Sample records for mixed stock analysis

  1. Mixed stock analysis of Lake Michigan's Lake Whitefish Coregonus clupeaformis commercial fishery

    Andvik, Ryan; Sloss, Brian L.; VanDeHey, Justin A.; Claramunt, Randall M.; Hansen, Scott P.; Isermann, Daniel A.


    Lake whitefish (Coregonus clupeaformis) support the primary commercial fishery in Lake Michigan. Discrete genetic stocks of lake whitefish have been identified and tagging data suggest stocks are mixed throughout much of the year. Our objectives were to determine if (1) differential stock harvest occurs in the commercial catch, (2) spatial differences in genetic composition of harvested fish were present, and (3) seasonal differences were present in the harvest by commercial fisheries that operate in management zones WI-2 and WFM-01 (Green Bay, Lake Michigan). Mixed stock analysis was conducted on 17 commercial harvest samples (n = 78–145/sample) collected from various ports lake-wide during 2009–2010. Results showed significant mixing with variability in stock composition across most samples. Samples consisted of two to four genetic stocks each accounting for ≥ 10% the catch. In 10 of 17 samples, the stock contributing the largest proportion made up differences existed in the proportional stock contribution at a single capture location. Samples from Wisconsin's primary commercial fishing management zone (WI-2) were composed predominately of fish from the Big Bay de Noc (Michigan) stock as opposed to the geographically proximate, North–Moonlight Bay (Wisconsin) stock. These findings have implications for management and allocation of fish to various quotas. Specifically, geographic location of harvest, the current means of allocating harvest quotas, is not the best predictor of genetic stock harvest.

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

    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...

  3. Spatiotemporal dynamics of the Atlantic salmon (Salmo salar) Greenland fishery inferred from mixed-stock analysis

    Gauthier-Ouellet, M.; Dionne, M.; Caron, F.; King, T.L.; Bernatchez, L.


    Mixed-stock fisheries refer to the exploitation of admixed fish stocks coming from different origins. We identified the North American origin of 2835 Atlantic salmon (Salmo salar) in the Greenland mixed-stock fishery during 11 years (1995-2006) at three localities using 13 microsatellites. The study included 52 baseline populations representing nine genetically distinct regional groups. The contribution of each group ranged from increasing contribution for Labrador (+14.9%) was observed during the time course of the study. The estimated regional contribution to the Greenland fishery was significantly correlated to the number of multi-sea-winter salmon regionally produced in 2002 (r = 0.79) and 2004 (r = 0.92). No difference in contribution was found between the three Greenland sampling localities. Ungava and Southern Qu??bec regions showed the highest mortality estimates caused by the fishery, ranging from 12.10% to 18.08%, for both years tested. No regional group was overrepresented in landings compared with their respective productivity. Yet, management precautions should still be taken as the fishery strongly selects large females, which could have evolutionary impacts on populations over the long term.

  4. Green turtles (Chelonia mydas foraging at Arvoredo Island in Southern Brazil: genetic characterization and mixed stock analysis through mtDNA control region haplotypes

    Maíra Carneiro Proietti


    Full Text Available We analyzed mtDNA control region sequences of green turtles (Chelonia mydas from Arvoredo Island, a foraging ground in southern Brazil, and identified eight haplotypes. Of these, CM-A8 (64% and CM-A5 (22% were dominant, the remainder presenting low frequencies ( 0.05. Mixed Stock Analysis, incorporating eleven Atlantic and one Mediterranean rookery as possible sources of individuals, indicated Ascension and Aves islands as the main contributing stocks to the Arvoredo aggregation (68.01% and 22.96%, respectively. These results demonstrate the extensive relationships between Arvoredo Island and other Atlantic foraging and breeding areas. Such an understanding provides a framework for establishing adequate management and conservation strategies for this endangered species.

  5. Stocking equations for regeneration in mixed oak stands

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


    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)....

  6. An analysis of genetic stock identification on a small geographical scale using microsatellite markers, and its application in the management of a mixed-stock fishery for Atlantic salmon Salmo salar in Ireland.

    Ensing, D; Crozier, W W; Boylan, P; O'Maoiléidigh, N; McGinnity, P


    A genetic stock identification (GSI) study was undertaken in a fishery for Atlantic salmon Salmo salar to determine the effects of restrictive fishery management measures on the stock composition of the fishery, and if accurate and precise stock composition estimates could be achieved on the small geographical scale where this fishery operates, using a suite of only seven microsatellite loci. The stock composition of the Foyle fishery was shown to comprise almost exclusively of Foyle origin fish in the 3 years after restrictive measures were introduced in 2007, compared to 85% the year before. This showed that the restrictive measures resulted in the Foyle fishery being transformed from a mixed-stock fishery to an almost exclusively single-stock fishery, and showed how GSI studies can guide and evaluate management decisions to successfully manage these fisheries. Highly accurate and precise stock composition estimates were achieved in this study, using both cBAYES and ONCOR genetic software packages. This suggests accurate and precise stock composition is possible even on small geographical scales. © 2013 AFBINI. Journal of Fish Biology © 2013 The Fisheries Society of the British Isles.

  7. Analysis of Economic Factors Affecting Stock Market

    Xie, Linyin


    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...

  8. Make to stock and mix to order

    Akkerman, Renzo; van der Meer, Dirk; van Donk, Dirk Pieter


    In contrast to discrete manufacturers, food-processing companies can sometimes produce the same end products in different ways: either mix first and then process, or process first and mix later. Moreover, a final product can be mixed from different raw materials or intermediates. That adds a new...... dimension to postponement and decoupling point theory as choices have to be made not only with regard to where to locate inventory, but also which products to store. That aspect has not been covered so far. This paper explores this problem for a typical two-stage food production situation in a flour mill....... The number and composition of intermediate products in the decoupling point is determined using a stepwise solution approach supported by mathematical programming models. The procedure facilitates decision-making for the management of the mill regarding how many and what intermediates to store. Extensions...

  9. Elements of stock market analysis

    Suciu, T.


    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.

  10. Analysis of Naval Ammunition Stock Positioning


    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

  11. Effects of changes in stock productivity and mixing on sustainable fishing and economic viability

    Bastardie, Francois; Nielsen, J. Rasmus; Eero, Margit


    Within the new FMSY European paradigm, this paper shows how a combination of changes in fish stock mixing, non-stationarity in productivity, and constraints on unit stock concepts undermine the effective management of fisheries, especially when management reference points are not adjusted...... accordingly. Recent changes in stock structures, conditions and stock mixing between eastern and western Baltic cod can jeopardize the reliability of stock assessments and of the fishery economy. We modelled how different management, individual vessel decision-making, and stock growth and mixing scenarios...... have induced alternative individual vessel spatial effort allocation and economic performance by affecting fishing costs and by changing the relative stock abundance and size distribution. Stock mixing heavily influences profit and stock abundance for stocks that have experienced increased fishing...

  12. Method of manufacturing mixed stock powders for nuclear fuel elements

    Hirayama, Satoshi.


    Purpose: To alleviate the limit of the present reactor operating conditions by uniformly mixing an additive to the main content as an uranium dioxide or mixture of the uranium dioxide with plutonium dioxide. Method: A mixed stock powder is obtained by adding an additive of at least two of aluminium oxide, beryllium oxide, calcium oxide, magnesium oxide, silicon oxide, sodium oxide, potassium oxide, phosphorus oxide, titanium oxide and iron oxide to suspension having ammonia water as dispersion medium to start the deposition of precipitation at a step of precipitating ammonium diuranate or plutionium hydroxide of a main content of uranium dioxide or mixture of uranium dioxide and plutonium dioxide and deposited precipitate is calcinated and reduced. (Yoshihara, H.)

  13. Recurrence quantification analysis of global stock markets

    Bastos, João A.; Caiado, Jorge


    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.

  14. Distinguishing manipulated stocks via trading network analysis

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


    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.

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    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

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

    Wilson Yaputra Yakup


    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.

  17. Prediction of stock markets by the evolutionary mix-game model

    Chen, Fang; Gou, Chengling; Guo, Xiaoqian; Gao, Jieping


    This paper presents the efforts of using the evolutionary mix-game model, which is a modified form of the agent-based mix-game model, to predict financial time series. Here, we have carried out three methods to improve the original mix-game model by adding the abilities of strategy evolution to agents, and then applying the new model referred to as the evolutionary mix-game model to forecast the Shanghai Stock Exchange Composite Index. The results show that these modifications can improve the accuracy of prediction greatly when proper parameters are chosen.

  18. Stock market prediction using technical analysis

    Bradić-Martinović Aleksandra


    Full Text Available Technical analysis (TA is a form of analyzing market encompassing supply and demand of securities according to the study of their prices and trading volume. Using the appropriate methods, TA aims to identify price movements in the stock market, futures or currencies. In short, TA analysis is the process by which "future price movements are formulated according to the price history". TA originates from the work of Charles Dow and his conclusions about the global behavior of the market, as well as from Elliot Wave Theory. Dow did not regard its theory as a tool for stock market movement prediction, nor as a guide for investors, but as a kind of barometer of general market movements. The term TA methods encompasses all the methods used in tracking prices aiming to clearly predict future events. Many different methods, mainly statistical, are used in technical analysis, the most popular ones being: establishing and following trends using moving average, recognizing price momentum, calculating indicators and oscillators, as well as cycle analysis (structure indicators. It is also necessary to point out that TA is not a science in the true meaning of the term, and that methods it uses frequently deviate from the conventional manner of their use. The main advantage of these methods is their relative ease of use, aiming to give as clear picture as possible of price movements, while at the same time avoiding the use of complicated and complex mathematical methods. The reason for this is simple and is reflected in the dynamics of financial markets, where changes occur during short periods of time and where prompt decision-making is of vital importance.

  19. Network structure detection and analysis of Shanghai stock market

    Sen Wu


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

  20. Analysis of the Main Indicators of the Bucharest Stock Exchange

    Madalina Gabriela ANGHEL


    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...

  1. Multifractal analysis of Moroccan family business stock returns

    Lahmiri, Salim


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

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

    Muhammad Iqbal


    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.

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

    Muhammad Iqbal


    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.

  4. The Influence of Fundamental and Macroeconomic Analysis on Stock Price

    Hari Gursida


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

  5. Stock price analysis of sustainable foreign investment companies in Indonesia

    Fachrudin, Khaira Amalia


    The stock price is determined by demand and supply in the stock market. Stock price reacts to information. Sustainable investment is an investment that considers environmental sustainability and human rights. This study aims to predict the probability of above average stock price by including the sustainability index as one of its variables. The population is all foreign investment companies in Indonesia. The target population is companies that distribute dividends – also as a sample. The analysis tool is a logistic regression. At 5% alpha, it was found that sustainability index did not have the probability to increase stock price average. The significant effects are free cash flow and cost of debt. However, sustainability index can increase the Negelkarke R square. The implication is that the awareness of sustainability is still necesary to be improved because from the research result it can be seen that investors only consider the risk and return.

  6. Stock-environment recruitment analysis for Namibian Cape hake ...

    Stock-environment recruitment analysis for Namibian Cape hake Merluccius capensis. ... The factors modulating recruitment success of Cape hake Merluccius capensis in Namibian waters are still unresolved. ... AJOL African Journals Online.

  7. Adding trend data to Depletion-Based Stock Reduction Analysis

    National Oceanic and Atmospheric Administration, Department of Commerce — A Bayesian model of Depletion-Based Stock Reduction Analysis (DB-SRA), informed by a time series of abundance indexes, was developed, using the Sampling Importance...


    Jana Halčinová


    Full Text Available The aim of the present article is to show the possibility of using the methods of cluster analysis in classification of stocks of finished products. Cluster analysis creates groups (clusters of finished products according to similarity in demand i.e. customer requirements for each product. Manner stocks sorting of finished products by clusters is described a practical example. The resultants clusters are incorporated into the draft layout of the distribution warehouse.

  9. A cointegration analysis of wine stock indexes

    Sabina Introvigne


    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

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

    Guo, Kun; Sun, Yi; Qian, Xin


    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.

  11. Analysis and Design of Rolling Stock Elements

    M. V. Chugunov


    Full Text Available The work solves the problem of equal-strength design of the rolling stock elements in option of discrete equal-strength. For this purpose, has been developed the software built in SolidWorks and SolidWorks Simulation as an AddIn-application using necessary basic functionality and extending it in the specified part on the basis of API SolidWorks and COM technology.The SolidWorks software is used to develop a 3D-model for general force frame of the wagon as an assembly. As this assembly is quite complicated and includes many elements both standard, and non-standard type, 3D - specification is developed by 3Dvia Composer software, which is included in the article in the form of the gif-animation and via-roller. This means is very useful for the evident analysis of topology and geometrical properties of a design as a whole, facilitates a procedure of adequate formation of the FE model providing accuracy and profitability of computing. From the point of view of profitability and opportunities of definition of concentrators of stresses with a sufficient accuracy for practice the combined model including volume and shell FEM is optimum.In the work the analysis results of stress-strain state of a design are given in two options of static loading in the form of stress diagrams, the main areas of stress concentration are revealed.Results of equal-strength design in the form of thickness distribution on thin-walled elements of a design, considered within FEM as shells, are received. It is shown that the developed software doesn't allow optimum design results, however it is economically viable, simple in use and can be applied to the solution of problems of rational design in design practice.SolidWorks, as well as the majority of similar CADs, possess an open architecture and allow users to apply its functionality. This work continues a series of publications of the author of this paper and other authors concerning the API-based CAD/CAE adaptation and

  12. Forecasting Analysis of Shanghai Stock Index Based on ARIMA Model

    Li Chenggang


    Full Text Available Prediction and analysis of the Shanghai Composite Index is conducive for investors to investing in the stock market, and providing investors with reference. This paper selects Shanghai Composite Index monthly closing price from Jan, 2005 to Oct, 2016 to construct ARIMA model. This paper carries on the forecast of the last three monthly closing price of Shanghai Stock Index that have occurred, and compared it with the actual value, which tests the accuracy and feasibility of the model in the short term Shanghai Stock Index forecast. At last, this paper uses the ARIMA model to forecast the Shanghai Composite Index closing price of the last two months in 2016.

  13. Oil futures prices and stock management: a cointegration analysis

    Balabanoff, Stefan


    Futures markets are considered important to hedgers and speculators. Therefore, they are relevant to stock management. This issue is tested empirically by applying the methodology of cointegration analysis and causality testing to the monthly average of commercial (non-strategic) primary oil stocks and monthly averages of West Texas Intermediate (WTI) spot and futures prices for one month and three-months delivery, over the period January 1985 to June 1993. Long-and short-run relations are presented. The results support the view of a relationships between futures prices and oil stocks. (author)

  14. Traveling around Cape Horn: Otolith chemistry reveals a mixed stock of Patagonian hoki with separate Atlantic and Pacific spawning grounds

    Schuchert, P.C.; Arkhipkin, A.I.; Koenig, A.E.


    Trace element fingerprints of edge and core regions in otoliths from 260 specimens of Patagonian hoki, Macruronus magellanicus L??nnberg, 1907, were analyzed by LA-ICPMS to reveal whether this species forms one or more population units (stocks) in the Southern Oceans. Fish were caught on their spawning grounds in Chile and feeding grounds in Chile and the Falkland Islands. Univariate and multivariate analyses of trace element concentrations in the otolith edges, which relate to the adult life of fish, could not distinguish between Atlantic (Falkland) and Pacific (Chile) hoki. Cluster analyses of element concentrations in the otolith edges produced three different clusters in all sample areas indicating high mixture of the stocks. Cluster analysis of trace element concentrations in the otolith cores, relating to juvenile and larval life stages, produced two separate clusters mainly distinguished by 137Ba concentrations. The results suggest that Patagonian hoki is a highly mixed fish stock with at least two spawning grounds around South America. ?? 2009 Elsevier B.V.

  15. An Analysis of Theories on Stock Returns

    Ahmet Sekreter


    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.

  16. Financial liberalization and stock market cross-correlation: MF-DCCA analysis based on Shanghai-Hong Kong Stock Connect

    Ruan, Qingsong; Zhang, Shuhua; Lv, Dayong; Lu, Xinsheng


    Based on the implementation of Shanghai-Hong Kong Stock Connect in China, this paper examines the effects of financial liberalization on stock market comovement using both multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) methods. Results based on MF-DFA confirm the multifractality of Shanghai and Hong Kong stock markets, and the market efficiency of Shanghai stock market increased after the implementation of this connect program. Besides, analysis based on MF-DCCA has verified the existence of persistent cross-correlation between Shanghai and Hong Kong stock markets, and the cross-correlation gets stronger after the launch of this liberalization program. Finally, we find that fat-tail distribution is the main source of multifractality in the cross-correlations before the stock connect program, while long-range correlation contributes to the multifractality after this program.

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

    Wahyuningtyas, Rovi; Suhadak,; Hidayat, Raden Rustam


    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...

  18. Stock-specific advection of larval walleye (Sander vitreus) in western Lake Erie: Implications for larval growth, mixing, and stock discrimination

    Fraker, Michael E.; Anderson, Eric J.; May, Cassandra J.; Chen, Kuan-Yu; Davis, Jeremiah J.; DeVanna, Kristen M.; DuFour, Mark R.; Marschall, Elizabeth A.; Mayer, Christine M.; Miner, Jeffery G.; Pangle, Kevin L.; Pritt, Jeremy J.; Roseman, Edward F.; Tyson, Jeffrey T.; Zhao, Yingming; Ludsin, Stuart A


    Physical processes can generate spatiotemporal heterogeneity in habitat quality for fish and also influence the overlap of pre-recruit individuals (e.g., larvae) with high-quality habitat through hydrodynamic advection. In turn, individuals from different stocks that are produced in different spawning locations or at different times may experience dissimilar habitat conditions, which can underlie within- and among-stock variability in larval growth and survival. While such physically-mediated variation has been shown to be important in driving intra- and inter-annual patterns in recruitment in marine ecosystems, its role in governing larval advection, growth, survival, and recruitment has received less attention in large lake ecosystems such as the Laurentian Great Lakes. Herein, we used a hydrodynamic model linked to a larval walleye (Sander vitreus) individual-based model to explore how the timing and location of larval walleye emergence from several spawning sites in western Lake Erie (Maumee, Sandusky, and Detroit rivers; Ohio reef complex) can influence advection pathways and mixing among these local spawning populations (stocks), and how spatiotemporal variation in thermal habitat can influence stock-specific larval growth. While basin-wide advection patterns were fairly similar during 2011 and 2012, smaller scale advection patterns and the degree of stock mixing varied both within and between years. Additionally, differences in larval growth were evident among stocks and among cohorts within stocks which were attributed to spatiotemporal differences in water temperature. Using these findings, we discuss the value of linked physical–biological models for understanding the recruitment process and addressing fisheries management problems in the world's Great Lakes.

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

    Liem Pei Fun


    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

  20. IFRS and Stock Returns: An Empirical Analysis in Brazil

    Rodrigo F. Malaquias


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

  1. A cointegration analysis of wine stock indexes

    Sabina Introvigne; Emanuele Bacchiocchi; Daniela Vandone


    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 c...

  2. Multiscale Detrended Cross-Correlation Analysis of STOCK Markets

    Yin, Yi; Shang, Pengjian


    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

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



    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.

  4. Toxoplasma gondii and Neospora caninum seroprevalence in dairy sheep and goats mixed stock farming.

    Diakoua, Anastasia; Anastasia, Diakou; Papadopoulos, Elias; Elias, Papadopoulos; Panousis, Nikolaos; Nikolaos, Panousis; Karatzias, Charilaos; Charilaos, Karatzias; Giadinis, Nektarios; Nektarios, Giadinis


    Toxoplasma and Neospora infections are important causes of abortions and economic losses in animal production. Mixed stock farming of sheep and goats is a common practice in Mediterranean countries and could serve as a suitable model for the evaluation of differences between the two animal species regarding parasitic infections. In order to investigate the seroprevalence of T. gondii and N. caninum among flocks of small ruminants in Greece and to evaluate any prevalence difference between sheep and goats kept in mixed flocks, 833 sera samples (458 sheep and 375 goats) from 50 mixed flocks in different areas of the country were examined by ELISA for the detection of specific antibodies. Specific IgG against T. gondii were detected in 53.71% and 61.3% and against N. caninum in 16.8% and 6.9% of the sheep and goats, respectively. Goats had higher Toxoplasma seroprevalence than sheep (pgoats (pgoats that are kept together in mixed flocks. Copyright © 2013 Elsevier B.V. All rights reserved.

  5. Fish otoliths analysis by PIXE: application to stock discrimination

    Arai, Nobuaki; Takai, Noriyuki; Sakamoto, Wataru; Yoshida, Koji; Maeda, Kuniko.


    Fish otoliths are continuously deposited from fish birth to its death along with encoding environmental information. In order to decode the information, PIXE was adopted as trace elemental analysis of the otoliths. Strontium to calcium concentration ratios of red sea bream otoliths varied among rearing stations. The Sr/Ca ratios of Lake Biwa catfishes also varied between male and female and among fishing grounds. The PIXE analysis was applied to the fish stock discrimination. (author)

  6. Modeling climate and fuel reduction impacts on mixed-conifer forest carbon stocks in the Sierra Nevada, California

    Matthew D. Hurteau; Timothy A. Robards; Donald Stevens; David Saah; Malcolm North; George W. Koch


    Quantifying the impacts of changing climatic conditions on forest growth is integral to estimating future forest carbon balance. We used a growth-and-yield model, modified for climate sensitivity, to quantify the effects of altered climate on mixed-conifer forest growth in the Lake Tahoe Basin, California. Estimates of forest growth and live tree carbon stocks were...

  7. Cross dynamics of oil-stock interactions: A redundant wavelet analysis

    Jammazi, Rania


    The main aim of the present paper is to explore how the interactions between crude oil (CO) price changes and stock returns of five developed countries namely U.S.A, Canada, Germany, Japan and U.K., evolve simultaneously over time and frequency, in light of the conflicting evidence provided by much of recent studies on the sign and the direction of this relationship. To this end, we apply a more efficient wavelet tool, namely Haar à trous wavelet transform that helps circumvent the problems of the standard regression techniques and proves its effectiveness in encircling the real data features. In order to provide more credible conclusions, the wavelet variance, correlation and cross-correlation are implemented. In general, we extend the existing empirical works by providing more generalized and convincing results inherent to the stock-oil markets interactions which are usually reputed to be complicated. First, we find evidence that the wavelet variances of all the variables decrease with increasing scales. Second, from the analysis of the wavelet correlation, changes in CO and almost all the stock prices do not move together up to the intermediate scale, but since they abruptly shift their direction in unison. Third, results for the wavelet CCF at scales 2, 3 and/or 4 generally illustrate no transmission mechanism between CO and the stock market returns although we provide support for massive CO variations at these scales. In contrast, the CO-equity market relationships at higher scales become interconnected in a negative unidirectional pattern running from CO to stock market returns for only two oil importing countries but also Canada. For oil exporting countries, we have seen that while highly transient (scale 1) positive/negative causalities flowing from TSX stock market to CO changes are detected, highly persistent (scale 6) positive causality running from FTSE to the CO changes are rather found. Finally, the implications of the study's results vary depending

  8. A network analysis of the Chinese stock market

    Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang


    In many practical important cases, a massive dataset can be represented as a very large network with certain attributes associated with its vertices and edges. Stock markets generate huge amounts of data, which can be use for constructing the network reflecting the market’s behavior. In this paper, we use a threshold method to construct China’s stock correlation network and then study the network’s structural properties and topological stability. We conduct a statistical analysis of this network and show that it follows a power-law model. We also detect components, cliques and independent sets in this network. These analyses allows one to apply a new data mining technique of classifying financial instruments based on stock price data, which provides a deeper insight into the internal structure of the stock market. Moreover, we test the topological stability of this network and find that it displays a topological robustness against random vertex failures, but it is also fragile to intentional attacks. Such a network stability property would be also useful for portfolio investment and risk management.

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

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

  10. Comparative Analysis of Investment Funds Stocks-based Portfolios and BET Stocks-based Portfolios

    Ion STANCU


    Full Text Available In this paper we intend to find out what is the best choice of stocks-based portfolio. The major goal is to find whether is more efficient to invest the whole capital in a single sector, like financial investments, or to create a diversified portfolio, taking into account assets from various economic sectors. Capital allocation will be based on the concept of cointegration. We have chosen this method because it can be applied on non-stationary data series, and, besides, it has the advantage of using the whole set of information provided by the financial assets. Another goal is to study how the portfolio structure adjusts if a shock occurs during the period under analysis so that to preserve a certain return or minimize a potential loss. The study will result in an investment solution in the Romanian capital market, even in the context of financial crisis.


    Sinisa Bogdan


    Full Text Available In this paper we analyze the portfolio that was selected from the Zagreb Stock Exchange and also try to assess its risks and its future offerings that are relevant in making the decisions about investments. Through the work we will explain the importance of diversification and how the very diversification reduces risk. We will also analyze the systemic risk of individual stocks within the portfolio and the systemic risk of the given portfolio and explain its importance. Through regression analysis we will analyze the securities with the highest and lowest systemic risk and will clarify the results. At the end we will explain the correlation in the selected portfolio and point out the importance of the correlation and diversification itself.

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

    Zhao, Feng


    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 ...

  13. Reduce the risk of stock trading by using technical analysis in iran's ...

    Reduce the risk of stock trading by using technical analysis in iran's stock market. ... In this research, efficiency of 50 active companies of Tehran Stock ... With this observation, this research suggest forming a portfolio with zero cost by purchasing ... FAQ's · More about AJOL · AJOL's Partners · Terms and Conditions of Use ...

  14. Functional Principal Components Analysis of Shanghai Stock Exchange 50 Index

    Zhiliang Wang


    Full Text Available The main purpose of this paper is to explore the principle components of Shanghai stock exchange 50 index by means of functional principal component analysis (FPCA. Functional data analysis (FDA deals with random variables (or process with realizations in the smooth functional space. One of the most popular FDA techniques is functional principal component analysis, which was introduced for the statistical analysis of a set of financial time series from an explorative point of view. FPCA is the functional analogue of the well-known dimension reduction technique in the multivariate statistical analysis, searching for linear transformations of the random vector with the maximal variance. In this paper, we studied the monthly return volatility of Shanghai stock exchange 50 index (SSE50. Using FPCA to reduce dimension to a finite level, we extracted the most significant components of the data and some relevant statistical features of such related datasets. The calculated results show that regarding the samples as random functions is rational. Compared with the ordinary principle component analysis, FPCA can solve the problem of different dimensions in the samples. And FPCA is a convenient approach to extract the main variance factors.

  15. Otolith shape analysis as a tool for stock identification of the southern blue whiting, Micromesistius australis

    Javier Leguá


    Full Text Available The southern blue whiting, Micromesistius australis (Norman, 1937, is an important demersal resource associated with the slope and continental shelf of southern Chile, Argentina and the Malvinas/Falkland Islands. Recent studies have reported schools of adult fish from Atlantic waters migrating along the southern Chilean coast in mid-winter, moving northwards to spawn in August (47°-51°S, and then returning to Atlantic waters, presumably to feed. The migratory pattern suggests the presence of one or more stock units associated with the South American coast. In the present study, "otolith morphometry" is used to determine the stock structure of M. australis based on applications of basic size descriptors (SDs (area, perimeter and otolith size, shape indices (SIs (circularity, squareness, shape factor, roundness, ellipticity, and normalised elliptical Fourier descriptors (NEFDs. Samples were collected during the winter and spring of 2010, during the reproductive period, in the economic zone of southern Chile (36°-57°S, in the Pacific Ocean and around the Falkland Islands economic zone (50°-52°S in the Atlantic Ocean. Analyses were conducted to include the effects of size, sex and age. A stepwise canonical discriminant analysis showed that fish were successfully discriminated with SDs, SIs and NEFDs. In this analysis, 86.4% and 70.1% of the fish were correctly classified as belonging to the Atlantic and Pacific stocks, respectively. A multivariate analysis of variance showed that the mean values of the NEFDs, SDs, and SIs did not vary significantly between sexes within areas (P > 0.05, but varied significantly between the Pacific and Atlantic oceans (P < 0.05. These results highlighted that otolith shape analysis can be a useful tool to evaluate the potential level of mixing in feeding areas where both stocks, the Pacific and Atlantic units, are expected to co-occur.

  16. Standardizing commercial CPUE data in monitoring stock dynamics: Accounting for targeting behaviour in mixed fisheries

    Quirijns, F.J.; Poos, J.J.; Rijnsdorp, A.D.


    Catch per unit effort (CPUE) is commonly used as an indicator for monitoring developments in stock size. To ensure proportionality between average CPUE and total stock size, two processes that should be accounted for are the degree of targeting behaviour of the fleet and the management-induced

  17. Analysis of stock market anomalies: US cross-sectoral comparison

    Jílek, Lukáš


    The purpose of this thesis is to analyze anomalies in the US stock market. Special attention is put on Day of the week effect, January effect, and Part of the month effect. We focus on comparison of companies with low and high capitalization. We perform an analysis across 6 major industrial sectors. Then, we discuss the findings with results of past projects and finally, we try to find a speculative investment strategy. We found out that neither Day of the week effect nor January effect do no...

  18. Volatility of Stock Markets (an Analysis of South Asian and G8 Countries

    Muhammad Mansoor Baig


    Full Text Available The objective of this study is to make an analysis of volatility of stock markets between South Asian Stock Markets and Stock Markets of Group of Eight Countries. This study important for the investors whose want to invest in stock markets. This study helps investors to determine what stock market is more volatile. To make the analysis three South Asian stock markets and Group of Eight countries stock markets are selected. South Asian stock markets indexes include KSE 100 (Pakistan, SENSEX (India, ASPI (Sri Lanka, CAC 40 (France, DAX (Germany, S &P / TSX Composite (Canada, FTSE MIB (Italy, RTS (Russia, Nikkei 225 (Japan, S & P 500 (USA and FTSE 100 (UK. Data is collected from the period of January 1st 2005 to August 31st 2015. ARCH and GARCH model is used to analyze the volatility of South Asian Stock Markets and stock markets of Group of Eight Countries. The findings show that South Asian Stock Markets are less volatile while Stock Markets of Group of Eight Countries are high volatile. This study is useful for investment institutions and portfolio managers because it focuses on current issues and takes the current data.

  19. Direct Survival Analysis: a new stock assessment method

    Eduardo Ferrandis


    Full Text Available In this work, a new stock assessment method, Direct Survival Analysis, is proposed and described. The parameter estimation of the Weibull survival model proposed by Ferrandis (2007 is obtained using trawl survey data. This estimation is used to establish a baseline survival function, which is in turn used to estimate the specific survival functions in the different cohorts considered through an adaptation of the separable model of the fishing mortality rates introduced by Pope and Shepherd (1982. It is thus possible to test hypotheses on the evolution of survival during the period studied and to identify trends in recruitment. A link is established between the preceding analysis of trawl survey data and the commercial catch-at-age data that are generally obtained to evaluate the population using analytical models. The estimated baseline survival, with the proposed versions of the stock and catch equations and the adaptation of the Separable Model, may be applied to commercial catch-at-age data. This makes it possible to estimate the survival corresponding to the landing data, the initial size of the cohort and finally, an effective age of first capture, in order to complete the parameter model estimation and consequently the estimation of the whole survival and mortality, along with the reference parameters that are useful for management purposes. Alternatively, this estimation of an effective age of first capture may be obtained by adapting the demographic structure of trawl survey data to that of the commercial fleet through suitable selectivity models of the commercial gears. The complete model provides the evaluation of the stock at any age. The coherence (and hence the mutual “calibration” between the two kinds of information may be analysed and compared with results obtained by other methods, such as virtual population analysis (VPA, in order to improve the diagnosis of the state of exploitation of the population. The model may be

  20. Modelling the mixing of herring stocks between the Baltic and the North Sea from otolith data

    Ulrich, Clara; Post, Søren Lorentzen; Worsøe Clausen, Lotte


    and Swedish commercial landings and surveys samples for the purpose of stock assessment. But the split estimates from sampling data are highly variable and noisy. Better understanding of the migration and exploitation patterns involved could therefore potentially improve the stock assessment as well...... and are consistent with existing ideas about the migration patterns of WBSS and NSAS within Division IIIa and adjacent waters. This work therefore provides the foundation for the development of a more rational management of the herring stocks in this area...

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

    Yuhua Xu


    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.

  2. Price-volume multifractal analysis and its application in Chinese stock markets

    Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying


    An empirical research on Chinese stock markets is conducted using statistical tools. First, the multifractality of stock price return series, ri(ri=ln(Pt+1)-ln(Pt)) and trading volume variation series, vi(vi=ln(Vt+1)-ln(Vt)) is confirmed using multifractal detrended fluctuation analysis. Furthermore, a multifractal detrended cross-correlation analysis between stock price return and trading volume variation in Chinese stock markets is also conducted. It is shown that the cross relationship between them is also found to be multifractal. Second, the cross-correlation between stock price Pi and trading volume Vi is empirically studied using cross-correlation function and detrended cross-correlation analysis. It is found that both Shanghai stock market and Shenzhen stock market show pronounced long-range cross-correlations between stock price and trading volume. Third, a composite index R based on price and trading volume is introduced. Compared with stock price return series ri and trading volume variation series vi, R variation series not only remain the characteristics of original series but also demonstrate the relative correlation between stock price and trading volume. Finally, we analyze the multifractal characteristics of R variation series before and after three financial events in China (namely, Price Limits, Reform of Non-tradable Shares and financial crisis in 2008) in the whole period of sample to study the changes of stock market fluctuation and financial risk. It is found that the empirical results verified the validity of R.

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

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


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

  4. Statistical analysis of bankrupting and non-bankrupting stocks

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


    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.


    Ismet ATES


    Full Text Available Since the process of globalization accelerates all over the world, trade and economic relations among countries become very intensive and the stock markets in these countries started to integrate to each other quickly. As a result of this, world wide stoc

  6. Stock flow diagram analysis on solid waste management in Malaysia

    Zulkipli, Faridah; Nopiah, Zulkifli Mohd; Basri, Noor Ezlin Ahmad; Kie, Cheng Jack


    The effectiveness on solid waste management is a major importance to societies. Numerous generation of solid waste from our daily activities has risked for our communities. These due to rapid population grow and advance in economic development. Moreover, the complexity of solid waste management is inherently involved large scale, diverse and element of uncertainties that must assist stakeholders with deviating objectives. In this paper, we proposed a system dynamics simulation by developing a stock flow diagram to illustrate the solid waste generation process and waste recycle process. The analysis highlights the impact on increasing the number of population toward the amount of solid waste generated and the amount of recycled waste. The results show an increment in the number of population as well as the amount of recycled waste will decrease the amount of waste generated. It is positively represent the achievement of government aim to minimize the amount of waste to be disposed by year 2020.

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

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


    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.

  8. Fire suppression and fuels treatment effects on mixed-conifer carbon stocks and emissions

    M. North; M Hurteau; J Innes


    Depending on management, forests can be an important sink or source of carbon that if released as CO2 could contribute to global warming. Many forests in the western United States are being treated to reduce fuels, yet the effects of these treatments on forest carbon are not well understood. We compared the immediate effects of fuels treatments on carbon stocks and...

  9. The long-term memory analysis of industrial indices of the Chinese stock market

    Yong, L


    The main work of this paper is to apply the fractional market theory and time series analysis for analyzing various industrial indices of the Chinese stock market by rescaling range analysis. Hurst index and the long-term memory of price change in Chinese stock market are studied

  10. Islamic versus conventional stock market and its co-movement with crude oil: a wavelet analysis

    Kamarudin, Eka Azrin; Masih, Mansur


    Crude oil market plays an important role in economic development and its price changes give huge impact to the financial markets. In this paper, the relationships between crude oil and stock markets are examined. This study has selected Malaysian Islamic and conventional stock markets as a case study. Financialisation of crude oil and its frequent inclusion into investment portfolios warrant an analysis of the relationship between crude oil and stock market indices at various time scales or i...

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

    Marcus Clements; Harminder Singh; Antonie Van Eekelen


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

  12. A Technical Analysis Information Fusion Approach for Stock Price Analysis and Modeling

    Lahmiri, Salim

    In this paper, we address the problem of technical analysis information fusion in improving stock market index-level prediction. We present an approach for analyzing stock market price behavior based on different categories of technical analysis metrics and a multiple predictive system. Each category of technical analysis measures is used to characterize stock market price movements. The presented predictive system is based on an ensemble of neural networks (NN) coupled with particle swarm intelligence for parameter optimization where each single neural network is trained with a specific category of technical analysis measures. The experimental evaluation on three international stock market indices and three individual stocks show that the presented ensemble-based technical indicators fusion system significantly improves forecasting accuracy in comparison with single NN. Also, it outperforms the classical neural network trained with index-level lagged values and NN trained with stationary wavelet transform details and approximation coefficients. As a result, technical information fusion in NN ensemble architecture helps improving prediction accuracy.


    Kotliarov I.D.


    The present paper contains an analysis of main directions of evolution of marketing mix concept. Typical problems of each approach are demonstrated. Classical form of marketing mix (4Ps) is recommended as the basic form of marketing mix, which, however, may be adapted to specific characteristics of the firm and its industry

  14. Make to stock and mix to order : choosing intermediate products in the food-processing industry

    Akkerman, Renzo; van der Meer, Dirk; van Donk, Dirk Pieter


    In contrast to discrete manufacturers, food-processing companies can sometimes produce the same end products in different ways: either mix first and then process, or process first and mix later. Moreover, a final product can be mixed from different raw materials or intermediates. That adds a new

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

    Chin, Liem; Chendra, Erwinna; Sukmana, Agus


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

  16. Stock Market Liquidity: Comparative Analysis of Croatian and Regional Markets

    Vladimir Benić


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

  17. Price-volume multifractal analysis of the Moroccan stock market

    El Alaoui, Marwane


    In this paper, we analyzed price-volume multifractal cross-correlations of Moroccan Stock Exchange. We chose the period from January 1st 2000 to January 20th 2017 to investigate the multifractal behavior of price change and volume change series. Then, we used multifractal detrended cross-correlations analysis method (MF-DCCA) and multifractal detrended fluctuation analysis (MF-DFA) to analyze the series. We computed bivariate generalized Hurst exponent, Rényi exponent and spectrum of singularity for each pair of indices to measure quantitatively cross-correlations. Furthermore, we used detrended cross-correlations coefficient (DCCA) and cross-correlation test (Q(m)) to analyze cross-correlation quantitatively and qualitatively. By analyzing results, we found existence of price-volume multifractal cross-correlations. The spectrum width has a strong multifractal cross-correlation. We remarked that volume change series is anti-persistent when we analyzed the generalized Hurst exponent for all moments q. The cross-correlation test showed the presence of a significant cross-correlation. However, DCCA coefficient had a small positive value, which means that the level of correlation is not very significant. Finally, we analyzed sources of multifractality and their degree of contribution in the series.


    Veronica R GROSU


    Full Text Available The economic and financial crisis that hit the world economy has shown that for retail companies, growth continued to record only for those who held full control over every point of sale. The objective of our work is focused on the analysis of the most important financial indicators that a retail company should focus on and include in communication with external stakeholders. We make the connection with problems of the real economy through a comparative study of Romania and Italy, in which we analyze retail companies listed on the Bucharest Stock Exchange (BSE and a similar number of retail companies listed on the Milan Stock Exchange (MSE. The importance of the topic stems from the fact that it is essential for understanding how consumers relate the various retail companies and how the latter model their structure or behavior depending on the requirements and needs of the former.

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

    Jeffrey T. Olson; Allen L. Lundgren


    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.

  20. the mauritius stock exchange: sectoral analysis, risk and return


    In Section III beta estimates are calculated for each share using the Capital. Asset Pricing ... In a stock market therefore, investors would need information such as the ..... In Mauritius however, capital account restrictions were lifted only in 1995 ...

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

    Vo, Xuan Vinh


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

  2. Portfolio analysis based on the example of Zagreb Stock Exchange

    Bogdan, Sinisa; Baresa, Suzana; Ivanovic, Sasa


    In this paper we analyze the portfolio that was selected from the Zagreb Stock Exchange and also try to assess its risks and its future offerings that are relevant in making the decisions about investments. Through the work we will explain the importance of diversification and how the very diversification reduces risk. We will also analyze the systemic risk of individual stocks within the portfolio and the systemic risk of the given portfolio and explain its importance. Through regression ana...

  3. Multiscale Analysis of the Predictability of Stock Returns

    Paweł Fiedor


    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. Analysis of stratified flow mixing

    Soo, S.L.; Lyczkowski, R.W.


    The Creare 1/5-scale Phase II experiments which model fluid and thermal mixing of relatively cold high pressure injection (HPI) water into a cold leg of a full-scale pressurized water reactor (PWR) having loop flow are analyzed and found that they cannot achieve complete similarity with respect to characteristic Reynolds and Froude numbers and developing hydrodynamic entry length. Several analyses show that these experiments fall into two distinct regimes of mixing: momentum controlled and gravity controlled (stratification). 18 refs., 9 figs


    Nada Petrusheva


    Full Text Available In the world of investing and trading, in order to have a definite advantage and constantly create profit, you need to have a strategic approach. Generally speaking, the two main schools of thought and strategies in financial markets are fundamental and technical analysis. Fundamental and technical analysis differ in several aspects, such as the way of functioning and execution, the time horizon used, the tools used and their objective. These differences lead to certain advantages and disadvantages of each of the analyses. Fundamental and technical analysis are also a subject of critical reviews by the academic and scientific community and many of these reviews concern the methods of their application, i.e. the possibility of combining the two analyses and using them complementarily to fully utilize their strengths and advantages.

  6. Admixture analysis and stocking impact assessment in brown trout ( Salmo trutta ), estimated with incomplete baseline data

    Hansen, Michael Møller; Eg Nielsen, Einar; Bekkevold, Dorte


    the populations contributing to admixture. We applied the method to analyse the genetic contribution of domesticated brown trout (Salmo trutta) in samples of anadromous trout from two stocked populations with no genetic data available before stocking. Further, we estimated population level admixture proportions...... by the mean of individual admixture coefficients. This method proved more informative than a multidimensional scaling analysis of individual-based genetic distances and assignment tests. The results showed almost complete absence of stocked, domesticated trout in samples of trout from the rivers. Consequently......, stocking had little effect on improving fisheries. In one population, the genetic contribution by domesticated trout was small, whereas in the other population, some genetic impact was suggested. Admixture in this sample of anadromous trout despite absence of stocked domesticated trout could be because...

  7. Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis

    Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.


    This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.

  8. PIXE analysis of fish otoliths. Application to fish stock discrimination

    Arai, Nobuaki; Sakamoto, Wataru; Tateno, Koji; Yoshida, Koji.


    PIXE was adopted to analyze trace elements in otoliths of Japanese flounder to discriminate among several local fish stocks. The otoliths were removed from samples caught at five different sea areas along with the coast of the Sea of Japan: Akita, Ishikawa, Kyoto (2 stations), and Fukuoka. Besides calcium as main component, strontium, manganese, and zinc were detected. Especially Sr concentrations were different among 4 areas except between 2 stations in Kyoto. It suggested that the fish in the 2 stations in Kyoto were the same stock differed to the others. (author)

  9. A viability analysis for a stock/price model

    Jerry, Chakib; Raissi, Nadia


    We examine the conditions for the sustainability of a stock/price system based on the use of a marine renewable resource. Instead of studying the environmental and economic interactions in terms of optimal control, we focus on the viability of the system. These viability/crisis situations are defined by a set of economic state constraints. This constraints combine a guaranteed consumption and a minimum income for fishermen. Using the mathematical concept of viability kernel, we reveal that with only economics constraints we guarantee a perennial stock/price system.

  10. The Mauritius stock exchange: Sectoral analysis, risk and return ...

    Companies listed on the Mauritius Stock Exchange are classified into seven sectors of the economy, namely Banking & Insurance, Industry, Investments, Sugar, Commerce, Leisure & Hotels and Transport. Significant improvements in market capitalisation and turnover are noted in all sectors except the Transport sector.

  11. Statistical Analysis Of The Share Price Movement Of Stocks ...

    This study was aimed at providing the investor with timing evidence in decisions with regards to the purchase of and sale of equities that will lead towards higher annual returns from his stock investment as well as to understand the causes and pattern of shares price movements as it affects investment decisions in the ...

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

    Yang, Yujun; Li, Jianping; Yang, Yimei


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

  13. Analysis of mixed data methods & applications

    de Leon, Alexander R


    A comprehensive source on mixed data analysis, Analysis of Mixed Data: Methods & Applications summarizes the fundamental developments in the field. Case studies are used extensively throughout the book to illustrate interesting applications from economics, medicine and health, marketing, and genetics. Carefully edited for smooth readability and seamless transitions between chaptersAll chapters follow a common structure, with an introduction and a concluding summary, and include illustrative examples from real-life case studies in developmental toxicolog

  14. Analysis of the efficiency-integration nexus of Japanese stock market

    Rizvi, Syed Aun R.; Arshad, Shaista


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

  15. Otolith shape analysis for stock discrimination of two Collichthys genus croaker (Pieces: Sciaenidae,) from the northern Chinese coast

    Zhao, Bo; Liu, Jinhu; Song, Junjie; Cao, Liang; Dou, Shuozeng


    The otolith morphology of two croaker species (Collichthys lucidus and Collichthys niveatus) from three areas (Liaodong Bay, LD; Huanghe (Yellow) River estuary, HRE; Jiaozhou Bay, JZ) along the northern Chinese coast were investigated for species identification and stock discrimination. The otolith contour shape described by elliptic Fourier coefficients (EFC) were analysed using principal components analysis (PCA) and stepwise canonical discriminant analysis (CDA) to identify species and stocks. The two species were well differentiated, with an overall classification success rate of 97.8%. And variations in the otolith shapes were significant enough to discriminate among the three geographical samples of C. lucidus (67.7%) or C. niveatus (65.2%). Relatively high mis-assignment occurred between the geographically adjacent LD and HRE samples, which implied that individual mixing may exist between the two samples. This study yielded information complementary to that derived from genetic studies and provided information for assessing the stock structure of C. lucidus and C. niveatus in the Bohai Sea and the Yellow Sea.

  16. Analysis of genetic diversity and differentiation of seven stocks of Litopenaeus vannamei using microsatellite markers

    Zhang, Kai; Wang, Weiji; Li, Weiya; Zhang, Quanqi; Kong, Jie


    Seven microsatellite markers were used to evaluate the genetic diversity and differentiation of seven stocks of Litopenaeus vannamei, which were introduced from Central and South America to China. All seven microsatellite loci were polymorphic, with polymorphism information content ( PIC) values ranging from 0.593 to 0.952. Totally 92 alleles were identified, and the number of alleles ( Na) and effective alleles ( Ne) varied between 4 and 21 and 2.7 and 14.6, respectively. Observed heterozygosity ( H o) values were lower than the expected heterozygosity ( H e) values (0.526-0.754), which indicated that the seven stocks possessed a rich genetic diversity. Thirty-seven tests were detected for reasonable significant deviation from Hardy-Weinberg equilibrium. F is values were positive at five loci, suggesting that there was a relatively high degree of inbreeding within stocks. Pairwise F st values ranged from 0.0225 to 0.151, and most of the stock pairs were moderately differentiated. Genetic distance and cluster analysis using UPGMA revealed a close genetic relationship of L. vannamei between Pop2 and Pop3. AMOVA indicated that the genetic variation among stocks (11.3%) was much lower than that within stocks (88.7%). Although the seven stocks had a certain degree of genetic differentiation and a rich genetic diversity, there is an increasing risk of decreased performance due to inbreeding in subsequent generations.

  17. Impact of company performances on the stock price: An empirical analysis on select companies in Serbia

    Milošević-Avdalović Snežana


    Full Text Available The global financial crisis of the late 2007 has provoked unprecedented shocks to the world markets and weaken investors' confidence due to the turbulent movements and frequent changes of stock prices. Emerging capital markets suffer from unsatisfactory corporate governance, market manipulation and insider trade problems. In such circumstances, institutional investors, managers, analysts and other market participants are in constant search of the trading strategy that will outperform the market. This research is an instrument for the identification of the main determinants of stock prices on the Belgrade Stock Exchange. The panel data regression analysis includes 42 companies that represent the composition of the BelexLine index for the period from 2010 to 2014. The paper looks at the impact of specific (internal variables of companies, such as company size, return on assets, return on equity, earnings per stock, book value, price-earning ratio, price-to-book ratio and leverage and the stock price of companies that compose the BelexLine index. The results indicate that variables such as the size of the company measured by assets, return on assets, leverage, earnings per stock, book value and price-to-book ratio provide a unique contribution to a statistically significant predictor of stock prices.

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

    Şerife Özlen


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

  19. Transmission of Shock across International Stock Markets: An Econometric Analysis

    Shalini TALWAR


    Full Text Available The risk of spillover of volatility among international stock markets has increased manifold and it needs to be diagnosed comprehensively. In this paper, the authors have used 11 stock indices to identify influential markets and detect the direction of transmission of shock across markets in different time zones using Granger causality test, Johansen cointegration test and vector autoregression. The findings of VAR show that the forecast error at the 10-day horizon explained by their own innovation is highest for the Australian and Chinese markets followed by Japan, India, Brazil and Russia.Markets of Germany, UK, USA and Canada are influenced by the Australian market. In fact, the Australian market is seen to be the most influential market among the markets under the study. The impact of Chinese and Canadian markets is found to be the least. These results can be useful for optimal option valuation, effective portfolio allocation and performance benchmarking

  20. An Analysis of Manipulation Strategies in Stock Markets

    Rasim Ozcan


    Manipulative transactions, which affect both the supply and demand side of the markets, have been studied by academic circles and it was concluded that manipulation exerts negative impact on markets. A market with manipulation is considered as less trustworthy and credible compared to a market without manipulation, which in turn, affects demand. Manipulations affecting both the supply and demand should be closely monitored by stock market investors as well as legislative, executive, and regul...

  1. Co-movements among financial stocks and covariance matrix analysis

    Sharifi, Saba


    The major theories of finance leading into the main body of this research are discussed and our experiments on studying the risk and co-movements among stocks are presented. This study leads to the application of Random Matrix Theory (RMT) The idea of this theory refers to the importance of the empirically measured correlation (or covariance) matrix, C, in finance and particularly in the theory of optimal portfolios However, this matrix has recently come into question, as a large part of ...

  2. Correlation analysis of the Korean stock market: Revisited to consider the influence of foreign exchange rate

    Jo, Sang Kyun; Kim, Min Jae; Lim, Kyuseong; Kim, Soo Yong


    We investigated the effect of foreign exchange rate in a correlation analysis of the Korean stock market using both random matrix theory and minimum spanning tree. We collected data sets which were divided into two types of stock price, the original stock price in Korean Won and the price converted into US dollars at contemporary foreign exchange rates. Comparing the random matrix theory based on the two different prices, a few particular sectors exhibited substantial differences while other sectors changed little. The particular sectors were closely related to economic circumstances and the influence of foreign financial markets during that period. The method introduced in this paper offers a way to pinpoint the effect of exchange rate on an emerging stock market.

  3. Stock Analysis of S.C. ROPHARMA S.A. the Example of Romanian Pharmaceutical Entity

    Mihaela-Cristina ONICA


    Full Text Available Stock performance analysis can not find a better place than after presentation of earnings per share, the latter being one of the indicators on the performance of companies listed on capital markets. Exchange rates are considered final term market performance of listed companies since they incorporate information concerning stock, but also financial and accounting data on the net result for the year, sales per share, dividend per share, book value per share, etc. Stock rate of action is the barometer of a company's overall performance, officially recognized by the public through the capital market. But changes in stock price is determined by the evolution of economic and financial results of the enterprise, but also investors' expectations about the possibilities of its development, progress and prospects the industry in which company operates, and national and international economic trends.

  4. Evidence of increment of efficiency of the Mexican Stock Market through the analysis of its variations

    Coronel-Brizio, H. F.; Hernández-Montoya, A. R.; Huerta-Quintanilla, R.; Rodríguez-Achach, M.


    It is well known that there exist statistical and structural differences between the stock markets of developed and emerging countries. In this work, and in order to find out if the efficiency of the Mexican Stock Market has been changing over time, we have performed and compared several analyses of the variations of the Mexican Stock Market index (IPC) and Dow Jones industrial average index (DJIA) for different periods of their historical daily data. We have analyzed the returns autocorrelation function (ACF) and used detrended fluctuation analysis (DFA) to study returns variations. We also analyze the volatility, mean value and standard deviation of both markets and compare their evolution. We conclude from the overall result of these studies, that they show compelling evidence of the increment of efficiency of the Mexican Stock Market over time. The data samples analyzed here, correspond to daily values of the IPC and DJIA for the period 10/30/1978-02/28/2006.

  5. An Empirical Analysis of Stock Market Development and Economic Growth: The Case of Macedonia

    Lazarov Darko


    Full Text Available This paper has two goals. The first goal is to investigate the influence of stock market development on economic growth for a group of 14 transition economies from the Central and South-East European (CSEE region in the period 2002-2012, while the second is to analyze the main characteristics and specificities of the stock market in the Republic of Macedonia. To fulfil the first goal, we apply panel regression models (fixed and random effects and a dynamic panel model (Generalized Method of Moments – GMM, while we use a single country approach and comparative analysis to examine the main characteristics of the Macedonian stock market. The estimated results indicate that stock market development is positive and significantly correlated with economic growth. Additionally, the comparative analysis of the stock market in the Republic of Macedonia suggests that the Macedonian stock market is still underdeveloped and faces a number of challenges before it can enter a new phase of development after the negative impact of the global financial crisis. Those challenges include capital market regional integration and the harmonization of legal and institutional frameworks such as bankruptcy procedures, accounting and reporting standards, public sector regulatory bodies, corporate governance and a liberalized trade regime.

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

    Wang Kuan-Min; Lai Hung-Cheng


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

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

    Wang Kuan-Min


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

  8. An analysis of stock market efficiency: Developed vs Islamic stock markets using MF-DFA

    Rizvi, Syed Aun R.; Dewandaru, Ginanjar; Bacha, Obiyathulla I.; Masih, Mansur

    An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performance particularly in crisis periods. A key finding is the empirical evidence of the impact of the ‘stage of market development’ on the efficiency of the market. If Islamic countries aim to improve the efficiency of resource allocation, an important area to address is to focus, among others, on enhancing the stage of market development.


    Mihaela-Cristina Onica


    Full Text Available Upon passing to a market economy, it became necessary to find out information as accurate as possible regarding the risk of bankruptcy of a certain companyin the future, in order to determine the share of such a risk and the importance of the fundamental analysis within the prediction of the evolution of stock price. In spite of these, specialists say that this type of analysis, in relation to the technical analysis, in the context of the financial crisis, determined an accentuated decrease of the stock exchange indices on an international level. The paper deals with the results of the research and of a comparative study regarding the fundamental analysis of the shares of 6 companies listed on Bucharest Stock Exchange (BVB.

  10. Stock price forecasting based on time series analysis

    Chi, Wan Le


    Using the historical stock price data to set up a sequence model to explain the intrinsic relationship of data, the future stock price can forecasted. The used models are auto-regressive model, moving-average model and autoregressive-movingaverage model. The original data sequence of unit root test was used to judge whether the original data sequence was stationary. The non-stationary original sequence as a first order difference needed further processing. Then the stability of the sequence difference was re-inspected. If it is still non-stationary, the second order differential processing of the sequence is carried out. Autocorrelation diagram and partial correlation diagram were used to evaluate the parameters of the identified ARMA model, including coefficients of the model and model order. Finally, the model was used to forecast the fitting of the shanghai composite index daily closing price with precision. Results showed that the non-stationary original data series was stationary after the second order difference. The forecast value of shanghai composite index daily closing price was closer to actual value, indicating that the ARMA model in the paper was a certain accuracy.

  11. Moyer's method of mixed dentition analysis: a meta-analysis ...

    The applicability of tables derived from the data Moyer used to other ethnic groups has ... This implies that Moyer's method of prediction may have population variations. ... Key Words: meta-analysis, mixed dentition analysis, Moyer's method

  12. Dissecting cross-impact on stock markets: an empirical analysis

    Benzaquen, M.; Mastromatteo, I.; Eisler, Z.; Bouchaud, J.-P.


    The vast majority of market impact studies assess each product individually, and the interactions between the different order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions in fact mediate a significant part of the correlation between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and accounts for a significant fraction of the covariance of stock returns. We dissect the various dynamical mechanisms that contribute to the joint dynamics of assets. We also define two simplified models with substantially less parameters in order to reduce overfitting, and show that they have superior out-of-sample performance.

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

    Nåmdal, Synne Meling; Meling, Kristine


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

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

    Okičić Jasmina


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

  15. Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

    Takaishi, Tetsuya


    We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile.

  16. Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

    Takaishi, Tetsuya


    We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile. (paper)

  17. A first application of independent component analysis to extracting structure from stock returns.

    Back, A D; Weigend, A S


    This paper explores the application of a signal processing technique known as independent component analysis (ICA) or blind source separation to multivariate financial time series such as a portfolio of stocks. The key idea of ICA is to linearly map the observed multivariate time series into a new space of statistically independent components (ICs). We apply ICA to three years of daily returns of the 28 largest Japanese stocks and compare the results with those obtained using principal component analysis. The results indicate that the estimated ICs fall into two categories, (i) infrequent large shocks (responsible for the major changes in the stock prices), and (ii) frequent smaller fluctuations (contributing little to the overall level of the stocks). We show that the overall stock price can be reconstructed surprisingly well by using a small number of thresholded weighted ICs. In contrast, when using shocks derived from principal components instead of independent components, the reconstructed price is less similar to the original one. ICA is shown to be a potentially powerful method of analyzing and understanding driving mechanisms in financial time series. The application to portfolio optimization is described in Chin and Weigend (1998).

  18. Analysis of stock market returns of American and European stock market from the view of an American and a European investor

    Oldřich Šoba


    Full Text Available The paper is focused on the analysis of stock market returns of American and European stock market for different investment horizon from the view of an American and European investor. The paper also partly resumes, in the part of analysis of USD/EUR exchange rate influence on market returns of mentioned stock market, research paper REJNUŠ, O., ŠOBA, O.: Changes in the USD/EUR exchange rate and their impact on the return of stock indexes from the viewpoint of a European and of an American investor. ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRU- NENSIS, Vol. LII, No. 6, 2004, pg. 145–159, ISSN 1211-8516.The development of both American and European stock market is put on the development of two, structure-similar Standard & Poor’s exchange indexes, particularly S&P 500 and S&P Europe 350. According to the USD/EUR exchange rate, there were used the values published by FED, with the oldest data there were accepted the count ECU to EUR. The data were taken both from the weekly closing values of mentioned stock indexes and weekly closing values of USD/EUR exchange rate.The analysis was done with using the methods of quantification of „running market returns“ (recount to the average annual values of indexes from the view of both investors within the set investment horizon. The elemental statistical level characteristic – simple average, median and statistical characteristic of variability – standard deviation and variation coefficient were quantified from this time series of annual running market returns. The analysis, which was purposely oriented to six basic different long investment horizon (1 year, 2 years, 3 years, 5 years, 7 years, 10 years, has approved that in focused term of 1980–2004 the market returns of picked stock market from the view of both investors (American and European was generally higher in longer investment horizon than in the shorter investment horizon. The values of variation coefficient in

  19. The Use of Mixed Effects Models for Obtaining Low-Cost Ecosystem Carbon Stock Estimates in Mangroves of the Asia-Pacific

    Bukoski, J. J.; Broadhead, J. S.; Donato, D.; Murdiyarso, D.; Gregoire, T. G.


    Mangroves provide extensive ecosystem services that support both local livelihoods and international environmental goals, including coastal protection, water filtration, biodiversity conservation and the sequestration of carbon (C). While voluntary C market projects that seek to preserve and enhance forest C stocks offer a potential means of generating finance for mangrove conservation, their implementation faces barriers due to the high costs of quantifying C stocks through measurement, reporting and verification (MRV) activities. To streamline MRV activities in mangrove C forestry projects, we develop predictive models for (i) biomass-based C stocks, and (ii) soil-based C stocks for the mangroves of the Asia-Pacific. We use linear mixed effect models to account for spatial correlation in modeling the expected C as a function of stand attributes. The most parsimonious biomass model predicts total biomass C stocks as a function of both basal area and the interaction between latitude and basal area, whereas the most parsimonious soil C model predicts soil C stocks as a function of the logarithmic transformations of both latitude and basal area. Random effects are specified by site for both models, and are found to explain a substantial proportion of variance within the estimation datasets. The root mean square error (RMSE) of the biomass C model is approximated at 24.6 Mg/ha (18.4% of mean biomass C in the dataset), whereas the RMSE of the soil C model is estimated at 4.9 mg C/cm 3 (14.1% of mean soil C). A substantial proportion of the variation in soil C, however, is explained by the random effects and thus the use of the SOC model may be most valuable for sites in which field measurements of soil C exist.

  20. Advantage of make-to-stock strategy based on linear mixed-effect model: a comparison with regression, autoregressive, times series, and exponential smoothing models

    Yu-Pin Liao


    Full Text Available In the past few decades, demand forecasting has become relatively difficult due to rapid changes in the global environment. This research illustrates the use of the make-to-stock (MTS production strategy in order to explain how forecasting plays an essential role in business management. The linear mixed-effect (LME model has been extensively developed and is widely applied in various fields. However, no study has used the LME model for business forecasting. We suggest that the LME model be used as a tool for prediction and to overcome environment complexity. The data analysis is based on real data in an international display company, where the company needs accurate demand forecasting before adopting a MTS strategy. The forecasting result from the LME model is compared to the commonly used approaches, including the regression model, autoregressive model, times series model, and exponential smoothing model, with the results revealing that prediction performance provided by the LME model is more stable than using the other methods. Furthermore, product types in the data are regarded as a random effect in the LME model, hence demands of all types can be predicted simultaneously using a single LME model. However, some approaches require splitting the data into different type categories, and then predicting the type demand by establishing a model for each type. This feature also demonstrates the practicability of the LME model in real business operations.

  1. Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul

    Yilmaz Yildiz


    Full Text Available The main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups “A”, “B” and “C” according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative relationship between abnormal return and volume for the upgraded (downgraded stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis. Keywords: Equity grouping, Regulation, Price and volume effects, Jel Classification: G11, G12, G14


    A. V. Donchenko


    Full Text Available Purpose.Nowadays a problem of significant power consumption of the rolling stock during its operation is a current issue. In connection with staged electricity rates increase further development of the rail electric transport, including metro rolling stock is impossible without a use of modern energy saving solutions and energy-efficient systems. To solve the specified problem it is necessary to carry out analysis of measures and determine prospective directions in energy saving and increase of energy efficiency on the metro rolling stock. Methodology. Using methods of scientific analysis, generalization, comparative analysis, forecasting and using results of experimental studies, the authors determined main ways for reduction of energy consumption during operation of the metro rolling stock. Energy cost analysis for metro rolling stock of the public utility (PU «Kiev Metro» was carried out. A great number of research works of native and foreign authors concerning the above mentioned problem were analyzed. Findings. Principal directions in energy saving and increase of energy efficiency of the metro rolling stock are implementation of recuperation systems, energy storage systems and energy-efficient control systems. It was determined that implementation of recuperation and energy storage systems helps to save a considerable amount of energy, consumed for traction, but it involves substantial investments. It is pointed out that in current complicated conditions of economic development of Ukraine, use of energy-efficient control systems is a perspective direction in energy saving. Main advantage of this direction is the economic effect obtaining without significant investments. Originality. For the first time was performed potential assessment for energy saving as a result of energy-efficient control systems use at type routine rolling stock operation modes on sections «Khreschatik –Teatralnaya – Khreschatik» and «Shulyavskaya

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

    Nåmdal, Synne Meling; Meling, Kristine


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

  4. An analysis of seasonality fluctuations in the oil and gas stock returns

    Muhammad Surajo Sanusi


    Full Text Available This paper investigates the existence of seasonality anomalies in the stock returns of the oil and gas companies on the London Stock Exchange. It employs F-test, Kruskal–Wallis and Tukey tests to examine days-of-the-week effect. Generalised autoregressive conditional heteroscedasticity specification was also employed to investigate both the days-of-the-week and months-of-the-year effects. The analysis had been extended to some key FTSE indices. Our results showed no evidence of any regularity or seasonal fluctuation in the oil and gas stock returns despite the seasonal changes of demand in the companies’ products. However, January effect has been observed in FTSE All Share and FTSE 100 indices.

  5. Complex network analysis of conventional and Islamic stock market in Indonesia

    Rahmadhani, Andri; Purqon, Acep; Kim, Sehyun; Kim, Soo Yong


    The rising popularity of Islamic financial products in Indonesia has become a new interesting topic to be analyzed recently. We introduce a complex network analysis to compare conventional and Islamic stock market in Indonesia. Additionally, Random Matrix Theory (RMT) has been added as a part of reference to expand the analysis of the result. Both of them are based on the cross correlation matrix of logarithmic price returns. Closing price data, which is taken from June 2011 to July 2012, is used to construct logarithmic price returns. We also introduce the threshold value using winner-take-all approach to obtain scale-free property of the network. This means that the nodes of the network that has a cross correlation coefficient below the threshold value should not be connected with an edge. As a result, we obtain 0.5 as the threshold value for all of the stock market. From the RMT analysis, we found that there is only market wide effect on both stock market and no clustering effect has been found yet. From the network analysis, both of stock market networks are dominated by the mining sector. The length of time series of closing price data must be expanded to get more valuable results, even different behaviors of the system.

  6. Public sentiment analysis in Twitter data for prediction of a company's stock price movements

    Li, B.; Chan, K.C.C.; Ou, C.X.J.; Li, Y.; Guo, J.


    There has recently been some effort to mine social media for public sentiment analysis. Studies have suggested that public emotions shown through Tweeter may well be correlated with the Dow Jones Industrial Average. However, can public sentiment be analyzed to predict the movements of the stock

  7. NewsMarket 2.0: Analysis of News for Stock Price Forecasting

    Barazzetti, Alessandro; Mastronardi, Rosangela

    Most of the existing financial research tools use a stock's historical price and technical indicators to predict future price trends without taking into account the impact of web news. The recent explosion of demand for information on financial investment management is driving the search for alternative methods of quantitative data analysis.

  8. Mixed-species allometric equations and estimation of aboveground biomass and carbon stocks in restoring degraded landscape in northern Ethiopia

    Mokria, Mulugeta; Mekuria, Wolde; Gebrekirstos, Aster; Aynekulu, Ermias; Belay, Beyene; Gashaw, Tadesse; Bräuning, Achim


    Accurate biomass estimation is critical to quantify the changes in biomass and carbon stocks following the restoration of degraded landscapes. However, there is lack of site-specific allometric equations for the estimation of aboveground biomass (AGB), which consequently limits our understanding of the contributions of restoration efforts in mitigating climate change. This study was conducted in northwestern Ethiopia to develop a multi-species allometric equation and investigate the spatial and temporal variation of C-stocks following the restoration of degraded landscapes. We harvested and weighed 84 trees from eleven dominant species from six grazing exclosures and adjacent communal grazing land. We observed that AGB correlates significantly with diameter at stump height D 30 (R 2 = 0.78 P < 0.01), and tree height H (R 2 = 0.41, P < 0.05). Our best model, which includes D 30 and H as predictors explained 82% of the variations in AGB. This model produced the lowest bias with narrow ranges of errors across different diameter classes. Estimated C-stock showed a significant positive correlation with stem density (R 2 = 0.80, P < 0.01) and basal area (R 2 = 0.84, P < 0.01). At the watershed level, the mean C-stock was 3.8 (±0.5) Mg C ha-1. Plot-level C-stocks varied between 0.1 and 13.7 Mg C ha-1. Estimated C-stocks in three- and seven-year-old exclosures exceeded estimated C-stock in the communal grazing land by 50%. The species that contribute most to C-stocks were Leucaena sp. (28%), Calpurnia aurea (21%), Euclea racemosa (20.9%), and Dodonaea angustifolia (15.8%). The equations developed in this study allow monitoring changes in C-stocks and C-sequestration following the implementation of restoration practices in northern Ethiopia over space and time. The estimated C-stocks can be used as a reference against which future changes in C-stocks can be compared.


    Sadi Evren SEKER


    Full Text Available This paper proposes an information retrieval methodfor the economy news. Theeffect of economy news, are researched in the wordlevel and stock market valuesare considered as the ground proof.The correlation between stock market prices and economy news is an already ad-dressed problem for most of the countries. The mostwell-known approach is ap-plying the text mining approaches to the news and some time series analysis tech-niques over stock market closing values in order toapply classification or cluster-ing algorithms over the features extracted. This study goes further and tries to askthe question what are the available time series analysis techniques for the stockmarket closing values and which one is the most suitable? In this study, the newsand their dates are collected into a database and text mining is applied over thenews, the text mining part has been kept simple with only term frequency – in-verse document frequency method. For the time series analysis part, we havestudied 10 different methods such as random walk, moving average, acceleration,Bollinger band, price rate of change, periodic average, difference, momentum orrelative strength index and their variation. In this study we have also explainedthese techniques in a comparative way and we have applied the methods overTurkish Stock Market closing values for more than a2 year period. On the otherhand, we have applied the term frequency – inversedocument frequency methodon the economy news of one of the high-circulatingnewspapers in Turkey.

  10. Energy and emergy analysis of mixed crop-livestock farming

    Kuczuk, Anna; Pospolita, Janusz; Wacław, Stefan


    This paper contains substance and energy balances of mixed crop-livestock farming. The analysis involves the period between 2012 and 2015. The structure of the presentation in the paper includes: crops and their structure, details of the use of plants with a beneficial effect on soil and stocking density per 1ha of agricultural land. Cumulative energy intensity of agricultural animal and plant production was determined, which is coupled the discussion of the energy input in the production of a grain unit obtained from plant and animal production. This data was compared with the data from the literature containing examples derived from intensive and organic production systems. The environmental impact of a farm was performed on the basis of emergy analysis. Emergy fluxes were determined on the basis of renewable and non-renewable sources. As a consequence, several performance indicators were established: Emergy Yield Ratio EYR, Environmental Loading Ratio ELR and ratio of emergy from renewable sources R! . Their values were compared with the parameters characterizing other production patterns followed in agricultural production. As a consequence, conclusions were derived, in particular the ones concerning environmental sustainability of production systems in the analyzed farm.

  11. Do Sustainable Stocks Offer Diversification Benefits for Conventional Portfolios? An Empirical Analysis of Risk Spillovers and Dynamic Correlations

    Mehmet Balcilar


    Full Text Available This paper explores the potential diversification benefits of socially responsible investments for conventional stock portfolios by examining the risk spillovers and dynamic correlations between conventional and sustainability stock indexes from a number of regions. We observe significant unidirectional volatility transmissions from conventional to sustainable equities, suggesting that the criteria applied for socially responsible investments do not necessarily shield these securities from common market shocks. While significant dynamic correlations are observed between sustainable and conventional stocks, particularly in Europe, the analysis of both in- and out-of-sample dynamic portfolios suggests that supplementing conventional stock portfolios with sustainable counterparts improves the risk/return profile of stock portfolios in all regions. The findings overall suggest that sustainable investments can indeed provide diversification gains for conventional stock portfolios globally.

  12. Wavelet Analysis of Central European Stock Market Behaviour During the Crisis

    Baruník, Jozef; Vácha, Lukáš


    Roč. 2009, č. 23 (2009), s. 1-14 R&D Projects: GA ČR GP402/08/P207; GA ČR GD402/09/H045 Grant - others:GAUK(CZ) 46108 Institutional research plan: CEZ:AV0Z10750506 Keywords : wavelet analysis * multiresolution analysis * Central European stock markets * financial crisis Subject RIV: AH - Economics

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

    Tames Blanco, Juan Marcelo; Nsiah, Samuel Osei


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

  14. An analysis on energy efficiency initiatives in the building stock of Liege, Belgium

    Singh, Manoj Kumar; Mahapatra, Sadhan; Teller, Jacques


    Built environment is responsible for 60% of total energy consumption in European countries and 128 million BOE of primary energy in Belgium. The average energy consumption in the residential buildings of Belgium is 70% higher than the EU average and stands at 348 kW h/m 2 /year. Energy Performance Building Directive (EPBD) provides guidelines for energy performance analysis of buildings in Belgium. In this study, a holistic approach has been adopted to analyse the building stock of Liege, Belgium. This analysis is based on ‘General Socio-economic survey 2001’ and ‘Housing quality survey 2006 in Walloon region’ databases. It considers parameters such as buildings age, built-up area, type of heating system, type of fuel used, adjacency, insulation of roofs and walls and energy consumption etc. for an in depth analysis. This study concludes that about 69% of buildings which are constructed before 1945 needs serious renovation towards the improvement of roof and external wall insulation level. It then successfully identifies specific areas which need detailed study to evaluate the comfort status in the existing building stock, improvement of insulation level and its effect on heating energy consumption as well as the economic analysis on energy efficiency measurements. -- Highlights: •Energy efficiency studies of building stock of Liege, Belgium. •Energy Performance Building Directive is used as reference for analysis. •Buildings age, built-up area and energy consumption data are used for analysis. •Identifies the areas to improve energy efficiency of building stock

  15. Cell therapy companies make strong progress from October 2012 to March 2013 amid mixed stock market sentiment.

    Mason, Chris; Mason, Julian; Culme-Seymour, Emily J; Bonfiglio, Gregory A; Reeve, Brock C


    During Q4 2012 and Q1 2013, the cell therapy industry made strong progress in translation and commercialization. Continued development of the companies included in a dedicated stock market index suggests emergence of this industry as a distinct healthcare sector. Copyright © 2013 Elsevier Inc. All rights reserved.

  16. Accuracy Combination Test of Classical and Modern Technical Analysis: A Case Study in Stock of PT Wijaya Karya Tbk

    Agustini Hamid


    The research aimed to measure the accuracy and combination of Classic and Modern Technical Analysis. PT Wijaya Karya Tbk (WIKA)’s stock in two periods is the sample of research. Technical analysis was used to predict stock prices by observing changes in historical share price. Practically, technical analysis is divided into Classic Technical and Modern. Research was conducted by library study and using a computer software. Microsft Excel was used for the simulation and Chart Nexus for analyzi...

  17. Linking material flow analysis and resource policy via future scenarios of in-use stock: an example for copper.

    Gerst, Michael D


    A key aspect to achieving long-term resource sustainability is the development of methodologies that explore future material cycles and their environmental impact. Using a novel dynamic in-use stock model and scenario analysis, I analyzed the multilevel global copper cycle over the next 100 years. In 1990, the industrialized world had an in-use copper stock about twice as large as the developing world and a per capita in-use stock of about six times as large. By 2100, the developing world will have an in-use copper stock about three times as large as the industrialized world, but the industrialized world will maintain a per capita stock twice that of the developing world. Under a scenario of no material substitution or technological change in copper products, global in-use stock in 2100 will be about as large as currently known copper resources. However, current scrap recycling trends and exploration will alleviate absolute supply pressure but not environmental impacts from decreasing copper are grades. Additionally, unexpected emergent properties of dematerialization are observed from the in-use stock model that arise solely from the properties of stock dynamics, an infrequently discussed cause of dematerialization in the literature.

  18. The technical analysis of the stock exchange and physics: Japanese candlesticks for solar activity

    Dineva, C.; Atanasov, V.


    In this article, we use the Japanese candlesticks, a method popular in the technical analysis of the Stock/Forex markets and apply it to a variable in physics-the solar activity. This method is invented and used exclusively for economic analysis and its application to a physical problem produced unexpected results. We found that the Japanese candlesticks are convenient tool in the analysis of the variables in the physics of the Sun. Based on our observations, we differentiated a new cycle in the solar activity.

  19. The Relationship between Market Sentiment Index and Stock Rates of Return: a Panel Data Analysis

    Claudia Emiko Yoshinaga


    Full Text Available This article analyzes the relationship between market sentiment and future stock rates of return. We used amethodology based on principal component analysis to create a sentiment index for the Brazilian market withdata from 1999 to 2008. The sample consisted of companies listed on BM&FBOVESPA which were groupedinto quintiles, each representing a portfolio, according to the magnitude of the following characteristics: marketvalue, total annualized risk and listing time on BM&FBOVESPA. Next, we calculated the average return of eachportfolio for every quarter. The data for the first and last quintiles were analyzed via two-factor ANOVA, usingsentiment index of the previous period (positive or negative as the main factor and each characteristic ascontrolling factors. Finally, the sentiment index was included in a panel data pricing model. The results indicatea significant and negative relationship between the market sentiment index and the future rates of return. Thesefindings suggest the existence of a reversion pattern in stock returns, meaning that after a positive sentimentperiod, the impact on subsequent stock returns is negative, and vice-versa.


    Goran Vujić


    Full Text Available Material flow analysis (MFA was used to assess the amounts of plastic materials flows and stocks that are annually produced, consumed, imported, exported, collected, recycled, and disposed in the landfills in Serbia. The analysis revealed that approximatelly 269,000 tons of plastic materials are directly disposed in uncontrolled landfills in Serbia without any preatretment, and that siginificant amounts of these materials have already accumulated in the landfills. The substantial amounts of landfilled plastics represent not only a loss of valuable recourses, but also pose a seriuos treath to the environment and human health, and if the trend of direct plastic landfilling is continued, Serbia will face with grave consecequnces.

  1. Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis

    Mensi, Walid; Tiwari, Aviral Kumar; Yoon, Seong-Min


    This paper estimates the weak-form efficiency of Islamic stock markets using 10 sectoral stock indices (basic materials, consumer services, consumer goods, energy, financials, health care, industrials, technology, telecommunication, and utilities). The results based on the multifractal detrended fluctuation analysis (MF-DFA) approach show time-varying efficiency for the sectoral stock markets. Moreover, we find that they tend to show high efficiency in the long term but moderate efficiency in the short term, and that these markets become less efficient after the onset of the global financial crisis. These results have several significant implications in terms of asset allocation for investors dealing with Islamic markets.

  2. Oil prices, stock markets and portfolio investment. Evidence from sector analysis in Europe over the last decade

    Hedi Arouri, Mohamed El; Khuong Nguyen, Duc


    This article extends the understanding of oil-stock market relationships over the last turbulent decade. Unlike previous empirical investigations, which have largely focused on broad-based market indices (national and/or regional indices), we examine short-term linkages in the aggregate as well as sector by sector levels in Europe using different econometric techniques. Our main findings suggest that the reactions of stock returns to oil price changes differ greatly depending on the activity sector. In the out-of-sample analysis we show that introducing oil asset into a diversified portfolio of stocks allows to significantly improve its risk-return characteristics. (author)

  3. Analysis of cyclical behavior in time series of stock market returns

    Stratimirović, Djordje; Sarvan, Darko; Miljković, Vladimir; Blesić, Suzana


    In this paper we have analyzed scaling properties and cyclical behavior of the three types of stock market indexes (SMI) time series: data belonging to stock markets of developed economies, emerging economies, and of the underdeveloped or transitional economies. We have used two techniques of data analysis to obtain and verify our findings: the wavelet transform (WT) spectral analysis to identify cycles in the SMI returns data, and the time-dependent detrended moving average (tdDMA) analysis to investigate local behavior around market cycles and trends. We found cyclical behavior in all SMI data sets that we have analyzed. Moreover, the positions and the boundaries of cyclical intervals that we found seam to be common for all markets in our dataset. We list and illustrate the presence of nine such periods in our SMI data. We report on the possibilities to differentiate between the level of growth of the analyzed markets by way of statistical analysis of the properties of wavelet spectra that characterize particular peak behaviors. Our results show that measures like the relative WT energy content and the relative WT amplitude of the peaks in the small scales region could be used to partially differentiate between market economies. Finally, we propose a way to quantify the level of development of a stock market based on estimation of local complexity of market's SMI series. From the local scaling exponents calculated for our nine peak regions we have defined what we named the Development Index, which proved, at least in the case of our dataset, to be suitable to rank the SMI series that we have analyzed in three distinct groups.

  4. Voluntary Financial Reporting on the Internet: Analysis of the Practice of Stock-Market Listed Croatian and Slovene Joint Stock Companies

    Ivica Pervan


    Full Text Available An investigation into Internet financial reporting carried out in June 2005 that focused on stock-market listed Croatian and Slovene joint-stock companies has two basic aspects, comparative and explanatory. The comparative aspect of the research showed that Slovene corporations have a statistically significant higher level of financial reporting (as measured with IFR score. The average IFR score for 55 corporate entities from Croatia came to just 6.85, while the average IFR score for 30 Slovene firms was 17.63. The second aspect of the investigation was explanatory, and at the level of each state and sample the intention was to find the variables that affect IFR scores significantly. With respect to the Croatian sample it was shown that the IFR score was statistically significantly and positively correlated with size, profitability, number of shareholders, and amount of traffic on the stock markets. Then regression analysis showed that majority foreign ownership had a positive effect on the IFR score. A statistically significant but negative correlation was established for two sectors, tourism and marine transport. For the Slovene sample, comprising 30 firms, the size, profitability and number of stockholders were not significant variables. However, official listing, proportion of market capitalisation and ratio of market to book values of shares were statistically significantly and positively correlated with the IFR score. Only one sector, transport, was significantly and negatively correlated with the IFR score.

  5. Influence of Economic Value and Fundamental Analysis Toward Stock Market (Studies on the Retail Trade Industry Sector)

    Widyatmini, Widyatmini; Damanik, Michael Valentino


    The objective of this research is to measure the influence of economics value added and fundamental analysis toward stock price on retail industry. Data which was deployed on this research are company financial report and stock price. Further, data was analyzed using regression method by deploying SPSS software. Research result shows that all independent variables proposed (economics value added, current ratio, quick ratio, total asset turnover ratio, inventory turnover ratio, gross profit ma...

  6. Genetic diversity analysis in Malaysian giant prawns using expressed sequence tag microsatellite markers for stock improvement program.

    Atin, K H; Christianus, A; Fatin, N; Lutas, A C; Shabanimofrad, M; Subha, B


    The Malaysian giant prawn is among the most commonly cultured species of the genus Macrobrachium. Stocks of giant prawns from four rivers in Peninsular Malaysia have been used for aquaculture over the past 25 years, which has led to repeated harvesting, restocking, and transplantation between rivers. Consequently, a stock improvement program is now important to avoid the depletion of wild stocks and the loss of genetic diversity. However, the success of such an improvement program depends on our knowledge of the genetic variation of these base populations. The aim of the current study was to estimate genetic variation and differentiation of these riverine sources using novel expressed sequence tag-microsatellite (EST-SSR) markers, which not only are informative on genetic diversity but also provide information on immune and metabolic traits. Our findings indicated that the tested stocks have inbreeding depression due to a significant deficiency in heterozygotes, and F IS was estimated as 0.15538 to 0.31938. An F-statistics analysis suggested that the stocks are composed of one large panmictic population. Among the four locations, stocks from Johor, in the southern region of the peninsular, showed higher allelic and genetic diversity than the other stocks. To overcome inbreeding problems, the Johor population could be used as a base population in a stock improvement program by crossing to the other populations. The study demonstrated that EST-SSR markers can be incorporated in future marker assisted breeding to aid the proper management of the stocks by breeders and stakeholders in Malaysia.

  7. Volatility-constrained multifractal detrended cross-correlation analysis: Cross-correlation among Mainland China, US, and Hong Kong stock markets

    Cao, Guangxi; Zhang, Minjia; Li, Qingchen


    This study focuses on multifractal detrended cross-correlation analysis of the different volatility intervals of Mainland China, US, and Hong Kong stock markets. A volatility-constrained multifractal detrended cross-correlation analysis (VC-MF-DCCA) method is proposed to study the volatility conductivity of Mainland China, US, and Hong Kong stock markets. Empirical results indicate that fluctuation may be related to important activities in real markets. The Hang Seng Index (HSI) stock market is more influential than the Shanghai Composite Index (SCI) stock market. Furthermore, the SCI stock market is more influential than the Dow Jones Industrial Average stock market. The conductivity between the HSI and SCI stock markets is the strongest. HSI was the most influential market in the large fluctuation interval of 1991 to 2014. The autoregressive fractionally integrated moving average method is used to verify the validity of VC-MF-DCCA. Results show that VC-MF-DCCA is effective.

  8. Design Analysis of the Mixed Mode Bending Sandwich Specimen

    Quispitupa, Amilcar; Berggreen, Christian; Carlsson, Leif A.


    A design analysis of the mixed mode bending (MMB) sandwich specimen for face–core interface fracture characterization is presented. An analysis of the competing failure modes in the foam cored sandwich specimens is performed in order to achieve face–core debond fracture prior to other failure modes...... for the chosen geometries and mixed mode loading conditions....

  9. A Comparative Analysis of Value at Risk Measurement on Emerging Stock Markets: Case of Montenegro

    Cerović Julija


    Full Text Available Background: The concept of value at risk gives estimation of the maximum loss of financial position at a given time for a given probability. The motivation for this analysis lies in the desire to devote necessary attention to risks in Montenegro, and to approach to quantifying and managing risk more thoroughly. Objectives: This paper considers adequacy of the most recent approaches for quantifying market risk, especially of methods that are in the basis of extreme value theory, in Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether extreme value theory outperforms econometric and quantile evaluation of VaR in emerging stock markets such as Montenegrin market. Methods/Approach: Daily return of Montenegrin stock market index MONEX20 is analyzed for the period January, 2004 - February, 2014. Value at Risk results based on GARCH models, quantile estimation and extreme value theory are compared. Results: Results of the empirical analysis show that the assessments of Value at Risk based on extreme value theory outperform econometric and quantile evaluations. Conclusions: It is obvious that econometric evaluations (ARMA(2,0- GARCH(1,1 and RiskMetrics proved to be on the lower bound of possible Value at Risk movements. Risk estimation on emerging markets can be focused on methodology using extreme value theory that is more sophisticated as it has been proven to be the most cautious model when dealing with turbulent times and financial turmoil.

  10. Network analysis of returns and volume trading in stock markets: The Euro Stoxx case

    Brida, Juan Gabriel; Matesanz, David; Seijas, Maria Nela


    This study applies network analysis to analyze the structure of the Euro Stoxx market during the long period from 2002 up to 2014. The paper generalizes previous research on stock market networks by including asset returns and volume trading as the main variables to study the financial market. A multidimensional generalization of the minimal spanning tree (MST) concept is introduced, by adding the role of trading volume to the traditional approach which only includes price returns. Additionally, we use symbolization methods to the raw data to study the behavior of the market structure in different, normal and critical, situations. The hierarchical organization of the network is derived, and the MST for different sub-periods of 2002-2014 is created to illustrate how the structure of the market evolves over time. From the structural topologies of these trees, different clusters of companies are identified and analyzed according to their geographical and economic links. Two important results are achieved. Firstly, as other studies have highlighted, at the time of the financial crisis after 2008 the network becomes a more centralized one. Secondly and most important, during our second period of analysis, 2008-2014, we observe that hierarchy becomes more country-specific where different sub-clusters of stocks belonging to France, Germany, Spain or Italy are found apart from their business sector group. This result may suggest that during this period of time financial investors seem to be worried most about country specific economic circumstances.

  11. Mechanistic approach to generalized technical analysis of share prices and stock market indices

    Ausloos, M.; Ivanova, K.


    Classical technical analysis methods of stock evolution are recalled, i.e. the notion of moving averages and momentum indicators. The moving averages lead to define death and gold crosses, resistance and support lines. Momentum indicators lead the price trend, thus give signals before the price trend turns over. The classical technical analysis investment strategy is thereby sketched. Next, we present a generalization of these tricks drawing on physical principles, i.e. taking into account not only the price of a stock but also the volume of transactions. The latter becomes a time dependent generalized mass. The notion of pressure, acceleration and force are deduced. A generalized (kinetic) energy is easily defined. It is understood that the momentum indicators take into account the sign of the fluctuations, while the energy is geared toward the absolute value of the fluctuations. They have different patterns which are checked by searching for the crossing points of their respective moving averages. The case of IBM evolution over 1990-2000 is used for illustrations.

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

    Cong Ronggang; Wei Yiming; Jiao Jianlin; Fan Ying


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

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

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


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

  14. Correlation analysis between forest carbon stock and spectral vegetation indices in Xuan Lien Nature Reserve, Thanh Hoa, Viet Nam

    Dung Nguyen, The; Kappas, Martin


    In the last several years, the interest in forest biomass and carbon stock estimation has increased due to its importance for forest management, modelling carbon cycle, and other ecosystem services. However, no estimates of biomass and carbon stocks of deferent forest cover types exist throughout in the Xuan Lien Nature Reserve, Thanh Hoa, Viet Nam. This study investigates the relationship between above ground carbon stock and different vegetation indices and to identify the most likely vegetation index that best correlate with forest carbon stock. The terrestrial inventory data come from 380 sample plots that were randomly sampled. Individual tree parameters such as DBH and tree height were collected to calculate the above ground volume, biomass and carbon for different forest types. The SPOT6 2013 satellite data was used in the study to obtain five vegetation indices NDVI, RDVI, MSR, RVI, and EVI. The relationships between the forest carbon stock and vegetation indices were investigated using a multiple linear regression analysis. R-square, RMSE values and cross-validation were used to measure the strength and validate the performance of the models. The methodology presented here demonstrates the possibility of estimating forest volume, biomass and carbon stock. It can also be further improved by addressing more spectral bands data and/or elevation.

  15. Analysis of yield advantage in mixed cropping

    Ranganathan, R.


    It has long been recognized that mixed cropping can give yield advantages over sole cropping, but methods that can identify such yield benefits are still being developed. This thesis presents a method that combines physiological and economic principles in the evaluation of yield advantage.

  16. Clustering stocks using partial correlation coefficients

    Jung, Sean S.; Chang, Woojin


    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.

  17. A hybrid stock trading framework integrating technical analysis with machine learning techniques

    Rajashree Dash


    Full Text Available In this paper, a novel decision support system using a computational efficient functional link artificial neural network (CEFLANN and a set of rules is proposed to generate the trading decisions more effectively. Here the problem of stock trading decision prediction is articulated as a classification problem with three class values representing the buy, hold and sell signals. The CEFLANN network used in the decision support system produces a set of continuous trading signals within the range 0–1 by analyzing the nonlinear relationship exists between few popular technical indicators. Further the output trading signals are used to track the trend and to produce the trading decision based on that trend using some trading rules. The novelty of the approach is to engender the profitable stock trading decision points through integration of the learning ability of CEFLANN neural network with the technical analysis rules. For assessing the potential use of the proposed method, the model performance is also compared with some other machine learning techniques such as Support Vector Machine (SVM, Naive Bayesian model, K nearest neighbor model (KNN and Decision Tree (DT model.


    SUCIU Titus


    Full Text Available This study analyses three important banks quoted at Bucharest Stock Exchange: Banca Transilvania SA, BRD – Groupe Société Générale SA, Banca Comecială Carpatica SA. The scope is to identify which is the best to invest in. We follow the instruments give us by the fundamental analysis: Price/ Earning ratio, Capitalization, Return on Assets, Return on Equity, Debt to Assets, Dept to Equity. Fundamental analysis presumes the future prospects of a security are best analyzed through a proper assessment of the intrinsic value of the underlying company. The risk is within us. In the end, the financial risk does not lie in what types of investments have we done, but in what type of investor we are.

  19. An Analysis and Implementation of the Hidden Markov Model to Technology Stock Prediction

    Nguyet Nguyen


    Full Text Available Future stock prices depend on many internal and external factors that are not easy to evaluate. In this paper, we use the Hidden Markov Model, (HMM, to predict a daily stock price of three active trading stocks: Apple, Google, and Facebook, based on their historical data. We first use the Akaike information criterion (AIC and Bayesian information criterion (BIC to choose the numbers of states from HMM. We then use the models to predict close prices of these three stocks using both single observation data and multiple observation data. Finally, we use the predictions as signals for trading these stocks. The criteria tests’ results showed that HMM with two states worked the best among two, three and four states for the three stocks. Our results also demonstrate that the HMM outperformed the naïve method in forecasting stock prices. The results also showed that active traders using HMM got a higher return than using the naïve forecast for Facebook and Google stocks. The stock price prediction method has a significant impact on stock trading and derivative hedging.

  20. Statistical aspects of fish stock assessment

    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...

  1. Quantifying Fire's Impacts on Total and Pyrogenic Carbon Stocks in Mixed-Conifer Forests: Results from Pre- and Post-Fire Measurements in Active Wildfire Incidents

    Miesel, J. R.; Reiner, A. L.; Ewell, C. M.; Sanderman, J.; Maestrini, B.; Adkins, J.


    Widespread US fire suppression policy has contributed to an accumulation of vegetation in many western forests relative to historic conditions, and these changes can exacerbate wildfire severity and carbon (C) emissions. Serious concern exists about positive feedbacks between wildfire emissions and global climate; however, fires not only release C from terrestrial to atmospheric pools, they also create "black" or pyrogenic C (PyC) which contributes to longer-term C stability. Our objective was to quantify wildfire impacts on aboveground and belowground total C and PyC stocks in California mixed-conifer forests. We worked with incident management teams to access five active wildfires to establish and measure plots within days before and after fire. We measured pre- and post-fire aboveground forest structure and woody fuels to calculate aboveground biomass, biomass C, and PyC, and we collected pre- and post-fire forest floor and 0-5 cm mineral soil samples to measure belowground C and PyC stocks. Our preliminary results show that fire had minimal impact on the number of trees per hectare, whereas C losses from the tree layer occurred via consumption of foliage, and PyC gain occurred in tree bark. Fire released 54% to 100% of surface fuel C. In the forest floor layer, we observed 33 to 100% C loss, whereas changes in PyC stocks ranged from 100% loss to 186% gain relative to pre-fire samples. In general, fire had minimal to no impact on 0-5 cm mineral soil C. We will present relationships between total C, PyC and post-fire C and N dynamics in one of the five wildfire sites. Our data are unique because they represent nearly immediate pre- and post-fire measurements in major wildfires in a widespread western U.S. forest type. This research advances understanding of the role of fire on forest C fluxes and C sequestration potential as PyC.

  2. Parasites as biological tags of fish stocks: a meta-analysis of their discriminatory power.

    Poulin, Robert; Kamiya, Tsukushi


    The use of parasites as biological tags to discriminate among marine fish stocks has become a widely accepted method in fisheries management. Here, we first link this approach to its unstated ecological foundation, the decay in the similarity of the species composition of assemblages as a function of increasing distance between them, a phenomenon almost universal in nature. We explain how distance decay of similarity can influence the use of parasites as biological tags. Then, we perform a meta-analysis of 61 uses of parasites as tags of marine fish populations in multivariate discriminant analyses, obtained from 29 articles. Our main finding is that across all studies, the observed overall probability of correct classification of fish based on parasite data was about 71%. This corresponds to a two-fold improvement over the rate of correct classification expected by chance alone, and the average effect size (Zr = 0·463) computed from the original values was also indicative of a medium-to-large effect. However, none of the moderator variables included in the meta-analysis had a significant effect on the proportion of correct classification; these moderators included the total number of fish sampled, the number of parasite species used in the discriminant analysis, the number of localities from which fish were sampled, the minimum and maximum distance between any pair of sampling localities, etc. Therefore, there are no clear-cut situations in which the use of parasites as tags is more useful than others. Finally, we provide recommendations for the future usage of parasites as tags for stock discrimination, to ensure that future applications of the method achieve statistical rigour and a high discriminatory power.


    Podgornyy Boris Borisovich


    Full Text Available The stock market in advanced economies allows people to participate in the economic development by investing their savings in equities of leading and emerging industries. It solves a number of economic and social problems. There is less than 1% of the population takes part in investing in shares and other securities In Russia. The structure of Russian commercial organizations, the supply and demand of the Russian stock market are analyzes in the paper. Also the results of original sociological research explains the meaning of the factors wich are limiting the population to investing in the stock market instruments. And there are some measures proposed for the further development of the Russian stock market. The results of the research have both theoretical and practical significance. That can be used in the development of national and regional activities aimed at the development of the Stock Market and attracting the Russian population to invest the Stock Market instruments.

  4. Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange

    Asgarnezhad Nouri Bagher


    Full Text Available Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship

  5. Compression stockings

    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 ...

  6. Stock Status

    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....

  7. An Analysis Regarding Cash Holdings. Empirical Study on the Bucharest Stock Exchange Listed Firms

    Nenu Elena Alexandra


    Full Text Available Worldwide corporate cash holdings have significantly increased and have become an important tool for managers. This study explores the factors that influence firms’ behavior regarding cash holdings and the signal that financial conservatism is sending to potential investors. Our data consists in annual observations collected through the Reuters Eikon platform. It includes companies listed on the Bucharest Stock Exchange, the investigated period being 2005-2014. The econometric analysis employs multivariate regression for an unbalanced panel data, using the OLS technique. The results show a positive correlation of cash holdings with the value registered by this indicator in the previous period, fact that might be interpreted as an attempting of the companies to maintain a target level of cash. Also, the results showed a non-linear relationship between leverage and cash holdings, while the tangible assets determine a negative correlation. As regards firm size and ownership concentration, the correlations were not statistically validated.

  8. An analysis of the sectorial influence of CSI300 stocks within the directed network

    Mai, Yong; Chen, Huan; Meng, Lei


    This paper uses the Partial Correlation Planar maximally filtered Graph (PCPG) method to construct a directed network for the constituent stocks underlying the China Securities Index 300 (CSI300). We also analyse the impact of individual stocks. We find that the CSI300 market is a scale-free network with a relatively small power law exponent. The volatility of the stock prices has significant impact on other stocks. In the sectorial network, the industrial sector is the most influential one over other sectors, the financial sector only has a modest influence, while the telecommunication services sector’s influence is marginal. In addition, such inter-sector influence displays quarterly stability.

  9. Advanced exergoeconomic analysis of the multistage mixed refrigerant systems

    Mehrpooya, Mehdi; Ansarinasab, Hojat


    Highlights: • Advanced exergoeconomic analysis is performed for mixed refrigerant systems. • Cost of investment is divided into avoidable/unavoidable and endogenous/exogenous. • Results show that interactions between the components is not considerable. - Abstract: Advanced exergoeconomic analysis is applied on three multi stage mixed refrigerant liquefaction processes. They are propane precooled mixed refrigerant, dual mixed refrigerant and mixed fluid cascade. Cost of investment and exergy destruction for the components with high inefficiencies are divided into avoidable/unavoidable and endogenous/exogenous parts. According to the avoidable exergy destruction cost in propane precooled mixed refrigerant process, C-2 compressor with 455.5 ($/h), in dual mixed refrigerant process, C-1 compressor with 510.8 ($/h) and in mixed fluid cascade process, C-2/1 compressor with 338.8 ($/h) should be considered first. A comparison between the conventional and advanced exergoeconomic analysis is done by three important parameters: Exergy efficiency, exergoeconomic factor and total costs. Results show that interactions between the process components are not considerable because cost of investment and exergy destruction in most of them are endogenous. Exergy destruction cost of the compressors is avoidable while heat exchangers and air coolers destruction cost are unavoidable. Investment cost of heat exchangers and air coolers are avoidable while compressor’s are unavoidable

  10. Analysis of mixed mode microwave distribution manifolds

    White, T.L.


    The 28-GHz microwave distribution manifold used in the ELMO Bumpy Torus-Scale (EBT-S) experiments consists of a toroidal metallic cavity, whose dimensions are much greater than a wavelength, fed by a source of microwave power. Equalization of the mixed mode power distribution ot the 24 cavities of EBT-S is accomplished by empirically adjusting the coupling irises which are equally spaced around the manifold. The performance of the manifold to date has been very good, yet no analytical models exist for optimizing manifold transmission efficiency or for scaling this technology to the EBT-P manifold design. The present report develops a general model for mixed mode microwave distribution manifolds based on isotropic plane wave sources of varying amplitudes that are distributed toroidally around the manifold. The calculated manifold transmission efficiency for the most recent EBT-S coupling iris modification is 90%. This agrees with the average measured transmission efficiency. Also, the model predicts the coupling iris areas required to balance the distribution of microwave power while maximizing transmission efficiency, and losses in waveguide feeds connecting the irises to the cavities of EBT are calculated using an approach similar to the calculation of mainfold losses. The model will be used to evaluate EBT-P manifold designs

  11. Cost Analysis for a Supplier in an Inflationary Environment with Stock Dependent Demand Rate for Perishable Items

    Madhu Jain


    Full Text Available The present study is concerned with the cost modeling of an inventory system with perishable multi-items having stock dependent demand rates under an inflationary environment of the market. The concept of permissible delay is taken into account. The study provides the cost analysis of inventory system under the decision criteria of time value of money, inflation, deterioration, and stock dependent demand. Numerical illustrations are derived from the quantitative model to validate the results. The cost of inventory and optimal time are also computed by varying different system parameters. The comparison of these results is facilitated by computing the results with neurofuzzy results.

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

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

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

  13. Are oil and gas stocks from the Australian market riskier than coal and uranium stocks? Dependence risk analysis and portfolio optimization

    Arreola Hernandez, Jose


    This article models the dependence risk and resource allocation characteristics of two 20-stock coal–uranium and oil–gas sector portfolios from the Australian market in the context of the global financial crisis of 2008–2009. The modeling framework implemented consists of pair vine copulas and, linear and nonlinear portfolio optimization methods with respect to five risk measures. The paper's objectives are to find out if the oil and gas stocks are riskier than the coal and uranium stocks, to identify the optimization method and risk measure that produce the best risk-return trade-off, to recognize the stocks in which the optimal weight allocations converge on average, and to acknowledge the vine copula model that best accounts for the overall dependence of the energy portfolios. The research findings indicate that the oil stocks have higher dependence risk than the coal, uranium and gas stocks in financial crisis periods. The higher risk of the oil stocks is confirmed by the larger concentration of symmetric and asymmetric dependence they have in the negative tail. The canonical vine (c-vine) copula model is observed to better capture the overall dependence of the energy portfolios. The combination of a pair c-vine copula and nonlinear portfolio optimization produces the highest return relative to risk. The optimal weight allocations converge on average in some stocks. - Highlights: • Vine copula dependence modeling of coal, uranium, oil and gas stocks • Oil stocks are riskier than coal, uranium and gas stocks in financial crisis periods. • The c-vine model better captures the overall dependence of the energy portfolios. • Vine copulas and nonlinear optimization combined produce the best results. • The optimal weight allocations converge on average in some stocks

  14. Evaluation of otolith shape as a tool for stock discrimination in marine fishes using Baltic Sea cod as a case study

    Hüssy, Karin; Mosegaard, Henrik; Albertsen, Christoffer Moesgaard


    demonstrate theinterplay of environmental, ontogenetic and genetic influences on otolith shape, which complicates theapplication of otolith shape for stock discrimination in mixed-stock scenarios. Rigours genetic validationand further studies on the temporal dynamics of shape formation are necessary.......In the Western Baltic Sea two genetically distinct cod stocks “Eastern Baltic cod” and “Western Balticcod” occur with considerable mixing of stocks. In this study we evaluated the applicability of otolithshape analysis for classification of individuals caught in the mixed stock cod fishery, using...... SNP (singlenucleotide polymorphism) based genetic assignment of otolith shape baselines. We further developeda management aimed approach for mixed stock assignment by robust stochastic baseline selection andposterior bias correction by individual reassignment of the least likely classifications...

  15. Analysis of Market Risk, Financial Leverage, and Firm Size Toward Stock Return on Non-banking Companies Listed in Lq45 Index of Idx

    Tumewu, Ferdinand; Pangemanan, Sifrid S.; Koluku, Rini Feronica


    In the world of investment, one underlies the decision of investors is stock returns that are depend on many factors. The purpose of this study was to analyze the effect of Market Risk, Financial Leverage, and Firm Size to Stock Return. By counting these factors, investors can see the effect of stock returns are important in decision making. The research methods associative with regression analysis and classical assumption techniques that include normality, multicollinearity, heteroscedastici...

  16. Site productivity and forest carbon stocks in the United States: Analysis and implications for forest offset project planning

    Coeli M. Hoover; James E. Smith


    The documented role of United States forests in sequestering carbon, the relatively low cost of forest-based mitigation, and the many co-benefits of increasing forest carbon stocks all contribute to the ongoing trend in the establishment of forest-based carbon offset projects. We present a broad analysis of forest inventory data using site quality indicators to provide...

  17. Characterization of herring populations west of the British Isles: an investigation of mixing based on otolith microchemistry

    Geffen, A.J.; Nash, R.D.M.; Dickey-Collas, M.


    Herring along the west coast of the British Isles are managed and assessed as a series of discrete stocks. The relationship between the spawning components, mixed (feeding) aggregations, and juveniles in nursery areas for these stocks was modelled by discriminant analysis and integrated stock

  18. Mixing Methods in Organizational Ethics and Organizational Innovativeness Research : Three Approaches to Mixed Methods Analysis

    Riivari, Elina


    This chapter discusses three categories of mixed methods analysis techniques: variableoriented, case-oriented, and process/experience-oriented. All three categories combine qualitative and quantitative approaches to research methodology. The major differences among the categories are the focus of the study, available analysis techniques and timely aspect of the study. In variable-oriented analysis, the study focus is relationships between the research phenomena. In case-oriente...

  19. Life Cycle Cost Analysis of Ready Mix Concrete Plant

    Topkar, V. M.; Duggar, A. R.; Kumar, A.; Bonde, P. P.; Girwalkar, R. S.; Gade, S. B.


    India, being a developing nation is experiencing major growth in its infrastructural sector. Concrete is the major component in construction. The requirement of good quality of concrete in large quantities can be fulfilled by ready mix concrete batching and mixing plants. The paper presents a technique of applying the value engineering tool life cycle cost analysis to a ready mix concrete plant. This will help an investor or an organization to take investment decisions regarding a ready mix concrete facility. No economic alternatives are compared in this study. A cost breakdown structure is prepared for the ready mix concrete plant. A market survey has been conducted to collect realistic costs for the ready mix concrete facility. The study establishes the cash flow for the ready mix concrete facility helpful in investment and capital generation related decisions. Transit mixers form an important component of the facility and are included in the calculations. A fleet size for transit mixers has been assumed for this purpose. The life cycle cost has been calculated for the system of the ready mix concrete plant and transit mixers.

  20. An Empirical Analysis of the Effect of Stock Market Crisis on Economic Growth: The Nigerian Case

    Omowunmi Felicia Olokoyo


    Full Text Available Stock market crashes are social phenomena where external economic events combine with crowd behavior and psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. This study empirically established the relationship between stock market crisis and Nigeria’s economic growth and also showed the relationship between stock market price crash and the crisis itself. In this light, this paper examined the interactive influence of movements in the major indicators of the performance of the Nigerian Stock Exchange Market such as the Market Capitalization (MK, All Share Index (ASI, Number of Deals (NOD, Volume and Value of Stock (VV, Total Number of New Issues (TNI and Inflation (INFR on the Nigerian Gross Domestic Product (GDP using data from 1985-2009. To achieve the two objectives stated above, the Ordinary Least Square (OLS method was employed. To correct for the OLS result biasness the log was applied to GDP and MK and also AR(1 was introduced to the first model. The result shows that stock market crisis has a highly significant effect on Nigeria’s economic growth. The result also shows a significant relationship between stock market price crash and the market crisis itself. It is therefore recommended that in the face of the ongoing crisis in the global stock market, the Nigerian stock market authorities should aim at making the market meet a world class standard. Also, all the sectors of the economy should act in a collaborative manner such that optimum benefits can be realized from their economic activities in the Nigeria market even in the hub of global crisis.

  1. Value-at-Risk analysis using ARMAX GARCHX approach for estimating risk of banking subsector stock return’s

    Dewi Ratih, Iis; Sutijo Supri Ulama, Brodjol; Prastuti, Mike


    Value at Risk (VaR) is one of the statistical methods used to measure market risk by estimating the worst losses in a given time period and level of confidence. The accuracy of this measuring tool is very important in determining the amount of capital that must be provided by the company to cope with possible losses. Because there is a greater losses to be faced with a certain degree of probability by the greater risk. Based on this, VaR calculation analysis is of particular concern to researchers and practitioners of the stock market to be developed, thus getting more accurate measurement estimates. In this research, risk analysis of stocks in four banking sub-sector, Bank Rakyat Indonesia, Bank Mandiri, Bank Central Asia and Bank Negara Indonesia will be done. Stock returns are expected to be influenced by exogenous variables, namely ICI and exchange rate. Therefore, in this research, stock risk estimation are done by using VaR ARMAX-GARCHX method. Calculating the VaR value with the ARMAX-GARCHX approach using window 500 gives more accurate results. Overall, Bank Central Asia is the only bank had the estimated maximum loss in the 5% quantile.

  2. Mixed Methods Analysis of Enterprise Social Networks

    Behrendt, Sebastian; Richter, Alexander; Trier, Matthias


    The increasing use of enterprise social networks (ESN) generates vast amounts of data, giving researchers and managerial decision makers unprecedented opportunities for analysis. However, more transparency about the available data dimensions and how these can be combined is needed to yield accurate...

  3. Technology penetration and capital stock turnover. Lessons from IEA scenario analysis

    Philibert, C. [International Energy Agency IEA, Organisation for Economic Co-operation and Development OECD, Paris (France)


    The aim of this paper is to reflect on the significant differences between the emissions reductions projections in mid-term and long-term scenarios, and to explore their policy implications. It draws mainly on two recent IEA publications: the 2006 World Energy Outlook (WEO), which contains energy and energy-related CO2 projections up to 2030, and the 2006-published Energy Technology Perspectives (ETP), which considers scenarios and strategies up to 2050. The analysis focuses on a comparison of the Alternative Policy Scenario of the 2006 WEO, and the various Accelerated Technology (ACT) Scenarios in the ETP. The next section provides the necessary background on these two publications and their energy-related CO2 emissions by 2030 and 2050, respectively. The third section investigates in some more depth the reasons for the large differences in the amount of emission reductions at these dates. Capital stock turnover and technology maturation lead times, in particular, are identified as primary reasons for the differences. The fourth section suggests several possible policy conclusions that can be drawn from this analysis. They include thought pieces with respect to the action required in the short-term; to the necessity of long-term signals; to the advantages and limitations of short-term targets; and to the opportunities and challenges the international community faces with respect to emission reductions in developing countries.

  4. Subchannel analysis with turbulent mixing rate of supercritical pressure fluid

    Wu, Jianhui; Oka, Yoshiaki


    Highlights: • Subchannel analysis with turbulent mixing rate law of supercritical pressure fluid (SPF) is carried out. • Turbulent mixing rate is enhanced, compared with that calculated by the law of pressurized water reactor (PWR). • Increase in maximum cladding surface temperature (MCST) is smaller comparing with PWR model. • The sensitivities of MCST on non-uniformity of subchannel area and power peaking are reduced by using SPF model. - Abstract: The subchannel analysis with turbulent mixing rate law of supercritical pressure fluid (SPF) is carried out for supercritical-pressurized light water cooled and moderated reactor (Super LWR). It is different from the turbulent mixing rate law of pressurized water reactor (PWR), which is widely adopted in Super LWR subchannel analysis study, the density difference between adjacent subchannels is taken into account for turbulent mixing rate law of SPF. MCSTs are evaluated on three kinds of fuel assemblies with different pin power distribution patterns, gap spacings and mass flow rates. Compared with that calculated by employing turbulent mixing rate law of PWR, the increase in MCST is smaller even when peaking factor is large and gap spacing is uneven. The sensitivities of MCST on non-uniformity of the subchannel area and power peaking are reduced

  5. Cross-correlation matrix analysis of Chinese and American bank stocks in subprime crisis

    Zhu Shi-Zhao; Li Xin-Li; Zhang Wen-Qing; Wang Bing-Hong; Nie Sen; Yu Gao-Feng; Han Xiao-Pu


    In order to study the universality of the interactions among different markets, we analyze the cross-correlation matrix of the price of the Chinese and American bank stocks. We then find that the stock prices of the emerging market are more correlated than that of the developed market. Considering that the values of the components for the eigenvector may be positive or negative, we analyze the differences between two markets in combination with the endogenous and exogenous events which influence the financial markets. We find that the sparse pattern of components of eigenvectors out of the threshold value has no change in American bank stocks before and after the subprime crisis. However, it changes from sparse to dense for Chinese bank stocks. By using the threshold value to exclude the external factors, we simulate the interactions in financial markets. (paper)

  6. Systematic Risk Factors for Australian Stock Market Returns: a Cointegration Analysis

    Mazharul H. Kazi


    Full Text Available This paper identifies the systematic risk factors for the Australian stock market by applyingthe cointegration technique of Johansen. In conformity with the finance literature andinvestors’ common intuition, relevant a priori variables are chosen to proxy for Australiansystematic risk factors. The results show that only a few systematic risk factors are dominantfor Australian stock market price movements in the long-run while short-run dynamics are inplace. It is observed that the linear combination of all a priori variables is cointegratedalthough not all variables are significantly influential. The findings show that bank interestrate, corporate profitability, dividend yield, industrial production and, to a lesser extent, globalmarket movements are significantly influencing the Australian stock market returns in thelong-run; while in the short-run it is being adjusted each quarter by its own performance,interest rate and global stock market movements of previous quarter.

  7. Cointegration and causality analysis of dynamic linkage between stock market and equity mutual funds in Australia

    Sasipa Pojanavatee


    Full Text Available The existing literature finds conflicting results on the magnitude of price linkages between equity mutual funds and the stock market. The study contends that in an optimal lagged model, the expectations of future prices using knowledge of past price behaviour in a particular equity mutual fund category will improve forecasts of prices of other equity mutual fund categories and the stock market index. The evidence shows that the long-run pricing of equity mutual funds is cointegrated with the stock market index. In the short run, the results indicate that some equity mutual fund categories possess both long-run and short-run exogeneity with the stock market. Therefore, the short-run dynamic indicates short-run Granger causal links running between different equity mutual fund categories.

  8. A Network-Based Dynamic Analysis in an Equity Stock Market

    Juan Eberhard


    Full Text Available We study how changes in the structure of a brokers’ transaction network affect the probability with which the returns and volume of the traded financial assets change significantly. We analyze how the dynamics of the brokers’ transaction network are associated with the returns and volume observed in the Chilean stock market. To do this, we construct and validate an index that synthesizes the daily changes of the brokers’ transaction network structure of equity market transactions. We find that the changes of this structure are significantly correlated with variables that describe the local and international economic-financial environments. In addition, changes in the brokers’ transaction network structure are associated with a greater probability of positive shocks of more than two standard deviations in the stock exchange index return and total traded stock volume. These results suggest that the structure of the brokers’ trading relations plays a role in determining the returns and volume of transactions in the Chilean stock market.

  9. The future of copper in China--A perspective based on analysis of copper flows and stocks.

    Zhang, Ling; Cai, Zhijian; Yang, Jiameng; Yuan, Zengwei; Chen, Yan


    This study attempts to speculate on the future of copper metabolism in China based on dynamic substance flow analysis. Based on tremendous growth of copper consumption over the past 63 years, China will depict a substantially increasing trend of copper in-use stocks for the next 30 years. The highest peak will be possibly achieved in 2050, with the maximum ranging between 163 Mt and 171 Mt. After that, total stocks are expected to slowly decline 147-154 Mt by the year 2080. Owing to the increasing demand of in-use stocks, China will continue to have a profound impact on global copper consumption with its high import dependence until around 2020, and the peak demand for imported copper are expected to approach 5.5 Mt/year. Thereafter, old scrap generated by domestic society will occupy an increasingly important role in copper supply. In around 2060, approximately 80% of copper resources could come from domestic recycling of old scrap, implying a major shift from primary production to secondary production. With regard to the effect of lifetime distribution uncertainties in different end-use sectors of copper stocks on the predict results, uncertainty evaluation was performed and found the model was relatively robust to these changes. Copyright © 2015 Elsevier B.V. All rights reserved.


    Борис Борисович Подгорный


    Full Text Available The stock market in advanced economies allows people to participate in the economic development by investing their savings in equities of leading and emerging industries. It solves a number of economic and social problems. There is less than 1% of the population takes part in investing in shares and other securities In Russia.The structure of Russian commercial organizations, the supply and demand of the Russian stock market are analyzes in the paper. Also the results of original sociological research explains the meaning of  the factors wich are limiting the population to investing in the stock market instruments. And there are some measures proposed for the further development of the Russian stock market.The results of the research have both theoretical and practical significance. That can be used in the development of national and regional activities aimed at the development of the Stock Market and attracting the Russian population to invest the Stock Market instruments.DOI:

  11. Stock discrimination in Great Lakes Walleye using mitochondrial DNA restriction analysis

    Billington, N.; Hebert, P.D.N.


    Over the past two years it has become evident that because of its strict maternal inheritance and rapid rate of evolutionary differentiation, mitochondrial (mt) DNA diversity offers exceptional promise in the discrimination of fish stocks. The current project aims to determine the extent of mt DNA variation among stocks of walleye (Stizostedion vitreum) from the Great Lakes. At this point, mt DNA has been isolated from 68 walleye representing the Thames River stock and a reef breeding stock from western Lake Erie, as well as from individuals of S. canadense, a species which hybridizes with S. vitreum. Mitochondrial DNA was extracted from livers of these fish, purified by CsCl density gradient centrifugation and digested using 20 endonucleases. Polymorphisms were detected with 8 of the enzymes. There was a great deal of variation among fish from both spawning populations, so much so that individual fish could be identified by this technique. No single enzyme allowed discrimination of the two stocks, but restriction pattern variation following Dde I digestion permitted separation of 50% of Lake Erie fish from Thames River stock. Comparison of mt DNA restriction patterns of walleye and sauger showed that two species are easily separable, setting the stage for a more detailed study of hybridization between the taxa

  12. The Impact of Macroeconomic Indicators on Indian Stock Prices: An Empirical Analysis

    Giri A. K.


    Full Text Available The purpose of the present study is to examine the long run and the short run relationship between stock price and a set of macroeconomic variables for Indian economy using annual data from 1979 to 2014. The long run relationship is examined by implementing the ARDL bounds testing approach to co-integration. VECM method is used to test the short and long run causality and variance decomposition is used to predict long run exogenous shocks of the variables. The results confirm a long run relationship among the variables. Evidence suggests that Economic growth, inflation and exchange rate influence stock prices positively. However, crude oil price influences the stock price negatively. This implies that the increase in oil price induces inflationary expectation in the mind of investors and hence stock prices are adversely affected. The VECM result indicates that short run and long run unidirectional causality running from economic growth and FDI to stock prices in India. The result of the variance decomposition shows that stock market development in India is mostly explained by its own shocks. The Government can take steps to control the crude oil price in India and Investors’ confidence has to be gained by boosting the economic growth of the economy through appropriate policy tools.

  13. Crash protection of stock car racing drivers--application of biomechanical analysis of Indy car crash research.

    Melvin, John W; Begeman, Paul C; Faller, Ronald K; Sicking, Dean L; McClellan, Scott B; Maynard, Edwin; Donegan, Michael W; Mallott, Annette M; Gideon, Thomas W


    Biomechanical analysis of Indy car crashes using on-board impact recorders (Melvin et al. 1998, Melvin et al. 2001) indicates that Indy car driver protection in high-energy crashes can be achieved in frontal, side, and rear crashes with severities in the range of 100 to 135 G peak deceleration and velocity changes in the range of 50 to 70 mph. These crashes were predominantly single-car impacts with the rigid concrete walls of oval tracks. This impressive level of protection was found to be due to the unique combination of a very supportive and tight-fitting cockpit-seating package, a six-point belt restraint system, and effective head padding with an extremely strong chassis that defines the seat and cockpit of a modern Indy car. In 2000 and 2001, a series of fatal crashes in stock car racing created great concern for improving the crash protection for drivers in those racecars. Unlike the Indy car, the typical racing stock car features a more spacious driver cockpit due to its resemblance to the shape of a passenger car. The typical racing seat used in stock cars did not have the same configuration or support characteristics of the Indy car seat, and five-point belt restraints were used. The tubular steel space frame chassis of a stock car also differs from an Indy car's composite chassis structure in both form and mechanical behavior. This paper describes the application of results of the biomechanical analysis of the Indy car crash studies to the unique requirements of stock car racing driver crash protection. Sled test and full-scale crash test data using both Hybrid III frontal crash anthropomorphic test devices (ATDs) and BioSID side crash ATDs for the purpose of evaluating countermeasures involving restraint systems, seats and head/neck restraints has been instrumental in guiding these developments. In addition, the development of deformable walls for oval tracks (the SAFER Barrier) is described as an adjunct to improved occupant restraint through control

  14. Analysis of financial soundness of manufacturing companies in Indonesia Stock Exchange

    Widi Hidayat


    Full Text Available This study aims to provide information to the issuer and Bapepam and Indonesian Institute of Accountants with additional important information content of ratings and financial soundness of the indicators that do not harm investors. This is an explanatory and descriptive nature of causality using quantitative methods, using all companies listed on the Indonesia Stock Exchange (ISE taken as the sample. The data were analyzed using discriminant statistical analysis tools are processed with SPSS. The results showed that the level of financial soundness of the manufacturing industries listed on the ISE such as 23 (62% Companies Current Asset Growth (CAG is low as well as Fixed Asset growth (FAG 28 (76% companies is still low, Equity Growth (EqG by 27 (73% the company, Revenue growth (RG 27 (65% companies and Net Income Growth (NIG 35 (95% firms. Two manufacturing companies have a very high NIG, thus, NIG average is very high. The seven models of financial soundness were tested based on the growth of corporate finance such as CAG, FAG, LG, EqG, RG, ExG and NIG. Only one model is not significant, the model RG, while the other model is a significant, with a significant difference be-tween the growths rates of the sound and unsound corporate finances industry groups.

  15. Day of the week effect on the Zimbabwe Stock Exchange: A non-linear GARCH analysis

    Batsirai Winmore Mazviona


    Full Text Available This study analysed the day of the week effect on the Zimbabwe Stock Exchange (ZSE by taking into account volatility of returns. The purpose of the study was to establish whether daily mean returns across a trading week differ from each other. We employ a non-linear approach in modelling the day of the week effects. In particular, we used the Generalised Autoregressive Conditional Heteroscedasticity (GARCH and the Exponential GARCH (EGARCH models. We used industrial and mining daily closing indices data from 19 February 2009 to 31 December 2013. The data was retrieved from the ZSE website. EViews 7 software was utilised for data analysis. In order to test the null hypothesis of equality of daily mean returns, a Wald test was carried out. The Wald F-statistic rejected the null hypothesis of equality of mean returns for the industrial index. We found the traditional negative Monday and positive Friday effect for the industrial index in GARCH (1,1 and EGARCH (1,1 models. The GARCH (1,1 detected a negative Friday effect and the EGARCH (1,1 detected negative Wednesday effect for the mining index. We found evidence of model dependency for the mining index results.

  16. How fast do stock prices adjust to market efficiency? Evidence from a detrended fluctuation analysis

    Reboredo, Juan C.; Rivera-Castro, Miguel A.; Miranda, José G. V.; García-Rubio, Raquel


    In this paper we analyse price fluctuations with the aim of measuring how long the market takes to adjust prices to weak-form efficiency, i.e., how long it takes for prices to adjust to a fractional Brownian motion with a Hurst exponent of 0.5. The Hurst exponent is estimated for different time horizons using detrended fluctuation analysis-a method suitable for non-stationary series with trends-in order to identify at which time scale the Hurst exponent is consistent with the efficient market hypothesis. Using high-frequency share price, exchange rate and stock data, we show how price dynamics exhibited important deviations from efficiency for time periods of up to 15 min; thereafter, price dynamics was consistent with a geometric Brownian motion. The intraday behaviour of the series also indicated that price dynamics at trade opening and close was hardly consistent with efficiency, which would enable investors to exploit price deviations from fundamental values. This result is consistent with intraday volume, volatility and transaction time duration patterns.


    Paulo Cesar Chagas Rodrigues


    Full Text Available Organizations are adopting industrial production models with priority given to reducing costs and increasing the quality of their processes and products. Optimizing and rationalization the inventory management is a great opportunity for these companies conquer these goals. The objective of this paper is to analyze inventory management at two printing companies located in the region of Bauru, where one adopts the Engineering-To-Order (ETO production system and the other the Make-To-Stock (MTS production system, highlighting their convergences and oppositions. For their achievement was chosen by the methodology of study of multiple cases (two cases. Data were collected through the intersection of the following tools: semi-structure, document analysis and observation in loco. Revisions are made in theoretical work on the following topics: logistics, management of materials and production planning and control. These themes guided the search, allowing a greatest criticism about the collected data and information generated. The two case studies were presented together with a comparative table of the main aspects of the influence of demand management strategy on the inventory management in two companies. Although the companies adopt different production strategies, there was no significant change observed in inventory management strategy.

  18. Applying big data technologies in the financial sector – using sentiment analysis to identify correlations in the stock market

    Eszter Katalin Bognár


    Full Text Available The aim of this article is to introduce a system that is capable of collecting and analyzing different types of financial data to support traders in their decision - making. Oracle’s Big Data platform Oracle Advanced Analytics was utilized, which extends the Oracle Database with Oracle R, thus providing the opportunity to run embedded R scripts on the database server to speed up data processing. The extract, transform and load (ETL process was combined with a dictionary - based sentiment analysis module to examine cross - correlation and causality between numerical and textual financial data for a 10 week period. A notable correlation (0.42 was found between daily news sentiment scores and daily stock returns. By applying cross - correlation analysis and Granger causality testing, the results show that the news’ impact is incorporated into stock prices rapidly, having the highest correlation on the first day, while the returns’ impact on market sentiment is seen only after a few days.

  19. Endogenous and exogenous dynamics in the fluctuations of capital fluxes. An empirical analysis of the Chinese stock market

    Jiang, Z.-Q.; Guo, L.; Zhou, W.-X.


    A phenomenological investigation of the endogenous and exogenous dynamics in the fluctuations of capital fluxes is carried out on the Chinese stock market using mean-variance analysis, fluctuation analysis, and their generalizations to higher orders. Non-universal dynamics have been found not only in the scaling exponent α, which is different from the universal values 1/2 and 1, but also in the distributions of the ratio η= σexo / σendo of individual stocks. Both the scaling exponent α of fluctuations and the Hurst exponent Hi increase in logarithmic form with the time scale Δt and the mean traded value per minute , respectively. We find that the scaling exponent αendo of the endogenous fluctuations is independent of the time scale. Multiscaling and multifractal features are observed in the data as well. However, the inhomogeneous impact model is not verified.

  20. RO1 Funding for Mixed Methods Research: Lessons learned from the Mixed-Method Analysis of Japanese Depression Project

    Arnault, Denise Saint; Fetters, Michael D.


    Mixed methods research has made significant in-roads in the effort to examine complex health related phenomenon. However, little has been published on the funding of mixed methods research projects. This paper addresses that gap by presenting an example of an NIMH funded project using a mixed methods QUAL-QUAN triangulation design entitled “The Mixed-Method Analysis of Japanese Depression.” We present the Cultural Determinants of Health Seeking model that framed the study, the specific aims, ...

  1. Based on BP Neural Network Stock Prediction

    Liu, Xiangwei; Ma, Xin


    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…

  2. Mixed

    Pau Baya


    Full Text Available Remenat (Catalan (Mixed, "revoltillo" (Scrambled in Spanish, is a dish which, in Catalunya, consists of a beaten egg cooked with vegetables or other ingredients, normally prawns or asparagus. It is delicious. Scrambled refers to the action of mixing the beaten egg with other ingredients in a pan, normally using a wooden spoon Thought is frequently an amalgam of past ideas put through a spinner and rhythmically shaken around like a cocktail until a uniform and dense paste is made. This malleable product, rather like a cake mixture can be deformed pulling it out, rolling it around, adapting its shape to the commands of one’s hands or the tool which is being used on it. In the piece Mixed, the contortion of the wood seeks to reproduce the plasticity of this slow heavy movement. Each piece lays itself on the next piece consecutively like a tongue of incandescent lava slowly advancing but with unstoppable inertia.

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

    Paulo Rogério Faustino Matos


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

  4. Dynamics Analysis Of Land-Based Carbon Stock In The Region Of Samarinda East Kalimantan Province

    Zikri Azham


    Full Text Available This study aims to determine the potential dynamics of carbon stocks in various land cover classes in the city of Samarinda in the calculation of carbon stocks land cover only devided into three 3 Class Land Cover CLC is a secondary forest CLC CLC thickets and CLC shrubs. Research results show that the above ground carbon AGC stocks on Secondary Forest Land Cover Class average of 71.93 tonnesha the land cover classes thickets of 32.34 tonnes hectares and shrubs land cover classes of 19.66 tonnes hectare. The carbon stocks in 2009 amounted to 2589929 tonnes in 2012 there were 2347477 tons and in 2015 there were 2201005 tonnes. Estimated decrease in land-based stock carbon in the city of Samarinda during the period 2009-2015 amounted to 388943 tonnes or an average of 70170 tonnes per year or approximately 2.73year or the emissions in the field of land amounting to 254538 tonnes of CO2 equivalent.

  5. Accuracy Combination Test of Classical and Modern Technical Analysis: A Case Study in Stock of PT Wijaya Karya Tbk

    Agustini Hamid


    Full Text Available The research aimed to measure the accuracy and combination of Classic and Modern Technical Analysis. PT Wijaya Karya Tbk (WIKA’s stock in two periods is the sample of research. Technical analysis was used to predict stock prices by observing changes in historical share price. Practically, technical analysis is divided into Classic Technical and Modern. Research was conducted by library study and using a computer software. Microsft Excel was used for the simulation and Chart Nexus for analyzing Modern Technical Analysis. The research period started in January 1, 2013 until December 31, 2013 and January 1, 2014 until December 31, 2014. The Classic Technical Analysis used Support, Resistance, Trendline, and Flag Patern. Meanwhile for Modern Technical Analysis used Moving Average, Stochastic, Moving Average Convergence Divergence (MACD indicator. The Classical Technical Analysis gave less result than Modern Technical Analysis. The classical give 14 investment decisions in two periods. The average return of Classical Technical is 15,50%. Meanwhile the Modern Technical Analysis gave 18 investment decisions in two periods. The average return of Modern Technical is 18,14%. Combining Classic Technical Analysis and Modern Technical Analysis gave 20 investment decisions with the average rate of return 20,41%.

  6. Sensitivity Analysis of Mixed Models for Incomplete Longitudinal Data

    Xu, Shu; Blozis, Shelley A.


    Mixed models are used for the analysis of data measured over time to study population-level change and individual differences in change characteristics. Linear and nonlinear functions may be used to describe a longitudinal response, individuals need not be observed at the same time points, and missing data, assumed to be missing at random (MAR),…

  7. The q-dependent detrended cross-correlation analysis of stock market

    Zhao, Longfeng; Li, Wei; Fenu, Andrea; Podobnik, Boris; Wang, Yougui; Stanley, H. Eugene


    Properties of the q-dependent cross-correlation matrices of the stock market have been analyzed by using random matrix theory and complex networks. The correlation structures of the fluctuations at different magnitudes have unique properties. The cross-correlations among small fluctuations are much stronger than those among large fluctuations. The large and small fluctuations are dominated by different groups of stocks. We use complex network representation to study these q-dependent matrices and discover some new identities. By utilizing those q-dependent correlation-based networks, we are able to construct some portfolios of those more independent stocks which consistently perform better. The optimal multifractal order for portfolio optimization is around q  =  2 under the mean-variance portfolio framework, and q\\in[2, 6] under the expected shortfall criterion. These results have deepened our understanding regarding the collective behavior of the complex financial system.

  8. Weak Form Efficiency of the Chittagong Stock Exchange: An Empirical Analysis (2006-2016

    Shahadat Hussain


    Full Text Available We study the random walk behavior of Chittagong Stock Exchange (CSE by using daily returns of three indices for the period of 2006 to 2016 employing both non-parametric test (run test and parametric tests [autocorrelation coefficient test, Ljung– Box (LB statistics]. The skewness and kurtosis properties of daily return series are non-normal, with a hint of positively skewed and leptokurtic distribution. The results of run test; autocorrelation and Ljung–Box (LB statistics provide evidences against random walk behavior in the Chittagong Stock Exchange. Overall our result suggest that Chittagong Stock Exchange does not exhibit weak form of efficiency. Hence, there is opportunity of generating a superior return by the active investors.

  9. An Analysis of Short- Term Overreaction to Stock Market News: Iranian Evidence

    Masoumeh Naderi; Sasan Mekanik


    In Financial markets information is in the form of signs, news and different predictions coming from inside or outside of the company which makes reactions and as a result changes in stock prices. Such as increase and decrease over the limit or long period of times. However, this behavior is non-rational behavior of market which can be a rational response to perceived uncertainty that is understood by investors. We investigate the stock market short –term overreaction. The Aim of this project...

  10. The value of social media for predicting stock returns preconditions, instruments and performance analysis

    Nofer, Michael


    Michael Nofer examines whether and to what extent Social Media can be used to predict stock returns. Market-relevant information is available on various platforms on the Internet, which largely consist of user generated content. For instance, emotions can be extracted in order to identify the investors' risk appetite and in turn the willingness to invest in stocks. Discussion forums also provide an opportunity to identify opinions on certain companies. Taking Social Media platforms as examples, the author examines the forecasting quality of user generated content on the Internet.

  11. The three pillar strategy for power generation mix - An analysis

    Kehlhofer, Rolf; Hatt, Stefan


    Low carbon intensity, load following capability and least cost production are the requirements for a successful energy generation mix. This paper presents an analysis of an optimized mix of technologies 'fulfilling the above criteria' based on the energy production portfolio of a number of key countries. The subjects covered include: - comparison of different production technologies (including future costs of emissions) - grid requirements for flexible and dispatchable variable production capabilities - possibilities and limitations of energy production from renewables - why improved overall energy efficiency leads to higher consumption of electricity.

  12. Lidar and Hyperspectral Remote Sensing for the Analysis of Coniferous Biomass Stocks and Fluxes

    Halligan, K. Q.; Roberts, D. A.


    Airborne lidar and hyperspectral data can improve estimates of aboveground carbon stocks and fluxes through their complimentary responses to vegetation structure and biochemistry. While strong relationships have been demonstrated between lidar-estimated vegetation structural parameters and field data, research is needed to explore the portability of these methods across a range of topographic conditions, disturbance histories, vegetation type and climate. Additionally, research is needed to evaluate contributions of hyperspectral data in refining biomass estimates and determination of fluxes. To address these questions we are a conducting study of lidar and hyperspectral remote sensing data across sites including coniferous forests, broadleaf deciduous forests and a tropical rainforest. Here we focus on a single study site, Yellowstone National Park, where tree heights, stem locations, above ground biomass and basal area were mapped using first-return small-footprint lidar data. A new method using lidar intensity data was developed for separating the terrain and vegetation components in lidar data using a two-scale iterative local minima filter. Resulting Digital Terrain Models (DTM) and Digital Canopy Models (DCM) were then processed to retrieve a diversity of vertical and horizontal structure metrics. Univariate linear models were used to estimate individual tree heights while stepwise linear regression was used to estimate aboveground biomass and basal area. Three small-area field datasets were compared for their utility in model building and validation of vegetation structure parameters. All structural parameters were linearly correlated with lidar-derived metrics, with higher accuracies obtained where field and imagery data were precisely collocated . Initial analysis of hyperspectral data suggests that vegetation health metrics including measures of live and dead vegetation and stress indices may provide good indicators of carbon flux by mapping vegetation

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

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


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

  14. Multifractality, efficiency analysis of Chinese stock market and its cross-correlation with WTI crude oil price

    Zhuang, Xiaoyang; Wei, Yu; Ma, Feng


    In this paper, the multifractality and efficiency degrees of ten important Chinese sectoral indices are evaluated using the methods of MF-DFA and generalized Hurst exponents. The study also scrutinizes the dynamics of the efficiency of Chinese sectoral stock market by the rolling window approach. The overall empirical findings revealed that all the sectoral indices of Chinese stock market exist different degrees of multifractality. The results of different efficiency measures have agreed on that the 300 Materials index is the least efficient index. However, they have a slight diffidence on the most efficient one. The 300 Information Technology, 300 Telecommunication Services and 300 Health Care indices are comparatively efficient. We also investigate the cross-correlations between the ten sectoral indices and WTI crude oil price based on Multifractal Detrended Cross-correlation Analysis. At last, some relevant discussions and implications of the empirical results are presented.

  15. CFD analysis for spacer grid mixing vane design

    Park, Sung-Kew; Kim, Kang-Hoon; Park, Eung-Jun; Jung, Yil-Sup; Suh, Jung-Min; Jeong, Ji-Hun


    A computational fluid dynamics (CFD) analysis for a rod bundle with the larger scale model (6x6 array model) has been performed to develop the base shape of mixing vane in accordance with the hydraulic and thermal performance. Explanatory parameters are span pressure drop and span average heat transfer coefficient. The concern related to hot spot is also considered as a subsidiary criterion. Of the several candidates, the final candidate was determined by using the CFD analysis code, STAR-CD. And then, the optimization for it was performed using the response surface method (RSM) that the proper tolerance was considered under the two acceptance criteria such as lower span pressure drop while maintaining the span average heat transfer coefficient with respect to the current shape. The optimized mixing vane shape was verified by the CFD analysis including the effects of allowable tolerance. (author)

  16. An approximate approach for the joint problem of level of repair analysis and spare parts stocking

    Basten, R.J.I.; Heijden, van der M.C.; Schutten, J.M.J.


    For the spare parts stocking problem, generally metric type methods are used in the context of capital goods. Implicitly, a decision is assumed on which components to discard and which to repair upon failure, and where to perform repairs. In the military world, this decision is taken explicitly

  17. Relative density: the key to stocking assessment in regional analysis—a forest survey viewpoint.

    Colin D. MacLean


    Relative density is a measure of tree crowding compared to a reference level such as normal density. This stand attribute, when compared to management standards, indicates adequacy of stocking. The Pacific Coast Forest Survey Unit assesses the relative density of each stand sampled by summing the individual density contributions of each tree tallied, thus quantifying...

  18. Forest wildfire, fuel reduction treatments, and landscape carbon stocks: a sensitivity analysis

    John L. Campbell; Alan A. Ager


    Fuel reduction treatments prescribed in fire-suppressed forests of western North America pose an apparent paradox with respect to terrestrial carbon management. Such treatments have the immediate effect of reducing forest carbon stocks but likely reduce future carbon losses through the combustion and mortality caused by high-severity wildfires. Assessing the long-term...

  19. Cross-correlation matrix analysis of Chinese and American bank stocks in subprime crisis

    Zhu, Shi-Zhao; Li, Xin-Li; Nie, Sen; Zhang, Wen-Qing; Yu, Gao-Feng; Han, Xiao-Pu; Wang, Bing-Hong


    In order to study the universality of the interactions among different markets, we analyze the cross-correlation matrix of the price of the Chinese and American bank stocks. We then find that the stock prices of the emerging market are more correlated than that of the developed market. Considering that the values of the components for the eigenvector may be positive or negative, we analyze the differences between two markets in combination with the endogenous and exogenous events which influence the financial markets. We find that the sparse pattern of components of eigenvectors out of the threshold value has no change in American bank stocks before and after the subprime crisis. However, it changes from sparse to dense for Chinese bank stocks. By using the threshold value to exclude the external factors, we simulate the interactions in financial markets. Project supported by the National Natural Science Foundation of China (Grant Nos. 11275186, 91024026, and FOM2014OF001) and the University of Shanghai for Science and Technology (USST) of Humanities and Social Sciences, China (Grant Nos. USST13XSZ05 and 11YJA790231).

  20. Price jumps in Visegrad-country stock markets: an empirical analysis

    Hanousek, Jan; Novotný, Jan


    Roč. 13, č. 2 (2012), s. 184-201 ISSN 1566-0141 R&D Projects: GA ČR(CZ) GA402/08/1376 Grant - others:UK(CZ) GAUK 271111 Institutional support: PRVOUK-P23 Keywords : Central European stock markets * financial markets * price jumps Subject RIV: AH - Economics Impact factor: 1.167, year: 2012

  1. Comparative analysis of milt quality in the cultured and wild stocks of ...

    The sperm motility characteristics (percentage of motile spermatozoa and duration of motility) and sperm production (spermatocrit, milt volume and sperm concentration) were measured in order to compare the milt quality between cultured and wild stocks of Caspian brown trout, Salmo trutta caspius. Our results showed that ...

  2. An Inventory and Safety Stock Analysis of Air Force Medical Service Pharmaceuticals


    wellbeing of a patient in need. Although stockouts of blood units typically pose a more immediate threat to the health of patients in need, the impact of...regarding the dissemination of the flu vaccinations to civilian employees of the base who are not covered by TRICARE. o An inventory and safety stock

  3. Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

    Buerhan Saiti


    Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

  4. An approximate approach for the joint problem of level of repair analysis and spare parts stocking.

    Basten, Robertus Johannes Ida; van der Heijden, Matthijs C.; Schutten, Johannes M.J.


    For the spare parts stocking problem, generally metric type methods are used in the context of capital goods. Implicitly, a decision is assumed on which components to discard and which to repair upon failure, and where to perform repairs. In the military world, this decision is taken explicitly

  5. Persistent collective trend in stock markets

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


    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.

  6. Application of otolith shape analysis for stock discrimination and species identification of five goby species (Perciformes: Gobiidae) in the northern Chinese coastal waters

    Yu, Xin; Cao, Liang; Liu, Jinhu; Zhao, Bo; Shan, Xiujuan; Dou, Shuozeng


    We tested the use of otolith shape analysis to discriminate between species and stocks of five goby species ( Ctenotrypauchen chinensis, Odontamblyopus lacepedii, Amblychaeturichthys hexanema, Chaeturichthys stigmatias, and Acanthogobius hasta) found in northern Chinese coastal waters. The five species were well differentiated with high overall classification success using shape indices (83.7%), elliptic Fourier coefficients (98.6%), or the combination of both methods (94.9%). However, shape analysis alone was only moderately successful at discriminating among the four stocks (Liaodong Bay, LD; Bohai Bay, BH; Huanghe (Yellow) River estuary HRE, and Jiaozhou Bay, JZ stocks) of A. hasta (50%-54%) and C. stigmatias (65.7%-75.8%). For these two species, shape analysis was moderately successful at discriminating the HRE or JZ stocks from other stocks, but failed to effectively identify the LD and BH stocks. A large number of otoliths were misclassified between the HRE and JZ stocks, which are geographically well separated. The classification success for stock discrimination was higher using elliptic Fourier coefficients alone (70.2%) or in combination with shape indices (75.8%) than using only shape indices (65.7%) in C. stigmatias whereas there was little difference among the three methods for A. hasta. Our results supported the common belief that otolith shape analysis is generally more effective for interspecific identification than intraspecific discrimination. Moreover, compared with shape indices analysis, Fourier analysis improves classification success during inter- and intra-species discrimination by otolith shape analysis, although this did not necessarily always occur in all fish species.

  7. Analysis of the force exercised in pipes by accumulation of water in the head stock of turbine bypass

    Cecenas F, M.; Ovando C, R.; Campos G, R. M.


    The head stock and valves of turbine bypass allow canalize the main vapor coming from the reactor toward the condenser, without carrying out work in the turbo-generator. In this work is assumed that is accumulates condensed in the head stock during a time period in which the bypass system does not operate. For operation maneuvers, the opening of the bypass is demanded, for what the accumulated water is suddenly dragged by the vapor to high pressure coming from the reactor toward the condenser, which operates to inferior pressures to the atmospheric. The generated flow produces a mechanical effort in the lines and its supports. By means of the RELAP5 code the bypass system is modeled, the discharge transitory to the condenser is simulated and the speeds of the mixture water/vapor are calculated. Processing the exit of RELAP5 the mechanical effort that is subjected the pipe is calculated, and the study is complemented with a sensibility analysis to the quantity of stored water in the volume of the bypass head stock. (Author)

  8. Is stock market volatility asymmetric? A multi-period analysis for five countries

    Bentes, Sonia R.


    This study examines the asymmetry in the volatility of the returns of five indices, namely, PSI 20 (Portugal), ISEQ 20 (Ireland), MIB 30 (Italy), ATHEX 30 (Greece) and IBEX 35 (Spain) using daily data from 2004-2016. For this purpose, we estimate the GJR and EGARCH asymmetric models for the whole sample and then split it into three subperiods of approximately four years each to examine how the coefficient on asymmetry behaves over time. Our results for the full sample show that all indices exhibit different levels of asymmetry. When we consider the subsample analysis however results show that while there is mixed evidence from the first to the second subperiods, all returns evidence an increase in asymmetry from the second to the last subperiod.

  9. Mixed-Species Effects on Soil C and N Stocks, C/N Ratio and pH Using a Transboundary Approach in Adjacent Common Garden Douglas-Fir and Beech Stands

    Seid Muhie Dawud


    Full Text Available Mixed forest of Douglas-fir and beech has been suggested as one of the possible future forest types in Northwest Europe but the effects of this mixed forest on soil properties relative to monoculture stands are unknown. In a transboundary investigation of adjacent common garden Douglas-fir and beech stands, we determined the effects on topsoil properties. However, responses of C and N stocks, the C/N ratio and pH were site- and soil layer-specific and were mainly single-sided and without synergistic effects. Beech reduced the soil C and N stocks in Douglas-fir at the nutrient-poor site, caused an increase in the C/N ratio in the forest floor and mineral soil at both nutrient-poor and -rich sites, and reduced the acidifying effect of Douglas-fir at the nutrient-poor site. These results do not support the hypothesis that mixture effects would be consistent across sites and soil layers. The lack of synergistic effects may be attributed to the relatively similar litter quality or rooting depth that prevented any larger niche differentiation and complementarity. The results indicate that the transboundary approach within a mature common garden proved useful as a platform to test tree species interactions, and this approach could be explored in soil studies until dedicated mixed-species common gardens reach maturity.

  10. Analysis of the Marketing Mix of a Chosen Pharmacy

    Trnka, Štěpán


    This Bachelor's Thesis studies application of marketing to a pharmacy in a small to medium sized town. The theoretical part addresses marketing elements that are relevant for this field of entrepreneurship. I also add the specifics of marketing in the field of medical care. The analysis deals mainly with marketing mix in a traditional sense and competiton in the area. The Theoretical part also includes specifics of operation of a pharmacy. The Practical part contains basic information about t...

  11. Micro-PIXE analysis of fish otoliths. Methodology and evaluation of first results for stock discrimination

    Sie, S.H.; Thresher, R.E.


    Micro-PIXE has been used to measure the trace element distribution in otoliths from several species of ocean fish, in order to investigate its possible use in stock discrimination. Trace elements detected include Sr, Fe, Mn, Ni, Zn, Cu, Se, Cd, Br, Hg and Pb. Trace elements Na, K, Cl, S and Cl were detected with the electron microprobe. The high sensitivity of PIXE demands a meticulous sample preparation procedure to avoid contamination problems. Practical problems associated with the application of the technique were investigated in detail. Preliminary results indicate that most trace elements except Sr, are present at close to the limits of detection at few ppm, but biologically significant data can be obtained for stock discrimination applications. (author)

  12. The Influence of Global Macroeconomic Factors on Stock Values: A Sector Level Analysis

    Şerife Özlen


    Investors and policy makers should carefully analyze stock returns and their possible relationships with microeconomic and macroeconomic factors in both local and global arena. Since the markets are increasingly becoming global, the outcomes may be more important for international factors. Therefore, this study aims to identify the relationship between selected international macroeconomic variables (FTSE-100 England market index, GDAX Germany market index, NYSE Composite market index, Gold pr...

  13. Identifying blue whiting (Micromesistius poutassou) stock structure in the Northeast Atlantic by otolith shape analysis

    Mahe, Kélig; Oudard, Clémence; Mille, Tiphaine


    Atlantic using 1693 samples from mature fish collected between 37°N and 75°N and 20°W and 25°E. The results indicated two stocks located north and south of ICES Divisions VIa and VIb (54°5N to 60°5N, 4°W to 11°W). The central area corresponds to the spawning area west of Scotland. Sampling year effects...

  14. Mutual Information Based Analysis for the Distribution of Financial Contagion in Stock Markets

    Xudong Wang


    Full Text Available This paper applies mutual information to research the distribution of financial contagion in global stock markets during the US subprime crisis. First, we symbolize the daily logarithmic stock returns based on their quantiles. Then, the mutual information of the stock indices is calculated and the block bootstrap approach is adopted to test the financial contagion. We analyze not only the contagion distribution during the entire crisis period but also its evolution over different stages by using the sliding window method. The empirical results prove the widespread existence of financial contagion and show that markets impacted by contagion tend to cluster geographically. The distribution of the contagion strength is positively skewed and leptokurtic. The average contagion strength is low at the beginning and then witnesses an uptrend. It has larger values in the middle stage and declines in the late phase of the crisis. Meanwhile, the cross-regional contagion between Europe and America is stronger than that between either America and Asia or Europe and Asia. Europe is found to be the region most deeply impacted by the contagion, whereas Asia is the least affected.

  15. Multivariate Survival Mixed Models for Genetic Analysis of Longevity Traits

    Pimentel Maia, Rafael; Madsen, Per; Labouriau, Rodrigo


    A class of multivariate mixed survival models for continuous and discrete time with a complex covariance structure is introduced in a context of quantitative genetic applications. The methods introduced can be used in many applications in quantitative genetics although the discussion presented co...... applications. The methods presented are implemented in such a way that large and complex quantitative genetic data can be analyzed......A class of multivariate mixed survival models for continuous and discrete time with a complex covariance structure is introduced in a context of quantitative genetic applications. The methods introduced can be used in many applications in quantitative genetics although the discussion presented...... concentrates on longevity studies. The framework presented allows to combine models based on continuous time with models based on discrete time in a joint analysis. The continuous time models are approximations of the frailty model in which the hazard function will be assumed to be piece-wise constant...

  16. Multivariate Survival Mixed Models for Genetic Analysis of Longevity Traits

    Pimentel Maia, Rafael; Madsen, Per; Labouriau, Rodrigo


    A class of multivariate mixed survival models for continuous and discrete time with a complex covariance structure is introduced in a context of quantitative genetic applications. The methods introduced can be used in many applications in quantitative genetics although the discussion presented co...... applications. The methods presented are implemented in such a way that large and complex quantitative genetic data can be analyzed......A class of multivariate mixed survival models for continuous and discrete time with a complex covariance structure is introduced in a context of quantitative genetic applications. The methods introduced can be used in many applications in quantitative genetics although the discussion presented...... concentrates on longevity studies. The framework presented allows to combine models based on continuous time with models based on discrete time in a joint analysis. The continuous time models are approximations of the frailty model in which the hazard function will be assumed to be piece-wise constant...


    Iulia-Oana Stefan


    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...


    Paweł Merło


    Full Text Available An efficient market should not show any anomalies. When new information reaches a market which is efficient, it should automatically translate into prices of assets, which ought to eliminate the possibility of gaining an advantage over other investors, thus preventing excess profits. However, studies on capital markets indicate that in reality it is possible to earn unusually high profits by taking advantage of certain anomalies which occur on a given market. Among such anomalies there is the momentum effect. This study performed on the Stock Exchange in Warsaw has shown that the momentum effect occurred throughout the entire analyzed time period. Positive returns demonstrated for investment strategies based on the momentum effect were unexplainable by the classical theory of finances. A correlation was found between the economic situation on the stock exchange and portfolio return rates, but it was too weak to attribute the effect to a single decisive factor. In addition, the returns from investments based on the momentum effect were statistically higher in January than in the other months, which was caused by the January effect, stimulating the occurrence of statistically higher returns at the beginning of a year rather than later on during the analyzed period of time. Research in this field carried out in other countries justifies the claim that there are many irrational factors which together create the momentum effect on the stock exchange. Thus, it is possible to conclude that irrational decisions may have strong impact on the pricing of stocks on the capital market. The momentum effect persisted throughout the entire analyzed period, although its power changed cyclically, which coincides with results of research carried out in other countries. The fact that the momentum effect did not disappear may suggest that the factors involved in its creation are an indispensable part of the market, and this seems to undermine the commonly accepted

  19. Commodities and Stock Investment

    Syed Jawad Hussain Shahzad


    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.

  20. FAVAR Analysis of Foreign Investment with Capital Market Predictors: Evidence on Nigerian and Selected African Stock Exchanges

    David Umoru


    Full Text Available Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market’s shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI.

  1. An analysis of determinants of going concern audit opinion: Evidence from Tehran Stock Exchange

    Hadi Mashadi Gharaghayah


    Full Text Available This paper presents an empirical investigation to find out important factors influencing exchange authorities for keeping firms on Tehran Stock Exchange. The proposed study uses logistic regression technique to study the effects of five factors including liquidity, solvability, profitability, cash flow and size of auditing firm. The results of the study show that only solvability is the most important factor according to auditing officials for extending listed firms on this exchange while the effects of other factors, liquidity, capability of meeting commitments, profitability, cash flow and size of auditing firm, are not statistically significance.

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

    Stefan Schneider


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

  3. Design and analysis of experiments in ANFIS modeling for stock price prediction

    Meysam Alizadeh


    Full Text Available At the computational point of view, a fuzzy system has a layered structure, similar to an artificial neural network (ANN of the radial basis function type. ANN learning algorithms can be employed for optimization of parameters in a fuzzy system. This neuro-fuzzy modeling approach has preference to explain solutions over completely black-box models, such as ANN. In this paper, we implement the design of experiment (DOE technique to identify the significant parameters in the design of adaptive neuro-fuzzy inference systems (ANFIS for stock price prediction.

  4. An Empirical Analysis of IPO Under-Pricing: New Evidence from 2007 NASDAQ Stock Market

    Wang, Zhijie


    Initial Public Offering (IPO) has been adopted by most firms when they are process of going public into the stock market. In most cases, the offering price of IPO is systematically lower than its closing price on the first trading day. Because of this, investors can enjoy great benefits by purchasing IPOs on the first trading day and sell them on the second trading day or few trading days later. This phenomenon is called IPO under-pricing and it has been extensively documented in almost every...

  5. Duration Dependence in Stock Prices: An Analysis of Bull and Bear Markets

    Lunde, Asger; Timmermann, Allan


    This article studies time series dependence in the direction of stock prices by modeling the (instantaneous) probability that a bull or bear market terminates as a function of its age and a set of underlying state variables, such as interest rates. A random walk model is rejected both for bull...... and bear markets. Although it . ts the data better, a generalized autoregressive conditional heteroscedasticity model is also found to be inconsistent with the very long bull markets observed in the data. The strongest effect of increasing interest rates is found to be a lower bear market hazard rate...

  6. Spatial Analysis of Case-Mix and Dialysis Modality Associations.

    Phirtskhalaishvili, Tamar; Bayer, Florian; Edet, Stephane; Bongiovanni, Isabelle; Hogan, Julien; Couchoud, Cécile


    ♦ Health-care systems must attempt to provide appropriate, high-quality, and economically sustainable care that meets the needs and choices of patients with end-stage renal disease (ESRD). France offers 9 different modalities of dialysis, each characterized by dialysis technique, the extent of professional assistance, and the treatment site. The aim of this study was 1) to describe the various dialysis modalities in France and the patient characteristics associated with each of them, and 2) to analyze their regional patterns to identify possible unexpected associations between case-mixes and dialysis modalities. ♦ The clinical characteristics of the 37,421 adult patients treated by dialysis were described according to their treatment modality. Agglomerative hierarchical cluster analysis was used to aggregate the regions into clusters according to their use of these modalities and the characteristics of their patients. ♦ The gradient of patient characteristics was similar from home hemodialyis (HD) to in-center HD and from non-assisted automated peritoneal dialysis (APD) to assisted continuous ambulatory peritoneal dialysis (CAPD). Analyzing their spatial distribution, we found differences in the patient case-mix on dialysis across regions but also differences in the health-care provided for them. The classification of the regions into 6 different clusters allowed us to detect some unexpected associations between case-mixes and treatment modalities. ♦ The 9 modalities of treatment available make it theoretically possible to adapt treatment to patients' clinical characteristics and abilities. However, although we found an overall appropriate association of dialysis modalities to the case-mix, major inter-region heterogeneity and the low rate of peritoneal dialysis (PD) and home HD suggest that factors besides patients' clinical conditions impact the choice of dialysis modality. The French organization should now be evaluated in terms of patients' quality of

  7. Mixing Modeling Analysis For SRS Salt Waste Disposition

    Lee, S.


    Nuclear waste at Savannah River Site (SRS) waste tanks consists of three different types of waste forms. They are the lighter salt solutions referred to as supernate, the precipitated salts as salt cake, and heavier fine solids as sludge. The sludge is settled on the tank floor. About half of the residual waste radioactivity is contained in the sludge, which is only about 8 percentage of the total waste volume. Mixing study to be evaluated here for the Salt Disposition Integration (SDI) project focuses on supernate preparations in waste tanks prior to transfer to the Salt Waste Processing Facility (SWPF) feed tank. The methods to mix and blend the contents of the SRS blend tanks were evalutaed to ensure that the contents are properly blended before they are transferred from the blend tank such as Tank 50H to the SWPF feed tank. The work consists of two principal objectives to investigate two different pumps. One objective is to identify a suitable pumping arrangement that will adequately blend/mix two miscible liquids to obtain a uniform composition in the tank with a minimum level of sludge solid particulate in suspension. The other is to estimate the elevation in the tank at which the transfer pump inlet should be located where the solid concentration of the entrained fluid remains below the acceptance criterion (0.09 wt% or 1200 mg/liter) during transfer operation to the SWPF. Tank 50H is a Waste Tank that will be used to prepare batches of salt feed for SWPF. The salt feed must be a homogeneous solution satisfying the acceptance criterion of the solids entrainment during transfer operation. The work described here consists of two modeling areas. They are the mixing modeling analysis during miscible liquid blending operation, and the flow pattern analysis during transfer operation of the blended liquid. The modeling results will provide quantitative design and operation information during the mixing/blending process and the transfer operation of the blended

  8. Radiograph and passive data analysis using mixed variable optimization

    Temple, Brian A.; Armstrong, Jerawan C.; Buescher, Kevin L.; Favorite, Jeffrey A.


    Disclosed herein are representative embodiments of methods, apparatus, and systems for performing radiography analysis. For example, certain embodiments perform radiographic analysis using mixed variable computation techniques. One exemplary system comprises a radiation source, a two-dimensional detector for detecting radiation transmitted through a object between the radiation source and detector, and a computer. In this embodiment, the computer is configured to input the radiographic image data from the two-dimensional detector and to determine one or more materials that form the object by using an iterative analysis technique that selects the one or more materials from hierarchically arranged solution spaces of discrete material possibilities and selects the layer interfaces from the optimization of the continuous interface data.

  9. Effects of Synchronisation of Dynamics of Stock Indices and Currency Rates during Multifactor Analysis with the Use of Wavelet Technologies

    Kravets Tetyana V.


    Full Text Available The article conducts analysis of behaviour of stock indices and currency rates before and after the crisis phenomena with the aim of detection of key features of the pre-crisis state, localisation and description of crisis effects by time and scale using methods of multifractal analysis and wavelet transformation. The article checks the method of allocation of intervals of self-similar behaviour of financial series in practice. For Dow Jones and Sand P 500 indices the article detects in the time interval of 2001 – 2013 fractality spans and also moments of time when behaviour of series was determined with the chaotic component. The article offers the measure of synchronous behaviour of stock indices and currency rates, value of which allows assessment of the degree of propagation of crisis phenomena and forecasting them. This measure is calculated for EUR/GBP, EUR/USD, FTSE 100, S and P 500, Dow Jones, DAX and CAC 40 series. The article observes a close connection between values of the introduced measure and volume of crisis phenomena, which took place in relevant period of time. It gives a characteristics of main economic crises for the period 2001 – 2003 with the aim of comparison of real events and specific features of dynamics of the measure of synchronisation as a precursor of crisis phenomena.

  10. 183-H Basin Mixed Waste Analysis and Testing Report


    The purpose of this sampling and analysis report is to provide data necessary to support treatment and disposal options for the low-level mixed waste from the 183-H solar evaporation ponds. In 1973, four of the 16 flocculation and sedimentation basins were designated for use as solar evaporation basins to provide waste reduction by natural evaporation of liquid chemical wastes from the 300 Area fuel fabrication facilities. The primary purpose of this effort is to gather chemical and bulk property data for the waste in the drums/boxes of sediment removed from the basin at Central Waste Complex

  11. Landscape-scale analysis of aboveground tree carbon stocks affected by mountain pine beetles in Idaho

    Bright, B C; Hicke, J A; Hudak, A T


    Bark beetle outbreaks kill billions of trees in western North America, and the resulting tree mortality can significantly impact local and regional carbon cycling. However, substantial variability in mortality occurs within outbreak areas. Our objective was to quantify landscape-scale effects of beetle infestations on aboveground carbon (AGC) stocks using field observations and remotely sensed data across a 5054 ha study area that had experienced a mountain pine beetle outbreak. Tree mortality was classified using multispectral imagery that separated green, red, and gray trees, and models relating field observations of AGC to LiDAR data were used to map AGC. We combined mortality and AGC maps to quantify AGC in beetle-killed trees. Thirty-nine per cent of the forested area was killed by beetles, with large spatial variability in mortality severity. For the entire study area, 40–50% of AGC was contained in beetle-killed trees. When considered on a per-hectare basis, 75–89% of the study area had >25% AGC in killed trees and 3–6% of the study area had >75% of the AGC in killed trees. Our results show that despite high variability in tree mortality within an outbreak area, bark beetle epidemics can have a large impact on AGC stocks at the landscape scale. (letter)

  12. Investor relations on the internet: Analysis of companies on the Serbian stock market

    Đorđević Bojan


    Full Text Available Stockholders and other interested parties used to exchange information in writing by means of physical submission, while today with just a click on any known company’s Internet page it is possible to acquire both the information needed and its financial situation. The aim of this work is to indicate the lack of corporate culture and investor communication on the Serbian stock market by analyzing investor relations via the e-communication tools of some of the best Serbian companies. This study investigates investor relations on the Internet of companies listed on the Belgrade Stock Exchange (BELEX 15 and BELEX LINE. For this purpose, the websites of the 20 largest listed companies of the Republic of Serbia were screened for investor relations items. Results obtained by using a three-stage model show that most companies in Serbia are at the second stage of internet investor relations, i.e., where information available through other sources is combined to better inform investors. In the third stage companies use the full interactive possibilities of the Internet for investor relations purposes. The author also stresses that the quality of investor relations must be a part of every company’s strategic vision.

  13. Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market

    Elisa Elaine Moreira Teixeira


    Full Text Available DOI: This paper describes the results of a twofold study that compared the performance of Initial Public Offering (IPOs in the Brazilian stock market with that of incorporated company in 2004 and 2005 and also checked if these IPOs were included in the Bovespa Index (IBOV in this period. We first collected data on stock price variations every year subsequent to the public offering. Thereafter, we compared the IPOs’ rates with those of the public corporations. The results show that 81.25% of the IPOs had positive returns in the first and the second years of anniversary, and only 50% of them had positive return in the third year. The youngest companies had the highest returns, and 45% of them were included in the IBOV in the period under scrutiny. The comparison of the ratios showed that IPOs of any age are more valued than the comparison companies. As a conclusion, we can say that the IPOs’ performance was significantly better than that of the comparison companies in the period studied.

  14. Stock price prediction using geometric Brownian motion

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


    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%.

  15. Predicting energy consumption and savings in the housing stock: A performance gap analysis in the Netherlands

    Dasa Majcen


    Full Text Available Research methods  The research used several large datasets, about dwellings theoretical energy performance, most of which were related to energy label certificates. All the datasets containing theoretical performance were merged with actual energy data. In addition to that, some were also enriched with socioeconomic and behaviour related data from Statistics Netherlands (CBS or from surveys which were designed for the purpose of this research. Simple descriptive statistics were used to compare average theoretical and actual consumptions. Advanced statistical tests were used for detecting correlations, followed by several regression analyses. In a separate scenario study, the resulting averages of both theoretical and actual consumptions were extrapolated nation-wide in order to be compared with the existing policy targets. Due to low predictive power of the variables in regression analyses, a sensitivity analysis of the theoretical gas use was performed on six assumptions made in the theoretical calculation to show how an increment in one of the assumptions affects the final theoretical gas consumption and whether this can explain the performance gap. Last but not least, longitudinal data of the social housing dwelling stock between 2010 and 2013 was analysed, focusing on dwellings that had undergone renovation. The goal was to find out whether the theoretical reduction of consumption materialised and to what extent. A comparison of the actual reduction of different renovation measures was made in order to show what renovation practices lower the consumptions most effectively. The discrepancies between actual and theoretical heating energy consumption in Dutch dwellings. Discrepancies between theoretical and actual gas and electricity consumption On average, the total theoretical primary energy use seems to be in accordance with actual primary energy consumption but when looking at more detailed data, one can see that the contribution of gas to

  16. Simplified stock markets described by number operators

    Bagarello, F.


    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.

  17. The Impact of a Surprise Dividend Increase on a Stocks Performance : the Analysis of Companies Listed on the Warsaw Stock Exchange

    Tomasz Słoński


    Full Text Available The reaction of marginal investors to the announcement of a surprise dividend increase has been measured. Although field research is performed on companies listed on the Warsaw Stock Exchange, the paper has important theoretical implications. Valuation theory gives many clues for the interpretation of changes in dividends. At the start of the literature review, the assumption of the irrelevance of dividends (to investment decisions is described. This assumption is the basis for up-to-date valuation procedures leading to fundamental and fair market valuation of equity (shares. The paper is designed to verify whether the market value of stock is immune to the surprise announcement of a dividend increase. This study of the effect of a surprise dividend increase gives the chance to partially isolate such an event from dividend changes based on long-term expectations. The result of the research explicitly shows that a surprise dividend increase is on average welcomed by investors (an average abnormal return of 2.24% with an associated p-value of 0.001. Abnormal returns are realized by investors when there is a surprise increase in a dividend payout. The subsample of relatively high increases in a dividend payout enables investors to gain a 3.2% return on average. The results show that valuation models should be revised to take into account a possible impact of dividend changes on investors behavior. (original abstract

  18. Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009

    Pyemo Afego


    Full Text Available This paper examines the weak-form of the efficient markets hypothesis for the Nigerian Stock Exchange (NSE by testing for random walks in the monthly index returns over the period 1984-2009. The results of the non-parametric runs test show that index returns on the NSE display a predictable component, thus suggesting that traders can earn superior returns by employing trading rules. Statistically significant deviations from randomness are also suggestive of sub-optimal allocation of investment capital within the economy. The findings, in general, contradict the weak-form of the efficient markets hypothesis, and a range of policy strategies for improving the allocative capacity and quality of the information environment of the NSE are discussed.

  19. Interest rate changes and stock returns in Spain: A wavelet analysis

    Pablo Moya-Martínez


    Full Text Available This paper investigates the relationship between changes in interest rates and the Spanish stock market at the industry level over the period from January 1993 to December 2012 using a wavelet-based approach. The empirical results indicate that Spanish industries exhibit, in general, a significant interest rate sensitivity, although the degree of interest rate exposure differs considerably across industries and depending on the time horizon under consideration. In particular, regulated industries such as Utilities, highly indebted industries such as Real Estate, Utilities or Technology and Telecommunications, and the Banking industry emerge as the most vulnerable to interest rates. Further, the link between movements in interest rates and industry equity returns is stronger at the coarsest scales. This finding is consistent with the idea that investors with long-term horizons are more likely to follow macroeconomic fundamentals, such as interest rates, in their investment decisions.

  20. A Computational Analysis of the Traveling Salesman and Cutting Stock Problems

    Gracia María D.


    Full Text Available The aim of this article is to perform a computational study to analyze the impact of formulations, and the solution strategy on the algorithmic performance of two classical optimization problems: the traveling salesman problem and the cutting stock problem. In order to assess the algorithmic performance on both problems three dependent variables were used: solution quality, computing time and number of iterations. The results are useful for choosing the solution approach to each specific problem. In the STSP, the results demonstrate that the multistage decision formulation is better than the conventional formulations, by solving 90.47% of the instances compared with MTZ (76.19% and DFJ (14.28%. The results of the CSP demonstrate that the cutting patterns formulation is better than the standard formulation with symmetry breaking inequalities, when the objective function is to minimize the loss of trim when cutting the rolls.

  1. Analysis of Parametric Effects on Efficiency of the Brown Stock Washer in Paper Industry Using MATLAB

    Kumar, Deepak; Kumar, Vivek; Singh, V. P.


    In the present paper, the effects of cake thickness and time on the efficiency of brown stock washer of the paper mill are studied by using mathematical model of pulp washing for the species of sodium and lignin ions. The mechanism of the diffusion- dispersion washing of the bed of the pulp fibers is mathematically modeled by the basic material balance and adsorption isotherm is used to describe the equilibrium between the concentration of the solute in the liquor and concentration of the solute on the fibers. To study the parametric effect, numerical solutions of the axial domain of the system governed by partial differential equations (transport and isotherm equations) for different boundary conditions are obtained by the "pdepe" solver in MATLAB source code. The effects of both the parameters are shown by three dimensional graphical representation as well as concentration profiles.

  2. Neglected chaos in international stock markets: Bayesian analysis of the joint return-volatility dynamical system

    Tsionas, Mike G.; Michaelides, Panayotis G.


    We use a novel Bayesian inference procedure for the Lyapunov exponent in the dynamical system of returns and their unobserved volatility. In the dynamical system, computation of largest Lyapunov exponent by traditional methods is impossible as the stochastic nature has to be taken explicitly into account due to unobserved volatility. We apply the new techniques to daily stock return data for a group of six countries, namely USA, UK, Switzerland, Netherlands, Germany and France, from 2003 to 2014, by means of Sequential Monte Carlo for Bayesian inference. The evidence points to the direction that there is indeed noisy chaos both before and after the recent financial crisis. However, when a much simpler model is examined where the interaction between returns and volatility is not taken into consideration jointly, the hypothesis of chaotic dynamics does not receive much support by the data ("neglected chaos").


    Normas Awang


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


    Md. Shahadath Hossain


    Full Text Available In Bangladesh, primary and secondary mutual fund markets behave in a completely different way, where initial public offering (IPO investors of mutual funds earn more than 250 percent rerun, whereas secondary market investors cannot even manage to cover the opportunity cost of their investment. There are few other abnormalities present in this market – unlike everywhere in the world, most of the mutual funds are closed-end (92 percent and closed-end mutual funds are barred to issue bonus or right shares. A total of 714 day’s observations, from January 2008 to December 2010, of four variables– DSE (Dhaka Stock Exchange general index return, DSE general index turnover, mutual funds’ return and mutual funds’ turnover– are utilized. Stationarity of the variables are tested with Augmented Dickey-Fuller (ADF unit root test and found that variables are in different order of integration. Long-term equilibrium relationships among the variables are tested with Johansen cointegration and it is found that DSE general index return and mutual funds’ return are cointegrated. Toda-Yamamoto (TY version of granger non-causality test is employed and bidirectional causality is found moving from DSE (Dhaka Stock Exchange general index turnover to DSE general index return, whereas unidirectional causality is found moving from mutual fund’s return to DSE general index return, mutual funds’ return to mutual funds turnover, and DSE general index turnover to mutual funds turnover. This finding helps to conclude that equity shares’ demand drives the mutual funds demand but even higher demand of mutual funds fails to raise its own price unless underlying value of the mutual funds changes.

  5. The Use of Neural Network and Portfolio Analysis in Forecasting Share Prices at the Stock Exchange

    Przemyslaw Stochel


    Full Text Available The article presents the use of neural networks in decision making process on the capital market. The author tried to show the efficiency of established solution in Polish reality which features different conditions in comparison with the markets of higher developed countries. The aim of the paper was to prove that neural networks are flexible tools which on one hand might be adjusted to investor's requirements and on the other, can reduce equirements to his experience. The article is based on the author's own research carried out by modelling neural network operation with a simulation program. The established solutions are input which employs stocks portfolio computed on the basis of Markowitz portfolio theory and Sharpe's model. According to the established propositions, the portfolio created in such a way is modified by neutral network in order to optimise a criterion which maximises the income of such a modified portfolio. A detailed genesis of the established input vector and network structure are presented. It allows the reader to carry out his own research and create his own attitude towards applied values. The research results based on a real stock market database with the use of one-output networks predicting thc price of a single company - Agros as well as networks predicting the desirable structure of the whole portfolio are presented. The effect of the network structure leaming parameters, input vector (not only as to the input quantity but also as to period of time they were collected was examined. The dependence between the factors mentioned above such as input vector and network structure were discussed. lt seems that the presented paper has proved that some not widely spread methods with neural networks can become at competitive tool to optimisation methods.

  6. A pre-crisis vs. crisis analysis of peripheral EU stock markets by means of wavelet transform and a nonlinear causality test

    Polanco-Martínez, J. M.; Fernández-Macho, J.; Neumann, M. B.; Faria, S. H.


    This paper presents an analysis of EU peripheral (so-called PIIGS) stock market indices and the S&P Europe 350 index (SPEURO), as a European benchmark market, over the pre-crisis (2004-2007) and crisis (2008-2011) periods. We computed a rolling-window wavelet correlation for the market returns and applied a non-linear Granger causality test to the wavelet decomposition coefficients of these stock market returns. Our results show that the correlation is stronger for the crisis than for the pre-crisis period. The stock market indices from Portugal, Italy and Spain were more interconnected among themselves during the crisis than with the SPEURO. The stock market from Portugal is the most sensitive and vulnerable PIIGS member, whereas the stock market from Greece tends to move away from the European benchmark market since the 2008 financial crisis till 2011. The non-linear causality test indicates that in the first three wavelet scales (intraweek, weekly and fortnightly) the number of uni-directional and bi-directional causalities is greater during the crisis than in the pre-crisis period, because of financial contagion. Furthermore, the causality analysis shows that the direction of the Granger cause-effect for the pre-crisis and crisis periods is not invariant in the considered time-scales, and that the causality directions among the studied stock markets do not seem to have a preferential direction. These results are relevant to better understand the behaviour of vulnerable stock markets, especially for investors and policymakers.

  7. Analysis of turbulent mixing in Dewakang Sill, Southern Makassar Strait

    Risko; Atmadipoera, A. S.; Jaya, I.; Sudjono, E. H.


    Dewakang Sill is located in southern Makassar Strait, conveying major path of Indonesian Throughflow (ITF), as a confluence region of different water masses, such as salty Pacific water and fresh Java Sea water. Its depth is about 680 m which blocks the ITF flow below this depth into Flores Sea. This research aimed to estimate turbulent mixing in the Dewakang Sill by applying Thorpe analysis using 24 hours “yoyo” CTD data sets, acquired from MAJAFLOX Cruise in August 2015. The results showed that stratification of water masses is dominated by Pacific water origin. Those are North Pacific Subtropical thermocline and Intermediate water masses. Mean dissipation of turbulent kinetic energy (ɛ) and turbulent vertical diffusivity (Kρ ) value in the Dewakang Sill are of O(1.08 × 10-6)Wkg-1, and O(2.84 × 10-4) m2s-1 respectively. High correlation between epsilon and internal waves oscillation suggested that internal tidal waves activities are the major forcing for turbulent mixing in the study area.

  8. Estimating the long-term effects of stocking domesticated trout into wild brown trout ( Salmo trutta ) populations : an approach using microsatellite DNA analysis of historical and contemporary samples

    Hansen, Michael Møller


    . The study was based on analysis of two historical samples (194556), represented by old scale collections, and seven contemporary samples (1986-2000). In one population historical and contemporary samples were remarkably genetically similar despite more than a decade of intense stocking. Estimation...... of admixture proportions showed a small genetic contribution from domesticated trout (approximately 6%), and individual admixture analysis demonstrated a majority of nonadmixed individuals. The expected genetic contribution by domesticated trout was 64%, assessed from the number of stocked trout and assuming...... in samples from a broodstock thought to represent the indigenous population and in a sample of wild spawners. Survival of domesticated trout and admixture with indigenous fish in the broodstock and subsequent stocking into the river, combined with a low population size of native trout relative to the number...

  9. In search of optimal compression therapy for venous leg ulcers: a meta-analysis of studies comparing diverse [corrected] bandages with specifically designed stockings.

    Amsler, Felix; Willenberg, Torsten; Blättler, Werner


    In search of an optimal compression therapy for venous leg ulcers, a systematic review and meta-analysis was performed of randomized controlled trials (RCT) comparing compression systems based on stockings (MCS) with divers bandages. RCT were retrieved from six sources and reviewed independently. The primary endpoint, completion of healing within a defined time frame, and the secondary endpoints, time to healing, and pain were entered into a meta-analysis using the tools of the Cochrane Collaboration. Additional subjective endpoints were summarized. Eight RCT (published 1985-2008) fulfilled the predefined criteria. Data presentation was adequate and showed moderate heterogeneity. The studies included 692 patients (21-178/study, mean age 61 years, 56% women). Analyzed were 688 ulcerated legs, present for 1 week to 9 years, sizing 1 to 210 cm(2). The observation period ranged from 12 to 78 weeks. Patient and ulcer characteristics were evenly distributed in three studies, favored the stocking groups in four, and the bandage group in one. Data on the pressure exerted by stockings and bandages were reported in seven and two studies, amounting to 31-56 and 27-49 mm Hg, respectively. The proportion of ulcers healed was greater with stockings than with bandages (62.7% vs 46.6%; P bandages better than MCS. Pain was assessed in three studies (219 patients) revealing an important advantage of stockings (P bandages, has a positive impact on pain, and is easier to use.

  10. A Case Study of a Mixed Methods Study Engaged in Integrated Data Analysis

    Schiazza, Daniela Marie


    The nascent field of mixed methods research has yet to develop a cohesive framework of guidelines and procedures for mixed methods data analysis (Greene, 2008). To support the field's development of analytical frameworks, this case study reflects on the development and implementation of a mixed methods study engaged in integrated data analysis.…

  11. Study on mixed analysis method for fatigue analysis of oblique safety injection nozzle on main piping

    Lu Xifeng; Zhang Yixiong; Ai Honglei; Wang Xinjun; He Feng


    The simplified analysis method and the detailed analysis method were used for the fatigue analysis of the nozzle on the main piping. Because the structure of the oblique safety injection nozzle is complex and some more severe transients are subjected. The results obtained are more penalized and cannot be validate when the simplified analysis method used for the fatigue analysis. It will be little conservative when the detailed analysis method used, but it is more complex and time-consuming and boring labor. To reduce the conservatism and save time, the mixed analysis method which combining the simplified analysis method with the detailed analysis method is used for the fatigue analysis. The heat transfer parameters between the fluid and the structure which used for analysis were obtained by heat transfer property experiment. The results show that the mixed analysis which heat transfer property is considered can reduce the conservatism effectively, and the mixed analysis method is a more effective and practical method used for the fatigue analysis of the oblique safety injection nozzle. (authors)

  12. Traditions and Alcohol Use: A Mixed-Methods Analysis

    Castro, Felipe González; Coe, Kathryn


    An integrative mixed-methods analysis examined traditional beliefs as associated with beliefs about self-care during pregnancy and with alcohol abstinence among young adult women from two rural U.S.–Mexico border communities. Quantitative (measured scale) variables and qualitative thematic variables generated from open-ended responses served as within-time predictors of these health-related outcomes. A weaker belief that life is better in big cities was associated with stronger self-care beliefs during pregnancy. Also, a weaker belief that small towns offer tranquil environments was associated with total abstinence from alcohol. Regarding the Hispanic Paradox, these results suggest that a critical appreciation of cultural traditions can be protective, as this avoids stereotypical or idyllic views of urban or rural lifeways, and promotes self-protective beliefs and behaviors. PMID:17967095

  13. The Impact of Inventory Management on Stock-Outs of Essential Drugs in Sub-Saharan Africa: Secondary Analysis of a Field Experiment in Zambia.

    Leung, Ngai-Hang Z; Chen, Ana; Yadav, Prashant; Gallien, Jérémie


    To characterize the impact of widespread inventory management policies on stock-outs of essential drugs in Zambia's health clinics and develop related recommendations. Daily clinic storeroom stock levels of artemether-lumefantrine (AL) products in 2009-2010 were captured in 145 facilities through photography and manual transcription of paper forms, then used to determine historical stock-out levels and estimate demand patterns. Delivery lead-times and estimates of monthly facility accessibility were obtained through worker surveys. A simulation model was constructed and validated for predictive accuracy against historical stock-outs, then used to evaluate various changes potentially affecting product availability. While almost no stock-outs of AL products were observed during Q4 2009 consistent with primary analysis, up to 30% of surveyed facilities stocked out of some AL product during Q1 2010 despite ample inventory being simultaneously available at the national warehouse. Simulation experiments closely reproduced these results and linked them to the use of average past monthly issues and failure to capture lead-time variability in current inventory control policies. Several inventory policy enhancements currently recommended by USAID | DELIVER were found to have limited impact on product availability. Inventory control policies widely recommended and used for distributing medicines in sub-Saharan Africa directly account for a substantial fraction of stock-outs observed in common situations involving demand seasonality and facility access interruptions. Developing central capabilities in peripheral demand forecasting and inventory control is critical. More rigorous independent peer-reviewed research on pharmaceutical supply chain management in low-income countries is needed.

  14. Study on mixing phenomena in T-pipe junction. Experimental analysis using DNS and investigation of mixing process

    Igarashi, Minoru; Tanaka, Masaaki; Kimura, Nobuyuki; Kamide, Hideki


    In the place where hot and cold fluids are mixed, a time and spatial temperature fluctuation occurs. When this temperature fluctuation amplitude is large, it causes high cycle thermal fatigue in surrounding structure (thermal striping phenomena). Mixing area of high and low temperature fluid exists not only in an atomic power plant but also in a general plant, then, it is significant to investigate this phenomena and also to establish an evaluation rule. In Japan Nuclear Cycle Development Institute, several experiments and the improvement of the analysis methods have been carried out to understand thermal striping phenomena and also to construct an evaluation rule, which can be applied to design. Water Experiment on Fluid Mixing in T-pipe with Long Cycle Fluctuation (WATLON), aiming at examining thermal striping phenomena in a mixing tee, is performed to investigate key factors of mixing phenomena. In this study, in order to investigate the fluid mixing phenomena, temperature and flow velocity distribution were measured by movable thermocouple tree and particle image velocimetry (PIV). And the analysis using a in-house direct numerical simulation (DNS) code, DINUS-3 was performed to understand applicability of the analytical method in mixing tee. The temperature and velocity fields obtained from the DINUS-3 were in good agreement with the experimental results. And the prominent frequency of temperature fluctuation was also in good agreement. The DINUS-3 calculation simulated vortex structure in the wake region behind the branch pipe jet. The results of analysis showed that a Karman vortex generated in the wake region behind the branch pipe jet influenced the temperature fluctuation behavior in the mixing tee. And the analytical results revealed that the vortex generated in the wake region behind the branch pipe jet showed the 3-dimensional behavior. (author)

  15. Mixed Methods Analysis of Medical Error Event Reports: A Report from the ASIPS Collaborative

    Harris, Daniel M; Westfall, John M; Fernald, Douglas H; Duclos, Christine W; West, David R; Niebauer, Linda; Marr, Linda; Quintela, Javan; Main, Deborah S


    .... This paper presents a mixed methods approach to analyzing narrative error event reports. Mixed methods studies integrate one or more qualitative and quantitative techniques for data collection and analysis...

  16. Hillslope Discharge Analysis - Threshold Behavior and Mixing Processes

    Dusek, J.; Vogel, T. N.


    Reliable quantitative prediction of temporal changes of both the soil water storage and the shallow subsurface runoff for natural forest hillslopes exhibiting high degree of subsurface heterogeneity remains a challenge. The intensity of stormflow determines to a large extent the residence time of water in a hillslope segment, thus also influencing biogeochemical processes and mass fluxes of nutrients. Stormflow, as one of the most important runoff mechanisms in headwater catchments, usually develops above the soil-bedrock interface during prominent rainfall-runoff events as saturated flow. In this study, one- and two-dimensional numerical models were used to analyze hydrological processes at an experimental forest site located in a small headwater catchment under humid temperate climate. The models are based on dual-continuum approach reflecting water flow and isotope transport through the soil matrix and preferential pathways. The threshold relationship between rainfall and stormflow as well as hysteresis in the hillslope stormflow-storage relationship were examined. The hillslope storage analysis was performed for selected individual rainfall-runoff events over the period of several consecutive growing seasons. Furthermore, temporal and spatial variations of pre-event and event water contributions to hillslope stormflow were evaluated using a two-component mass balance approach based on the synthetic oxygen-18 signatures. The results of this analysis showed a mutual interplay of components of hillslope water balance exposing a nonlinear character of the hillslope hydrological response. The results also suggested significant mixing processes in a hillslope segment, in particular mixing of pre-event and event water as well as water exchanged between the soil matrix and preferential pathways. Despite the dominant control of preferential stormflow on overall hillslope runoff response, a rapid and substantial contribution of pre-event water to hillslope runoff was

  17. Analysis of linkage effects among industry sectors in China's stock market before and after the financial crisis

    Yang, Rui; Li, Xiangyang; Zhang, Tong


    This paper uses two physics-derived techniques, the minimum spanning tree and the hierarchical tree, to investigate the networks formed by CITIC (China International Trust and Investment Corporation) industry indices in three periods from 2006 to 2013. The study demonstrates that obvious industry clustering effects exist in the networks, and Durable Consumer Goods, Industrial Products, Information Technology, Frequently Consumption and Financial Industry are the core nodes in the networks. We also use the rolling window technique to investigate the dynamic evolution of the networks' stability, by calculating the mean correlations and mean distances, as well as the variance of correlations and the distances of these indices. China's stock market is still immature and subject to administrative interventions. Therefore, through this analysis, regulators can focus on monitoring the core nodes to ensure the overall stability of the entire market, while investors can enhance their portfolio allocations or investment decision-making.

  18. Market Risk in Demutualised Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas

    Andrew Worthington; Helen Higgs


    This paper examines market risk in four demutualised and self-listed stock exchanges: the Australian Stock Exchange, the Deutsche Börse, the London Stock Exchange and the Singapore Stock Exchange. Daily company and MSCI index returns provide the respective asset and market portfolio data. A bivariate MA-GARCH model is used to estimate time-varying betas for each exchange from listing until 7 June 2005. While the results indicate significant beta volatility, unit root tests show the betas to b...

  19. Stock Market Expectations of Dutch Households.

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


    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. A multi-criteria optimization analysis for Jordan's energy mix

    Malkawi, Salaheddin; Al-Nimr, Moh'd; Azizi, Danah


    In this study Jordan's energy options were evaluated and ranked with respect to several criteria clusters including financial, technical, environmental, ecological, social, and risk assessment. The Analytical Hierarchy Process; a multi-criteria decision-making analysis, was selected to evaluate the electricity generation options for Jordan. Energy options covered in the analysis include both conventional and renewable sources. Conventional sources evaluated include Oil and Natural Gas. Renewable sources covered wind, biomass, Photovoltaic and concentrated solar systems. The study also investigated generation from nuclear energy and direct combustion of oil shale as well as demand side savings from energy efficiency measures as a resource. Results indicate that to date; conventional fuels remain Jordan's most feasible options from a technical and financial perspective. Nonetheless diversification is essential to promoting energy security as well as environmental welfare. Results indicate that Jordan's best diversification options are nuclear, oil shale, biomass, and wind energy. - Highlights: • A Multi-Criteria Optimization Analysis technique was used to compare nine electricity generation options. • Options considered included Fossil Fuel sources, Nuclear Energy , Renewable Energy and Energy Efficiency. • Six criteria clusters were considered: financial, technical, environmental, ecological, social, and risk assessment. • Results outline potential policy implications for diversifying Jordan's energy mix. • Conventional fuels remain integral and Oil shale, Nuclear, Biomass and Wind offer the best diversification potential.Tag as highlight.

  1. Development and sensitivity analysis of impact assessment equations based on stock-recruitment theory

    Savidge, I.R.; Gladden, J.B.; Campbell, K.P.; Ziesenis, J.S.


    A central and unresolved problem in assessing the impact of power plant operations on Hudson River fish populations was the prediction of long-term population changes resulting from impingement and entrainment mortality. A series of equations was developed from the Ricker and Beverton-Holt stock-recruitment models to address this issue. It was assumed that compensation occurs during a brief period early in the life cycle rather than throughout the life cycle. Equations were developed for the added power plant-induced mortality occurring before or after compensation in each model. Mortality added after compensation resulted in larger estimates of population reduction than mortality added before compensation. The simple deterministic and more complex age-structured models provided identical predictions of long-term changes in population size in most cases. Similarly, the simple models predicted population changes that were nearly identical to the average age-structured model with variable survival except when levels of variation were quite high and the population modeled was semelparous. Advantages of the equations developed herein are their simplicity, generality, and minimal data requirements. The predictions of long-term population changes resulting from impingement and entrainment mortality were not attained. The magnitude and form of the compensatory responses of Hudson River fish populations remained undetermined, so that an agreement on this critical component of prediction models could not be reached. 33 refs., 4 figs., 2 tabs

  2. The coupling analysis between stock market indices based on permutation measures

    Shi, Wenbin; Shang, Pengjian; Xia, Jianan; Yeh, Chien-Hung


    Many information-theoretic methods have been proposed for analyzing the coupling dependence between time series. And it is significant to quantify the correlation relationship between financial sequences since the financial market is a complex evolved dynamic system. Recently, we developed a new permutation-based entropy, called cross-permutation entropy (CPE), to detect the coupling structures between two synchronous time series. In this paper, we extend the CPE method to weighted cross-permutation entropy (WCPE), to address some of CPE's limitations, mainly its inability to differentiate between distinct patterns of a certain motif and the sensitivity of patterns close to the noise floor. It shows more stable and reliable results than CPE does when applied it to spiky data and AR(1) processes. Besides, we adapt the CPE method to infer the complexity of short-length time series by freely changing the time delay, and test it with Gaussian random series and random walks. The modified method shows the advantages in reducing deviations of entropy estimation compared with the conventional one. Finally, the weighted cross-permutation entropy of eight important stock indices from the world financial markets is investigated, and some useful and interesting empirical results are obtained.

  3. Random matrix theory analysis of cross-correlations in the US stock market: Evidence from Pearson’s correlation coefficient and detrended cross-correlation coefficient

    Wang, Gang-Jin; Xie, Chi; Chen, Shou; Yang, Jiao-Jiao; Yang, Ming-Yan


    In this study, we first build two empirical cross-correlation matrices in the US stock market by two different methods, namely the Pearson’s correlation coefficient and the detrended cross-correlation coefficient (DCCA coefficient). Then, combining the two matrices with the method of random matrix theory (RMT), we mainly investigate the statistical properties of cross-correlations in the US stock market. We choose the daily closing prices of 462 constituent stocks of S&P 500 index as the research objects and select the sample data from January 3, 2005 to August 31, 2012. In the empirical analysis, we examine the statistical properties of cross-correlation coefficients, the distribution of eigenvalues, the distribution of eigenvector components, and the inverse participation ratio. From the two methods, we find some new results of the cross-correlations in the US stock market in our study, which are different from the conclusions reached by previous studies. The empirical cross-correlation matrices constructed by the DCCA coefficient show several interesting properties at different time scales in the US stock market, which are useful to the risk management and optimal portfolio selection, especially to the diversity of the asset portfolio. It will be an interesting and meaningful work to find the theoretical eigenvalue distribution of a completely random matrix R for the DCCA coefficient because it does not obey the Marčenko-Pastur distribution.

  4. Mark Stock | NREL

    Stock Mark Stock Scientific Visualization Specialist | 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

  5. Bisexuality, poverty and mental health: A mixed methods analysis.

    Ross, Lori E; O'Gorman, Laurel; MacLeod, Melissa A; Bauer, Greta R; MacKay, Jenna; Robinson, Margaret


    Bisexuality is consistently associated with poor mental health outcomes. In population-based data, this is partially explained by income differences between bisexual people and lesbian, gay, and/or heterosexual individuals. However, the interrelationships between bisexuality, poverty, and mental health are poorly understood. In this paper, we examine the relationships between these variables using a mixed methods study of 302 adult bisexuals from Ontario, Canada. Participants were recruited using respondent-driven sampling to complete an internet-based survey including measures of psychological distress and minority stress. A subset of participants completed a semi-structured qualitative interview to contextualize their mental health experiences. Using information regarding household income, number of individuals supported by the income and geographic location, participants were categorized as living below or above the Canadian Low Income Cut Off (LICO). Accounting for the networked nature of the sample, participants living below the LICO had significantly higher mean scores for depression and posttraumatic stress disorder symptoms and reported significantly more perceived discrimination compared to individuals living above the LICO. Grounded theory analysis of the qualitative interviews suggested four pathways through which bisexuality and poverty may intersect to impact mental health: through early life experiences linked to bisexuality or poverty that impacted future financial stability; through effects of bisexual identity on employment and earning potential; through the impact of class and sexual orientation discrimination on access to communities of support; and through lack of access to mental health services that could provide culturally competent care. These mixed methods data help us understand the income disparities associated with bisexual identity in population-based data, and suggest points of intervention to address their impact on bisexual mental

  6. Sensitivity analysis of characteristics of spent mixed oxide fuel

    Hagura, Naoto; Yoshida, Tadashi


    Prediction error was evaluated for decay heat and nuclide generation in spent mixed oxide (MOX) fuels on the basis of error files in JENDL-3.3. This computational analysis was performed using SWAT code system, ORIGEN2 code, and ERRORJ code. The results of nuclide generation error evaluation were compared with some discrepancies in the calculated values to experimental values (C/E ratio) which were already published and were obtained by analysis of post irradiated experiments (PIE) data. Though the discrepancies of some C/E values, especially those of americium and curium isotopes, ranged from a half to twice, the present error evaluation based on the error file of nuclide generation became 10% or less. We conclude that the discrepancy between calculation and the PIE data is almost factor 5 larger than that evaluated from the covariance data in JENDL-3.3. Therefore the practical error value of total decay heat should be 20% or more on 1 σ basis. (authors)

  7. Mixed kernel function support vector regression for global sensitivity analysis

    Cheng, Kai; Lu, Zhenzhou; Wei, Yuhao; Shi, Yan; Zhou, Yicheng


    Global sensitivity analysis (GSA) plays an important role in exploring the respective effects of input variables on an assigned output response. Amongst the wide sensitivity analyses in literature, the Sobol indices have attracted much attention since they can provide accurate information for most models. In this paper, a mixed kernel function (MKF) based support vector regression (SVR) model is employed to evaluate the Sobol indices at low computational cost. By the proposed derivation, the estimation of the Sobol indices can be obtained by post-processing the coefficients of the SVR meta-model. The MKF is constituted by the orthogonal polynomials kernel function and Gaussian radial basis kernel function, thus the MKF possesses both the global characteristic advantage of the polynomials kernel function and the local characteristic advantage of the Gaussian radial basis kernel function. The proposed approach is suitable for high-dimensional and non-linear problems. Performance of the proposed approach is validated by various analytical functions and compared with the popular polynomial chaos expansion (PCE). Results demonstrate that the proposed approach is an efficient method for global sensitivity analysis.

  8. Sensitivity analysis of characteristics of spent mixed oxide fuel

    Hagura, Naoto; Yoshida, Tadashi [Musashi Institute of Technology, 1-28-1 Tamazutsumi, Setagaya, Tokyo 158-8557 (Japan)


    Prediction error was evaluated for decay heat and nuclide generation in spent mixed oxide (MOX) fuels on the basis of error files in JENDL-3.3. This computational analysis was performed using SWAT code system, ORIGEN2 code, and ERRORJ code. The results of nuclide generation error evaluation were compared with some discrepancies in the calculated values to experimental values (C/E ratio) which were already published and were obtained by analysis of post irradiated experiments (PIE) data. Though the discrepancies of some C/E values, especially those of americium and curium isotopes, ranged from a half to twice, the present error evaluation based on the error file of nuclide generation became 10% or less. We conclude that the discrepancy between calculation and the PIE data is almost factor 5 larger than that evaluated from the covariance data in JENDL-3.3. Therefore the practical error value of total decay heat should be 20% or more on 1 sigma basis. (authors)

  9. Fire hazard analysis of the radioactive mixed waste trenchs

    McDonald, K.M.


    This Fire Hazards Analysis (FHA) is intended to assess comprehensively the risk from fire associated with the disposal of low level radioactive mixed waste in trenches within the lined landfills, provided by Project W-025, designated Trench 31 and 34 of the Burial Ground 218-W-5. Elements within the FHA make recommendations for minimizing risk to workers, the public, and the environment from fire during the course of the operation's activity. Transient flammables and combustibles present that support the operation's activity are considered and included in the analysis. The graded FHA contains the following elements: description of construction, protection of essential safety class equipment, fire protection features, description of fire hazards, life safety considerations, critical process equipment, high value property, damage potential--maximum credible fire loss (MCFL) and maximum possible fire loss (MPFL), fire department/brigade response, recovery potential, potential for a toxic, biological and/or radiation incident due to a fire, emergency planning, security considerations related to fire protection, natural hazards (earthquake, flood, wind) impact on fire safety, and exposure fire potential, including the potential for fire spread between fire areas. Recommendations for limiting risk are made in the text of this report and printed in bold type. All recommendations are repeated in a list in Section 18.0

  10. Mixed-culture transcriptome analysis reveals the molecular basis of mixed-culture growth in Streptococcus thermophilus and Lactobacillus bulgaricus.

    Sieuwerts, Sander; Molenaar, Douwe; van Hijum, Sacha A F T; Beerthuyzen, Marke; Stevens, Marc J A; Janssen, Patrick W M; Ingham, Colin J; de Bok, Frank A M; de Vos, Willem M; van Hylckama Vlieg, Johan E T


    Many food fermentations are performed using mixed cultures of lactic acid bacteria. Interactions between strains are of key importance for the performance of these fermentations. Yogurt fermentation by Streptococcus thermophilus and Lactobacillus bulgaricus (basonym, Lactobacillus delbrueckii subsp. bulgaricus) is one of the best-described mixed-culture fermentations. These species are believed to stimulate each other's growth by the exchange of metabolites such as folic acid and carbon dioxide. Recently, postgenomic studies revealed that an upregulation of biosynthesis pathways for nucleotides and sulfur-containing amino acids is part of the global physiological response to mixed-culture growth in S. thermophilus, but an in-depth molecular analysis of mixed-culture growth of both strains remains to be established. We report here the application of mixed-culture transcriptome profiling and a systematic analysis of the effect of interaction-related compounds on growth, which allowed us to unravel the molecular responses associated with batch mixed-culture growth in milk of S. thermophilus CNRZ1066 and L. bulgaricus ATCC BAA-365. The results indicate that interactions between these bacteria are primarily related to purine, amino acid, and long-chain fatty acid metabolism. The results support a model in which formic acid, folic acid, and fatty acids are provided by S. thermophilus. Proteolysis by L. bulgaricus supplies both strains with amino acids but is insufficient to meet the biosynthetic demands for sulfur and branched-chain amino acids, as becomes clear from the upregulation of genes associated with these amino acids in mixed culture. Moreover, genes involved in iron uptake in S. thermophilus are affected by mixed-culture growth, and genes coding for exopolysaccharide production were upregulated in both organisms in mixed culture compared to monocultures. The confirmation of previously identified responses in S. thermophilus using a different strain combination

  11. Analysis of injury types for mixed martial arts athletes.

    Ji, MinJoon


    [Purpose] The purpose of the present study was to examine the types of injuries associated with mixed martial arts and their location in order to provide substantial information to help reduce the risk of these injuries during mixed martial arts. [Subjects and Methods] Data were collected from 455 mixed martial arts athletes who practiced mixed martial arts or who participated in mixed martial arts competitions in the Seoul Metropolitan City and Gyeongnam Province of Korea between June 3, 2015, and November 6, 2015. Questionnaires were used to collect the data. The convenience sampling method was used, based on the non-probability sampling extraction method. [Results] The arm, neck, and head were the most frequent locations of the injuries; and lacerations, concussions, and contusions were the most frequently diagnosed types of injuries in the mixed martial arts athletes in this study. [Conclusion] Reducing the risk of injury by establishing an alert system and preventing critical injuries by incorporating safety measures are important.

  12. A stock market forecasting model combining two-directional two-dimensional principal component analysis and radial basis function neural network.

    Guo, Zhiqiang; Wang, Huaiqing; Yang, Jie; Miller, David J


    In this paper, we propose and implement a hybrid model combining two-directional two-dimensional principal component analysis ((2D)2PCA) and a Radial Basis Function Neural Network (RBFNN) to forecast stock market behavior. First, 36 stock market technical variables are selected as the input features, and a sliding window is used to obtain the input data of the model. Next, (2D)2PCA is utilized to reduce the dimension of the data and extract its intrinsic features. Finally, an RBFNN accepts the data processed by (2D)2PCA to forecast the next day's stock price or movement. The proposed model is used on the Shanghai stock market index, and the experiments show that the model achieves a good level of fitness. The proposed model is then compared with one that uses the traditional dimension reduction method principal component analysis (PCA) and independent component analysis (ICA). The empirical results show that the proposed model outperforms the PCA-based model, as well as alternative models based on ICA and on the multilayer perceptron.

  13. Systematic analysis of the impact of mixing locality on Mixing-DAC linearity for multicarrier GSM

    Bechthum, E.; Radulov, G.I.; Briaire, J.; Geelen, G.; Roermund, van A.H.M.


    In an RF transmitter, the function of the mixer and the DAC can be combined in a single block: the Mixing-DAC. For the generation of multicarrier GSM signals in a basestation, high dynamic linearity is required, i.e. SFDR>85dBc, at high output signal frequency, i.e. ƒout ˜ 4GHz. This represents a

  14. Evaluation of removal of the size effect using data scaling and elliptic Fourier descriptors in otolith shape analysis, exemplified by the discrimination of two yellow croaker stocks along the Chinese coast

    Zhao, Bo; Liu, Jinhu; Song, Junjie; Cao, Liang; Dou, Shuozeng


    Removal of the length effect in otolith shape analysis for stock identification using length scaling is an important issue; however, few studies have attempted to investigate the effectiveness or weakness of this methodology in application. The aim of this study was to evaluate whether commonly used size scaling methods and normalized elliptic Fourier descriptors (NEFDs) could effectively remove the size effect of fish in stock discrimination. To achieve this goal, length groups from two known geographical stocks of yellow croaker, Larimichthys polyactis, along the Chinese coast (five groups from the Changjiang River estuary of the East China Sea and three groups from the Bohai Sea) were subjected to otolith shape analysis. The results indicated that the variation of otolith shape caused by intra-stock fish length might exceed that due to inter-stock geographical separation, even when otolith shape variables are standardized with length scaling methods. This variation could easily result in misleading stock discrimination through otolith shape analysis. Therefore, conclusions about fish stock structure should be carefully drawn from otolith shape analysis because the observed discrimination may primarily be due to length effects, rather than differences among stocks. The application of multiple methods, such as otoliths shape analysis combined with elemental fingering, tagging or genetic analysis, is recommended for sock identification.

  15. The Structure of Mixed Method Studies in Educational Research: A Content Analysis

    Bryant, Lauren H.


    Educational researchers are beginning to use mixed methods designs to answer complex research questions. This content analysis investigates the structure and use of mixed methods in educational research in order to work toward a more standardized presentation. I used a concurrent mixed methods approach to analyze 30 studies from three prominent…

  16. Theoretical analysis of static properties of mixed ionic crystal ...

    In the present paper, we have investigated the static properties of the mixed ionic crystal NH4Cl1−Br using three-body potential model (TBPM) by the application of Vegard's law. The results for the mixed crystal counterparts are also in fair agreement with the pseudo-experimental data generated from the application of ...

  17. Obesity in social media: a mixed methods analysis.

    Chou, Wen-Ying Sylvia; Prestin, Abby; Kunath, Stephen


    The escalating obesity rate in the USA has made obesity prevention a top public health priority. Recent interventions have tapped into the social media (SM) landscape. To leverage SM in obesity prevention, we must understand user-generated discourse surrounding the topic. This study was conducted to describe SM interactions about weight through a mixed methods analysis. Data were collected across 60 days through SM monitoring services, yielding 2.2 million posts. Data were cleaned and coded through Natural Language Processing (NLP) techniques, yielding popular themes and the most retweeted content. Qualitative analyses of selected posts add insight into the nature of the public dialogue and motivations for participation. Twitter represented the most common channel. Twitter and Facebook were dominated by derogatory and misogynist sentiment, pointing to weight stigmatization, whereas blogs and forums contained more nuanced comments. Other themes included humor, education, and positive sentiment countering weight-based stereotypes. This study documented weight-related attitudes and perceptions. This knowledge will inform public health/obesity prevention practice.

  18. Differential expression analysis for RNAseq using Poisson mixed models.

    Sun, Shiquan; Hood, Michelle; Scott, Laura; Peng, Qinke; Mukherjee, Sayan; Tung, Jenny; Zhou, Xiang


    Identifying differentially expressed (DE) genes from RNA sequencing (RNAseq) studies is among the most common analyses in genomics. However, RNAseq DE analysis presents several statistical and computational challenges, including over-dispersed read counts and, in some settings, sample non-independence. Previous count-based methods rely on simple hierarchical Poisson models (e.g. negative binomial) to model independent over-dispersion, but do not account for sample non-independence due to relatedness, population structure and/or hidden confounders. Here, we present a Poisson mixed model with two random effects terms that account for both independent over-dispersion and sample non-independence. We also develop a scalable sampling-based inference algorithm using a latent variable representation of the Poisson distribution. With simulations, we show that our method properly controls for type I error and is generally more powerful than other widely used approaches, except in small samples (n <15) with other unfavorable properties (e.g. small effect sizes). We also apply our method to three real datasets that contain related individuals, population stratification or hidden confounders. Our results show that our method increases power in all three data compared to other approaches, though the power gain is smallest in the smallest sample (n = 6). Our method is implemented in MACAU, freely available at © The Author(s) 2017. Published by Oxford University Press on behalf of Nucleic Acids Research.

  19. Mixed dentition space analysis in a Thai population.

    Jaroontham, J; Godfrey, K


    This study produced simple linear regression equations to be used for mixed dentition space analysis for males and females, and sexes pooled in a population living in northeastern Thailand. Measurements of teeth were made to within 0.01 mm on the dental casts of 215 boys and 215 girls (mean age 15.7 years). All dentitions were required to be free of any signs of dental pathology or anomalies. It was found that males had significantly larger teeth than females as represented by summations of mandibular incisor, canine, and premolar widths. ANOVA of regression indicated a close relationship between mandibular incisor summation and corresponding summations of canine and premolars. The low coefficients of determination (r2) of the regressions ranged between 0.29 and 0.42, and were higher for females than males, which might be attributable to the ethnic diversity of the sampled population. The regression equations produced predictions of mesio-distal width summations for maxillary and mandibular canine, and premolar arch segments that were slightly different from other reported Asian studies. Moyers' prediction tables at the 50th percentile were found to under-estimate tooth size summation compared with the present investigation. The predictions from simplified regression equations matched well with those of this study for sexes pooled, and for males and females separately.

  20. Evaluation of Moyers mixed dentition analysis in school children

    Durgekar Sujala


    Full Text Available Background and Objective: The purpose of this study is to test the reliability of Moyers mixed dentition analysis in school children. Materials and Methods: A study was conducted on a sample of 150 school children within the age group of 13 to 16 years old who had all permanent teeth that were fully erupted. Dental impressions were taken with alginate impression material and immediately poured with dental stone. Mesiodistal dimensions of permanent mandibular incisors, maxillary and mandibular canines, and premolars were measured using a digital caliper with a resolution of 0.01 mm. Statistical Analysis: The coefficient of correlation (r was calculated to find the correlation between the sums of the canine, premolars in both arches, and mandibular incisors. A Student′s unpaired t test was calculated to compare the tooth dimension between male and female subjects. The actual measurements were compared with the predicted values obtained with the Moyers prediction tables at the 35 th , 50 th , and 75 th percentile confidence levels. A Student′s t test was calculated to compare the actual and predicted values. Using this data, linear regression equations were formulated for tooth size prediction. The coefficient of determination [r2] was calculated to find the accuracy of the formulated prediction equations. The standard error of estimate (SEE was calculated to determine the validity of the proposed equations. Results: Moyers prediction tables are not an accurate method to estimate tooth dimension in our samples. The mesiodistal crown dimension in the buccal segment of the mandibular arch was larger in males (p=0.04 than in females. Conclusion: The differences noted between predicted values from the Moyers tables and that of the present investigation is the result of racial and ethnic diversity. The accuracy of the prediction equation should be tested in a larger sample.

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

    Matveev, Aleksandr


    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.

  2. Analysis on the Impact of the Fluctuation of the International Gold Prices on the Chinese Gold Stocks

    Jiankang Jin


    Full Text Available Five gold stocks in Chinese Shanghai and Shenzhen A-share and Comex gold futures are chosen to form the sample, for the purpose of analysing the impact of the fluctuation of the international gold prices on the gold stocks in Chinese Shanghai and Shenzhen A-share. Using the methods of unit root test, Granger causality test, VAR model, and impulse response function, this paper has analysed the relationship between the price change of the international gold futures and the price fluctuation of gold stocks in Chinese Shanghai and Shenzhen comprehensively. The results suggest the fluctuation of the international gold futures has a strong influence on the domestic futures.

  3. Linear mixed-effects modeling approach to FMRI group analysis.

    Chen, Gang; Saad, Ziad S; Britton, Jennifer C; Pine, Daniel S; Cox, Robert W


    Conventional group analysis is usually performed with Student-type t-test, regression, or standard AN(C)OVA in which the variance-covariance matrix is presumed to have a simple structure. Some correction approaches are adopted when assumptions about the covariance structure is violated. However, as experiments are designed with different degrees of sophistication, these traditional methods can become cumbersome, or even be unable to handle the situation at hand. For example, most current FMRI software packages have difficulty analyzing the following scenarios at group level: (1) taking within-subject variability into account when there are effect estimates from multiple runs or sessions; (2) continuous explanatory variables (covariates) modeling in the presence of a within-subject (repeated measures) factor, multiple subject-grouping (between-subjects) factors, or the mixture of both; (3) subject-specific adjustments in covariate modeling; (4) group analysis with estimation of hemodynamic response (HDR) function by multiple basis functions; (5) various cases of missing data in longitudinal studies; and (6) group studies involving family members or twins. Here we present a linear mixed-effects modeling (LME) methodology that extends the conventional group analysis approach to analyze many complicated cases, including the six prototypes delineated above, whose analyses would be otherwise either difficult or unfeasible under traditional frameworks such as AN(C)OVA and general linear model (GLM). In addition, the strength of the LME framework lies in its flexibility to model and estimate the variance-covariance structures for both random effects and residuals. The intraclass correlation (ICC) values can be easily obtained with an LME model with crossed random effects, even at the presence of confounding fixed effects. The simulations of one prototypical scenario indicate that the LME modeling keeps a balance between the control for false positives and the sensitivity

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

    Gail Ncube; Kapingura Forget Mingiri


    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...

  5. Analysis and modeling of subgrid scalar mixing using numerical data

    Girimaji, Sharath S.; Zhou, YE


    Direct numerical simulations (DNS) of passive scalar mixing in isotropic turbulence is used to study, analyze and, subsequently, model the role of small (subgrid) scales in the mixing process. In particular, we attempt to model the dissipation of the large scale (supergrid) scalar fluctuations caused by the subgrid scales by decomposing it into two parts: (1) the effect due to the interaction among the subgrid scales; and (2) the effect due to interaction between the supergrid and the subgrid scales. Model comparisons with DNS data show good agreement. This model is expected to be useful in the large eddy simulations of scalar mixing and reaction.

  6. Analysis of Design of Mixed-Signal Electronic Packaging

    Pileggi, Lawrence


    The objective of this project is to develop innovative algorithms and prototype tools that will help facilitate the design of mixed signal multi-chip modules and packaging in a manner that is similar...

  7. Analysis of Marketing Mix Tools in a Chosen Company

    Dvořáková, Vendula


    The complex structure of the marketing mix of the Velteko s.r.o. company is analysed in my work. Characterising of the concern, basic analysing of the individual tools of the marketing mix and clients survey evaluating is the main object. Conclusion is focused on the rating of the level and the efficiency of the utilization of the used tools. Relevant recommendations are added.

  8. National Institutes of Health: Mixed waste stream analysis

    Kirner, N.P.; Faison, G.P.; Johnson, D.R.


    The Low-Level Radioactive Waste Policy Amendments Act of 1985 requires that the US Department of Energy (DOE) provide technical assistance to host States, compact regions, and unaffiliated States to fulfill their responsibilities under the Act. The National Low-Level Waste Management Program (NLLWMP) operated for DOE by EG ampersand G Idaho, Inc. provides technical assistance in the development of new commercial low-level radioactive waste disposal capacity. The NLLWMP has been requested by the Appalachian Compact to help the biomedical community become better acquainted with its mixed waste streams, to help minimize the mixed waste streams generated by the biomedical community, and to provide applicable treatment technologies to those particular mixed waste streams. Mixed waste is waste that satisfies the definition of low-level radioactive waste (LLW) in the Low-Level Radioactive Waste Policy Act of 1980 (LLRWPA) and contains hazardous waste that either (a) is listed as a hazardous waste in Subpart D of 40 CFR 261, or (b) causes the LLW to exhibit any of the hazardous waste characteristics identified in 40 CFR 261. The purpose of this report is to clearly define and characterize the mixed waste streams generated by the biomedical community so that an identification can be made of the waste streams that can and cannot be minimized and treated by current options. An understanding of the processes and complexities of generation of mixed waste in the biomedical community may encourage more treatment and storage options to become available

  9. Analysis of the impact of crude oil price fluctuations on China's stock market in different periods-Based on time series network model

    An, Yang; Sun, Mei; Gao, Cuixia; Han, Dun; Li, Xiuming


    This paper studies the influence of Brent oil price fluctuations on the stock prices of China's two distinct blocks, namely, the petrochemical block and the electric equipment and new energy block, applying the Shannon entropy of information theory. The co-movement trend of crude oil price and stock prices is divided into different fluctuation patterns with the coarse-graining method. Then, the bivariate time series network model is established for the two blocks stock in five different periods. By joint analysis of the network-oriented metrics, the key modes and underlying evolutionary mechanisms were identified. The results show that the both networks have different fluctuation characteristics in different periods. Their co-movement patterns are clustered in some key modes and conversion intermediaries. The study not only reveals the lag effect of crude oil price fluctuations on the stock in Chinese industry blocks but also verifies the necessity of research on special periods, and suggests that the government should use different energy policies to stabilize market volatility in different periods. A new way is provided to study the unidirectional influence between multiple variables or complex time series.

  10. Soil carbon and nitrogen stocks in forests along an altitudinal gradient in the eastern Himalayas and a meta-analysis of global data.

    Tashi, Sonam; Singh, Balwant; Keitel, Claudia; Adams, Mark


    High-altitude soils potentially store a large pool of carbon (C) and nitrogen (N). The assessment of total C and N stocks in soils is vital to understanding the C and N dynamics in terrestrial ecosystems. In this study, we examined effects of altitude and forest composition on soil C and N along a transect from 317 to 3300 m a.s.l. in the eastern Himalayas. We used meta-analysis to establish the context for our results on the effects of altitude on soil C, including variation with depth. Total C and N contents of soils significantly increased with altitude, but decreased with soil depth. Carbon and N were similarly correlated with altitude and temperature, and temperature was seemingly the main driver of soil C along the altitudinal gradient. Altitude accounted for 73% of the variation in C and 47% of the variation in N stocks. Soil pH and cation exchange capacity were correlated with both soil C and N stocks. Increases in soil C and N stocks were related to forest composition, forest basal area as well as quantity of leaf litter that were in turn influenced by altitude and temperature. Concentrations of C in foliage increased by 2.1% for every 1000 m rise in altitude, while that in leaf litter increased by 2.3%. © 2016 John Wiley & Sons Ltd.

  11. The relationship between the stock market and foreign direct investment in Croatia: evidence from VAR and cointegration analysis

    Irena Raguz


    Full Text Available The aim of this paper is to investigate the existence and characteristics of both the long- and short-term relationships between FDI and the stock market in Croatia. The main hypothesis is that, in the long run, trends in FDI should determine the movement of the stock market through the channel of economic growth. However, in the short run, upward movement on the stock market positively affects Croatian FDI stock, as events on the stock market signalize the vitality and investment climate of the domestic market to foreign investors. The long-term connection is tested by two cointegration approaches; the results of both models suggest the absence of a long-term relationship among observed variables, which may be explained by the lack of connection between FDI and economic growth in Croatia. The short-run relationship is investigated by a two-variable VAR model, and the results obtained are consistent with the theoretical assumptions, as the stock market did prove to be an important short-term determinant of FDI in Croatia.

  12. Financial Contagion in the BRICS Stock Markets: An empirical analysis of the Lehman Brothers Collapse and European Sovereign Debt Crisis



    Full Text Available This research analyzes and extends the study of contagion for BRICS emerging stock markets in the context of the last two international financial crises: the Lehman Brothers Bankruptcy Crisis and the European Sovereign Debt Crisis. We investigate changes in the relationship and the co-movements between BRICS markets in response to international shocks that are originated in advanced markets like USA and Europe. Employing data of daily stock market indices of BRICS countries, this research tests for contagion, examining the interactions and characteristics of price movements of BRICS stock markets by applying cointegration, causality and VECM/Gonzalo-Granger statistic and variance decomposition methodology on stock returns as a measure of perceived country risk. The results exhibit that both long-run and short-run relationships patterns exist between BRICS stock markets and have drastically changed during turbulent periods compared with tranquil period, pointing towards the occurrence of contagion phenomenon among BRICS markets during the last two crises. These findings also indicate that changes in the USA and the Euro Zone indices affect BRICS stock markets in the short-run, acting as a leading indicator for investing in BRICS markets. Also imply an increasing degree of global market integration, bringing major implications for portfolio diversification and policy makers.

  13. Stocking up on Fish Mox: a Systematic Analysis of Cultural Narratives about Self-medicating in Online Forums

    Rebecca Howes-Mischel


    Full Text Available This study is a systematic review of cultural narratives that drive American belief in the value and efficacy of stocking up on fish antibiotics for human consumption. Popularized by “doomsday prepper” forums and survivalist medical professionals’ online videos, this narrative suggests that in some scenarios humans may benefit from such treatments—even as they note its contraindication to mainstream public health advice. Discussions in crowd-sourcing forums however, reveal that in practice Americans are using them as a form of home remedy to treat routine infections without missing work or to make up for gaps in insurance coverage. This article argues for greater attention to what makes it plausible and reasonable to treat human conditions with animal medications. It suggests that public health initiatives should address such decisions as emerging from a rational analysis of social and economic conditions rather than dismissing such practices as dangerous to population and individual health outcomes. As social scientists of medicine have long argued, collective narratives about health and medicine illustrate deeply the broader contexts in which communities understand and experience bodily state and shape how communities interact with public health institutions and respond to medical expertise. This study surveys online discussions about “fish mox” to show how participants contest medical expertise and promote a more distributed form of populist expertise. As such, consuming fish mox is both panacea for health inequality and a critique of health institutions for perpetrating such stratification.

  14. Analysis of demand curves in the stock and financial markets of monopolistic competition

    Mikhail I. Geras’kin


    Full Text Available Objective to identify patterns of monopolistic competition as applied to markets of household appliances consumer loans and insurance products in Russia. Methods econometric modeling trending regression analysis analysis of statistical significance. Results the statistical analysis of trends in the market of household appliances insurance and credit markets has been carried out the statistical significance and adequacy of the models has been assessed adequate and accurate regression models of price trends of household appliances and electronics have been developed as well as of the interest rates of consumer loans and insurance rates for loan debts. Scientific novelty the actual patterns of decreasing demand curves for household appliances consumer loans and insurance products were found for the relevant markets in the Russian Federation in 2009ndash2014. Practical significance the model can be used for solving problems of optimal planning strategies of retailers insurers and banks. nbsp

  15. Treatment technology analysis for mixed waste containers and debris

    Gehrke, R.J.; Brown, C.H.; Langton, C.A.; Askew, N.M.; Kan, T.; Schwinkendorf, W.E.


    A team was assembled to develop technology needs and strategies for treatment of mixed waste debris and empty containers in the Department of Energy (DOE) complex, and to determine the advantages and disadvantages of applying the Debris and Empty Container Rules to these wastes. These rules issued by the Environmental Protection Agency (EPA) apply only to the hazardous component of mixed debris. Hazardous debris that is subjected to regulations under the Atomic Energy Act because of its radioactivity (i.e., mixed debris) is also subject to the debris treatment standards. The issue of treating debris per the Resource Conservation and Recovery Act (RCRA) at the same time or in conjunction with decontamination of the radioactive contamination was also addressed. Resolution of this issue requires policy development by DOE Headquarters of de minimis concentrations for radioactivity and release of material to Subtitle D landfills or into the commercial sector. The task team recommends that, since alternate treatment technologies (for the hazardous component) are Best Demonstrated Available Technology (BDAT): (1) funding should focus on demonstration, testing, and evaluation of BDAT on mixed debris, (2) funding should also consider verification of alternative treatments for the decontamination of radioactive debris, and (3) DOE should establish criteria for the recycle/reuse or disposal of treated and decontaminated mixed debris as municipal waste

  16. Mitochondrial DNA analysis reveals three stocks of yellowfin tuna Thunnus albacares (Bonnaterre, 1788) in Indian waters

    Kunal, S.P.; GirishKumar; Menezes, M.R.; Meena, R.M.

    was sequenced and analysed for 321 yellowfin samples. Hierarchical analysis of molecular variance showed significant genetic differentiation among three groups (VE); (AG); (KO, TU, PO, VI, PB) analyzed (Theta sub(ST)=0.03844, P less than or equal to 0...

  17. Volumetric Analysis and Performance of Hot Mix Asphalt with Variable Rap Content

    Arshad Ahmad Kamil


    Full Text Available Incorporating Reclaimed Asphalt Pavement (RAP to the asphalt concrete mixture for highway construction offer many benefits including energy consumption, conservation of natural resources and preservation of the environment to associated emissions. This paper presents a study on performance of Hot Mix Asphalt with variable RAP content. The study is carried out to evaluate the Marshall Properties and Performance of RAP-Asphalt mixes using conventional asphaltic concrete mix AC14. Marshall Mix Design Method was used to produce control mix (0% RAP and RAP-Asphalt mixes samples which consist of 15% RAP, 25% RAP and 35% RAP in accordance with Specifications for Road Works of Public Works Department, Malaysia. The Marshall Properties analysis was performed to ensure compliance with Marshall Requirements, The resilient modulus test was performed to measure the stiffness of the mixes while Modified Lottman test was conducted to evaluate the moisture susceptibility of these mixes. The results obtained showed that there were no substantial difference in Marshall Properties, moisture susceptibility and indirect tensile strength between RAP-Asphalt mixes with the control mix. The test results indicated that recycled mixes performed as good as the performance of conventional HMA in terms of moisture susceptibility and resilient modulus. It is recommended that further research be carried out for asphalt mixes containing more than 35% of RAP material.

  18. Taking stock: A meta-analysis of studies on the media's coverage of science.

    Schäfer, Mike S


    The presentation of science in the mass media is one of the most important questions facing social scientists who analyse science. Accordingly, media coverage of science has been a constant focal point in the respective literature, and a flurry of such publications has appeared in the past few years. Yet the activity and growth of the respective research have not been accompanied by systematic overviews. This article aims to provide such an overview by means of a meta-analysis: it analyses existing studies systematically and provides an empirical overview of the literature. The analysis shows that while the research field grew significantly in the past few years and employs a variety of research strategies and methods, it has been biased in three ways: mainly natural sciences (and namely biosciences and medicine), Western countries, and print media have been analysed.

  19. The effects of common risk factors on stock returns: A detrended cross-correlation analysis

    Ruan, Qingsong; Yang, Bingchan


    In this paper, we investigate the cross-correlations between Fama and French three factors and the return of American industries on the basis of cross-correlation statistic test and multifractal detrended cross-correlation analysis (MF-DCCA). Qualitatively, we find that the return series of Fama and French three factors and American industries were overall significantly cross-correlated based on the analysis of a statistic. Quantitatively, we find that the cross-correlations between three factors and the return of American industries were strongly multifractal, and applying MF-DCCA we also investigate the cross-correlation of industry returns and residuals. We find that there exists multifractality of industry returns and residuals. The result of correlation coefficients we can verify that there exist other factors which influence the industry returns except Fama three factors.

  20. Development of a fully automated online mixing system for SAXS protein structure analysis

    Nielsen, Søren Skou; Arleth, Lise


    This thesis presents the development of an automated high-throughput mixing and exposure system for Small-Angle Scattering analysis on a synchrotron using polymer microfluidics. Software and hardware for both automated mixing, exposure control on a beamline and automated data reduction...... and preliminary analysis is presented. Three mixing systems that have been the corner stones of the development process are presented including a fully functioning high-throughput microfluidic system that is able to produce and expose 36 mixed samples per hour using 30 μL of sample volume. The system is tested...

  1. First Generation College Student Leadership Potential: A Mixed Methods Analysis

    Hojan-Clark, Jane M.


    This mixed methods research compared the leadership potential of traditionally aged first generation college students to that of college students whose parents are college educated. A college education provides advantages to those who can obtain it (Baum & Payea, 2004; Black Issues in Higher Education, 2005; Education and the Value of…

  2. Source term analysis for a RCRA mixed waste disposal facility

    Jordan, D.L.; Blandford, T.N.; MacKinnon, R.J.


    A Monte Carlo transport scheme was used to estimate the source strength resulting from potential releases from a mixed waste disposal facility. Infiltration rates were estimated using the HELP code, and transport through the facility was modeled using the DUST code, linked to a Monte Carlo driver

  3. An analysis of determinants of going concern audit opinion: Evidence from Spain stock exchange

    Jose Luis Gallizo


    Full Text Available Purpose: The main objective of this article is to go in-depth into the relationship between going concern audit opinion and certain characteristics of the company and auditor, including financial decline. Design/methodology/approach: A Logit analysis was carried out in order to enable us to discover the probability of receiving a going concern audit opinion. Findings: Characteristics of the company and characteristics of the auditor are discussed, and the analysis indicates that it is not financial decline, but rather registering losses and being audited by a small-scale auditor, that increase the likelihood of a company receiving a going concern audit opinion. Practical implications: The results obtained are interesting for the profession and users because they provide evidence of the reasons that converge in the cases where a going concern audit opinion is included in the auditing reports of companies characterised by being immersed in a financial crisis. Originality/value: This article considers the circumstances of both the company and the auditing process, which influence the fact that the auditing report includes a going concern audit opinion. In addition, the article includes the financial decline, and let us to analyze if the decline of the company’s financial position between t-1 and t causes the auditor to include a going concern audit opinion.

  4. Head and Shoulders: Testing the Profitability of this Chart Pattern of Technical Analysis in the Brazilian Stock Market

    Pedro Gabriel Boainain


    Full Text Available Starting from an adapted version of Osler and Chang (1995 methodology, this article empirically evaluates the profitability of investment strategies based on identification of the Head and Shoulders chart pattern in the Brazilian stock market. For that purpose, several investment strategies conditioned by the identification of the Head and Shoulders pattern (in its basic and inverted forms by a computer algorithm in daily price series of 30 stocks from January 1994 to January 2009 were defined. Confidence intervals consistent with the null hypothesis that no strategies with positive returns can be based only on historical data were constructed using the Bootstrap sample inference technique in order to test the predictive power of each strategy. More specifically, the mean returns obtained by each strategy when applied to the stock's price series were compared to those obtained by the same strategies when applied to 1.000 artificial price series -- for each stock -- generated in a parametric manner, by an E-GARCH, and in a nonparametric one. Overall, our results show that it is possible to create strategies conditioned by the occurrence of Head and Shoulders, with positive returns, which indicates that these patterns can capture from stock historical prices some signals about their future price trend that makes possible to create profitable strategies. Nevertheless, the same conclusions are not valid for the pattern in its inverted form and when the effects of taxes and transaction costs are considered, depending on their magnitude, neither in its basic form.


    Mamduh M. Hanafi


    Full Text Available This study attempts to analyze fluctuation of IPO underpricing in Indonesia market from 1990-2010. This research test three proposed hypotheses: changing risk composition, changing incentives alignment, and changing issuers’ objective function. The researcher also add other variables as potential explanation for underpricing fluctuation: introduction of book building mechanism in year 2000, industry (finance and non-finance, market return, and privatization (IPO of state owned companies and non-state owned companies. The analysis shows that market return and the introduction of book building mechanism have positive impact on underpricing. However, when both variables in regression equation are included, the effect of market return disappears, while the effect of book building mechanism persists. This finding seems to support Book Building advantage arguments and changing issuers’ objective functions hypothesis, in the sense that the introduction of book building mechanism changes objective function of parties involved. Final result is a change in IPO under pricing.

  6. Fish stocking density impacts tank hydrodynamics

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


    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...

  7. State and group dynamics of world stock market by principal component analysis

    Nobi, Ashadun; Lee, Jae Woo


    We study the dynamic interactions and structural changes by a principal component analysis (PCA) to cross-correlation coefficients of global financial indices in the years 1998-2012. The variances explained by the first PC increase with time and show a drastic change during the crisis. A sharp change in PC coefficient implies a transition of market state, a situation which occurs frequently in the American and Asian indices. However, the European indices remain stable over time. Using the first two PC coefficients, we identify indices that are similar and more strongly correlated than the others. We observe that the European indices form a robust group over the observation period. The dynamics of the individual indices within the group increase in similarity with time, and the dynamics of indices are more similar during the crises. Furthermore, the group formation of indices changes position in two-dimensional spaces due to crises. Finally, after a financial crisis, the difference of PCs between the European and American indices narrows.

  8. Modeling soil organic carbon stock after 10 years of cover crops in Mediterranean vineyards: improving ANN prediction by digital terrain analysis.

    Lo Papa, Giuseppe; Novara, Agata; Santoro, Antonino; Gristina, Luciano


    Estimate changes in soil organic carbon (SOC) stock after Agro Environment Measures adoption are strategically for national and regional scale. Uncertainty in estimates also represents a very important parameter in terms of evaluation of the exact costs and agro environment payments to farmers. In this study we modeled the variation of SOC stock after 10-year cover crop adoption in a vine growing area of South-Eastern Sicily. A paired-site approach was chosen to study the difference in SOC stocks. A total 100 paired sites (i.e. two adjacent plots) were chosen and three soil samples (Ap soil horizons, circa 0-30 cm depth) were collected in each plot to obtain a mean value of organic carbon concentration for each plot. The variation of soil organic carbon (SOCv) for each plot was calculated by differences between concentrations of the plot subjected to cover crops (SOC10) and the relative plot subjected to traditional agronomic practices (SOC0). The feasibility of using artificial neural networks as a method to predict soil organic carbon stock variation and the contribution of digital terrain analysis to improve the prediction were tested. We randomly subdivided the experimental values of SOC-stock difference in 80 learning samples and 20 test samples for model validation. SOCv was strongly correlated to the SOC0 concentration. Model validation using only SOCv as unique covariate showed a training and test perfection of 0.724 and 0.871 respectively. We hypothesized that terrain-driven hydrological flow patterns, mass-movement and local micro-climatic factors could be responsible processes contributing for SOC redistributions, thus affecting soil carbon stock in time. Terrain attributes were derived by digital terrain analysis from the 10 m DEM of the study area. A total of 37 terrain attributes were calculated and submitted to statistical feature selection. The Chi-square ranking indicated only 4 significant covariates among the terrain attributes (slope height

  9. Trade-offs between forest carbon stocks and harvests in a steady state - A multi-criteria analysis.

    Pingoud, Kim; Ekholm, Tommi; Sievänen, Risto; Huuskonen, Saija; Hynynen, Jari


    This paper provides a perspective for comparing trade-offs between harvested wood flows and forest carbon stocks with different forest management regimes. A constant management regime applied to a forest area with an even age-class distribution leads to a steady state, in which the annual harvest and carbon stocks remain constant over time. As both are desirable - carbon stocks for mitigating climate change and harvests for the economic use of wood and displacing fossil fuels - an ideal strategy should be chosen from a set of management regimes that are Pareto-optimal in the sense of multi-criteria decision-making. When choosing between Pareto-optimal alternatives, the trade-off between carbon stock and harvests is unavoidable. This trade-off can be described e.g. in terms of carbon payback times or carbon returns. As numerical examples, we present steady-state harvest levels and carbon stocks in a Finnish boreal forest region for different rotation periods, thinning intensities and collection patterns for harvest residues. In the set of simulated management practices, harvest residue collection presents the most favorable trade-off with payback times around 30-40 years; while Pareto-optimal changes in rotation or thinnings exhibited payback times over 100 years, or alternatively carbon returns below 1%. By extending the rotation period and using less-intensive thinnings compared to current practices, the steady-state carbon stocks could be increased by half while maintaining current harvest levels. Additional cases with longer rotation periods should be also considered, but were here excluded due to the lack of reliable data on older forest stands. Copyright © 2018 Elsevier Ltd. All rights reserved.

  10. Density of mixed alkali borate glasses: A structural analysis

    Doweidar, H.; El-Damrawi, G.M.; Moustafa, Y.M.; Ramadan, R.M.


    Density of mixed alkali borate glasses has been correlated with the glass structure. It is assumed that in such glasses each alkali oxide associates with a proportional quantity of B 2 O 3 . The number of BO 3 and BO 4 units related to each type of alkali oxide depends on the total concentration of alkali oxide. It is concluded that in mixed alkali borate glasses the volumes of structural units related to an alkali ion are the same as in the corresponding binary alkali borate glass. This reveals that each type of alkali oxide forms its own borate matrix and behaves as if not affected with the presence of the other alkali oxide. Similar conclusions are valid for borate glasses with three types of alkali oxide

  11. Practical likelihood analysis for spatial generalized linear mixed models

    Bonat, W. H.; Ribeiro, Paulo Justiniano


    We investigate an algorithm for maximum likelihood estimation of spatial generalized linear mixed models based on the Laplace approximation. We compare our algorithm with a set of alternative approaches for two datasets from the literature. The Rhizoctonia root rot and the Rongelap are......, respectively, examples of binomial and count datasets modeled by spatial generalized linear mixed models. Our results show that the Laplace approximation provides similar estimates to Markov Chain Monte Carlo likelihood, Monte Carlo expectation maximization, and modified Laplace approximation. Some advantages...... of Laplace approximation include the computation of the maximized log-likelihood value, which can be used for model selection and tests, and the possibility to obtain realistic confidence intervals for model parameters based on profile likelihoods. The Laplace approximation also avoids the tuning...

  12. The past and future of food stocks

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


    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)

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

    Tajus Subqi


    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

  14. Integrating dynamic fuzzy C-means, data envelopment analysis and artificial neural network to online prediction performance of companies in stock exchange

    Jahangoshai Rezaee, Mustafa; Jozmaleki, Mehrdad; Valipour, Mahsa


    One of the main features to invest in stock exchange companies is their financial performance. On the other hand, conventional evaluation methods such as data envelopment analysis are not only a retrospective process, but are also a process, which are incomplete and ineffective approaches to evaluate the companies in the future. To remove this problem, it is required to plan an expert system for evaluating organizations when the online data are received from stock exchange market. This paper deals with an approach for predicting the online financial performance of companies when data are received in different time's intervals. The proposed approach is based on integrating fuzzy C-means (FCM), data envelopment analysis (DEA) and artificial neural network (ANN). The classical FCM method is unable to update the number of clusters and their members when the data are changed or the new data are received. Hence, this method is developed in order to make dynamic features for the number of clusters and clusters members in classical FCM. Then, DEA is used to evaluate DMUs by using financial ratios to provide targets in neural network. Finally, the designed network is trained and prepared for predicting companies' future performance. The data on Tehran Stock Market companies for six consecutive years (2007-2012) are used to show the abilities of the proposed approach.

  15. A Mixed Methods Content Analysis of the Research Literature in Science Education

    Schram, Asta B.


    In recent years, more and more researchers in science education have been turning to the practice of combining qualitative and quantitative methods in the same study. This approach of using mixed methods creates possibilities to study the various issues that science educators encounter in more depth. In this content analysis, I evaluated 18 studies from science education journals as they relate to the definition, design, and overall practice of using mixed methods. I scrutinized a purposeful sample, derived from 3 journals (the International Journal of Science Education, the Journal of Research in Science Teaching, and the Research in Science Education) in terms of the type of data collected, timing, priority, design, the mixing of the 2 data strands in the studies, and the justifications authors provide for using mixed methods. Furthermore, the articles were evaluated in terms of how well they met contemporary definitions for mixed methods research. The studies varied considerably in the use and understanding of mixed methods. A systematic evaluation of the employment of mixed methods methodology was used to identify the studies that best reflected contemporary definitions. A comparison to earlier content analyses of mixed methods research indicates that researchers' knowledge of mixed methods methodology may be increasing. The use of this strategy in science education research calls, however, for an improved methodology, especially concerning the practice of mixing. Suggestions are given on how to best use this approach.

  16. Risk management of stock index futures


    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 ...

  17. Physiological effects of diet mixing on consumer fitness: a meta-analysis.

    Lefcheck, Jonathan S; Whalen, Matthew A; Davenport, Theresa M; Stone, Joshua P; Duffy, J Emmett


    The degree of dietary generalism among consumers has important consequences for population, community, and ecosystem processes, yet the effects on consumer fitness of mixing food types have not been examined comprehensively. We conducted a meta-analysis of 161 peer-reviewed studies reporting 493 experimental manipulations of prey diversity to test whether diet mixing enhances consumer fitness based on the intrinsic nutritional quality of foods and consumer physiology. Averaged across studies, mixed diets conferred significantly higher fitness than the average of single-species diets, but not the best single prey species. More than half of individual experiments, however, showed maximal growth and reproduction on mixed diets, consistent with the predicted benefits of a balanced diet. Mixed diets including chemically defended prey were no better than the average prey type, opposing the prediction that a diverse diet dilutes toxins. Finally, mixed-model analysis showed that the effect of diet mixing was stronger for herbivores than for higher trophic levels. The generally weak evidence for the nutritional benefits of diet mixing in these primarily laboratory experiments suggests that diet generalism is not strongly favored by the inherent physiological benefits of mixing food types, but is more likely driven by ecological and environmental influences on consumer foraging.

  18. Analysis of impact of mixing flow on the pebble bed high temperature reactor

    Hao Chen; Li Fu; Guo Jiong


    The impact of the mixing flow in the pebble flow on pebble bed high temperature gas cooled reactor (HTR) was analyzed in the paper. New code package MFVSOP which can simulate the mixing flow was developed. The equilibrium core of HTR-PM was selected as reference case, the impact of the mixing flow on the core parameters such as core power peak factor, power distribution was analyzed with different degree of mixing flow, and uncertainty analysis was carried out. Numerical results showed that the mixing flow had little impact on key parameters of pebble bed HTR, and the multiple-pass-operation-mode in pebble bed HTR can reduce the uncertainty arouse from the mixing flow. (authors)

  19. Analysis of value creation by eva® and stock return of real estate companies in brazil

    Marcelo Rangner Vasconcelos


    Full Text Available In the last years, the real estate industry in Brazil grew and consolidated, causing the opening of capital of several companies in this segment. This scenario raises the need to evaluate the financial and the value creation of this sector. Faced with this situation, the present study aims to verify what is the relationship between Economic Value Added (EVA® and stock return of the construction industry that make up the Indix BM&FBOVESPA Real Estate (IMOB. As for methodological procedures, it is a bibliographical research, descriptive and as well as a multicaso study, contemplating nine companies that compose said index in 2015. The ability to generate value of this sector was analyzed through the Economic Value Added (EVA®, in which information was collected from the companies analyzed for the financial years 2010 to 2014, with the purpose of obtaining Return on Investment (ROI, Economic Value Added (EVA® and Stock Return. In general, the results of the survey that the average performance of companies, in those years, represents the destruction of value, provided by the impact of the cost of capital, which was higher than the net results of the Companies. Lastly, nominal EVA® and stock return are negatively correlated. On the other hand, residual ROI and stock return are Positively correlated significantly.

  20. Analysis of the contribution of the Netherlands commercial CPUE data to ICES stock assessments in the years 1995 - 2000

    Pastoors, M.A.; Bolle, L.J.


    The contribution of the Dutch commercial CPUE data to the stock assessments of North Sea plaice and sole in the years 1995-2000 has been analysed. The CPUE series are based on the total landings at age in the Dutch beam trawl fishery and the total effort (in HP days at sea) of this fishery. It is

  1. Analysis of a PDF model in a mixing layer case

    Minier, J.P.; Pozorski, J.


    A recent turbulence model put forward by Pope (1991) in the context of PDF modeling has been applied to a mixing layer case. This model solves the one-point joint velocity-dissipation pdf equation by simulating the instantaneous behaviour of a large number of Lagrangian fluid particles. Closure of the evolution equations of these Lagrangian particles is based on diffusion stochastic processes. The paper reports numerical results and tries to analyse the physical meaning of some variables, in particular the dissipation-weighted kinetic energy and its relation with external intermittency. (authors). 14 refs., 7 figs

  2. Analysis of the porosity distribution of mixed oxide pins

    Lieblich, M.; Lopez, J.


    In the frame of the Joint Irradiation Program IVO-FR2-Vg7 between the Centre of Nuclear Research of Karlsruhe (KfK), the irradiation of 30 mixed-oxide fuel rods in the FR2 experimental reactor was carried out. The pins were located in 10 single-walled NaK capsules. The behaviour of the fuel during its burnup was studied, mainly, the rest-porosity and cracking distribution in the pellet, partial densification, etc. In this work 3 pins from the capsule No. 165 were analyzed. The experimental results (pore and cracking profiles) were interpreted by the fuel rod code SATURN. (Author) 20 refs

  3. Parentage assignment of progeny in mixed milt fertilization of ...

    Parentage of a stock of mixed milt produced progeny in current artificial breeding protocol of endangered Caspian brown trout, Salmo trutta caspius, was determined using three microsatellite loci chosen after a primary analysis of genetic diversity at nine microsatellite loci in the eight used breeder individuals. Overall ...

  4. Unified Analysis of Multi-Chamber Contact Tanks and Mixing Efficiency Evaluation Based on Vorticity Field. Part II: Transport Analysis

    Ender Demirel


    Full Text Available Mixing characteristics of multi-chambered contact tank are analyzed employing the validated three-dimensional numerical model developed in the companion paper. Based on the flow characterization, novel volumetric mixing efficiency definitions are proposed for the assessment of the hydrodynamic and chemical transport properties of the contact tank and its chambers. Residence time distribution functions are analyzed not only at the outlet of each chamber but also inside the chambers using the efficiency definitions for both Reynolds averaged Navier–Stokes (RANS and large eddy simulation (LES results. A novel tracer mixing index is defined to characterize short circuiting and mixing effects of the contact system. Comparisons of the results of these indexes for RANS and LES solutions indicate that mixing characteristics are stronger in LES due to the unsteady turbulent eddy mixing even though short circuiting effects are also more prominent in LES results. This result indicates that the mixing analysis based on the LES results simulates the mixing characteristics instantaneously, which is more realistic than that in RANS. Since LES analysis can capture turbulent eddy mixing better than RANS analysis, the interaction of recirculation and jet zones are captured more effectively in LES, which tends to predict higher turbulent mixing in the contact system. The analysis also shows that the mixing efficiency of each chamber of the contact tank is different, thus it is necessary to consider distinct chemical release and volumetric designs for each chamber in order to maximize the mixing efficiency of the overall process in a contact tank system.

  5. Energy refurbishment of the Italian residential building stock: energy and cost analysis through the application of the building typology

    Ballarini, Ilaria; Corrado, Vincenzo; Madonna, Francesco; Paduos, Simona; Ravasio, Franco


    The European residential building stock is largely composed of buildings with poor energy performance, therefore basic retrofit actions could lead to significant energy savings. However, energy refurbishment measures should be identified in accurate way, taking into account the technical viability and aiming both to increase the building energy performance and to restrain the costs. The present article investigates the effects of different measures applied to the Italian residential building stock by using the building typology, which consists of 120 building types, representative of six construction ages, four building sizes and five climatic zones. A quasi-steady state model has been used to calculate the energy performance; the economic evaluation has been carried out as specified in the EU cost-optimal comparative methodology (Directive 2010/31/EU). The most effective measures and packages of measures, in terms of energy saving and global cost reduction, are identified and discussed. The results are addressed to important purposes for energy policy, as for instance: (a) to provide political authorities with the most effective energy efficiency measures as to encourage retrofit processes through the allocation of financial incentives, (b) to offer a knowledge-base for developing energy refurbishment scenarios of residential building stocks and forecasting future energy resource demand. - Highlights: • Investigation of energy savings and cost effectiveness of the Italian housing stock refurbishments. • Application of the building typology approach of the IEE-TABULA project. • Knowledge-base for bottom-up models of the building stock energy performance. • Supporting the political authorities to promote effective refurbishment measures.

  6. Measurable inhomogeneities in stock trading volume flow

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


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

  7. Mixed Waste Management Facility Preliminary Safety Analysis Report. Chapters 1 to 20


    This document provides information on waste management practices, occupational safety, and a site characterization of the Lawrence Livermore National Laboratory. A facility description, safety engineering analysis, mixed waste processing techniques, and auxiliary support systems are included.

  8. Laboratory testing and economic analysis of high RAP warm mixed asphalt.


    This report contains laboratory testing, economic analysis, literature review, and information obtained from multiple producers throughout the state of Mississippi regarding the use of high RAP (50 % to 100%) mixtures containing warm mix additives. T...

  9. Mixed Waste Management Facility Preliminary Safety Analysis Report. Chapters 1 to 20


    This document provides information on waste management practices, occupational safety, and a site characterization of the Lawrence Livermore National Laboratory. A facility description, safety engineering analysis, mixed waste processing techniques, and auxiliary support systems are included

  10. Stock Market Project.

    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…

  11. Predictability of Stock Returns

    Ahmet Sekreter


    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.

  12. Spectral analysis of the turbulent mixing of two fluids

    Steinkamp, M.J.


    The authors describe a spectral approach to the investigation of fluid instability, generalized turbulence, and the interpenetration of fluids across an interface. The technique also applies to a single fluid with large variations in density. Departures of fluctuating velocity components from the local mean are far subsonic, but the mean Mach number can be large. Validity of the description is demonstrated by comparisons with experiments on turbulent mixing due to the late stages of Rayleigh-Taylor instability, when the dynamics become approximately self-similar in response to a constant body force. Generic forms for anisotropic spectral structure are described and used as a basis for deriving spectrally integrated moment equations that can be incorporated into computer codes for scientific and engineering analyses.

  13. HEMS inter-facility transfer: a case-mix analysis.

    Di Rocco, Damien; Pasquier, Mathieu; Albrecht, Eric; Carron, Pierre-Nicolas; Dami, Fabrice


    Helicopter emergency medical services (HEMS) are popular rescue systems despite inconsistent evidence in the scientific literature to support their use for primary interventions, as well as for inter-facility transfer (IFT). There is little research about IFT by HEMS, hence questions remain about the appropriateness of this method of transport. The aim of this study was to describe a case-mix of operational and medical characteristics for IFT activity of a sole HEMS base, and identify indicators of over-triage. This is a retrospective study on HEMS IFT over 36 months, from January 1st 2013 to December 31st 2015. Medical and operational data from the database of the Emergency Department of Lausanne University Hospital, which provides the emergency physicians for this helicopter base, were reviewed. It included distance and time of flight transport, type of care during flight, and estimated distance of transport if conducted by ground. There were 2194 HEMS missions including 979 IFT (44.6%). Most transfers involved adults (> 17 years old; 799 patients, 81.6%). Forty patients (4.1%) were classified as having benefitted from resuscitation or life-saving measures performed in flight, 615 (62.8%) from emergency treatment and 324 (33.1%) from simple clinical examination. The median distance by air between hospitals was 35.4 km. The estimated median distance by road was 47.7 km. The median duration time from origin to destination by air was 12 min. This case-mix of IFTs by HEMS presents a high severity. There are many signs in favour of over-triage. We propose indicators to help choosing whether HEMS is the most appropriate mean of transport to perform the transfer regarding patient condition, geography, and medical competences available aboard ground ambulances; this may reduce over-triage.

  14. Eliciting mixed emotions: a meta-analysis comparing models, types, and measures

    Berrios, Raul; Totterdell, Peter; Kellett, Stephen


    The idea that people can experience two oppositely valenced emotions has been controversial ever since early attempts to investigate the construct of mixed emotions. This meta-analysis examined the robustness with which mixed emotions have been elicited experimentally. A systematic literature search identified 63 experimental studies that instigated the experience of mixed emotions. Studies were distinguished according to the structure of the underlying affect model—dimensional or discrete—as well as according to the type of mixed emotions studied (e.g., happy-sad, fearful-happy, positive-negative). The meta-analysis using a random-effects model revealed a moderate to high effect size for the elicitation of mixed emotions (dIG+ = 0.77), which remained consistent regardless of the structure of the affect model, and across different types of mixed emotions. Several methodological and design moderators were tested. Studies using the minimum index (i.e., the minimum value between a pair of opposite valenced affects) resulted in smaller effect sizes, whereas subjective measures of mixed emotions increased the effect sizes. The presence of more women in the samples was also associated with larger effect sizes. The current study indicates that mixed emotions are a robust, measurable and non-artifactual experience. The results are discussed in terms of the implications for an affect system that has greater versatility and flexibility than previously thought. PMID:25926805

  15. Eliciting mixed emotions: A meta-analysis comparing models, types and measures.

    Raul eBerrios


    Full Text Available The idea that people can experience two oppositely valenced emotions has been controversial ever since early attempts to investigate the construct of mixed emotions. This meta-analysis examined the robustness with which mixed emotions have been elicited experimentally. A systematic literature search identified 63 experimental studies that instigated the experience of mixed emotions. Studies were distinguished according to the structure of the underlying affect model – dimensional or discrete – as well as according to the type of mixed emotions studied (e.g., happy-sad, fearful-happy, positive-negative. The meta-analysis using a random-effects model revealed a moderate to high effect size for the elicitation of mixed emotions (dIG+ = .77, which remained consistent regardless of the structure of the affect model, and across different types of mixed emotions. Several methodological and design moderators were tested. Studies using the minimum index (i.e., the minimum value between a pair of opposite valenced affects resulted in smaller effect sizes, whereas subjective measures of mixed emotions increased the effect sizes. The presence of more women in the samples was also associated with larger effect sizes. The current study indicates that mixed emotions are a robust, measurable and non-artifactual experience. The results are discussed in terms of the implications for an affect system that has greater versatility and flexibility than previously thought.

  16. Material Stock Demographics: Cars in Great Britain.

    Cabrera Serrenho, André; Allwood, Julian M


    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.

  17. Genetic restoration of a stocked brown trout Salmo trutta population using microsatellite DNA analysis of historical and contemporary samples

    Hansen, Michael Møller; Bekkevold, Dorte; Jensen, L.F.


    1. Gene flow from domesticated to wild populations is a major threat to wild salmonid fish. However, few studies have addressed how populations could be restored after admixture has occurred. We analysed the prospects for restoring the previously intensively stocked brown trout population...... of the Skjern River, Denmark, by identifying remaining non-admixed individuals to be used for supportive breeding. 2. We analysed microsatellite DNA markers in historical (1940-50s) and contemporary (1992-2004) samples from the Skjern River system, from the strain of domesticated trout previously used...... for stocking, and from the neighbouring Stora River. We analysed admixture proportions to estimate the genetic contribution by domesticated trout. We identified non-admixed trout using assignment tests, and further analysed the possible sources of indigenous trout by estimating contemporary migration among...

  18. Admixture analysis of stocked brown trout populations using mapped microsatellite DNA markers: indigenous trout persist in introgressed populations

    Hansen, Michael Møller; Mensberg, Karen-Lise Dons


    , but resolution is low if genetic differentiation is weak. Here, we analyse stocked brown trout populations represented by historical (1943-1956) and contemporary (2000s) samples, where genetic differentiation between wild populations and stocked trout is weak (pair-wise F-ST of 0.047 and 0.053). By analysing...... a high number of microsatellite DNA markers (50) and making use of linkage map information, we achieve clear identification of admixed and non-admixed trout. Moreover, despite strong population-level admixture by hatchery strain trout in one of the populations (70.8%), non-admixed individuals...... nevertheless persist (7 out of 53 individuals). These remnants of the indigenous population are characterized by later spawning time than the majority of the admixed individuals. We hypothesize that isolation by time mediated by spawning time differences between wild and hatchery strain trout is a major factor...

  19. The Impact of Crude Oil Price on Islamic Stock Indices of South East Asian (SEA) Countries: A Comparative Analysis

    Abdullah, Ahmad Monir; Saiti, Buerhan; Masih, Abul Mansur M.


    An understanding of how volatilities of and correlations between commodity returns and Islamic stock indices change over time including their directions and size are of crucial importance for both the domestic and international investors with a view to diversifying their portfolios for hedging against unforeseen risks. This paper is the first attempt to add value to the existing literature by empirically testing for the ‘time-varying’ and ‘scale dependent’ volatilities of and correlations bet...

  20. Can Momentum Factors Be Used to Enhance Accounting Information based Fundamental Analysis in Explaining Stock Price Movements?

    KiHoon Jimmy Hong; Eliza Wu


    This paper provides new empirical evidence that price-based momentum indicator variables can enhance the ability of accounting variables in explaining cross-sectional stock returns. We apply both OLS and state-space modelling to a sample of firms included in the Russell 3000 index over the period from 1999-2012 to compare the roles of the two main types of information typically used by equity investors. Empirical results reveal the importance of accounting variables over longer term horizons ...

  1. Do Earthquakes Shake Stock Markets?

    Ferreira, Susana; Karali, Berna


    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.

  2. Oil risk in oil stocks

    Scholtens, Bert; Wang, L


    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

  3. Safety analysis of urban signalized intersections under mixed traffic.

    S, Anjana; M V L R, Anjaneyulu


    This study examined the crash causative factors of signalized intersections under mixed traffic using advanced statistical models. Hierarchical Poisson regression and logistic regression models were developed to predict the crash frequency and severity of signalized intersection approaches. The prediction models helped to develop general safety countermeasures for signalized intersections. The study shows that exclusive left turn lanes and countdown timers are beneficial for improving the safety of signalized intersections. Safety is also influenced by the presence of a surveillance camera, green time, median width, traffic volume, and proportion of two wheelers in the traffic stream. The factors that influence the severity of crashes were also identified in this study. As a practical application, the safe values of deviation of green time provided from design green time, with varying traffic volume, is presented in this study. This is a useful tool for setting the appropriate green time for a signalized intersection approach with variations in the traffic volume. Copyright © 2014 Elsevier Ltd. All rights reserved.

  4. Social Support and Work Stress: A Mixed Method Analysis

    Vânia Lúcia Pereira de Andrade


    Full Text Available Occupational stress and coping strategies have increasingly become the focus of research for their applied feature. The aim of this study was to investigate how social support has helped people deal with stressful situations in the workplace. In order to reach this aim an exploratory mixed method embedded research design was conducted. Study 1, quantitative, described the level of satisfaction with social support and perceived organizational support by employing a scale that summarized factors of the perceived organizational support. Study 2, a qualitative one, sought to describe the stressors in the workplace environment, to whom the workers resorted to, and the kind of perceived social support. The group interview script was based on the dimensions proposed by Folkman e Lazarus (1985 model. Fifty-one volunteer workers participated in the study. Results showed a lack of social support in the workplace: incivility of colleagues and managers, psychological contract breach and conflict of values. Investments in personal development that stimulate urbanity in organizations and a listening space for employees are suggested actions that can benefit affective dimensions of work.

  5. [The structural functional analysis of beds stock of curative preventive organizations of the state public health system of the Russian Federation].

    Schepin, V O


    The article presents the results of comprehensive scientific analysis of size and structure of beds stock of medical curative preventive organizations of state and municipal health care systems of the Russian Federation. The issues of beds support of population on national, federal okrugs and federation subjects' levels including differentiation on different medical specialties are considered. The main indicators of functioning of hospitals, per capita consumption of hospital medical care and territorial characteristics and differences of these indicators are analyzed In conditions of on-going decrease of size of beds stock and amount of medical care in hospitals and against the background of stability of main indicators of beds use the expressed but not always objectively conditioned differences continue to be present concerning both population support with beds stock and indicators of consumption of medical care in hospitals. All these occurrences undoubtedly impact accessibility of this type of medical care to population and its resource capacity for the government. In 2012, beds support of population decreased from 85.7 to 84.1 beds per 10 000 of population. The value of indicator in federal subjects differs up to 2.9 times. In the structure of beds stock are prevailing specialized beds or groups of beds on such medical specialties as psychiatry, surgery, obstetrics and gynecology and therapy. The per capita use of medical care in hospitals decreased up to 2.609 beds-per-day that is 6.2% lower than standard value from the program of state guarantees of free-of-charge medical care support of citizen. The end values of indicator in federal subjects differ in 2.7 times. In federal subjects indicators of mean number of work of bed per year differ up to 1.2 times, of mean duration of treatment--up to 1.6 times, turn-over of bed--up to 1.6 times, hospital lethality--up to 5.9 times. The results of study confirm necessity of structural functional optimization of

  6. Computational fluid dynamics analysis of a mixed flow pump impeller


    International Journal of Engineering, Science and Technology ... From the CFD analysis software and advanced post processing tools the complex flow inside the ... The numerical simulation can provide quite accurate information on the fluid ...

  7. Analysis and optimisation of a mixed fluid cascade (MFC) process

    Ding, He; Sun, Heng; Sun, Shoujun; Chen, Cheng


    A mixed fluid cascade (MFC) process that comprises three refrigeration cycles has great capacity for large-scale LNG production, which consumes a great amount of energy. Therefore, any performance enhancement of the liquefaction process will significantly reduce the energy consumption. The MFC process is simulated and analysed by use of proprietary software, Aspen HYSYS. The effect of feed gas pressure, LNG storage pressure, water-cooler outlet temperature, different pre-cooling regimes, liquefaction, and sub-cooling refrigerant composition on MFC performance are investigated and presented. The characteristics of its excellent numerical calculation ability and the user-friendly interface of MATLAB™ and powerful thermo-physical property package of Aspen HYSYS are combined. A genetic algorithm is then invoked to optimise the MFC process globally. After optimisation, the unit power consumption can be reduced to 4.655 kW h/kmol, or 4.366 kW h/kmol on condition that the compressor adiabatic efficiency is 80%, or 85%, respectively. Additionally, to improve the process further, with regards its thermodynamic efficiency, configuration optimisation is conducted for the MFC process and several configurations are established. By analysing heat transfer and thermodynamic performances, the configuration entailing a pre-cooling cycle with three pressure levels, liquefaction, and a sub-cooling cycle with one pressure level is identified as the most efficient and thus optimal: its unit power consumption is 4.205 kW h/kmol. Additionally, the mechanism responsible for the weak performance of the suggested liquefaction cycle configuration lies in the unbalanced distribution of cold energy in the liquefaction temperature range.

  8. Strength and Compaction Analysis of Sand-Bentonite-Coal Ash Mixes

    Sobti, Jaskiran; Singh, Sanjay Kumar


    This paper deals with the strength and compaction characteristics of sand-bentonite-coal ash mixes prepared by varying percentages of sand, bentonite and coal ash to be used in cutoff walls and as a liner or cover material in landfills. The maximum dry density (MDD) and optimum moisture content (OMC) of sand-bentonite mixes and sand-bentonite-coal ash mixes were determined by conducting the standard proctor test. Also, the strength and stiffness characteristics of soil mixes were furnished using unconfined compressive strength test. The results of the study reveal influence of varying percentages of coal ash and bentonite on the compaction characteristics of the sand-bentonite-coal ash mixes. Also, validation of a statistical analysis of the correlations between maximum dry density (MDD), optimum moisture content (OMC) and Specific Gravity (G) was done using the experimental results. The experimental results obtained for sand-bentonite, sand-bentonite-ash and coal ash-bentonite mixes very well satisfied the statistical relations between MDD, OMC and G with a maximum error in the estimate of MDD being within ±1 kN/m3. The coefficient of determination (R2) ranged from 0.95 to 0.967 in case of sand-bentonite-ash mixes. However, for sand-bentonite mixes, the R2 values are low and varied from 0.48 to 0.56.

  9. The zero inflation of standing dead tree carbon stocks

    Christopher W. Woodall; David W. MacFarlane


    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...

  10. Study on effects of mixing vane grids on coolant temperature distribution by subchannel analysis

    Mao, H.; Yang, B.W.; Han, B. [Xi' an Jiaotong Univ., Shaanxi (China). Science and Technology Center for Advanced Nuclear Fuel Research


    Mixing vane grids (MVG) have great influence on coolant temperature field in the rod bundle. The MVG could enhance convective heat transfer between the fuel rod wall and the coolant, and promote inter-subchannel mixing at the same time. For the influence of the MVG on convective heat transfer enhancement, many experiments have been done and several correlations have been developed based on the experimental data. However, inter-subchannel mixing promotion caused by the MVG is not well estimated in subchannel analysis because the information of mixing vanes is totally missing in most subchannel codes. This paper analyzes the influence of mixing vanes on coolant temperature distribution using the improved MVG model in subchannel analysis. The coolant temperature distributions with the MVG are analyzed, and the results show that mixing vanes lead to a more uniform temperature distribution. The performances of split vane grids under different power conditions are evaluated. The results are compared with those of spacer grids without mixing vanes and some conclusions are obtained.

  11. Analysis of baseline, average, and longitudinally measured blood pressure data using linear mixed models.

    Hossain, Ahmed; Beyene, Joseph


    This article compares baseline, average, and longitudinal data analysis methods for identifying genetic variants in genome-wide association study using the Genetic Analysis Workshop 18 data. We apply methods that include (a) linear mixed models with baseline measures, (b) random intercept linear mixed models with mean measures outcome, and (c) random intercept linear mixed models with longitudinal measurements. In the linear mixed models, covariates are included as fixed effects, whereas relatedness among individuals is incorporated as the variance-covariance structure of the random effect for the individuals. The overall strategy of applying linear mixed models decorrelate the data is based on Aulchenko et al.'s GRAMMAR. By analyzing systolic and diastolic blood pressure, which are used separately as outcomes, we compare the 3 methods in identifying a known genetic variant that is associated with blood pressure from chromosome 3 and simulated phenotype data. We also analyze the real phenotype data to illustrate the methods. We conclude that the linear mixed model with longitudinal measurements of diastolic blood pressure is the most accurate at identifying the known single-nucleotide polymorphism among the methods, but linear mixed models with baseline measures perform best with systolic blood pressure as the outcome.

  12. Groundwater Mixing Process Identification in Deep Mines Based on Hydrogeochemical Property Analysis

    Bo Liu


    Full Text Available Karst collapse columns, as a potential water passageway for mine water inrush, are always considered a critical problem for the development of deep mining techniques. This study aims to identify the mixing process of groundwater deriving two different limestone karst-fissure aquifer systems. Based on analysis of mining groundwater hydrogeochemical properties, hydraulic connection between the karst-fissure objective aquifer systems was revealed. In this paper, piper diagram was used to calculate the mixing ratios at different sampling points in the aquifer systems, and PHREEQC Interactive model (Version 2.5, USGS, Reston, VA, USA, 2001 was applied to modify the mixing ratios and model the water–rock interactions during the mixing processes. The analysis results show that the highest mixing ratio is 0.905 in the C12 borehole that is located nearest to the #2 karst collapse column, and the mixing ratio decreases with the increase of the distance from the #2 karst collapse column. It demonstrated that groundwater of the two aquifers mixed through the passage of #2 karst collapse column. As a result, the proposed Piper-PHREEQC based method can provide accurate identification of karst collapse columns’ water conductivity, and can be applied to practical applications.

  13. Study on effects of mixing vane grids on coolant temperature distribution by subchannel analysis

    Mao, H.; Yang, B.W.; Han, B.


    Mixing vane grids (MVG) have great influence on coolant temperature field in the rod bundle. The MVG could enhance convective heat transfer between the fuel rod wall and the coolant, and promote inter-subchannel mixing at the same time. For the influence of the MVG on convective heat transfer enhancement, many experiments have been done and several correlations have been developed based on the experimental data. However, inter-subchannel mixing promotion caused by the MVG is not well estimated in subchannel analysis because the information of mixing vanes is totally missing in most subchannel codes. This paper analyzes the influence of mixing vanes on coolant temperature distribution using the improved MVG model in subchannel analysis. The coolant temperature distributions with the MVG are analyzed, and the results show that mixing vanes lead to a more uniform temperature distribution. The performances of split vane grids under different power conditions are evaluated. The results are compared with those of spacer grids without mixing vanes and some conclusions are obtained.

  14. [Development of an Excel spreadsheet for meta-analysis of indirect and mixed treatment comparisons].

    Tobías, Aurelio; Catalá-López, Ferrán; Roqué, Marta


    Meta-analyses in clinical research usually aimed to evaluate treatment efficacy and safety in direct comparison with a unique comparator. Indirect comparisons, using the Bucher's method, can summarize primary data when information from direct comparisons is limited or nonexistent. Mixed comparisons allow combining estimates from direct and indirect comparisons, increasing statistical power. There is a need for simple applications for meta-analysis of indirect and mixed comparisons. These can easily be conducted using a Microsoft Office Excel spreadsheet. We developed a spreadsheet for indirect and mixed effects comparisons of friendly use for clinical researchers interested in systematic reviews, but non-familiarized with the use of more advanced statistical packages. The use of the proposed Excel spreadsheet for indirect and mixed comparisons can be of great use in clinical epidemiology to extend the knowledge provided by traditional meta-analysis when evidence from direct comparisons is limited or nonexistent.

  15. Capacity Analysis of a Multiuser Mixed RF/FSO

    Yang, Liang; Gao, Xiqi; Alouini, Mohamed-Slim


    selection diversity gain. We assume that the link from the source to the relay is a radio-frequency (RF) link while the link between the relay and the destination is an FSO link. More specifically, we first present a statistical analysis for the systems

  16. Multifractal temporally weighted detrended cross-correlation analysis to quantify power-law cross-correlation and its application to stock markets

    Wei, Yun-Lan; Yu, Zu-Guo; Zou, Hai-Long; Anh, Vo


    A new method—multifractal temporally weighted detrended cross-correlation analysis (MF-TWXDFA)—is proposed to investigate multifractal cross-correlations in this paper. This new method is based on multifractal temporally weighted detrended fluctuation analysis and multifractal cross-correlation analysis (MFCCA). An innovation of the method is applying geographically weighted regression to estimate local trends in the nonstationary time series. We also take into consideration the sign of the fluctuations in computing the corresponding detrended cross-covariance function. To test the performance of the MF-TWXDFA algorithm, we apply it and the MFCCA method on simulated and actual series. Numerical tests on artificially simulated series demonstrate that our method can accurately detect long-range cross-correlations for two simultaneously recorded series. To further show the utility of MF-TWXDFA, we apply it on time series from stock markets and find that power-law cross-correlation between stock returns is significantly multifractal. A new coefficient, MF-TWXDFA cross-correlation coefficient, is also defined to quantify the levels of cross-correlation between two time series.

  17. Mixed-Integer Nonconvex Quadratic Optimization Relaxations and Performance Analysis


    stationary point. These results are the state of art in complexity analysis of non-convex optimization. “Complexity of Unconstrained L2-Lp Minimization...Parameter Optimized Radiation Therapy ( SPORT )” (M Zarepisheh, Y Ye, S Boyd, R Li, L Xing), Medical Physics 41(6) (2014) 292-292. Station parameter...optimized radiation therapy ( SPORT ) was recently proposed to fully utilize the technical capability of emerging digital linear accelerators, in

  18. Market Structure and Stock Splits

    David Michayluk; Paul Kofman


    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...

  19. Studying mixing in Non-Newtonian blue maize flour suspensions using color analysis.

    Grissel Trujillo-de Santiago

    Full Text Available BACKGROUND: Non-Newtonian fluids occur in many relevant flow and mixing scenarios at the lab and industrial scale. The addition of acid or basic solutions to a non-Newtonian fluid is not an infrequent operation, particularly in Biotechnology applications where the pH of Non-Newtonian culture broths is usually regulated using this strategy. METHODOLOGY AND FINDINGS: We conducted mixing experiments in agitated vessels using Non-Newtonian blue maize flour suspensions. Acid or basic pulses were injected to reveal mixing patterns and flow structures and to follow their time evolution. No foreign pH indicator was used as blue maize flours naturally contain anthocyanins that act as a native, wide spectrum, pH indicator. We describe a novel method to quantitate mixedness and mixing evolution through Dynamic Color Analysis (DCA in this system. Color readings corresponding to different times and locations within the mixing vessel were taken with a digital camera (or a colorimeter and translated to the CIELab scale of colors. We use distances in the Lab space, a 3D color space, between a particular mixing state and the final mixing point to characterize segregation/mixing in the system. CONCLUSION AND RELEVANCE: Blue maize suspensions represent an adequate and flexible model to study mixing (and fluid mechanics in general in Non-Newtonian suspensions using acid/base tracer injections. Simple strategies based on the evaluation of color distances in the CIELab space (or other scales such as HSB can be adapted to characterize mixedness and mixing evolution in experiments using blue maize suspensions.

  20. Three novel approaches to structural identifiability analysis in mixed-effects models.

    Janzén, David L I; Jirstrand, Mats; Chappell, Michael J; Evans, Neil D


    Structural identifiability is a concept that considers whether the structure of a model together with a set of input-output relations uniquely determines the model parameters. In the mathematical modelling of biological systems, structural identifiability is an important concept since biological interpretations are typically made from the parameter estimates. For a system defined by ordinary differential equations, several methods have been developed to analyse whether the model is structurally identifiable or otherwise. Another well-used modelling framework, which is particularly useful when the experimental data are sparsely sampled and the population variance is of interest, is mixed-effects modelling. However, established identifiability analysis techniques for ordinary differential equations are not directly applicable to such models. In this paper, we present and apply three different methods that can be used to study structural identifiability in mixed-effects models. The first method, called the repeated measurement approach, is based on applying a set of previously established statistical theorems. The second method, called the augmented system approach, is based on augmenting the mixed-effects model to an extended state-space form. The third method, called the Laplace transform mixed-effects extension, is based on considering the moment invariants of the systems transfer function as functions of random variables. To illustrate, compare and contrast the application of the three methods, they are applied to a set of mixed-effects models. Three structural identifiability analysis methods applicable to mixed-effects models have been presented in this paper. As method development of structural identifiability techniques for mixed-effects models has been given very little attention, despite mixed-effects models being widely used, the methods presented in this paper provides a way of handling structural identifiability in mixed-effects models previously not


    Laduna R.


    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. Geo-Nested Analysis: Mixed-Methods Research with Spatially Dependent Data

    Harbers, I.; Ingram, M.C.

    Mixed-methods designs, especially those where cases selected for small-N analysis (SNA) are nested within a large-N analysis (LNA), have become increasingly popular. Yet, since the LNA in this approach assumes that units are independently distributed, such designs are unable to account for spatial

  3. Generalized Path Analysis and Generalized Simultaneous Equations Model for Recursive Systems with Responses of Mixed Types

    Tsai, Tien-Lung; Shau, Wen-Yi; Hu, Fu-Chang


    This article generalizes linear path analysis (PA) and simultaneous equations models (SiEM) to deal with mixed responses of different types in a recursive or triangular system. An efficient instrumental variable (IV) method for estimating the structural coefficients of a 2-equation partially recursive generalized path analysis (GPA) model and…

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

    Hwang, Thomas J


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

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

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


    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.

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

    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.

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

    Adina Dornean


    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.


    Kenneth Weiher


    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.


    Andreea-Cristina PETRICA


    Full Text Available The goal of this paper is to investigate cointegration between Bucharest Stock Exchange and three European Stock Markets: Germany,France and Poland, respectively. The choice of the European markets is based on the net assets investment of the Romanian mandatory private pension funds. On June 30, 2016, according to the Romanian Financial Supervisory Authority 91.28% of all investments in shares of private pension funds have been performed in Romanian shares, while the rest of 8.72% (0.44 billion lei have been performed in shares issued by Germany (2.34%, France (2.23%, Poland (0.89% and other countries. Having the intention of achieving maximizing returns by managing risk, and also to capture the co-movements in the above markets,we perform the cointegration analysis to examine portfolio diversification of the Romanian mandatory private pension funds. The empirical analysis is based on daily closing prices of the BET Index, DAX 30 Index, CAC 40 Index and WIG 20 Index and covers the period from 30 January 2006 to 27 September 2016 (2713 observations.

  10. A novel model for Time-Series Data Clustering Based on piecewise SVD and BIRCH for Stock Data Analysis on Hadoop Platform

    Ibgtc Bowala


    Full Text Available With the rapid growth of financial markets, analyzers are paying more attention on predictions. Stock data are time series data, with huge amounts. Feasible solution for handling the increasing amount of data is to use a cluster for parallel processing, and Hadoop parallel computing platform is a typical representative. There are various statistical models for forecasting time series data, but accurate clusters are a pre-requirement. Clustering analysis for time series data is one of the main methods for mining time series data for many other analysis processes. However, general clustering algorithms cannot perform clustering for time series data because series data has a special structure and a high dimensionality has highly co-related values due to high noise level. A novel model for time series clustering is presented using BIRCH, based on piecewise SVD, leading to a novel dimension reduction approach. Highly co-related features are handled using SVD with a novel approach for dimensionality reduction in order to keep co-related behavior optimal and then use BIRCH for clustering. The algorithm is a novel model that can handle massive time series data. Finally, this new model is successfully applied to real stock time series data of Yahoo finance with satisfactory results.

  11. Otolith shape analysis as a tool for stock discrimination of the black scabbardfish, Aphanopus carbo Lowe, 1839 (Pisces: Trichiuridae, in Portuguese waters

    Inês Farias


    Full Text Available The variability in otolith contour shape of black scabbardfish (Aphanopus carbo from Portuguese waters was analysed for stock discrimination purposes. The contour shape of otoliths from specimens caught off mainland Portugal, Madeira and Azores archipelagos was digitised and extracted according to the closed-form Fourier analysis technique. Mainland and Madeira specimens were compared through the adjustment of a MANOVA model to the normalised elliptic Fourier descriptor (NEFDs obtained for the otoliths of 200 females and 200 males sampled at each area. Significant differences were found between areas and between sexes; the interaction term was not statistically significant. The effect of the area also proved to be significant when samples from the three regions were considered. These results were further supported by the discriminant analysis of the individual NEFDs for which the correct classifications were 87.5-89% when they were considered by sex and total length for the mainland and Madeira, and 90.9-97.7%, when NEFDs from the three areas were compared by sex and fish length. Otolith contour shape was shown to be a possible tool for differentiating between black scabbardfish stocks in the NE Atlantic.

  12. Tick size and stock returns

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


    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.

  13. Capacity Analysis of a Multiuser Mixed RF/FSO

    Yang, Liang


    In this work, we consider a relay-assisted free-space optical (FSO) communication scheme in which the relay services multiple users and only the best user is selected so that the channel fluctuations can be effectively exploited to produce a selection diversity gain. We assume that the link from the source to the relay is a radio-frequency (RF) link while the link between the relay and the destination is an FSO link. More specifically, we first present a statistical analysis for the systems under consideration over both weak and strong atmospheric turbulence channels. Based on these results, the capacity of these systems with and without adaptive transmission is analyzed. © 2014 IEEE.

  14. The Body Stocking

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise


    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...

  15. Online stock trading platform

    Ion LUNGU


    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.

  16. Insights on stock structure of round sardinella Sardinella aurita off north-west Africa based on otolith shape analysis.

    Bacha, M; Jeyid, A M; Jaafour, S; Yahyaoui, A; Diop, M; Amara, R


    This study examines the geographic variability in otolith shape of round sardinella Sardinella aurita as a tool for stock discrimination. Fish were analysed from six sampling locations from Senegal to the Mediterranean coast of Morocco. A combination of otolith shape indices and elliptic Fourier descriptors was investigated by multivariate statistical procedures. Within the studied area, three distinct groups were identified with an overall correct classification of 78%. Group A: Nador (Alboran Sea), group B: Casablanca (northern Morocco) and group C: Senegalese-Mauritanian. The results of this study confirm the absence of an Atlantic Ocean-Mediterranean Sea transition for this species, the Gibraltar Strait acting as an efficient barrier for S. aurita population separation. Off north-west Africa, fish from northern Morocco form a single group which is clearly isolated from Senegalese-Mauritanian waters, confirming the existence of a distinct stock in this area. Among group C, some discontinuity exists and suggests the existence of a sedentary fraction of S. aurita in northern Mauritania (Arguin Bank). The results are discussed in relation to oceanographic features and physical barriers to dispersal and fish management strategy in the study area. © 2016 The Fisheries Society of the British Isles.

  17. Mitochondrial cytochrome oxidase I gene analysis indicates a restricted genetic background in Finnish noble crayfish (Astacus astacus stocks

    Makkonen J.


    Full Text Available The IUCN Red List indexes the noble crayfish (Astacus astacus as vulnerable, with a declining population trend. The main threats to the species are the crayfish plague caused by the oomycete Aphanomyces astaci and the introduced North American crayfish that act as the carriers of this disease. In Finland, the noble crayfish is considered as a native species, which original distribution area covers the southern part of the country, but the species distribution has been dispersed to cover almost the whole country. The aim of this study was to survey the genetic diversity among the Finnish noble crayfish populations. The mitochondrial cytochrome oxidase I (COI-gene was sequenced from 742 individuals representing 59 populations from Finland and Estonia. As a result, only a single haplotype was found. Based on these results, the genetic diversity of noble crayfish in its Northern distribution range is remarkably low. The observed lack of variation can result from several mechanisms including small size of the founder population and the intense spreading of the species by manmade stockings. The restricted diversity can also be caused by eradication of the original populations due to crayfish plague epidemics and spreading of the invasive crayfish species carrying the crayfish plague. It is also possible that all contemporary Finnish noble crayfish populations originate from stockings with no variation in respect to COI-gene.

  18. Time-frequency causality between stock prices and exchange rates: Further evidences from cointegration and wavelet analysis

    Afshan, Sahar; Sharif, Arshian; Loganathan, Nanthakumar; Jammazi, Rania


    The current study investigates the relationship between stock prices and exchange rate by using wavelets approach and more focused the continuous, power spectrum, cross and coherence wavelet. The result of Bayer and Hanck (2013) and Gregory and Hansen (1996) confirm the presence of long-run association between stock price and exchange rate in Pakistan. The results of wavelet coherence reveal the dominance of SP during 2005-2006 and 2011-2012 in the period of 8-16 and 16-32 weeks cycle in approximately all the exchange rates against Pakistani rupees. For almost the entire studied period in long scale, the study evidences the strong coherence between both the series. The most interesting part of this coherence is the existence of bidirectional causality in the long timescale. The arrows in this long region are pointing both left up and left down. This suggests that during the time period, our variables are exhibiting out phase relationship with mutually leading and lagging the market. These results are in contrast with many earlier studies of Pakistan.

  19. Transitions of Adoptive Parents: A Longitudinal Mixed Methods Analysis.

    Foli, Karen J; Hebdon, Megan; Lim, Eunjung; South, Susan C


    As adoptive parents create a new family, they face myriad changes both pre-and post-placement of their child. The aim of this study was to describe parent perceptions and depressive symptoms during this transition via reports collected with an online survey. Using content analysis, we analyzed a total of 110 responses from 64 parents at three time points: 4-6weeks pre-placement, and 4-6weeks and 5-6months post-placement. Five main themes were revealed: Transition from uncertainty to a new normal; unique experiences related to adoption; rest/fatigue: out of balance; life stressors; and faith/spirituality. Two subthemes were also identified: previous losses (pre-placement) and joy and love (post-placement). During the transition from pre-to post-placement, adoptive parents experience a unique passage, with both challenges and strengths exclusive to this group of parents. While acknowledging the commonalities of some parenting experiences, healthcare and adoption professionals should recognize the unique dynamics that adoption brings to families. Copyright © 2017 Elsevier Inc. All rights reserved.

  20. Prices versus policy: An analysis of the drivers of the primary fossil fuel mix

    Atalla, Tarek; Blazquez, Jorge; Hunt, Lester C.; Manzano, Baltasar


    Energy policymakers often attempt to shape their countries' energy mix, rather than leave it purely to market forces. By calibrating and simulating a Dynamic Stochastic General Equilibrium (DSGE) model, this paper analyzes the primary fossil fuel mix in the USA and compares it to Germany and the UK, given the different evolution of the mixes and the different roles played by relative prices and policy in North America and Europe. It is found that the model explains well the evolution of the primary fossil fuel mix in the USA for the period 1980–2014, suggesting that relative fossil fuel prices generally dominated in determining the mix during this time. However, this is not the case for Germany and the UK. For both countries, the model performs well only for the period after the market-oriented reforms in the 1990s. Additionally, the volatility of private consumption and output for the pre- and post-reform periods is evaluated for Germany and the UK and it is found that the liberalized energy markets brought about a transition from coal to natural gas, but with increased macroeconomic volatility. - Highlights: • Macroeconomic analysis of the importance of prices vs policy in driving the primary fossil fuel mix. • USA primary fossil fuel mix chiefly driven by relative prices since the early 1980s. • Germany and UK primary fossil fuel mix chiefly driven by policy until 1990s. • Germany and UK primary fossil fuel mix chiefly driven by relative prices since early to mid-1990s. • Transition from coal to natural gas in Germany and UK increased macroeconomic volatility.

  1. Low-dimensional analysis, using POD, for two mixing layer-wake interactions

    Braud, Caroline; Heitz, Dominique; Arroyo, Georges; Perret, Laurent; Delville, Joeel; Bonnet, Jean-Paul


    The mixing layer-wake interaction is studied experimentally in the framework of two flow configurations. For the first one, the initial conditions of the mixing layer are modified by using a thick trailing edge, a wake effect is therefore superimposed to the mixing layer from its beginning (blunt trailing edge). In the second flow configuration, a canonical mixing layer is perturbed in its asymptotic region by the wake of a cylinder arranged perpendicular to the plane of the mixing layer. These interactions are analyzed mainly by using two-point velocity correlations and the proper orthogonal decomposition (POD). These two flow configurations differ by the degree of complexity they involve: the former is mainly 2D while the latter is highly 3D. The blunt trailing edge configuration is analyzed by using rakes of hot wire probes. This flow configuration is found to be considerably different when compared to a conventional mixing layer. It appears in particular that the scale of the large structures depends only on the trailing edge thickness and does not grow in its downstream evolution. A criterion, based on POD, is proposed in order to separate wake-mixing layer dominant areas of the downstream evolution of the flow. The complex 3D dynamical behaviour resulting from the interaction between the canonical plane mixing layer and the wake of a cylinder is investigated using data arising from particle image velocimetry measurements. An analysis of the velocity correlations shows different length scales in the regions dominated by wake like structures and shear layer type structures. In order to characterize the particular organization in the plane of symmetry, a POD-Galerkin projection of the Navier-Stokes equations is performed in this plane. This leads to a low-dimensional dynamical system that allows the analysis of the relationship between the dominant frequencies to be performed. A reconstruction of the dominant periodic motion suspected from previous studies is

  2. Stock Market and Sustainable Economic Growth in Nigeria

    Erasmus L Owusu


    Full Text Available This paper examines the relationship between stock market evolution and sustainable economic growth in Nigeria. The study employs Auto-Regressive Distributed Lag (ARDL-bounds testing approach and a combined stock market indicators index to examine the relationship. The paper finds that, in the long run, stock markets have no positive and at best mixed effect on economic growth in Nigeria. This finding supports the numerous past studies, which have reported negative/mixed or inconclusive results on the effects of stock markets on economic growth. The paper, therefore, concludes that, there is the need for increasing financial deepening and the removal of bottlenecks in the financial sectors of the economy by providing further public and institutional education on the value of stock markets for economic development.


    Lee, S


    Computational fluid dynamics (CFD) methods have been used to estimate the flow patterns mainly driven by temperature gradients inside vapor space in a large-scaled Saltstone vault facility at Savannah River site (SRS). The purpose of this work is to examine the gas motions inside the vapor space under the current vault configurations by taking a three-dimensional transient momentum-energy coupled approach for the vapor space domain of the vault. The modeling calculations were based on prototypic vault geometry and expected normal operating conditions as defined by Waste Solidification Engineering. The modeling analysis was focused on the air flow patterns near the ventilated corner zones of the vapor space inside the Saltstone vault. The turbulence behavior and natural convection mechanism used in the present model were benchmarked against the literature information and theoretical results. The verified model was applied to the Saltstone vault geometry for the transient assessment of the air flow patterns inside the vapor space of the vault region using the potential operating conditions. The baseline model considered two cases for the estimations of the flow patterns within the vapor space. One is the reference nominal case. The other is for the negative temperature gradient between the roof inner and top grout surface temperatures intended for the potential bounding condition. The flow patterns of the vapor space calculated by the CFD model demonstrate that the ambient air comes into the vapor space of the vault through the lower-end ventilation hole, and it gets heated up by the Benard-cell type circulation before leaving the vault via the higher-end ventilation hole. The calculated results are consistent with the literature information. Detailed results and the cases considered in the calculations will be discussed here.

  4. Mental health priorities in Vietnam: a mixed-methods analysis

    Niemi Maria


    Full Text Available Abstract Background The Mental Health Country Profile is a tool that was generated by the International Mental Health Policy and Services Project to inform policy makers, professionals and other key stakeholders about important issues which need to be considered in mental health policy development. The Mental Health Country Profile contains four domains, which include the mental health context, resources, provision and outcomes. We have aimed to generate a Mental Health Country Profile for Vietnam, in order to highlight the strengths and weaknesses of the Vietnamese mental health situation, in order to inform future reform efforts and decision-making. Methods This study used snowball sampling to identify informants for generating a Mental Health Country Profile for Vietnam, and the data gathering was done through semi-structured interviews and collection of relevant reports and documents. The material from the interviews and documents was analysed according to qualitative content analysis. Results Marked strengths of the Vietnam mental health system are the aims to move toward community management and detection of mental illness, and the active involvement of several multilateral organizations and NGOs. However, there are a number of shortages still found, including the lack of treatment interventions apart from medications, the high proportion of treatments to be paid out-of-pocket, prominence of large tertiary psychiatric hospitals, and a lack of preventative measures or mental health information to the public. Conclusions At the end of this decade, mental health care in Vietnam is still characterised by unclear policy and poor critical mass especially within the governmental sector. This initial attempt to map the mental health situation of Vietnam suffers from a number of limitations and should be seen as a first step towards a comprehensive profile.

  5. Following User Pathways: Cross Platform and Mixed Methods Analysis in Social Media Studies

    Hall, Margeret; Mazarakis, Athanasios; Peters, Isabella


    is the mixed method approach (e.g. qualitative and quantitative methods) in order to better understand how users and society interacts online. The workshop 'Following User Pathways' brings together a community of researchers and professionals to address methodological, analytical, conceptual, and technological......Social media and the resulting tidal wave of available data have changed the ways and methods researchers analyze communities at scale. But the full potential for social scientists (and others) is not yet achieved. Despite the popularity of social media analysis in the past decade, few researchers...... challenges and opportunities of cross-platform, mixed method analysis in social media ecosystems....

  6. Analysis of refabricated fuel: determination of carbon in uranium plutonium mixed carbide

    Huwyler, S.


    In developing uranium plutonium mixed carbide which represents an advanced fuel for breeder reactors carbon analysis is an important means of determining the stoichiometry. Methods of carbon determination are briefly reviewed. The carbon determination using a LECO WR-12 Carbon Determinator is treated in detail and experience of three years operation communicated. Problems arising from operating the LECO-apparatus in a glove box are discussed. It is pointed out that carbon determination with the LECO-apparatus is a very fast method with good precision and well suited for the routine analysis of mixed carbide fuel. The accuracy of the method is checked by means of a standard. (Auth.)


    Aura Dudas


    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.

  8. Use of microsatellite markers for identification of indigenous brown trout in a geographical region heavily influenced by stocked domesticated trout

    Fritzner, N.G.; Hansen, Michael Møller; Madsen, S.S.


    Based on estimates of genetic differentiation between populations, assignment tests and analysis of isolation by distance, stocked populations of brown trout Salmo trutta of Funen Island, Denmark, had been genetically affected by domesticated trout, whereas the stocking of wild exogenous trout...... into one of the rivers had little or no impact. At the same time, there were clear indications of remaining indigenous gene pools in the Funen populations. The management implications of these findings are discussed and changes in trout release activity are recommended to avoid further mixing of trout gene...

  9. Global phylogeography with mixed-marker analysis reveals male-mediated dispersal in the endangered scalloped hammerhead shark (Sphyrna lewini.

    Toby S Daly-Engel

    Full Text Available The scalloped hammerhead shark, Sphyrna lewini, is a large endangered predator with a circumglobal distribution, observed in the open ocean but linked ontogenetically to coastal embayments for parturition and juvenile development. A previous survey of maternal (mtDNA markers demonstrated strong genetic partitioning overall (global Φ(ST = 0.749 and significant population separations across oceans and between discontinuous continental coastlines.We surveyed the same global range with increased sample coverage (N = 403 and 13 microsatellite loci to assess the male contribution to dispersal and population structure. Biparentally inherited microsatellites reveal low or absent genetic structure across ocean basins and global genetic differentiation (F(ST = 0.035 over an order of magnitude lower than the corresponding measures for maternal mtDNA lineages (Φ(ST = 0.749. Nuclear allelic richness and heterozygosity are high throughout the Indo-Pacific, while genetic structure is low. In contrast, allelic diversity is low while population structure is higher for populations at the ends of the range in the West Atlantic and East Pacific.These data are consistent with the proposed Indo-Pacific center of origin for S. lewini, and indicate that females are philopatric or adhere to coastal habitats while males facilitate gene flow across oceanic expanses. This study includes the largest sampling effort and the most molecular loci ever used to survey the complete range of a large oceanic predator, and findings emphasize the importance of incorporating mixed-marker analysis into stock assessments of threatened and endangered shark species.

  10. Optimization of gas mixing system of premixed burner based on CFD analysis

    Zhang, Tian-Hu; Liu, Feng-Guo; You, Xue-Yi


    Highlights: • New multi-ejectors gas mixing system for premixed combustion burner is provided. • Two measures are proposed to improve the flow uniformity at the outlet of GMS. • Small improvement of uniformity induces significant decrease of pollutant emission. • Uniformity of velocity and fuel–gas mixing of ejector increases 234.2% and 2.9%. • Uniformity of flow rate and fuel–gas mixing of ejectors increases 1.9% and 2.2%. - Abstract: The optimization of gas mixing system (GMS) of premixed burner is presented by Computational Fluid Dynamics (CFD) and the uniformity at the outlet of GMS is proved experimentally to have strong influence on pollutant emission. To improve the uniformity at the outlet of GMS, the eleven distribution orifice plates and a diversion plate are introduced. The quantified analysis shows that the uniformity at the outlet of GMS is improved significantly. With applying the distribution orifice plates, the uniformity of velocity and fuel–gas mixing of single ejector is increased by 234.2% and 2.9%, respectively. With applying the diversion plate, the uniformity of flow rate and fuel–gas mixing of different ejectors is increased by 1.9% and 2.2%, respectively. The optimal measures and geometrical parameters provide an applicable guidance for the design of commercial premixed burner

  11. Agent-based Modeling Simulation Analysis on the Regulation of Institutional Investor's Encroachment Behavior in Stock Market

    Yang Li


    Full Text Available Purpose: This study explores the effective regulation of institutional investor's encroachment behavior in stock market. Given the theoretical and practical importance, the present study examines the effect of the self-adaptive regulation strategy (adjusting the regulation factors such as punishment and the probability of investigating successfully in time for the sake of the small & medium-sized investor protection.Design/methodology/approach: This study was carried out through game theory and agent-based modeling simulation. Firstly, a dynamic game model was built to search the core factors of regulation and the equilibrium paths. Secondly, an agent-based modeling simulation model was built in Swarm to extend the game model. Finally, a simulation experiment (using virtual parameter values was performed to examine the effect of regulation strategy obtained form game model.Findings: The results of this study showed that the core factors of avoiding the institutional investor's encroachment behavior are the punishment and the probability of investigating successfully of the regulator. The core factors embody as the self-adaptability and the capability of regulator. If the regulator can adjust the regulation factors in time, the illegal behaviors will be avoided effectively.Research limitations/implications: The simulation experiment in this paper was performed with virtual parameter values. Although the results of experiment showed the effect of self-adaptive regulation, there are still some differences between simulation experiment and real market situation.Originality/value: The purpose of this study is to investigate an effective regulation strategy of institutional investor's encroachment behavior in stock market in order to maintain market order and protect the benefits of investors. Base on the game model and simulation model, a simulation experiment was preformed and the result showed that the self-adaptive regulation would be effective


    Caus Vasile Aurel


    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

  13. Danish building typologies and building stock analyses

    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....

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

    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.

  15. Analysis of the mixing processes in the subtropical Advancetown Lake, Australia

    Bertone, Edoardo; Stewart, Rodney A.; Zhang, Hong; O'Halloran, Kelvin


    This paper presents an extensive investigation of the mixing processes occurring in the subtropical monomictic Advancetown Lake, which is the main water body supplying the Gold Coast City in Australia. Meteorological, chemical and physical data were collected from weather stations, laboratory analysis of grab samples and an in-situ Vertical Profiling System (VPS), for the period 2008-2012. This comprehensive, high frequency dataset was utilised to develop a one-dimensional model of the vertical transport and mixing processes occurring along the water column. Multivariate analysis revealed that air temperature and rain forecasts enabled a reliable prediction of the strength of the lake stratification. Vertical diffusion is the main process driving vertical mixing, particularly during winter circulation. However, a high reservoir volume and warm winters can limit the degree of winter mixing, causing only partial circulation to occur, as was the case in 2013. This research study provides a comprehensive approach for understanding and predicting mixing processes for similar lakes, whenever high-frequency data are available from VPS or other autonomous water monitoring systems.

  16. Regression analysis of mixed recurrent-event and panel-count data with additive rate models.

    Zhu, Liang; Zhao, Hui; Sun, Jianguo; Leisenring, Wendy; Robison, Leslie L


    Event-history studies of recurrent events are often conducted in fields such as demography, epidemiology, medicine, and social sciences (Cook and Lawless, 2007, The Statistical Analysis of Recurrent Events. New York: Springer-Verlag; Zhao et al., 2011, Test 20, 1-42). For such analysis, two types of data have been extensively investigated: recurrent-event data and panel-count data. However, in practice, one may face a third type of data, mixed recurrent-event and panel-count data or mixed event-history data. Such data occur if some study subjects are monitored or observed continuously and thus provide recurrent-event data, while the others are observed only at discrete times and hence give only panel-count data. A more general situation is that each subject is observed continuously over certain time periods but only at discrete times over other time periods. There exists little literature on the analysis of such mixed data except that published by Zhu et al. (2013, Statistics in Medicine 32, 1954-1963). In this article, we consider the regression analysis of mixed data using the additive rate model and develop some estimating equation-based approaches to estimate the regression parameters of interest. Both finite sample and asymptotic properties of the resulting estimators are established, and the numerical studies suggest that the proposed methodology works well for practical situations. The approach is applied to a Childhood Cancer Survivor Study that motivated this study. © 2014, The International Biometric Society.

  17. Long-term adherence to a local guideline on postoperative body temperature measurement: mixed methods analysis

    Storm-Versloot, Marja N.; Knops, Anouk M.; Ubbink, Dirk T.; Goossens, Astrid; Legemate, Dink A.; Vermeulen, Hester


    Aim To find out whether a successful multifaceted implementation approach of a local evidence-based guideline on postoperative body temperature measurements (BTM) was persistent over time, and which factors influenced long-term adherence. Methods Mixed methods analysis. Patient records were

  18. Applications of mixed Petrov-Galerkin finite element methods to transient and steady state creep analysis

    Guerreiro, J.N.C.; Loula, A.F.D.


    The mixed Petrov-Galerkin finite element formulation is applied to transiente and steady state creep problems. Numerical analysis has shown additional stability of this method compared to classical Galerkin formulations. The accuracy of the new formulation is confirmed in some representative examples of two dimensional and axisymmetric problems. (author) [pt

  19. Using a Mixed Methods Content Analysis to Analyze Mission Statements from Colleges of Engineering

    Creamer, Elizabeth G.; Ghoston, Michelle


    A mixed method design was used to conduct a content analysis of the mission statements of colleges of engineering to map inductively derived codes with the EC 2000 outcomes and to test if any of the codes were significantly associated with institutions with reasonably strong representation of women. Most institution's (25 of 48) mission statement…

  20. [Application of the mixed programming with Labview and Matlab in biomedical signal analysis].

    Yu, Lu; Zhang, Yongde; Sha, Xianzheng


    This paper introduces the method of mixed programming with Labview and Matlab, and applies this method in a pulse wave pre-processing and feature detecting system. The method has been proved suitable, efficient and accurate, which has provided a new kind of approach for biomedical signal analysis.

  1. Dynamic Stability Analysis of Autonomous Medium-Voltage Mixed-Source Microgrid

    Zhao, Zhuoli; Yang, Ping; Guerrero, Josep M.


    -space model of the autonomous MV mixed-source microgrid containing diesel generator set (DGS), grid-supporting battery energy storage system (BESS), squirrel cage induction generator (SCIG) wind turbine and network is developed. Sensitivity analysis is carried out to reveal the dynamic stability margin...

  2. A Mixed Methods Content Analysis of the Research Literature in Science Education

    Schram, Asta B.


    In recent years, more and more researchers in science education have been turning to the practice of combining qualitative and quantitative methods in the same study. This approach of using mixed methods creates possibilities to study the various issues that science educators encounter in more depth. In this content analysis, I evaluated 18…

  3. Analysis of mixed oxide fuel critical experiments with neutronics analysis codes for boiling water reactors

    Tamitani, Masashi; Maruyama, Hiromi; Ishii, Kazuya; Izutsu, Sadayuki; Yamaguchi, Masao


    Critical experiments of UO 2 and full mixed oxide (MOX) fuel cores conducted at the Tank-type Critical Assembly (TCA) were analyzed using BWR design-purpose codes HINES and CERES with ENDF/B files and Monte Carlo fine analysis codes VMONT and MVP with the JENDL-3.2 library. The averaged values of the multiplication factors calculated with HINES/CERES, VMONT and MVP agreed with those of experiments within 0.3%Δk. The values by the design-purpose codes showed a small difference of 0.1%Δk between UO 2 and MOX cores. Monte Carlo code results showed that the JENDL-3.2 library had a tendency to overestimate the multiplication factors of UO 2 cores by about 0.3%Δk compared with those values of MOX cores. The root mean square errors of calculated power distributions were less than 1% for HINES/CERES and VMONT. These results showed that (1) the accuracy of these codes when applied to full MOX cores was almost the same as their accuracy for UO 2 cores, which confirmed the accuracy of present core design codes for full MOX cores; and (2) the accuracy of the 190-energy-group Monte Carlo calculation code VMONT was almost the same as that of the continuous-energy Monte Carlo calculation code MVP. (author)

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

    Febrian, Erie; Herwany, Aldrin


    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 ...

  5. Development and validation of MIX: comprehensive free software for meta-analysis of causal research data

    Ikeda Noriaki


    Full Text Available Abstract Background Meta-analysis has become a well-known method for synthesis of quantitative data from previously conducted research in applied health sciences. So far, meta-analysis has been particularly useful in evaluating and comparing therapies and in assessing causes of disease. Consequently, the number of software packages that can perform meta-analysis has increased over the years. Unfortunately, it can take a substantial amount of time to get acquainted with some of these programs and most contain little or no interactive educational material. We set out to create and validate an easy-to-use and comprehensive meta-analysis package that would be simple enough programming-wise to remain available as a free download. We specifically aimed at students and researchers who are new to meta-analysis, with important parts of the development oriented towards creating internal interactive tutoring tools and designing features that would facilitate usage of the software as a companion to existing books on meta-analysis. Results We took an unconventional approach and created a program that uses Excel as a calculation and programming platform. The main programming language was Visual Basic, as implemented in Visual Basic 6 and Visual Basic for Applications in Excel 2000 and higher. The development took approximately two years and resulted in the 'MIX' program, which can be downloaded from the program's website free of charge. Next, we set out to validate the MIX output with two major software packages as reference standards, namely STATA (metan, metabias, and metatrim and Comprehensive Meta-Analysis Version 2. Eight meta-analyses that had been published in major journals were used as data sources. All numerical and graphical results from analyses with MIX were identical to their counterparts in STATA and CMA. The MIX program distinguishes itself from most other programs by the extensive graphical output, the click-and-go (Excel interface, and the

  6. Life cycle cost analysis changes mixed waste treatment program at the Savannah River Site

    Pickett, J.B.; England, J.L.; Martin, H.L.


    A direct result of the reduced need for weapons production has been a re-evaluation of the treatment projects for mixed (hazardous/radioactive) wastes generated from metal finishing and plating operations and from a mixed waste incinerator at the Savannah River Site (SRS). A Life Cycle Cost (LCC) analysis was conducted for two waste treatment projects to determine the most cost effective approach in response to SRS mission changes. A key parameter included in the LCC analysis was the cost of the disposal vaults required for the final stabilized wasteform(s) . The analysis indicated that volume reduction of the final stabilized wasteform(s) can provide significant cost savings. The LCC analysis demonstrated that one SRS project could be eliminated, and a second project could be totally ''rescoped and downsized.'' The changes resulted in an estimated Life Cycle Cost saving (over a 20 year period) of $270,000,000

  7. Numerical analysis of mixing process of two component gases in vertical fluid layer

    Hatori, Hirofumi; Takeda, Tetsuaki; Funatani, Shumpei


    When the depressurization accident occurs in the Very-High-Temperature Reactor (VHTR), it is expected that air enter into the reactor core. Therefore, it is important to know a mixing process of different kind of gases in the stable or unstable stratified fluid layer. Especially, it is also important to examine an influence of localized natural convection and molecular diffusion on mixing process from a viewpoint of safety. In order to research the mixing process of two component gases and flow characteristics of the localized natural convection, we have carried out numerical analysis using three dimensional CFD code. The numerical model was consisted of a storage tank and a reverse U-shaped vertical slot. They were separated by a partition plate. One side of the left vertical fluid layer was heated and the other side was cooled. The right vertical fluid layer was also cooled. The procedure of numerical analysis is as follows. Firstly, the storage tank was filled with heavy gas and the reverse U-shaped vertical slot was filled with light gas. In the left vertical fluid layer, the localized natural convection was generated by the temperature difference between the vertical walls. The flow characteristics were obtained by a steady state analysis. The unsteady state analysis was started when the partition plate was opened. The gases were mixed by molecular diffusion and natural convection. After the time elapsed, natural circulation occurred. The result obtained in this numerical analysis is as follows. The temperature difference of the left vertical fluid layer was set to 100 K. The combination of the mixed gas was nitrogen and argon. After 76 minutes elapsed, natural circulation occurred. (author)

  8. Selection of analytical methods for mixed waste analysis at the Hanford Site

    Morant, P.M.


    This document describes the process that the US Department of Energy (DOE), Richland Operations Office (RL) and contractor laboratories use to select appropriate or develop new or modified analytical methods. These methods are needed to provide reliable mixed waste characterization data that meet project-specific quality assurance (QA) requirements while also meeting health and safety standards for handling radioactive materials. This process will provide the technical basis for DOE's analysis of mixed waste and support requests for regulatory approval of these new methods when they are used to satisfy the regulatory requirements of the Hanford Federal Facility Agreement and Consent Order (Tri-party Agreement) (Ecology et al. 1992)

  9. Mixed thermal convection: fundamental issues and analysis of the planar case



    Full Text Available This paper aims to renew interest on mixed thermal convection research and to emphasize three issues that arise from the present analysis: (i a clear definition of the reference temperature in the Boussinesq approximation; (ii a practical delimitation of the three convective modes, which are the forced convection (FC, mixed convection (MC and natural (or free convection (NC; (iii and, finally, a uniform description of the set FC/MC/NC in the similarity framework. The planar case, for which analytical solutions are available, allows a detailed illustration of the answers here advanced to the above issues.

  10. Quantitation of DNA repair in brain cell cultures: implications for autoradiographic analysis of mixed cell populations

    Dambergs, R.; Kidson, C.


    Quantitation of DNA repair in the mixed cell population of mouse embryo brain cultures has been assessed by autoradiographic analysis of unscheduled DNA synthesis following UV-irradiation. The proportion of labelled neurons and the grain density over neuronal nuclei were both less than the corresponding values for glial cells. The nuclear geometries of these two classes of cell are very different. Partial correction for the different geometries by relating grain density to nuclear area brought estimates of neuronal and glial DNA repair synthesis more closely in line. These findings have general implications for autoradiographic measurement of DNA repair in mixed cell populations and in differentiated versus dividing cells. (author)

  11. Mixed-culture transcriptome analysis reveals the molecular basis of mixed-culture growth in Streptococcus thermophilus and Lactobacillus bulgaricus

    Sieuwerts, S.; Molenaar, D.; Hijum, van S.A.F.T.; Beerthuyzen, M.; Stevens, M.J.A.; Janssen, P.W.; Ingham, C.J.; Bok, de F.A.M.; Vos, de W.M.; Hylckama Vlieg, van J.E.T.


    Many food fermentations are performed using mixed cultures of lactic acid bacteria. Interactions between strains are of key importance for the performance of these fermentations. Yogurt fermentation by Streptococcus thermophilus and Lactobacillus bulgaricus (basonym, Lactobacillus delbrueckii subsp.

  12. Should investors diversify their portfolios with stocks from major trading countries? A comparative multivariate GARCH-DCC and wavelet correlation analysis

    Dwihasri, Dhaifina; Masih, Mansur


    The existing literature have evaluated the performance of stock markets without taking into account the time-varying correlations and different investment horizons of the investors. The present paper attempts to investigate to what extent the Indonesian sharia stock returns can earn portfolio diversification benefits if they are trading with sharia stocks from its major trading partners (China, Japan, United States). The recent Multivariate GARCH Dynamic Conditional Correlation, the Continuou...

  13. Stock Markets Indices in Artificial Insymmetrization Patterns

    Makowiec, D.


    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)

  14. Essays on Stock Exchange Competition and Pricing

    Andersen, Atso


    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...

  15. Long - Memory Persistence in African Stock Markets

    Emmanuel Numapau Gyamfi


    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.


    Gatot Nazir Ahmad


    Full Text Available The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015. Sampling technique using purpose sampling. Data analysis technique used in this research is panel data regression. The results showed that partially profitability had negative and significant effect to capital structure, asset structure had positive and significant effect to capital structure, firm size had positive and significant effect to capital structure, and liquidity had negative and significant effect to capital structure. Simultaneously profitability, asset structure, firm size and liquidity have a significant effect on capital structure.

  17. Groundwater flow analysis using mixed hybrid finite element method for radioactive waste disposal facilities

    Aoki, Hiroomi; Shimomura, Masanori; Kawakami, Hiroto; Suzuki, Shunichi


    In safety assessments of radioactive waste disposal facilities, ground water flow analysis are used for calculating the radionuclide transport pathway and the infiltration flow rate of groundwater into the disposal facilities. For this type of calculations, the mixed hybrid finite element method has been used and discussed about the accuracy of ones in Europe. This paper puts great emphasis on the infiltration flow rate of groundwater into the disposal facilities, and describes the accuracy of results obtained from mixed hybrid finite element method by comparing of local water mass conservation and the reliability of the element breakdown numbers among the mixed hybrid finite element method, finite volume method and nondegenerated finite element method. (author)

  18. Two-level mixed modeling of longitudinal pedigree data for genetic association analysis

    Tan, Q.


    of follow-up. Approaches have been proposed to integrate kinship correlation into the mixed effect models to explicitly model the genetic relationship which have been proven as an efficient way for dealing with sample clustering in pedigree data. Although useful for adjusting relatedness in the mixed...... assess the genetic associations with the mean level and the rate of change in a phenotype both with kinship correlation integrated in the mixed effect models. We apply our method to longitudinal pedigree data to estimate the genetic effects on systolic blood pressure measured over time in large pedigrees......Genetic association analysis on complex phenotypes under a longitudinal design involving pedigrees encounters the problem of correlation within pedigrees which could affect statistical assessment of the genetic effects on both the mean level of the phenotype and its rate of change over the time...

  19. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.


    ... all applicable statutes and regulations, including, without limitation, section 5(d) of the Federal... stock organization at § 552.2-1. (b) Any and all of the assets and other property (whether real, personal, mixed, tangible or intangible, including choses in action, rights, and credits) of the former...

  20. Do Smallholder, Mixed Crop-Livestock Livelihoods Encourage Sustainable Agricultural Practices? A Meta-Analysis

    Thomas K. Rudel


    Full Text Available As calls for bolstering ecosystem services from croplands have grown more insistent during the past two decades, the search for ways to foster these agriculture-sustaining services has become more urgent. In this context we examine by means of a meta-analysis the argument, proposed by Robert McC. Netting, that small-scale, mixed crop-livestock farming, a common livelihood among poor rural peoples, leads to environmentally sustainable agricultural practices. As predicted, mixed crop-livestock farms exhibit more sustainable practices, but, contrary to predictions, a small scale of operation does not predict sustainability. Many smallholders on mixed crop-livestock farms use sustainable practices, but other smallholders practice a degrading, input-scarce agriculture. Some large farm operators use soil-conserving, minimum-tillage techniques while other large operators ignore soil-conserving techniques and practice an industrialized, high chemical input agriculture. The strength and pervasiveness of the link in the data between mixed crop-livestock farming and sustainable agricultural practices argues for agricultural policies that promote mixed crop-livestock livelihoods.

  1. A review on the analysis and experiment of fluid flow and mixing in micro-channels

    Kang, Sang Mo; Suh, Yong Kweon; Jayaraj, Simon


    The studies with respect to micro-channels and micro-mixers are expanding in many dimensions. Most significant area of micro-mixer study is the flow analysis in various micro-channel configurations. The flow phenomena in microchannel devices are quite different from that of the macro-scale devices. An attempt is made here to review the important recent literature available in the area of micro-channel flow analysis and mixing. The topics covered include the physics of flow in micro-channels and integrated simulation of the micro-channel flow. Also, the flow control models and electro-kinetically driven micro-channel flows are dealt in detail. A survey of important numerical methods, which are currently popular for micro-channel flow analysis, is carried out. Different options for mixing in microchannels are provided, in sufficient detail

  2. The Differences Between Stock Splits and Stock Dividends

    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....

  3. Does Employee Stock Ownership Work?

    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...

  4. 75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports


    ..., 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...

  5. Comparison of scale analysis and numerical simulation for saturated zone convective mixing processes

    Oldenburg, C.M.


    Scale analysis can be used to predict a variety of quantities arising from natural systems where processes are described by partial differential equations. For example, scale analysis can be applied to estimate the effectiveness of convective missing on the dilution of contaminants in groundwater. Scale analysis involves substituting simple quotients for partial derivatives and identifying and equating the dominant terms in an order-of-magnitude sense. For free convection due to sidewall heating of saturated porous media, scale analysis shows that vertical convective velocity in the thermal boundary layer region is proportional to the Rayleigh number, horizontal convective velocity is proportional to the square root of the Rayleigh number, and thermal boundary layer thickness is proportional to the inverse square root of the Rayleigh number. These scale analysis estimates are corroborated by numerical simulations of an idealized system. A scale analysis estimate of mixing time for a tracer mixing by hydrodynamic dispersion in a convection cell also agrees well with numerical simulation for two different Rayleigh numbers. Scale analysis for the heating-from-below scenario produces estimates of maximum velocity one-half as large as the sidewall case. At small values of the Rayleigh number, this estimate is confirmed by numerical simulation. For larger Rayleigh numbers, simulation results suggest maximum velocities are similar to the sidewall heating scenario. In general, agreement between scale analysis estimates and numerical simulation results serves to validate the method of scale analysis. Application is to radioactive repositories

  6. Process simulation and uncertainty analysis of plasma arc mixed waste treatment

    Ferrada, J.J.; Welch, T.D.


    Innovative mixed waste treatment subsystems have been analyzed for performance, risk, and life-cycle cost as part of the U.S. Department of Energy's (DOE)'s Mixed Waste Integrated Program (MWIP) treatment alternatives development and evaluation process. This paper concerns the analysis of mixed waste treatment system performance. Performance systems analysis includes approximate material and energy balances and assessments of operability, effectiveness, and reliability. Preliminary material and energy balances of innovative processes have been analyzed using FLOW, an object-oriented, process simulator for waste management systems under development at Oak Ridge National Laboratory. The preliminary models developed for FLOW provide rough order-of-magnitude calculations useful for sensitivity analysis. The insight gained from early modeling of these technologies approximately will ease the transition to more sophisticated simulators as adequate performance and property data become available. Such models are being developed in ASPEN by DOE's Mixed Waste Treatment Project (MWTP) for baseline and alternative flow sheets based on commercial technologies. One alternative to the baseline developed by the MWIP support groups in plasma arc treatment. This process offers a noticeable reduction in the number of process operations as compared to the baseline process because a plasma arc melter is capable of accepting a wide variety of waste streams as direct inputs (without sorting or preprocessing). This innovative process for treating mixed waste replaces several units from the baseline process and, thus, promises an economic advantage. The performance in the plasma arc furnace will directly affect the quality of the waste form and the requirements of the off-gas treatment units. The ultimate objective of MWIP is to reduce the amount of final waste produced, the cost, and the environmental impact

  7. DLA Forward Stocking

    Flory, John


    .... 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...


    Zoran Ivanovski


    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.

  9. Multifractal structures for the Russian stock market

    Ikeda, Taro


    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.

  10. US Department of Energy Mixed Waste Integrated Program performance systems analysis

    Ferrada, J.J.; Berry, J.B.


    The primary goal of this project is to support decision making for the U.S. Department of Energy (DOE)/EM-50 Mixed Waste Integrated Program (MWIP) and the Mixed Low-Level Waste Program. A systems approach to the assessment of enhanced waste form(s) production will be employed including, coordination and configuration management of activities in specific technology development tasks. The purpose of this paper is to describe the development and application of a methodology for implementing a performance systems analysis on mixed waste treatment process technologies. The second section describes a conventional approach to process systems analysis followed by a methodology to estimate uncertainties when analyzing innovative technologies. Principles from these methodologies have been used to develop a performance systems analysis for MWIP. The third section describes the systems analysis tools. The fourth section explains how the performance systems analysis will be used to analyze MWIP process alternatives. The fifth and sixth sections summarize this paper and describe future work for this project. Baseline treatment process technologies (i.e., commercially available technologies) and waste management strategies are evaluated systematically using the ASPEN PLUS program applications developed by the DOE Mixed Waste Treatment Project (MWTP). Alternatives to the baseline (i.e., technologies developed by DOE's Office of Technology Development) are analyzed using FLOW, a user-friendly program developed at Oak Ridge National Laboratory (ORNL). Currently, this program is capable of calculating rough order-of-magnitude mass and energy balances to assess the performance of the alternative technologies as compared to the baseline process. In the future, FLOW will be capable of communicating information to the ASPEN PLUS program

  11. Visualizing the flow of evidence in network meta-analysis and characterizing mixed treatment comparisons.

    König, Jochem; Krahn, Ulrike; Binder, Harald


    Network meta-analysis techniques allow for pooling evidence from different studies with only partially overlapping designs for getting a broader basis for decision support. The results are network-based effect estimates that take indirect evidence into account for all pairs of treatments. The results critically depend on homogeneity and consistency assumptions, which are sometimes difficult to investigate. To support such evaluation, we propose a display of the flow of evidence and introduce new measures that characterize the structure of a mixed treatment comparison. Specifically, a linear fixed effects model for network meta-analysis is considered, where the network estimates for two treatments are linear combinations of direct effect estimates comparing these or other treatments. The linear coefficients can be seen as the generalization of weights known from classical meta-analysis. We summarize properties of these coefficients and display them as a weighted directed acyclic graph, representing the flow of evidence. Furthermore, measures are introduced that quantify the direct evidence proportion, the mean path length, and the minimal parallelism of mixed treatment comparisons. The graphical display and the measures are illustrated for two published network meta-analyses. In these applications, the proposed methods are seen to render transparent the process of data pooling in mixed treatment comparisons. They can be expected to be more generally useful for guiding and facilitating the validity assessment in network meta-analysis. Copyright © 2013 John Wiley & Sons, Ltd.

  12. Incorporating technology buying behaviour into UK-based long term domestic stock energy models to provide improved policy analysis

    Lee, Timothy; Yao, Runming


    The UK has a target for an 80% reduction in CO 2 emissions by 2050 from a 1990 base. Domestic energy use accounts for around 30% of total emissions. This paper presents a comprehensive review of existing models and modelling techniques and indicates how they might be improved by considering individual buying behaviour. Macro (top-down) and micro (bottom-up) models have been reviewed and analysed. It is found that bottom-up models can project technology diffusion due to their higher resolution. The weakness of existing bottom-up models at capturing individual green technology buying behaviour has been identified. Consequently, Markov chains, neural networks and agent-based modelling are proposed as possible methods to incorporate buying behaviour within a domestic energy forecast model. Among the three methods, agent-based models are found to be the most promising, although a successful agent approach requires large amounts of input data. A prototype agent-based model has been developed and tested, which demonstrates the feasibility of an agent approach. This model shows that an agent-based approach is promising as a means to predict the effectiveness of various policy measures. - Highlights: ► Long term energy models are reviewed with a focus on UK domestic stock models. ► Existing models are found weak in modelling green technology buying behaviour. ► Agent models, Markov chains and neural networks are considered as solutions. ► Agent-based modelling (ABM) is found to be the most promising approach. ► A prototype ABM is developed and testing indicates a lot of potential.

  13. Stocking impact and temporal stability of genetic composition in a brackish northern pike population ( Esox lucius L.), assessed using microsatellite DNA analysis of historical and contemporary samples

    Larsen, Peter Foged; Hansen, Michael Møller; Eg Nielsen, Einar


    During the last decade, brackish northern pike populations in Denmark have been subject to stocking programmes, using nonindigenous pike from freshwater lakes, in order to compensate for drastic population declines. The present study was designed to investigate the genetic impact of stocking fres...

  14. Trading network predicts stock price.

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


    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. Performance analysis of a mixed nitride fuel system for an advanced liquid metal reactor

    Lyon, W.F.; Baker, R.B.; Leggett, R.D.


    In this paper, the conceptual development and analysis of a proposed mixed nitride driver and blanket fuel system for a prototypic advanced liquid metal reactor design is performed. As a first step, an intensive literature survey is completed on the development and testing of nitride fuel systems. Based on the results of this survey, prototypic mixed nitride fuel and blanket pins is designed and analyzed using the SIEX computer code. The analysis predicts that the nitride fuel consistently operated at peak temperatures and cladding strain levels that compared quite favorably with competing fuel designs. These results, along with data available in the literature on nitride fuel performance, indicate that a nitride fuel system should offer enhanced capabilities for advanced liquid metal reactors

  16. Semiparametric mixed-effects analysis of PK/PD models using differential equations.

    Wang, Yi; Eskridge, Kent M; Zhang, Shunpu


    Motivated by the use of semiparametric nonlinear mixed-effects modeling on longitudinal data, we develop a new semiparametric modeling approach to address potential structural model misspecification for population pharmacokinetic/pharmacodynamic (PK/PD) analysis. Specifically, we use a set of ordinary differential equations (ODEs) with form dx/dt = A(t)x + B(t) where B(t) is a nonparametric function that is estimated using penalized splines. The inclusion of a nonparametric function in the ODEs makes identification of structural model misspecification feasible by quantifying the model uncertainty and provides flexibility for accommodating possible structural model deficiencies. The resulting model will be implemented in a nonlinear mixed-effects modeling setup for population analysis. We illustrate the method with an application to cefamandole data and evaluate its performance through simulations.

  17. Performance analysis of a mixed nitride fuel system for an advanced liquid metal reactor

    Lyon, W.F.; Baker, R.B.; Leggett, R.D.


    The conceptual development and analysis of a proposed mixed nitride driver and blanket fuel system for a prototypic advanced liquid metal reactor design has been performed. As a first step, an intensive literature survey was completed on the development and testing of nitride fuel systems. Based on the results of this survey, prototypic mixed nitride fuel and blanket pins were designed and analyzed using the SIEX computer code. The analysis predicted that the nitride fuel consistently operated at peak temperatures and cladding strain levels that compared quite favorably with competing fuel designs. These results, along with data available in the literature on nitride fuel performance, indicate that a nitride fuel system should offer enhanced capabilities for advanced liquid metal reactors. 13 refs., 10 figs., 2 tabs

  18. The Multilevel Mixed Intact Group Analysis: A Mixed Method to Seek, Detect, Describe, and Explain Differences Among Intact Groups

    Schoonenboom, Judith


    Educational innovations often involve intact subgroups, such as school classes or university departments. In small-scale educational evaluation research, typically involving 1 to 20 subgroups, differences among these subgroups are often neglected. This article presents a mixed method from a qualitative perspective, in which differences among…

  19. The Multilevel Mixed Intact Group Analysis: A Mixed Method to Seek, Detect, Describe and Explain Differences Between Intact Groups

    Schoonenboom, J.I.


    Educational innovations often involve intact subgroups, such as school classes or university departments. In small-scale educational evaluation research, typically involving 1 to 20 subgroups, differences among these subgroups are often neglected. This article presents a mixed method from a

  20. Change Best: Task 2.3. Analysis of policy mix and development of Energy Efficiency Services

    Boonekamp, P.; Vethman, P.


    The aim of the Change Best project is to promote the development of an energy efficiency service (EES) market and to give good practice examples of changes in energy service business, strategies, and supportive policies and measures in the course of the implementation of Directive 2006/32/EC on Energy End-Use Efficiency and Energy Services. This report addresses task 2.3: Analysis of policy mix and development of Energy Efficiency Services.

  1. Functional Group Analysis for Diesel-like Mixing-Controlled Compression Ignition Combustion Blendstocks

    Gaspar, Daniel J.; McCormick, Robert L.; Polikarpov, Evgueni; Fioroni, Gina; George, Anthe; Albrecht, Karl O.


    This report addresses the suitability of hydrocarbon and oxygenate functional groups for use as a diesel-like fuel blending component in an advanced, mixing-controlled, compression ignition combustion engine. The functional groups are chosen from those that could be derived from a biomass feedstock, and represent a full range of chemistries. This first systematic analysis of functional groups will be of value to all who are pursuing new bio-blendstocks for diesel-like fuels.

  2. Signal Based Mixing Analysis for the magnetohydrodynamic mode reconstruction from homodyne microwave reflectometry

    Ejiri, Akira; Sakakibara, Satoru; Kawahata, Kazuo.


    A new method 'Signal Based Mixing Analysis', to extract the components which are coherent to a certain reference signal from a noisy signal, has been developed. The method is applied to homodyne microwave reflectometry to reconstruct the radial structure of a magnetohydrodynamic (MHD) mode in heliotron/torsatron Compact Helical System (CHS) [K. Matsuoka et al. Plasma Phys. Control. Nuclear Fusion Research 1988 Vol. 2, IAEA, Vienna 411 (1989)]. In CHS plasmas, MHD fluctuations measured with magnetic probes show bursts, in which the amplitude and frequency quasi-periodically vary. The signal based mixing analysis uses a set of functions which have the same amplitude and the harmonic frequency as those of the magnetic fluctuations. The product (mixing) of the signal of reflectometer and the functions yields the amplitude and phase of the coherent components. When the plasma density gradually increases, the measuring position moves radially outward. Thus, the radial structure of MHD modes can be obtained by this method. The analysis indicates several peaks and nodes inside the resonance surface of the MHD mode. In addition, the structure does not propagate radially during a burst. (author)

  3. Analysis of subgrid scale mixing using a hybrid LES-Monte-Carlo PDF method

    Olbricht, C.; Hahn, F.; Sadiki, A.; Janicka, J.


    This contribution introduces a hybrid LES-Monte-Carlo method for a coupled solution of the flow and the multi-dimensional scalar joint pdf in two complex mixing devices. For this purpose an Eulerian Monte-Carlo method is used. First, a complex mixing device (jet-in-crossflow, JIC) is presented in which the stochastic convergence and the coherency between the scalar field solution obtained via finite-volume methods and that from the stochastic solution of the pdf for the hybrid method are evaluated. Results are compared to experimental data. Secondly, an extensive investigation of the micromixing on the basis of assumed shape and transported SGS-pdfs in a configuration with practical relevance is carried out. This consists of a mixing chamber with two opposite rows of jets penetrating a crossflow (multi-jet-in-crossflow, MJIC). Some numerical results are compared to available experimental data and to RANS based results. It turns out that the hybrid LES-Monte-Carlo method could achieve a detailed analysis of the mixing at the subgrid level

  4. Flow analysis for efficient design of wavy structured microchannel mixing devices

    Kanchan, Mithun; Maniyeri, Ranjith


    Microfluidics is a rapidly growing field of applied research which is strongly driven by demands of bio-technology and medical innovation. Lab-on-chip (LOC) is one such application which deals with integrating bio-laboratory on micro-channel based single fluidic chip. Since fluid flow in such devices is restricted to laminar regime, designing an efficient passive modulator to induce chaotic mixing for such diffusion based flow is a major challenge. In the present work two-dimensional numerical simulation of viscous incompressible flow is carried out using immersed boundary method (IBM) to obtain an efficient design for wavy structured micro-channel mixing devices. The continuity and Navier-Stokes equations governing the flow are solved by fractional step based finite volume method on a staggered Cartesian grid system. IBM uses Eulerian co-ordinates to describe fluid flow and Lagrangian co-ordinates to describe solid boundary. Dirac delta function is used to couple both these co-ordinate variables. A tether forcing term is used to impose the no-slip boundary condition on the wavy structure and fluid interface. Fluid flow analysis by varying Reynolds number is carried out for four wavy structure models and one straight line model. By analyzing fluid accumulation zones and flow velocities, it can be concluded that straight line structure performs better mixing for low Reynolds number and Model 2 for higher Reynolds number. Thus wavy structures can be incorporated in micro-channels to improve mixing efficiency.

  5. Two-colour chewing gum mixing ability: digitalisation and spatial heterogeneity analysis.

    Weijenberg, R A F; Scherder, E J A; Visscher, C M; Gorissen, T; Yoshida, E; Lobbezoo, F


    Many techniques are available to assess masticatory performance, but not all are appropriate for every population. A proxy suitable for elderly persons suffering from dementia was lacking, and a two-colour chewing gum mixing ability test was investigated for this purpose. A fully automated digital analysis algorithm was applied to a mixing ability test using two-coloured gum samples in a stepwise increased number of chewing cycles protocol (Experiment 1: n = 14; seven men, 19-63 years), a test-retest assessment (Experiment 2: n = 10; four men, 20-49 years) and compared to an established wax cubes mixing ability test (Experiment 3: n = 13; 0 men, 21-31 years). Data were analysed with repeated measures anova (Experiment 1), the calculation of the intraclass correlation coefficient (ICC; Experiment 2) and Spearman's rho correlation coefficient (Experiment 3). The method was sensitive to increasing numbers of chewing cycles (F5,65 = 57·270, P = 0·000) and reliable in the test-retest (ICC value of 0·714, P = 0·004). There was no significant correlation between the two-coloured gum test and the wax cubes test. The two-coloured gum mixing ability test was able to adequately assess masticatory function and is recommended for use in a population of elderly persons with dementia. © 2013 John Wiley & Sons Ltd.

  6. The Influence of Adaptation and Standardization of the Marketing Mix on Performance: a Meta-Analysis

    Vinícius Andrade Brei


    Full Text Available This article analyzes the relationship between strategies of standardization and adaptation of the marketing mix and performance in an international context. We carried out a meta-analysis on a sample of 23 studies published between 1992 and 2010. The sample was analyzed based on measures of the effect size (ES – or the strength of the relation (Wolf, 1986 – between standardization/adaptation and performance. The results suggest the existence of a medium strength (ES ranging from .133 to .209 for the relationship considered. The results support the existence of a positive impact of both marketing mix adaptation and standardization on performance. However, our results suggest that companies should slightly emphasize the marketing mix adaptation (ES mean = .168 instead of standardizing it (ES mean = .134 when entering in a new international market. Results also indicate that, among the adaptation choices, price (ES = .209 should be the first element of the marketing mix to be adapted, followed by promotion (ES = .155, product (ES = .154, and distribution (ES = .141. Finally, we suggest some new research paths, such as the use of quantitative methods to compare degrees of adaptation to be applied to different segments, regions, and sectors, among other suggestions.

  7. The clinical behavior of mixed ductal/lobular carcinoma of the breast: a clinicopathologic analysis

    Dunnington Gary


    Full Text Available Abstract Background To date, the clinical presentation and prognosis of mixed ductal/lobular mammary carcinomas has not been well studied, and little is known about the outcome of this entity. Thus, best management practices remain undetermined due to a dearth of knowledge on this topic. Methods In this paper, we present a clinicopathologic analysis of patients at our institution with this entity and compare them to age-matched controls with purely invasive ductal carcinoma (IDC and historical data from patients with purely lobular carcinoma and also stain-available tumor specimens for E-cadherin. We have obtained 100 cases of ductal and 50 cases of mixed ductal/lobular breast carcinoma. Results Clinically, the behavior of mixed ductal/lobular tumors seemed to demonstrate some important differences from their ductal counterparts, particularly a lower rate of metastatic spread but with a much higher rate of second primary breast cancers. Conclusions Our data suggests that mixed ductal/lobular carcinomas are a distinct clinicopathologic entity incorporating some features of both lobular and ductal carcinomas and representing a pleomorphic variant of IDC.

  8. Mixed Finite Element Simulation with Stability Analysis for Gas Transport in Low-Permeability Reservoirs

    Mohamed F. El-Amin


    Full Text Available Natural gas exists in considerable quantities in tight reservoirs. Tight formations are rocks with very tiny or poorly connected pors that make flow through them very difficult, i.e., the permeability is very low. The mixed finite element method (MFEM, which is locally conservative, is suitable to simulate the flow in porous media. This paper is devoted to developing a mixed finite element (MFE technique to simulate the gas transport in low permeability reservoirs. The mathematical model, which describes gas transport in low permeability formations, contains slippage effect, as well as adsorption and diffusion mechanisms. The apparent permeability is employed to represent the slippage effect in low-permeability formations. The gas adsorption on the pore surface has been described by Langmuir isotherm model, while the Peng-Robinson equation of state is used in the thermodynamic calculations. Important compatibility conditions must hold to guarantee the stability of the mixed method by adding additional constraints to the numerical discretization. The stability conditions of the MFE scheme has been provided. A theorem and three lemmas on the stability analysis of the mixed finite element method (MFEM have been established and proven. A semi-implicit scheme is developed to solve the governing equations. Numerical experiments are carried out under various values of the physical parameters.

  9. Genetic diversity and stock identification of small abalone (Haliotis diversicolor) in Taiwan and Japan.

    Hsu, Te-Hua; Gwo, Jin-Chywan


    Small abalone (Haliotis diversicolor) is a commercially valuable species for both fisheries and aquaculture. The production of annual farmed small abalone in Taiwan, once the highest in the world, has dramatically decreased in the past 15 years, and currently, the industry is close to collapse. Understanding the genetic diversity of small abalone and developing stock identification methods will be useful for genetic breeding, restoring collapsed stocks, managing stocks, and preventing illegal trade. We investigated 307 cultured and wild individuals from Taiwan, Japan, and Bali Island (Indonesia) by using the mitochondrial cytochrome c oxidase subunit I (COI) gene. Network analysis of mtDNA COI gene sequences revealed that the individuals collected from Taiwan, Japan, and Indonesia could be identified, and showed significant genetic divergence. In addition, the Indonesian population (Haliotis diversicolor squamata) was significantly different from the other populations and might need to be considered a separate species. We discovered a single nucleotide polymorphism marker in the mtDNA COI gene that can be used to distinguish the Taiwan population from the Japan population. We also developed a polymerase chain reaction-restriction fragment length polymorphism method for rapid detection. Furthermore, we could identify the cultured stocks, wild population, and hybrid stocks by using 6 microsatellites and amplified fragment length polymorphism. This study contributes useful tools for stock identification and the production of high-disease resistant small abalone strains (Japan × Taiwan or Taiwan × Japan). Efforts should be made to avoid unintentional random genetic mixing of the Taiwan population with the Japan population and subsequent breakdown of population differentiation, which impair local adaptation of the Taiwan wild population. Molecular markers revealed a split between the Taiwan and Japan populations, and the existence of a possible barrier to the free

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

    Herault, L.; Privault, C.


    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.)

  11. Global stock market in 1990-s

    Moshenskyi S.Z.


    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.

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

    Lili Li


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

  13. Linkage between company scores and stock returns

    Saban Celik


    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.

  14. Fluctuations in a mixed IS-LM business cycle model

    Hamad Talibi Alaoui


    Full Text Available In the present paper, we extend a delayed IS-LM business cycle model by introducing an additional advance (anticipated capital stock in the investment function. The resulting model is represented in terms of mixed differential equations. For the deviating argument $au$ (advance and delay being a bifurcation parameter we investigate the local stability and the local Hopf bifurcation. Also some numerical simulations are given to support the theoretical analysis.


    Isyana Rahayu


    Full Text Available Kawah Putih is one of the leading tourist places in Bandung which has significantly contributed to the revenue of travel business division in the Forestry Housing as the manager. The revenue obtained depends on the marketing mix strategy conducted by the management because the marketing mix is the elements which become a consideration basis when making marketing communication strategy services in order to understand the demands of tourists. Therefore, the objectives of this study were to obtain and understand information and analyze the visitors’ responses on the natural tourism area related to the marketing mix that has been implemented by the management. The dependent variables included the elements of marketing mix, that involves 7P – product, price, place, promotion, people, procees and physical evidence, while the independent variable included the visitors’ decision. From the validity and tests, it is revealed that the overall regression model bring effects or at least there is one variable of the marketing mix factors that influences the decision of the visitors. From the data analysis, it is found that the process variables and physical appearance do not significantly affect the decision of the visitors. The other variables. that involve variables of product, price, place, promotion, and human have significantly influence the visitors’ decision.Keywords: Marketing mix, Kawah Putih, decision of visitors, touristsABSTRAKKawah Putih merupakan salah satu wisata unggulan Kota Bandung dan telah berkontribusi cukup signifikan untuk pendapatan divisi bisnis wisata Perum Perhutani. Pendapatan yang diperoleh tergantung dari strategi bauran pemasaran yang dilakukan oleh pengelola karena pada bauran pemasaran terdapat unsur atau elemen yang menjadi dasar pertimbangan pembuatan strategi komunikasi pemasaran jasa dalam rangka untuk memahami tuntutan dari wisatawan. Tujuan penelitian ini adalah memperoleh informasi, memahami dan menganalisis

  16. Regression analysis of mixed recurrent-event and panel-count data.

    Zhu, Liang; Tong, Xinwei; Sun, Jianguo; Chen, Manhua; Srivastava, Deo Kumar; Leisenring, Wendy; Robison, Leslie L


    In event history studies concerning recurrent events, two types of data have been extensively discussed. One is recurrent-event data (Cook and Lawless, 2007. The Analysis of Recurrent Event Data. New York: Springer), and the other is panel-count data (Zhao and others, 2010. Nonparametric inference based on panel-count data. Test 20: , 1-42). In the former case, all study subjects are monitored continuously; thus, complete information is available for the underlying recurrent-event processes of interest. In the latter case, study subjects are monitored periodically; thus, only incomplete information is available for the processes of interest. In reality, however, a third type of data could occur in which some study subjects are monitored continuously, but others are monitored periodically. When this occurs, we have mixed recurrent-event and panel-count data. This paper discusses regression analysis of such mixed data and presents two estimation procedures for the problem. One is a maximum likelihood estimation procedure, and the other is an estimating equation procedure. The asymptotic properties of both resulting estimators of regression parameters are established. Also, the methods are applied to a set of mixed recurrent-event and panel-count data that arose from a Childhood Cancer Survivor Study and motivated this investigation. © The Author 2014. Published by Oxford University Press. All rights reserved. For permissions, please e-mail:

  17. Analysis of operating costs a Low-Level Mixed Waste Incineration Facility

    Loghry, S.L.; Salmon, R.; Hermes, W.H.


    By definition, mixed wastes contain both chemically hazardous and radioactive components. These components make the treatment and disposal of mixed wastes expensive and highly complex issues because the different regulations which pertain to the two classes of contaminants frequently conflict. One method to dispose of low-level mixed wastes (LLMWs) is by incineration, which volatizes and destroys the organic (and other) hazardous contaminants and also greatly reduces the waste volume. The US Department of Energy currently incinerates liquid LLMW in its Toxic Substances Control Act (TSCA) Incinerator, located at the K-25 Site in Oak Ridge, Tennessee. This incinerator has been fully permitted since 1991 and to date has treated approximately 7 x 10 6 kg of liquid LLMW. This paper presents an analysis of the budgeted operating costs by category (e.g., maintenance, plant operations, sampling and analysis, and utilities) for fiscal year 1994 based on actual operating experience (i.e., a ''bottoms-up'' budget). These costs provide benchmarking guidelines which could be used in comparing incinerator operating costs with those of other technologies designed to dispose of liquid LLMW. A discussion of the current upgrade status and future activities are included in this paper. Capital costs are not addressed

  18. Is Pakistani Equity Market Integrated to the Equity Markets of Group of Eight (G8 Countries? An Empirical Analysis of Karachi Stock Exchange

    Syed Muhammad Aamir Shah


    Full Text Available This study looks at the dynamic relationship between the Pakistani equity market and equity markets of Group of Eight countries (G8 which includes Canada, France, Germany, Italy, Japan, Russia, UK and USA by using weekly time series data starting from June 2004 to May 2009. Multivariate Co-integration approach by Johnson and Julius (1990 shows there exists no long-term relationship between the G8 and Pakistani equity market. Vector error correction (VECM model suggests that 100% of the lag periods disequilibrium has been corrected in the current period. Pairwise Granger Causality test shows that there exist a unidirectional causality between the equity market of Pakistan and the markets of France, Germany, Italy, Japan and United Kingdom. Impulse response analysis and variance decomposition analysis reveal that most of the shocks in Pakistani equity market are due to its own innovation and behave like exogenous. However, the markets of France, Japan, Germany and United Kingdom are exerting a little pressure on Pakistani equity markets. Therefore, by investing in Karachi Stock Exchange (KSE the fund manager of G8 countries especially Canada, Italy, Russia and USA is capable of getting the advantage of portfolio diversification.

  19. Thermal stress analysis for fatigue damage evaluation at a mixing tee

    Kamaya, Masayuki; Nakamura, Akira


    Highlights: → Thermal stress and fatigue damage have been analyzed for a mixing tee. → Fatigue damage was accumulated near boundaries of the cold spot. → It was found that fatigue damage was brought about by fluctuation of cold spot. → Simple one-dimensional analysis could derive stress for fatigue evaluation. - Abstract: Fatigue cracks have been found at mixing tees where fluids of different temperature flow in. In this study, the thermal stress at a mixing tee was calculated by the finite element method using temperature transients obtained by a fluid dynamics simulation. The simulation target was an experiment for a mixing tee, in which cold water flowed into the main pipe from a branch pipe. The cold water flowed along the main pipe wall and caused a cold spot, at which the membrane stress was relatively large. Based on the evaluated thermal stress, the magnitude of the fatigue damage was assessed according to the linear damage accumulation rule and the rain-flow procedure. Precise distributions of the thermal stress and fatigue damage could be identified. Relatively large axial stress occurred downstream from the branch pipe due to the cold spot. The variation ranges of thermal stress and fatigue damage became large near the position 20 o from the symmetry line in the circumferential direction. The position of the cold spot changed slowly in the circumferential direction, and this was the main cause of the fatigue damage. The fatigue damage was investigated for various differences in the temperature between the main and branch pipes. Since the magnitude of accumulated damage increased abruptly when the temperature difference exceeded the value corresponding to the fatigue limit, it was suggested that the stress amplitude should be suppressed less than the fatigue limit. In the thermal stress analysis for fatigue damage assessment, it was found that the detailed three-dimensional structural analysis was not required. Namely, for the current case, a one

  20. Development of mixed-waste analysis capability for graphite furnace atomic absorption spectrophotometry

    Bass, D.A.; TenKate, L.B.; Wroblewski, A.


    Graphite furnace atomic absorption spectrophotometer (GFAAS) are typically configured with ventilation to capture potentially toxic and corrosive gases emitted from the vaporization of sample aliquots. When radioactive elements are present, additional concerns (such as meeting safety guidelines and ALARA principles) must be addressed. This report describes a modification to a GFAAS that provides additional containment of vaporized sample aliquots. The modification was found to increase containment by a factor of 80, given expected operating conditions. The use of the modification allows more mixed-waste samples to be analyzed, permits higher levels of radioactive samples to be analyzed, or exposes the analyst to less airborne radioactivity. The containment apparatus was attached to a Perkin-Elmer Zeeman 5000 spectrophotometer for analysis of mixed-waste samples; however, it could also be used on other systems and in other applications where greater containment of vaporized material is desired

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

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


    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.

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

    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.

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

    Liu, Zhixin; Zhao, Jichang; Su, Chiwei


    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

  4. Collaboration in sensor network research: an in-depth longitudinal analysis of assortative mixing patterns.

    Pepe, Alberto; Rodriguez, Marko A


    Many investigations of scientific collaboration are based on statistical analyses of large networks constructed from bibliographic repositories. These investigations often rely on a wealth of bibliographic data, but very little or no other information about the individuals in the network, and thus, fail to illustrate the broader social and academic landscape in which collaboration takes place. In this article, we perform an in-depth longitudinal analysis of a relatively small network of scientific collaboration (N = 291) constructed from the bibliographic record of a research centerin the development and application of wireless and sensor network technologies. We perform a preliminary analysis of selected structural properties of the network, computing its range, configuration and topology. We then support our preliminary statistical analysis with an in-depth temporal investigation of the assortative mixing of selected node characteristics, unveiling the researchers' propensity to collaborate preferentially with others with a similar academic profile. Our qualitative analysis of mixing patterns offers clues as to the nature of the scientific community being modeled in relation to its organizational, disciplinary, institutional, and international arrangements of collaboration.

  5. An in-depth longitudinal analysis of mixing patterns in a small scientific collaboration network

    Rodriguez, Marko A [Los Alamos National Laboratory; Pepe, Alberto [UCLA


    Many investigations of scientific collaboration are based on large-scale statistical analyses of networks constructed from bibliographic repositories. These investigations often rely on a wealth of bibliographic data, but very little or no other information about the individuals in the network, and thus, fail to illustate the broader social and academic landscape in which collaboration takes place. In this article, we perform an in-depth longitudinal analysis of a small-scale network of scientific collaboration (N = 291) constructed from the bibliographic record of a research center involved in the development and application of sensor network technologies. We perform a preliminary analysis of selected structural properties of the network, computing its range, configuration and topology. We then support our preliminary statistical analysis with an in-depth temporal investigation of the assortativity mixing of these node characteristics: academic department, affiliation, position, and country of origin of the individuals in the network. Our qualitative analysis of mixing patterns offers clues as to the nature of the scientific community being modeled in relation to its organizational, disciplinary, institutional, and international arrangements of collaboration.

  6. Research on the fractal structure in the Chinese stock market

    Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li


    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.




    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.

  8. Comparison of two non-radiographic techniques of mixed dentition space analysis and evaluation of their reliability for Bengali population.

    Dasgupta, Barun; Zahir, Shabnam


    Mixed dentition arch analysis system is an important criterion in determining the type of orthodontic treatment plan. Different mixed dentition arch analysis system are available and among them both Moyer's and Tanaka-Jhonson method of space analysis was developed for North American children. Anthropological study reveals that tooth size varies among different ethnicities The present study was performed to determine the reliability of Moyer's and Tanaka-Jhonson's method of mixed dentition arch analysis system among Bengali population. To perform the comparative evaluation of the two mixed dentition space analysis system among Bengali population. Dental casts of maxillary and mandibular arches of 70 Bengali children with permanent dentitions were fabricated. The mesiodistal crown dimensions of all erupted permanent incisors, canines, and premolars were measured with digital callipers. For particular sum of mandibular incisors, Moyer's and Tanaka-Jhonson's mixed dentition arch analysis were calculated and further statistical analysis was carried on. Descriptive statistics including the mean, standard deviation, and minimum and maximum values, unpaired't' tests, correlation coefficient "r" were calculated and tabulated. Tanaka and Johnston regression equations under-estimated the mesiodistal widths of permanent canines and premolars. On the other hand, there were no statistically significant differences between actual mesiodistal widths of canines and premolars and the predicted widths from Moyers charts at the 50% level for the lower and upper arches, among Bengali population. The study suggested that both Moyer's and Tanaka-Jhonson's mixed dentition arch analysis are applicable in Bengali population but with little modification in their regression equation.

  9. Random matrix theory and portfolio optimization in Moroccan stock exchange

    El Alaoui, Marwane


    In this work, we use random matrix theory to analyze eigenvalues and see if there is a presence of pertinent information by using Marčenko-Pastur distribution. Thus, we study cross-correlation among stocks of Casablanca Stock Exchange. Moreover, we clean correlation matrix from noisy elements to see if the gap between predicted risk and realized risk would be reduced. We also analyze eigenvectors components distributions and their degree of deviations by computing the inverse participation ratio. This analysis is a way to understand the correlation structure among stocks of Casablanca Stock Exchange portfolio.

  10. The Warsaw Stock Exchange: A Test of Market Efficiency

    Barry Gordon; Libby Rittenberg


    This paper analyzes the behavior of the Warsaw Stock Exchange in light of the efficient market hypothesis (EMH) and alternative models of market inefficiency. Following a brief history of the Warsaw Stock Exchange and a discussion of EMH and the Shiller (1991) critique, the Polish stock market is examined in terms of the extent to which the assumptions of EMH are met and in terms of the actual behavior of stock prices for the period of 1 June 1993 to 27 July 1994. The analysis suggests that E...

  11. Image analysis of food particles can discriminate deficient mastication of mixed foodstuffs simulating daily meal.

    Sugimoto, K; Hashimoto, Y; Fukuike, C; Kodama, N; Minagi, S


    Because food texture is regarded as an important factor for smooth deglutition, identification of objective parameters that could provide a basis for food texture selection for elderly or dysphagic patients is of great importance. We aimed to develop an objective evaluation method of mastication using a mixed test food comprising foodstuffs, simulating daily dietary life. The particle size distribution (>2 mm in diameter) in a bolus was analysed using a digital image under dark-field illumination. Ten female participants (mean age ± s.d., 27·6 ± 2·6 years) masticated a mixed test food comprising prescribed amounts of rice, sausage, hard omelette, raw cabbage and raw cucumber with 100%, 75%, 50% and 25% of the number of their masticatory strokes. A single set of coefficient thresholds of 0·10 for the homogeneity index and 1·62 for the particle size index showed excellent discrimination of deficient masticatory conditions with high sensitivity (0·90) and specificity (0·77). Based on the results of this study, normal mastication was discriminated from deficient masticatory conditions using a large particle analysis of mixed foodstuffs, thus showing the possibility of future application of this method for objective decision-making regarding the properties of meals served to dysphagic patients. © 2014 John Wiley & Sons Ltd.

  12. CFD Analysis of a Slug Mixing Experiment Conducted on a VVER-1000 Model

    F. Moretti


    Full Text Available A commercial CFD code was applied, for validation purposes, to the simulation of a slug mixing experiment carried out at OKB “Gidropress” scaled facility in the framework of EC TACIS project R2.02/02: “Development of safety analysis capabilities for VVER-1000 transients involving spatial variations of coolant properties (temperature or boron concentration at core inlet.” Such experimental model reproduces a VVER-1000 nuclear reactor and is aimed at investigating the in-vessel mixing phenomena. The addressed experiment involves the start-up of one of the four reactor coolant pumps (the other three remaining idle, and the presence of a tracer slug on the starting loop, which is thus transported to the reactor pressure vessel where it mixes with the clear water. Such conditions may occur in a boron dilution scenario, hence the relevance of the addressed phenomena for nuclear reactor safety. Both a pretest and a posttest CFD simulations of the mentioned experiment were performed, which differ in the definition of the boundary conditions (based either on nominal quantities or on measured quantities, resp.. The numerical results are qualitatively and quantitatively analyzed and compared against the measured data in terms of space and time tracer distribution at the core inlet. The improvement of the results due to the optimization of the boundary conditions is evidenced, and a quantification of the simulation accuracy is proposed.

  13. Constitutive correlations for wire-wrapped subchannel analysis under forced and mixed convection conditions. Part 1

    Cheng, S.K.; Todreas, N.E.


    A simple subchannel analysis method based on the ENERGY series of codes, ENERGY-IV, has been established for predicting the temperature field in a single isolated wire-wrapped Liquid Metal Fast Breeder Reactor (LMFBR) subassembly under steady state forced and mixed convection conditions. The ENERGY-IV is a totally empirical code employed for fast running purposes and requires well calibrated lead length averaged input parameters to achieve satisfactory predictions. These input parameters were identified to be the inlet flow split parameters, the subchannel friction factors, the interchannel mixing parameters, the conduction shape factor, and the transverse velocity at the edge gap. Experiments were performed in a 37-pin wire-wrapped rod bundle with a geometry between that of a typical LMFBR fuel subassembly and blanket subassembly for filling the gap in the available data base for the input parameters. The isokinetic extraction method for measuring subchannel velocity, the pitot-static probe for measuring pressure drop, and the salt tracer injection method for estimating the interchannel mixing, were used in these experiments

  14. A mixed-effects model approach for the statistical analysis of vocal fold viscoelastic shear properties.

    Xu, Chet C; Chan, Roger W; Sun, Han; Zhan, Xiaowei


    A mixed-effects model approach was introduced in this study for the statistical analysis of rheological data of vocal fold tissues, in order to account for the data correlation caused by multiple measurements of each tissue sample across the test frequency range. Such data correlation had often been overlooked in previous studies in the past decades. The viscoelastic shear properties of the vocal fold lamina propria of two commonly used laryngeal research animal species (i.e. rabbit, porcine) were measured by a linear, controlled-strain simple-shear rheometer. Along with published canine and human rheological data, the vocal fold viscoelastic shear moduli of these animal species were compared to those of human over a frequency range of 1-250Hz using the mixed-effects models. Our results indicated that tissues of the rabbit, canine and porcine vocal fold lamina propria were significantly stiffer and more viscous than those of human. Mixed-effects models were shown to be able to more accurately analyze rheological data generated from repeated measurements. Copyright © 2017 Elsevier Ltd. All rights reserved.

  15. A cytogenetic analysis of 2 cases of phosphaturic mesenchymal tumor of mixed connective tissue type.

    Graham, Rondell P; Hodge, Jennelle C; Folpe, Andrew L; Oliveira, Andre M; Meyer, Kevin J; Jenkins, Robert B; Sim, Franklin H; Sukov, William R


    Phosphaturic mesenchymal tumor of mixed connective tissue type is a rare, histologically distinctive mesenchymal neoplasm associated with tumor-induced osteomalacia resulting from production of the phosphaturic hormone fibroblast growth factor 23. Because of its rarity, specific genetic alterations that contribute to the pathogenesis of these tumors have yet to be elucidated. Herein, we report the abnormal karyotypes from 2 cases of confirmed phosphaturic mesenchymal tumor of mixed connective tissue type. G-banded analysis demonstrated the first tumor to have a karyotype of 46,Y,t(X;3;14)(q13;p25;q21)[15]/46XY[5], and the second tumor to have a karyotype of 46, XY,add(2)(q31),add(4)(q31.1)[2]/92,slx2[3]/46,sl,der(2)t(2;4)(q14.2;p14),der(4)t(2;4)(q14.2;p14),add(4)(q31.1)[10]/46,sdl,add(13)(q34)[4]/92,sdl2x2[1]. These represent what is, to our knowledge, the first examples of abnormal karyotypes obtained from phosphaturic mesenchymal tumor of mixed connective tissue type. Copyright © 2012 Elsevier Inc. All rights reserved.

  16. Group Chemical Changes and Physical Property Correlations in Refining of Lube Base Stocks. Physico-Chemical and Adsorption Chromatography Parameters Corrélations entre les propriétés physiques et les changements de composition chimique au cours du raffinage des huiles de base. Paramètres physico-chimiques et de chromatographie par adsorption

    Singh H.


    Full Text Available Changes in twenty-two lubricating oil base stocks prepared from Darius and Assam Mix Crudes by different types of refining treatment and severity of refining have been investigated. Changes in the viscosity index with progressive refining in base stocks of different viscosity have been studied in relation to physico-chemical properties, structural analysis and saturate contents of the base oils. Correlations between the concentration of saturates, saturate-to-aromatic ratio and VI of the base stocks are reported.

  17. The Financial Indicators’ and Listed Company‘s Stock Price Link Determining the Value

    Rima Tamošiūnienė


    Full Text Available The demand for value determination increased after rising of the Lithuanian economics. The joint-stock company value depends on the stock price and the company’s profit according to the “stock pricing for profit” method. The purpose of this scientific paper is the financial indicators’ and listed company’s stock price link determining the value. The analysis methods are: the research of scientific literature, data analysis, summarizing and graphic visualization. The link between financial indicators and the stock price is determined on the basis of correlation regression analysis. The analysis showed that listed on the stock exchange company’s stocks already have some value as they raise the capital. The research results revealed the stock price’s direct dependence on the fixed asset turnover and the debt-to-asset ratios.

  18. Assessing the feasibility of community health insurance in Uganda: A mixed-methods exploratory analysis.

    Biggeri, M; Nannini, M; Putoto, G


    Community health insurance (CHI) aims to provide financial protection and facilitate health care access among poor rural populations. Given common operational challenges that hamper the full development of the scheme, there is need to undertake systematic feasibility studies. These are scarce in the literature and usually they do not provide a comprehensive analysis of the local context. The present research intends to adopt a mixed-methods approach to assess ex-ante the feasibility of CHI. In particular, eight preconditions are proposed to inform the viability of introducing the micro insurance. A case study located in rural northern Uganda is presented to test the effectiveness of the mixed-methods procedure for the feasibility purpose. A household survey covering 180 households, 8 structured focus group discussions, and 40 key informant interviews were performed between October and December 2016 in order to provide a complete and integrated analysis of the feasibility preconditions. Through the data collected at the household level, the population health seeking behaviours and the potential insurance design were examined; econometric analyses were carried out to investigate the perception of health as a priority need and the willingness to pay for the scheme. The latter component, in particular, was analysed through a contingent valuation method. The results validated the relevant feasibility preconditions. Econometric estimates demonstrated that awareness of catastrophic health expenditures and the distance to the hospital play a critical influence on household priorities and willingness to pay. Willingness is also significantly affected by socio-economic status and basic knowledge of insurance principles. Overall, the mixed-methods investigation showed that a comprehensive feasibility analysis can shape a viable CHI model to be implemented in the local context. Copyright © 2018 Elsevier Ltd. All rights reserved.

  19. Analysis of oligonucleotide array experiments with repeated measures using mixed models

    Getchell Thomas V


    Full Text Available Abstract Background Two or more factor mixed factorial experiments are becoming increasingly common in microarray data analysis. In this case study, the two factors are presence (Patients with Alzheimer's disease or absence (Control of the disease, and brain regions including olfactory bulb (OB or cerebellum (CER. In the design considered in this manuscript, OB and CER are repeated measurements from the same subject and, hence, are correlated. It is critical to identify sources of variability in the analysis of oligonucleotide array experiments with repeated measures and correlations among data points have to be considered. In addition, multiple testing problems are more complicated in experiments with multi-level treatments or treatment combinations. Results In this study we adopted a linear mixed model to analyze oligonucleotide array experiments with repeated measures. We first construct a generalized F test to select differentially expressed genes. The Benjamini and Hochberg (BH procedure of controlling false discovery rate (FDR at 5% was applied to the P values of the generalized F test. For those genes with significant generalized F test, we then categorize them based on whether the interaction terms were significant or not at the α-level (αnew = 0.0033 determined by the FDR procedure. Since simple effects may be examined for the genes with significant interaction effect, we adopt the protected Fisher's least significant difference test (LSD procedure at the level of αnew to control the family-wise error rate (FWER for each gene examined. Conclusions A linear mixed model is appropriate for analysis of oligonucleotide array experiments with repeated measures. We constructed a generalized F test to select differentially expressed genes, and then applied a specific sequence of tests to identify factorial effects. This sequence of tests applied was designed to control for gene based FWER.

  20. Stock Assessment Supplementary Information (SASINF)

    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...