluate the economics of bread waste feeding. Materials and Methods: The study was conducted for a period of 3 months (December, 2012-March, 2013. Large White Yorkshire crosses (LWY X Desi were included in the study. A total of 24 weaned crossbred growing pigs were randomly assigned to four different groups, with six animals in each group. The experimental animals were fed as per their body weight following Indian Council of Agricultural Research requirements. They were fed twice a day according to schedule at 9:00 am and 3:00 pm. The water was kept available to animals round the clock. The cost of the experimental diets was calculated based on the existing price of the ingredients during the experimental period. Samples of feed were collected for analysis of proximate principles as per Association of Official Analytical Chemist. Body weight of all animals was recorded fortnightly basis in the morning before feeding with the use of platform type electronic weighing balance. Feed conversion ratio (FCR and protein conversion ration was calculated by using a standard formula. Data were analyzed, using one-way analysis of variance (ANOVA. Means showing significant differences in the ANOVA table were compared using the Duncan multiple range test. Results: Crude protein content (% of the diets was 16.01±0.02, 16.13±0.02, 16.14±0.02, 16.04±0.02, 16.08±0.02 and 12.72±0.03, respectively for the G1, G2, G3 and G4, groups. Proximate compositions (% of diets used in the experiment were not significantly different. Digestibility coefficients of all the nutrients were significantly varied among the experimental groups. Daily feed intake was significantly (p<0.05 varied among the groups. Average daily gain (kg/pig/day were significantly (p<0.01 higher in group G2 (0.377. FCR was significantly (p<0.01 higher in the

Heat-Induced Changes in Heat Shock Protein Genes Expression in Crossbred and Baladi Pregnant Cows and Their Offspring

International Nuclear Information System (INIS)

Khalil, W.K.B.; Nessim, M.Z.; El- Masry, K.A.

2010-01-01

The experiment was carried out during August (hot climate) on twelve pregnant cows of six crossbred (50% native Baladi and 50% Brown Swiss) and six native Baladi pregnant cows in the same age and the second parity during their mid-pregnancy as detected by rectal palpation. The experiment was repeated during December (mild climate) on similar twelve pregnant cows. Blood sample was obtained from each cow at the end of August (first group) and at the end of December (second group) to obtain heat shock protein genes expression (HSP72, HSP70.01, HSP70, HSP47, k Dalton and Actin) in pregnant cows under mild and hot climate to find out, which breed is more tolerant to heat stress and to estimate offspring birth weight and their growth performances during suckling period. Comparison was made between hot climate cows group and mild climate cows group to estimate heat- induced changes in both breeds in expression level of the Hsp genes and to compare with their neonate birth weight and growth performances during suckling period. The results revealed that expression level of the Hsp genes (Hsp72, Hsp70.1, Hsp70 and Hsp 47) was higher (p<0.01) in hot season compared to that of mild season. Expression level of the Hsp genes (Hsp70.1, Hsp70 and Hsp 47) was higher (p<0.05) in crossbred cows than in Baldi cows under summer hot season. This indicates that crossbred cows are less heat tolerant than Baladi cows under heat stress climate. Heat induced decrease (p<0.01) in offspring birth weight in Baladi and crossbred by 18.1% and 25%, respectively, in weaning weight by 14.61% and 23.14%, respectively and in body weight gain by 14.61% and 21.18%, respectively

Comparison of diet selection by Raramuri criollo and Angus crossbreds in the Chihuahuan Desert

Science.gov (United States)

Raramuri Criollo (RC) is a cattle biotype that has undergone natural selection for the past 500 years in northern Mexico. No information exists on diet selection for this biotype. The objective of this study was to compare diet selection of RC and Angus x Hereford crossbreds (AH) typically found in ...

The nature of the derivative market transactions traded in the Johannesburg securities exchange

Directory of Open Access Journals (Sweden)

Tankiso Moloi

2014-10-01

Full Text Available The main objective of the study was to assess and understand the nature of derivative products traded in the Johannesburg Securities Exchange (JSE by analysing daily transactions consisting of deals and contracts concluded, as well as notional values of derivatives traded in the review period. Analysed data found that the South African derivative market continues to grow and evolve with the consistent introduction of new derivative products such as the “can do” derivatives, IDX derivatives that are now being traded at the JSE. The evolvement and growth is confirmed by the fact that the total derivative deals in the JSE has also grown by 16.6% (CAGR from 2006. The study further found that the equity index remains the largest derivative for both options and futures

Comparison of growth, milk yield and draughtability of Murrah-Philippine crossbred and Philippine native buffaloes

NARCIS (Netherlands)

Salas, R.C.S.; Lende, van der T.; Udo, H.M.J.; Mamuad, F.V.; Garillo, E.P.; Cruz, L.C.

2000-01-01

Data collected between 1981 and 1991 at the Philippine Carabao Center at Central Luzon State University (PCC-CLSU) were used for the comparison of growth, milk yield and draughtability of Murrah-Philippine crossbred and Philippine native buffaloes. Body weights and body measurements were available

Evaluation of the trading development in the Iberian Energy Derivatives Market

International Nuclear Information System (INIS)

Capitán Herráiz, Álvaro; Rodríguez Monroy, Carlos

2012-01-01

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. - Highlights: ► The continuous traded volumes in the Iberian power futures market grow steadily. ► Those volumes are correlated to OTC volumes and the enrolment of key players. ► Most liquid contracts show the smallest hedging ratio. ► Regulation fixing the coal fired generation price affects spot and forward prices. ► The overall efficiency can grow via market monitoring reports and OTC data access.

Postpartum endocrine activities, metabolic attributes and milk yield are influenced by thermal stress in crossbred dairy cows.

Science.gov (United States)

Ihsanullah; Qureshi, Muhammad Subhan; Suhail, Syed Muhammad; Akhtar, Sohail; Khan, Rifat Ullah

2017-09-01

This study was conducted on 30 freshly parturated multiparous crossbred dairy cows possessing three levels of Holstein Frisian genetic makeup (62.5, 75.0, and 87.5%). Data on temperature humidity index (THI) were classified into comfortable (≤ 71), mild stress (72-79), moderate stress (80-89), and stressful (≥90) zone. Results showed that serum cortisol concentration increased significantly (P stressful condition irrespective of genetic makeup compared to the other zones. Daily milk yield (DMY) was significantly (P stressful condition. Triglyceride was significantly higher in cows with genetic makeup 87.5% compared to the others, while total serum protein was significantly (P stressful conditions. The mean concentration of cortisol and protein increased linearly from comfort to the stressful condition, while mean serum triglyceride, glucose, progesterone (P 4 ), and luteinizing hormone (LH) decreased by moving from comfort to stressful conditions. Results also indicated that higher cortisol level in higher grade crossbred cows was adversely associated with LH concentration and milk yield under thermal stress conditions. Greater triglyceride in high-grade crossbred (87.5%) cows indicates higher fat mobilization reflecting a negative energy balance. We concluded that heat stress increased blood cortisol and protein, and reduced milk yield in dairy cows irresptive of the genetic makeup. In addition, there was no significant difference in blood metabolites and daily milk yield in the different levels of genetic makeup cows.

Molecular characterization and expression profile of partial TLR4 gene in association to mastitis in crossbred cattle.

Science.gov (United States)

Panigrahi, Manjit; Sharma, Arjava; Bhushan, Bharat

2014-01-01

Crossbred cattle are more prone to mastitis in comparison to indigenous cattle. Toll-like receptor 4 (TLR4) recognizes pathogen ligands, for example, lipopolysaccharide (LPS) endotoxin from Escherichia coli and mediates signaling to initiate innate and adaptive immune responses. Mutations in TLR4 can compromise the host immune response to certain pathogens, so it may be a potential candidate for marker assisted selection to enhance mastitis resistance in dairy cattle. Hence, in this study role of bovine TLR4 gene in mastitis resistance was investigated by association as well as expression profiling analysis in crossbred cattle. The animals were divided into mastitis affected and unaffected groups on the basis of history of animals and California Mastitis Test (CMT). PCR-SSCP and Sequence analysis revealed three genotypes of coreceptor binding region 1 (CRBR1) fragment of TLR4 gene namely AA, AB, and BB in both groups of cattle. The logistic regression model did not show any significant effect of these genotypes on the occurrence of clinical mastitis. Moreover, in vitro challenge of peripheral blood mononuclear cells (PBMCs) with LPS failed to show any association of the genotypes with TLR4 gene expression. In a nutshell, in the present study enough evidence was not found for association of the SNP variants of CRBR1 fragment of TLR4 gene with mastitis susceptibility in crossbred cattle.

Evaluation of the use of purine derivatives:creatinine ratio in spot urine samples as an index of microbial protein supply in Yerli Kara crossbred cattle

International Nuclear Information System (INIS)

Cetinkaya, N.; Ozdemir, H.; Gucus, A.I.; Ozcan, H.; Sogut, A.; Yaman, S.

2004-01-01

In Experiment I, response of daily purine derivatives (PD) excretion to feed intake in Yerli Kara crossbred (YK-C) cattle on state farms was measured. Animals were fed a mixed diet containing 30% wheat straw and 70% compounded feed. Crude protein and organic matter contents of the diet were 12.4% and 95%, respectively. In Experiment II, spot urine sampling technique was applied at state farm. Four Yerli Kara crossbred bulls with a mean live weight of 211.0 ± 41.3 kg were used. The experimental design, feeding and diet were the same as in Experiment I. The treatments were allocated according to a 4 x 4 Latin Square design. In Experiment III, spot urine sampling technique was applied at smallholder farms. Two to three kg of compound feed (crude protein 12%) containing 65% barley, 25% bran, 6% sunflower seed meal, 3% marmer dust and 1% mineral and vitamin mixture was offered in two parts, one in the morning (0730 h) and the other in the afternoon (1700 h). The ingredients in the compound feed were similar for all animals, but animals in Groups I, II and III received 1 to 2 kg/d of straw (crude protein 3%), grass hay (crude protein 7%), or both straw and grass hay respectively. In Experiment I, a significant correlation (R 2 =0.99) between PD excretion (Y, mmol/d) and digestible organic matter intake, DOMI (X, kg/d) for YK-C cattle was observed (Y = 12.5 + 19.7 X). Moreover, daily PD excretion (mmol/d) was correlated with the PDC index, which was defined as [PD molar concentration] / [Creatinine molar concentration] x kgW 0.75 . In Experiment II, the PDC index increased with level of intake. The coefficient of variation due to time of sampling for uric acid, allantoin, PD, creatinine, total-N, the PDC Index in spot urine samples were less than 5%. In Experiment III, the PDC index were 49.95 ± 13.5, 45.6 ± 13.0, 48.95 ± 15.3 for the three groups respectively. These values were similar to those for 60% intake level in Experiment I. Using the equation DOMI = 344 + 48

Non-linear modelling to describe lactation curve in Gir crossbred cows

Directory of Open Access Journals (Sweden)

Yogesh C. Bangar

2017-02-01

Full Text Available Abstract Background The modelling of lactation curve provides guidelines in formulating farm managerial practices in dairy cows. The aim of the present study was to determine the suitable non-linear model which most accurately fitted to lactation curves of five lactations in 134 Gir crossbred cows reared in Research-Cum-Development Project (RCDP on Cattle farm, MPKV (Maharashtra. Four models viz. gamma-type function, quadratic model, mixed log function and Wilmink model were fitted to each lactation separately and then compared on the basis of goodness of fit measures viz. adjusted R2, root mean square error (RMSE, Akaike’s Informaion Criteria (AIC and Bayesian Information Criteria (BIC. Results In general, highest milk yield was observed in fourth lactation whereas it was lowest in first lactation. Among the models investigated, mixed log function and gamma-type function provided best fit of the lactation curve of first and remaining lactations, respectively. Quadratic model gave least fit to lactation curve in almost all lactations. Peak yield was observed as highest and lowest in fourth and first lactation, respectively. Further, first lactation showed highest persistency but relatively higher time to achieve peak yield than other lactations. Conclusion Lactation curve modelling using gamma-type function may be helpful to setting the management strategies at farm level, however, modelling must be optimized regularly before implementing them to enhance productivity in Gir crossbred cows.

Conference Innovations in Derivatives Market : Fixed Income Modeling, Valuation Adjustments, Risk Management, and Regulation

CERN Document Server

Grbac, Zorana; Scherer, Matthias; Zagst, Rudi

2016-01-01

This book presents 20 peer-reviewed chapters on current aspects of derivatives markets and derivative pricing. The contributions, written by leading researchers in the field as well as experienced authors from the financial industry, present the state of the art in: • Modeling counterparty credit risk: credit valuation adjustment, debit valuation adjustment, funding valuation adjustment, and wrong way risk. • Pricing and hedging in fixed-income markets and multi-curve interest-rate modeling. • Recent developments concerning contingent convertible bonds, the measuring of basis spreads, and the modeling of implied correlations. The recent financial crisis has cast tremendous doubts on the classical view on derivative pricing. Now, counterparty credit risk and liquidity issues are integral aspects of a prudent valuation procedure and the reference interest rates are represented by a multitude of curves according to their different periods and maturities. A panel discussion included in the book (featuring D...

Lactation Curve Pattern and Prediction of Milk Production Performance in Crossbred Cows

Directory of Open Access Journals (Sweden)

Suresh Jingar

2014-01-01

Full Text Available Data pertaining to 11728 test-day daily milk yields of normal and mastitis Karan Fries cows were collected from the institute herd and divided as mastitis and nonmastitis and parity-wise. The data of lactation curves of the normal and mastitis crossbred cows was analyzed using gamma type function. FTDMY in normal and mastitis cows showed an increasing trend from TD-1 to TD-4 and a gradual decrease (P<0.01 thereafter until the end of lactation (TD-21 in different parities. The FTDMY was maximum (peak yield in the fourth parity. Parity-wise lactation curve revealed a decrease in persistency, steeper decline in descending slope (c, and steeper increase in ascending slope (b from 1st to 5th and above parity. The higher coefficient of determination (R2 and lower root mean square error (RMSE indicated goodness and accuracy of the model for the prediction of milk prediction performance under field conditions. Clinical mastitis resulted in a significantly higher loss of milk yield (P<0.05. The FTDMY was maximum (P<0.05 in the fourth parity in comparison to the rest of parity. It is demonstrated that gamma type function can give the best fit lactation curve in normal and mastitis infected crossbred cows.

Postpartum endocrine activities, metabolic attributes and milk yield are influenced by thermal stress in crossbred dairy cows

Science.gov (United States)

Ihsanullah; Qureshi, Muhammad Subhan; Suhail, Syed Muhammad; Akhtar, Sohail; Khan, Rifat Ullah

2017-09-01

This study was conducted on 30 freshly parturated multiparous crossbred dairy cows possessing three levels of Holstein Frisian genetic makeup (62.5, 75.0, and 87.5%). Data on temperature humidity index (THI) were classified into comfortable (≤ 71), mild stress (72-79), moderate stress (80-89), and stressful (≥90) zone. Results showed that serum cortisol concentration increased significantly ( P cows during stressful condition irrespective of genetic makeup compared to the other zones. Daily milk yield (DMY) was significantly ( P cows during stressful condition. Triglyceride was significantly higher in cows with genetic makeup 87.5% compared to the others, while total serum protein was significantly ( P cows during both moderate and stressful conditions. The mean concentration of cortisol and protein increased linearly from comfort to the stressful condition, while mean serum triglyceride, glucose, progesterone (P4), and luteinizing hormone (LH) decreased by moving from comfort to stressful conditions. Results also indicated that higher cortisol level in higher grade crossbred cows was adversely associated with LH concentration and milk yield under thermal stress conditions. Greater triglyceride in high-grade crossbred (87.5%) cows indicates higher fat mobilization reflecting a negative energy balance. We concluded that heat stress increased blood cortisol and protein, and reduced milk yield in dairy cows irresptive of the genetic makeup. In addition, there was no significant difference in blood metabolites and daily milk yield in the different levels of genetic makeup cows.

Comparative expression profile of NOD1/2 and certain acute inflammatory cytokines in thermal-stressed cell culture model of native and crossbred cattle

Science.gov (United States)

Bhanuprakash, V.; Singh, Umesh; Sengar, Gyanendra Singh; Raja, T. V.; Sajjanar, Basavraj; Alex, Rani; Kumar, Sushil; Alyethodi, R. R.; Kumar, Ashish; Sharma, Ankur; Kumar, Suresh; Bhusan, Bharat; Deb, Rajib

2017-05-01

Thermotolerance depends mainly on the health and immune status of the animals. The variation in the immune status of the animals may alter the level of tolerance of animals exposed to heat or cold stress. The present study was conducted to investigate the expression profile of two important nucleotide binding and oligomerization domain receptors (NLRs) (NOD1 and NOD2) and their central signalling molecule RIP2 gene during in vitro thermal-stressed bovine peripheral blood mononuclear cells (PBMCs) of native (Sahiwal) and crossbred (Sahiwal X HF) cattle. We also examined the differential expression profile of certain acute inflammatory cytokines in in vitro thermal-stressed PBMC culture among native and its crossbred counterparts. Results revealed that the expression profile of NOD1/2 positively correlates with the thermal stress, signalling molecule and cytokines. Present findings also highlighted that the expression patterns during thermal stress were comparatively superior among indigenous compared to crossbred cattle which may add references regarding the better immune adaptability of Zebu cattle.

Faktor-Faktor Risiko Mastitis Subklinis pada Kambing Peranakan Etawah di Kabupaten Sleman, Yogyakarta (RISK FACTORS OF SUBCLINICAL MASTITIS ON ETTAWA CROSSBRED GOAT IN SLEMAN REGENCY, YOGYAKARTA

Directory of Open Access Journals (Sweden)

Widodo Suwito

2014-05-01

Full Text Available In Sleman, a regency in Yogyakarta special region, Etawah crossbred goats are excessively bred for thedairy produce called the goat’s milk. Subclinical mastitis is one of diseases which reduce the yield of goat’smilk. The aim of this study was to determine the risk factors that contribute to the subclinical mastitis onthe Etawah crossbred goats in Sleman. The 200 samples one of which contains 10 mL of goat’s milk weretaken from the udders of the Etawah crossbred goats from the eight goat farms in Sleman. The 200samples were analyzed for the subclinical mastitis using California Mastitis Test (CMT. The data of riskfactors were gathered through a questionnaire. The risk factors on Etawah crossbred goats in Sleman weredetermine with the use of bivariate analysis chi square (X2, odds ratio (OR and relative risk (RR. Thegoat’s milk which subclinical mastitis was isolation and identification of bacteria based on biochemicaltests. The risk factors that cause the subclinicall mastitis on Etawah crossbred goats in Sleman were (1milk yield (X2=14.23; OR=6.52; RR=4.42, (2 age status of lactation (X2=1.60; OR=59.09; RR=17.94, (3age of weaning (X2=26.06; OR=2.22; RR=1.91, and (4 Body Condition Score (BCS (X2=13.89; OR=1.29;RR=1.22. Goat’s milk which subclinicall mastitis were isolated  Bacillus sp  (70%, Staphylococcus sp(33%, Pseudomonas sp (29%, Streptococcus sp (25%, Corynebacterium sp (12%, and E. coli (4%.

Time for Stability in Derivatives Markets – a New Look at Central Counterparty Clearing for Securities Markets

OpenAIRE

Thorsten V. Koeppl

2011-01-01

The recent financial crisis has driven many plans for improving the stability and resilience of the global financial system. One concept, managing the risk of default in securities or financial derivatives markets through central counterparties, receives scrutiny in this report. The author examines the role centralized clearing parties could play in improving system resilience. These centralized clearing parties are institutions that interpose themselves between counterparties in financial tr...

Vegetation selection by Angus crossbred vs. Raramuri Criollo nursing cows grazing Chihuauan Desert rangeland in summer

Science.gov (United States)

We examined vegetation selection patterns of nursing Angus X Hereford crossbred (AH) and Raramuri Criollo (RC) cows grazing Chihuahuan Desert vegetation during the growing season. Eleven cows of each group grazed separately in two large pastures (1190ha, 1165ha) from mid-July until mid-August 2015 (...

Body Measurements of Donkeys of Poitevin and Catalan Breeds and their Crossbreds in Morocco

Directory of Open Access Journals (Sweden)

I. Boujenane

2008-01-01

Full Text Available The study concerned the analysis of body measurements of 125 Poitevin (P, 107 Catalan (C and 77 reciprocal crossbred (PxC et CxP donkeys used in the national stud farms of Morocco. The donkeys were born between 1937 and 1973 in Morocco, France and Spain. The genetic type had a significant effect on all measurements studied except on the height at withers. Poitevin donkeys had a height at withers, heart girth, body weight, body length, substernal gap and front cannon bone circumference of 139.7 cm, 152.4 cm, 346.4 kg, 143.2 cm, 76.8 cm and 20.5 cm, respectively. Compared to Catalan donkeys the differences were – 0.5 cm, 2.7 cm, 15.7 kg, 3.7 cm, – 1.4 cm and 1.5 cm, and compared to crossbreds 1.4 cm, 2.3 cm, 14.2 kg, 5.1 cm, – 0.5 cm and 1.3 cm, respectively. The heterosis effect was significant for the body length (– 2.30% and the front cannon bone circumference (– 2.78% only. It was concluded that body measurements of Poitevin and Catalan donkey breeds were slightly different.

Fertility, survival, and conformation of Montbéliarde × Holstein and Viking Red × Holstein crossbred cows compared with pure Holstein cows during first lactation in 8 commercial dairy herds.

Science.gov (United States)

Hazel, A R; Heins, B J; Hansen, L B

2017-11-01

Montbéliarde (MO) × Holstein (HO) and Viking Red (VR) × HO crossbred cows were compared with pure HO cows in 8 large, high-performance dairy herds in Minnesota. All cows calved for the first time from December 2010 to April 2014. Fertility and survival traits were calculated from records of insemination, pregnancy diagnosis, calving, and disposal that were recorded via management software. Body condition score and conformation were subjectively scored once during early lactation by trained evaluators. The analysis of survival to 60 d in milk included 536 MO × HO, 560 VR × HO, and 1,033 HO cows during first lactation. Cows analyzed for other fertility, survival, and conformation traits had up to 13% fewer cows available for analysis. The first service conception rate of the crossbred cows (both types combined) increased 7%, as did the conception rate across the first 5 inseminations, compared with the HO cows during first lactation. Furthermore, the combined crossbred cows (2.11 ± 0.05) had fewer times bred than HO cows (2.30 ± 0.05) and 10 fewer d open compared with their HO herdmates. Across the 8 herds, breed groups did not differ for survival to 60 d in milk; however, the superior fertility of the crossbred cows allowed an increased proportion of the combined crossbreds (71 ± 1.5%) to calve a second time within 14 mo compared with the HO cows (63 ± 1.5%). For survival to second calving, the combined crossbred cows had 4% superior survival compared with the HO cows. The MO × HO and VR × HO crossbred cows both had increased body condition score (+0.50 ± 0.02 and +0.25 ± 0.02, respectively) but shorter stature and less body depth than HO cows. The MO × HO cows had less set to the hock and a steeper foot angle than the HO cows, and the VR × HO cows had more set to the hock with a similar foot angle to the HO cows. The combined crossbred cows had less udder clearance from the hock than HO cows, more width between both front and rear teats, and longer

Ingestive behavior of crossbred Santa Inês sheep fed water with different salinity levels

Directory of Open Access Journals (Sweden)

José Helder Andrade de Moura

2016-04-01

Full Text Available The objective of the present study was to evaluate the effect of four water salinity levels on the ingestive behavior of non-castrated crossbred Santa Inês sheep. Thirty-two non-castrated crossbred Santa Inês sheep in feedlot, at seven months of age and initial average weight of 21.76±1.25 kg, were used in the experiment. The experimental design was completely randomized, with four treatments and eight replicates. Four concentrations of salts in the water fed to the animals were evaluated: low (640 mg/l; medium (3,188 mg/l; high (5,740 mg/l and very high (8,326 mg/l levels of total dissolved solids (TDS. For the ingestive behaviors, the animals were observed every ten minutes, for 24 hours, to determine the time spent feeding, ruminating and idle. Also, cud chewing and the average number of defecations and urinations and the frequency of water ingestion were determined. The time spent feeding, ruminating and idle were not changed by the salinity levels in the water. Dry matter intake, neutral detergent fiber intake, total chewing time, total cud chews per day, number of daily meals, average duration of each meal and number of defecations per day did not change either. However, feeding and rumination efficiency in grams of DM/h, water intake and number of urinations were linearly affected, whereas the variables rumination efficiency in grams of NDF/h, grams of dry matter per cud, grams of neutral detergent fiber per cud, number of cuds, number of chews per cud and chewing time per cud presented quadratic effect. The different levels of total dissolved solids (640; 3,188; 5,740; and 8.326 mg/l in the water fed to the sheep did not cause alterations in their ingestive behavior. In conclusion, water with up to 8,326 mg TDS/l can be an alternative strategic and seasonal method to water crossbred Santa Ines sheep.

Litter size of Danish crossbred sows increased without changes in sow body dimensions over a thirteen year period

DEFF Research Database (Denmark)

Nielsen, S. E.; Kristensen, A. R.; Moustsen, V. Aa

2018-01-01

dimensions and litter size was also investigated. Depth, width, length and height were measured from 405 Danish crossbred sows in 10 different herds, classified in groups of parity 1, 2, 3, 4, 5, 6 and ≥ 7. By Linear Mixed-Effects Models with depth, width, length and height in turn as response variable......The purpose of this study was to investigate if body dimensions of Danish crossbred sows (Yorkshire x Landrace) had increased compared to a previous Danish study from 2004. In addition, and as an expected potential benefit of increased body dimensions, a potential correlation between body...... and parity and herd as explanatory variables, estimated means, 5th and 95th percentiles, minimum and maximum observation were recorded. Furthermore, a weighted index for litter size (denoted as the “litter size potential”) was used as response variable with depth, width, length, height and parity...

Growth performance, carcass and non-carcass characteristics of Mubende and Mubende×Boer crossbred goats under different feeding regimes

DEFF Research Database (Denmark)

Asizua, D.; Mpairwe, D.; Kabi, F.

2014-01-01

A surge in the demand for goats׳ meat both locally and internationally has prompted many goat farmers in Uganda to venture into commercial goat production. However, goat production is highly challenged by breed characteristics and extreme fluctuations in feed quantity and quality. This study...... evaluated the effects of supplementing grazing Mubende goats and their crossbreds (Mubende×Boer) with concentrates on growth, carcass and non-carcass characteristics. A 2×3 factorial treatment arrangement was used to randomly allocate 96 pure Mubende and Mubende×Boer castrates (mean±SE; 31.3±2.2 kg initial...... regardless of concentrate type, however, inclusion of molasses resulted in lower concentrate intake. The Mubende goats were more efficient in utilising concentrate with molasses while the crossbreds utilised concentrate without molasses more efficiently. Average daily gain (ADG) was higher (P

The oil market

International Nuclear Information System (INIS)

Amic, E.; Lautard, P.

1999-01-01

This chapter examines the structure of the oil industry and the impacts of the oil markets on the hedging strategies of the energy consumers, the oil company, and the energy derivatives' provider. An introduction to market perspectives is presented, and the hedging operations in the jet fuel market in the airline sector are discussed. Trading and risk management within an oil company, the derivatives provider, trading derivatives in a multi-dimensional world, locational risks, and the modelling of term structure and the role of storage are considered. Industrial spreads and the role of refining, future market developments and market strategies for crude oil and oil products, and marketing packages and market risk are addressed

Assessment of glucose homeostasis in crossbred steer progeny sired by Brahman bulls that experienced prenatal transportation stress

Science.gov (United States)

The objective of this experiment was to assess glucose homeostasis of crossbred male progeny whose Brahman sires experienced prenatal transportation stress (PS) in utero. Sixteen steers (PNS group) sired by 3 PS bulls gestating dams were transported for 2 h at 60, 80, 100, 120, and 140 ± 5 d of gest...

Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios

OpenAIRE

Henke, Sabine; Burghof, Hans-Peter; Rudolph, Bernd

1998-01-01

Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided n...

Meat Quality and Physicochemical Trait Assessments of Berkshire and Commercial 3-way Crossbred Pigs

OpenAIRE

Subramaniyan, Sivakumar Allur; Kang, Da Rae; Belal, Shah Ahmed; Cho, Eun-So-Ri; Jung, Jong-Hyun; Jung, Young-Chul; Choi, Yang-Il; Shim, Kwan-Seob

2016-01-01

In this study, we compared qualities and physiochemical traits of meat from Berkshire (black color) pigs with those of meat from 3-way Landrace (white color) ? Yorkshire (white color) ? Duroc (red color) crossbred pigs (LYD). Meat quality characteristics, including pH, color, drip loss, cooking loss, and free amino acid, fatty acid, vitamin, and mineral contents of longissimus dorsi muscles, were compared. Meat from Berkshire pigs had deeper meat color (redness), higher pH, and lower drip los...

Meat Characteristic of Crossbred Local Chicken Fed Inulin of Dahlia Tuber and Lactobacillus sp.

Directory of Open Access Journals (Sweden)

Zakaria Husein Abdurrahman

2016-08-01

Full Text Available This study was conducted to evaluate the meat characteristic of crossbred local chicken fed diet containing both dahlia tuber powder as inulin source and probiotic Lactobacillus sp. The experimental animals were 168 crossbred local chickens which were randomly divided into 6 groups of treatment (4 replications each when they were 21-d old. A completely randomized design with 2 x 3 factorial pattern consisted of 2 levels of prebiotic [(0.8% (D1 and 1.2% (D2] and 3 levels of probiotic [without probiotic (L0, 1.2 mL (L1, and 2.4 mL (L2] was arranged in the present study. One mL probiotic (Lactobacillus sp. was equal to 108 cfu. Results showed that the supplementation of prebiotic and probiotic significantly (P<0.05 affected breast meat color in terms of L* (lightness and b* (yellowness. The meat fat mass and cholesterol was significantly (P<0.05 decreased by the combination of prebiotic and probiotic. The hardness of meat was not affected significantly by all treatments. The conclusion is that breast meat color could be improved, and both meat fat mass and cholesterol content could be decreased by feeding a combination of 1.2% dahlia tuber powder as inulin source and 1.2 mL probiotic Lactobacillus sp.

Use of derivative instruments to integrate renewable energies into the electricity market; Einsatz derivativer Instrumente zur Integration erneuerbarer Energien in den Strommarkt

Energy Technology Data Exchange (ETDEWEB)

Hartmann, Kilian [Hochschule Aschaffenburg (Germany). Fakultaet fuer Ingenieurwissenschaften; Nelles, Michael [Rostock Univ. (Germany). Agrar- und Umweltwissenschaftliche Fakultaet; Candra, Dodiek Ika

2017-08-01

The implementation of renewable energies to the electricity market is inefficient and expensive with current measures. Further these measures are prejudicial for the existing energy-only-market. The combination of fluctuating and controllable renewable powers in virtual power plants enables the marketing of this power as a derivate on the future market. Thus would relieve the spot market and stabilize pricing on both markets. Subsequently the renewable energy obligation will reduce and renewable energies could be marketed as secured power.

Action of exogenous oxytocin on stress modulation in crossbred Red Angus cows

Directory of Open Access Journals (Sweden)

Janne Paula Neres de Barros

2016-10-01

Full Text Available Cattle (Bos taurus and Bos indicus are organised on the basis of leadership and dominance in such a manner that a disturbance by an external stressor causes negative effects on their health, productivity, well-being, and behaviour. One of these effects is the excessive release of glucocorticoids, which results in increased alertness. We evaluated the action of exogenous oxytocin (OT on serum cortisol levels in crossbred Red Angus heifers. Twelve Red Angus crossbred heifers were moved daily from the pasture to the corral in weeks 1 and 2 for adaptation to human contact and handling in the cattle crush. In weeks 3 and 4, they were divided into two groups of six (T1 and T2. The T1 group was administered 20 IU (2 mL of OT via intramuscular injection and the T2 group was administered 2 mL of saline solution 0.85% (SS. In weeks 5 and 6, they were only contained in the cattle crush for evaluation. On days 01, 07, 14, 21, 28, 35, and 42, blood samples were collected by jugular venepuncture in vacuum tubes without anticoagulants. Then, serum cortisol levels were measured using a radioimmunoassay. In the period of adaptation, during weeks 1 and 2, serum cortisol levels decreased in both the groups, with higher levels in the SS group; the same result was obtained in weeks 5 and 6. During treatment, however, there was a significant difference between the two groups in week 4, with a reduction in cortisol levels in the OT group. This result suggests a modulator effect of OT on neuroendocrine response to stress.

Molecular Relationship Between BALADI And Crossbred Bovine Female Calves Using AP-PCR And Its Relation To Body Weight

International Nuclear Information System (INIS)

EL-FOOLY, H.A.; EL-MASRY, K.A.; TEAMA, F.E.

2009-01-01

This experiment was conducted in the bovine farm of Experimental Farms Project of Nuclear Research Centre, Atomic Energy Authority of Egypt, which is located in the desert area of Inshas. DNA fingerprinting analysis using arbitrarily primed-polymerase chain reaction (AP-PCR) is a powerful technique for detecting markers that can be used for establishment of genetic variations, molecular relationships and taxonomy identifications between different animal breeds. In the present study, for detecting the genetic relationship between Egyptian bovine Baladi female and crossbred calves (Brown Swiss Baladi) previously imported, blood samples were collected from 10 animals (5 for each breed), DNA was isolated and AP-PCR technique was applied using four random primers to establish fingerprinting and molecular relationship between the two breeds using radioactive 32 P-dCTP for labelling the fragments amplified in PCR.. The band sharing coefficient between the two groups was calculated, and the quantity of DNA was correlated with average daily gain (ADG). The data showed non- significant correlation between the quantity of DNA and average daily gain. Also, data showed the powerful of the technique for detecting the molecular variations and there is a specific pattern for certain breeds especially when using the Knp-X primer. The present study also revealed that there was a close genetic relationship between the Egyptian Baladi breed and the crossbred calves (Brown Swiss Baladi) in about seventy percent of the genetic materials as represented by band-sharing (BS) = 0.7. In conclusion, the AP-PCR technique is effective in detecting the molecular variations between different breeds and provides a potential tool for studying the molecular relationships. The native Egyptian calves are genetically closely related to crossbred (Brown Swiss Baladi) by about 70%. Further studies on the large scale are needed using different primers for detecting patterns specific for each breed and

Essays on pricing electricity and electricity derivatives in deregulated markets

Science.gov (United States)

Popova, Julia

2008-10-01

This dissertation is composed of four essays on the behavior of wholesale electricity prices and their derivatives. The first essay provides an empirical model that takes into account the spatial features of a transmission network on the electricity market. The spatial structure of the transmission grid plays a key role in determining electricity prices, but it has not been incorporated into previous empirical models. The econometric model in this essay incorporates a simple representation of the transmission system into a spatial panel data model of electricity prices, and also accounts for the effect of dynamic transmission system constraints on electricity market integration. Empirical results using PJM data confirm the existence of spatial patterns in electricity prices and show that spatial correlation diminishes as transmission lines become more congested. The second essay develops and empirically tests a model of the influence of natural gas storage inventories on the electricity forward premium. I link a model of the effect of gas storage constraints on the higher moments of the distribution of electricity prices to a model of the effect of those moments on the forward premium. Empirical results using PJM data support the model's predictions that gas storage inventories sharply reduce the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. The third essay examines the efficiency of PJM electricity markets. A market is efficient if prices reflect all relevant information, so that prices follow a random walk. The hypothesis of random walk is examined using empirical tests, including the Portmanteau, Augmented Dickey-Fuller, KPSS, and multiple variance ratio tests. The results are mixed though evidence of some level of market efficiency is found. The last essay investigates the possibility that previous researchers have drawn spurious conclusions based on classical unit root tests incorrectly applied to

Market Survey Turkey. Electricity Market

International Nuclear Information System (INIS)

2008-12-01

The present market survey presents the Turkish power market and derives business opportunities and prospects for Dutch trade and industry. This market survey has been carried out for the following four, from time to time overlapping, sectors that have been identified by EVD as potential opportunities for Dutch small and medium-sized enterprises (SME): renewable energy, energy efficiency, electricity generation, electricity distribution

Evaluation of serum profile during various stages of gestation in crossbred deoni cows

Directory of Open Access Journals (Sweden)

Mahesh S. Dodamani

Full Text Available The research was conducted on 36 (Deoni and Deoni X H.F. cross-bred cows between 2nd to 5th lactation. Cows were divided as early, mid and late gestation period comprising 12 cows in each group. Results of the present study indicated that there is no variation in serum Ca, Mg, Na and K level but serum P level declines significantly from early to late gestation, where as serum Cl level decreases from early to mid gestation and again increases from mid to late gestation. [Vet World 2009; 2(10.000: 398-399

Assessment of heat tolerance and production performance of Aardi, Damascus, and their crossbred goats

Science.gov (United States)

Samara, Emad Mohammed; Abdoun, Khalid Ahmed; Okab, Aly Bassunny; Al-Badwi, Mohammed Abdo; El-Zarei, Mohamed Fawzy; Al-Seaf, Ali Mohamed; Al-Haidary, Ahmed Abrahim

2016-09-01

The question of whether the adaptability and production performance in goats may be enhanced using a crossbreeding program between bucks of a native and heat-tolerant breed and does of an exotic and dual-purpose breed was approached and examined herein by comparing purebred Aardi and Damascus goats and their crossbred lines (i.e., 1/2 Aardi 1/2 Damascus (½A½D) and 1/4 Aardi 3/4 Damascus (¼A¾D)) reared in a region characterized by dry and hot bioclimatic conditions. Twenty-four male 6-month-old kids randomly segregated into four groups (six replicates/group) were used for the experiment. Climatic, thermo-physiological, biophysiological, metabolic, blood hematological, and biochemical measurements were all determined. The obtained results indicated that such a program was proven to be successful. This conclusion was demonstrated by the findings that crossbred goats (i.e., 1/2A1/2D and 1/4A3/4D) under such bioclimatic conditions were able to show ( P goats as well as manifested ( P goats. Accordingly, these evidences could emphasize that the crossbreeding may enable these animals to display a simultaneous improvement of both traits by the possible benefits that could arise from heterosis and breed complementarity. Researches dealing with this aspect may very well improve our understanding of goat's production and welfare under harsh environmental conditions. Future studies should include an economic analysis of traits that have the potential to impact the overall profitability to a vertically coordinated system.

Use of milk progesterone for determining the reproductive status of cross-bred swamp buffaloes and cattle

International Nuclear Information System (INIS)

Cuong Le Xuan; Tan Luu Van; Trieu Cao Van; Dung Chung Anh; Canh Tran Tich; Quynh Vuong Dac

1990-01-01

Eighteen cross-bred buffaloes (F 1 , local breed x Murrah) and 19 cross-bred cows (F 1 , local breed x Holstein Friesian), 4-6 years of age, were used in the study to determine the potential of milk progesterone measurement as an aid in characterizing the onset of postpartum ovarian activity and for early pregnancy diagnosis. The first oestrous cycle, based on milk progesterone, commenced between days 40-50 postpartum in 17% of the buffaloes but between days 25-35 postpartum in 21% of the cows. At days 61-100 postpartum, 33% of the buffaloes had cycling ovaries with progesterone concentrations of 3.23-4.02 ng/mL, while 53% of the cows had cycling ovaries during the same period with progesterone concentrations of 3.52-4.16 ng/mL. During the oestrous cycle, the progesterone level showed peak elevations on day 15 in buffaloes and on day 9 in cows. The milk progesterone profiles of the buffalo took longer to reach peak levels, but declined faster than those in the cow. The accuracy of positive pregnancy diagnosis was 78% in buffaloes and 83.3% in cows, but the accuracy of diagnosing non-pregnancy was 100% in both species. (author). 4 refs, 2 figs, 1 tab

Money market futures

OpenAIRE

Anatoli Kuprianov

1992-01-01

Virtually all financial innovation in the U.S. money market during the past 20 years has centered on interest rate derivatives, including futures and swaps. Furthermore, money market futures--especially futures contracts on Eurodollar time deposits--have been at the vanguard of the recent explosion of trading activity in interest rate derivatives. While futures markets traditionally have been viewed as markets for the transfer of price risk, recent research shows that they may serve other imp...

Carcass traits and meat quality of crossbred Boer goats fed peanut cake as a substitute for soybean meal.

Science.gov (United States)

Silva, T M; de Medeiros, A N; Oliveira, R L; Gonzaga Neto, S; Queiroga, R de C R do E; Ribeiro, R D X; Leão, A G; Bezerra, L R

2016-07-01

This study aimed to determine the impact of replacing soybean meal with peanut cake in the diets of crossbred Boer goats as determined by carcass characteristics and quality and by the fatty acid profile of meat. Forty vaccinated and dewormed crossbred Boer goats were used. Goats had an average age of 5 mo and an average BW of 15.6 ± 2.7 kg. Goats were fed Tifton-85 hay and a concentrate consisting of corn bran, soybean meal, and mineral premix. Peanut cake was substituted for soybean meal at levels of 0.0, 33.33, 66.67, and 100%. Biometric and carcass morphometric measurements of crossbred Boer goats were not affected by replacing soybean meal with peanut cake in the diet. There was no influence of the replacement of soybean meal with peanut cake on weight at slaughter ( = 0.28), HCW ( = 0.26), cold carcass weight ( = 0.23), noncarcass components of weight ( = 0.71), or muscularity index values ( = 0.11). However, regression equations indicated that there would be a reduction of 18 and 11% for loin eye area and muscle:bone ratio, respectively, between the treatment without peanut cake and the treatment with total soybean meal replacement. The weights and yields of the commercial cuts were not affected ( > 0.05) by replacing soybean meal with peanut cake in the diet. Replacing soybean meal with peanut cake did not affect the pH ( = 0.79), color index ( > 0.05), and chemical composition ( > 0.05) of the meat (). However, a quadratic trend for the ash content was observed with peanut cake inclusion in the diet ( = 0.09). Peanut cake inclusion in the diet did not affect the concentrations of the sum of SFA ( = 0.29), the sum of unsaturated fatty acids (UFA; = 0.29), or the sum of PUFA ( = 0.97) or the SFA:UFA ratio ( = 0.23) in goat meat. However, there was a linear decrease ( = 0.01) in the sum of odd-chain fatty acids in the meat with increasing peanut cake in the diet. Soybean meal replacement with peanut cake did not affect the n-6:n-3 ratio ( = 0.13) or the

Intraday price dynamics in spot and derivatives markets

Science.gov (United States)

Kim, Jun Sik; Ryu, Doojin

2014-01-01

This study examines intraday relationships among the spot index, index futures, and the implied volatility index based on the VAR(1)-asymmetric BEKK-MGARCH model. Analysis of a high-frequency dataset from the Korean financial market confirms that there is a strong intraday market linkage between the spot index, KOSPI200 futures, and VKOSPI and that asymmetric volatility behaviour is clearly present in the Korean market. The empirical results indicate that the futures return shock affects the spot market more severely than the spot return shock affects the futures market, though there is a bi-directional causal relationship between the spot and futures markets. Our results, based on a high-quality intraday dataset, satisfy both the positive risk-return relationship and asymmetric volatility effect, which are not reconciled in the frameworks of previous studies.

COMPARATIVE EFFICIENCY OF SUNFLOWER MEAL AND COTTONSEED CAKES IN THE FEED OF CROSSBRED CALVES FOR MEAT PRODUCTION

Directory of Open Access Journals (Sweden)

M. A. JABBAR, M. I. ANJUM1, S. REHMAN2 AND W. SHAHZAD2

2006-07-01

Full Text Available Thirty crossbred (Sahiwal x Friesian male calves of 9-10 months age and weighing 70 to 90 kg, were used in completely randomized design to investigate the possibility of replacing cottonseed cakes (CSC with sunflower meal (SFM, partially or completely, in rations for fattening of crossbred calves for meat production. Three concentrate rations viz. A, B and C were formulated. Ration A containing CSC was fed to the calves of group A, ration B containing SFM was fed to calves of group B and ration C containing both CSC + SFM was fed to calves of group C. The feed intake of calves belonging to group C was the highest (5.7 ± 2.3 kg followed by group B (5.5 ± 1.3 kg and group A (5.2 ± 2.0 kg. Average daily body weight gain was 0.73 ± 0.1, 0.72 ± 0.2 and 0.71 ± 0.1 kg for groups A, B and C, respectively. Calves fed SFM gained numerically less than the calves fed CSC but higher than SFM+ CSC. Feed conversion ratio was 7.1 ± 0.4, 7.7 ± 0.7 and 8.0 ± 0.6, for calves of groups A, B and C, respectively. Dressing percentage averaged 51.5 ± 1.3, 52.1 ± 1.2 and 52.3 ± 0.8 for the respective rations. However, the differences in feed intake, daily weight gain, feed conversion ratio and dressing percentages among calves of three groups were non significant. Considering the cost of feed and average growth, the cost of per kg body weight gain was 38, 30 and 37 rupees for the groups A, B and C, respectively. The lowest cost was observed in SFM based ration (B that was about 19% less than ration containing CSC. Results indicated that for fattening of crossbred calves the use of SFM is as efficient as CSC but more economical and can successfully replace CSC in fattening rations.

Effect of Dietary Concentrate:forage Ratios and Undegraded Dietary Protein on Nitrogen Balance and Urinary Excretion of Purine Derivatives in Dorper×thin-tailed Han Crossbred Lambs

Directory of Open Access Journals (Sweden)

Tao Ma

2014-02-01

Full Text Available This study aimed to investigate dietary concentrate: forage ratios (C:F and undegraded dietary protein (UDP on nitrogen balance and urinary excretion of purine derivatives (PD in lambs. Four Dorper×thin-tailed Han crossbred castrated lambs with 62.3±1.9 kg body weight at 10 months of age were randomly assigned to four dietary treatments in a 2×2 factorial arrangement of two levels of C:F (40:60 and 60:40 and two levels of UDP (35% and 50% of CP, according to a complete 4×4 Latin-square design. Each experimental period lasted for 19 d. After a 7-d adaptation period, lambs were moved into individual metabolism crates for 12 d including 7 d of adaption and 5 d of metabolism trial. During the metabolism trial, total urine was collected for 24 h and spot urine samples were also collected at different times. Urinary PD was measured using a colorimetric method and creatinine was measured using an automated analyzer. Intake of dry matter (DM (p0.05 while urinary N increased as the level of UDP decreased (p0.05 or interaction between dietary treatments (p>0.05. Daily excretion of creatinine was not affected by dietary treatments (p0.05 and a good correlation was found between the PDC index (average value of three times of spot urine and daily excretion of PD (R2 = 0.88. These results suggest that for animals fed ad libitum, the PDC index in spot urine is effective to predict daily excretion of PD. In order to improve the accuracy of the spot sampling technique, an appropriate lag phase between the time of feeding and sampling should be determined so that the sampling time can coincide with the peak concentration of PD in the urine.

EFFECT OF SEASON ON SERUM COPPER AND ZINC CONCENTRATIONS IN CROSSBRED GOATS HAVING DIFFERENT REPRODUCTIVE STATUS UNDER SEMIARID RANGELAND CONDITIONS IN SOUTHERN MEXICO STATE

Directory of Open Access Journals (Sweden)

José Fernando Vázquez-Armijo

2010-10-01

Full Text Available The effect of season (rainy: RS, and dry: DS and reproductive status on copper (Cu and zinc (Zn concentrations in blood serum of crossbred goats (BW= 36.01 ± 1.59 kg were studied under semiarid rangeland conditions in Southern Mexico State. Blood samples from 80 crossbred goats were taken each season (RS and DS. The goats were clustered into 10 different groups considering their reproductive status. Concentrations of Cu and Zn in serum were assayed using atomic absorption. Data were analyzed using a general linear model procedure for a completely randomized design and differences among means were examined using a Tukey test. Blood serum concentrations of Cu and Zn were affected by reproductive status and season (P

PRODUCTIVE AND REPRODUCTIVE PERFORMANCE AND THEIR INTERACTION IN CROSSBRED CATTLE UNDER FIELD CONDITIONS IN DISTRICT BANNU

Directory of Open Access Journals (Sweden)

M. Suhban Qureshi, Asmatullah Khan1, Khuda Bakhsh Mirbaharland M. Oris Samol

2000-01-01

Full Text Available A study was conducted in district Bannu located in the southern dry piedmont mountains of the NWF Province of Pakistan. Records of 300 crossbred cows, produced through use of Holstein Friesian semen in native, non-discript cows, were studies. Data on various productive and reproductive parameters were analyzed. The average age at puberty was 752 ±10.9 days, ranging from 420 to 1620 days and was positively correlated with mounting (r = 0. 14 and negatively with estrus duration, vaginal mucus and calving interval (r = -0.14, -0.13, -0.15, respectively; P<0.05. The average inter-estrus interval was 20.0 ± 9.07 days, ranging from 15 to 24 days. Estrus duration was 34.0 ± 0.85 hours, ranging from 17 to 72 hours and was positively correlated with vaginal mucus (r = 0.12 and services per conception (r = 0.14 and negative with bellowing (r = 0. 11, P< 0.05 number of services per conception in the crossbred cows averaged 1.6+0.1 ranging from 1 to 12 and was correlated positively, with daily milk yield and negatively with lactation length and vaginal mucus (r = 0.32. -0.31, -0.27 respectively, P< 0.01. calving interval was 612 ± 4.56 days, ranging from 360 to 900 days and was negatively correlated with age at puberty, daily milk yield and use of oxytocin (r = -0.15. -0.67, -0.62, respectively, P < 0.0. The average lactation length of the cows was 503 ± 6.36 days, ranging from 30 to 1441 days. The mean daily milk yield was 10.1 ± 0.14 Kg ranging from 1.0 to18.0 Kg. The standard deviation (SD for average daily milk yield was 2.36 Kg. Number of animals 1 SD above mean was 28.0% and those 2 SD above mean was 17.0%. Number of animals 1 SD below mean was 51.4% and those 2 SD below mean was 3.6%. The wide variation makes a good base for productivity enhancement through selective breeding. It may be concluded that productive and reproductive performance is satisfactory in crossbred cattle under field conditions showing their adaptability to the local

Macromineral requirements for the maintenance and growth of Boer crossbred kids.

Science.gov (United States)

Fernandes, M H M R; Resende, K T; Tedeschi, L O; Teixeira, I A M A; Fernandes, J S

2012-12-01

Advances in mineral nutrition of goats have been made during the last decade, especially in our understanding of Ca and P requirements. However, few studies have focused on the mineral requirements of crossbred Boer goats in their growth phase. Our objective for this study was to determine the macromineral (Ca, P, Mg, K, and Na) requirements for the maintenance and growth of intact, male three-fourths Boer × one-fourth Saanen kids (n = 34; 20.5 ± 0.24 kg of initial BW). Two trials were conducted: 1 for maintenance and 1 for growth requirements. In the maintenance trial, 28 kids were used. The baseline (BL) group consisted of 7 randomly selected kids averaging 21.2 ± 0.36 kg BW and 122 d old. The remaining kids (n = 21; age 168 ± 5 d) were randomly allocated into 7 slaughter groups (blocks) including 3 animals distributed among 3 amounts of DMI (treatments: ad libitum and restricted to 70 or 40% of ad libitum intake). Animals in a group were slaughtered when the ad libitum-treatment kid in the block reached 35 kg BW. The BL and ad libitum-fed groups in the maintenance trial were also part of the growth trial. Therefore, in the growth trial, 20 kids fed for ad libitum intake were used as follows: 7 kids slaughtered at 21.2 ± 0.36 kg BW (BL), 6 kids slaughtered at 28.2 ± 0.39 kg BW (intermediate slaughter), and 7 kids slaughtered at 35.6 ± 0.36 kg BW. Empty whole bodies of the kids (head + feet, hide, internal organs + blood, and carcass) were weighed, ground, mixed, and subsampled for chemical analyses. Daily maintenance requirements, calculated using the comparative slaughter technique (P kids from 20 to 35 kg BW. This study indicated that the net mineral requirements for Boer crossbred goat kids may be different from those of purebred or other genotypes, and more data are needed for goats in general.

Amino acid composition of lamb meat from the North East Bulgarian fine fleece breed and its crossbreds with Australian merino and Ile de France from internal breeding

Directory of Open Access Journals (Sweden)

R. Slavov

2016-09-01

Full Text Available Abstract. A comparative analysis of amino acid composition of lamb meat from the North East Bulgarian fine fleece breed (I gr. and its crossbreds from internal breeding with 25% heredity from the Australian merino (II gr. and Ile de France (III gr. breeds was conducted. Upon starting the experiment lambs were equal and during the experiment they were placed under similar conditions of feeding and rearing. To establish the amino acid composition of meat slaughter analyses were performed at 100 and 130 days of age. From the carcass of each slaughtered animal individual mean samples were taken. Studies were carried out in the Research Laboratory of the Faculty of Agriculture at Trakia University. As a result of the studies the following conclusions were made: ¼ Ile de France crossbreds in a sophisticated crossing have the highest total amino acid content, including essential amino acids in the meat of 100- and 130-day-old lambs, 6.87% and 7.36%, respectively. The lysine/arginine ratio, relating to protein atherogenicity, varies within narrow ranges among groups and marks slight increase with age – from 1.31-1.37 at 100 days to 1.41-1.46 at 130 days. With the increase of age in crossbreds from internal breeding total protein amino acid content grows, that being most prominent in lambs from the III group – from 41.92 to 43.49%. The values of total protein indices increase compared to the reference protein (from 117.97% to 118.22% for II group and from 116.44% to 120.80% for III group and the whole egg protein (from 89.39% to 91.92% for II group and from 90.53% to 93.93 for III group. It has been found that internal breeding of crossbreds with 25% heredity from the Ile de France breed has positive effect concerning the total amino acid content of lamb meat at 100 and 130 days of age, essential amino acid content in it and the levels of total amino acid indices. Internal breeding of crossbreds with 25% heredity from the Australian merino breed

Evaluation of the Criollo breed Romosinuano as purebred and crossbred cows with Brahman and Angus in Florida. I. Reproduction and parturition

Science.gov (United States)

The objectives of this work were to compare reproduction and parturition traits of the Criollo breed Romosinuano as straightbred and crossbred cows with Angus and Brahman, to estimate heterosis and direct and maternal genetic breed effects, and to describe calf loss, cow removals from the project, t...

Risk and Derivative Price

OpenAIRE

Yusuke Osaki

2007-01-01

We consider an asset market traded three types of assets: the risk–free asset, the market portfolio and derivatives written on the market portfolio return. We determine a sufficient condition to guarantee that noise risk monotonically changes their derivatives. The condition is that Arrow–Pratt absolute risk aversion is decreasing and convex.

Efficiency of utilization of dietary energy for milk production in lactating crossbred cattle (Bos Indicus

Directory of Open Access Journals (Sweden)

Debashis Saha

2012-09-01

Full Text Available The present study was conducted on efficiency of utilization of dietary energy for milk production in lactating crossbred cattle. 18 lactating crossbred cattle of early to mid-lactation, approximate body weight (375.39±23.43 kg, milk yield, parity and stage of lactation were divided into three groups of six animals each and were fed 0, 50 and 100% diammonium phosphate (DAP in the mineral mixture of concentrates for 120 days. The chaffed mixed roughage (berseem + wheat straw and concentrate mixture was fed to supply about nearly 18:82 concentrate to roughage ratio on dry matter basis. Tap water was available to the animals twice daily. A metabolism trial of seven days was conducted at the end of experiment to study digestibility of organic nutrients and balances of energy. DAP did not affect the nutrient intake, body weight changes, digestibility of Dry matter (DM, Crude protein (CP, Ether extract (EE, Crude fiber (CF, Nitrogen free extract (NFE and daily milk yield. It was concluded that the at 46.07 Mcal Gross energy intake level the losses in feces, urine, methane and heat production was 45.82%, 5.40%, 4.31% and 33.01%, respectively, and net energy retention for milk production was 11.43%. The gross efficiency of conversion of metabolic energy ME for milk production was 35.69% and the net efficiency of conversion of ME for milk production was 39.56%.

The legalization of cannabis derivatives in Spain: Hypothesis on a potential emerging market.

Science.gov (United States)

Álvarez, Arturo; Gamella, Juan F; Parra, Iván

2017-06-28

First, this paper estimates the dimensions of the market for cannabis in Spain using data on the extent of consumption and the main patterns of use of consumers. Then the paper reviews the hypothetical production and distribution costs of these drugs in different production regimes under different legal conditions. The review shows that current prices of cannabis in the illegal market could be notably reduced if production and distribution of cannabis were decriminalized and even more if they were performed by legal enterprises. Thirdly, we examine the relationship between prices and consumption levels by analysing the price elasticity of demand. A fall in the prices of cannabis products will likely result in an increase in the number of users and in the total amount consumed. Lastly we consider several alternatives for the taxation of cannabis derivatives to counteract the likely fall in prices, and their pros and cons.

The effect of adipocyte and heart fatty acid-binding protein genes on intramuscular fat and backfat content in Meishan crossbred pigs

NARCIS (Netherlands)

Gerbens, F.; Koning, de D.J.; Harders, F.L.; Meuwissen, T.H.E.; Groenen, M.A.M.; Veerkamp, R.L.; Arendonk, van J.A.M.; Pas, te M.F.W.

2000-01-01

Effects of genetic variation in porcine adipocyte and heart fatty acid-binding protein genes, A-FABP and H-FABP, respectively, on intramuscular fat (IMF) content and backfat thickness (BFT) were examined in F2 crossbreds of Meishan and Western pigs. The involvement of each FABP gene in IMF accretion

A Semianalytical Solution of the Fractional Derivative Model and Its Application in Financial Market

OpenAIRE

Song, Lina

2018-01-01

Fractional differential equation has been introduced to the financial theory, which presents new ideas and tools for the theoretical researches and the practical applications. In the work, an approximate semianalytical solution of the time-fractional European option pricing model is derived using the method of combining the enhanced technique of Adomian decomposition method with the finite difference method. And then the result is introduced in China’s financial market. The work makes every e...

Investigation of body and udder skin surface temperature differentials as an early indicator of mastitis in Holstein Friesian crossbred cows using digital infrared thermography technique

Directory of Open Access Journals (Sweden)

M. Sathiyabarathi

2016-12-01

Full Text Available Aim: The objective of this study was to investigate the ability of infrared thermography (IRT technique and its interrelationship with conventional mastitis indicators for the early detection of mastitis in Holstein Friesian (HF crossbred cows. Materials and Methods: A total of 76 quarters of lactating HF crossbred (Bos indicus × Bos taurus cows (n=19 were monitored for body temperature (i.e., eye temperature and udder skin surface temperature (USST before milking using forward-looking infrared (FLIR i5 camera. Milk samples were collected from each quarter and screened for mastitis using Somatic Cell Count (SCC, Electrical Conductivity (EC, and California mastitis test. Thermographic images were analyzed using FLIR Quick Report 1.2 image analysis software. Data on body and USST were compiled and analyzed statistically using SPSS 16.0 and Sigmaplot 11. Results: The mean±standard deviation (SD body (37.23±0.08°C and USST (37.22±0.04°C of non-mastitic cow did not differ significantly; however, the mean USST of the mastitis-affected quarters were significantly higher than the body temperature and USST of unaffected quarters (p37.61°C. Conclusion: It is concluded that infrared thermal imaging technique could be used as a potential noninvasive, quick cowside diagnostic technique for screening and early detection of SCM and clinical mastitis in crossbred cows.

Emerging Market Firms’ Acquisitions in Advanced Markets

DEFF Research Database (Denmark)

Stucchi, Tamara

2012-01-01

markets. These antecedents can influence emerging market firms’ capacities to absorb or exploit technological and/or marketing advantages in advanced markets. In order to be successful, emerging market firms have to undertake those upmarket acquisitions that best “fit” their antecedents. Four mutually......This study draws upon the resource-based view and the institution-based view of the firm to provide a comprehensive overview of how different resource-, institution- and industry-based antecedents affect the motivations guiding the acquisitions that emerging market firms undertake in advanced...... exclusive acquisition strategies are derived, which are then illustrated using examples of Indian firms’ acquisitions in advanced markets....

Genetic and environmental causes of variation in gestation length of Jersey crossbred cattle

Directory of Open Access Journals (Sweden)

Anshuman Kumar

2016-04-01

Full Text Available Aim: The objective of this study was to investigate the effect of genetic and non-genetic factors and estimate the genetic parameter for gestation length (GL of Jersey crossbred cattle. Materials and Methods: The data included the 986 parturition records on Jersey crossbred cattle maintained at the Eastern Regional Station of ICAR-National Dairy Research Institute, Kalyani, West Bengal, India during 36 years (1978-2013. The data were analyzed applying mixed model least square technique considering the fixed effects of genetic group, season of calving, period of calving, parity of animal, birth weight, and sex of calf born from animal. The effect of sire was included as a random effect in the model. Results: The genetic group of animal, season of calving, parity of animal, and birth weight of calf born were found to be a significant source of variation in the GL, whereas the period of calving and sex of calf did not affect this trait. Cows with 62.5% Jersey inheritance had the shortest and longest GLs, respectively. Cows calved in summer and rainy season had shorter GL than those calved in the winter season. Older cows in 4th parity carried calves for longer days than the cows in 1st parity. The increase in calf birth weight significantly (p<0.01 contributed to a linear increase in GL value in this study. The heritability estimate of GL was 0.24±0.08. Conclusion: It can be concluded that selection for lower GL without distressing future growth of calf can be used to reduce calving difficulty, but a very small standard deviation of GL limits the benefit. Moreover, more accurate prediction of calving date will help in better management and health care of pregnant animals.

Energy derivatives, experiences in derivative trading from the natural gas industry : back to basics

International Nuclear Information System (INIS)

Dittmer, G.; Coyle, T.

1998-01-01

Some basic facts regarding derivatives in the electric power industry were discussed based on experiences in the natural gas industry. Derivatives were described as financial instruments that have no value of their own but derive their value from other assets, such as commodities. Futures and Options are the two forms of derivatives. Electricity as a commodity was characterized, and a historical parallel was drawn between deregulation in the natural gas and electric power industry. Short term and long term factors impacting the market and market dynamics impacting derivatives were identified. The latter include: (1) volatility, (2) liquidity, (3) correlations, and (4) price discovery. In contrast to the natural gas market, the electricity market is considered as lacking liquidity and in need of moving farther along the maturity timeline. The question of natural gas/ electricity convergence was also addressed refs., tabs., figs

Relation of chemical composition of milk with the level of production stage of lactation and parity order cows crossbred

Directory of Open Access Journals (Sweden)

Jakeline Fernandes Cabral

2017-09-01

Full Text Available The aim of the study was to compare the physical and chemical composition of the raw milk of crossbred cows in different production levels and influence of parity order and stage of lactation on milk chemical composition of high producing cows. The search was conducted in the municipality of Rio Verde in southwestern Goiás, 784 samples were collected from raw milk of crossbred cows in experiment I and were divided into three levels of production. In the second experimental procedure, the samples resulted in 657 samples of raw milk, being divided into 4 stages of lactation stage of the cows and divided into eight parity order in which first-calf heifers corresponded to first order, and multiparous cows from the second until the eighth creates. For analysis of variance and mean comparison was used lineation all casualized and we used the Tukey test at 5% probability, using the software SISVAR. The different levels of production resulted in physico-chemical differences of the constituents of milk, thus the percentages found may be related not only the level but also at the stage of lactation and parity order of the animals.

Trading with energy derivatives in the U.S. electricity market : a NYMEX update

International Nuclear Information System (INIS)

Burke, L.

1998-01-01

This presentation provided a primer on futures and options trading, trading in energy derivatives and the role that NYMEX, the New York Mercantile Exchange plays in this area. Among many other concepts put and call options, the benefits of options, hedging, the characteristics of a hedge are defined, with an explanation of the significance and the application of these concepts in risk management. The nature of futures contracts for oil, natural gas and electricity, and the current status of the eastern and western electricity markets in the United States are also outlined. tabs., figs

Asia Pacific energy derivatives

International Nuclear Information System (INIS)

Fusaro, P.C.

1997-09-01

Asia Pacific Energy Derivatives, from FT Energy, is the first report of its kind to examine the growth of energy derivatives within Asia Pacific and their increasing importance within this region. It provides a comprehensive overview of the subject, including analysis of: deregulation as a market driver; the impact of privatisation; the future for energy risk management tools; the unique characteristics of the Asia Pacific energy market; the role of futures exchanges in Asia; existing indexes and their performance; the differences between the Asia Pacific markets and their more mature counterparts in London and New York; non-oil derivatives, project finance and cross commodity arbitrage; the thriving Pacific Rim Over the Counter (OTC) markets. (author)

Weather derivatives: Business hedge instrument from weather risks

Directory of Open Access Journals (Sweden)

Đorđević Bojan S.

2014-01-01

Full Text Available In the late 1990s, a new financial market was developed - a market for weather derivatives, so that the risk managers could hedge their exposure to weather risk. After a rather slow start, the weather derivatives market had started to grow rapidly. Risk managers could no longer blame poor financial results on the weather. Weather risk could now be removed by hedging procedure. This paper will explain briefly what the weather derivatives are and will point out at some of the motives for use of derivatives. Thereafter we will look at the history of the weather risk market, how the weather derivatives market has developed in recent years and also who are the current and potential players in the weather derivatives market.

Introduction of Credit Derivatives and Valuation of Credit Default Swap

OpenAIRE

Han, Lu

2006-01-01

The credit derivative market was established at the beginning of the 1990s since the emergence of credit derivatives fits the rapid development of the whole derivatives market. However, compare to other derivative market, this market is still small and incomplete. As with other derivatives, credit derivatives can be used to either take more risk or hedge it, hence various credit derivatives instruments are accepted and widely used by market participants such as banks, insurance companies, etc...

Market integration in the crustaceans market

DEFF Research Database (Denmark)

Ankamah-Yeboah, Isaac; Bronnmann, Julia

2018-01-01

are substitutes. Price determination processes for the shrimp markets vary with the level of the value chain. The results imply that the wild and farmed crustaceans markets are interacting through substitution effects. Hence, the markets have the capability to shield volatile and rising prices that would emanate......In this paper the price dynamics and the degree of market integration in the German crustaceans market is examined using cointegration methods. The study focuses on wild caught cold water shrimp, farmed warm water shrimp as well as lobster and derives implications for the fisheries sector....... In the analysis, both the import market and the retail market price reactions are distinguished. Therefore, it is evaluated how price changes affect competing commodities within and between the value chain of a given crustaceans commodity. Evidence of partial market integration is found for all species under...

Evaluation of the Criollo breed Romosinuano as purebred and crossbred cows with Brahman and Angus in Florida: I. Reproduction and parturition.

Science.gov (United States)

Riley, D G; Chase, C C; Coleman, S W; Olson, T A

2014-05-01

The objectives of this work were to compare reproduction and parturition traits of the Criollo breed Romosinuano as straightbred and crossbred cows with Angus and Brahman, to estimate heterosis and direct and maternal genetic breed effects, and to describe calf loss, cow removals from the project, the occurrence of calving difficulty, inadequate calf vigor at birth, and udder problems by cow breed groups. Cows (n = 404) were born from 2002 to 2005. After their first exposure to bulls as young cows, in all subsequent breeding seasons crossbred cows were bred to bulls of the third breed, and straightbred cows were bred to bulls of the other two breeds. Calving records (n = 1,484) from 2005 to 2011 were used to create calving and weaning rate and calving interval (excluding the interval between 2 and 3 yr of age). Final models for these traits included sire breed-dam breed interaction, cow age within year, and random animal effects. Heterosis estimates for Romosinuano-Brahman calving and weaning rate were 0.06 ± 0.02 and 0.07 ± 0.03 (P Angus were twice as large (0.13 ± 0.03 and 0.14 ± 0.03, respectively; P Angus direct effects were beneficial for both traits (0.1 ± 0.05, P Angus, respectively (P Angus dams had the most occurrences of difficult births as a proportion of cows that calved (0.028 and 0.025, P = 0.04). Angus-sired crossbred cows and Brahman cows had the most occurrences of udder problems as a proportion of lactating cows (0.14 to 0.21, P Angus cow performance was acceptable, but for most traits, those pairs of breeds had lower heterosis than Brahman-Angus.

Market integration and market concentration in horizontally differentiated industries

OpenAIRE

Eckel, Carsten

2001-01-01

This paper derives the impact of market integration on equilibrium firm size and market concentration in horizontally differentiated industries. We show that market concentration (measured by the number of firms) can rise as a consequence of market integration if firms engage in R&D competition. We also demonstrate that whether concentration occurs or not depends on the R&D production function and on consumer preferences. This result implies that the welfare effects of market integration are ...

A MARKETING STRATEGY ON PHOTOVOLTAIC MARKET

Directory of Open Access Journals (Sweden)

Coita Dorin Cristian

2008-05-01

Full Text Available Photovoltaic is an increasingly important energy technology. Deriving energy from the sun offers numerous environmental benefits. It is an extremely clean energy source, and few other power-generating technologies have as little environmental impact as photovoltaic. In this article we explored some dimensions of photovoltaic market and suggested a marketing strategy for solar panels manufacturers

Effect of ractopamine and sex on growth, carcass characteristics, processing yield, and meat quality characteristics of crossbred swine.

Science.gov (United States)

Uttaro, B E; Ball, R O; Dick, P; Rae, W; Vessie, G; Jeremiah, L E

1993-09-01

One hundred twenty-eight 64-kg crossbred barrows and gilts were administered either 0 or 20 ppm of Ractopamine (RAC) in a pelleted corn-soybean meal diet that contained either 17.5 or 19.6% CP. Carcass quality was evaluated after slaughter at 100 kg. Dietary protein levels produced few significant effects; therefore, data were pooled for analysis. Pigs fed RAC exhibited improvement in feed efficiency (P processed ham was greater from both pigs fed RAC (P additive.

Feed intake and weight changes in Bos indicus-Bos taurus crossbred steers following Bovine Viral Diarrhea Virus Type 1b challenge under production conditions

Science.gov (United States)

Bovine viral diarrhea virus (BVDV) has major impacts on beef cattle production worldwide, but the understanding of host animal genetic influence on illness is limited. This study evaluated rectal temperature, weight change and feed intake in Bos indicus crossbred steers (n = 366) that were challenge...

Evaluation of Closed Adult Nucleus Multiple Ovulation and Embryo Transfer and Conventional Progeny Testing Breeding Schemes for Milk Production from Crossbred Cattle in the Tropics

NARCIS (Netherlands)

Kosgey, I.S.; Kahi, A.K.; Arendonk, van J.A.M.

2005-01-01

The potential benefits of closed adult nucleus multiple ovulation and embryo transfer (MOET) and conventional progeny testing (CNS) schemes, and the logistics of their integration into large-scale continuous production of crossbred cattle were studied by deterministic simulation. The latter was

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.

17 CFR 240.15c3-1f - Optional market and credit risk requirements for OTC derivatives dealers (Appendix F to 17 CFR...

Science.gov (United States)

2010-04-01

... charges for market and credit risk pursuant to this Appendix F in lieu of computing securities haircuts...)(2)(vi). Credit Risk (d) The capital charge for credit risk arising from an OTC derivatives dealer's... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Optional market and credit...

Weather Derivatives – Origin, Types and Application

Directory of Open Access Journals (Sweden)

Piotr Binkowski

2008-01-01

Full Text Available The number of companies that are exposed to the revenues loss risk caused by weather variability is still increasing. The businesses that are mostly exposed to weather risk are following: energy, agriculture, constructions and transport. That situation has initiated dynamic growth of weather derivatives markets as well as the awareness of the weather risk among the market participants. Presently, the weather derivatives markets evaluate rapidly in all the mature economies: USA, Asia and Europe. Constructing weather derivatives relies on qu- antifying climate factors in the form of indexes, what is quite simple task, more difficultly can be gathering precise historical data of required climate factors. Taking into consideration so far development of derivatives especially the financial derivatives based on different types of indexes financial market has at disposal wide range of different types of proved derivatives (futures, forward, options, swaps, which can be successfully utilised on the weather-driven markets both for hedging weather risk and speculating.

Influence Of Summer Season On Some Biochemical And Hormonal Changes In Crossbred Cows During Suckling Period

International Nuclear Information System (INIS)

Teama, F.E.I.; Gad, A.E.

2012-01-01

According to the seasonal variations in environmental conditions in post-partum cows, some biochemical and physiological changes which affect the productive efficiency of farm animals may occur. This study was conducted in the bovine farm of Experimental Farms Project of Nuclear Research Centre, Atomic Energy Authority, Inshas, Egypt, to evaluate some blood biochemical and some hormonal changes during the suckling period in crossbred cows under winter and summer conditions. Alterations in metabolites and metabolic hormones during the first 10 weeks post-partum in both winter and summer during a period of suckling were analyzed on a total of 13 crossbred (Brown Swiss X Balady) cows (winter, n=7; summer, n=6). The blood samples were taken at 2 weeks intervals, 5 times in each season to determine the concentrations and changes in glucose, urea, total cholesterol, total proteins and some hormones including leptin, T4 and progesterone (P4) under winter and summer conditions. The data indicated that total protein (P<0.01), glucose (P<0.05), leptin (P<0.01), total cholesterol (P<0.01), and T4 (P<0.01) had significant seasonal differences between the two calving groups. A positive correlation coefficient was observed between leptin and T4 hormone. From the obtained data, it could be concluded that in summer season, certain biochemical and hormonal levels of calving cows may enhanced but not enough to affect the levels of urea and progesterone. The positive correlation between leptin and T4 may indicate association in the rate of metabolism.

Effect of Shading on Physiological, Biochemical and Behaviour Changes in Crossbred Calves Under Hot Climatic Conditions

International Nuclear Information System (INIS)

Teama, F.E.I.; Gad, A.E.; El-Tarabany, A.A.

2012-01-01

The purpose of this study was to investigate the importance and the effect of shading and non-shading house on physiological changes, body weight (BW), average daily gain (ADG), total antioxidant and thyroid hormones in crossbred calves under hot conditions. Thirty six growing crossbred calves (Friesian x Baladi) aged 8-10 months were divided into two groups (each 18 calves); the first group was maintained in shaded house and the second in house without shade (climatic house). The period of study was 79 days during hot conditions. Performance variables (BW, ADG) were measured and the blood samples were collected to assess some biochemical parameters including antioxidants such as total antioxidant (TA), catalase (CAT), total protein, thyroid hormones (T3, T4) and immunoglobulin factor (IgG). Respiration rates and behaviour parameters (feeding, drinking, standing, lying and agonistic) were also measured during the study. The data indicated that the shaded calves had higher ADG (P<0.05) and final BW than non-shaded ones. Also, a significant improvement in total protein levels and globulins were recorded in shaded house calves as compared to non-shaded ones. The same result was obtained for T3 level whereas non-significant changes were observed for T4 level as well as the level of IgG at different times. The present data indicated that using shaded house will decrease the effect of heat stress on calves which will increase the animal performance through improving BW and ADG as well as some biochemical parameters in addition to T3 hormonal level.

Essays on Derivatives Pricing

DEFF Research Database (Denmark)

Kokholm, Thomas

. With the existence of a liquid market for derivatives with variance as underlying, such as VIX options, VIX futures and a well-developed over-the-counter market for options on variance swaps, it is important to consider models that are able to fit these markets while consistently pricing vanilla options...... financial models, and most importantly, to be aware of their limitations. Following that belief, this thesis consists of three independent and self-contained papers, all dealing with topics in derivatives pricing. The first paper considers the pricing of traffic light options, which are appropriate...... the market for multivariate credit instruments, we take a step back and focus on single-name default modeling and introduce two new model classes for modeling of the default time of a company. Finally, in the third paper we propose a consistent pricing model for index and volatility derivatives...

Population Structure and Genomic Breed Composition in an Angus-Brahman Crossbred Cattle Population.

Science.gov (United States)

Gobena, Mesfin; Elzo, Mauricio A; Mateescu, Raluca G

2018-01-01

Crossbreeding is a common strategy used in tropical and subtropical regions to enhance beef production, and having accurate knowledge of breed composition is essential for the success of a crossbreeding program. Although pedigree records have been traditionally used to obtain the breed composition of crossbred cattle, the accuracy of pedigree-based breed composition can be reduced by inaccurate and/or incomplete records and Mendelian sampling. Breed composition estimation from genomic data has multiple advantages including higher accuracy without being affected by missing, incomplete, or inaccurate records and the ability to be used as independent authentication of breed in breed-labeled beef products. The present study was conducted with 676 Angus-Brahman crossbred cattle with genotype and pedigree information to evaluate the feasibility and accuracy of using genomic data to determine breed composition. We used genomic data in parametric and non-parametric methods to detect population structure due to differences in breed composition while accounting for the confounding effect of close familial relationships. By applying principal component analysis (PCA) and the maximum likelihood method of ADMIXTURE to genomic data, it was possible to successfully characterize population structure resulting from heterogeneous breed ancestry, while accounting for close familial relationships. PCA results offered additional insight into the different hierarchies of genetic variation structuring. The first principal component was strongly correlated with Angus-Brahman proportions, and the second represented variation within animals that have a relatively more extended Brangus lineage-indicating the presence of a distinct pattern of genetic variation in these cattle. Although there was strong agreement between breed proportions estimated from pedigree and genetic information, there were significant discrepancies between these two methods for certain animals. This was most likely due

Population Structure and Genomic Breed Composition in an Angus–Brahman Crossbred Cattle Population

Directory of Open Access Journals (Sweden)

Mesfin Gobena

2018-03-01

Full Text Available Crossbreeding is a common strategy used in tropical and subtropical regions to enhance beef production, and having accurate knowledge of breed composition is essential for the success of a crossbreeding program. Although pedigree records have been traditionally used to obtain the breed composition of crossbred cattle, the accuracy of pedigree-based breed composition can be reduced by inaccurate and/or incomplete records and Mendelian sampling. Breed composition estimation from genomic data has multiple advantages including higher accuracy without being affected by missing, incomplete, or inaccurate records and the ability to be used as independent authentication of breed in breed-labeled beef products. The present study was conducted with 676 Angus–Brahman crossbred cattle with genotype and pedigree information to evaluate the feasibility and accuracy of using genomic data to determine breed composition. We used genomic data in parametric and non-parametric methods to detect population structure due to differences in breed composition while accounting for the confounding effect of close familial relationships. By applying principal component analysis (PCA and the maximum likelihood method of ADMIXTURE to genomic data, it was possible to successfully characterize population structure resulting from heterogeneous breed ancestry, while accounting for close familial relationships. PCA results offered additional insight into the different hierarchies of genetic variation structuring. The first principal component was strongly correlated with Angus–Brahman proportions, and the second represented variation within animals that have a relatively more extended Brangus lineage—indicating the presence of a distinct pattern of genetic variation in these cattle. Although there was strong agreement between breed proportions estimated from pedigree and genetic information, there were significant discrepancies between these two methods for certain animals

Marketized State Ownership and Foreign Expansion of Emerging Market Multinationals

DEFF Research Database (Denmark)

Li, Ming Hua; Cui, Lin; Lu, Jiangyong

2017-01-01

direct investment. We argue that firms with marketized state ownership may derive institutional competitive advantages from their dual responsiveness to shifting global market conditions and home government expectations which has a positive impact on their foreign investment decisions. However...

Using case-mix information in strategic hospital marketing. Deriving market research from patient data.

Science.gov (United States)

Little, A

1992-01-01

Hospital survival requires adaptation, adaptation requires understanding, and understanding requires information. These are the basic equations behind hospital strategic marketing, and one of the answers may lie in hospitals' own patient-data systems. Marketers' and administrators' enlightened application of case-mix information could become one more hospital survival tool.

Effect of Lactation Yield on First Follicular Wave Surge After Calving of Crossbred Dairy Cattle

Directory of Open Access Journals (Sweden)

R.C.A Berber

2013-11-01

Full Text Available Abstract: This study aimed  to evaluate the effect of lactation on first follicular wave surge of crossbred (Gir x Holstein dairy cattle.  Nine multiparous crossbred dairy cattle were divided according to daily milk production (Group 1 = milk production higher than average, n = 5; Group 2 = milk  production  lower  than  average,  n  =  4.  From  calving  (Day  0  until  divergence  of  first follicular wave, ovaries  was monitored daily by ultrasound exams to observed the follicular emergence,  growth  rate,  maximum  follicular  diameter,  day  of  follicular  divergence  and ovulation. The mean of milk production was 17.4 + 6.4 L/day (n= 9. Group 1 had higher daily milk production than Group 2 (21.8 + 3.8 L/day vs. 11.9 + 3.9 L/day, P< 0.001. Data of follicular emergence were similar in both groups (P >0.05. The growth  rate of first follicular surge was higher  in  Group  2  than  Group  1  (2.0  + 0.0  mm/day  vs  1.2  + 0.6  mm/day,  P<  0.05.  The maximum follicular diameter was 11.6  + 0.9 mm (Group 1 and 13.5  + 1.7 mm (Group 2; P< 0.05. The follicular divergence occurred earlier  in Group 1 than Group 2 (12.2  + 0.8 days vs 13.7 + 0.6 days; P< 0.05. One animal of Group 2 ovulated. In conclusion, data suggested that milk production had influence on ovarian follicular dynamic after calving.Keywords: Follicle, post-partum, lactation, dairy cattle

Cellular thermotolerance is independent of HSF 1 expression in zebu and crossbred non-lactating cattle

Science.gov (United States)

Gill, Jaspreet Kaur; Arora, J. S.; Sunil Kumar, B. V.; Mukhopadhyay, C. S.; Kaur, Simarjeet; Kashyap, Neeraj

2017-09-01

Heat stress is an important domain of research in livestock due to its negative impact on production and disease resistance. The augmentation of stress in the body stimulates the antioxidative activity comprising various enzymes (viz., catalase, superoxide dismutase), metabolites (reduced glutathione, etc.), vitamins, minerals, etc. to combat the situation. The major key players involved in regulation of heat shock response in eukaryotes are the transcription factors, called as heat shock factors (HSF). They activate the heat shock protein (HSP) genes by binding to their promoters. Lymphocytes are considered to be the best model to evaluate the immunity in any living body as it contains plethora of white blood cells (WBCs).In this study, the peripheral blood mononuclear cells (PBMC) obtained from non-lactating Sahiwal vis-à-vis crossbred (Holstein Friesian × Sahiwal) cattle with 75% or more exotic inheritance were subjected to heat shock at 39, 41, and 43 °C in three different incubators, in vitro. The cell count and viability test of pre and post heat stress of concerned PBMCs indicated that the crossbreeds are more prone to heat stress as compared to Sahiwal. The reverse transcription PCR (qRT-PCR) expression data revealed an increment in HSF1 expression at 41 °C which subsequently declined (non-significantly) at 43 °C in both breeds post 1 h heat shock. However, the association between the HSF 1 expression and antioxidative activity through correlation analysis was found to be non-significant ( P < 0.05), though enzymatic activity appeared to behave in a similar fashion in both breeds at 5% level of significance ( P < 0.05). This rule out the role of HSF1 expression level on the activity of enzymes involved in oxidative stress in vitro in zebu and crossbred cattle.

Compensatory gain of crossbred heifers supplemented in pastures under evaluation hormonal profile and blood parameters

Directory of Open Access Journals (Sweden)

Geraldo Trindade Júnior

2015-06-01

Full Text Available The objective of this experiment was to verify the effect of nutritional management that alternates periods of energy/protein restriction and refeeding of grazing crossbred heifers during their prepuberty on the hormonal profile and blood parameters. The study was conducted at Princesa do Mateiro farm in Ribeirão do Largo, in the southwest region of the state of Bahia. Twenty crossbred heifers 5/8 Dairy Guzerat x 3/8 Dutch with an average age of 12 months and average body weight of 187 ± 13.74 kg were used at the beginning of the experiment. It lasted 238 days, 14 out of them were for the animals’ adaptation. The animals were kept in rotational grazing of Brachiariabrizantha cv. Marandú pastures and randomly assigned to two treatments: Control (T100 = animals receiving concentrate supplement to supply 100% of the nutrients requirement to gain 750 g day-1 of live weight and Compensatory Nutrition (CN. The animals of the CN treatment alternated periods of Restriction (T80 = receiving concentrate supplement to meet 80% of the demand for nutrients of the (T100 and periods of Refeeding (T120 = getting concentrate supplement to supply 120% of the nutrient requirements of the (T100 The final plasma concentrations of IGF-I, glucose and urea were higher (P0.05. There were positive correlations (P<0.05 between IGF-I, insulin, glucose and cholesterol, and a negative correlation (P<0.05 between IGF-I and urea. There were also positive correlation (P<0.05 between insulin and glucose and positive correlation (P<0.05 between glucose and cholesterol. There was a negative correlation (P<0.05 of the urea with cholesterol, progesterone and protein. Progesterone also showed a positive correlation (P<0.05 with the protein.

Effect of Supplementations of Comin+ and Zn-biocomplex on the performances of Ettawa Crossbred goats

Directory of Open Access Journals (Sweden)

Supriyati

2012-12-01

Full Text Available Digestibility of ruminant feeds is greatly determined by ruminal fermentation which in turn is greatly affected by micro-ecology of the rumen. Manipulation of micro-ecology such as supplementing with various yeasts or micro elements could improve digestibility of the feed. The effect of Comin+ (R1 and Zn-biocomplex (R2 alone or their combination (R3 on performance of Ettawa Crossbred kids, fed concentrate containing Aspergillus oryzae (R0 was studied. Twenty four Ettawa Crossbred kids (6-8 month of age; initial liveweights =16.63±2.10 kg were divided into 4 groups. Feeds given were King grass (Pennicetum purpuroides ad libitum and concentrate. The observations were carried out for 16 weeks with 2 weeks adaptation period and the experiment was conducted in a completely randomized design with 4 treatments and 6 replications. The results showed that supplementations significantly (P < 0.05 increased total DM intakes from 685 g/d (R0 became 748, 711 and 858 g/d; and grass DM intakes from 304 g/d (R0 became 373, 331 and 479 g/d for R1, R2 and R3, respectively. Digestibilities of DM, NDF and DE/GE were not affected by supplementation, but supplementations significantly (P < 0.05 affected digestibilities of ADF and CP. Supplementation also significantly improved (P < 0.05 ADG from 65.18 g/d (R0 became 94.64, 83.04 and 90.77 g/d; and FCR from 10.51 (R0 became 7.82, 8.36 and 9.46 for R1, R2 and R3, respectively. It was concluded that supplementation of Comin+ (R1 gave the best growth performance of Ettawa Croosbred goats, where ADG and FCR improved by 45.20% and 34.40%.

Effect of estradiol and cloprostenol combination therapy on expulsion of mummified fetus and subsequent fertility in four crossbred cows

Directory of Open Access Journals (Sweden)

Arumugam Kumaresan

2013-06-01

Full Text Available Four crossbred cows with mummified fetus were utilized for the study. The cows weresubjected togynecologicalexamination and based on the findings the cases were diagnosed asmummified fetus. The cows were treated with 2 mg estradiol valerate and 500 μg cloprostenoland were examined every 12 hr after 24 hr of the treatment for cervical dilatation and othersigns related to fetal expulsion. The time duration between treatment and starting of cervicaldilatation ranged from 48 to 58h (53.00 ± 2.08 hr. Complete dilatation of cervix was observedafter 70.00 ± 2.94 hr post treatment (Range = 64-76 hr. The mean fetalcrown-rump length(CRL was 31.5 cm, which ranged from 27.5 to 38 cm. The number of cotyledons in pregnanthorn also showed wide variation (Range 24-38 numbers with mean ± SE of 30.3 ± 3.07numbers. In the placenta of three animals irregular shaped large adventitious cotyledons wereobserved in the inter-cotyledonary areas. Out of the four animals treated, three animals wereconceived within three estrous cycles and one animal had cystic ovary in the next cycle and wasnot conceived even after four cycles. It was concluded that the estradiolandprostaglandin F2α(PGF2αcombinationtherapy was effective for expulsion of mummified fetus in crossbred cowswithout affecting much on future fertility.

Study of Blood Metabolites Changes of Purebred Ghezel and Crossbred Arkhar Merinos × Ghezel Ewes during Late Pregnancy

Directory of Open Access Journals (Sweden)

Leila Ahmadzadeh

2016-11-01

Full Text Available Introduction As pregnancy progresses, nutrient requirements of fetus and thereby ewe increases and some changes in the levels of blood metabolites including glucose, cholesterol and total protein may occur. During gestation, maternal tissues contribute to supplying energy that required for fetus resulting in changes of ewe blood metabolites; however other factors such as breed, age, feeding type of ewes during gestation and season may influence them. The study of blood metabolic changes in different phases of reproductive cycle can be helpful in detecting abnormal situations of ewes and preventing of metabolic disorders such as pregnancy toxemia and fatty liver syndrome. There is little information about the effect of different genotypes on blood metabolites and the occurrence of metabolic disorders in late pregnancy. Therefore the aim of the present study was to determine changes in blood metabolites of purebred Ghezel and ArkharMerino× Ghezel crossbred ewes during late pregnancy and effect of crossbreeding of Iranian purebred sheep with Merino sheep on metabolite level changes in these two groups of sheep and study of susceptibility to metabolic disease in late pregnancy. Materials and Methods In the present study, fifty five pregnant Ghezel ewes (36 singles and 15 twins and 34 pregnant crossbred ewes (20 singles and 14 twins were used. Estrus synchronization of all ewes was done using CIDR. CIDR were removed 14 days later and all ewes were injected PMSG intramuscularly and then mated with rams. All of the ewes were grazing in the pasture during pregnancy, but in the last two months of pregnancy, feeding of ewes was manually. Blood samples were collected by vacuum tubes during four hours after feeding from the jugular vein of ewes on 15 days prior to mating period and on days 90, 120 and 140 of the pregnancy. Blood samples were centrifuged with 4000 rpm for 12 minutes to extract blood serum and then sera were frozen in -20oC until further

Valuing call options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?

Directory of Open Access Journals (Sweden)

Biebuyck, A.

2014-09-01

Full Text Available Research has shown that violations of put-call parity do occur and that these violations present an investor with opportunities to profit from arbitrage deals. Mispricing may lead to significant superior returns and maximisation of shareholders’ wealth if found and acted upon in a timely manner. This study attempts to determine whether this mispricing of financial derivatives is present in the South African derivatives market. This will be achieved through the valuation of options on single stock futures using the put-call parity relationship. The theoretical fair values obtained, is compared to the actual market values over a period of three years, that is, from 2009 to 2011. The results show that arbitrage opportunities do present themselves for the chosen shares. Further research may involve more shares over a longer period to determine whether any pattern may exist which may form the basis of an arbitrage trading strategy

Green Power Marketing - from Niches to Mass Markets

International Nuclear Information System (INIS)

Wuestenhagen, Rolf

2000-01-01

In the process of liberalization of the electricity market the customers are now in a position to participate in the decision on how their electricity is produced. In particular, many consumers have a preference for renewable energies. For the producers, marketing of 'eco-power' is an opportunity to achieve sustainable competitive advantage. However, the market share of these products is still quite small today, and 'eco-power' is usually marketed as an expensive niche product. From the perspective of sustainable development these niches are a necessary but not sufficient step. In this book, ways are discussed which could lead to a mass-market penetration of eco-power products. A theoretical analysis is combined with empirical evidence derived from the eco-power market in Germany, Switzerland, Great Britain and the U.S. as well as with a comparison with other market segments [de

SLAUGHTERING QUALITY OF CROSSBRED PIGS WITH GERMAN LANDRACE AND PIETRAIN AS TERMINAL BREEDS

Directory of Open Access Journals (Sweden)

Đuro Senčić

2000-06-01

Full Text Available In the aim of slaugtering quality improvement of pigs, crossbred sows of Large White and Swedish Landrace (F1 are crossed with German Landrace, Pietrain or some other boars from exemptionaly lean breeds. Triple crosses between Large White, Swedish Landrace and Pietrain are different from triple crosses with German Landrace as terminal breed regarding the conformation and leaness of carcasses and meat quality. Triple crosses with Pietrain have bigger ham diameter (72.40 cm: 70.30 cm, bigger share of ham (29.24% : 28.54%, necks (8.05% : 7.64% and belly-rib parts (19.15% : 17.33%, better leaness (55.64% : 53.40%, lower pH2 values in muscle tissue (5,50 : 5,86, lower water holding capacity (9.70 cm2: 8.50 cm2 and paler color (58.00 : 65.50 Göfo values.

[Marketing for hospitals--an issue?].

Science.gov (United States)

Schindler, Achim W; Schindler, Nicola; Vagts, Dierk

2007-09-01

Since economization of medicine continues, marketing is becoming more and more important. To shape marketing activities in correspondence with their professional ethics, physicians need some basic knowledge about marketing. The process of marketing consists of SWOT-analysis, market segmentation, market differentiation, positioning and the marketing-mix with ist most important component, the marketing communication. Specific aspects in the marketing of medical services derive from their nature as a service and the determinants of perceived service quality.

Short communication: Jersey × Holstein crossbreds compared with pure Holsteins for body weight, body condition score, fertility, and survival during the first three lactations.

Science.gov (United States)

Heins, B J; Hansen, L B; Hazel, A R; Seykora, A J; Johnson, D G; Linn, J G

2012-07-01

Crossbred cows (n=80) resulting from the use of Jersey (JE) semen on their pure Holstein (HO) dams were compared with pure HO cows (n=77) for body weight, body condition score, fertility, and survival during their first 3 lactations. Cows were in 2 research herds of the University of Minnesota and calved from September 2003 to June 2008. The JE × HO crossbred cows had significantly less body weight during the first (-56 kg), second (-67 kg), and third (-82 kg) lactations than pure HO cows. However, JE × HO cows had significantly greater body condition score during the first (2.94 vs. 2.84), second (2.97 vs. 2.84), and third (2.99 vs. 2.87) lactations than pure HO cows. For fertility, JE × HO cows had fewer days to first breeding during the first (-10.6d), second (-8.4d), and third (-12.3d) lactations than pure HO cows. Crossbred cows were not significantly different from pure HO cows for number of services during first lactation; however, JE × HO cows had significantly fewer services (2.2) than pure HO cows (2.7) during the second lactation. Also, JE × HO cows had significantly fewer days open than pure HO cows in the first (-24 d), second (-42 d), and third (-42 d) lactations. For survival, JE × HO cows were not significantly different from pure HO cows for percentage of cows calving a second time; however, a tendency existed for a higher percentage of JE × HO cows (63.8%) than pure HO cows (49.4%) to calve a third time, and a higher percentage of JE × HO cows calved a third time within 28, 34, and 40 mo of first calving than pure HO cows. Copyright © 2012 American Dairy Science Association. Published by Elsevier Inc. All rights reserved.

Genetic analysis of slaughter and carcass quality traits in crossbred rabbits coming from a diallel cross of four maternal lines

Directory of Open Access Journals (Sweden)

C. Mínguez

2015-12-01

Full Text Available An experiment was carried out to estimate the genetic group effects and the crossbreeding genetic parameters of slaughter and carcass traits using data on the rabbits that were progeny of does coming from a full diallel cross between 4 maternal lines (A, V, H and LP mated to bucks of the paternal line R. The rabbits of the 16 genetic groups, corresponding to the type of does of the diallel cross, were distributed in 4 Spanish farms and 1 genetic group (V line was present in all farms in order to connect records among them and to be used as reference group. Crossbreeding parameters were estimated according to Dickerson’s model. 1896 rabbits were measured for slaughter traits and 950 for carcass traits. The A and LP lines had the lowest values for dressing percentage (–1.71 and –1.98 compared with H line and –1.49 and –1.75 with the V line, respectively. The A line was the heaviest for commercial carcass weight. No relevant differences were observed between the crossbred groups for all traits. Regarding the reciprocal effects, there were significant differences in favour of A line as sire line in the crossbred AV. Regarding the combination of direct and maternal effects, the A line showed significantly higher values for cold carcass weight (133 g., 71 g. and 142 g. compared to the H, LP and V lines. For the same parameter the H line showed significantly higher averages on dressing percentages than A and LP lines, 1.44 and 2.13%, respectively. Line A also showed, in general, better direct- maternal effects than the V line. Grand-maternal effects were less important than direct-maternal ones. The estimates of maternal heterosis were, in general, negative, which could be a consequence of the positive heterosis for litter size. However, despite this relationship between growth and litter traits, it has not been common to find negative maternal heterosis in growth traits. A diminution of dressing percentage was detected in

Electricity derivatives

CERN Document Server

Aïd, René

2015-01-01

Offering a concise but complete survey of the common features of the microstructure of electricity markets, this book describes the state of the art in the different proposed electricity price models for pricing derivatives and in the numerical methods used to price and hedge the most prominent derivatives in electricity markets, namely power plants and swings. The mathematical content of the book has intentionally been made light in order to concentrate on the main subject matter, avoiding fastidious computations. Wherever possible, the models are illustrated by diagrams. The book should allow prospective researchers in the field of electricity derivatives to focus on the actual difficulties associated with the subject. It should also offer a brief but exhaustive overview of the latest techniques used by financial engineers in energy utilities and energy trading desks.

MAIN TRENDS OF DERIVATIVES’ MARKET DEVELOPMENT IN CENTRAL AND EASTERN EUROPE

Directory of Open Access Journals (Sweden)

Kostiantyn Vozianov

2015-11-01

Full Text Available The aim of the study is to examine the factors of formation and development of the derivatives market in Central and Eastern Europe (CEE, to analyze the features of the organization and functioning of these markets, as well as to identify modern trends of development of the derivatives markets of CEE. The methodological basis of the study are historical and logical and systematic approach to the analysis of economic phenomena and processes in national and global environment. The study was conducted using the methods: qualitative and quantitative comparison, factor and structural analysis. Results. The development of the CEE derivatives market is characterized by: rapid growth of derivatives trading for the past two decades; high concentration of trading volumes on the stock market; offering a wide range of derivative products allowing investors to effectively hedge risk or get exposure; exchange consolidation; tendency to increased use of modern telecommunication technologies etc. The key problems of CEE derivatives market are low liquidity and international profile of exchanges and the lack of domestic investors for achieving the desired depth of the market. Practical implications. Research of the derivatives market makes it possible to understand more about the mechanism of functioning of the modern financial sector. In our opinion, special attention should be paid to CEE countries, where the development of the derivatives market began in the 1990s. To date, they are understudied, although they have considerable growth potential and in the future can compete on equal terms with Western European and American markets. Moreover, the starting conditions of development of the derivatives market in the CEE countries are more similar to the market of Ukraine and could be useful in terms of adapting good practices.

Renminbi Derivatives: Recent Development and Issues

Institute of Scientific and Technical Information of China (English)

Wensheng Peng; Chang Shu; Raymond Yip

2007-01-01

This study reviews the developments in the onshore and offshore renminbi derivatives markets. The onshore market has seen a rapid build-up in the market infrastructure and price discovery mechanism in the past year, with empirical evidence suggesting that its pricing is increasingly determined by financial fundamentals, such as the covered interest rate parity. However, the growth of the market has been restrained by restrictions on the participant base, limited variations in the RMB/US$ exchange rate, market participants'lack of technical capacity and experience, and inadequate supporting financial market infrastructure. The non-deliverable forward (NDF) market, concentrated in Hong Kong and Singapore, is more developed, but has the drawback that its pricing is not tied to financial fundamentals. The comparison between onshore and offshore markets suggests that two issues are of particular importance for future derivatives market development in China: the balance between regulation and development, and the relationship between onshore and offshore markets.

Marketing RECs in the US

International Nuclear Information System (INIS)

Bird, L.; Holt, E.

2005-01-01

This short paper was derived from a major report funded by the US Department of Energy (DOE) Office of Energy and Renewable Energy (EERE). It discusses the benefits to be derived in the form of renewable energy certificates (RECs) awarded for generating electric power from renewable energy sources. Their flexibility and international acceptance makes RECs the currency of the renewable international power markets. The size and potential value of US REC markets is estimated and key issues and challenges that will influence or govern future market developments are identified

Black gram ( L. foliage supplementation to crossbred cows: effects on feed intake, nutrient digestibility and milk production

Directory of Open Access Journals (Sweden)

Avijit Dey

2017-02-01

Full Text Available Objective An experiment was conducted to examine the effect of dietary supplementation of dried and ground foliage of black gram (Vigna mungo L. on feed intake and utilization, and production performance of crossbred lactating cows. Methods Eighteen lactating crossbred (Bos taurus×Bos indicus cows (body weight 330.93± 10.82 kg at their second and mid lactation (milk yield 6.77±0.54 kg/d were randomly divided into three groups of six each in a completely randomized block design. Three supplements were formulated by quantitatively replacing 0, 50, and 100 per cent of dietary wheat bran of concentrate mixture with dried and ground foliage of black gram. The designated supplement was fed to each group with basal diet of rice straw (ad libitum to meet the requirements for maintenance and milk production. Daily feed intake and milk yield was recorded. A digestion trial was conducted to determine the total tract digestibility of various nutrients. Results The daily feed intake was increased (p0.05, the fibre digestibility was increased (p0.05 among the groups, milk yield was increased by 10 per cent with total replacement of wheat bran in concentrate mixture with of black gram foliage. The economics of milk production calculated as feed cost per kg milk yield (INR 10.61 vs 7.98 was reduced by complete replacement of wheat bran with black gram foliage. Conclusion Black gram foliage could be used as complete replacement for wheat bran in concentrate mixture of dairy cows in formulating least cost ration for economic milk production in small holders’ animal production.

Effect of feeding aflatoxin on nitrogen kinetics in crossbred and buffalo calves fed different levels of protein

International Nuclear Information System (INIS)

Dass, R.S.; Arora, S.P.

1989-01-01

The studies were conducted to elucidate the effect of feeding aflatoxin on nitrogen kinetics in rumen fistulated calves. One calf each in groups 1, 2, 5 and 6 and one bufffalo calf each, in groups 3, 4, 7 and 8 were alloted. Calves of groups 5 to 8 were provided optimum protein (OP) while those in groups 1 to 4 were given 42.5 per cent more protein (HP) in their diets. In addition, animals in groups 2, 4, 6 and 8 were given an oral dose of aflatoxin at the rate of 1.0 ppm of drymatter intake. Subsequent to digestibility trial, 2 hourly feeding was practised for 10 days, after which 15 N-ammonium sulphate and 51 Cr-EDTA were infused intra-ruminally. Results indicated that there was no effect of feeding aflatoxin on the digestibility of nutrients except crude protein. Nitrogen balances were better with groups fed OP diets as compared to HP diets, more in crossbreds than the buffalo. The estimated rumen volume ranged from 37.70 to 56.00 litres and rumen fluid outflow rates varied from 87.34 to 123.70 litres per day. Ruminal ammonia pool size, ruminal ammonia entry rates and irreversible loss rates were higher in HP fed groups without showing any effect of afflatoxins. Ruminal ammonia-N was better utilized for incorporation into bacterial protein and for transfer to plasma urea-N with OP fed groups, again without showing aflatoxin toxicity effect. Ruminal ammonia-N excretion pattern through urine was greater as a result of aflatoxin toxicity, more in crossbreds as compared to buffalo. (author). 19 refs. 5 tabs

Feeding behavior of crossbred steers fed diets containing babassu mesocarp meal and corn in kernels or ground

Directory of Open Access Journals (Sweden)

Aline Evangelista Machado Santana

2014-05-01

Full Text Available The objective of the present study was to evaluate the effect of the use of babassu mesocarp meal (BMM and corn in different physical forms on the feeding behavior of crossbred young bulls of a dairy breed. Twenty-four crossbred (Nellore vs. Holstein steers (307.35 kg were fed four experimental diets containing two levels of inclusion of the babassu mesocarp meal (0 and 412.4 g/kg and corn in two physical forms (kernels or ground for 98 days. Data was collected on three days during the finishing phase, with observations every five minutes, for 24 hours. When the activities performed by the animals were evaluated as a function of the period of the day, the physical form of the corn showed interaction with the BMM inclusion level on the time spent feeding and on other activities. When the activities were evaluated over the day, the defecation frequency was affected and decreased as BMM was included. The feeding time was longer at the moments that followed feed supply, whereas the time used for other activities increased during the morning period, regardless of the diet utilized. Rumination and idle times were affected by the period of the day and remained high during the night and morning periods. There was increase in feeding time and dry matter rumination efficiencies and neutral detergent fiber as BMM was added to the diet. The number of rumination chews per bolus, however, decreased as BMB was included. Inclusion of babassu mesocarp meal increases the animal feeding time but the physical form of corn does not change its feeding behavior.

Mind Map Marketing: A Creative Approach in Developing Marketing Skills

Science.gov (United States)

Eriksson, Lars Torsten; Hauer, Amie M.

2004-01-01

In this conceptual article, the authors describe an alternative course structure that joins learning key marketing concepts to creative problem solving. The authors describe an approach using a convergent-divergent-convergent (CDC) process: key concepts are first derived from case material to be organized in a marketing matrix, which is then used…

Gambaran Darah Kambing Gembrong, Kambing Peranakan Etawah, dan Kambing Kacang di Bali (BLOOD ILLUSTRATION OF GEMBRONG GOAT, ETAWAH CROSSBRED GOAT AND KACANG GOAT IN BALI

Directory of Open Access Journals (Sweden)

Wayan Sayang Yupardhi

2015-05-01

Full Text Available There were three kinds of goat developed in Bali since a long time ago i.e. Gembrong goat, EtawahCrossbred goat, and Kacang goat. Gembrong goat is nearly disappearingrecently due to decrease of itspopulation from year to year. The Gembrong goat has very interesting performance, funny, and this speciesis Balinese native goats. The objective of thisexperiment was to know the blood illustration among thethree speciesof the Balinese native goatwhere in the future it can be used as a guide to develop each ofthem. The experiment was used nine adults goats namely three adult male Gembrong goats, three adultmale Etawah Crossbred goats, and three adult male Kacang Goats respectively. The animal fed dailygreen feed grows around them and additional rice bran. Blood samples of the animals were collected forabout10-15 mL each with venoject, and then was kept in a cooler box and subsequently sent to the ProdiaClinic Laboratory at Denpasar. The results of the experiment showed that blood illustration of the threekinds of goat was not significantly different (P > 0.05 except the triglyseride.

Value-Based Marketing: A Dsicussion of Issues and Trends in the Slaughter Cattle Market

OpenAIRE

Fausti, Scott W.; Diersen, Matthew A.; Qasmi, Bashir A.; Li, Jing

2009-01-01

Pricing and technological innovation are discussed within the context of the beef industry’s value-based marketing initiative. Cash and contract marketing practices for fed cattle are addressed with respect to slaughter volume and pricing methods (live, dressed, and grid). A methodology for estimating grid market share of weekly slaughter volume, based on USDA market reports (2004–2009), is introduced. Weekly grid market shares for the cash and contract markets are derived. Summary statis...

Release of bisphenol A and its derivatives from orthodontic adhesive systems available on the European market as a potential health risk factor

Directory of Open Access Journals (Sweden)

Konrad Małkiewicz

2015-02-01

1 In conditions of the current experiment it was demonstrated that most of the assessed orthodontic adhesive resins available on the European market and released into the outside environment – biologically harmful bisphenol A or its derivatives, posing a potential threat to the patients’ health. 2 Release of BPA and its derivatives into aqueous solutions is the highest in the early stages of sample incubation.

Understanding the mechanisms of ATPase beta family genes for cellular thermotolerance in crossbred bulls.

Science.gov (United States)

Deb, Rajib; Sajjanar, Basavaraj; Singh, Umesh; Alex, Rani; Raja, T V; Alyethodi, Rafeeque R; Kumar, Sushil; Sengar, Gyanendra; Sharma, Sheetal; Singh, Rani; Prakash, B

2015-12-01

Na+/K+-ATPase is an integral membrane protein composed of a large catalytic subunit (alpha), a smaller glycoprotein subunit (beta), and gamma subunit. The beta subunit is essential for ion recognition as well as maintenance of the membrane integrity. Present study was aimed to analyze the expression pattern of ATPase beta subunit genes (ATPase B1, ATPase B2, and ATPase B3) among the crossbred bulls under different ambient temperatures (20-44 °C). The present study was also aimed to look into the relationship of HSP70 with the ATPase beta family genes. Our results demonstrated that among beta family genes, transcript abundance of ATPase B1 and ATPase B2 is significantly (P ATPase Β1, ATPase B2, and ATPase B3 is highly correlated (P ATPase beta family genes for cellular thermotolerance in cattle.

Sharpened legislation on market abuse

International Nuclear Information System (INIS)

Poulsson, Christian; Andersen, Per Conradi

2005-01-01

The article deals with Norway's relationship with the EU directive on market abuse, the dir 2003/6/EC, which instructs the member countries to implement common rules against insider trading and market manipulation in markets for financial instruments. This is very important for the electric power market since regulation of trade with power derivatives will be much more comprehensive than before

Derivative Securities and Financial Crisis in Romania

OpenAIRE

Gogoncea Ramona

2012-01-01

This paper aims to investigate the impact of the global financial crisis on the young Romanian market of derivative securities. It also describes the recent developments within Romanian capital market, in general, with focus on innovation in the field of derivative products.

Assessment of optimum thermal humidity index for crossbred dairy cows in Dehradun district, Uttarakhand, India

Directory of Open Access Journals (Sweden)

Shweta Kohli

2014-11-01

Full Text Available Aim: Uttarakhand is a relatively new state and many cross bred cattle were introduced to boost the milk yield of the state. Despite all efforts the milk yield of dairy in Uttarakhand is comparatively low. In our study, we assessed the effect of heat stress on milk production, using thermal humidity index (THI in high (cross bred cattle and low milk producing (LMP cows (native cows in Dehradun district of Uttarakhand, India. Materials and Methods: Effect of heat stress was measured on high and LMP cross bred cows using THI maintained on standard feeding and nutritional value. Daily ambient temperature and relative humidity were recorded to calculate the THI. Daily milk production was noted to verify the effect of heat stress. Furthermore, profile the thyroid hormones using enzyme-linked immunosorbent assay. Results: Low yielding cows did not show any significant change when the THI was above 72 from month June to October during stress condition. But high yielding cows shows a significant decrease (p<0.05 in milk yield when THI was above 80 (severe stress zone in the month of June to October and milk production decrease from an average of 18±1.4 to 10.9±0.92 L whereas in November-December when THI declines in the zone of comfort the milk yield did not show significant rise. The thyroid hormones (T3 and T4 level were found lower in summer heat stress condition for a high yielding cattle. Conclusion: Summer heat stress significantly decreased milk yield in high milk producing (HMP crossbred cows. As THI rises from comfort zone to stress zone milk yield decreased by 30-40% and this loss in milk production is irreversible. Management strategies should be needed as environmental control housing is suggested for the HMP crossbred cattle to minimize the heat stress. If all the dairies with cross bred cattle implement these small modifications in housing of cattle, there would be a huge increase in milk production.

Study of mutations available in first-halfexon 2 of GDF9 gene in crossbred sheep born from crossing of Romanov rams with Kermani ewes

Directory of Open Access Journals (Sweden)

Rasoul Khodabakhshzadeh

2015-04-01

Full Text Available For decreasing the numberofbreedingewes onpastures and prevention of demolition pastures, Animal breedingprograms are necessary on genes with major effects on litter size in Iranian sheep breeds for Identify effective candidate genes on these economical traits .The GDF9 gene is one of the most important effective factors on litter size in sheep. The aim of the present study was to identify G2, G3 and G4 mutations in exon 2 of GDF9 gene in crossbred sheep (Romanov rams×Kermani ewes using PCR-SSCP. Blood samples were collected from jugular vein of 121 crossbred individuals. Genomic DNA was extracted using salting-out method. Partial region of exon 2 (633 bp segments of GDF9 gene was amplified with designed specific primers. The single stranded conformation polymorphism (SSCP patterns of PCR products were studied using acrylamide gel electrophoresis and silver-nitrate staining method. Finally, we obtained 5 banding patterns 1, 2, 3, 4 and 5 with frequencies of 0.314, 0.024, 0.289, 0.232 & 0.141, respectively. The sequencing results showed presence 5 mutations in the studied population.

Emergence of Commodity Derivatives as Defensive Instrument in Portfolio Risk Hedging: A Case of Indian Commodity Markets

Directory of Open Access Journals (Sweden)

Singhal Shelly

2017-04-01

Full Text Available This paper empirically examines whether commodity derivatives can be used as an alternative investment asset in India where commodity markets are at emerging state and provides the same diversification benefit as they provide in developed commodity markets. In India only commodity futures are prevalent so various commodity indices representing various sectors has been used in the study. Diversification aspect of commodity derivatives has been tested initially by using correlation analysis. Compounded Daily Growth rate and Relative Standard deviation has been used as a measure of calculating risk and return of daily data of SENSEX, BOND and four Commodity Indices (MCX Comdex, MCX AGRI, MCX Metal, MCX Energy. Markowitz Efficient Frontier theory has been used to calculate portfolio risk return and Sharpe risk adjusted ratio has been used to evaluate the various portfolios. Optimal portfolio has been obtained for the combination of equity, bond and commodity and overall results of the study indicate that an investor who is risk averse will prefer to invest in combination of SENSEX, BOND & MCX Energy whereas an investor who gets utility by taking more risk for more returns will prefer to invest in combination of SENSEX, BOND & MCX Metal. Investor having inclination towards moderate risk return would tend to invest in MCX AGRI along with SENSEX and BOND.

Blood serum metabolites and meat quality in crossbred pigs experiencing different lairage time

Directory of Open Access Journals (Sweden)

Ivan Juric

2010-01-01

Full Text Available Pigs of two crosses: A (Duroc x Swedish Landrace x Pietrain (n=24 and B (Swedish Landrace x Large White x Pietrain (n=26 were used to investigate the effects of different lairage time (2 and 24 hours on levels of stress and meat quality traits. No direct effect of lairage time on cortisol, lactate, electrolytes and meat quality parameters was observed. However, after long lairage time, pigs showed lower level of glucose and higher CK, AST and ALT activity. Crossbred B pigs exposed to short lairage time, showed higher blood lactate, sodium, and potassium level, higher drip loss and lower pHi, whereas there were no significant differences between the crossbreeds in the long lairage group. The results indicate that long lairage time decreases blood glucose level and produces signs of muscle damage. In the short lairage period, the crossbreed B showed a higher response to pre-slaughter handling affecting the meat quality.

Review of changes in the regulation of derivatives in compliance with the directive No. 2014/65/ЕС “The Markets in Financial Instruments Directive”

Directory of Open Access Journals (Sweden)

Angelika M. Kriger

2017-06-01

Full Text Available Objective to identify and analyze the changes in the legal regulation of financial markets in the EU which occurred as a result of continuous reforms one of the key steps of which was the adoption of Directive 201465EC ldquoOn financial tools marketsrdquo. This document defines the framework for transactions with derivative financial instruments. Methods formallegal comparative historical analytical methods of scientific cognition. Results it was found that Regulation No. 6002014EU of the European Parliament and of the EU Council ldquoOn the financial tools marketsrdquo introduced the trading obligation to transactions with derivative financial instruments that is the rules on signing contracts on a certain type of regulated platforms. These platforms include regulated markets multilateral and organized trading platforms as well as similar platforms registered in the third states. The delegated regulations of the European Commission define the criteria for the diffusion of trading obligations onto various types of financial derivatives. At the moment it is impossible to fully evaluate the innovations results as most of the provisions and secondary legal acts have not yet come into force or have not been adopted. However it is clear that the reform of 2014 will not leave the derivatives market in its previous state. Directive No. 201465EU and Regulation No. 6002014EU ldquoOn financial tools marketsrdquo produced a revolution for them. The trading obligation imposed by these documents has forced the parties involved into transactions with derivative financial instruments to adopt a new perspective on their activities. As a result of the innovation a huge part of transactions with them has to be transferred onto regulated platforms and the OTC contracts for many will become illegal. Scientific novelty the article for the first time analyses and studies the reform of the derivatives market in the European Union as well as peculiarities of

Peculiarities of marketing communications in cultural marketing

Directory of Open Access Journals (Sweden)

Daniel Gardan

2016-09-01

Full Text Available Extending the application of marketing science specific concepts and principles in various sectors would not have been possible without their gradual evolution, in terms of customization and differentiation tailored for a specific field. This phenomenon regarding marketing evolution in terms of both extensively and intensively way, led to the emergence and consolidation of a set of concepts adapted also for cultural products and services market, or in other words for culture “consumption”. This article highlights a number of marketing communications specific elements, derived from the peculiarities of modern culture consumer and the latest technologies interference in the creation and delivery of cultural products and services. Given the high degree of consumer involvement in relation to the needs that underlie consumption of cultural products and services, as well as the dimension specific for an artistic act in some cases, marketing communications has to respond to particular challenges in the process of building customer-provider relationship.

Physical quality of Simental Ongole crossbred silverside meat at various boiling times

Science.gov (United States)

Riyanto, J.; Cahyadi, M.; Guntari, W. S.

2018-03-01

This study aims to determine the physical quality of silverside beef meat at various boiling times. Samples that have been used are the back thigh or silverside meat. Treatment of boiling meat included TR (meat without boiled), R15 (boiled 15 minutes), and R30 (boiled for 30 minutes). The experimental design using Completely Randomized Design with 3 replications. Each replication was done in triple physical quality test. Determination of physical quality was performed at the Livestock Industry and Processing Laboratory at Sebelas Maret University Surakarta and the Meat Technology Laboratory at the Faculty of Animal Husbandry of Gadjah Mada University. The result of variance analysis showed that boiling affect cooking loss (P≥0.05) and but did not affect (P≤0,05) pH, water holding capacity and meat tenderness. The conclusions of the study showed that boiling for 15 minutes and 30 minutes decreased the cooking loss of Simental Ongole Crossbred silverside meat. Meat physical quality of pH, water holding capacity and the value of tenderness is not affected by boiling for 15 and 30 minutes.

Performance in preweaning pure and crossbred calves in the Mato Grosso do Sul Pantanal region, Aquidauana, Mato Grosso do Sul State, Brazil

Directory of Open Access Journals (Sweden)

Fabio Rafael Leão Fialho

2015-10-01

Full Text Available Purebred and crossbred calves (n = 3,871 were selected that were born in the sub-region of the Pantanal of Aquidauana (Brazil, derived from Nellore, Brangus, Wagyu, and ½ Brangus + ½ Nellore cows, which were artificially inseminated by bulls of the Aberdeen Angus, Red Angus, Brangus, Nellore, and Wagyubreeds. Parameters such as weaning weight, daily gain from birth to weaning, and the number of days to gain 160 kg, were assessed inthese calves and phenotypic correlations between the traits were evaluated. Data were analyzed using two statistical models. The first model included sire breed effects, the genetic group of the cow, sex, year of birth (AN, birth season (EN, and the interaction AN * EN. The second model included the genetic group of the calf, sex, AN, EN, and the interaction AN * EN. The genetic group of the cow and calf and the interaction AN * EN did not significantly affect body weight (p < 0.05. The average weaning weights of progeny were as follows: Aberdeen Angus bulls, 177.70 ± 3.28 kg; Red Angus, 180.31 ± 3.46 kg; Brangus, 181.48 ± 3.15 kg; Nellore, 175.43 ± 3.60 kg; and Wagyu, 173.16 ± 2.96 kg.

Testicular Cell Indices and Peripheral Blood Testosterone Concentrations in Relation to Age and Semen Quality in Crossbred (Holstein Friesian×Tharparkar Bulls

Directory of Open Access Journals (Sweden)

S. K. Rajak

2014-11-01

Full Text Available Present study analyzed the changes in peripheral blood testosterone concentrations and testicular cytogram in relation to age and semen quality in crossbred males. Three different age groups of crossbred males viz. bull calves (6 months, n = 5, young bulls (15 months, n = 5 and adult bulls (4 to 6 years, n = 8 were utilized for the study. Testicular fine needle aspiration cytology technique was used to quantify testicular cytology and their indices. Peripheral blood testosterone concentrations were measured using enzyme-linked immunosorbent assay method. Semen samples collected from adult bulls were microscopically evaluated for quality parameters. Mean peripheral blood testosterone concentrations in bull calves, young bulls and adult bulls were 2.28±0.09 ng/mL, 1.42±0.22 ng/mL and 5.66±1.08 ng/mL respectively, and that in adult bulls were significantly different (p<0.01 from young bulls and bull calves. There was no significant difference between the proportion of different testicular cells in bull calves and young bulls. Between young and adult bulls, significant differences (p<0.01 were observed in the proportion of spermatocytes, spermatozoa, and sperm: Sertoli cell ratio. The proportions of Sertoli cells showed a significant difference (p<0.01 between the three age groups. The number of primary spermatocytes had a positive correlation with peripheral blood testosterone concentrations in bull calves (r = 0.719, p<0.01. Number of Sertoli cells per 100 germ cells was negatively correlated with blood testosterone concentration in young bulls (r = −0.713, p<0.01. Among different semen parameters in adult bulls, ejaculate volume (r = 0.790, p<0.05 had positive relationship, and sperm motility had significant negative correlation (r = −0.711, p<0.05 with testosterone concentrations. The number of Sertoli cells and Sertoli cell index had a positive correlation with various semen quality parameters (p<0.001. Results of the present study

Uranium market

International Nuclear Information System (INIS)

Rubini, L.A.; Asem, M.A.D.

1990-01-01

The historical development of the uranium market is present in two periods: The initial period 1947-1970 and from 1970 onwards, with the establishment of a commercial market. The world uranium requirements are derived from the corresponding forecast of nuclear generating capacity, with, particular emphasis to the brazilian requirements. The forecast of uranium production until the year 2000 is presented considering existing inventories and the already committed demand. The balance between production and requirements is analysed. Finally the types of contracts currently being used and the development of uranium prices in the world market are considered. (author)

Weather Derivatives – Origin, Types and Application

OpenAIRE

Piotr Binkowski

2008-01-01

The number of companies that are exposed to the revenues loss risk caused by weather variability is still increasing. The businesses that are mostly exposed to weather risk are following: energy, agriculture, constructions and transport. That situation has initiated dynamic growth of weather derivatives markets as well as the awareness of the weather risk among the market participants. Presently, the weather derivatives markets evaluate rapidly in all the mature economies: USA, Asia and Europ...

A STUDY ON FINANCIAL DERIVATIVE WORLDWIDE TRANSACTIONS – FUTURES CONTRACTS

Directory of Open Access Journals (Sweden)

SECHEL Ioana-Cristina

2012-07-01

Full Text Available Financial products and financial derivatives transactions are on front page in the profile publications, because they have generated huge gains for a small part of market participants, and losses as well, sometimes followed by collapse even on the international financial institutions. Very common we can find in specialized media the hypothesis that the global instability was caused by derivative contracts and by the magnitude of these transactions, from the years preceding the crisis. Since they appeared in order to protect investors against various risks, we believe that the approach must have via derivative products is the ethical one. It is true that derivatives trades have grown very rapidly and have expanded from the commercial field (commodity derivatives to the capital market, but this was because the demand for such products was very high. Basically, the demand for financial derivatives products has validated their existence in the market. Derivative financial products are used by traders of financial intermediation companies, dealers, brokers, individual investors and corporations or governments. Precisely because of this large spectrum of users of financial derivatives, we can ask whether they should be used only by specialists in derivatives trading. Taken literally, the term derivative refers to a new product resulting from the modification of an existing product, but has different properties from the original product and from which it was derived (Business Dictionary 2012. But financially speaking, a derivative is a financial contract between two or more parts that comes from the future value of n reference asset (Reuters 2001, 17. Of course, in literature there are many definitions of the concept of financial derivative. If we were to build our own simple definition, we define financial derivatives as financial contracts based on an underlying asset whose price on the spot market determines its price. This is a very simple

Concentrações de imunoglobulinas G em colostro de vacas mestiças holandês-zebu Colostral immunoglobulin G concentrations in crossbred holstein-zebu dairy cows

Directory of Open Access Journals (Sweden)

Paulo Martins Soares Filho

2001-12-01

Full Text Available Oitenta e oito vacas leiteiras mestiças holandês-zebu (HZ foram distribuídas de acordo com a percentagem de grau de sangue holandês em quatro grupos: Grupo 1 = animais com menos de 70% de grau de sangue holandês (19 vacas; Grupo 2 = animais com 75% de grau de sangue holandês, que equivale a ¾ HZ (46 vacas; Grupo 3 = mestiços entre 80 e 90% de grau de sangue holandês, que corresponderam a 13/16 HZ e 7/8 HZ (11 vacas; Grupo 4 = vacas com mais de 90% de grau de sangue holandês (12 vacas. Após o parto, amostras de colostro da primeira ordenha foram colhidas e, posteriormente, submetidas à imunodifusão radial simples para determinações dos níveis de imunoglobulinas G (IgG. Os resultados obtidos permitiram concluir que as concentrações de IgG não são influenciadas pelos graus de sangue estudados e seus valores médios (145,94mg/m são muito superiores aos relatados para animais de raças taurinas puras. Por esse motivo, não se justifica o emprego de métodos artificiais de fornecimento do colostro em se tratando de mestiços HZ. Ademais, o nível elevado de IgG observado no colostro sugere que a adoção da prática da mamada natural assistida seja adequada para assegurar que, na maioria das vezes, os neonatos não venham a apresentar falhas de transferência de imunidade passiva.Eighty-eight healthy crossbred holstein-zebu (HZ dairy cows were distributed in four groups as follow: Group 1 = less than 70% HZ (19 cows; Group 2 = 75% HZ animals, corresponding to ¾ HZ (46 cows; Group 3 = crossbred animals between 80 to 90% HZ, corresponding to 13/16 HZ and 7/8 HZ (11 cows; Group 4 = cows more than 90% HZ (12 animals. After birth, colostrum samples were obtained from each cow and than were analyzed for immunoglobulin G (IgG concentration by single radial immunodifusion assay. IgG colostral concentrations were not influenced by group of crossbred HZ and its mean concentration (145.97mg/m were higher than that related for purebreds Bos

76 FR 4751 - Position Limits for Derivatives

Science.gov (United States)

2011-01-26

... saleable by long traders at its market value in normal cash marketing channels at the derivative contract's... Association, Futures Industry Association, GDF Suez Energy, Morgan Stanley, and NextEra Energy Power Marketing...

The natural gas market

International Nuclear Information System (INIS)

Lagrasta, F.; Kaminski, V.; Prevatt, R.

1999-01-01

This chapter presents a brief history of the natural gas market highlighting the changes in the gas market and examining risk management in practice detailing the types of price risks, and the use of hedging using forwards and swaps. Options to manage risk are identified, and the role of risk management in financing, the role of the intermediary, and the market outlook are discussed. Panels describing the market structure, storage and natural gas risk management, the art of risk management, the winter 1995-96 basis blowout, spark spreads, the UK gas market and Europe, and weather derivatives are presented

Global Derivatives

DEFF Research Database (Denmark)

Andersen, Torben Juul

approaches to dealing in the global business environment." - Sharon Brown-Hruska, Commissioner, Commodity Futures Trading Commission, USA. "This comprehensive survey of modern risk management using derivative securities is a fine demonstration of the practical relevance of modern derivatives theory to risk......" provides comprehensive coverage of different types of derivatives, including exchange traded contracts and over-the-counter instruments as well as real options. There is an equal emphasis on the practical application of derivatives and their actual uses in business transactions and corporate risk...... management situations. Its key features include: derivatives are introduced in a global market perspective; describes major derivative pricing models for practical use, extending these principles to valuation of real options; practical applications of derivative instruments are richly illustrated...

Growth performance and pork fat quality as measured by three methods of pigs fed 20% DDGS and slaughtered using a standard industry split marketing strategy.

Science.gov (United States)

Shircliff, K E; Callahan, Z D; Wilmoth, T A; Ohman, C E; Johnson, R C; Wiegand, B R

2015-10-01

A total of 40 pens containing 22 crossbred barrows (initial BW = 43.07 ± 1.61 kg; PIC 1050 × PIC 337 genetics) were housed in a commercial wean to finish facility. Pens were randomly allotted to dietary treatments in a 2 × 3 factorial arrangement with 2 levels of dried distillers grains with solubles (DDGS; 0% or 20%) and chosen for 1 of 3 marketing cuts removing 4, 8, and 10 animals from each pen. Fat tissue samples were removed from the anterior tip of the jowl and posterior to the sternum on the belly edge 1d postmortem. Fatty acid composition was determined via the Folch method, and iodine values (IV) were calculated from chemical titrations, fatty acid profile (GC IV), and in-plant Bruker near-infrared (NIR) spectroscopy. Pearson's correlation coefficients for IV determination methods were estimated. Inclusion of 20% DDGS did not change ( > 0.05) growth performance, whereas marketing cut affected performance, with the second cut producing the most efficient pigs ( marketing time changed growth performance.

Meat and nutritional quality comparison of purebred and crossbred pigs.

Science.gov (United States)

Zhang, Jie; Chai, Jie; Luo, Zonggang; He, Hang; Chen, Lei; Liu, Xueqin; Zhou, Qinfei

2018-01-01

Crossbreeding is an effective method of improving the efficiency and profit of production in commercial pig operations. To understand the effect of crossbreeding on meat and nutrient quality, a combination including three purebred (Duroc, D; Landrace, L; Yorkshire, Y) and two crossbred pig lines (Landrace × Yorkshire, LY; Duroc × (Landrace × Yorkshire), DLY) frequently used internationally were studied. The results showed that meat from the LY and DLY crosses had lower values for lightness L24h∗, shear force and epinephrine and higher values for drip loss, C18:1, insulin, glucagon and monounsaturated fatty acids than D, L and Y pigs. Moreover, LY had higher values for post mortem pH and lower values for a* and b* than the purebreds. In contrast, DLY had lower values for pH and higher values for a* and b* than the purebreds. Meat quality-related gene analysis showed that the CAST, IGF2 and MC4R gene expression levels in the LY and DLY pigs were significantly higher than those in the D, L and Y pigs. These results indicate that crossbreeding can alter the meat quality, nutritive value, energy metabolism and gene expression of pigs. Future research should focus on microRNA expression and DNA methylation that regulate gene expression and thus affect the meat quality. © 2017 Japanese Society of Animal Science.

Year-end seasonality in one-month LIBOR derivatives

OpenAIRE

Christopher J. Neely; Drew B. Winters

2005-01-01

We examine the markets for one-month LIBOR futures contracts and options on those futures for a year-end price effect consistent with the previously identified year-end rate increase in one-month LIBOR. The cash market rate increase appears in forward rates and derivative prices, which allows the derivatives to properly hedge year-end interest rate risk. However, while the year-end effect appears in the derivative contract, these derivative contracts provide biased forecasts of both future in...

Modeling spot markets for electricity and pricing electricity derivatives

Science.gov (United States)

Ning, Yumei

Spot prices for electricity have been very volatile with dramatic price spikes occurring in restructured market. The task of forecasting electricity prices and managing price risk presents a new challenge for market players. The objectives of this dissertation are: (1) to develop a stochastic model of price behavior and predict price spikes; (2) to examine the effect of weather forecasts on forecasted prices; (3) to price electricity options and value generation capacity. The volatile behavior of prices can be represented by a stochastic regime-switching model. In the model, the means of the high-price and low-price regimes and the probabilities of switching from one regime to the other are specified as functions of daily peak load. The probability of switching to the high-price regime is positively related to load, but is still not high enough at the highest loads to predict price spikes accurately. An application of this model shows how the structure of the Pennsylvania-New Jersey-Maryland market changed when market-based offers were allowed, resulting in higher price spikes. An ARIMA model including temperature, seasonal, and weekly effects is estimated to forecast daily peak load. Forecasts of load under different assumptions about weather patterns are used to predict changes of price behavior given the regime-switching model of prices. Results show that the range of temperature forecasts from a normal summer to an extremely warm summer cause relatively small increases in temperature (+1.5%) and load (+3.0%). In contrast, the increases in prices are large (+20%). The conclusion is that the seasonal outlook forecasts provided by NOAA are potentially valuable for predicting prices in electricity markets. The traditional option models, based on Geometric Brownian Motion are not appropriate for electricity prices. An option model using the regime-switching framework is developed to value a European call option. The model includes volatility risk and allows changes

Derivative pricing based on local utility maximization

OpenAIRE

Jan Kallsen

2002-01-01

This paper discusses a new approach to contingent claim valuation in general incomplete market models. We determine the neutral derivative price which occurs if investors maximize their local utility and if derivative demand and supply are balanced. We also introduce the sensitivity process of a contingent claim. This process quantifies the reliability of the neutral derivative price and it can be used to construct price bounds. Moreover, it allows to calibrate market models in order to be co...

Deriváty a rodinné finance

OpenAIRE

Varecha, Martin

2010-01-01

This thesis focuses on the derivatives market. The goal is to choose ones that are suitable for use for the benefit of family finances and planning. Mapping the world market derivatives, and then describes the basic characteristics of the main types of contracts. After the general characteristics of the derivatives in the introduction, are briefly described two types (forwads and swaps) that are not directly used in the family finances. In their description, however, are pointed out the funda...

Sahiwal-Friesian Crossbreds for Milk Production at Loldia Estate in a Semi-Arid Area of Kenya

International Nuclear Information System (INIS)

Muhuyi, W.B.; Lokwaleput, I.

1999-01-01

Data for this study was obtained from the Sahiwal-Friesian crossbred herd at Loldia Estate on northern shore of Lake Naivasha in the Rift Valley province of Kenya. Records on performance traits included milk yield, lactation length, age at first calving, calving interval, survival rate, herd structure and size for the period 1986-1991. The total herd size was 430 head of cattle and consisted of 33% calves, 14% steers, 14% heifers and breeding cows 39%.The mean Location Milk yield was 2,785 + or -- 871 kg (M + or - S.D) with a coefficient of variation of 31.26%. Month of calving had no effect on milk yield. Milk yield increased with parity, first lactation yield was 2434 kg and reached maximum yield of 3158 kg in the fourth lactation, an increase of 30%

Incentive Ratios of Fisher Markets

DEFF Research Database (Denmark)

Chen, Ning; Deng, Xuaitue; Zhang, Hongyang

2012-01-01

In a Fisher market, a market maker sells m items to n potential buyers. The buyers submit their utility functions and money endowments to the market maker, who, upon receiving submitted information, derives market equilibrium prices and allocations of its items. While agents may benefit...... by misreporting their private information, we show that the percentage of improvement by a unilateral strategic play, called incentive ratio, is rather limited—it is less than 2 for linear markets and at most $e^{1/e}\\thickapprox 1.445$ for Cobb-Douglas markets. We further prove that both ratios are tight....

Clinical and hematological study on crossbred cattle and water buffaloes (Bubalus bubalis) naturally infected with Theileria annulata in Sharkia province, Egypt

DEFF Research Database (Denmark)

Mahmmod, Yasser

2013-01-01

The aim of the study was to investigate the clinical and hematological findings in crossbred cattle and water buffaloes naturally infected with Theileria annulata with special reference to the clinical picture of tropical theileriosis in Egyptian buffaloes. A total 50 field cases of cattle...... in infected buffaloes was more prominent than in infected cattle with persistence of some lesions after recovery as corneal opacity and pulmonary lesions. Hematological analysis revealed a significant decrease in RBCS count, PCV%, hemoglobin amount and WBCs in the infected animals comparing to the healthy...

Performance of crossbred calves raised on different dietary treatments under smallholder dairy farm conditions

DEFF Research Database (Denmark)

Lyimo, H L N; Laswai, G H; Mtenga, L A

2010-01-01

and was formulated using locally available feed resources. Twenty-seven (27) male calves, with birth weight 32 ± 1.5 kg were randomly allocated to three treatments, whereby Treatment 1 (DC) calves were fed the developed concentrate, Treatment 2 (FC) calves were fed a common home made dairy cow concentrate (CP 130 g......An on-farm study was carried out in Tanzania to assess the performance of crossbred (Frisian/Ayrshire x Tanzania Shorthorn Zebu) dairy calves fed on a concentrate, previously developed and tested on-station. The developed concentrate contained 189 g crude protein (CP) and 13 ME MJ per kg DM...... and ME 13 MJ per kg DM) used by farmers in the study area. Treatment 3 (FP) was a control, where farmers followed their normal calf rearing practice with no interference. Restricted suckling, ad libitum feeding of forages and up to 1 kg concentrate were used for the calves on DC and FC. Weaning was at 12...

New Brunswick Market Design Committee : market design issues paper : choice of market model

International Nuclear Information System (INIS)

2001-01-01

A model for the competitive electricity market in New Brunswick was not specified by the White Paper: New Brunswick Energy Policy, published in March 2001. One of the tasks of the Market Design Committee (MDC) is to select a market model for the province. This report was prepared with this objective in mind. It begins by providing a description of the basic functions that must be performed by any electricity system. Different market models will function differently, and a descriptions of how the functions would be performed under each model is presented. Considering the specific size and geographic location of New Brunswick, a number of actual markets that could be of interest are presented. The various electricity markets normally use one of four market models: vertically integrated monopoly utility, a competitive pool market, a bilateral contract market, and a single-buyer market. The first model was not explained as it represents the existing, non-competitive model whereby the government owns and/or regulates price and investment decision. The case where a market operator receives bids and offers from buyers and sellers and matches them to derive a price and schedule for the spot market is what is called the competitive pool market. When electricity trade takes place through a series of contracts between individual buyers and sellers, it is referred to as a bilateral contract market. Finally, the single-buyer market is defined as a monopoly where the buyer purchases from multiple sellers based on competition amongst them. Different examples are provided of applications of the three markets described in the paper. Both New England and New Zealand were chosen to better illustrate the concepts of a fully competitive pool-based market, as they either have close ties to New Brunswick, or share physical similarities. The single-buyer model is illustrated by the case of Northern Ireland where size is similar. The choices made in Quebec were described in the final

Monitoring reproductive performance of cross-bred dairy cattle on smallholder farms in Malaysia

International Nuclear Information System (INIS)

Wahab, S.; Jainudeen, M.R.; Azizuddin, K.

1990-01-01

The paper reports on the reproductive performance of smallholder dairy cross-bred cattle in Malaysia, as monitored by milk progesterone radioimmunoassay and rectal palpation. Infertility was identified as the major problem faced by the smallholder farmers. The results show that there is a strong and significant association between suckling and delayed post-partum ovarian activity. The longer calving intervals in smallholder dairy herds compared with those in institutional herds are due to inactive ovaries rather than failure to detect oestrus. The use of a progesterone releasing intravaginal device (PRID) for treatment of anoestrus resulted in 93% of cows cycling, with a conception rate of 46% to insemination at the induced oestrus. Cows that suckled their calves had significantly longer calving intervals. The mean body score for cattle on smallholder herds was 3.8 -+ 1.1, and fertile cows had significantly higher scores than infertile cows. There was strong evidence to suggest that increased body scores corresponded to shorter intervals between calving and resumption of sexual activity, calving and conception, and successive calvings. (author). 12 refs, 4 tabs

Effects of finishing diet and pre-slaughter fasting time on meat quality in crossbred pigs

Directory of Open Access Journals (Sweden)

K. PARTANEN

2008-12-01

Full Text Available The effects of the carbohydrate composition of finishing diet (fed from 80 to 107 kg of body weight and the length of pre-slaughter fasting on pork quality were studied in a 2 × 2 factorial experiment with 80 crossbred pigs. The control finishing diet was based on barley and soybean meal, and the fibrous finishing diet was based on barley, barley fibre, faba beans, and rapeseed cake. These diets contained 465 and 362 g starch and 177 and 250 g dietary fibre per kg, respectively. The fasting times of 25 and 41 h were obtained by giving the pigs their last meal at different times. Longer fasting lowered the glycolytic potential of the longissimus lumborum muscle (P = 0.01, whereas the finishing diet had no effect. Different muscles responded differently to the treatments. Longer fasting increased the ultimate pH of the semimembranosus muscle (P = 0.02, but did not affect that of the longissimus lumborum and semispinalis capitis muscles. The finishing diets did not affect the ultimate pH of the investigated muscles. A diet × fasting time interaction was seen in the lightness of the semimembranosus muscle (P = 0.05. The fibrous diet resulted in darker meat than the control diet did in pigs that were fasted for 25 h (P < 0.05. Longer fasting darkened the meat colour in pigs fed the fibrous diet (P < 0.05 but not in those fed the control diet. The meat from the semispinalis capitis muscle was darker in pigs fed the fibrous than those fed the control diet (P = 0.04. The treatments did not affect the colour of the longissimus lumborum muscle. Longer fasting decreased drip loss from the meat of pigs fed the control diet (P < 0.05. The eating quality of the pork was not influenced by the finishing diets or the fasting time. The pigs also grew equally fast on both finishing diets. In conclusion, a moderate alteration in the carbohydrate composition of a finishing diet or longer pre-slaughter fasting can have some effects on pork quality in crossbred pigs

Effects of Protein Level and Mangosteen Peel Pellets (Mago-pel in Concentrate Diets on Rumen Fermentation and Milk Production in Lactating Dairy Crossbreds

Directory of Open Access Journals (Sweden)

T. Norrapoke

2012-07-01

Full Text Available Four, lactating dairy crossbreds (50%×50% Holstein Friesian×Native Zebu cattle were randomly assigned according to a 2×2 factorial arrangement (two protein levels and two levels of mangosteen peel pellets (Mago-pel in a 4×4 Latin square design to receive four dietary treatments. All cows received concentrate at a proportion of 1 kg concentrate per 2 kg of milk yield, and urea-treated 5% rice straw (UTRS was given ad libitum. It was found that total dry matter intakes, nutrient digestibility, ruminal pH and NH3-N concentrations were not affected (p>0.05 by treatments. Concentrations of ruminal pH and NH3-N were not affected by dietary treatments although the concentration of BUN varied significantly (p0.05; however, the population of protozoa was decreased (p0.05 among dietary treatments (p>0.05; however, copy numbers of Ruminococcus flavefaciens was increased when protein level increased (p0.05 milk composition except solids-not-fat which was higher in cows fed the diet with 19% CP. Therefore, feeding a concentrate containing 16% CP together with 300 g/hd/d Mago-pel supplementation results in changes in rumen fermentation and microbial population and improvements in milk production in lactating dairy crossbreds fed on UTRS.

Deriving consensus rankings via multicriteria decision making methodology

OpenAIRE

Amy Poh Ai Ling; Mohamad Nasir Saludin; Masao Mukaidono

2012-01-01

Purpose - This paper seeks to take a cautionary stance to the impact of the marketing mix on customer satisfaction, via a case study deriving consensus rankings for benchmarking on selected retail stores in Malaysia. Design/methodology/approach - The ELECTRE I model is used in deriving consensus rankings via multicriteria decision making method for benchmarking base on the marketing mix model 4P's. Descriptive analysis is used to analyze best practice among the four marketing tactics. Finding...

Risk premia in energy markets

DEFF Research Database (Denmark)

Veraart, Almut E.D.; Veraart, Luitgard A.M.

Risk premia between spot and forward prices play a key role in energy markets. This paper derives analytic expressions for such risk premia when spot prices are modelled by Lévy semistationary processes. While the relation between spot and forward prices can be derived using classical no......-arbitrage arguments as long as the underlying commodities are storable, the situation changes in the case of electricity. Hence, in an empirical study based on electricity spot prices and futures from the European Energy Exchange market, we investigate the empirical behaviour of electricity risk premia from...

12 CFR 223.33 - What rules apply to derivative transactions?

Science.gov (United States)

2010-01-01

... Requirements Under Section 23A § 223.33 What rules apply to derivative transactions? (a) Market terms... with affiliates comply with the market terms requirement of § 223.51. (c) Credit derivatives. A credit... 12 Banks and Banking 3 2010-01-01 2010-01-01 false What rules apply to derivative transactions...

Pricing and hedging in the VIX derivative market

NARCIS (Netherlands)

Kozarski, R.

2013-01-01

In course of the analysis, we take advantage of extended market evidence in the model estimation and a more complex design to assess the model pricing and hedging performance. The pursuit of more empirically relevant frameworks pays-off is a more precise pricing. However, instead of developing

Options, Futures, and Other Derivatives in Russia: An Overview

OpenAIRE

Rotfuß, Waldemar

2007-01-01

This work provides a descriptive overview of Russian markets for financial derivatives. Available figures for the exchange-traded and over-the-counter-traded derivatives in Russia show that the Russian derivatives markets experienced enormous growth rates since the financial crisis in 1998. Starting from a very low level, turnover of exchange-traded derivatives in Russia rose from 2000 to 2006 on average 168 percent per year and reached a total turnover of EUR 102 billion in 2006. Among futur...

Optimal allocation of energy storage in a co-optimized electricity market: Benefits assessment and deriving indicators for economic storage ventures

International Nuclear Information System (INIS)

Krishnan, Venkat; Das, Trishna

2015-01-01

This paper presents a framework for optimally allocating storage technologies in a power system. This decision support tool helps in quantitatively answering the questions on “where to and how much to install” considering the profits from arbitrage opportunities in a co-optimized electricity market. The developed framework is illustrated on a modified IEEE (Institute of Electrical and Electronics Engineers) 24 bus RTS (Reliability Test System), and the framework finds the optimal allocation solution and the revenues storage earns at each of these locations. Bulk energy storage, CAES (compressed air energy storage) is used as the representative storage technology, and the benefits of optimally allocated storage integration onto the grid are compared with transmission expansion solution. The paper also discusses about system-level indicators to identify candidate locations for economical storage ventures, which are derived based on the optimal storage allocation solution; and applies the market price based storage venture indicators on MISO (Mid-continental Independent System Operator) and PJM (Pennsylvania-New Jersey-Maryland Interconnection) electricity markets. - Highlights: • Storage optimal allocation framework based on high-fidelity storage dispatch model. • Storage with transmission addresses energy and ancillary issues under high renewables. • Bulk storage earns higher revenues from co-optimization (∼10× energy only market). • Grid offers distributed opportunities for investing in a strategic mix of storage. • Storage opportunities depend on cross-arbitrage, as seen from MISO (Mid-continental Independent System Operator) and PJM (Pennsylvania-New Jersey-Maryland Interconnection) markets

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...

Inter relationship between some routine semen evaluation parameters in Jersey X local hill cattle crossbred bulls

Directory of Open Access Journals (Sweden)

S. Kapoor

2012-05-01

Full Text Available The present study was conducted with an objective of establishing a relationship between various routine semen evaluation parameters. Work was conducted at Sperm Station Palampur, Himachal Pradesh, on the semen from five Jersey X local hill cattle crossbred breeding bulls. A total of 40 ejaculates (8 from each bull, were analysed at five different stages of processing namely post dilution, post equilibration, post thaw and after 1 and 2 hours incubation post thaw at 37°C for progressive motility, live dead count, reaction to hypo-osmotic solution, acrosomal integrity and gross morphological abnormalities. The results of the study revealed a highly significant (P<0.01 correlation between the various semen evaluation parameters except for the gross morphological abnormalities where there was a significant (P<0.05 negative correlation between the acrosomal integrity and gross morphological abnormalities.

Financial Derivatives in China

Institute of Scientific and Technical Information of China (English)

无

2006-01-01

Francis Repka sees bright prospects for the future development of the financial derivatives market in China. Repka,Vice President of the Asian Bond Finance Department of Societe Generale, says the situation in France just after the birth of derivatives was very similar to the situation in China today.

Understanding complex dynamics in derivatives finance: why do options markets smile?

NARCIS (Netherlands)

Qiu, G.; Kandhai, D.; Johnson, N.F.; Sloot, P.M.A.

2012-01-01

The origin of the volatility smile phenomenon observed in options markets has eluded the financial world for more than two decades. We provide a new explanation of this phenomenon using a microscopic multi-agent description of markets. In our model individual trading behavior is explicitly included

Derivatives in South Africa – an empirical investigation

Directory of Open Access Journals (Sweden)

Stefan Schwegler

2011-03-01

Full Text Available This paper, which is the second of a two-part series, presents the empirical findings of testing a number of variables influencing investors’ decisions to use derivatives in their portfolios. Five variables were deemed very important by a sample of 21 experts in the financial services industry in South Africa. These were: the level of information available (including the transparency of price determination; investor’s knowledge of different derivative instruments; investor’s level of risk tolerance; the level of liquidity in the market; and investor’s knowledge of and familiarity with financial markets. Education is required to change negative sentiments regarding derivatives and more regulation is called for, especially in over-the-counter markets.

A global assessment of market accessibility and market influence for global environmental change studies

Energy Technology Data Exchange (ETDEWEB)

Verburg, Peter H [Institute for Environmental Studies, Amsterdam Global Change Institute, VU University Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam (Netherlands); Ellis, Erle C [Department of Geography and Environmental Systems, University of Maryland, Baltimore County, Baltimore, MD 21250 (United States); Letourneau, Aurelien, E-mail: Peter.Verburg@ivm.vu.nl [UMR 5175 Centre d' Ecologie Fonctionnelle and Evolutive, Centre National de la Recherche Scientifique, 1919 Route de Mende, 34293 Montpellier cedex 5 (France)

2011-07-15

Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

A global assessment of market accessibility and market influence for global environmental change studies

Science.gov (United States)

Verburg, Peter H.; Ellis, Erle C.; Letourneau, Aurelien

2011-07-01

Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

A global assessment of market accessibility and market influence for global environmental change studies

International Nuclear Information System (INIS)

Verburg, Peter H; Ellis, Erle C; Letourneau, Aurelien

2011-01-01

Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (2/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Market Trading and Risk Management of Vanilla FX Options - Measures of Market Risk - Implied Volatility - FX Risk Reversals, FX Strangles - Valuation and Risk Calculations - Risk Management - Market Trading Strategies

A General Theory of Endogenous Market Structures

OpenAIRE

Federico Etro; Paolo Bertoletti

2014-01-01

We provide a unified approach to imperfect (monopolistic, Bertrand and Cournot) competition equilibria with demand functions derived from symmetric preferences over a large but finite number of goods. The equilibrium markups depend on the Morishima Elasticity of Substitution/Complementarity between goods, and can be derived directly from the utility functions and ranked unambiguously. We characterize the endogenous market structures, their dependence on market size, income and firms’ producti...

Market survey of the state of affairs in the Dutch energy market

International Nuclear Information System (INIS)

2010-09-01

The aim of this market survey: to get insight in the knowledge, perception and behavior of consumers in relation to the energy market; to offer insight in developments in aforementioned aspects; to get insight in the effectiveness of the actions of the Dutch Office of Energy Regulation. Derived purposes/functions of the research include: an own measuring instrument for the Office of Energy Regulation, which makes them less dependent on other parties for obtaining data on the energy market; enabling periodical contact with the consumer and sounding out the mood on the energy market. The target can be translated into the following research questions: To what extent are consumers informed about the energy market, or to what extent do they know how to access relevant information?; To what extent is the energy market transparent in the eyes of the consumer?; How much confidence do consumers have in the energy market?; How do people judge the service provision of the energy companies?. [nl

Molting characteristics of crossbreds between Alabio and Pekin ducks

Directory of Open Access Journals (Sweden)

Susanti T

2015-03-01

Full Text Available Molting is a problem for duck farmers, during which the ducks stop laying eggs. Molting characteristics may be altered through crossing between non-molting to molting ducks. The purpose of this study was to evaluate molting characteristics of the crossing between Alabio and Pekin ducks. The materials used were 90 female AP (Alabio males x Pekin females and 90 female PA (Pekin males x Alabio females, 25 female Alabio and 25 female Pekin ducks. The ducks were housed in individual cages at the Indonesian Research Institute for Animal Production, Ciawi Bogor. Variables measured were the length of molting and egg production in 30 weeks, data were analyzed using ANOVA and followed by the estimation of the value of heterosis. Result showed that the molting of Pekin ducks was 71.31±9.36 days, it was longer than Alabio, AP or PA ducks, which were respectively 42.44±8.59, 43.63±4.88 and 49.35±4.85 days (P<0.01. Egg production of Pekin duck (56.41±4.59 was significantly lower (P<0.01 than that of Alabio, AP or PA, which were 72.48±3.24, 83.75±1.39 and 76.12±1.68 respectively. The heterosis of molting period of AP was higher than that of PA (-23.29 vs -13.23%. The heterosis of egg production of AP was higher than PA (29.96 vs 18.12%. It is concluded that the AP crossbred could be utilized as the initial population to produce a superior line characterized by high egg production and controllable molting.

Live pig markets in eastern Indonesia: Trader characteristics, biosecurity and implications for disease spread.

Science.gov (United States)

Leslie, Edwina E C; Geong, Maria; Abdurrahman, Muktasam; Ward, Michael P; Toribio, Jenny-Ann L M L

2016-03-01

Classical swine fever has been negatively impacting pig production in Nusa Tenggara Timur province in eastern Indonesia since its introduction in the 1990s, with live market trade contributing to disease spread. To understand market trader knowledge and practices regarding pig management, biosecurity, pig movements and pig health (specifically CSF), a repeated survey was conducted with pig sellers and pig buyers at 9 market sites across West Timor and the islands of Flores and Sumba. A total of 292 sellers and 281 buyers were interviewed in 2009 during two periods (rounds), a high-demand month (September) and a low-demand month (November). Information was collected via questionnaire. The majority of traders were male (sellers: 89%; buyers: 87%) with the highest level of completed education being primary school (sellers: 48%; buyers: 41%). The primary occupation of most respondents was farming: 90% of sellers and 87% of buyers were smallholder pig farmers and tended to sell their own home-raised pigs at market (52%). Pigs were sold for monetary gain either for primary (52%) or extra income (44%). Markets tended to be selected based on a good reputation (62%), a location close to residence (62%) and having the desired pig type (59%). Pig sales through markets were reported to be highest from August to October with 31% of sellers trading pigs at two or more markets. Prices at market were significantly higher on Sumba compared to West Timor and cross-bred pigs were significantly more expensive than indigenous pigs. Understanding of CSF and biosecurity was limited: 85% of sellers and 83% of buyers had no prior knowledge of CSF. Fifty-four percent of sellers reported no use of any biosecurity practices at market. Most respondents (88%) were able to recognise at least one clinical sign of a sick pig. Informal pig movements were also identified: 18% of pig buyers purchased pigs directly from other farmers. This study has provided baseline information on market trader

Credit derivatives and risk management

OpenAIRE

Michael S. Gibson

2007-01-01

The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. I illustrate the value of credit derivatives with three examples. A commercial bank can use credit derivatives to manage the risk of its loan portfolio. An investment bank can use credit derivatives to manage the risks it incurs when underwriting securities. An investor, such as an insurance company, asset manager, or hedge fund, can use credit derivatives to align its...

Strategies for risk management using the paper markets [to minimize oil price risks

International Nuclear Information System (INIS)

Annesley, M.

1993-01-01

The severe price movement experienced within energy markets during the last few years have awakened significant interest in hedging, and other uses of the futures, options, forward and derivative markets, to minimise price risk. There are two basic strands of structure of the markets now available for risk mangement. The first of these is the Exchange markets (IPE, NYMEX, and SIMEX) providing various futures and options alternatives; the second is the forward cargo contracts. The liquidity in these forward cargo markets, is variable but the contracts do provide some hedging and price risk management opportunities, which supplement and complement the Exchange markets, particularly for the professional risk managers and market makers. A range of forward markets is potentially available serving all regions. The more recent development of widely used derivative contracts, notably the swaps and price triggering in physical sale contracts, gives further alternatives from which interested companies may choose. The derivative market, although by definition off-exchange' may use either the Exchanges, forward markets or various oil publications for establishing their prices. Therefore, Exchange futures and options, forward markets and either standard or individually tailored derivatives all provide possible solutions to the risk management needs of coping with today's volatile prices. (author)

Survival, lifetime production, and profitability of Normande × Holstein, Montbéliarde × Holstein, and Scandinavian Red × Holstein crossbreds versus pure Holsteins.

Science.gov (United States)

Heins, B J; Hansen, L B; De Vries, A

2012-02-01

Pure Holstein (HO) cows (n=416) were compared with Normande (NO) × HO (n=251), Montbéliarde (MO) × HO (n=503), and Scandinavian Red (SR) × HO (n=321) crossbred cows for survival, lifetime production, and profitability in 6 commercial herds in California. The SR crossbred cows were sired by both Swedish Red and Norwegian Red bulls. Cows calved from June 2002 to January 2009. For analysis of survival to subsequent calvings, lifetime production, and profitability, data were restricted to 3 of 6 herds because they had at least 20 cows in each of the breed groups. All cows had the opportunity to calve at least 4 times. Best prediction, which is used by USDA for national genetic evaluations in the United States, was used to determine lifetime production to 4 yr (1,461 d) in the herd after first calving from test-day observations. Production and survival were estimated after 4 yr to calculate lifetime profit. A profit function was defined to include revenues and expenses for milk, fat, protein, and other solids production; somatic cell count; reproduction; feed intake; calf value; salvage value; dead cow disposal; and fixed cost. The NO × HO (1.2%), MO × HO (2.0%), and SR × HO cows (1.6%) had significantly fewer deaths than did pure HO cows (5.3%) during the first 305 d of first lactation. All crossbred groups had significantly more cows that calved a second, third, and fourth time, and had mean survival that was 300 to 400 d longer than did pure HO cows. The NO × HO, MO × HO, and SR × HO cows had significantly higher lifetime fat plus protein production than did pure HO cows up to 1,461 d after first calving. For profitability (ignoring possible differences in health costs), NO × HO cows had 26% greater projected lifetime profit per cow, but 6.7% less profit per cow-day, than did pure HO cows. On the other hand, MO × HO and SR × HO cows had 50 to 44%, respectively, more projected lifetime profit per cow and 5.3 to 3.6%, respectively, more projected profit

Target Marketing and Direct Mail: A Smart Campaign Combination.

Science.gov (United States)

Brostoff, Mark J.

1994-01-01

Market segmentation is a marketing strategy that helps identify and classify a camp's product or service and determine the needs of a targeted market for the purpose of allocating marketing resources. Offers strategies for defining a target market and discusses the benefits of direct mail, deriving a mailing list, and suggestions for using a…

Funding climate adaptation strategies with climate derivatives

Directory of Open Access Journals (Sweden)

L. Richard Little

2015-01-01

Full Text Available Climate adaptation requires large capital investments that could be provided not only by traditional sources like governments and banks, but also by derivatives markets. Such markets would allow two parties with different tolerances and expectations about climate risks to transact for their mutual benefit and, in so doing, finance climate adaptation. Here we calculate the price of a derivative called a European put option, based on future sea surface temperature (SST in Tasmania, Australia, with an 18 °C strike threshold. This price represents a quantifiable indicator of climate risk, and forms the basis for aquaculture industries exposed to the risk of higher SST to finance adaptation strategies through the sale of derivative contracts. Such contracts provide a real incentive to parties with different climate outlooks, or risk exposure to take a market assessment of climate change.

Market Power in Hydro-Thermal Supply

International Nuclear Information System (INIS)

Edin, Karl-Axel

2006-12-01

Despite having had a deregulated electricity market in Sweden for over ten years we still need to increase our understanding as to how deregulated electricity markets actually work and how possible problems are to be solved. One question that is always in focus is if the competition between generators in the Nordic electricity market really works the way it was intended. Many argue that the concentration in ownership of generation plants already has gone too far. Together with joint ownership in nuclear facilities and barriers for entrance, critics say that this has resulted in higher electricity prices than necessary. In this report different methods to (ex ante) study potential possibilities for generating firms to influence the electricity price (market power) and (ex post) discover possible manipulation through analysing the spot price and other observed factors on the electricity market are analysed. The purpose of the longer underlying paper is to give a comprehensive treatment of the electricity market with storage, i.e. hydro power, with an auction market organisation and to test the models on the Nordic market in order to explore the explanatory power of auction market theory and the theory of contestable market. The main theoretical effort in the paper concerns auction theory with inventories. The paper develops an inter-temporal auction model of a thermal-hydro power market. Parallel to the derivation of the basic equations a numerical model is developed in order to illustrate the results of the model. Section 2 of the present paper summarizes the basic equations (derived in the longer paper) for an inter-temporal auction thermal-hydro market. Section 3 contains the illustrations of solutions to equations for some stylized markets. In section 4 the auction model is tested on the Nordic market

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

OpenAIRE

Yu-Kyung Kim

1998-01-01

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

77 FR 35944 - Renewal of the Global Markets Advisory Committee

Science.gov (United States)

2012-06-15

... international standards for regulating futures, swaps, options, and derivatives markets, as well as..., competitive, and financially sound futures and options markets. Meetings of the Global Markets Advisory... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

Multi-market energy procurement for a large consumer using a risk-aversion procedure

Energy Technology Data Exchange (ETDEWEB)

Zare, Kazem [Tarbiat Modares University, Tehran, P.O. Box 14115-111 (Iran); Conejo, Antonio J. [Castilla-La Mancha University, Ciudad Real (Spain); Carrion, Miguel [Castilla-La Mancha University, Toledo (Spain); Moghaddam, Mohsen Parsa [Tarbiat Modares University, Tehran (Iran)

2010-01-15

This paper provides a technique to derive the bidding strategy in the day-ahead market of a large consumer that procures its electricity demand in both the day-ahead market and a subsequent adjustment market. Price uncertainty is modeled using concepts derived from information gap decision theory, which allows deriving robust decisions with respect to price volatility. Risk aversion is built implicitly within the proposed model. Correlations among prices in the day-ahead and the adjustment markets are properly modeled. The proposed technique is illustrated through a realistic case study. (author)

Multi-market energy procurement for a large consumer using a risk-aversion procedure

International Nuclear Information System (INIS)

Zare, Kazem; Conejo, Antonio J.; Carrion, Miguel; Moghaddam, Mohsen Parsa

2010-01-01

This paper provides a technique to derive the bidding strategy in the day-ahead market of a large consumer that procures its electricity demand in both the day-ahead market and a subsequent adjustment market. Price uncertainty is modeled using concepts derived from information gap decision theory, which allows deriving robust decisions with respect to price volatility. Risk aversion is built implicitly within the proposed model. Correlations among prices in the day-ahead and the adjustment markets are properly modeled. The proposed technique is illustrated through a realistic case study. (author)

Market completeness. How options affect hedging and investments in the electricity sector

International Nuclear Information System (INIS)

Willems, Bert; Morbee, Joris

2010-01-01

The high volatility of electricity markets gives producers and retailers an incentive to hedge their exposure to electricity prices by buying and selling derivatives. This paper studies how welfare and investment incentives are affected when an increasing number of derivatives are introduced. It develops an equilibrium model of the electricity market with risk averse firms and a set of traded financial products, more specifically: a forward contract and an increasing number of options. We first show that aggregate welfare (the sum of individual firms' utility) increases with the number of derivatives offered, although most of the benefits are captured with one to three options. Secondly, power plant investments typically increase because additional derivatives enable better hedging of investments. However, the availability of derivatives sometimes leads to 'crowding-out' of physical investments because firms' limited risk-taking capabilities are being used to speculate on financial markets. Finally, we illustrate that players basing their investment decisions on risk-free probabilities inferred from market prices, may significantly overinvest when markets are not sufficiently complete. (author)

An Approach to Regulation on Financial Derivatives in the Spanish Law

Directory of Open Access Journals (Sweden)

Pablo Sanz Bayón

2013-07-01

Full Text Available This review examines the major reforms implemented in the regulations governing the trading of financial derivatives in Spain. This new regulation is intended to harmonize the treatment of derivative products with the legal standards of international markets in the European area as well as improving their competitiveness by enhancing the trading of new products and business lines in the Spanish markets while reducing the systemic risk associated to the clearing and settlement of derivatives contracts. Including measures regarding the conversion of OTC derivatives into assets quoted on organized markets into Spanish law has made an important contribution to a better regulation, security and transparency of the financial system.

75 FR 33788 - Renewal of the Global Markets Advisory Committee

Science.gov (United States)

2010-06-15

... appropriate international standards for regulating futures and derivatives markets, as well as intermediaries... financially sound futures and options markets. Meetings of the Global Markets Advisory Committee are open to... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

Effects of evaporative cooling on the regulation of body water and milk production in crossbred Holstein cattle in a tropical environment

Science.gov (United States)

Chaiyabutr, N.; Chanpongsang, S.; Suadsong, S.

2008-09-01

The aim of this study was to determine how evaporative cooling modifies body function with respect to water metabolism and other variables relevant to milk synthesis in crossbred cattle. The study was conducted on two groups of 0.875HF:0.125RS crossbred Holstein cattle (87.5%) housed in an open-sided barn with a tiled roof (non-cooled animals) and in a close-sided barn under an evaporative cooling system (cooled animals). The maximum ambient temperature and relative humidity for the non-cooled group were 33°C and 61%, with the corresponding values for the evaporatively cooled barn being 28°C and 84%, respectively. The temperature humidity index (THI) of under non-cooled conditions was higher ( P glucose and triglyceride of cooled animals were not significantly different compared with values for non-cooled animals. No differences were seen in plasma hormonal levels for triiodotyronine (T3) and insulin-like growth factor-1 (IGF-1), but plasma cortisol and thyroxine (T4) levels tended to be lower in non-cooled animals. This study suggests that low cooling temperature accompanied by high humidity influences a galactopoietic effect, in part through increases in ECF, blood volume and plasma volume in association with an increase in DMI, which partitions the distribution of nutrients to the mammary gland for milk synthesis. Cooled animals were unable to maintain high milk yield as lactation advances even though a high level of body fluids was maintained during long-term cooled exposure. The decline in milk yield, coinciding with a decrease in net energy for lactation as lactation advances, could be attributed to a local change within the mammary gland.

Some reproductive performances of Thai native (TN and 50% TN x Anglo-Nubian crossbred does with different levels of concentrate supplementation

Directory of Open Access Journals (Sweden)

Choldumrongkul, S.

2007-05-01

Full Text Available A 2 x 2 x 2 factorial in completely randomized design was conducted to determine the effect of genotype of does (Thai native (TN or 50% Anglo-Nubian (AN crossbred, levels of concentrate supplementation(1 % body weight or ad libitum and body condition of does (poor or good on oestrus incidence, kidding rate and multiple birth rate of does. Does rotationally grazed on Paspalum plicatulum pasture for 4 weeks andwere supplemented with concentrate. The experiment was divided into 4 periods: 1 does run with a teaser for 105 days before mating to determine an oestrus incidence 2 does joined with bucks of the same genotypefor 45 days 3 does run with a teaser for 150 days during pregnancy and 4 does run with a teaser 90 days post-partum. Genotype, levels of concentrate supplementation and body condition of does did not significantlyaffect (P>0.05 kidding rate or multiple birth rate and average kidding rate and multiple birth rate of the does was 83.8 and 82.3%, respectively. Birth weight of kids from TN does was significantly lower (P<0.01 than that from 50% TN x AN crossbred does (1.9 and 2.5 kg, respectively. Number of days of the first oestrus incidence in post-partum period for TN does was significantly (P<0.01 less than that of 50% ANcrossbred does (59.1 days and 75.0 days, respectively. Number of days of the first oestrus incidence in postpartum for does supplemented with concentrate ad libitum was significantly (P<0.01 lower than that ofdoes supplemented with 1% BW of concentrate (60.5 and 73.6 days, respectively.

Genomic prediction by single-step genomic BLUP using cow reference population in Holstein crossbred cattle in India

DEFF Research Database (Denmark)

Nayee, Nilesh Kumar; Su, Guosheng; Gajjar, Swapnil

2018-01-01

Advantages of genomic selection in breeds with limited numbers of progeny tested bulls have been demonstrated by adding genotypes of females to the reference population (Thomasen et al., 2014). The current study was conducted to explore the feasibility of implementing genomic selection in a Holst......Advantages of genomic selection in breeds with limited numbers of progeny tested bulls have been demonstrated by adding genotypes of females to the reference population (Thomasen et al., 2014). The current study was conducted to explore the feasibility of implementing genomic selection...... in a Holstein Friesian crossbred population with cows kept under small holder conditions using test day records and single step genomic BLUP (ssGBLUP). Milk yield records from 10,797 daughters sired by 258 bulls were used Of these 2194 daughters and 109 sires were genotyped with customized genotyping chip...

Adiposity, lipogenesis, and fatty acid composition of subcutaneous and intramuscular adipose tissues of Brahman and Angus crossbred cattle.

Science.gov (United States)

Campbell, E M G; Sanders, J O; Lunt, D K; Gill, C A; Taylor, J F; Davis, S K; Riley, D G; Smith, S B

2016-04-01

The objective of this study was to demonstrate differences in aspects of adipose tissue cellularity, lipid metabolism, and fatty and cholesterol composition in Angus and Brahman crossbred cattle. We hypothesized that in vitro measures of lipogenesis would be greater in three-fourths Angus progeny than in three-fourths Brahman progeny, especially in intramuscular (i.m.) adipose tissue. Progeny ( = 227) were fed a standard, corn-based diet for approximately 150 d before slaughter. Breed was considered to be the effect of interest and was forced into the model. There were 9 breed groups including all 4 kinds of three-fourths Angus calves: Angus bulls Angus-sired F cows ( = 32), Angus bulls Brahman-sired F cows ( = 20), Brahman-sired F bulls Angus cows ( = 24), and Angus-sired F bulls Angus cows ( = 20). There were all 4 kinds of three-fourths Brahman calves: Brahman bulls Brahman-sired F cows ( = 21), Brahman bulls Angus-sired F cows ( = 43), Brahman-sired F bulls Brahman cows ( = 26), and Angus-sired F bulls Brahman cows ( = 13). Additionally, F calves (one-half Brahman and one-half Angus) were produced only from Brahman-sired F bulls Angus-sired F cows ( = 28). Contrasts were calculated when breed was an important fixed effect, using the random effect family(breed) as the error term. Most contrasts were nonsignificant ( > 0.10). Those that were significant ( Angus > F, three-fourths Brahman > F, and three-fourths crossbred progeny combined > F), s.c. adipocyte volume (three-fourths Angus > F and three-fourths bloods combined > F), lipogenesis from acetate in s.c. adipose tissue (three-fourths Brahman calves from Brahman dams > three-fourths Brahman calves from F dams), and percentage 18:3-3 in s.c. adipose tissue (three-fourths Brahman calves from Brahman-sired F dams Angus-sired F dams). Intramuscular adipocyte volume ( Angus cattle. Additionally, several differences were observed in i.m. adipose tissue that were consistent with this being a less-developed adipose

Market entry, power, pharmacokinetics: what makes a successful drug innovation?

Science.gov (United States)

Alt, Susanne; Helmstädter, Axel

2018-02-01

Depending on the timing of market entry, radical innovations can be distinguished from incremental innovations. Whereas a radical innovation typically is the first available derivative of a drug class, incremental innovations are launched later and show a certain benefit compared with the radical innovation. Here, we use historical market data relating to pharmacokinetic (PK), pharmacodynamic (PD), and other drug-related properties to investigate which derivatives within certain drug classes have been most successful on the market. Based on our investigations, we suggest naming the most successful drugs 'overtaking innovation', because they often exceed the market share of all the other derivatives. Seven drug classes showed that the overtaking innovation is never a radical innovation, but rather an early incremental innovation, with advantages in manageability and/or tolerance. Copyright © 2017 Elsevier Ltd. All rights reserved.

The Nordic electric power market. A study of the market characteristics, price factors and the competitive environment of the Nordic power market

International Nuclear Information System (INIS)

Keskikallio, J.; Lindholm, J.

2003-06-01

power derivatives (since the TSO may affect the area price directly) and the use of bottleneck payments (income resulting from grid congestion). The supervision of spot and derivatives trading has been sporadic, and suspected cases with abuse of market power or market manipulation have not been processed in a satisfactory manner. Competent regulatory authorities (ex. RATA) should be empowered to extend supervision to encompass all market participants and be able to impose effective sanctions. Terms and regulations should be the same for market participants based in any country within the Nordic power market. (orig.)

Democracy and Markets: The Case of Exchange Rates

OpenAIRE

John R. Freeman; Jude C. Hays; Helmut Stix

1999-01-01

The relationships between the workings of democratic institutions and currency markets are studied. Several competing propositions about how political (re)equilibration affects currency markets are derived and tested. The results support the view that democratic politics affects currency markets. Expectations and uncertainty about electoral outcomes and government survival affect the probability of switching between currency market equilibria. Additionally, opinion polls about chief executive...

Physical Picture of the Insurance Market

OpenAIRE

Amir Hossein Darooneh

2004-01-01

We find the wealth distribution for an economic agent in the financial market, in analogy with standard derivation of generaliz Boltzman (Tsallis) factor in statistical mechanics. In this respect, Tsallis entropic index separates two different regimes, the large and small size market. The Pareto like wealth distribution is obtained in the case of small size market. A method for computing the premium is suggested based on the surplus average vanishing.

Transaction Pattern Based on Secondary Clientelism, Business Ideology and Market Development： The case of lime market in Hui Town

Institute of Scientific and Technical Information of China (English)

2011-01-01

Secondary clientelism is a special exchange relationship derived from primary clientelism. The market with transactions dependent on the secondary clientelism would be”because of”erembeddedness”. Using the lime market in Hui Town as a case, this paper tries to explore why this kind of markets could achieve market order from the perspective of the interconnection of market structure and market culture. Analysis demonstrates that, the coupling induction of structural embeddedness and cultural embeddedness is the deeper mechanism for the market development. Although the new business ideology and transactional dependence on networks originate from market structural transitions, active construction and choice behaviors of the manufacturers still manifest great importance.

The persistence of marketing effects on sales

OpenAIRE

Dekimpe, Marnik; Hanssens, DM

1993-01-01

Are marketing efforts able to affect long-term trends in sales or other performance measures? Answering this question is essential for the creation of marketing strategies that deliver a sustainable competitive advantage. This paper introduces persistence modeling to derive long-term marketing effectiveness from time-series observations on sales and marketing expenditures. First, we use unit-root tests to determine whether sales are stable or evolving (trending) over time. If they are evolvin...

OPINION Is the repo a derivative?

African Journals Online (AJOL)

Introduction. The literature on the derivative markets and the spot (cash) financial markets ... value of R9 450 000, and the interest factor for the period of the repo is R35 000 ... mathematics is simple and in the case of bonds a little less simple.

Marketing communications in conditions of crisis

Directory of Open Access Journals (Sweden)

Ognjanov Galjina

2009-01-01

Full Text Available The paper aims to reveal potential economic benefits deriving from implementation of regionally integrated marketing communications strategy in the period of the global financial crisis. Possibilities for implementation of regionally integrated marketing communications strategy in the Western Balkans are analyzed based on the assessment of macro-marketing environmental factors and consumers attitudes. Study results have shown satisfactory conditions for the implementation of regionally integrated marketing communications in four countries of the region. Consequently, in the period of the most recent economic crisis companies operating on this market which decide to implement regionally integrated marketing communications strategy may make significant cost-savings through centralization of their marketing communications activities, organizational learning and synergy rather then from cutting their media budgets.

12 CFR 932.5 - Market risk capital requirement.

Science.gov (United States)

2010-01-01

... estimates the market value of the Bank's assets and liabilities, off-balance sheet items, and derivative... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Market risk capital requirement. 932.5 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.5 Market risk capital requirement. (a...

Decoding restricted participation in sequential electricity markets

Energy Technology Data Exchange (ETDEWEB)

Knaut, Andreas; Paschmann, Martin

2017-06-15

Restricted participation in sequential markets may cause high price volatility and welfare losses. In this paper we therefore analyze the drivers of restricted participation in the German intraday auction which is a short-term electricity market with quarter-hourly products. Applying a fundamental electricity market model with 15-minute temporal resolution, we identify the lack of sub-hourly market coupling being the most relevant driver of restricted participation. We derive a proxy for price volatility and find that full market coupling may trigger quarter-hourly price volatility to decrease by a factor close to four.

Ramsey prices in the Italian electricity market

International Nuclear Information System (INIS)

Bigerna, Simona; Bollino, Carlo Andrea

2016-01-01

In this paper, we derive optimal zonal prices in the Italian day-ahead electricity market using estimation of a complete system of hourly demand in 2010–2011. In Italy, the hourly equilibrium price for all buyers is computed as a uniform average of supply zonal prices, resulting from market splitting due to line congestion. We model ex-ante individual bids expressed by heterogeneous consumers, which are distinguished by geographical zones. Using empirical estimations, we compute demand elasticity values and new zonal prices, according to a Ramsey optimal scheme. This is a new approach in the wholesale electricity market literature, as previous studies have discussed the relative merit of zonal prices, considering only the issue of line congestion. Our results show that the optimal pricing scheme can improve welfare in the day-ahead Italian electricity market, with respect to both the existing uniform price scheme and the proposal to charge the existing supply zonal prices to the demand side. - Highlights: • We model and estimate the demand of heterogeneous buyers in the electricity market. • Transmission line congestion creates welfare distortions in the market. • We derive optimal Ramsey prices in the Italian day-ahead electricity market. • We compare optimal prices with historical ones showing how to improve welfare.

A new index for electricity spot markets

International Nuclear Information System (INIS)

Falbo, Paolo; Fattore, Marco; Stefani, Silvana

2010-01-01

Different indexes are used in electricity markets worldwide to represent the daily behavior of spot prices. However, the peculiarities of these markets require a careful choice of the index, based on mathematical formulation and its statistical properties. Choosing a bad index may influence the financial policies of market players, since derivative pricing and hedging performance can be deeply affected. In this paper with an initial theoretical analysis, we intend to show that the most widely used indexes (simple arithmetic average and weighted average with current volumes) are poor representatives of the spot market. We will then perform an analysis of the hedging strategy on a derivative instrument (an Asian option) written on a reference index. The resulting simulations, applied to OMEL (Spain) and EEX (Germany), are sufficiently clear cut to suggest that the decision to adopt an index to represent properly a market must be taken very carefully. Finally we will propose a new index (FAST index) and, after comparing it with the previous indexes, will show that both theoretically and practically this index can be taken as a good electricity market synthetic indicator.

Opportunities for biomass-derived 'bio-oil' in European heat and power markets

International Nuclear Information System (INIS)

Brammer, J.G.; Lauer, M.; Bridgwater, A.V.

2006-01-01

Bio-oil (biomass fast pyrolysis) systems for heat, power or CHP production are nearing demonstration status. Their commercial attractiveness will depend on many factors, and will vary with the application, the scale, and importantly the location and its associated economic and logistical factors. The objective of this work, carried out as part of an EC-ALTENER project, was to evaluate the opportunities for bio-oil in the heat and power markets of Europe. Bio-oil applications were compared with conventional (fossil) alternatives for the same heat and power duty. The evaluation was carried out by a quantitative assessment of the economic competitiveness of standard applications in 14 European countries. Location-specific data were collected, and combined with technology-specific data obtained from earlier work. A competitiveness factor (c F ) was derived which represents the total annual cost of a conventional alternative relative to a bio-oil application. The results showed a wide variation across Europe. A total of six countries had at least one bio-oil application which was economically competitive. Heat-only applications were found to be the most economically competitive, followed by CHP applications, with electricity-only applications only very rarely competitive. For a given technology, the larger the scale, the better the competitiveness

Opportunities for biomass-derived 'bio-oil' in European heat and power markets

International Nuclear Information System (INIS)

Brammer, J.G.; Bridgwater, A.V.

2006-01-01

Bio-oil (biomass fast pyrolysis) systems for heat, power or CHP production are nearing demonstration status. Their commercial attractiveness will depend on many factors, and will vary with the application, the scale, and importantly the location and its associated economic and logistical factors. The objective of this work, carried out as part of an EC-ALTENER project, was to evaluate the opportunities for bio-oil in the heat and power markets of Europe. Bio-oil applications were compared with conventional (fossil) alternatives for the same heat and power duty. The evaluation was carried out by a quantitative assessment of the economic competitiveness of standard applications in 14 European countries. Location-specific data were collected, and combined with technology-specific data obtained from earlier work. A competitiveness factor (c F ) was derived which represents the total annual cost of a conventional alternative relative to a bio-oil application. The results showed a wide variation across Europe. A total of six countries had at least one bio-oil application which was economically competitive. Heat-only applications were found to be the most economically competitive, followed by CHP applications, with electricity-only applications only very rarely competitive. For a given technology, the larger the scale, the better the competitiveness. (author)

Estimating market probabilities of future interest rate changes

OpenAIRE

Hlušek, Martin

2002-01-01

The goal of this paper is to estimate the market consensus forecast of future monetary policy development and to quantify the priced-in probability of interest rate changes for different future time horizons. The proposed model uses the current spot money market yield curve and available money market derivative instruments (forward rate agreements, FRAs) and estimates the market probability of interest rate changes up to a 12-month horizon.

Comparative analysis on genome-wide DNA methylation in longissimus dorsi muscle between Small Tailed Han and Dorper×Small Tailed Han crossbred sheep

Directory of Open Access Journals (Sweden)

Yang Cao

2017-11-01

Full Text Available Objective The objective of this study was to compare the DNA methylation profile in the longissimus dorsi muscle between Small Tailed Han and Dorper×Small Tailed Han crossbred sheep which were known to exhibit significant difference in meat-production. Methods Six samples (three in each group were subjected to the methylated DNA immunoprecipitation sequencing (MeDIP-seq and subsequent bioinformatics analyses to detect differentially methylated regions (DMRs between the two groups. Results 23.08 Gb clean data from six samples were generated and 808 DMRs were identified in gene body or their neighboring up/downstream regions. Compared with Small Tailed Han sheep, we observed a tendency toward a global loss of DNA methylation in these DMRs in the crossbred group. Gene ontology enrichment analysis found several gene sets which were hypo-methylated in gene-body region, including nucleoside binding, motor activity, phospholipid binding and cell junction. Numerous genes were found to be differentially methylated between the two groups with several genes significantly differentially methylated, including transforming growth factor beta 3 (TGFB3, acyl-CoA synthetase long chain family member 1 (ACSL1, ryanodine receptor 1 (RYR1, acyl-CoA oxidase 2 (ACOX2, peroxisome proliferator activated receptor-gamma2 (PPARG2, netrin 1 (NTN1, ras and rab interactor 2 (RIN2, microtubule associated protein RP/EB family member 1 (MAPRE1, ADAM metallopeptidase with thrombospondin type 1 motif 2 (ADAMTS2, myomesin 1 (MYOM1, zinc finger, DHHC type containing 13 (ZDHHC13, and SH3 and PX domains 2B (SH3PXD2B. The real-time quantitative polymerase chain reaction validation showed that the 12 genes are differentially expressed between the two groups. Conclusion In the current study, a tendency to a global loss of DNA methylation in these DMRs in the crossbred group was found. Twelve genes, TGFB3, ACSL1, RYR1, ACOX2, PPARG2, NTN1, RIN2, MAPRE1, ADAMTS2, MYOM1, ZDHHC13, and SH3

Primer on electricity futures and other derivatives

International Nuclear Information System (INIS)

Stoft, S.; Belden, T.; Goldman, C.; Pickle, S.

1998-01-01

Increased competition in bulk power and retail electricity markets is likely to lower electricity prices, but will also result in greater price volatility as the industry moves away from administratively determined, cost-based rates and encourages market-driven prices. Price volatility introduces new risks for generators, consumers, and marketers. Electricity futures and other derivatives can help each of these market participants manage, or hedge, price risks in a competitive electricity market. Futures contracts are legally binding and negotiable contracts that call for the future delivery of a commodity. In most cases, physical delivery does not take place, and the futures contract is closed by buying or selling a futures contract on or near the delivery date. Other electric rate derivatives include options, price swaps, basis swaps, and forward contracts. This report is intended as a primer for public utility commissioners and their staff on futures and other financial instruments used to manage price risks. The report also explores some of the difficult choices facing regulators as they attempt to develop policies in this area

Primer on electricity futures and other derivatives

Energy Technology Data Exchange (ETDEWEB)

Stoft, S.; Belden, T.; Goldman, C.; Pickle, S.

1998-01-01

Increased competition in bulk power and retail electricity markets is likely to lower electricity prices, but will also result in greater price volatility as the industry moves away from administratively determined, cost-based rates and encourages market-driven prices. Price volatility introduces new risks for generators, consumers, and marketers. Electricity futures and other derivatives can help each of these market participants manage, or hedge, price risks in a competitive electricity market. Futures contracts are legally binding and negotiable contracts that call for the future delivery of a commodity. In most cases, physical delivery does not take place, and the futures contract is closed by buying or selling a futures contract on or near the delivery date. Other electric rate derivatives include options, price swaps, basis swaps, and forward contracts. This report is intended as a primer for public utility commissioners and their staff on futures and other financial instruments used to manage price risks. The report also explores some of the difficult choices facing regulators as they attempt to develop policies in this area.

Trading Platform for the Global Warrant Markets

Directory of Open Access Journals (Sweden)

Iosif ZIMAN

2011-01-01

Full Text Available Global warrant markets are among the most active financial markets in the retail derivatives investment landscape currently. In this context some of the most relevant markets in the last years have been the ones across Asia and in particular Hong Kong, Korea and Japan. This paper introduces the financial instruments used in connection with the warrant markets, pre-sents and offers suggestions for setting up a generic warrant market making system and in-troduces the main concepts and components that need to be taken into account when develop-ing these systems targeting an exchange driven or E-Businesscontext.

North America markets for alcohol and alcohol-derived motor fuels and need for tax incentives

International Nuclear Information System (INIS)

Haigwood, B.

1991-01-01

The U.S. fuel alcohol and ether industry has grown from its infancy in 1979 to approximately 2.9 billion gallons of production capacity in 1991. With the emphasis on clean air, the uncertainties in the Middle East, and fluctuating oil prices, IRI believes the demand for alcohol-derived motor fuels is poised to begin a second phase of expansion. Historically, the two primary alcohol-derived motor fuels sold in the U.S. have been methyl tertiary butyl ether (MTBE) and ethanol. There is also a limited but growing use of methanol as 85% blendstock for gasoline. Since 1978, fuel ethanol has provided the U.S. petroleum industry with an additional source of supply, octane, and profit. Its price was based on the price of wholesale gasoline plus available federal and state tax incentives. These incentives allowed ethanol, with production costs of $1.00 to $1.25 per gallon, to compete with gasoline at prices of 40 to 65 per gallon. Without the federal and state tax incentives, it would not be economically feasible to sell or manufacture fuel ethanol. On the other hand, the largest consumption of methanol has been as a feedstock for the production of MTBE, the world's fastest growing chemical over the past seven years. MTBE prices are based on the cost of raising the octane level of gasoline, and this commodity does not receive subsidies. Beginning in 1992, IRI predicts the price relationship between ethanol, MTBE, and gasoline will change as U.S. refiners and marketers are required to include oxygenated fuels (alcohol-derived) in their gasoline. In total, over 60 billion gallons of gasoline will need to be reformulated by the year 2000. The increased demand for oxygen will result in a 2.5-billion gallon deficit of MTBE and 1.2-billion gallon deficit of ethanol by the year 2000. 2 tabs

Financial instability from local market measures

International Nuclear Information System (INIS)

Bardoscia, Marco; Livan, Giacomo; Marsili, Matteo

2012-01-01

We study the emergence of instabilities in a stylized model of a financial market, when different market actors calculate prices according to different (local) market measures. We derive typical properties for ensembles of large random markets using techniques borrowed from statistical mechanics of disordered systems. We show that, depending on the number of financial instruments available and on the heterogeneity of local measures, the market moves from an arbitrage-free phase to an unstable one, where the complexity of the market—as measured by the diversity of financial instruments—increases, and arbitrage opportunities arise. A sharp transition separates the two phases. Focusing on two different classes of local measures inspired by real market strategies, we are able to analytically compute the critical lines, corroborating our findings with numerical simulations. (paper)

Applying mathematical finance tools to the competitive Nordic electricity market

International Nuclear Information System (INIS)

Vehvilaeinen, I.

2004-01-01

This thesis models competitive electricity markets using the methods of mathematical finance. Fundamental problems of finance are market price modelling, derivative pricing, and optimal portfolio selection. The same questions arise in competitive electricity markets. The thesis presents an electricity spot price model based on the fundamental stochastic factors that affect electricity prices. The resulting price model has sound economic foundations, is able to explain spot market price movements, and offers a computationally efficient way of simulating spot prices. The thesis shows that the connection between spot prices and electricity forward prices is nontrivial because electricity is a commodity that must be consumed immediately. Consequently, forward prices of different times are based on the supply-demand conditions at those times. This thesis introduces a statistical model that captures the main characteristics of observed forward price movements. The thesis presents the pricing problems relating to the common Nordic electricity derivatives, as well as the pricing relations between electricity derivatives. The special characteristics of electricity make spot electricity market incomplete. The thesis assumes the existence of a risk-neutral martingale measure so that formal pricing results can be obtained. Some concepts introduced in financial markets are directly usable in the electricity markets. The risk management application in this thesis uses a static optimal portfolio selection framework where Monte Carlo simulation provides quantitative results. The application of mathematical finance requires careful consideration of the special characteristics of the electricity markets. Economic theory and reasoning have to be taken into account when constructing financial models in competitive electricity markets. (orig.)

Productive and Reproductive Performances of Female Etawah Crossbred Goats in Indonesia

Directory of Open Access Journals (Sweden)

I Ketut Sutama

2009-03-01

Full Text Available Although Etawah Crossbred (PE goat is considered to be dual purpose (meat and milk goat, it is mainly raised for meat production. Since early 1990, there has been a growing interest of the farmer in some places to raise PE goat for milk production without sacrificing its role to produce kids for meat. The average birth weight of PE kids varied widely (2.8 – 5 kg, resulted in a high variation in weaning weight (9 – 14 kg. A high pre-weaning mortality of 10 – 50% was a major source of lost in goat production in Indonesia, partly due to low birth weight and/or miss mothering ability. Young female PE goat reached puberty at 8 – 12 months of age and at body weight of about 18 – 22 kg or about 53 – 60% of mature body weight. Gestation length varied between 142 – 156 days, and first post partum estrous occurred at 3 – 5 months after parturition took place, resulted in 8 – 10 months of kidding intervals. Lactation period lasted for 5 – 8 months with total milk yield of 177 – 203 kg/lactation (average 0.85 kg/day. Although milk yield of PE goat was not as high as milk yield of some other dairy goats, the ability of PE goat to cope with harsh local environment, particularly climate and feed conditions, was an advantage. Therefore, raising PE goat would still be an important part of farmer activities in the rural areas in Indonesia.

SPECULATIVE EFFICIENCY OF STOCK INDEX FUTURES MARKETS:AN ANALYSIS ON THE ASEAN MARKETS

Directory of Open Access Journals (Sweden)

Normas Awang

2012-07-01

Full Text Available The capital markets in emerging economies are undergoing rapid transformationdue to the advancement of technologicalinnovations and globalization of themarketplace. Thus, the risk managementmeasures are extremely importantthroughout the financial system. However,the scarcity of derivative instrumentssuch as futures and options in emergingmarkets, in addition to the failure togenerate liquidity, have made the emerging economies to be left behind in therecent development of the world capital markets. Whilethere are a great numberof earlier studies that analyse the efficiency of futures markets in differentcountries, there is a lack ofresearch that take intoaccount of the speculativeefficiency of futures markets which argues that futures prices are an unbiased forecast of the spot pricesas well as a crucial part offorecasting techniques. Thispaper aims to investigate the speculativeefficiency of stock index futures marketsin the ASEAN markets which comprises ofSingapore, Malaysia and Thailand byemploying an econometric time series dataanalysis ranging from January 2000 toDecember 2010.

Market Access and Welfare

DEFF Research Database (Denmark)

Raimondos-Møller, Pascalis; Woodland, Alan D.

According to the literature, well known tariff reform rules that are guaranteed to increase welfare will not necessarily increase market access, while rules that are guaranteed to increase market access will not necessarily increase welfare. Such conflict between welfare and market access...... objectives of trade policy is problematic and calls for finding alternative tariff reform rules that can achieve both objectives at the same time. The present paper contributes to this aim by using a new set of tariff reforms that are based on local optimality. Using such reforms it is shown that market...... access and consumer welfare will always be weakly compatible, in the sense that reforms based on each objective have the same signed effect on the other objective. For strong compatibility, whereby both objectives increase as a result of a locally optimal tariff reform, we derive both a necessary...

Biogas and Hydrogen Systems Market Assessment

Energy Technology Data Exchange (ETDEWEB)

Milbrandt, Anelia [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bush, Brian [National Renewable Energy Lab. (NREL), Golden, CO (United States); Melaina, Marc [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2016-03-31

This analysis provides an overview of the market for biogas-derived hydrogen and its use in transportation applications. It examines the current hydrogen production technologies from biogas, capacity and production, infrastructure, potential and demand, as well as key market areas. It also estimates the production cost of hydrogen from biogas and provides supply curves at a national level and at point source.

Extension of market concept with market-driven optimisation of distribution system operation

DEFF Research Database (Denmark)

Wu, Qiuwei; Østergaard, Jacob

2013-01-01

not explicitly submitted, but derived from historic demand response behaviour. The locational prices resulting from this local optimisation were used to alleviate the congestion that would result from response to a global price, as issued within the EcoGrid EU real time market for system balancing services from......This report describes the development of a pricing mechanism for the alleviation of congestion at the 10kV distribution network level using demand flexibility in a 5-minute real-time market environment. Demand was incorporated into an OPF based market clearing procedure in which demand bids were...... distributed resources. A complementary direct control framework was developed to operate in tandem with the pricing mechanism to ensure the reliable alleviation of congestion...

Pricing of reserves. Valuing system reserve capacity against spot prices in electricity markets

International Nuclear Information System (INIS)

Just, Sebastian; Weber, Christoph

2008-01-01

This paper models the interdependencies between markets for secondary reserve capacity and spot electricity to derive the pricing of reserves under equilibrium conditions. Starting with the indifference condition between offering in both markets, the reservation price is derived from the opportunity cost consideration and the unit commitment conditions in a fundamental interrelated market framework. The reserve market examined compares widely to the German market for secondary reserves, but the general approach may also be used to investigate other reserve markets. The approach explores and formalizes the influence of reserve capacity on the spot market supply function. A numerical solution procedure is provided to this non-trivial case of market interaction. The model is used to estimate the expected reservation price development over the last years in Germany. (author)

BONE STRENGTH (ossis tibiae OF NATIVE PIGS ZŁOTNICKA SPOTTED BREED AND CROSSBREDS OF POLISH LARGE WHITE AND PoLISH LANDRACE PIGS

Directory of Open Access Journals (Sweden)

Wojciech KAPELAŃSKI

2012-01-01

Full Text Available The purpose of this study was to compare the bone strength traits in two groups of pigs different in terms of genetic value, fast growth capability and meat deposition in the body. The study covered 33 fatteners of the Złotnicka Spotted breed (ZŁP and 20 crossbreds F1 (Polish Large White x Polish Landrace. Tibial bones were obtained following slaughter and evaluated in terms of properties and geometry, as well as bending and compressive strength. Mineral composition of the bone tissue was also established, i.e.: ash, Ca, P, Na, K, Zn and Mg. The significance of differences between the traits demonstrated by pigs in both groups subject to the study was estimated, with calculated overall correlations between the primary bone properties. The results confirmed significant differences in terms of geometry of the bones in both animal groups. In the ZŁP breed pigs, compared to the F1 crossbred group (PLW x PL, the outside and inside diameters of the tibial shaft were smaller (P ≤ 0.01, yet the average thickness of the wall of the bone was slightly larger. The bending force required to fracture the bone turned out to be lower in Złotnicka Spotted pigs, the opposite of the results obtained with regard to the compressive strength. Furthermore, calcium content, calcium-phosphorus ratio (Ca : P and sodium content were highly statistically or significantly larger in the bone tissue of the Złotnicka Spotted pigs. Consequently, the final results show that the bone strength demonstrated by modern pig breeds subject to intensive selection focused on high growth rate and increased meat deposition is in no way lower than the same trait recognized in the Złotnicka Spotted breed kept in preservative breeding conditions.

Gamma radiation treatment applied to microbial decontamination of products derived from eggs collected from the retail market in São Paulo, SP, Brazil

International Nuclear Information System (INIS)

Aquino, S.; Lui, C.C.; Corrêa, B.

2017-01-01

The quality of products derived from eggs depends on the quality of the raw material source and the industrial production. The contamination by fungi and bacteria can occur after exposure of the product in the retail market. The objective of this study was to evaluate the microbiological quality of 60 samples of derived egg products and evaluate the effects of gamma radiation of cobalt-60, using the dose of 5 and 10 kGy, for decontamination of products collected in the retail market in the São Paulo city. The bacterial count was performed by the most probable number (MPN) and the fungal counts by serial dilution after plating surface. It was observed a decrease in the humidity and water activity (Aw) values of irradiated whole egg powder and white egg powder samples (p<0.05), but there was no significant change in the pH of the same samples irradiated with 5 and 10 kGy (p>0.05). In the powdered yolk the values of pH and Aw presented a significant difference (p<0.05), but no significant difference in the humidity values of 5 and 10 kGy irradiated samples (p>0.05). Effective microbial sterilization of all products occurred at the dose of 10 kGy. (author)

Gamma radiation treatment applied to microbial decontamination of products derived from eggs collected from the retail market in São Paulo, SP, Brazil

Energy Technology Data Exchange (ETDEWEB)

Aquino, S.; Lui, C.C., E-mail: siaq06@hotmail.com [Universidade Nove de Julho (UNINOVE), São Paulo, SP (Brazil); Corrêa, B. [Universidade de São Paulo (USP), SP (Brazil)

2017-11-15

The quality of products derived from eggs depends on the quality of the raw material source and the industrial production. The contamination by fungi and bacteria can occur after exposure of the product in the retail market. The objective of this study was to evaluate the microbiological quality of 60 samples of derived egg products and evaluate the effects of gamma radiation of cobalt-60, using the dose of 5 and 10 kGy, for decontamination of products collected in the retail market in the São Paulo city. The bacterial count was performed by the most probable number (MPN) and the fungal counts by serial dilution after plating surface. It was observed a decrease in the humidity and water activity (Aw) values of irradiated whole egg powder and white egg powder samples (p<0.05), but there was no significant change in the pH of the same samples irradiated with 5 and 10 kGy (p>0.05). In the powdered yolk the values of pH and Aw presented a significant difference (p<0.05), but no significant difference in the humidity values of 5 and 10 kGy irradiated samples (p>0.05). Effective microbial sterilization of all products occurred at the dose of 10 kGy. (author)

Are Foreign Institutional Investors Good for Emerging Markets?

OpenAIRE

Frenkel, Michael; Menkhoff, Lukas

2003-01-01

Portfolio flows channeled via institutional investors were the most dynamic capital flows to emerging markets in the 1990s. We use an asymmetric information framework to derive five propositions, to integrate empirical evidence and to suggest policy implications. Opaque information in emerging markets hinders foreign market entrants. Moreover, following financial opening, institutional investors can worsen the position of local investors due to unintentionally creating unbalanced diversificat...

Genome Wide Association Studies (GWAS Identify QTL on SSC2 and SSC17 Affecting Loin Peak Shear Force in Crossbred Commercial Pigs.

Directory of Open Access Journals (Sweden)

Chunyan Zhang

Full Text Available Of all the meat quality traits, tenderness is considered the most important with regard to eating quality and market value. In this study we have utilised genome wide association studies (GWAS for peak shear force (PSF of loin muscle as a measure of tenderness for 1,976 crossbred commercial pigs, genotyped for 42,721 informative SNPs using the Illumina PorcineSNP60 Beadchip. Four 1 Mb genomic regions, three on SSC2 (at 4 Mb, 5 Mb and 109 Mb and one on SSC17 (at 20 Mb, were detected which collectively explained about 15.30% and 3.07% of the total genetic and phenotypic variance for PSF respectively. Markers ASGA0008566, ASGA0008695, DRGA0003285 and ASGA0075615 in the four regions were strongly associated with the effects. Analysis of the reference genome sequence in the region with the most important SNPs for SSC2_5 identified FRMD8, SLC25A45 and LTBP3 as potential candidate genes for meat tenderness on the basis of functional annotation of these genes. The region SSC2_109 was close to a previously reported candidate gene CAST; however, the very weak LD between DRGA0003285 (the best marker representing region SSC2_109 and CAST indicated the potential for additional genes which are distinct from, or interact with, CAST to affect meat tenderness. Limited information of known genes in regions SSC2_109 and SSC17_20 restricts further analysis. Re-sequencing of these regions for informative animals may help to resolve the molecular architecture and identify new candidate genes and causative mutations affecting this trait. These findings contribute significantly to our knowledge of the genomic regions affecting pork shear force and will potentially lead to new insights into the molecular mechanisms regulating meat tenderness.

Clustering and Joint Marketing in Retail Trade

OpenAIRE

Bohlin, Nils

2001-01-01

This paper presents the idea that retail trade stories might cluster with their competitors to pool marketing expenses and thereby increase their individual visibility among consumers. In a model which presumes such a marketing technology we derive some new comparative statics results. In a small/mega center we expect more competing stores in retail trade markets where products are heterogenous and consumers like to compare products before they buy, i.e. where people like to shop around. The ...

A New Human-Derived Acellular Dermal Matrix for Breast Reconstruction Available for the European Market: Preliminary Results.

Science.gov (United States)

Folli, Secondo; Curcio, Annalisa; Melandri, Davide; Bondioli, Elena; Rocco, Nicola; Catanuto, Giuseppe; Falcini, Fabio; Purpura, Valeria; Mingozzi, Matteo; Buggi, Federico; Marongiu, Francesco

2018-04-01

The introduction of acellular dermal matrices (ADMs) contributed to the growing diffusion of direct-to-implant breast reconstruction (DTI-BR) following mastectomy for breast cancer. According to specific legislations, European specialists could not benefit from the use of human-derived ADMs, even though most evidence in the literature are available for this kind of device, showed optimal outcomes in breast reconstruction. The Skin Bank of the Bufalini Hospital (Cesena, Italy) obtained in 2009 the approval for the production and distribution of a new human cadaver-donor-derived ADM (named with the Italian acronym, MODA, for matrice omologa dermica acellulata) from the Italian National Transplant Center and National Health Institute. We report preliminary results of MODA application in direct-to-implant breast reconstruction following nipple-areola complex (NAC)-sparing mastectomy for breast cancer treatment. We prospectively enrolled all women undergoing NAC-sparing mastectomy for breast cancer and DTI-BR in our breast surgical unit from June 2015 to January 2017. We enrolled a selected population without previous chest wall irradiation, not being heavy tobacco smokers or diabetic, with a BMI MODA in direct-to-implant breast reconstruction following NAC-sparing mastectomy for breast cancer treatment. This is particularly relevant for the European market, where no other human-derived devices are available for breast reconstruction due to regulatory restrictions. This journal requires that authors assign a level of evidence to each article. For a full description of these Evidence-Based Medicine ratings, please refer to the Table of Contents or the online Instructions to Authors www.springer.com/00266 .

Valuing put options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?

Directory of Open Access Journals (Sweden)

A Biebuyck

2014-12-01

Full Text Available This study attempts to determine whether mispricing of options on single stock futures is present in the South African derivatives market. The valuation of options on single stock futures is considered through the put-call parity relationship. The theoretical fair values obtained, are compared to the actual market values over a period of three years, that is, from 2009 to 2011. Only put options are considered in this research.The results show that arbitrage put option opportunities do present themselves for the chosen shares. The actual put options were found to be underpriced in 5 out of 6 (83% of the cases considered over the evaluation periods chosen. The mispricing was significant for both the BHP Billiton options with 100% and in the case of Sasol options (66% of the time. Whether profitable arbitrage opportunities is possible, will depend on the magnitude of the mispricing and the transaction fees payable. Further, more extensive research may help identify tendencies which may be of use for the formulation of arbitrage strategies

Intraday Lead-Lag Relationships between the Futures-, Options and Stock Market

NARCIS (Netherlands)

de Jong, F.C.J.M.; Donders, M.W.M.

1996-01-01

In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated.Due to market imperfections, one of these markets may reflect information faster.The use of high-frequency data and the choice for a small unit

Vulnerable Derivatives and Good Deal Bounds: A Structural Model

DEFF Research Database (Denmark)

Murgoci, Agatha

2013-01-01

We price vulnerable derivatives -- i.e. derivatives where the counterparty may default. These are basically the derivatives traded on the over-the-counter (OTC) markets. Default is modeled in a structural framework. The technique employed for pricing is good deal bounds (GDBs). The method imposes...

Emerging equity market and economic development: Bangladesh perspective

OpenAIRE

Mohajan, Haradhan; Datta, Rajib; Das, Arjun

2011-01-01

Bangladesh capital market is one of the smallest market in Asia but the third largest in the South Asian region. A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price. These are securities listed on a stock exchange as well as those only traded privately. Economic development is a term that generally refers to the sustained, concerted effort of policymakers and community to promote the standard of living and economic health in a...

Serum amyloid A and haptoglobin levels in crossbred cows with endometritis following different therapy

Directory of Open Access Journals (Sweden)

S. S. Biswal

2014-12-01

Full Text Available Aim: To determine the serum variations of two major acute phase proteins, serum amyloid A (SAA and haptoglobin (Hp levels in crossbred endometritis cows following pre and post immunomodulation therapy. Materials and Methods: 21 endometritis cows were randomly assigned to three groups (n=7 and treated with three different immunomodulators while seven healthy cows served as control. Uterine flushing collected from all animals was subjected to bacteriological study and serum samples were analyzed for SAA and Hp by sandwich ELISA method. Results: Escherichia coli was most prevalent Gram-negative bacteria (6.02 × 106 CFU/ml while Staphylococcus (0.86 × 106 CFU/ml and Streptococcus (0.52 × 106 CFU/ml were most predominant Gram-positive species isolated from uterine flushing. The pre-treatment SAA values (μg/ml varied significantly (p<0.01 between the treatment groups whereas no difference was observed in post-treatment groups. No significant difference (p<0.01 was observed for Hp values between the treatment groups, but the mean SAA (μg/ml and Hp (μg/ml levels were significantly (p<0.01 higher in pre-treatment when compared to post-treatment within the groups. Conclusion: In the diagnosis and monitoring of bovine endometritis, both SAA and Hp might serve as reliable biomarkers.

Trilateral market coupling. Algorithm appendix

International Nuclear Information System (INIS)

2006-03-01

each local market. The Market Coupling algorithm provides as an output for each market: The set of accepted Block Orders; The Net Position for each Settlement Period of the following day; and The price (MCP) for each Settlement Period of the following day. The results of the Market Coupling algorithm are consistent with a number of 'High Level Properties'. The High Level Properties can be divided into two subsets: Market Coupling High Level Properties (constraints that the Market Results fulfill for each Settlement Period), and Exchanges High Level Properties (constraints that the Market Results must fulfill for each Settlement Period. They reflect the requirements of individual participants trading on the exchanges). Using the ATCs and NECs, the Market Coupling algorithm can determine for each Settlement Period the Price and Net Position of each market. A NEC is built for a given set of accepted Block Orders (Winning Subset). When a set of NECs is used to determine the prices and Net Positions of each market, the set of prices returned for each market may very well not be compatible with this assumed Winning Subset. The Winning Subset needs to be updated and the calculations run again with the derived new NEC. This procedure must be repeated until a stable solution is found. As a consequence, the Market Coupling algorithm involves iterations between two modules: The Coordination Module which is in charge of the centralized computations; The Block Selector of each exchange which performs the decentralized computations. The iterative nature of the algorithm derives from the treatment of Block Orders. The data flows and calculations of the iterative algorithm are described in the rest of the document

Trilateral market coupling. Algorithm appendix

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-03-15

participants in each local market. The Market Coupling algorithm provides as an output for each market: The set of accepted Block Orders; The Net Position for each Settlement Period of the following day; and The price (MCP) for each Settlement Period of the following day. The results of the Market Coupling algorithm are consistent with a number of 'High Level Properties'. The High Level Properties can be divided into two subsets: Market Coupling High Level Properties (constraints that the Market Results fulfill for each Settlement Period), and Exchanges High Level Properties (constraints that the Market Results must fulfill for each Settlement Period. They reflect the requirements of individual participants trading on the exchanges). Using the ATCs and NECs, the Market Coupling algorithm can determine for each Settlement Period the Price and Net Position of each market. A NEC is built for a given set of accepted Block Orders (Winning Subset). When a set of NECs is used to determine the prices and Net Positions of each market, the set of prices returned for each market may very well not be compatible with this assumed Winning Subset. The Winning Subset needs to be updated and the calculations run again with the derived new NEC. This procedure must be repeated until a stable solution is found. As a consequence, the Market Coupling algorithm involves iterations between two modules: The Coordination Module which is in charge of the centralized computations; The Block Selector of each exchange which performs the decentralized computations. The iterative nature of the algorithm derives from the treatment of Block Orders. The data flows and calculations of the iterative algorithm are described in the rest of the document.

Energy partition for maintenance and weight gain in Nellore and crossbred steers finished under grazing Partição de energia para mantença e ganho em novilhos nelores e mestiços terminados a pasto

Directory of Open Access Journals (Sweden)

N.F. Sant´Ana

2011-04-01

Full Text Available The objective of this work was to estimate net energy (NEm and metabolizable energy (MEm requirements for maintenance and efficiency of use of metabolizable energy for maintanence (k m and gain (k g of grazing Nellore and crossbred steers. It was used 24 castrated steers, 12 Nellore breed (386 kg SBW and 12 ½ Limousin-Nelore crossbred (397 kg SBW. The comparative slaughter method was used. In each genetic group, animals were grouped in three similar groups: reference; restrict feeding and ad libitum feeding. The reference group was slaughtered in the beginning of the experiment whereas the others were slaughtered at the end of it. During the 104 days of the experimental period, the group under restrict feeding had access to pastures for 3.5 hours daily whereas the group with ad libitum feeding remained on pasture full time. Forage intake was estimated in two trials by using the double-indicator method. Values of NEm, MEm, k m and k g were estimated on the basis of empty body weight (EBW through linear and non-linear model fitting. Requirements of NEm and MEm did not differ among Nellore and crossbred animals. In the linear model, the following results were obtained: Requirements of NEm = 86 kcal/kg0.75; requirements of MEm = 136 kcal/kg0.75 and k m = 0.63. Kg value was higher for Nellore animals (0.39 than for crossbred animals (k g = 0.33. Requirement of net energy of maintenance does not differ among grazing Nellores and ½ European-Nellore crossbred. For the same body weight, Nellore animals present greater fat proportion in gain composition than ½European-Nelore crossbred.Este trabalho foi conduzido com o objetivo de estimar as exigências de energia líquida (ELm e metabolizável (EMm para mantença e as eficiências de utilização da energia metabolizável para mantença (k m e ganho (k g de novilhos nelores e mestiços a pasto. Foram utilizados 24 novilhos castrados, sendo 12 da raça Nelore (386 kg PCJ e 12 mestiços ½ Limousin

Employer branding in the background of relationship marketing conceptions

Directory of Open Access Journals (Sweden)

Magdalena Maruszczak

2014-03-01

Full Text Available Marketing is a dynamic discipline. Relation marketing is one of its conceptions and sets new standards for the cooperation between market players. It claims that a company’s market growth is influenced by longterm business relationships. Furthermore, it states that a company’s assets are defined by its relations within the business environment. Employer branding is defined as a series of actions, the goal of which is building a company’s brand on the market as “company of first choice for future employees”. The theoretical background for employer branding derives from relationship marketing.

Eroding market stability by proliferation of financial instruments

Science.gov (United States)

Caccioli, F.; Marsili, M.; Vivo, P.

2009-10-01

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability. in here

Bidding in sequential electricity markets: The Nordic case

DEFF Research Database (Denmark)

Boomsma, Trine Krogh; Juul, Nina; Fleten, Stein-Erik

2014-01-01

problem as a multi-stage stochastic program. We investigate whether higher risk exposure can explain the hesitation, often observed in practice, to bid into the balancing market, even in cases of higher expected price levels. Furthermore, we quantify the gain from coordinated bidding, and by deriving......For electricity market participants trading in sequential markets with differences in price levels and risk exposure, coordinated bidding is highly relevant. We consider a Nordic power producer who engages in the day-ahead spot market and the near real-time balancing market. In both markets......, clearing prices and dispatched volumes are unknown at the time of bidding. However, in the balancing market, the agent faces an additional risk of not being dispatched. Taking into account the sequential clearing of these markets and the gradual realization of market prices, we formulate the bidding...

Testing Efficiency of Derivative Markets: ISE30, ISE100, USD and EURO

OpenAIRE

Akal, Mustafa; Birgili, Erhan; Durmuskaya, Sedat

2012-01-01

This study attempts to develop new market efficiency tests depending on the spot and future prices, or the differences of them alternative to traditional unit root test build on univariate time series. As a result of the autocorrelation, normality and run tests applied to spot and futures prices or differences of them, and Adopted Purchasing Power Parity test based on a regression the future markets of ISE30, ISE100 index indicators, USD and Euro currencies, all of which have been traded dail...

Incomplete Continuous-time Securities Markets with Stochastic Income Volatility

DEFF Research Database (Denmark)

Christensen, Peter Ove; Larsen, Kasper

2014-01-01

We derive closed-form solutions for the equilibrium interest rate and market price of risk processes in an incomplete continuous-time market with uncertainty generated by Brownian motions. The economy has a finite number of heterogeneous exponential utility investors, who receive partially...

Alleviation of Oxidative Stress by Using Olive Pomace in Crossbred (Brown Swiss X Baladi) Calves Under Hot Environmental Conditions

International Nuclear Information System (INIS)

Abdalla, E.B.; Khalil, F.K.; El - Masry, K.A.; Teama, F.E.; Emara, S.S.

2015-01-01

Ten female crossbred (Brown Swiss X Baladi) calves , 8 – 10 months old with average live body weight of 112 kg at the be ginning of experimental period were used to investigate the effect of olive pomace (OP) supplementation which contains phenolic compounds on oxidant and antioxidant agents and some blood constituents, and its relation with growth performance in heat stressed calves. The animals were maintained under hot summer environmental conditions, where, ambient temperature and relative humidity average d 37.48°C ± 0.32 and 64.58 % ± 0.77 , (equivalent to THI 91) during day, and 28.38 °C ± 0.22 and 78.23 % ± 0.69 , (equivalent to THI 80) during night, respectively. The animals were divided into two equal groups (5 calves each). The first group control (received 0 % OP of the concentrate mixture, while the second group) treated received 15 % OP of the concentrate mixture, for two months. Body weight o f calves was recorded twice at the beginning and at the end of experimental period, and daily gain was calculated for each animal. Blood samples were taken from each animal at the end of experimental period to determine antioxidant and oxidant indices, some blood constituents and T 3 concentration. Our results showed that supplementation of OP significantly increased antioxidant status including catalase enzyme activity, total antioxidant capacity, uric acid as a non-enzymatic antioxidant and copper as a specific antioxidant protecting macromolecules. More over, OP significantly reduced serum malondialdehyde as a lipid peroxidation marker, iron concentration which act as a pro-oxidant, lipids profile including total cholesterol, low density lipoprotein (LDL – cholesterol), very low density lipoprotein (VLDL – cholesterol), triglycerides and phospholipids. Also, OP caused a significant decrease in serum creatinine and urea- N concentrations as well as AST activity. However, OP significantly elevated T3 level, and improved feed efficiency and daily

An equilibrium pricing model for weather derivatives in a multi-commodity setting

International Nuclear Information System (INIS)

Lee, Yongheon; Oren, Shmuel S.

2009-01-01

Many industries are exposed to weather risk. Weather derivatives can play a key role in hedging and diversifying such risk because the uncertainty in a company's profit function can be correlated to weather condition which affects diverse industry sectors differently. Unfortunately the weather derivatives market is a classical example of an incomplete market that is not amenable to standard methodologies used for derivative pricing in complete markets. In this paper, we develop an equilibrium pricing model for weather derivatives in a multi-commodity setting. The model is constructed in the context of a stylized economy where agents optimize their hedging portfolios which include weather derivatives that are issued in a fixed quantity by a financial underwriter. The supply and demand resulting from hedging activities and the supply by the underwriter are combined in an equilibrium pricing model under the assumption that all agents maximize some risk averse utility function. We analyze the gains due to the inclusion of weather derivatives in hedging portfolios and examine the components of that gain attributable to hedging and to risk sharing. (author)

Power plant operation and management in a deregulated market

Energy Technology Data Exchange (ETDEWEB)

Carraretto, Cristian [Department of Mechanical Engineering, University of Padova, Via Venezia, 1-35131 Padova (Italy)

2006-05-15

This paper analyzes the influence of electricity deregulation on the design, operation and management of the power plants owned by strategic and non-strategic producers. After a sensitivity analysis aimed at finding market conditions of profitable operation for thermal and hydroelectric power plants, a Nash-equilibrium market model is used to determine producers' optimum strategies, depending on their relative market power and overall production characteristics. Attention is then focused on the operation of single thermal power plants. Their short-term management plans and consequent effects on emission levels and residual life are described. The available reserve for primary and secondary control deriving from producers' market strategies is discussed. Some design options to improve combined cycles contribution to reserve service are finally described. The paper discusses these problems with a general approach, and uses many cases and examples derived from the current Italian scenario. (author)

Power plant operation and management in a deregulated market

International Nuclear Information System (INIS)

Carraretto, Cristian

2006-01-01

This paper analyzes the influence of electricity deregulation on the design, operation and management of the power plants owned by strategic and non-strategic producers. After a sensitivity analysis aimed at finding market conditions of profitable operation for thermal and hydroelectric power plants, a Nash-equilibrium market model is used to determine producers' optimum strategies, depending on their relative market power and overall production characteristics. Attention is then focused on the operation of single thermal power plants. Their short-term management plans and consequent effects on emission levels and residual life are described. The available reserve for primary and secondary control deriving from producers' market strategies is discussed. Some design options to improve combined cycles contribution to reserve service are finally described. The paper discusses these problems with a general approach, and uses many cases and examples derived from the current Italian scenario. (author)

Applying mathematical finance tools to the competitive Nordic electricity market

OpenAIRE

Vehviläinen, Iivo

2004-01-01

This thesis models competitive electricity markets using the methods of mathematical finance. Fundamental problems of finance are market price modelling, derivative pricing, and optimal portfolio selection. The same questions arise in competitive electricity markets. The thesis presents an electricity spot price model based on the fundamental stochastic factors that affect electricity prices. The resulting price model has sound economic foundations, is able to explain spot market price mo...

Regulations and monitoring of the financial part of the electricity market

International Nuclear Information System (INIS)

Eriksson, Svante; Eliasson, Torben; Jenssen Aasmund

2001-11-01

The electricity derivatives market has grown significantly during the last few years. It refers to all commodity derivatives (options, futures and forwards) based on electricity and traded either on the Nord Pool Exchange or bilaterally between single parties. The growth of the derivatives market has also led to an increasing need for relevant regulation and monitoring. In this report ECON describes how the common financial regulations (e.g. Sweden's Securities Operations Act) affect power sector companies and how the electricity derivatives market is being monitored by the Swedish and the Norwegian financial supervisory authorities. The aim of the report is to give ideas about possible future research projects about the electricity derivatives market. In Sweden commodity derivatives based on electricity are generally considered to be 'financial instruments' according to The Trading in Financial Instruments Act. At least this seems to be the case with contracts traded on Nord Pool and bilateral contracts that can be subject to clearing by Nord Pool. In some cases, companies wanting to offer services regarding financial instruments in the Swedish market need a special licence and it comes from the Swedish Financial Supervisory Authority. The services that require a special permit are: trading financial instruments, in one's own name, on behalf of another party, brokering of contacts between purchasers and sellers, trading in financial instruments on one's own account, management of another party's financial instruments, and underwriting or other participation in issuances of securities or offers to purchase or sell financial instruments directly to the public. A licence to conduct a securities operation brings with it, among other things, certain mandatory capital requirements. Securities operations should also be conducted in such a manner that public confidence is maintained in the securities markets. Regulation should insure that for example, insider trading is

Market opportunities: U.S. - PADD IV

International Nuclear Information System (INIS)

Garner, R.P.

1997-01-01

The current supply and demand balance, the short and long term expectations and marketing opportunities for Canadian crude oil in PADD IV, the Rocky Mountain region in the US, were reviewed. It was suggested that market opportunities in PADD IV are derived from the following four factors: (1) crude oil declines within that area, (2) federal regulations, (3) competitive presence with markets, and (4) population growth. The overall conclusion was that Canadian producers and PADD IV refiners will be looking at an ever-growing relationship based on freight equalized world crude prices. 8 tabs., 5 figs

Release of bisphenol A and its derivatives from orthodontic adhesive systems available on the European market as a potential health risk factor

Directory of Open Access Journals (Sweden)

Konrad Małkiewicz

2015-02-01

Full Text Available [b]Introduction[/b]. Treatment with fixed orthodontic appliances requires the application of adhesive systems to enable secure fastening of brackets and retainers to the surface of tooth enamel. The orthodontic bonding systems are similar in terms of chemical composition to dental filling materials, the chemical stability of which is not satisfactory. Particularly alarming is the release of bisphenol A and its derivatives to the external environment, which has been well-documented for materials used in conservative dentistry. [b]Objectives[/b]. The aim of the study was an in vitro assessment of the release of biologically harmful bisphenol A and its derivatives from orthodontic adhesives available on the European market, as a potential health risk factor for orthodontic patients. [b]Material and methods[/b]. The study assessed levels of BPA, BPA polymers and Bis-GMA resin in eluates of six commonly used orthodontic adhesives: Light Bond, Transbond XT, Resilence, Aspire, GrĕnGloo and ConTec LC, obtained after one hour, 24 hours, 7 days and 31 days of material sample storage in water. The presence and concentration of the studied chemicals in the obtained solutions were identified using the HPLC method. [b]Results[/b]. The highest (p≤0.05 concentration of BPA at 32.10µg/ml was observed in the Resilence material eluates. The highest concentration of poly-bisphenol A was found in solutions obtained after incubation of ConTec LC adhesive at 371.90µg/ml, whereas the highest amount of Bis-GMA resin (425.07µg/ml was present in Aspire material eluates. [b]Conclusions[/b]. 1 In conditions of the current experiment it was demonstrated that most of the assessed orthodontic adhesive resins available on the European market and released into the outside environment – biologically harmful bisphenol A or its derivatives, posing a potential threat to the patients’ health. 2 Release of BPA and its derivatives into aqueous solutions is the highest in the

Analytical study of index-coupled herd behavior in financial markets

Science.gov (United States)

Berman, Yonatan; Shapira, Yoash; Schwartz, Moshe

2016-12-01

Herd behavior in financial markets had been investigated extensively in the past few decades. Scholars have argued that the behavioral tendency of traders and investors to follow the market trend, notably reflected in indices both on short and long time scales, is substantially affecting the overall market behavior. Research has also been devoted to revealing these behaviors and characterizing the market herd behavior. In this paper we present a simple herd behavior model for the dynamics of financial variables by introducing a simple coupling mechanism of stock returns to the index return, deriving analytic expressions for statistical properties of the returns. We found that several important phenomena in the stock market, namely the correlations between stock market returns and the exponential decay of short-term autocorrelations, are derived from our model. These phenomena have been given various explanations and theories, with herd market behavior being one of the leading. We conclude that the coupling mechanism, which essentially encapsulates the herd behavior, indeed creates correlation and autocorrelation. We also show that this introduces a time scale to the system, which is the characteristic time lag between a change in the index and its effect on the return of a stock.

Innovation and Market-Driven Management in Fast Fashion Companies

OpenAIRE

Elisa Arrigo

2010-01-01

In hyper-competitive markets, innovation is critical for the growth of market-driven companies. An examination of case studies of highly competitive global companies in the fast fashion sector, reveals that detailed understanding of the market, deriving from direct management of their stores, enables Zara, Gap and H&M to develop an innovation management capability. This is a fundamental competitive driver for the company's success.

An options model for electric power markets

International Nuclear Information System (INIS)

Ghosh, Kanchan; Ramesh, V.C.

1997-01-01

The international electric utility industry is undergoing a radical transformation from an essentially regulated and monopolistic industry to an industry made uncertain with impending deregulation and the advent of competitive forces. This paper investigates the development of an options market for bulk power trading in a market setup while considering power system planning and operational constraints and/or requirements. In so doing it considers the different market based financial derivative instruments while can be used to trade electrical power in bulk and examines how established tools such as Optimal Power Flow (OPF) may be applied in helping to develop a price for bulk power transactions under a market based setup. (Author)

Financial markets and innovation in the 21st century

NARCIS (Netherlands)

Brouwer, M.

2012-01-01

Financial markets should allocate capital to its most profitable uses. However, derivatives trade that has spiraled in recent decades does not create value, but only redistributes capital among winners and losers. Both markets and democracies require different opinions to work well.The quality of

Maccoby's Head/Heart Traits: Marketing versus Accounting Students.

Science.gov (United States)

Kochunny, C. M.; And Others

1992-01-01

Nineteen head/heart traits derived from Maccoby's business ethics work were rated on importance to future careers by 148 marketing and 178 accounting students. Both groups rated head traits as most important. Marketing majors are not as "games" oriented as social stereotypes would indicate. The apparent imbalance between head and heart traits…

Financial markets and interest rate

Directory of Open Access Journals (Sweden)

Dudić Zdenka

2012-01-01

Full Text Available The paper 'Financial Markets and Interest Rate' originated from the thesis paper. This topic is very interesting and more and more present in the recent few years. Various changes in the market, increased competition, the development of information technologies, application of innovations, all these contribute to the rapid expansion of scope and use of financial derivatives. Therefore, under these influences, oscillations in various markets are present on a daily basis, so that the vast expansion of financial contracts is present, which is mainly related to interest rates. What are the world's best-known stock markets? What are the instruments most actively traded on stock exchanges? The words LIBOR and BBA LIBOR are frequently heard in today's media. What is LIBOR? What is BBA LIBOR? How and when is it determined? Where is LIBOR used?.

12 CFR Appendix C to Part 325 - Risk-Based Capital for State Non-Member Banks: Market Risk

Science.gov (United States)

2010-01-01

... derivatives, a bank must risk weight (as described in paragraph (c)(2)(iii) of this section) the market value... equity positions (including derivatives) in identical equity issues or equity indices in the same market...: Market Risk C Appendix C to Part 325 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS...

MODERN APPROACHES ON DEFINING FOOD QUALITY ON THE EU MARKET

Directory of Open Access Journals (Sweden)

Sebastian Chirimbu

2013-03-01

Full Text Available This paper seeks to prove that, on the EU food market, foodstuff quality presently has a very active complex dynamic dimension determined by the current consumer – agricultural and food industry relationship, apart from its technical dimension as derived from quality standards. This relationship comes as the result of the deep transformation that the food market has undergone in EU member states following the target-oriented action of the European Union aimed at solving the historical food-related issue of its members. Understanding the phenomena characteristic of the current food demand-supply relationship on the EU agricultural and food market and the way this market functions is very important for Romania’s integration in the European Union. This relevance derives both from economic aspects that these phenomena imply and social implications for everyday life.

Effect of Rapid Chilling on Beef Quality and Cytoskeletal Protein Degradation in of Chinese Yellow Crossbred Bulls

Directory of Open Access Journals (Sweden)

Yanwei Mao

2012-08-01

Full Text Available The objective of this study was to investigate the effect of rapid chilling (RC on beef quality and the degradation of cytoskeletal proteins. Twenty Chinese Yellow crossbred bulls were selected and randomly divided into two groups. RC and conventional chilling (CC were applied to left and right sides of the carcasses respectively after slaughtering. To determine whether electrical stimulation (ES treatment can alleviate the potential hazard of RC on meat quality, ES was applied to one group. The effects of RC and ES were determined by meat color, shear force and cytoskeletal protein degradation postmortem (PM. The results showed that RC decreased beef tenderness at 1 d and 3 d postmortem, but had no detrimental effect on meat color. Western blotting showed that RC decreased the degradation rate of desmin and troponin-T, but the effects weakened gradually as postmortem aging extended. Degradation rates of both desmin and troponin-T were accelerated by ES. The combination of RC and ES could improve beef color, accelerate degradation rate of cytoskeletal protein and improve beef tenderness.

Study on the new financial products traded on the Forex Market

Directory of Open Access Journals (Sweden)

Laurenţiu Paul BARANGA

2016-07-01

Full Text Available This paper puts forward an analysis of the new trends in terms of foreign currency transactions and, implicitly, the new financial products traded on the Forex market with a view to identify the category they belong to, namely foreign currency transactions or foreign exchange derivative transactions. Also, the implications of including the new products traded on the Forex market into one of the two categories have been taken into account, both in terms of market microstructure and in terms of investor-wise implications. Thus, the analysis showed that, by changing the destination of the amounts deposited by clients into the settlement account of the Forex services provider, i.e. from amounts deposited in order to cover the equivalent of purchased foreign currencies into amounts deposited in order to cover any price difference, financial products such as currency pairs and rolling spot Forex acquire features similar to those of derivatives (such as Contracts For Difference - CFDs. Further, acknowledging these financial products of the Forex market (currency pairs and rolling spot Forex as derivatives would determine a series of transformations of the microstructure of the market they are traded on, changes that would contribute to a better protection of investors and to improved monitoring and prevention by the supervisory authorities of the potential risks induced by such transactions on the financial market.

Effect of crossbreeding on market value of calves from dairy cows

Directory of Open Access Journals (Sweden)

G. Bittante

2010-04-01

Full Text Available Market values (¤/kg of calves obtained from six paternal breeds , Brown Swiss (BS, Holstein Friesian (HF, Simmental (SI, Alpine Grey (AG, Limousin (LI and Belgian Blue (BB, and four maternal breeds (BS, HF, SI, AG, were studied in order to estimate the crossbreeding effects. A total of 58,877 calves sold during 143 weekly auctions from 2003 to 2005 in Bolzano in Italy near the Austrian border, were analyzed using ANOVA procedure according to a linear model that included the effects of cross, sex and age of the calf, year and month of the auction. Coefficient of determination (R2 was 0.84; cross and sex effects resulted the most important. The BBxSI calves showed the highest commercial value (7.01 ¤/kg, while the BS purebreds the lowest one (2.74 ¤/kg. The LI and BB breeds used as sire breeds showed the greater commercial prices when crossbred with SI and AG respect to BS and HF. However, BB resulted the best sire breed. On average male calves showed greater commercial values than female ones (5.16 vs. 4.44 ¤/kg, but in HF and BS purebreds the commercial value of males and females was similar.

Linkages between the markets for crude oil and the markets for refined products

International Nuclear Information System (INIS)

Didziulis, V.S.

1990-01-01

To understand the crude oil price determination process it is necessary to extend the analysis beyond the markets for petroleum. Crude oil prices are determined in two closely related markets: the markets for crude oil and the markets for refined products. An econometric-linear programming model was developed to capture the linkages between the markets for crude oil and refined products. In the LP refiners maximize profits given crude oil supplies, refining capacities, and prices of refined products. The objective function is profit maximization net of crude oil prices. The shadow price on crude oil gives the netback price. Refined product prices are obtained from the econometric models. The model covers the free world divided in five regions. The model is used to analyze the impacts on the markets of policies that affect crude oil supplies, the demands for refined products, and the refining industry. For each scenario analyzed the demand for crude oil is derived from the equilibrium conditions in the markets for products. The demand curve is confronted with a supply curve which maximizes revenues providing an equilibrium solution for both crude oil and product markets. The model also captures crude oil price differentials by quality. The results show that the demands for crude oil are different across regions due to the structure of the refining industries and the characteristics of the demands for refined products. Changes in the demands for products have a larger impact on the markets than changes in the refining industry. Since markets for refined products and crude oil are interrelated they can't be analyzed individually if an accurate and complete assessment of a policy is to be made. Changes in only one product market in one region affect the other product markets and the prices of crude oil

Arbitrage free pricing of forward and futures in the energy market

International Nuclear Information System (INIS)

Kloster, Kristian

2003-01-01

This thesis will describe a method for an arbitrage-free evaluation of forward and futures contracts in the Nordic electricity market. This is a market where it is not possible to hedge using the underlying asset which one normally would do. The electricity market is a relatively new market, and is less developed than the financial markets. The pricing of energy and energy derivatives are depending on factors like production, transport, storage etc. There are different approaches when pricing a forward contract in an energy market. With motivation from interest rate theory, one could model the forward prices directly in the risk neutral world. Another approach is to start out with a model for the spot prices in the physical world, and then derive theoretical forward prices, which then are fitted to observed forward prices. These and other approaches are described by Clewlow and Strickland in their book, Energy derivatives. This thesis uses the approach where I start out with a model for the spot price, and then derive theoretical forward prices. I use a generalization of the multifactor Schwartz model with seasonal trends and Ornstein Uhlenbeck processes to model the spot prices for electricity. This continuous-time model also incorporates mean-reversion, which is an important aspect of energy prices. Historical data for the spot prices is used to estimate my variables in the multi-factor Schwartz model. Then one can specify arbitrage-free prices for forward and futures based on the Schwartz model. The result from this procedure is a joint spot and forward price model in both the risk neutral and physical market, together with knowledge of the equivalent martingale measure chosen by the market. This measure can be interpreted as the market price of risk, which is of interest for risk management. In this setup both futures and forward contracts will have the same pricing dynamics, as the only difference between the two types of contracts is how the payment for the

Why haven’t weather derivatives been more successful as futures contracts? A case study

Directory of Open Access Journals (Sweden)

Hilary Till

2015-10-01

Full Text Available Why have some seemingly promising futures contracts not succeeded in the recent past? In this paper, we examine one such example, the weather derivatives market. In two companion working papers, we also analyze two other futures market failures: namely, in the pulp market and in the uranium market. The structure of this paper is as follows. First we provide a brief history of weather derivatives contracts as well as a description of these contracts. Next we review customized over-the-counter (OTC weather derivatives contracts, as provided by reinsurers, and then we review why futures contracts are not as successful a method of risk transfer. Lastly we describe how weather exposures do not sufficiently match up against the criteria for the successful launch of a futures contract

Dynamics of world oil crops market

Directory of Open Access Journals (Sweden)

Knežević Marija

2012-01-01

Full Text Available According to the harvested area, oil crops are the second most important crops after cereals. Soybean is the most important oil crop in terms of production and trade of oilseeds and meals, and second most important in terms of production and trade of vegetable oils after palm oil. Dynamics of prices of derived oil crop products in the international market is conditioned by the relationship between supply and demand in the overall market of oil crops. The substitution of animal fats with vegetable oils in human nutrition, the expansion of biodiesel industry and intensification of livestock production have led to increased demand for oil crops. The objective of this paper was to identify trends in production, consumption and trade of soybeans, rapeseed and sunflower and their derived products.

Deriving Trading Rules Using Gene Expression Programming

Directory of Open Access Journals (Sweden)

Adrian VISOIU

2011-01-01

Full Text Available This paper presents how buy and sell trading rules are generated using gene expression programming with special setup. Market concepts are presented and market analysis is discussed with emphasis on technical analysis and quantitative methods. The use of genetic algorithms in deriving trading rules is presented. Gene expression programming is applied in a form where multiple types of operators and operands are used. This gives birth to multiple gene contexts and references between genes in order to keep the linear structure of the gene expression programming chromosome. The setup of multiple gene contexts is presented. The case study shows how to use the proposed gene setup to derive trading rules encoded by Boolean expressions, using a dataset with the reference exchange rates between the Euro and the Romanian leu. The conclusions highlight the positive results obtained in deriving useful trading rules.

Risk management of power supply in open electricity market

International Nuclear Information System (INIS)

Rinta-Runsala, E.; Kiviniemi, J.

1999-12-01

The open electricity market has increased the need of risk management in electric utilities. In this publication the concepts of risk assessment and measures mostly concentrating on market risks for power supply companies are reported. An essential past of the risk management includes the electricity derivates and trade

Comparison of Growth Performance of Antibiotic-free Yorkshire Crossbreds Sired by Berkshire, Large Black, and Tamworth Breeds Raised in Hoop Structures

Directory of Open Access Journals (Sweden)

N. Whitley

2012-10-01

Full Text Available The objective of this study was to compare body weight, ADG, and feed:gain ratio of antibiotic-free pigs from Yorkshire dams and sired by Yorkshire (YY, Berkshire (BY, Large Black (LBY or Tamworth (TY boars. All the crossbred pigs in each of three trials were raised as one group from weaning to finishing in the same deep-bedded hoop, providing a comfortable environment for the animals which allowed rooting and other natural behaviors. Birth, weaning and litter weights were measured and recorded. From approximately 50 kg to market weight (125 kg, feed intake and body weights were recorded manually (body weight or using a FIRE (Feed Intake Recording Equipment, Osborne Industries Inc. Osborne, Kansas system with eight individual feeding stations. Feed intake data for 106 finishing pigs between 140 and 210 d of age and the resulting weights and feed conversion ratios were analyzed by breed type. Least square means for body weights (birth, weaning and to 240 d were estimated with Proc Mixed in SAS 9.2 for fixed effects such as crossbreed and days of age within the sire breed. The differences within fixed effects were compared using least significant differences with DIFF option. Individual birth weights and weaning weights were influenced by sire breed (p<0.05. For birth weight, BY pigs were the lightest, TY and YY pigs were the heaviest but similar to each other and LBY pigs were intermediate. For weaning weights, BY and LBY pigs were heavier than TY and YY pigs. However, litter birth and weaning weights were not influenced by sire breed, and average daily gain was also not significantly different among breed types. Tamworth sired pigs had lower overall body weight gain, and feed conversion was lower in TY and YY groups than BY and LBY groups (p<0.05, however, number of observations was somewhat limited for feed conversion and for Tamworth pigs. Overall, no convincing differences among breed types were noted for this study, but growth performance in

Strategic political postures and political market orientation

DEFF Research Database (Denmark)

Ormrod, Robert P.; Henneberg, Stephan C.

2010-01-01

by developing an integrated concept of political marketing strategy using two complementary frameworks, namely Strategic Political Postures (SPP) and Political Market Orientation (PMO). We introduce the two main concepts and derive for each of the strategic posture-specific PMO profiles as well as inter......Recently, the areas of strategic political marketing and political market orientation have been the subject of several conceptual articles which have provided the theoretical foundations for further empirical work. However, despite the close conceptual relatedness of the proposed concepts......, these have yet to be integrated to provide a more nuanced framework which both researchers and political marketing practitioners can utilise in the development of strategies and offerings with which to achieve their organizational goals. The aim of this conceptual paper is to address this deficit...

Evaluating Crossbred Red Rice Variants for Postprandial Glucometabolic Responses: A Comparison with Commercial Varieties

Directory of Open Access Journals (Sweden)

Chee-Hee Se

2016-05-01

Full Text Available Consumption of white rice predisposes some Asian populations to increased risk of type 2 diabetes. We compared the postprandial glucometabolic responses to three newly-developed crossbred red rice variants (UKMRC9, UKMRC10, UKMRC11 against three selected commercial rice types (Thai red, Basmati white, Jasmine white using 50-g carbohydrate equivalents provided to 12 normoglycaemic adults in a crossover design. Venous blood was drawn fasted and postprandially for three hours. Glycaemic (GI and insulin (II indices, incremental areas-under-the-curves for glucose and insulin (IAUCins, indices of insulin sensitivity and secretion, lactate and peptide hormones (motilin, neuropeptide-Y, orexin-A were analyzed. The lowest to highest trends for GI and II were similar i.e., UKMRC9 < Basmati < Thai red < UKMRC10 < UKMRC11 < Jasmine. Postprandial insulinaemia and IAUCins of only UKMRC9 were significantly the lowest compared to Jasmine. Crude protein and fiber content correlated negatively with the GI values of the test rice. Although peptide hormones were not associated with GI and II characteristics of test rice, early and late phases of prandial neuropeptide-Y changes were negatively correlated with postprandial insulinaemia. This study indicated that only UKMRC9 among the new rice crossbreeds could serve as an alternative cereal option to improve diet quality of Asians with its lowest glycaemic and insulinaemic burden.

Performance and carcass yield of crossbred dairy steers fed diets with different levels of concentrate.

Science.gov (United States)

da Silva, Gabriel Santana; Chaves Véras, Antônia Sherlanea; de Andrade Ferreira, Marcelo; Moreira Dutra, Wilson; Menezes Wanderley Neves, Maria Luciana; Oliveira Souza, Evaristo Jorge; Ramos de Carvalho, Francisco Fernando; de Lima, Dorgival Morais

2015-10-01

The objective of this study was to evaluate the influence of diets with increasing concentrate levels (170, 340, 510 and 680 g/kg of total dry matter) on dry matter intake, digestibility, performance and carcass characteristics of 25 Holstein-Zebu crossbred dairy steers in a feedlot. A completely randomized design was used, and data were submitted to analysis of variance and regression. The dry matter intake and digestibility coefficients of all nutrients increased linearly. The total weight gain and average daily gain added 1.16 kg and 9.90 g, respectively, for each 10 g/kg increase in concentrate. The empty body weight, hot carcass weight and cold carcass weight responded linearly to increasing concentrate. The hot carcass yield and cold carcass yield, gains in empty body weight and carcass gain were also influenced, as were the efficiencies of carcass deposition and carcass deposition rate. It is concluded that increasing concentrate levels in feedlot diets increase the intake and digestibility of dry matter and other nutrients, improving the feed efficiency, performance and physical characteristics of the carcass. Furthermore and of importance concerning the climate change debate, evidence from the literature indicates that enteric methane production would be reduced with increasing concentrate levels such as those used.

Risk-minimisation in electricity markets

DEFF Research Database (Denmark)

Tegner, Martin; Ernstsen, Rune Ramsdal; Skajaa, Anders

2017-01-01

This paper analyses risk management of fixed price, unspecified consumption contracts in energy markets. We model the joint dynamics of the spot-price and the consumption of electricity, study expected loss minimisation for different loss measures, and derive optimal static hedge strategies based...... on forward contracts. The strategies are implemented empirically and compared to a benchmark strategy widely used by the industry. On 2012–2014 Nordic market data, the suggested hedges significantly outperform the benchmark: The realised cumulative profit-and-losses are greater for almost every single one...

Analysis of legal and economic aspects of precipitation weather derivatives for Serbian agricultural sector

Directory of Open Access Journals (Sweden)

Veselinović Janko

2014-01-01

Full Text Available Weather derivatives are not present in Serbia nor in the neighbouring countries and have no significant application in the European Union, either. Weather derivatives originated in the USA, where the market for these instruments is most developed, in terms of both economy and law. However, positive effects of their application, through the decrease of influence of unfavourable weather conditions on agricultural crops, are a good basis for their further study. The most common reasons for their absence from our financial market are their complexity and the inexistence of prerequisites for their introduction. This paper analyses legal and economic aspects of weather derivatives, as forms of financial derivatives, as well as weather derivative contracts concluded with the aim of hedging against precipitation exposure. The goal of the analysis is to find an optimal contract structure, but also the conditions that have to be met in order for its signing to be economically justified for both contractual parties, as well as the creation of preconditions for this weather derivative contract to be the instrument of trade on the financial market. The paper also analyses normative frameworks for the conclusion of these derivative contracts, as well as the necessity to educate market participants, which refers both to agricultural producers and financial institutions. Furthermore, it emphasizes the difference in relation to the classical contract of insurance against drought risk.

Electricity prices and power derivatives: An affine jump diffusion approach with seasonal volatility and prices

International Nuclear Information System (INIS)

Nomikos, Nikos; Soldatos, Orestes; Tamvakis, Michael

2005-01-01

Deregulation and reforms in the electricity markets over the recent years have led to increasing volatility of electricity prices since prices in the market are now determined by the fundamental rules of supply and demand. The existence of price risk in the market leads to the increasing necessity of hedging using derivatives and the subsequent development of models to price and hedge electricity derivatives. However the non-storable nature of the market implies that ''traditional'' approaches for the pricing and hedging of commodity derivatives based on the theory of storage are not applicable to electricity markets. In this paper we propose a two-factor jump diffusion model with seasonal components in order to capture the systematic pattern in the forward curve and the volatility term structure. Our model is then calibrated for the spot and the financial contracts in the Nord Pool Exchange using Kalman filter techniques. The proposed model has several advantages. First it enables to select the risk neutral measure that best fits the term structure hence capturing the most significant distributional characteristics of both spot and forwards. Second, it explains the seasonal risk premium, and finally it provides a fit for the Volatility Term Structure. The resulting model is very promising, providing a very useful Financial Engineering tool to market participants for Risk Hedging and Derivatives Pricing in the highly volatile Power Markets. (Author)

Differences in innate and adaptive immune response traits of Pahari (Indian non-descript indigenous breed) and Jersey crossbred cattle.

Science.gov (United States)

Verma, Subhash; Thakur, Aneesh; Katoch, Shailja; Shekhar, Chander; Wani, Aasim Habib; Kumar, Sandeep; Dohroo, Shweta; Singh, Geetanjali; Sharma, Mandeep

2017-10-01

Cattle are an integral part of the largely agrarian economy of India. Indigenous breeds of cattle comprise about 80% of total cattle population of the country and contribute significantly to the overall milk production. There are 40 recognized indigenous breeds of cattle and a number of uncharacterized non-descript cattle. Pahari cattle of Himachal Pradesh in Northern India are one such non-descript indigenous breed. Here we describe a comprehensive evaluation of haematobiochemical parameters and innate and adaptive immune response traits of Pahari cattle and a comparison with Jersey crossbred cattle. The study shows demonstrable differences in the two breeds with respect to some innate and adaptive immunological traits. This is a first attempt to characterize immune response traits of Pahari cattle and the results of the study provide an understanding of breed differences in immune status of cattle which could be useful for their breeding and conservations programs. Copyright © 2017 Elsevier B.V. All rights reserved.

Linseed oil supplemented concentrate fed to Brahman crossbred fattening steers on carcass quality traits and intramuscular fatty acid profiles

Directory of Open Access Journals (Sweden)

Pitunart Noosen

2017-02-01

Full Text Available The objective of this study was to determine the linseed oil supplemented concentrate fed to Brahman crossbred fattening steers on carcass quality trait and intramuscular fatty acid (FA profiles. All steers were fed 14% CP concentrate. The treatments included: (1 7 kg/d concentrate; (2 4 kg/d concentrate supplemented with 200 g/d palm oil (PO; (3 4 kg/d concentrate supplemented with 100 g/d PO and 100 g/d linseed oil (LSO; and (4 4 kg/d concentrate supplemented with 200 g/d LSO. The animals in the treatment 1 were fed ad libitum rice straw (RS, whereas the animals in other treatments were fed ad libitum fresh grass (FG. Dietary treatments had no effect on nutrient intake while oil supplement decreased dry matter intake (DMI. Inclusion of LSO did not negatively affect carcass quality, but increasing amount of LSO supplement increased the n-3 fatty acids and lowered the n-6/n-3 ratio in beef

DYNAMIC OPTIMAL BUDGET ALLOCATION FOR INTEGRATED MARKETING CONSIDERING PERSISTENCE

OpenAIRE

SHIZHONG AI; RONG DU; QIYING HU

2010-01-01

Aiming at forming dynamic optimal integrated marketing policies, we build a budget allocation model considering both current effects and sustained ones. The model includes multiple time periods and multiple marketing tools which interact through a common resource pool as well as through delayed cross influences on each other's sales, reflecting the nature of "integrated marketing" and its dynamics. In our study, marginal analysis is used to illuminate the structure of optimal policy. We deriv...

Estimating long-term volatility parameters for market-consistent models

African Journals Online (AJOL)

Contemporary actuarial and accounting practices (APN 110 in the South African context) require the use of market-consistent models for the valuation of embedded investment derivatives. These models have to be calibrated with accurate and up-to-date market data. Arguably, the most important variable in the valuation of ...

Bank Behavior with Access to Credit Risk Transfer Markets

NARCIS (Netherlands)

Goderis, B.V.G.; Marsh, I.; Vall Castello, J.; Wagner, W.B.

2006-01-01

One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of

Nash Equilibria in Fisher Market

Science.gov (United States)

Adsul, Bharat; Babu, Ch. Sobhan; Garg, Jugal; Mehta, Ruta; Sohoni, Milind

Much work has been done on the computation of market equilibria. However due to strategic play by buyers, it is not clear whether these are actually observed in the market. Motivated by the observation that a buyer may derive a better payoff by feigning a different utility function and thereby manipulating the Fisher market equilibrium, we formulate the Fisher market game in which buyers strategize by posing different utility functions. We show that existence of a conflict-free allocation is a necessary condition for the Nash equilibria (NE) and also sufficient for the symmetric NE in this game. There are many NE with very different payoffs, and the Fisher equilibrium payoff is captured at a symmetric NE. We provide a complete polyhedral characterization of all the NE for the two-buyer market game. Surprisingly, all the NE of this game turn out to be symmetric and the corresponding payoffs constitute a piecewise linear concave curve. We also study the correlated equilibria of this game and show that third-party mediation does not help to achieve a better payoff than NE payoffs.

Potential for the development of a marketing option for the specialty local Ban pork of a Thai ethnic smallholder cooperative group in Northwest Vietnam.

Science.gov (United States)

Le, Thi Thanh Huyen; Muth, Philipp C; Markemann, André; Schöll, Kerstin; Zárate, Anne Valle

2016-02-01

Based on 12 years of research (SFB 564 "The Uplands Program"), a community-based breeding and marketing cooperative group was transferred to an ethnic farmer group. This study analyses the potential for developing a marketing channel for specialty local Ban pork as an alternative to supplying the local markets to ensure long-term sustainability of the communal local pig breeding and production system. Data on pig-keeping were investigated from 378 farmers who wanted to enroll in the cooperative group in 10 villages (near town, intermediate, and remote zones) in Son La province. The data on Ban pig marketing activities of the cooperative group were investigated for all of its 180 members. Information on the market demand for Ban pigs were collected by interviewing 57 traders in Hanoi city and Son La province. The results show a dominance of local Ban in remote areas, and a preference for crossbreds with exotics in closer-to-town areas. Before farmers joined the cooperative group, the commercialization of pigs in remote villages accounted for only 3.0 pigs/farm/year compared to 9.3 pigs/farm/year in the intermediate zone and 11.2 pigs/farm/year near town. Potential markets have been identified for each product category of the cooperative group. Pure Ban pigs with a weight of 10-15 kg were preferred most by customers in Hanoi city. The regular feedback of information on niche markets for different products has increased the awareness of farmers about the competitiveness of the local pig products, and the power of collective action in the market. Selected pure Ban pigs were increasingly sold to food stores in Hanoi with high prices. Farmers received an average of 9000 VND more compared to the local market price for each kg of live weight. The respective added value for the cooperative group amounted to 11,300 VND/kg live weight. The added value from selling specialty Ban pigs regularly to markets, encouraged farmers toward a market in local pig production and

Numerical and Weight Productivities of Crossbred D’man by Local Queue Fine de l’Ouest Ewes

Directory of Open Access Journals (Sweden)

M. Rekik

2005-01-01

Full Text Available Productivity of F1 crossbred ewes between the prolific D’man and the local Queue fine de l’Ouest breeds (D’man x QFO mated with terminal sires of the Brune noire de Suisse (BNS breed was evaluated and compared to that of (i QFO and D’man ewes respectively mated to rams of the same breed in a research station (ESAK and of (ii QFO ewes mated to rams of the same breed in a commercial farm (El-Mabrouka. In ESAK station, data collected between 1995 and 2003, and related to 343, 168 and 323 lambings of QFO, D’man, and F1 crosses D’man x QFO ewes, respectively, were used. At birth, the mean litter size was 1.17 ± 0.37, 1.76 ± 0.71, and 1.40 ± 0.54 for ewes of the QFO, D’man, and crosses D’man x QFO genotypes, respectively, whereas at 90 days after lambing, the corresponding figures were 1.13 ± 0.40, 1.65 ± 0.70, and 1.31 ± 0.54. The year of lambing, genotype of the ewe as well as their interaction were significant sources of variation of all litter sizes. At 10 days after lambing, the weight productivity of QFO ewes was 7.3 ± 2.5 kg, and was thus significantly higher (p < 0.05 than that of D’man (6.6 ± 2.7 kg, and D’man x QFO (7.0 ± 2.3 kg ewes. This trend was reversed 90 days after lambing with weight productivity of D’man x QFO, and D’man ewes reaching 22.9 ± 7.7 and 22.5 ± 12.0 kg, respectively, and that of QFO sheep 19.5 ± 6.7 kg. With the exception of the age of the ewe, all other sources of variation highly influenced (p < 0.001 most weight productivity traits. In El-Mabrouka farm, the data used concerned 1048 and 529 lambings of QFO, and D’man x QFO breeds, respectively, that occurred during years 1999, 2000 and 2001. The year of lambing, genotype of the ewe as well as its age were highly significant sources of variation for the litter size at birth. Crossbred ewes produced on average 0.2 lamb more than QFOs (p < 0.05. Difference in productivity at 70 days after lambing was approximately 3 kg in favor of D�

Solar Renewable Energy Certificate (SREC) Markets: Status and Trends

Energy Technology Data Exchange (ETDEWEB)

Bird, L.; Heeter, J.; Kreycik, C.

2011-11-01

This paper examines experience in solar renewable energy certificate (SREC) markets in the United States. It describes how SREC markets function--key policy design provisions, eligible technologies, state and regional eligibility rules, solar alternative compliance payments, measurement and verification methods, long-term contracting provisions, and rate caps. It also examines the trends of SREC markets--trading volumes, sourcing trends, trends in the size of solar photovoltaic (PV) systems driven by these markets, and trends in price and compliance. Throughout, the paper explores key issues and challenges facing SREC markets and attempts by policymakers to address some of these market barriers. Data and information presented in this report are derived from SREC tracking systems, brokers and auctions, published reports, and information gleaned from market participants and interviews with state regulators responsible for SREC market implementation. The last section summarizes key findings.

Making sense in asset markets: Strategies for Implicit Organizations

Directory of Open Access Journals (Sweden)

Johannes M. Lehner

2015-12-01

Full Text Available While asset markets are traditionally left to economic inquiry, the paper shows that there is both a legal possibility and an incentive for organizing within such markets and for exercising market share-based strategic maneuvering. It proposes, based on sensemaking theory, Implicit Organizations in asset markets to exploit equivocality for momentum trading strategies. An Implicit Organization fulfills the criteria of an organization, while maintaining the image of a perfect market. Its members coordinate via market signals and fixed investment time windows to ensure positive returns to strategic maneuvering in asset markets. In support of hypotheses derived from sensemaking theory, results of empirical studies from two different investment contexts (Xetra and NYSE provide evidence that equivocal analysts’ recommendations predict investment returns after a fixed time period.

Segmenting Student Markets with a Student Satisfaction and Priorities Survey.

Science.gov (United States)

Borden, Victor M. H.

1995-01-01

A market segmentation analysis of 872 university students compared 2 hierarchical clustering procedures for deriving market segments: 1 using matching-type measures and an agglomerative clustering algorithm, and 1 using the chi-square based automatic interaction detection. Results and implications for planning, evaluating, and improving academic…

Social capital and transaction costs in millet markets.

Science.gov (United States)

Jacques, Damien Christophe; Marinho, Eduardo; d'Andrimont, Raphaël; Waldner, François; Radoux, Julien; Gaspart, Frédéric; Defourny, Pierre

2018-01-01

In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1-9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

Multiperiod Mean-Variance Portfolio Optimization via Market Cloning

International Nuclear Information System (INIS)

Ankirchner, Stefan; Dermoune, Azzouz

2011-01-01

The problem of finding the mean variance optimal portfolio in a multiperiod model can not be solved directly by means of dynamic programming. In order to find a solution we therefore first introduce independent market clones having the same distributional properties as the original market, and we replace the portfolio mean and variance by their empirical counterparts. We then use dynamic programming to derive portfolios maximizing a weighted sum of the empirical mean and variance. By letting the number of market clones converge to infinity we are able to solve the original mean variance problem.

Strategies for risk management using the paper markets

International Nuclear Information System (INIS)

Annesley, M.

1992-01-01

This paper briefly describes the significant milestones in the evolution of the oil markets, with emphasis on the reasons for the changing structures of the markets, and the roles of different types of participant. After explaining the current structure of the oil markets - futures - forwards - options and derivatives the paper then explains some basic strategies. Finally some of the favourite strategies of refiners, producers and end users will be explored. Some cautionary comments on deal tracking, control systems and other associated risk management requirements will round off this paper. (author)

Multiperiod Mean-Variance Portfolio Optimization via Market Cloning

Energy Technology Data Exchange (ETDEWEB)

Ankirchner, Stefan, E-mail: ankirchner@hcm.uni-bonn.de [Rheinische Friedrich-Wilhelms-Universitaet Bonn, Institut fuer Angewandte Mathematik, Hausdorff Center for Mathematics (Germany); Dermoune, Azzouz, E-mail: Azzouz.Dermoune@math.univ-lille1.fr [Universite des Sciences et Technologies de Lille, Laboratoire Paul Painleve UMR CNRS 8524 (France)

2011-08-15

The problem of finding the mean variance optimal portfolio in a multiperiod model can not be solved directly by means of dynamic programming. In order to find a solution we therefore first introduce independent market clones having the same distributional properties as the original market, and we replace the portfolio mean and variance by their empirical counterparts. We then use dynamic programming to derive portfolios maximizing a weighted sum of the empirical mean and variance. By letting the number of market clones converge to infinity we are able to solve the original mean variance problem.

Humps in the volatility structure of the crude oil futures market: New evidence

International Nuclear Information System (INIS)

Chiarella, Carl; Kang, Boda; Nikitopoulos, Christina Sklibosios; Tô, Thuy-Duong

2013-01-01

This paper analyses the volatility structure of commodity derivatives markets. The model encompasses hump-shaped, unspanned stochastic volatility, which entails a finite-dimensional affine model for the commodity futures curve and quasi-analytical prices for options on commodity futures. Using an extensive database of crude oil futures and futures options spanning 21 years, we find the presence of hump-shaped, partially spanned stochastic volatility in the crude oil market. The hump shaped feature is more pronounced when the market is more volatile, and delivers better pricing as well as hedging performance under various dynamic factor hedging schemes. - Highlights: • This paper analyses the volatility structure of commodity derivatives markets. • 21-years of data on crude oil futures and futures options is used. • The crude oil futures market has hump-shaped, unspanned stochastic volatility. • The hump shaped feature is more pronounced when the market is more volatile. • Hump shape delivers better pricing and hedging compared to exponential decay

Strategic PSYOP Management: A Marketing Management Approach

National Research Council Canada - National Science Library

Sokoloski, Joseph A., III

2005-01-01

.... The opportunity derived from this study is to adapt principles of civilian marketing management to provide a framework and tools to develop PSYOP campaign management into a more efficient, target audience based mechanism.

On the efficiency of sovereign bond markets

Science.gov (United States)

Zunino, Luciano; Fernández Bariviera, Aurelio; Guercio, M. Belén; Martinez, Lisana B.; Rosso, Osvaldo A.

2012-09-01

The existence of memory in financial time series has been extensively studied for several stock markets around the world by means of different approaches. However, fixed income markets, i.e. those where corporate and sovereign bonds are traded, have been much less studied. We believe that, given the relevance of these markets, not only from the investors', but also from the issuers' point of view (government and firms), it is necessary to fill this gap in the literature. In this paper, we study the sovereign market efficiency of thirty bond indices of both developed and emerging countries, using an innovative statistical tool in the financial literature: the complexity-entropy causality plane. This representation space allows us to establish an efficiency ranking of different markets and distinguish different bond market dynamics. We conclude that the classification derived from the complexity-entropy causality plane is consistent with the qualifications assigned by major rating companies to the sovereign instruments. Additionally, we find a correlation between permutation entropy, economic development and market size that could be of interest for policy makers and investors.

Hospital and Health Insurance Markets Concentration and Inpatient Hospital Transaction Prices in the U.S. Health Care Market.

Science.gov (United States)

Dauda, Seidu

2018-04-01

To examine the effects of hospital and insurer markets concentration on transaction prices for inpatient hospital services. Measures of hospital and insurer markets concentration derived from American Hospital Association and HealthLeaders-InterStudy data are linked to 2005-2008 inpatient administrative data from Truven Health MarketScan Databases. Uses a reduced-form price equation, controlling for cost and demand shifters and accounting for possible endogeneity of market concentration using instrumental variables (IV) technique. The findings suggest that greater hospital concentration raises prices, whereas greater insurer concentration depresses prices. A hypothetical merger between two of five equally sized hospitals is estimated to increase hospital prices by about 9 percent (p costs. © Published 2017. This article is a U.S. Government work and is in the public domain in the USA.

A Dynamic Programming Approach for Pricing Weather Derivatives under Issuer Default Risk

Directory of Open Access Journals (Sweden)

Wolfgang Karl Härdle

2017-10-01

Full Text Available Weather derivatives are contingent claims with payoff based on a pre-specified weather index. Firms exposed to weather risk can transfer it to financial markets via weather derivatives. We develop a utility-based model for pricing baskets of weather derivatives under default risk on the issuer side in over-the-counter markets. In our model, agents maximise the expected utility of their terminal wealth, while they dynamically rebalance their weather portfolios over a finite investment horizon. Using dynamic programming approach, we obtain semi-closed forms for the equilibrium prices of weather derivatives and for the optimal strategies of the agents. We give an example on how to price rainfall derivatives on selected stations in China in the universe of a financial investor and a weather exposed crop insurer.

Geoportals: An Internet Marketing Perspective

Directory of Open Access Journals (Sweden)

P A J. van Oort

2009-05-01

Full Text Available A geoportal is a web site that presents an entry point to geo-products (including geo-data on the web. Despite their importance in (spatial data infrastructures, literature suggest stagnating or even declining trends in visitor numbers. In this paper relevant ideas and techniques for improving performance are derived from internet marketing literature. We tested the extent to which these ideas are already applied in practice through a survey among 48 geoportals worldwide. Results show in many cases positive correlation with trends in visitor numbers. The ideas can be useful for geoportal managers developing their marketing strategy.

Financial innovation and bank behavior : Evidence from credit markets

NARCIS (Netherlands)

Norden, L.; Silva Buston, C.F.; Wagner, W.B.

This paper investigates whether, and through which channel, the active use of credit derivatives changes bank behavior in the credit market, and how this channel was affected by the crisis of 2007–2009. Our principal finding is that banks with larger gross positions in credit derivatives charge

INTEREST RATE DERIVATIVES IN DEVELOPING COUNTRIES IN EUROPE

OpenAIRE

SLOBODAN CEROVIC; MARINA PEPIC

2011-01-01

Financial derivatives (interest rate futures, options and swaps) are a very simple way to minimize interest rate risk and therefore are extremely popular. The value of interest rate derivatives transactions in the world is increasing dramatically. Unfortunately, this is not the case with developing countries in Europe. Although significantly increased in the last decade, interest rate derivatives markets in developing countries are still in nascent stage. In most developing countries still t...

Secondary Market Products in the Mortgage System and Global Practices

Directory of Open Access Journals (Sweden)

Erhan Eroğlu

2010-12-01

Full Text Available In general terms, the mortgage market has two faces, the primary and the secondary markets. The primary market covers housing mortgage loans. On the other side of the mechanism, these loans are securitized and issued in financial markets with different form of securities in secondary markets. The common name of these instruments is “mortgage backed securities - MBS”. A mortgage backed security is a financial instrument issued in capital markets for investors, derived from either backed by the cash flow of the housing loan repayments (which is called pay-through or backed by directly selling the mortgage pools to the MBS issuers (which is called passthrough. The most trading secondary mortgage market instruments and world practices are explained in this article.

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

Predictability and Prediction for an Experimental Cultural Market

Science.gov (United States)

Colbaugh, Richard; Glass, Kristin; Ormerod, Paul

Individuals are often influenced by the behavior of others, for instance because they wish to obtain the benefits of coordinated actions or infer otherwise inaccessible information. In such situations this social influence decreases the ex ante predictability of the ensuing social dynamics. We claim that, interestingly, these same social forces can increase the extent to which the outcome of a social process can be predicted very early in the process. This paper explores this claim through a theoretical and empirical analysis of the experimental music market described and analyzed in [1]. We propose a very simple model for this music market, assess the predictability of market outcomes through formal analysis of the model, and use insights derived through this analysis to develop algorithms for predicting market share winners, and their ultimate market shares, in the very early stages of the market. The utility of these predictive algorithms is illustrated through analysis of the experimental music market data sets [2].

Isolation, culture and characterisation of somatic cells derived from semen and milk of endangered sheep and eland antelope.

Science.gov (United States)

Nel-Themaat, L; Gómez, M C; Damiani, P; Wirtu, G; Dresser, B L; Bondioli, K R; Lyons, L A; Pope, C E; Godke, R A

2007-01-01

Semen and milk are potential sources of somatic cells for genome banks. In the present study, we cultured and characterised cells from: (1) cooled sheep milk; (2) fresh, cooled and frozen-thawed semen from Gulf Coast native (GCN) sheep (Ovis aries); and (3) fresh eland (Taurotragus oryx) semen. Cells attached to the culture surface from fresh (29%), cooled (43%) and slow-frozen (1 degrees C/min; 14%) ram semen, whereas no attachment occurred in the fast-frozen (10 degrees C/min) group. Proliferation occurred in fresh (50%) and cooled (100%) groups, but no cells proliferated after passage 1 (P1). Eland semen yielded cell lines (100%) that were cryopreserved at P1. In samples from GCN and cross-bred milk, cell attachment (83% and 95%, respectively) and proliferation (60% and 37%, respectively) were observed. Immunocytochemical detection of cytokeratin indicated an epithelial origin of semen-derived cells, whereas milk yielded either fibroblasts, epithelial or a mixture of cell types. Deoxyribonucleic acid microsatellite analysis using cattle-derived markers confirmed that eland cells were from the semen donor. Eland epithelial cells were transferred into eland oocytes and 12 (71%), six (35%) and two (12%) embryos cleaved and developed to morulae or blastocyst stages, respectively. In conclusion, we have developed a technique for obtaining somatic cells from semen. We have also demonstrated that semen-derived cells can serve as karyoplast donors for nuclear transfer.

Marketing for Special Libraries and Information Centers: The Positioning Process.

Science.gov (United States)

Sterngold, Arthur

1982-01-01

The positioning process of marketing used by special libraries and information centers involves two key decisions from which other decisions are derived: to which user groups marketing programs and services will be directed; and which information needs will be served. Two cases are discussed and a bibliography is provided. (EJS)

Derivatives Market's Payment Priorities as Financial Crisis Accelerator

OpenAIRE

Roe, Mark J.

2011-01-01

Chapter 11 bars bankrupt debtors from immediately repaying their creditors, so that the bankrupt firm can reorganize without creditors shredding the bankrupt’s business. Not so for the bankrupt’s derivatives counterparties, who unlike most creditors, even most other secured creditors, can seize and immediately liquidate collateral, net out gains and losses, terminate their contracts with the bankrupt, and keep both preferential eve-of-bankruptcy payments and fraudulent conveyances they obtain...

Disposal rate in different age groups of Karan Fries (Crossbred) males in organized herd.

Science.gov (United States)

Panmei, Achun; Gupta, A K; Shivahre, P R; Bhakat, M; Singh, K Mahesh

2015-02-01

The present study was carried out to analyze the disposal rate in different age groups of Karan Fries (KF) males in National Dairy Research Institute herd. Records on 1740 KF crossbred bulls born during the period 1997-2012 were collected with an objective to ascertain the effect of genetic and non-genetic (Period of birth and season of birth) factors on the disposal pattern of KF males. The percent of animals disposed from the herd due to mortality and culling was calculated by proportion using descriptive statistics. The data were subjected to Chi-square test to test the difference due to different factors. Overall disposal rate for the different age groups of 0-1 m, 1-2 m, 2-3 m, 3-6 m, 6-18 m, 18 m-3 year and 3-5 year were calculated as 17.9, 16.3, 14.2, 25.8, 49.0, 37.6 and 51.65%, respectively. In the age groups, 3-6 m, 6-18 m and 3-5 year, effect of periods of birth were found to be statistically significant (page group except in 3-5 year age group. Differences in overall disposal rate due to genetic group were statistically significant (page groups. Overview of the results indicated that higher overall disposal rate in age group of 1 month was due to mortality while, in the age groups of >1 month, culling was the primary cause.

Prevalence of genital campylobacteriosis and trichomonosis in crossbred breeding bulls kept on zero-grazed smallholder dairy farms in the Tanga region of Tanzania

Directory of Open Access Journals (Sweden)

E.S. Swai

2005-06-01

Full Text Available A survey to demonstrate the presence or absence of genital campylobacteriosis and trichomonosis in cross-bred breeding bulls kept under smallholding dairy farms in the Tanga region of Tanzania was carried out during the period of January-June 1996. Sheath washings, swabs and preputial scrapings were collected from 58 randomly selected bulls. Campylobacter fetus subsp. venerealis was demonstrated in 3/58 (5.1 % and Tritrichomonas foetus in 0/58 (0 % of all bulls tested. Bull-level variables of level of taurine genes (62.5 % taurine genes, F2; 75 % taurine genes, F3 and age were not significantly associated with campylobacteriosis (P > 0.05. The result of the study identifies Campylobacter fetus subsp. venerelias as the agent of enzootic infertility in smallholder herds and suggests that may be a significant problem.

Analysis of Market Supervision Necessity of OTC Financial Derivatives Based on Game Theory%基于博弈论的OTC金融衍生品市场监管必要性分析

Institute of Scientific and Technical Information of China (English)

陈锦磊

2013-01-01

　　基于博弈论的OTC金融衍生品市场监管必要性分析表明：在政府行政监管、行业协会自律管理及市场参与者内部控制的博弈中，单凭市场本身的内部调节机制并不能完全发挥持续稳定市场的效力，政府监管职能对规范市场行为有重大作用；行业自律组织监管是市场监管中不可替代的有机组成。应加强OTC衍生品市场内部控制与风险管理，完善行政监管机制，提高行业协会自律监管能力，特别是加强金融机构表外业务风险的监管，以保证金融机构的稳健经营。%　　The analysis of the market supervision necessity of OTC financial derivatives based on game theory proves that in the game be-tween government administrative supervision, industrial association self-discipline management and internal control of market partici-pants, internal regulatory mechanism of the market itself does not give full play to the effectiveness of sustained and stable market. Govern-ment regulatory functions have great influence in regulating market behavior. Supervision of the industrial self-discipline organizations is the irreplaceable organic composition of market supervision. In order to ensure the sound operation of financial institutions, the government should strengthen internal control and risk management of the OTC derivatives market, improve the administrative supervision mechanism, improve the self-discipline ability of industrial associations, and especially, strengthen the risk supervision over off-balance-sheet activi-ties of financial institutions.

Genetic Polymorphism at Acaca Locus and Its Relationship With Productive Performances in Ettawa Crossbred Goat

Directory of Open Access Journals (Sweden)

Sucik Maylinda

2015-04-01

Full Text Available Research with aim to estimate genetic polymorphism at ACACA (Acetyl-coenzyme A carboxylase locus in Ettawa Crossbred goat wan its relationship with production traits was done at goat population in Batu, Lawang and Ampel Gading. 46 female goats were taken it’s blood sample to isolate the DNA and continue with PCR (Polymerase Chain Reaction and RFLP (Restricted Fragment Length Polymorphism. PCR was used to amplify ACACA gene fragment in intron 3’ about 200 bp with primer F : 5’ – AGT GTA GAA GGG ACA GCC CAG C – 3’ and R : 5’ – GTG GAA TGA CAC ATG GAG AGG G – 3’; RFLP was used to test mutation of that fragment in particular place (point using restriction enzyme RSA1. Variables were alelles and genotypes composition in population, milk and fat content, and birth weight of kid. Result showed that (a genetic polymorphism at locus ACACA in three location was high that is 44,22 %, with allele frequency of G (p = 33 % and allele T (q = 67 %; (b no relationship between the high polymorphism with productive performance of goat in fat and protein content, and birth weight of kid. It was concluded that in goat population there was a high polymorphism at ACACA gene, and that polymorphism was not related to production.

Electrodynamical Model of Quasi-Efficient Financial Markets

Science.gov (United States)

Ilinski, Kirill N.; Stepanenko, Alexander S.

The modelling of financial markets presents a problem which is both theoretically challenging and practically important. The theoretical aspects concern the issue of market efficiency which may even have political implications [1], whilst the practical side of the problem has clear relevance to portfolio management [2] and derivative pricing [3]. Up till now all market models contain "smart money" traders and "noise" traders whose joint activity constitutes the market [4, 5]. On a short time scale this traditional separation does not seem to be realistic, and is hardly acceptable since all high-frequency market participants are professional traders and cannot be separated into "smart" and "noisy." In this paper we present a "microscopic" model with homogenuous quasi-rational behaviour of traders, aiming to describe short time market behaviour. To construct the model we use an analogy between "screening" in quantum electrodynamics and an equilibration process in a market with temporal mispricing [6, 7]. As a result, we obtain the time-dependent distribution function of the returns which is in quantitative agreement with real market data and obeys the anomalous scaling relations recently reported for both high-frequency exchange rates [8], S&P500 [9] and other stock market indices [10, 11].

Manipulation of the Commodity Futures Market Delivery Process.

OpenAIRE

Pirrong, Stephen Craig

1993-01-01

An analysis of the futures market delivery 'end game' specifies necessary and sufficient conditions for long and short traders to manipulate futures prices at contract expiration. The empirical and welfare implications of manipulation are derived as well. Manipulation is most likely to occur in markets where economic frictions (such as transportation and transactions costs) make it inefficient to return excessive deliveries to their original owners. These consumption distortions induce price ...

Energy economics and financial markets

Energy Technology Data Exchange (ETDEWEB)

Dorsman, Andre [Vrije Univ. Amsterdam (Netherlands). Dept. of Finance; Simpson, John L. [Curtin Univ., Perth, WA (Australia). School of Economics and Finance; Westerman, Wim (eds.) [Groningen Univ. (Netherlands). Faculty of Economics and Business Economics, Econometrics and Finance

2013-10-01

Deals with the upcoming theme of energy issues. Links energy issues with economics and financial markets. Combines global focus with specific regional and local examples. Unites theoretical insights with timely data and practical insights. Specialized author team from all over the world. Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.

Variables influencing the use of derivatives in South Africa – the development of a conceptual model

Directory of Open Access Journals (Sweden)

Stefan Schwegler

2011-03-01

Full Text Available This paper, which is the first in a two-part series, sets out the development of a conceptual model on the variables influencing investors’ decisions to use derivatives in their portfolios. Investor-specific variables include: the investor’s needs, goals and return expectations, the investor’s knowledge of financial markets, familiarity with different asset classes including derivative instruments, and the investor’s level of wealth and level of risk tolerance. Market-specific variables include: the level of volatility, standardisation, regulation and liquidity in a market, the level of information available on derivatives, the transparency of price determination, taxes, brokerage costs and product availability.

Total replacement of corn by mesquite pod meal considering nutritional value, performance, feeding behavior, nitrogen balance, and microbial protein synthesis of Holstein-Zebu crossbred dairy steers.

Science.gov (United States)

de Oliveira Moraes, Gláucia Sabrine; de Souza, Evaristo Jorge Oliveira; Véras, Antonia Sherlânea Chaves; de Paula Almeida, Marina; da Cunha, Márcio Vieira; Torres, Thaysa Rodrigues; da Silva, Camila Sousa; Pereira, Gerfesson Felipe Cavalcanti

2016-10-01

The objective of the present study to assess the effects of mesquite pod addition replacing corn (0, 250, 500, 750, and 1000 g/kg in the dry matter basis) on nutrient intake, animal performance, feeding behavior, nutrient digestibility, nitrogen balance, and microbial protein synthesis. Twenty-five Holstein-Zebu crossbred dairy steers at 219 ± 22 kg initial body weight and 18 months of age were used. The experiment lasted 84 days, divided into three periods of 28 days. A completely randomized design was used, and data were submitted to analysis using PROC GLM for analysis of variance and PROC REG for regression analysis using the software Statistical Analysis Systems version 9.1. Experimental diets were composed of Tifton 85 hay, soybean meal, ground corn, mesquite pod meal, and mineral salt. Samples of food offered were collected during the last 3 days of each period, and the leftovers were collected daily, with samples bulked per week. At the end of each 28-day period, the remaining animals were weighed to determine total weight gain and average daily gain. The assessment of behavioral patterns was performed through instantaneous scans in 5-min intervals for three consecutive 12-h days. A single urine sample from each animal was collected on the last day of each collection period at about 4 h after the first feeding. The replacement of corn by mesquite pod meal did not significantly influence treatments regarding nutrients intake, animal performance, and feeding behavior. Retained and consumed nitrogen ratio did not statistically differ between replacement levels. Likewise, there were no statistical differences regarding microbial protein synthesis and efficiency between replacement levels. Mesquite pod meal can be used in Holstein-Zebu crossbred dairy steers' diet with total corn replacement.

Pricing and Hedging Quanto Options in Energy Markets

DEFF Research Database (Denmark)

Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

approach we derive a closed form option pricing formula for energy quanto options, under the assumption that the underlying assets are log-normally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive delta and gamma......In energy markets, the use of quanto options have increased significantly in the recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature and are suited for managing the joint price and volume risk in energy markets. Using an HJM...... expressions for hedging. Furthermore, we illustrate the use of our model by an empirical pricing exercise using NYMEX traded natural gas futures and CME traded Heating Degree Days futures for New York....

Performance of crossbred heifers in different step-down waste milk-feeding strategies.

Science.gov (United States)

Leão, Juliana Mergh; Lima, Juliana Aparecida Mello; Lana, Ângela Maria Quintão; Saturnino, Helton Mattana; Reis, Ronaldo Braga; Barbosa, Fabiano Alvim; de Azevedo, Rafael Alves; Sá Fortes, Robson Vilela; Coelho, Sandra Gesteira

2016-12-01

The aim of this study was to evaluate the consumption, performance, feed efficiency, glucose concentration, and the cost per kilogram of weight gain of crossbred Holstein-Gyr heifers (n = 33) subjected to one of the three waste milk step-down strategies: 6L-30d/4L-60d/2L-90d (T1), 6L-45d/4L-60d/2L-90d (T2), and 8L-30d/6L-60d/3L-90d (T3). Heifers were weaned at the age of 91 days. Water and starter were provided ad libitum. The average waste milk intake was higher in T3 than in T1 and T2 strategies until 30 days and between 60 and 90 days. The starter intake did not differ among the strategies until 45 days, but it was higher in strategy T1 than in strategy T3 between 60 and 90 days. The waste milk step-down strategy did not influence the total dry matter intake, average daily gain, body weight, and feed efficiency. Glucose concentrations in plasma varied within a range that could be considered normal and were similar among the treatments. The average cost per kilogram of weight gain was the lowest in strategy T1 (US$3.0) compared to that in the other strategies (T2, US$3.2, and T3, US$3.6). The 6L-30d/4L-60d/2L-90d waste milk step-down strategy was the most effective, since it increased the starter intake, led to normal glucose concentrations in plasma, and caused similar weight gain compared with the other strategies; however, it had a lower cost per kilogram.

Economic evaluation and market analysis for natural gas utilization. Topical report

International Nuclear Information System (INIS)

Hackworth, J.H.; Koch, R.W.; Rezaiyan, A.J.

1995-04-01

During the past decade, the U.S. has experienced a surplus gas supply. Future prospects are brightening because of increased estimates of the potential size of undiscovered gas reserves. At the same time, U.S. oil reserves and production have steadily declined, while oil imports have steadily increased. Reducing volume growth of crude oil imports was a key objective of the Energy Policy Act of 1992. Natural gas could be an important alternative energy source to liquid products derived from crude oil to help meet market demand. The purpose of this study was to (1) analyze three energy markets to determine whether greater use could be made of natural gas or its derivatives and (2) determine whether those products could be provided on an economically competitive basis. The following three markets were targeted for possible increases in gas use: transportation fuels, power generation, and chemical feedstock. Gas-derived products that could potentially compete in these three markets were identified, and the economics of the processes for producing those products were evaluated. The processes considered covered the range from commercial to those in early stages of process development. The analysis also evaluated the use of both high-quality natural gas and lower-quality gases containing CO 2 and N 2 levels above normal pipeline quality standards

The market value of variable renewables

International Nuclear Information System (INIS)

Hirth, Lion

2013-01-01

This paper provides a comprehensive discussion of the market value of variable renewable energy (VRE). The inherent variability of wind speeds and solar radiation affects the price that VRE generators receive on the market (market value). During windy and sunny times the additional electricity supply reduces the prices. Because the drop is larger with more installed capacity, the market value of VRE falls with higher penetration rate. This study aims to develop a better understanding on how the market value with penetration, and how policies and prices affect the market value. Quantitative evidence is derived from a review of published studies, regression analysis of market data, and the calibrated model of the European electricity market EMMA. We find the value of wind power to fall from 110% of the average power price to 50–80% as wind penetration increases from zero to 30% of total electricity consumption. For solar power, similarly low value levels are reached already at 15% penetration. Hence, competitive large-scale renewable deployment will be more difficult to accomplish than as many anticipate. - Graphical abstract: Wind value factor estimates from a literature review (a), the numerical model EMMA (b), and German historical market data (c). The value factor (wind revenue over base price) decreases with higher penetration rates. Highlights: ► The variability of solar and wind power affects their market value. ► The market value of variable renewables falls with higher penetration rates. ► We quantify the reduction with market data, numerical modeling, and a lit review. ► At 30% penetration, wind power is worth only 50–80% of a constant power source

Closing the Knowledge Gap in Foreign Markets

DEFF Research Database (Denmark)

Lyles, Marjorie A.; Pedersen, Torben; Petersen, Bent

The study explores how firms close their knowledge gaps in relation to business environments of foreign markets. Potential determinants are derived from traditional internationalization process theory as well as more recent literature on organizational learning processes, including the concept...... of absorptive capacity. Building on these two literature streams a conceptual model is developed and tested on a set of primary data of Danish firms and their foreign market operations. The empirical study suggests that factors considered essential in traditional internationalization process theory...

Libor and Swap Market Models for the Pricing of Interest Rate Derivatives : An Empirical Analysis

NARCIS (Netherlands)

de Jong, F.C.J.M.; Driessen, J.J.A.G.; Pelsser, A.

2000-01-01

In this paper we empirically analyze and compare the Libor and Swap Market Models, developed by Brace, Gatarek, and Musiela (1997) and Jamshidian (1997), using paneldata on prices of US caplets and swaptions.A Libor Market Model can directly be calibrated to observed prices of caplets, whereas a

MARKET ALLOCATION RULES FOR NONPRICE PROMOTION WITH FARM PROGRAMS: U.S. COTTON

OpenAIRE

Ding, Lily; Kinnucan, Henry W.

1996-01-01

Rules are derived to indicate the optimal allocation of a fixed promotion budget between domestic and export markets when the commodity in question represents a significant portion of world trade and is protected in the domestic market by a deficiency-payment program. Optimal allocation decisions are governed by advertising elasticities in the domestic and export markets and the export market share. PromotionÂ’'s ability to lower deficiency payments is inversely related to the absolute value ...

Market review - Market values summary/July market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the July 1995 uranium market review. Data for current uranium market is presented, and a summary of recent transactions is also given. During this reporting period, there was one concentrate deal, two transactions in the long-term natural uranium market and conversion market, and three spot market transactions in the enrichment market. Active uranium supply fell, as did demand, and prices in all sectors were relatively stable

The role of middlemen in fish marketing in Igbokoda fish market, Ondo-state, south western Nigeria

Directory of Open Access Journals (Sweden)

F.O. Agbebi

2012-12-01

Full Text Available The study on the role of middlemen in fish marketing was carried out in Igbokoda fish market in Ondo State, Nigeria with the use of structured questionnaire and personal interview to know the various activities in the fishing community and to be able to examine the socio-economic activities and characteristics of the fish marketers, the challenges in the market, the marketing procedures, the role middlemen plays and structures encountered in the fish business using descriptive analysis, such as the use of table, frequency, counts, mean and percentage. From this study, it was discovered that majority (42% of the respondents were within the age group of 31-40 years, thus indicating that most of them are within the economically active population. Majority of the marketers were involved in co-operative societies while only 10% were not involved in any co-operative society, which on the other hand indicate high level of rural poverty in the fishing community. 35% of the respondents have only one middleman, 22% have 2 middlemen and 38% of the respondents have 3 middlemen which indicate that their profit margin reduced as the number of middlemen increased. Fish sales in bulk and unit were observed in the area. Fish marketing, challenges and benefits that can be derived from it was also considered as well as facilities as a way of strengthening fish marketing structure by improving the bargaining power of traders and increasing the profit margin.

Stochastic Modeling of Wind Derivatives in Energy Markets

Directory of Open Access Journals (Sweden)

Fred Espen Benth

2018-05-01

Full Text Available We model the logarithm of the spot price of electricity with a normal inverse Gaussian (NIG process and the wind speed and wind power production with two Ornstein–Uhlenbeck processes. In order to reproduce the correlation between the spot price and the wind power production, namely between a pure jump process and a continuous path process, respectively, we replace the small jumps of the NIG process by a Brownian term. We then apply our models to two different problems: first, to study from the stochastic point of view the income from a wind power plant, as the expected value of the product between the electricity spot price and the amount of energy produced; then, to construct and price a European put-type quanto option in the wind energy markets that allows the buyer to hedge against low prices and low wind power production in the plant. Calibration of the proposed models and related price formulas is also provided, according to specific datasets.

Enforcing Transferable Permit Systems in the Presence of Market Power

International Nuclear Information System (INIS)

Chavez, C.A.; Stanlund, J.K.

2003-01-01

We derive an enforcement strategy for a transferable permit system in the presence of market power that achieves complete compliance in a cost-effective manner. We show that the presence of a firm with market influence makes designing an enforcement strategy more difficult than enforcing a perfectly competitive system. We also re-consider the suggestion that a firm with market influence should be allocated permits so that it chooses to not participate in the permit market. When enforcement and its costs are taken into account, that suggestion does not hold except in a very special case

Social network marketing strategy and SME strategy benefits

OpenAIRE

Nobre, Helena; Silva, Daniela

2014-01-01

The study explored what benefits to small or medium-sized firms (SMEs) could be derived from the development of a social media marketing strategy. Results indicated that Facebook can facilitate communications between SME companies and customers, and can also be an important tool in creating brand recognition and broadening awareness. The importance of developing a thoughtfully designed strategy was cited, as SMEs often lack sophisticated marketing or business plans. The positive study results...

Social capital and transaction costs in millet markets

Directory of Open Access Journals (Sweden)

Damien Christophe Jacques

2018-01-01

Full Text Available In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1–9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

Persistent profitability of technical analysis on foreign exchange markets?

OpenAIRE

L. MENKHOFF; M. SCHLUMBERGER

1995-01-01

The effect of technical analyses on the performance of subsequent policies and actions in the foreign exchange markets is analysed using three cases. Results show that use of technical analyses is persistently profitable. Participants, however, tend to view short-term market risk as important and thus decide to forego some of the rules derived from technical analysis. This observation does not negate the theory on efficient learning.

Who times the foreign exchange market? Corporate speculation and CEO characteristics

NARCIS (Netherlands)

Beber, A.; Fabbri, D.

2010-01-01

This paper shows that managers’ personal beliefs and individual characteristics explain a large share of the substantial time-variation of derivatives use beyond firm, industry, and market fundamentals. We construct a panel data set of foreign currency derivatives holdings and currency exposures for

Who times the foreign exchange market? Corporate speculation and CEO characteristics

NARCIS (Netherlands)

Beber, A.; Fabbri, D.

2011-01-01

This paper shows that managers' personal beliefs and individual characteristics explain a large share of the substantial time-variation of derivatives use beyond firm, industry, and market fundamentals. We construct a panel data set of foreign currency derivatives holdings and currency exposures for

Marketing Strategy In Surabaya City Archieves And Library

Directory of Open Access Journals (Sweden)

Fahriyah Fahriyah

2016-01-01

Full Text Available Successfull organizations are able to design and manage their information and the supporting technologies as a strategic weapon as well as an information utility. This requires information to be readily available on an asneeded basis to staff, management, customers, suppliers and other stakeholders. Surabaya City Archives and Libraries use the strategic marketing to disseminate information resources at their disposal. The purpose of this research is to know, how the marketing of library in Surabaya City Archives and Libraries. The research method uses literature study with data collection techniques derived from interviews and literature study. Fordata analysis, the results were processed and analyzed interviews with marketing theory using some of the literature from books, journals and the results of previous studies. Surabaya city Library and Archive wasfoundsome elementsin the 'Marketing Mix' or library marketing strategy that has beenappliedin thelibrary since 2007. Adjustment of marketing strategy or concept 7P' Marketing Mix' are Product, Price, Promotion, Place, People, Process and Physical Evidencein the library have increased performance results Surabaya City Archives and Libraries since 2007 until now.

MARKETING MIX POLICIES IN FMCG CASE-STUDY: THE ADVERTISING STRATEGY

Directory of Open Access Journals (Sweden)

ANA MARIA BOBEICA

2011-04-01

Full Text Available This paper explores the relationships between selected marketing mix elements in the area of FMCG. It discusses the nature and sometimes negative consequences of the dominating marketing paradigm of today, marketing mix management, and furthermore discusses how modern research into, for example in the case of FMCG Companies, the marketing policies as well as customer relationship tactics shows that another approach to marketing is required. It proposes a conceptual framework in which marketing elements are related to the dimensions of brand equity and brand awareness. It also presents a case study deriving from advertising strategies of FMCG Companies showing that the change in advertising spending is related to changes in market share, changes in product plans and changes in the number of competitors modified by the number of customers, their concentration and the size of the advertising budget.

New marketing, improved marketing, apocryphal marketing: is one marketing concept enough?

OpenAIRE

Woodall, T

2007-01-01

PURPOSE – This paper seeks to explore marketing's ambiguous relationship with truth and, in so doing, to question the efficacy and value of the marketing concept and the very nature of marketing itself. Is marketing something that marketers do, or is it something much broader than this? If the latter, are marketers themselves either willing, or able to operate beyond traditional boundaries and, if not, should they focus – honourably – on what they do best, and encourage/support others who mig...

The Economic Value of Fundamental and Technical Information in Emerging Currency Markets

NARCIS (Netherlands)

G.J. de Zwart (Gerben); T.D. Markwat (Thijs); L.A.P. Swinkels (Laurens); D.J.C. van Dijk (Dick)

2007-01-01

textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and

Distributed energy generation techniques and the competitive fringe effect in electricity markets

NARCIS (Netherlands)

Mulder, Machiel; Petrikaite, Vaiva; Scholtens, Bert

2015-01-01

We analyse the impact of two different generation techniques used by fringe suppliers on the intensity of competition in the electricity wholesale market. For that purpose, we derive a Cournot model of this market taking into account long-term contracts, international trade and fringe suppliers

Environmental charges in airline markets

Energy Technology Data Exchange (ETDEWEB)

Carlsson, Fredrik [Goeteborg Univ., Dept. of Economics, Goeteborg (Sweden)

2002-07-01

Over the last two decades many airline markets have been deregulated, resulting in increased competition and use of different types of networks. At the same time there has been an intense discussion on environmental taxation of airline traffic. It is likely that an optimal environmental charge and the effects of a charge differ between different types of aviation markets. In this paper, we derive optimal flight (environmental) charges for different types of airline markets. The first type of market is a multiproduct monopoly airline operating either a point-to-point network or a hub-and-spoke network. The optimal charge is shown to be similar in construction to an optimal charge for a monopolist. We also compare the environmental impact of the two types of networks. Given no differences in marginal damages between airports we find that an airline will always choose the network with the highest environmental damages. The second type of market we investigate is a multiproduct duopoly, where two airlines compete in both passengers and flights. The formulation of the optimal charge is similar to the optimal charge of a single product oligopoly. However, we also show that it is, because of strategic effects, difficult to determine the effects of the charge on the number of flights. (Author)

A spatial price equilibrium model in the oligopolistic market for oil derivatives: an application to the brazilian scenario

Directory of Open Access Journals (Sweden)

Fabiano Mezadre Pompermayer

2007-01-01

Full Text Available This paper presents a spatial price equilibrium model in an oligopoly market for refined oil products. Till 1997 the Brazilian oil market was characterized by the state monopoly of Petrobras, which up to 2001 remained the only firm authorized to import oil derivatives. With several agents operating in the primary oil supply market, the government stopped fixing the prices for Petrobras, which started to determine the prices based on competition with other players. In this new scenario some questions arise regarding the price levels at which refined products will be supplied in different regions across Brazil as well as the capacity of national refineries to compete with imported products. To answer those and other questions, a new oligopoly spatial equilibrium model is herein proposed, taking into account the special characteristics of production of refined oil products. An iterative Gauss-Seidel-like algorithm with sequential adjustments was developed and applied to Brazilian market data. The model, the algorithm and its application are described in this work. Such a model may be used both by regulatory authorities and by companies in the sector.Este artigo apresenta um modelo de equilíbrio espacial de preços em um mercado oligopolizado de derivados de petróleo. Até o ano de 1997, o mercado brasileiro era caracterizado pelo monopólio estatal da Petrobrás, a qual permaneceu, até 2001, como a única empresa autorizada a importar derivados de petróleo. Com vários agentes operando no mercado, o governo deixou de fixar os preços para a Petrobrás, que passou a determinar os preços baseada na competição com outros agentes. Neste cenário, surgem algumas questões relativas aos níveis de preços a serem oferecidos no mercado e relativas à capacidade das refinarias nacionais de competir com produtos importados. Para responder a estas e outras questões, um novo modelo de equilíbrio espacial de preços para um mercado oligopolizado foi

Comparison of gene expression of Toll-like receptors and cytokines between Piau and Commercial line (Landrace×Large White crossbred) pigs vaccinated against Pasteurella multocida type D.

Science.gov (United States)

Sousa, Katiene Régia Silva; Ribeiro, André Mauric Frossard; Dantas, Waleska de Melo Ferreira; Oliveira, Leandro Licursi de; Gasparino, Eliane; Guimarães, Simone Eliza Facioni

2017-10-01

We aimed to compare Toll-like receptors (TLR) and cytokines expression in local Piau breed and a Commercial line (Landrace×Large White crossbred) pigs in response to vaccination against Pasteurella multocida type D. Seronegative gilts for Pasteurella multocida type D and Mycoplasma hyopneumoniae were used, from which peripheral blood mononuclear cells (PBMC) were collected in four time points (T0, T1, T2 and T3; before and after each vaccination dose). For bronchoalveolar lavage fluid cells (BALF), we set groups of vaccinated and unvaccinated animals for both genetic groups. Gene expression was evaluated on PBMC and BALF. In PBMC, when we analyzed time points within breeds, significant differences in expression for TLRs and cytokines, except TGFβ, were observed for Commercial animals. For the Piau pigs, only TGFβ showed differential expression. Comparing the expression among genetic groups, the Commercial pigs showed higher expression for TLRs after first vaccination dose, while for IL2, IL6, IL12 and IL13, higher expression was also observed in T3 and IL8 and IL10, in T1 and T3. Still comparing the breeds, the crossbred animals showed higher expression for TNFα in T1 and T2, while for TGFβ only in T2. For gene expression in BALF, vaccinated Commercial pigs showed higher expression of TLR6, TLR10, IL6, IL8, IL10, TNFα and TGFβ genes than vaccinated Piau pigs. The Commercial line pigs showed higher sensitivity to vaccination, while in local Piau breed lower responsiveness, which may partly explain genetic variability in immune response and will let us better understand the tolerance/susceptibility for pasteurellosis. Copyright © 2017 Elsevier Ltd. All rights reserved.

Approaches and methods for econometric analysis of market power

DEFF Research Database (Denmark)

Perekhozhuk, Oleksandr; Glauben, Thomas; Grings, Michael

2017-01-01

, functional forms, estimation methods and derived estimates of the degree of market power. Thereafter, we use our framework to evaluate several structural models based on PTA and GIM to measure oligopsony power in the Ukrainian dairy industry. The PTA-based results suggest that the estimated parameters......This study discusses two widely used approaches in the New Empirical Industrial Organization (NEIO) literature and examines the strengths and weaknesses of the Production-Theoretic Approach (PTA) and the General Identification Method (GIM) for the econometric analysis of market power...... in agricultural and food markets. We provide a framework that may help researchers to evaluate and improve structural models of market power. Starting with the specification of the approaches in question, we compare published empirical studies of market power with respect to the choice of the applied approach...

ANALYZING FAT-TAILED DISTRIBUTIONS IN EMERGING CAPITAL MARKETS

Directory of Open Access Journals (Sweden)

FELICIA RAMONA BIRĂU

2013-05-01

Full Text Available The aim of this article focuses on analyzing the implications of fat-tailed distributions in emerging capital markets. An essential aspect that was highlighted by most empirical research, especially in terms of emerging capital markets, emphasizes the fact that extreme financial events can not be accurately predicted by the normal distribution. Fat-tailed distributions establish a very effective econometric tool in the analysis of rare events which are characterized by extreme values that occur with a relatively high frequency .The importance of exploring this particular issue derives from the fact that it is fundamental for optimal portfolio selection, derivatives valuation, financial hedging and risk management strategies. The implications of fat-tailed distributions for investment process are significant especially in the turbulent context of the global financial crisis.

Pricing and Hedging Quanto Options in Energy Markets

DEFF Research Database (Denmark)

Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

2015-01-01

–Jarrow–Morton approach, we derive a closed-form option pricing formula for energy quanto options under the assumption that the underlying assets are lognormally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive Delta and Gamma......In energy markets, the use of quanto options has increased significantly in recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature. They are suited to managing the joint price and volume risk in energy markets. Using a Heath...... expressions for hedging. Further, we illustrate the use of our model by an empirical pricing exercise using NewYork Mercantile Exchange-traded natural gas futures and Chicago Mercantile Exchange-traded heating degree days futures for NewYork....

Market response to external events and interventions in spherical minority games

International Nuclear Information System (INIS)

Papadopoulos, P; Coolen, A C C

2008-01-01

We solve the dynamics of large spherical minority games (MG) in the presence of non-negligible time-dependent external contributions to the overall market bid. The latter represent the actions of market regulators or other major natural or political events that impact on the market. In contrast to non-spherical MGs, the spherical formulation allows one to derive closed dynamical order parameter equations in an explicit form and work out the market's response to such events fully analytically. We focus on a comparison between the response to stationary versus oscillating market interventions, and reveal profound and partially unexpected differences in terms of transition lines and the volatility

The Interval Stability of an Electricity Market Model

Directory of Open Access Journals (Sweden)

Weijuan Wang

2014-01-01

Full Text Available Combined with the electric power market dynamic model put forward by Alvarado, an interval model of electricity markets is established and investigated in this paper pertaining to the range of demand elasticity with suppliers and consumers. The stability of an electricity market framework with demand elasticity interval is analyzed. The conclusions characterizing the interval model provided are derived by constructing a suitable Lyapunov function and using the theory of interval dynamical system in differential equations and matrix inequality theory and so forth. Applying the corollary obtained can judge the system stability by available data about demand elasticity. The obtained results are validated and illustrated by a case example.

Is there any overtrading in stock markets? The moderating role of big five personality traits and gender in a unilateral trend stock market.

Science.gov (United States)

Zhang, Jian; Wang, Haocheng; Wang, Limin; Liu, Shuyi

2014-01-01

Overtrading is a common anomaly among stock investors. This study examines the relationship between overtrading and investment returns and the impact of the Big Five traits and gender on overtrading in a unilateral trend stock market using a simulated stock investment system. The data were derived from a sample of undergraduates from six universities who performed in a simulated stock investment situation and had their personality traits measured by the Big Five Personality Questionnaire. The results indicate that: (1) Overtrading was significant in rising stock markets, but not significant in falling markets. (2) The degree of female investors who overtraded was significant in rising markets. (3) The degree of overtrading investors who were high in extroversion or agreeableness was significant in rising markets. The implications of these results for more effective investment strategies are discussed.

Determining firms׳ utility functions and competitive roles from data on market shares using Lotka–Volterra models

Directory of Open Access Journals (Sweden)

A. Marasco

2016-06-01

Full Text Available In this article, we include data on historical and estimated market shares of two markets. In particular, we include annual data on the market shares of the Japanese beer market (1963–2000 and biannual data on the market shares of the mobile phones market in Greece (1998–2007. In addition, we estimate monthly data on market shares for both markets. We show how this data can be used to derive firms’ utility functions and their competitive roles.

The Entropic Linkage between Equity and Bond Market Dynamics

Directory of Open Access Journals (Sweden)

Edgar Parker

2017-06-01

Full Text Available An alternative derivation of the yield curve based on entropy or the loss of information as it is communicated through time is introduced. Given this focus on entropy growth in communication the Shannon entropy will be utilized. Additionally, Shannon entropy’s close relationship to the Kullback–Leibler divergence is used to provide a more precise understanding of this new yield curve. The derivation of the entropic yield curve is completed with the use of the Burnashev reliability function which serves as a weighting between the true and error distributions. The deep connections between the entropic yield curve and the popular Nelson–Siegel specification are also examined. Finally, this entropically derived yield curve is used to provide an estimate of the economy’s implied information processing ratio. This information theoretic ratio offers a new causal link between bond and equity markets, and is a valuable new tool for the modeling and prediction of stock market behavior.

Stochastic–multiobjective market equilibrium analysis of a demand response program in energy market under uncertainty

International Nuclear Information System (INIS)

Hu, Ming-Che; Lu, Su-Ying; Chen, Yen-Haw

2016-01-01

Highlights: • Analyze the impact of a demand response program under uncertainty. • Stochastic Nash–Cournot competition model is formulated. • Case study of the Taiwanese electric power market is conducted. • Demand response decreases power price, generation, and emissions. • Demand uncertainty increases energy price and supply risk in the results. - Abstract: In the electricity market, demand response programs are designed to shift peak demand and enhance system reliability. A demand response program can reduce peak energy demand, power transmission congestion, or high energy-price conditions by changing consumption patterns. The purpose of this research is to analyze the impact of a demand response program in the energy market, under demand uncertainty. A stochastic–multiobjective Nash–Cournot competition model is formulated to simulate demand response in an uncertain energy market. Then, Karush–Kuhn–Tucker optimality conditions and a linear complementarity problem are derived for the stochastic Nash–Cournot model. Accordingly, the linear complementarity problem is solved and its stochastic market equilibrium solution is determined by using a general algebraic modeling system. Additionally, the case of the Taiwanese electric power market is taken up here, and the results show that a demand response program is capable of reducing peak energy consumption, energy price, and carbon dioxide emissions. The results show that demand response program decreases electricity price by 2–10%, total electricity generation by 0.5–2%, and carbon dioxide emissions by 0.5–2.5% in the Taiwanese power market. In the simulation, demand uncertainty leads to an 2–7% increase in energy price and supply risk in the market. Additionally, tradeoffs between cost and carbon dioxide emissions are presented.

In vitro evaluation of total mixed ration supplemented with exogenous fibrolytic enzymes for crossbred cows

Directory of Open Access Journals (Sweden)

Pravin Mohan Lunagariya

2017-03-01

Full Text Available Aim: The study was conducted to evaluate the levels of exogenous fibrolytic enzymes (EFE on in vitro digestibilities of dry matter (DM and organic matter (OM, total gas production (TGP, metabolizable energy (ME content, and microbial biomass production (MBP. Materials and Methods: The total mixed ration (TMR was prepared using 30% each of sorghum hay and groundnut straw and 40% compound concentrate mixture to meet nutritional requirement of cow (500 kg producing 12 kg fat corrected milk. The EFE was incorporated at 0, 40, 60, 80, 100, 120, 140, 160, 180, 200, 220, 240, 260, 280, 300, 320, 340, 360, 380, and 400 mg/kg TMR. The TMR substrates with different levels of EFE were in vitro incubated to ascertain their effect on digestibility, gas production, and nutritive values. Results: The significantly (p<0.05 higher and optimum in vitro digestibilities of DM (63.03% and OM (63.62% as well as TGP (72.35 ml/500 mg TMR were observed at supplementation of 240 mg EFE/kg TMR, while ME (7.16 MJ/kg DM and MBP (97.63 mg/500 mg TMR were also better. Conclusion: The incorporation of EFE at 240 mg/kg TMR resulted significantly (p<0.05 higher and optimum in vitro digestibilities of DM and OM. The TGP, ME, and MBP were also better. The levels of EFE 240 mg/kg TMR were found suitable for further in vivo study in crossbred cows.

EFFECT OF LEVEL OF CONCENTRATE FEEDING LEVEL ON EFFICIENCY OF EATING BEHAVIOUR ON ONGOLE CROSSBRED CATTLE

Directory of Open Access Journals (Sweden)

S. Dartosukarno

2014-10-01

Full Text Available Eight bulls of Ongole Crossbred (OC cattle with initial body weight (BW of 297 + 26 kg (CV =8.75% fed rice straw treated with urine (RU (ad libitum were divided into two groups (each fourheads to determine the effect of concentrate feeding level on efficiency of eating behavior. The cattlewas given concentrate feeding composed of beer cake and rice bran to make 14% crude protein at 1%and at 2% BW for RUC1 and RUC2 group, respectively. Eating behavior was measured for 3x24 hoursand was performed twice at weeks 2 and 6 of the study. Data obtained were analyzed by t-test. Theresults showed that the level of concentrate feeding affected the intake of urinated rice straw (P<0.01and daily BWGain (P<0.05, but the effect was not found (P>0.05 on DMI, length time for eating(196.5 vs. 221.5 min/d, length time for rumination (351.0 vs. 449.4 min/d, efficiency of eating time(37.21 vs. 37.67 gDM/min and efficiency rumination time (21.43 vs. 18.50 gDM/min. This researchshowed that concentrate feeding at 2% BW did not alter the efficiency of eating time and ruminationcompared to 1% BW, although able to improve BWG of OC cattle.

Continuous Trading Dynamically Effectively Complete Market with Heterogeneous Beliefs

DEFF Research Database (Denmark)

Qin, Zhenjiang

on the heterogeneous posterior variance of dividend throughout [0; T). The market populated with many time-additive exponential-utility investors is dynamically effectively complete, if investors are allowed to trade in only two long-lived securities continuously. The underlying mechanism is that these assumptions...... imply that the Pareto efficient individual consumption plans are measurable with respect to the aggregate consumption. Hence, I may not need a dynamically complete market to facilitate a Pareto efficient allocation of consumption, the securities only have to facilitate an allocation which is measurable...... a sufficient statistic for computation of the price of redundant dividend derivative and the equilibrium portfolios. The investors form their Pareto optimal trading strategies as if they intend to dynamically endogenously replicate the value of the dividend derivative....

Prevalence and Effectiveness of Derivatives Usage among Listed Nonfinancial Malaysian Firms

OpenAIRE

Lee, Simmon Kok Hui

2014-01-01

Derivatives had been a ‘dirty’ word among financial markets ever since the Financial Crisis of 2007-2009. Since then, there has been increased fear among managers that derivatives may cause more harm than good to their firms. Financial authorities and standard setters have rushed to implement more stringent and transparent requirements for the reporting of derivative positions in firms’ financial statements. It is important for managers to realize the positive potential from using derivatives...

Effects of dietary replacement of maize grain with popcorn waste ...

African Journals Online (AJOL)

DNkosi

In South Africa, almost 80% of the red meat produced is derived from feedlot .... manganese 1600 mg/kg; copper 300 mg/kg; iodine 70 mg/kg; calcium 220 mg/kg; ..... digestibility in lactating crossbred cows fed ad libitum green berseem with.

Episodes of clinical mastitis and its relationship with duration of treatment and seasonality in crossbred cows maintained in organized dairy farm

Directory of Open Access Journals (Sweden)

Narender Kumar

2016-01-01

Full Text Available Aim: Present study aimed to evaluate the different episodes of clinical mastitis (CM and influence of duration of treatment and seasonality on the occurrence of different episodes of CM in crossbred cows. Materials and Methods: A total of 1194 lactation data of crossbred CM cows were collected from mastitis treatment record from 2002 to 2012. Data of CM cows were classified into types of episodes (pattern of repeated or multiple episodes occurrence and number of episodes (magnitude of multiple cases. Types of episodes were divided as single (clinical cure by a single episode of treatment, relapse (retreatment of the same cow within 21 days, recurrence (new CM at least 21 days after treatment, and both (relapse and recurrence. The season was classified as winter (December to March, summer (April to June, rainy (July to September, and autumn (October to November. The difference between incidences of different types of CM episodes and the association between number or type of CM episodes with duration of treatment and seasons of CM occurrence were analyzed by Chi-square test. Results: Among 1194 animals suffered with CM, 53, 16, and 18% had the single episode, relapse, and recurrence, respectively; while 13% suffered by both relapse and recurrence. We estimated the duration of treatment and found 80% of the cows treated 1-8 days, in which 65% treated for 1-4 days, while 35% cows were treated for 5-8 days. Further, 12% cows treated for 9-15 days and 7.5% cows treated >15 days. The relationship between duration of treatment and different episodes of CM revealed that 1-8 days treated cows were mostly cured by the single episode with less relapse and recurrence. In contrast, the incidences of recurrence and relapse episodes were higher in cows treated for more than 9 days. The highest incidence of relapse was noticed in winter (36% than other seasons (10-28%, while the recurrence was less during autumn (9% compared to other seasons (20-40%. Conclusion

Episodes of clinical mastitis and its relationship with duration of treatment and seasonality in crossbred cows maintained in organized dairy farm.

Science.gov (United States)

Kumar, Narender; Manimaran, A; Kumaresan, A; Sreela, L; Patbandha, Tapas Kumar; Tiwari, Shiwani; Chandra, Subhash

2016-01-01

Present study aimed to evaluate the different episodes of clinical mastitis (CM) and influence of duration of treatment and seasonality on the occurrence of different episodes of CM in crossbred cows. A total of 1194 lactation data of crossbred CM cows were collected from mastitis treatment record from 2002 to 2012. Data of CM cows were classified into types of episodes (pattern of repeated or multiple episodes occurrence) and number of episodes (magnitude of multiple cases). Types of episodes were divided as single (clinical cure by a single episode of treatment), relapse (retreatment of the same cow within 21 days), recurrence (new CM at least 21 days after treatment), and both (relapse and recurrence). The season was classified as winter (December to March), summer (April to June), rainy (July to September), and autumn (October to November). The difference between incidences of different types of CM episodes and the association between number or type of CM episodes with duration of treatment and seasons of CM occurrence were analyzed by Chi-square test. Among 1194 animals suffered with CM, 53, 16, and 18% had the single episode, relapse, and recurrence, respectively; while 13% suffered by both relapse and recurrence. We estimated the duration of treatment and found 80% of the cows treated 1-8 days, in which 65% treated for 1-4 days, while 35% cows were treated for 5-8 days. Further, 12% cows treated for 9-15 days and 7.5% cows treated >15 days. The relationship between duration of treatment and different episodes of CM revealed that 1-8 days treated cows were mostly cured by the single episode with less relapse and recurrence. In contrast, the incidences of recurrence and relapse episodes were higher in cows treated for more than 9 days. The highest incidence of relapse was noticed in winter (36%) than other seasons (10-28%), while the recurrence was less during autumn (9%) compared to other seasons (20-40%). Cows those suffered by both relapse and recurrence

Is There Any Overtrading in Stock Markets? The Moderating Role of Big Five Personality Traits and Gender in a Unilateral Trend Stock Market

Science.gov (United States)

Zhang, Jian; Wang, Haocheng; Wang, Limin; Liu, Shuyi

2014-01-01

Overtrading is a common anomaly among stock investors. This study examines the relationship between overtrading and investment returns and the impact of the Big Five traits and gender on overtrading in a unilateral trend stock market using a simulated stock investment system. The data were derived from a sample of undergraduates from six universities who performed in a simulated stock investment situation and had their personality traits measured by the Big Five Personality Questionnaire. The results indicate that: (1) Overtrading was significant in rising stock markets, but not significant in falling markets. (2) The degree of female investors who overtraded was significant in rising markets. (3) The degree of overtrading investors who were high in extroversion or agreeableness was significant in rising markets. The implications of these results for more effective investment strategies are discussed. PMID:24475235

Is there any overtrading in stock markets? The moderating role of big five personality traits and gender in a unilateral trend stock market.

Directory of Open Access Journals (Sweden)

Jian Zhang

Full Text Available Overtrading is a common anomaly among stock investors. This study examines the relationship between overtrading and investment returns and the impact of the Big Five traits and gender on overtrading in a unilateral trend stock market using a simulated stock investment system. The data were derived from a sample of undergraduates from six universities who performed in a simulated stock investment situation and had their personality traits measured by the Big Five Personality Questionnaire. The results indicate that: (1 Overtrading was significant in rising stock markets, but not significant in falling markets. (2 The degree of female investors who overtraded was significant in rising markets. (3 The degree of overtrading investors who were high in extroversion or agreeableness was significant in rising markets. The implications of these results for more effective investment strategies are discussed.

Marketing Strategy In Surabaya City Archieves And Library

Directory of Open Access Journals (Sweden)

Fahriyah Fahriyah

2018-01-01

Full Text Available Successfull organizations are able to design and manage their information and the supporting technologies as a strategic weapon as well as an information utility. This requires information to be readily available on an as-needed basis to staff, management, customers, suppliers and other stakeholders. The Bodies of Archives and Libraries Surabaya City use the strategic marketing to disseminate information resources at their disposal. The purpose of this research is to know, how the marketing of library in The Bodies of Archives and Libraries Surabaya City. The research method uses literature study with data collection techniques derived from interviews and literature study. For data analysis, the results were processed and analyzed interviews with marketing theory using some of the literature from of books, journals and the results of previous studies. The Bodies of Library and Archive Surabaya city was found some elements in the 'Marketing Mix' or library marketing strategy that has been applied in the library. Adjustment of marketing strategy or concept 7P 'Marketing Mix' are Product, Price, Promotion, Place, People, Process and Physical Evidence in the library have increased performance results The Bodies of Archives and Libraries Surabaya City since 2003 until now.

US natural gas markets: how efficient are they?

International Nuclear Information System (INIS)

Herbert, J.H.; Kreil, Erik

1996-01-01

In this communication we discuss some key features of the natural gas cash and futures markets for natural gas in the USA. We also summarize some important and interesting problems in these markets. For example, the market does not appear to be informationally efficient throughout the USA. This lack of efficiency has been addressed by the establishment of a second futures contract market. There is also a very active unregulated derivatives market in which options and swaps are bought and sold. Although the market has changed significantly to better respond to changes in market conditions there are still problems in the way that pipeline space is allocated by pipeline companies, who still own the pipe, to those companies that have rights to this space. There are also problems in that prices for gas and transport are not transparent to many buyers and sellers. Moreover, there are also important idiosyncracies and industry practices that impede progress. None the less, the different parts of the industry with different interests and expertise and the regulatory authority continue to work at crafting rules to improve business behaviour and performance. (Author)

Increased Correlation in Bear markets: A Downside Risk Perspective

OpenAIRE

Campbell, Rachel; Koedijk, Kees; Kofman, Paul

2002-01-01

A number of studies have provided evidence of increased correlation in global financial market returns during bear markets. Others, however, have shown that some of this evidence may have been biased. We derive an alternative estimator for implied correlation based on portfolio downside risk measures that does not suffer from this bias. These unbiased quantile correlation estimates are directly applicable to portfolio optimization and to risk management techniques in general. This simple and ...

Essays on restructured electricity markets

Science.gov (United States)

Nicholson, Emma Leah

This dissertation focuses on the performance of restructured electricity markets in the United States. In chapter 1, I study bidder-specific offer caps ("BSOCs") which are used to mitigate market power in three wholesale electricity markets. The price of electricity is determined through multi-unit uniform price auctions and BSOCs impose an upper limit, which is increasing in marginal cost, on each generator's bid. I apply BSOCs in both the uniform and discriminatory price auctions and characterize the equilibria in a two firm model with stochastic demand. BSOCs unambiguously increase expected production efficiency in the uniform price auction and they can increase the expected profit of the generator with the lower cap. Chapter 2, coauthored with Ramteen Sioshansi, Ph.D., compares two types of uniform price auction formats used in wholesale electricity markets, centrally committed markets and self committed markets. In centrally committed markets, generators submit two-part bids consisting of a fixed startup cost and a variable (per MWh) energy cost, and the auctioneer ensures that no generator operates at a loss. Generators in self committed markets must incorporate their startup costs into their one part energy bids. We derive Nash equilibria for both the centrally and self committed electricity markets in a model with two symmetric generators with nonconvex costs and deterministic demand. Using a numerical example, we demonstrate that if the caps on the bid elements are chosen appropriately, the two market designs are equivalent in terms of generator revenues and settlement costs. Regulators and prominent academic experts believe that electric restructuring polices have stifled investment in new generation capacity. In chapter 3 I seek to determine whether these fears are supported by empirical evidence. I examine both total investment in megawatts and the number of new investments across regions that adopted different electric restructuring policies to

Market review - Market values summary/August market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the August 1995 uranium market review. During this reporting period, there were three transactions in the long-term concentrates sector, no transactions in the UF6 market, and limited activity in the spot conversion market and the enrichment services market. Active supply rose, as did active demand. Prices were stable to slightly increasing

Analysis of Social Marketing for Anti-corruption Campaign: Case study of Film Kita versus Korupsi

OpenAIRE

Rosidah

2012-01-01

The paper aims to explain the application of commercial marketing theory in a social marketing campaign. This study derives from secondary sources have been conducted, including previous researches and published articles. The writer finds yhat the theory of marketing mix has been used to study the film proposition. Furthermore, another “P”, namely Partnership, and segmentation has also been added to the campaign. The marketer has applied the commercial marketing approach in the film, as one o...

A critical survey of agent-based wholesale electricity market models

International Nuclear Information System (INIS)

Weidlich, Anke; Veit, Daniel

2008-01-01

The complexity of electricity markets calls for rich and flexible modeling techniques that help to understand market dynamics and to derive advice for the design of appropriate regulatory frameworks. Agent-Based Computational Economics (ACE) is a fairly young research paradigm that offers methods for realistic electricity market modeling. A growing number of researchers have developed agent-based models for simulating electricity markets. The diversity of approaches makes it difficult to overview the field of ACE electricity research; this literature survey should guide the way through and describe the state-of-the-art of this research area. In a conclusive summary, shortcomings of existing approaches and open issues that should be addressed by ACE electricity researchers are critically discussed. (author)

Microeconomics of the ideal gas like market models

Science.gov (United States)

Chakrabarti, Anindya S.; Chakrabarti, Bikas K.

2009-10-01

We develop a framework based on microeconomic theory from which the ideal gas like market models can be addressed. A kinetic exchange model based on that framework is proposed and its distributional features have been studied by considering its moments. Next, we derive the moments of the CC model (Eur. Phys. J. B 17 (2000) 167) as well. Some precise solutions are obtained which conform with the solutions obtained earlier. Finally, an output market is introduced with global price determination in the model with some necessary modifications.

Intraday Trading Patterns in the Equity Warrants and Equity Options Markets: Australian Evidence

Directory of Open Access Journals (Sweden)

Lydia Segara

2007-06-01

Full Text Available This paper extends the microstructure literature, by examining the previouslyundocumented intraday trading patterns in trading volume, price volatility, order depthand relative spreads for both the warrant and option market in Australia. Comparisons ofintraday variations across these derivative securities allows for insight to be drawn intocompeting market microstructure theories and provides the opportunity to examinewhether market design differences explain variations in observed intraday patterns. Wefind that intraday trading patterns documented in the warrant and option markets can beexplained by their market designs, along with theories relating to time-varying informationasymmetry and time-varying hedging trades around nontrading periods.

Marketing and clinical trials: a case study.

Science.gov (United States)

Francis, David; Roberts, Ian; Elbourne, Diana R; Shakur, Haleema; Knight, Rosemary C; Garcia, Jo; Snowdon, Claire; Entwistle, Vikki A; McDonald, Alison M; Grant, Adrian M; Campbell, Marion K

2007-11-20

Publicly funded clinical trials require a substantial commitment of time and money. To ensure that sufficient numbers of patients are recruited it is essential that they address important questions in a rigorous manner and are managed well, adopting effective marketing strategies. Using methods of analysis drawn from management studies, this paper presents a structured assessment framework or reference model, derived from a case analysis of the MRC's CRASH trial, of 12 factors that may affect the success of the marketing and sales activities associated with clinical trials. The case study demonstrates that trials need various categories of people to buy in - hence, to be successful, trialists must embrace marketing strategies to some extent. The performance of future clinical trials could be enhanced if trialists routinely considered these factors.

[The Marketing of Healthcare Services in ENT-Clinics].

Science.gov (United States)

Teschner, M; Lenarz, T

2016-07-01

The provision of healthcare services in Germany is based on fundamental principles of solidarity and is highly regulated. The question arises which conditions exist for marketing for healthcare services in ENT-clinics in Germany. The marketing options will be elicited using environmentally analytical considerations. The objectives can be achieved using measures derived from external instruments (service policy, pricing policy, distribution policy or communications policy) or from an internal instrument (human resources policy). The policy environment is particularly influenced by the regulatory framework, which particularly restricts the scope for both the pricing and communications policies. All measures must, however, reflect ethical frameworks, which are regarded as the fundamental premise underlying healthcare services and may be at odds with economic factors. Scope for flexibility in pricing exists only within the secondary healthcare market, and even there only to a limited extent. The significance of price in the marketing of healthcare services is thus very low. If marketing activities are to succeed, a market analysis must be carried out exploring the relevant factors for each individual provider. However, the essential precondition for the marketing of healthcare services is trust. The marketing of healthcare services differs from that of business management-oriented enterprises in other branches of economy. In the future the importance of marketing activities will increase. © Georg Thieme Verlag KG Stuttgart · New York.