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Sample records for maximum cow-calf stocking

  1. Beef cow-calf production.

    Science.gov (United States)

    Feuz, Dillon M; Umberger, Wendy J

    2003-07-01

    Cow-calf production occurs in all 50 states over varied resource bases and under vastly different environmental conditions. Multiple breeds exist and management styles and objectives are as numerous as the number of cow-calf producers. There is not one area of the country, one breed of cattle, or one management style that is most profitable for producing cows and calves. There are, however, some common strategies that can be employed by cow-calf producers to enhance profitability. Costs need to be controlled without jeopardizing cow herd productivity or net returns. It appears that the cost associated with purchased and harvested feeds varies considerably across operations. Understanding cyclic and seasonal price patterns, weight-price slides, cattle shrink, and other marketing costs can help producers enhance their profit by marketing (and not by just selling) their cattle. Producers with superior cattle genetics can become part of a specific alliance or, at a minimum, document the performance of their cattle so that they can get paid for the superior genetics. The beef industry is changing and will likely continue to change. Cow-calf producers will need to examine their own management practices to determine whether they are optimal for the current industry. Those producers who are most adept at matching their management abilities to their cattle type, their resource base, and the appropriate market outlet will be the most successful in the future.

  2. Economic Pasture-Based Cow-Calf Systems for Appalachia

    OpenAIRE

    Emenheiser, Joseph Carl

    2014-01-01

    Pasture-based beef production is well-suited for the Appalachian region of the United States. This research investigated pasture, beef cattle, and economics components within the cow-calf sector of pasture beef production, and presents implications of their interplay for the vitality of the whole system. Samples of forage DM mass and CP, ADF, NDF, and ash contents in each paddock of a rotational stocking system were collected monthly for 4 grazing seasons. Effects of month, stockpiling, hay f...

  3. Preventative programs for respiratory disease in cow/calf operations.

    Science.gov (United States)

    Engelken, T J

    1997-11-01

    Control of respiratory disease in cow/calf operations presents many challenges. The incidence of disease in the suckling calf is not well documented and the logistics of handling range animals make control programs difficult to implement. Health programs have to be built around normal working patterns, and these patterns may not provide the best "fit" for immune management of the calf. Weaned calves undergo significant disease challenge when they enter typical marketing channels. This provides the potential for high levels of calf morbidity, mortality, medicine costs, and losses from decreased performance as they arrive at a stocker operation or feedyard. If preweaning calf health and preconditioning programs are used, they must be planned so that the producer has an opportunity to obtain a return on their investment. Options for increasing calf weight marketed, certified calf health sales, or retained ownership through the next phase of production should be evaluated carefully. Any potential increase in calf value must be weighed against program costs. This affords the veterinarian an opportunity to build on traditional disease management and prevention skills and expand their influence in overall ranch management.

  4. Movement and spatial proximity patterns of rangeland-raised Raramuri Criollo cow-calf pairs

    Science.gov (United States)

    The objective of this study was to compare movement patterns of nursing vs. nonnursing mature cows and to characterize cow-calf proximity patterns in two herds of Raramuri Criollo cattle. Herds grazed rangeland pastures in southern New Mexico (4355 ha) and west-central Chihuahua, Mexico (633 ha)'' A...

  5. Occurrence of Mycobacterium avium subspecies paratuberculosis and Neospora caninum in Alberta cow-calf operations.

    Science.gov (United States)

    Pruvot, M; Kutz, S; Barkema, H W; De Buck, J; Orsel, K

    2014-11-01

    Mycobacterium avium subsp. paratuberculosis (MAP) and Neospora caninum (NC) are two pathogens causing important production limiting diseases in the cattle industry. Significant impacts of MAP and NC have been reported on dairy cattle herds, but little is known about the importance, risk factors and transmission patterns in western Canadian cow-calf herds. In this cross-sectional study, the prevalence of MAP and NC infection in southwest Alberta cow-calf herds was estimated, risk factors for NC were identified, and the reproductive impacts of the two pathogens were assessed. Blood and fecal samples were collected from 840 cows on 28 cow-calf operations. Individual cow and herd management information was collected by self-administered questionnaires and one-on-one interviews. Bayesian estimates of the true prevalence of MAP and NC were computed, and bivariable and multivariable statistical analysis were done to assess the association between the NC serological status and ranch management risk factors, and the clinical effects of the two pathogens. Bayesian estimates of true prevalence indicated that 20% (95% probability interval: 8-38%) of herds had at least one MAP-positive cow, with a within-herd prevalence in positive herds of 22% (8-45%). From the Bayesian posterior distributions of NC prevalence, the median herd-level prevalence was 66% (33-95%) with 10% (4-21%) cow-level prevalence in positive herds. Multivariable analysis indicated that introducing purchased animals in the herd might increase the risk of NC. The negative association of NC with proper carcass disposal and presence of horses on ranch (possibly in relation to herd monitoring and guarding activities), may suggest the importance of wild carnivores in the dynamics of this pathogen in the study area. We also observed an association between MAP and NC serological status and the number of abortions. Additional studies should be done to further examine specific risk factors for MAP and NC, assess the

  6. Economics of transitioning from a cow-calf-yearling operation to a stocker operation as a potential strategy to address brucellosis risk in northwestern Wyoming

    Science.gov (United States)

    An alternative enterprise for cattle ranchers that produce cows and calves is the production of stocker cattle. While stocker only operations have generally found to be less profitable than cow-calf or cow-calf-yearling operations, potential reasons for switching to stockers from having cows could i...

  7. Prevalence of Giardia duodenalis assemblages in weaned cattle on cow-calf operations in the United States.

    Science.gov (United States)

    Santin, Monica; Dargatz, David; Fayer, Ronald

    2012-02-10

    To determine the prevalence of Giardia duodenalis in weaned beef calves on cow-calf operations in the United States, fecal specimens were collected from 819 calves (6-18 months of age) from 49 operations. After cleaning and concentration procedures to maximize recovery of cysts from feces, DNA was extracted from each of the 819 specimens. The presence of G. duodenalis was determined by nested PCR of a fragment of the SSU rRNA gene. All positive PCR products were subjected to sequence analysis. The overall sample level prevalence of Giardia was 33.5% with prevalence ranging from 0 to 100% among operations. The highest within herd prevalence of infected beef calves was found in one cow-calf operation from the South region (100%), followed by a cow-calf operation from the West region (90%), and three cow-calf operations from the Midwest region (87.5, 85, and 85%). Giardia was not detected in samples from 7 operations including 5 cow-calf operations from the South region, and 1 cow-calf operation each from the Midwest and West regions. Molecular analysis of the Giardia-positive samples identified assemblage E (or E-like) in 31.7% of all samples (260/819) and assemblage A in 1.2% (10/819). A mixed infection with assemblages A and E was observed in four calves from an operation in Midwest region. The potentially zoonotic assemblage A was detected in specimens from four operations in Midwest region. These findings indicate that most G. duodenalis found in weaned beef calves was assemblage E which represents no known zoonotic threat. However, the presence of assemblage A in a small number of animals poses a potential risk of infection to humans. Published by Elsevier B.V.

  8. Performance of Angus and Brangus cow-calf pairs grazing Alicia bermudagrass and common bermudagrass-dallisgrass pastures.

    Science.gov (United States)

    Wyatt, W E; Gates, R N; Blouin, D C; Saxton, A M; Nelson, B D

    1997-07-01

    This research was designed to examine genotype x environment interactions in cow-calf growth performance of grazing animals. Angus and Brangus cow-calf pairs (minimum of six per breed) were allowed to rotationally graze (14-d intervals) treatment pastures from approximately May through early October in each of 2 yr. Treatment pastures contained relatively pure stands of Alicia bermudagrass (AP) or a mixed stand of common bermudagrass and dallisgrass (CDP). Forage allowance was equalized, using "put-and-take" cow-calf pairs, among forage and breed types at the initiation of each 14-d grazing interval. Forage samples were obtained in each paddock at the initiation of each grazing interval. Forage CP concentration was greater (P < .05; 13.5 vs 11.6%) and NDF concentration was less (P < .05; 63.8 vs 70.6%) for CDP than for AP. Daily weight loss was similar for Angus and Brangus cows, but it was greater (P < .05) for cows grazing AP than for cows grazing CDP. Calf ADG during the grazing season was 35% greater (P < .05) for CDP than for AP pastures and was 23% greater (P < .01) for Brangus than for Angus calves. Relative performance of Angus and Brangus cow-calf pairs was consistent between forages; no breed x forage interactions were observed.

  9. Modifying a Cow-Calf Biophysical Simulation Model for Analyses of Alternative Enterprises

    Science.gov (United States)

    Lutes, Jennifer L.

    Cow-calf producers in the United States, tasked with providing beef calves for the beef industry, have had a multitude of difficulties to overcome in recent years. Producers in northwest Arkansas were negatively impacted by high hay prices coupled with low beef cattle market prices due to severe drought experienced in portions of 2010, 2011, and 2012. During this time they also faced high grain prices, due to a record low harvest, combined with portions of the corn harvest diverted from human and animal feed to ethanol production. Tight lending policies of this time, reminiscent of the housing market crash in 2008, along with the negative public attention associated with high levels of greenhouse gas emissions associated with beef production, lead to a tough situation for cattle producers faced with increasing input costs, decreased revenue, and lack of access to loans. With these issues in mind, this research aimed to determine if incorporating switchgrass (Panicum virgatum) production on a cow-calf farm could serve to increase net returns, decrease income volatility, lower net greenhouse gas (GHG) emissions without decreasing beef output, and provide a viable source of feedstock for a potential bio-refinery. The study determined that switchgrass is a potential solution to these problems and thus aimed to discover differences in switchgrass supply under different government policies in four northwestern counties in Arkansas to an as-yet, non-existent bio-refinery. It was determined that growing switchgrass on pastureland, once devoted to cow-calf production, is a viable enterprise diversification tool that under the right conditions could be used to improve producer financial and environmental outcomes. However, bioenergy production is slow to gain traction in the US due to adverse market conditions from low fossil fuel prices. Thus, in the US, there are only a few bio-refineries currently online and accepting lignocellulosic biomass, however none of them are

  10. Groundwater phosphorus in forage-based landscape with cow-calf operation.

    Science.gov (United States)

    Sigua, Gilbert C; Chase, Chad C

    2014-02-01

    Forage-based cow-calf operations may have detrimental impacts on the chemical status of groundwater and streams and consequently on the ecological and environmental status of surrounding ecosystems. Assessing and controlling phosphorus (P) inputs are, thus, considered the key to reducing eutrophication and managing ecological integrity. In this paper, we monitored and evaluated P concentrations of groundwater (GW) compared to the concentration of surface water (SW) P in forage-based landscape with managed cow-calf operations for 3 years (2007-2009). Groundwater samples were collected from three landscape locations along the slope gradient (GW1 10-30% slope, GW2 5-10% slope, and GW3 0-5% slope). Surface water samples were collected from the seepage area (SW 0% slope) located at the bottom of the landscape. Of the total P collected (averaged across year) in the landscape, 62.64% was observed from the seepage area or SW compared with 37.36% from GW (GW1 = 8.01%; GW2 = 10.92%; GW3 = 18.43%). Phosphorus in GW ranged from 0.02 to 0.20 mg L(-1) while P concentration in SW ranged from 0.25 to 0.71 mg L(-1). The 3-year average of P in GW of 0.09 mg L(-1) was lower than the recommended goal or the Florida's numeric nutrients standards (NNS) of 0.12 mg P L(-1). The 3-year average of P concentration in SW of 0.45 mg L(-1) was about fourfold higher than the Florida's NNS value. Results suggest that cow-calf operation in pasture-based landscape would contribute more P to SW than in the GW. The risk of GW contamination by P from animal agriculture production system is limited, while the solid forms of P subject to loss via soil erosion could be the major water quality risk from P.

  11. Influence of environmental health in the cow-calf dyad system

    Directory of Open Access Journals (Sweden)

    Thayná Barcelos Fernandes

    2012-12-01

    Full Text Available Health factors influence the cow-calf dyad system in the postpartum period until the first suckling. The use of maternity paddock is a recommended management to facilitate the monitoring of parturient cows and calves. However, side effects occur due to environmental health conditions of maternity paddock that can affect the behaviour of the cow and result in the separation of calf from the mother, undermining sucking and the formation of the cow-calf dyad. To improve the understanding of this complex and dynamic system we built a conceptual model using the technique of causal loop diagram, Figure 1. By hypothesis, the environmental variables that act in maternity paddock influence the variable "Sources of pathogens in maternity". Those sources present a positive effect (in the same direction in the infection process of the calf and cow. Thus, a recommended practice is exposing the parturient cow to pathogens in maternity for sufficient period to stimulate their immune system and build disease resistance. That process contributes to improve the quality of colostrum that will be consumed by the calf during the first hours postpartum which has the function of increasing calf immunity, minimizing the occurrence of infections. In the model, sanitary environmental factors work in two Balance feedback loops (B1 and B2. The B1 cycle refers to the production of a healthy cow with a low level of infection by means of the variables: “Vaccine”, "Stimulation of cow immune system" and "Health resistance" with delay. The variable "Cow infection" has a negative influence (in the opposite direction in the "Maternal behaviour", thus the more infected the cow, the less investment will occur in maternal behaviour. The B2 cycle refers to the calf’s health condition, which is positively influenced by “Calf infection” which, in turn, has positive influence, contributing to the increase of "Calf diseases". The increase in “Calf diseases” generates an

  12. 12 CFR 221.7 - Supplement: Maximum loan value of margin stock and other collateral.

    Science.gov (United States)

    2010-01-01

    ... value of margin stock and other collateral. (a) Maximum loan value of margin stock. The maximum loan... nonmargin stock and all other collateral. The maximum loan value of nonmargin stock and all other collateral... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Supplement: Maximum loan value of margin stock...

  13. Patterns of stillbirth and dystocia in Ontario cow-calf herds.

    Science.gov (United States)

    McDermott, J J; Allen, O B; Martin, S W; Alves, D M

    1992-01-01

    The association between a number of individual animal and herd level factors and calving problems in beef cows and heifers were examined. Data were from the 1987 calving season for a subset of 123 herds which maintained individual-animal records, from a sample of 180 randomly selected Ontario cow-calf herds. The median herd dystocia rate was 5.8% and 24.4% of herds had no dystocias. The median herd stillbirth rate was 2.8%, and 33.3% of herds had no stillbirths. Dystocias and stillbirths were much more common in heifers than in cows. Separate statistical models of dystocia and stillbirth for cows and heifers were created. Dystocia in cows was associated with calf sex, previous calving assistance and large breed type and birth weight. Variations in 1987 cow herd dystocia rates were associated with calving season, location and density, and the herd dystocia rate in 1986. Dystocia in heifers was associated with large breed type and calf birth weight. Herd-level management practices associated with increased heifer dystocia rates included breeding heifers to calve earlier than cows and rearing heifers together with the cow herd. Stillbirths for both cows and heifers were associated with calving assistance, particularly hard assistance. Herd-level management and other factors were unassociated with stillbirths. PMID:1586893

  14. Attitudes of western Canadian cow-calf producers towards the Code of Practice for the Care and Handling of Beef Cattle.

    Science.gov (United States)

    Moggy, Melissa; Pajor, Edmond; Thurston, Wilfreda; Parker, Sarah; Greter, Angela; Schwartzkopf-Genswein, Karen; Campbell, John; Windeyer, M Claire

    2017-11-01

    This study describes western Canadian cow-calf producers' attitudes towards the Code of Practice for the Care and Handling of Beef Cattle (COPB). Most respondents had not read the COPB. Of those familiar with the COPB, most agreed with it, but it did not have a major influence on their decisions.

  15. A simulation model to quantify the value of implementing whole-herd Bovine viral diarrhea virus testing strategies in beef cow-calf herds.

    Science.gov (United States)

    Nickell, Jason S; White, Brad J; Larson, Robert L; Renter, David G; Sanderson, Mike W

    2011-03-01

    Although numerous diagnostic tests are available to identify cattle persistently infected (PI) with Bovine viral diarrhea virus (BVDV) in cow-calf herds, data are sparse when evaluating the economic viability of individual tests or diagnostic strategies. Multiple factors influence BVDV testing in determining if testing should be performed and which strategy to use. A stochastic model was constructed to estimate the value of implementing various whole-herd BVDV cow-calf testing protocols. Three common BVDV tests (immunohistochemistry, antigen-capture enzyme-linked immunosorbent assay, and polymerase chain reaction) performed on skin tissue were evaluated as single- or two-test strategies. The estimated testing value was calculated for each strategy at 3 herd sizes that reflect typical farm sizes in the United States (50, 100, and 500 cows) and 3 probabilities of BVDV-positive herd status (0.077, 0.19, 0.47) based upon the literature. The economic value of testing was the difference in estimated gross revenue between simulated cow-calf herds that either did or did not apply the specific testing strategy. Beneficial economic outcomes were more frequently observed when the probability of a herd being BVDV positive was 0.47. Although the relative value ranking of many testing strategies varied by each scenario, the two-test strategy composed of immunohistochemistry had the highest estimated value in all but one herd size-herd prevalence permutation. These data indicate that the estimated value of applying BVDV whole-herd testing strategies is influenced by the selected strategy, herd size, and the probability of herd BVDV-positive status; therefore, these factors should be considered when designing optimum testing strategies for cow-calf herds.

  16. Assessing cow-calf welfare. Part 1: Benchmarking beef cow health and behavior, handling; and management, facilities, and producer perspectives.

    Science.gov (United States)

    Simon, G E; Hoar, B R; Tucker, C B

    2016-08-01

    Assessment programs are one way beef producers communicate information about animal welfare to retailers and the public. Programs that monitor cattle through the production cycle (e.g., the Global Animal Partnership) or at individual stages (e.g., slaughter; the North American Meat Institute) exist, but to date, there is no assessment program addressing welfare specifically in the cow-calf sector. The objectives of this study were to measure cow-calf health and handling welfare outcomes and gather management, facility, and producer perspective information to 1) describe current practices and 2) inform assessment design. A welfare assessment, designed using features of similar beef and dairy programs, was conducted on 30 California ranches that varied in size (mean 1,051 cows [SD 1,849], range 28 to 10,000 cows) and location within the state. Cattle health and behavior and stockperson handling were measured during a routine procedure (e.g., pregnancy checks) on breeding females ( = 3,065). Management and producer perspectives were evaluated through an interview, and facility features were recorded at the chute and water access points. Cattle health problems were rare and seen only on specific ranches (e.g., prevalence of lame cattle: mean 1.3% [SD 1.5], range 0 to 7.1%). Cattle behavior and stockperson handling varied between ranches (e.g., cattle balking: mean 22.0% [SD 21.9], range 1.6 to 78.3%; electric prod use: mean 23.5 [SD 21.5], range 0 to 73.0%). Although some management and facility characteristics were shared by most (e.g., all ranches castrated bull calves; 86% used alleyways with an anti-back gate), other aspects varied (e.g., weaning age: mean 8.2 mo [SD 1.4], range 6 to 11 mo; 43% used shade cover over chute). Most producers shared similar perspectives toward their herd health management plan, but their responses varied when asked to evaluate an animal's pain experience. In terms of assessment design, there were challenges with feasibility (e

  17. Calf management practices and associations with herd-level morbidity and mortality on beef cow-calf operations.

    Science.gov (United States)

    Murray, C F; Fick, L J; Pajor, E A; Barkema, H W; Jelinski, M D; Windeyer, M C

    2016-03-01

    The objective of this study was to investigate calf management practices on beef cow-calf operations and determine associations with herd-level morbidity and mortality of pre-weaned calves. A 40-question survey about management practices, morbidity and mortality was administered to cow-calf producers by distributing paper surveys and by circulating an online link through various media. A total of 267 producers completed the survey. Data were analyzed with descriptive statistics and multivariable linear regression models. Average herd-level treatment risk for pre-weaning calf diarrhea (PCD) and bovine respiratory disease (BRD) were 4.9% and 3.0%, respectively. Average herd-level mortality within the first 24 h of life (stillbirth), from 1 to 7 days and 7 days to weaning were 2.3%, 1.1%, and 1.4%, respectively. Operations that never intervened at parturition had 4.7% higher PCD than those that occasionally did. On operations using small elastrator bands for castration, PCD was 1.9% higher than those using other methods. For every increase of 100 cows in herd size, BRD decreased by 1.1%. The association between BRD and PCD varied by when calving season began. Operations that used off-farm, frozen colostrum had a 1.1% increase in stillbirths. Operations that verified a calf had suckled had 0.7% lower mortality from 1 to 7 days of age. Those that intervened when colostrum was abnormal or that used small elastrator bands for castration had 1.9% and 1.4% higher mortality during the 1st week of life, respectively, compared with other operations. Mortality from 7 days to weaning was lower by 0.7% when calving season started in April compared with January or February and was higher by 1.0% for each additional week of calving season. Operations that intervened with colostrum consumption for assisted calvings had lower mortality from 7 days to weaning by 0.8% compared with those that did not. For every 1.0% increase in BRD, mortality from 7 days to weaning increased by 1

  18. Management practices associated with pain in cattle on western Canadian cow-calf operations: A mixed methods study.

    Science.gov (United States)

    Moggy, M A; Pajor, E A; Thurston, W E; Parker, S; Greter, A M; Schwartzkopf-Genswein, K S; Campbell, J R; Windeyer, M C

    2017-02-01

    The implementation of on-farm pain mitigation strategies is dependent on feasibility and importance to producers. Currently, there is a lack of information regarding adoption of management practices associated with pain in cattle within the Canadian beef industry. The objective of this mixed methods study was to describe pain-associated practices implemented on farm and producer perceptions toward pain mitigation strategies. A questionnaire about calving management and calf processing was delivered to 109 cow-calf producers in western Canada. In addition, 15 respondents were purposively selected based on questionnaire responses to participate in individual semistructured, on-farm interviews. The prevalence of pain mitigation strategies used for dystocia and cesarean section by respondents were 46 and 100%, respectively. The majority of operations reported castrating and dehorning calves before 3 mo of age (95 and 89%, respectively). The majority of operations did not use pain mitigation strategies for castration and dehorning (90 and 85%, respectively). Branding was practiced by 57% of respondents, 4% of which used pain mitigation. Thematic content analysis revealed that producers' perception of pain were influenced by what they referred to as "common sense," relatability to cattle, visual evidence of pain, and age of the animal. Factors that influenced participant rationale for the implementation of pain mitigation practices included access to information and resources, age of the animal, benefit to the operation, cost and logistics, market demands, and personal conscience. Overall, management practices were generally in compliance with published Canadian guidelines. Results of this study may provide direction for future policy making, research, and extension efforts to encourage the adoption of pain mitigation strategies.

  19. Stocking and structure for maximum growth in sugar maple selection stands.

    Science.gov (United States)

    Thomas R. Crow; Carl H. Tubbs; Rodney D. Jacobs; Robert R. Oberg

    1981-01-01

    The impacts of stocking, structure, and cutting cycle on basal area, cubic foot volume, board foot volume, and diameter growth are considered. Recommendations are provided for maximum growth in uneven-aged sugar maple stands.

  20. Prevalence and Genomic Characterization of Escherichia coli O157:H7 in Cow-Calf Herds throughout California.

    Science.gov (United States)

    Worley, Jay N; Flores, Kristopher A; Yang, Xun; Chase, Jennifer A; Cao, Guojie; Tang, Shuai; Meng, Jianghong; Atwill, Edward R

    2017-08-15

    Escherichia coli serotype O157:H7 is a zoonotic food- and waterborne bacterial pathogen that causes a high hospitalization rate and can cause life-threatening complications. Increasingly, E. coli O157:H7 infections appear to originate from fresh produce. Ruminants, such as cattle, are a prominent reservoir of E. coli O157:H7 in the United States. California is one of the most agriculturally productive regions in the world for fresh produce, beef, and milk. The close proximity of fresh produce and cattle presents food safety challenges on a uniquely large scale. We performed a survey of E. coli O157:H7 on 20 farms in California to observe the regional diversity and prevalence of E. coli O157:H7. Isolates were obtained from enrichment cultures of cow feces. Some farms were sampled on two dates. Genomes from isolates were sequenced to determine their relatedness and pathogenic potential. E. coli O157:H7 was isolated from approximately half of the farms. The point prevalence of E. coli O157:H7 on farms was highly variable, ranging from zero to nearly 90%. Within farms, generally one or a few lineages were found, even when the rate of isolation was high. On farms with high isolation rates, a single clonal lineage accounted for most of the isolates. Farms that were visited months after the first visit might have had the same lineages of E. coli O157:H7. Strains of E. coli O157:H7 may be persistent for months on farms. IMPORTANCE This survey of 20 cow-calf operations from different regions of California provides an in depth look at resident Escherichia coli O157:H7 populations at the molecular level. E. coli O157:H7 is found to have a highly variable prevalence, and with whole-genome sequencing, high prevalences in herds were found to be due to a single lineage shed from multiple cows. Few repeat lineages were found between farms in this area; therefore, we predict that E. coli O157:H7 has significant diversity in this area beyond what is detected in this survey. All

  1. Assessing cow-calf welfare. Part 2: Risk factors for beef cow health and behavior and stockperson handling.

    Science.gov (United States)

    Simon, G E; Hoar, B R; Tucker, C B

    2016-08-01

    Epidemiological studies can be used to identify risk factors for livestock welfare concerns but have not been conducted in the cow-calf sector for this purpose. The objectives of this study were to investigate the relationships of 1) herd-level management, facilities, and producer perspectives with cattle health and behavior and stockperson handling and 2) stockperson handling on cattle behavior at the individual cow level. Cow ( = 3,065) health and behavior and stockperson handling during a routine procedure (e.g., pregnancy checks) were observed on 30 California ranches. Management and producer perspectives were evaluated using an interview, and handling facility features were recorded at the chute. After predictors were screened for univariable associations, multivariable models were built for cattle health (i.e., thin body condition, lameness, abrasions, hairless patches, swelling, blind eyes, and dirtiness) and behavior (i.e., balking, vocalizing, stumbling and falling in the chute and while exiting the restraint, and running out of the restraint) and stockperson handling (i.e., electric prod use, moving aid use, tail twisting, and mis-catching cattle). When producers empathized more toward an animal's pain experience, there was a lower risk of swelling (odds ratio [OR] = 0.7) but a higher risk of lameness (OR = 1.3), which may indicate a lack of awareness of the latter. Training stockpersons using the Beef Quality Assurance program had a protective effect on cow cleanliness and mis-catching in the restraint (OR = 0.2 and OR = 0.5, respectively). Hydraulic chutes increased the risk of vocalizations (OR = 2.7), possibly because these systems can apply greater pressure to the sides of the animal than manual restraints. When a moving aid was used to move an individual cow, it increased the risk of her balking, but when hands, in particular, were used, the risk of balking decreased across the herd (OR = 34.1 and OR = 0.3, respectively). Likewise, individual cows

  2. Shiga toxin-producing Escherichia coli distribution and characterization in a pasture-based cow-calf production system.

    Science.gov (United States)

    Baltasar, Patrícia; Milton, Stewart; Swecker, William; Elvinger, François; Ponder, Monica

    2014-05-01

    Shiga toxin-producing Escherichia coli (STEC) strains are commonly found in cattle gastrointestinal tracts. In this study, prevalence and distribution of E. coli virulence genes (stx1, stx2, hlyA, and eaeA) were assessed in a cow-calf pasture-based production system. Angus cows (n = 90) and their calves (n = 90) were kept in three on-farm locations, and fecal samples were collected at three consecutive times (July, August, and September 2011). After enrichment of samples, stx1, stx2, eaeA, and hlyA were amplified and detected with a multiplex PCR (mPCR) assay. Fecal samples positive for stx genes were obtained from 93.3% (84 of 90) of dams and 95.6% (86 of 90) of calves at one or more sampling times. Age class (dam or calf), spatial distribution of cattle (farm locations B, H, K), and sampling time influenced prevalence and distribution of virulence genes in the herd. From 293 stx-positive fecal samples, 744 E. coli colonies were isolated. Virulence patterns of isolates were determined through mPCR assay: stx1 was present in 41.9% (312 of 744) of the isolates, stx2 in 6.5% (48 of 744), eaeA in 4.2% (31 of 744), and hlyA in 2.4% (18 of 744). Prevalence of non-O157 STEC was high among the isolates: 33.8% (112 of 331) were STEC O121, 3.6% (12 of 331) were STEC O103, and 1.8% (6 of 331) were STEC O113. One isolate (0.3%) was identified as STEC O157. Repetitive element sequence-based PCR (rep-PCR) fingerprinting was used to study genetic diversity of stx-positive E. coli isolates. Overall, rep-PCR fingerprints were highly similar, supporting the hypothesis that strains are transmitted between animals but not necessarily from a dam to its calf. Highly similar STEC isolates were obtained at each sampling time, but isolates obtained from dams were more diverse than those from calves, suggesting that strain differences in transference may exist. Understanding the transfer of E. coli from environmental and animal sources to calves may aid in developing intervention

  3. A comparison of native tallgrass prairie and plains bluestem forage systems for cow-calf production in the southern great plains.

    Science.gov (United States)

    Coleman, S W; Phillips, W A; Volesky, J D; Buchanan, D

    2001-07-01

    The objective of this study was to compare an introduced warm-season perennial grass (plains bluestem, Bothriochloa ischaemum) to native tallgrass prairie for cow-calf production. Three systems were used, two based on tallgrass prairie with two different forms of protein supplementation and one based on plains bluestem as the primary forage. The systems were as follows: 1) native tallgrass prairie with pelleted oilseed meal as the winter protein supplement (native-control); 2) native tallgrass prairie with limited access to wheat pasture as the winter protein supplement (native-wheat); and 3) plains bluestem with limited access to wheat pasture as the protein supplement (bluestem-wheat). Oilseed meal protein supplements were fed twice weekly. Cows grazing wheat pasture were allowed 6 h of grazing twice weekly. Ninety-nine cows per year were used over the 3-yr study. Cows were sired by either Charolais, Gelbvieh, Angus, or Hereford bulls out of commercial Angus-Hereford dams. Calves were sired by Simmental bulls. Calving and weaning rate increased over time but did not differ among systems or breed types. System did not influence the size or body condition score of cows or the performance of calves, but changes in the weight and condition scores of cows were greater on either native system than on the bluestem-wheat system. Cows from Charolais and Gelbvieh bulls were taller (P < 0.05), and heavier (P < 0.05), and weaned heavier (P < 0.05) calves than cows from Angus or Hereford bulls. The weight of cows on the bluestem-wheat system tended to decrease over time, whereas cows grazing on the native systems tended to gain weight over time. The native-control system was the most profitable system based on cow production. If excess hay produced from the bluestem-wheat system was sold as a cash crop, then this system was the most profitable. In general, we conclude that limit-grazing wheat pasture is a viable alternative to oilseed meal as protein supplement for wintering

  4. Distribution of cow-calf producers' beliefs regarding gathering and holding their cattle and observing animal movement restrictions during an outbreak of foot-and-mouth disease.

    Science.gov (United States)

    Delgado, Amy H; Norby, Bo; Scott, H Morgan; Dean, Wesley; McIntosh, W Alex; Bush, Eric

    2014-12-01

    The voluntary cooperation of producers with disease control measures such as movement restrictions and gathering cattle for testing, vaccination, or depopulation is critical to the success of many disease control programs. A cross-sectional survey was conducted in Texas in order to determine the distribution of key beliefs about obeying movement restrictions and gathering and holding cattle for disease control purposes. Two questionnaires were developed and distributed to separate representative samples of Texas cow-calf producers, respectively. The context for each behavior was provided through the use of scenarios in the questionnaire. Belief strength was measured using a 7-point Likert-like scale. Producers surveyed were unsure about the possible negative consequences of gathering and holding their cattle when requested by authorities, suggesting a key need for communication in this area during an outbreak. Respondents identified a lack of manpower and/or financial resources to gather and hold cattle as barriers to their cooperation with orders to gather and hold cattle. Producers also expressed uncertainty about the efficacy of movement restrictions to prevent the spread of foot-and-mouth disease and concern about possible feed shortages or animal suffering. However, there are emotional benefits to complying with movement restrictions and strong social expectations of cooperation with any movement bans put in place. Published by Elsevier B.V.

  5. A deterministic, dynamic systems model of cow-calf production: The effects of breeding replacement heifers before mature cows over a 10-year horizon.

    Science.gov (United States)

    Shane, D D; Larson, R L; Sanderson, M W; Miesner, M; White, B J

    2017-10-01

    Some cattle production experts believe that cow-calf producers should breed replacement heifers (nulliparous cows) before cows (primiparous and multiparous cows), sometimes referred to as providing a heifer lead time (tHL). Our objective was to model the effects different durations of tHL may have on measures of herd productivity, including the percent of the herd cycling before the end of the first 21 d of the breeding season (%C21), the percent of the herd pregnant at pregnancy diagnosis (%PPD), the distribution of pregnancy by 21-d breeding intervals, the kilograms of calf weaned per cow exposed (KPC), and the replacement percentage (%RH), using a deterministic, dynamic systems model of cow-calf production over a 10-yr horizon. We also wished to examine differences in the effect of tHL related to the primiparous duration of postpartum anestrus (dPPA). The study model examined 6 different dPPA for primiparous cows (60, 70, 80, 90, 100, or 110 d). The multiparous cow duration of postpartum anestrus was set to 60 d. The breeding season length for nulliparous cows was 63 d, as was the breeding season length for primiparous and multiparous cows. Nulliparous cows were modeled with a tHL of 0, 7, 14, 21, 28, 35, or 42 d. Results are reported for the final breeding season of the 10-yr horizon. Increasing tHL resulted in a greater %C21 for the herd and for primiparous cows. Length of tHL had minimal impact on the %PPD unless the dPPA was 80 d or greater. For a dPPA of 110 d, a 0 d tHL resulted in the herd having 88.1 %PPD. When tHL was 21 d, the %PPD increased to 93.0%. The KPC was 161.2 kg when the dPPA was 110 d and tHL was 0 d and improved to 183.2 kg when tHL was increased to 42 d. The %RH did not vary much unless the dPPA was 90 d or greater, but increasing tHL resulted in decreased %RH. Based on the model results, increasing tHL improves the production outcomes included in the analysis, but herds with dPPA of 90 d or greater had the greatest degree of improvement

  6. The Influence of Climate, Soil and Pasture Type on Productivity and Greenhouse Gas Emissions Intensity of Modeled Beef Cow-Calf Grazing Systems in Southern Australia

    Directory of Open Access Journals (Sweden)

    Richard J. Eckard

    2012-10-01

    Full Text Available A biophysical whole farm system model was used to simulate the interaction between the historical climate, soil and pasture type at sites in southern Australia and assess the balance between productivity and greenhouse gas emissions (expressed in carbon dioxide equivalents, CO2-eq. intensity of beef cow-calf grazing systems. Four sites were chosen to represent a range of climatic zones, soil and pasture types. Poorer feed quality and supply limited the annual carrying capacity of the kikuyu pasture compared to phalaris pastures, with an average long-term carrying capacity across sites estimated to be 0.6 to 0.9 cows/ha. A relative reduction in level of feed intake to productivity of calf live weight/ha at weaning by feeding supplementary feed reduced the average CO2-eq. emissions/kg calf live weight at weaning of cows on the kikuyu pasture (18.4 and 18.9 kg/kg with and without supplementation, respectively, whereas at the other sites studied an increase in intake level to productivity and emission intensity was seen (between 10.4 to 12.5 kg/kg without and with supplementary feed, respectively. Enteric fermentation and nitrous oxide emissions from denitrification were the main sources of annual variability in emissions intensity, particularly at the lower rainfall sites. Emissions per unit product of low input systems can be minimized by efficient utilization of pasture to maximize the annual turnoff of weaned calves and diluting resource input per unit product.

  7. Distribution of cow-calf producers' beliefs about reporting cattle with clinical signs of foot-and-mouth disease to a veterinarian before or during a hypothetical outbreak.

    Science.gov (United States)

    Delgado, Amy H; Norby, Bo; Scott, H Morgan; Dean, Wesley; McIntosh, W Alex; Bush, Eric

    2014-12-01

    Understanding the prevalence of cattle producers' beliefs regarding disease reporting can help officials improve surveillance programs with passive data collection. A cross-sectional survey was conducted in Texas in 2008 and 2009 to determine beliefs about reporting cattle with clinical signs consistent with foot-and-mouth disease (FMD) either prior to (scenario 1) or during an on-going outbreak of FMD (scenario 2). Two questionnaires were developed and distributed to Texas cow-calf producers in order to evaluate their behavioral, control, and normative beliefs related to disease reporting. The context for each behavior was provided through the use of scenarios, and belief strength was measured using a 7-point Likert-like scale. Beliefs were compared across scenarios and demographic categories, and the effect of scenario on belief examined using ordinal logistic regression. Respondents agreed that reporting clinically suspect cases would have positive economic and emotional consequences; however, when an outbreak was known to be present, producers were less likely to agree with many of the positive outcomes of reporting. Important barriers to disease reporting indicated by producers included a lack of knowledge related to clinical signs of highly contagious cattle diseases and which cattle are at risk of contracting FMD. In general, beliefs about barriers to reporting did not differ based on scenario. Veterinarians and regulatory authorities were the groups perceived to most strongly expect disease reporting, regardless of the scenario. Risk education for producers related to clinical signs of reportable livestock diseases, post-reporting procedures, and an understanding of FMD introduction and spread may improve the reporting of cattle with clinical signs consistent with FMD. Published by Elsevier B.V.

  8. Produtividade e eficiência biológica de sistemas pecuários de cria diferindo na idade das novilhas ao primeiro parto e na taxa de natalidade do rebanho no Rio Grande de Sul Productivity and biological efficiency of beef cow-calf systems differing in age at first calving and herd calving rate in Rio Grande do Sul

    Directory of Open Access Journals (Sweden)

    Virgínia Beretta

    2001-07-01

    Full Text Available Foi avaliada por intermédio da simulação a produtividade e eficiência de sistemas de criação de bovinos de corte no Rio Grande do Sul diferindo na idade das novilhas ao primeiro parto (IP, anos e na taxa de natalidade (TN: "Sistema Tradicional" (ST IP=4; "Sistema Melhorado" (SM IP=3; e o "Sistema Um Ano" (SU IP=2. Em cada sistema foi avaliado o efeito da TN variando entre 50 e 90%. Foi usado um modelo estático determinístico. A resposta em produtividade e eficiência à redução na IP foi dependente da TN. No SM e SU foi determinada resposta curvilinear a aumentos na TN, atingindo uma produção máxima de 83,9 e 77,9 quilos de bezerro desmamado (BD/ha com TN de 82,5 e 92,3%, respectivamente. No ST a resposta foi linear, com aumentos de 6,1 kg BD/ha a cada 10% de aumento na TN. O custo energético por quilo BD produzido diminuiu linearmente, na medida em que a TN aumentou.A simulation model was used to evaluate productivity and efficiency of beef cow-calf systems in Rio Grande do Sul State with different heifers first calving age (CA, years and calving rates (CR: "Traditional System" (TS CA=4; "Improved System (IS" CA=3; "One Year System (OYS" CA=2. In each system it was studied the effect of CR varying from 50 to 90%. A statistic deterministic model was used. The effect of reducing CA on productivity and efficiency was dependent of CR. IS and OYS showed a quadratic response curve, with maximum production of 83,9 and 77,9 kg of weaned calf (WC/ ha for CR of 82,5 and 92,3%, respectively. TS response was linear, with increments of 6,1 kg WC/ha for each 10% increase in CR. Energetic cost per quilogram of WC was reduced linearly with increments in CR.

  9. Performance of maximum likelihood mixture models to estimate nursery habitat contributions to fish stocks: a case study on sea bream Sparus aurata

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    Edwin J. Niklitschek

    2016-10-01

    Full Text Available Background Mixture models (MM can be used to describe mixed stocks considering three sets of parameters: the total number of contributing sources, their chemical baseline signatures and their mixing proportions. When all nursery sources have been previously identified and sampled for juvenile fish to produce baseline nursery-signatures, mixing proportions are the only unknown set of parameters to be estimated from the mixed-stock data. Otherwise, the number of sources, as well as some/all nursery-signatures may need to be also estimated from the mixed-stock data. Our goal was to assess bias and uncertainty in these MM parameters when estimated using unconditional maximum likelihood approaches (ML-MM, under several incomplete sampling and nursery-signature separation scenarios. Methods We used a comprehensive dataset containing otolith elemental signatures of 301 juvenile Sparus aurata, sampled in three contrasting years (2008, 2010, 2011, from four distinct nursery habitats. (Mediterranean lagoons Artificial nursery-source and mixed-stock datasets were produced considering: five different sampling scenarios where 0–4 lagoons were excluded from the nursery-source dataset and six nursery-signature separation scenarios that simulated data separated 0.5, 1.5, 2.5, 3.5, 4.5 and 5.5 standard deviations among nursery-signature centroids. Bias (BI and uncertainty (SE were computed to assess reliability for each of the three sets of MM parameters. Results Both bias and uncertainty in mixing proportion estimates were low (BI ≤ 0.14, SE ≤ 0.06 when all nursery-sources were sampled but exhibited large variability among cohorts and increased with the number of non-sampled sources up to BI = 0.24 and SE = 0.11. Bias and variability in baseline signature estimates also increased with the number of non-sampled sources, but tended to be less biased, and more uncertain than mixing proportion ones, across all sampling scenarios (BI < 0.13, SE < 0

  10. Performance of maximum likelihood mixture models to estimate nursery habitat contributions to fish stocks: a case study on sea bream Sparus aurata

    Science.gov (United States)

    Darnaude, Audrey M.

    2016-01-01

    Background Mixture models (MM) can be used to describe mixed stocks considering three sets of parameters: the total number of contributing sources, their chemical baseline signatures and their mixing proportions. When all nursery sources have been previously identified and sampled for juvenile fish to produce baseline nursery-signatures, mixing proportions are the only unknown set of parameters to be estimated from the mixed-stock data. Otherwise, the number of sources, as well as some/all nursery-signatures may need to be also estimated from the mixed-stock data. Our goal was to assess bias and uncertainty in these MM parameters when estimated using unconditional maximum likelihood approaches (ML-MM), under several incomplete sampling and nursery-signature separation scenarios. Methods We used a comprehensive dataset containing otolith elemental signatures of 301 juvenile Sparus aurata, sampled in three contrasting years (2008, 2010, 2011), from four distinct nursery habitats. (Mediterranean lagoons) Artificial nursery-source and mixed-stock datasets were produced considering: five different sampling scenarios where 0–4 lagoons were excluded from the nursery-source dataset and six nursery-signature separation scenarios that simulated data separated 0.5, 1.5, 2.5, 3.5, 4.5 and 5.5 standard deviations among nursery-signature centroids. Bias (BI) and uncertainty (SE) were computed to assess reliability for each of the three sets of MM parameters. Results Both bias and uncertainty in mixing proportion estimates were low (BI ≤ 0.14, SE ≤ 0.06) when all nursery-sources were sampled but exhibited large variability among cohorts and increased with the number of non-sampled sources up to BI = 0.24 and SE = 0.11. Bias and variability in baseline signature estimates also increased with the number of non-sampled sources, but tended to be less biased, and more uncertain than mixing proportion ones, across all sampling scenarios (BI nursery signatures improved reliability

  11. Análise da sensibilidade da metodologia dos centros de custos mediante a introdução de tecnologias em um sistema de produção de cria Analysis of the methodology sensibility of cost centers facing the introduction of technologies in a cow-calf production system

    Directory of Open Access Journals (Sweden)

    Ricardo Pedroso Oaigen

    2009-06-01

    Full Text Available Um modelo de simulação bioeconômico foi desenvolvido em um sistema de produção tradicional em pecuária de cria (SPT para a aplicação da metodologia dos centros de custos com o objetivo de avaliar sua sensibilidade mediante a introdução de tecnologias de desmame precoce em vacas primíparas (SDP, campo melhorado para vacas primíparas e metade do lote das vacas secundíparas (SCM e suplementação protéica para novilhas de reposição (SSP destinadas a aumentar a taxa de prenhez neste sistema (SPT. As informações do desempenho biológico foram obtidas por meio de revisão bibliográfica sobre os indicadores de produção e os dados econômicos e de custos foram obtidos a partir de valores de mercado. As entradas do modelo foram: estrutura do rebanho; custos de produção; e tecnologias de produção. As saídas do modelo foram: custo operacional (CO; custo de desembolso (CD; custo de produção por centro (CPC; custo unitário por bezerro (CUB; custo por quilo desmamado (C/kg; custo anual por vaca (CAV; ponto de equilíbrio financeiro (PEF, margem operacional (MO, taxa de prenhez (TP, taxa de desmame (TD, produtividade/vaca (Pr, número de bezerros desmamados (NBD, ponto de equilíbrio em bezerros (PEB e produção total em quilos (PT. A utilização da metodologia dos centros de custos se mostrou sensível ao identificar variações nos indicadores técnicos e econômicos e nos custos de cada centro produtivo. A introdução do SDP, SCM e SSP melhorou os indicadores técnicos e a margem operacional e, ao mesmo tempo, apresentou relação direta com as variações nos centros de custo, comprovando a sensibilidade da metodologia de custeio em relação ao impacto no SPT.A bioeconomical simulation model was developed in a traditional cow-calf production system (TPS for the application of cost center methodology with the objective of evaluating its sensibility by the introduction of early weaning technologies in primiparous cows (EWS

  12. Ranch profitability given increased precipitation variability and flexible stocking

    Science.gov (United States)

    Forage and cattle performance relationships with spring precipitation, combined with cattle market price variability, were incorporated into a ranch level model to determine if addition of a yearling enterprise to the base cow-calf herd would improve profitability with increasing (25% and 50% greate...

  13. Compression stockings

    Science.gov (United States)

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

  14. Stock Status

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — These data inform the public of the most recent stock status for all stocks (FSSI and non-FSSI) in the fishery management unit contained in a fishery managment plan....

  15. Stocking equations for regeneration in mixed oak stands

    Science.gov (United States)

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

    2007-01-01

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

  16. Respostas morfológicas do capim-Tanzânia (Panicum maximum Jacq. cv. Tanzânia-1 irrigado à intensidade de desfolha sob lotação rotacionada Morphological responses of irrigated Tanzaniagrass (Panicum Maximum Jacq. cv. Tanzania-1 to grazing intensity under rotational stocking

    Directory of Open Access Journals (Sweden)

    Alexandre Carneiro Leão de Mello

    2004-04-01

    Full Text Available Objetivando quantificar respostas morfológicas de dosséis de capim-Tanzânia (Panicum maximum Jacq. cv. Tanzânia-1 sob três intensidades de pastejo, lotação rotacionada e irrigação, foi conduzido um experimento em delineamento experimental de blocos completos casualizados com quatro repetições. Os tratamentos foram três intensidades de pastejo, representados pelas quantidades de massa seca verde residual pós-pastejo (T1=1000; T2=2500 e T3=4000 kg MSV/ha. Durante oito ciclos de pastejo (rebrotas de 33 dias após três dias de pastejo em cada ciclo, foram realizadas avaliações de altura média do dossel, índice de área foliar (IAF, interceptação luminosa (IL e ângulos foliares médios, em quatro dias dentro do período de rebrota (1, 11, 22 e 33 dias após a saída dos animais. A análise de correlações parciais indicou correlações entre altura e IL, bem como entre IAF e IL. Com o progresso da estação de pastejo, da primavera-verão para outono-inverno, houve reduções nos valores de IAF médio. Valores médios de IAF crítico (95% IL de 3,6 (T1, 4,0 (T2 e 4,5 (T3, foram alcançados por volta do 22º dia das rebrotas. A maior intensidade de pastejo (menor resíduo alterou a estrutura da pastagem no que diz respeito à arquitetura do dossel, evidenciada pela redução nos ângulos foliares médios (folhas mais horizontais ao longo das estações, com plantas passando a interceptar mais luz por unidade de área foliar. Os IAFs críticos medidos sugerem a necessidade de períodos de descanso menores que 33 dias em pastos de capim-Tanzânia, quando submetido a pastejo intensivo sob lotação rotacionada e irrigação.The objective of this research was to quantify morphological responses of Tanzania grass (Panicum maximum Jacq. cv. Tanzania-1 under three grazing intensities in an irrigated, rotationally stocked setting. Treatments consisted of three grazing intensities represented by three post-graze forage masses (T1=1,000; T

  17. Mark Stock | NREL

    Science.gov (United States)

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

  18. Effect of mature body weight and stocking rate on cow and calf performance, cow herd efficiency, and economics in the southeastern United States.

    Science.gov (United States)

    Beck, P A; Stewart, C B; Gadberry, M S; Haque, M; Biermacher, J

    2016-04-01

    Eight 4-ha mixed warm-season grass pastures in southwestern Arkansas (33°40'4″ N, 93°35'24″ W, and elevation 107 m) were stocked with either large mature size (571 kg [SD 55.2] BW) or small mature size (463 kg [SD 58.2] BW) spring-calving cows at 4 stocking rates (SR; 1, 1.5, 2, or 2.5 cow-calf pairs/ha) over 4 yr to test the effects of SR and mature body size on cow and calf performance and system economics. Each pasture received 112 kg/ha N as ammonium nitrate in May and was broadcast seeded to annual ryegrass ( Lam.) in mid October each fall along with 112 kg/ha N as ammonium nitrate. Data were analyzed by regression to determine the effects of cow size and SR on calf performance, cow BW change, calf gain, weaning weight per hectare, hay feeding requirements, and net returns. As SR increased, cow BW and BCS at weaning decreased ( cow stocked per hectare ( = 0.44). Calf BW at weaning in October increased ( cow BW but was not affected ( = 0.66) by SR. As cow BW increased, calf BW at weaning per 100 kg cow BW decreased ( cow BW but was not affected ( = 0.44) by SR. Neither cow BW nor SR affected ( ≥ 0.53) pregnancy percentage, which averaged 88% over the 4-yr experiment. Calf BW weaned per hectare was not affected ( = 0.75) by cow BW but linearly increased ( cow per hectare SR. Hay feeding days and cost of hay per cow increased ( ≤ 0.05) and kilograms of hay offered per cow tended ( = 0.09) to linearly increase with increasing SR, yet cow BW had no effects ( > 0.22). Although there were no effects ( ≥ 0.38) of cow BW on carrying cost or net returns, increasing SR decreased ( cow and increased net returns by $70/cow and $438/ha for each cow per hectare increase in SR. These data indicate that increasing cow size can increase weaning BW of calves but does not affect total production per hectare or profitability, even though weaning weight efficiency ratios were reduced. Increasing SR reduced cow BW and BCS at weaning and increased feeding of conserved

  19. Ifp's New Flexible Hydrocracking Process Combines Maximum Conversion with Production of High Viscosity, High Vi Lube Stocks Le nouveau procédé IFP d'hydrocraquage à haute flexibilité combine conversion maximum et production de bases, huile à haute viscosité et à indice de viscosité élevé

    Directory of Open Access Journals (Sweden)

    Hennico A.

    2006-11-01

    Full Text Available Institut Français du Pétrole (IFP has developed a new dual catalytic system for its hydrocracking process that enables high conversion to middle distillates and production of high viscosity, high VI lube stocks. Although the hydrocracking process is mainly devoted to the conversion of vacuum distillates, deasphalted oil or mixture of both into high quality middle distillates, it can also produce a residue, that after dewaxing will be a very high VI lube base oil. In this presentation major emphasis is put on the possibility to produce very high VI lubes with high viscosity thanks to the development of the new catalytic system. Large flexibility in feedstock selection and easy control of operating variables allow the production of all grades of lube oils associated with high quality middle distillates for a large range of conversion levels. L'Institut Français du Pétrole (IFP a mis au point, pour son procédé d'hydrocraquage, un nouveau système catalytique à 2 catalyseurs qui permet une forte conversion en distillats moyens et la production de fractions lubrifiantes à haute viscosité et indice de viscosité élevé. Si le procédé d'hydrocraquage est essentiellement utilisé pour la conversion de distillats sous vide, d'huile désasphaltée ou d'un mélange des deux en distillats moyens de haute qualité, il peut aussi produire un résidu qui, après déparaffinage, fournira une base pour lubrifiant à indice de viscosité très élevé. Cet article souligne particulièrement la possibilité de produire des lubrifiants à indice de viscosité très élevé et haute viscosité, grâce à ce nouveau système catalytique. Une grande flexibilité dans le choix des produits à traiter et la facilité de contrôle des paramètres opératoires permet la production de toutes les qualités d'huiles lubrifiantes associées à des distillats moyens de haute qualité, pour une large gamme de niveaux de conversion.

  20. Alpharma Beef Cattle Nutrition Symposium: implications of nutritional management for beef cow-calf systems.

    Science.gov (United States)

    Funston, R N; Summers, A F; Roberts, A J

    2012-07-01

    The beef cattle industry relies on the use of high-forage diets to develop replacement females, maintain the cow herd, and sustain stocker operations Forage quantity and quality fluctuate with season and environmental conditions Depending on class and physiological state of the animal, a forage diet may not always meet nutritional requirements, resulting in reduced ADG or BW loss if supplemental nutrients are not provided It is important to understand the consequences of such BW loss and the economics of providing supplementation to the beef production system Periods of limited or insufficient nutrient availability can be followed by periods of compensatory BW gain once dietary conditions improve This may have less impact on breeding animals, provided reproductive efficiency is not compromised, where actual BW is not as important as it is in animals destined for the feedlot A rapidly evolving body of literature is also demonstrating that nutritional status of cows during pregnancy can affect subsequent offspring development and production characteristics later in life The concept of fetal programming is that maternal stimuli during critical periods of fetal development have long-term implications for offspring Depending on timing, magnitude, and duration of nutrient limitation or supplementation, it is possible that early measures in life, such as calf birth BW, may be unaffected, whereas measures later in life, such as weaning BW, carcass characteristics, and reproductive traits, may be influenced This body of research provides compelling evidence of a fetal programming response to maternal nutrition in beef cattle Future competitiveness of the US beef industry will continue to be dependent on the use of high-forage diets to meet the majority of nutrient requirements Consequences of nutrient restriction or supplementation must be considered not only on individual animal performance but also the developing fetus and its subsequent performance throughout life.

  1. İstanbul Menkul Kıymetler Borsası’nda (İMKB Sektör Bazında İşlem Gören Hisse Senetlerinin Alım-Satım Kararlarında En Yüksek Getirili Stratejinin Belirlenmesi(Determination of Maximum Gainful Strategy in Exchange of Stocks Traded on Sectoral Basis in Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tuncer ÖZDİL

    2006-01-01

    Full Text Available Today economic units supply their long-term fund demands from capital markets. Firms can obtain funds to issue stocks and bonds in stock exchanges in accordance with market conditions. Particularly going public stocks in primary market are traded in secondary market due to market conditions. Investors in these markets desire to generate earnings from movement of prices and actually it is the main objective in capital markets. In this context, investors want to obtain information about prospective price changes in order to achieve their earning objective. However many time, it is not possible to get such an information because of uncertainty and risks in markets. Individual investors settle some strategies about stock exchange by the help of their personal experiences, observations and information, with an aim to overcome this uncertainty. It is important to decide accurate time of taking and selling stocks. It is not possible to estimate accuracy of timing. The same difficulty appears in strategy process, either. In this study, adequate timing decision of individual investors in stock exchange was examined by a simulation application. Investors’ possible strategies were determined. These strategies applied the closing values of sectoral indexes defined in Istanbul Stock Exchange and advisable strategies for each sector were determined.

  2. Duração do período de descanso e crescimento do dossel de Panicum maximum cv. Mombaça sob lotação intermitente Duration of rest period and canopy growth of Panicum maximum cv. Mombaça under intermittent stocking

    Directory of Open Access Journals (Sweden)

    Magno José Duarte Cândido

    2005-04-01

    Full Text Available O crescimento do dossel do capim-Mombaça foi analisado sob lotação intermitente com três períodos de descanso (PD, tratamentos definidos em função do tempo necessário para a expansão de 2,5; 3,5 e 4,5 novas folhas por perfilho e período de pastejo de seis dias. A área experimental foi dividida em cinco ou seis piquetes por tratamento. Utilizaram-se cinco novilhos mestiços (holandês x zebu por tratamento, como animais de prova, além de outros, como animais de equilíbrio, que foram adicionados, quando necessário, para garantir índice de área foliar (IAF residual de 2,0, ao final do 6(0 dia de cada período de pastejo. O estudo constou de duas fases de crescimento: 1 após roçada de uniformização, no início da estação de pastejo e 2 após alguns ciclos de pastejo, sob efeito dos três PDs. Os piquetes receberam adubação em cobertura de N, P2O5 e K2O, na dose de 50; 12,5 e 50 kg/ha, no início dos crescimentos 1 e 2. A intervalo médio de seis dias, durante 45 dias, estimaram-se a intercepção da radiação fotossinteticamente ativa (RFA, o IAF e a massa seca de forragem verde (MSFV. Aos dados de MSFV e de área foliar foram ajustados polinômios de segundo grau em função da idade, a partir dos quais foram estimados os valores instantâneos de biomassa e IAF e, a partir destes, as taxas de crescimento relativo (TCR e de assimilação líquida (TAL e a razão de área foliar (RAF, para cada idade. A intercepção da RFA pelo dossel evoluiu assintoticamente, alcançando valores máximos entre 95 e 98%, enquanto os valores de IAF e MSFV experimentaram incrementos ainda na faixa de estabilidade da intercepção da RFA. Os valores de TCR, TAL e RAF exibiram evolução assintótica decrescente. A grande proporção de colmo do dossel, ao final do PD mais longo, favoreceu a TCR e a TAL.The canopy growth of Mombaçagrass was assessed under intermittent stocking with three rest periods, characterized by the time required for the

  3. Stock Market Project.

    Science.gov (United States)

    Distel, Brenda D.

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

  4. Predictability of Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-06-01

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

  5. Atributos químicos e físicos de um argissolo cultivado com Panicum maximum Jacq. cv. IPR-86 Milênio, sob lotação rotacionada e adubado com nitrogênio Chemical and physical attributes in an anfisol cultivated with Panicum maximum Jacq. cv. IPR-86 Milênio, under rotational stocking and fertilized with nitrogen

    Directory of Open Access Journals (Sweden)

    Patrícia Sarmento

    2008-02-01

    Full Text Available A avaliação dos atributos químicos e físicos do solo é necessária em estudos que exploram intensivamente os sistemas de pastejo. No presente trabalho, objetivou-se avaliar as variações nos atributos físicos e químicos de um Argissolo cultivado com capim-milênio, sob pastejo, no intervalo compreendido entre outubro/2001 e maio/2002, no quinto ano de aplicação sucessiva das seguintes doses de N: 0, 150, 300 e 450 kg ha-1. Após os cinco anos de aplicação de 450 kg ha-1 de N, o teor de MO aumentou em 5 g dm-3, o que resultou em aumento da CTC. No período de outubro/2001 a maio/2002 houve diminuição nos valores de pH e de V com a aplicação de N. A densidade do solo variou pouco com a adubação nitrogenada; a percentagem de microporos aumentou e a de macroporos diminuiu na camada de 0-5 cm com o aumento das doses de N, mas a porosidade total permaneceu constante; e a resistência à penetração, quando o solo apresentava 90 g kg-1 de água, não foi afetada pelas doses de N e não foi restritiva ao crescimento das plantas.It is necessary to evaluate the soil physical and chemical attributes in studies that explore grazing systems intensively. In this work the variation in physical and chemical attributes of an Alfissol cultivated with Panicum maximum Jacq. cv. IPR-86 Milênio under grazing were evaluated from October 2001 to May 2002, in the fifth year of consecutive N application at rates of 0, 150, 300, and 450 kg ha-1. After five successive applications of 450 kg ha-1 N, the OM content increased 5 g dm-3, which resulted in CEC increase. From October 2001 to May 2002 the pH and basis saturation degree decreased with the increasing N rates. The range in soil density with N fertilization was small; the micropore percentage increased and the macropore percentage decreased in the 0-5 cm layer with increasing N rates, but the total porosity remained constant; and the soil penetration resistance at 90 g ha-1 of water was not

  6. Market Structure and Stock Splits

    OpenAIRE

    David Michayluk; Paul Kofman

    2001-01-01

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

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

    Science.gov (United States)

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

    2017-03-01

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

  8. Approximate maximum parsimony and ancestral maximum likelihood.

    Science.gov (United States)

    Alon, Noga; Chor, Benny; Pardi, Fabio; Rapoport, Anat

    2010-01-01

    We explore the maximum parsimony (MP) and ancestral maximum likelihood (AML) criteria in phylogenetic tree reconstruction. Both problems are NP-hard, so we seek approximate solutions. We formulate the two problems as Steiner tree problems under appropriate distances. The gist of our approach is the succinct characterization of Steiner trees for a small number of leaves for the two distances. This enables the use of known Steiner tree approximation algorithms. The approach leads to a 16/9 approximation ratio for AML and asymptotically to a 1.55 approximation ratio for MP.

  9. Maximum permissible dose

    International Nuclear Information System (INIS)

    Anon.

    1979-01-01

    This chapter presents a historic overview of the establishment of radiation guidelines by various national and international agencies. The use of maximum permissible dose and maximum permissible body burden limits to derive working standards is discussed

  10. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

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

  11. 75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2010-08-04

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

  12. Changing recruitment capacity in global fish stocks.

    Science.gov (United States)

    Britten, Gregory L; Dowd, Michael; Worm, Boris

    2016-01-05

    Marine fish and invertebrates are shifting their regional and global distributions in response to climate change, but it is unclear whether their productivity is being affected as well. Here we tested for time-varying trends in biological productivity parameters across 262 fish stocks of 127 species in 39 large marine ecosystems and high-seas areas (hereafter LMEs). This global meta-analysis revealed widespread changes in the relationship between spawning stock size and the production of juvenile offspring (recruitment), suggesting fundamental biological change in fish stock productivity at early life stages. Across regions, we estimate that average recruitment capacity has declined at a rate approximately equal to 3% of the historical maximum per decade. However, we observed large variability among stocks and regions; for example, highly negative trends in the North Atlantic contrast with more neutral patterns in the North Pacific. The extent of biological change in each LME was significantly related to observed changes in phytoplankton chlorophyll concentration and the intensity of historical overfishing in that ecosystem. We conclude that both environmental changes and chronic overfishing have already affected the productive capacity of many stocks at the recruitment stage of the life cycle. These results provide a baseline for ecosystem-based fisheries management and may help adjust expectations for future food production from the oceans.

  13. DLA Forward Stocking

    National Research Council Canada - National Science Library

    Flory, John

    2007-01-01

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

  14. Trading network predicts stock price.

    Science.gov (United States)

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

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  15. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  16. Value at Risk on Composite Price Share Index Stock Data

    Science.gov (United States)

    Oktaviarina, A.

    2018-01-01

    The financial servicest authority was declared Let’s Save Campaign on n commemoration of the World Savings Day that falls on this day, October 31, 2016. The activity was greeted enthusiastically by Indonesia Stock Exchange by taking out the slogan Let’s Save The Stocks. Stock is a form of investment that is expected to benefit in the future despite has risks. Value at Risk (VaR) is a method that can measure how much the risk of a financial investment. Composite Stock Price Indeks is the stock price index used by Indonesia Stock Exchange as stock volatility benchmarks in Indonesia. This study aimed to estimate Value at Risk (VaR) on closing price Composite Price Share Index Stock data on the period 20 September 2016 until 20 September 2017. Box-Pierce test results p value=0.9528 which is greater than a, that shows homoskedasticity. Value at Risk (VaR) with Variance Covariance Method is Rp.3.054.916,07 which means with 99% confindence interval someone who invests Rp.100.000.000,00 will get Rp.3.054.916,07 as a maximum loss.

  17. Maximum Acceleration Recording Circuit

    Science.gov (United States)

    Bozeman, Richard J., Jr.

    1995-01-01

    Coarsely digitized maximum levels recorded in blown fuses. Circuit feeds power to accelerometer and makes nonvolatile record of maximum level to which output of accelerometer rises during measurement interval. In comparison with inertia-type single-preset-trip-point mechanical maximum-acceleration-recording devices, circuit weighs less, occupies less space, and records accelerations within narrower bands of uncertainty. In comparison with prior electronic data-acquisition systems designed for same purpose, circuit simpler, less bulky, consumes less power, costs and analysis of data recorded in magnetic or electronic memory devices. Circuit used, for example, to record accelerations to which commodities subjected during transportation on trucks.

  18. On the maximum drawdown during speculative bubbles

    Science.gov (United States)

    Rotundo, Giulia; Navarra, Mauro

    2007-08-01

    A taxonomy of large financial crashes proposed in the literature locates the burst of speculative bubbles due to endogenous causes in the framework of extreme stock market crashes, defined as falls of market prices that are outlier with respect to the bulk of drawdown price movement distribution. This paper goes on deeper in the analysis providing a further characterization of the rising part of such selected bubbles through the examination of drawdown and maximum drawdown movement of indices prices. The analysis of drawdown duration is also performed and it is the core of the risk measure estimated here.

  19. Modeling the stock price returns volatility using GARCH(1,1) in some Indonesia stock prices

    Science.gov (United States)

    Awalludin, S. A.; Ulfah, S.; Soro, S.

    2018-01-01

    In the financial field, volatility is one of the key variables to make an appropriate decision. Moreover, modeling volatility is needed in derivative pricing, risk management, and portfolio management. For this reason, this study presented a widely used volatility model so-called GARCH(1,1) for estimating the volatility of daily returns of stock prices of Indonesia from July 2007 to September 2015. The returns can be obtained from stock price by differencing log of the price from one day to the next. Parameters of the model were estimated by Maximum Likelihood Estimation. After obtaining the volatility, natural cubic spline was employed to study the behaviour of the volatility over the period. The result shows that GARCH(1,1) indicate evidence of volatility clustering in the returns of some Indonesia stock prices.

  20. Cascading effect of contagion in Indian stock market: Evidence from reachable stocks

    Directory of Open Access Journals (Sweden)

    Rajan Sruthi

    2017-12-01

    Full Text Available The financial turbulence in a country percolates to another along the trajectories of reachable stocks owned by foreign investors. To indemnify the losses originating from the crisis country, foreign investors dispose of shares in other markets triggering a contagion in an unrelated market. This paper provides empirical evidence for the stock market crisis that spreads globally through investors owning international portfolios, with special reference to the global financial crisis of 2008–09. Using two-step Limited Information Maximum Likelihood estimation and Murphy-Topel variance estimate, the results show that reachability plays a crucial role in the transposal of distress from one country to another, explaining investor-induced contagion in the Indian stock market.

  1. Maximum likelihood estimation of finite mixture model for economic data

    Science.gov (United States)

    Phoong, Seuk-Yen; Ismail, Mohd Tahir

    2014-06-01

    Finite mixture model is a mixture model with finite-dimension. This models are provides a natural representation of heterogeneity in a finite number of latent classes. In addition, finite mixture models also known as latent class models or unsupervised learning models. Recently, maximum likelihood estimation fitted finite mixture models has greatly drawn statistician's attention. The main reason is because maximum likelihood estimation is a powerful statistical method which provides consistent findings as the sample sizes increases to infinity. Thus, the application of maximum likelihood estimation is used to fit finite mixture model in the present paper in order to explore the relationship between nonlinear economic data. In this paper, a two-component normal mixture model is fitted by maximum likelihood estimation in order to investigate the relationship among stock market price and rubber price for sampled countries. Results described that there is a negative effect among rubber price and stock market price for Malaysia, Thailand, Philippines and Indonesia.

  2. Maximum Quantum Entropy Method

    OpenAIRE

    Sim, Jae-Hoon; Han, Myung Joon

    2018-01-01

    Maximum entropy method for analytic continuation is extended by introducing quantum relative entropy. This new method is formulated in terms of matrix-valued functions and therefore invariant under arbitrary unitary transformation of input matrix. As a result, the continuation of off-diagonal elements becomes straightforward. Without introducing any further ambiguity, the Bayesian probabilistic interpretation is maintained just as in the conventional maximum entropy method. The applications o...

  3. Maximum power demand cost

    International Nuclear Information System (INIS)

    Biondi, L.

    1998-01-01

    The charging for a service is a supplier's remuneration for the expenses incurred in providing it. There are currently two charges for electricity: consumption and maximum demand. While no problem arises about the former, the issue is more complicated for the latter and the analysis in this article tends to show that the annual charge for maximum demand arbitrarily discriminates among consumer groups, to the disadvantage of some [it

  4. Stock Assessment Supplementary Information (SASINF)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — In the interest of efficiency, clarity and standardization of stock assessment materials, the stock assessment reports for the 2015 Groundfish update have been...

  5. Stock Issues in Aristotle's Rhetoric

    Science.gov (United States)

    Harpine, Bill

    1977-01-01

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

  6. Rainy Day Stocks

    DEFF Research Database (Denmark)

    Gormsen, Niels Joachim; Greenwood, Robin

    We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times—value, profitability, small size, safety, and total volatility—also perform well during good times. Stocks with characteristics signi...

  7. Optimizing Plutonium stock management

    International Nuclear Information System (INIS)

    Niquil, Y.; Guillot, J.

    1997-01-01

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

  8. Stock Market Savvy.

    Science.gov (United States)

    Okula, Susan

    2003-01-01

    This issue of Keying In, the newsletter of the National Business Education Association, focuses upon teaching young adults how to develop both investment strategies and an understanding of the stock market. The first article, "Sound Investing Know-How: A Must for Today's Young Adults," describes how young adults can plan for their own…

  9. Stock Selection, Style Rotation

    NARCIS (Netherlands)

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

    2002-01-01

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

  10. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

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

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

    OpenAIRE

    Indridewi Atmadjaja, Yovita Vivianty

    1999-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jay Chok

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

  13. Maximum likely scale estimation

    DEFF Research Database (Denmark)

    Loog, Marco; Pedersen, Kim Steenstrup; Markussen, Bo

    2005-01-01

    A maximum likelihood local scale estimation principle is presented. An actual implementation of the estimation principle uses second order moments of multiple measurements at a fixed location in the image. These measurements consist of Gaussian derivatives possibly taken at several scales and/or ...

  14. Robust Maximum Association Estimators

    NARCIS (Netherlands)

    A. Alfons (Andreas); C. Croux (Christophe); P. Filzmoser (Peter)

    2017-01-01

    textabstractThe maximum association between two multivariate variables X and Y is defined as the maximal value that a bivariate association measure between one-dimensional projections αX and αY can attain. Taking the Pearson correlation as projection index results in the first canonical correlation

  15. Outlook '98 - Stock markets

    International Nuclear Information System (INIS)

    Vankka, D.

    1998-01-01

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

  16. Maximum power point tracking

    International Nuclear Information System (INIS)

    Enslin, J.H.R.

    1990-01-01

    A well engineered renewable remote energy system, utilizing the principal of Maximum Power Point Tracking can be m ore cost effective, has a higher reliability and can improve the quality of life in remote areas. This paper reports that a high-efficient power electronic converter, for converting the output voltage of a solar panel, or wind generator, to the required DC battery bus voltage has been realized. The converter is controlled to track the maximum power point of the input source under varying input and output parameters. Maximum power point tracking for relative small systems is achieved by maximization of the output current in a battery charging regulator, using an optimized hill-climbing, inexpensive microprocessor based algorithm. Through practical field measurements it is shown that a minimum input source saving of 15% on 3-5 kWh/day systems can easily be achieved. A total cost saving of at least 10-15% on the capital cost of these systems are achievable for relative small rating Remote Area Power Supply systems. The advantages at larger temperature variations and larger power rated systems are much higher. Other advantages include optimal sizing and system monitor and control

  17. 12 CFR 221.108 - Effect of registration of stock subsequent to making of loan.

    Science.gov (United States)

    2010-01-01

    ... than the maximum loan value for the collateral specified in this part. (c) If the stock should become... increase the amount of the loan balance unless there was provided additional collateral having a maximum... value of the loan collateral or because of a decrease by the Board in the maximum loan value of the loan...

  18. Maximum entropy methods

    International Nuclear Information System (INIS)

    Ponman, T.J.

    1984-01-01

    For some years now two different expressions have been in use for maximum entropy image restoration and there has been some controversy over which one is appropriate for a given problem. Here two further entropies are presented and it is argued that there is no single correct algorithm. The properties of the four different methods are compared using simple 1D simulations with a view to showing how they can be used together to gain as much information as possible about the original object. (orig.)

  19. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

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

  20. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

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

  1. 78 FR 19002 - Marine Mammal Protection Act; Draft Revised Stock Assessment Reports for Two Stocks of West...

    Science.gov (United States)

    2013-03-28

    ... animals which will result in the maximum productivity of the population or the species, keeping in mind... which significant new information is available, and (c) at least once every 3 years for all other stocks... Science, Marine Pollution Bulletin, Marine Technology Society Journal, Wildlife Monographs, Gulf and...

  2. Immediate causality network of stock markets

    Science.gov (United States)

    Zhou, Li; Qiu, Lu; Gu, Changgui; Yang, Huijie

    2018-02-01

    Extensive works show that a network of stocks within a single stock market stores rich information on evolutionary behaviors of the system, such as collapses and/or crises. But a financial event covers usually several markets or even the global financial system. This mismatch of scale leads to lack of concise information to coordinate the event. In this work by using the transfer entropy we reconstruct the influential network between ten typical stock markets distributed in the world. Interesting findings include, before a financial crisis the connection strength reaches a maximum, which can act as an early warning signal of financial crises. The markets in America are monodirectionally and strongly influenced by that in Europe and act as the center. Some strongly linked pairs have also close correlations. The findings are helpful in understanding the evolution and modelling the dynamical process of the global financial system. This method can be extended straightly to find early warning signals for physiological and ecological systems, etc.

  3. The last glacial maximum

    Science.gov (United States)

    Clark, P.U.; Dyke, A.S.; Shakun, J.D.; Carlson, A.E.; Clark, J.; Wohlfarth, B.; Mitrovica, J.X.; Hostetler, S.W.; McCabe, A.M.

    2009-01-01

    We used 5704 14C, 10Be, and 3He ages that span the interval from 10,000 to 50,000 years ago (10 to 50 ka) to constrain the timing of the Last Glacial Maximum (LGM) in terms of global ice-sheet and mountain-glacier extent. Growth of the ice sheets to their maximum positions occurred between 33.0 and 26.5 ka in response to climate forcing from decreases in northern summer insolation, tropical Pacific sea surface temperatures, and atmospheric CO2. Nearly all ice sheets were at their LGM positions from 26.5 ka to 19 to 20 ka, corresponding to minima in these forcings. The onset of Northern Hemisphere deglaciation 19 to 20 ka was induced by an increase in northern summer insolation, providing the source for an abrupt rise in sea level. The onset of deglaciation of the West Antarctic Ice Sheet occurred between 14 and 15 ka, consistent with evidence that this was the primary source for an abrupt rise in sea level ???14.5 ka.

  4. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  5. Maximum Entropy Fundamentals

    Directory of Open Access Journals (Sweden)

    F. Topsøe

    2001-09-01

    Full Text Available Abstract: In its modern formulation, the Maximum Entropy Principle was promoted by E.T. Jaynes, starting in the mid-fifties. The principle dictates that one should look for a distribution, consistent with available information, which maximizes the entropy. However, this principle focuses only on distributions and it appears advantageous to bring information theoretical thinking more prominently into play by also focusing on the "observer" and on coding. This view was brought forward by the second named author in the late seventies and is the view we will follow-up on here. It leads to the consideration of a certain game, the Code Length Game and, via standard game theoretical thinking, to a principle of Game Theoretical Equilibrium. This principle is more basic than the Maximum Entropy Principle in the sense that the search for one type of optimal strategies in the Code Length Game translates directly into the search for distributions with maximum entropy. In the present paper we offer a self-contained and comprehensive treatment of fundamentals of both principles mentioned, based on a study of the Code Length Game. Though new concepts and results are presented, the reading should be instructional and accessible to a rather wide audience, at least if certain mathematical details are left aside at a rst reading. The most frequently studied instance of entropy maximization pertains to the Mean Energy Model which involves a moment constraint related to a given function, here taken to represent "energy". This type of application is very well known from the literature with hundreds of applications pertaining to several different elds and will also here serve as important illustration of the theory. But our approach reaches further, especially regarding the study of continuity properties of the entropy function, and this leads to new results which allow a discussion of models with so-called entropy loss. These results have tempted us to speculate over

  6. Probable maximum flood control

    International Nuclear Information System (INIS)

    DeGabriele, C.E.; Wu, C.L.

    1991-11-01

    This study proposes preliminary design concepts to protect the waste-handling facilities and all shaft and ramp entries to the underground from the probable maximum flood (PMF) in the current design configuration for the proposed Nevada Nuclear Waste Storage Investigation (NNWSI) repository protection provisions were furnished by the United States Bureau of Reclamation (USSR) or developed from USSR data. Proposed flood protection provisions include site grading, drainage channels, and diversion dikes. Figures are provided to show these proposed flood protection provisions at each area investigated. These areas are the central surface facilities (including the waste-handling building and waste treatment building), tuff ramp portal, waste ramp portal, men-and-materials shaft, emplacement exhaust shaft, and exploratory shafts facility

  7. Introduction to maximum entropy

    International Nuclear Information System (INIS)

    Sivia, D.S.

    1988-01-01

    The maximum entropy (MaxEnt) principle has been successfully used in image reconstruction in a wide variety of fields. We review the need for such methods in data analysis and show, by use of a very simple example, why MaxEnt is to be preferred over other regularizing functions. This leads to a more general interpretation of the MaxEnt method, and its use is illustrated with several different examples. Practical difficulties with non-linear problems still remain, this being highlighted by the notorious phase problem in crystallography. We conclude with an example from neutron scattering, using data from a filter difference spectrometer to contrast MaxEnt with a conventional deconvolution. 12 refs., 8 figs., 1 tab

  8. Solar maximum observatory

    International Nuclear Information System (INIS)

    Rust, D.M.

    1984-01-01

    The successful retrieval and repair of the Solar Maximum Mission (SMM) satellite by Shuttle astronauts in April 1984 permitted continuance of solar flare observations that began in 1980. The SMM carries a soft X ray polychromator, gamma ray, UV and hard X ray imaging spectrometers, a coronagraph/polarimeter and particle counters. The data gathered thus far indicated that electrical potentials of 25 MeV develop in flares within 2 sec of onset. X ray data show that flares are composed of compressed magnetic loops that have come too close together. Other data have been taken on mass ejection, impacts of electron beams and conduction fronts with the chromosphere and changes in the solar radiant flux due to sunspots. 13 references

  9. Introduction to maximum entropy

    International Nuclear Information System (INIS)

    Sivia, D.S.

    1989-01-01

    The maximum entropy (MaxEnt) principle has been successfully used in image reconstruction in a wide variety of fields. The author reviews the need for such methods in data analysis and shows, by use of a very simple example, why MaxEnt is to be preferred over other regularizing functions. This leads to a more general interpretation of the MaxEnt method, and its use is illustrated with several different examples. Practical difficulties with non-linear problems still remain, this being highlighted by the notorious phase problem in crystallography. He concludes with an example from neutron scattering, using data from a filter difference spectrometer to contrast MaxEnt with a conventional deconvolution. 12 refs., 8 figs., 1 tab

  10. Functional Maximum Autocorrelation Factors

    DEFF Research Database (Denmark)

    Larsen, Rasmus; Nielsen, Allan Aasbjerg

    2005-01-01

    MAF outperforms the functional PCA in concentrating the interesting' spectra/shape variation in one end of the eigenvalue spectrum and allows for easier interpretation of effects. Conclusions. Functional MAF analysis is a useful methods for extracting low dimensional models of temporally or spatially......Purpose. We aim at data where samples of an underlying function are observed in a spatial or temporal layout. Examples of underlying functions are reflectance spectra and biological shapes. We apply functional models based on smoothing splines and generalize the functional PCA in......\\verb+~+\\$\\backslash\\$cite{ramsay97} to functional maximum autocorrelation factors (MAF)\\verb+~+\\$\\backslash\\$cite{switzer85,larsen2001d}. We apply the method to biological shapes as well as reflectance spectra. {\\$\\backslash\\$bf Methods}. MAF seeks linear combination of the original variables that maximize autocorrelation between...

  11. Regularized maximum correntropy machine

    KAUST Repository

    Wang, Jim Jing-Yan; Wang, Yunji; Jing, Bing-Yi; Gao, Xin

    2015-01-01

    In this paper we investigate the usage of regularized correntropy framework for learning of classifiers from noisy labels. The class label predictors learned by minimizing transitional loss functions are sensitive to the noisy and outlying labels of training samples, because the transitional loss functions are equally applied to all the samples. To solve this problem, we propose to learn the class label predictors by maximizing the correntropy between the predicted labels and the true labels of the training samples, under the regularized Maximum Correntropy Criteria (MCC) framework. Moreover, we regularize the predictor parameter to control the complexity of the predictor. The learning problem is formulated by an objective function considering the parameter regularization and MCC simultaneously. By optimizing the objective function alternately, we develop a novel predictor learning algorithm. The experiments on two challenging pattern classification tasks show that it significantly outperforms the machines with transitional loss functions.

  12. Regularized maximum correntropy machine

    KAUST Repository

    Wang, Jim Jing-Yan

    2015-02-12

    In this paper we investigate the usage of regularized correntropy framework for learning of classifiers from noisy labels. The class label predictors learned by minimizing transitional loss functions are sensitive to the noisy and outlying labels of training samples, because the transitional loss functions are equally applied to all the samples. To solve this problem, we propose to learn the class label predictors by maximizing the correntropy between the predicted labels and the true labels of the training samples, under the regularized Maximum Correntropy Criteria (MCC) framework. Moreover, we regularize the predictor parameter to control the complexity of the predictor. The learning problem is formulated by an objective function considering the parameter regularization and MCC simultaneously. By optimizing the objective function alternately, we develop a novel predictor learning algorithm. The experiments on two challenging pattern classification tasks show that it significantly outperforms the machines with transitional loss functions.

  13. Analysis of stock investment selection based on CAPM using covariance and genetic algorithm approach

    Science.gov (United States)

    Sukono; Susanti, D.; Najmia, M.; Lesmana, E.; Napitupulu, H.; Supian, S.; Putra, A. S.

    2018-03-01

    Investment is one of the economic growth factors of countries, especially in Indonesia. Stocks is a form of investment, which is liquid. In determining the stock investment decisions which need to be considered by investors is to choose stocks that can generate maximum returns with a minimum risk level. Therefore, we need to know how to allocate the capital which may give the optimal benefit. This study discusses the issue of stock investment based on CAPM which is estimated using covariance and Genetic Algorithm approach. It is assumed that the stocks analyzed follow the CAPM model. To do the estimation of beta parameter on CAPM equation is done by two approach, first is to be represented by covariance approach, and second with genetic algorithm optimization. As a numerical illustration, in this paper analyzed ten stocks traded on the capital market in Indonesia. The results of the analysis show that estimation of beta parameters using covariance and genetic algorithm approach, give the same decision, that is, six underpriced stocks with buying decision, and four overpriced stocks with a sales decision. Based on the analysis, it can be concluded that the results can be used as a consideration for investors buying six under-priced stocks, and selling four overpriced stocks.

  14. Northeast arctic cod stock and fishery dynamics

    Directory of Open Access Journals (Sweden)

    Oleg Bulatov

    2015-12-01

    Full Text Available Northeast arctic cod stock is one of a most valuable target of fisheries in the Barents Sea. The catches of cod for the period 1960-2014 are widely changed. The minimum level of catches is marked in 1990 (212 thousands ton, and the maximum values of catches were observed in 1969 – 1.2 mill. ton. In the recent years international catch of cod exceeded 1 mill. ton. Fishable and spawning stock biomass (SSB also widely changed in this period. According to ICES data, SSB had a minimum in 1965 (102 thousand tons, and extremely high level in 2013 – 2 150 thousand tons. Fishable biomass changed also widely. The maximum level is registered in 2013 – 3 636 thousand tons, and minimum value was 5 times less, 739 thousand tons (1983. The ratio between historical high level of SSB and catch in 2013 was 2.2:1.0, due to low value of fishing mortality. Possibility to increase catch will be discussed.

  15. Solar maximum mission

    International Nuclear Information System (INIS)

    Ryan, J.

    1981-01-01

    By understanding the sun, astrophysicists hope to expand this knowledge to understanding other stars. To study the sun, NASA launched a satellite on February 14, 1980. The project is named the Solar Maximum Mission (SMM). The satellite conducted detailed observations of the sun in collaboration with other satellites and ground-based optical and radio observations until its failure 10 months into the mission. The main objective of the SMM was to investigate one aspect of solar activity: solar flares. A brief description of the flare mechanism is given. The SMM satellite was valuable in providing information on where and how a solar flare occurs. A sequence of photographs of a solar flare taken from SMM satellite shows how a solar flare develops in a particular layer of the solar atmosphere. Two flares especially suitable for detailed observations by a joint effort occurred on April 30 and May 21 of 1980. These flares and observations of the flares are discussed. Also discussed are significant discoveries made by individual experiments

  16. Analysis of Economic Factors Affecting Stock Market

    OpenAIRE

    Xie, Linyin

    2010-01-01

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

  17. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

    Firms which issue new equity subsequently have lower returns than other firms, but does the strength of the issuance effect vary in the cross section of firms? The essay shows, that US firms with characteristics that makes them “hard to value” have returns which are strongly related to their past...... issuance activity, while the return of “easy to value” firms are less related to their past issuance activity. In most cases the difference between “hard to value” and “easy to value” firms are signiffcant. As proxies for “hard to value”, I use three different types of firm characteristics. First, I...... consider firms for which relatively little information is available as “hard to value”. Examples are firms covered by few analysts and small firms. Second, I consider firms with high levels of analyst disagreement on stock price target, next quarter earnings per share and share recommendation as “hard...

  18. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

    and clothing. We take as a starting point that longevity has a significant impact on furthering sustainability in textiles and clothing since it can be a driver on many levels, e.g. new business models, decisions made in the design phase and/or changes in use and consumption. The study applies variations...... of the Repertory Grid technique and Wardrobe Studies to frame a tangible dialogue enabling the parents to elaborate on personal preferences of design aesthetics and materials in baby clothing. In the analysis we use the body stocking as a common reference point for learning about reasons for high use frequency....... In addition, it is exemplified how personal taste, preferences for aesthetics and experience of wellbeing may have an impact on high use frequency. Finally, the paper points to further elaboration by suggesting a (tentative) matrix structure to better understand the parameters in designing sustainable...

  19. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

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

  20. Distribution characteristics of stock market liquidity

    Science.gov (United States)

    Luo, Jiawen; Chen, Langnan; Liu, Hao

    2013-12-01

    We examine the distribution characteristics of stock market liquidity by employing the generalized additive models for location, scale and shape (GAMLSS) model and three-minute frequency data from Chinese stock markets. We find that the BCPE distribution within the GAMLSS framework fits the distributions of stock market liquidity well with the diagnosis test. We also find that the stock market index exhibits a significant impact on the distributions of stock market liquidity. The stock market liquidity usually exhibits a positive skewness, but a normal distribution at a low level of stock market index and a high-peak and fat-tail shape at a high level of stock market index.

  1. Parallel Prediction of Stock Volatility

    Directory of Open Access Journals (Sweden)

    Priscilla Jenq

    2017-10-01

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

  2. Do More Economists Hold Stocks?

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanna Schröter; Rangvid, Jesper

    A unique data set enables us to test the hypothesis that more economists than otherwise identical investors hold stocks due to informational advantages. We confirm that economists have a significantly higher probability of participating in the stock market than investors with any other education......, even when controlling for several background characteristics. We make use of a large register-based panel data set containing detailed information on the educational attainments and various financial and socioeconomic variables. We model the stock market participation decision by the probit model...

  3. Multiscale Detrended Cross-Correlation Analysis of STOCK Markets

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2014-06-01

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

  4. Blue carbon stocks in Baltic Sea eelgrass (Zostera marina) meadows

    DEFF Research Database (Denmark)

    Rohr, Maria Emilia; Bostrom, Christoffer; Canal-Vergés, Paula

    2016-01-01

    Although seagrasses cover only a minor fraction of the ocean seafloor, their carbon sink capacity accounts for nearly one-fifth of the total oceanic carbon burial and thus play a critical structural and functional role in many coastal ecosystems. We sampled 10 eelgrass (Zostera marina) meadows....... The C-org stock integrated over the top 25 cm of the sediment averaged 627 g C m(-2) in Finland, while in Denmark the average C-org stock was over 6 times higher (4324 g Cm-2). A conservative estimate of the total organic carbon pool in the regions ranged between 6.98 and 44.9 t C ha(-1). Our results...... in Finland and 10 in Denmark to explore seagrass carbon stocks (C-org stock) and carbon accumulation rates (C-org accumulation) in the Baltic Sea area. The study sites represent a gradient from sheltered to exposed locations in both regions to reflect expected minimum and maximum stocks and accumulation...

  5. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

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

  6. Based on BP Neural Network Stock Prediction

    Science.gov (United States)

    Liu, Xiangwei; Ma, Xin

    2012-01-01

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

  7. Persistent collective trend in stock markets

    Science.gov (United States)

    Balogh, Emeric; Simonsen, Ingve; Nagy, Bálint Zs.; Néda, Zoltán

    2010-12-01

    Empirical evidence is given for a significant difference in the collective trend of the share prices during the stock index rising and falling periods. Data on the Dow Jones Industrial Average and its stock components are studied between 1991 and 2008. Pearson-type correlations are computed between the stocks and averaged over stock pairs and time. The results indicate a general trend: whenever the stock index is falling the stock prices are changing in a more correlated manner than in case the stock index is ascending. A thorough statistical analysis of the data shows that the observed difference is significant, suggesting a constant fear factor among stockholders.

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

    Directory of Open Access Journals (Sweden)

    Irshad Hira

    2017-08-01

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

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

    OpenAIRE

    Irshad Hira

    2017-01-01

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

  10. Empirical Evidence on Student-t Log-Returns of Diversified World Stock Indices

    OpenAIRE

    Eckhard Platen; Renata Rendek

    2007-01-01

    The aim of this paper is to document some empirical facts related to log-returns of diversified world stock indices when these are denominated in different currencies. Motivated by earlier results, we have obtained the estimated distribution of log-returns for a range of world stock indices over long observation periods. We expand previous studies by applying the maximum likelihood ratio test to the large class of generalized hyperbolic distributions, and investigate the log-returns of a vari...

  11. Credal Networks under Maximum Entropy

    OpenAIRE

    Lukasiewicz, Thomas

    2013-01-01

    We apply the principle of maximum entropy to select a unique joint probability distribution from the set of all joint probability distributions specified by a credal network. In detail, we start by showing that the unique joint distribution of a Bayesian tree coincides with the maximum entropy model of its conditional distributions. This result, however, does not hold anymore for general Bayesian networks. We thus present a new kind of maximum entropy models, which are computed sequentially. ...

  12. Universal behaviour in the stock market: Time dynamics of the electronic orderbook

    Science.gov (United States)

    Kızılersü, Ayşe; Kreer, Markus; Thomas, Anthony W.; Feindt, Michael

    2016-07-01

    A consequence of the digital revolution is that share trading at the stock exchange takes place via electronic order books which are accessed by traders and investors via the internet. Our empirical findings of the London Stock Exchange demonstrate that once ultra-high frequency manipulation on time scales less than around ten milliseconds is excluded, all relevant changes in the order book happen with time differences that are randomly distributed and well described by a left-truncated Weibull distribution with universal shape parameter (independent of time and same for all stocks). The universal shape parameter corresponds to maximum entropy of the distribution.

  13. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

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

  14. Dynamics and management of stage-structured fish stocks.

    Science.gov (United States)

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

    2013-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2012-01-01

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

  16. Do Earthquakes Shake Stock Markets?

    Science.gov (United States)

    Ferreira, Susana; Karali, Berna

    2015-01-01

    This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. Results show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. Results also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan.

  17. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

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

    2018-03-01

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

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

    Science.gov (United States)

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

    2008-10-01

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

  19. Stock Market Expectations of Dutch Households.

    Science.gov (United States)

    Hurd, Michael; van Rooij, Maarten; Winter, Joachim

    2011-04-01

    Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households' expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households' stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses.

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

    African Journals Online (AJOL)

    Helet Lambrechts

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

  1. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

    We assess the oil price sensitivities and oil risk premiums of NYSE listed oil & gas firms' returns by using a two-step regression analysis under two different arbitrage pricing models. Thus, we apply the Fama and French (1992) factor returns in a study of oil stocks. In all, we find that the return

  2. Behavioral heterogeneity in stock prices

    NARCIS (Netherlands)

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

    2007-01-01

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

  3. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

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

  4. Dispositional optimism and stock investments

    NARCIS (Netherlands)

    Angelini, Viola; Cavapozzi, D.

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

  5. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

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

  6. Validating Virtual Safety Stock Effectiveness through Simulation

    Directory of Open Access Journals (Sweden)

    Maria Elena Nenni

    2013-08-01

    safety stock effectiveness through simulation in an inventory system using a base stock policy with periodic reviews and backorders. This approach can be useful for researchers as well as practitioners who want to model the behaviour of an inventory system under uncertain conditions and verify the opportunity for setting up a virtual safety stock on top of, or instead of, the traditional physical safety stock.

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

    NARCIS (Netherlands)

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

    2010-01-01

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

  8. Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

    NARCIS (Netherlands)

    Dong Loc, T.; Lanjouw, G.; Lensink, B.W.

    2010-01-01

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

  9. Students Invest in the Stock Market

    Science.gov (United States)

    Parker, George O.

    1977-01-01

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

  10. Stochastic GARCH dynamics describing correlations between stocks

    Science.gov (United States)

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

    2014-09-01

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

  11. Maintenance Appointments in Railway Rolling Stock Rescheduling

    NARCIS (Netherlands)

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

    2016-01-01

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

  12. On the Design of Artificial Stock Markets

    NARCIS (Netherlands)

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

    2005-01-01

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

  13. Are Stock and Corporate Bond Markets Integrated?

    NARCIS (Netherlands)

    van Zundert, J.; Driessen, Joost

    2017-01-01

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

  14. Stock market dynamics created by interacting agents

    Directory of Open Access Journals (Sweden)

    Mohamed Riad Remita

    2006-01-01

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

  15. Analysis of Naval Ammunition Stock Positioning

    Science.gov (United States)

    2015-12-01

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

  16. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

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

  17. Stocking chart for upland central hardwoods

    Science.gov (United States)

    Martin E. Dale; Donald E. Hilt

    1989-01-01

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

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

    Institute of Scientific and Technical Information of China (English)

    王钊

    2014-01-01

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

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

    Czech Academy of Sciences Publication Activity Database

    Baxa, Jaromír

    2007-01-01

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

  20. Stock Market Manipulation on the Hong Kong Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2014-10-01

    Full Text Available This study is the first to empirically examine stock market manipulation on the Hong Kong Stock Exchange. The dataset contains 40 cases of market manipulation from 1996 to 2009 that were successfully prosecuted by the Hong Kong Securities & Futures Commission. Manipulation is found to negatively impact market efficiency measures such as the bid-ask spread and volatility. Markets appear incapable of efficiently responding to the presence of manipulators and are characterised by information asymmetry. Manipulators were successfully able to raise prices and exit the market. This finding contradicts views that trade-based manipulation is entirely unprofitable and self-deterring. The victimisation of information-seeking investors and the market as a whole provides a strong rationale for all jurisdictions, including Australia, to have effective laws that prohibit manipulation and for robust enforcement of those laws to further deter market manipulation.

  1. Maximum Entropy in Drug Discovery

    Directory of Open Access Journals (Sweden)

    Chih-Yuan Tseng

    2014-07-01

    Full Text Available Drug discovery applies multidisciplinary approaches either experimentally, computationally or both ways to identify lead compounds to treat various diseases. While conventional approaches have yielded many US Food and Drug Administration (FDA-approved drugs, researchers continue investigating and designing better approaches to increase the success rate in the discovery process. In this article, we provide an overview of the current strategies and point out where and how the method of maximum entropy has been introduced in this area. The maximum entropy principle has its root in thermodynamics, yet since Jaynes’ pioneering work in the 1950s, the maximum entropy principle has not only been used as a physics law, but also as a reasoning tool that allows us to process information in hand with the least bias. Its applicability in various disciplines has been abundantly demonstrated. We give several examples of applications of maximum entropy in different stages of drug discovery. Finally, we discuss a promising new direction in drug discovery that is likely to hinge on the ways of utilizing maximum entropy.

  2. Empirical properties of inter-cancellation durations in the Chinese stock market

    Directory of Open Access Journals (Sweden)

    Gao-Feng eGu

    2014-03-01

    Full Text Available Order cancellation process plays a crucial role in the dynamics of price formation in order-driven stock markets and is important in the construction and validation of computational finance models. Based on the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003, we investigate the empirical statistical properties of inter-cancellation durations in units of events defined as the waiting times between two consecutive cancellations. The inter-cancellation durations for both buy and sell orders of all the stocks favor a $q$-exponential distribution when the maximum likelihood estimation method is adopted; In contrast, both cancelled buy orders of 9 stocks and cancelled sell orders of 4 stocks prefer Weibull distribution when the nonlinear least-square estimation is used. Applying detrended fluctuation analysis (DFA, centered detrending moving average (CDMA and multifractal detrended fluctuation analysis (MF-DFA methods, we unveil that the inter-cancellation duration time series process long memory and multifractal nature for both buy and sell cancellations of all the stocks. Our findings show that order cancellation processes exhibit long-range correlated bursty behaviors and are thus not Poissonian.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1981-06-01

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

  4. Valuation of common and preferred stocks

    Directory of Open Access Journals (Sweden)

    Nikolić Ljubica

    2014-01-01

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

  5. Base-Stock Level yang Meminimasi Biaya pada Permasalahan Single Order

    Directory of Open Access Journals (Sweden)

    Tanti Octavia

    2011-01-01

    Full Text Available The purpose of this research is to conduct an analysis on demand characteristic and inventory cost which might potentially influence the determination of base-stock level. Appropriate base-stock level will determine the maximum profit and also reduce the stockout cost for fashion products which has high demand uncertainty and single order problem. Case study is applied on a garment company with eight fashion product types that can be classified into short and long lifetime. The effect of coefficient variation, salvage price and stockout cost is analyzed towards profits and base stock level. It can be concluded that demand variability does not affect base stock level, while stockout cost and salvage price does.

  6. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

    studies, we focus on the effects of changes in varying attributes of existing ESO—the effects on the intensive margin. Our fixed effect estimates show that an increase in the strength of the existing ESO plans measured by stake per employee results in statistically significant productivity gains....... Furthermore, such productivity gains are found to lead to profitability gains since wage gains from ESO plans are statistically significant yet rather modest. Our analysis of Tobin's Q suggests that the market tends to view such gains from ESO plans as permanent. We further find that increasing the stake......This paper provides novel evidence on the effects of employee stock ownership (ESO), using new panel data on Japanese ESO plans for a highly representative sample of publicly-traded firms in Japan (covering more than 75% of all firms listed on Tokyo Stock Exchange) over 1989-2013. Unlike most prior...

  7. Statistical modelling of fish stocks

    DEFF Research Database (Denmark)

    Kvist, Trine

    1999-01-01

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

  8. Is the stock market efficient?

    Science.gov (United States)

    Malkiel, B G

    1989-03-10

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

  9. Tick size and stock returns

    Science.gov (United States)

    Onnela, Jukka-Pekka; Töyli, Juuso; Kaski, Kimmo

    2009-02-01

    Tick size is an important aspect of the micro-structural level organization of financial markets. It is the smallest institutionally allowed price increment, has a direct bearing on the bid-ask spread, influences the strategy of trading order placement in electronic markets, affects the price formation mechanism, and appears to be related to the long-term memory of volatility clustering. In this paper we investigate the impact of tick size on stock returns. We start with a simple simulation to demonstrate how continuous returns become distorted after confining the price to a discrete grid governed by the tick size. We then move on to a novel experimental set-up that combines decimalization pilot programs and cross-listed stocks in New York and Toronto. This allows us to observe a set of stocks traded simultaneously under two different ticks while holding all security-specific characteristics fixed. We then study the normality of the return distributions and carry out fits to the chosen distribution models. Our empirical findings are somewhat mixed and in some cases appear to challenge the simulation results.

  10. Maximum stellar iron core mass

    Indian Academy of Sciences (India)

    60, No. 3. — journal of. March 2003 physics pp. 415–422. Maximum stellar iron core mass. F W GIACOBBE. Chicago Research Center/American Air Liquide ... iron core compression due to the weight of non-ferrous matter overlying the iron cores within large .... thermal equilibrium velocities will tend to be non-relativistic.

  11. Maximum entropy beam diagnostic tomography

    International Nuclear Information System (INIS)

    Mottershead, C.T.

    1985-01-01

    This paper reviews the formalism of maximum entropy beam diagnostic tomography as applied to the Fusion Materials Irradiation Test (FMIT) prototype accelerator. The same formalism has also been used with streak camera data to produce an ultrahigh speed movie of the beam profile of the Experimental Test Accelerator (ETA) at Livermore. 11 refs., 4 figs

  12. Maximum entropy beam diagnostic tomography

    International Nuclear Information System (INIS)

    Mottershead, C.T.

    1985-01-01

    This paper reviews the formalism of maximum entropy beam diagnostic tomography as applied to the Fusion Materials Irradiation Test (FMIT) prototype accelerator. The same formalism has also been used with streak camera data to produce an ultrahigh speed movie of the beam profile of the Experimental Test Accelerator (ETA) at Livermore

  13. A portable storage maximum thermometer

    International Nuclear Information System (INIS)

    Fayart, Gerard.

    1976-01-01

    A clinical thermometer storing the voltage corresponding to the maximum temperature in an analog memory is described. End of the measurement is shown by a lamp switch out. The measurement time is shortened by means of a low thermal inertia platinum probe. This portable thermometer is fitted with cell test and calibration system [fr

  14. Neutron spectra unfolding with maximum entropy and maximum likelihood

    International Nuclear Information System (INIS)

    Itoh, Shikoh; Tsunoda, Toshiharu

    1989-01-01

    A new unfolding theory has been established on the basis of the maximum entropy principle and the maximum likelihood method. This theory correctly embodies the Poisson statistics of neutron detection, and always brings a positive solution over the whole energy range. Moreover, the theory unifies both problems of overdetermined and of underdetermined. For the latter, the ambiguity in assigning a prior probability, i.e. the initial guess in the Bayesian sense, has become extinct by virtue of the principle. An approximate expression of the covariance matrix for the resultant spectra is also presented. An efficient algorithm to solve the nonlinear system, which appears in the present study, has been established. Results of computer simulation showed the effectiveness of the present theory. (author)

  15. The past and future of food stocks

    International Nuclear Information System (INIS)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Tajus Subqi

    2016-08-01

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

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

    Science.gov (United States)

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

    2018-02-01

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

  18. Global socioeconomic carbon stocks in long-lived products 1900–2008

    International Nuclear Information System (INIS)

    Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

    2012-01-01

    A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900–2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr −1 in 1900 to a maximum of 247 MtC yr −1 in 2007, corresponding to 2.2%–3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks. (letter)

  19. Accounting for escape mortality in fisheries: implications for stock productivity and optimal management.

    Science.gov (United States)

    Baker, Matthew R; Schindler, Daniel E; Essington, Timothy E; Hilborn, Ray

    2014-01-01

    Few studies have considered the management implications of mortality to target fish stocks caused by non-retention in commercial harvest gear (escape mortality). We demonstrate the magnitude of this previously unquantified source of mortality and its implications for the population dynamics of exploited stocks, biological metrics, stock productivity, and optimal management. Non-retention in commercial gillnet fisheries for Pacific salmon (Oncorhynchus spp.) is common and often leads to delayed mortality in spawning populations. This represents losses, not only to fishery harvest, but also in future recruitment to exploited stocks. We estimated incidence of non-retention in Alaskan gillnet fisheries for sockeye salmon (O. nerka) and found disentanglement injuries to be extensive and highly variable between years. Injuries related to non-retention were noted in all spawning populations, and incidence of injury ranged from 6% to 44% of escaped salmon across nine river systems over five years. We also demonstrate that non-retention rates strongly correlate with fishing effort. We applied maximum likelihood and Bayesian approaches to stock-recruitment analyses, discounting estimates of spawning salmon to account for fishery-related mortality in escaped fish. Discounting spawning stock estimates as a function of annual fishing effort improved model fits to historical stock-recruitment data in most modeled systems. This suggests the productivity of exploited stocks has been systematically underestimated. It also suggests that indices of fishing effort may be used to predict escape mortality and correct for losses. Our results illustrate how explicitly accounting for collateral effects of fishery extraction may improve estimates of productivity and better inform management metrics derived from estimates of stock-recruitment analyses.

  20. Global socioeconomic carbon stocks in long-lived products 1900-2008

    Science.gov (United States)

    Lauk, Christian; Haberl, Helmut; Erb, Karl-Heinz; Gingrich, Simone; Krausmann, Fridolin

    2012-09-01

    A better understanding of the global carbon cycle as well as of climate change mitigation options such as carbon sequestration requires the quantification of natural and socioeconomic stocks and flows of carbon. A so-far under-researched aspect of the global carbon budget is the accumulation of carbon in long-lived products such as buildings and furniture. We present a comprehensive assessment of global socioeconomic carbon stocks and the corresponding in- and outflows during the period 1900-2008. These data allowed calculation of the annual carbon sink in socioeconomic stocks during this period. The study covers the most important socioeconomic carbon fractions, i.e. wood, bitumen, plastic and cereals. Our assessment was mainly based on production and consumption data for plastic, bitumen and wood products and the respective fractions remaining in stocks in any given year. Global socioeconomic carbon stocks were 2.3 GtC in 1900 and increased to 11.5 GtC in 2008. The share of wood in total C stocks fell from 97% in 1900 to 60% in 2008, while the shares of plastic and bitumen increased to 16% and 22%, respectively. The rate of gross carbon sequestration in socioeconomic stocks increased from 17 MtC yr-1 in 1900 to a maximum of 247 MtC yr-1 in 2007, corresponding to 2.2%-3.4% of global fossil-fuel-related carbon emissions. We conclude that while socioeconomic carbon stocks are not negligible, their growth over time is not a major climate change mitigation option and there is an only modest potential to mitigate climate change by the increase of socioeconomic carbon stocks.

  1. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

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

  2. On Maximum Entropy and Inference

    Directory of Open Access Journals (Sweden)

    Luigi Gresele

    2017-11-01

    Full Text Available Maximum entropy is a powerful concept that entails a sharp separation between relevant and irrelevant variables. It is typically invoked in inference, once an assumption is made on what the relevant variables are, in order to estimate a model from data, that affords predictions on all other (dependent variables. Conversely, maximum entropy can be invoked to retrieve the relevant variables (sufficient statistics directly from the data, once a model is identified by Bayesian model selection. We explore this approach in the case of spin models with interactions of arbitrary order, and we discuss how relevant interactions can be inferred. In this perspective, the dimensionality of the inference problem is not set by the number of parameters in the model, but by the frequency distribution of the data. We illustrate the method showing its ability to recover the correct model in a few prototype cases and discuss its application on a real dataset.

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

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

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

  4. Maximum Water Hammer Sensitivity Analysis

    OpenAIRE

    Jalil Emadi; Abbas Solemani

    2011-01-01

    Pressure waves and Water Hammer occur in a pumping system when valves are closed or opened suddenly or in the case of sudden failure of pumps. Determination of maximum water hammer is considered one of the most important technical and economical items of which engineers and designers of pumping stations and conveyance pipelines should take care. Hammer Software is a recent application used to simulate water hammer. The present study focuses on determining significance of ...

  5. Maximum Gene-Support Tree

    Directory of Open Access Journals (Sweden)

    Yunfeng Shan

    2008-01-01

    Full Text Available Genomes and genes diversify during evolution; however, it is unclear to what extent genes still retain the relationship among species. Model species for molecular phylogenetic studies include yeasts and viruses whose genomes were sequenced as well as plants that have the fossil-supported true phylogenetic trees available. In this study, we generated single gene trees of seven yeast species as well as single gene trees of nine baculovirus species using all the orthologous genes among the species compared. Homologous genes among seven known plants were used for validation of the finding. Four algorithms—maximum parsimony (MP, minimum evolution (ME, maximum likelihood (ML, and neighbor-joining (NJ—were used. Trees were reconstructed before and after weighting the DNA and protein sequence lengths among genes. Rarely a gene can always generate the “true tree” by all the four algorithms. However, the most frequent gene tree, termed “maximum gene-support tree” (MGS tree, or WMGS tree for the weighted one, in yeasts, baculoviruses, or plants was consistently found to be the “true tree” among the species. The results provide insights into the overall degree of divergence of orthologous genes of the genomes analyzed and suggest the following: 1 The true tree relationship among the species studied is still maintained by the largest group of orthologous genes; 2 There are usually more orthologous genes with higher similarities between genetically closer species than between genetically more distant ones; and 3 The maximum gene-support tree reflects the phylogenetic relationship among species in comparison.

  6. LCLS Maximum Credible Beam Power

    International Nuclear Information System (INIS)

    Clendenin, J.

    2005-01-01

    The maximum credible beam power is defined as the highest credible average beam power that the accelerator can deliver to the point in question, given the laws of physics, the beam line design, and assuming all protection devices have failed. For a new accelerator project, the official maximum credible beam power is determined by project staff in consultation with the Radiation Physics Department, after examining the arguments and evidence presented by the appropriate accelerator physicist(s) and beam line engineers. The definitive parameter becomes part of the project's safety envelope. This technical note will first review the studies that were done for the Gun Test Facility (GTF) at SSRL, where a photoinjector similar to the one proposed for the LCLS is being tested. In Section 3 the maximum charge out of the gun for a single rf pulse is calculated. In Section 4, PARMELA simulations are used to track the beam from the gun to the end of the photoinjector. Finally in Section 5 the beam through the matching section and injected into Linac-1 is discussed

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

    OpenAIRE

    Grobys, Klaus

    2011-01-01

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

  8. Long Memory in the Greek Stock Market

    OpenAIRE

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

    1996-01-01

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

  9. Looking Back on the Stock Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  10. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

    Ambos, Tina C.; Nell, Phillip Christopher; Pedersen, Torben

    2013-01-01

    While previous research has mostly focused on either knowledge stocks or knowledge flows, our study is among the first to integrate these perspectives in order to shed light on the complementarity effects of different types of knowledge stocks and flows in the multinational corporation (MNC...... of complementarity create benefits for these units, but that the effects from intra-functional combinations of knowledge stocks and flows are significantly stronger than from cross-functional combinations....

  11. Stock returns and foreign investment in Brazil

    OpenAIRE

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

    2008-01-01

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

  12. Macroeconomic Forces and Stock Returns in Vietnam

    OpenAIRE

    Phan, Van Hang

    2008-01-01

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

  13. A new Loan-Stock Financial Instrument

    OpenAIRE

    Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

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

  14. Stock selection using a hybrid MCDM approach

    Directory of Open Access Journals (Sweden)

    Tea Poklepović

    2014-12-01

    Full Text Available The problem of selecting the right stocks to invest in is of immense interest for investors on both emerging and developed capital markets. Moreover, an investor should take into account all available data regarding stocks on the particular market. This includes fundamental and stock market indicators. The decision making process includes several stocks to invest in and more than one criterion. Therefore, the task of selecting the stocks to invest in can be viewed as a multiple criteria decision making (MCDM problem. Using several MCDM methods often leads to divergent rankings. The goal of this paper is to resolve these possible divergent results obtained from different MCDM methods using a hybrid MCDM approach based on Spearman’s rank correlation coefficient. Five MCDM methods are selected: COPRAS, linear assignment, PROMETHEE, SAW and TOPSIS. The weights for all criteria are obtained by using the AHP method. Data for this study includes information on stock returns and traded volumes from March 2012 to March 2014 for 19 stocks on the Croatian capital market. It also includes the most important fundamental and stock market indicators for selected stocks. Rankings using five selected MCDM methods in the stock selection problem yield divergent results. However, after applying the proposed approach the final hybrid rankings are obtained. The results show that the worse stocks to invest in happen to be the same when the industry is taken into consideration or when not. However, when the industry is taken into account, the best stocks to invest in are slightly different, because some industries are more profitable than the others.

  15. Elements of stock market analysis

    Directory of Open Access Journals (Sweden)

    Suciu, T.

    2013-12-01

    Full Text Available The paper represents a starting point in the presentation of the two types of stock/market analysis: the fundamental analysis and the technical analysis. The fundamental analysis consist in the assessment of the financial and economic status of the company together with the context and macroeconomic environment where it activates. The technical analysis deals with the demand and supply of securities and the evolution of their trend on the market, using a range of graphics and charts to illustrate the market tendencies for the quick identification of the best moments to buy or sell.

  16. Extreme value modelling of Ghana stock exchange index.

    Science.gov (United States)

    Nortey, Ezekiel N N; Asare, Kwabena; Mettle, Felix Okoe

    2015-01-01

    Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana stock exchange all-shares index (2000-2010) by applying the extreme value theory (EVT) to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before the EVT method was applied. The Peak Over Threshold approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model's goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the value at risk and expected shortfall risk measures at some high quantiles, based on the fitted GPD model.

  17. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

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

    2000-01-01

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

  18. The Speculative Nature of Stock Market

    Directory of Open Access Journals (Sweden)

    Bogdan-Gabriel FILIPESCU

    2011-12-01

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

  19. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  20. Material Stock Demographics: Cars in Great Britain.

    Science.gov (United States)

    Cabrera Serrenho, André; Allwood, Julian M

    2016-03-15

    Recent literature on material flow analysis has been focused on quantitative characterization of past material flows. Fewer analyses exist on past and prospective quantification of stocks of materials in-use. Some of these analyses explore the composition of products' stocks, but a focus on the characterization of material stocks and its relation with service delivery is often neglected. We propose the use of the methods of human demography to characterize material stocks, defined herein as stock demographics, exploring the insights that this approach could provide for the sustainable management of materials. We exemplify an application of stock demographics by characterizing the composition and service delivery of iron, steel, and aluminum stocks of cars in Great Britain, 2002-2012. The results show that in this period the stock has become heavier, it is traveling less, and it is idle for more time. The visualization of material stocks' dynamics demonstrates the pace of product replacement as a function of its usefulness and enables the formulation of policy interventions and the exploration of future trends.

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

    OpenAIRE

    Gail Ncube; Kapingura Forget Mingiri

    2015-01-01

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

  2. Generic maximum likely scale selection

    DEFF Research Database (Denmark)

    Pedersen, Kim Steenstrup; Loog, Marco; Markussen, Bo

    2007-01-01

    in this work is on applying this selection principle under a Brownian image model. This image model provides a simple scale invariant prior for natural images and we provide illustrative examples of the behavior of our scale estimation on such images. In these illustrative examples, estimation is based......The fundamental problem of local scale selection is addressed by means of a novel principle, which is based on maximum likelihood estimation. The principle is generally applicable to a broad variety of image models and descriptors, and provides a generic scale estimation methodology. The focus...

  3. 41 CFR 109-27.5003 - Stock control.

    Science.gov (United States)

    2010-07-01

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

  4. The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.

    Science.gov (United States)

    Draze, Dianne

    This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…

  5. The role of managerial stock option programs in governance: evidence from REIT stock repurchases

    NARCIS (Netherlands)

    Ghosh, C.; Giambona, E.; Harding, J.P.; Sezer, O.; Sirmans, C.F.

    2010-01-01

    This article examines the role of stock option programs and executive holdings of stock options in real estate investment trust (REIT) governance. We study the issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance

  6. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

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

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

    OpenAIRE

    Matveev, Aleksandr

    2014-01-01

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

  8. Extreme Maximum Land Surface Temperatures.

    Science.gov (United States)

    Garratt, J. R.

    1992-09-01

    There are numerous reports in the literature of observations of land surface temperatures. Some of these, almost all made in situ, reveal maximum values in the 50°-70°C range, with a few, made in desert regions, near 80°C. Consideration of a simplified form of the surface energy balance equation, utilizing likely upper values of absorbed shortwave flux (1000 W m2) and screen air temperature (55°C), that surface temperatures in the vicinity of 90°-100°C may occur for dry, darkish soils of low thermal conductivity (0.1-0.2 W m1 K1). Numerical simulations confirm this and suggest that temperature gradients in the first few centimeters of soil may reach 0.5°-1°C mm1 under these extreme conditions. The study bears upon the intrinsic interest of identifying extreme maximum temperatures and yields interesting information regarding the comfort zone of animals (including man).

  9. An evaluation of management strategies for Atlantic tuna stocks

    Directory of Open Access Journals (Sweden)

    L. T. Kell

    2003-04-01

    Full Text Available International agreements for the International Commission for the Conservation of Atlantic Tunas (ICCAT convention area imply that Atlantic tuna stocks should be managed by strategies based on maximum sustainable yield (MSY; however, there is concern whether this will actually ensure sustainability with sufficiently high probability consistent with the principals of the precautionary approach. Therefore, the performance of MSY management strategies based on current assessment procedures was evaluated using a computer simulation framework. The framework includes the data collection, assessment, prediction, and management processes, as well as the implementation of management regulations. It therefore provides an integrated way to evaluate the relative importance of and the interactions between each component of the system with regard to the overall success of the management strategy. The study elucidates guidelines about assessment and management that are general enough to be applied to all tunas in the Atlantic Ocean. It does so by comparing different hypotheses about management and assessment for three stocks (North Atlantic albacore, Atlantic bigeye and East Atlantic skipjack, which are representative of the variety encountered (i.e. from data rich to poor and tropical to temperate waters in ICCAT stocks. Management performance was especially sensitive to the carrying capacity of the stock. The type of proxy used for MSY was more important to the success of the procedure than the frequency of assessment or the number of indices used in the assessment. Whilst the procedure was successful at achieving the management objectives for albacore, it was only partially successful for bigeye and was too conservative for skipjack.

  10. Population size and yield of Baffin Bay beluga (Delphinapterus leucas stocks

    Directory of Open Access Journals (Sweden)

    Stuart Innes

    2002-07-01

    Full Text Available A surplus production model within a Sampling, Importance Resampling (SIR Bayesian analysis was used to estimate stock sizes and yields of Baffin Bay belugas. The catch of belugas in West Greenland increased in 1968 and has remained well above sustainable rates. SIR analysis indicated a decline of about 50% between 1981 and 1994, with a credibility interval that included a previous estimate of 62%. The estimated stock sizes of belugas wintering off West Greenland in 1998 and 1999 were approximately 5,100 and 4,100 respectively and were not significantly different than an estimate based on aerial surveys combined for both years. Projected to 1999 this stock can sustain median landings of 109 whales with a total kill of about 155, based on posterior estimates of struck and lost plus under-reporting. The declining stock size index series did not provide sufficient information to estimate the potential maximum rate of population growth, the number of whales struck and lost, or the shape of the production curve with precision. Estimating these parameters requires an index time series with a marked step change in catch or a series with increasing stock sizes. The stock size estimate for the belugas wintering in the North Water in 1999 was approximately 14,800 but there is no information about the population biology of these whales. The estimated maximum sustainable yield (landed for the North Water stock was 317 belugas.

  11. Do stock prices drive people crazy?

    Science.gov (United States)

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

    2015-03-01

    This is the first research to examine a potential relation between stock market volatility and mental disorders. Using data on daily incidences of mental disorders in Taiwan over 4000 days from 1998 through 2009 to assess the time-series relation between stock price movements and mental disorders, we observe that stock price fluctuation clearly affects the hospitalization of mental disorders. We find that during a 12-year follow-up period, a low stock price index, a daily fall in the stock price index and consecutive daily falls in the stock price index are all associated with greater of mental disorders hospitalizations. A 1000-point fall in the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) increases the number of daily mental disorders hospitalizations by 4.71%. A 1% fall in the TAIEX in one single day increases daily hospitalizations for mental disorders by 0.36%. When the stock price index falls one consecutive day, it causes a daily increase of approximately 0.32% hospitalizations due to mental disorders on that day. Stock price index is found to be significant for both gender and all age groups. In addition, daily change is significant for both gender and middle-age groups, whereas accumulated change is significant for males and people aged 45-64. Stockholdings can help people accumulate wealth, but they can also increase mental disorders hospitalizations. In other words, stock price fluctuations do drive people crazy. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

  12. A surplus production model including environmental effects: Application to the Senegalese white shrimp stocks

    Science.gov (United States)

    Thiaw, Modou; Gascuel, Didier; Jouffre, Didier; Thiaw, Omar Thiom

    2009-12-01

    In Senegal, two stocks of white shrimp ( Penaeusnotialis) are intensively exploited, one in the north and another in the south. We used surplus production models including environmental effects to analyse their changes in abundance over the past 10 years and to estimate their Maximum Sustainable Yield (MSY) and the related fishing effort ( EMSY). First, yearly abundance indices were estimated from commercial statistics using GLM techniques. Then, two environmental indices were alternatively tested in the model: the coastal upwelling intensity from wind speeds provided by the SeaWifs database and the primary production derived from satellite infrared images of chlorophyll a. Models were fitted, with or without the environmental effect, to the 1996-2005 time series. They express stock abundance and catches as functions of the fishing effort and the environmental index (when considered). For the northern stock, fishing effort and abundance fluctuate over the period without any clear trends. The model based on the upwelling index explains 64.9% of the year-to-year variability. It shows that the stock was slightly overexploited in 2002-2003 and is now close to full exploitation. Stock abundance strongly depends on environmental conditions; consequently, the MSY estimate varies from 300 to 900 tons according to the upwelling intensity. For the southern stock, fishing effort has strongly increased over the past 10 years, while abundance has been reduced 4-fold. The environment has a significant effect on abundance but only explains a small part of the year-to-year variability. The best fit is obtained using the primary production index ( R2 = 0.75), and the stock is now significantly overfished regardless of environmental conditions. MSY varies from 1200 to 1800 tons according to environmental conditions. Finally, in northern Senegal, the upwelling is highly variable from year to year and constitutes the major factor determining productivity. In the south, hydrodynamic

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

    Directory of Open Access Journals (Sweden)

    Muhammed Monjurul Quadir

    2012-01-01

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

  14. Effects of temperament and acclimation to handling on feedlot performance of Bos taurus feeder cattle originated from a rangeland-based cow-calf system.

    Science.gov (United States)

    Francisco, C L; Cooke, R F; Marques, R S; Mills, R R; Bohnert, D W

    2012-12-01

    Two experiments evaluated the effects of temperament and acclimation to handling on performance of Angus × Hereford feeder cattle reared in extensive rangeland systems until weaning. In Exp. 1, 200 calves (n = 97 for yr 1; n = 103 for yr 2) were evaluated for temperament at weaning (average age ± SE = 152 ± 1 d) by chute score and exit velocity. Chute score was assessed on a 5-point scale according to behavior during chute restraining. Exit score was calculated by dividing exit velocity into quintiles and assigning calves a score from 1 (slowest) to 5 (fastest). A temperament score was calculated for each calf by averaging chute and exit scores. Calf temperament was classified according to temperament score as adequate (≤3) or excitable (>3). After weaning, calves were assigned to a 40-d preconditioning followed by growing (139 d) and finishing (117 d) phases until slaughter. Weaning BW was decreased (P = 0.04) in excitable calves compared with adequate calves. No differences were detected (P ≥ 0.21) for ADG during preconditioning, growing, and finishing phases; hence, excitable calves tended (P = 0.09) to have decreased HCW compared with adequate calves. In Exp. 2, 60 steers (initial age ± SE = 198 ± 2 d) were weighed and evaluated for temperament score 35 d after weaning (d -29). On d -28, steers were ranked by these variables and assigned to receive an acclimation treatment or not (control). Acclimated steers were processed through a handling facility twice weekly for 4 wk (d -28 to -1) whereas control steers remained undisturbed on pasture. On d 0, all steers were transported for 24 h and returned to the research facility (d 1). On arrival, steers were ranked by BW within treatment and randomly assigned to 20 feedlot pens for a 28-d feedlot receiving period. Acclimated steers had decreased temperament score and plasma cortisol compared with controls on d 0 (P = 0.02). During feedlot receiving, acclimated steers had decreased ADG (P < 0.01) and G:F (P = 0.03) and tended to have decreased DMI (P = 0.07) compared with controls. Acclimated steers had greater plasma haptoglobin on d 4 (P = 0.04) and greater ceruloplasmin from d 0 to 10 (P ≤ 0.04) and tended to have greater cortisol on d 1 (P = 0.08) than controls. In conclusion, temperament affects productivity of beef operations based on Bos taurus feeder cattle reared in extensive rangeland systems until weaning whereas acclimation to handling ameliorated cattle temperament but did not benefit feedlot receiving performance.

  15. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

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

    2008-01-01

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

  16. A Tale of Two Stock Markets

    Science.gov (United States)

    Armstrong, Michelle Hine; Piercey, Victor I.; Greene-Hunley, Stephanie

    2015-01-01

    This article describes two different projects using the stock market as a context for learning. For both projects, students "bought" shares in individual companies, tracked stock prices for a period of time, and then "sold" their shares at a gain or loss. The projects are adaptable for students in late elementary school through…

  17. Does Stock Market Performance Influence Retirement Intentions?

    Science.gov (United States)

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

    2012-01-01

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

  18. Stock market volatility and macroeconomic uncertainty

    NARCIS (Netherlands)

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

    2006-01-01

    This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

  19. Legal institutions, strategic default, and stock returns

    NARCIS (Netherlands)

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

    2008-01-01

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

  20. Distinguishing manipulated stocks via trading network analysis

    Science.gov (United States)

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

    2011-10-01

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

  1. Mandatory IFRS Reporting and Stock Price Informativeness

    NARCIS (Netherlands)

    Beuselinck, C.A.C.; Joos, P.P.M.; Khurana, I.K.; van der Meulen, S.

    2010-01-01

    In this paper, we examine whether mandatory adoption of IFRS influences the flow of firm-specific information and contributes to stock price informativeness as measured by stock return synchronicity. Using a constant sample of 1,904 mandatory IFRS adopters in 14 EU countries for the period

  2. Recent market behavior of utility stocks

    International Nuclear Information System (INIS)

    Studness, C.M.

    1990-01-01

    This article reviews the recent market behavior of utility stocks as compared to the Standard and Poor's 500 and the long-term government bond yield. Utility stock's performance continues to be affected by unfavorable regulation,and it appears that it will continue to be a factor for some time to come. A continually shrinking excess capacity continues to be a concern

  3. SETS, arbitrage activity and stock price dynamics

    NARCIS (Netherlands)

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

    2000-01-01

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

  4. Jump Detection in the Danish Stock Market

    DEFF Research Database (Denmark)

    Høg, Esben

    2002-01-01

    It is well known in financial economics that stock market return data are often modelled by a diffusion process with some regular drift function. Occasionally, however, sudden changes or jumps occur in the return data. Wavelet scaling methods are used to detect jumps and cusps in stock market...

  5. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

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

  6. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2006-01-01

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

  7. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2002-01-01

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

  8. System for memorizing maximum values

    Science.gov (United States)

    Bozeman, Richard J., Jr.

    1992-08-01

    The invention discloses a system capable of memorizing maximum sensed values. The system includes conditioning circuitry which receives the analog output signal from a sensor transducer. The conditioning circuitry rectifies and filters the analog signal and provides an input signal to a digital driver, which may be either linear or logarithmic. The driver converts the analog signal to discrete digital values, which in turn triggers an output signal on one of a plurality of driver output lines n. The particular output lines selected is dependent on the converted digital value. A microfuse memory device connects across the driver output lines, with n segments. Each segment is associated with one driver output line, and includes a microfuse that is blown when a signal appears on the associated driver output line.

  9. Remarks on the maximum luminosity

    Science.gov (United States)

    Cardoso, Vitor; Ikeda, Taishi; Moore, Christopher J.; Yoo, Chul-Moon

    2018-04-01

    The quest for fundamental limitations on physical processes is old and venerable. Here, we investigate the maximum possible power, or luminosity, that any event can produce. We show, via full nonlinear simulations of Einstein's equations, that there exist initial conditions which give rise to arbitrarily large luminosities. However, the requirement that there is no past horizon in the spacetime seems to limit the luminosity to below the Planck value, LP=c5/G . Numerical relativity simulations of critical collapse yield the largest luminosities observed to date, ≈ 0.2 LP . We also present an analytic solution to the Einstein equations which seems to give an unboundedly large luminosity; this will guide future numerical efforts to investigate super-Planckian luminosities.

  10. Maximum mutual information regularized classification

    KAUST Repository

    Wang, Jim Jing-Yan

    2014-09-07

    In this paper, a novel pattern classification approach is proposed by regularizing the classifier learning to maximize mutual information between the classification response and the true class label. We argue that, with the learned classifier, the uncertainty of the true class label of a data sample should be reduced by knowing its classification response as much as possible. The reduced uncertainty is measured by the mutual information between the classification response and the true class label. To this end, when learning a linear classifier, we propose to maximize the mutual information between classification responses and true class labels of training samples, besides minimizing the classification error and reducing the classifier complexity. An objective function is constructed by modeling mutual information with entropy estimation, and it is optimized by a gradient descend method in an iterative algorithm. Experiments on two real world pattern classification problems show the significant improvements achieved by maximum mutual information regularization.

  11. Scintillation counter, maximum gamma aspect

    International Nuclear Information System (INIS)

    Thumim, A.D.

    1975-01-01

    A scintillation counter, particularly for counting gamma ray photons, includes a massive lead radiation shield surrounding a sample-receiving zone. The shield is disassembleable into a plurality of segments to allow facile installation and removal of a photomultiplier tube assembly, the segments being so constructed as to prevent straight-line access of external radiation through the shield into radiation-responsive areas. Provisions are made for accurately aligning the photomultiplier tube with respect to one or more sample-transmitting bores extending through the shield to the sample receiving zone. A sample elevator, used in transporting samples into the zone, is designed to provide a maximum gamma-receiving aspect to maximize the gamma detecting efficiency. (U.S.)

  12. Maximum mutual information regularized classification

    KAUST Repository

    Wang, Jim Jing-Yan; Wang, Yi; Zhao, Shiguang; Gao, Xin

    2014-01-01

    In this paper, a novel pattern classification approach is proposed by regularizing the classifier learning to maximize mutual information between the classification response and the true class label. We argue that, with the learned classifier, the uncertainty of the true class label of a data sample should be reduced by knowing its classification response as much as possible. The reduced uncertainty is measured by the mutual information between the classification response and the true class label. To this end, when learning a linear classifier, we propose to maximize the mutual information between classification responses and true class labels of training samples, besides minimizing the classification error and reducing the classifier complexity. An objective function is constructed by modeling mutual information with entropy estimation, and it is optimized by a gradient descend method in an iterative algorithm. Experiments on two real world pattern classification problems show the significant improvements achieved by maximum mutual information regularization.

  13. Response of mountain meadows to grazing by recreational pack stock

    Science.gov (United States)

    Cole, David N.; Van Wagtendonk, Jan W.; McClaran, Mitchel P.; Moore, Peggy E.; McDougald, Neil K.

    2004-01-01

    Effects of recreational pack stock grazing on mountain meadows in Yosemite National Park were assessed in a 5-year study. Yosemite is a designated wilderness, to be managed such that its natural conditions are preserved. Studies were conducted in 3 characteristic meadow types: shorthair sedge (Carex filifolia Nutt.), Brewer's reed grass (Calamagrostis breweri Thurber), and tufted hairgrass [Deschampsia cespitosa (L.) Beauv.]. Horses and mules grazed experimental plots at intensities of 15 to 69% utilization for 4 seasons. In all 3 meadows, grazing caused decreases in productivity. The mean reduction after 4 years of grazing was 18% in the shorthair sedge meadow, 17% in the Brewer's reed grass meadow, and 22% in the tufted hairgrass meadow. Grazing also caused shifts in basal groundcover (usually a reduction in vegetation cover and increase in bare soil cover), and changes in species composition. Productivity and vegetation cover decreased as percent utilization increased, while bare soil cover increased as utilization increased. Changes in species composition were less predictably related to differences in grazing intensity. Passive management of grazing is insufficient in wilderness areas that are regularly used by groups with recreational stock. Wilderness managers need to monitor meadow conditions and the grazing intensities that occur. Our study suggests that biomass and ground cover are more sensitive indicators of grazing impact than species composition. Managers must make decisions about maximum acceptable levels of grazing impact and then develop guidelines for maximum use levels, based on data such as ours that relates grazing intensity to meadow response.

  14. Recurrence quantification analysis of global stock markets

    Science.gov (United States)

    Bastos, João A.; Caiado, Jorge

    2011-04-01

    This study investigates the presence of deterministic dependencies in international stock markets using recurrence plots and recurrence quantification analysis (RQA). The results are based on a large set of free float-adjusted market capitalization stock indices, covering a period of 15 years. The statistical tests suggest that the dynamics of stock prices in emerging markets is characterized by higher values of RQA measures when compared to their developed counterparts. The behavior of stock markets during critical financial events, such as the burst of the technology bubble, the Asian currency crisis, and the recent subprime mortgage crisis, is analyzed by performing RQA in sliding windows. It is shown that during these events stock markets exhibit a distinctive behavior that is characterized by temporary decreases in the fraction of recurrence points contained in diagonal and vertical structures.

  15. Modeling Chaotic Behavior of Chittagong Stock Indices

    Directory of Open Access Journals (Sweden)

    Shipra Banik

    2012-01-01

    Full Text Available Stock market prediction is an important area of financial forecasting, which attracts great interest to stock buyers and sellers, stock investors, policy makers, applied researchers, and many others who are involved in the capital market. In this paper, a comparative study has been conducted to predict stock index values using soft computing models and time series model. Paying attention to the applied econometric noises because our considered series are time series, we predict Chittagong stock indices for the period from January 1, 2005 to May 5, 2011. We have used well-known models such as, the genetic algorithm (GA model and the adaptive network fuzzy integrated system (ANFIS model as soft computing forecasting models. Very widely used forecasting models in applied time series econometrics, namely, the generalized autoregressive conditional heteroscedastic (GARCH model is considered as time series model. Our findings have revealed that the use of soft computing models is more successful than the considered time series model.

  16. Optimization of Eisenia fetida stocking density for the bioconversion of rock phosphate enriched cow dung–waste paper mixtures

    Energy Technology Data Exchange (ETDEWEB)

    Unuofin, F.O., E-mail: funmifrank2009@gmail.com; Mnkeni, P.N.S., E-mail: pmnkeni@ufh.ac.za

    2014-11-15

    Highlights: • Vermidegradation of RP-enriched waste mixtures is dependent on E. fetida stocking density. • A stocking density of 12.5 g-worms kg{sup -1} resulted in highly humified vermicomposts. • P release from RP-enriched waste vermicomposts increases with E. fetida stocking density. • RP-enriched waste vermicomposts had no inhibitory effect on seed germination. - Abstract: Vermitechnology is gaining recognition as an environmental friendly waste management strategy. Its successful implementation requires that the key operational parameters like earthworm stocking density be established for each target waste/waste mixture. One target waste mixture in South Africa is waste paper mixed with cow dung and rock phosphate (RP) for P enrichment. This study sought to establish optimal Eisenia fetida stocking density for maximum P release and rapid bioconversion of RP enriched cow dung–paper waste mixtures. E. fetida stocking densities of 0, 7.5, 12.5, 17.5 and 22.5 g-worms kg{sup −1} dry weight of cow dung–waste paper mixtures were evaluated. The stocking density of 12.5 g-worms kg{sup −1} resulted in the highest earthworm growth rate and humification of the RP enriched waste mixture as reflected by a C:N ratio of <12 and a humic acid/fulvic acid ratio of >1.9 in final vermicomposts. A germination test revealed that the resultant vermicompost had no inhibitory effect on the germination of tomato, carrot, and radish. Extractable P increased with stocking density up to 22.5 g-worm kg{sup −1} feedstock suggesting that for maximum P release from RP enriched wastes a high stocking density should be considered.

  17. Optimization of Eisenia fetida stocking density for the bioconversion of rock phosphate enriched cow dung–waste paper mixtures

    International Nuclear Information System (INIS)

    Unuofin, F.O.; Mnkeni, P.N.S.

    2014-01-01

    Highlights: • Vermidegradation of RP-enriched waste mixtures is dependent on E. fetida stocking density. • A stocking density of 12.5 g-worms kg -1 resulted in highly humified vermicomposts. • P release from RP-enriched waste vermicomposts increases with E. fetida stocking density. • RP-enriched waste vermicomposts had no inhibitory effect on seed germination. - Abstract: Vermitechnology is gaining recognition as an environmental friendly waste management strategy. Its successful implementation requires that the key operational parameters like earthworm stocking density be established for each target waste/waste mixture. One target waste mixture in South Africa is waste paper mixed with cow dung and rock phosphate (RP) for P enrichment. This study sought to establish optimal Eisenia fetida stocking density for maximum P release and rapid bioconversion of RP enriched cow dung–paper waste mixtures. E. fetida stocking densities of 0, 7.5, 12.5, 17.5 and 22.5 g-worms kg −1 dry weight of cow dung–waste paper mixtures were evaluated. The stocking density of 12.5 g-worms kg −1 resulted in the highest earthworm growth rate and humification of the RP enriched waste mixture as reflected by a C:N ratio of <12 and a humic acid/fulvic acid ratio of >1.9 in final vermicomposts. A germination test revealed that the resultant vermicompost had no inhibitory effect on the germination of tomato, carrot, and radish. Extractable P increased with stocking density up to 22.5 g-worm kg −1 feedstock suggesting that for maximum P release from RP enriched wastes a high stocking density should be considered

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

    Directory of Open Access Journals (Sweden)

    Shuba M. V.

    2015-03-01

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

  19. Maximum entropy and Bayesian methods

    International Nuclear Information System (INIS)

    Smith, C.R.; Erickson, G.J.; Neudorfer, P.O.

    1992-01-01

    Bayesian probability theory and Maximum Entropy methods are at the core of a new view of scientific inference. These 'new' ideas, along with the revolution in computational methods afforded by modern computers allow astronomers, electrical engineers, image processors of any type, NMR chemists and physicists, and anyone at all who has to deal with incomplete and noisy data, to take advantage of methods that, in the past, have been applied only in some areas of theoretical physics. The title workshops have been the focus of a group of researchers from many different fields, and this diversity is evident in this book. There are tutorial and theoretical papers, and applications in a very wide variety of fields. Almost any instance of dealing with incomplete and noisy data can be usefully treated by these methods, and many areas of theoretical research are being enhanced by the thoughtful application of Bayes' theorem. Contributions contained in this volume present a state-of-the-art overview that will be influential and useful for many years to come

  20. Climatic regions as an indicator of forest coarse and fine woody debris carbon stocks in the United States

    Directory of Open Access Journals (Sweden)

    Liknes Greg C

    2008-06-01

    Full Text Available Abstract Background Coarse and fine woody debris are substantial forest ecosystem carbon stocks; however, there is a lack of understanding how these detrital carbon stocks vary across forested landscapes. Because forest woody detritus production and decay rates may partially depend on climatic conditions, the accumulation of coarse and fine woody debris carbon stocks in forests may be correlated with climate. This study used a nationwide inventory of coarse and fine woody debris in the United States to examine how these carbon stocks vary by climatic regions and variables. Results Mean coarse and fine woody debris forest carbon stocks vary by Köppen's climatic regions across the United States. The highest carbon stocks were found in regions with cool summers while the lowest carbon stocks were found in arid desert/steppes or temperate humid regions. Coarse and fine woody debris carbon stocks were found to be positively correlated with available moisture and negatively correlated with maximum temperature. Conclusion It was concluded with only medium confidence that coarse and fine woody debris carbon stocks may be at risk of becoming net emitter of carbon under a global climate warming scenario as increases in coarse or fine woody debris production (sinks may be more than offset by increases in forest woody detritus decay rates (emission. Given the preliminary results of this study and the rather tenuous status of coarse and fine woody debris carbon stocks as either a source or sink of CO2, further research is suggested in the areas of forest detritus decay and production.

  1. Analysing News for Stock Market Prediction

    Science.gov (United States)

    Ramalingam, V. V.; Pandian, A.; Dwivedi, shivam; Bhatt, Jigar P.

    2018-04-01

    Stock market means the aggregation of all sellers and buyers of stocks representing their ownership claims on the business. To be completely absolute about the investment on these stocks, proper knowledge about them as well as their pricing, for both present and future is very essential. Large amount of data is collected and parsed to obtain this essential information regarding the fluctuations in the stock market. This data can be any news or public opinions in general. Recently, many methods have been used, especially big unstructured data methods to predict the stock market values. We introduce another method of focusing on deriving the best statistical learning model for predicting the future values. The data set used is very large unstructured data collected from an online social platform, commonly known as Quindl. The data from this platform is then linked to a csv fie and cleaned to obtain the essential information for stock market prediction. The method consists of carrying out the NLP (Natural Language Processing) of the data and then making it easier for the system to understand, finds and identifies the correlation in between this data and the stock market fluctuations. The model is implemented using Python Programming Language throughout the entire project to obtain flexibility and convenience of the system.

  2. Hidden Markov Model for Stock Selection

    Directory of Open Access Journals (Sweden)

    Nguyet Nguyen

    2015-10-01

    Full Text Available The hidden Markov model (HMM is typically used to predict the hidden regimes of observation data. Therefore, this model finds applications in many different areas, such as speech recognition systems, computational molecular biology and financial market predictions. In this paper, we use HMM for stock selection. We first use HMM to make monthly regime predictions for the four macroeconomic variables: inflation (consumer price index (CPI, industrial production index (INDPRO, stock market index (S&P 500 and market volatility (VIX. At the end of each month, we calibrate HMM’s parameters for each of these economic variables and predict its regimes for the next month. We then look back into historical data to find the time periods for which the four variables had similar regimes with the forecasted regimes. Within those similar periods, we analyze all of the S&P 500 stocks to identify which stock characteristics have been well rewarded during the time periods and assign scores and corresponding weights for each of the stock characteristics. A composite score of each stock is calculated based on the scores and weights of its features. Based on this algorithm, we choose the 50 top ranking stocks to buy. We compare the performances of the portfolio with the benchmark index, S&P 500. With an initial investment of $100 in December 1999, over 15 years, in December 2014, our portfolio had an average gain per annum of 14.9% versus 2.3% for the S&P 500.

  3. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

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

  4. Asymmetric conditional volatility in international stock markets

    Science.gov (United States)

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

    2007-08-01

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

  5. The dependence of Islamic and conventional stocks: A copula approach

    Science.gov (United States)

    Razak, Ruzanna Ab; Ismail, Noriszura

    2015-09-01

    Recent studies have found that Islamic stocks are dependent on conventional stocks and they appear to be more risky. In Asia, particularly in Islamic countries, research on dependence involving Islamic and non-Islamic stock markets is limited. The objective of this study is to investigate the dependence between financial times stock exchange Hijrah Shariah index and conventional stocks (EMAS and KLCI indices). Using the copula approach and a time series model for each marginal distribution function, the copula parameters were estimated. The Elliptical copula was selected to present the dependence structure of each pairing of the Islamic stock and conventional stock. Specifically, the Islamic versus conventional stocks (Shariah-EMAS and Shariah-KLCI) had lower dependence compared to conventional versus conventional stocks (EMAS-KLCI). These findings suggest that the occurrence of shocks in a conventional stock will not have strong impact on the Islamic stock.

  6. Maximum entropy principal for transportation

    International Nuclear Information System (INIS)

    Bilich, F.; Da Silva, R.

    2008-01-01

    In this work we deal with modeling of the transportation phenomenon for use in the transportation planning process and policy-impact studies. The model developed is based on the dependence concept, i.e., the notion that the probability of a trip starting at origin i is dependent on the probability of a trip ending at destination j given that the factors (such as travel time, cost, etc.) which affect travel between origin i and destination j assume some specific values. The derivation of the solution of the model employs the maximum entropy principle combining a priori multinomial distribution with a trip utility concept. This model is utilized to forecast trip distributions under a variety of policy changes and scenarios. The dependence coefficients are obtained from a regression equation where the functional form is derived based on conditional probability and perception of factors from experimental psychology. The dependence coefficients encode all the information that was previously encoded in the form of constraints. In addition, the dependence coefficients encode information that cannot be expressed in the form of constraints for practical reasons, namely, computational tractability. The equivalence between the standard formulation (i.e., objective function with constraints) and the dependence formulation (i.e., without constraints) is demonstrated. The parameters of the dependence-based trip-distribution model are estimated, and the model is also validated using commercial air travel data in the U.S. In addition, policy impact analyses (such as allowance of supersonic flights inside the U.S. and user surcharge at noise-impacted airports) on air travel are performed.

  7. Does predation by grey seals (Halichoerus grypus) affect Bothnian Sea herring stock estimates?

    DEFF Research Database (Denmark)

    Gårdmark, Anna; Östman, Örjan; Nielsen, Anders

    2012-01-01

    when accounting for seal predation, this did not change the conclusions about drivers of herring dynamics. Accounting for grey seal predation is important for abundance estimates of old herring, but currently not for SSB estimates, given the great uncertainties in the standard assessment. The grey seal...... fivefold since 1985. Its main prey, herring (Clupea harrengus), is a key species for fisheries in the region. Yet, current stock assessments assume constant natural mortality, leading to a risk of biased stock estimates with increasing predation and misleading analyses of herring population dynamics. We...... estimated grey seal predation from diet data and reanalysed herring spawning stock biomass (SSB) during 1973–2009. Accounting for predation increased the herring SSB 16% (maximum 19%), but this was within the confidence intervals when ignoring predation. Although mortality in older individuals was inflated...

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

    Directory of Open Access Journals (Sweden)

    Prokopovich Vladimir Pavlovich

    2014-06-01

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

  9. Brown trout ( Salmo trutta ) stocking impact assessment using microsatellite DNA markers

    DEFF Research Database (Denmark)

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

    2001-01-01

    , and for monitoring the genetic impact of stocking activity on wild populations of salmonid fishes. Brown trout from ten hatchery strains, one supportive breeding "strain," and five wild populations were screened for variation at eight loci. In most hatchery strains, genetic variation was comparable to that of wild...... between the wild and hatchery populations. We assessed whether wild populations were introgressed by stocked hatchery trout by performing assignment tests to determine population of origin and estimating maximum potential introgression rates. The results suggested that genetic introgression by hatchery...... trout had occurred for only two of the five populations potentially influenced by stocking. In one of these two rivers, microsatellite data obtained from a limited number of old scale samples indicated that individuals from the original population were genetically divergent from these of the present...

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

    Directory of Open Access Journals (Sweden)

    Purwanto Purwanto

    2015-06-01

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

  11. Carbon stocks assessment in subtropical forest types of Kashmir Himalayas

    International Nuclear Information System (INIS)

    Shaheen, H.; Khan, R.W.A.; Hussain, K.; Ullah, T.S.; Mehmood, A.

    2016-01-01

    Estimation of carbon sequestration in forest ecosystem is necessary to mitigate impacts of climate change. Current research project was focused to assess the Carbon contents in standing trees and soil of different subtropical forest sites in Kashmir. Tree biomass was estimated by using allometric equations whereas Soil carbon was calculated by Walkey-Black titration method. Total carbon stock was computed as 186.27 t/ha with highest value of 326 t/ha recorded from Pinus roxburghii forest whereas lowest of 75.86 t/ha at mixed forest. Average biomass carbon was found to be 151.38 t/ha with a maximum value of 294.7 t/ha and minimum of 43.4 t/ha. Pinus roxburghii was the most significant species having biomass value of 191.8 t/ha, followed by Olea cuspidata (68.9 t/ha), Acacia modesta (12.71 t/ha), Dalbergia sissoo (12.01 t/ha), Broussonetia papyrifera (5.93 t/ha), Punica granatum (2.27 t/ha), Mallotus philippensis (2.2 t/ha), Albizia lebbeck (1.8t/ha), Ficus palmata (1.51 t/ha), Acacia arabica (1.4 t/ha), Melia azedarach, (1.14 t/ha) and Ficus carica (1.07 t/ha) respectively. Recorded value of tree density was 492/ha; average DBH was 87.27 cm; tree height was 13.3m; and regeneration value was 83 seedlings/ha. Soil carbon stocks were found to be 34.89 t/ha whereas agricultural soil carbon was calculated as 27.18 t/ha. Intense deforestation was represented by a stump density of 147.4/ha. The results of Principal Component Analysis (PCA) revealed the distinct species clusters on the basis of location, biomass and Carbon stock values. Pinus roxburghii and Olea cuspidata were found to be the major contributors of carbon stock having maximum vector lengths in the PCA Biplot. Forest in the area needs to be managed in a sustainable manner to increase its carbon sequestration potential. (author)

  12. Financing R & D with Knowledge Stock Rentals

    OpenAIRE

    John M. Hartwick

    1993-01-01

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

  13. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    After the financialization of commodity futures markets in 2004-05 oil volatility has become a strong predictor of returns and volatility of the overall stock market. Furthermore, stocks' exposure to oil volatility risk now drives the cross-section of expected returns. The difference in average...... return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  14. UNDERGROUND ECONOMY, GDP AND STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Caus Vasile Aurel

    2012-07-01

    Full Text Available Economic growth is affected by the size and dynamics of underground economy. Determining this size is a subject of research for many authors. In this paper we present the relationship between underground economy dynamics and the dynamics of stock markets. The observations are based on regression used by Tanzi (1983 and the relationship between GDP and stock market presented in Tudor (2008. The conclusion of this paper is that the dynamics of underground economy is influenced by dynamic of financial markets. Thus, using specific stock market mathematical tools analysis, one can analyze the dynamic of underground economy

  15. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

    energy savings in residential buildings. The intension with this analysis was to investigate the possible energy reduction in Denmark if the same approach had been taken for the entire Danish building stock. The report concludes that the ZeroHome initiative clearly results in energy savings, but far from...... enough to meet the government’s plan to make Danish buildings free from use of fossil fuels by 2035. This will probably require around 50 % energy savings in the Danish building stock as a whole. However, the project has proven that dedicated engagement of locals can speed up market penetration...... for energy savings in the existing Building stock....

  16. Twitter as driver of stock price

    OpenAIRE

    Jubbega, Annika

    2012-01-01

    The goal of this research is to examine the dynamic relationship of Twitter and stock price, by examining the effects for the ten most valuable brands according Interbrand (2010): Coca-Cola, IBM, Microsoft, Google, McDonald’s, Intel, Nokia, Disney, Toyota and Cisco. A VAR modelling approach captures the short and long term effects of Twitter to stock price and stock price to Twitter. Effects were found for 5 of the 10 brand. For Coca-Cola and Toyota, the number of brand sentiment tweets dri...

  17. Fish stocking density impacts tank hydrodynamics

    DEFF Research Database (Denmark)

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

    2006-01-01

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

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

    OpenAIRE

    Febrian, Erie; Herwany, Aldrin

    2007-01-01

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

  19. Last Glacial Maximum Salinity Reconstruction

    Science.gov (United States)

    Homola, K.; Spivack, A. J.

    2016-12-01

    It has been previously demonstrated that salinity can be reconstructed from sediment porewater. The goal of our study is to reconstruct high precision salinity during the Last Glacial Maximum (LGM). Salinity is usually determined at high precision via conductivity, which requires a larger volume of water than can be extracted from a sediment core, or via chloride titration, which yields lower than ideal precision. It has been demonstrated for water column samples that high precision density measurements can be used to determine salinity at the precision of a conductivity measurement using the equation of state of seawater. However, water column seawater has a relatively constant composition, in contrast to porewater, where variations from standard seawater composition occur. These deviations, which affect the equation of state, must be corrected for through precise measurements of each ion's concentration and knowledge of apparent partial molar density in seawater. We have developed a density-based method for determining porewater salinity that requires only 5 mL of sample, achieving density precisions of 10-6 g/mL. We have applied this method to porewater samples extracted from long cores collected along a N-S transect across the western North Atlantic (R/V Knorr cruise KN223). Density was determined to a precision of 2.3x10-6 g/mL, which translates to salinity uncertainty of 0.002 gms/kg if the effect of differences in composition is well constrained. Concentrations of anions (Cl-, and SO4-2) and cations (Na+, Mg+, Ca+2, and K+) were measured. To correct salinities at the precision required to unravel LGM Meridional Overturning Circulation, our ion precisions must be better than 0.1% for SO4-/Cl- and Mg+/Na+, and 0.4% for Ca+/Na+, and K+/Na+. Alkalinity, pH and Dissolved Inorganic Carbon of the porewater were determined to precisions better than 4% when ratioed to Cl-, and used to calculate HCO3-, and CO3-2. Apparent partial molar densities in seawater were

  20. Maximum Parsimony on Phylogenetic networks

    Science.gov (United States)

    2012-01-01

    Background Phylogenetic networks are generalizations of phylogenetic trees, that are used to model evolutionary events in various contexts. Several different methods and criteria have been introduced for reconstructing phylogenetic trees. Maximum Parsimony is a character-based approach that infers a phylogenetic tree by minimizing the total number of evolutionary steps required to explain a given set of data assigned on the leaves. Exact solutions for optimizing parsimony scores on phylogenetic trees have been introduced in the past. Results In this paper, we define the parsimony score on networks as the sum of the substitution costs along all the edges of the network; and show that certain well-known algorithms that calculate the optimum parsimony score on trees, such as Sankoff and Fitch algorithms extend naturally for networks, barring conflicting assignments at the reticulate vertices. We provide heuristics for finding the optimum parsimony scores on networks. Our algorithms can be applied for any cost matrix that may contain unequal substitution costs of transforming between different characters along different edges of the network. We analyzed this for experimental data on 10 leaves or fewer with at most 2 reticulations and found that for almost all networks, the bounds returned by the heuristics matched with the exhaustively determined optimum parsimony scores. Conclusion The parsimony score we define here does not directly reflect the cost of the best tree in the network that displays the evolution of the character. However, when searching for the most parsimonious network that describes a collection of characters, it becomes necessary to add additional cost considerations to prefer simpler structures, such as trees over networks. The parsimony score on a network that we describe here takes into account the substitution costs along the additional edges incident on each reticulate vertex, in addition to the substitution costs along the other edges which are

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

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

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

  2. Effects of harvesting on spatial and temporal diversity of carbon stocks in a boreal forest landscape.

    Science.gov (United States)

    Ter-Mikaelian, Michael T; Colombo, Stephen J; Chen, Jiaxin

    2013-10-01

    Carbon stocks in managed forests of Ontario, Canada, and in harvested wood products originated from these forests were estimated for 2010-2100. Simulations included four future forest harvesting scenarios based on historical harvesting levels (low, average, high, and maximum available) and a no-harvest scenario. In four harvesting scenarios, forest carbon stocks in Ontario's managed forest were estimated to range from 6202 to 6227 Mt C (millions of tons of carbon) in 2010, and from 6121 to 6428 Mt C by 2100. Inclusion of carbon stored in harvested wood products in use and in landfills changed the projected range in 2100 to 6710-6742 Mt C. For the no-harvest scenario, forest carbon stocks were projected to change from 6246 Mt C in 2010 to 6680 Mt C in 2100. Spatial variation in projected forest carbon stocks was strongly related to changes in forest age (r = 0.603), but had weak correlation with harvesting rates. For all managed forests in Ontario combined, projected carbon stocks in combined forest and harvested wood products converged to within 2% difference by 2100. The results suggest that harvesting in the boreal forest, if applied within limits of sustainable forest management, will eventually have a relatively small effect on long-term combined forest and wood products carbon stocks. However, there was a large time lag to approach carbon equality, with more than 90 years with a net reduction in stored carbon in harvested forests plus wood products compared to nonharvested boreal forest which also has low rates of natural disturbance. The eventual near equivalency of carbon stocks in nonharvested forest and forest that is harvested and protected from natural disturbance reflects both the accumulation of carbon in harvested wood products and the relatively young age at which boreal forest stands undergo natural succession in the absence of disturbance.

  3. Residential building stocks and flows as dynamic systems: Chilean dwelling stock and energy modeling, including earthquakes.

    OpenAIRE

    Gallardo, Carla

    2012-01-01

    The building sector comprises a very important part of each country s economy, playing an important role in the consumption of resources and energy. In practice there is little knowledge on how the building stock develops. It is useful then to understand the dynamics and the metabolism of the built environment. Research on building stocks, predominantly on the residential sector, has been performed mainly for developed countries. There is little or none research on building stock for developi...

  4. Market Performance and Accounting Information as the Reference of Stocks Portfolio Formation in Indonesia Stock Exchange

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

    This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real difference among variabel refer to their market capitalization and influence of predictor to stock return. Hereinafter, the performance of selected portfolio were evaluated. The evaluation result conclude ...

  5. The Stock Market's Reaction to Unemployment News: Why Bad News is Usually Good for Stocks

    OpenAIRE

    John H. Boyd; Ravi Jagannathan; Jian Hu

    2001-01-01

    We find that on average an announcement of rising unemployment is 'good news' for stocks during economic expansions and 'bad news' during economic contractions. Thus stock prices usually increase on news of rising unemployment, since the economy is usually in an expansion phase. We provide an explanation for this phenomenon. Unemployment news bundles two primitive types of information relevant for valuing stocks: information about future interest rates and future corporate earnings and divide...

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

    Directory of Open Access Journals (Sweden)

    Jun-Wei Yue

    2018-05-01

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

  7. Boosting Learning Algorithm for Stock Price Forecasting

    Science.gov (United States)

    Wang, Chengzhang; Bai, Xiaoming

    2018-03-01

    To tackle complexity and uncertainty of stock market behavior, more studies have introduced machine learning algorithms to forecast stock price. ANN (artificial neural network) is one of the most successful and promising applications. We propose a boosting-ANN model in this paper to predict the stock close price. On the basis of boosting theory, multiple weak predicting machines, i.e. ANNs, are assembled to build a stronger predictor, i.e. boosting-ANN model. New error criteria of the weak studying machine and rules of weights updating are adopted in this study. We select technical factors from financial markets as forecasting input variables. Final results demonstrate the boosting-ANN model works better than other ones for stock price forecasting.

  8. Community monitoring of carbon stocks for REDD+

    DEFF Research Database (Denmark)

    Brofeldt, Søren; Theilade, Ida; Burgess, Neil David

    2014-01-01

    Reducing emissions from deforestation and forest degradation in developing countries, and the role of conservation, sustainable management of forests, and enhancement of forest carbon stocks in developing countries (REDD+) is a potentially powerful international policy mechanism that many tropica...

  9. SIS - Species and Stock Administrative Data Set

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Species and Stock Administrative data set within the Species Information System (SIS) defines entities within the database that serve as the basis for recording...

  10. Sustainment Stocks for the Korean Theater

    National Research Council Canada - National Science Library

    St

    1998-01-01

    .... This study concludes that the Army intends to provide theater Class VII combat loss replacements, in the Korean theater, in the early stage of conflict or war from Army Pre-positioned Stocks-Sustainment 4 (APS-S 4...

  11. The volatility of stock market prices.

    Science.gov (United States)

    Shiller, R J

    1987-01-02

    If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

  12. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

    In this paper, a new momentum of stock in distribution is proposed and applied in real investment. Firstly, assuming that a stock behaves as a multi-particle system, its share-exchange distribution and cost distribution are introduced. Secondly, an estimation of the share-exchange distribution is given with daily transaction data by 3 σ rule from the normal distribution. Meanwhile, an iterative method is given to estimate the cost distribution. Based on the cost distribution, a new momentum is proposed for stock system. Thirdly, an empirical test is given to compare the new momentum with others by contrarian strategy. The result shows that the new one outperforms others in many places. Furthermore, entropy of stock is introduced according to its cost distribution.

  13. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

    Ambos, Tina C.; Nell, Phillip Christopher; Pedersen, Torben

    In the area of knowledge management and knowledge governance, previous research has mostly focused on either knowledge stocks or knowledge flows of firms or organizational units. Contrary to this work, our study is among the first to integrate these two perspectives in order to shed light...... on the complementarity effects of different types of knowledge stocks and flows in the multinational corporation (MNC). We investigate intra-functional as well as cross-functional complementarity effects from the perspective of the knowledge recipient. We test the impact of stocks on flows on the benefit that is created...... for MNC units. Based on a comprehensive sample of 324 relationships between MNC units we find that both types of complementarity create benefits for these units, but that the effects from intra-functional combinations of knowledge stocks and flows are significantly stronger than from cross...

  14. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

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

  15. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

    In this paper, we apply the multifractal detrended fluctuation analysis (MFDFA) to the Russian stock price returns. To the best of our knowledge, this paper is the first to reveal the multifractal structures for the Russian stock market by financial crises. The contributions of the paper are twofold. (i) Finding the multifractal structures for the Russian stock market. The generalized Hurst exponents estimated become highly-nonlinear to the order of the fluctuation functions. (ii) Computing the multifractality degree according to Zunino et al. (2008). We find that the multifractality degree of the Russian stock market can be categorized within emerging markets, however, the Russian 1998 crisis and the global financial crisis dampen the degree when we consider the order of the polynomial trends in the MFDFA.

  16. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

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

  17. Privatization, political risk and stock market development

    NARCIS (Netherlands)

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

    1999-01-01

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

  18. Religion and stock price crash risk: Evidence

    Directory of Open Access Journals (Sweden)

    Wenfei Li

    2016-09-01

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

  19. 78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-11-06

    ... may be publicly accessible. Do not submit Confidential Business Information or otherwise sensitive or... completed in 1995. The MMPA requires NMFS and FWS to review the SARs at least annually for strategic stocks... non-strategic stocks. The term ``strategic stock'' means a marine mammal stock: (A) For which the...

  20. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank, both...

  1. STOCK AND STOCK EXCHANGE AS A PART OF FINANCIAL INSTITUTIONS IN DEVELOPED COUNTRIES

    Directory of Open Access Journals (Sweden)

    Vesna Petrović

    2018-01-01

    Full Text Available The authors have tried to present the term, meaning and importance of stocks and stock exchange as a part of the financial system of developed countries. By observing the financial system growth, especially in financial institutions, it can be noticed that there are changes in relative positions of various types of financial agents in developed market industries. What determines financial markets, and by that the stocks and stock exchange is the permanent movement of financial instruments and neglecting the national market boundaries.

  2. Optimal capital stock and financing constraints

    OpenAIRE

    Saltari, Enrico; Giuseppe, Travaglini

    2011-01-01

    In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.

  3. Stock Markets Indices in Artificial Insymmetrization Patterns

    International Nuclear Information System (INIS)

    Makowiec, D.

    2002-01-01

    The daily data of indices of Warsaw Stock Exchange - WIG, and New York Stock Exchange - NASDAQ, NYSE and S and P 500 for the last two years are being studied. Properties of fluctuations of daily returns found from scaling analysis of tails are confronted with patterns obtained by the artificial insymmetrization method to specify difference between the world-wide American market and local and rather marginal Polish market. (author)

  4. stockées Ephestia kuehniella (Lepidoptera)

    African Journals Online (AJOL)

    PR BOKO

    de Rebat (2008). [5] - B. DOUMANDJI-MITICHI. Etude d'un ravageur des denrées stockées E. Kuehiella, Am.El Harrach. (1997). [6] - F. TAIBI. Etude comparée du développement et de la reproduction chez deux ravageurs des denrées stockées Ephestia Kuehniella et Tenebrio molitor. Aspect endocrinien en rapport avec.

  5. Essays on Stock Exchange Competition and Pricing

    OpenAIRE

    Andersen, Atso

    2005-01-01

    This study deals with the industrial structure, the nature of competition and the pricing of stock exchange trading services in Europe. Specific for the study is that exchanges are considered to be profit-maximizing institutions that face competition. A conventional analysis of concentration ratios shows that the concentration of European stock exchanges is low. When the nature of competition is measured in more detail, regression results indicate that exchanges operate in monopolistic o...

  6. Stock Option Compensation and Managerial Turnover

    OpenAIRE

    Raluca Georgiana NASTASESCU

    2009-01-01

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

  7. Long - Memory Persistence in African Stock Markets

    Directory of Open Access Journals (Sweden)

    Emmanuel Numapau Gyamfi

    2016-05-01

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

  8. Global stock market in 1990-s

    Directory of Open Access Journals (Sweden)

    Moshenskyi S.Z.

    2017-08-01

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

  9. Stock Price Synchronicity and Material Sustainability Information

    OpenAIRE

    Grewal, Jody; Hauptmann, Clarissa; Serafeim, Georgios

    2017-01-01

    We examine if, and under what conditions, disclosure of sustainability information identified as investor relevant by market-driven innovations in accounting standard-setting, is associated with stock prices reflecting more firm-specific information and thereby lower synchronicity with market and industry returns. We find that firms voluntarily disclosing more sustainability information, identified as material by the Sustainability Accounting Standards Board (SASB), have lower stock price syn...

  10. Managerial Incentives and Stock Price Manipulation

    OpenAIRE

    Peng, Lin; Röell, Ailsa A

    2009-01-01

    This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock-based incentives elicit not only productive effort, but also costly information manipulation. We analyze the tradeoffs involved in conditioning pay on long- versus short-term performance and characterize a second-best optimal compensation scheme. The paper shows manipu...

  11. Econometric Studies of Stock Market Behaviour

    DEFF Research Database (Denmark)

    Rasmussen, Anne-Sofie Reng

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

  12. Mutual Fund Competition and Stock Market Liquidity

    OpenAIRE

    Massa, Massimo

    2004-01-01

    We study how competition in the mutual fund industry affects stock market liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds and sharing common research facilities. The family-based organization generates economies of scale in information that induce a trade off between performance and number of funds. The presence of more and relatively less-informed funds impacts the market, increasing stock liquidity. This in...

  13. Is there stock market efficiency in Malaysia?

    OpenAIRE

    Sui Suyin, Crystal

    2007-01-01

    This study is tests the Malaysian stock exchange, the Kuala Lumpur Stock Exchange (KLSE) for any evidences of efficiency. The approach to carrying out the tests is discussed in careful detail whilst still considering the other aspects of the study. The Efficient Market Hypothesis is explained in detailed as well a discussion on the vast debate concerning the EMH, which includes literature that support and do not support the concept of an efficient market. This debate is situated vitally aroun...

  14. Universal behaviour in the stock market: Time dynamics of the electronic orderbook

    Energy Technology Data Exchange (ETDEWEB)

    Kızılersü, Ayşe, E-mail: ayse.kizilersu@adelaide.edu.au [Special Research Centre for the Subatomic Structure of Matter (CSSM), Department of Physics, School of Chemistry and Physics, Adelaide University, 5005 (Australia); Kreer, Markus [phi-t products & services, Karlsruher Strasse 88, 76139 Karlsruhe (Germany); Thomas, Anthony W. [CoEPP and CSSM, Department of Physics, Adelaide University, SA 5005 (Australia); Feindt, Michael [Blue Yonder GmbH, Ohiostraße 8, 756139 Karlsruhe (Germany)

    2016-07-29

    A consequence of the digital revolution is that share trading at the stock exchange takes place via electronic order books which are accessed by traders and investors via the internet. Our empirical findings of the London Stock Exchange demonstrate that once ultra-high frequency manipulation on time scales less than around ten milliseconds is excluded, all relevant changes in the order book happen with time differences that are randomly distributed and well described by a left-truncated Weibull distribution with universal shape parameter (independent of time and same for all stocks). The universal shape parameter corresponds to maximum entropy of the distribution. - Highlights: • After the ultra-high frequency manipulation is excluded, all the time differences in the EOB described by a left-truncated Weibull distribution. • The Weibull shape parameter is universal i.e. independent of time and same for all stocks and it is equal to Euler–Mascheroni constant. • The universal shape parameter corresponds to maximum entropy of the distribution.

  15. Universal behaviour in the stock market: Time dynamics of the electronic orderbook

    International Nuclear Information System (INIS)

    Kızılersü, Ayşe; Kreer, Markus; Thomas, Anthony W.; Feindt, Michael

    2016-01-01

    A consequence of the digital revolution is that share trading at the stock exchange takes place via electronic order books which are accessed by traders and investors via the internet. Our empirical findings of the London Stock Exchange demonstrate that once ultra-high frequency manipulation on time scales less than around ten milliseconds is excluded, all relevant changes in the order book happen with time differences that are randomly distributed and well described by a left-truncated Weibull distribution with universal shape parameter (independent of time and same for all stocks). The universal shape parameter corresponds to maximum entropy of the distribution. - Highlights: • After the ultra-high frequency manipulation is excluded, all the time differences in the EOB described by a left-truncated Weibull distribution. • The Weibull shape parameter is universal i.e. independent of time and same for all stocks and it is equal to Euler–Mascheroni constant. • The universal shape parameter corresponds to maximum entropy of the distribution.

  16. ECONOMIC REASONING MAXIMUM SLOPE IN DESIGN HIGH-SPEED LINES

    Directory of Open Access Journals (Sweden)

    CHERNYSHOVA O. S.

    2016-04-01

    Full Text Available Raising of problem The worldwide design standards high-speed lines are somewhat different. This is due to several reasons: different levels of design speed, differences of characteristics of rolling stock and, in particular, the features of the design plan and longitudinal profile, that are associated primarily with the conditions of the relief. In the design of high-speed railways in Ukraine should take into account these features and determine what the maximum slope values can be used in difficult conditions, as well as how it will affect the operational and capital costs. Purpose. To determine the optimal design parameters of the longitudinal profile. Conclusion. The results are based not only on technical, but also economic indicators and allow the assessment of the necessary capital expenditures and expected cost of the railway in the future. Analytical dependences, to predict the expected operating costs of the railway, depending on the maximum slope, its length and the total length of the section.

  17. Two-dimensional maximum entropy image restoration

    International Nuclear Information System (INIS)

    Brolley, J.E.; Lazarus, R.B.; Suydam, B.R.; Trussell, H.J.

    1977-07-01

    An optical check problem was constructed to test P LOG P maximum entropy restoration of an extremely distorted image. Useful recovery of the original image was obtained. Comparison with maximum a posteriori restoration is made. 7 figures

  18. 17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

  19. 12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

    Science.gov (United States)

    2010-01-01

    ... experience that in some nonqualified plans, particularly stock purchase plans, the credit arrangement is... financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code... PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.119 Applicability of plan-lender...

  20. Converting partially-stocked aspen stands to fully-stocked stands in the Lake States: an economic analysis.

    Science.gov (United States)

    Jeffrey T. Olson; Allen L. Lundgren

    1978-01-01

    The 1968 Wisconsin Forest Survey showed large areas of aspen type that are not considered fully stocked. The economic feasibility of converting partially-stocked stands to full stocking is examined, and a rule presented for determining when a partially-stocked stand should be harvested to maximize its present value.

  1. Stock prices forecasting based on wavelet neural networks with PSO

    OpenAIRE

    Wang Kai-Cheng; Yang Chi-I; Chang Kuei-Fang

    2017-01-01

    This research examines the forecasting performance of wavelet neural network (WNN) model using published stock data obtained from Financial Times Stock Exchange (FTSE) Taiwan Stock Exchange (TWSE) 50 index, also known as Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX), hereinafter referred to as Taiwan 50. Our WNN model uses particle swarm optimization (PSO) to choose the appropriate initial network values for different companies. The findings come with two advantages. First...

  2. Stock-based Compensation Plans and Employee Incentives

    OpenAIRE

    Jan Zabojnik

    2014-01-01

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

  3. Forecast Correlation Coefficient Matrix of Stock Returns in Portfolio Analysis

    OpenAIRE

    Zhao, Feng

    2013-01-01

    In Modern Portfolio Theory, the correlation coefficients decide the risk of a set of stocks in the portfolio. So, to understand the correlation coefficients between returns of stocks, is a challenge but is very important for the portfolio management. Usually, the stocks with small correlation coefficients or even negative correlation coefficients are preferred. One can calculate the correlation coefficients of stock returns based on the historical stock data. However, in order to control the ...

  4. Which stocks are profitable? A network method to investigate the effects of network structure on stock returns

    Science.gov (United States)

    Chen, Kun; Luo, Peng; Sun, Bianxia; Wang, Huaiqing

    2015-10-01

    According to asset pricing theory, a stock's expected returns are determined by its exposure to systematic risk. In this paper, we propose a new method for analyzing the interaction effects among industries and stocks on stock returns. We construct a complex network based on correlations of abnormal stock returns and use centrality and modularity, two popular measures in social science, to determine the effect of interconnections on industry and stock returns. Supported by previous studies, our findings indicate that a relationship exists between inter-industry closeness and industry returns and between stock centrality and stock returns. The theoretical and practical contributions of these findings are discussed.

  5. Receiver function estimated by maximum entropy deconvolution

    Institute of Scientific and Technical Information of China (English)

    吴庆举; 田小波; 张乃铃; 李卫平; 曾融生

    2003-01-01

    Maximum entropy deconvolution is presented to estimate receiver function, with the maximum entropy as the rule to determine auto-correlation and cross-correlation functions. The Toeplitz equation and Levinson algorithm are used to calculate the iterative formula of error-predicting filter, and receiver function is then estimated. During extrapolation, reflective coefficient is always less than 1, which keeps maximum entropy deconvolution stable. The maximum entropy of the data outside window increases the resolution of receiver function. Both synthetic and real seismograms show that maximum entropy deconvolution is an effective method to measure receiver function in time-domain.

  6. 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

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt...

  8. ADVISABILITY OF MERGING THE BUCHAREST STOCK EXCHANGE AND THE SIBIU MONETARYFINANCIAL AND STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Aura Dudas

    2011-01-01

    Full Text Available Analysis of performances of local stock exchanges in the latest years points out thenecessity of increasing the visibility of the local capital market in the regional andEuropean landscape. A single stock market may have the effect of increased credibility,giving thus an impulse to the number of new listings and of new investors.

  9. Maximum Power from a Solar Panel

    Directory of Open Access Journals (Sweden)

    Michael Miller

    2010-01-01

    Full Text Available Solar energy has become a promising alternative to conventional fossil fuel sources. Solar panels are used to collect solar radiation and convert it into electricity. One of the techniques used to maximize the effectiveness of this energy alternative is to maximize the power output of the solar collector. In this project the maximum power is calculated by determining the voltage and the current of maximum power. These quantities are determined by finding the maximum value for the equation for power using differentiation. After the maximum values are found for each time of day, each individual quantity, voltage of maximum power, current of maximum power, and maximum power is plotted as a function of the time of day.

  10. Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange

    Science.gov (United States)

    Lahmiri, Salim

    In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.

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

    Directory of Open Access Journals (Sweden)

    Adina Dornean

    2017-05-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2012-09-15

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

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

    Science.gov (United States)

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

    2018-01-01

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

  14. Fractal patterns in Stock Intertrading Times

    Science.gov (United States)

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

    2003-03-01

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

  15. Spillovers among regional and international stock markets

    Science.gov (United States)

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

    2014-07-01

    Realizing the greater risk by the increase in the level of financial market integration, this study investigates the dynamic of international and regional stock markets co-movement among Asian countries with the world leading market, the US. The data utilized in this study comprises of weekly closing prices for four stock indices, that consists of two developing markets (Malaysia and China) and two developed markets (Japan and the US), and encompasses the period from January 1996 to December 2012. Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH) model with the BEKK parameterization is employed to investigate the mean and volatility spillover effects among the selected stock indices. The results show significant mean spillover not only from the larger developed markets to smaller developing markets but also from the smaller developing markets to larger developed markets. Volatility spillover between the developed markets is found to be smaller than that between the developing markets. Conditional correlations among the stock markets are found to increase over the sample period. The findings of significant mean and volatility spillovers are considered as bad news for international investors as it reduces the benefit from portfolio diversification but act as useful information for investors to be more aware in diversifying their investment or stock selection.

  16. Using the Stock Market to Teach Physics

    Science.gov (United States)

    Faux, David A.; Hearn, Stephen

    2004-11-01

    Students are interested in money. Personal finance is an important issue for most students, especially as they move into university education and take a greater control of their own finances. Many are also interested in stock markets and their ability to allow someone to make, and lose, large sums of money, with their interest fueled by the boom in technology-based stocks of 2000/2001 followed by their subsequent dramatic collapse and the publicizing of so-called "rogue-traders." There is also a much greater ownership of stocks by families following public offerings, stock-based savings products, and the ability to trade stocks online. Consequently, there has been a steady growth of finance and finance-related courses available within degree programs in response to the student demand, with many students motivated by the huge salaries commanded by those with a successful career in the financial sector. We report here details of a joint project between Charterhouse School and the University of Surrey designed to exploit the excitement of finance to teach elements of the high school (age 16-18) curriculum through modeling and simulation.

  17. Linkage between company scores and stock returns

    Directory of Open Access Journals (Sweden)

    Saban Celik

    2017-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Silvo Dajčman

    2012-06-01

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

  19. THE PLACE OF BUCHAREST STOCK EXCHANGE AMONGST THE CAPITAL MARKETS FROM CENTRAL AND EASTERN EUROPE

    OpenAIRE

    Iulia-Oana Stefan

    2015-01-01

    This study performs a thorough comparative analysis over the last five years on the activity of Bucharest Stock Exchange compared to that of the major stock exchanges in Central and Eastern Europe, respectively, the Bulgarian Stock Exchange, the Bratislava Stock Exchange, the CEESEG Budapest Stock Exchange, the CEESEG Ljubljana Stock Exchange, the CEESEG Prague Stock Exchange and the Warsaw Stock Exchange. Thus, through a correlated interpretation of both the evolution of the main stock marke...

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

    Directory of Open Access Journals (Sweden)

    Yen Sun

    2010-05-01

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

  1. Growing stock and woody biomass assessment in Asola-Bhatti Wildlife Sanctuary, Delhi, India.

    Science.gov (United States)

    Kushwaha, S P S; Nandy, S; Gupta, Mohini

    2014-09-01

    Biomass is an important entity to understand the capacity of an ecosystem to sequester and accumulate carbon over time. The present study, done in collaboration with the Delhi Forest Department, focused on the estimation of growing stock and the woody biomass in the so-called lungs of Delhi--the Asola-Bhatti Wildlife Sanctuary in northern Aravalli hills. The satellite-derived vegetation strata were field-inventoried using stratified random sampling procedure. Growing stock was calculated for the individual sample plots using field data and species-specific volume equations. Biomass was estimated from the growing stock and the specific gravity of the wood. Among the four vegetation types, viz. Prosopis juliflora, Anogeissus pendula, forest plantation and the scrub, the P. juliflora was found to be the dominant vegetation in the area, covering 23.43 km(2) of the total area. The study revealed that P. juliflora forest with moderate density had the highest (10.7 m(3)/ha) while A. pendula forest with moderate density had the lowest (3.6 m(3)/ha) mean volume. The mean woody biomass was also found to be maximum in P. juliflora forest with moderate density (10.3 t/ha) and lowest in A. pendula forest with moderate density (3.48 t/ha). The total growing stock was estimated to be 20,772.95 m(3) while total biomass worked out to be 19,366.83 t. A strong correlation was noticed between the normalized difference vegetation index (NDVI) and the growing stock (R(2) = 0.84)/biomass (R(2) = 0.88). The study demonstrated that growing stock and the biomass of the woody vegetation in Asola-Bhatti Wildlife Sanctuary could be estimated with high accuracy using optical remote sensing data.

  2. THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Viorica CHIRILA

    2015-12-01

    Full Text Available Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.

  3. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

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

  4. An Intelligent Model for Stock Market Prediction

    Directory of Open Access Journals (Sweden)

    IbrahimM. Hamed

    2012-08-01

    Full Text Available This paper presents an intelligent model for stock market signal prediction using Multi-Layer Perceptron (MLP Artificial Neural Networks (ANN. Blind source separation technique, from signal processing, is integrated with the learning phase of the constructed baseline MLP ANN to overcome the problems of prediction accuracy and lack of generalization. Kullback Leibler Divergence (KLD is used, as a learning algorithm, because it converges fast and provides generalization in the learning mechanism. Both accuracy and efficiency of the proposed model were confirmed through the Microsoft stock, from wall-street market, and various data sets, from different sectors of the Egyptian stock market. In addition, sensitivity analysis was conducted on the various parameters of the model to ensure the coverage of the generalization issue. Finally, statistical significance was examined using ANOVA test.

  5. Quantifying Stock Return Distributions in Financial Markets.

    Science.gov (United States)

    Botta, Federico; Moat, Helen Susannah; Stanley, H Eugene; Preis, Tobias

    2015-01-01

    Being able to quantify the probability of large price changes in stock markets is of crucial importance in understanding financial crises that affect the lives of people worldwide. Large changes in stock market prices can arise abruptly, within a matter of minutes, or develop across much longer time scales. Here, we analyze a dataset comprising the stocks forming the Dow Jones Industrial Average at a second by second resolution in the period from January 2008 to July 2010 in order to quantify the distribution of changes in market prices at a range of time scales. We find that the tails of the distributions of logarithmic price changes, or returns, exhibit power law decays for time scales ranging from 300 seconds to 3600 seconds. For larger time scales, we find that the distributions tails exhibit exponential decay. Our findings may inform the development of models of market behavior across varying time scales.

  6. The Geometric Phase of Stock Trading.

    Science.gov (United States)

    Altafini, Claudio

    2016-01-01

    Geometric phases describe how in a continuous-time dynamical system the displacement of a variable (called phase variable) can be related to other variables (shape variables) undergoing a cyclic motion, according to an area rule. The aim of this paper is to show that geometric phases can exist also for discrete-time systems, and even when the cycles in shape space have zero area. A context in which this principle can be applied is stock trading. A zero-area cycle in shape space represents the type of trading operations normally carried out by high-frequency traders (entering and exiting a position on a fast time-scale), while the phase variable represents the cash balance of a trader. Under the assumption that trading impacts stock prices, even zero-area cyclic trading operations can induce geometric phases, i.e., profits or losses, without affecting the stock quote.

  7. Lists of semi-dwarf cereal stocks

    International Nuclear Information System (INIS)

    1984-01-01

    The lists are prepared in relation to the Co-ordinated Research Programme. At the first Research Co-ordination Meeting on evaluation of cereal semi-dwarf mutants for cross breeding, March 1981, programme participants were requested to list semi-dwarf mutants available at their institutes including also non-induced semi-dwarf stocks being used in cross-breeding programme for short stature. List-I is prepared from such lists provided by programme participants. Further it was requested to name breeders and institutes providing characteristics of the listed semi-dwarf stocks. List-II gives that information. In the List-I: Parents of semi-dwarf stocks derived from cross breeding, are shown in brackets. In column ''Culm length'', figures are in cm and those of parent cultivars are shown in brackets

  8. Clustering stocks using partial correlation coefficients

    Science.gov (United States)

    Jung, Sean S.; Chang, Woojin

    2016-11-01

    A partial correlation analysis is performed on the Korean stock market (KOSPI). The difference between Pearson correlation and the partial correlation is analyzed and it is found that when conditioned on the market return, Pearson correlation coefficients are generally greater than those of the partial correlation, which implies that the market return tends to drive up the correlation between stock returns. A clustering analysis is then performed to study the market structure given by the partial correlation analysis and the members of the clusters are compared with the Global Industry Classification Standard (GICS). The initial hypothesis is that the firms in the same GICS sector are clustered together since they are in a similar business and environment. However, the result is inconsistent with the hypothesis and most clusters are a mix of multiple sectors suggesting that the traditional approach of using sectors to determine the proximity between stocks may not be sufficient enough to diversify a portfolio.

  9. Stocks of organic carbon in Estonian soils

    Directory of Open Access Journals (Sweden)

    Kõlli, Raimo

    2009-06-01

    Full Text Available The soil organic carbon (SOC stocks (Mg ha–1 ofautomorphic mineral (9 soil groups, hydromorphic mineral (7, and lowland organic soils (4 are given for the soil cover or solum layer as a whole and also for its epipedon (topsoil layer. The SOC stocks for forest, arable lands, and grasslands and for the entire Estonian soil cover were calculated on the basis of the mean SOC stock and distribution area of the respective soil type. In the Estonian soil cover (42 400 km2, a total of 593.8 ± 36.9 Tg of SOC is retained, with 64.9% (385.3 ± 27.5 Tg in the epipedon layer (O, H, and A horizons and 35.1% in the subsoil (B and E horizons. The pedo-ecological regularities of SOC retention in soils are analysed against the background of the Estonian soil ordination net.

  10. Energy savings in Danish residential building stock

    DEFF Research Database (Denmark)

    Tommerup, Henrik M.; Svendsen, Svend

    2006-01-01

    a short account of the technical energy-saving possibilities that are present in existing dwellings and presents a financial methodology used for assessing energy-saving measures. In order to estimate the total savings potential detailed calculations have been performed in a case with two typical...... buildings representing the residential building stock and based on these calculations an assessment of the energy-saving potential is performed. A profitable savings potential of energy used for space heating of about 80% is identified over 45 years (until 2050) within the residential building stock......A large potential for energy savings exists in the Danish residential building stock due to the fact that 75% of the buildings were constructed before 1979 when the first important demands for energy performance of building were introduced. It is also a fact that many buildings in Denmark face...

  11. Statistical properties of trading activity in Chinese stock market

    Science.gov (United States)

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

    2010-08-01

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

  12. Maximum permissible voltage of YBCO coated conductors

    Energy Technology Data Exchange (ETDEWEB)

    Wen, J.; Lin, B.; Sheng, J.; Xu, J.; Jin, Z. [Department of Electrical Engineering, Shanghai Jiao Tong University, Shanghai (China); Hong, Z., E-mail: zhiyong.hong@sjtu.edu.cn [Department of Electrical Engineering, Shanghai Jiao Tong University, Shanghai (China); Wang, D.; Zhou, H.; Shen, X.; Shen, C. [Qingpu Power Supply Company, State Grid Shanghai Municipal Electric Power Company, Shanghai (China)

    2014-06-15

    Highlights: • We examine three kinds of tapes’ maximum permissible voltage. • We examine the relationship between quenching duration and maximum permissible voltage. • Continuous I{sub c} degradations under repetitive quenching where tapes reaching maximum permissible voltage. • The relationship between maximum permissible voltage and resistance, temperature. - Abstract: Superconducting fault current limiter (SFCL) could reduce short circuit currents in electrical power system. One of the most important thing in developing SFCL is to find out the maximum permissible voltage of each limiting element. The maximum permissible voltage is defined as the maximum voltage per unit length at which the YBCO coated conductors (CC) do not suffer from critical current (I{sub c}) degradation or burnout. In this research, the time of quenching process is changed and voltage is raised until the I{sub c} degradation or burnout happens. YBCO coated conductors test in the experiment are from American superconductor (AMSC) and Shanghai Jiao Tong University (SJTU). Along with the quenching duration increasing, the maximum permissible voltage of CC decreases. When quenching duration is 100 ms, the maximum permissible of SJTU CC, 12 mm AMSC CC and 4 mm AMSC CC are 0.72 V/cm, 0.52 V/cm and 1.2 V/cm respectively. Based on the results of samples, the whole length of CCs used in the design of a SFCL can be determined.

  13. Stock Performance of Socially Responsible Companies

    Directory of Open Access Journals (Sweden)

    Huang Tzu-Man

    2016-12-01

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

  14. Genetic stock identification of Russian honey bees.

    Science.gov (United States)

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

    2010-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Mohammed Syedul Islam

    2015-01-01

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

  16. Stock vs. Bond Yields, and Demographic Fluctuations

    DEFF Research Database (Denmark)

    Gozluklu, Arie; Morin, Annaïg

    This paper analyzes the strong comovement between real stock and nominal bond yields at generational (low) frequencies. Life-cycle patterns in savings behavior in an overlapping generations model with cash-in-advance constraints explain this persistent comovement between financial yields. We argue...... that the slow-evolving time-series covariation due to changing population age structure accounts for the equilibrium relation between stock and bond markets. As a result, by exploiting the demographic information into distant future, the forecasting performance of evaluation models improves. Finally, using...

  17. Stock market index prediction using neural networks

    Science.gov (United States)

    Komo, Darmadi; Chang, Chein-I.; Ko, Hanseok

    1994-03-01

    A neural network approach to stock market index prediction is presented. Actual data of the Wall Street Journal's Dow Jones Industrial Index has been used for a benchmark in our experiments where Radial Basis Function based neural networks have been designed to model these indices over the period from January 1988 to Dec 1992. A notable success has been achieved with the proposed model producing over 90% prediction accuracies observed based on monthly Dow Jones Industrial Index predictions. The model has also captured both moderate and heavy index fluctuations. The experiments conducted in this study demonstrated that the Radial Basis Function neural network represents an excellent candidate to predict stock market index.

  18. Integration Versus Segmentation: The Istanbul Stock Exchange

    OpenAIRE

    Suleyman Gokçen; Ahu Ozturkmen

    1997-01-01

    The purpose of this paper is to analyse the integration versus segmentation issue for the Istanbul Stock Exchange vis-a-vis global developed markets. Two different classes of information variables are used. These are global and local variables. Global variables are the return of the world market portfolio, dividend yield of S&P 500 stock index, U.S. term structure premia and U.S. default risk yield spread. Local variables are the returns, price earning ratios and dividend yields of the Istanb...

  19. Statistical aspects of fish stock assessment

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte

    for stock assessment by application of state-of-the-art statistical methodology. The main contributions are presented in the form of six research papers. The major part of the thesis deals with age-structured assessment models, which is the most common approach. Conversion from length to age distributions...... statistical aspects of fish stocks assessment, which includes topics such as time series analysis, generalized additive models (GAMs), and non-linear state-space/mixed models capable of handling missing data and a high number of latent states and parameters. The aim is to improve the existing methods...

  20. TRADING RULES ON A SMALL STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Stefán B. Gunnlaugsson

    2018-03-01

    Full Text Available In this article, the results of an extensive study of the weak form efficiency of the Iceland stock market are presented. This study almost covers the market’s entire history, with the research starting at the beginning of 1993 and ending in July 2017. Four trading rules based on 70-day moving averages were constructed and compared with the passive investment strategy of buying the market index. All of these trading rules provided significantly better returns than the passive strategy, even when considering trading costs. This result indicates that the Icelandic stock market did not show weak form efficiency, and past returns predicted future returns during the period examined.

  1. Mandatory IFRS Reporting and Stock Price Informativeness

    OpenAIRE

    Beuselinck, C.A.C.; Joos, P.P.M.; Khurana, I.K.; van der Meulen, S.

    2010-01-01

    In this paper, we examine whether mandatory adoption of IFRS influences the flow of firm-specific information and contributes to stock price informativeness as measured by stock return synchronicity. Using a constant sample of 1,904 mandatory IFRS adopters in 14 EU countries for the period 2003-2007, we find a V-shaped pattern in synchronicity around IFRS adoption, which is consistent with IFRS disclosures revealing new firm-specific information in the adoption period (i.e., a reduction of sy...

  2. ACCOUNTING TREATMENTS USED IN STOCKS VALUATION

    Directory of Open Access Journals (Sweden)

    Suciu Gheorghe

    2012-12-01

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

  3. Participation Constraints in the Stock Market

    DEFF Research Database (Denmark)

    Andersen, Steffen; Meisner Nielsen, Kasper

    2011-01-01

    We use a natural experiment to investigate the impact of participation constraints on individuals' decisions to invest in the stock market. Unexpected inheritance due to sudden deaths results in exogenous variation in financial wealth, and allows us to examine whether fixed entry and ongoing...... participation costs cause non-participation. We have three key findings. First, windfall wealth has a positive effect on participation. Second, the majority of households do not react to sizeable windfalls by entering the stock market, but hold on to substantial safe assets—even over longer horizons. Third...

  4. Mean reversion in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Rosenberg, Aryeh Adam

    2009-01-01

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

  5. Mean reversion in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-30

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

  6. Do Hedge Funds Manipulate Stock Prices?

    OpenAIRE

    Ben-David, Itzhak; Franzoni, Francesco; Landier, Augustin; Moussawi, Rabih

    2011-01-01

    We find evidence of significant price manipulation at the stock level by hedge funds on critical reporting dates. Stocks in the top quartile by hedge fund holdings exhibit abnormal returns of 30 basis points in the last day of the month and a reversal of 25 basis points in the following day. Using intraday data, we show that a significant part of the return is earned during the last minutes of the last day of the month, at an increasing rate towards the closing bell. This evidence is consiste...

  7. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  8. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

    Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

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

    OpenAIRE

    Yen Sun

    2010-01-01

    It is observed that the number of Indonesia’s domestic investor who involved in the stock exchange is very less compare to its total number of population (only about 0.1%). As a result, Indonesia Stock Exchange (IDX) is highly affected by foreign investor that can threat the economy. Domestic investor tends to invest in risk-free asset such as deposit in the bank since they are not familiar yet with the stock market and anxious about the risk (risk-averse type of investor). Therefore, it is i...

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

    OpenAIRE

    Robiyanto Robiyanto

    2017-01-01

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

  11. Stocks as Money: Convenience Yield and the Tech-Stock Bubble

    OpenAIRE

    John H. Cochrane

    2002-01-01

    What caused the rise and fall of tech stocks? I argue that a mechanism much like the transactions demand for money drove many stock prices above the 'fundamental value' they would have had in a frictionless market. I start with the Palm/3Com microcosm and then look at tech stocks in general. High prices are associated with high volume, high volatility, low supply of shares, wide dispersion of opinion, and restrictions on long-term short selling. I review competing theories, and only the conve...

  12. [Regional and global estimates of carbon stocks and carbon sequestration capacity in forest ecosystems: A review].

    Science.gov (United States)

    Liu, Wei-wei; Wang, Xiao-ke; Lu, Fei; Ouyang, Zhi-yun

    2015-09-01

    As a dominant part of terrestrial ecosystems, forest ecosystem plays an important role in absorbing atmospheric CO2 and global climate change mitigation. From the aspects of zonal climate and geographical distribution, the present carbon stocks and carbon sequestration capacity of forest ecosystem were comprehensively examined based on the review of the latest literatures. The influences of land use change on forest carbon sequestration were analyzed, and factors that leading to the uncertainty of carbon sequestration assessment in forest ecosystem were also discussed. It was estimated that the current forest carbon stock was in the range of 652 to 927 Pg C and the carbon sequestration capacity was approximately 4.02 Pg C · a(-1). In terms of zonal climate, the carbon stock and carbon sequestration capacity of tropical forest were the maximum, about 471 Pg C and 1.02-1.3 Pg C · a(-1) respectively; then the carbon stock of boreal forest was about 272 Pg C, while its carbon sequestration capacity was the minimum, approximately 0.5 Pg C · a(-1); for temperate forest, the carbon stock was minimal, around 113 to 159 Pg C and its carbon sequestration capacity was 0.8 Pg C · a(-1). From the aspect of geographical distribution, the carbon stock of forest ecosystem in South America was the largest (187.7-290 Pg C), then followed by European (162.6 Pg C), North America (106.7 Pg C), Africa (98.2 Pg C) and Asia (74.5 Pg C), and Oceania (21.7 Pg C). In addition, carbon sequestration capacity of regional forest ecosystem was summed up as listed below: Tropical South America forest was the maximum (1276 Tg C · a(-1)), then were Tropical Africa (753 Tg C · a(-1)), North America (248 Tg C · a(-1)) and European (239 Tg C · a(-1)), and East Asia (98.8-136.5 Tg C · a(-1)) was minimum. To further reduce the uncertainty in the estimations of the carbon stock and carbon sequestration capacity of forest ecosystem, comprehensive application of long-term observation, inventories

  13. Changes in Biomass Carbon and Soil Organic Carbon Stocks following the Conversion from a Secondary Coniferous Forest to a Pine Plantation.

    Directory of Open Access Journals (Sweden)

    Shuaifeng Li

    Full Text Available The objectives of this study were to estimate changes of tree carbon (C and soil organic carbon (SOC stock following a conversion in land use, an issue that has been only insufficiently addressed. For this study, we examined a chronosequence of 2 to 54-year-old Pinus kesiya var. langbianensis plantations that replaced the original secondary coniferous forest (SCF in Southwest China due to clearing. C stocks considered here consisted of tree, understory, litter, and SOC (0-1 m. The results showed that tree C stocks ranged from 0.02±0.001 Mg C ha-1 to 141.43±5.29 Mg C ha-1, and increased gradually with the stand age. Accumulation of tree C stocks occurred in 20 years after reforestaion and C stock level recoverd to SCF. The maximum of understory C stock was found in a 5-year-old stand (6.74±0.7 Mg C ha-1 with 5.8 times that of SCF, thereafter, understory C stock decreased with the growth of plantation. Litter C stock had no difference excluding effects of prescribed burning. Tree C stock exhibited a significant decline in the 2, 5-year-old stand following the conversion to plantation, but later, increased until a steady state-level in the 20, 26-year-old stand. The SOC stocks ranged from 81.08±10.13 Mg C ha-1 to 160.38±17.96 Mg C ha-1. Reforestation significantly decreased SOC stocks of plantation in the 2-year-old stand which lost 42.29 Mg C ha-1 in the 1 m soil depth compared with SCF by reason of soil disturbance from sites preparation, but then subsequently recovered to SCF level. SOC stocks of SCF had no significant difference with other plantation. The surface profile (0-0.1 m contained s higher SOC stocks than deeper soil depth. C stock associated with tree biomass represented a higher proportion than SOC stocks as stand development proceeded.

  14. Revealing the Maximum Strength in Nanotwinned Copper

    DEFF Research Database (Denmark)

    Lu, L.; Chen, X.; Huang, Xiaoxu

    2009-01-01

    boundary–related processes. We investigated the maximum strength of nanotwinned copper samples with different twin thicknesses. We found that the strength increases with decreasing twin thickness, reaching a maximum at 15 nanometers, followed by a softening at smaller values that is accompanied by enhanced...

  15. Modelling maximum canopy conductance and transpiration in ...

    African Journals Online (AJOL)

    There is much current interest in predicting the maximum amount of water that can be transpired by Eucalyptus trees. It is possible that industrial waste water may be applied as irrigation water to eucalypts and it is important to predict the maximum transpiration rates of these plantations in an attempt to dispose of this ...

  16. Global carbon stocks and potential emissions due to mangrove deforestation from 2000 to 2012

    Science.gov (United States)

    Hamilton, Stuart E.; Friess, Daniel A.

    2018-03-01

    Mangrove forests store high densities of organic carbon, which, when coupled with high rates of deforestation, means that mangroves have the potential to contribute substantially to carbon emissions. Consequently, mangroves are strong candidates for inclusion in nationally determined contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC), and payments for ecosystem services (PES) programmes that financially incentivize the conservation of forested carbon stocks. This study quantifies annual mangrove carbon stocks from 2000 to 2012 at the global, national and sub-national levels, and global carbon emissions resulting from deforestation over the same time period. Globally, mangroves stored 4.19 Pg of carbon in 2012, with Indonesia, Brazil, Malaysia and Papua New Guinea accounting for more than 50% of the global stock. 2.96 Pg of the global carbon stock is contained within the soil and 1.23 Pg in the living biomass. Two percent of global mangrove carbon was lost between 2000 and 2012, equivalent to a maximum potential of 316,996,250 t of CO2 emissions.

  17. STOCK PRICES, 1900-1995: THE REAL AND NOMINAL STORY

    Directory of Open Access Journals (Sweden)

    Kenneth Weiher

    2000-01-01

    Full Text Available Prompted by the inflation-adjusted Dow Jones Industrials Average setting its first record high in almost thirty years in 1995, this paper studies the impact of inflation on nominal and real stock prices from a theoretical, historical, and empirical perspective. While stocks are an excellent longterm hedge against inflation, nominal stock prices stagnate and real stock prices fall during a period of rapid inflation. Both nominal and real stockprices then go through a catch-up phase during the subsequent disinflation period. The history for this century is consistent with this pattern. Regression analysis between real and nominal stock prices as the dependent variables and inflation as the independent variable shows statistically significant evidence that (a nominal stock returns are positively related to inflation while real stock returns are not; and (b both nominal and real stock returns are negatively related to accelerations of inflation and positively related to decelerations.

  18. AFSC/REFM: Alaska Stock Assessment Results Archive (SARA)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Each year over 50 Alaskan groundfish stock assessments report the condition of Alaskan fisheries resources in the U.S. Exclusive Economic Zone. Stock assessment...

  19. Risk-Adjusted Returns and Stock Market Games.

    Science.gov (United States)

    Kagan, Gary; And Others

    1995-01-01

    Maintains that stock market games are designed to provide students with a background for investing in securities, especially stocks. Reviews two games used with secondary students, analyzes statistical data from these experiences, and considers weaknesses in the games. (CFR)

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

    African Journals Online (AJOL)

    SIPHAMBE, H.K. (PROF.)

    context is useful to both monetary authorities and investors. ... they should target stock prices or use stock price information as indicators of the monetary ... current account transactions, with remaining controls on the capital account eliminated ...

  1. Optimal stocking densities of snails [ Archachatina marginata ...

    African Journals Online (AJOL)

    Optimal stocking densities of breeding and fattening snails [Archachatina marginata Saturalis A.m.s (Swainson)] were determined through two experiments (five treatments, four replicates and randomised complete block design each) between April and December 1998.Experiment 1 had 3,6, 12, 17 and 22 A.m.s. adult ...

  2. Are Economists More Likely to Hold Stocks?

    DEFF Research Database (Denmark)

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

    A unique data set enables us to test the hypothesis that due to informational advantages economists are more likely to hold stocks than otherwise identical investors. Weconfirm that economists have a significantly higher probability of participating in the stockmarket than investors with any other...

  3. Connecting VIX and Stock Index ETF

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); T-L. Hsieh (Tai-Lin); M.J. McAleer (Michael)

    2017-01-01

    textabstractAs stock market indexes are not tradeable, the importance and trading volume of Exchange Traded Funds (ETFs) cannot be understated. ETFs track and attempt to replicate the performance of a specific index. Numerous studies have demonstrated a strong relationship between the S&P500

  4. Fractal profit landscape of the stock market.

    Science.gov (United States)

    Grönlund, Andreas; Yi, Il Gu; Kim, Beom Jun

    2012-01-01

    We investigate the structure of the profit landscape obtained from the most basic, fluctuation based, trading strategy applied for the daily stock price data. The strategy is parameterized by only two variables, p and q Stocks are sold and bought if the log return is bigger than p and less than -q, respectively. Repetition of this simple strategy for a long time gives the profit defined in the underlying two-dimensional parameter space of p and q. It is revealed that the local maxima in the profit landscape are spread in the form of a fractal structure. The fractal structure implies that successful strategies are not localized to any region of the profit landscape and are neither spaced evenly throughout the profit landscape, which makes the optimization notoriously hard and hypersensitive for partial or limited information. The concrete implication of this property is demonstrated by showing that optimization of one stock for future values or other stocks renders worse profit than a strategy that ignores fluctuations, i.e., a long-term buy-and-hold strategy.

  5. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  6. Ecosystem carbon stocks in Pinus palustris forests

    Science.gov (United States)

    Lisa Samuelson; Tom Stokes; John R. Butnor; Kurt H. Johnsen; Carlos A. Gonzalez-Benecke; Pete Anderson; Jason Jackson; Lorenzo Ferrari; Tim A. Martin; Wendell P. Cropper

    2014-01-01

    Longleaf pine (Pinus palustris Mill.) restoration in the southeastern United States offers opportunities for carbon (C) sequestration. Ecosystem C stocks are not well understood in longleaf pine forests, which are typically of low density and maintained by prescribed fire. The objectives of this research were to develop allometric equations for...

  7. ResStock Analysis Tool | Buildings | NREL

    Science.gov (United States)

    Energy and Cost Savings for U.S. Homes Contact Eric Wilson to learn how ResStock can benefit your approach to large-scale residential energy analysis by combining: Large public and private data sources uncovered $49 billion in potential annual utility bill savings through cost-effective energy efficiency

  8. Stock keeping unit fill rate specification

    NARCIS (Netherlands)

    Teunter, R. H.; Syntetos, A. A.; Babai, M. Z.

    2017-01-01

    The fill rate is the most widely applied service level measure in industry and yet there is minimal advice available on how it should be differentiated on an individual Stock Keeping Unit (SKU) basis given that there is an overall system target service level. The typical approach utilized in

  9. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

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

    2000-01-01

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

  10. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

    education programs can affect consumers' investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market participation cost is about 4–6% of labor...

  11. Financial literacy and stock market participation

    NARCIS (Netherlands)

    van Rooij, Maarten; Lusardi, Annamaria; Alessie, Rob

    We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some grasp of concepts such as interest

  12. Legal insider trading and stock market liquidity

    NARCIS (Netherlands)

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

    This paper assesses the impact of legal trades by corporate insiders on the liquidity of the firm’s stock. For this purpose, we analyze two liquidity measures and one information asymmetry measure. The analysis allows us to study as well the effect of a change in insider trading regulation, namely

  13. The performance of Libyan stock market

    Directory of Open Access Journals (Sweden)

    Atiya Aljbiri

    2012-01-01

    Full Text Available The objective of this paper is to answer the following question:. To what extent Libyan stock market developed to contribute to economic growth in Libya? This can be evaluated by using many financial indicators, these include stock market size, activity and efficiency, as well as the study including the regulatory framework, and information technology (IT set in place by the market authorities. However, descriptive and comparative method was used. The results indicated that, despite the modest progress made in a very short time regarding all indicators which the paper calculated, however, it can be said that Libyan stock market remain largely underdeveloped, small and relatively inefficient. Its market capitalization to GDP is very low and investors have no access to long-term capital. In addition, the market still have very low liquidity and investors still have a limited choice of financial instruments and face liquidity problems. In the end of this paper was its conclusion a set of recommendations that can be used in developing a program that aims to speed the development of Libyan stock market and increase its efficiency.

  14. The Stock Market: Risk vs. Uncertainty.

    Science.gov (United States)

    Griffitts, Dawn

    2002-01-01

    This economics education publication focuses on the U.S. stock market and the risk and uncertainty that an individual faces when investing in the market. The material explains that risk and uncertainty relate to the same underlying concept randomness. It defines and discusses both concepts and notes that although risk is quantifiable, uncertainty…

  15. The Reed Elsevier stock price gap

    NARCIS (Netherlands)

    Kamp, B.

    1995-01-01

    This is the report of a limited study on the structural stock price differences between Reed and Elsevier. The purpose of this study is to provide an overview of the problem area and to formulate and discuss several hypotheses regarding the causes of this gap. The research was performed by

  16. A cointegration analysis of wine stock indexes

    Directory of Open Access Journals (Sweden)

    Sabina Introvigne

    2017-12-01

    Full Text Available This paper analyzes price patterns and long-run relationships for both fine wine and non-fine wine, with the aim to highlight price dynamics and co-movements between series, and to exploit potential diversification benefits. Data are from Liv-Ex 100 Fine Wine for fine wine, the Mediobanca Global Wine Industry Share Price for normal wine, and the MSCI World Index as a proxy of the overall stock market. Engle-Granger and Johansen tests were used to detect whether and to what extent the series co-move in the long run and which one of the variables contributes proactively to such an equilibrium by reacting to disequilibria from the long-run path. The estimates highlight that i the two wine indexes have a higher Sharpe ratio compared to the general stock market index, revealing wine stocks as a profitable investment per se, and ii the absence of cointegration among the three series and the existence of possible diversification benefits. In fact, in the long-run price do not move together and, therefore, investors may be better off by including wine stocks into investment portfolios and take advantage of diversification

  17. Probability weighting and employee stock options

    NARCIS (Netherlands)

    Spalt, O.G.

    2013-01-01

    This paper documents that riskier firms with higher idiosyncratic volatility grant more stock options to nonexecutive employees. Standard models in the literature cannot easily explain this pattern; a model in which a risk-neutral firm and an employee with prospect theory preferences bargain over

  18. Editorial The Jan H. Stock Valedictory Issue

    NARCIS (Netherlands)

    NN,

    1990-01-01

    Professor Jan H. Stock, an inspiring zoologist of international fame (born 22 February 1931), will retire from the University of Amsterdam at the end of this year. It is his wish to settle in his beloved island Curaçao in the Netherlands Antilles and there to continue his taxonomic and zoogeographic

  19. Ecosystem carbon stocks of micronesian mangrove forests

    Science.gov (United States)

    J. Boone Kauffman; Chris Heider; Thomas G. Cole; Kathleen A. Dwire; Daniel C. Donato

    2011-01-01

    Among the least studied ecosystem services of mangroves is their value as global carbon (C) stocks. This is significant as mangroves are subject to rapid rates of deforestation and therefore could be significant sources of atmospheric emissions. Mangroves could be key ecosystems in strategies addressing the mitigation of climate change though reduced deforestation. We...

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

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

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

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

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

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

  2. Dynamic Evolution Analysis of Stock Price Fluctuation and Its Control

    Directory of Open Access Journals (Sweden)

    Yuhua Xu

    2018-01-01

    Full Text Available This paper studies a simple dynamical system of stock price fluctuation time series based on the rule of stock market. When the stock price fluctuation system is disturbed by external excitations, the system exhibits obviously chaotic phenomena, and its basic dynamic properties are analyzed. At the same time, a new fixed-time convergence theorem is proposed for achieving fixed-time control of stock price fluctuation system. Finally, the effectiveness of the method is verified by numerical simulation.

  3. STOCK MARKET PREDICTION USING CLUSTERING WITH META-HEURISTIC APPROACHES

    OpenAIRE

    Prasanna, S.; Ezhilmaran, D.

    2015-01-01

    Various examinations are performed to predict the stock values, yet not many points at assessing the predictability of the direction of stock index movement. Stock market prediction with data mining method is a standout amongst the most paramount issues to be researched and it is one of the interesting issues of stock market research over several decades. The approach of advanced data mining tools and refined database innovations has empowered specialists to handle the immense measure of data...

  4. STOCK MARKET PREDICTION USING CLUSTERING WITH META-HEURISTIC APPROACHES

    OpenAIRE

    Prasanna, S.; Ezhilmaran, D.

    2014-01-01

    Various examinations are performed to predict the stock values, yet not many points at assessing the predictability of the direction of stock index movement. Stock market prediction with data mining method is a standout amongst the most paramount issues to be researched and it is one of the interesting issues of stock market research over several decades. The approach of advanced data mining tools and refined database innovations has empowered specialists to handle the immense measure of data...

  5. Facebook drives behavior of passive households in stock markets

    OpenAIRE

    Siikanen, Milla; Baltakys, Kęstutis; Kanniainen, Juho; Vatrapu, Ravi; Mukkamala, Raghava; Hussain, Abid

    2017-01-01

    Recent studies using data on social media and stock markets have mainly focused on predicting stock returns. Instead of predicting stock price movements, we examine the relation between Facebook data and investors' decision making in stock markets with a unique data on investors' transactions on Nokia. We find that the decisions to buy versus sell are associated with Facebook data especially for passive households and also for nonprofit organizations. At the same time, it seems that more soph...

  6. Emerging interdependence between stock values during financial crashes

    OpenAIRE

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

    2016-01-01

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

  7. The reaction of stock market returns to anticipated unemployment

    OpenAIRE

    Taamouti, Abderrahim; Gonzalo Muñoz, Jesús

    2012-01-01

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

  8. SENSITIVITY OF THE INVESTOR'S TOWARDS STOCK MARKET INVESTMENT

    OpenAIRE

    M. Jaya

    2017-01-01

    Investment in stock market has become a common phenomenon for all the individuals. The growth of stock market contributes to national economic growth only when this growth translates into increased mobilization of resources, return from investment, and minimizing the risk attached to stock market investment. This survey has been conducted to find out the stock market investment pattern and risk diversification of retail equity investors. A well structured questionnaire which is pilot teste...

  9. RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    M.N. Arshad

    2017-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-03-01

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

  11. Chinook salmon Genetic Stock Identification data - Genetic Stock Identification of Washington Chinook salmon

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This project evaluates data from coded wire tagging with that from parental based tagging to identify stock of origin for Chinook salmon landed in Washington state...

  12. SKEWNESS IN STOCK RETURNS: EVIDENCE FROM THE BUCHAREST STOCK EXCHANGE DURING 2000 – 2011

    Directory of Open Access Journals (Sweden)

    IULIAN PANAIT

    2012-05-01

    Full Text Available Our paper investigates the symmetry in stock returns of the 30 most liquid companies traded on Bucharest Stock Exchange during 2000 – 2011 and also the most representative 5 market indices. Our daily data shows that skewness estimates are slightly negative for most indices and individual stocks, but only a few present values significantly different from the characteristics of a normal distribution. We compare our results with skewness estimates for 21 major and emerging stock market indices around the world and find that such results are similar to other low capitalization and trading volume markets. For all the Romanian and international assets studied, the Studentized-Range (St-R and Jarque-Bera (J-B tests reject the hypothesis of normal distribution of daily returns.

  13. Increased topsoil carbon stock across China's forests.

    Science.gov (United States)

    Yang, Yuanhe; Li, Pin; Ding, Jinzhi; Zhao, Xia; Ma, Wenhong; Ji, Chengjun; Fang, Jingyun

    2014-08-01

    Biomass carbon accumulation in forest ecosystems is a widespread phenomenon at both regional and global scales. However, as coupled carbon-climate models predicted, a positive feedback could be triggered if accelerated soil carbon decomposition offsets enhanced vegetation growth under a warming climate. It is thus crucial to reveal whether and how soil carbon stock in forest ecosystems has changed over recent decades. However, large-scale changes in soil carbon stock across forest ecosystems have not yet been carefully examined at both regional and global scales, which have been widely perceived as a big bottleneck in untangling carbon-climate feedback. Using newly developed database and sophisticated data mining approach, here we evaluated temporal changes in topsoil carbon stock across major forest ecosystem in China and analysed potential drivers in soil carbon dynamics over broad geographical scale. Our results indicated that topsoil carbon stock increased significantly within all of five major forest types during the period of 1980s-2000s, with an overall rate of 20.0 g C m(-2) yr(-1) (95% confidence interval, 14.1-25.5). The magnitude of soil carbon accumulation across coniferous forests and coniferous/broadleaved mixed forests exhibited meaningful increases with both mean annual temperature and precipitation. Moreover, soil carbon dynamics across these forest ecosystems were positively associated with clay content, with a larger amount of SOC accumulation occurring in fine-textured soils. In contrast, changes in soil carbon stock across broadleaved forests were insensitive to either climatic or edaphic variables. Overall, these results suggest that soil carbon accumulation does not counteract vegetation carbon sequestration across China's forest ecosystems. The combination of soil carbon accumulation and vegetation carbon sequestration triggers a negative feedback to climate warming, rather than a positive feedback predicted by coupled carbon-climate models

  14. The impact of leverage on stock returns: an empirical test on the Australian stock market

    OpenAIRE

    Thuy Linh, Doan

    2009-01-01

    Asset pricing model is no longer a new topic to theoretical finance but it still maintains researchers’ interest until now. The role of firm characteristics in explaining the stock returns becomes more and more significant in the empirical studies. The Fama French three factor is the most famous model of testing the firm characteristics: size effect and book to market effect on stock returns. However, this model does not include leverage, one of the most important firm characteristics. Starti...

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

    OpenAIRE

    Selboe, Guner K.; Virdee, Jaspal Singh

    2017-01-01

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

  16. Random Walks in Stock Exchange Prices and the Vienna Stock Exchange

    OpenAIRE

    Huber, Peter

    1995-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

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

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

    OpenAIRE

    Ames Santillán, Juan Carlos

    2012-01-01

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

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

    OpenAIRE

    Juan Carlos Ames Santillán

    2012-01-01

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

  20. 7 CFR 1610.9 - Class B stock.

    Science.gov (United States)

    2010-01-01

    ... POLICIES § 1610.9 Class B stock. Borrowers receiving loans from the Bank shall be required to invest in class B stock at 5 percent of the total amount of loan funds advanced. Borrowers may purchase class B... 7 Agriculture 11 2010-01-01 2010-01-01 false Class B stock. 1610.9 Section 1610.9 Agriculture...

  1. 26 CFR 1.552-3 - Stock ownership requirement.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAXES (CONTINUED) Foreign Personal Holding Companies § 1.552-3 Stock ownership requirement... more than 50 percent in value of the outstanding stock of the foreign corporation be owned, directly or... section 544 (relating to rules for determining stock ownership in the case of personal holding companies...

  2. U.S. monetary shocks and global stock prices

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

    This paper studies how US monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in US interest rates, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that

  3. 12 CFR 615.5250 - Disclosure requirements for borrower stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Disclosure requirements for borrower stock. 615... Disclosure requirements for borrower stock. (a) For sales of borrower stock, which for this subpart means... an at-risk investment and not a compensating balance; (ii) That the equity is retireable only at the...

  4. Maintenance in Railway Rolling Stock Rescheduling for Passenger Railways

    NARCIS (Netherlands)

    J.C. Wagenaar (Joris); L.G. Kroon (Leo)

    2015-01-01

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

  5. 7 CFR 1216.9 - Farmers stock peanuts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Farmers stock peanuts. 1216.9 Section 1216.9... INFORMATION ORDER Peanut Promotion, Research, and Information Order Definitions § 1216.9 Farmers stock peanuts. Farmers stock peanuts means picked or threshed peanuts produced in the United States which have not been...

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

    OpenAIRE

    Mehdi Elhaei Sahar; Seyed Ali Vaez

    2013-01-01

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

  7. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

    ... means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as defined in... section, a class of stock that is traded on one or more qualified exchanges or other markets, as defined... (B) The rules of the exchange effectively promote active trading of listed stocks. (2) Exchange with...

  8. The zero inflation of standing dead tree carbon stocks

    Science.gov (United States)

    Christopher W. Woodall; David W. MacFarlane

    2012-01-01

    Given the importance of standing dead trees in numerous forest ecosystem attributes/processes such as carbon (C) stocks, the USDA Forest Service’s Forest Inventory and Analysis (FIA) program began consistent nationwide sampling of standing dead trees in 1999. Modeled estimates of standing dead tree C stocks are currently used as the official C stock estimates for the...

  9. 12 CFR 931.6 - Transfer of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Transfer of capital stock. 931.6 Section 931.6 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital plan...

  10. 12 CFR 575.8 - Contents of Stock Issuance Plans.

    Science.gov (United States)

    2010-01-01

    ... extent applicable, Form OC; (11) Provide that the sales price of the shares of stock to be sold in the... shall be sold at a total price equal to the estimated pro forma market value of such stock, based upon... shares of the savings association's common stock or 4.9 percent of the savings association's stockholders...

  11. 26 CFR 1.338-8 - Asset and stock consistency.

    Science.gov (United States)

    2010-04-01

    ... that are controlled foreign corporations. (6) Stock consistency. This section limits the application of... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Asset and stock consistency. 1.338-8 Section 1... (CONTINUED) INCOME TAXES Effects on Corporation § 1.338-8 Asset and stock consistency. (a) Introduction—(1...

  12. A study on the effect of P/E and PEG ratios on stock returns: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyyed Ali Lajevardi

    2014-07-01

    Full Text Available This paper studies the effect of the ratios of P/E and PEG on stock returns of the firms accepted on Tehran Stock Exchange. The study uses regression and Pearson Correlation Coefficient based on the performance of 138 firms over the period 2004- 2009 according to the Iranian calendar to investigate the effects of P/E and PEG on stock returns. The study also uses the models originally proposed by Chahin and Choudhry (2010 [Chahin, S., & Choudhry, T. (2010. Price to earnings, growth radio and value growth based strategies. Social Science Research Network, 19(4.] to discuss the strategies of investing on stocks. The results show that the ratio of P/E had more effect on stock returns than the ratio of PEG and stocks returns had a direct relationship with P/E and an inverse relationship with PEG. In addition, the returns of growth stock were more than value stock.

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

    Directory of Open Access Journals (Sweden)

    Meric Ilhan

    2015-08-01

    Full Text Available Empirical studies show that correlation between national stock markets increased and the benefits of global portfolio diversification decreased significantly after the global stock market crash of 1987. The 1987 and 2008 crashes are the two most important global stock market crashes since the 1929 Great depression. Although the effects of the 1987 crash on the comovements of national stock markets have been investigated extensively, the effects of the 2008 crash have not been studied sufficiently. In this paper we study this issue with a research sample that includes the U.S stock market and twenty European stock markets. We find that correlation between the twenty-one stock markets increased and the benefits of portfolio diversification decreased significantly after the 2008 stock market crash.

  14. Improving capacity of stock assessment for sea turtles: using ocean circulation modeling to inform genetic mixed stock analysis

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Genetic approaches have been useful for assigning stock ID to sea turtles caught as bycatch in fisheries, or determining stock composition at foraging grounds. In...

  15. MXLKID: a maximum likelihood parameter identifier

    International Nuclear Information System (INIS)

    Gavel, D.T.

    1980-07-01

    MXLKID (MaXimum LiKelihood IDentifier) is a computer program designed to identify unknown parameters in a nonlinear dynamic system. Using noisy measurement data from the system, the maximum likelihood identifier computes a likelihood function (LF). Identification of system parameters is accomplished by maximizing the LF with respect to the parameters. The main body of this report briefly summarizes the maximum likelihood technique and gives instructions and examples for running the MXLKID program. MXLKID is implemented LRLTRAN on the CDC7600 computer at LLNL. A detailed mathematical description of the algorithm is given in the appendices. 24 figures, 6 tables

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

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-03-01

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

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

    Science.gov (United States)

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

    2012-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Aldrin Herwany

    2013-12-01

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

  20. 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...

  1. Does the Order Between Dividend Payment and New Stock Issuance Matter to Stock Price? — Evidence from Taiwan

    OpenAIRE

    Mia Twu

    2010-01-01

    I argue that paying dividends before issuing new stock can increase the stock price in the case when firms announce dividend payments and new stock issuance contemporaneously. It enables issuing firms to disentangle the agency problem of paying dividends by newly-raised funds from dividend information for new stock issuances. I employ the seasoned offerings of Taiwan listed firms as the sample, because of their practice of paying dividends once a year. The conditional event study strongly sup...

  2. Maximum neutron flux in thermal reactors

    International Nuclear Information System (INIS)

    Strugar, P.V.

    1968-12-01

    Direct approach to the problem is to calculate spatial distribution of fuel concentration if the reactor core directly using the condition of maximum neutron flux and comply with thermal limitations. This paper proved that the problem can be solved by applying the variational calculus, i.e. by using the maximum principle of Pontryagin. Mathematical model of reactor core is based on the two-group neutron diffusion theory with some simplifications which make it appropriate from maximum principle point of view. Here applied theory of maximum principle are suitable for application. The solution of optimum distribution of fuel concentration in the reactor core is obtained in explicit analytical form. The reactor critical dimensions are roots of a system of nonlinear equations and verification of optimum conditions can be done only for specific examples

  3. Maximum allowable load on wheeled mobile manipulators

    International Nuclear Information System (INIS)

    Habibnejad Korayem, M.; Ghariblu, H.

    2003-01-01

    This paper develops a computational technique for finding the maximum allowable load of mobile manipulator during a given trajectory. The maximum allowable loads which can be achieved by a mobile manipulator during a given trajectory are limited by the number of factors; probably the dynamic properties of mobile base and mounted manipulator, their actuator limitations and additional constraints applied to resolving the redundancy are the most important factors. To resolve extra D.O.F introduced by the base mobility, additional constraint functions are proposed directly in the task space of mobile manipulator. Finally, in two numerical examples involving a two-link planar manipulator mounted on a differentially driven mobile base, application of the method to determining maximum allowable load is verified. The simulation results demonstrates the maximum allowable load on a desired trajectory has not a unique value and directly depends on the additional constraint functions which applies to resolve the motion redundancy

  4. Maximum phytoplankton concentrations in the sea

    DEFF Research Database (Denmark)

    Jackson, G.A.; Kiørboe, Thomas

    2008-01-01

    A simplification of plankton dynamics using coagulation theory provides predictions of the maximum algal concentration sustainable in aquatic systems. These predictions have previously been tested successfully against results from iron fertilization experiments. We extend the test to data collect...

  5. 12 CFR 221.114 - Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock...

    Science.gov (United States)

    2010-01-01

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

  6. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Science.gov (United States)

    2010-04-01

    ... acquiring entity disposes of the stock of the issuing corporation, the acquiring entity purchased the issuing corporation's stock from the issuing corporation for fair market value with cash contributed to... stock of the issuing corporation. If the issuing corporation receives money or other property in payment...

  7. Maximum-Likelihood Detection Of Noncoherent CPM

    Science.gov (United States)

    Divsalar, Dariush; Simon, Marvin K.

    1993-01-01

    Simplified detectors proposed for use in maximum-likelihood-sequence detection of symbols in alphabet of size M transmitted by uncoded, full-response continuous phase modulation over radio channel with additive white Gaussian noise. Structures of receivers derived from particular interpretation of maximum-likelihood metrics. Receivers include front ends, structures of which depends only on M, analogous to those in receivers of coherent CPM. Parts of receivers following front ends have structures, complexity of which would depend on N.

  8. A Two-Stage Information-Theoretic Approach to Modeling Landscape-Level Attributes and Maximum Recruitment of Chinook Salmon in the Columbia River Basin.

    Energy Technology Data Exchange (ETDEWEB)

    Thompson, William L.; Lee, Danny C.

    2000-11-01

    Many anadromous salmonid stocks in the Pacific Northwest are at their lowest recorded levels, which has raised questions regarding their long-term persistence under current conditions. There are a number of factors, such as freshwater spawning and rearing habitat, that could potentially influence their numbers. Therefore, we used the latest advances in information-theoretic methods in a two-stage modeling process to investigate relationships between landscape-level habitat attributes and maximum recruitment of 25 index stocks of chinook salmon (Oncorhynchus tshawytscha) in the Columbia River basin. Our first-stage model selection results indicated that the Ricker-type, stock recruitment model with a constant Ricker a (i.e., recruits-per-spawner at low numbers of fish) across stocks was the only plausible one given these data, which contrasted with previous unpublished findings. Our second-stage results revealed that maximum recruitment of chinook salmon had a strongly negative relationship with percentage of surrounding subwatersheds categorized as predominantly containing U.S. Forest Service and private moderate-high impact managed forest. That is, our model predicted that average maximum recruitment of chinook salmon would decrease by at least 247 fish for every increase of 33% in surrounding subwatersheds categorized as predominantly containing U.S. Forest Service and privately managed forest. Conversely, mean annual air temperature had a positive relationship with salmon maximum recruitment, with an average increase of at least 179 fish for every increase in 2 C mean annual air temperature.

  9. Optimizing selective cutting strategies for maximum carbon stocks and yield of Moso bamboo forest using BIOME-BGC model.

    Science.gov (United States)

    Mao, Fangjie; Zhou, Guomo; Li, Pingheng; Du, Huaqiang; Xu, Xiaojun; Shi, Yongjun; Mo, Lufeng; Zhou, Yufeng; Tu, Guoqing

    2017-04-15

    The selective cutting method currently used in Moso bamboo forests has resulted in a reduction of stand productivity and carbon sequestration capacity. Given the time and labor expense involved in addressing this problem manually, simulation using an ecosystem model is the most suitable approach. The BIOME-BGC model was improved to suit managed Moso bamboo forests, which was adapted to include age structure, specific ecological processes and management measures of Moso bamboo forest. A field selective cutting experiment was done in nine plots with three cutting intensities (high-intensity, moderate-intensity and low-intensity) during 2010-2013, and biomass of these plots was measured for model validation. Then four selective cutting scenarios were simulated by the improved BIOME-BGC model to optimize the selective cutting timings, intervals, retained ages and intensities. The improved model matched the observed aboveground carbon density and yield of different plots, with a range of relative error from 9.83% to 15.74%. The results of different selective cutting scenarios suggested that the optimal selective cutting measure should be cutting 30% culms of age 6, 80% culms of age 7, and all culms thereafter (above age 8) in winter every other year. The vegetation carbon density and harvested carbon density of this selective cutting method can increase by 74.63% and 21.5%, respectively, compared with the current selective cutting measure. The optimized selective cutting measure developed in this study can significantly promote carbon density, yield, and carbon sink capacity in Moso bamboo forests. Copyright © 2017 Elsevier Ltd. All rights reserved.

  10. VOLATILITY AND KURTOSIS OF DAILY STOCK RETURNS AT MSE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-12-01

    Full Text Available Prominent financial stock pricing models are built on assumption that asset returns follow a normal (Gaussian distribution. However, many authors argue that in the practice stock returns are often characterized by skewness and kurtosis, so we test the existence of the Gaussian distribution of stock returns and calculate the kurtosis of several stocks at the Macedonian Stock Exchange (MSE. Obtaining information about the shape of distribution is an important step for models of pricing risky assets. The daily stock returns at Macedonian Stock Exchange (MSE are characterized by high volatility and non-Gaussian behaviors as well as they are extremely leptokurtic. The analysis of MSE time series stock returns determine volatility clustering and high kurtosis. The fact that daily stock returns at MSE are not normally distributed put into doubt results that rely heavily on this assumption and have significant implications for portfolio management. We consider this stock market as good representatives of emerging markets. Therefore, we argue that our results are valid for other similar emerging stock markets.

  11. Stock portfolio selection using Dempster–Shafer evidence theory

    Directory of Open Access Journals (Sweden)

    Gour Sundar Mitra Thakur

    2018-04-01

    Full Text Available Markowitz’s return–risk model for stock portfolio selection is based on the historical return data of assets. In addition to the effect of historical return, there are many other critical factors which directly or indirectly influence the stock market. We use the fuzzy Delphi method to identify the critical factors initially. Factors having lower correlation coefficients are finally considered for further consideration. The critical factors and historical data are used to apply Dempster–Shafer evidence theory to rank the stocks. Then, a portfolio selection model that prefers stocks with higher rank is proposed. Illustration is done using stocks under Bombay Stock Exchange (BSE. Simulation is done by Ant Colony Optimization. The performance of the outcome is found satisfactory when compared with recent performance of the assets. Keywords: Stock portfolio selection, Ranking, Dempster–Shafer evidence theory, Ant Colony Optimization, Fuzzy Delphi method

  12. Quantum Brownian motion model for the stock market

    Science.gov (United States)

    Meng, Xiangyi; Zhang, Jian-Wei; Guo, Hong

    2016-06-01

    It is believed by the majority today that the efficient market hypothesis is imperfect because of market irrationality. Using the physical concepts and mathematical structures of quantum mechanics, we construct an econophysical framework for the stock market, based on which we analogously map massive numbers of single stocks into a reservoir consisting of many quantum harmonic oscillators and their stock index into a typical quantum open system-a quantum Brownian particle. In particular, the irrationality of stock transactions is quantitatively considered as the Planck constant within Heisenberg's uncertainty relationship of quantum mechanics in an analogous manner. We analyze real stock data of Shanghai Stock Exchange of China and investigate fat-tail phenomena and non-Markovian behaviors of the stock index with the assistance of the quantum Brownian motion model, thereby interpreting and studying the limitations of the classical Brownian motion model for the efficient market hypothesis from a new perspective of quantum open system dynamics.

  13. What Is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    We derive a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock's excess risk-neutral variance relative to the average stock. These components can be computed from index and stock option prices; the formula has no free parameters....... We test the theory in-sample by running panel regressions of stock returns onto risk-neutral variances. The formula performs well at 6-month and 1-year forecasting horizons, and our predictors drive out beta, size, book-to-market, and momentum. Out-of-sample, we find that the formula outperforms...... a range of competitors in forecasting individual stock returns. Our results suggest that there is considerably more variation in expected returns, both over time and across stocks, than has previously been acknowledged....

  14. Welfare of organic laying hens kept at different indoor stocking densities in a multi-tier aviary system. I: egg laying, and use of veranda and outdoor area

    DEFF Research Database (Denmark)

    Steenfeldt, Sanna; Nielsen, Birte L.

    2015-01-01

    Multi-tier aviary systems are becoming more common in organic egg production. The area on the tiers can be included in the net area available to the hens (also referred to as usable area) when calculating maximum indoor stocking densities in organic systems within the EU. In this article, results...... on egg production, laying behaviour and use of veranda and outdoor area are reported for organic laying hens housed in a multi-tier system with permanent access to a veranda and kept at stocking densities (D) of 6, 9 and 12 hens/m2 available floor area, with concomitant increases in the number of hens...... per trough, drinker, perch and nest space. In a fourth treatment, access to the top tier was blocked reducing vertical, trough and perch access at the lowest stocking density (treatment D6x). In all other aspects than stocking density, the experiment followed the EU regulations on the keeping...

  15. Soil carbon stocks along an altitudinal gradient in different land-use categories in Lesser Himalayan foothills of Kashmir

    Science.gov (United States)

    Shaheen, H.; Saeed, Y.; Abbasi, M. K.; Khaliq, A.

    2017-04-01

    The carbon sequestration potential of soils plays an important role in mitigating the effect of climate change, because soils serve as sinks for atmospheric carbon. The present study was conducted to estimate the carbon stocks and their variation with altitudinal gradient in the Lesser Himalayan foothills of Kashmir. The carbon stocks were estimated in different land use categories, namely: closed canopy forests, open forests, disturbed forests, and agricultural lands within the altitudinal range from 900 to 2500 m. The soil carbon content was determined by the Walkley-Black titration method. The average soil carbon stock was found to be 2.59 kg m-2. The average soil carbon stocks in closed canopy forests, open forests, and disturbed forests were 3.39, 2.06, and 2.86 kg m-2, respectively. The average soil carbon stock in the agricultural soils was 2.03 kg m-2. The carbon stocks showed a significant decreasing trend with the altitudinal gradient with maximum values of 4.13 kg m-2 at 900-1200 m a.s.l. and minimum value of 1.55 kg m-2 at 2100-2400 m a.s.l. The agricultural soil showed the least carbon content values indicating negative impacts of soil plowing, overgrazing, and soil degradation. Lower carbon values at higher altitudes attest to the immature character of forest stands, as well as to degradation due to immense fuel wood extraction, timber extraction, and harsh climatic conditions. The study indicates that immediate attention is required for the conservation of rapidly declining carbon stocks in agricultural soils, as well as in the soils of higher altitudes.

  16. An autocatalytic network model for stock markets

    Science.gov (United States)

    Caetano, Marco Antonio Leonel; Yoneyama, Takashi

    2015-02-01

    The stock prices of companies with businesses that are closely related within a specific sector of economy might exhibit movement patterns and correlations in their dynamics. The idea in this work is to use the concept of autocatalytic network to model such correlations and patterns in the trends exhibited by the expected returns. The trends are expressed in terms of positive or negative returns within each fixed time interval. The time series derived from these trends is then used to represent the movement patterns by a probabilistic boolean network with transitions modeled as an autocatalytic network. The proposed method might be of value in short term forecasting and identification of dependencies. The method is illustrated with a case study based on four stocks of companies in the field of natural resource and technology.

  17. Black swans in the brazilian stock market

    Directory of Open Access Journals (Sweden)

    Hugo Jacob Lovisolo

    2013-08-01

    Full Text Available This study analyzes extreme values in the daily returns of 45 Brazilian stocks between 2 January 1995 and 18 March 2009. The incidence of observations outside the range of three standard deviationsfrom the mean is at least five times greater than under the normal distribution. The occurrence of extreme values in the upper tail is 1.13 times higher than in the lower. The average of the extreme positive returns is higher than that of extreme negative returns. Half percent of the days determined the outcome of the investment. Extreme values are at least ± 7%. Investors should assess whether they will keep their holdings when returns of such magnitude occur. The characteristics of empirical distributions of stock returns favor the passive investor and the use of weight constraints in portfolio allocation models.

  18. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

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

  19. The returns and risks of investment portfolio in stock market crashes

    Science.gov (United States)

    Li, Jiang-Cheng; Long, Chao; Chen, Xiao-Dan

    2015-06-01

    The returns and risks of investment portfolio in stock market crashes are investigated by considering a theoretical model, based on a modified Heston model with a cubic nonlinearity, proposed by Spagnolo and Valenti. Through numerically simulating probability density function of returns and the mean escape time of the model, the results indicate that: (i) the maximum stability of returns is associated with the maximum dispersion of investment portfolio and an optimal stop-loss position; (ii) the maximum risks are related with a worst dispersion of investment portfolio and the risks of investment portfolio are enhanced by increasing stop-loss position. In addition, the good agreements between the theoretical result and real market data are found in the behaviors of the probability density function and the mean escape time.

  20. Microsatellite assessment of walrus (Odobenus rosmarus rosmarus stocks in Canada

    Directory of Open Access Journals (Sweden)

    Aaron BA Shafer

    2014-12-01

    Full Text Available Walruses in Canada are currently subdivided into seven stocks based on summering areas; Western Jones Sound (WJS, Baffin Bay (BB, Penny Strait-Lancaster Sound (PS-LS, North Foxe Basin (N-FB, Central Foxe Basin (C-FB, Hudson Bay Davis Strait (HB-DS and Southern and Eastern Hudson Bay (SE-HB. In this study, walrus were sampled from six of the seven stocks (SE-HB samples were not available and genotyped at 10 microsatellite loci. All stocks were genetically diverse (average heterozygosity of 0.58 with no evidence of inbreeding (average FIS of 0.03. We detected significant genetic differentiation among the stocks and a pattern of genetic spatial autocorrelation that suggests a moderate effect of geographic distance on gene flow among stocks. Bayesian clustering suggested the six recognized stocks were elements of two larger genetic clusters - a northern Arctic population (containing BB, WJS, and PS-LS stocks and a central Arctic population (containing C-FB, N-FB, and HB-DS stocks. These populations are moderately differentiated (FST = 0.07, but based on evidence of contemporary movement from assignment tests, are not completely isolated. There was support for maintaining the WJS stock and a combined BB+PS-LS stock, although the latter conclusion is based on a small sample size. Similarly, there was some evidence suggesting separation of the Foxe Basin stocks from the HB-DS but not the N-FB from the C-FB stock. However, given that there are morphological and chemical differences between N-FB and C-FB stocks, there is currently insufficient evidence to support a revision of the current stock designations.

  1. Motor vehicle stocks, scrappage, and sales

    OpenAIRE

    Alan Greenspan; Darrel Cohen

    1996-01-01

    This paper offers a framework for forecasting aggregate sales of new motor vehicles; this framework incorporates separate models for the change in the vehicle stock and for the rate of vehicle scrappage. Because this approach requires only a minimal set of assumptions about demographic trends, the state of the economy, consumer ''preferences,'' new vehicle prices and repair costs, and vehicle retirements, it is shown to be especially useful as a macroeconomic forecasting tool. In addition, th...

  2. Stock Return Prediction with Hidden Order Mapping

    OpenAIRE

    Mamidi, Varsha

    2016-01-01

    Missing data problem is ubiquitous in many real life situations. Information Technology researchers have explored and tried to address this problem in different settings. In this thesis, we undertake research to address missing data problem associated with order book information in stock markets. This is an in-depth and large-scale study with systematic and comprehensive framework to address missing data problem in the finance literature.    Orders placed by traders and ...

  3. Stock Market Interdependence: Evidence from Australia

    OpenAIRE

    Michael E. Drew; Leonard Chong

    2002-01-01

    This study examines the relationship between Australia’s stock market and the five largest international markets for the period 1991 through 2001. Preliminary findings, using correlation statistics, indicated potential benefits to international diversification for the Australian investor. Further analysis, conducted in the VAR framework using the Johansen co-integration method, found that the Australian market has short and long run linkages with the United States, while tests with other mark...

  4. Networks of volatility spillovers among stock markets

    Czech Academy of Sciences Publication Activity Database

    Baumöhl, E.; Kočenda, Evžen; Lyócsa, S.; Výrost, T.

    2018-01-01

    Roč. 490, č. 1 (2018), s. 1555-1574 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Volatility spillovers * Shock transmission * Stock markets * Granger causality network * Financial crisis * Spatial regression Subject RIV: AH - Economic s OBOR OECD: Applied Economic s, Econometrics Impact factor: 2.243, year: 2016 http://library.utia.cas.cz/separaty/2018/E/kocenda-0487923.pdf

  5. A heuristic forecasting model for stock decision

    OpenAIRE

    Zhang, D.; Jiang, Q.; Li, X.

    2005-01-01

    This paper describes a heuristic forecasting model based on neural networks for stock decision-making. Some heuristic strategies are presented for enhancing the learning capability of neural networks and obtaining better trading performance. The China Shanghai Composite Index is used as case study. The forecasting model can forecast the buying and selling signs according to the result of neural network prediction. Results are compared with a benchmark buy-and-hold strategy. ...

  6. An operatorial approach to stock markets

    International Nuclear Information System (INIS)

    Bagarello, F

    2006-01-01

    We propose and discuss some toy models of stock markets using the same operatorial approach adopted in quantum mechanics. Our models are suggested by the discrete nature of the number of shares and of the cash which are exchanged in a real market, and by the existence of conserved quantities, like the total number of shares or some linear combination of cash and shares. The same framework as the one used in the description of a gas of interacting bosons is adopted

  7. Stock market volatiltity around national elections

    OpenAIRE

    Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz

    2006-01-01

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

  8. Stock Market Volatility around National Elections

    OpenAIRE

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

    2006-01-01

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

  9. Corporate tax minimization and stock price reactions

    OpenAIRE

    Blaufus, Kay; Möhlmann, Axel; Schwäbe, Alexander

    2016-01-01

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

  10. Leverage and growth: effect of stock options

    OpenAIRE

    Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

    2011-01-01

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

  11. The Stock Market, Profit and Investment

    OpenAIRE

    Olivier Blanchard; Changyong Rhee; Lawrence Summers

    1990-01-01

    Should managers, when making investment decisions, follow the signals given by the stock market even if those do not coincide with their own assessments of fundamental value? This paper reviews the theoretical arguments and examines the empirical evidence, constructing and using a new US time series of data on the q ratio from 1900 to 1988. We decompose q - - the ratio of the market value of corporate capital to its replacement cost - - into the product of two terms, reflecting "fundamentals"...

  12. A Global Stock and Bond Model

    OpenAIRE

    Connor, Gregory

    1996-01-01

    Factor models are now widely used to support asset selection decisions. Global asset allocation, the allocation between stocks versus bonds and among nations, usually relies instead on correlation analysis of international equity and bond indexes. It would be preferable to have a single integrated framework for both asset selection and asset allocation. This framework would require a factor model applicable at an asset or country level, as well as at a global level,...

  13. Merger negotiations with stock market feedback

    OpenAIRE

    Betton, Sandra; Eckbo, B. Espen; Thompson, Rex; Thorburn, Karin S.

    2011-01-01

    Merger negotiations routinely occur amidst economically significant a target stock price runups. Since the source of the runup is unobservable (is it a target stand-alone value change and/or deal anticipation?), feeding the runup back into the offer price risks "paying twice" for the target shares. We present a novel structural empirical analysis of this runup feedback hypothesis. We show that rational deal anticipation implies a nonlinear relationship between the runup and the offer price ma...

  14. An Analysis of Theories on Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-03-01

    Full Text Available Objective in writing this article is to provide an overview of the theories that has been developed for stock returns which is an important area of financial markets’ researches. Since the researches in this field are very active for the past quarter, it is not possible to describe all works that has been done in this area. Most important researches will be discussed without going deeper in mathematical tools and theories.

  15. The Weekly Structure of US Stock Prices

    OpenAIRE

    Guglielmo Maria Caporale; Luis A. Gil-Alana

    2010-01-01

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

  16. Price jumps on European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, Evžen; Novotný, Jan

    2014-01-01

    Roč. 14, č. 1 (2014), s. 10-22 ISSN 2214-8450 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA ČR(CZ) GBP402/12/G097 Grant - others:UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : stock markets * price jump indicators * non-parametric testing Subject RIV: AH - Economics

  17. Style popularity and the comovement of stocks

    OpenAIRE

    Wouters, T.; Plantinga, A.

    2006-01-01

    We examine to what extent the popularity of an investment style can be attributed to style investing. The style investing hypothesis predicts that assets in the same style show strong comovement with respect to their underlying fundamentals and that reclassifying assets into a new style raises its correlation with that style. We test this prediction by studying how comovement varies with proxies of popularity. We use different kinds of data, such as data on stocks, mutual funds, IPO?s and fin...

  18. ECONOMIC MODELING STOCKS CONTROL SYSTEM: SIMULATION MODEL

    OpenAIRE

    Климак, М.С.; Войтко, С.В.

    2016-01-01

    Considered theoretical and applied aspects of the development of simulation models to predictthe optimal development and production systems that create tangible products andservices. It isproved that theprocessof inventory control needs of economicandmathematical modeling in viewof thecomplexity of theoretical studies. A simulation model of stocks control that allows make managementdecisions with production logistics

  19. THE SPECIFIC ACCOUNTING TREATMENTS REGARDING STOCKS

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2014-10-01

    Full Text Available The process of harmonization and convergence of IFRS – U.S. GAAP represents a significant advance in the approach of internationally recognized accounting referential frames, context where the accounting system in our country – undergoing internationalization and Europeanization – also experiences the assimilation of harmonization and convergence products between the two accounting standardizations worldwide. Looking from this perspective, we can say that no nation has the right to be considered superior in accounting, as several steps need to be taken in different countries in order to reach a level of compliance on a global scale – desirable. Because companies have expanded their boundaries and tus increasing the importance of managerial communication and the increasingly deeper globalization of capital markets requires and imposes the global use of a single accounting language, we deemed it useful to conduct a study regarding the main differences between the national accounting regulations and the provisions of the international reference frame on stocks, as the users of information from the financial statements seek to evaluate the profitability of the company in general, but also in terms of its risk of illiquidity, as stocks are an important component of an entity's assets. In this respect, we will address the stocks in terms of the main differences between the national accounting regulations, the provisions of the international reference frame, and the economic and financial indicators – expression of different accounting treatments.

  20. Inventory Optimization through Safety Stock Schemata

    Directory of Open Access Journals (Sweden)

    Abdul Aleem

    2013-04-01

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

  1. Japanese quail performance under different stocking densities

    International Nuclear Information System (INIS)

    Fahmy, M.O.; EL-Faramawy, A.A.

    2004-01-01

    This experiment was conducted with Japanese quails at the poultry production farm (Poultry Research Unite, Nuclear Research Center, AEA, Inshas, Egypt) to determine the effects of stocking density on the growth, carcass composition, feed conversion, feed efficiency, corticosterone level, immune response and profit potential. A total of 924 Japanese quail chicks were brooded at 2 weeks of age in batteries at 44, 88 and 176 birds / m2 each of 3 replicates. Chicks brooded at 44 and 88 bird / m2 were grew significantly (P<0.05) during the experimental period more than those brooded at 176 bird/m2. Increasing birds density was associated with significant (P<0.05) increase in serum corticosterone level, carcass protein percent, live body weight per m2 and monetary returns. Carcass fat percent and immune response were reduced sharply with increasing quail stocking density. On the other hand, feed conversion was reduced, while feed efficiency was improved (P<0.05) by increasing quail stocking density

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

    Science.gov (United States)

    Stewart, David R.; Long, James M.

    2015-01-01

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

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

    Science.gov (United States)

    Guo, Kun; Sun, Yi; Qian, Xin

    2017-03-01

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

  4. Ranking Tehran’s Stock Exchange Top Fifty Stocks Using Fundamental Indexes and Fuzzy TOPSIS

    Directory of Open Access Journals (Sweden)

    E. S. Saleh

    2017-08-01

    Full Text Available Investment through the purchase of securities, constitute an important part of countries economic exchange. Therefore, making decisions about investing in a particular stock has become one of the most controversial areas of economic and financial research and various institutions have began to rank companies stock and determine priorities of stock purchase to investment. The current research, with the determination of important required indexes for companies ranking based on their shares value on the Tehran stock exchange, can greatly help to the accurate ranking of fifty premier listed companies. Initial ranking indicators are extracted and then a decision-making group (exchange experts with the use of the Delphi method and also non-parametric statistic methods, determines the final indexes. Then, by using Fuzzy ANP, weight criteria are obtained with taking into account their interaction with each other. Finally, using fuzzy TOPSIS and information extraction about the premier fifty listed companies of Tehran stock exchange in 2014 are ranked with the software "Rahavard Novin”. Sensitivity analysis to criteria weight and relevant analysis presentation was conducted at the end of the study procedures.

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

    Science.gov (United States)

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

    2005-09-01

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

  6. Maximum gravitational redshift of white dwarfs

    International Nuclear Information System (INIS)

    Shapiro, S.L.; Teukolsky, S.A.

    1976-01-01

    The stability of uniformly rotating, cold white dwarfs is examined in the framework of the Parametrized Post-Newtonian (PPN) formalism of Will and Nordtvedt. The maximum central density and gravitational redshift of a white dwarf are determined as functions of five of the nine PPN parameters (γ, β, zeta 2 , zeta 3 , and zeta 4 ), the total angular momentum J, and the composition of the star. General relativity predicts that the maximum redshifts is 571 km s -1 for nonrotating carbon and helium dwarfs, but is lower for stars composed of heavier nuclei. Uniform rotation can increase the maximum redshift to 647 km s -1 for carbon stars (the neutronization limit) and to 893 km s -1 for helium stars (the uniform rotation limit). The redshift distribution of a larger sample of white dwarfs may help determine the composition of their cores

  7. Maximum entropy analysis of EGRET data

    DEFF Research Database (Denmark)

    Pohl, M.; Strong, A.W.

    1997-01-01

    EGRET data are usually analysed on the basis of the Maximum-Likelihood method \\cite{ma96} in a search for point sources in excess to a model for the background radiation (e.g. \\cite{hu97}). This method depends strongly on the quality of the background model, and thus may have high systematic unce...... uncertainties in region of strong and uncertain background like the Galactic Center region. Here we show images of such regions obtained by the quantified Maximum-Entropy method. We also discuss a possible further use of MEM in the analysis of problematic regions of the sky....

  8. The Maximum Resource Bin Packing Problem

    DEFF Research Database (Denmark)

    Boyar, J.; Epstein, L.; Favrholdt, L.M.

    2006-01-01

    Usually, for bin packing problems, we try to minimize the number of bins used or in the case of the dual bin packing problem, maximize the number or total size of accepted items. This paper presents results for the opposite problems, where we would like to maximize the number of bins used...... algorithms, First-Fit-Increasing and First-Fit-Decreasing for the maximum resource variant of classical bin packing. For the on-line variant, we define maximum resource variants of classical and dual bin packing. For dual bin packing, no on-line algorithm is competitive. For classical bin packing, we find...

  9. Shower maximum detector for SDC calorimetry

    International Nuclear Information System (INIS)

    Ernwein, J.

    1994-01-01

    A prototype for the SDC end-cap (EM) calorimeter complete with a pre-shower and a shower maximum detector was tested in beams of electrons and Π's at CERN by an SDC subsystem group. The prototype was manufactured from scintillator tiles and strips read out with 1 mm diameter wave-length shifting fibers. The design and construction of the shower maximum detector is described, and results of laboratory tests on light yield and performance of the scintillator-fiber system are given. Preliminary results on energy and position measurements with the shower max detector in the test beam are shown. (authors). 4 refs., 5 figs

  10. Topics in Bayesian statistics and maximum entropy

    International Nuclear Information System (INIS)

    Mutihac, R.; Cicuttin, A.; Cerdeira, A.; Stanciulescu, C.

    1998-12-01

    Notions of Bayesian decision theory and maximum entropy methods are reviewed with particular emphasis on probabilistic inference and Bayesian modeling. The axiomatic approach is considered as the best justification of Bayesian analysis and maximum entropy principle applied in natural sciences. Particular emphasis is put on solving the inverse problem in digital image restoration and Bayesian modeling of neural networks. Further topics addressed briefly include language modeling, neutron scattering, multiuser detection and channel equalization in digital communications, genetic information, and Bayesian court decision-making. (author)

  11. Density estimation by maximum quantum entropy

    International Nuclear Information System (INIS)

    Silver, R.N.; Wallstrom, T.; Martz, H.F.

    1993-01-01

    A new Bayesian method for non-parametric density estimation is proposed, based on a mathematical analogy to quantum statistical physics. The mathematical procedure is related to maximum entropy methods for inverse problems and image reconstruction. The information divergence enforces global smoothing toward default models, convexity, positivity, extensivity and normalization. The novel feature is the replacement of classical entropy by quantum entropy, so that local smoothing is enforced by constraints on differential operators. The linear response of the estimate is proportional to the covariance. The hyperparameters are estimated by type-II maximum likelihood (evidence). The method is demonstrated on textbook data sets

  12. Seasonal Trends in Lithuanian Stock Market

    Directory of Open Access Journals (Sweden)

    Žaneta Simanavičienė

    2013-11-01

    Full Text Available Purpose of the article is to disentangle different calendar effects which leave efficiency holes in Lithuanian market. This paper presents and tests if commonly described seasonal patterns exist in Lithuanian stock market. Analysis of three different sections: period-of-the-year; week-of-the-month and day-of-the-week, suggests that calendar effects do exist in this market. The multitude of explanations for the seasonal effect leaves the reader confused about its primary cause(s: is it tax-loss selling, window dressing, information, bid-ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Methodology/methods are logical and systemic analysis of research literature based on the comparative and generalization methods as well as statistical methods. Scientific aim of the article is the lack of arguments questioning if market prices operating system is fully effective. Novelty of the paper is to the answer to the question what seasonal anomalies are also present in the stock market of new open economy countries. Findings show that using this modified strategy investor could achieve 20.7% compounded annual growth rate versus 7.8% achieved using simply holding stocks throughout. The hypothesis asserts that returns generally will be greater following the “January effect”. There is limited amount of data for constructing robust seasonal strategies so we modified Buy and Hold strategy with simple rules of using best and worst months to show how they influence OMXV index performance. In the conclusions, empirical results using stock index returns for 2000 - 2010 support the hypothesis in Lithuaian stock market. Abnormal activity of OMXV index’s performance is found in the end of summer and throughout autumn. August is best performer of the year while October is

  13. Network structure detection and analysis of Shanghai stock market

    Directory of Open Access Journals (Sweden)

    Sen Wu

    2015-04-01

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

  14. Weibo sentiments and stock return: A time-frequency view.

    Science.gov (United States)

    Xu, Yingying; Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

    This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

  15. Weibo sentiments and stock return: A time-frequency view.

    Directory of Open Access Journals (Sweden)

    Yingying Xu

    Full Text Available This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter's variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive, detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market.

  16. Weibo sentiments and stock return: A time-frequency view

    Science.gov (United States)

    Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

    This study provides new insights into the relationships between social media sentiments and the stock market in China. Based on machine learning, we classify microblogs posted on Sina Weibo, a Twitter’s variant in China into five detailed sentiments of anger, disgust, fear, joy, and sadness. Using wavelet analysis, we find close positive linkages between sentiments and the stock return, which have both frequency and time-varying features. Five detailed sentiments are positively related to the stock return for certain periods, particularly since October 2014 at medium to high frequencies of less than ten trading days, when the stock return is undergoing significant fluctuations. Sadness appears to have a closer relationship with the stock return than the other four sentiments. As to the lead-lag relationships, the stock return causes Weibo sentiments rather than reverse for most of the periods with significant linkages. Compared with polarity sentiments (negative vs. positive), detailed sentiments provide more information regarding relationships between Weibo sentiments and the stock market. The stock market exerts positive effects on bullishness and agreement of microblogs. Meanwhile, agreement leads the stock return in-phase at the frequency of approximately 40 trading days, indicating that less disagreement improves certainty about the stock market. PMID:28672026

  17. Statistical analysis of bankrupting and non-bankrupting stocks

    Science.gov (United States)

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

    2012-04-01

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

  18. The Australian stock market development: Prospects and challenges

    Directory of Open Access Journals (Sweden)

    Sheilla Nyasha

    2013-06-01

    Full Text Available This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

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

    Directory of Open Access Journals (Sweden)

    Erna Listyaningsih

    2015-09-01

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

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

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

    2017-06-01

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

  1. Fundmental Analysis for Stock Price Valuation by Using Price Earnings Ratio Method (Study at Mining Companies Listed on Indonesian Stock Exchange Year 2011-2013)

    OpenAIRE

    Wahyuningtyas, Rovi; Suhadak,; Hidayat, Raden Rustam

    2015-01-01

    The research was conducted based on the misprice on the investment of stock. The misprice of investment on stock can be reduced with evaluate the reasonable of stock price by using fundamental analysis. The fundamental analysis that used in this research is Price Earnings Ratio (PER) method. The PER method aim to know the reasonableness of stock price with compare the intrinsic value of stock and the stock market price. The research is descriptive quantitative method. The research takes the s...

  2. Nonsymmetric entropy and maximum nonsymmetric entropy principle

    International Nuclear Information System (INIS)

    Liu Chengshi

    2009-01-01

    Under the frame of a statistical model, the concept of nonsymmetric entropy which generalizes the concepts of Boltzmann's entropy and Shannon's entropy, is defined. Maximum nonsymmetric entropy principle is proved. Some important distribution laws such as power law, can be derived from this principle naturally. Especially, nonsymmetric entropy is more convenient than other entropy such as Tsallis's entropy in deriving power laws.

  3. Maximum speed of dewetting on a fiber

    NARCIS (Netherlands)

    Chan, Tak Shing; Gueudre, Thomas; Snoeijer, Jacobus Hendrikus

    2011-01-01

    A solid object can be coated by a nonwetting liquid since a receding contact line cannot exceed a critical speed. We theoretically investigate this forced wetting transition for axisymmetric menisci on fibers of varying radii. First, we use a matched asymptotic expansion and derive the maximum speed

  4. Maximum potential preventive effect of hip protectors

    NARCIS (Netherlands)

    van Schoor, N.M.; Smit, J.H.; Bouter, L.M.; Veenings, B.; Asma, G.B.; Lips, P.T.A.M.

    2007-01-01

    OBJECTIVES: To estimate the maximum potential preventive effect of hip protectors in older persons living in the community or homes for the elderly. DESIGN: Observational cohort study. SETTING: Emergency departments in the Netherlands. PARTICIPANTS: Hip fracture patients aged 70 and older who

  5. Maximum gain of Yagi-Uda arrays

    DEFF Research Database (Denmark)

    Bojsen, J.H.; Schjær-Jacobsen, Hans; Nilsson, E.

    1971-01-01

    Numerical optimisation techniques have been used to find the maximum gain of some specific parasitic arrays. The gain of an array of infinitely thin, equispaced dipoles loaded with arbitrary reactances has been optimised. The results show that standard travelling-wave design methods are not optimum....... Yagi–Uda arrays with equal and unequal spacing have also been optimised with experimental verification....

  6. correlation between maximum dry density and cohesion

    African Journals Online (AJOL)

    HOD

    represents maximum dry density, signifies plastic limit and is liquid limit. Researchers [6, 7] estimate compaction parameters. Aside from the correlation existing between compaction parameters and other physical quantities there are some other correlations that have been investigated by other researchers. The well-known.

  7. Weak scale from the maximum entropy principle

    Science.gov (United States)

    Hamada, Yuta; Kawai, Hikaru; Kawana, Kiyoharu

    2015-03-01

    The theory of the multiverse and wormholes suggests that the parameters of the Standard Model (SM) are fixed in such a way that the radiation of the S3 universe at the final stage S_rad becomes maximum, which we call the maximum entropy principle. Although it is difficult to confirm this principle generally, for a few parameters of the SM, we can check whether S_rad actually becomes maximum at the observed values. In this paper, we regard S_rad at the final stage as a function of the weak scale (the Higgs expectation value) vh, and show that it becomes maximum around vh = {{O}} (300 GeV) when the dimensionless couplings in the SM, i.e., the Higgs self-coupling, the gauge couplings, and the Yukawa couplings are fixed. Roughly speaking, we find that the weak scale is given by vh ˜ T_{BBN}2 / (M_{pl}ye5), where ye is the Yukawa coupling of electron, T_BBN is the temperature at which the Big Bang nucleosynthesis starts, and M_pl is the Planck mass.

  8. The maximum-entropy method in superspace

    Czech Academy of Sciences Publication Activity Database

    van Smaalen, S.; Palatinus, Lukáš; Schneider, M.

    2003-01-01

    Roč. 59, - (2003), s. 459-469 ISSN 0108-7673 Grant - others:DFG(DE) XX Institutional research plan: CEZ:AV0Z1010914 Keywords : maximum-entropy method, * aperiodic crystals * electron density Subject RIV: BM - Solid Matter Physics ; Magnetism Impact factor: 1.558, year: 2003

  9. Achieving maximum sustainable yield in mixed fisheries

    NARCIS (Netherlands)

    Ulrich, Clara; Vermard, Youen; Dolder, Paul J.; Brunel, Thomas; Jardim, Ernesto; Holmes, Steven J.; Kempf, Alexander; Mortensen, Lars O.; Poos, Jan Jaap; Rindorf, Anna

    2017-01-01

    Achieving single species maximum sustainable yield (MSY) in complex and dynamic fisheries targeting multiple species (mixed fisheries) is challenging because achieving the objective for one species may mean missing the objective for another. The North Sea mixed fisheries are a representative example

  10. 5 CFR 534.203 - Maximum stipends.

    Science.gov (United States)

    2010-01-01

    ... maximum stipend established under this section. (e) A trainee at a non-Federal hospital, clinic, or medical or dental laboratory who is assigned to a Federal hospital, clinic, or medical or dental... Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS PAY UNDER OTHER SYSTEMS Student...

  11. Minimal length, Friedmann equations and maximum density

    Energy Technology Data Exchange (ETDEWEB)

    Awad, Adel [Center for Theoretical Physics, British University of Egypt,Sherouk City 11837, P.O. Box 43 (Egypt); Department of Physics, Faculty of Science, Ain Shams University,Cairo, 11566 (Egypt); Ali, Ahmed Farag [Centre for Fundamental Physics, Zewail City of Science and Technology,Sheikh Zayed, 12588, Giza (Egypt); Department of Physics, Faculty of Science, Benha University,Benha, 13518 (Egypt)

    2014-06-16

    Inspired by Jacobson’s thermodynamic approach, Cai et al. have shown the emergence of Friedmann equations from the first law of thermodynamics. We extend Akbar-Cai derivation http://dx.doi.org/10.1103/PhysRevD.75.084003 of Friedmann equations to accommodate a general entropy-area law. Studying the resulted Friedmann equations using a specific entropy-area law, which is motivated by the generalized uncertainty principle (GUP), reveals the existence of a maximum energy density closed to Planck density. Allowing for a general continuous pressure p(ρ,a) leads to bounded curvature invariants and a general nonsingular evolution. In this case, the maximum energy density is reached in a finite time and there is no cosmological evolution beyond this point which leaves the big bang singularity inaccessible from a spacetime prospective. The existence of maximum energy density and a general nonsingular evolution is independent of the equation of state and the spacial curvature k. As an example we study the evolution of the equation of state p=ωρ through its phase-space diagram to show the existence of a maximum energy which is reachable in a finite time.

  12. Stock management optimization. Example of the management of a reprocessed plutonium stock

    International Nuclear Information System (INIS)

    Herault, L.; Privault, C.

    1997-01-01

    This paper describes a method developed by the CEA for the management of a stock of nuclear materials of Electricite de France and which combines meta-heuristics with mathematical programing results for a better efficiency. The industrial problem to solve concerns the reprocessing of spent fuels and the reuse of their plutonium content for the manufacturing of mixed oxide (MOX) fuels. In this problem, the plutonium stock is shared into subsets which must supply fuel fabrication plants at a given date and with precise energetic, chemical and quality criteria in order to minimize the reprocessing costs. (J.S.)

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

    Directory of Open Access Journals (Sweden)

    M. Schrumpf

    2011-05-01

    Full Text Available Precise determination of changes in organic carbon (OC stocks is prerequisite to understand the role of soils in the global cycling of carbon and to verify changes in stocks due to management. A large dataset was collected to form base to repeated soil inventories at 12 CarboEurope sites under different climate and land-use, and with different soil types. Concentration of OC, bulk density (BD, and fine earth fraction were determined to 60 cm depth at 100 sampling points per site. We investigated (1 time needed to detect changes in soil OC, assuming future re-sampling of 100 cores; (2 the contribution of different sources of uncertainties to OC stocks; (3 the effect of OC stock calculation on mass rather than volume base for change detection; and (4 the potential use of pedotransfer functions (PTF for estimating BD in repeated inventories.

    The period of time needed for soil OC stocks to change strongly enough to be detectable depends on the spatial variability of soil properties, the depth increment considered, and the rate of change. Cropland sites, having small spatial variability, had lower minimum detectable differences (MDD with 100 sampling points (105 ± 28 gC m−2 for the upper 10 cm of the soil than grassland and forest sites (206 ± 64 and 246 ± 64 gC m−2 for 0–10 cm, respectively. Expected general trends in soil OC indicate that changes could be detectable after 2–15 yr with 100 samples if changes occurred in the upper 10 cm of stone-poor soils. Error propagation analyses showed that in undisturbed soils with low stone contents, OC concentrations contributed most to OC stock variability while BD and fine earth fraction were more important in upper soil layers of croplands and in stone rich soils. Though the calculation of OC stocks based on equivalent soil masses slightly decreases the chance to detect changes with time at most sites except for the croplands, it is still recommended to

  14. An Integrated Vendor-Buyer Model with Stock-Dependent Demand

    DEFF Research Database (Denmark)

    Thorstenson, Anders; Sajadieh, Mohsen S.; Akbari Jokar, Mohammad R.

    2009-01-01

    in the buyer's warehouse. The demand is assumed to be positively dependent on the amount of items shown in the display area. The proposed model determines the buyer's optimal shipment quantity and number of shipments, as well as the vendor's optimal production batch. The objective is to maximize total supply......-chain profit. The numerical analysis shows that as long as the maximum display area is not used, it is more valuable for the buyer and the vendor to cooperate in situations when the demand is more stock- dependent. It also shows the effect of double marginalization in this integrated vendor-buyer model....

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

    Science.gov (United States)

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

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

  16. Emerging interdependence between stock values during financial crashes.

    Directory of Open Access Journals (Sweden)

    Jacopo Rocchi

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

  17. Emerging interdependence between stock values during financial crashes.

    Science.gov (United States)

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

    2017-01-01

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

  18. Research on the fractal structure in the Chinese stock market

    Science.gov (United States)

    Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li

    2004-02-01

    Applying fractal theory, this paper probes and discusses self-similarity and scale invariance of the Chinese stock market. It analyses three kinds of scale indexes, i.e., autocorrelation index, Hurst index and the scale index on the basis of detrended fluctuation analysis (DFA) algorithm and promotes DFA into a recursive algorithm. Using the three kinds of scale indexes, we conduct empirical research on the Chinese Shanghai and Shenzhen stock markets. The results indicate that the rate of returns of the two stock markets does not obey the normal distribution. A correlation exists between the stock price indexes over time scales. The stock price indexes exhibit fractal time series. It indicates that the policy guide hidden at the back influences the characteristic of the Chinese stock market.

  19. MACROECONOMIC VARIABLES AND STOCK PRICE VOLATILITY IN NIGERIA

    Directory of Open Access Journals (Sweden)

    OSAZEE GODWIN OMOROKUNWA

    2014-10-01

    Full Text Available The purpose of this paper is to examine the relationship between stock price volatility and few macroeconomic variables such as inflation, exchange rate, GDP and interest rate. Annual time series data ranging from 1980 to 2011 was used for this study. The generalized autoregressive conditional heteroskedasticity (GARCH model was used in the empirical analysis. The findings of the study showed that stock prices in Nigeria are volatile. And that past information in the market have effect on stock price volatility in Nigeria. In addition, the study showed that interest rate and exchange have a weak effect on stock price volatility while inflation is the main determinant of stock price volatility in Nigeria. The authors recommend that inflation should be targeted as the main monetary policy aimed at directing the stock market.

  20. Multifractal analysis of Moroccan family business stock returns

    Science.gov (United States)

    Lahmiri, Salim

    2017-11-01

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

  1. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    We derive a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock’s excess risk-neutral variance relative to the average stock. These components can be computed from index and stock option prices; the formula has no free parameters....... We test the theory in-sample by running panel regressions of stock returns onto risk-neutral variances. The formula performs well at 6-month and 1-year forecasting horizons, and our predictors drive out beta, size, book-to-market, and momentum. Out-of-sample, we find that the formula outperforms...... a range of competitors in forecasting individual stock returns. Our results suggest that there is considerably more variation in expected returns, both over time and across stocks, than has previously been acknowledged....

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

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

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

  3. Multiscale Analysis of the Predictability of Stock Returns

    Directory of Open Access Journals (Sweden)

    Paweł Fiedor

    2015-06-01

    Full Text Available Due to the strong complexity of financial markets, economics does not have a unified theory of price formation in financial markets. The most common assumption is the Efficient-Market Hypothesis, which has been attacked by a number of researchers, using different tools. There were varying degrees to which these tools complied with the formal definitions of efficiency and predictability. In our earlier work, we analysed the predictability of stock returns at two time scales using the entropy rate, which can be directly linked to the mathematical definition of predictability. Nonetheless, none of the above-mentioned studies allow any general understanding of how the financial markets work, beyond disproving the Efficient-Market Hypothesis. In our previous study, we proposed the Maximum Entropy Production Principle, which uses the entropy rate to create a general principle underlying the price formation processes. Both of these studies show that the predictability of price changes is higher at the transaction level intraday scale than the scale of daily returns, but ignore all scales in between. In this study we extend these ideas using the multiscale entropy analysis framework to enhance our understanding of the predictability of price formation processes at various time scales.

  4. The Random-Walk Hypothesis on the Indian Stock Market

    OpenAIRE

    Ankita Mishra; Vinod Mishra; Russell Smyth

    2014-01-01

    This study tests the random walk hypothesis for the Indian stock market. Using 19 years of monthly data on six indices from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), this study applies three different unit root tests with two structural breaks to analyse the random walk hypothesis. We find that unit root tests that allow for two structural breaks alone are not able to reject the unit root null; however, a recently developed unit root test that simultaneously accou...

  5. Investor behavior heterogeneity in the French stock market

    OpenAIRE

    Rania Guirat

    2011-01-01

    We estimate in this paper a non probabilistic Markovien model of stock prices with an evolutionary selection of heterogeneous strategies. It is a model proposed by Brock and Hommes (1997, 1998) and improved later by Boswijk and al. (2007). Indeed, the latter propose one of the few estimations considering stock markets data, characterized by an evolutionary selection procedure of heterogeneous strategies. They estimate the model to annual US stock price data from 1871 to 2003. In this paper, w...

  6. STOCK MANAGEMENT IN A MANUFACTURING AND TRADING COMPANY

    OpenAIRE

    Ewa Kempa

    2009-01-01

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

  7. Analysis of the Main Indicators of the Bucharest Stock Exchange

    OpenAIRE

    Madalina Gabriela ANGHEL

    2014-01-01

    The goal of this article is to achieve an analysis of the evolution and significance of the main indicators of the Bucharest Stock Exchange (stock exchange capitalization, BET index, value of the concluded transactions) over the last fifteen years. One of the significant elements in analyzing the performances of the capital market consist of the stock exchange capitalization which an essential indicator for characterizing of this domain of activity, mainly if considering the fact that it is u...

  8. Investors' performance and trading behavior on the Norwegian stock market

    OpenAIRE

    Che, Limei

    2011-01-01

    This dissertation examines investors’ performance and trading behavior on the Norwegian stock market, using a unique and extensive data set of monthly holdings of all the investors. The first paper studies how Norwegian individual investors, financial institutional investors and foreign investors affect stock return volatility and finds surprising and interesting results: domestic individual investors and financial institutional investors dampen stock return volatility, and foreign investors ...

  9. Measuring liquidity on stock market: impact on liquidity ratio

    OpenAIRE

    Siniša Bogdan; Suzana Bareša; Saša Ivanović

    2012-01-01

    The purpose – It is important to emphasize that liquidity on Croatian stock market is low, the purpose of this paper is to test empirically and find out which variables make crucial role in decision making process of investing in stocks. Design – This paper explores the impact of various liquidity variables on liquidity ratio since it is still insufficiently researched topic. Methodology –This research uses secondary and primary data available from Croatian stock market. Considering pri...

  10. Stock market and macroeconomic variables : evidences from Lithuania

    OpenAIRE

    Pilinkus, Donatas

    2009-01-01

    The stock market has been historically viewed as a reliable instrument to indicate economic processes. However, contemporary papers reveal the controversy of the issue. A clear understanding of stock market determinants is vital for investors, regulators, and academic researchers. Therefore, future researches are required to further explore this issue. The present paper analyzes relationships between a group of macroeconomic variables and the Lithuanian stock market index, i.e. OMX Vilnius in...

  11. Asymmetry Effects of shocks in Chinese Stock Markets Volatility

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

    The unique characteristics of the Chinese stock markets make it difficult to assume a particular distribution for innovations in returns and the specification form of the volatility process when modelling return volatility with the parametric GARCH family models. This paper therefore applies...... a generalized additive nonparametric smoothing technique to examine the volatility of the Chinese stock markets. The empirical results indicate that an asymmetric effect of negative news exists in the Chinese stock markets. Furthermore, compared with other parametric models, the generalized additive...

  12. Geon deal triggers bloodbath in Goodrich stock

    International Nuclear Information System (INIS)

    Plishner, E.S.

    1993-01-01

    The stock market has not taken well to BFGoodrich's plans to sell half of its Geon vinyl business to the public in an initial public offering (IPO). Before the announcement of both the Geon offering and Clinton's economic plan, Goodrich stock was selling at about $54/share; a week later, it closed at $42.875. With 25.6 million shares, $285 million of market value, about one-quarter of the total, evaporated in response. As planned, the Geon offering is expected to raise $400 million-$450 million (net, after-tax). The company will redeploy the capital to grow its aerospace business, which focuses on aircraft maintenance and repair, by strategic acquisition. CEO John Ong says, 'We will use the proceeds to expand our specialty chemicals and aerospace businesses,' and the attractive opportunities are aerospace. 'There aren't any bargains in specialty chemicals now,' says Mark L. Parr, analyst at McDonald ampersand Co. Securities (Cleveland). If Goodrich makes only aerospace purchases, specialty chemicals could end up generating less than half of Goodrich's revenues and earnings, although the company expects strong specialty chemicals growth to 'maintain a balance' between the two business areas over the long term. 'Goodrich was never going to be the low-cost producer in PVC [polyvinyl chloride],' says Leonard Bogner, of Prudential Securities (New York), who thinks the move 'makes sense.' Goodrich, advised by Goldman Sachs (New York), apparently reasons that with the IPO market now strong, Wall Street bullish about PVC, and some strong acquisition candidates available in aerospace, it makes good sense to monetize Geon promptly. Some analysts agree: 'This is the point in the PVC cycle where the values tend to be highest, because the stock valuation runs well in advance of earnings,' says Parr

  13. Multinational Corporations and Stock Price Crash Risk

    Directory of Open Access Journals (Sweden)

    Anthony May

    2016-10-01

    Full Text Available A nascent literature in finance and accounting on tail risk in individual stock returns concludes that bad news hoarding by corporate managers engenders sudden, extreme crashes in a firm’s stock price when the bad news is eventually made public. This literature finds that firm-specific crash risk is higher among firms with more severe asymmetric information and agency problems. A hitherto disjointed literature spanning the fields of international business, finance, and accounting suggests that geographic dispersion in a firm’s operations, and especially dispersion across different countries, gives rise to organizational complexities and greater costs of monitoring that can exacerbate asymmetric information and agency problems. Motivated by the confluence of arguments and findings from these two strands of literature, this paper examines whether stock price crash risk is higher among multinational firms than domestic firms. Using a large sample of U.S. headquartered firms during 1987-2011, we find robust evidence that multinational firms are significantly more likely to crash than domestic firms. Moreover, we show that the difference in crash risk between multinational and domestic firms is most acute among firms with weaker corporate governance mechanisms, including weaker shareholder rights, less independent boards, and less stable institutional ownership. Our analysis indicates that stronger monitoring from each of these three governance mechanisms significantly attenuates the positive relation between crash risk and multinationality. Our findings are robust to the use of alternative measures of crash risk and to controlling for known determinants of crash risk identified in prior studies. Our study offers new insights that should hold value for scholars and market participants interested in understanding the implications of heighted agency problems that multinational firms are likely to encounter and scholars and market participants

  14. Maximum concentrations at work and maximum biologically tolerable concentration for working materials 1991

    International Nuclear Information System (INIS)

    1991-01-01

    The meaning of the term 'maximum concentration at work' in regard of various pollutants is discussed. Specifically, a number of dusts and smokes are dealt with. The valuation criteria for maximum biologically tolerable concentrations for working materials are indicated. The working materials in question are corcinogeneous substances or substances liable to cause allergies or mutate the genome. (VT) [de

  15. 75 FR 43840 - Inflation Adjustment of the Ordinary Maximum and Aggravated Maximum Civil Monetary Penalties for...

    Science.gov (United States)

    2010-07-27

    ...-17530; Notice No. 2] RIN 2130-ZA03 Inflation Adjustment of the Ordinary Maximum and Aggravated Maximum... remains at $250. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act [email protected] . SUPPLEMENTARY INFORMATION: The Federal Civil Penalties Inflation Adjustment Act of 1990...

  16. Enterprises from NewConnect Stock Market

    Directory of Open Access Journals (Sweden)

    Grzegorz Gołębiowski

    2009-12-01

    Full Text Available Corporate capital structure has been the subject of extensive research in the last decades. The article briefly examines the existing theories of corporate capital structure. However, applying those concepts in practice has brought mixed results. This study is another attempt to determine capital structure in selected companies as well as analyze impact of the pre-defined debt level on effectiveness of economic entity. Variables like size and sector and their influence on debt-raising ability have also been verified. 10 companies permitted to trade on NewConnect stock market constituted the sample for this study.

  17. Climate change mitigation by carbon stocking

    DEFF Research Database (Denmark)

    Lykke, Anne Mette; Barfod, Anders S.; Svendsen, Gert Tinggaard

    2009-01-01

    with promotion of secondary crops such as food resources and traditional medicines harvested on a sustainable basis. Methods for modelling and mapping of potential carbon biomass are being developed, but are still in a preliminary state. Although economic benefits from the sale of carbon credits are likely...... primarily on rain forest countries and excludes semi-arid West Africa from the preliminary setup. African savannas have potentials to store carbon in the present situation with degrading ecosystems and relatively low revenues from crops and cattle, especially if it is possible to combine carbon stocking...

  18. Simplified stock markets described by number operators

    Science.gov (United States)

    Bagarello, F.

    2009-06-01

    In this paper we continue our systematic analysis of the operatorial approach previously proposed in an economical context and we discuss a mixed toy model of a simplified stock market, i.e. a model in which the price of the shares is given as an input. We deduce the time evolution of the portfolio of the various traders of the market, as well as of other observable quantities. As in a previous paper, we solve the equations of motion by means of a fixed point like approximation.

  19. Stock-car racing makes intuitive physicists

    Science.gov (United States)

    Gwynne, Peter

    2008-03-01

    Formula One races involve cars festooned with gadgets and complex electronic devices, in which millions of dollars are spent refining a vehicle's aerodynamics and reducing its weight. But in events run by America's National Association of Stock Car Auto Racing (NASCAR), cars hurtle round an oval track at speeds of about 300 km h-1 without the help of the complex sensors that are employed in Formula One cars. To avoid crashing, drivers must make their own adjustments to track conditions, engine problems and the traffic around them.

  20. Black swans in the brazilian stock market

    OpenAIRE

    Lovisolo,Hugo Jacob; Leal,Ricardo Pereira Câmara

    2013-01-01

    This study analyzes extreme values in the daily returns of 45 Brazilian stocks between 2 January 1995 and 18 March 2009. The incidence of observations outside the range of three standard deviationsfrom the mean is at least five times greater than under the normal distribution. The occurrence of extreme values in the upper tail is 1.13 times higher than in the lower. The average of the extreme positive returns is higher than that of extreme negative returns. Half percent of the days determined...