WorldWideScience

Sample records for net growing stock

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

    Science.gov (United States)

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

    2012-01-01

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

  2. Volume growth trends in a Douglas-fir levels-of-growing-stock study.

    Science.gov (United States)

    Robert O. Curtis

    2006-01-01

    Mean curves of increment and yield in gross total cubic volume and net merchantable cubic volume were derived from seven installations of the regional cooperative Levels-of-Growing-Stock Study (LOGS) in Douglas-fir. The technique used reduces the seven curves for each treatment for each variable of interest to a single set of readily interpretable mean curves. To a top...

  3. Net Primary Production and Carbon Stocks for Subarctic Mesic-Dry Tundras with Contrasting Microtopography, Altitude, and Dominant Species

    DEFF Research Database (Denmark)

    Campioli, Matteo; Michelsen, Anders; Demey, A

    2009-01-01

    Mesic-dry tundras are widespread in the Arctic but detailed assessments of net primary production (NPP) and ecosystem carbon (C) stocks are lacking. We addressed this lack of knowledge by determining the seasonal dynamics of aboveground vascular NPP, annual NPP, and whole-ecosystem C stocks in five...... mesic-dry tundras in Northern Sweden with contrasting microtopography, altitude, and dominant species. Those measurements were paralleled by the stock assessments of nitrogen (N), the limiting nutrient. The vascular production was determined by harvest or in situ growing units, whereas the nonvascular...... hermaphroditum is more productive than Cassiope tetragona vegetation. Although the large majority of the apical NPP occurred in early-mid season (85%), production of stems and evergreen leaves proceeded until about 2 weeks before senescence. Most of the vascular vegetation was belowground (80%), whereas most...

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

    Science.gov (United States)

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

    2014-09-01

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

  5. Inference for lidar-assisted estimation of forest growing stock volume

    Science.gov (United States)

    Ronald E. McRoberts; Erik Næsset; Terje. Gobakken

    2013-01-01

    Estimates of growing stock volume are reported by the national forest inventories (NFI) of most countries and may serve as the basis for aboveground biomass and carbon estimates as required by an increasing number of international agreements. The probability-based (design-based) statistical estimators traditionally used by NFIs to calculate estimates are generally...

  6. NucNet's growing impact on the media

    Energy Technology Data Exchange (ETDEWEB)

    Carle, Remy [Electricite de France (France)

    1995-07-01

    In the four years since the birth of NucNet there has been a gradual but radical change In the original concept of the network. In the beginning, the focus of attention was to make nuclear communicators better-informed and more efficient. What had been desperately needed for some time was an Information exchange system which would enable those communicators to do a better Job whether working proactlvely or reactively. The idea was primarily for positive nuclear news from Europe to be disseminated to people on the network so that they could pass it on to media contacts in their respective countries, as part of their regular dialogue with journalists. However, once NucNet was up-and-running a strong body of opinion emerged, arguing in favour of NucNet's most urgent, important or off-beat news - the 'A' category releases - to be sent direct to national and international news agencies. Quite rightly, it was felt that, in this way, the nuclear community could clearly demonstrate Its transparency and Its desire to Inform the public openly. At the same time, it was clear that sending to just a few national news agencies in Europe would not be enough. It was clear that NucNet would have to expand into a truly worldwide network and that, to reflect this, the main International news agencies would have to be put online as well. NucNet's growing impact on the media is a result of teamwork, and this teamwork takes different forms. It is: between the network's information suppliers and Central Office, among the Central Office staff themselves, between Central Office and the agencies, and between network members and their news media contacts. Through this continuing teamwork process, NucNet will achieve its goal of providing the media and the public with a balanced picture of nuclear energy.

  7. NucNet's growing impact on the media

    International Nuclear Information System (INIS)

    Carle, Remy

    1995-01-01

    In the four years since the birth of NucNet there has been a gradual but radical change In the original concept of the network. In the beginning, the focus of attention was to make nuclear communicators better-informed and more efficient. What had been desperately needed for some time was an Information exchange system which would enable those communicators to do a better Job whether working proactlvely or reactively. The idea was primarily for positive nuclear news from Europe to be disseminated to people on the network so that they could pass it on to media contacts in their respective countries, as part of their regular dialogue with journalists. However, once NucNet was up-and-running a strong body of opinion emerged, arguing in favour of NucNet's most urgent, important or off-beat news - the 'A' category releases - to be sent direct to national and international news agencies. Quite rightly, it was felt that, in this way, the nuclear community could clearly demonstrate Its transparency and Its desire to Inform the public openly. At the same time, it was clear that sending to just a few national news agencies in Europe would not be enough. It was clear that NucNet would have to expand into a truly worldwide network and that, to reflect this, the main International news agencies would have to be put online as well. NucNet's growing impact on the media is a result of teamwork, and this teamwork takes different forms. It is: between the network's information suppliers and Central Office, among the Central Office staff themselves, between Central Office and the agencies, and between network members and their news media contacts. Through this continuing teamwork process, NucNet will achieve its goal of providing the media and the public with a balanced picture of nuclear energy

  8. Levels-of-growing-stock cooperative study on Douglas-fir: report no. 02—The Hoskins Study, 1963-1970.

    Science.gov (United States)

    John F. Bell; Alan B. Berg

    1972-01-01

    Public and private agencies are cooperating in a study of eight thinning regimes in young Douglas-fir stands. Regimes differ in the amount of basal area allowed to accrue in growing stock at each successive thinning. All regimes start with a common level-of-growing-stock which is established by a conditioning thinning. Thinning interval is...

  9. Net carbon flux of dead wood in forests of the Eastern US.

    Science.gov (United States)

    Woodall, C W; Russell, M B; Walters, B F; D'Amato, A W; Fraver, S; Domke, G M

    2015-03-01

    Downed dead wood (DDW) in forest ecosystems is a C pool whose net flux is governed by a complex of natural and anthropogenic processes and is critical to the management of the entire forest C pool. As empirical examination of DDW C net flux has rarely been conducted across large scales, the goal of this study was to use a remeasured inventory of DDW C and ancillary forest attributes to assess C net flux across forests of the Eastern US. Stocks associated with large fine woody debris (diameter 2.6-7.6 cm) decreased over time (-0.11 Mg ha(-1) year(-1)), while stocks of larger-sized coarse DDW increased (0.02 Mg ha(-1) year(-1)). Stocks of total DDW C decreased (-0.14 Mg ha(-1) year(-1)), while standing dead and live tree stocks both increased, 0.01 and 0.44 Mg ha(-1) year(-1), respectively. The spatial distribution of DDW C stock change was highly heterogeneous with random forests model results indicating that management history, live tree stocking, natural disturbance, and growing degree days only partially explain stock change. Natural disturbances drove substantial C transfers from the live tree pool (≈-4 Mg ha(-1) year(-1)) to the standing dead tree pool (≈3 Mg ha(-1) year(-1)) with only a minimal increase in DDW C stocks (≈1 Mg ha(-1) year(-1)) in lower decay classes, suggesting a delayed transfer of C to the DDW pool. The assessment and management of DDW C flux is complicated by the diversity of natural and anthropogenic forces that drive their dynamics with the scale and timing of flux among forest C pools remaining a large knowledge gap.

  10. Effect of different growing media on the growth and flowering of stock (matthiola incana) under the agro-climatic condition of dera ismail khan

    International Nuclear Information System (INIS)

    Waseem, K.; Hameed, A.; Jilani, M.S.; Kiran, M.; Ghazanfarullah, R.; Javeria, S.; Jilani, T.A

    2013-01-01

    A pot experiment was conducted to investigate the effect of different growing media on the growth and development of stock (Matthiola incana). Seven different growing media including soil (100%), leaf mold (100%), coconut husk (100%), soil + leaf mold (50:50), soil + coconut husk (50:50), leaf mold + coconut husk (50:50) and soil + leaf mold + coconut husk (33:33:33) were used to check the growth of Stock plants in pots. Data was recorded for different parameters including days to flower initiation, days to flowering, plant height (cm), leaves per plant, branches per plant, flowering clusters per plant, flowers per cluster, flowers per plant and flower persistence life (days), during this course of study. The overall performance of Stock was better in media having leaf mold as it took least days to flower initiation (75.83), maximum plant height (21.43 cm), flowering clusters per plant (4.11), number of flowers per cluster (8.45 days), flowers per plant (34.66). For better growth and flowering of Stock plant, leaf mold can be used as growing media in pots. (author)

  11. Increasing carbon sinks in European forests: effect of afforestation and changes in mean growing stock volume

    NARCIS (Netherlands)

    Vilén, T.; Cienciala, E.; Schelhaas, M.; Verkerk, P.J.; Lindner, M.; Peltola, H.

    2016-01-01

    In Europe, both forest area and growing stock have increased since the 1950s, and European forests have acted as a carbon sink during the last six decades. However, the contribution of different factors affecting the sink is not yet clear. In this study, historical inventory data were combined with

  12. NucNet's growing impact on the media - Now the official figures

    International Nuclear Information System (INIS)

    Ashton, Jack; Lewis, Chris

    1998-01-01

    Full text: The growing impact of NucNet on the news media has been a topic highlighted at previous PIMEs.On a couple of occasions, concrete examples have been given of NucNet being used by journalists writing about nuclear energy issues. These have consisted of newspaper clippings and copies of news agency reports. Some instances of NucNet material being used by the broadcast media have also been reported on. It should be pointed out that we are talking here about evaluating NucNet's worth purely on the basis of news stories carried by news agencies and newspapers which actually quote NucNet as a source. It is impossible to monitor and measure the full impact and influence that NucNet has on the reporting of nuclear. From the NucNet Central Office in Berne, it is not possible to see everything that goes on - to see how all network members pass on NucNet material to their media contacts and to see the end results. In addition, journalists are not under some sort of legally binding agreement to always quote NucNet as the source. There have been many cases where it has been clear that NucNet material has been used without NucNet being quoted directly by name. NucNet also influences the news judgement of journalists. For instance, a news editor might be inclined to go for a nuclear story that takes a particular (anti-nuclear) line provided by Greenpeace. But that person might have second thoughts on seeing the version of the same story supplied by NucNet, providing original information from the source directly involved. The news editor then has the opportunity to see both sides of the story and make a more accurate evaluation. With the additional information from NucNet, the result could be a properly balanced news story, or the news editor could decide to drop the story completely. Either way, we are talking about factors that are impossible to pin down and measure. In such circumstances, only case studies can be given. This means that so far the evaluation of NucNet

  13. Effect of Stocking Density on Performance of Growing Rabbits in Semi-Humid Tropics

    Directory of Open Access Journals (Sweden)

    Iyeghe-Erakpotobor Grace, T.

    2005-01-01

    Full Text Available In order to evaluate the adoption possibility of Maize- Mucuna-Fertiliser (mineral System (MMFS, for soil fertilisation in the southern part of Togo, 52 farms from three representative villages of the region were analysed and classified into three types according to their adoption potential for the innovation: type A characterised by heads of farm being in majority land owners; type B whose head of farm are young, literate and in majority land tenants; and type C whose heads are old mainly land tenants. Participatory surveys, based on contingent ranking of the constraints, conducted with homogenous groups of farmers chosen according to three types of farm, helped to sort out the major constraints to the adoption of MMFS. These constraints, having a high degree of severity (≥ 45%, were in order of importance: the lack of money/loan, the land problem (lack of arable lands and insecurity on rented ones, the suppression of mixed cropping by the MMFS and the non availability of mucuna seed. For the farmers of type A, the non availability of mucuna seed and the lack of money/loan presented a degree of severity of 100% each. For those of type B and C, the land problem was the most important: it presented a degree of severity of 100% for the farmers of type B and 80% for those of type C. Sixty growing rabbits were housed at densities of 6.7, 10, 13.3, 16.7 and 20 rabbits/m2 in wood and poultry wire mesh cages for six weeks and fed a common diet of 22.6% CP and 2600 kcal/kg ME. Parameters measured were feed intake, weight gain, feed conversion ratio, body condition, fur condition and body bites. Stocking density significantly (P< 0.05 affected feed intake and weight gain but not feed conversion ratio of rabbits. Rabbits stocked at densities of 6.7, 10 and 13.3 rabbits/m2 had higher average daily gain than those stocked at higher densities. Feed intake was higher at higher densities. The trend shows a significant decrease in feed intake by individual

  14. Levels-of-growing-stock cooperative study in Douglas-fir: report no. 18--Rocky Brook, 1963-2006.

    Science.gov (United States)

    Robert O. Curtis; David D. Marshall

    2009-01-01

    This report documents the history and results of the Rocky Brook installation of the cooperative levels-of-growing-stock (LOGS) study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco), over the 41-year period 1965 to 2006. This 1938 plantation is one of the two site-IV installations among the nine installations in the study. Much public...

  15. Can reduced stocking rates and natural forage utilization produce market sized catfish from fingerlings in one growing season

    Science.gov (United States)

    The purpose of this study was to determine the feasibility of growing marketable channel catfish Ictalurus punctatus from pond-run fingerlings (15.9 g/fish) using low stocking densities (7,413 or 14,826 fish/ha) and electrified bug lights to enhance natural forage available to fish. Even at low sto...

  16. Rearing of Milkfish, Chanos Chanos, in Net Cages at Sea at Various Stocking Densities

    Directory of Open Access Journals (Sweden)

    Kusman Sumawidjaja

    2007-08-01

    Full Text Available ABSTRACTStocking rate of milkfish, Chanos chanos, from 75 to 225 fish/m3  or from 1,33 to 3,98 kg/m3  did not affect the growth rate, survival rate, feeding efficiency, and final length and weight of fish, each at 2,32%/day, 81,8%, 63,8%, and 185,2 mm and 64,0 g respectively. Final biomass (Y increased from 3,66 to 12,05 kg/m3 with the increase of stocking rate (X with Y = 0,056 X-0,45 (p<0,05.Key words :   Milkfish, Chanos chanos, floating net cage, stocking density. ABSTRAKPadat penebaran ikan bandeng, Chanos chanos, dari 75 hingga 225 ekor/m3 atau dari 1,33 hingga 3,98 kg/m3 tidak mempengaruhi laju pertumbuhan, kelangsungan hidup, efisiensi pemberian pakan serta panjang dan bobot ikan akhir, masing-masing dengan rata-rata 2,32%/hari, 81,8%, 63,8%, 185,2 mm dan 64,0 g. Biomasa akhir (Y meningkat dari 3,66 hingga 12,05 kg/m3 dengan meningkatnya padat penebaran (X dengan persamaan Y = 0,056 X -0,45 (p<0,05.Kata kunci :  Ikan bandeng, Chanos chanos, keramba jaring apung, padat penebaran

  17. Exploiting the capabilities of the Sentinel-2 multi spectral instrument for predicting growing stock volume in forest ecosystems

    Science.gov (United States)

    Mura, Matteo; Bottalico, Francesca; Giannetti, Francesca; Bertani, Remo; Giannini, Raffaello; Mancini, Marco; Orlandini, Simone; Travaglini, Davide; Chirici, Gherardo

    2018-04-01

    The spatial prediction of growing stock volume is one of the most frequent application of remote sensing for supporting the sustainable management of forest ecosystems. For such a purpose data from active or passive sensors are used as predictor variables in combination with measures taken in the field in sampling plots. The Sentinel-2 (S2) satellites are equipped with a Multi Spectral Instrument (MSI) capable of acquiring 13 bands in the visible and infrared domains with a spatial resolution varying between 10 and 60 m. The present study aimed at evaluating the performance of the S2-MSI imagery for estimating the growing stock volume of forest ecosystems. To do so we used 240 plots measured in two study areas in Italy. The imputation was carried out with eight k-Nearest Neighbours (k-NN) methods available in the open source YaImpute R package. In order to evaluate the S2-MSI performance we repeated the experimental protocol also with two other sets of images acquired by two well-known satellites equipped with multi spectral instruments: Landsat 8 OLI and RapidEye scanner. We found that S2 worked better than Landsat in 37.5% of the cases and in 62.5% of the cases better than RapidEye. In one study area the best performance was obtained with Landsat OLI (RMSD = 6.84%) and in the other with S2 (RMSD = 22.94%), both with the k-NN system based on a distance matrix calculated with the Random Forest algorithm. The results confirmed that S2 images are suitable for predicting growing stock volume obtaining good performances (average RMSD for both the test areas of less than 19%).

  18. Growing container seedlings: Three considerations

    Science.gov (United States)

    Kas Dumroese; Thomas D. Landis

    2015-01-01

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

  19. Factors Affecting the Return Stock Company in Indonesia Stock Exchange (IDX LQ45 in Years 2012-2015

    Directory of Open Access Journals (Sweden)

    Fangki A. Sorongan

    2016-03-01

    Full Text Available This research aimed to determine the effect of partially and jointly independent variable of Debt to Equity Ratio (DER, Return on Equity (ROA, Return on Equity (ROE, and Net Profit Margin (NPM against the dependent variable on the stock return. Objects of this research were companies listed on the Indonesia Stock Exchange (BEI LQ45 continuously for four years in the period 2012-2015. Companies that qualify for this research were 28 companies. Based on this research, the conclusions indicate that all four independent variables; Debt to Equity Ratio (DER, Return on Equity (ROA, Return on Equity (ROE, and Net Profit Margin (NPM, either jointly or partially give the significant effect on return stock.

  20. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

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

  1. Levels-of-growing-stock cooperative study in Douglas-fir: report no. 08—The LOGS Study, 20-year results.

    Science.gov (United States)

    Robert O. Curtis; David D. Marshall

    1986-01-01

    This progress report reviews the history and status of the cooperative levels-of-growing-stock study in coast Douglas-fir, begun in 1961, in Oregon, Washington, and British Columbia. It presents new analyses, including comparisons among some installations. Data now available are primarily from the site II installations, which are approaching completion of the study....

  2. Mapping growing stock volume and forest live biomass: a case study of the Polissya region of Ukraine

    Science.gov (United States)

    Bilous, Andrii; Myroniuk, Viktor; Holiaka, Dmytrii; Bilous, Svitlana; See, Linda; Schepaschenko, Dmitry

    2017-10-01

    Forest inventory and biomass mapping are important tasks that require inputs from multiple data sources. In this paper we implement two methods for the Ukrainian region of Polissya: random forest (RF) for tree species prediction and k-nearest neighbors (k-NN) for growing stock volume and biomass mapping. We examined the suitability of the five-band RapidEye satellite image to predict the distribution of six tree species. The accuracy of RF is quite high: ~99% for forest/non-forest mask and 89% for tree species prediction. Our results demonstrate that inclusion of elevation as a predictor variable in the RF model improved the performance of tree species classification. We evaluated different distance metrics for the k-NN method, including Euclidean or Mahalanobis distance, most similar neighbor (MSN), gradient nearest neighbor, and independent component analysis. The MSN with the four nearest neighbors (k = 4) is the most precise (according to the root-mean-square deviation) for predicting forest attributes across the study area. The k-NN method allowed us to estimate growing stock volume with an accuracy of 3 m3 ha-1 and for live biomass of about 2 t ha-1 over the study area.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-15

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-15

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

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  6. The role of composition, invasives, and maintenance emissions on urban forest carbon stocks.

    Science.gov (United States)

    Horn, Josh; Escobedo, Francisco J; Hinkle, Ross; Hostetler, Mark; Timilsina, Nilesh

    2015-02-01

    There are few field-based, empirical studies quantifying the effect of invasive trees and palms and maintenance-related carbon emissions on changes in urban forest carbon stocks. We estimated carbon (C) stock changes and tree maintenance-related C emissions in a subtropical urban forest by re-measuring a subsample of residential permanent plots during 2009 and 2011, using regional allometric biomass equations, and surveying residential homeowners near Orlando, FL, USA. The effect of native, non-native, invasive tree species and palms on C stocks and sequestration was also quantified. Findings show 17.8 tC/ha in stocks and 1.2 tC/ha/year of net sequestration. The most important species both by frequency of C stocks and sequestration were Quercus laurifolia Michx. and Quercus virginiana Mill., accounting for 20% of all the trees measured; 60% of carbon stocks and over 75% of net C sequestration. Palms contributed to less than 1% of the total C stocks. Natives comprised two-thirds of the tree population and sequestered 90% of all C, while invasive trees and palms accounted for 5 % of net C sequestration. Overall, invasive and exotic trees had a limited contribution to total C stocks and sequestration. Annual tree-related maintenance C emissions were 0.1% of total gross C sequestration. Plot-level tree, palm, and litter cover were correlated to C stocks and net sequestration. Findings can be used to complement existing urban forest C offset accounting and monitoring protocols and to better understand the role of invasive woody plants on urban ecosystem service provision.

  7. Stock Market Prediction on High-Frequency Data Using Generative Adversarial Nets

    Directory of Open Access Journals (Sweden)

    Xingyu Zhou

    2018-01-01

    Full Text Available Stock price prediction is an important issue in the financial world, as it contributes to the development of effective strategies for stock exchange transactions. In this paper, we propose a generic framework employing Long Short-Term Memory (LSTM and convolutional neural network (CNN for adversarial training to forecast high-frequency stock market. This model takes the publicly available index provided by trading software as input to avoid complex financial theory research and difficult technical analysis, which provides the convenience for the ordinary trader of nonfinancial specialty. Our study simulates the trading mode of the actual trader and uses the method of rolling partition training set and testing set to analyze the effect of the model update cycle on the prediction performance. Extensive experiments show that our proposed approach can effectively improve stock price direction prediction accuracy and reduce forecast error.

  8. Levels-of-growing-stock cooperative study in Douglas-fir: report no. 19—The Iron Creek study, 1966–2006.

    Science.gov (United States)

    Robert O. Curtis; David D. Marshall

    2009-01-01

    This report documents the history and results of the Iron Creek installation of the cooperative Levels-of-Growing-Stock (LOGS) study in Douglas-fir (Pseudotsuga menziesii (Mirb.) Franco), over the period 1966–2006 (ages 19 to 59). This is a 1949 plantation on an excellent site, and is one of nine installations in the study. Results are generally...

  9. In-use product stocks link manufactured capital to natural capital.

    Science.gov (United States)

    Chen, Wei-Qiang; Graedel, T E

    2015-05-19

    In-use stock of a product is the amount of the product in active use. In-use product stocks provide various functions or services on which we rely in our daily work and lives, and the concept of in-use product stock for industrial ecologists is similar to the concept of net manufactured capital stock for economists. This study estimates historical physical in-use stocks of 91 products and 9 product groups and uses monetary data on net capital stocks of 56 products to either approximate or compare with in-use stocks of the corresponding products in the United States. Findings include the following: (i) The development of new products and the buildup of their in-use stocks result in the increase in variety of in-use product stocks and of manufactured capital; (ii) substitution among products providing similar or identical functions reflects the improvement in quality of in-use product stocks and of manufactured capital; and (iii) the historical evolution of stocks of the 156 products or product groups in absolute, per capita, or per-household terms shows that stocks of most products have reached or are approaching an upper limit. Because the buildup, renewal, renovation, maintenance, and operation of in-use product stocks drive the anthropogenic cycles of materials that are used to produce products and that originate from natural capital, the determination of in-use product stocks together with modeling of anthropogenic material cycles provides an analytic perspective on the material linkage between manufactured capital and natural capital.

  10. Minimizing waste (off-cuts using cutting stock model: The case of one dimensional cutting stock problem in wood working industry

    Directory of Open Access Journals (Sweden)

    Gbemileke A. Ogunranti

    2016-09-01

    Full Text Available Purpose: The main objective of this study is to develop a model for solving the one dimensional cutting stock problem in the wood working industry, and develop a program for its implementation. Design/methodology/approach: This study adopts the pattern oriented approach in the formulation of the cutting stock model. A pattern generation algorithm was developed and coded using Visual basic.NET language. The cutting stock model developed is a Linear Programming (LP Model constrained by numerous feasible patterns. A LP solver was integrated with the pattern generation algorithm program to develop a one - dimensional cutting stock model application named GB Cutting Stock Program. Findings and Originality/value: Applying the model to a real life optimization problem significantly reduces material waste (off-cuts and minimizes the total stock used. The result yielded about 30.7% cost savings for company-I when the total stock materials used is compared with the former cutting plan. Also, to evaluate the efficiency of the application, Case I problem was solved using two top commercial 1D-cutting stock software.  The results show that the GB program performs better when related results were compared. Research limitations/implications: This study round up the linear programming solution for the number of pattern to cut. Practical implications: From Managerial perspective, implementing optimized cutting plans increases productivity by eliminating calculating errors and drastically reducing operator mistakes. Also, financial benefits that can annually amount to millions in cost savings can be achieved through significant material waste reduction. Originality/value: This paper developed a linear programming one dimensional cutting stock model based on a pattern generation algorithm to minimize waste in the wood working industry. To implement the model, the algorithm was coded using VisualBasic.net and linear programming solver called lpsolvedll (dynamic

  11. US forest carbon calculation tool: forest-land carbon stocks and net annual stock change

    Science.gov (United States)

    James E. Smith; Linda S. Heath; Michael C. Nichols

    2007-01-01

    The Carbon Calculation Tool 4.0, CCTv40.exe, is a computer application that reads publicly available forest inventory data collected by the U.S. Forest Service's Forest Inventory and Analysis Program (FIA) and generates state-level annualized estimates of carbon stocks on forest land based on FORCARB2 estimators. Estimates can be recalculated as...

  12. Do Earthquakes Shake Stock Markets?

    Science.gov (United States)

    Ferreira, Susana; Karali, Berna

    2015-01-01

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

  13. Pro-Nets versus No-Nets: Differences in Urban Older Adults' Predilections for Internet Use

    Science.gov (United States)

    Cresci, M. Kay; Yarandi, Hossein N.; Morrell, Roger W.

    2010-01-01

    Enthusiasm for information technology (IT) is growing among older adults. Many older adults enjoy IT and the Internet (Pro-Nets), but others have no desire to use it (No-Nets). This study found that Pro-Nets and No-Nets were different on a number of variables that might predict IT use. No-Nets were older, had less education and income, were…

  14. CONTAGIOUS EFFECTS OF OIL PRICES ON ASIAN STOCK MARKETS’ BEHAVIOUR

    Directory of Open Access Journals (Sweden)

    Jok-Tong Wan

    2016-05-01

    Full Text Available The main objective of this study is to examine the stock markets’ shock due to the effect of the price of oil in the East Asia Region. Particularly, this study examines if there is stock market interdependence during global oil price shocks (sudden changes for a sample of five total oil importers (the Philippines, Hong Kong SAR, Taiwan, South Korea, and Japan, four net oil importers (Indonesia, Singapore, Thailand, and China, and one net oil exporter (Malaysia between 1999 and 2014. From the result, an oil price change is collectively found to have a small but significant positive impact on the stock markets, in particular where a sudden decrease in oil prices tends to cause a stock market downturn and volatility. The world economy’s spending, financial investments in oil futures and foreign investment by oil rich nations are some underlying motives for inducing this oil-stock positive relation. The same direction of time-varying conditional correlations is found across East Asian stock markets during negative oil price shocks. The integration among East Asian stock markets is inducing the oil shock contagion to be transmitted from direct oil-affected countries (South Korea, Hong Kong, and Singapore to non-direct oil affected countries’ (Japan and Taiwan stock markets. In spite of a long practiced ASEAN+3 macroeconomics surveillance process and Early Warning System (EWS which can be customized for stock markets to prevent or detect the oil risk, hedging against initial oil-affected stock markets and a stronger influence by the East Asian countries in the global world of oil and capital investment are strongly suggested.

  15. Net-Zero Energy Home Grows Up: Lessons and Puzzles from 10 Years of Data; Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Sparn, Bethany; Earle, Lieko; Christensen, Craig; Norton, Paul

    2016-05-17

    In 2005, Habitat for Humanity of Metro Denver, with support from NREL and other partners, built one of the first homes in the US to achieve net-zero energy based on monitored data. A family of three moved into the house when it was completed and lives there still. The home has been monitored continuously for the past ten years. Although PV production has remained steady, net energy performance has varied each year. The home was a net producer of energy annually in each of the first three years and in the ninth year, but not in years four through eight. Over the years, the PV system provided between 124% and 64% of the home source energy use. Electricity use in the home increased steadily during the first eight years, even though no significant new appliance was introduced into the house, such as a window air conditioner. Miscellaneous electric loads and space heating, both strongly dependent on occupant behavior, appear to be primarily responsible for the observed increase in energy use. An interesting aspect of this case study is how, even within a single family, natural changes in occupant lifestyles over time (e.g., kids growing up, schedules changing) can substantially impact the overall energy intensity of a home. Data from the last ten years will be explored for lessons learned that can improve the way we design low-load homes without sacrificing comfort or convenience for the occupants, and how we can make realistic predictions of long-term energy performance.

  16. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

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

  17. Estimating agro-ecosystem carbon balance of northern Japan, and comparing the change in carbon stock by soil inventory and net biome productivity

    Energy Technology Data Exchange (ETDEWEB)

    Li, Xi, E-mail: icy124@hotmail.com [School of Chemistry and Chemical Engineering, Southwest Petroleum University, Chengdu 610500 (China); Graduate school of Agriculture, Hokkaido University, Kita 9 Nishi 9, Kita-ku, Sapporo 060-8589 (Japan); Toma, Yo [Faculty of Agriculture, Ehime University, 3-5-7, Tarumi, Matsuyama 790-8566, Ehime (Japan); Yeluripati, Jagadeesh [The James Hutton Institute, Craigiebuckler, Aberdeen AB15 8QH, Scotland (United Kingdom); Iwasaki, Shinya [Graduate school of Agriculture, Hokkaido University, Kita 9 Nishi 9, Kita-ku, Sapporo 060-8589 (Japan); Bellingrath-Kimura, Sonoko D. [Leibniz Centre for Agricultural Landscape Research, Institute of Land Use Systems (Germany); Jones, Edward O. [Department of Infectious Disease Epidemiology, London School of Hygiene and Tropical Medicine, London (United Kingdom); Hatano, Ryusuke [Graduate school of Agriculture, Hokkaido University, Kita 9 Nishi 9, Kita-ku, Sapporo 060-8589 (Japan)

    2016-06-01

    Soil C sequestration in croplands is deemed to be one of the most promising greenhouse gas mitigation options for agriculture. We have used crop-level yields, modeled heterotrophic respiration (Rh) and land use data to estimate spatio-temporal changes in regional scale net primary productivity (NPP), plant C inputs, and net biome productivity (NBP) in northern Japan's arable croplands and grasslands for the period of 1959–2011. We compared the changes in C stocks derived from estimated NBP and using repeated inventory datasets for each individual land use type from 2005 to 2011. For the entire study region of 2193 ha, overall annual plant C inputs to the soil constituted 37% of total region NPP. Plant C inputs in upland areas (excluding bush/fallow) could be predicted by climate variables. Overall NBP for all land use types increased from − 1.26 Mg C ha{sup −1} yr{sup −1} in 1959–0.26 Mg C ha{sup −1} yr{sup −1} in 2011. However, upland and paddy fields showed a decreased in NBP over the period of 1959–2011, under the current C input scenario. From 1988, an increase in agricultural abandonment (bush/fallow) and grassland cover caused a slow increase in the regional C pools. The comparison of carbon budgets using the NBP estimation method and the soil inventory method indicated no significant difference between the two methods. Our results showed C loss in upland crops, paddy fields and sites that underwent land use change from paddy field to upland sites. We also show C gain in grassland from 2005 to 2011. An underestimation of NBP or an overestimation of repeated C inventories cannot be excluded, but either method may be suitable for tracking absolute changes in soil C, considering the uncertainty associated with these methods. - Highlights: • We compared C stocks change by two methods: (i) net biome productivity (NBP) and (ii) soil inventory. • Variation in net primary productivity (NPP), plant C input, NBP can be predicted by climate

  18. Estimating agro-ecosystem carbon balance of northern Japan, and comparing the change in carbon stock by soil inventory and net biome productivity

    International Nuclear Information System (INIS)

    Li, Xi; Toma, Yo; Yeluripati, Jagadeesh; Iwasaki, Shinya; Bellingrath-Kimura, Sonoko D.; Jones, Edward O.; Hatano, Ryusuke

    2016-01-01

    Soil C sequestration in croplands is deemed to be one of the most promising greenhouse gas mitigation options for agriculture. We have used crop-level yields, modeled heterotrophic respiration (Rh) and land use data to estimate spatio-temporal changes in regional scale net primary productivity (NPP), plant C inputs, and net biome productivity (NBP) in northern Japan's arable croplands and grasslands for the period of 1959–2011. We compared the changes in C stocks derived from estimated NBP and using repeated inventory datasets for each individual land use type from 2005 to 2011. For the entire study region of 2193 ha, overall annual plant C inputs to the soil constituted 37% of total region NPP. Plant C inputs in upland areas (excluding bush/fallow) could be predicted by climate variables. Overall NBP for all land use types increased from − 1.26 Mg C ha"−"1 yr"−"1 in 1959–0.26 Mg C ha"−"1 yr"−"1 in 2011. However, upland and paddy fields showed a decreased in NBP over the period of 1959–2011, under the current C input scenario. From 1988, an increase in agricultural abandonment (bush/fallow) and grassland cover caused a slow increase in the regional C pools. The comparison of carbon budgets using the NBP estimation method and the soil inventory method indicated no significant difference between the two methods. Our results showed C loss in upland crops, paddy fields and sites that underwent land use change from paddy field to upland sites. We also show C gain in grassland from 2005 to 2011. An underestimation of NBP or an overestimation of repeated C inventories cannot be excluded, but either method may be suitable for tracking absolute changes in soil C, considering the uncertainty associated with these methods. - Highlights: • We compared C stocks change by two methods: (i) net biome productivity (NBP) and (ii) soil inventory. • Variation in net primary productivity (NPP), plant C input, NBP can be predicted by climate conditions. • NBP

  19. Taxing Stock Options: Efficiency, Fairness and Revenue Implications

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2015-10-01

    Full Text Available The federal Liberals and the NDP are right about this much: There is a more sensible way to tax the stock options that are granted as compensation by corporations than the approach the federal government takes now. But both parties are wrong about how much revenue an appropriate change in current tax policy will add to the treasury. Far from the half-billion dollars or more that both parties claim they will raise in federal tax revenue by changing the taxation of stock options, the appropriate reform will virtually raise no revenue. It could actually result in marginally lower tax revenue. As it stands, stock options are treated differently than salary and other forms of cash compensation when it comes to taxing an employee or director, in that they are subject to only half taxation, similar to capital gains. They are also treated differently than cash compensation for the corporation granting the options, in that they cannot be deducted from corporate income tax. The federal NDP and Liberals have both accepted the growing criticism, which only intensified in the aftermath of the 2008 financial crisis, that the lower tax rate is an unfair tax break for those employees who receive stock options. Both parties have proposed to change that, leaving an exemption for startup companies only, with the NDP proposing full personal taxation for all stock options except for start-up companies and the Liberals proposing it for options-based compensation exceeding $100,000. Treating stock options the same as cash compensation would indeed be more tax efficient, reducing the distortionary effect that can influence company compensation packages to give more weight to stock options and less to cash than they might otherwise. But the only way to ensure that efficiency is by treating both the personal tax side of the benefit, and the corporate tax side of the benefit, in the same way as other employee compensation. That is, applying full taxation to the recipient

  20. The Effect of Stocking Density on the Performance of the Seaweed ...

    African Journals Online (AJOL)

    The seaweed biofilter Ulva reticulata was grown at two stocking densities (1 and 3 kg m-2) in a low cost integrated system in Zanzibar, Tanzania. The seaweed was stocked in 2 m2 cages made of 1 inch netting material placed at the outflow of fish ponds. Control seaweed was grown at the fish pond inflow channel.

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

    Directory of Open Access Journals (Sweden)

    Stefan Schneider

    2017-08-01

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

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

    Directory of Open Access Journals (Sweden)

    Christian Hüttich

    2014-07-01

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

  3. Notes on Economic Depreciation of Natural Resource Stocks and National Accounting

    OpenAIRE

    John W. Hartwick

    1991-01-01

    We consider numerous variations on the theme that stock diminution weighted by marginal rent should be netted from basic NNP to account for economic depreciation of natural stocks. Mineral discoveries, durable exhaustible resources, and mining pollution effects are examined. Capital appreciation from transforming land in virgin forest to land in agriculture is considered. Attention is paid to second best prices.

  4. Geon deal triggers bloodbath in Goodrich stock

    International Nuclear Information System (INIS)

    Plishner, E.S.

    1993-01-01

    The stock market has not taken well to BFGoodrich's plans to sell half of its Geon vinyl business to the public in an initial public offering (IPO). Before the announcement of both the Geon offering and Clinton's economic plan, Goodrich stock was selling at about $54/share; a week later, it closed at $42.875. With 25.6 million shares, $285 million of market value, about one-quarter of the total, evaporated in response. As planned, the Geon offering is expected to raise $400 million-$450 million (net, after-tax). The company will redeploy the capital to grow its aerospace business, which focuses on aircraft maintenance and repair, by strategic acquisition. CEO John Ong says, 'We will use the proceeds to expand our specialty chemicals and aerospace businesses,' and the attractive opportunities are aerospace. 'There aren't any bargains in specialty chemicals now,' says Mark L. Parr, analyst at McDonald ampersand Co. Securities (Cleveland). If Goodrich makes only aerospace purchases, specialty chemicals could end up generating less than half of Goodrich's revenues and earnings, although the company expects strong specialty chemicals growth to 'maintain a balance' between the two business areas over the long term. 'Goodrich was never going to be the low-cost producer in PVC [polyvinyl chloride],' says Leonard Bogner, of Prudential Securities (New York), who thinks the move 'makes sense.' Goodrich, advised by Goldman Sachs (New York), apparently reasons that with the IPO market now strong, Wall Street bullish about PVC, and some strong acquisition candidates available in aerospace, it makes good sense to monetize Geon promptly. Some analysts agree: 'This is the point in the PVC cycle where the values tend to be highest, because the stock valuation runs well in advance of earnings,' says Parr

  5. Using an experimental manipulation to determine the effectiveness of a stock enhancement program

    Science.gov (United States)

    Stewart, David R.; Long, James M.

    2015-01-01

    We used an experimental manipulation to determine the impact of stocking 178 mm channel catfish Ictalurus punctatus in six impoundments. The study design consisted of equal numbers (two) of control, ceased-stock, and stocked treatments that were sampled one year before and two years after stocking. Relative abundance, growth, size structure, and average weight significantly changed over time based on samples collected with hoop nets. Catch rates decreased at both ceased-stock lakes and increased for one stocked lake, while growth rates changed for at least one ceased-stock and stocked lake. The average weight of channel catfish in the ceased-stock treatment increased by 6% and 25%, whereas weight decreased by 28% and 78% in both stocked lakes. The variability in observed responses between lakes in both ceased-stock and stocked treatments indicates that a one-size-fits-all stocking agenda is impractical, suggesting lake specific and density-dependent mechanisms affect channel catfish population dynamics.

  6. Northern peatland carbon stocks and dynamics: a review

    Directory of Open Access Journals (Sweden)

    Z. C. Yu

    2012-10-01

    Full Text Available Peatlands contain a large belowground carbon (C stock in the biosphere, and their dynamics have important implications for the global carbon cycle. However, there are still large uncertainties in C stock estimates and poor understanding of C dynamics across timescales. Here I review different approaches and associated uncertainties of C stock estimates in the literature, and on the basis of the literature review my best estimate of C stocks and uncertainty is 500 ± 100 (approximate range gigatons of C (Gt C in northern peatlands. The greatest source of uncertainty for all the approaches is the lack or insufficient representation of data, including depth, bulk density and carbon accumulation data, especially from the world's large peatlands. Several ways to improve estimates of peat carbon stocks are also discussed in this paper, including the estimates of C stocks by regions and further utilizations of widely available basal peat ages.

    Changes in peatland carbon stocks over time, estimated using Sphagnum (peat moss spore data and down-core peat accumulation records, show different patterns during the Holocene, and I argue that spore-based approach underestimates the abundance of peatlands in their early histories. Considering long-term peat decomposition using peat accumulation data allows estimates of net carbon sequestration rates by peatlands, or net (ecosystem carbon balance (NECB, which indicates more than half of peat carbon (> 270 Gt C was sequestrated before 7000 yr ago during the Holocene. Contemporary carbon flux studies at 5 peatland sites show much larger NECB during the last decade (32 ± 7.8 (S.E. g C m−2 yr–1 than during the last 7000 yr (∼ 11 g C m−2 yr–1, as modeled from peat records across northern peatlands. This discrepancy highlights the urgent need for carbon accumulation data and process understanding, especially at decadal and centennial timescales

  7. The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Imani Khoshkhoo

    2013-12-01

    Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

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

    Directory of Open Access Journals (Sweden)

    Rio Yusufi Subhan

    2018-05-01

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

  9. Effect of stocking density on growth, maturity, fecundity, reproductive ...

    African Journals Online (AJOL)

    Jane

    2011-08-29

    Aug 29, 2011 ... niloticus into freshwater habitats of India took place in. 1952 and 1970 ..... Turbot (Psetta maxima) in the net cages on the southeastern Coast ... Asian Fish. ... ideal stocking density for cage culture of Monosex Nile Tilapia.

  10. A causality between fund performance and stock market

    Science.gov (United States)

    Kim, Ho-Yong; Kwon, Okyu; Oh, Gabjin

    2016-02-01

    We investigate whether the characteristic fund performance indicators (FPI), such as the fund return, the Net asset value (NAV) and the cash flow, are correlated with the asset price movement using information flows estimated by the Granger causality test. First, we find that the information flow of FPI is most sensitive to extreme events of the Korean stock market, which include negative events such as the sub-prime crisis and the impact of QE (quantitative easing) by the US subprime and Europe financial crisis as well as the positive events of the golden period of Korean Composite Stock Price Index (KOSPI), except for the fund cash flow. Second, both the fund return and the NAV exhibit significant correlations with the KOSPI, whereas the cash flow is not correlated with the stock market. This result suggests that the information resulting from the ability of the fund manager should influence stock market. Finally, during market crisis period, information flows between FPI and the Korean stock market are significantly positively correlated with the market volatility.

  11. Global Concept of Financial Institutional Transformation of Stock Exchange

    Directory of Open Access Journals (Sweden)

    Burmaka Mykola

    2017-12-01

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

  12. Stock price forecasting for companies listed on Tehran stock exchange using multivariate adaptive regression splines model and semi-parametric splines technique

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Abbaszadeh, Mohammad Reza; Arashi, Mohammad

    2015-11-01

    One of the most important topics of interest to investors is stock price changes. Investors whose goals are long term are sensitive to stock price and its changes and react to them. In this regard, we used multivariate adaptive regression splines (MARS) model and semi-parametric splines technique for predicting stock price in this study. The MARS model as a nonparametric method is an adaptive method for regression and it fits for problems with high dimensions and several variables. semi-parametric splines technique was used in this study. Smoothing splines is a nonparametric regression method. In this study, we used 40 variables (30 accounting variables and 10 economic variables) for predicting stock price using the MARS model and using semi-parametric splines technique. After investigating the models, we select 4 accounting variables (book value per share, predicted earnings per share, P/E ratio and risk) as influencing variables on predicting stock price using the MARS model. After fitting the semi-parametric splines technique, only 4 accounting variables (dividends, net EPS, EPS Forecast and P/E Ratio) were selected as variables effective in forecasting stock prices.

  13. Did pension plan accounting contribute to a stock market bubble?

    OpenAIRE

    Julia Lynn Coronado; Steven A. Sharpe

    2003-01-01

    During the 1990s, the asset portfolios of defined-benefit (DB) pension plans ballooned with the booming stock market. Due to current accounting guidelines, the robust growth in pension assets resulted in a stealthy but substantial boost to the profits of sponsoring corporations. This study assesses the extent to which equity investors were fooled by pension accounting. First, we test whether stock prices reflected the fair market value of sponsoring firms' net pension assets reported in footn...

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

    OpenAIRE

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

    2009-01-01

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

  15. Trading carbon for food: global comparison of carbon stocks vs. crop yields on agricultural land.

    Science.gov (United States)

    West, Paul C; Gibbs, Holly K; Monfreda, Chad; Wagner, John; Barford, Carol C; Carpenter, Stephen R; Foley, Jonathan A

    2010-11-16

    Expanding croplands to meet the needs of a growing population, changing diets, and biofuel production comes at the cost of reduced carbon stocks in natural vegetation and soils. Here, we present a spatially explicit global analysis of tradeoffs between carbon stocks and current crop yields. The difference among regions is striking. For example, for each unit of land cleared, the tropics lose nearly two times as much carbon (∼120 tons·ha(-1) vs. ∼63 tons·ha(-1)) and produce less than one-half the annual crop yield compared with temperate regions (1.71 tons·ha(-1)·y(-1) vs. 3.84 tons·ha(-1)·y(-1)). Therefore, newly cleared land in the tropics releases nearly 3 tons of carbon for every 1 ton of annual crop yield compared with a similar area cleared in the temperate zone. By factoring crop yield into the analysis, we specify the tradeoff between carbon stocks and crops for all areas where crops are currently grown and thereby, substantially enhance the spatial resolution relative to previous regional estimates. Particularly in the tropics, emphasis should be placed on increasing yields on existing croplands rather than clearing new lands. Our high-resolution approach can be used to determine the net effect of local land use decisions.

  16. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

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

  17. Disturbance and climate effects on carbon stocks and fluxes across western Oregon USA.

    Science.gov (United States)

    B.E. Law; D. Turner; J. Campbell; O.J. Sun; S. Van Tuyl; W.D. Ritts; W.B. Cohen

    2004-01-01

    We used a spatially nested hierarchy of field and remote-sensing observations and a process model, Biome-BGC, to produce a carbon budget for the forested region of Oregon, and to determine the relative influence of differences in climate and disturbance among the ecoregions on carbon stocks and fluxes. The simulations suggest that annual net uptake (net ecosystem...

  18. Stocks of organic carbon in Estonian soils

    Directory of Open Access Journals (Sweden)

    Kõlli, Raimo

    2009-06-01

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

  19. Increased stocking density influences the acute physiological stress response of common carp (Cyprinus carpio (L.))

    NARCIS (Netherlands)

    Ruane, N.M.; Carballo, E.C.; Komen, J.

    2002-01-01

    The physiological response of common carp, Cyprinus carpio (L.) to increased stocking density and an additional acute net confinement stressor was investigated. Stocking densities were increased from 28.4 to 56.8 or 113.6 kg m¿3 by the use of crowding screens and fish were sampled from the crowded

  20. COINTEGRATION ANALYSIS OF EUROPEAN STOCK MARKETS (ROMANIA, GERMANY, FRANCE AND POLAND FROM THE PERSPECTIVE OF THE NET ASSETS INVESTMENT OF THE ROMANIAN MANDATORY PRIVATE PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    Andreea-Cristina PETRICA

    2016-12-01

    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.

  1. Carbon stocks and fluxes in managed peatlands in northern Borneo

    Science.gov (United States)

    Arn Teh, Yit; Manning, Frances; Cook, Sarah; Zin Zawawi, Norliyana; Sii, Longwin; Hill, Timothy; Page, Susan; Whelan, Mick; Evans, Chris; Gauci, Vincent; Chocholek, Melanie; Khoon Kho, Lip

    2017-04-01

    Oil palm is the largest agricultural crop in the tropics and accounts for 13 % of current tropical land area. Patterns of land-atmosphere exchange from oil palm ecosystems therefore have potentially important implications for regional and global C budgets due to the large scale of land conversion. This is particularly true for oil palm plantations on peat because of the large C stocks held by tropical peat soils that are potential sensitivity to human disturbance. Here we report preliminary findings on C stocks and fluxes from a long-term, multi-scale project in Sarawak, Malaysia that aims to quantify the impacts of oil palm conversion on C and greenhouse gas fluxes from oil palm recently established on peat. Land-atmosphere fluxes were determined using a combination of top-down and bottom-up methods (eddy covariance, canopy/stem and soil flux measurements, net primary productivity). Fluvial fluxes were determined by quantifying rates of dissolved and particulate organic C export. Ecosystem C dynamics were determined using the intensive C plot method, which quantified all major C stocks and fluxes, including plant and soil stocks, leaf litterfall, aboveground biomass production, root production, stem/canopy respiration, root-rhizosphere respiration, and heterotrophic soil respiration. Preliminary analysis indicates that vegetative aboveground biomass in these 7 year old plantations was 8.9-11.9 Mg C ha-1, or approximately one-quarter of adjacent secondary forest. Belowground biomass was 5.6-6.5 Mg C ha-1; on par with secondary forests. Soil C stocks in the 0-30 cm depth was 233.1-240.8 Mg C ha-1, or 32-36% greater than soil C stocks in secondary forests at the same depth (176.8 Mg C ha-1). Estimates of vegetative aboveground and belowground net primary productivity were 1.3-1.7 Mg C ha-1 yr-1 and 0.8-0.9 Mg C ha-1 yr-1, respectively. Fruit brunch production was approximately 67 Mg C ha-1over 7 yearsor 9.6 Mg C ha-1 yr-1. Total soil respiration rates were 18 Mg C ha

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

    NARCIS (Netherlands)

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

    2014-01-01

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

  3. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

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

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

    Science.gov (United States)

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

    2018-03-01

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

  5. Survival and growth of fresh and stored planting stock.

    Science.gov (United States)

    Robert H. Ruth

    1953-01-01

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

  6. Towards sustainable fisheries of the Öresund cod (Gadus morhua) through sub-stock-specific assessment and management recommendations

    DEFF Research Database (Denmark)

    Lindegren, Martin; Waldo, Staffan; Nilsson, P. Anders

    2013-01-01

    Fisheries management traditionally relies on stock assessments assuming discrete populations within large administrational areas. However, failing to account for sub-stock structuring may result in overestimation of the stocks' true harvest potential and unsustainable exploitation of small stock...... elements. Atlantic cod (Gadus morhua) frequently occurs in spatially segregated populations, some of which exhibit fine-scaled stock structuring within current management boundaries. Here we use the locally spawning cod stock in the Sound (“Öresund”) as a case study, and perform a sub-stock......-specific assessment to evaluate biological and economic effects of managing the Sound cod as a separate stock. Our results indicate that reducing exploitation pressure, particularly through technical regulations i.e. increasing gill-net mesh sizes, would not only enhance the stock age distribution, but yield long...

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

    Directory of Open Access Journals (Sweden)

    Zheng Yi

    2009-12-01

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

  8. Factors of formation of the dividend policy of joint stock companies

    Directory of Open Access Journals (Sweden)

    Rohov Heorhii K.

    2014-01-01

    Full Text Available The article is devoted to justification of factors of formation of the dividend policy of Ukrainian public joint stock companies (PJSC at the modern stage of development of corporate relations. It analyses specific features of the dividend policy of Ukrainian PJSC, which, in particular, shows that their financial results practically do not influence the practice of net profit distribution. It identifies main factors of formation of the corporate dividend policy and provides theoretical justification of the governing practice of net profit distribution by Ukrainian PJSC under the modern state of the stock market. It justifies that the unrepresentative listing of stock exchanges, extremely high concentration of capital and rather limited influence of institutes of joint investment are key factors that cause a very weak reaction of the Ukrainian securities market on payment of dividends, which, in its turn, is the main reason of rejection of expediency of development and realisation of the consistent dividend policy by overwhelming majority of joint stock companies. The article draws a conclusion that the basis of evolution changes in the corporate vision of the dividend policy should be creation of the institutional environment, which would be adequate to the needs of sustainable development. The article offers to fix, at the legislative level and while being at the transitional stage, the right of minor shareholders to get income from owning ordinary shares of companies, which aggregate joint participation of co-owners is more than 75%.

  9. Net profit flow per country from 1980 to 2009: The long-term effects of foreign direct investment.

    Science.gov (United States)

    Akkermans, Dirk H M

    2017-01-01

    The paper aims at describing and explaining net profit flows per country for the period 1980-2009. Net profit flows result from Foreign Direct Investment (FDI) stock and profit repatriation: inward stock creating a profit outflow and outward FDI stock a profit inflow. Profit flows, especially 'normal' ones are not commonly researched. According to world-system theory, countries are part of a system characterised by a core, semi-periphery and periphery, as shown by network analyses of trade relations. Network analyses based on ownership relations of TransNational Corporations (TNCs) show that the top 50 firms that control about 40% of the world economy are almost exclusively located in core countries. So, we may expect a hierarchy in net profit flows with core countries on top and the periphery at the bottom. FDI outflows from the core countries especially rose in the 1990s, so we may expect that the difference has grown in time. A dataset on 'net profit flow' per country is developed. There are diverging developments in net profit flows since the 1980s, as expected: ever more positive for core countries, negative and ever lower for semi-peripheral and peripheral countries, in particular from the 1990s onwards. A fixed effects quantile regression using publicly available data confirms the prediction that peripheral countries share a unique characteristic: their outward investments do not have a positive influence on net profit flow as is the case with semi-peripheral and core countries. The most probable explanation is that peripheral outward investments are indirectly owned by firms located in core and semi-peripheral countries, so all peripheral profit inflows end up in those countries.

  10. STOCK Market Differences in Correlation-Based Weighted Network

    Science.gov (United States)

    Youn, Janghyuk; Lee, Junghoon; Chang, Woojin

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

  11. Net profit flow per country from 1980 to 2009: The long-term effects of foreign direct investment

    Science.gov (United States)

    2017-01-01

    Aim of the paper The paper aims at describing and explaining net profit flows per country for the period 1980–2009. Net profit flows result from Foreign Direct Investment (FDI) stock and profit repatriation: inward stock creating a profit outflow and outward FDI stock a profit inflow. Profit flows, especially ‘normal’ ones are not commonly researched. Theoretical background According to world-system theory, countries are part of a system characterised by a core, semi-periphery and periphery, as shown by network analyses of trade relations. Network analyses based on ownership relations of TransNational Corporations (TNCs) show that the top 50 firms that control about 40% of the world economy are almost exclusively located in core countries. So, we may expect a hierarchy in net profit flows with core countries on top and the periphery at the bottom. FDI outflows from the core countries especially rose in the 1990s, so we may expect that the difference has grown in time. Data and results A dataset on 'net profit flow' per country is developed. There are diverging developments in net profit flows since the 1980s, as expected: ever more positive for core countries, negative and ever lower for semi-peripheral and peripheral countries, in particular from the 1990s onwards. A fixed effects quantile regression using publicly available data confirms the prediction that peripheral countries share a unique characteristic: their outward investments do not have a positive influence on net profit flow as is the case with semi-peripheral and core countries. The most probable explanation is that peripheral outward investments are indirectly owned by firms located in core and semi-peripheral countries, so all peripheral profit inflows end up in those countries. PMID:28654644

  12. Effect of Stocking Density on Growth and Survival of African Catfish ...

    African Journals Online (AJOL)

    African catfish (Clarias gariepinus Burchell, 1882) fry were cultured at three different stocking densities in net hapas (submerged volume 0.75 m3) suspended in an outdoor concrete tank of the Aquaculture and Fisheries Department, University of Agriculture, Abeokuta, Nigeria. Catfish fry (mean weight 0.12 ± 0.10 g) were ...

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

    Directory of Open Access Journals (Sweden)

    Wayne Walker

    2012-10-01

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

  14. EVALUATION OF FISH FAUNA STOCKS IN DAMS IN SOSSEGO MIME IN CANAÃ OF CARAJÁS (EASTERN AMAZON, CAPTURED WITH THE USE OF CAST NET BEFORE THE DEPOSIT OF TAILINGS

    Directory of Open Access Journals (Sweden)

    Ivan Furtado Junior

    2016-12-01

    Full Text Available This study aims to estimate the biomass of fish stocks in the area of the dam formed by tailings of Sossego mine in Canaã dos Carajás, captured with the use of cast nets for fish. The prospecting work was carried out during the period from 29 February to 6 March 2004, 6 months after closing the dam and immediately before the disposal of waste. The average values estimated for the capture per unit area covered by cast nets (CPUA and biomass were 8.4 g m-² and 16,922.7 kg, respectively. The most representative groups of fish were minnows, with 67.7% and discus with 24.8% of the total estimated biomass. The species caught were: Moenkhausia cf. sanctaefilomenae (redeye tetra fish, Tetragonopterus cf. argenteus (white tetra fish, Tetragonopterus chalceus (red tetra fish, Aequidens viridis (cichlasoma bimaculatum Crenicichla cincta (jacunda Hoplerythrinus unitaeniatus (jeju Curimata inornata (branquinha and Hoplias malabaricus (trahira. Keywords: fishing survey; yield per unit area; biomass; tailings dam.

  15. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

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

  16. Spatial distribution of soil organic carbon stocks in France

    Directory of Open Access Journals (Sweden)

    M. P. Martin

    2011-05-01

    Full Text Available Soil organic carbon plays a major role in the global carbon budget, and can act as a source or a sink of atmospheric carbon, thereby possibly influencing the course of climate change. Changes in soil organic carbon (SOC stocks are now taken into account in international negotiations regarding climate change. Consequently, developing sampling schemes and models for estimating the spatial distribution of SOC stocks is a priority. The French soil monitoring network has been established on a 16 km × 16 km grid and the first sampling campaign has recently been completed, providing around 2200 measurements of stocks of soil organic carbon, obtained through an in situ composite sampling, uniformly distributed over the French territory.

    We calibrated a boosted regression tree model on the observed stocks, modelling SOC stocks as a function of other variables such as climatic parameters, vegetation net primary productivity, soil properties and land use. The calibrated model was evaluated through cross-validation and eventually used for estimating SOC stocks for mainland France. Two other models were calibrated on forest and agricultural soils separately, in order to assess more precisely the influence of pedo-climatic variables on SOC for such soils.

    The boosted regression tree model showed good predictive ability, and enabled quantification of relationships between SOC stocks and pedo-climatic variables (plus their interactions over the French territory. These relationships strongly depended on the land use, and more specifically, differed between forest soils and cultivated soil. The total estimate of SOC stocks in France was 3.260 ± 0.872 PgC for the first 30 cm. It was compared to another estimate, based on the previously published European soil organic carbon and bulk density maps, of 5.303 PgC. We demonstrate that the present estimate might better represent the actual SOC stock distributions of France, and consequently that the

  17. 78 FR 54156 - Limitations on Duplication of Net Built-in Losses

    Science.gov (United States)

    2013-09-03

    ... it is not a transfer of net built-in loss property under section 362(e)(1); that gain recognized by... transferor distributes the stock received in the transaction and, in the distribution, no gain or loss was... the transaction. 3. Securities Received Without the Recognition of Gain or Loss Section 362(e)(2) is...

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

    Directory of Open Access Journals (Sweden)

    Mihaela-Cristina ONICA

    2011-11-01

    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.

  19. Timber resource statistics for the Yakataga inventory unit, Alaska, 1976.

    Science.gov (United States)

    Willem W.S. van Hees

    1985-01-01

    Statistics on forest area, total gross and net timber volumes, and annual net growth and mortality are presented from the 1976 timber inventory of the Yakataga unit, Alaska. Timberland area is estimated at 209.3 thousand acres (84.7 thousand ha), net growing stock volume at 917.1 million cubic feet (26.0 million m3), and annual net growth and...

  20. Social Mood, Stock Market Performance, and U.S. Presidential Elections

    Directory of Open Access Journals (Sweden)

    Robert R. Prechter

    2012-11-01

    Full Text Available We analyze all U.S. presidential election bids. We find a positive, significant relationship between the incumbent’s vote margin and the prior net percentage change in the stock market. This relationship does not extend to the incumbent’s party when the incumbent does not run for reelection. We find no significant relationships between the incumbent’s vote margin and inflation or unemployment. Gross domestic product (GDP is a significant predictor of the incumbent’s popular vote margin in simple regression but is rendered insignificant when combined with the stock market in multiple regression. Hypotheses of economic voting fail to account for the findings. The results are consistent with socionomic voting theory, which includes the hypotheses that (a social mood as reflected by the stock market is a more powerful regulator of reelection outcomes than economic variables such as GDP, inflation, and unemployment; and (b voters unconsciously credit or blame the leader for their mood.

  1. The Potential for Forestry to Reduce Net CO2 Emissions

    International Nuclear Information System (INIS)

    Eriksson, Erik

    2006-01-01

    Forestry may have an important role to play in attempts to reduce atmospheric CO 2 levels, since countries may choose to account for forest management activities to fulfil their commitments under the Kyoto Protocol. However, the effectiveness of such efforts may depend on the forest management strategies applied. This thesis is based on four separate studies in which the potential for forest management strategies to decrease net CO 2 emissions was considered. Long-term field experiments and models were used to: evaluate the impact of different thinning regimes; study broad-leaved stands growing on abandoned farmland with different rotation lengths; predict the effects of using different rotation lengths on carbon accumulation and fossil fuel substitution; and perform an integrated analysis of forest management practices and the potential to substitute fossil fuels by wood products. To evaluate the effects of the management regimes considered, carbon stocks in the investigated stands and the potential of the resulting biomass to substitute fossil fuel were estimated. No significant differences were found in biomass production between the thinning regimes for Norway spruce (Picea abies (L.) Karst.) stands, but the standing biomass was significantly larger in unthinned stands, indicating that to maximize the carbon stock in tree biomass thinnings should be avoided. For Scots pine (Pinus sylvestris L.), thinned and fertilized stands produced significantly more biomass (2.60-2.72 ton d.w./ha/yr) than unthinned and unfertilized stands (2.17-2.34 ton d.w./ha/yr) in the northern regions. These findings indicate that fertilization might be a viable measure to increase production of biomass with the potential to replace fossil fuel and energy-intensive material. In addition, for broad-leaved trees stands on abandoned farmland, management regimes with a short rotation were found to be better for maximizing the substitution of fossil fuel than regimes with a long rotation

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

    Directory of Open Access Journals (Sweden)

    Francesco Avallone

    2014-03-01

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

  3. Numerical study on the hydrodynamic characteristics of biofouled full-scale net cage

    Science.gov (United States)

    Bi, Chun-wei; Zhao, Yun-peng; Dong, Guo-hai

    2015-06-01

    The effect of biofouling on the hydrodynamic characteristics of the net cage is of particular interest as biofouled nettings can significantly reduce flow of well-oxygenated water reaching the stocked fish. For computational efficiency, the porous-media fluid model is proposed to simulate flow through the biofouled plane net and full-scale net cage. The porous coefficients of the porous-media fluid model can be determined from the quadratic-function relationship between the hydrodynamic forces on a plane net and the flow velocity using the least squares method. In this study, drag forces on and flow fields around five plane nets with different levels of biofouling are calculated by use of the proposed model. The numerical results are compared with the experimental data of Swift et al. (2006) and the effectiveness of the numerical model is presented. On that basis, flow through full-scale net cages with the same level of biofouling as the tested plane nets are modeled. The flow fields inside and around biofouled net cages are analyzed and the drag force acting on a net cage is estimated by a control volume analysis method. According to the numerical results, empirical formulas of reduction in flow velocity and load on a net cage are derived as function of drag coefficient of the corresponding biofouled netting.

  4. A Local Net Volume Equation for Iowa

    Science.gov (United States)

    Jerold T. Hahn

    1976-01-01

    As a part of the 1974 Forest Survey of Iowa, the Station''s Forst Resources Evaluatioin Research Staff developed a merchantable tree volume equation and tables of coefficients for Iowa. They were developed for both board-foot (International ?-inch rule) and cubic foot volumes, for several species and species groups of growing-stock trees. The equation and...

  5. Dynamic Relationships between Price and Net Asset Value for Asian Real Estate Stocks

    Directory of Open Access Journals (Sweden)

    Kim Hiang LIOW

    2018-03-01

    Full Text Available This paper examines short- and long-term behavior of the price-to net asset value ratio in six Asian public real estate markets. We find mean-reverting behavior of the ratio and spillover effects, where each of the examined public real estate markets correlates with other markets. Additionally, the unexpected shock correlating with the price-to-net asset value ratio in one market has a positive or negative correlation with the ratios of other markets. Our results offer fresh insights to portfolio managers, policymakers, and academic researchers into the regional and country market dynamics of public real estate valuation and cross-country interaction from the long-term and short-term perspectives.

  6. Rare, but challenging tumors: NET

    International Nuclear Information System (INIS)

    Ivanova, D.; Balev, B.

    2013-01-01

    Full text: Introduction: Gastroenteropancreatic Neuroendocrine Tumors (GEP - NET) are a heterogeneous group of tumors with different locations and many different clinical, histological, and imaging performance. In a part of them a secretion of various organic substances is present. The morbidity of GEP - NET in the EU is growing, and this leads to increase the attention to them. What you will learn: Imaging methods used for localization and staging of GEP - NET, characteristics of the study’s protocols; Classification of GEP - NET; Demonstration of typical and atypical imaging features of GEP - NET in patients registered at the NET Center at University Hospital ‘St. Marina’, Varna; Features of metastatic NET, The role of imaging in the evaluation of treatment response and follow-up of the patients. Discussion: The image semiotics analysis is based on 19 cases of GEP - NET registered NET Center at University Hospital ‘St. Marina’. The main imaging method is multidetector CT (MDCT), and magnetic resonance imaging (MRI ) has advantages in the evaluation of liver lesions and the local prevalence of anorectal tumors. In patients with advanced disease and liver lesions the assessment of skeletal involvement (MRI/ nuclear medical method) is mandatory. The majority of GEP - NET have not any specific imaging findings. Therefore it is extremely important proper planning and conducting of the study (MDCT and MR enterography; accurate assessment phase of scanning, positive and negative contrast). Conclusion: GEP - NET is a major diagnostic challenge due to the absence of typical imaging characteristics and often an overlap with those of the tumors of different origin can be observed. Therefore, a good knowledge of clinical and imaging changes occurring at different locations is needed. MDCT is the basis for the diagnosis, staging and follow-up of these neoplasms

  7. Cluster fusion-fission dynamics in the Singapore stock exchange

    Science.gov (United States)

    Teh, Boon Kin; Cheong, Siew Ann

    2015-10-01

    In this paper, we investigate how the cross-correlations between stocks in the Singapore stock exchange (SGX) evolve over 2008 and 2009 within overlapping one-month time windows. In particular, we examine how these cross-correlations change before, during, and after the Sep-Oct 2008 Lehman Brothers Crisis. To do this, we extend the complete-linkage hierarchical clustering algorithm, to obtain robust clusters of stocks with stronger intracluster correlations, and weaker intercluster correlations. After we identify the robust clusters in all time windows, we visualize how these change in the form of a fusion-fission diagram. Such a diagram depicts graphically how the cluster sizes evolve, the exchange of stocks between clusters, as well as how strongly the clusters mix. From the fusion-fission diagram, we see a giant cluster growing and disintegrating in the SGX, up till the Lehman Brothers Crisis in September 2008 and the market crashes of October 2008. After the Lehman Brothers Crisis, clusters in the SGX remain small for few months before giant clusters emerge once again. In the aftermath of the crisis, we also find strong mixing of component stocks between clusters. As a result, the correlation between initially strongly-correlated pairs of stocks decay exponentially with average life time of about a month. These observations impact strongly how portfolios and trading strategies should be formulated.

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

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2012-01-01

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

  9. Impact of Dividend Taxation Changing on Dividend Policy of Romanian Companies Listed on Stock Market

    Directory of Open Access Journals (Sweden)

    Stela JAKOVA

    2017-09-01

    Full Text Available The aim of this paper is to analyze factors (with an influence on value of transactions on stock exchange which induce companies listed on Bucharest Stock Exchange to pay dividends for period 2008 – 2015. First we will estimate five regression models, taking into account some financial and macroeconomics variables. Second we will rebuild these five regression models including a dummy variable which indicates the change of dividend tax rate. Our analyses emphasized the fact that net income, liquidity index, BET return and total assets have a significant effect on dividend payment policy which keeps their significance also after introducing the dummy variable, except the BET rate which decreased its significance. Also only the change of dividend tax rate and net income have a positively significant impact over dividend payment policy of Romanian ‘companies. The findings from this study are useful to be taken in account by the board of managers of companies when they decide the dividend policy for the company. In the same time our study extends the existing literature on this topic, by analyzing the impact of the most recent change in dividend tax rate from 2015, and also by extending the factors which affect the dividend policy of the companies listed on stock exchange.

  10. Wood and understory production under a range of ponderosa pine stocking levels, Black Hills, South Dakota

    Science.gov (United States)

    Daniel W. Uresk; Carleton B. Edminster; Kieth E. Severson

    2000-01-01

    Stemwood and understory production (kg ha-1) were estimated during 3 nonconsecutive years on 5 growing stock levels of ponderosa pine including clearcuts and unthinned stands. Stemwood production was consistently greater at mid- and higher pine stocking levels, and understory production was greater in stands with less pine; however, there were no...

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

    OpenAIRE

    Ekaputra, Adriansyah; Sukarno, Subiakto

    2012-01-01

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

  12. Customer satisfaction as a buffer against sentimental stock-price corrections

    NARCIS (Netherlands)

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

    2013-01-01

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

  13. Estimating agro-ecosystem carbon balance of northern Japan, and comparing the change in carbon stock by soil inventory and net biome productivity.

    Science.gov (United States)

    Li, Xi; Toma, Yo; Yeluripati, Jagadeesh; Iwasaki, Shinya; Bellingrath-Kimura, Sonoko D; Jones, Edward O; Hatano, Ryusuke

    2016-06-01

    Soil C sequestration in croplands is deemed to be one of the most promising greenhouse gas mitigation options for agriculture. We have used crop-level yields, modeled heterotrophic respiration (Rh) and land use data to estimate spatio-temporal changes in regional scale net primary productivity (NPP), plant C inputs, and net biome productivity (NBP) in northern Japan's arable croplands and grasslands for the period of 1959-2011. We compared the changes in C stocks derived from estimated NBP and using repeated inventory datasets for each individual land use type from 2005 to 2011. For the entire study region of 2193 ha, overall annual plant C inputs to the soil constituted 37% of total region NPP. Plant C inputs in upland areas (excluding bush/fallow) could be predicted by climate variables. Overall NBP for all land use types increased from -1.26MgCha(-1)yr(-1) in 1959-0.26 Mg Cha(-1)yr(-1) in 2011. However, upland and paddy fields showed a decreased in NBP over the period of 1959-2011, under the current C input scenario. From 1988, an increase in agricultural abandonment (bush/fallow) and grassland cover caused a slow increase in the regional C pools. The comparison of carbon budgets using the NBP estimation method and the soil inventory method indicated no significant difference between the two methods. Our results showed C loss in upland crops, paddy fields and sites that underwent land use change from paddy field to upland sites. We also show C gain in grassland from 2005 to 2011. An underestimation of NBP or an overestimation of repeated C inventories cannot be excluded, but either method may be suitable for tracking absolute changes in soil C, considering the uncertainty associated with these methods. Copyright © 2016 Elsevier B.V. All rights reserved.

  14. Soil salinity decreases global soil organic carbon stocks.

    Science.gov (United States)

    Setia, Raj; Gottschalk, Pia; Smith, Pete; Marschner, Petra; Baldock, Jeff; Setia, Deepika; Smith, Jo

    2013-11-01

    Saline soils cover 3.1% (397 million hectare) of the total land area of the world. The stock of soil organic carbon (SOC) reflects the balance between carbon (C) inputs from plants, and losses through decomposition, leaching and erosion. Soil salinity decreases plant productivity and hence C inputs to the soil, but also microbial activity and therefore SOC decomposition rates. Using a modified Rothamsted Carbon model (RothC) with a newly introduced salinity decomposition rate modifier and a plant input modifier we estimate that, historically, world soils that are currently saline have lost an average of 3.47 tSOC ha(-1) since they became saline. With the extent of saline soils predicted to increase in the future, our modelling suggests that world soils may lose 6.8 Pg SOC due to salinity by the year 2100. Our findings suggest that current models overestimate future global SOC stocks and underestimate net CO2 emissions from the soil-plant system by not taking salinity effects into account. From the perspective of enhancing soil C stocks, however, given the lower SOC decomposition rate in saline soils, salt tolerant plants could be used to sequester C in salt-affected areas. Copyright © 2012 Elsevier B.V. All rights reserved.

  15. The effects of crude oil shocks on stock market shifts behaviour A regime switching approach

    Energy Technology Data Exchange (ETDEWEB)

    Aloui, Chaker; Jammazi, Rania [International Finance Group-Tunisia, Faculty of Management and Economic Sciences of Tunis, Boulevard du 7 novembre, El Manar University, B.P. 248, C.P. 2092, Tunis Cedex (Tunisia)

    2009-09-15

    In this paper we develop a two regime Markov-switching EGARCH model introduced by Henry [Henry, O., 2009. Regime switching in the relationship between equity returns and short-term interest rates. Journal of Banking and Finance 33, 405-414.] to examine the relationship between crude oil shocks and stock markets. An application to stock markets of UK, France and Japan over the sample period January 1989 to December 2007 illustrates plausible results. We detect two episodes of series behaviour one relative to low mean/high variance regime and the other to high mean/low variance regime. Furthermore, there is evidence that common recessions coincide with the low mean/high variance regime. In addition, we allow both real stock returns and probability of transitions from one regime to another to depend on the net oil price increase variable. The findings show that rises in oil price has a significant role in determining both the volatility of stock returns and the probability of transition across regimes. (author)

  16. The effects of crude oil shocks on stock market shifts behaviour A regime switching approach

    International Nuclear Information System (INIS)

    Aloui, Chaker; Jammazi, Rania

    2009-01-01

    In this paper we develop a two regime Markov-switching EGARCH model introduced by Henry [Henry, O., 2009. Regime switching in the relationship between equity returns and short-term interest rates. Journal of Banking and Finance 33, 405-414.] to examine the relationship between crude oil shocks and stock markets. An application to stock markets of UK, France and Japan over the sample period January 1989 to December 2007 illustrates plausible results. We detect two episodes of series behaviour one relative to low mean/high variance regime and the other to high mean/low variance regime. Furthermore, there is evidence that common recessions coincide with the low mean/high variance regime. In addition, we allow both real stock returns and probability of transitions from one regime to another to depend on the net oil price increase variable. The findings show that rises in oil price has a significant role in determining both the volatility of stock returns and the probability of transition across regimes. (author)

  17. Carbon stocks and flux in French forests

    International Nuclear Information System (INIS)

    Dupouey, Jean-Luc; Pignard, Gerome; Badeau, Vincent; Thimonier, A.; Dhote, Jean-Francois; Nepveu, G.; Berges, L.; Augusto, L.; Belkacem, S.; Nys, C.

    2000-01-01

    Forests contain most of the carbon stored in the earth's biomass (81 %) and could play a role in CO 2 mitigation to a certain extent. We estimate French forest carbon stocks in biomass to be 860 MtC on 14.5 million hectares of forests, and 1,140 MtC in forest soils. Total carbon in the 14.5 million hectares of French forests is estimated at 2,000 MtC. Average annual flux for the 1979/91 period is 10.5 MtC/y, i.e. 10 % of national fossil fuel emissions. The main causes of this net carbon uptake are the rapid increase of forest area, increasing productivity due to environmental changes, ageing or, in some localized areas, more intensive silviculture practices. These carbon sinks are not offset by the harvesting level which remains low on average (61 % of the annual volume growth). Forestry carbon mitigation options applicable in France are discussed. The need for global economic and ecological budgets (including carbon stocks, soil fertility and biodiversity) of the possible alternatives is stressed. (authors)

  18. Partitioning of net carbon dioxide flux measured by automatic transparent chamber

    Science.gov (United States)

    Dyukarev, EA

    2018-03-01

    Mathematical model was developed for describing carbon dioxide fluxes at open sedge-sphagnum fen during growing season. The model was calibrated using the results of observations from automatic transparent chamber and it allows us to estimate autotrophic, heterotrophic and ecosystem respiration fluxes, gross and net primary vegetation production, and the net carbon balance.

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

    Science.gov (United States)

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.

  20. Community Net Energy Metering: How Novel Policies Expand Benefits of Net Metering to Non-Generators

    Energy Technology Data Exchange (ETDEWEB)

    Rose, James; Varnado, Laurel

    2009-04-01

    As interest in community solutions to renewable energy grows, more states are beginning to develop policies that encourage properties with more than one meter to install shared renewable energy systems. State net metering policies are evolving to allow the aggregation of multiple meters on a customer’s property and to dissolve conventional geographical boundaries. This trend means net metering is expanding out of its traditional function as an enabling incentive to offset onsite customer load at a single facility. This paper analyzes community net energy metering (CNEM) as an emerging vehicle by which farmers, neighborhoods, and municipalities may more easily finance and reap the benefits of renewable energy. Specifically, it aims to compare and contrast the definition of geographical boundaries among different CNEM models and examine the benefits and limitations of each approach. As state policies begin to stretch the geographic boundaries of net metering, they allow inventive solutions to encourage renewable energy investment. This paper attempts to initiate the conversation on this emerging policy mechanism and offers recommendations for further development of these policies.

  1. Remembering Differently: Use of Memory Strategies among Net-Generation ESL Learners

    Science.gov (United States)

    Shakarami, Alireza; Mardziah, H. Abdullah; Faiz, S. Abdullah; Tan, Bee Hoon

    2011-01-01

    Net-generation learners are growing up in an era when much of the learning, communication, socializing and ways of working take place through digital means. Living in this digital era may result in different ways of thinking, ways of approaching learning, strategies, and priorities. The Net-Geners therefore, need new skills and new strategies to…

  2. Mark Stock | NREL

    Science.gov (United States)

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

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

    Directory of Open Access Journals (Sweden)

    Prokopovich Vladimir Pavlovich

    2014-06-01

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

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

    Science.gov (United States)

    Swink, William D.

    1983-01-01

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

  5. COST OF PRODUCTION, GROSS RETURN AND NET PROFIT IN COMMERCIAL EGG PRODUCTION

    Directory of Open Access Journals (Sweden)

    M. Farooq, Zahoor-ul-Haq1, M.A. Mian, F.R. Durrani and M. Syed

    2003-01-01

    Full Text Available The present study was carried out in Chakwal, Pakistan by collecting data from randomly selected 109 flocks to investigate cost of production, gross return and net profit per layer. Majority of the buildings in the study area were rented therefore, rent per layer was added to the total cost of production instead of depreciation on building and equipments. Overall total cost of production, gross return and net profit per layer was Rs. 393.88 ± 5.36, 432.14 ± 8.01 and 38.26 ± 6.66, respectively. Rate of return over the invested capital was 27%. Mean feed cost per layer was Rs. 302.23 ± 5.01, including Rs. 10.27 ± 0.24, 29.19 ± 0.42 and 262.77 ± 5.08 for starter, grower and layer ration, respectively. Feed cost was the major component contributing 76.73% to the total cost of production. Average cost of labor, day-old chick, building rent, vaccination, therapy, miscellaneous item, electricity, bedding material and transportation was Rs. 19.90 ± 0.45, 19.75 ± 0.05, 16.25 ± 0.26, 12.80 ± 0.10, 10.90 ± 2.32, 4.35 ± 0.09, 3.15 ± 0.07, 2.65 ± 0.09 and 1.90 ± 0.08, respectively, contributing 5.05, 5.01, 4.13, 3.25, 2.77, 1.10, 0.80, 0.67 and 0.48 % to the total cost of production. Gross return from the sale of marketable eggs, culled eggs, spent/culled bird, empty bags and manure was Rs. 388.84 ± 7.91, 3.85 ± 0.01, 35.80 ± 0.23, 2.20 ± 0.04 and 1.45 ± 0.01, respectively, contributing 89.98, 0.89, 8.28, 0.51 and 0.34% to the total return. Determining the effect of different parameters on the cost of production and net profit, large flocks, Hisex strain, brood-grow and lay system of rearing, good hygienic conditions of the farm, normal stocking rate and cage system of housing wee found to give maximum gross return as well as net profit.

  6. Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

    Directory of Open Access Journals (Sweden)

    DHIAA SHAMKI

    2013-07-01

    Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

  7. R&D Expenses and Share Value in The Japanese Stock Market

    Directory of Open Access Journals (Sweden)

    Sophie Nivoix

    2014-11-01

    Full Text Available The growing influence of technology in business activities is driving many firms to devote a greater amount of resources to research and development. It is therefore crucial to understand how the stock market evaluates the benefits of R&D. In this paper, our aim is to investigate whether Japanese investors have rewarded firms that heavily invest in R&D. We first document that R&D expenses have remained fairly stable relative to sales in the past eight years, but with large variations within and between industries. We then show that R&Dfirms have achieved a higher return relative to non-R&D firms. However, our regressions and investment simulations indicate that the relation between R&D intensity and stock returns is not significant, suggesting that the Japanese stock market is semi-strong efficient.

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

    OpenAIRE

    Irshad Hira

    2017-01-01

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

  9. Loss of protection with insecticide-treated nets against pyrethroid-resistant Culex quinquefasciatus mosquitoes once nets become holed: an experimental hut study

    Directory of Open Access Journals (Sweden)

    Irish SR

    2008-06-01

    Full Text Available Abstract Background An important advantage of pyrethroid-treated nets over untreated nets is that once nets become worn or holed a pyrethroid treatment will normally restore protection. The capacity of pyrethroids to kill or irritate any mosquito that comes into contact with the net and prevent penetration of holes or feeding through the sides are the main reasons why treated nets continue to provide protection despite their condition deteriorating over time. Pyrethroid resistance is a growing problem among Anopheline and Culicine mosquitoes in many parts of Africa. When mosquitoes become resistant the capacity of treated nets to provide protection might be diminished, particularly when holed. An experimental hut trial against pyrethroid-resistant Culex quinquefasciatus was therefore undertaken in southern Benin using a series of intact and holed nets, both untreated and treated, to assess any loss of protection as nets deteriorate with use and time. Results There was loss of protection when untreated nets became holed; the proportion of mosquitoes blood feeding increased from 36.2% when nets were intact to between 59.7% and 68.5% when nets were holed to differing extents. The proportion of mosquitoes blood feeding when treated nets were intact was 29.4% which increased to 43.6–57.4% when nets were holed. The greater the number of holes the greater the loss of protection regardless of whether nets were untreated or treated. Mosquito mortality in huts with untreated nets was 12.9–13.6%; treatment induced mortality was less than 12%. The exiting rate of mosquitoes into the verandas was higher in huts with intact nets. Conclusion As nets deteriorate with use and become increasingly holed the capacity of pyrethroid treatments to restore protection is greatly diminished against resistant Culex quinquefasciatus mosquitoes.

  10. Investment Strategy on the Zagreb Stock Exchange Based on Dynamic DEA

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-04-01

    Full Text Available Nowadays, there is a growing interest in the application of quantitative methods in portfolio management, as the results of their application can be used as guidelines for managing a successful investment portfolio, i.e., a portfolio that outperforms the market. This paper deals with the Data Envelopment Analysis (DEA approach and a Dynamic Slacks-Based Measure as a method of forming a portfolio which would predominantly outperform the market. In order to test the strategy, data on stocks listed on the Zagreb Stock Exchange were gathered for the period April 2009 – June 2012. Using the quarterly returns, standard deviations and coefficients of skewness as links, a dynamic slacks-based measure approach was applied to evaluate the relative efficiency of stocks in each quarter. The findings indicate that a portfolio based on the results of the optimization beats the market in terms of both returns and risk. This is the first implementation of the dynamic DEA model in stock trading. The results suggest that it is superior to basic DEA models.

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

    Science.gov (United States)

    Vasenev, Viacheslav; Kuzyakov, Yakov

    2017-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Irshad Hira

    2017-08-01

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

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

    OpenAIRE

    Indridewi Atmadjaja, Yovita Vivianty

    1999-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jay Chok

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

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

    Science.gov (United States)

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

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

  16. Towards understanding of carbon stocks and stabilization in volcanic ash soils in natural Andean ecosystems of northern Ecuador

    NARCIS (Netherlands)

    Tonneijck, F.H.; Jansen, B.; Nierop, K.G.J.; Verstraten, J.M.; Sevink, J.; de Lange, L.

    2010-01-01

    Volcanic ash soils contain very large stocks of soil organic matter (SOM) per unit area. Consequently, they constitute potential sources or sinks for the greenhouse gas carbon dioxide. Whether soils become a net carbon source or sink with climate and/or land-use change depends on the stability of

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

    Directory of Open Access Journals (Sweden)

    Tajus Subqi

    2016-08-01

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

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

    Institute of Scientific and Technical Information of China (English)

    王钊

    2014-01-01

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

  19. Traditional nets interfere with the uptake of long-lasting insecticidal nets in the Peruvian Amazon: the relevance of net preference for achieving high coverage and use.

    Directory of Open Access Journals (Sweden)

    Koen Peeters Grietens

    Full Text Available While coverage of long-lasting insecticide-treated nets (LLIN has steadily increased, a growing number of studies report gaps between net ownership and use. We conducted a mixed-methods social science study assessing the importance of net preference and use after Olyset® LLINs were distributed through a mass campaign in rural communities surrounding Iquitos, the capital city of the Amazonian region of Peru.The study was conducted in the catchment area of the Paujil and Cahuide Health Centres (San Juan district between July 2007 and November 2008. During a first qualitative phase, participant observation and in-depth interviews collected information on key determinants for net preference and use. In a second quantitative phase, a survey among recently confirmed malaria patients evaluated the acceptability and use of both LLINs and traditional nets, and a case control study assessed the association between net preference/use and housing structure (open vs. closed houses.A total of 10 communities were selected for the anthropological fieldwork and 228 households participated in the quantitative studies. In the study area, bed nets are considered part of the housing structure and are therefore required to fulfil specific architectural and social functions, such as providing privacy and shelter, which the newly distributed Olyset® LLINs ultimately did not. The LLINs' failure to meet these criteria could mainly be attributed to their large mesh size, transparency and perceived ineffectiveness to protect against mosquitoes and other insects, resulting in 63.3% of households not using any of the distributed LLINs. Notably, LLIN usage was significantly lower in houses with no interior or exterior walls (35.2% than in those with walls (73.8% (OR = 5.2, 95CI [2.2; 12.3], p<0.001.Net preference can interfere with optimal LLIN use. In order to improve the number of effective days of LLIN protection per dollar spent, appropriate quantitative and qualitative

  20. Decadal change of forest biomass carbon stocks and tree demography in the Delaware River Basin

    Science.gov (United States)

    Bing Xu; Yude Pan; Alain F. Plante; Arthur Johnson; Jason Cole; Richard Birdsey

    2016-01-01

    Quantifying forest biomass carbon (C) stock change is important for understanding forest dynamics and their feedbacks with climate change. Forests in the northeastern U.S. have been a net carbon sink in recent decades, but C accumulation in some northern hardwood forests has been halted due to the impact of emerging stresses such as invasive pests, land use change and...

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

    OpenAIRE

    Grobys, Klaus

    2011-01-01

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

  2. Net change in carbon emissions with increased wood energy use in the United States

    Science.gov (United States)

    Prakash Nepal; David N. Wear; Kenneth E. Skog

    2014-01-01

    Use of wood biomass for energy results in carbon (C) emissions at the time of burning and alters C stocks on the land because of harvest, regrowth, and changes in land use or management. This study evaluates the potential effects of expanded woody biomass energy use (for heat and power) on net C emissions over time. A scenario with increased wood energy use is compared...

  3. Carbon stocks and fluxes in tropical lowland dipterocarp rainforests in Sabah, Malaysian Borneo.

    Directory of Open Access Journals (Sweden)

    Philippe Saner

    Full Text Available Deforestation in the tropics is an important source of carbon C release to the atmosphere. To provide a sound scientific base for efforts taken to reduce emissions from deforestation and degradation (REDD+ good estimates of C stocks and fluxes are important. We present components of the C balance for selectively logged lowland tropical dipterocarp rainforest in the Malua Forest Reserve of Sabah, Malaysian Borneo. Total organic C in this area was 167.9 Mg C ha⁻¹±3.8 (SD, including: Total aboveground (TAGC: 55%; 91.9 Mg C ha⁻¹±2.9 SEM and belowground carbon in trees (TBGC: 10%; 16.5 Mg C ha⁻¹±0.5 SEM, deadwood (8%; 13.2 Mg C ha⁻¹±3.5 SEM and soil organic matter (SOM: 24%; 39.6 Mg C ha⁻¹±0.9 SEM, understory vegetation (3%; 5.1 Mg C ha⁻¹±1.7 SEM, standing litter (<1%; 0.7 Mg C ha⁻¹±0.1 SEM and fine root biomass (<1%; 0.9 Mg C ha⁻¹±0.1 SEM. Fluxes included litterfall, a proxy for leaf net primary productivity (4.9 Mg C ha⁻¹ yr⁻¹±0.1 SEM, and soil respiration, a measure for heterotrophic ecosystem respiration (28.6 Mg C ha⁻¹ yr⁻¹±1.2 SEM. The missing estimates necessary to close the C balance are wood net primary productivity and autotrophic respiration.Twenty-two years after logging TAGC stocks were 28% lower compared to unlogged forest (128 Mg C ha⁻¹±13.4 SEM; a combined weighted average mean reduction due to selective logging of -57.8 Mg C ha⁻¹ (with 95% CI -75.5 to -40.2. Based on the findings we conclude that selective logging decreased the dipterocarp stock by 55-66%. Silvicultural treatments may have the potential to accelerate the recovery of dipterocarp C stocks to pre-logging levels.

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

    Directory of Open Access Journals (Sweden)

    Liknes Greg C

    2008-06-01

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

  5. Identifying the critical financial ratios for stocks evaluation: A fuzzy delphi approach

    Science.gov (United States)

    Mokhtar, Mazura; Shuib, Adibah; Mohamad, Daud

    2014-12-01

    Stocks evaluation has always been an interesting and challenging problem for both researchers and practitioners. Generally, the evaluation can be made based on a set of financial ratios. Nevertheless, there are a variety of financial ratios that can be considered and if all ratios in the set are placed into the evaluation process, data collection would be more difficult and time consuming. Thus, the objective of this paper is to identify the most important financial ratios upon which to focus in order to evaluate the stock's performance. For this purpose, a survey was carried out using an approach which is based on an expert judgement, namely the Fuzzy Delphi Method (FDM). The results of this study indicated that return on equity, return on assets, net profit margin, operating profit margin, earnings per share and debt to equity are the most important ratios.

  6. Modelling energy demand in the Norwegian building stock

    Energy Technology Data Exchange (ETDEWEB)

    Sartori, Igor

    2008-07-15

    Energy demand in the building stock in Norway represents about 40% of the final energy consumption, of which 22% goes to the residential sector and 18% to the service sector. In Norway there is a strong dependency on electricity for heating purposes, with electricity covering about 80% of the energy demand in buildings. The building sector can play an important role in the achievement of a more sustainable energy system. The work performed in the articles presented in this thesis investigates various aspects related to the energy demand in the building sector, both in singular cases and in the stock as a whole. The work performed in the first part of this thesis on development and survey of case studies provided background knowledge that was then used in the second part, on modelling the entire stock. In the first part, a literature survey of case studies showed that, in a life cycle perspective, the energy used in the operating phase of buildings is the single most important factor. Design of low-energy buildings is then beneficial and should be pursued, even though it implies a somewhat higher embodied energy. A case study was performed on a school building. First, a methodology using a Monte Carlo method in the calibration process was explored. Then, the calibrated model of the school was used to investigate measures for the achievement of high energy efficiency standard through renovation work. In the second part, a model was developed to study the energy demand in a scenario analysis. The results showed the robustness of policies that included conservation measures against the conflicting effects of the other policies. Adopting conservation measures on a large scale showed the potential to reduce both electricity and total energy demand from present day levels while the building stock keeps growing. The results also highlighted the inertia to change of the building stock, due to low activity levels compared to the stock size. It also became clear that a deeper

  7. Genetic stock identification of Atlantic salmon (Salmo salar populations in the southern part of the European range

    Directory of Open Access Journals (Sweden)

    McGinnity Philip

    2010-04-01

    Full Text Available Abstract Background Anadromous migratory fish species such as Atlantic salmon (Salmo salar have significant economic, cultural and ecological importance, but present a complex case for management and conservation due to the range of their migration. Atlantic salmon exist in rivers across the North Atlantic, returning to their river of birth with a high degree of accuracy; however, despite continuing efforts and improvements in in-river conservation, they are in steep decline across their range. Salmon from rivers across Europe migrate along similar routes, where they have, historically, been subject to commercial netting. This mixed stock exploitation has the potential to devastate weak and declining populations where they are exploited indiscriminately. Despite various tagging and marking studies, the effect of marine exploitation and the marine element of the salmon lifecycle in general, remain the "black-box" of salmon management. In a number of Pacific salmonid species and in several regions within the range of the Atlantic salmon, genetic stock identification and mixed stock analysis have been used successfully to quantify exploitation rates and identify the natal origins of fish outside their home waters - to date this has not been attempted for Atlantic salmon in the south of their European range. Results To facilitate mixed stock analysis (MSA of Atlantic salmon, we have produced a baseline of genetic data for salmon populations originating from the largest rivers from Spain to northern Scotland, a region in which declines have been particularly marked. Using 12 microsatellites, 3,730 individual fish from 57 river catchments have been genotyped. Detailed patterns of population genetic diversity of Atlantic salmon at a sub-continent-wide level have been evaluated, demonstrating the existence of regional genetic signatures. Critically, these appear to be independent of more commonly recognised terrestrial biogeographical and political

  8. The use of mosquito nets in fisheries: A global perspective.

    Directory of Open Access Journals (Sweden)

    Rebecca Short

    Full Text Available Free or subsidised mosquito net (MN distribution has been an increasingly important tool in efforts to combat malaria in recent decades throughout the developing world, making great strides towards eradicating this hugely detrimental disease. However, there has been increasing concern in the natural resource management and healthcare communities over alternative use of MNs, particularly in artisanal fisheries where it has been suggested they pose a threat to sustainability of fish stocks. So far, little evidence has been presented as to the global prevalence and characteristics of MN fishing, limiting global management initiatives and incentives for action across disciplines. We conducted a rapid global assessment of mosquito net fishing (MNF observations from expert witnesses living and/or working in malarial zones using an internet survey. MNF was found to be a broadly pan-tropical activity, particularly prevalent in sub-Saharan Africa. MNF is conducted using a variety of deployment methods and scales including seine nets, scoop/dip nets, set nets and traps. MNF was witnessed in a broad range of marine and freshwater habitats and was seen to exploit a wide range of taxa, with capture of juvenile fish reported in more than half of responses. Perceived drivers of MNF were closely related to poverty, revealing potentially complex and arguably detrimental livelihood and food security implications which we discuss in light of current literature and management paradigms. The key policies likely to influence future impacts of MNF are in health, regarding net distribution, and natural resource management regarding restrictions on use. We outline critical directions for research and highlight the need for a collaborative, interdisciplinary approach to development of both localised and broad-scale policy.

  9. The Financial Safety Net – a Necessity in a Turbulent Financial World

    Directory of Open Access Journals (Sweden)

    Peter BALOGH

    2011-11-01

    Full Text Available Over the last years we observed that whenever crisis hits, interest in guarantee arrangements rises. The current financial crisis is no exception in this respect. It turns the spotlight on the operation of the financial safety net and provides policy makers with a unique opportunity to monitor its performance and, more specifically, to identify its strengths and weaknesses. This paper focuses on the way parts of the financial safety net work and places a special emphasis on the growing role of these safety nets in our turbulent financial world.

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

    Science.gov (United States)

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

    2014-07-01

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

  11. Controls on the variability of net infiltration to desert sandstone

    Science.gov (United States)

    Heilweil, Victor M.; McKinney, Tim S.; Zhdanov, Michael S.; Watt, Dennis E.

    2007-01-01

    As populations grow in arid climates and desert bedrock aquifers are increasingly targeted for future development, understanding and quantifying the spatial variability of net infiltration becomes critically important for accurately inventorying water resources and mapping contamination vulnerability. This paper presents a conceptual model of net infiltration to desert sandstone and then develops an empirical equation for its spatial quantification at the watershed scale using linear least squares inversion methods for evaluating controlling parameters (independent variables) based on estimated net infiltration rates (dependent variables). Net infiltration rates used for this regression analysis were calculated from environmental tracers in boreholes and more than 3000 linear meters of vadose zone excavations in an upland basin in southwestern Utah underlain by Navajo sandstone. Soil coarseness, distance to upgradient outcrop, and topographic slope were shown to be the primary physical parameters controlling the spatial variability of net infiltration. Although the method should be transferable to other desert sandstone settings for determining the relative spatial distribution of net infiltration, further study is needed to evaluate the effects of other potential parameters such as slope aspect, outcrop parameters, and climate on absolute net infiltration rates.

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

    Directory of Open Access Journals (Sweden)

    Mohammed Syedul Islam

    2015-01-01

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

  13. What stock market returns to expect for the future?

    Science.gov (United States)

    Diamond, P A

    2000-01-01

    . But lower savings as growth slows should partially or fully offset that effect. The present high stock prices, together with projected slow economic growth, are not consistent with a 7.0 percent return. With a plausible level of adjusted dividends (dividends plus net share repurchases), the ratio of stock value to gross domestic product (GDP) would rise more than 20-fold over 75 years. Similarly, the steady-state Gordon formula--that stock returns equal the adjusted dividend yield plus the growth rate of stock prices (equal to that of GDP)--suggests a return of roughly 4.0 percent to 4.5 percent. Moreover, when relative stock values have been high, returns over the following decade have tended to be low. To eliminate the inconsistency posed by the assumed 7.0 percent return, one could assume higher GDP growth, a lower long-run stock return, or a lower short-run stock return with a 7.0 percent return on a lower base thereafter. For example, with an adjusted dividend yield of 2.5 percent to 3.0 percent, the market would have to decline about 35 percent to 45 percent in real terms over the next decade to reach steady state. In short, either the stock market is overvalued and requires a correction to justify a 7.0 percent return thereafter, or it is correctly valued and the long-run return is substantially lower than 7.0 percent (or some combination). This article argues that the "overvalued" view is more convincing, since the "correctly valued" hypothesis implies an implausibly small equity premium. Although OCACT could adopt a lower rate for the entire 75-year period, a better approach would be to assume lower returns over the next decade and a 7.0 percent return thereafter.

  14. THE STOCKS ACCOUNTING EVALUATION AND ESTIMATION INFLUENCE ON THE ENTITY PERFORMANCE

    Directory of Open Access Journals (Sweden)

    TULVINSCHI MIHAELA

    2015-12-01

    Full Text Available Improving the performance of a company involves an operative and accurate measurement of the efforts and effects, the efficient use of the company resources and also identifying ways to reduce consumption, a category in which stocks occupy a significant position. The purpose of this article is to demonstrate that the accounting information on stocks can not rely only on the accuracy assessment of past and current events, but must take into account estimations of future events, even if these involve uncertainty and risk taking. Different methods for evaluating stocks at the exit of the entity lead to different results but does not affect the entity performance. Opposed to the evaluation, when we speak about the accounting estimation, there is a significant freedom of action when choosing methods. The economic entity is always in the present, and for this reason it must take into consideration both the evaluation accuracy and the accounting estimations uncertainty. Estimating the net achievable value is influenced by the purpose for which the inventory is held. Accounting estimations are influenced by the judgment which is sometimes subjected to inherent bias, but this bias should not turn into a form of manipulating the entity's performance.

  15. Stocking strategy for the rehabilitation of a regulated brown trout (Salmo trutta L.) river

    International Nuclear Information System (INIS)

    Aass, P.

    1993-01-01

    Regulation of the catchment area of the Norwegian river Gudbrandsdalslaagen began in 1919. The lowermost power station on the main river was completed in 1964 and is situated about 10 km above the large Norwegian lake, Mjoesa. The lake is the foraging area of the Hunderstrain of brown trout, the fastest growing of all Norwegian trout. The running of the power plant has led to a severe reduction in water flows below the dam, and the most important spawning and nursery areas of the Hunder strain has been affected. The natural smolt production has been permanently reduced. The rehabilitation programme has included the construction of a fish ladder through the dam and a fixed minimum flow. A hatchery was built and a stocking programme using the local strain was implemented. The effect of stocking has been the easiest of the relief measures to evaluate. Hatchery reared fish constitute a growing share of the spawning population. During the last three years their share has been close to 60%. Reared fish constitute 30-40% of the trout caught in Lake Mjoesa. The average and best returns of tagged groups have been 25 and 50%, respectively, but return rates are highly dependent on release length and time and place of stocking. (Author)

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

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

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

  17. Carbon Stocks across a Fifty Year Chronosequence of Rubber Plantations in Tropical China

    Directory of Open Access Journals (Sweden)

    Chenggang Liu

    2017-06-01

    Full Text Available Transition from forest to rubber (Hevea brasiliensis Muell. Arg. plantation has occurred in tropical China for decades. Rubber has been planted on 1 million ha to provide raw materials to the rubber industry. The role of various-aged rubber plantations in carbon (C sequestration remains unclear. The biomass C accumulation including latex C and C distribution in soil of five different-aged stands (7, 13, 19, 25 and 47 years old were examined. The total biomass C stock (TBC and total net primary productivity (NPPtotal, whether with or without latex C, had a close quadratic relationship with stand age. Regardless of stand age, around 68% of the C was stored in aboveground biomass, and NPPlatex contributed to approximately 18% of C sequestration. Soil organic carbon stock in the 100-cm depth remained relatively stable, but it lost about 16.8 Mg ha−1 with stand age. The total ecosystem C stock (TEC across stands averaged 159.6, 174.4, 229.6, 238.1 and 291.9 Mg ha−1, respectively, of which more than 45% was stored in the soil. However, biomass would become the major C sink rather than soil over a maximal rubber life expectancy. Regression analysis showed that TEC for rubber plantation at 22 years is comparable to a baseline of 230.4 Mg ha−1 for tropical forest in China, and would reach the maximum value at around 54 years. Therefore, rubber plantation can be considered as alternative land use without affecting net forest ecosystem C storage. In addition to the potential C gains, a full set of ecosystem and economic properties have to be quantified in order to assess the trade-offs associated with forest-to-rubber transition.

  18. Market Structure and Stock Splits

    OpenAIRE

    David Michayluk; Paul Kofman

    2001-01-01

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

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

    Science.gov (United States)

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

    2012-12-01

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

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

    NARCIS (Netherlands)

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

    2008-01-01

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

  1. Stock Status

    Data.gov (United States)

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

  2. Field and laboratory experiements with Iridaea cordata (florideophyceae) grown on nylon netting

    Energy Technology Data Exchange (ETDEWEB)

    Mumford, T.F., Jr.

    1979-01-01

    Iridaea cordata (Turner) Bory (Giagatinales) is a carrageenophyte that has been seeded on nets placed directly over natural beds. This process results in only ca. 50% success and suffers from intense grazing by the snails Calliostoma and Lacuna. Ir Iridaea covers the nets, animals fouling does not occur, but further setting of the nets is prevented by fouling with Ulva and Monostroma. Yields of 6-8 kg dry matter m- /sup 2/ was obtained in 1975 and 3.3 kg dry matter m-/sup 2/ in 1976. Expected 1977 yields should be between these values. Comparison of strategies of harvesting nets is made. One harvest yields 461.4 g dry wt 0.25m/sup -2/; two harvests, the first performed early in the growing season yields 500.0 g dry wt 0.25m/sup -2/. Two harvests, one performed near the peak of the growing season yields 594.2 g dry wt 0.25m-/sup 2/, and three harvests yields 697.1 g dry wt 0.25m-/sup 2/. Peak growth occurs in April through July. Careful monitoring of biomass must be made to insure harvest before senescence and subsequent loss of biomass occurs. The potential for commerical use is discussed.

  3. Trading network predicts stock price.

    Science.gov (United States)

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

    2014-01-16

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

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

    Science.gov (United States)

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

    2018-02-01

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

  5. Net greenhouse gas emissions at Eastmain-1 reservoir, Quebec, Canada

    Energy Technology Data Exchange (ETDEWEB)

    Tremblay, Alain; Bastien, Julie; Bonneville, Marie-Claude; del Giorgio, Paul; Demarty, Maud; Garneau, Michelle; Helie, Jean-Francois; Pelletier, Luc; Prairie, Yves; Roulet, Nigel; Strachan, Ian; Teodoru, Cristian

    2010-09-15

    The growing concern regarding the long-term contribution of freshwater reservoirs to atmospheric greenhouse gases (GHG), led Hydro-Quebec, to study net GHG emissions from Eastmain 1 reservoir, which are the emissions related to the creation of a reservoir minus those that would have been emitted or absorbed by the natural systems over a 100-year period. This large study was realized in collaboration with University du Quebec a Montreal, McGill University and Environnement IIlimite Inc. This is a world premiere and the net GHG emissions of EM-1 will be presented in details.

  6. Compression stockings

    Science.gov (United States)

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

  7. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

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

    Directory of Open Access Journals (Sweden)

    Muhammed Monjurul Quadir

    2012-01-01

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

  9. Stock Market Project.

    Science.gov (United States)

    Distel, Brenda D.

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    OpenAIRE

    Matveev, Aleksandr

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Shuba M. V.

    2015-03-01

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

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

    Science.gov (United States)

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

    1993-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Marcelo Rangner Vasconcelos

    2017-01-01

    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.

  16. On bar growth and decay during interannual net offshore migration

    NARCIS (Netherlands)

    Walstra, D.J.R.; Reniers, A.J.H.M.; Ranasinghe, R.; Roelvink, J.A.; Ruessink, B.G.

    2012-01-01

    Multiple bar systems often show a cyclic net offshore directed migration with return periods on the order of years. Generally, a bar is generated near the shoreline, grows in height and width, while migrating offshore before finally decaying at the seaward limit of the surf zone. Based on a

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

    OpenAIRE

    John H. Cochrane

    2002-01-01

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

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

    Science.gov (United States)

    Lahmiri, Salim

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

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

    Science.gov (United States)

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

    2013-10-01

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

  20. 17 CFR 270.2a-4 - Definition of “current net asset value” for use in computing periodically the current price of...

    Science.gov (United States)

    2010-04-01

    ... value between calculations made as of the close of the New York Stock Exchange on the preceding business... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of âcurrent net... Section 270.2a-4 Commodity and Securities Exchanges SECURITIES AND EXCHANGE COMMISSION (CONTINUED) RULES...

  1. Manufacturing of thin walled near net shape iron castings

    DEFF Research Database (Denmark)

    Larsen, Per Leif

    2003-01-01

    The demand for near net shape thin walled iron castings is growing. This has several reasons, the main one is the need for lowering the fuel consumption of cars; the easiest way to do that is to lower the weight of the cars. The best way to do this was for a period of time believed...

  2. Combining Costs and Benefits of Animal Activities to Assess Net Yield Outcomes in Apple Orchards.

    Science.gov (United States)

    Saunders, Manu E; Luck, Gary W

    2016-01-01

    Diverse animal communities influence ecosystem function in agroecosystems through positive and negative plant-animal interactions. Yet, past research has largely failed to examine multiple interactions that can have opposing impacts on agricultural production in a given context. We collected data on arthropod communities and yield quality and quantity parameters (fruit set, yield loss and net outcomes) in three major apple-growing regions in south-eastern Australia. We quantified the net yield outcome (accounting for positive and negative interactions) of multiple animal activities (pollination, fruit damage, biological control) across the entire growing season on netted branches, which excluded vertebrate predators of arthropods, and open branches. Net outcome was calculated as the number of undamaged fruit at harvest as a proportion of the number of blossoms (i.e., potential fruit yield). Vertebrate exclusion resulted in lower levels of fruit set and higher levels of arthropod damage to apples, but did not affect net outcomes. Yield quality and quantity parameters (fruit set, yield loss, net outcomes) were not directly associated with arthropod functional groups. Model variance and significant differences between the ratio of pest to beneficial arthropods between regions indicated that complex relationships between environmental factors and multiple animal interactions have a combined effect on yield. Our results show that focusing on a single crop stage, species group or ecosystem function/service can overlook important complexity in ecological processes within the system. Accounting for this complexity and quantifying the net outcome of ecological interactions within the system, is more informative for research and management of biodiversity and ecosystem services in agricultural landscapes.

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

    Science.gov (United States)

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

    2011-12-01

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

  4. Software-Enabled Distributed Network Governance: The PopMedNet Experience.

    Science.gov (United States)

    Davies, Melanie; Erickson, Kyle; Wyner, Zachary; Malenfant, Jessica; Rosen, Rob; Brown, Jeffrey

    2016-01-01

    The expanded availability of electronic health information has led to increased interest in distributed health data research networks. The distributed research network model leaves data with and under the control of the data holder. Data holders, network coordinating centers, and researchers have distinct needs and challenges within this model. The concerns of network stakeholders are addressed in the design and governance models of the PopMedNet software platform. PopMedNet features include distributed querying, customizable workflows, and auditing and search capabilities. Its flexible role-based access control system enables the enforcement of varying governance policies. Four case studies describe how PopMedNet is used to enforce network governance models. Trust is an essential component of a distributed research network and must be built before data partners may be willing to participate further. The complexity of the PopMedNet system must be managed as networks grow and new data, analytic methods, and querying approaches are developed. The PopMedNet software platform supports a variety of network structures, governance models, and research activities through customizable features designed to meet the needs of network stakeholders.

  5. Distribution characteristics of stock market liquidity

    Science.gov (United States)

    Luo, Jiawen; Chen, Langnan; Liu, Hao

    2013-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Aldrin Herwany

    2013-12-01

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

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

    Science.gov (United States)

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

    2009-12-01

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

  8. Clay content drives carbon stocks in soils under a plantation of Eucalyptus saligna Labill. in southern Brazil

    Directory of Open Access Journals (Sweden)

    Tanise Luisa Sausen

    2014-06-01

    Full Text Available Soil carbon accumulation is largely dependent on net primary productivity. To our knowledge, there have been no studies investigating the dynamics of carbon accumulation in weathered subtropical soils, especially in managed eucalyptus plantations. We quantified the seasonal input of leaf litter, the leaf decomposition rate and soil carbon stocks in an commercial plantation of Eucalyptus saligna Labill. in southern Brazil. Our goal was to evaluate, through multiple linear regression, the influence that certain chemical characteristics of litter, as well as chemical and physical characteristics of soil, have on carbon accumulation in soil organic matter fractions. Variables related to the chemical composition of litter were not associated with the soil carbon stock in the particulate and mineral fractions. However, certain soil characteristics were significantly associated with the carbon stock in both fractions. The concentrations of nutrients associated with plant growth and productivity, such as phosphorus, sulfur, copper and zinc, were associated with variations in the labile carbon pool (particulate fraction. Clay content was strongly associated with the carbon stock in the mineral fraction. The carbon accumulation and stabilization in weathered subtropical Ultisol seems to be mainly associated with the intrinsic characteristics of the soil, particularly clay content, rather than with the quantity, chemical composition or decomposition rate of the litter.

  9. The influence of bird netting on yield and fruit, juice, and wine composition of Vitis vinifera L.

    Directory of Open Access Journals (Sweden)

    Vinay Pagay

    2013-03-01

    Significance and impact of the study: Use of bird netting is becoming more prevalent by grape growers worldwide due to changing migratory patterns of birds that feed on grapes. This study shows that bird netting is not detrimental to yield and fruit and wine quality especially when applied early in the growing season.

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

    Directory of Open Access Journals (Sweden)

    Vesna Petrović

    2018-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Adina Dornean

    2017-05-01

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

  12. Net energy analysis in a Ramsey–Hotelling growth model

    International Nuclear Information System (INIS)

    Macías, Arturo; Matilla-García, Mariano

    2015-01-01

    This article presents a dynamic growth model with energy as an input in the production function. The available stock of energy resources is ordered by a quality parameter based on energy accounting: the “Energy Return on Energy Invested” (EROI). In our knowledge this is the first paper where EROI fits in a neoclassical growth model (with individual utility maximization and market equilibrium), establishing the economic use of “net energy analysis” on a firmer theoretical ground. All necessary concepts to link neoclassical economics and EROI are discussed before their use in the model, and a comparative static analysis of the steady states of a simplified version of the model is presented. - Highlights: • A neoclassical growth model with EROI (“Energy Return on Energy Invested”) is shown • All concepts linking neoclassical economics and net energy analysis are discussed • Any EROI decline can be compensated increasing gross activity in the energy sector. • The economic impact of EROI depends on some non-energy cost in the energy sector. • Comparative steady-state statics for different EROI levels is performed and discussed. • Policy implications are suggested.

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

    Science.gov (United States)

    Draze, Dianne

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

  14. Building stock dynamics and its impacts on materials and energy demand in China

    International Nuclear Information System (INIS)

    Hong, Lixuan; Zhou, Nan; Feng, Wei; Khanna, Nina; Fridley, David; Zhao, Yongqiang; Sandholt, Kaare

    2016-01-01

    China hosts a large amount of building stocks, which is nearly 50 billion square meters. Moreover, annual new construction is growing fast, representing half of the world's total. The trend is expected to continue through the year 2050. Impressive demand for new residential and commercial construction, relative shorter average building lifetime, and higher material intensities have driven massive domestic production of energy intensive building materials such as cement and steel. This paper developed a bottom-up building stock turnover model to project the growths, retrofits and retirements of China's residential and commercial building floor space from 2010 to 2050. It also applied typical material intensities and energy intensities to estimate building materials demand and energy consumed to produce these building materials. By conducting scenario analyses of building lifetime, it identified significant potentials of building materials and energy demand conservation. This study underscored the importance of addressing building material efficiency, improving building lifetime and quality, and promoting compact urban development to reduce energy and environment consequences in China. - Highlights: •Growths of China's building floorspace were projected from 2010 to 2050. •A building stock turnover model was built to reflect annual building stock dynamics. •Building related materials and energy demand were projected.

  15. Photosynthesis and xanthophyll cycle-mediated photoprotection in leaves of Quercus rubra and Q. alba seedlings of different light environments

    Science.gov (United States)

    Shi-Jean S. Sung; Dianpeng Xu; Paul P. Kormanik; Clanton C. Black

    1997-01-01

    Two and three years after the outplanting of 1-0 northern red oak (Quercus rubra, NRO) and white oak (Q. alba, WO) nursery stocks, the highest net photosynthetic rates (Amax) were observed from seedlings growing on a clearcut site, followed by those under a pine stand. Both NRO and WO...

  16. Horizontal ichthyoplankton tow-net system with unobstructed net opening

    Science.gov (United States)

    Nester, Robert T.

    1987-01-01

    The larval fish sampler described here consists of a modified bridle, frame, and net system with an obstruction-free net opening and is small enough for use on boats 10 m or less in length. The tow net features a square net frame attached to a 0.5-m-diameter cylinder-on-cone plankton net with a bridle designed to eliminate all obstructions forward of the net opening, significantly reducing currents and vibrations in the water directly preceding the net. This system was effective in collecting larvae representing more than 25 species of fish at sampling depths ranging from surface to 10 m and could easily be used at greater depths.

  17. Stock Market Expectations of Dutch Households.

    Science.gov (United States)

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

    2011-04-01

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

  18. Higher-moment measurements of net-kaon, net-charge and net-proton multiplicity distributions at STAR

    International Nuclear Information System (INIS)

    Sarkar, Amal

    2014-01-01

    In this paper, we report the measurements of the various moments, such as mean, standard deviation (σ), skewness (S) and kurtosis (κ) of the net-kaon, net-charge and net-proton multiplicity distributions at mid-rapidity in Au + Au collisions from √(s NN )=7.7 to 200 GeV with the STAR experiment at RHIC. This work has been done with the aim to locate the critical point on the QCD phase diagram. These moments and their products are related to the thermodynamic susceptibilities of conserved quantities such as net baryon number, net charge, and net strangeness as well as to the correlation length of the system which diverges in an ideal infinite thermodynamic system at the critical point. For a finite system, existing for a finite time, a non-monotonic behavior of these variables would indicate the presence of the critical point. Furthermore, we also present the moment products Sσ, κσ 2 of net-kaon, net-charge and net-proton multiplicity distributions as a function of collision centrality and energy. The energy and the centrality dependence of higher moments and their products have been compared with different models

  19. Pengaruh Debt to Equty Ratio, Current Ratio , Net Profit Margin Terhadap Harga Saham dengan Price Earning Ratio Sebagai Variabel Pemoderasi pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2012-2014

    OpenAIRE

    Theresia, Paskah Lia

    2017-01-01

    This study conducted to analyze the effect of variable Debt to Equity Ratio (DER), Current Ratio (CR), Net Profit Margin (NPM) andPrice Earnings Ratio (PER) to the Stock Prices with Price Earnings Ratio (PER) as an moderating variable on companies listed on Indonesian Stock Exchange from 2012 - 2014.The samplingtechnique used is purposive sampling and number of samples used by 23 companies. The analysis technique used are Descriptive Statistic Analysis, Classical Assumption Test, Hypothesis T...

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

    Directory of Open Access Journals (Sweden)

    Yen Sun

    2010-05-01

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

  1. Formal Specification and Verification of Real-Time Multi-Agent Systems using Timed-Arc Petri Nets

    Directory of Open Access Journals (Sweden)

    QASIM, A.

    2015-08-01

    Full Text Available In this study we have formally specified and verified the actions of communicating real-time software agents (RTAgents. Software agents are expected to work autonomously and deal with unfamiliar situations astutely. Achieving cent percent test cases coverage for these agents has always been a problem due to limited resources. Also a high degree of dependability and predictability is expected from real-time software agents. In this research we have used Timed-Arc Petri Net's for formal specification and verification. Formal specification of e-agents has been done in the past using Linear Temporal Logic (LTL but we believe that Timed-Arc Petri Net's being more visually expressive provides a richer framework for such formalism. A case study of Stock Market System (SMS based on Real Time Multi Agent System framework (RTMAS using Timed-Arc Petri Net's is taken to illustrate the proposed modeling approach. The model was verified used AF, AG, EG, and EF fragments of Timed Computational Tree Logic (TCTL via translations to timed automata.

  2. Persistent collective trend in stock markets

    Science.gov (United States)

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

    2010-12-01

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

  3. Predictability of Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-06-01

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

  4. Implications of net energy-return-on-investment for a low-carbon energy transition

    Science.gov (United States)

    King, Lewis C.; van den Bergh, Jeroen C. J. M.

    2018-04-01

    Low-carbon energy transitions aim to stay within a carbon budget that limits potential climate change to 2 °C—or well below—through a substantial growth in renewable energy sources alongside improved energy efficiency and carbon capture and storage. Current scenarios tend to overlook their low net energy returns compared to the existing fossil fuel infrastructure. Correcting from gross to net energy, we show that a low-carbon transition would probably lead to a 24-31% decline in net energy per capita by 2050, which implies a strong reversal of the recent rising trends of 0.5% per annum. Unless vast end-use efficiency savings can be achieved in the coming decades, current lifestyles might be impaired. To maintain the present net energy returns, solar and wind renewable power sources should grow two to three times faster than in other proposals. We suggest a new indicator, `energy return on carbon', to assist in maximizing the net energy from the remaining carbon budget.

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

    Directory of Open Access Journals (Sweden)

    M.N. Arshad

    2017-04-01

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

  6. Underestimated effects of low temperature during early growing season on carbon sequestration of a subtropical coniferous plantation

    Directory of Open Access Journals (Sweden)

    W.-J. Zhang

    2011-06-01

    Full Text Available The impact of air temperature in early growing season on the carbon sequestration of a subtropical coniferous plantation was discussed through analyzing the eddy flux observations at Qianyanzhou (QYZ site in southern China from 2003 to 2008. This site experienced two cold early growing seasons (with temperature anomalies of 2–5 °C in 2005 and 2008, and a severe summer drought in 2003.
    Results indicated that the low air temperature from January to March was the major factor controlling the inter-annual variations in net carbon uptake at this site, rather than the previously thought summer drought. The accumulative air temperature from January to February showed high correlation (R2=0.970, p<0.001 with the annual net ecosystem production (NEP. This was due to the controls of early-month temperature on the plant phenology developing and the growing season length at this subtropical site. The cold spring greatly shortened the growing season length and therefore reduced the carbon uptake period. The eddy flux observations showed a carbon loss of 4.04 g C m−2 per growing-season day at this coniferous forest site. On the other hand, the summer drought also reduced the net carbon uptake strength because the photosynthesis was more sensitive to water deficit stress than the ecosystem respiration. However, the impact of summer drought occurred within a relatively shorter period and the carbon sequestration went back to the normal level once the drought was relieved.

  7. Artificial neural nets application in the cotton yarn industry

    Directory of Open Access Journals (Sweden)

    Gilberto Clóvis Antoneli

    2016-06-01

    Full Text Available The competitiveness in the yarn production sector has led companies to search for solutions to attain quality yarn at a low cost. Today, the difference between them, and thus the sector, is in the raw material, meaning processed cotton and its characteristics. There are many types of cotton with different characteristics due to its production region, harvest, storage and transportation. Yarn industries work with cotton mixtures, which makes it difficult to determine the quality of the yarn produced from the characteristics of the processed fibers. This study uses data from a conventional spinning, from a raw material made of 100% cotton, and presents a solution with artificial neural nets that determine the thread quality information, using the fibers’ characteristics values and settings of some process adjustments. In this solution a neural net of the type MultiLayer Perceptron with 11 entry neurons (8 characteristics of the fiber and 3 process adjustments, 7 output neurons (yarn quality and two types of training, Back propagation and Conjugate gradient descent. The selection and organization of the production data of the yarn industry of the cocamar® indústria de fios company are described, to apply the artificial neural nets developed. In the application of neural nets to determine yarn quality, one concludes that, although the ideal precision of absolute values is lacking, the presented solution represents an excellent tool to define yarn quality variations when modifying the raw material composition. The developed system enables a simulation to define the raw material percentage mixture to be processed in the plant using the information from the stocked cotton packs, thus obtaining a mixture that maintains the stability of the entire productive process.

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

    Science.gov (United States)

    Jeffrey T. Olson; Allen L. Lundgren

    1978-01-01

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

  9. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

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

  10. NETS - Danish participation. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Alsen, S. (Grontmij - Carl Bro, Glostrup (Denmark)); Theel, C. (Baltic Sea Solutions, Holeby (Denmark))

    2008-12-15

    Within the NICe-funded project 'Nordic Environmental Technology Solutions (NETS)' a new type of networking at the Nordic level was organized in order to jointly exploit the rapidly growing market potential in the environmental technology sector. The project aimed at increased and professionalized commercialization of Nordic Cleantech in energy and water business segments through 1) closer cooperation and joint marketing activities, 2) a website, 3) cleantech product information via brochures and publications 4) and participating in relevant trade fairs and other industry events. Facilitating business-to-business activities was another core task for the NETS project partners from Norway, Sweden, Finland and Denmark with the aim to encourage total solutions for combined Cleantech system offers. The project has achieved to establish a Cleantech register of 600 Nordic Cleantech companies, a network of 86 member enterprises, produced several publications and brochures for direct technology promotion and a website for direct access to company profiles and contact data. The project partners have attended 14 relevant international Cleantech trade fairs and conferences and facilitated business-to-business contacts added by capacity building offers through two company workshops. The future challenge for the project partners and Nordic Cleantech will be to coordinate the numerous efforts within the Nordic countries in order to reach concerted action and binding of member companies for reliable services, an improved visibility and knowledge exchange. With Cleantech's growing market influence and public awareness, the need to develop total solutions is increasing likewise. Marketing efforts should be encouraged cross-sectional and cross-border among the various levels of involved actors from both the public and the private sector. (au)

  11. NETS - Danish participation. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Alsen, S [Grontmij - Carl Bro, Glostrup (Denmark); Theel, C [Baltic Sea Solutions, Holeby (Denmark)

    2008-12-15

    Within the NICe-funded project 'Nordic Environmental Technology Solutions (NETS)' a new type of networking at the Nordic level was organized in order to jointly exploit the rapidly growing market potential in the environmental technology sector. The project aimed at increased and professionalized commercialization of Nordic Cleantech in energy and water business segments through 1) closer cooperation and joint marketing activities, 2) a website, 3) cleantech product information via brochures and publications 4) and participating in relevant trade fairs and other industry events. Facilitating business-to-business activities was another core task for the NETS project partners from Norway, Sweden, Finland and Denmark with the aim to encourage total solutions for combined Cleantech system offers. The project has achieved to establish a Cleantech register of 600 Nordic Cleantech companies, a network of 86 member enterprises, produced several publications and brochures for direct technology promotion and a website for direct access to company profiles and contact data. The project partners have attended 14 relevant international Cleantech trade fairs and conferences and facilitated business-to-business contacts added by capacity building offers through two company workshops. The future challenge for the project partners and Nordic Cleantech will be to coordinate the numerous efforts within the Nordic countries in order to reach concerted action and binding of member companies for reliable services, an improved visibility and knowledge exchange. With Cleantech's growing market influence and public awareness, the need to develop total solutions is increasing likewise. Marketing efforts should be encouraged cross-sectional and cross-border among the various levels of involved actors from both the public and the private sector. (au)

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

    Science.gov (United States)

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

    2015-10-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

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

  15. Acidulants for japanese quails housed at high stocking rates at finishing phase

    Directory of Open Access Journals (Sweden)

    Ana Paula de Oliveira Saccomani

    2013-12-01

    Full Text Available The quail for being an alternative species will be able to supply a new market niche due to its fast growth, high laying rate, low feed intake, in addition to the increase of the acceptance of its products by the consumer. A growing interest in raising the stocking rates in the cages as an alternative to increase the performance of the stock is noticed; although studies demonstrate that high densities can result into unfavorable environment to the birds’ welfare with alterations in the performance of the flocks and as a stressing factor being able to alter the production and profitability of the flock. At high stocking rates, the birds become predisposed to aggressiveness reactions, presenting cannibalism behavior, besides the combination of factors such as pH, temperature, ventilation and humidity deficiency which create environmental conditions favorable for certain benign bacteria which utilize uric acid of the manure through their enzymatic complexes and produce ammonia, causing stress to birds and which can cause damages to performance with significant economic losses to the producer.  The experiment with 112-day duration was conducted with the objective of evaluating the inclusion of acidulants in the Japanese quails’ drinking water and verifying the effect on the stocking rate in cages. A completely randomized design with four treatments (2 stocking rates of quails x 2 additions of and 5 replications of 24 and 36 birds per cage, corresponding to the stocking rates of 141.67 and 94.44 cm2/bird, respectively, receiving or not acidulant in the water (acetic, lactic and phosphoric acid was utilized. Performance was evaluated through egg weight (EWg, egg yield (%Laying., egg mass (EMg/bird/day, feed intake (FIg/bird/day, feed conversion (FCkg/dz and FCkg/kg and mortality (%Mort. No significant statistical differences about the performance (P>0.05 were found. There was a significant effect (P<0.05 of the density for daily feed intake with

  16. A decision-making framework for effective maintenance management using life cycle costing (LCC in a rolling stock environment

    Directory of Open Access Journals (Sweden)

    Fourie, Cornelius Jacobus

    2016-12-01

    Full Text Available In this paper, a life cycle costing (LCC framework for effective maintenance management is investigated and developed for use in a railway rolling stock environment. The framework consists of combining typical mission-critical components together with their failure and maintenance history. All costs related to the operation and maintenance of these components throughout their life cycle are also determined. The next step involves considering different scenarios under which the components can be used in relation to operations, maintenance, and replacements. The decision about which scenario to take is based on the one with the most favourable net present value after life cycle costing is performed over a specified period of time. A typical railway rolling-stock maintenance organisation in South Africa was used to highlight the practical implications of such a framework and how the company could make informed and appropriate decisions. The conclusion of this study is that such a framework is useful, and that it can be used as a basis for estimating LCC across a spectrum of critical assets found in the rolling stock environment.

  17. Formalizing expert knowledge to compare alternative management plans: sociological perspective to the future management of Baltic salmon stocks

    DEFF Research Database (Denmark)

    Haapasaari, Päivi Elisabet; Karjalainen, Timo P.

    2010-01-01

    Designing and implementing long-term management plans is difficult both because of the complexity of the fisheries system, and the behaviour of humans. We compared four alternative management plans for the Baltic salmon stocks through approaching experts who interpreted and expressed the views of d...... net provides potential for creating a holistic picture of a fishery by combining the data describing fishers’ commitment with biological data regarding fish stock dynamics and with economic data analyzing economically sound fisheries management.......Designing and implementing long-term management plans is difficult both because of the complexity of the fisheries system, and the behaviour of humans. We compared four alternative management plans for the Baltic salmon stocks through approaching experts who interpreted and expressed the views...... of different stakeholder groups on the options. The focus of the study was on stakeholders’ commitment to the alternative management plans. Committing enhances the probability of achieving the ultimate objective of a plan, while if stakeholders do not commit, the effects of the plan may be less predictable...

  18. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

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

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

    Science.gov (United States)

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

    2018-01-01

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

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

    OpenAIRE

    Febrian, Erie; Herwany, Aldrin

    2007-01-01

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

  1. 17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

    Science.gov (United States)

    2010-04-01

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

  2. Appendix 2: Risk-based framework and risk case studies. Risk case study: a framework for assessing climate change risks to forest carbon stocks

    Science.gov (United States)

    Christopher W. Woodall; Grant M. Domke

    2012-01-01

    Forest ecosystems have the ability to reduce the effects of climate change through the sequestration of carbon (C) (Pan et al. 2011) as well as contribute to net emissions through disturbance events such as wildfires and widespread tree mortality (Kurz et al. 2008). A conceptual framework for assessing climate-change risks to forest ecosystem C stocks facilitates...

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

    Science.gov (United States)

    Stewart, David R.; Long, James M.

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Meric Ilhan

    2015-08-01

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

  5. Scaling net ecosystem production and net biome production over a heterogeneous region in the western United States

    Directory of Open Access Journals (Sweden)

    D. P. Turner

    2007-08-01

    Full Text Available Bottom-up scaling of net ecosystem production (NEP and net biome production (NBP was used to generate a carbon budget for a large heterogeneous region (the state of Oregon, 2.5×105 km2 in the western United States. Landsat resolution (30 m remote sensing provided the basis for mapping land cover and disturbance history, thus allowing us to account for all major fire and logging events over the last 30 years. For NEP, a 23-year record (1980–2002 of distributed meteorology (1 km resolution at the daily time step was used to drive a process-based carbon cycle model (Biome-BGC. For NBP, fire emissions were computed from remote sensing based estimates of area burned and our mapped biomass estimates. Our estimates for the contribution of logging and crop harvest removals to NBP were from the model simulations and were checked against public records of forest and crop harvesting. The predominately forested ecoregions within our study region had the highest NEP sinks, with ecoregion averages up to 197 gC m−2 yr−1. Agricultural ecoregions were also NEP sinks, reflecting the imbalance of NPP and decomposition of crop residues. For the period 1996–2000, mean NEP for the study area was 17.0 TgC yr−1, with strong interannual variation (SD of 10.6. The sum of forest harvest removals, crop removals, and direct fire emissions amounted to 63% of NEP, leaving a mean NBP of 6.1 TgC yr−1. Carbon sequestration was predominantly on public forestland, where the harvest rate has fallen dramatically in the recent years. Comparison of simulation results with estimates of carbon stocks, and changes in carbon stocks, based on forest inventory data showed generally good agreement. The carbon sequestered as NBP, plus accumulation of forest products in slow turnover pools, offset 51% of the annual emissions of fossil fuel CO2 for the state. State-level NBP dropped below zero in 2002

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

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

  7. Direct DNA Extraction from Mycobacterium tuberculosis Frozen Stocks as a Reculture-Independent Approach to Whole-Genome Sequencing

    DEFF Research Database (Denmark)

    Bjorn-Mortensen, K; Zallet, J; Lillebaek, T

    2015-01-01

    Culturing before DNA extraction represents a major time-consuming step in whole-genome sequencing of slow-growing bacteria, such as Mycobacterium tuberculosis. We report a workflow to extract DNA from frozen isolates without reculturing. Prepared libraries and sequence data were comparable...... with results from recultured aliquots of the same stocks....

  8. Guide about petroleum strategic stockpiles in France; Repere sur les stocks strategiques petroliers en France

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-03-01

    The strategic character of petroleum products has been perceived since the first world war. It has led France to impose the petroleum operators to make stockpiles to provide against the consequences of a serious disruption of supplies. As a difference with some other industrialized countries like the USA or Japan, French stockpiles are made of finite products. A balanced geographical distribution of these stocks over the whole national territory increases their efficiency. Stockpiles of IEA member states must represent 90 days of net imports while those of European Union member states must represent 90 days of average domestic consumption. In France, each chartered operator contributes to the strategic storage and the stored volumes are defined by the law no 92-1443 from December 31, 1992. These stocks are permanently controlled and financial sanctions are applied in case of infraction. Particular dispositions are applied in overseas departments which are summarized in this paper. (J.S.)

  9. Net-baryon-, net-proton-, and net-charge kurtosis in heavy-ion collisions within a relativistic transport approach

    International Nuclear Information System (INIS)

    Nahrgang, Marlene; Schuster, Tim; Stock, Reinhard; Mitrovski, Michael; Bleicher, Marcus

    2012-01-01

    We explore the potential of net-baryon, net-proton and net-charge kurtosis measurements to investigate the properties of hot and dense matter created in relativistic heavy-ion collisions. Contrary to calculations in a grand-canonical ensemble we explicitly take into account exact electric and baryon charge conservation on an event-by-event basis. This drastically limits the width of baryon fluctuations. A simple model to account for this is to assume a grand-canonical distribution with a sharp cut-off at the tails. We present baseline predictions of the energy dependence of the net-baryon, net-proton and net-charge kurtosis for central (b≤2.75 fm) Pb+Pb/Au+Au collisions from E lab =2A GeV to √(s NN )=200 GeV from the UrQMD model. While the net-charge kurtosis is compatible with values around zero, the net-baryon number decreases to large negative values with decreasing beam energy. The net-proton kurtosis becomes only slightly negative for low √(s NN ). (orig.)

  10. Initial growth of Bauhinia variegata trees under different colored shade nets and light conditions

    Directory of Open Access Journals (Sweden)

    Renata Bachin Mazzini-Guedes

    2014-12-01

    Full Text Available Bauhinia variegata and B. variegata var. candida, commonly known as orchid trees, are small sized trees widely used for urban forestry and landscaping. Adult plants grow under full sun; in Brazil, however, seedlings are generally cultivated in commercial nurseries under natural half-shading. The objective of this study was to evaluate the influence of different colored shade nets and light conditions on the initial growth of B. variegata and B. variegata var. candida. The influence of six light conditions (red net with 50% shading; blue net with 50% shading; black net with 70% shading; black net with 50% shading; black net with 30% shading; and full sun on the initial growth of B. variegata and B. variegata var. candida were evaluated along 160 days, and growth relationships were calculated. Seedlings showed more efficiency on the use of photoassimilated compounds when grown under full sun. Such condition is the most appropriate for seedling production of B. variegata and B. variegata var. candida, contradicting what has been performed in practice.

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

    Science.gov (United States)

    Guo, Kun; Sun, Yi; Qian, Xin

    2017-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Wang Kuan-Min

    2013-01-01

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

  13. Do stock prices drive people crazy?

    Science.gov (United States)

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

    2015-03-01

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

  14. Analysis of Economic Factors Affecting Stock Market

    OpenAIRE

    Xie, Linyin

    2010-01-01

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

  15. Kokanee Stocking and Monitoring, Flathead Lake, 1993-1994 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Deleray, Mark (Montana Department of Fish, Wildlife and Parks, Kalispell, MT); Fredenberg, Wade (US Fish and Wildlife Service, Bozeman, MT); Hansen, Barry (Confederated Salish and Kootenai Tribes of the Flathead Nation, Pablo, MT)

    1995-07-01

    temperatures, an upsurge in the abundance of Duphniu rhorum, and saturation planting in an area believed to have lower lake trout densities was expected to maximize short-term survival of stocked kokanee. A net-pen experiment demonstrated that yearling hatchery kokanee, in the absence of predation, adjusted to conditions in Flathead Lake and utilized available zooplankton during June and July without substantial poststocking mortality. Kokanee captured after several months in the lake exhibited good growth and condition. We concluded that the food supply in Big Arm Bay was not limiting survival of stocked kokanee. The 1994 monitoring objective was to quantify lake trout predation of kokanee in Big Arm Bay in the first eight weeks following stocking. There were three components needed to quantify predation; estimated number of lake trout in Big Arm Bay, average number of kokanee consumed by lake trout, and estimated time required for lake trout to digest kokanee. As in the previous year, the monitoring results from the 1994 kokanee plant demonstrated that lake trout predation is the primary factor reducing survival of stocked kokanee. We estimated that lake trout consumed a minimum of 232,000 kokanee in Big Arm Bay during the first eight weeks following stocking. This represents 29 percent of kokanee planted. The consumption estimate was based on a hydroacoustic estimate for lake trout abundance (7,850 fish over 300 mm in total length), an incidence of kokanee per lake trout stomach sample which ranged from 2.99 to 0.22 fish, and a gastric evacuation rate of 47 hours for lake trout to digest consumed kokanee. Due to hydroacoustic limitations in identifying bottom-oriented lake trout, we underestimated the true abundance of lake trout, which led to an underestimate of kokanee mortality. By fall of 1994, we estimated that an additional 12.7 percent of surviving kokanee matured, based on observations of similar-sized fish in the hatchery. Thus, up to 72,000 additional fish were

  16. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  17. 41 CFR 109-27.5003 - Stock control.

    Science.gov (United States)

    2010-07-01

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

  18. FERMENTED BLOOD MEAL USE FOR TIGER GROUPER, Epinephelus fuscoguttatus GROW-OUT DIET

    Directory of Open Access Journals (Sweden)

    Usman Usman

    2007-06-01

    Full Text Available The experiment aimed to evaluate the optimal level of fermented blood meal used in grow-out diets for tiger grouper, as an alternative protein source to fish meal. Juvenile tiger grouper, initial weight 31.1 ± 2.1 g, were stocked into 1 m x 1 m x 2 m floating net cages at 20 fish cage-1. The treatment applied was isoprotein and isocaloric diets formulated to contain fermented blood meal (FBM of 0%, 7.5%, 15.0%, 22.5%, and 30.0% replacement of fish meal protein. The diets were fed to the fish twice a day to satiation for 20 weeks. Based on the Tukey test, the fish fed 0%–15.0% FBM demonstrated similar performance (P>0.05 to those fed the control diet (FBM0 in terms of specific growth rate, weight gain, and feed and protein efficiency. Specific growth rate, weight gain, feed efficiency and protein efficiency of the fish fed 22.5%–30.5% FBM were significantly lower (P<0.05 than those of the fish fed control diet (FBM0. However, there was a significant culvilinier decliner in overall fish performance with increasing inclusion of FPM and most notable for weight gain, feed efficiency and feed consumption. Based on regression analysis, the asymptote where fish growth deteriorates as a function of FBM inclusion was determined to be 8.9%. Tiger grouper diets incorporating up to 9% FBM as fish meal replacement had no adverse affects on fish growth and survival.

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

    DEFF Research Database (Denmark)

    Steenfeldt, Sanna; Nielsen, Birte L.

    2015-01-01

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

  20. Empirical assessment of the Hellenic non-residential building stock, energy consumption, emissions and potential energy savings

    International Nuclear Information System (INIS)

    Gaglia, Athina G.; Balaras, Constantinos A.; Mirasgedis, Sevastianos; Georgopoulou, Elena; Sarafidis, Yiannis; Lalas, Dimitris P.

    2007-01-01

    Comprehensive information and detailed data for the non-residential (NR) building stock is rather limited, although it is the fastest growing energy demand sector. This paper elaborates the approach used to determine the potential energy conservation in the Hellenic NR building stock. A major obstacle that had to be overcome was the need to make suitable assumptions for missing detailed primary data. A qualitative and quantitative assessment of scattered national data resulted in a realistic assessment of the existing NR building stock and energy consumption. Different energy conservation scenarios and their impact on the reduction of CO 2 emissions were evaluated. Accordingly, the most effective energy conservation measures are: addition of thermal insulation of exposed external walls, primarily in hotels and hospitals; installation of energy efficient lamps; installation of solar collectors for sanitary hot water production, primarily in hotels and health care; installation of building management systems in office/commercial and hotel buildings; replacement of old inefficient boilers; and regular maintenance of central heating boilers

  1. Valuation of common and preferred stocks

    Directory of Open Access Journals (Sweden)

    Nikolić Ljubica

    2014-01-01

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

  2. Reviewing the Need for Gaming in Education to Accommodate the Net Generation

    Science.gov (United States)

    Bekebrede, G.; Warmelink, H. J. G.; Mayer, I. S.

    2011-01-01

    There is a growing interest in the use of simulations and games in Dutch higher education. This development is based on the perception that students belong to the "gamer generation" or "net generation": a generation that has grown up with computer games and other technology affecting their preferred learning styles, social…

  3. Petri Nets

    Indian Academy of Sciences (India)

    In a computer system, for example, typical discrete events ... This project brought out a series of influential reports on Petri net theory in the mid and late ... Technology became a leading centre for Petri net research and from then on, Petri nets ...

  4. Land-cover effects on soil organic carbon stocks in a European city.

    Science.gov (United States)

    Edmondson, Jill L; Davies, Zoe G; McCormack, Sarah A; Gaston, Kevin J; Leake, Jonathan R

    2014-02-15

    Soil is the vital foundation of terrestrial ecosystems storing water, nutrients, and almost three-quarters of the organic carbon stocks of the Earth's biomes. Soil organic carbon (SOC) stocks vary with land-cover and land-use change, with significant losses occurring through disturbance and cultivation. Although urbanisation is a growing contributor to land-use change globally, the effects of urban land-cover types on SOC stocks have not been studied for densely built cities. Additionally, there is a need to resolve the direction and extent to which greenspace management such as tree planting impacts on SOC concentrations. Here, we analyse the effect of land-cover (herbaceous, shrub or tree cover), on SOC stocks in domestic gardens and non-domestic greenspaces across a typical mid-sized U.K. city (Leicester, 73 km(2), 56% greenspace), and map citywide distribution of this ecosystem service. SOC was measured in topsoil and compared to surrounding extra-urban agricultural land. Average SOC storage in the city's greenspace was 9.9 kg m(-2), to 21 cm depth. SOC concentrations under trees and shrubs in domestic gardens were greater than all other land-covers, with total median storage of 13.5 kg m(-2) to 21 cm depth, more than 3 kg m(-2) greater than any other land-cover class in domestic and non-domestic greenspace and 5 kg m(-2) greater than in arable land. Land-cover did not significantly affect SOC concentrations in non-domestic greenspace, but values beneath trees were higher than under both pasture and arable land, whereas concentrations under shrub and herbaceous land-covers were only higher than arable fields. We conclude that although differences in greenspace management affect SOC stocks, trees only marginally increase these stocks in non-domestic greenspaces, but may enhance them in domestic gardens, and greenspace topsoils hold substantial SOC stores that require protection from further expansion of artificial surfaces e.g. patios and driveways. Copyright

  5. 12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

    Science.gov (United States)

    2010-01-01

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

  6. Exploring the ecosystem engineering ability of Red Sea shallow benthic habitats using stocks and fluxes in carbon biogeochemistry

    KAUST Repository

    Baldry, Kimberlee

    2017-12-01

    The coastal ocean is a marginal region of the global ocean, but is home to metabolically intense ecosystems which increase the structural complexity of the benthos. These ecosystems have the ability to alter the carbon chemistry of surrounding waters through their metabolism, mainly through processes which directly release or consume carbon dioxide. In this way, coastal habitats can engineer their environment by acting as sources or sinks of carbon dioxide and altering their environmental chemistry from the regional norm. In most coastal water masses, it is difficult to resolve the ecosystem effect on coastal carbon biogeochemistry due to the mixing of multiple offshore end members, complex geography or the influence of variable freshwater inputs. The Red Sea provides a simple environment for the study of ecosystem processes at a coastal scale as it contains only one offshore end-member and negligible freshwater inputs due to the arid climate of adjacent land. This work explores the ability of three Red Sea benthic coastal habitats (coral reefs, seagrass meadows and mangrove forests) to create characteristic ecosystem end-members, which deviate from the biogeochemistry of offshore source waters. This is done by both calculating non-conservative deviations in carbonate stocks collected over each ecosystem, and by quantifying net carbonate fluxes (in seagrass meadows and mangrove forests only) using 24 hour incubations. Results illustrate that carbonate stocks over ecosystems conform to broad ecosystem trends, which are different to the offshore end-member, and are influenced by inherited properties from surrounding ecosystems. Carbonate fluxes also show ecosystem dependent trends and further illustrate the importance of sediment processes in influencing CaCO3 fluxes in blue carbon benthic habitats, which warrants further attention. These findings show the respective advantages of studying both carbonate stocks and fluxes of coastal benthic ecosystems in order to

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

    Science.gov (United States)

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

    2015-01-01

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

  8. Optimizing Safety Stock Levels in Modular Production Systems Using Component Commonality and Group Technology Philosophy: A Study Based on Simulation

    Directory of Open Access Journals (Sweden)

    Kenneth Edgar Hernandez-Ruiz

    2016-01-01

    Full Text Available Modular production and component commonality are two widely used strategies in the manufacturing industry to meet customers growing needs for customized products. Using these strategies, companies can enhance their performance to achieve optimal safety stock levels. Despite the importance of safety stocks in business competition, little attention has been paid to the way to reduce them without affecting the customer service levels. This paper develops a mathematical model to reduce safety stock levels in organizations that employ modular production. To construct the model, we take advantage of the benefits of aggregate inventories, standardization of components, component commonality, and Group Technology philosophy in regard to stock levels. The model is tested through the simulation of three years of operation of two modular product systems. For each system, we calculated and compared the safety stock levels for two cases: (1 under the only presence of component commonality and (2 under the presence of both component commonality and Group Technology philosophy. The results show a reduction in safety stock levels when we linked the component commonality with the Group Technology philosophy. The paper presents a discussion of the implications of each case, features of the model, and suggestions for future research.

  9. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

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

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

    OpenAIRE

    Gail Ncube; Kapingura Forget Mingiri

    2015-01-01

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

  11. Parallel Prediction of Stock Volatility

    Directory of Open Access Journals (Sweden)

    Priscilla Jenq

    2017-10-01

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

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

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2015-02-01

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

  13. The equivalency between logic Petri workflow nets and workflow nets.

    Science.gov (United States)

    Wang, Jing; Yu, ShuXia; Du, YuYue

    2015-01-01

    Logic Petri nets (LPNs) can describe and analyze batch processing functions and passing value indeterminacy in cooperative systems. Logic Petri workflow nets (LPWNs) are proposed based on LPNs in this paper. Process mining is regarded as an important bridge between modeling and analysis of data mining and business process. Workflow nets (WF-nets) are the extension to Petri nets (PNs), and have successfully been used to process mining. Some shortcomings cannot be avoided in process mining, such as duplicate tasks, invisible tasks, and the noise of logs. The online shop in electronic commerce in this paper is modeled to prove the equivalence between LPWNs and WF-nets, and advantages of LPWNs are presented.

  14. The Equivalency between Logic Petri Workflow Nets and Workflow Nets

    Science.gov (United States)

    Wang, Jing; Yu, ShuXia; Du, YuYue

    2015-01-01

    Logic Petri nets (LPNs) can describe and analyze batch processing functions and passing value indeterminacy in cooperative systems. Logic Petri workflow nets (LPWNs) are proposed based on LPNs in this paper. Process mining is regarded as an important bridge between modeling and analysis of data mining and business process. Workflow nets (WF-nets) are the extension to Petri nets (PNs), and have successfully been used to process mining. Some shortcomings cannot be avoided in process mining, such as duplicate tasks, invisible tasks, and the noise of logs. The online shop in electronic commerce in this paper is modeled to prove the equivalence between LPWNs and WF-nets, and advantages of LPWNs are presented. PMID:25821845

  15. Does the Shanghai-Hong Kong Stock Connect significantly affect the A-H premium of the stocks?

    Science.gov (United States)

    Hui, Eddie C. M.; Chan, Ka Kwan Kevin

    2018-02-01

    Since the Shanghai-Hong Kong Stock Connect ("the Connect") was launched in late 2014, more and more Mainland investors have invested in Hong Kong listed shares, and vice versa, increasing the transaction volume of the stock market on both sides. However, only a few studies investigated how the Shanghai-Hong Kong Stock Connect affected the pricing dynamics of stocks listed in both Shanghai and Hong Kong. Applying linear regression, this study investigates how the Connect affects the H-share discounts of 12 stocks cross-listed in Shanghai and Hong Kong. A new feature of our model is that we add a dummy variable so as to be the first study to examine the effect of the China financial crisis on the A-H premium of the stocks. We find that the A-H premium of all stocks widens significantly after the Connect is launched, implying immatureness or even inefficiency of China's financial market. Furthermore, the result shows that trading activities in the mainland market affects the A-H premium more significantly than trading activities in the Hong Kong market do. This implies that China's financial market plays a dominant role in the Connect.

  16. Material Stock Demographics: Cars in Great Britain.

    Science.gov (United States)

    Cabrera Serrenho, André; Allwood, Julian M

    2016-03-15

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

  17. Stock-based Compensation Plans and Employee Incentives

    OpenAIRE

    Jan Zabojnik

    2014-01-01

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

  18. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

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

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

    Directory of Open Access Journals (Sweden)

    IULIAN PANAIT

    2012-05-01

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

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

    Science.gov (United States)

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

    2018-02-01

    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.

  1. Effects of a long-term disturbance on arthropods and vegetation in subalpine wetlands: manifestations of pack stock grazing in early versus mid-season.

    Directory of Open Access Journals (Sweden)

    Jeffrey G Holmquist

    Full Text Available Conclusions regarding disturbance effects in high elevation or high latitude ecosystems based solely on infrequent, long-term sampling may be misleading, because the long winters may erase severe, short-term impacts at the height of the abbreviated growing season. We separated a long-term effects of pack stock grazing, manifested in early season prior to stock arrival, from b additional pack stock grazing effects that might become apparent during annual stock grazing, by use of paired grazed and control wet meadows that we sampled at the beginning and end of subalpine growing seasons. Control meadows had been closed to grazing for at least two decades, and meadow pairs were distributed across Sequoia National Park, California, USA. The study was thus effectively a landscape-scale, long-term manipulation of wetland grazing. We sampled arthropods at these remote sites and collected data on associated vegetation structure. Litter cover and depth, percent bare ground, and soil strength had negative responses to grazing. In contrast, fauna showed little response to grazing, and there were overall negative effects for only three arthropod families. Mid-season and long-term results were generally congruent, and the only indications of lower faunal diversity on mid-season grazed wetlands were trends of lower abundance across morphospecies and lower diversity for canopy fauna across assemblage metrics. Treatment x Season interactions almost absent. Thus impacts on vegetation structure only minimally cascaded into the arthropod assemblage and were not greatly intensified during the annual growing season. Differences between years, which were likely a response to divergent snowfall patterns, were more important than differences between early and mid-season. Reliance on either vegetation or faunal metrics exclusively would have yielded different conclusions; using both flora and fauna served to provide a more integrative view of ecosystem response.

  2. Effects of a long-term disturbance on arthropods and vegetation in subalpine wetlands: manifestations of pack stock grazing in early versus mid-season.

    Science.gov (United States)

    Holmquist, Jeffrey G; Schmidt-Gengenbach, Jutta; Haultain, Sylvia A

    2013-01-01

    Conclusions regarding disturbance effects in high elevation or high latitude ecosystems based solely on infrequent, long-term sampling may be misleading, because the long winters may erase severe, short-term impacts at the height of the abbreviated growing season. We separated a) long-term effects of pack stock grazing, manifested in early season prior to stock arrival, from b) additional pack stock grazing effects that might become apparent during annual stock grazing, by use of paired grazed and control wet meadows that we sampled at the beginning and end of subalpine growing seasons. Control meadows had been closed to grazing for at least two decades, and meadow pairs were distributed across Sequoia National Park, California, USA. The study was thus effectively a landscape-scale, long-term manipulation of wetland grazing. We sampled arthropods at these remote sites and collected data on associated vegetation structure. Litter cover and depth, percent bare ground, and soil strength had negative responses to grazing. In contrast, fauna showed little response to grazing, and there were overall negative effects for only three arthropod families. Mid-season and long-term results were generally congruent, and the only indications of lower faunal diversity on mid-season grazed wetlands were trends of lower abundance across morphospecies and lower diversity for canopy fauna across assemblage metrics. Treatment x Season interactions almost absent. Thus impacts on vegetation structure only minimally cascaded into the arthropod assemblage and were not greatly intensified during the annual growing season. Differences between years, which were likely a response to divergent snowfall patterns, were more important than differences between early and mid-season. Reliance on either vegetation or faunal metrics exclusively would have yielded different conclusions; using both flora and fauna served to provide a more integrative view of ecosystem response.

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

    Directory of Open Access Journals (Sweden)

    E. S. Saleh

    2017-08-01

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

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

    OpenAIRE

    Selboe, Guner K.; Virdee, Jaspal Singh

    2017-01-01

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

  5. Coloured Petri Nets

    DEFF Research Database (Denmark)

    Jensen, Kurt

    1987-01-01

    The author describes a Petri net model, called coloured Petri nets (CP-nets), by means of which it is possible to describe large systems without having to cope with unnecessary details. The author introduces CP-nets and provide a first impression of their modeling power and the suitability...

  6. Tundra shrub effects on growing season energy and carbon dioxide exchange

    Science.gov (United States)

    Lafleur, Peter M.; Humphreys, Elyn R.

    2018-05-01

    Increased shrub cover on the Arctic tundra is expected to impact ecosystem-atmosphere exchanges of carbon and energy resulting in feedbacks to the climate system, yet few direct measurements of shrub tundra-atmosphere exchanges are available to corroborate expectations. Here we present energy and carbon dioxide (CO2) fluxes measured using the eddy covariance technique over six growing seasons at three closely located tundra sites in Canada’s Low Arctic. The sites are dominated by the tundra shrub Betula glandulosa, but percent cover varies from 17%–60% and average shrub height ranges from 18–59 cm among sites. The site with greatest percent cover and height had greater snow accumulation, but contrary to some expectations, it had similar late-winter albedo and snow melt dates compared to the other two sites. Immediately after snowmelt latent heat fluxes increased more slowly at this site compared to the others. Yet by the end of the growing season there was little difference in cumulative latent heat flux among the sites, suggesting evapotranspiration was not increased with greater shrub cover. In contrast, lower albedo and less soil thaw contributed to greater summer sensible heat flux at the site with greatest shrub cover, resulting in greater total atmospheric heating. Net ecosystem exchange of CO2 revealed the potential for enhanced carbon cycling rates under greater shrub cover. Spring CO2 emissions were greatest at the site with greatest percent cover of shrubs, as was summer net uptake of CO2. The seasonal net sink for CO2 was ~2 times larger at the site with the greatest shrub cover compared to the site with the least shrub cover. These results largely agree with expectations that the growing season feedback to the atmosphere arising from shrub expansion in the Arctic has the potential to be negative for CO2 fluxes but positive for turbulent energy fluxes.

  7. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

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

  8. Net one, net two: the primary care network income statement.

    Science.gov (United States)

    Halley, M D; Little, A W

    1999-10-01

    Although hospital-owned primary care practices have been unprofitable for most hospitals, some hospitals are achieving competitive advantage and sustainable practice operations. A key to the success of some has been a net income reporting tool that separates practice operating expenses from the costs of creating and operating a network of practices to help healthcare organization managers, physicians, and staff to identify opportunities to improve the network's financial performance. This "Net One, Net Two" reporting allows operations leadership to be held accountable for Net One expenses and strategic leadership to be held accountable for Net Two expenses.

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

    Science.gov (United States)

    Xu, Mengjie; Ji, Haibao; Zhuang, Shunyao

    2018-01-01

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

  10. Energy usage and technical potential for energy saving measures in the Swedish residential building stock

    International Nuclear Information System (INIS)

    Mata, Érika; Sasic Kalagasidis, Angela; Johnsson, Filip

    2013-01-01

    This paper provides an analysis of the current energy usage (net energy and final energy by fuels) and associated carbon dioxide (CO 2 ) emissions of the Swedish residential building stock, which includes single-family dwellings and multi-family dwellings. Twelve energy saving measures (ESMs) are assessed using a bottom–up modeling methodology, in which the Swedish residential stock is represented by a sample of 1400 buildings (based on data from the year 2005). Application of the ESMs studied gives a maximum technical reduction potential in energy demand of 53%, corresponding to a 63% reduction in CO 2 emissions. Although application of the investigated ESMs would reduce CO 2 emissions, the measures that reduce electricity consumption for lighting and appliances (LA) will increase CO 2 emissions, since the saved electricity production is less CO 2 -intensive than the fuel mix used for the increased space heating required to make up for the loss in indirect heating obtained from LA. - Highlights: ► Analysis of year 2005energy use and CO2 emissions of Swedish residential buildings. ► Includes all single-family dwellings and multi-family dwellings. ► Bottom–up modeling of building stock represented by 1400 buildings. ► Technical effects of 12 energy saving measures are assessed. ► Energy demand can be reduced by53% and associated CO 2 emissions by 63%

  11. Stock selection using a hybrid MCDM approach

    Directory of Open Access Journals (Sweden)

    Tea Poklepović

    2014-12-01

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

  12. SchNet - A deep learning architecture for molecules and materials

    Science.gov (United States)

    Schütt, K. T.; Sauceda, H. E.; Kindermans, P.-J.; Tkatchenko, A.; Müller, K.-R.

    2018-06-01

    Deep learning has led to a paradigm shift in artificial intelligence, including web, text, and image search, speech recognition, as well as bioinformatics, with growing impact in chemical physics. Machine learning, in general, and deep learning, in particular, are ideally suitable for representing quantum-mechanical interactions, enabling us to model nonlinear potential-energy surfaces or enhancing the exploration of chemical compound space. Here we present the deep learning architecture SchNet that is specifically designed to model atomistic systems by making use of continuous-filter convolutional layers. We demonstrate the capabilities of SchNet by accurately predicting a range of properties across chemical space for molecules and materials, where our model learns chemically plausible embeddings of atom types across the periodic table. Finally, we employ SchNet to predict potential-energy surfaces and energy-conserving force fields for molecular dynamics simulations of small molecules and perform an exemplary study on the quantum-mechanical properties of C20-fullerene that would have been infeasible with regular ab initio molecular dynamics.

  13. Children's schemes for anticipating the validity of nets for solids

    Science.gov (United States)

    Wright, Vince; Smith, Ken

    2017-09-01

    There is growing acknowledgement of the importance of spatial abilities to student achievement across a broad range of domains and disciplines. Nets are one way to connect three-dimensional shapes and their two-dimensional representations and are a common focus of geometry curricula. Thirty-four students at year 6 (upper primary school) were interviewed on two occasions about their anticipation of whether or not given nets for the cube- and square-based pyramid would fold to form the target solid. Vergnaud's ( Journal of Mathematical Behavior, 17(2), 167-181, 1998, Human Development, 52, 83-94, 2009) four characteristics of schemes were used as a theoretical lens to analyse the data. Successful schemes depended on the interaction of operational invariants, such as strategic choice of the base, rules for action, particularly rotation of shapes, and anticipations of composites of polygons in the net forming arrangements of faces in the solid. Inferences were rare. These data suggest that students need teacher support to make inferences, in order to create transferable schemes.

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

    Directory of Open Access Journals (Sweden)

    Seyyed Ali Lajevardi

    2014-07-01

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

  15. The Australian stock market development: Prospects and challenges

    Directory of Open Access Journals (Sweden)

    Sheilla Nyasha

    2013-06-01

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

  16. The past and future of food stocks

    International Nuclear Information System (INIS)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Rajan Sruthi

    2017-12-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

  19. On the effects of world stock market and oil price shocks on food prices: An empirical investigation based on TVP-VAR models with stochastic volatility

    International Nuclear Information System (INIS)

    Jebabli, Ikram; Arouri, Mohamed; Teulon, Frédéric

    2014-01-01

    Transmission of price shocks from one market to another one has long been investigated in the economic literature. However, studies have namely dealt with the relationship between financial and energy markets. With the recent changes in market conditions, investors, policy-makers and interest groups are giving special attention to food market. This paper aims at analyzing shock transmission between international food, energy and financial markets and to provide some insights into the volatility behavior during the past years and discuss its implications for portfolio management. To do this, we present a new time varying parameter VAR (TVP-VAR) model with stochastic volatility approach which provides extreme flexibility with a parsimonious specification. We resort also to a generalized vector autoregressive framework in which forecast-error variance decompositions are invariant to the variable ordering for the assessment of total and directional volatility spillovers. Our main findings suggest that volatility spillovers increase considerably during crisis and, namely after mid-2008, when stock markets become net transmitter of volatility shocks while crude oil becomes a net receiver. Shocks to crude oil or MSCI markets have immediate and short-term impacts on food markets which are emphasized during the financial crisis period. Moreover, we show that augmenting a diversified portfolio of food commodities with crude oil or stocks significantly increases its risk-adjusted performance. - Highlights: • We study shock transmission between food, energy and financial markets. • We use a new time-varying parameter VAR model with stochastic volatility. • There is volatility spillover from oil and stock markets to food. • Volatility spillovers increase considerably during crisis, namely after mid-2008. • Augmenting a portfolio of foods with oil or stocks increases its performance

  20. Students Invest in the Stock Market

    Science.gov (United States)

    Parker, George O.

    1977-01-01

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

  1. Distinguishing manipulated stocks via trading network analysis

    Science.gov (United States)

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

    2011-10-01

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

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

    OpenAIRE

    Robiyanto Robiyanto

    2017-01-01

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

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

    OpenAIRE

    Ng, Ho Keng

    2008-01-01

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

  4. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

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

    2018-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-03-01

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

  7. U.S. Department of Energy Commercial Reference Building Models of the National Building Stock

    Energy Technology Data Exchange (ETDEWEB)

    Deru, M.; Field, K.; Studer, D.; Benne, K.; Griffith, B.; Torcellini, P.; Liu, B.; Halverson, M.; Winiarski, D.; Rosenberg, M.; Yazdanian, M.; Huang, J.; Crawley, D.

    2011-02-01

    The U.S. Department of Energy (DOE) Building Technologies Program has set the aggressive goal of producing marketable net-zero energy buildings by 2025. This goal will require collaboration between the DOE laboratories and the building industry. We developed standard or reference energy models for the most common commercial buildings to serve as starting points for energy efficiency research. These models represent fairly realistic buildings and typical construction practices. Fifteen commercial building types and one multifamily residential building were determined by consensus between DOE, the National Renewable Energy Laboratory, Pacific Northwest National Laboratory, and Lawrence Berkeley National Laboratory, and represent approximately two-thirds of the commercial building stock.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2012-09-15

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

  9. Based on BP Neural Network Stock Prediction

    Science.gov (United States)

    Liu, Xiangwei; Ma, Xin

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Shelly Midesia

    2016-09-01

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

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

    Science.gov (United States)

    2010-08-04

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

  12. Warmer temperatures reduce net carbon uptake, but not water use, in a mature southern Appalachian forest

    Science.gov (United States)

    Increasing air temperature is expected to extend growing season length in temperate, broadleaf forests, leading to potential increases in evapotranspiration and net carbon uptake. However, other key processes affecting water and carbon cycles are also highly temperature-dependent...

  13. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

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

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

    OpenAIRE

    John H. Boyd; Ravi Jagannathan; Jian Hu

    2001-01-01

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

  15. Stocks and energy shocks : the impact of energy accidents on stock market value

    NARCIS (Netherlands)

    Scholtens, B.; Boersen, A.

    We investigate how financial market participants value energy accidents. We employ an event study to look into the response of stock markets to 209 accidents. These accidents were derived from Sovacool's (2008) database on major energy accidents from 1907 to 2007. It appears that the stock market in

  16. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

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

  17. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  18. The Role of Exchange Traded Funds in the Price Discovery Process of Stocks Listed on the Botswana Stock Exchange

    Directory of Open Access Journals (Sweden)

    Edson Kambeu

    2017-04-01

    Full Text Available In this paper we analyse the role of Exchange Traded Funds (ETFs in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015   for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

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

    Science.gov (United States)

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

    2017-03-01

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

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

    OpenAIRE

    Yen Sun

    2010-01-01

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

  1. Analysing News for Stock Market Prediction

    Science.gov (United States)

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

    2018-04-01

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

  2. Stock Assessment Supplementary Information (SASINF)

    Data.gov (United States)

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

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

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

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

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

    Science.gov (United States)

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

    2016-01-01

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

  5. Stocking chart for upland central hardwoods

    Science.gov (United States)

    Martin E. Dale; Donald E. Hilt

    1989-01-01

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

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

    Science.gov (United States)

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

    2016-04-01

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

  7. How many nuclear stocks in the world in 2015?

    International Nuclear Information System (INIS)

    Le Guelte, G.

    2005-01-01

    The examination conference of the non-proliferation treaty which will take place in May 2, 2005, will be corrupted by the unanimous reprobation against the 5 states which are still perennializing their nuclear stocks, while they committed themselves to eliminate them. The sustain of the non-proliferation policy is crumbling down and the possibilities of clandestine activities are growing up. Instead of explaining their join reprobation against the policy of these states, the participants will probably spread the image of a divided, disillusioned, ineffective and at a loss world. It is not excluded that in the next 10 or 15 years, about 20 states will still have their nuclear weapons. (J.S.)

  8. Validating Virtual Safety Stock Effectiveness through Simulation

    Directory of Open Access Journals (Sweden)

    Maria Elena Nenni

    2013-08-01

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

  9. Mapping aboveground carbon stocks using LiDAR data in Eucalyptus spp. plantations in the state of Sao Paulo, Brazil

    Science.gov (United States)

    Carlos Alberto Silva; Carine Klauberg; Samuel de Padua Chaves e Carvalho; Andrew T. Hudak; e Luiz Carlos Estraviz. Rodriguez

    2014-01-01

    Fast growing plantation forests provide a low-cost means to sequester carbon for greenhouse gas abatement. The aim of this study was to evaluate airborne LiDAR (Light Detection And Ranging) to predict aboveground carbon (AGC) stocks in Eucalyptus spp. plantations. Biometric parameters (tree height (Ht) and diameter at breast height (DBH)) were collected from...

  10. Comparing the catch composition, profitability and discard survival from different trammel net designs targeting common spiny lobster (Palinurus elephas in a Mediterranean fishery

    Directory of Open Access Journals (Sweden)

    Gaetano Catanese

    2018-05-01

    Full Text Available In the Balearic Islands, different trammel net designs have been adopted to promote fisheries sustainability and reduce discards. Here, we compare the catch performance of three trammel net designs targeting the spiny lobster Palinurus elephas in terms of biomass, species composition and revenue from commercial catches and discards. Designs differ in the netting fiber type (standard polyfilament, PMF, or a new polyethylene multi-monofilament, MMF and the use of a guarding net or greca, a mesh piece intended to reduce discards. Catches were surveyed by an on-board observer from 1,550 netting walls corresponding to 70 nets. The number of marketable species captured indicated that the lobster trammel net fishery has multiple targets, which contribute significantly to the total revenue. The discarded species ranged from habitat-forming species to elasmobranches, but the magnitude of gear-habitat interactions on the long term dynamics of benthos remains unclear. No relevant differences in revenue and weight of discards were detected after Bayesian analyses. However, the species composition of discards was different when using greca. Interestingly, high immediate survival was found for discarded undersized lobsters, while a seven day survival assessment, using captive observation, gave an asymptotic estimate of survival probability as 0.64 (95% CI [0.54–0.76]. Therefore, it is recommended that it would be beneficial for this stock if an exemption from the EU landing obligation regulation was sought for undersized lobsters in the Balearic trammel net fishery.

  11. Comparing the catch composition, profitability and discard survival from different trammel net designs targeting common spiny lobster (Palinurus elephas) in a Mediterranean fishery.

    Science.gov (United States)

    Catanese, Gaetano; Hinz, Hilmar; Gil, Maria Del Mar; Palmer, Miquel; Breen, Michael; Mira, Antoni; Pastor, Elena; Grau, Amalia; Campos-Candela, Andrea; Koleva, Elka; Grau, Antoni Maria; Morales-Nin, Beatriz

    2018-01-01

    In the Balearic Islands, different trammel net designs have been adopted to promote fisheries sustainability and reduce discards. Here, we compare the catch performance of three trammel net designs targeting the spiny lobster Palinurus elephas in terms of biomass, species composition and revenue from commercial catches and discards. Designs differ in the netting fiber type (standard polyfilament, PMF, or a new polyethylene multi-monofilament, MMF) and the use of a guarding net or greca , a mesh piece intended to reduce discards. Catches were surveyed by an on-board observer from 1,550 netting walls corresponding to 70 nets. The number of marketable species captured indicated that the lobster trammel net fishery has multiple targets, which contribute significantly to the total revenue. The discarded species ranged from habitat-forming species to elasmobranches, but the magnitude of gear-habitat interactions on the long term dynamics of benthos remains unclear. No relevant differences in revenue and weight of discards were detected after Bayesian analyses. However, the species composition of discards was different when using greca . Interestingly, high immediate survival was found for discarded undersized lobsters, while a seven day survival assessment, using captive observation, gave an asymptotic estimate of survival probability as 0.64 (95% CI [0.54-0.76]). Therefore, it is recommended that it would be beneficial for this stock if an exemption from the EU landing obligation regulation was sought for undersized lobsters in the Balearic trammel net fishery.

  12. Carbon stocks and dynamics at different successional stages in an Afromontane tropical forest

    Science.gov (United States)

    Nyirambangutse, Brigitte; Zibera, Etienne; Uwizeye, Félicien K.; Nsabimana, Donat; Bizuru, Elias; Pleijel, Håkan; Uddling, Johan; Wallin, Göran

    2017-03-01

    As a result of different types of disturbance, forests are a mixture of stands at different stages of ecological succession. Successional stage is likely to influence forest productivity and carbon storage, linking the degree of forest disturbance to the global carbon cycle and climate. Although tropical montane forests are an important part of tropical forest ecosystems (ca. 8 %, elevation > 1000 m a.s.l.), there are still significant knowledge gaps regarding the carbon dynamics and stocks of these forests, and how these differ between early (ES) and late successional (LS) stages. This study examines the carbon (C) stock, relative growth rate (RGR) and net primary production (NPP) of ES and LS forest stands in an Afromontane tropical rainforest using data from inventories of quantitatively important ecosystem compartments in fifteen 0.5 ha plots in Nyungwe National Park in Rwanda. The total C stock was 35 % larger in LS compared to ES plots due to significantly larger above-ground biomass (AGB; 185 and 76 Mg C ha-1 in LS and ES plots), while the soil and root C stock (down to 45 cm depth in the mineral soil) did not significantly differ between the two successional stages (178 and 204 Mg C ha-1 in LS and ES plots). The main reasons for the difference in AGB were that ES trees had significantly lower stature and wood density compared to LS trees. However, ES and LS stands had similar total NPP (canopy, wood and roots of all plots ˜ 9.4 Mg C ha-1) due to counterbalancing effects of differences in AGB (higher in LS stands) and RGR (higher in ES stands). The AGB in the LS plots was considerably higher than the average value reported for old-growth tropical montane forest of south-east Asia and Central and South America at similar elevations and temperatures, and of the same magnitude as in tropical lowland forest of these regions. The results of this study highlight the importance of accounting for disturbance regimes and differences in wood density and allometry of

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

    OpenAIRE

    Mia Twu

    2010-01-01

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

  14. Who Moves the Malaysian Stock Market— the U.S. or Japan?: Empirical Evidence from the Pre-, During, and Post-1997 Asian Financial Crisis

    Directory of Open Access Journals (Sweden)

    Rosylin Mohd. Yusof

    2006-09-01

    Full Text Available This paper examines long run co-movements between Malaysian stock market and the two largest stock markets in the world: the U.S. and Japan. By employing time-series analysis, i.e., cointegration, variance decompositions, and impulse response functions, the paper seeks to investigate which market actually leads the Malaysian stock market before, during, and after the 1997 Asian financial crisis periods. The results indicate that there is a co-movement of these markets only in the post crisis period. The Japanese stock market is found to significantly move the Malaysian stock market compared to U.S. stock market for the post-crisis period. At the same time, there seems to be a growing proportion of bilateral trade between Malaysia and Japan during the mentioned period. This finding seems to be consistent with the view that the stronger the bilateral trade ties between two countries, the higher the degree of co-movements (Masih and Masih 1999; Bracker et al. 1999; Pretorius 2002; Ibrahim 2003; Kearney and Lucey 2004. Our finding implies that the opportunities of gaining abnormal profits through investment diversification during the post-crisis period in the Malaysian and Japanese stock markets are diminishing as the markets move towards a greater integration. This further implies that any development in the Japanese economy has to be taken into consideration by the Malaysian government in designing policies pertaining to Malaysian stock market.

  15. Do More Economists Hold Stocks?

    DEFF Research Database (Denmark)

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

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

  16. Stock Issues in Aristotle's Rhetoric

    Science.gov (United States)

    Harpine, Bill

    1977-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Okičić Jasmina

    2015-04-01

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

  18. Analysis of Naval Ammunition Stock Positioning

    Science.gov (United States)

    2015-12-01

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

  19. Stocking density of “Pseudoplatystoma” spp. surubim reared in cages Densidade de estocagem do surubim "Pseudoplatystoma" spp. cultivado em tanque-rede

    Directory of Open Access Journals (Sweden)

    Daniel Vieira Crepaldi

    2009-03-01

    Full Text Available This work aimed to determine the effect of stocking density on the biomass production, final weight, feed conversion and survival rate of Pseudoplatystoma spp. surubim reared in floating net cages under three initial stocking densities. Twelve floating net cages located in a 47-ha reservoir were stocked with 35, 70 and 105 fish/m3 averaging 50 g from April to August 1999. At the end of the experimental period (105 days, the final average weights of the treatments were 197.4, 171.15, and 161.45 g, respectively. The highest final mean weight was reached at the lowest initial density. No significant effects of initial stocking density were observed on survival (95.97, 97.80 and 96.73%, respectively and feed conversion rates (1.49; 1.60 e 1.56; respectively. The final biomass of 87.93, 157.67, and 220.46 kg were affected by the initial stocking density. At higher storage densities, the individual weight gain decreased, but the final biomass increased significantly.Objetivou-se com este trabalho determinar o efeito da densidade de estocagem na produção, no ganho de peso, na conversão alimentar e na sobrevivência do surubim Pseudoplatystoma spp. cultivado em tanques-rede, sob três diferentes densidades de estocagem iniciais. Doze tanques-rede foram instalados em uma represa de 47 ha e estocados com 35, 70 e 105 alevinos de surubim/m3, com peso médio de 50g, no período de abril a agosto de 1999. Ao final de 105 dias de experimento, os pesos finais médios para os tratamentos foram 197,4; 171,15 e 161,45 g, respectivamente. O maior peso médio foi alcançado no tratamento de menor densidade. As sobrevivências (95,97; 97,80 e 96,73%, respectivamente e a conversão alimentar (1,49; 1,60 e 1,56:1, respectivamente não foram afetadas pela densidade de estocagem inicial. As biomassas finais foram 87,93; 157,67 e 220,46 kg, respectivamente, com efeito significativo da densidade de estocagem inicial. Com o aumento da densidade de estocagem, houve redu

  20. Demographic dynamics and off-take of cattle herds in southern Mali.

    Science.gov (United States)

    Ba, Alassane; Lesnoff, Matthieu; Poccard-Chapuis, Rene; Moulin, Charles-Henri

    2011-08-01

    The herds of 95 families were monitored for 1 year in eight villages in the cotton-growing region of southern Mali. In 2006-2007, reproduction performances were average, with 0.54 calvings/year per cow, and mortality was low. Herd numerical productivity is not very high, less than 0.13/year, because of the high proportion of males kept for animal draught. Depending on the herd size, the behaviour of the families differs, in terms of off-take and in-take of animals. Families that only have one or two draught animals seek to increase their animal draught capacity, with a negative net off-take (-0.13/year). Families with two to three cows have a very low net off-take (0.02/year), with culling of adult animals compensated by purchase. They therefore capitalised this year, with an annual herd growth of 8%. Families with a very large herd (20 to 50 cows) take off more of their stock, with a net off-take of 0.08/year (very few animal purchases) and make a stock growth of 5%. And finally, families with an average-sized herd (6 to 19 cows) take off the whole of the year's production, with a net off-take of 0.11/year and a nil stock growth rate. The use of a demographic model made it possible to measure the sensitivity of the productivity rate to the different demographic parameters.

  1. Application of deconvolution interferometry with both Hi-net and KiK-net data

    Science.gov (United States)

    Nakata, N.

    2013-12-01

    Application of deconvolution interferometry to wavefields observed by KiK-net, a strong-motion recording network in Japan, is useful for estimating wave velocities and S-wave splitting in the near surface. Using this technique, for example, Nakata and Snieder (2011, 2012) found changed in velocities caused by Tohoku-Oki earthquake in Japan. At the location of the borehole accelerometer of each KiK-net station, a velocity sensor is also installed as a part of a high-sensitivity seismograph network (Hi-net). I present a technique that uses both Hi-net and KiK-net records for computing deconvolution interferometry. The deconvolved waveform obtained from the combination of Hi-net and KiK-net data is similar to the waveform computed from KiK-net data only, which indicates that one can use Hi-net wavefields for deconvolution interferometry. Because Hi-net records have a high signal-to-noise ratio (S/N) and high dynamic resolution, the S/N and the quality of amplitude and phase of deconvolved waveforms can be improved with Hi-net data. These advantages are especially important for short-time moving-window seismic interferometry and deconvolution interferometry using later coda waves.

  2. Net ecosystem exchange of carbon dioxide and water of far eastern Siberian Larch (Larix cajanderii on permafrost

    Directory of Open Access Journals (Sweden)

    A. J. Dolman

    2004-01-01

    Full Text Available Observations of the net ecosystem exchange of water and CO2 were made during two seasons in 2000 and 2001 above a Larch forest in Far East Siberia (Yakutsk. The measurements were obtained by eddy correlation. There is a very sharply pronounced growing season of 100 days when the forest is leaved. Maximum half hourly uptake rates are 18 µmol m-2 s-1; maximum respiration rates are 5 µmol m-2 s-1. Net annual sequestration of carbon was estimated at 160 gCm-2 in 2001. Applying no correction for low friction velocities added 60 g C m-2. The net carbon exchange of the forest was extremely sensitive to small changes in weather that may switch the forest easily from a sink to a source, even in summer. June was the month with highest uptake in 2001. The average evaporation rate of the forest approached 1.46 mm day-1 during the growing season, with peak values of 3 mm day-1 with an estimated annual evaporation of 213 mm, closely approaching the average annual rainfall amount. 2001 was a drier year than 2000 and this is reflected in lower evaporation rates in 2001 than in 2000. The surface conductance of the forest shows a marked response to increasing atmospheric humidity deficits. This affects the CO2 uptake and evaporation in a different manner, with the CO2 uptake being more affected. There appears to be no change in the relation between surface conductance and net ecosystem uptake normalized by the atmospheric humidity deficit at the monthly time scale. The response to atmospheric humidity deficit is an efficient mechanism to prevent severe water loss during the short intense growing season. The associated cost to the sequestration of carbon may be another explanation for the slow growth of these forests in this environment.

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

    OpenAIRE

    Huber, Peter

    1995-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-03-01

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

  5. Growth and smolting in lower-mode Atlantic Salmon stocked into the Penobscot River, Maine

    Science.gov (United States)

    Zydlewski, Joseph D.; O'Malley, Andrew; Cox, Oliver; Ruksznis, Peter; Trial, Joan G.

    2014-01-01

    Restoration of Atlantic Salmon Salmo salar in Maine has relied on hatchery-produced fry and smolts for critical stocking strategies. Stocking fry minimizes domestication selection, but these fish have poor survival. Conversely, stocked smolts have little freshwater experience but provide higher adult returns. Lower-mode (LM) fish, those not growing fast enough to ensure smolting by the time of stocking, are a by-product of the smolt program and are an intermediate hatchery product. From 2002 to 2009, between 70,000 and 170,000 marked LM Atlantic Salmon were stocked into the Pleasant River (a tributary in the Penobscot River drainage, Maine) in late September to early October. These fish were recaptured as actively migrating smolts (screw trapping), as nonmigrants (electrofishing), and as returning adults to the Penobscot River (Veazie Dam trap). Fork length (FL) was measured and a scale sample was taken to retrospectively estimate FL at winter annulus one (FW1) using the intercept-corrected direct proportion model. The LM fish were observed to migrate as age-1, age-2, and infrequently as age-3 smolts. Those migrating as age-1 smolts had a distinctly larger estimated FL at FW1 (>112 mm) than those that remained in the river for at least one additional year. At the time of migration, age-2 and age-3 smolts were substantially larger than age-1 smolts. Returning adult Atlantic Salmon of LM origin had estimated FLs at FW1 that corresponded to smolt age (greater FL for age 1 than age 2). The LM product produces both age-1 and age-2 smolts that have greater freshwater experience than hatchery smolts and may have growth and fitness advantages. The data from this study will allow managers to better assess the probability of smolting age and manipulate hatchery growth rates to produce a targeted-size LM product.

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

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

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

  7. The Speculative Nature of Stock Market

    Directory of Open Access Journals (Sweden)

    Bogdan-Gabriel FILIPESCU

    2011-12-01

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

  8. Capital Liberalization and Imperfect Substitutability between Bonds and Stocks: Reexamination of the Mundell-Fleming Model

    Directory of Open Access Journals (Sweden)

    Tae-Joon Kim

    2002-06-01

    Full Text Available This paper analyzes the effects of macroeconomic policies and foreign shocks on the stability of a small open economy, in which equity investment is more crucial than debt investment. The key assumption of our model is that stocks and bonds are imperfect substitutes. Accordingly, financial market equilibrium in our model is achieved only when both money and stock markets are simultaneously in equilibrium. In contrast to the Mundell-Fleming model, fiscal policy is relatively effective under the flexible exchange rate regime, while monetary policy is relatively effective under the fixed exchange rate regime. In the case of foreign shocks such as hike of world interest rates, the flexible exchange rate regime appears more effective in stabilizing the economy because the flexible exchange rate functions as a shock absorber. The empirical evidence from the Korean economy during 1998:4- 2000:11 supports these findings. After the 1997 currency crisis, the Korean monetary authorities adopted the independently floating exchange regime and fully liberalized the capital account. Using a vector autoregressive model consisting of money stock, interest rate, balance of payments and exchange rate, we analyze the effect of an expansionary monetary policy. An increase in money supply decreases the domestic interest rates but the balance of payments turns into surplus. This result confirms that the higher rates of return on equity results in net capital inflows, in spite of lower domestic interest rates, and thus appreciates the domestic currency.

  9. VOLATILITY AND KURTOSIS OF DAILY STOCK RETURNS AT MSE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-12-01

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

  10. What Is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

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

  11. Uncertainty of forest carbon stock changes. Implications to the total uncertainty of GHG inventory of Finland

    International Nuclear Information System (INIS)

    Monni, S.; Savolainen, I.; Peltoniemi, M.; Lehtonen, A.; Makipaa, R.; Palosuo, T.

    2007-01-01

    Uncertainty analysis facilitates identification of the most important categories affecting greenhouse gas (GHG) inventory uncertainty and helps in prioritisation of the efforts needed for development of the inventory. This paper presents an uncertainty analysis of GHG emissions of all Kyoto sectors and gases for Finland consolidated with estimates of emissions/removals from LULUCF categories. In Finland, net GHG emissions in 2003 were around 69 Tg (±15 Tg) CO2 equivalents. The uncertainties in forest carbon sink estimates in 2003 were larger than in most other emission categories, but of the same order of magnitude as in carbon stock change estimates in other land use, land-use change and forestry (LULUCF) categories, and in N2O emissions from agricultural soils. Uncertainties in sink estimates of 1990 were lower, due to better availability of data. Results of this study indicate that inclusion of the forest carbon sink to GHG inventories reported to the UNFCCC increases uncertainties in net emissions notably. However, the decrease in precision is accompanied by an increase in the accuracy of the overall net GHG emissions due to improved completeness of the inventory. The results of this study can be utilised when planning future GHG mitigation protocols and emission trading schemes and when analysing environmental benefits of climate conventions

  12. Maintenance Appointments in Railway Rolling Stock Rescheduling

    NARCIS (Netherlands)

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

    2016-01-01

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

  13. On the Design of Artificial Stock Markets

    NARCIS (Netherlands)

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

    2005-01-01

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

  14. Moving toward the circular economy: the role of stocks in the Chinese steel cycle.

    Science.gov (United States)

    Pauliuk, Stefan; Wang, Tao; Müller, Daniel B

    2012-01-03

    As the world's largest CO(2) emitter and steel producer, China has set the ambitious goal of establishing a circular economy which aims at reconciling economic development with environmental protection and sustainable resource use. This work applies dynamic material flow analysis to forecast production, recycling, and iron ore consumption in the Chinese steel cycle until 2100 by using steel services in terms of in-use stock per capita as driver of future development. The whole cycle is modeled to determine possible responses of the steel industry in light of the circular economy concept. If per-capita stock saturates at 8-12 tons as evidence from industrialized countries suggests, consumption may peak between 2015 and 2020, whereupon it is likely to drop by up to 40% until 2050. A slower growing in-use stock could mitigate this peak and hence reduce overcapacity in primary production. Old scrap supply will increase substantially and it could replace up to 80% of iron ore as resource for steel making by 2050. This would require advanced recycling technologies as manufacturers of machinery and transportation equipment would have to shift to secondary steel as well as new capacities in secondary production which could, however, make redundant already existing integrated steel plants.

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

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

    2017-06-01

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

  16. Hidden Markov Model for Stock Selection

    Directory of Open Access Journals (Sweden)

    Nguyet Nguyen

    2015-10-01

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

  17. Net ecosystem CO2 exchange over a larch forest in Hokkaido, Japan

    International Nuclear Information System (INIS)

    Huimin Wang; Saigusa, Nobuko; Yamamoto, Susumu; Kondo, Hiroaki; Hirano, Takashi; Toriyama, Atsushi; Fujinuma, Yasumi

    2004-01-01

    Larch forests are distributed extensively in the east Eurasian continent and are expected to play a significant role in the terrestrial ecosystem carbon cycling process. In view of the fact that studies on carbon exchange for this important biome have been very limited, we have initiated a long-term flux observation in a larch forest ecosystem in Hokkaido in northern Japan since 2000. The net ecosystem CO 2 exchange (NEE) showed large seasonal and diurnal variation. Generally, the larch forest ecosystem released CO 2 in nighttime and assimilated CO 2 in daytime during the growing season from May to October. The ecosystem started to become a net carbon sink in May, reaching a maximum carbon uptake as high as 186 g C m -2 month -1 in June. With the yellowing, senescing and leaf fall, the ecosystem turned into a carbon source in November. During the non-growing season, the larch forest ecosystem became a net source of CO 2 , releasing an average of 16.7 g C m -2 month -1 . Overall, the ecosystem sequestered 141-240 g C m -2 yr -1 in 2001. The NEE was significantly influenced by environmental factors. Respiration of the ecosystem, for example, was exponentially dependent on air temperature, while photosynthesis was related to the incident PAR in a manner consistent with the Michaelis-Menten model. Although the vapor pressure deficit (VPD) was scarcely higher than 15 hPa, the CO 2 uptake rate was also depressed when VPD surpassed 10 hPa (Author)

  18. Specific net present value: an improved method for assessing modularisation costs in water services with growing demand.

    Science.gov (United States)

    Maurer, M

    2009-05-01

    A specific net present value (SNPV) approach is introduced as a criterion in economic engineering decisions. The SNPV expresses average costs, including the growth rate and plant utilisation over the planning horizon, factors that are excluded from a standard net present value approach. The use of SNPV favours alternatives that are cheaper per service unit and are therefore closer to the costs that a user has to cover. It also shows that demand growth has a similar influence on average costs as an economy of scale. In a high growth scenario, solutions providing less idle capacity can have higher present value costs and still be economically favourable. The SNPV approach is applied in two examples to calculate acceptable additional costs for modularisation and comparable costs for on-site treatment (OST) as an extreme form of modularisation. The calculations show that: (i) the SNPV approach is suitable for quantifying the comparable costs of an OST system in a different scenario; (ii) small systems with projected high demand growth rates and high real interest rates are the most probable entry market for OST water treatment systems; (iii) operating expenses are currently the main economic weakness of membrane-based wastewater OST systems; and (iv) when high growth in demand is expected, up to 100% can be additionally invested in modularisation and staging the expansion of a treatment plant.

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

    OpenAIRE

    Gallardo, Carla

    2012-01-01

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

  20. Possibility of steadily growing per capita consumption in an economy with a wasting and non-replenishable resource

    Energy Technology Data Exchange (ETDEWEB)

    Suzuki, H

    1976-01-01

    The Solow--Stiglitz model is modified to determine if factors other than the outstanding stock of the resource are related to per capita consumption and if technical improvements in productivity depend on investment. In the first modification, production is made dependent on the outstanding stock of a wasting resource in an economy based on a single aggregate industry producing a single consumer product. Consumption is found to follow a constant path as long as the share of capital remains greater than the share of the resource. In the second modification, no technical improvements are permitted without a research and development commitment. A set of restrictions on the parameters of the production function and the rate of population growth ensures that steadily growing per-capita consumption is feasible. 4 references.

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

    Science.gov (United States)

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

    2016-12-01

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

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

    Science.gov (United States)

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

    2005-09-01

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

  3. Global stock market in 1990-s

    Directory of Open Access Journals (Sweden)

    Moshenskyi S.Z.

    2017-08-01

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

  4. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

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

  5. How can soil organic carbon stocks in agriculture be maintained or increased?

    Science.gov (United States)

    Don, Axel; Leifeld, Jens

    2015-04-01

    CO2 emissions from soils are 10 times higher than anthropogenic CO2 emissions from fossil burning with around 60 Pg C a-1. At the same time around 60 Pg of carbon is added to the soils as litter from roots and leaves. Thus, the balance between both fluxes is supposed to be zero for the global earth system in steady state without human perturbations. However, the global carbon flux has been altered by humans since thousands of years by extracting biomass carbon as food, feed and fiber with global estimate of 40% of net primary productivity (NPP). This fraction is low in forests but agricultural systems, in particular croplands, are systems with a high net exported carbon fraction. Soils are mainly input driven systems. Agricultural soils depend on input to compensate directly for i) respiration losses, ii) extraction of carbon (and nitrogen) and depletion (e.g. via manure) or indirectly via enhances NPP (e.g. via fertilization management). In a literature review we examined the role of biomass extraction and carbon input via roots, crop residues and amendments (manure, slurry etc.) to agricultural soil's carbon stocks. Recalcitrance of biomass carbon was found to be of minor importance for long-term carbon storage. Thus, also the impact of crop type on soil carbon dynamics seems mainly driven by the amount of crop residuals of different crop types. However, we found distinct differences in the efficiency of C input to refill depleted soil C stocks between above ground C input or below ground root litter C input, with root-C being more efficient due to slower turnover rates. We discuss the role of different measures to decrease soil carbon turnover (e.g. decreased tillage intensity) as compared to measures that increase C input (e.g. cover crops) in the light of global developments in agricultural management with ongoing specialization and segregation between catch crop production and dairy farms.

  6. 12 CFR 221.114 - Bank loans to purchase stock of American Telephone and Telegraph Company under Employees' Stock...

    Science.gov (United States)

    2010-01-01

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

  7. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

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

  8. The volatility of stock market prices.

    Science.gov (United States)

    Shiller, R J

    1987-01-02

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

  9. Are Stock and Corporate Bond Markets Integrated?

    NARCIS (Netherlands)

    van Zundert, J.; Driessen, Joost

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Younos VakilAlroaia

    2012-08-01

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

  11. Net Neutrality

    DEFF Research Database (Denmark)

    Savin, Andrej

    2017-01-01

    Repealing “net neutrality” in the US will have no bearing on Internet freedom or security there or anywhere else.......Repealing “net neutrality” in the US will have no bearing on Internet freedom or security there or anywhere else....

  12. THE EFFECTS OF STOCK OPTION COMPENSATION ONMANAGERIAL RISK TAKING BEHAVIOR AND FIRM FINANCIALPERFORMANCETHE GLOBAL FINANCIAL CRISIS FROM ADIFFERENT PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Guler Aras

    2012-07-01

    Full Text Available The aim of this study is to figure out whether managerial risk taking behaviourand firm financial performance is effected by stock option compensation.Inliterature stock optioncompensationismentionedasa meansto solve agencyproblems. It is analysed how stock option compensation aligns theshareholders’andmanagers’ interestsand its effects on firm financialperformance. Additionally, it isinvestigatedwhether this effecthas a link to theglobal financial crisis which hasobviously related to the managers’extreme riskseeking behaviourespecially in financial sector. Inthis study, 189 firms fromS P index are analysedutilizingthe panel dataanalysismethod between years1998-2009. Additionally, regression method is used to measureeach year. Thedata set is grouped as financial and non financial sector tobetterpresent theeffects of global financial crisis.According to the results of this study, stockoption compensation is positively related to investment magnitudes which aretaken as indicators of risk taking behavior.On the other hand, it is negativelyrelated to firm financial performance.According to the results of yearlycomparison, in financial sector the invesment magnitudes are bigger than the nonfinancial sector just two years before the financial crisis and net cash flow fromthe investing activities is significantly negative when compared with non financialsector.Therefore,it is aimed to findoutthe relation between the extreme riskseeking behaviorbefore the global financial crisisand the incentive compensationstructures.

  13. Annotating Coloured Petri Nets

    DEFF Research Database (Denmark)

    Lindstrøm, Bo; Wells, Lisa Marie

    2002-01-01

    Coloured Petri nets (CP-nets) can be used for several fundamentally different purposes like functional analysis, performance analysis, and visualisation. To be able to use the corresponding tool extensions and libraries it is sometimes necessary to include extra auxiliary information in the CP......-net. An example of such auxiliary information is a counter which is associated with a token to be able to do performance analysis. Modifying colour sets and arc inscriptions in a CP-net to support a specific use may lead to creation of several slightly different CP-nets – only to support the different uses...... of the same basic CP-net. One solution to this problem is that the auxiliary information is not integrated into colour sets and arc inscriptions of a CP-net, but is kept separately. This makes it easy to disable this auxiliary information if a CP-net is to be used for another purpose. This paper proposes...

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

    Czech Academy of Sciences Publication Activity Database

    Baxa, Jaromír

    2007-01-01

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

  15. RUSSIAN STOCK MARKET INSTITUTIONAL PARTICIPANTS: HABITUS AND PRACTICES

    Directory of Open Access Journals (Sweden)

    Boris Borisovich Podgorny

    2017-11-01

    Full Text Available The global investment experience shows that economic growth is impossible without the creation of an effective national stock market. Also, along with the solution of the funds inflow into the economy, developed stock market contributes the creation of a mass economy owners community. Economic characteristics – economy demand for credit resources (especially in sanction terms, the availability of the savings among the Russian population, rates reduction on bank deposits, – saying that “investment boom” should take place in Russia today, in which a significant part of the population must be taken mass participation in the stock market, including the way through collective investment. However, the current situation does not allow us to talk about the successful development this direction of the Russian stock market. In this article, prepared in the framework of the author’s special sociological theory «The Russian Stock Market as a Social Space» [27], presented the results of Russian stock market institutional investors study including: the statistical indicators characterizing institutional investors on the stock market were analyzed; the practices caused by the existing habitus of Russian stock market institutional investors were classified and studied. It was found that the habitus of most institutional investors participating in the Russian stock market is marked a speculative nature.

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

    Directory of Open Access Journals (Sweden)

    Erna Listyaningsih

    2015-09-01

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

  17. Stock portfolio selection using Dempster–Shafer evidence theory

    Directory of Open Access Journals (Sweden)

    Gour Sundar Mitra Thakur

    2018-04-01

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

  18. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

    2013-01-01

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

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

    International Nuclear Information System (INIS)

    Arreola Hernandez, Jose

    2014-01-01

    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

  20. Statistical analysis of bankrupting and non-bankrupting stocks

    Science.gov (United States)

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

    2012-04-01

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

  1. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Science.gov (United States)

    2010-04-01

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

  2. Spring hydrology determines summer net carbon uptake in northern ecosystems

    International Nuclear Information System (INIS)

    Yi, Yonghong; Kimball, John S; Reichle, Rolf H

    2014-01-01

    Increased photosynthetic activity and enhanced seasonal CO 2 exchange of northern ecosystems have been observed from a variety of sources including satellite vegetation indices (such as the normalized difference vegetation index; NDVI) and atmospheric CO 2 measurements. Most of these changes have been attributed to strong warming trends in the northern high latitudes (⩾50° N). Here we analyze the interannual variation of summer net carbon uptake derived from atmospheric CO 2 measurements and satellite NDVI in relation to surface meteorology from regional observational records. We find that increases in spring precipitation and snow pack promote summer net carbon uptake of northern ecosystems independent of air temperature effects. However, satellite NDVI measurements still show an overall benefit of summer photosynthetic activity from regional warming and limited impact of spring precipitation. This discrepancy is attributed to a similar response of photosynthesis and respiration to warming and thus reduced sensitivity of net ecosystem carbon uptake to temperature. Further analysis of boreal tower eddy covariance CO 2 flux measurements indicates that summer net carbon uptake is positively correlated with early growing-season surface soil moisture, which is also strongly affected by spring precipitation and snow pack based on analysis of satellite soil moisture retrievals. This is attributed to strong regulation of spring hydrology on soil respiration in relatively wet boreal and arctic ecosystems. These results document the important role of spring hydrology in determining summer net carbon uptake and contrast with prevailing assumptions of dominant cold temperature limitations to high-latitude ecosystems. Our results indicate potentially stronger coupling of boreal/arctic water and carbon cycles with continued regional warming trends. (letters)

  3. Spring Hydrology Determines Summer Net Carbon Uptake in Northern Ecosystems

    Science.gov (United States)

    Yi, Yonghong; Kimball, John; Reichle, Rolf H.

    2014-01-01

    Increased photosynthetic activity and enhanced seasonal CO2 exchange of northern ecosystems have been observed from a variety of sources including satellite vegetation indices (such as the Normalized Difference Vegetation Index; NDVI) and atmospheric CO2 measurements. Most of these changes have been attributed to strong warming trends in the northern high latitudes (greater than or equal to 50N). Here we analyze the interannual variation of summer net carbon uptake derived from atmospheric CO2 measurements and satellite NDVI in relation to surface meteorology from regional observational records. We find that increases in spring precipitation and snow pack promote summer net carbon uptake of northern ecosystems independent of air temperature effects. However, satellite NDVI measurements still show an overall benefit of summer photosynthetic activity from regional warming and limited impact of spring precipitation. This discrepancy is attributed to a similar response of photosynthesis and respiration to warming and thus reduced sensitivity of net ecosystem carbon uptake to temperature. Further analysis of boreal tower eddy covariance CO2 flux measurements indicates that summer net carbon uptake is positively correlated with early growing-season surface soil moisture, which is also strongly affected by spring precipitation and snow pack based on analysis of satellite soil moisture retrievals. This is attributed to strong regulation of spring hydrology on soil respiration in relatively wet boreal and arctic ecosystems. These results document the important role of spring hydrology in determining summer net carbon uptake and contrast with prevailing assumptions of dominant cold temperature limitations to high-latitude ecosystems. Our results indicate potentially stronger coupling of boreal/arctic water and carbon cycles with continued regional warming trends.

  4. NetSig

    DEFF Research Database (Denmark)

    Horn, Heiko; Lawrence, Michael S; Chouinard, Candace R

    2018-01-01

    Methods that integrate molecular network information and tumor genome data could complement gene-based statistical tests to identify likely new cancer genes; but such approaches are challenging to validate at scale, and their predictive value remains unclear. We developed a robust statistic (Net......Sig) that integrates protein interaction networks with data from 4,742 tumor exomes. NetSig can accurately classify known driver genes in 60% of tested tumor types and predicts 62 new driver candidates. Using a quantitative experimental framework to determine in vivo tumorigenic potential in mice, we found that Net......Sig candidates induce tumors at rates that are comparable to those of known oncogenes and are ten-fold higher than those of random genes. By reanalyzing nine tumor-inducing NetSig candidates in 242 patients with oncogene-negative lung adenocarcinomas, we find that two (AKT2 and TFDP2) are significantly amplified...

  5. 7 CFR 1216.9 - Farmers stock peanuts.

    Science.gov (United States)

    2010-01-01

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

  6. Learning Visual Basic NET

    CERN Document Server

    Liberty, Jesse

    2009-01-01

    Learning Visual Basic .NET is a complete introduction to VB.NET and object-oriented programming. By using hundreds of examples, this book demonstrates how to develop various kinds of applications--including those that work with databases--and web services. Learning Visual Basic .NET will help you build a solid foundation in .NET.

  7. Emerging interdependence between stock values during financial crashes.

    Directory of Open Access Journals (Sweden)

    Jacopo Rocchi

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

  8. Emerging interdependence between stock values during financial crashes.

    Science.gov (United States)

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

    2017-01-01

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

  9. Welfare of organic laying hens kept at different indoor stocking densities in a multi-tier aviary system. II: live weight, health measures and perching.

    Science.gov (United States)

    Steenfeldt, S; Nielsen, B L

    2015-09-01

    Multi-tier aviary systems, where conveyor belts below the tiers remove the manure at regular intervals, are becoming more common in organic egg production. The area on the tiers can be included in the net area available to the hens (also referred to as usable area) when calculating maximum indoor stocking densities in organic systems within the EU. In this article, results on live weight, health measures and perching are reported for organic laying hens housed in a multi-tier system with permanent access to a veranda and kept at stocking densities (D) of 6, 9 and 12 hens/m2 available floor area, with concomitant increases in the number of hens per trough, drinker, perch and nest space. In a fourth treatment, access to the top tier was blocked reducing vertical, trough, and perch access at the lowest stocking density (D6x). In all other aspects than stocking density, the experiment followed the EU regulations on the keeping of organic laying hens. Hen live weight, mortality and foot health were not affected by the stocking densities used in the present study. Other variables (plumage condition, presence of breast redness and blisters, pecked tail feathers, and perch use) were indirectly affected by the increase in stocking density through the simultaneous reduction in access to other resources, mainly perches and troughs. The welfare of the hens was mostly affected by these associated constraints, despite all of them being within the allowed minimum requirements for organic production in the EU. Although the welfare consequences reported here were assessed to be moderate to minor, it is important to take into account concurrent constraints on access to other resources when higher stocking densities are used in organic production.

  10. Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Ranaldo, Angelo

    2005-01-01

    We investigate the effects of macroeconomic announcements on the realized correlation between bond and stock returns. Our results deliver insights into the dominating drivers of bond-stock comovements. We find that it is not so much the surprise component of the announcement, but the mere fact...... that an announcement occurs that influences the realized bond-stock correlation. The impact of macroeconomic announcements varies across the business cycle. Announcement effects are highly dependent on the sign of the realized bond-stock correlation which has recently gone from positive to negative. Macroeconomic...

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

    Directory of Open Access Journals (Sweden)

    Aura Dudas

    2011-01-01

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

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

    Science.gov (United States)

    Razak, Ruzanna Ab; Ismail, Noriszura

    2015-09-01

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

  13. Developing Cost-Effective Field Assessments of Carbon Stocks in Human-Modified Tropical Forests.

    Science.gov (United States)

    Berenguer, Erika; Gardner, Toby A; Ferreira, Joice; Aragão, Luiz E O C; Camargo, Plínio B; Cerri, Carlos E; Durigan, Mariana; Oliveira Junior, Raimundo C; Vieira, Ima C G; Barlow, Jos

    2015-01-01

    Across the tropics, there is a growing financial investment in activities that aim to reduce emissions from deforestation and forest degradation, such as REDD+. However, most tropical countries lack on-the-ground capacity to conduct reliable and replicable assessments of forest carbon stocks, undermining their ability to secure long-term carbon finance for forest conservation programs. Clear guidance on how to reduce the monetary and time costs of field assessments of forest carbon can help tropical countries to overcome this capacity gap. Here we provide such guidance for cost-effective one-off field assessments of forest carbon stocks. We sampled a total of eight components from four different carbon pools (i.e. aboveground, dead wood, litter and soil) in 224 study plots distributed across two regions of eastern Amazon. For each component we estimated survey costs, contribution to total forest carbon stocks and sensitivity to disturbance. Sampling costs varied thirty-one-fold between the most expensive component, soil, and the least, leaf litter. Large live stems (≥10 cm DBH), which represented only 15% of the overall sampling costs, was by far the most important component to be assessed, as it stores the largest amount of carbon and is highly sensitive to disturbance. If large stems are not taxonomically identified, costs can be reduced by a further 51%, while incurring an error in aboveground carbon estimates of only 5% in primary forests, but 31% in secondary forests. For rapid assessments, necessary to help prioritize locations for carbon- conservation activities, sampling of stems ≥20cm DBH without taxonomic identification can predict with confidence (R2 = 0.85) whether an area is relatively carbon-rich or carbon-poor-an approach that is 74% cheaper than sampling and identifying all the stems ≥10cm DBH. We use these results to evaluate the reliability of forest carbon stock estimates provided by the IPCC and FAO when applied to human-modified forests

  14. Developing Cost-Effective Field Assessments of Carbon Stocks in Human-Modified Tropical Forests.

    Directory of Open Access Journals (Sweden)

    Erika Berenguer

    Full Text Available Across the tropics, there is a growing financial investment in activities that aim to reduce emissions from deforestation and forest degradation, such as REDD+. However, most tropical countries lack on-the-ground capacity to conduct reliable and replicable assessments of forest carbon stocks, undermining their ability to secure long-term carbon finance for forest conservation programs. Clear guidance on how to reduce the monetary and time costs of field assessments of forest carbon can help tropical countries to overcome this capacity gap. Here we provide such guidance for cost-effective one-off field assessments of forest carbon stocks. We sampled a total of eight components from four different carbon pools (i.e. aboveground, dead wood, litter and soil in 224 study plots distributed across two regions of eastern Amazon. For each component we estimated survey costs, contribution to total forest carbon stocks and sensitivity to disturbance. Sampling costs varied thirty-one-fold between the most expensive component, soil, and the least, leaf litter. Large live stems (≥10 cm DBH, which represented only 15% of the overall sampling costs, was by far the most important component to be assessed, as it stores the largest amount of carbon and is highly sensitive to disturbance. If large stems are not taxonomically identified, costs can be reduced by a further 51%, while incurring an error in aboveground carbon estimates of only 5% in primary forests, but 31% in secondary forests. For rapid assessments, necessary to help prioritize locations for carbon- conservation activities, sampling of stems ≥20cm DBH without taxonomic identification can predict with confidence (R2 = 0.85 whether an area is relatively carbon-rich or carbon-poor-an approach that is 74% cheaper than sampling and identifying all the stems ≥10cm DBH. We use these results to evaluate the reliability of forest carbon stock estimates provided by the IPCC and FAO when applied to human

  15. Asymmetric conditional volatility in international stock markets

    Science.gov (United States)

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

    2007-08-01

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

  16. Quantum Brownian motion model for the stock market

    Science.gov (United States)

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

    2016-06-01

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

  17. A new Loan-Stock Financial Instrument

    OpenAIRE

    Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

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

  18. Network structure detection and analysis of Shanghai stock market

    Directory of Open Access Journals (Sweden)

    Sen Wu

    2015-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Ricardo Ribeiro

    2013-11-01

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

  20. Recurrence quantification analysis of global stock markets

    Science.gov (United States)

    Bastos, João A.; Caiado, Jorge

    2011-04-01

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

  1. Statistical properties of trading activity in Chinese stock market

    Science.gov (United States)

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

    2010-08-01

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

  2. INTERDEPENDENCE BETWEEN JAKARTA STOCK EXCHANGE AND OTHER PACIFIC-BASIN STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Noer Azam Achsani

    2011-08-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 International capital markets linkages have been studied since early 90-es.  Most of these studies have mainly focused on the US and other developed markets. There were only a few researches on this topic in the emerging markets.  This paper examines the dynamic linkages among Indonesian and other Pacific-Basin stock markets using correlation analysis, Granger-causality and vector autoregressive (VAR approach. All the methods give generally similar results. Our empirical results indicate a high degree of international co-movement among the stock price indices.  The degree of integration among these markets after Asian Crisis increased substantially in compare to those before Asian Crisis. The results also show that there are close relationships among the geographically and economically closed markets such as ASEAN markets, New Zealand-Australian and also Hong Kong - South Korea.  The pattern of impulse-response functions illustrates a rapid transmission of stock market events. Shocks in the developed markets are immediately transmitted to other markets. Shocks in the emerging markets are also transmitted to other markets, but without such a big effect comparing to those in the developed markets. The Jakarta stock exchange is strongly correlated with other Pacific-Basin markets, especially with ASEAN markets, Hong Kong and Australia.   The strongest foreign effects for the JSX come from Singapore, Hong Kong and Thailand. They can explain about 5 – 8% of error variance of the Jakarta Index. In contrast, the JSX index can explain 3 - 5 % of their error variances. 

  3. GENETIC DIVERSITY OF Vibrio harveyi ISOLATED FROM TIGER PRAWN Penaeus monodon HATCHERIES AND GROW OUT PONDS

    OpenAIRE

    Muliani Muliani; Ince Ayu Khairana Kadriah; Andi Parenrengi; Sulaeman Sulaeman

    2006-01-01

    ibrio harveyi is known as one among the most harmful bacteria infecting tiger prawn at every stage of its life’s. The present research was aimed to reveal the genetic diversity of Vibrio harveyi isolated from tiger prawn (Penaeus monodon) culture. The samples of bacteria were collected from hatchery (brood-stock, larvae, natural feed, artemia, and larval rearing water) and grow-out (juveniles, water, shrimp, sediment, plankton, crab, mollusc, microalgae, and wild fish).  The taxonomic identif...

  4. Expansion of Non-Native Brown Trout in South Europe May Be Inadvertently Driven by Stocking: Molecular and Social Survey in the North Iberian Narcea River.

    Science.gov (United States)

    Horreo, Jose L; Abad, David; Dopico, Eduardo; Oberlin, Maud; Garcia-Vazquez, Eva

    2015-07-09

    The biological and anthropogenic (management) factors that may contribute to the expansion of non-native lineages in managed fish have been studied in this work taking brown trout (Salmo trutta) as a model species. The changes of users' opinion about stocking was studied employing social science methodology (surveys). The evolution of hatchery stocks together with the outcome of stocking were analysed with two genetic tools: the LDH-C1* locus (marker of non-native stocks) and six microsatellite loci (for assignment of wild trout to the natural population or putative hatchery stocks). Consulted stakeholders were convinced of the correctness of releasing only native stocks, although in practice the hatcheries managed by them contained important proportions of non-native gene carriers. Our results suggest that allochthonous individuals perform better and grow faster in hatchery conditions than the native ones. We also find a dilution of the impact of this kind of suplementation in wild conditions. The use of only native individuals as hatchery breeders tested for the presence of non-native alleles previously to the artificial crosses must be a priority. Surveys can help steer policy making toward decisions that will be followed by the public, but they should not be used to justify science.

  5. Expansion of Non-Native Brown Trout in South Europe May Be Inadvertently Driven by Stocking: Molecular and Social Survey in the North Iberian Narcea River

    Directory of Open Access Journals (Sweden)

    Jose L. Horreo

    2015-07-01

    Full Text Available The biological and anthropogenic (management factors that may contribute to the expansion of non-native lineages in managed fish have been studied in this work taking brown trout (Salmo trutta as a model species. The changes of users’ opinion about stocking was studied employing social science methodology (surveys. The evolution of hatchery stocks together with the outcome of stocking were analysed with two genetic tools: the LDH-C1* locus (marker of non-native stocks and six microsatellite loci (for assignment of wild trout to the natural population or putative hatchery stocks. Consulted stakeholders were convinced of the correctness of releasing only native stocks, although in practice the hatcheries managed by them contained important proportions of non-native gene carriers. Our results suggest that allochthonous individuals perform better and grow faster in hatchery conditions than the native ones. We also find a dilution of the impact of this kind of suplementation in wild conditions. The use of only native individuals as hatchery breeders tested for the presence of non-native alleles previously to the artificial crosses must be a priority. Surveys can help steer policy making toward decisions that will be followed by the public, but they should not be used to justify science.

  6. MACROECONOMIC VARIABLES AND STOCK PRICE VOLATILITY IN NIGERIA

    Directory of Open Access Journals (Sweden)

    OSAZEE GODWIN OMOROKUNWA

    2014-10-01

    Full Text Available The purpose of this paper is to examine the relationship between stock price volatility and few macroeconomic variables such as inflation, exchange rate, GDP and interest rate. Annual time series data ranging from 1980 to 2011 was used for this study. The generalized autoregressive conditional heteroskedasticity (GARCH model was used in the empirical analysis. The findings of the study showed that stock prices in Nigeria are volatile. And that past information in the market have effect on stock price volatility in Nigeria. In addition, the study showed that interest rate and exchange have a weak effect on stock price volatility while inflation is the main determinant of stock price volatility in Nigeria. The authors recommend that inflation should be targeted as the main monetary policy aimed at directing the stock market.

  7. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

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

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

    Directory of Open Access Journals (Sweden)

    Silvo Dajčman

    2012-06-01

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

  9. Looking Back on the Stock Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  10. Stock market dynamics created by interacting agents

    Directory of Open Access Journals (Sweden)

    Mohamed Riad Remita

    2006-01-01

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

  11. 7 CFR 1610.9 - Class B stock.

    Science.gov (United States)

    2010-01-01

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

  12. How accurately can soil organic carbon stocks and stock changes be quantified by soil inventories?

    Directory of Open Access Journals (Sweden)

    M. Schrumpf

    2011-05-01

    Full Text Available Precise determination of changes in organic carbon (OC stocks is prerequisite to understand the role of soils in the global cycling of carbon and to verify changes in stocks due to management. A large dataset was collected to form base to repeated soil inventories at 12 CarboEurope sites under different climate and land-use, and with different soil types. Concentration of OC, bulk density (BD, and fine earth fraction were determined to 60 cm depth at 100 sampling points per site. We investigated (1 time needed to detect changes in soil OC, assuming future re-sampling of 100 cores; (2 the contribution of different sources of uncertainties to OC stocks; (3 the effect of OC stock calculation on mass rather than volume base for change detection; and (4 the potential use of pedotransfer functions (PTF for estimating BD in repeated inventories.

    The period of time needed for soil OC stocks to change strongly enough to be detectable depends on the spatial variability of soil properties, the depth increment considered, and the rate of change. Cropland sites, having small spatial variability, had lower minimum detectable differences (MDD with 100 sampling points (105 ± 28 gC m−2 for the upper 10 cm of the soil than grassland and forest sites (206 ± 64 and 246 ± 64 gC m−2 for 0–10 cm, respectively. Expected general trends in soil OC indicate that changes could be detectable after 2–15 yr with 100 samples if changes occurred in the upper 10 cm of stone-poor soils. Error propagation analyses showed that in undisturbed soils with low stone contents, OC concentrations contributed most to OC stock variability while BD and fine earth fraction were more important in upper soil layers of croplands and in stone rich soils. Though the calculation of OC stocks based on equivalent soil masses slightly decreases the chance to detect changes with time at most sites except for the croplands, it is still recommended to

  13. New Jersey Forests 2013

    Science.gov (United States)

    Susan J. Crocker; Charles J. Barnett; Brett J. Butler; Mark A. Hatfield; Cassandra M. Kurtz; Tonya W. Lister; Dacia M. Meneguzzo; Patrick D. Miles; Randall S. Morin; Mark D. Nelson; Ronald J. Piva; Rachel Riemann; James E. Smith; Christopher W. Woodall; William. Zipse

    2017-01-01

    The second full annual inventory of New Jersey’s forests reports more than 2.0 million acres of forest land and 77 tree species. Forest land is dominated by oak/hickory forest types in the north and pitch pine forest types in the south. The volume of growing stock on timberland has been rising since 1956 and currently totals 3.3 billion cubic feet. Average annual net...

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

    Science.gov (United States)

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

    2014-08-02

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

  15. Experiments and simulation of a net closing mechanism for tether-net capture of space debris

    Science.gov (United States)

    Sharf, Inna; Thomsen, Benjamin; Botta, Eleonora M.; Misra, Arun K.

    2017-10-01

    This research addresses the design and testing of a debris containment system for use in a tether-net approach to space debris removal. The tether-net active debris removal involves the ejection of a net from a spacecraft by applying impulses to masses on the net, subsequent expansion of the net, the envelopment and capture of the debris target, and the de-orbiting of the debris via a tether to the chaser spacecraft. To ensure a debris removal mission's success, it is important that the debris be successfully captured and then, secured within the net. To this end, we present a concept for a net closing mechanism, which we believe will permit consistently successful debris capture via a simple and unobtrusive design. This net closing system functions by extending the main tether connecting the chaser spacecraft and the net vertex to the perimeter and around the perimeter of the net, allowing the tether to actuate closure of the net in a manner similar to a cinch cord. A particular embodiment of the design in a laboratory test-bed is described: the test-bed itself is comprised of a scaled-down tether-net, a supporting frame and a mock-up debris. Experiments conducted with the facility demonstrate the practicality of the net closing system. A model of the net closure concept has been integrated into the previously developed dynamics simulator of the chaser/tether-net/debris system. Simulations under tether tensioning conditions demonstrate the effectiveness of the closure concept for debris containment, in the gravity-free environment of space, for a realistic debris target. The on-ground experimental test-bed is also used to showcase its utility for validating the dynamics simulation of the net deployment, and a full-scale automated setup would make possible a range of validation studies of other aspects of a tether-net debris capture mission.

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

    Science.gov (United States)

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

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Yingying Xu

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

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

    Science.gov (United States)

    Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

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

  19. Twitter as driver of stock price

    OpenAIRE

    Jubbega, Annika

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Kenneth Weiher

    2000-01-01

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

  1. Stochastic GARCH dynamics describing correlations between stocks

    Science.gov (United States)

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

    2014-09-01

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

  2. Emerging interdependence between stock values during financial crashes

    OpenAIRE

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

    2016-01-01

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

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

    OpenAIRE

    M. Jaya

    2017-01-01

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

  4. Net uptake of atmospheric CO2 by coastal submerged aquatic vegetation

    Science.gov (United States)

    Tokoro, Tatsuki; Hosokawa, Shinya; Miyoshi, Eiichi; Tada, Kazufumi; Watanabe, Kenta; Montani, Shigeru; Kayanne, Hajime; Kuwae, Tomohiro

    2014-01-01

    ‘Blue Carbon’, which is carbon captured by marine living organisms, has recently been highlighted as a new option for climate change mitigation initiatives. In particular, coastal ecosystems have been recognized as significant carbon stocks because of their high burial rates and long-term sequestration of carbon. However, the direct contribution of Blue Carbon to the uptake of atmospheric CO2 through air-sea gas exchange remains unclear. We performed in situ measurements of carbon flows, including air-sea CO2 fluxes, dissolved inorganic carbon changes, net ecosystem production, and carbon burial rates in the boreal (Furen), temperate (Kurihama), and subtropical (Fukido) seagrass meadows of Japan from 2010 to 2013. In particular, the air-sea CO2 flux was measured using three methods: the bulk formula method, the floating chamber method, and the eddy covariance method. Our empirical results show that submerged autotrophic vegetation in shallow coastal waters can be functionally a sink for atmospheric CO2. This finding is contrary to the conventional perception that most near-shore ecosystems are sources of atmospheric CO2. The key factor determining whether or not coastal ecosystems directly decrease the concentration of atmospheric CO2 may be net ecosystem production. This study thus identifies a new ecosystem function of coastal vegetated systems; they are direct sinks of atmospheric CO2. PMID:24623530

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

    OpenAIRE

    Wahyuningtyas, Rovi; Suhadak,; Hidayat, Raden Rustam

    2015-01-01

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

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

    OpenAIRE

    Juan Carlos Ames Santillán

    2012-01-01

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

  7. Fractal patterns in Stock Intertrading Times

    Science.gov (United States)

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

    2003-03-01

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

  8. The Strategies of Academic Library to Serve Net-Generation

    Directory of Open Access Journals (Sweden)

    Chandra Pratama Setiawan

    2015-04-01

    Full Text Available The  fast  developments  in  information  and  communication  technology  have  rapidly  shaped  and created enormous changes in the way people live and use libraries. The generation who grow in this era is called net generation. Academic libraries, where the majority of the users are the net-generation,  have  started  to  implement  the  concept  of  hybrid  library  as  a  response  of  the technological  advances.  The  trend  of  digital  collections  usage  is  getting  increase,  on  the  other hand,  the  number  of  library  visitor  is  getting  lower  significantly.  The  condition  make  librarians afraid  of  being  abandoned  by  its  users,  whereas  libraries  still  have  many  physical  collections. This paper is written as a result of simple observation in some libraries where the needs of net-generation  has  accommodated.  The  concept  of library  as  place,  and  library  marketing  offer  the solutions to deal with the problem. Libraries can develop and provide some facilities that suitable with  the net-generation  characteristics.  In  addition,  libraries  can  create  some  events  to  promote their services even the collections to attract the users to visit library.

  9. Parasites as valuable stock markers for fisheries in Australasia, East Asia and the Pacific Islands.

    Science.gov (United States)

    Lester, R J G; Moore, B R

    2015-01-01

    Over 30 studies in Australasia, East Asia and the Pacific Islands region have collected and analysed parasite data to determine the ranges of individual fish, many leading to conclusions about stock delineation. Parasites used as biological tags have included both those known to have long residence times in the fish and those thought to be relatively transient. In many cases the parasitological conclusions have been supported by other methods especially analysis of the chemical constituents of otoliths, and to a lesser extent, genetic data. In analysing parasite data, authors have applied multiple different statistical methodologies, including summary statistics, and univariate and multivariate approaches. Recently, a growing number of researchers have found non-parametric methods, such as analysis of similarities and cluster analysis, to be valuable. Future studies into the residence times, life cycles and geographical distributions of parasites together with more robust analytical methods will yield much important information to clarify stock structures in the area.

  10. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

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

  11. A measure to manage approach to characterizing the energy impact of residential building stocks

    Directory of Open Access Journals (Sweden)

    Afamia Elnakat

    2016-05-01

    Full Text Available The city of San Antonio is the seventh largest in the United States by population and the second in the state of Texas, with a population of over 1.3 million people. As one of the fastest growing cities, the San Antonio residential real estate market has expanded to meet the demands of the growing population. Managing the energy footprint of single-family houses can be enhanced by big data analysis of combined metered energy consumption and building infrastructure characteristics. This study analyzes the energy intensity of 389,160 single family detached homes and identifies energy utilization trends across various residential building stock size and vintage categories. Supported by the “measure to manage” premise, this study highlights the value of this characterization as a forecasting and planning tool for sustainable growth and a more engaged consumer.

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

    OpenAIRE

    Wang Kuan-Min; Lai Hung-Cheng

    2013-01-01

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

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

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

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

  14. Not so ‘techno-savvy’: Challenging the stereotypical images of the ‘Net generation’

    Directory of Open Access Journals (Sweden)

    Shelia Zimic

    2009-12-01

    Full Text Available It is often argued that young people growing up in the presence of the Internet and new media are ‘techno savvy’. They are often distinguished as a new generation because of their relationship with new media, which is assumed to be considerably different, in comparison, to older generations. This new generation has also been characterized as the ‘Net generation’ (Tapscott, 1998. However the stereotypical images of ‘net geners’—being technologically savvy—have rarely been questioned. This article aims at nuancing these images with the objective of exploring the stereotypical images, rather than proving if the images are true or false. By using a statistical representative study of Swedish people’s Internet behaviour and linking the results to an analytical frame of Internet skills, the question, “what is it young people know when it comes to the Internet use and how is it related to the stereotypical image of the ´Net generation’?” is explored. The main findings suggest that various Internet activities differ by age and few activities could be ascribed solely to the so-called ‘Net generation’.

  15. Changing water availability during the African maize-growing season, 1979–2010

    International Nuclear Information System (INIS)

    Estes, Lyndon D; Chaney, Nathaniel W; Herrera-Estrada, Julio; Sheffield, Justin; Caylor, Kelly K; Wood, Eric F

    2014-01-01

    Understanding how global change is impacting African agriculture requires a full physical accounting of water supply and demand, but accurate, gridded data on key drivers (e.g., humidity) are generally unavailable. We used a new bias-corrected meteorological dataset to analyze changes in precipitation (supply), potential evapotranspiration (E p , demand), and water availability (expressed as the ratio P/E p ) in 20 countries (focusing on their maize-growing regions and seasons), between 1979 and 2010, and the factors driving changes in E p . Maize-growing areas in Southern Africa, particularly South Africa, benefitted from increased water availability due in large part to demand declines driven primarily by declining net radiation, increasing vapor pressure, and falling temperatures (with no effect from changing windspeed), with smaller increases in supply. Sahelian zone countries in West Africa, as well as Ethiopia in East Africa, had strong increases in availability driven primarily by rainfall rebounding from the long-term Sahelian droughts, with little change or small reductions in demand. However, intra-seasonal supply variability generally increased in West and East Africa. Across all three regions, declining net radiation contributed downwards pressure on demand, generally over-riding upwards pressure caused by increasing temperatures, the regional effects of which were largest in East Africa. A small number of countries, mostly in or near East Africa (Tanzania and Malawi) experienced declines in water availability primarily due to decreased rainfall, but exacerbated by increasing demand. Much of the reduced water availability in East Africa occurred during the more sensitive middle part of the maize-growing season, suggesting negative consequences for maize production. (paper)

  16. Value Investing in the Stock Market of Thailand

    Directory of Open Access Journals (Sweden)

    Gerardo “Gerry” Alfonso Perez

    2017-11-01

    Full Text Available Value investment and growth investment have attracted a large amount of research in recent decades, but most of this research focuses on the U.S. and Europe. This article covers the Thai stock market which has very different characteristics compared to western markets and even South East Asian countries such as Indonesia or Malaysia. Among South East Asian countries, Thailand has one of the most dynamic capital markets. In order to see if some well-known trends in other markets exist in Thailand the performance of value and growth stocks in the Thai market were analyzed for a period of 17 years using existing style indexes (MSCI as well as creating portfolios using individual stocks. For this entire period, when using the indexes, returns are statistically significant superior for value stocks compared to growth stocks. However, when analyzing the performance of the market in any given calendar year from 1999 to 2016, the results are much more mixed with in fact growth stocks outperforming in several of those years. Interestingly, when building portfolios using criteria such as low P/E or low P/B the results are not statistically different. Suggesting perhaps that the classification into value or growth stocks is more complex than it would appear. One of the common assumptions of value investing is that those stocks outperform over long periods of time. It might well be that in the Thai case one year is not a long enough period for value stocks to outperform. While there have been some clear efforts over recent years to modernize the stock market of Thailand, it remains relatively underdeveloped, particularly when compared to markets such as the U.S. Hence, its behavior regarding value versus growth investment might be rather different.

  17. ROOT.NET: Using ROOT from .NET languages like C# and F#

    Science.gov (United States)

    Watts, G.

    2012-12-01

    ROOT.NET provides an interface between Microsoft's Common Language Runtime (CLR) and .NET technology and the ubiquitous particle physics analysis tool, ROOT. ROOT.NET automatically generates a series of efficient wrappers around the ROOT API. Unlike pyROOT, these wrappers are statically typed and so are highly efficient as compared to the Python wrappers. The connection to .NET means that one gains access to the full series of languages developed for the CLR including functional languages like F# (based on OCaml). Many features that make ROOT objects work well in the .NET world are added (properties, IEnumerable interface, LINQ compatibility, etc.). Dynamic languages based on the CLR can be used as well, of course (Python, for example). Additionally it is now possible to access ROOT objects that are unknown to the translation tool. This poster will describe the techniques used to effect this translation, along with performance comparisons, and examples. All described source code is posted on the open source site CodePlex.

  18. ROOT.NET: Using ROOT from .NET languages like C and F

    International Nuclear Information System (INIS)

    Watts, G

    2012-01-01

    ROOT.NET provides an interface between Microsoft's Common Language Runtime (CLR) and .NET technology and the ubiquitous particle physics analysis tool, ROOT. ROOT.NET automatically generates a series of efficient wrappers around the ROOT API. Unlike pyROOT, these wrappers are statically typed and so are highly efficient as compared to the Python wrappers. The connection to .NET means that one gains access to the full series of languages developed for the CLR including functional languages like F (based on OCaml). Many features that make ROOT objects work well in the .NET world are added (properties, IEnumerable interface, LINQ compatibility, etc.). Dynamic languages based on the CLR can be used as well, of course (Python, for example). Additionally it is now possible to access ROOT objects that are unknown to the translation tool. This poster will describe the techniques used to effect this translation, along with performance comparisons, and examples. All described source code is posted on the open source site CodePlex.

  19. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2006-01-01

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

  20. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2002-01-01

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

  1. Stock Market Manipulation on the Hong Kong Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2014-10-01

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

  2. The Strategies of Academic Library to Serve Net-Generation

    Directory of Open Access Journals (Sweden)

    candra pratama setiawan

    2018-01-01

    Full Text Available The fast developments in information and communication technology have rapidly shaped and created enormous changes in the way people live and use libraries. The generation who grow in this era is called net generation. Academic libraries, where the majority of the users are the netgeneration, have started to implement the concept of hybrid library as a response of the technological advances. The trend of digital collections usage is getting increase, on the other hand, the number of library visitor is getting lower significantly. The condition make librarians afraid of being abandoned by its users, whereas libraries still have many physical collections. This paper is written as a result of simple observation in some libraries where the needs of netgeneration has accomodated. The concept of library as place, and library marketing offer the solutions to deal with the problem. Libraries can develop and provide some facilities that suitable with the net-generation characteristics. In addition, libraries can create some events to promote their services even the collections to attract the users to visit library.

  3. The risks and returns of stock investment in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2013-03-01

    The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

  4. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

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

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

    OpenAIRE

    Ames Santillán, Juan Carlos

    2012-01-01

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

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

    Science.gov (United States)

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

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

  8. Forest litter stocks in Korean pine-broad-leaved forests of the southern Sikhote Alin

    Directory of Open Access Journals (Sweden)

    A. V. Ivanov

    2015-10-01

    Full Text Available The article presents the data on the forest litter of the Korean pine-broad-leaved forests of the South of Primorsky krai. The focus of the research is plantations dominated by Korean pine; areas of the main tree species with ages of 50, 80, 130 and 200 years were selected. The dynamics of the forest litter stock in the pine and broadleaved forests of different ages according to the measurement results for the season in 2014 is stated. In the studied plantation, the forest litter stock varies between 9.7–20.3 t ha-1. The greatest value of the forest litter stock is recorded in old-growth cedar forest (200 years. Relatively high power and the stock of litter are typical for young Korean pine forest that can explain the lower speed of the litter properties change against the dynamics of taxation indicators of the forest stand. The difference between the amount of the litter in the 200-year-old and remaining pine trees are statistically significant at p = 0.05. The dependence of the litter power on the age is not revealed. The coefficient of the forest litter decomposition ranges from 2.55–10.60 that characterizes the high speed of its rotting. The highest coefficient of the litter decomposition has an old-growing pine forest. The schedule of seasonal humidity fluctuations of the forest litter on the chosen plot is made; with increasing cedar forest age, the volumetric moisture content of the forest litter increases; volumetric moisture content on the plots remain relatively unchanged during the season. The area of the Korean pine forests of Primorsky State Academy of Agriculture is 6835 ha. The amount of carbon stock in the forest litter is 38.7 thousand tons C. in this area, while the system of regional assessment of the forest carbon balance estimates this index as 24.3 tons С. The data obtained can be used to adjust the coefficients of regional assessment of the forest carbon balance for cedar forests of Primorsky krai.

  9. THE TURN OF THE MONTH EFFECT CONTINUED: A COMPARISON OF SMALL CAP STOCKS AND LARGE CAP STOCKS

    OpenAIRE

    Ramsundhar, Shamman

    2010-01-01

    The purpose of this paper is to investigate whether the turn of the month effect occurs in small cap and large cap stocks and if it occurs in both categories, to determine whether there is a difference in the magnitude. My research, for the period of 1963-2008, based on the CRSP value weighted index, shows that there is a significant turn of the month effect in small and large cap stocks, however the effect is larger in small cap stocks. Furthermore, this effect is not limited to a short time...

  10. Politics and the Stock Market ; Evidence from Germany

    OpenAIRE

    Jörg Döpke; Christian Pierdzioch

    2004-01-01

    We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of...

  11. Effect of Cobalt Supplementation on Performance of growing Calves

    Directory of Open Access Journals (Sweden)

    V.Nagabhushana

    Full Text Available The experiment was conducted to study the effect of critical supplementation of wheat straw with cobalt on fibre utilization and nutrient utilization in growing cross-bred male calves. Twenty-one crossbred (HF X Local male growing calves of 3-4 months age were fed with wheat straw based diet consisting without (Co0 and with 1 (Co1 and 6 (Co6 ppm cobalt as cobaltous chloride. There was no significant difference in intake of wheat straw, concentrate and DMI between the three groups and the ratio between concentrate and wheat straw was maintained at 40:60 irrespective of dietary level of cobalt. Similarly, average cumulative body weight, net gain in body weight or feed efficiency did not differ significantly between treatments. No significant effect was observed on the digestibility of dry matter, organic matter, crude protein, ether extract and fibre constituents like NDF, ADF, hemicellulose or cellulose by supplementation of 1 and 6 ppm Co to the diet of growing calves. Balance of nutrients such as Nitrogen, Calcium and Phosphorus was similar and positive in all the treatment groups. TDN and DCP values of the experimental diets remained almost similar irrespective of dietary level of cobalt. [Veterinary World 2008; 1(10.000: 299-302

  12. Modeling Chaotic Behavior of Chittagong Stock Indices

    Directory of Open Access Journals (Sweden)

    Shipra Banik

    2012-01-01

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

  13. INDONESIA SHARI'AH COMPLIANCE STOCK RETURN BEHAVIOUR

    Directory of Open Access Journals (Sweden)

    Helma Malini

    2017-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Aaron BA Shafer

    2014-12-01

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

  15. Multifractal analysis of Moroccan family business stock returns

    Science.gov (United States)

    Lahmiri, Salim

    2017-11-01

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

  16. The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farah Margaretha

    2015-03-01

    Full Text Available This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x are cash dividends per share, retained earnings per share, earnings per share, and leverage, while the dependent variable (y is stock price. The samples used were 23 companies with purposive sampling method. The empirical results of this study indicate that cash dividends per share, retained earnings per share, earnings per share, and leverage has significant effect on the stock price. It is therefore the higher stock price will attract investors to invest their money. Hence, companies and investors need to attend cash dividends per share, retained earnings per share, earnings per share, and leverage as factors that affect the increase or decrease of the stock price. 

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

    Science.gov (United States)

    Chao, Youcong; Liu, Xiaoqun; Guo, Shijun

    2017-01-01

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

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

    Science.gov (United States)

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

    2017-07-01

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

  19. Boosting Learning Algorithm for Stock Price Forecasting

    Science.gov (United States)

    Wang, Chengzhang; Bai, Xiaoming

    2018-03-01

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

  20. INMARSAT-C SafetyNET

    Science.gov (United States)

    Tsunamis 406 EPIRB's National Weather Service Marine Forecasts INMARSAT-C SafetyNET Marine Forecast Offices greater danger near shore or any shallow waters? NATIONAL WEATHER SERVICE PRODUCTS VIA INMARSAT-C SafetyNET Inmarsat-C SafetyNET is an internationally adopted, automated satellite system for promulgating

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

    Science.gov (United States)

    2010-04-01

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

  2. Connecting single-stock assessment models through correlated survival

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  3. 26 CFR 1.165-4 - Decline in value of stock.

    Science.gov (United States)

    2010-04-01

    ... fluctuation in the market price of the stock or to other similar cause. A mere shrinkage in the value of stock... insofar as the loss is recognized under § 1.1002-1 upon the sale or exchange of the stock and except as... price of the stock or if no reasonable attempt to determine the worthlessness of the stock has been made...

  4. Operating revenue changes in a demutualized stock exchange

    Directory of Open Access Journals (Sweden)

    Mohamed Hesham Abdel-Hafez

    2015-03-01

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

  5. Simulation testing the robustness of stock assessment models to error: some results from the ICES strategic initiative on stock assessment methods

    DEFF Research Database (Denmark)

    Deroba, J. J.; Butterworth, D. S.; Methot, R. D.

    2015-01-01

    The World Conference on Stock Assessment Methods (July 2013) included a workshop on testing assessment methods through simulations. The exercise was made up of two steps applied to datasets from 14 representative fish stocks from around the world. Step 1 involved applying stock assessments to dat...

  6. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

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

    2008-01-01

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

  7. Rain events decrease boreal peatland net CO2 uptake through reduced light availability.

    Science.gov (United States)

    Nijp, Jelmer J; Limpens, Juul; Metselaar, Klaas; Peichl, Matthias; Nilsson, Mats B; van der Zee, Sjoerd E A T M; Berendse, Frank

    2015-06-01

    Boreal peatlands store large amounts of carbon, reflecting their important role in the global carbon cycle. The short-term exchange and the long-term storage of atmospheric carbon dioxide (CO2 ) in these ecosystems are closely associated with the permanently wet surface conditions and are susceptible to drought. Especially, the single most important peat forming plant genus, Sphagnum, depends heavily on surface wetness for its primary production. Changes in rainfall patterns are expected to affect surface wetness, but how this transient rewetting affects net ecosystem exchange of CO2 (NEE) remains unknown. This study explores how the timing and characteristics of rain events during photosynthetic active periods, that is daytime, affect peatland NEE and whether rain event associated changes in environmental conditions modify this response (e.g. water table, radiation, vapour pressure deficit, temperature). We analysed an 11-year time series of half-hourly eddy covariance and meteorological measurements from Degerö Stormyr, a boreal peatland in northern Sweden. Our results show that daytime rain events systematically decreased the sink strength of peatlands for atmospheric CO2 . The decrease was best explained by rain associated reduction in light, rather than by rain characteristics or drought length. An average daytime growing season rain event reduced net ecosystem CO2 uptake by 0.23-0.54 gC m(-2) . On an annual basis, this reduction of net CO2 uptake corresponds to 24% of the annual net CO2 uptake (NEE) of the study site, equivalent to a 4.4% reduction of gross primary production (GPP) during the growing season. We conclude that reduced light availability associated with rain events is more important in explaining the NEE response to rain events than rain characteristics and changes in water availability. This suggests that peatland CO2 uptake is highly sensitive to changes in cloud cover formation and to altered rainfall regimes, a process hitherto largely

  8. Quantum net dynamics

    International Nuclear Information System (INIS)

    Finkelstein, D.

    1989-01-01

    The quantum net unifies the basic principles of quantum theory and relativity in a quantum spacetime having no ultraviolet infinities, supporting the Dirac equation, and having the usual vacuum as a quantum condensation. A correspondence principle connects nets to Schwinger sources and further unifies the vertical structure of the theory, so that the functions of the many hierarchic levels of quantum field theory (predicate algebra, set theory, topology,hor-ellipsis, quantum dynamics) are served by one in quantum net dynamics

  9. UNDERGROUND ECONOMY, GDP AND STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Caus Vasile Aurel

    2012-07-01

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

  10. Impact Of Volatility And Performance Of Major Stock Markets On Sarajevo Stock Exchange In 2008 – 2012 Period

    OpenAIRE

    Dzanic, Enis; Omerbegovic, Sead

    2014-01-01

    Previous research indicates that performance and volatility of small and regional stock markets can be influenced by the performance of major world exchanges such as New York, Frankfurt or Tokyo stock exchange. This research analyses weekly composite index data for SASE (Sarajevo Stock Exchange), NYSE, NIKKEI, and DAX indices, for the period from 2008 until the end of 2012. This time period contains significant events in the US and the rest of the world, including the housing bubble, and a gr...

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

    International Nuclear Information System (INIS)

    Herault, L.; Privault, C.

    1997-01-01

    This paper describes a method developed by the CEA for the management of a stock of nuclear materials of Electricite de France and which combines meta-heuristics with mathematical programing results for a better efficiency. The industrial problem to solve concerns the reprocessing of spent fuels and the reuse of their plutonium content for the manufacturing of mixed oxide (MOX) fuels. In this problem, the plutonium stock is shared into subsets which must supply fuel fabrication plants at a given date and with precise energetic, chemical and quality criteria in order to minimize the reprocessing costs. (J.S.)

  12. High-level Petri Nets

    DEFF Research Database (Denmark)

    various journals and collections. As a result, much of this knowledge is not readily available to people who may be interested in using high-level nets. Within the Petri net community this problem has been discussed many times, and as an outcome this book has been compiled. The book contains reprints...... of some of the most important papers on the application and theory of high-level Petri nets. In this way it makes the relevant literature more available. It is our hope that the book will be a useful source of information and that, e.g., it can be used in the organization of Petri net courses. To make......High-level Petri nets are now widely used in both theoretical analysis and practical modelling of concurrent systems. The main reason for the success of this class of net models is that they make it possible to obtain much more succinct and manageable descriptions than can be obtained by means...

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

    Data.gov (United States)

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

  14. Long Memory in the Greek Stock Market

    OpenAIRE

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

    1996-01-01

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

  15. Macroeconomic Forces and Stock Returns in Vietnam

    OpenAIRE

    Phan, Van Hang

    2008-01-01

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

  16. Optimal Portfolio Selection in Ex Ante Stock Price Bubble and Furthermore Bubble Burst Scenario from Dhaka Stock Exchange with Relevance to Sharpe’s Single Index Model

    Directory of Open Access Journals (Sweden)

    Javed Bin Kamal

    2012-09-01

    Full Text Available The paper aims at constructing an optimal portfolio by applying Sharpe’s single index model of capital asset pricing in different scenarios, one is ex ante stock price bubble scenario and stock price bubble and bubble burst is second scenario. Here we considered beginning of year 2010 as rise of stock price bubble in Dhaka Stock Exchange. Hence period from 2005 -2009 is considered as ex ante stock price bubble period. Using DSI (All share price index in Dhaka Stock Exchange as market index and considering daily indices for the March 2005 to December 2009 period, the proposed method formulates a unique cut off point (cut off rate of return and selects stocks having excess of their expected return over risk-free rate of return surpassing this cut-off point. Here, risk free rate considered to be 8.5% per annum (Treasury bill rate in 2009. Percentage of an investment in each of the selected stocks is then decided on the basis of respective weights assigned to each stock depending on respective ‘β’ value, stock movement variance representing unsystematic risk, return on stock and risk free return vis-à-vis the cut off rate of return. Interestingly, most of the stocks selected turned out to be bank stocks. Again we went for single index model applied to same stocks those made to the optimum portfolio in ex ante stock price bubble scenario considering data for the period of January 2010 to June 2012. We found that all stocks failed to make the pass Single Index Model criteria i.e. excess return over beta must be higher than the risk free rate. Here for the period of 2010 to 2012, the risk free rate considered to be 11.5 % per annum (Treasury bill rate during 2012.

  17. Hybrid Clustering-GWO-NARX neural network technique in predicting stock price

    Science.gov (United States)

    Das, Debashish; Safa Sadiq, Ali; Mirjalili, Seyedali; Noraziah, A.

    2017-09-01

    Prediction of stock price is one of the most challenging tasks due to nonlinear nature of the stock data. Though numerous attempts have been made to predict the stock price by applying various techniques, yet the predicted price is not always accurate and even the error rate is high to some extent. Consequently, this paper endeavours to determine an efficient stock prediction strategy by implementing a combinatorial method of Grey Wolf Optimizer (GWO), Clustering and Non Linear Autoregressive Exogenous (NARX) Technique. The study uses stock data from prominent stock market i.e. New York Stock Exchange (NYSE), NASDAQ and emerging stock market i.e. Malaysian Stock Market (Bursa Malaysia), Dhaka Stock Exchange (DSE). It applies K-means clustering algorithm to determine the most promising cluster, then MGWO is used to determine the classification rate and finally the stock price is predicted by applying NARX neural network algorithm. The prediction performance gained through experimentation is compared and assessed to guide the investors in making investment decision. The result through this technique is indeed promising as it has shown almost precise prediction and improved error rate. We have applied the hybrid Clustering-GWO-NARX neural network technique in predicting stock price. We intend to work with the effect of various factors in stock price movement and selection of parameters. We will further investigate the influence of company news either positive or negative in stock price movement. We would be also interested to predict the Stock indices.

  18. Dispersal, growth and diet of stocked and wild northern pike fry in a shallow natural lake, with implications for management of stocking programs

    DEFF Research Database (Denmark)

    Skov, Christian; Koed, Anders; Baastrup-Spohr, Lars

    2011-01-01

    season. Stomach analyses revealed that the stocked pike ingested less diverse prey items and had higher fractions of empty stomachs throughout the study period. Overall, the fraction of stocked pike in samples rapidly declined over the season, which may have been caused by differential survival...... low fitness of stocked individuals in competition with wild conspecifics: (1) genetic-based local maladaptation among the stocked fish and (2) carryover effects from the hatchery. The latter may be less likely because the fry stocked were the offspring of wild fish and only spent a few weeks...

  19. Stock market volatility and macroeconomic uncertainty

    NARCIS (Netherlands)

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

    2006-01-01

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

  20. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

  1. Estimating temporal changes in soil carbon stocks at ecoregional scale in Madagascar using remote-sensing

    Science.gov (United States)

    Grinand, C.; Maire, G. Le; Vieilledent, G.; Razakamanarivo, H.; Razafimbelo, T.; Bernoux, M.

    2017-02-01

    Soil organic carbon (SOC) plays an important role in climate change regulation notably through release of CO2 following land use change such a deforestation, but data on stock change levels are lacking. This study aims to empirically assess SOC stocks change between 1991 and 2011 at the landscape scale using easy-to-access spatially-explicit environmental factors. The study area was located in southeast Madagascar, in a region that exhibits very high rate of deforestation and which is characterized by both humid and dry climates. We estimated SOC stock on 0.1 ha plots for 95 different locations in a 43,000 ha reference area covering both dry and humid conditions and representing different land cover including natural forest, cropland, pasture and fallows. We used the Random Forest algorithm to find out the environmental factors explaining the spatial distribution of SOC. We then predicted SOC stocks for two soil layers at 30 cm and 100 cm over a wider area of 395,000 ha. By changing the soil and vegetation indices derived from remote sensing images we were able to produce SOC maps for 1991 and 2011. Those estimates and their related uncertainties where combined in a post-processing step to map estimates of significant SOC variations and we finally compared the SOC change map with published deforestation maps. Results show that the geologic variables, precipitation, temperature, and soil-vegetation status were strong predictors of SOC distribution at regional scale. We estimated an average net loss of 10.7% and 5.2% for the 30 cm and the 100 cm layers respectively for deforested areas in the humid area. Our results also suggest that these losses occur within the first five years following deforestation. No significant variations were observed for the dry region. This study provides new solutions and knowledge for a better integration of soil threats and opportunities in land management policies.

  2. Factors of Selection of the Stock Allocation Method

    Directory of Open Access Journals (Sweden)

    Rohov Heorhii K.

    2014-03-01

    Full Text Available The article describes results of the author’s study of factors of making strategic decisions on selection of methods of stock allocation by public joint stock companies in Ukraine. The author used the Random forest mathematical apparatus of classification trees building and also informal methods. The article analyses the reasons that restrain public allocation of stock. It shows significant influence upon selection of a method of stock allocation of such factors as capital concentration, balance rate of corporate rights, sector of economy and significant participation of the institutes of common investment or the state in the authorised capital. The built hierarchical model of classification of factors of the issuing policy of joint stock companies finds logical justification in specific features of the institutional environment, however, it does not fit into the framework of the classical concept of the market economy. The model could be used both for formation of goals of corporate financial strategies and in the process of improvement of state regulation of activity of securities issuers. The prospect of further studies in this direction is identification of transformation of factors of selection of the stock allocation method under conditions of revival of the stock market.

  3. Planning of nets

    International Nuclear Information System (INIS)

    Carberry, M

    1996-01-01

    The paper is about the planning of nets in areas of low density like it is the case of the rural areas. The author includes economic and technological aspects, planning of nets, demands and management among others

  4. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

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

  5. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

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

  6. Stock Market and Sustainable Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Erasmus L Owusu

    2016-11-01

    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.

  7. Programming NET Web Services

    CERN Document Server

    Ferrara, Alex

    2007-01-01

    Web services are poised to become a key technology for a wide range of Internet-enabled applications, spanning everything from straight B2B systems to mobile devices and proprietary in-house software. While there are several tools and platforms that can be used for building web services, developers are finding a powerful tool in Microsoft's .NET Framework and Visual Studio .NET. Designed from scratch to support the development of web services, the .NET Framework simplifies the process--programmers find that tasks that took an hour using the SOAP Toolkit take just minutes. Programming .NET

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

    OpenAIRE

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

    2017-01-01

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

  9. Stock returns and foreign investment in Brazil

    OpenAIRE

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

    2008-01-01

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

  10. Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams; 2000 Annual Report.

    Energy Technology Data Exchange (ETDEWEB)

    Lockwood, Jr., Neil [Kalispel Tribe of Indians, Usk, WA (United States); McLellan, Jason G [Washington Department of Fish and Wildlife, Spokane, WA (United States); Crossley, Brian [Spokane Tribe of Indians, Department of Natural Resources, Wellpinit, WA (United States); O' Connor, Dick

    2001-01-01

    The Resident Fish Stock Status above Chief Joseph and Grand Coulee Dams Project, commonly known as the Joint Stock Assessment Project (JSAP) is a management tool using ecosystem principles to manage artificial fish assemblages and native fish in altered environments existing in the Columbia River System above Chief Joseph and Grand Coulee Dams (blocked area). The three-phase approach of this project will enhance the fisheries resources of the blocked area by identifying data gaps, filling data gaps with research, and implementing management recommendations based on research results. The Blocked Area fisheries information housed in a central location will allow managers to view the entire system while making decisions, rather than basing management decisions on isolated portions of the system. The JSAP (NWPPC program measure 10.8B.26) is designed and guided jointly by fisheries managers in the blocked area and the Columbia Basin blocked area management plan (1998). The initial year of the project (1997) identified the need for a central data storage and analysis facility, coordination with the StreamNet project, compilation of blocked area fisheries information, and a report on the ecological condition of the Spokane River System. These needs were addressed in 1998 by acquiring a central location with a data storage and analysis system, coordinating a pilot project with StreamNet, compiling fisheries distribution data throughout the blocked area, identifying data gaps based on compiled information, and researching the ecological condition of the Spokane River. In order to ensure that any additional information collected throughout the life of this project will be easily stored and manipulated by the central storage facility, it was necessary to develop standardized methodologies between the JSAP fisheries managers. The use of common collection and analytical tools is essential to the process of streamlining joint management decisions. In 1999 and 2000 the project

  11. An investigation on important factors influencing on forecasted earnings adjustment: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Babakhani

    2014-01-01

    Full Text Available This paper presents an empirical investigation to detect important factors influencing earning adjustment on firms selected on Tehran Stock Exchange over the period 2006-2011. There are four independent variables associated with the proposed study of this paper including Proportion of shares owned by institutional investors, Return on assets, Profit change and Market value to book value. In addition, Investment restructuring is considered as control variable. The results of the implementation of regression analysis indicate that there was a reverse relationship between earning forecasted adjustment and two independent variables including size of firm as well as the ratio of market value to book value. However, Net profit has a direct and positive relationship with earning forecast adjustment.

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

    Science.gov (United States)

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

    2018-01-01

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

  13. Linkage between company scores and stock returns

    Directory of Open Access Journals (Sweden)

    Saban Celik

    2017-12-01

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

  14. The reaction of stock market returns to anticipated unemployment

    OpenAIRE

    Taamouti, Abderrahim; Gonzalo Muñoz, Jesús

    2012-01-01

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

  15. Stocking equations for regeneration in mixed oak stands

    Science.gov (United States)

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

    2007-01-01

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

  16. 12 CFR 931.6 - Transfer of capital stock.

    Science.gov (United States)

    2010-01-01

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

  17. Fish stocking density impacts tank hydrodynamics

    DEFF Research Database (Denmark)

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

    2006-01-01

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

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

    OpenAIRE

    Zhao, Feng

    2013-01-01

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

  19. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

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

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

    African Journals Online (AJOL)

    Helet Lambrechts

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

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

    NARCIS (Netherlands)

    Scholtens, B.; Peenstra, W.

    2009-01-01

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

  2. Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

    Directory of Open Access Journals (Sweden)

    Mobeen Ur Rehman

    2013-05-01

    Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

  3. Financing R & D with Knowledge Stock Rentals

    OpenAIRE

    John M. Hartwick

    1993-01-01

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

  4. Mean reversion in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Rosenberg, Aryeh Adam

    2009-01-01

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

  5. Mean reversion in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-30

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

  6. The positive net radiative greenhouse gas forcing of increasing methane emissions from a thawing boreal forest-wetland landscape.

    Science.gov (United States)

    Helbig, Manuel; Chasmer, Laura E; Kljun, NatasCha; Quinton, William L; Treat, Claire C; Sonnentag, Oliver

    2017-06-01

    At the southern margin of permafrost in North America, climate change causes widespread permafrost thaw. In boreal lowlands, thawing forested permafrost peat plateaus ('forest') lead to expansion of permafrost-free wetlands ('wetland'). Expanding wetland area with saturated and warmer organic soils is expected to increase landscape methane (CH 4 ) emissions. Here, we quantify the thaw-induced increase in CH 4 emissions for a boreal forest-wetland landscape in the southern Taiga Plains, Canada, and evaluate its impact on net radiative forcing relative to potential long-term net carbon dioxide (CO 2 ) exchange. Using nested wetland and landscape eddy covariance net CH 4 flux measurements in combination with flux footprint modeling, we find that landscape CH 4 emissions increase with increasing wetland-to-forest ratio. Landscape CH 4 emissions are most sensitive to this ratio during peak emission periods, when wetland soils are up to 10 °C warmer than forest soils. The cumulative growing season (May-October) wetland CH 4 emission of ~13 g CH 4  m -2 is the dominating contribution to the landscape CH 4 emission of ~7 g CH 4  m -2 . In contrast, forest contributions to landscape CH 4 emissions appear to be negligible. The rapid wetland expansion of 0.26 ± 0.05% yr -1 in this region causes an estimated growing season increase of 0.034 ± 0.007 g CH 4  m -2  yr -1 in landscape CH 4 emissions. A long-term net CO 2 uptake of >200 g CO 2  m -2  yr -1 is required to offset the positive radiative forcing of increasing CH 4 emissions until the end of the 21st century as indicated by an atmospheric CH 4 and CO 2 concentration model. However, long-term apparent carbon accumulation rates in similar boreal forest-wetland landscapes and eddy covariance landscape net CO 2 flux measurements suggest a long-term net CO 2 uptake between 49 and 157 g CO 2  m -2  yr -1 . Thus, thaw-induced CH 4 emission increases likely exert a positive net radiative greenhouse gas

  7. The Effect of Stock Return Sequences on Trading Volumes

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2017-10-01

    Full Text Available The present study explores the effect of the gambler’s fallacy on stock trading volumes. I hypothesize that if a stock’s price rises (falls during a number of consecutive trading days, then the gambler’s fallacy may cause at least some of the investors to expect that the stock’s price “has” to subsequently fall (rise, and thus, to increase their willingness to sell (buy the stock, resulting in a stronger degree of disagreement between the investors and a higher-than-usual stock trading volume on the first day when the stock’s price indeed falls (rises. Employing a large sample of daily price and trading volume data, I document that following relatively long sequences of the same-sign stock returns, on the days when the sign is reversed, the trading activity in the respective stocks is abnormally high. Moreover, average abnormal trading volumes gradually and significantly increase with the length of the preceding return sequence. The effect is slightly more pronounced following the sequences of negative stock returns, and remains significant after controlling for other potentially influential factors, including contemporaneous and lagged actual and absolute stock returns, historical stock returns and volatilities, and company-specific events, such as earnings announcements and dividend payments.

  8. Stock market in Ukraine: state and prospects of development

    Directory of Open Access Journals (Sweden)

    Krasnova Iryna V.

    2014-01-01

    Full Text Available The article is devoted to analysis of the topical problem of detection of specific features of functioning and problem of development of the stock market of Ukraine and also justification of directions of increase of its liquidity and efficiency. It analyses main tendencies and regularities of development of the stock market in the context of institutional, instrumental and infrastructural components. It considers issues of changes of volumes of trade and other parameters of activity of stock exchanges during recent years. It focuses on existing problems on the way of development of the stock market of Ukraine, which interfere with its efficient functioning, in particular, a limited number of liquid and investment attractive financial instruments, high fragmentariness of the exchange and depositary infrastructure, and insufficient legislative regulation of the exchange activity. For solution of problem issues and stimulation of further development of the domestic stock market the article marks expediency of consolidation of stock exchanges, necessity to increase capitalisation, liquidity and transparency of the stock market; further formation and consolidation of the market infrastructure and ensuring its reliable and efficient functioning, and improvement of mechanisms of state regulation, supervision and protection of the rights of investors in the Ukrainian stock market.

  9. 78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-11-06

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

  10. New research resources at the Bloomington Drosophila Stock Center.

    Science.gov (United States)

    Cook, Kevin R; Parks, Annette L; Jacobus, Luke M; Kaufman, Thomas C; Matthews, Kathleen A

    2010-01-01

    The Bloomington Drosophila Stock Center (BDSC) is a primary source of Drosophila stocks for researchers all over the world. It houses over 27,000 unique fly lines and distributed over 160,000 samples of these stocks this past year. This report provides a brief overview of significant recent events at the BDSC with a focus on new stock sets acquired in the past year, including stocks for phiC31 transformation, RNAi knockdown of gene expression, and SNP and quantitative trait loci discovery. We also describe additions to sets of insertions and molecularly defined chromosomal deficiencies, the creation of a new Deficiency Kit, and planned additions of X chromosome duplication sets.

  11. Game Coloured Petri Nets

    DEFF Research Database (Denmark)

    Westergaard, Michael

    2006-01-01

    This paper introduces the notion of game coloured Petri nets. This allows the modeler to explicitly model what parts of the model comprise the modeled system and what parts are the environment of the modeled system. We give the formal definition of game coloured Petri nets, a means of reachability...... analysis of this net class, and an application of game coloured Petri nets to automatically generate easy-to-understand visualizations of the model by exploiting the knowledge that some parts of the model are not interesting from a visualization perspective (i.e. they are part of the environment...

  12. Exploring Market State and Stock Interactions on the Minute Timescale.

    Directory of Open Access Journals (Sweden)

    Lei Tan

    Full Text Available A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

  13. Exploring Market State and Stock Interactions on the Minute Timescale.

    Science.gov (United States)

    Tan, Lei; Chen, Jun-Jie; Zheng, Bo; Ouyang, Fang-Yan

    2016-01-01

    A stock market is a non-stationary complex system. The stock interactions are important for understanding the state of the market. However, our knowledge on the stock interactions on the minute timescale is limited. Here we apply the random matrix theory and methods in complex networks to study the stock interactions and sector interactions. Further, we construct a new kind of cross-correlation matrix to investigate the correlation between the stock interactions at different minutes within one trading day. Based on 50 million minute-to-minute price data in the Shanghai stock market, we discover that the market states in the morning and afternoon are significantly different. The differences mainly exist in three aspects, i.e. the co-movement of stock prices, interactions of sectors and correlation between the stock interactions at different minutes. In the afternoon, the component stocks of sectors are more robust and the structure of sectors is firmer. Therefore, the market state in the afternoon is more stable. Furthermore, we reveal that the information of the sector interactions can indicate the financial crisis in the market, and the indicator based on the empirical data in the afternoon is more effective.

  14. Modelling the impact of oil prices on Vietnam's stock prices

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  15. A Tale of Two Stock Markets

    Science.gov (United States)

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

    2015-01-01

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

  16. Policy Impact on the Chinese Stock Market: From the 1994 Bailout Policies to the 2015 Shanghai-Hong Kong Stock Connect

    Directory of Open Access Journals (Sweden)

    Yang-Chao Wang

    2017-01-01

    Full Text Available From the 1994 bailout policies to the 2015 Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time. By May 2015, global investors can directly invest in a more legalized and normalized Chinese stock market, whereas they are still concerned about the policy-oriented market and its attendant risks. In this study, we employ the family of GARCH models to investigate the structural changes in risks with the implementation of a series of policies. Our results show that although many policies improve or stabilize the stock market, certain policies lead to substantial volatility. Among them, macro-control policies and transaction cost adjustments are a double-edged sword, which should be used with caution. Furthermore, with opening-up policies being launched recently, the Chinese stock market has entered a new stage in which it affects international capital markets. However, the increased risks, which may result in a sharp turnaround, cause worry.

  17. EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Oleksandr Trofimchuk

    2015-11-01

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

  18. Net-infiltration map of the Navajo Sandstone outcrop area in western Washington County, Utah

    Science.gov (United States)

    Heilweil, Victor M.; McKinney, Tim S.

    2007-01-01

    As populations grow in the arid southwestern United States and desert bedrock aquifers are increasingly targeted for future development, understanding and quantifying the spatial variability of net infiltration and recharge becomes critically important for inventorying groundwater resources and mapping contamination vulnerability. A Geographic Information System (GIS)-based model utilizing readily available soils, topographic, precipitation, and outcrop data has been developed for predicting net infiltration to exposed and soil-covered areas of the Navajo Sandstone outcrop of southwestern Utah. The Navajo Sandstone is an important regional bedrock aquifer. The GIS model determines the net-infiltration percentage of precipitation by using an empirical equation. This relation is derived from least squares linear regression between three surficial parameters (soil coarseness, topographic slope, and downgradient distance from outcrop) and the percentage of estimated net infiltration based on environmental tracer data from excavations and boreholes at Sand Hollow Reservoir in the southeastern part of the study area.Processed GIS raster layers are applied as parameters in the empirical equation for determining net infiltration for soil-covered areas as a percentage of precipitation. This net-infiltration percentage is multiplied by average annual Parameter-elevation Regressions on Independent Slopes Model (PRISM) precipitation data to obtain an infiltration rate for each model cell. Additionally, net infiltration on exposed outcrop areas is set to 10 percent of precipitation on the basis of borehole net-infiltration estimates. Soils and outcrop net-infiltration rates are merged to form a final map.Areas of low, medium, and high potential for ground-water recharge have been identified, and estimates of net infiltration range from 0.1 to 66 millimeters per year (mm/yr). Estimated net-infiltration rates of less than 10 mm/yr are considered low, rates of 10 to 50 mm/yr are

  19. PENGARUH STOCK SPLIT TERHADAP LIKUIDITAS DAN RETURN SAHAM DI BURSA EFEK JAKARTA

    Directory of Open Access Journals (Sweden)

    Wang Sutrisno

    2000-01-01

    Full Text Available Research on stock splits has frequently been undertaken. The results vary, but fundamentally can be classified into two groups. First, the stock split is purely "cosmetic". Second, the stock split has a real effect on stocks. The difference between these opinions raises controversy. The purpose of this study is to examine whether stock splits influence stock liquidity and return of an individual stock as well as in a group of stocks as a portfolio. Overall, the results of this study show that stock splits did influence stock price, trading volume and bid-ask spread but did not influence stock risk and abnormal return from the point of view of an individual stock as well as in a group of stocks as a portfolio. The test of a relationship between bid-ask spread and stock price, trading volume and stock risk for each stock shows that all three variable did not significantly affect the bid-ask spread. On the other hand, the test of a relationship in a portfolio reveals that only stock prices significantly affect the bid-ask spread. Abstract in Bahasa Indonesia : Penelitian mengenai stock split sudah sering dilakukan. Hasil dari penelitian- penelitian tersebut bermacam - macam, tetapi pada dasarnya dapat dibedakan menjadi dua kelompok. Pertama, stock split dinyatakan murni hanya sebagai "kosmetik". Kedua, stock split dinyatakan mempunyai efek yang nyata terhadap saham. Perbedaan pendapat ini sering menimbulkan kontroversi. Tujuan dari penelitian ini adalah untuk menguji kembali apakah betul stock split dapat mempengaruhi likuiditas dan return saham baik ditinjau secara individual untuk masing - masing saham maupun seluruh saham sebagai sebuah portofolio. Secara keseluruhan, hasil dari penelitian ini menunjukkan bahwa stock split hanya mempengaruhi harga, volume perdagangan dan persentase spread, tetapi tidak mempengaruhi varians dan abnormal return baik ditinjau secara individual maupun sebagai sebuah portofolio. Sedangkan pengujian hubungan antara

  20. DLA Forward Stocking

    National Research Council Canada - National Science Library

    Flory, John

    2007-01-01

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

  1. Coloured Petri Nets

    DEFF Research Database (Denmark)

    Jensen, Kurt

    1991-01-01

    This paper describes how Coloured Petri Nets (CP-nets) have been developed — from being a promising theoretical model to being a full-fledged language for the design, specification, simulation, validation and implementation of large software systems (and other systems in which human beings and...

  2. Net zero water

    CSIR Research Space (South Africa)

    Lindeque, M

    2013-01-01

    Full Text Available the national grid. The unfortunate situation with water is that there is no replacement technology for water. Water can be supplied from many different sources. A net zero energy development will move closer to a net zero water development by reducing...

  3. Stock Performance of Socially Responsible Companies

    Directory of Open Access Journals (Sweden)

    Huang Tzu-Man

    2016-12-01

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

  4. Maintenance in Railway Rolling Stock Rescheduling for Passenger Railways

    NARCIS (Netherlands)

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

    2015-01-01

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

  5. Facebook drives behavior of passive households in stock markets

    OpenAIRE

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

    2017-01-01

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

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

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

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

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

    OpenAIRE

    Prasanna, S.; Ezhilmaran, D.

    2015-01-01

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

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

    OpenAIRE

    Prasanna, S.; Ezhilmaran, D.

    2014-01-01

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

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

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

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

  10. Atlantic salmon brood stock management and breeding handbook

    Science.gov (United States)

    Kincaid, Harold L.; Stanley, Jon G.

    1989-01-01

    Anadromus runs of Atlantic salmon have been restored to the Connecticut, Merrimack, Pawcatuck, Penobscot, and St. Croix rivers in New England by the stocking of more than 8 million smolts since 1948. Fish-breeding methods have been developed that minimize inbreeding and domestication and enhance natural selection. Methods are available to advance the maturation of brood stock, control the sex of production lots and store gametes. Current hatchery practices emphasize the use of sea-run brood stock trapped upon return to the rivers and a limited number of captive brood stock and rejuvenated kelts. Fish are allowed to mature naturally, after which they are spawned and incubated artificially. Generally, 1-year smolts are produced, and excess fish are stocked as fry in headwater streams. Smolts are stocked during periods of rising water in spring. Self-release pools are planned that enable smolts to choose the emigration time. Culturists keep good records that permit evaluation of the performance of strains and the effects of breeding practices. As Atlantic salmon populations expand, culturists must use sound breeding methods that enhance biotic potential while maintaining genetic diversity and protecting unique gene pools.

  11. Decomposition of Net CO2 Emission in the Wuhan Metropolitan Area of Central China

    Directory of Open Access Journals (Sweden)

    Xin Yang

    2016-08-01

    Full Text Available Policy-makers have been sharing growing concerns that climate change has significant impacts on human society and economic activates. Knowledge of the influencing factors of CO2 emission is the crucial step to reduce it. In this paper, both CO2 emission and CO2 sink on a city-level of the nine cities in Wuhan Metropolitan Area are calculated using the Intergovernmental Panel on Climate Change approach. Moreover, the logarithmic mean Divisia index (LMDI model was employed to decompose the net CO2 emission from 2001 to 2009. Results showed that (1 the largest amount of CO2 emission comes from energy while the largest amount CO2 sink comes from cropland; (2 economic level (S was the largest positive driving factor for net CO2 emission growth in the Wuhan Metropolitan Area, population (P also played a positive driving role, but with very weak contribution; and as negative inhibiting factors, energy structure (E and energy efficiency (C significantly reduced the net CO2 emission.

  12. Towards new information resources for public health--from WordNet to MedicalWordNet.

    Science.gov (United States)

    Fellbaum, Christiane; Hahn, Udo; Smith, Barry

    2006-06-01

    In the last two decades, WordNet has evolved as the most comprehensive computational lexicon of general English. In this article, we discuss its potential for supporting the creation of an entirely new kind of information resource for public health, viz. MedicalWordNet. This resource is not to be conceived merely as a lexical extension of the original WordNet to medical terminology; indeed, there is already a considerable degree of overlap between WordNet and the vocabulary of medicine. Instead, we propose a new type of repository, consisting of three large collections of (1) medically relevant word forms, structured along the lines of the existing Princeton WordNet; (2) medically validated propositions, referred to here as medical facts, which will constitute what we shall call MedicalFactNet; and (3) propositions reflecting laypersons' medical beliefs, which will constitute what we shall call the MedicalBeliefNet. We introduce a methodology for setting up the MedicalWordNet. We then turn to the discussion of research challenges that have to be met to build this new type of information resource. We build a database of sentences relevant to the medical domain. The sentences are generated from WordNet via its relations as well as from medical statements broken down into elementary propositions. Two subcorpora of sentences are distinguished, MedicalBeliefNet and MedicalFactNet. The former is rated for assent by laypersons; the latter for correctness by medical experts. The sentence corpora will be valuable for a variety of applications in information retrieval as well as in research in linguistics and psychology with respect to the study of expert and non-expert beliefs and their linguistic expressions. Our work has to meet several considerable challenges. These include accounting for the distinction between medical experts and laypersons, the social issues of expert-layperson communication in different media, the linguistic aspects of encoding medical knowledge, and

  13. The stage-classified matrix models project a significant increase in biomass carbon stocks in China's forests between 2005 and 2050.

    Science.gov (United States)

    Hu, Huifeng; Wang, Shaopeng; Guo, Zhaodi; Xu, Bing; Fang, Jingyun

    2015-06-25

    China's forests are characterized by young age, low carbon (C) density and a large plantation area, implying a high potential for increasing C sinks in the future. Using data of provincial forest area and biomass C density from China's forest inventories between 1994 and 2008 and the planned forest coverage of the country by 2050, we developed a stage-classified matrix model to predict biomass C stocks of China's forests from 2005 to 2050. The results showed that total forest biomass C stock would increase from 6.43 Pg C (1 Pg = 10(15) g) in 2005 to 9.97 Pg C (95% confidence interval: 8.98 ~ 11.07 Pg C) in 2050, with an overall net C gain of 78.8 Tg C yr(-1) (56.7 ~ 103.3 Tg C yr(-1); 1 Tg = 10(12) g). Our findings suggest that China's forests will be a large and persistent biomass C sink through 2050.

  14. THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Viorica CHIRILA

    2015-12-01

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

  15. Internal and external control of net photosynthesis and stomatal conductance of mature eastern white pine (Pinus strobus)

    Science.gov (United States)

    Chris A. Maier; R.O. Teskey

    1992-01-01

    Leaf gas exchange and water relations were monitored in the upper canopy of two 25 m tall eastern white pine (Pinus strobus L.) trees over two consecutive growing seasons (1986 and 1987). Examination of the seasonal and diurnal patterns of net photosynthesis and leaf conductance showed that both internal and external (environmental) factors were...

  16. Applying Moving Objects Patterns towards Estimating Future Stocks Direction

    Directory of Open Access Journals (Sweden)

    Galal Dahab

    2016-01-01

    Full Text Available Stock is gaining vast popularity as a strategic investment tool not just by investor bankers, but also by the average worker. Large capitals are being traded within the stock market all around the world, making its impact not only macro economically focused, but also greatly valued taking into consideration its direct social impact. As a result, almost 66% of all American citizens are striving in their respective fields every day, trying to come up with better ways to predict and find patterns in stocks that could enhance their estimation and visualization so as to have the opportunity to take better investment decisions. Given the amount of effort that has been put into enhancing stock prediction techniques, there is still a factor that is almost completely neglected when handling stocks. The factor that has been obsolete for so long is in fact the effect of a correlation existing between stocks of the same index or parent company. This paper proposes a distinct approach for studying the correlation between stocks that belong to the same index by modelling stocks as moving objects to be able to track their movements while considering their relationships. Furthermore, it studies one of the movement techniques applied to moving objects to predict stock movement. The results yielded that both the movement technique and correlation coefficient technique are consistent in directions, with minor variations in values. The variations are attributed to the fact that the movement technique takes into consideration the sibling relationship

  17. Long-term decline in krill stock and increase in salps within the Southern Ocean.

    Science.gov (United States)

    Atkinson, Angus; Siegel, Volker; Pakhomov, Evgeny; Rothery, Peter

    2004-11-04

    Antarctic krill (Euphausia superba) and salps (mainly Salpa thompsoni) are major grazers in the Southern Ocean, and krill support commercial fisheries. Their density distributions have been described in the period 1926-51, while recent localized studies suggest short-term changes. To examine spatial and temporal changes over larger scales, we have combined all available scientific net sampling data from 1926 to 2003. This database shows that the productive southwest Atlantic sector contains >50% of Southern Ocean krill stocks, but here their density has declined since the 1970s. Spatially, within their habitat, summer krill density correlates positively with chlorophyll concentrations. Temporally, within the southwest Atlantic, summer krill densities correlate positively with sea-ice extent the previous winter. Summer food and the extent of winter sea ice are thus key factors in the high krill densities observed in the southwest Atlantic Ocean. Krill need the summer phytoplankton blooms of this sector, where winters of extensive sea ice mean plentiful winter food from ice algae, promoting larval recruitment and replenishing the stock. Salps, by contrast, occupy the extensive lower-productivity regions of the Southern Ocean and tolerate warmer water than krill. As krill densities decreased last century, salps appear to have increased in the southern part of their range. These changes have had profound effects within the Southern Ocean food web.

  18. Multiflavor string-net models

    Science.gov (United States)

    Lin, Chien-Hung

    2017-05-01

    We generalize the string-net construction to multiple flavors of strings, each of which is labeled by the elements of an Abelian group Gi. The same flavor of strings can branch, while different flavors of strings can cross one another and thus they form intersecting string nets. We systematically construct the exactly soluble lattice Hamiltonians and the ground-state wave functions for the intersecting string-net condensed phases. We analyze the braiding statistics of the low-energy quasiparticle excitations and find that our model can realize all the topological phases as the string-net model with group G =∏iGi . In this respect, our construction provides various ways of building lattice models which realize topological order G , corresponding to different partitions of G and thus different flavors of string nets. In fact, our construction concretely demonstrates the Künneth formula by constructing various lattice models with the same topological order. As an example, we construct the G =Z2×Z2×Z2 string-net model which realizes a non-Abelian topological phase by properly intersecting three copies of toric codes.

  19. Effects of Net Metering on the Use of Small-Scale Wind Systems in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Forsyth, T. L.; Pedden, M.; Gagliano, T.

    2002-11-01

    Factors such as technological advancements, steadily decreasing costs, consumer demand, and state and federal policies are combining to make wind energy the world's fastest growing energy source. State and federal policies are facilitating the growth of the domestic, large-scale wind power market; however, small-scale wind projects (those with a capacity of less than 100 kilowatts[kW]) still face challenges in many states. Net metering, also referred to as net billing, is one particular policy that states are implementing to encourage the use of small renewable energy systems. Net metering allows individual, grid-tied customers who generate electricity using a small renewable energy system to receive credit from their utility for any excess power they generate beyond what they consume. Under most state rules, residential, commercial, and industrial customers are eligible for net metering; however, some states restrict eligibility to particular customer classes. This paper illustrates how net metering programs in certain states vary considerably in terms of how customers are credited for excess power they generate; the type and size of eligible technologies and whether the utility; the state, or some other entity administers the program. This paper focuses on10 particular states where net metering policies are in place. It analyzes how the different versions of these programs affect the use of small-scale wind technologies and whether some versions are more favorable to this technology than others. The choice of citizens in some states to net meter with photovoltaics is also examined.

  20. Using the Stock Market to Teach Physics

    Science.gov (United States)

    Faux, David A.; Hearn, Stephen

    2004-11-01

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