WorldWideScience

Sample records for range thirty-eight stocks

  1. The War Powers Resolution: After Thirty-Eight Years

    Science.gov (United States)

    2012-09-24

    security personnel had arrived in Nairobi, Kenya and Dar es Salaam , Tanzania to enhance the security of the U.S. embassies and citizens there. (67...AND ADDRESS( ES ) The Library of Congress ,Congressional Research Service,101 Independence Avenue SE,Washington,DC,20540-7500 8. PERFORMING...CRS Report for Congress Prepared for Members and Committees of Congress The War Powers Resolution: After Thirty-Eight Years Richard F

  2. Outdoor stocking density in free-range laying hens: effects on behaviour and welfare.

    Science.gov (United States)

    Campbell, D L M; Hinch, G N; Downing, J A; Lee, C

    2017-06-01

    Free-range laying hen systems are increasing within Australia and research is needed to determine optimal outdoor stocking densities. Six small (n=150 hens) experimental flocks of ISA Brown laying hens were housed with access to ranges simulating one of three outdoor stocking densities with two pen replicates per density: 2000 hens/ha, 10 000 hens/ha or 20 000 hens/ha. Birds were provided daily range access from 21 to 36 weeks of age and the range usage of 50% of hens was tracked using radio-frequency identification technology. Throughout the study, basic external health assessments following a modified version of the Welfare Quality® protocol showed most birds were in visibly good condition (although keel damage was increasingly present with age) with few differences between stocking densities. Toenail length at 36 weeks of age was negatively correlated with hours spent ranging for all pens of birds (all r⩾-0.23, P⩽0.04). At 23 weeks of age, there were no differences between outdoor stocking densities in albumen corticosterone concentrations (P=0.44). At 35 weeks of age, density effects were significant (Pdensity showed the highest albumen corticosterone concentrations, although eggs from hens in the 10 000 hens/ha density showed the lowest concentrations (Pdensities showed the least foraging on the range but the most resting outdoors, with hens from the 20 000 hens/ha densities showing the least amount of resting outdoors (all Pdensities (P=0.08). For each of the health and behavioural measures there were differences between pen replicates within stocking densities. These data show outdoor stocking density has some effects on hen welfare, and it appears that consideration of both individual and group-level behaviour is necessary when developing optimal stocking density guidelines and free-range system management practices.

  3. Outdoor stocking density in free-range laying hens: radio-frequency identification of impacts on range use.

    Science.gov (United States)

    Campbell, D L M; Hinch, G N; Dyall, T R; Warin, L; Little, B A; Lee, C

    2017-01-01

    The number and size of free-range laying hen (Gallus gallus domesticus) production systems are increasing within Australia in response to consumer demand for perceived improvement in hen welfare. However, variation in outdoor stocking density has generated consumer dissatisfaction leading to the development of a national information standard on free-range egg labelling by the Australian Consumer Affairs Ministers. The current Australian Model Code of Practice for Domestic Poultry states a guideline of 1500 hens/ha, but no maximum density is set. Radio-frequency identification (RFID) tracking technology was used to measure daily range usage by individual ISA Brown hens housed in six small flocks (150 hens/flock - 50% of hens tagged), each with access to one of three outdoor stocking density treatments (two replicates per treatment: 2000, 10 000, 20 000 hens/ha), from 22 to 26, 27 to 31 and 32 to 36 weeks of age. There was some variation in range usage across the sampling periods and by weeks 32 to 36 individual hens from the lowest stocking density on average used the range for longer each day (Paccessed the range with 2% of tagged hens in each treatment never venturing outdoors and a large proportion that accessed the range daily (2000 hens/ha: 80.5%; 10 000 hens/ha: 66.5%; 20 000 hens/ha: 71.4%). On average, 38% to 48% of hens were seen on the range simultaneously and used all available areas of all ranges. These results of experimental-sized flocks have implications for determining optimal outdoor stocking densities for commercial free-range laying hens but further research would be needed to determine the effects of increased range usage on hen welfare.

  4. Range-based volatility, expected stock returns, and the low volatility anomaly

    Science.gov (United States)

    2017-01-01

    One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models as well as cross-sectional tests. Our findings contribute to the debate about the direction of the relationship between risk and return and confirm the presence of the low volatility anomaly, or the anomalous finding that low volatility stocks outperform high volatility stocks. In other tests, we find that the lower returns associated with range-based volatility are driven by stocks with lottery-like characteristics. PMID:29190652

  5. Non-linear characteristics and long-range correlations in Asian stock markets

    Science.gov (United States)

    Jiang, J.; Ma, K.; Cai, X.

    2007-05-01

    We test several non-linear characteristics of Asian stock markets, which indicates the failure of efficient market hypothesis and shows the essence of fractal of the financial markets. In addition, by using the method of detrended fluctuation analysis (DFA) to investigate the long range correlation of the volatility in the stock markets, we find that the crossover phenomena exist in the results of DFA. Further, in the region of small volatility, the scaling behavior is more complicated; in the region of large volatility, the scaling exponent is close to 0.5, which suggests the market is more efficient. All these results may indicate the possibility of characteristic multifractal scaling behaviors of the financial markets.

  6. Long-range correlations and nonstationarity in the Brazilian stock market

    Science.gov (United States)

    Costa, Rogério L.; Vasconcelos, G. L.

    2003-11-01

    We report an empirical study of the Ibovespa index of the São Paulo Stock Exchange in which we detect the existence of long-range correlations. To analyze our data, we introduce a rescaled variant of the usual detrended fluctuation analysis that allows us to obtain the Hurst exponent through a one-parameter fitting. We also compute a time-dependent Hurst exponent H( t) using 3-year moving time windows. In particular, we find that before the launch of the Collor Plan in 1990 the curve H( t) remains, in general, well above {1}/{2}, while afterwards it stays close to {1}/{2}. We thus argue that the structural reforms set off by the Collor Plan has lead to a more efficient stock market in Brazil. We also suggest that the time dependence of the Ibovespa Hurst exponent could be described in terms of a multifractional Brownian motion.

  7. Stocks of carbon and nitrogen and partitioning between above- and belowground pools in the Brazilian coastal Atlantic Forest elevation range.

    Science.gov (United States)

    Vieira, Simone A; Alves, Luciana F; Duarte-Neto, Paulo J; Martins, Susian C; Veiga, Larissa G; Scaranello, Marcos A; Picollo, Marisa C; Camargo, Plinio B; do Carmo, Janaina B; Neto, Eráclito Sousa; Santos, Flavio A M; Joly, Carlos A; Martinelli, Luiz A

    2011-11-01

    We estimated carbon and nitrogen stocks in aboveground biomass (AGB) and belowground biomass (BGB) along an elevation range in forest sites located on the steep slopes of the Serra do Mar on the north coast of the State of São Paulo, southeast Brazil. In elevations of 100 m (lowland), 400 m (submontane), and 1000 m (montane) four 1-ha plots were established, and above- (live and dead) and belowground (live and dead) biomass were determined. Carbon and nitrogen concentrations in each compartment were determined and used to convert biomass into carbon and nitrogen stocks. The carbon aboveground stock (C(AGB)) varied along the elevation range from approximately 110 to 150 Mg·ha(-1), and nitrogen aboveground stock (N(AGB)), varied from approximately 1.0 to 1.9 Mg·ha(-1). The carbon belowground stock (C(BGB)) and the nitrogen belowground stock (N(BGB)) were significantly higher than the AGB and varied along the elevation range from approximately 200-300 Mg·ha(-1), and from 14 to 20 Mg·ha(-1), respectively. Finally, the total carbon stock (C(TOTAL)) varied from approximately 320 to 460 Mg·ha(-1), and the nitrogen total stock (N(TOTAL)) from approximately 15 to 22 Mg·ha(-1). Most of the carbon and nitrogen stocks were found belowground and not aboveground as normally found in lowland tropical forests. The above- and belowground stocks, and consequently, the total stocks of carbon and nitrogen increased significantly with elevation. As the soil and air temperature also decreased significantly with elevation, we found a significantly inverse relationship between carbon and nitrogen stocks and temperature. Using this inverse relationship, we made a first approach estimate that an increase of 1°C in soil temperature would decrease the carbon and nitrogen stocks in approximately 17 Mg·ha(-1) and 1 Mg·ha(-1) of carbon and nitrogen, respectively.

  8. The influence of stocking rate, range condition and rainfall on ...

    African Journals Online (AJOL)

    1995-10-13

    andra, Panicum maximum and P. coloratum, and Dordrecht by Urochloa mosambicensis, Sporobolus nitens and S. iocladus. Three treatments at each site were stocked with Brahman-cross cattle to initially represent 'light' (0.17 ...

  9. SRKW summer prey - Prey species and stock specific consumption estimates for SRKW in their summer range

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Southern Resident Killer Whales (SRKW) are listed as a Distinct Population Segment under the Endangered Species Act. Data concerning their prey species and stock...

  10. 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

  11. Structural changes and out-of-sample prediction of realized range-based variance in the stock market

    Science.gov (United States)

    Gong, Xu; Lin, Boqiang

    2018-03-01

    This paper aims to examine the effects of structural changes on forecasting the realized range-based variance in the stock market. Considering structural changes in variance in the stock market, we develop the HAR-RRV-SC model on the basis of the HAR-RRV model. Subsequently, the HAR-RRV and HAR-RRV-SC models are used to forecast the realized range-based variance of S&P 500 Index. We find that there are many structural changes in variance in the U.S. stock market, and the period after the financial crisis contains more structural change points than the period before the financial crisis. The out-of-sample results show that the HAR-RRV-SC model significantly outperforms the HAR-BV model when they are employed to forecast the 1-day, 1-week, and 1-month realized range-based variances, which means that structural changes can improve out-of-sample prediction of realized range-based variance. The out-of-sample results remain robust across the alternative rolling fixed-window, the alternative threshold value in ICSS algorithm, and the alternative benchmark models. More importantly, we believe that considering structural changes can help improve the out-of-sample performances of most of other existing HAR-RRV-type models in addition to the models used in this paper.

  12. Egg production and egg quality in free-range laying hens housed at different outdoor stocking densities.

    Science.gov (United States)

    Campbell, D L M; Lee, C; Hinch, G N; Roberts, J R

    2017-09-01

    Free-range laying hen systems are increasing in number within Australia. Variation in outdoor stocking densities has led to development of a national information standard on free-range egg labeling, including setting a maximum density of 10,000 hens per hectare. However, there are few data on the impacts of differing outdoor densities on production and egg quality. ISA Brown hens in small (150 hens) flocks were housed in identical indoor pens, each with access (from 21 weeks) to different sized ranges simulating one of three outdoor stocking densities (2 replicates each: 2,000 hens/hectare (ha), 10,000 hens/ha, 20,000 hens/ha). Hen-day production was tracked from 21 through 35 weeks with eggs visually graded daily for external deformities. All eggs laid on one day were weighed each week. Eggs were collected from each pen at 25, 30, and 36 weeks and analyzed for egg quality. There were no effects of outdoor stocking density on average hen-day percentage production (P = 0.67), egg weight (P = 0.09), percentages of deformed eggs (P = 0.30), shell reflectivity (P = 0.74), shell breaking strength (P = 0.07), shell deformation (P = 0.83), or shell thickness (P = 0.24). Eggs from hens in the highest density had the highest percentage shell weight (P = 0.004) and eggs from the lowest density had the highest yolk color score (P < 0.001). The amount of cuticle present did not differ between densities (P = 0.95) but some aspects of shell colors (P ≤ 0.01) and location of protoporphyrin IX (P = 0.046) varied. Hen age affected the majority of measurements. Stocking density differences may be related to hen diet as previous radio-frequency identification tracking of individual hens in these flocks showed birds used the range for longer in the lowest density and the least in the highest density, including depleting the range of vegetation sooner in the smaller ranges. An additional study assessing the relationship between individual hen range use, nutrition, and egg

  13. Stock Splits and Stock Dividends: Why, Who, and When.

    OpenAIRE

    Lakonishok, Josef; Lev, Baruch

    1987-01-01

    This study investigates empirically why firms split their stock or distribute stock dividends and why the market reacts favorably to these distributions. The findings suggest that stock splits are mainly aimed at restoring stock prices to a "normal range." Some support can also be found for the oft-mentioned signaling motive of stock splits. Stock dividends are altogether different from stock splits and they appear to be a decreasing phenomenon. The clue to stock dividend distributions may li...

  14. Noninvasive Inguinal Approach for Cryptorchidectomy in Thirty-eight Stallions

    Science.gov (United States)

    Arighi, Mimi; Horney, J. Donald; Bosu, William T. K.

    1988-01-01

    We describe the results of the noninvasive inguinal approach in 38 cases of cryptorchidism. Whether the retained testis was intra-abdominal or in the inguinal canal, this technique was found to be an easy, reliable method of locating abdominal and inguinal testes through a normal body opening. No postoperative complications were recorded in this series of cases and the postoperative rest period was minimal. PMID:17423023

  15. Global Energetics of Thirty-Eight Large Solar Eruptive Events

    Science.gov (United States)

    2012-10-17

    expected from a double-power-law electron spectrum (Equation (2) in Section 2.4). The fit param- eters appropriate to both thermal and nonthermal components...2003). However, since most of the beam energy is in the lower energy electrons that stop higher in the corona , we used parameters appropriate for a...Lacking knowledge of the solar wind speed low in the corona for each event, we have simply subtracted 400 km s−1 from the measured CME speed in order to

  16. How will organic carbon stocks in mineral soils evolve under future climate? Global projections using RothC for a range of climate change scenarios

    OpenAIRE

    Gottschalk, P.; Smith, J.U.; Wattenbach, M.; Bellarby, J.; Stehfest, E.; Arnell, N.; Osborn, T. J.; Jones, C.; Smith, P.

    2012-01-01

    We use a soil carbon (C) model (RothC), driven by a range of climate models for a range of climate scenarios to examine the impacts of future climate on global soil organic carbon (SOC) stocks. The results suggest an overall global increase in SOC stocks by 2100 under all scenarios, but with a different extent of increase among the climate model and emissions scenarios. The impacts of projected land use changes are also simulated, but have relatively minor impacts at the global scale. Whether...

  17. Demographics and practices of semi-intensive free-range farming systems in Australia with an outdoor stocking density of ≤1500 hens/hectare.

    Directory of Open Access Journals (Sweden)

    Mini Singh

    Full Text Available Baseline information on demographics and practices on semi-intensive free-range egg farms with an outdoor stocking density of ≤1500 hens/hectare in Australia is presented. Free-range egg production is changing the structure of the egg industry in Australia and a broad variety and tiers of free-range systems have emerged due to lack of concrete legislative standards on outdoor stocking densities in the past. Information was extracted from a pre-existing online free-range poultry survey dataset, consisting of a total of 79 questions related to nutrition, pasture management, welfare and health, animal housing, environmental impact and economics. Forty-one free-range egg farms, with an outdoor stocking density of ≤1500 hens/hectare, were identified in the dataset from all major Australian states. Two types of semi-intensive free-range housing systems were documented: mobile (modified caravan/trailer housing (56%, and fixed sheds (44%. Seventy-two percent of respondents reported >75% of the hens in the flock used the outdoor range. All respondents reported ingestion of range components by hens in the form of vegetation, insects, stones and grit. Up to 10% mortality was reported by 40% respondents with predation (34%, cannibalism (29%, heat stress (24% and grass impaction (19.5% as major causes. Biosecurity on farms was sub-optimal with 8 of the 10 actions implemented by <50% respondents. Customer demand, consumer sentiment and welfare were the major factors for farmers moving into free-range egg production. This study resulted in identification of current practices and key challenges on semi-intensive free-range egg farms. Applied research and communication of results to farmers is highly recommended to ensure optimum health and welfare of free-range laying hens and sustained egg production.

  18. Demographics and practices of semi-intensive free-range farming systems in Australia with an outdoor stocking density of ≤1500 hens/hectare.

    Science.gov (United States)

    Singh, Mini; Ruhnke, Isabelle; de Koning, Carolyn; Drake, Kelly; Skerman, Alan G; Hinch, Geoff N; Glatz, Philip C

    2017-01-01

    Baseline information on demographics and practices on semi-intensive free-range egg farms with an outdoor stocking density of ≤1500 hens/hectare in Australia is presented. Free-range egg production is changing the structure of the egg industry in Australia and a broad variety and tiers of free-range systems have emerged due to lack of concrete legislative standards on outdoor stocking densities in the past. Information was extracted from a pre-existing online free-range poultry survey dataset, consisting of a total of 79 questions related to nutrition, pasture management, welfare and health, animal housing, environmental impact and economics. Forty-one free-range egg farms, with an outdoor stocking density of ≤1500 hens/hectare, were identified in the dataset from all major Australian states. Two types of semi-intensive free-range housing systems were documented: mobile (modified caravan/trailer) housing (56%), and fixed sheds (44%). Seventy-two percent of respondents reported >75% of the hens in the flock used the outdoor range. All respondents reported ingestion of range components by hens in the form of vegetation, insects, stones and grit. Up to 10% mortality was reported by 40% respondents with predation (34%), cannibalism (29%), heat stress (24%) and grass impaction (19.5%) as major causes. Biosecurity on farms was sub-optimal with 8 of the 10 actions implemented by intensive free-range egg farms. Applied research and communication of results to farmers is highly recommended to ensure optimum health and welfare of free-range laying hens and sustained egg production.

  19. How will organic carbon stocks in mineral soils evolve under future climate? Global projections using RothC for a range of climate change scenarios

    Directory of Open Access Journals (Sweden)

    P. Gottschalk

    2012-08-01

    Full Text Available We use a soil carbon (C model (RothC, driven by a range of climate models for a range of climate scenarios to examine the impacts of future climate on global soil organic carbon (SOC stocks. The results suggest an overall global increase in SOC stocks by 2100 under all scenarios, but with a different extent of increase among the climate model and emissions scenarios. The impacts of projected land use changes are also simulated, but have relatively minor impacts at the global scale. Whether soils gain or lose SOC depends upon the balance between C inputs and decomposition. Changes in net primary production (NPP change C inputs to the soil, whilst decomposition usually increases under warmer temperatures, but can also be slowed by decreased soil moisture. Underlying the global trend of increasing SOC under future climate is a complex pattern of regional SOC change. SOC losses are projected to occur in northern latitudes where higher SOC decomposition rates due to higher temperatures are not balanced by increased NPP, whereas in tropical regions, NPP increases override losses due to higher SOC decomposition. The spatial heterogeneity in the response of SOC to changing climate shows how delicately balanced the competing gain and loss processes are, with subtle changes in temperature, moisture, soil type and land use, interacting to determine whether SOC increases or decreases in the future. Our results suggest that we should stop looking for a single answer regarding whether SOC stocks will increase or decrease under future climate, since there is no single answer. Instead, we should focus on improving our prediction of the factors that determine the size and direction of change, and the land management practices that can be implemented to protect and enhance SOC stocks.

  20. 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....

  1. Stock Exchange

    Science.gov (United States)

    Silverman, Jerry Stuart

    1974-01-01

    Using play money, students buy and sell six types of stock certificates at prices determined periodically by tossing three dice; all students participate as investors, brokers, or banker. In addition to gaining practice on computational skills in a motivational game, students study the real stock market concurrently. (SD)

  2. Resolving model parameter values from carbon and nitrogen stock measurements in a wide range of tropical mature forests using nonlinear inversion and regression trees

    Science.gov (United States)

    Shuguang Liua; Pamela Anderson; Guoyi Zhoud; Boone Kauffman; Flint Hughes; David Schimel; Vicente Watson; Joseph. Tosi

    2008-01-01

    Objectively assessing the performance of a model and deriving model parameter values from observations are critical and challenging in landscape to regional modeling. In this paper, we applied a nonlinear inversion technique to calibrate the ecosystem model CENTURY against carbon (C) and nitrogen (N) stock measurements collected from 39 mature tropical forest sites in...

  3. Salmon stocks

    National Research Council Canada - National Science Library

    Walters, C; Korman, J

    1999-01-01

    The PFRCC, in this first report, intends to provide a broad species-by-species overview of stock status and trends for BC as a whole, as well as an overview of the relevant fisheries management issues...

  4. Influence of stocking rate, range condition and rainfall on seasonal beef production patterns in the semi-arid savanna of KwaZulu-Natal

    CSIR Research Space (South Africa)

    Hatch, GP

    1997-06-01

    Full Text Available of the Swartland form with Clovelly, Hutton, Mispah, Glenrosa and Bonheim forms, occurred at the sites (Soil Classification Working Group, 1991). Three treatments at each site were stocked at the start of each season (October) with 250 kg Brahman-cross cattle... rate. Derivation of the relation from the results of grazing trials. J. Agric. Sci. 83. 335-342. MCDONALD, I.A.W. 1982. The influence of short-term climatic fluctuations on the distribution of savanna organisms in southern Africa. M.Sc. thesis...

  5. Thirty-eight years of training distribution in olympic speed skaters.

    NARCIS (Netherlands)

    Orie, J.N.M.; Hofman, N.; de Koning, J.J.; Foster Jr., C.C.

    2014-01-01

    During the last decade discussion about training-intensity distribution has been an important issue in sports science. Training-intensity distribution has not been adequately investigated in speed skating, a unique activity requiring both high power and high endurance. Purpose: To quantify the

  6. 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.

  7. Investor sentiment and return comovements : Evidence from stock splits and headquarters changes

    NARCIS (Netherlands)

    Kumar, A.; Page, J.; Spalt, O.G.

    2013-01-01

    We examine whether the trading activities of retail and institutional investors cause comovements in stock returns. Around stock splits, retail trading correlations (RTCs) decrease with stocks in the presplit price range and increase with stocks in the post-split price range. These shifts in RTCs

  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. 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. 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.

  11. What Is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    . 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.......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...

  12. Taking stock: provider prescribing practices in the presence and absence of ACT stock

    Directory of Open Access Journals (Sweden)

    Jones Caroline

    2011-08-01

    Full Text Available Abstract Background Globally, the monitoring of prompt and effective treatment for malaria with artemisinin combination therapy (ACT is conducted largely through household surveys. This measure; however, provides no information on case management processes at the health facility level. The aim of this review was to assess evidence from health facility surveys on malaria prescribing practices using ACT, in the presence and absence of ACT stock, at time and place where treatment was sought. Methods A systematic search of published literature was conducted. Findings were collated and data extracted on proportion of patients prescribed ACT and alternative anti-malarials in the presence and absence of ACT stock. Results Of the 14 studies identified in which ACT prescription for uncomplicated malaria in the public sector was evaluated, just six, from three countries (Kenya, Uganda and Zambia, reported this in the context of ACT stock. Comparing facilities with ACT stock to facilities without stock (i ACT prescribing was significantly higher in all six studies, increasing by a range of 21.3% in children Conclusions Prescriber practices vary based on ACT availability. Although ACT prescriptions increased and alternative anti-malarials prescriptions decreased in the presence of ACT stock, ACT was prescribed in the absence, and alternative anti-malarials were prescribed in the presence of, ACT. Presence of stock alone does not ensure that treatment guidelines are followed. More health facility surveys, together with qualitative research, are needed to understand the role of ACT stock-outs on provider prescribing behaviours and preferences.

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

    Science.gov (United States)

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

    2018-01-01

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

  14. 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...

  15. A detrended cross correlation analysis for stock markets of the United States, Japan, and the Europe

    Science.gov (United States)

    Ikeda, Taro

    2017-10-01

    This paper investigates the long range cross covariances among the stock price returns for the United States, Japan, and the Europe. Empirical results suggest that the stock price returns of these regions have cross covariances of slow moving fluctuations.

  16. 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.

  17. 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.

  18. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    . 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.......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...

  19. Unraveling biocomplexity of Northeast Atlantic herring stocks using SNP markers

    DEFF Research Database (Denmark)

    Bekkevold, Dorte; Limborg, Morten; Helyar, Sarah

    2012-01-01

    Atlantic herring (Clupea harengus) exhibit biocomplexity, with widespread, geographically explicit populations that perform long‐range migration to common feeding and wintering areas, where they are exploited by fisheries. This means that exploited stocks do not describe discrete units, thereby...... and spatial dynamics applicable to stock assessment methods, as well as presenting a traceability tool for certification of herring and herring products...

  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. 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.

  2. On the exact calculation of the mean stock level in the base stock periodic review policy

    Directory of Open Access Journals (Sweden)

    Eugenia Babiloni

    2011-07-01

    Full Text Available Purpose: One of the most usual indicators to measure the performance of any inventory policy is the mean stock level. In the generalized base stock, periodic review policy, the expected mean stock during the replenishment cycle is usually estimated by practitioners and researchers with the traditional Hadley-Whitin approximation. However it is not accurate enough and exact methods suggested on the related literature focus on specific demand distributions. This paper proposes a generalized method to compute the exact value of the expected mean stock to be used when demand is modelled by any uncorrelated, discrete and stationary demand pattern.Design/methodology/approach: The suggested method is based on computing the probability of every stock level at every point of the replenishment cycle for which it is required to know the probability of any stock level at the beginning of the cycle and the probability transition matrix between two consecutive periods of time. Furthermore, the traditional Hadley-Whitin approximation is compared with the proposed exact method over different discrete demand distributionsFindings: This paper points out the lack of accuracy that the Hadley-Whitin approximation shows over a wide range of service levels and discrete demand distributions. Research limitations/implications: The suggested method requires the availability of appropriate tools as well as a sound mathematical background. For this reason, approximations to it are the logical further research of this work. Practical implications: The use of the Hadley-Whitin approximation instead of an exact method can lead to underestimate systematically the expected mean stock level. This fact may increase total costs of the inventory system.Originality/value: The original derivation of an exact method to compute the expected mean stock level for the base stock, periodic review policy when demand is modelled by any discrete function and backlog is not allowed.

  3. 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.

  4. The Effects of Stock Dividend on Stock Return in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ebrahim Abbasi

    2014-06-01

    Full Text Available This study is aimed at identifying the relationship between stock dividend issue and return rate of share of 100 firms from Tehran Stock Exchange during years 2007-2011 tending to issue stock dividend. Pearson correlation test was used to examine the relationship between stock dividend issues and return rate of share and results showed that there is no significant relationship between share return rate and the amount of stock dividend and also between stock dividend issue percentage and return rate of share.

  5. 12 CFR 575.7 - Issuances of stock by savings association subsidiaries of mutual holding companies.

    Science.gov (United States)

    2010-01-01

    ... association, in which case the foregoing restriction shall not apply. Any amount of preferred stock may be... stock issued pursuant to this section that the price, price range or any other pricing information... stock issuance pursuant to this section, no person shall transfer, or enter into any agreement or...

  6. A Decision Support System For Assisting With Stocking Rate Decisions During And Following Drought

    Science.gov (United States)

    Ranchers and range managers in the West are at the mercy of climatic conditions that determine the amount of annual forge available on rangeland. Typically, stocking or de-stocking decisions need to be made before the final forage production level is known. Erroneous stocking rate decisions can have...

  7. 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...

  8. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

    of the Repertory Grid technique and Wardrobe Studies to frame a tangible dialogue enabling the parents to elaborate on personal preferences of design aesthetics and materials in baby clothing. In the analysis we use the body stocking as a common reference point for learning about reasons for high use frequency...

  9. Stock Market Savvy.

    Science.gov (United States)

    Okula, Susan

    2003-01-01

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

  10. fertilizer and stocking rates

    African Journals Online (AJOL)

    and in this case the best economic response was achieved at a lower stocking rate than needed for ... The trial was conducted at two sites, the Bathurst Research Station (33°30'S; 26°50'E) (1986-1994) and ... Rainfall and evaporation at the Bathurst Research Station and rainfall at the Boslaagte homestead were measured ...

  11. The Stock Market and Investment

    OpenAIRE

    Barro, Robert J.

    1989-01-01

    Changes in stock prices have substantial explanatory power for U.S. investment, especially for long-term samples, and even in the presence of cash flow variables. The stock market dramatically out-performs a standard q-variable because the market-equity component of this variable is only a rough proxy for stock market value. Although the stock market did not predict accurately after the crash of October 1987, the errors were not statistically significant. Parallel relationships for Canada rai...

  12. 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.

  13. Stock Liquidity and Investment Efficiency

    OpenAIRE

    HEIDI HOOI KHUAN QUAH

    2017-01-01

    This PhD study investigates the implications of stock liquidity on firm investments efficiency. The study finds that high stock liquidity has a positive impact on investment efficiency and shows that the beneficial effect of stock liquidity on investment efficiency is stronger among firms with higher information asymmetry and higher monitoring institutional investors. These findings suggest that high stock liquidity plays important informational and governance roles in mitigating information ...

  14. An Application of GARCH while investigating volatility in stock returns of the World.

    OpenAIRE

    Subhani, Muhammad Imtiaz; Hasan, Syed Akif; Osman, Ms. Amber

    2012-01-01

    A healthy stock market is a sign of sound and healthy economy. Stock market is a volatile market affected, at times directly and most often indirectly, by many micro and macroeconomic players. Of these players interest rates and exchange rates are among the ones undertaken in this study. The rationale behind this study is to ascertain the volatility in stock returns of various stock exchanges in relevance to interest rates and exchange rates over a range of 8 countries for assorted periods. G...

  15. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

    accommodates stock market in Ethiopia is a timely issue to catch up with the global trend, given the ... designed to trade stocks except for the fragmented and unregulated stock trading in a dealer market. ..... Monetary Policy Instruments in Ethiopia (Economic Research Department, National. Bank of Ethiopia) pp. 1-18. 39.

  16. 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.

  17. Rainy Day Stocks

    DEFF Research Database (Denmark)

    Gormsen, Niels Joachim; Greenwood, Robin

    We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times—value, profitability, small size, safety, and total volatility—also perform well during good times. Stocks with characteristics signi...... generated during good times. We also show how an investor can build a “rainy day” portfolio that minimizes underperformance during bad times...

  18. Contingent Claim-Based Expected Stock Returns

    OpenAIRE

    Nicholas Zhiyao Chen; Strebulaev, Ilya A.

    2013-01-01

    We develop and test a parsimonious contingent claims model for cross-sectional returns of stock portfolios formed on market leverage, book-to-market equity, asset growth rate, and equity size. Since stocks are residual claims on firms' assets that generate operating cash flows, stock returns are cash flow rates scaled by the sensitivities of stocks to cash flows. Our model performs well because the stock-cash flow sensitivities contain economic information. Value stocks, high-leverage stocks ...

  19. Evolutionary model of stock markets

    Science.gov (United States)

    Kaldasch, Joachim

    2014-12-01

    The paper presents an evolutionary economic model for the price evolution of stocks. Treating a stock market as a self-organized system governed by a fast purchase process and slow variations of demand and supply the model suggests that the short term price distribution has the form a logistic (Laplace) distribution. The long term return can be described by Laplace-Gaussian mixture distributions. The long term mean price evolution is governed by a Walrus equation, which can be transformed into a replicator equation. This allows quantifying the evolutionary price competition between stocks. The theory suggests that stock prices scaled by the price over all stocks can be used to investigate long-term trends in a Fisher-Pry plot. The price competition that follows from the model is illustrated by examining the empirical long-term price trends of two stocks.

  20. Investment Plans and Stock Returns

    OpenAIRE

    Owen Lamont

    1999-01-01

    Capital expenditure plans at the beginning of the year, from a US government survey of firms, explain more than three quarters of the variation in real annual aggregate investment growth between 1948 and 1993. The negative correlation of contemporaneous investment and stock returns is explained by the negative correlation of planned investment and subsequent stock returns. Unexpected revisions to aggregate investment (actual minus plan) within a year are essentially unrelated to current stock...

  1. What Drives Stock Exchange Integration?

    National Research Council Canada - National Science Library

    Ekaterina Dorodnykh

    2013-01-01

    .... After a broad discussion of the existent literature, the investigation combines a large number of potentially relevant determinants for the explanation of whether stock exchanges are participating...

  2. 12 CFR 925.23 - Excess stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Excess stock. 925.23 Section 925.23 Banks and... BANKS Stock Requirements § 925.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of this section, a member may purchase excess stock as long as the purchase is approved by the...

  3. 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...

  4. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

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

  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. Daily happiness and stock returns: Some international evidence

    Science.gov (United States)

    Zhang, Wei; Li, Xiao; Shen, Dehua; Teglio, Andrea

    2016-10-01

    In this paper, we examine the relations between the daily happiness sentiment extracted from Twitter and the stock market performance in 11 international stock markets. By partitioning this happiness sentiment into quintiles from the least to the happiest days, we first show that the contemporary correlation coefficients between happiness sentiment and index return in the 4 and most-happiness subgroups are higher than that in least, 2 and 3-happiness subgroups. Secondly, the happiness sentiment can provide additional explanatory power for index return in the most-happiness subgroup. Thirdly, the daily happiness can granger-cause the changes in index return for the majority of stock markets. Fourthly, we find that the index return and the range-based volatility of the most-happiness subgroup are larger than those of other subgroups. These results highlight the important role of social media in stock market.

  7. Causality between regional stock markets: A frequency domain approach

    Directory of Open Access Journals (Sweden)

    Gradojević Nikola

    2013-01-01

    Full Text Available Using a data set from five regional stock exchanges (Serbia, Croatia, Slovenia, Hungary and Germany, this paper presents a frequency domain analysis of a causal relationship between the returns on the CROBEX, SBITOP, CETOP and DAX indices, and the return on the major Serbian stock exchange index, BELEX 15. We find evidence of a somewhat dominant effect of the CROBEX and CETOP stock indices on the BELEX 15 stock index across a range of frequencies. The results also indicate that the BELEX 15 index and the SBITOP index interact in a bi-directional causal fashion. Finally, the DAX index movements consistently drive the BELEX 15 index returns for cycle lengths between 3 and 11 days without any feedback effect.

  8. Stock Market Liquidity: A Case Study of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hakim Ali Kanasro

    2009-06-01

    Full Text Available A market is to be considered as liquid when large transactions are executed with a small impact on price. This paper identifies the position of stock market liquidity at Karachi Stock Exchange (KSE during the period from 1985 to 2006. The analysis is based on using annual data of the listed firms at KSE and the data available on economic survey of the Government of Pakistan and other sources. For measurements of liquidity at KSE we have used three measuring tools as; Liquidity Analysis, Turnover Ratio and Size of Market to determine the liquidity issues at KSE. We provide the evidences of less stock market liquidity or to say illiquidity at Karachi Stock Exchange during the sample period. Consequently, market is still for behind in its efficiency, especially in liquidity hence it fails to attract new investors. We find that less liquidity causes less synchronicity in prices attracting less inventors and results is low size of market.

  9. Molecular profiles of Trypanosoma brucei, T. evansi and T. equiperdum stocks revealed by the random amplified polymorphic DNA method.

    Science.gov (United States)

    Lun, Zhao-Rong; Li, An-Xing; Chen, Xiao-Guang; Lu, Li-Xin; Zhu, Xing-Quan

    2004-03-01

    A total of 20 random primers (10-mers) were used to amplify RAPD markers from the genomic DNA of four Trypanosoma brucei stocks from East and West Africa, four T. evansi stocks from Africa, Asia and South America and one T. equiperdum stock from Asia. Between 65 and 88 reproducible fragments ranging from 0.25 to 2.15 kb were generated from these stocks depending on the stock/primer combination. The similarity coefficient (SC) among the stocks of T. brucei from Kenya, Nigeria, Tanzania and Zambia ranged from 62.9% to 74.0% (average: 67.6%). The SC among the stocks of T. evansi from Kenya, China and Brazil was 76.4%-95.5% (average: 86.4%), while the SC between T. evansi stock from China and Brazil was 95.5%. For T. evansi and T. equiperdum, the SC among the stocks ranged from 81.2% to 94.4% (average: 87.6%). As for the SC among the stocks of T. brucei and T. evansi, it was found to be from 54.7% to 80.3% (average: 68.0%) and the SC among stocks of T. brucei and T. equiperdum was from 59.4% to 76.9% (average: 68.1%). Our results indicate that the stocks of T. evansi from China and from Brazil are more closely related to the stock of T. equiperdum from China than to the stocks of T. evansi isolated from Kenya and to the stocks of T. brucei. In addition, our results further support the hypothesis that T. evansi stocks from China and Brazil could have arisen from a single lineage. The possible evolution of T. evansi and T. equiperdum is also discussed.

  10. Changes In Stock Returns And Trading Volume Of American Depositary Receipts Around Their U.S. Stock Exchange Listing Switches

    National Research Council Canada - National Science Library

    Kam C Chan; Annie Wong

    2012-01-01

    .... stock exchange to a more prestigious U.S. stock exchange; namely from the NASDAQ or American Stock Exchange to the New York Stock Exchange or from the American Stock Exchange to the NASDAQ since year 2000...

  11. Stocks low, marketers confident

    Energy Technology Data Exchange (ETDEWEB)

    Mantho, M. [ed.

    1997-01-01

    This has been a nerve wracking season as we looked at inadequate inventory spurring prices ever upward. We have watched the American Petroleum Association`s figures on refiner stocks with considerable dismay as they consistantly fell behind year ago inventory. The anxiety extended to how much oil was in marketers` bulkplants and finally in customer tanks. And so, we asked our reporting panel to help us get a fix on how much oil was available for our customers. We asked the questions in early November and so all our figures are for that month. First we asked the capacity of their bulk tanks. And then how many gallons they had on hand November 1, 1996 and the same date of 1995. From these figures, we were able to get estimates of oil inventories. Marketers bulk tanks were 47.5% filled on November 1 which meant that there was on hand at this level, 36 gallons of heating oil for each customer. At that point in the season, customer tanks were 58% filled which translated into 218 gallons.

  12. Disagreement and the Stock Market

    National Research Council Canada - National Science Library

    Hong, Harrison; Stein, Jeremy C

    2007-01-01

    ...); we also see longer-run fundamental reversion—the tendency for "glamour" stocks with high ratios of market value to earnings, cashflows, or book value to deliver weak returns over the subsequent several years...

  13. 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…

  14. 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... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§ 725.3...

  15. Contagion and REIT Stock Prices

    OpenAIRE

    Chinmoy Ghosh; Randall S. Guttery; C. F. Sirmans

    1998-01-01

    This article investigates the contagious movement of real estate investment trust (REIT) stock prices in response to real estate news related to financial institutions' real estate portfolios. The basic hypothesis is that because real estate assets are traded infrequently, the market has incomplete information about their true value; thus, REIT stock prices react negatively to announcements of poorly performing real estate portfolios of financial institutions. Consistent with the hypothesis, ...

  16. Testing for regime-switching CAPM on Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-12-01

    Full Text Available The standard Capital Asset Pricing Model assumes that a linear relationship exists between the risk (beta and the expected excess return of a stock. However, empirical findings have shown over the years that this relationship varies over time. Stock markets undergo phases of greater and smaller volatility in which beta varies accordingly (undergoes different regimes. Given that the Croatian capital market is still insufficiently investigated, the aim of this paper is to explore the possibility of a non-linear relationship between the stock risk and return. Linear and Markov-switching models (Hamilton 1989 are examined on the Zagreb Stock Exchange based on monthly data on 21 stocks, ranging from January 2005 to December 2013. In that way, investors can use the results based on the best model when making decisions about buying stocks. Since this is one of the first papers on regime-switching on the Croatian capital market, it will hopefully contribute to the existing literature on investing.

  17. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

    Many methods exist to assess the fishing status of data-limited stocks; however, little is known about the accuracy or the uncertainty of such assessments. Here we evaluate a new size-based data-limited stock assessment method by applying it to well-assessed, data-rich fish stocks treated as data......-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...... assessments remarkably well and the official assessments fell well within the uncertainty bounds. The estimation of spawning stock biomass followed the same trends as the official assessment, but not the same levels. We conclude that the data-limited assessment method can be used for stock assessment...

  18. Gold versus stock investment: An econometric analysis

    OpenAIRE

    Martin Surya Mulyadi; Yunita Anwar

    2012-01-01

    It is important to have a portfolio in investment to diversify the investment to different kinds of instruments. Based on previous research, it is concluded that gold is a good portfolio diversifier, a hedge against stock and safe haven in extreme stock market condition. As an investment instrument, stock is exposed to macroeconomic risks and global stock market risks. In this research, we conduct a comparison between the stock investment and gold investment by using the probit econometric mo...

  19. Stock Identification of Columbia River Chinook Salmon and Steelhead Trout, 1986 Final Report.

    Energy Technology Data Exchange (ETDEWEB)

    Schreck, Carl B.; Li, Hiran W.; Hjort, Randy C.

    1986-08-01

    For the first time genetic similarities among chinook salmon and among steelhead trout stocks of the Columbia River were determined using a holistic approach including analysis of life history, biochemical, body shape and meristic characters. We examined between year differences for each of the stock characteristics and we also correlated the habitat characteristics with the wild stock characteristics. The most important principle for managing stocks of Columbia River chinook salmon and steelhead trout is that geographically proximal stocks tend to be like each other. Run timing and similarity of the stream systems should be taken into account when managing stocks. There are similarities in the classifications derived for chinook salmon and steelhead trout. Steelhead trout or chinook salmon tend to be genetically similar to other steelhead or chinook stocks, respectively, that originate from natal streams that are geographically close, regardless of time of freshwater entry. The primary exception Lo this trend is between stocks of spring and fall chinook in the upper Columbia River where fish with the different run timings are dissimilar, though geographically proximate stocks within a run form are generally very similar. Spring chinook stocks have stronger affinities to other spring chinook stocks that originate in the same side of the Cascade Range than to these Spring chinook stock: spawned on the other side of the Cascade Range. Spring chinook from west of the Cascades are more closely related to fall chinook than they are to spring chinook from east of the Cascades. Summer chinook can be divided into two main groups: (1) populations in the upper Columbia River that smolt as subyearlings and fall chinook stocks; and (2) summer chinook stocks from the Salmon River, Idaho, which smolt as yearlings and are similar to spring chinook stocks from Idaho. Fall chinook appear to comprise one large diverse group that is not easily subdivided into smaller subgroups. In

  20. Regional-Scale Declines in Productivity of Pink and Chum Salmon Stocks in Western North America

    Science.gov (United States)

    Malick, Michael J.; Cox, Sean P.

    2016-01-01

    Sockeye salmon (Oncorhynchus nerka) stocks throughout the southern part of their North American range have experienced declines in productivity over the past two decades. In this study, we tested the hypothesis that pink (O. gorbuscha) and chum (O. keta) salmon stocks have also experienced recent declines in productivity by investigating temporal and spatial trends in productivity of 99 wild North American pink and chum salmon stocks. We used a combination of population dynamics and time series models to quantify individual stock trends as well as common temporal trends in pink and chum salmon productivity across local, regional, and continental spatial scales. Our results indicated widespread declines in productivity of wild chum salmon stocks throughout Washington (WA) and British Columbia (BC) with 81% of stocks showing recent declines in productivity, although the exact form of the trends varied among regions. For pink salmon, the majority of stocks in WA and BC (65%) did not have strong temporal trends in productivity; however, all stocks that did have trends in productivity showed declining productivity since at least brood year 1996. We found weaker evidence of widespread declines in productivity for Alaska pink and chum salmon, with some regions and stocks showing declines in productivity (e.g., Kodiak chum salmon stocks) and others showing increases (e.g., Alaska Peninsula pink salmon stocks). We also found strong positive covariation between stock productivity series at the regional spatial scale for both pink and chum salmon, along with evidence that this regional-scale positive covariation has become stronger since the early 1990s in WA and BC. In general, our results suggest that common processes operating at the regional or multi-regional spatial scales drive productivity of pink and chum salmon stocks in western North America and that the effects of these process on productivity may change over time. PMID:26760510

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

    Science.gov (United States)

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

    2014-07-01

    To assess the relationship between health system factors and facility-level EHP stock-outs in Mozambique. Service provisions were assessed in 26 health facilities and 13 district warehouses in Sofala Province, Mozambique, from July to August in 2011-2013. Generalised estimating equations were used to model factors associated with facility-level availability of essential drugs, supplies and equipment. Stock-out rates for drugs ranged from 1.3% for oral rehydration solution to 20.5% for Depo-Provera and condoms, with a mean stock-out rate of 9.1%; mean stock-out rates were 15.4% for supplies and 4.1% for equipment. Stock-outs at the district level accounted for 27.1% (29/107) of facility-level drug stock-outs and 44.0% (37/84) of supply stock-outs. Each 10-km increase in the distance from district distribution warehouses was associated with a 31% (CI: 22-42%), 28% (CI: 17-40%) or 27% (CI: 7-50%) increase in rates of drug, supply or equipment stock-outs, respectively. The number of heath facility staff was consistently negatively associated with the occurrence of stock-outs. Facility-level stock-outs of EHPs in Mozambique are common and appear to disproportionately affect those living far from district capitals and near facilities with few health staff. The majority of facility-level EHP stock-outs in Mozambique occur when stock exists at the district distribution centre. Innovative methods are urgently needed to improve EHP supply chains, requesting and ordering of drugs, facility and district communication, and forecasting of future EHP needs in Mozambique. Increased investments in public-sector human resources for health could potentially decrease the occurrence of EHP stock-outs. © 2014 John Wiley & Sons Ltd.

  2. Zooplankton standing stock and composition in coastal waters of Goa, west coast of India

    Digital Repository Service at National Institute of Oceanography (India)

    Goswami, S.C.

    Temporal and spatial variability in standing stock and zooplankton composition at 5 stations along the Goa Coast, India during 1975-76 were studied. Standing stock values ranged from 22.81 to 53.65 mg C.m/3. Zooplankton community was diverse...

  3. High-resolution forest carbon stocks and emissions in the Amazon

    Science.gov (United States)

    G. P. Asner; George V. N. Powell; Joseph Mascaro; David E. Knapp; John K. Clark; James Jacobson; Ty Kennedy-Bowdoin; Aravindh Balaji; Guayana Paez-Acosta; Eloy Victoria; Laura Secada; Michael Valqui; R. Flint. Hughes

    2010-01-01

    Efforts to mitigate climate change through the Reduced Emissions from Deforestation and Degradation (REDD) depend on mapping and monitoring of tropical forest carbon stocks and emissions over large geographic areas. With a new integrated use of satellite imaging, airborne light detection and ranging, and field plots, we mapped aboveground carbon stocks and emissions at...

  4. The Predictability of Aggregate Stock Market Returns: Evidence Based on Glamour Stocks

    OpenAIRE

    Venkat R. Eleswarapu

    2004-01-01

    We find that annual excess returns on the stock market index are negatively related to the returns of glamour stocks in the previous 36-month period. In contrast, neither returns of value stocks nor aggregate stock market returns, purged of glamour stock effects, have any predictive power. In addition, the excess returns on the aggregate market are negatively skewed when the prior returns of glamour stocks are high. Finally, the inclusion of term premium, default premium, aggregate dividend y...

  5. Accounting for Biomass Carbon Stock Change Due to Wildfire in Temperate Forest Landscapes in Australia

    Science.gov (United States)

    Keith, Heather; Lindenmayer, David B.; Mackey, Brendan G.; Blair, David; Carter, Lauren; McBurney, Lachlan; Okada, Sachiko; Konishi-Nagano, Tomoko

    2014-01-01

    Carbon stock change due to forest management and disturbance must be accounted for in UNFCCC national inventory reports and for signatories to the Kyoto Protocol. Impacts of disturbance on greenhouse gas (GHG) inventories are important for many countries with large forest estates prone to wildfires. Our objective was to measure changes in carbon stocks due to short-term combustion and to simulate longer-term carbon stock dynamics resulting from redistribution among biomass components following wildfire. We studied the impacts of a wildfire in 2009 that burnt temperate forest of tall, wet eucalypts in south-eastern Australia. Biomass combusted ranged from 40 to 58 tC ha−1, which represented 6–7% and 9–14% in low- and high-severity fire, respectively, of the pre-fire total biomass carbon stock. Pre-fire total stock ranged from 400 to 1040 tC ha−1 depending on forest age and disturbance history. An estimated 3.9 TgC was emitted from the 2009 fire within the forest region, representing 8.5% of total biomass carbon stock across the landscape. Carbon losses from combustion were large over hours to days during the wildfire, but from an ecosystem dynamics perspective, the proportion of total carbon stock combusted was relatively small. Furthermore, more than half the stock losses from combustion were derived from biomass components with short lifetimes. Most biomass remained on-site, although redistributed from living to dead components. Decomposition of these components and new regeneration constituted the greatest changes in carbon stocks over ensuing decades. A critical issue for carbon accounting policy arises because the timeframes of ecological processes of carbon stock change are longer than the periods for reporting GHG inventories for national emissions reductions targets. Carbon accounts should be comprehensive of all stock changes, but reporting against targets should be based on human-induced changes in carbon stocks to incentivise mitigation activities

  6. Accounting for biomass carbon stock change due to wildfire in temperate forest landscapes in Australia.

    Directory of Open Access Journals (Sweden)

    Heather Keith

    Full Text Available Carbon stock change due to forest management and disturbance must be accounted for in UNFCCC national inventory reports and for signatories to the Kyoto Protocol. Impacts of disturbance on greenhouse gas (GHG inventories are important for many countries with large forest estates prone to wildfires. Our objective was to measure changes in carbon stocks due to short-term combustion and to simulate longer-term carbon stock dynamics resulting from redistribution among biomass components following wildfire. We studied the impacts of a wildfire in 2009 that burnt temperate forest of tall, wet eucalypts in south-eastern Australia. Biomass combusted ranged from 40 to 58 tC ha(-1, which represented 6-7% and 9-14% in low- and high-severity fire, respectively, of the pre-fire total biomass carbon stock. Pre-fire total stock ranged from 400 to 1040 tC ha(-1 depending on forest age and disturbance history. An estimated 3.9 TgC was emitted from the 2009 fire within the forest region, representing 8.5% of total biomass carbon stock across the landscape. Carbon losses from combustion were large over hours to days during the wildfire, but from an ecosystem dynamics perspective, the proportion of total carbon stock combusted was relatively small. Furthermore, more than half the stock losses from combustion were derived from biomass components with short lifetimes. Most biomass remained on-site, although redistributed from living to dead components. Decomposition of these components and new regeneration constituted the greatest changes in carbon stocks over ensuing decades. A critical issue for carbon accounting policy arises because the timeframes of ecological processes of carbon stock change are longer than the periods for reporting GHG inventories for national emissions reductions targets. Carbon accounts should be comprehensive of all stock changes, but reporting against targets should be based on human-induced changes in carbon stocks to incentivise

  7. 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.

  8. Multiscale Detrended Cross-Correlation Analysis of STOCK Markets

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2014-06-01

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

  9. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    investment expenditures: one eliminates the capital stock by direct substitution, while the other employs generalized differences of detrended data and the Malmquist index. In short samples, these measures can exhibit consistently lower root mean squared errors than the Solow–Törnqvist counterpart. Capital......We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on current...

  10. Evaluating and optimizing stock enhancement of natural flatfish stock

    NARCIS (Netherlands)

    Sparrevohn, C.R.

    2008-01-01

    The overall objective of this thesis is to evaluate and optimize a stock enhancement program of natural population of flatfish in which artificially reared fish are released in coastal areas using turbot (Psetta maxima) as model. Biological and ecological criteria are developed to evaluate the

  11. Effects of stand and inter-specific stocking on maximizing standing tree carbon stocks in the eastern United States

    Science.gov (United States)

    Christopher W. Woodall; Anthony W. D' Amato; John B. Bradford; Andrew O. Finley

    2011-01-01

    There is expanding interest in management strategies that maximize forest carbon (C) storage to mitigate increased atmospheric carbon dioxide. The tremendous tree species diversity and range of stand stocking found across the eastern United States presents a challenge for determining optimal combinations for the maximization of standing tree C storage. Using a...

  12. Biological behavior of Trypanosoma cruzi stocks obtained from the State of Amazonas, Western Brazilian Amazon, in mice.

    Science.gov (United States)

    Monteiro, Wuelton Marcelo; Magalhães, Laylah Kelre Costa; Oliveira, Josué Costa; Guerra, Jorge Augusto de Oliveira; Silveira, Henrique; Ferreira, Luiz Carlos de Lima; Toledo, Max Jean de Ornelas; Barbosa, Maria das Graças Vale

    2012-01-01

    The biological diversity of circulating Trypanosoma cruzi stocks in the Amazon region most likely plays an important role in the peculiar clinic-epidemiological features of Chagas disease in this area. Seven stocks of T. cruzi were recently isolated in the State of Amazonas, Brazil, from humans, wild mammals, and triatomines. They belonged to the TcI and Z3 genotypes and were biologically characterized in Swiss mice. Parasitological and histopathological parameters were determined. Four stocks did not promote patent parasitemia in mice. Three stocks produced low parasitemia, long pre-patent periods, and a patent period of 1 day or oscillating parasitemia. Maximum parasitemia ranged from 1,400 to 2,800 trypomastigotes/0.1 mL blood. Mice inoculated with the T. cruzi stocks studied showed low positivity during fresh blood examinations, ranging from 0% to 28.6%. In hemoculture, positivity ranged from 0% to 100%. Heart tissue parasitism was observed in mice inoculated with stocks AM49 and AM61. Stock AM49 triggered a moderate inflammatory process in heart tissue. A mild inflammatory process was observed in heart tissue for stocks AM28, AM38, AM61, and AM69. An inflammatory process was frequently observed in skeletal muscle. Examinations of brain tissue revealed inflammatory foci and gliosis in mice inoculated with stock AM49. Biological and histopathological characterization allowed us to demonstrate the low infectivity and virulence of T. cruzi stocks isolated from the State of Amazonas.

  13. Quantifying the semantics of search behavior before stock market moves.

    Science.gov (United States)

    Curme, Chester; Preis, Tobias; Stanley, H Eugene; Moat, Helen Susannah

    2014-08-12

    Technology is becoming deeply interwoven into the fabric of society. The Internet has become a central source of information for many people when making day-to-day decisions. Here, we present a method to mine the vast data Internet users create when searching for information online, to identify topics of interest before stock market moves. In an analysis of historic data from 2004 until 2012, we draw on records from the search engine Google and online encyclopedia Wikipedia as well as judgments from the service Amazon Mechanical Turk. We find evidence of links between Internet searches relating to politics or business and subsequent stock market moves. In particular, we find that an increase in search volume for these topics tends to precede stock market falls. We suggest that extensions of these analyses could offer insight into large-scale information flow before a range of real-world events.

  14. 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.

  15. Stock Return Synchronicity and Analysts’ Forecast Properties

    Directory of Open Access Journals (Sweden)

    Joong-Seok Cho

    2016-12-01

    Full Text Available Using stock return synchronicity as a measure of a firm’s information environment, our research investigates how the firms’ stock return synchronicity affects analysts’ forecast properties for the accuracy and optimism of the analysts’ annual earnings forecasts. Stock return synchronicity represents the degree to which market and industry information explains firm-level stock return variations. A higher stock return synchronicity indicates the higher quality of a firm’s information environment, because a firm’s stock price reflects more market-level and industry-level information relative to firm-specific information. Our study shows that stock return synchronicity positively affects the forecast properties. Our finding shows that when stock return synchronicity is high, analysts’ annual earnings forecasts are more accurate and less optimistically biased.

  16. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

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

  17. The liquidity of energy stocks

    NARCIS (Netherlands)

    Sklavos, Konstantinos; Dam, Lammertjan; Scholtens, Bert

    This study investigates the dynamics of stock market liquidity in the energy industry in the US for 130 firms for the period 2006-2011. We use a (structural) vector autoregression approach to model the simultaneous relationships between three liquidity measures, namely turnover, price impact and

  18. TRACEABILITY IN STOCK MANAGEMENT SYSTEMS

    Directory of Open Access Journals (Sweden)

    Demian Horia

    2009-05-01

    Full Text Available This paper presents traceability of a product if we are using a stock management system which uses FIFO or LIFO discharging methods. In the first part there is a little presentation regarding the four types of inputs and outputs and the side effect to the

  19. Stock Market Prediction using Social Media Analysis

    OpenAIRE

    Bahceci, Oktay; Alsing, Oscar

    2015-01-01

    Stock Forecasting is commonly used in different forms everyday in order to predict stock prices. Sentiment Analysis (SA), Machine Learning (ML) and Data Mining (DM) are techniques that have recently become popular in analyzing public emotion in order to predict future stock prices. The algorithms need data in big sets to detect patterns, and the data has been collected through a live stream for the tweet data, together with web scraping for the stock data. This study examined how three organi...

  20. 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

  1. 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

  2. 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... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar stock may be produced on bonded wine premises with the addition of any quantity of water desired to meet...

  3. 47 CFR 32.4510 - Capital stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Capital stock. 32.4510 Section 32.4510... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4510 Capital stock. (a) This account shall include the par value, stated amount, or in the case of no-par stock, the amount...

  4. 47 CFR 32.4530 - Treasury stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued and...

  5. Stocking, growth, and yield of oak stands

    Science.gov (United States)

    Samuel F. Gingrich

    1971-01-01

    An appraisal of stocking in even-aged upland oak stands is a prerequisite for determining the cultural needs of a given stand. Most oak stands have sufficient stocking to utilize the site, but are deficient in high-quality trees. Thinning such stands offers a good opportunity to upgrade the relative quality of the growing stock and enhance the growth and yield...

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock...... a retained earnings/signaling hypothesis. For stock splits, no separate announcement effect was found when a firm's payout policy was controlled for. This lends support to the idea that a stock split per se is a cosmetic event on the CSE and is also consistent with the fact that making a stock split...... to a significant announcement effect of 4.23%. Firms announcing a stock dividend with a split factor of two or more also increase total cash dividends permanently, but less than proportionally to the increase in share capital. This leads to an insignificant announcement effect of 0.08%. These findings support...

  7. LBA-ECO ND-04 Secondary Forest Carbon and Nutrient Stocks, Central Amazonia, Brazil

    Data.gov (United States)

    National Aeronautics and Space Administration — This data set reports the carbon and nutrient stocks of above-ground vegetation and soil pools at three locations where post-pasture secondary forest recovery ranged...

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

    OpenAIRE

    Mohammed Syedul Islam; Evana Nusrat Dooty

    2015-01-01

    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-cras...

  9. 26 CFR 1.306-3 - Section 306 stock defined.

    Science.gov (United States)

    2010-04-01

    ... in business in the United States. (i) Section 306 shall be inapplicable to stock received before June... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction to which section 356 is applicable, a shareholder exchanges section 306 stock for stock and money or...

  10. 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.

  11. CARBON STOCKS AND STOCK CHANGES IN AGROFORESTRY PRACTICES: A REVIEW

    Directory of Open Access Journals (Sweden)

    Humphrey Agevi

    2017-05-01

    Full Text Available Trees on farmlands and agricultural lands play a crucial role in small holder farmers’ livelihoods in addition to carbon regulation through carbon sequestration. These trees have received much attention recently due to their contribution to climate change mitigation through carbon storage. Quantification of carbon stocks in these trees has always proven difficult due to the spatial extent of these trees and methodological difficulties encountered during measurement. This paper reviews a number of studies done in quantification of biomass and soil carbon stocks in agroforestry within tropics. Most appropriate method employed in determination of carbon stock changes is through use of allometric equations. The equations use parameters like diameter at breast height (DBH, height, crown area which can be measured during field inventory. DBH has always proven to be the best parameter to be used in the equation since it is easy to measure and it does not need expensive equipments.  Apart from trees, soils in agricultural lands have the capacity to store carbon and help mitigate effects of climate change. It then identifies the gap that future research can be done for accurate carbon quantification.

  12. Climate influence on Baltic cod, sprat, and herring stock-recruitment relationships

    Science.gov (United States)

    Margonski, Piotr; Hansson, Sture; Tomczak, Maciej T.; Grzebielec, Ryszard

    2010-10-01

    A wide range of possible recruitment drivers were tested for key exploited fish species in the Baltic Sea Regional Advisory Council (RAC) area: Eastern Baltic Cod, Central Baltic Herring, Gulf of Riga Herring, and sprat. For each of the stocks, two hypotheses were tested: (i) recruitment is significantly related to spawning stock biomass, climatic forcing, and feeding conditions and (ii) by acknowledging these drivers, management decisions can be improved. Climate impact expressed by climatic indices or changes in water temperature was included in all the final models. Recruitment of the herring stock appeared to be influenced by different factors: the spawning stock biomass, winter Baltic Sea Index prior to spawning, and potentially the November-December sea surface temperature during the winter after spawning were important to Gulf of Riga Herring, while the final models for Central Baltic Herring included spawning stock biomass and August sea surface temperature. Recruitment of sprat appeared to be influenced by July-August temperature, but was independent of the spawning biomass when SSB > 200,000 tons. Recruitment of Eastern Baltic Cod was significantly related to spawning stock biomass, the winter North Atlantic Oscillation index, and the reproductive volume in the Gotland Basin in May. All the models including extrinsic factors significantly improved prediction ability as compared to traditional models, which account for impacts of the spawning stock biomass alone. Based on the final models the minimum spawning stock biomass to derive the associated minimum recruitment under average environmental conditions was calculated for each stock. Using uncertainty analyses, the spawning stock biomass required to produce associated minimum recruitment was presented with different probabilities considering the influence of the extrinsic drivers. This tool allows for recruitment to be predicted with a required probability, that is, higher than the average 50% estimated

  13. Sampling for Soil Carbon Stock Assessment in Rocky Agricultural Soils

    Science.gov (United States)

    Beem-Miller, Jeffrey P.; Kong, Angela Y. Y.; Ogle, Stephen; Wolfe, David

    2016-01-01

    Coring methods commonly employed in soil organic C (SOC) stock assessment may not accurately capture soil rock fragment (RF) content or soil bulk density (rho (sub b)) in rocky agricultural soils, potentially biasing SOC stock estimates. Quantitative pits are considered less biased than coring methods but are invasive and often cost-prohibitive. We compared fixed-depth and mass-based estimates of SOC stocks (0.3-meters depth) for hammer, hydraulic push, and rotary coring methods relative to quantitative pits at four agricultural sites ranging in RF content from less than 0.01 to 0.24 cubic meters per cubic meter. Sampling costs were also compared. Coring methods significantly underestimated RF content at all rocky sites, but significant differences (p is less than 0.05) in SOC stocks between pits and corers were only found with the hammer method using the fixed-depth approach at the less than 0.01 cubic meters per cubic meter RF site (pit, 5.80 kilograms C per square meter; hammer, 4.74 kilograms C per square meter) and at the 0.14 cubic meters per cubic meter RF site (pit, 8.81 kilograms C per square meter; hammer, 6.71 kilograms C per square meter). The hammer corer also underestimated rho (sub b) at all sites as did the hydraulic push corer at the 0.21 cubic meters per cubic meter RF site. No significant differences in mass-based SOC stock estimates were observed between pits and corers. Our results indicate that (i) calculating SOC stocks on a mass basis can overcome biases in RF and rho (sub b) estimates introduced by sampling equipment and (ii) a quantitative pit is the optimal sampling method for establishing reference soil masses, followed by rotary and then hydraulic push corers.

  14. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

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

  15. Is the stock market efficient?

    Science.gov (United States)

    Malkiel, B G

    1989-03-10

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

  16. Statistical modelling of fish stocks

    DEFF Research Database (Denmark)

    Kvist, Trine

    1999-01-01

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

  17. The dangers of ignoring stock complexity in fishery management: the case of the North Sea cod.

    Science.gov (United States)

    Hutchinson, William F

    2008-12-23

    The plight of the marine fisheries is attracting increasing attention as unsustainably high exploitation levels, exacerbated by more extreme climatic conditions, are driving stocks to the point of collapse. The North Atlantic cod (Gadus morhua), a species which until recently formed a major component of the demersal fisheries, has undergone significant declines across its range. The North Sea stock is typical of many, with a spawning stock biomass that has remained below the safe biological limit since 2000 and recruitment levels near the lowest on record. Cod within the North Sea are currently managed as a single stock, and yet mounting empirical evidence supports the existence of a metapopulation of regionally variable, genetically distinct, sub-stocks. Applying the same management strategies to multiple stocks that differ in their resilience to exploitation inevitably results in the overfishing and likely collapse of the weaker components. Indeed, recent studies have identified two North Sea spawning stocks that have undergone disproportionally large collapses with very substantial reductions in egg production. Similarly affected cod stocks in the northwest Atlantic have shown little evidence of recovery, despite fishery closures. The possible implications of ignoring sub-structuring within management units for biocomplexity, local adaptation and ecosystem stability are considered.

  18. Variance Risk Premia on Stocks and Bonds

    DEFF Research Database (Denmark)

    Mueller, Philippe; Sabtchevsky, Petar; Vedolin, Andrea

    : First, exposure to bond market volatility is strongly priced with a Sharpe ratio of -1.8, 20% higher than what is observed in the equity market. Second, while there is strong co-movement between equity and bond market variance risk, there are distinct periods when the bond variance risk premium...... is different from the equity variance risk premium. Third, the conditional correlation between stock and bond market variance risk premium switches sign often and ranges between -60% and +90%. We then show that these stylized facts pose a challenge to standard consumption-based asset pricing models.......Investors in fixed income markets are willing to pay a very large premium to be hedged against shocks in expected volatility and the size of this premium can be studied through variance swaps. Using thirty years of option and high-frequency data, we document the following novel stylized facts...

  19. 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

  20. 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)

    2014-01-01

    Background 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. Methods 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. Results 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

  1. 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.

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

    Science.gov (United States)

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

    2014-08-01

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

  3. Edaphic controls on soil organic carbon stocks in restored grasslands

    Energy Technology Data Exchange (ETDEWEB)

    O' Brien, Sarah L.; Jastrow, Julie D.; Grimley, David A.; Gonzalez-Meler, Miquel A.

    2015-08-01

    Cultivation of undisturbed soils dramatically depletes organic carbon stocks at shallow depths, releasing a substantial quantity of stored carbon to the atmosphere. Restoration of native ecosystems can help degraded soils rebuild a portion of the depleted soil organic matter. However, the rate and magnitude of soil carbon accrual can be highly variable from site to site. Thus, a better understanding of the mechanisms controlling soil organic carbon stocks is necessary to improve predictions of soil carbon recovery. We measured soil organic carbon stocks and a suite of edaphic factors in the upper 10 cm of a series of restored tallgrass prairies representing a range of drainage conditions. Our findings suggest that factors related to soil organic matter stabilization mechanisms (texture, polyvalent cations) were key predictors of soil organic carbon, along with variables that influence plant and microbial biomass (available phosphorus, pH) and soil moisture. Exchangeable soil calcium was the strongest single predictor, explaining 74% of the variation in soil organic carbon, followed by clay content,which explained 52% of the variation. Our results demonstrate that the cumulative effects of even relatively small differences in these edaphic properties can have a large impact on soil carbon stocks when integrated over several decades.

  4. 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.

  5. Weather dan Pengaruhnya terhadap Stock Return

    OpenAIRE

    Bukit, Inka Natasya Hagaina; Riorini, Sri Vandayuli

    2012-01-01

    Research on psychology shows that sunny weather has effect toward mood. Some researchers found that mood has significant effect toward Stock return. This paper examines relationship between Weather in Indonesia, especially in Jakarta with Stock return of LQ 45 Index. This research examine relationship between Weather and Stock return directly and indirect (using Mood as intervening variable). This research analyze that relationship during 2009 to 2010. However, because Weather in Jakarta is r...

  6. Stock market returns, volatility, and future output

    OpenAIRE

    Hui Guo

    2002-01-01

    In this article, Hui Guo shows that, if stock volatility follows an AR(1) process, stock market returns relate positively to past volatility but relate negatively to contemporaneous volatility in Merton’s (1973) Intertemporal Capital Asset Pricing Model. The model helps explain the recent finding that stock market volatility drives out returns in forecasting real gross domestic product growth because the predictive power of returns is hampered by their positive correlation with past volatilit...

  7. Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

    2016-08-01

    We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

  8. Scaling impacts on environmental controls and spatial heterogeneity of soil organic carbon stocks

    Science.gov (United States)

    Mishra, U.; Riley, W. J.

    2015-07-01

    The spatial heterogeneity of land surfaces affects energy, moisture, and greenhouse gas exchanges with the atmosphere. However, representing the heterogeneity of terrestrial hydrological and biogeochemical processes in Earth system models (ESMs) remains a critical scientific challenge. We report the impact of spatial scaling on environmental controls, spatial structure, and statistical properties of soil organic carbon (SOC) stocks across the US state of Alaska. We used soil profile observations and environmental factors such as topography, climate, land cover types, and surficial geology to predict the SOC stocks at a 50 m spatial scale. These spatially heterogeneous estimates provide a data set with reasonable fidelity to the observations at a sufficiently high resolution to examine the environmental controls on the spatial structure of SOC stocks. We upscaled both the predicted SOC stocks and environmental variables from finer to coarser spatial scales (s = 100, 200, and 500 m and 1, 2, 5, and 10 km) and generated various statistical properties of SOC stock estimates. We found different environmental factors to be statistically significant predictors at different spatial scales. Only elevation, temperature, potential evapotranspiration, and scrub land cover types were significant predictors at all scales. The strengths of control (the median value of geographically weighted regression coefficients) of these four environmental variables on SOC stocks decreased with increasing scale and were accurately represented using mathematical functions (R2 = 0.83-0.97). The spatial structure of SOC stocks across Alaska changed with spatial scale. Although the variance (sill) and unstructured variability (nugget) of the calculated variograms of SOC stocks decreased exponentially with scale, the correlation length (range) remained relatively constant across scale. The variance of predicted SOC stocks decreased with spatial scale over the range of 50 m to ~ 500 m, and remained

  9. Fractional Black-Scholes Model and Technical Analysis of Stock Price

    Directory of Open Access Journals (Sweden)

    Song Xu

    2013-01-01

    Full Text Available In the stock market, some popular technical analysis indicators (e.g., Bollinger bands, RSI, ROC, etc. are widely used to forecast the direction of prices. The validity is shown by observed relative frequency of certain statistics, using the daily (hourly, weekly, etc. stock prices as samples. However, those samples are not independent. In earlier research, the stationary property and the law of large numbers related to those observations under Black-Scholes stock price model and stochastic volatility model have been discussed. Since the fitness of both Black-Scholes model and short-range dependent process has been questioned, we extend the above results to fractional Black-Scholes model with Hurst parameter H>1/2, under which the stock returns follow a kind of long-range dependent process. We also obtain the rate of convergence.

  10. Oil Price Risk and Stock Markets

    OpenAIRE

    Niu, Hui

    2012-01-01

    The oil price risk refers to the uncertainty of the change in oil price and the stock markets studied in this paper are the so called emerging ones. Fourteen countries are selected for a quantitative research on the link between the oil price fluctuation and the stock market performance. A multi-factor model is applied and specifically an OLS regression is conducted separately for the data on Brazilian stock market. As a result, the rising oil price decreases stock price in oil-importing coun...

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

    OpenAIRE

    Truong, Loc Dong; Lanjouw, Ger; Lensink, Robert

    2008-01-01

    Abstract This paper 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. The article focuses on the question whether the market is weak-form efficient. An important element of the investigation concerns the possible bias of the results caused by the thin trading that c...

  12. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

    ... means— (1) Passive foreign investment company (PFIC) stock that is regularly traded, as defined in... foreign investment company, that stock will be treated as marketable stock owned by that RIC for purposes... defined in section 1298(a), stock in any passive foreign investment company, that stock will be treated as...

  13. 12 CFR 931.1 - Classes of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Classes of capital stock. 931.1 Section 931.1... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.1 Classes of capital stock. The authorized capital stock of a Bank shall consist of the following instruments: (a) Class A stock, which shall: (1) Have a...

  14. 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. ...

  15. Impact of Stock Market Structure on Intertrade Time and Price Dynamics

    Science.gov (United States)

    Ivanov, Plamen Ch.; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization–a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing

  16. Impact of stock market structure on intertrade time and price dynamics.

    Directory of Open Access Journals (Sweden)

    Plamen Ch Ivanov

    Full Text Available We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization-a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising

  17. Impact of stock market structure on intertrade time and price dynamics.

    Science.gov (United States)

    Ivanov, Plamen Ch; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization-a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing

  18. 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

  19. 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…

  20. 12 CFR 950.11 - Capital stock requirements; unilateral redemption of excess stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Capital stock requirements; unilateral redemption of excess stock. 950.11 Section 950.11 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK ASSETS AND OFF-BALANCE SHEET ITEMS ADVANCES Advances to Members § 950.11 Capital stock...

  1. The alarming decline of Mediterranean fish stocks.

    Science.gov (United States)

    Vasilakopoulos, Paraskevas; Maravelias, Christos D; Tserpes, George

    2014-07-21

    In recent years, fisheries management has succeeded in stabilizing and even improving the state of many global fisheries resources [1-5]. This is particularly evident in areas where stocks are exploited in compliance with scientific advice and strong institutional structures are in place [1, 5]. In Europe, the well-managed northeast (NE) Atlantic fish stocks have been recovering in response to decreasing fishing pressure over the past decade [3-6], albeit with a long way to go for a universal stock rebuild [3, 7]. Meanwhile, little is known about the temporal development of the European Mediterranean stocks, whose management relies on input controls that are often poorly enforced. Here, we perform a meta-analysis of 42 European Mediterranean stocks of nine species in 1990-2010, showing that exploitation rate has been steadily increasing, selectivity (proportional exploitation of juveniles) has been deteriorating, and stocks have been shrinking. We implement species-specific simulation models to quantify changes in exploitation rate and selectivity that would maximize long-term yields and halt stock depletion. We show that stocks would be more resilient to fishing and produce higher long-term yields if harvested a few years after maturation because current selectivity is far from optimal, especially for demersal stocks. The European Common Fisheries Policy that has assisted in improving the state of NE Atlantic fish stocks in the past 10 years has failed to deliver similar results for Mediterranean stocks managed under the same policy. Limiting juvenile exploitation, advancing management plans, and strengthening compliance, control, and enforcement could promote fisheries sustainability in the Mediterranean. Copyright © 2014 Elsevier Ltd. All rights reserved.

  2. 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

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

    Directory of Open Access Journals (Sweden)

    Gao-Feng eGu

    2014-03-01

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

  4. Integrating genetic and parasitological approaches in the frame of multidisciplinary fish stock analysis.

    Science.gov (United States)

    Cimmaruta, R; Mattiucci, S; Nascetti, G

    2007-09-01

    To assess fish stocks boundaries and state, the tools of population genetics have been widely used, contributing to the evaluation of relevant parameters such as the identification of stock boundaries, the assessment of gene flow and the estimation of effective population size. Also, increasing evidences show that the monitoring of the genetic diversity level is a reliable method to check the status of fish stocks. However, genetics cannot answer all the questions. For example, in high gene flow species the genetic approach could have not enough resolution to identify stock limits, while the use of parasites as biological tags could provide insights into stock structure. Even better, the so-called holistic approach, applying simultaneously a wide range of complementary techniques, is the only one considered able to provide a reliable and complete picture of fish stocks and to address a sustainable exploitation of marine resources. The work will present some examples from multidisciplinary studies concerning commercially relevant species with different biological features: the demersal European hake (Merluccius merluccius), the small pelagic horse mackerel (Trachurus trachurus) and the large pelagic swordfish (Xiphias gladius). In all these case studies merging genetic, parasitological and environmental data helped to reveal the real patterns of stocks structure.

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

    Directory of Open Access Journals (Sweden)

    Şerife Özlen

    2014-08-01

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

  6. Spatial distribution of soil organic carbon stock in Moso bamboo forests in subtropical China

    Science.gov (United States)

    Tang, Xiaolu; Xia, Mingpeng; Pérez-Cruzado, César; Guan, Fengying; Fan, Shaohui

    2017-02-01

    Moso bamboo (Phyllostachys heterocycla (Carr.) Mitford cv. Pubescens) is an important timber substitute in China. Site specific stand management requires an accurate estimate of soil organic carbon (SOC) stock for maintaining stand productivity and understanding global carbon cycling. This study compared ordinary kriging (OK) and inverse distance weighting (IDW) approaches to study the spatial distribution of SOC stock within 0-60 cm using 111 soil samples in Moso bamboo forests in subtropical China. Similar spatial patterns but different spatial distribution ranges of SOC stock from OK and IDW highlighted the necessity to apply different approaches to obtain accurate and consistent results of SOC stock distribution. Different spatial patterns of SOC stock suggested the use of different fertilization treatments in Moso bamboo forests across the study area. SOC pool within 0-60 cm was 6.46 and 6.22 Tg for OK and IDW; results which were lower than that of conventional approach (CA, 7.41 Tg). CA is not recommended unless coordinates of the sampling locations are missing and the spatial patterns of SOC stock are not required. OK is recommended for the uneven distribution of sampling locations. Our results can improve methodology selection for investigating spatial distribution of SOC stock in Moso bamboo forests.

  7. Mandatory IFRS Reporting and Stock Price Informativeness

    NARCIS (Netherlands)

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

    2010-01-01

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

  8. Risk-based stock decisions for projects

    NARCIS (Netherlands)

    W.L. van Jaarsveld (Willem); R. Dekker (Rommert)

    2009-01-01

    textabstractIn this report we discuss a model that can be used to determine stocking levels using the data that comes forward from a Shell RCM analysis and the data available in E-SPIR. The model is appropriate to determine stock quantities for parts that are used in redundancy situations, and for

  9. Selecting the Optimum Army Stock Fund Structure

    Science.gov (United States)

    1991-08-01

    divisions: * Operations management * Financial management * Office organization * Performance analysis * Personnel. THE ARMY WHOLESALE STOCK FUND Operations...with DCSLOG. Office Organization Each MSC has a stock fund office, normally subordinate to the Directorate of Materiel Management, that is supervised...to subordinate elements of the retail divisions. Office Organization All ASF retail divisions are governed by OSD and HQDA guidance to operate their

  10. Jump Detection in the Danish Stock Market

    DEFF Research Database (Denmark)

    Høg, Esben

    2002-01-01

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

  11. Bun splitting: a practical cutting stock problem

    NARCIS (Netherlands)

    C.A. Glass (Catherine); J.M. van Oostrum (Jeroen)

    2010-01-01

    textabstractWe describe a new hierarchical 2D-guillotine Cutting Stock Problem. In contrast to the classic cutting stock problem, waste is not an issue. The problem relates to the removal of a defective part and assembly of the remaining parts into homogeneous size blocks. The context is the packing

  12. 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

  13. 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…

  14. Does Stock Market Performance Influence Retirement Intentions?

    Science.gov (United States)

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

    2012-01-01

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

  15. Dynamic behavior of value and growth stocks

    NARCIS (Netherlands)

    Wouters, T.; Plantinga, A.

    2004-01-01

    The difference between the performance of growth and value portfolios presents an interesting puzzle for researchers in finance. Most studies showed that value stocks outperform growth stocks. This is the so-called value premium. In this article, we try to find an answer to the question as to why

  16. Legal institutions, strategic default, and stock returns

    NARCIS (Netherlands)

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

    2008-01-01

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

  17. 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.

  18. 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.

  19. Reducing stock-outs of life saving malaria commodities using mobile phone text-messaging: SMS for life study in Kenya.

    Science.gov (United States)

    Githinji, Sophie; Kigen, Samwel; Memusi, Dorothy; Nyandigisi, Andrew; Mbithi, Agneta M; Wamari, Andrew; Muturi, Alex N; Jagoe, George; Barrington, Jim; Snow, Robert W; Zurovac, Dejan

    2013-01-01

    Health facility stock-outs of life saving malaria medicines are common across Africa. Innovative ways of addressing this problem are urgently required. We evaluated whether SMS based reporting of stocks of artemether-lumefantrine (AL) and rapid diagnostic tests (RDT) can result in reduction of stock-outs at peripheral facilities in Kenya. All 87 public health facilities in five Kenyan districts were included in a 26 week project. Weekly facility stock counts of four AL packs and RDTs were sent via structured incentivized SMS communication process from health workers' personal mobile phones to a web-based system accessed by district managers. The mean health facility response rate was 97% with a mean formatting error rate of 3%. Accuracy of stock count reports was 79% while accuracy of stock-out reports was 93%. District managers accessed the system 1,037 times at an average of eight times per week. The system was accessed in 82% of the study weeks. Comparing weeks 1 and 26, stock-out of one or more AL packs declined by 38 percentage-points. Total AL stock-out declined by 5 percentage-points and was eliminated by the end of the project. Stock-out declines of individual AL packs ranged from 14 to 32 percentage-points while decline in RDT stock-outs was 24 percentage-points. District managers responded to 44% of AL and 73% of RDT stock-out signals by redistributing commodities between facilities. In comparison with national trends, stock-out declines in study areas were greater, sharper and more sustained. Use of simple SMS technology ensured high reporting rates of reasonably accurate, real-time facility stock data that were used by district managers to undertake corrective actions to reduce stock-outs. Future work on stock monitoring via SMS should focus on assessing response rates without use of incentives and demonstrating effectiveness of such interventions on a larger scale.

  20. Reducing stock-outs of life saving malaria commodities using mobile phone text-messaging: SMS for life study in Kenya.

    Directory of Open Access Journals (Sweden)

    Sophie Githinji

    Full Text Available Health facility stock-outs of life saving malaria medicines are common across Africa. Innovative ways of addressing this problem are urgently required. We evaluated whether SMS based reporting of stocks of artemether-lumefantrine (AL and rapid diagnostic tests (RDT can result in reduction of stock-outs at peripheral facilities in Kenya.All 87 public health facilities in five Kenyan districts were included in a 26 week project. Weekly facility stock counts of four AL packs and RDTs were sent via structured incentivized SMS communication process from health workers' personal mobile phones to a web-based system accessed by district managers. The mean health facility response rate was 97% with a mean formatting error rate of 3%. Accuracy of stock count reports was 79% while accuracy of stock-out reports was 93%. District managers accessed the system 1,037 times at an average of eight times per week. The system was accessed in 82% of the study weeks. Comparing weeks 1 and 26, stock-out of one or more AL packs declined by 38 percentage-points. Total AL stock-out declined by 5 percentage-points and was eliminated by the end of the project. Stock-out declines of individual AL packs ranged from 14 to 32 percentage-points while decline in RDT stock-outs was 24 percentage-points. District managers responded to 44% of AL and 73% of RDT stock-out signals by redistributing commodities between facilities. In comparison with national trends, stock-out declines in study areas were greater, sharper and more sustained.Use of simple SMS technology ensured high reporting rates of reasonably accurate, real-time facility stock data that were used by district managers to undertake corrective actions to reduce stock-outs. Future work on stock monitoring via SMS should focus on assessing response rates without use of incentives and demonstrating effectiveness of such interventions on a larger scale.

  1. Equation-based model for the stock market

    Science.gov (United States)

    Xavier, Paloma O. C.; Atman, A. P. F.; de Magalhães, A. R. Bosco

    2017-09-01

    We propose a stock market model which is investigated in the forms of difference and differential equations whose variables correspond to the demand or supply of each agent and to the price. In the model, agents are driven by the behavior of their trust contact network as well by fundamental analysis. By means of the deterministic version of the model, the connection between such drive mechanisms and the price is analyzed: imitation behavior promotes market instability, finitude of resources is associated to stock index stability, and high sensitivity to the fair price provokes price oscillations. Long-range correlations in the price temporal series and heavy-tailed distribution of returns are observed for the version of the model which considers different proposals for stochasticity of microeconomic and macroeconomic origins.

  2. How well do financial and macroeconomic variables predict stock returns

    DEFF Research Database (Denmark)

    Rasmussen, Anne-Sofie Reng

    Recent evidence of mean reversion in stock returns has led to an explosion in the development of forecasting variables. This paper evaluates the relative performance of these many variables in both time-series and cross-sectional setups. We collect the different measures and compare...... their forecasting ability for stock returns, and we examine the forecasting variables' ability to reduce pricing errors in the conditional C-CAPM. A key result of the analysis is that the traditional pricedividend ratio performs surprisingly well compared to the many new forecasting variables. We also find...... that at short and mid-range horizons Lettau and Ludvigson's (2001a) consumption-aggregate wealth variable offers the strongest forecasting ability, although this variable's predictive ability is sensitive to the sample period chosen. At longer horizons, price-normalized variables such as the traditional price...

  3. Stocking Density Optimization for Enhanced Bioconversion of Fly Ash Enriched Vermicompost.

    Science.gov (United States)

    Mupambwa, Hupenyu A; Mnkeni, Pearson N S

    2016-05-01

    Although it is widely agreed that stocking density critically affects the rate of vermicomposting, there is no established stocking density for mixtures of fly ash and other waste materials. This study sought to optimize (Savigny, 1826) stocking density for effective biodegradation and nutrient release in a fly ash-cow dung-waste paper (FCP) mixture. Four stocking densities of 0, 12.5, 25, and 37.5 g worms kg were evaluated. Although the 12.5, 25, and 37.5 g worms kg treatments all resulted in a mature vermicompost, stocking densities of 25 and 37.5 g worms kg resulted in faster maturity, higher humification parameters, and a significantly lower final C/N ratio (range 11.1-10.4). The activity of β-glucosidase and fluorescein diacetate hydrolysis enzymes showed faster stabilization at stocking densities of 25 and 37.5 g worms kg, indicating compost stability and maturity. Similarly, a stocking density of 25 g worms kg resulted in the highest release of Olsen-extractable P and (NO + NO)-N contents. The 0-, 12.5-, 25-, and 37.5-g treatments resulted in net Olsen P increases of 16.3, 38.9, 61.0, and 53.0%, respectively, after 10 wk. Although compost maturity could be attained at stocking densities of 12.5 g worms kg, for faster production of humified and nutrient-rich FCP vermicompost, a stocking density of 25 g worms kg seems most appropriate. Copyright © by the American Society of Agronomy, Crop Science Society of America, and Soil Science Society of America, Inc.

  4. Physical and Microbiological Qualities of Kampong-Broiler Crossbred Chickens Meat Raised in Different Stocking Densities

    Directory of Open Access Journals (Sweden)

    C. A. Patria

    2016-12-01

    Full Text Available The crossbreeding between broiler and kampong chickens has been performed to develop a kampong-broiler strain chicken. The chicken stocking condition needs more attention as a part of animal welfare. This study was performed to identify the relationship between the stocking density and the stress based on Temperature Humidity Index (THI and the effect of stocking density on meat quality, i.e., physical, microbiological, and organoleptic. Ninety DOCs of Kampong-Broiler (KB were assigned into a completely randomized design with 3 treatments of stocking density  i.e., 8, 10, and 12 birds m-2. Each treatment was replicated 3 times. The experimental chickens were housed in 9 blocks of housing each with 1 x 1 m2 size. Data on physical and microbiology of meat qualities were analyzed with analysis of variance and continued with Duncan’s multiple range test. The organoleptic data were analyzed by using Kruskal-Wallis test. The result showed that the stocking density did not significantly affect the physical and hedonic quality of KB chicken’s breast. The stocking densities significantly affected (P<0.05 the microbiological variables of breast meat. The average value of THI during maintenance reached 28.98±1.25–29.33±1.32oC. The higher the animal density the higher the THI value that correlated to the stress condition. However, high stocking density did not affect the physical and hedonic quality of breast meat,  thus it can be accepted by the consumers. The higher the stocking density the higher the total plate count, Escherichia coli, and Staphylococcus aureus, without the presence of Salmonella sp. The meat quality of KB chickens raised in the stocking density of 10 birds m-2 meets the requirement of SNI 01-3924-2009.

  5. ResStock - Targeting Energy and Cost Savings for U.S. Homes

    Energy Technology Data Exchange (ETDEWEB)

    Wilson, Eric J [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2017-09-29

    The ResStock analysis tool is helping states, municipalities, utilities, and manufacturers identify which home upgrades save the most energy and money. Across the country there's a vast diversity in the age, size, construction practices, installed equipment, appliances, and resident behavior of the housing stock, not to mention the range of climates. These variations have hindered the accuracy of predicting savings for existing homes. Researchers at the National Renewable Energy Laboratory (NREL) developed ResStock. It's a versatile tool that takes a new approach to large-scale residential energy analysis by combining: large public and private data sources, statistical sampling, detailed subhourly building simulations, high-performance computing. This combination achieves unprecedented granularity and most importantly - accuracy - in modeling the diversity of the single-family housing stock.

  6. Stock assessment in inland fisheries: a foundation for sustainable use and conservation

    Science.gov (United States)

    Lorenzen, Kai; Cowx, Ian G.; Entsua-Mensah, R. E. M.; Lester, Nigel P.; Koehn, J.D.; Randall, R.G.; So, N.; Bonar, Scott A.; Bunnell, David B.; Venturelli, Paul A.; Bower, Shannon D.; Cooke, Steven J.

    2016-01-01

    Fisheries stock assessments are essential for science-based fisheries management. Inland fisheries pose challenges, but also provide opportunities for biological assessments that differ from those encountered in large marine fisheries for which many of our assessment methods have been developed. These include the number and diversity of fisheries, high levels of ecological and environmental variation, and relative lack of institutional capacity for assessment. In addition, anthropogenic impacts on habitats, widespread presence of non-native species and the frequent use of enhancement and restoration measures such as stocking affect stock dynamics. This paper outlines various stock assessment and data collection approaches that can be adapted to a wide range of different inland fisheries and management challenges. Although this paper identifies challenges in assessment, it focuses on solutions that are practical, scalable and transferrable. A path forward is suggested in which biological assessment generates some of the critical information needed by fisheries managers to make effective decisions that benefit the resource and stakeholders.

  7. Synergistic Effect of Elastic Stockings to Maintain Volume Losses after Mechanical Lymphatic Therapy

    Directory of Open Access Journals (Sweden)

    José Maria Pereira de Godoy

    2014-01-01

    Full Text Available The objective of the current study was to assess whether Venosan elastic stockings have a synergistic effect on the maintenance of results after Mechanical Lymphatic Therapy. Eleven patients with grade II lymphedema of the legs, regardless of cause, were evaluated in the Clinica Godoy between September and November 2012. The participants’ ages ranged from 53 to 83 years old with a mean of 65.1 years. Two groups were formed with Group I using Venosan elastic stockings and Group II not using any type of compression therapy. Evaluations of the lymphedematous legs were performed before and after each drainage session using bioimpedance. Patients who wore elastic stockings had a greater volume reduction than those who did not wear stockings (unpaired t-test: P value < 0.001.

  8. Comparison of stock valuation models with their intrinsic value in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-06-01

    Full Text Available Stock evaluation is one of the most important and most complex operational processes in the stock exchange. In financial markets, the pricing of tradable assets plays a basic role in resource allocation. After initial stock valuation of listed companies in Tehran Stock Exchange, some changes were observed in prices with the value set by the Stock Exchange. The aim of this study was to determine the model applied in the formation of stock prices in the stock market to find an appropriate market value model among value-based valuation models. To test the models of stock valuation, ordinary least square regression was used. Also, E-Views software was used for further data analysis. The sample included all the companies listed in Tehran Stock Exchange from 2008 till 2013. Based on the stratified random sampling, each industry was selected as a category and using Cochran formula, sample size of 40 participants was determined from each category. The data analysis indicated that the price-to-book ratio (P/B ratio had the highest adjustment factor and had been set as the best stock valuation model.

  9. Managerial Stock Compensation and Risky Investment

    Directory of Open Access Journals (Sweden)

    Raluca Georgiana Nastasescu

    2009-06-01

    Full Text Available This study analyzes the relationship between the mix of CEO equity-based compensation, namely stock options and restricted stock, and firms' risky investment. In general, the theory suggests that long-term compensation aligns CEOs' and shareholders' interests by inducing the managers to undertake risky investment, which has a positive impact on longterm well-being of the firm. However, as my results show, it is important to distinguish between types of awards since they can have different effects on the riskiness of the firm. In this respect, I answer the question how are different types of stock based compensation related to the executives' determination to increase or not the intensity of the firm's risky investment? I find that awarding the CEOs preponderantly with stock options positively affects the firm's level of R&D investment. Conversely, a higher proportion of restricted stock in the CEO's compensation is related to lower investment in (risky R&D. The inverse relation of causality also holds. Firms that make intensive R&D investments are more likely to award their CEOs with more stock options relative to restricted stock. Overall, the results are consistent with the theoretical prediction, in that the managerial compensation scheme plays an important role in determining the level of R&D investment.

  10. 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.

  11. 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.

  12. TECHNICAL ANALYSIS ACCURACY AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2017-06-01

    Full Text Available The main task of this paper is to determine accuracy of some of widely used technical analysis techniques for MBI-10 stocks price forecast at MSE. We are testing accuracy of several technical analysis techniques: MACD (Moving-Average Convergence/Divergence, RSI (Relative Strength Index, Stochastic Oscillator and ADX (Average Directional Index on the three most liquid stocks quoted at MSE and included in MBI-10 index. Technical analysis for MPT, ALK and KMB stocks was performed and recommendations were issued in June 2010, based on monthly and weekly data for the stocks’ price movements during six years period from 2005 to 2010, as well as on their daily price movements from 2009 to 2010. We find that technical analysis is reliable tool for MSE stocks forecasting. Technical analysis predictions for three MSE stocks were confirmed by actual stock price movements within one year period (June 2010-June 2011. We did not find any notable differences in accuracy of use of technical analysis between stocks at MSE as well as between different technical analysis techniques.

  13. Macrobenthic standing stock in the nodule areas of Central Indian Ocean Basin

    Digital Repository Service at National Institute of Oceanography (India)

    Pavithran, S.; Ingole, B.S.

    Diversity, distribution and standing stock of macrofauna in the nodule areas of Central Indian Ocean Basin (CIOB) were studied during April 2003. The density ranged between 22 to 132 no.m super(-2) (mean: 55 + or - 37 SD, n=25) and biomass ranged...

  14. Assessment of 48 Stock markets using adaptive multifractal approach

    Science.gov (United States)

    Ferreira, Paulo; Dionísio, Andreia; Movahed, S. M. S.

    2017-11-01

    In this paper, Stock market comovements are examined using cointegration, Granger causality tests and nonlinear approaches in context of mutual information and correlations. Since underlying data sets are affected by non-stationarities and trends, we also apply Adaptive Multifractal Detrended Fluctuation Analysis (AMF-DFA) and Adaptive Multifractal Detrended Cross-Correlation Analysis (AMF-DXA). We find only 170 pair of Stock markets cointegrated, and according to the Granger causality and mutual information, we realize that the strongest relations lies between emerging markets, and between emerging and frontier markets. According to scaling exponent given by AMF-DFA, h(q = 2) > 1, we find that all underlying data sets belong to non-stationary process. According to Efficient Market Hypothesis (EMH), only 8 markets are classified in uncorrelated processes at 2 σ confidence interval. 6 Stock markets belong to anti-correlated class and dominant part of markets has memory in corresponding daily index prices during January 1995 to February 2014. New-Zealand with H = 0 . 457 ± 0 . 004 and Jordan with H = 0 . 602 ± 0 . 006 are far from EMH. The nature of cross-correlation exponents based on AMF-DXA is almost multifractal for all pair of Stock markets. The empirical relation, Hxy ≤ [Hxx +Hyy ] / 2, is confirmed. Mentioned relation for q > 0 is also satisfied while for q < 0 there is a deviation from this relation confirming behavior of markets for small fluctuations is affected by contribution of major pair. For larger fluctuations, the cross-correlation contains information from both local (internal) and global (external) conditions. Width of singularity spectrum for auto-correlation and cross-correlation are Δαxx ∈ [ 0 . 304 , 0 . 905 ] and Δαxy ∈ [ 0 . 246 , 1 . 178 ] , respectively. The wide range of singularity spectrum for cross-correlation confirms that the bilateral relation between Stock markets is more complex. The value of σDCCA indicates that all

  15. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

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

  16. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

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

  17. 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...

  18. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

    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...

  19. Level crossing analysis of the stock markets

    Science.gov (United States)

    Jafari, G. R.; Movahed, M. S.; Fazeli, S. M.; Rahimi Tabar, M. Reza; Masoudi, S. F.

    2006-06-01

    We investigate the average frequency of positive slope να+ crossing for the returns of market prices. The method is based on stochastic processes in which no scaling feature is explicitly required. Using this method we define a new quantity to quantify the stage of development and activity of stock exchanges. We compare the Tehran and western stock markets and show that some, such as the Tehran (TEPIX) and New Zealand (NZX) stock exchanges, are emerging, and also that TEPIX is a non-active market and is financially motivated to absorb capital.

  20. 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...

  1. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

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

  2. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Nadica Ivanovska

    2014-06-01

    Full Text Available We examine the valuation performance of Discounted Free Cash Flow Model (DFCF at the Macedonian Stock Exchange (MSE in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used for stocks analyses at MSE.

  3. 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.

  4. Clustering of Casablanca stock market based on hurst exponent estimates

    Science.gov (United States)

    Lahmiri, Salim

    2016-08-01

    This paper deals with the problem of Casablanca Stock Exchange (CSE) topology modeling as a complex network during three different market regimes: general trend characterized by ups and downs, increasing trend, and decreasing trend. In particular, a set of seven different Hurst exponent estimates are used to characterize long-range dependence in each industrial sector generating process. They are employed in conjunction with hierarchical clustering approach to examine the co-movements of the Casablanca Stock Exchange industrial sectors. The purpose is to investigate whether cluster structures are similar across variable, increasing and decreasing regimes. It is observed that the general structure of the CSE topology has been considerably changed over 2009 (variable regime), 2010 (increasing regime), and 2011 (decreasing regime) time periods. The most important findings follow. First, in general a high value of Hurst exponent is associated to a variable regime and a small one to a decreasing regime. In addition, Hurst estimates during increasing regime are higher than those of a decreasing regime. Second, correlations between estimated Hurst exponent vectors of industrial sectors increase when Casablanca stock exchange follows an upward regime, whilst they decrease when the overall market follows a downward regime.

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

    OpenAIRE

    Muhammad Iqbal; Buddi Wibowo

    2017-01-01

    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 a...

  6. Predicting Stocks with Machine Learning. Stacked Classifiers and other Learners Applied to the Oslo Stock Exchange

    OpenAIRE

    Olden, Magnus

    2016-01-01

    This study aims to determine whether it is possible to make a profitable stock trading scheme using machine learning on the Oslo Stock Exchange (OSE). It compares binary classification learning algorithms and their performance. It investigates whether Stacked Ensemble Learning Algorithms, utilizing other learning algorithms predictions as additional features, outperforms other machine learning techniques. The experiments attempt to predict the daily movement of 22 stocks from OSE with 37 mach...

  7. Momentum Strategies in the Portuguese Stock Market

    National Research Council Canada - National Science Library

    Júlio Lobão; Cátia Da Mota Lopes

    2014-01-01

    .... Using a monthly sample that goes from January 1988 to April 2012, the most extensive sample ever used for the analysis of momentum profitability in the Portuguese Stock Market, we construct 32 different strategies...

  8. Influence network in Chinese stock market

    CERN Document Server

    Gao, Ya-Chun; Cai, Shi-Min

    2015-01-01

    In a stock market, the price fluctuations are interactive, that is, one listed company can influence others. In this paper, we seek to study the influence relationships among listed companies by constructing a directed network on the basis of Chinese stock market. This influence network shows distinct topological properties, particularly, a few large companies that can lead the tendency of stock market are recognized. Furthermore, by analyzing the subnetworks of listed companies distributed in several significant economic sectors, it is found that the influence relationships are totally different from one economic sector to another, of which three types of connectivity as well as hub-like listed companies are identified. In addition, the rankings of listed companies obtained from the centrality metrics of influence network are compared with that according to the assets, which gives inspiration to uncover and understand the importance of listed companies in the stock market. These empirical results are meaning...

  9. Socio-economy and stock market volatility

    Directory of Open Access Journals (Sweden)

    Md Sharif Hossain

    2017-10-01

    Full Text Available We evaluate how stock market return volatility behaves with respect to socioeconomic factors namely- interest rate volatility, foreign exchange rate volatility, S &P 500 index volatility, broad money supply volatility, per capita GDP, domestic investment, industry value addition, tertiary level of education, urbanization, and strike and blockades using time series data from 1976-2015. We find that interest rate volatility has significant positive impact on stock market return volatility where broad money supply volatility, foreign exchange rate volatility, tertiary level of education, and domestic investment have significant negative impact on stock market volatility based on stepwise regression. Therefore, increase in tertiary level of education and domestic investment makes the stock market more stable. From the estimated result of VAR model, results show no short run causality among these variables.

  10. 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....

  11. 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.

  12. STRATEGY OF STOCK VALUATION BY FUNDAMENTAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovic

    2013-03-01

    Full Text Available Common stock valuation presents one of the most complex tasks in financial analysis. When it attemps to answer on question: „what affects on stock movements?“ then the answer would not relate only on economic factors. There are numerous factors that affect the stock price and which are almost impossible to predict. As one of the best ways to fight against many factors that make the uncertainty arises fundamental analysis. Fundamental analysis is one of the most widely used method for estimating price movements of securities which essentially analyse the impact of micro and macro economic factors on the business of the corporation in order to predict future economic and financial effects. Fundamental analysis also examine various financial statements with the aim to asses a real value of company's stock. This work has the task to systematize knowledge about fundamental analysis, so it can can serve as a good base for future research.

  13. Stock returns, macroeconomic variables and expectations

    National Research Council Canada - National Science Library

    Lúcio Linck; Roberto Frota Decourt

    2016-01-01

    ... returns in Brazil from 2000 to 2010. The study investigates the causality relationships among real stock returns, basic interest rates, GDP, ination and the market expectation of future behavior of these macroeconomic variables...

  14. Development of the stock exchange information system

    Directory of Open Access Journals (Sweden)

    Miladinović Radojko

    2006-01-01

    Full Text Available The stock exchange represents the key institution for the development of capital market of any country. Thus the information system of every stock exchange must satisfy very strict international standards. The development of these systems is particularly difficult in countries in transition, due to intense economic and legal changes, lack of technical and financial resources, lack of experience and knowledge in the area of the capital market business, etc. Therefore the special software project management methodology for their realization must be clearly defined. In the development process of the Belgrade Stock Exchange (BSE information system a new software project management methodology for its realization has been defined, the application of which is illustrated through a series of different development stages of the Belgrade Stock Exchange information system. In order to make all the problems more comprehensive, only the continuous trading method is described, being the most frequently used trading method in the world.

  15. Policy on Existing Stocks of Pesticide Products

    Science.gov (United States)

    This statement establishes general principles the Agency generally will apply in determining whether and under what conditions to allow the sale and use of existing stocks of pesticides for which the registration has been amended, canceled, or suspended.

  16. 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.

  17. Accrual components and stock trading costs

    Directory of Open Access Journals (Sweden)

    Lei Qianhua

    2013-12-01

    Full Text Available This paper examines the relationship between accrual components and stock trading costs in China and finds that both abnormal and normal accruals are associated with these costs. Moreover, negative accruals, both abnormal and normal, have a greater influence on stock trading costs than positive accruals because of short-selling constraints in the Chinese stock market. Further analysis reveals that investors who are fixated on accruals are unable to separate positive or negative abnormal accruals from earnings in general. Additionally, investors overestimate the persistence of both positive and negative normal accruals. These findings constitute further evidence of the low degree of market efficiency in China. Chinese investors seem to overestimate firm value when abnormal and normal accruals are positive and underestimate it when they are negative, thus leading to an asymmetric effect on trading costs between positive and negative accruals in the face of short-selling constraints in the Chinese stock market.

  18. Religion and stock price crash risk: Evidence

    Directory of Open Access Journals (Sweden)

    Wenfei Li

    2016-09-01

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

  19. SIS - Species and Stock Administrative Data Set

    Data.gov (United States)

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

  20. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion.

  1. 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...

  2. 41 CFR 101-27.406 - Disposition of stock.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 2 2010-07-01 2010-07-01 true Disposition of stock. 101...-Elimination of Items From Inventory § 101-27.406 Disposition of stock. Stocks of slow-moving items which are... this section, shall be taken, as necessary, to remove stocks of inactive items from inventory. (a...

  3. 47 CFR 65.303 - Cost of preferred stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Cost of preferred stock. 65.303 Section 65.303... stock. The formula for determining the cost of preferred stock is: ER01JN95.001 Where: “Total Annual Preferred Dividends” is the total dividends on preferred stock for the most recent two years for all local...

  4. 12 CFR 925.21 - Issuance and form of stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance and form of stock. 925.21 Section 925... ASSOCIATES MEMBERS OF THE BANKS Stock Requirements § 925.21 Issuance and form of stock. (a) A Bank shall issue to each new member, as of the effective date of membership, stock in the member's name for the...

  5. Grassland management impacts on soil carbon stocks: a new synthesis.

    Science.gov (United States)

    Conant, Richard T; Cerri, Carlos E P; Osborne, Brooke B; Paustian, Keith

    2017-03-01

    Grassland ecosystems cover a large portion of Earths' surface and contain substantial amounts of soil organic carbon. Previous work has established that these soil carbon stocks are sensitive to management and land use changes: grazing, species composition, and mineral nutrient availability can lead to losses or gains of soil carbon. Because of the large annual carbon fluxes into and out of grassland systems, there has been growing interest in how changes in management might shift the net balance of these flows, stemming losses from degrading grasslands or managing systems to increase soil carbon stocks (i.e., carbon sequestration). A synthesis published in 2001 assembled data from hundreds of studies to document soil carbon responses to changes in management. Here we present a new synthesis that has integrated data from the hundreds of studies published after our previous work. These new data largely confirm our earlier conclusions: improved grazing management, fertilization, sowing legumes and improved grass species, irrigation, and conversion from cultivation all tend to lead to increased soil C, at rates ranging from 0.105 to more than 1 Mg C·ha(-1) ·yr(-1) . The new data include assessment of three new management practices: fire, silvopastoralism, and reclamation, although these studies are limited in number. The main area in which the new data are contrary to our previous synthesis is in conversion from native vegetation to grassland, where we find that across the studies the average rate of soil carbon stock change is low and not significant. The data in this synthesis confirm that improving grassland management practices and conversion from cropland to grassland improve soil carbon stocks. © 2016 by the Ecological Society of America.

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

    Science.gov (United States)

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

    2014-01-01

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

  7. DEVELOPMENT TRENDS FOR ROLLING STOCK TRACTION MOTORS

    Directory of Open Access Journals (Sweden)

    O.V. Pasko

    2013-02-01

    Full Text Available Rolling stock on the railways of Ukraine has not been updated for many years, which has led to significant wear of the country electric and diesel locomotive fleet. A way out of the existing situation is execution of major overhaul with extension of locomotive life to allow their operation for several more years. Repair or upgrading as well as putting new rolling stock into operation must be accompanied by implementation of state-of-the-art traction electric drives.

  8. Growth performance of Nigerian fish stocks

    OpenAIRE

    King, R.P.

    1997-01-01

    Parameters of the von Bertalanffy growth function are presented for 42 fish stocks belonging to 16 families, 22 genera and 27 species. The growth performance index, Phi '(= log K + 2logL sub( infinity )), was computed for each stock and was found to be highest in male Gymnarchus niloticus (Gymnarchidae) from Lake Chad and lowest in Chrysichthys auratus (Bagridae) from the Cross River. Mean Phi ' for major fish genera and families are also presented and was highest in brackishwater fishes, clo...

  9. 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.

  10. Participation Constraints in the Stock Market

    DEFF Research Database (Denmark)

    Andersen, Steffen; Meisner Nielsen, Kasper

    2011-01-01

    participation costs cause non-participation. We have three key findings. First, windfall wealth has a positive effect on participation. Second, the majority of households do not react to sizeable windfalls by entering the stock market, but hold on to substantial safe assets—even over longer horizons. Third......, the majority of households inheriting stock holdings actively sell the entire portfolio. Overall, these findings suggest that participation by many individuals is unlikely to be constrained by financial participation costs....

  11. Incomplete information, idiosyncratic volatility and stock returns

    OpenAIRE

    Berrada, Tony Nicolas; Hugonnier, Julien

    2011-01-01

    We develop a q-theoretic model of investment under incomplete information that explains the link between idiosyncratic volatility and stock returns. When calibrated to match properties of the US business cycles as well as various firms and industry characteristics, the model generates a negative relation between idiosyncratic volatility and stock returns. We show that conditional on earning surprises, the link is positive after good news and negative after bad news. This result provides new i...

  12. Long - Memory Persistence in African Stock Markets

    Directory of Open Access Journals (Sweden)

    Emmanuel Numapau Gyamfi

    2016-05-01

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

  13. The Persistence of Pricing Inefficiencies in the Stock Markets of the Eastern European EU Nations

    Directory of Open Access Journals (Sweden)

    James Foye

    2013-06-01

    Full Text Available This paper applies a range of metrics to test for the presence of weak form market efficiency in the Eastern European countries that joined the EU in 2004, we test both the years prior to and following accession. The results from our tests indicate that, despite the expectations of many previous studies, even after entering the EU the stock markets of these countries still do not conform to even the loosest form of market efficiency. We improve and extend previous studies by incorporating liquidity controls, applying a wider range of methodologies and by using individual stocks rather than indices.

  14. 12 CFR 220.11 - Requirements for the list of marginable OTC stocks and the list of foreign margin stocks.

    Science.gov (United States)

    2010-01-01

    ... stocks and the list of foreign margin stocks. 220.11 Section 220.11 Banks and Banking FEDERAL RESERVE... (REGULATION T) § 220.11 Requirements for the list of marginable OTC stocks and the list of foreign margin... paragraph (f) of this section, OTC margin stock shall meet the following requirements: (1) Four or more...

  15. 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...

  16. Collective behavior of stock price movements in an emerging market

    OpenAIRE

    Pan, Raj Kumar; Sinha, Sitabhra

    2007-01-01

    To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions ...

  17. The impact of investor sentiment on the German stock market

    OpenAIRE

    Finter, Philipp; Niessen-Ruenzi, Alexandra; Ruenzi, Stefan

    2011-01-01

    This paper develops a broad-based sentiment indicator for Germany and investigates whether investor sentiment can explain stock returns on the German stock market. Based on a principal component analysis, we construct a sentiment indicator that condenses information of several well-known sentiment proxies. We show that this indicator explains the return spread between sentiment sensitive stocks and stocks that are not sensitive to sentiment fluctuations. Specifically, stocks that are difficul...

  18. 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.

  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. Soil Carbon Stocks Decrease following Conversion of Secondary Forests to Rubber (Hevea brasiliensis) Plantations

    Science.gov (United States)

    de Blécourt, Marleen; Brumme, Rainer; Xu, Jianchu; Corre, Marife D.; Veldkamp, Edzo

    2013-01-01

    Forest-to-rubber plantation conversion is an important land-use change in the tropical region, for which the impacts on soil carbon stocks have hardly been studied. In montane mainland southeast Asia, monoculture rubber plantations cover 1.5 million ha and the conversion from secondary forests to rubber plantations is predicted to cause a fourfold expansion by 2050. Our study, conducted in southern Yunnan province, China, aimed to quantify the changes in soil carbon stocks following the conversion from secondary forests to rubber plantations. We sampled 11 rubber plantations ranging in age from 5 to 46 years and seven secondary forest plots using a space-for-time substitution approach. We found that forest-to-rubber plantation conversion resulted in losses of soil carbon stocks by an average of 37.4±4.7 (SE) Mg C ha−1 in the entire 1.2-m depth over a time period of 46 years, which was equal to 19.3±2.7% of the initial soil carbon stocks in the secondary forests. This decline in soil carbon stocks was much larger than differences between published aboveground carbon stocks of rubber plantations and secondary forests, which range from a loss of 18 Mg C ha−1 to an increase of 8 Mg C ha−1. In the topsoil, carbon stocks declined exponentially with years since deforestation and reached a steady state at around 20 years. Although the IPCC tier 1 method assumes that soil carbon changes from forest-to-rubber plantation conversions are zero, our findings show that they need to be included to avoid errors in estimating overall ecosystem carbon fluxes. PMID:23894456

  1. Soil carbon stocks decrease following conversion of secondary forests to rubber (Hevea brasiliensis) plantations.

    Science.gov (United States)

    de Blécourt, Marleen; Brumme, Rainer; Xu, Jianchu; Corre, Marife D; Veldkamp, Edzo

    2013-01-01

    Forest-to-rubber plantation conversion is an important land-use change in the tropical region, for which the impacts on soil carbon stocks have hardly been studied. In montane mainland southeast Asia, monoculture rubber plantations cover 1.5 million ha and the conversion from secondary forests to rubber plantations is predicted to cause a fourfold expansion by 2050. Our study, conducted in southern Yunnan province, China, aimed to quantify the changes in soil carbon stocks following the conversion from secondary forests to rubber plantations. We sampled 11 rubber plantations ranging in age from 5 to 46 years and seven secondary forest plots using a space-for-time substitution approach. We found that forest-to-rubber plantation conversion resulted in losses of soil carbon stocks by an average of 37.4±4.7 (SE) Mg C ha(-1) in the entire 1.2-m depth over a time period of 46 years, which was equal to 19.3±2.7% of the initial soil carbon stocks in the secondary forests. This decline in soil carbon stocks was much larger than differences between published aboveground carbon stocks of rubber plantations and secondary forests, which range from a loss of 18 Mg C ha(-1) to an increase of 8 Mg C ha(-1). In the topsoil, carbon stocks declined exponentially with years since deforestation and reached a steady state at around 20 years. Although the IPCC tier 1 method assumes that soil carbon changes from forest-to-rubber plantation conversions are zero, our findings show that they need to be included to avoid errors in estimating overall ecosystem carbon fluxes.

  2. Chronic stress due to high stocking density in open sea cage farming induces variation in biochemical and immunological functions in Asian seabass (Lates calcarifer, Bloch).

    Science.gov (United States)

    Sadhu, Narasimhulu; Sharma, S R Krupesha; Joseph, Shoji; Dube, Praveen; Philipose, K K

    2014-08-01

    Stocking density is an important factor in cage aquaculture of finfish. Effects of high stocking density (35 fish cubic m(-1)) on a range of biochemical and immunological parameters in Asian seabass reared in open sea floating net cages were compared to fish held in relatively low density (15 fish cubic m(-1)). The results revealed that chronic stress due to high stocking density induced variations in most of the parameters studied as evidenced by increased cortisol and glucose levels and decreased activity of lysozyme, myeloperoxidase and complement. Production of reactive oxygen species, total leucocyte count and total serum protein were also decreased, whereas anti-protease, alkaline phosphatase and acid phosphatase activities were increased in high stocking-density group when compared to low stocking-density group. Effects of chronic stress due to high stocking density were discussed in relation to variations in these parameters.

  3. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Science.gov (United States)

    2010-04-01

    ..., and pro rata rights. 240.16a-9 Section 240.16a-9 Commodity and Securities Exchanges SECURITIES AND... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... acquisition of rights, such as shareholder or pre-emptive rights, pursuant to a pro rata grant to all holders...

  4. Novel acyloxy derivatives of branched mono- and polyol esters of sal fat: multiviscosity grade lubricant base stocks.

    Science.gov (United States)

    Kamalakar, Kotte; Sai Manoj, Gorantla N V T; Prasad, Rachapudi B N; Karuna, Mallampalli S L

    2014-12-10

    Sal fat, a nontraditional seed oil, was chemically modified to obtain base stocks with a wide range of specifications that can replace mineral oil base stocks. Sal fatty acids were enriched to 72.6% unsaturation using urea adduct method and reacted with branched mono alcohol, 2-ethylhexanol (2-EtH), and polyols namely neopentyl glycol (NPG) and trimethylolpropane (TMP) to obtain corresponding esters. The esters were hydroxylated and then acylated using propionic, butyric, and hexanoic anhydrides to obtain corresponding acylated derivatives. The acylated TMP esters exhibited very high viscosities (427.35-471.93 cSt at 40 °C) similar to those of BS 150 mineral oil base stock range, ISO VG 460, while the acylated NPG esters (268.81-318.84 cSt at 40 °C) and 2-EtH esters viscosities (20.94-24.44 cSt at 40 °C) exhibited viscosities in the range of ISO VG 320 and 22 respectively with good viscosity indices. Acylated NPG esters were found suitable for high temperature and acylated 2-ethylhexyl esters for low viscosity grade industrial applications. It was observed that the thermo-oxidative stabilities of all acylated products were found better compared to other vegetable oil based base stocks. Overall, all the sal fat based lubricant base stocks are promising candidates with a wide range of properties, which can replace most of the mineral oil base stocks with appropriate formulations.

  5. 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.

  6. 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.

  7. 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.

  8. Changing recruitment capacity in global fish stocks

    Science.gov (United States)

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

    2016-01-01

    Marine fish and invertebrates are shifting their regional and global distributions in response to climate change, but it is unclear whether their productivity is being affected as well. Here we tested for time-varying trends in biological productivity parameters across 262 fish stocks of 127 species in 39 large marine ecosystems and high-seas areas (hereafter LMEs). This global meta-analysis revealed widespread changes in the relationship between spawning stock size and the production of juvenile offspring (recruitment), suggesting fundamental biological change in fish stock productivity at early life stages. Across regions, we estimate that average recruitment capacity has declined at a rate approximately equal to 3% of the historical maximum per decade. However, we observed large variability among stocks and regions; for example, highly negative trends in the North Atlantic contrast with more neutral patterns in the North Pacific. The extent of biological change in each LME was significantly related to observed changes in phytoplankton chlorophyll concentration and the intensity of historical overfishing in that ecosystem. We conclude that both environmental changes and chronic overfishing have already affected the productive capacity of many stocks at the recruitment stage of the life cycle. These results provide a baseline for ecosystem-based fisheries management and may help adjust expectations for future food production from the oceans. PMID:26668368

  9. 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.

  10. Foreign Delisting and Domestic Stock Value

    DEFF Research Database (Denmark)

    Uderche-Rangau, Loredana; Carugati, Andrea

    2008-01-01

    The aim of our paper is to understand the foreign delisting phenomenon using a multi-method approach based on both information content analysis and event study analysis of foreign companies withdrawing their stocks from the Tokyo Stock Exchange. Our objective is to measure the impact of the delis......The aim of our paper is to understand the foreign delisting phenomenon using a multi-method approach based on both information content analysis and event study analysis of foreign companies withdrawing their stocks from the Tokyo Stock Exchange. Our objective is to measure the impact...... of the delisting decision on the domestic stock price by observing the link between the pure value impact and the reasons for delisting. Our results show that, contrary to previous results, firms delisting from Tokyo can gain value depending on the reaction of the market operators to the content of the information...... provided in the delisting announcements. i.e. delisting can be presented either as the result of the not fulfilment of the benefits of cross-listing or as a part of a more general strategy of the company. Highlighting significant clusters, content analysis provides a valuable addition to traditional event...

  11. Spillovers among regional and international stock markets

    Science.gov (United States)

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

    2014-07-01

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

  12. Quantification of parameters controlling the carbon stocks in German agricultural soils

    Science.gov (United States)

    Vos, Cora; Don, Axel; Freibauer, Annette; Heidkamp, Arne; Prietz, Roland

    2016-04-01

    Within the framework of UNFCCC, Germany is obligated to report on its greenhouse gas emissions from soils. This also includes the emissions in the agricultural sector. Changes in soil carbon stocks are a major source of CO2 that need to be reported. Until now there are only regional inventories of the soil carbon stocks in the agricultural sector while for the forestry sector a repeated national inventory exists. In order to report on changes in soil carbon stocks in agricultural soils, a consistent, representative and quantitative dataset of agricultural soil properties, especially on carbon stocks and management data is necessary. In the course of the German Agricultural Soil Inventory 3109 agricultural sites are examined. Up to January 2016, 2450 sites were sampled. The sites are sampled in five depth increments and all samples are analyzed in the same laboratory. Of the sampled sites the laboratory analyses are completed for 1312 sites. The samples of all depth increments were analyzed for their texture, bulk density, pH, electric conductivity, stone and root content, organic and inorganic carbon content and nitrogen content. The data are coupled with management data covering the past ten years and with climate data. They are analyzed with multivariate statistical techniques (e.g. mixed effects models, additive models, random forest) to quantify the parameters that control the carbon stocks in German agricultural soils. First descriptive results show that the mean soil carbon stocks down to a depth of 100 cm are 126.1 t ha-1 (range 8.9-1158.9 t ha-1). The mean stocks only for croplands are 102.6 t ha-1 (range 8.9-1158.9 t ha-1), while for grasslands the mean stock is 184.1 t ha-1 (range 19.4-937.8 t ha-1). In total the soil scientists found a surprisingly high proportion of disturbed and unusual soil profiles, indicating intensive human modifications of agricultural soils through e.g. deep ploughing. The data set of the German Agricultural Soil Inventory is the

  13. Web search queries can predict stock market volumes.

    Science.gov (United States)

    Bordino, Ilaria; Battiston, Stefano; Caldarelli, Guido; Cristelli, Matthieu; Ukkonen, Antti; Weber, Ingmar

    2012-01-01

    We live in a computerized and networked society where many of our actions leave a digital trace and affect other people's actions. This has lead to the emergence of a new data-driven research field: mathematical methods of computer science, statistical physics and sociometry provide insights on a wide range of disciplines ranging from social science to human mobility. A recent important discovery is that search engine traffic (i.e., the number of requests submitted by users to search engines on the www) can be used to track and, in some cases, to anticipate the dynamics of social phenomena. Successful examples include unemployment levels, car and home sales, and epidemics spreading. Few recent works applied this approach to stock prices and market sentiment. However, it remains unclear if trends in financial markets can be anticipated by the collective wisdom of on-line users on the web. Here we show that daily trading volumes of stocks traded in NASDAQ-100 are correlated with daily volumes of queries related to the same stocks. In particular, query volumes anticipate in many cases peaks of trading by one day or more. Our analysis is carried out on a unique dataset of queries, submitted to an important web search engine, which enable us to investigate also the user behavior. We show that the query volume dynamics emerges from the collective but seemingly uncoordinated activity of many users. These findings contribute to the debate on the identification of early warnings of financial systemic risk, based on the activity of users of the www.

  14. Web search queries can predict stock market volumes.

    Directory of Open Access Journals (Sweden)

    Ilaria Bordino

    Full Text Available We live in a computerized and networked society where many of our actions leave a digital trace and affect other people's actions. This has lead to the emergence of a new data-driven research field: mathematical methods of computer science, statistical physics and sociometry provide insights on a wide range of disciplines ranging from social science to human mobility. A recent important discovery is that search engine traffic (i.e., the number of requests submitted by users to search engines on the www can be used to track and, in some cases, to anticipate the dynamics of social phenomena. Successful examples include unemployment levels, car and home sales, and epidemics spreading. Few recent works applied this approach to stock prices and market sentiment. However, it remains unclear if trends in financial markets can be anticipated by the collective wisdom of on-line users on the web. Here we show that daily trading volumes of stocks traded in NASDAQ-100 are correlated with daily volumes of queries related to the same stocks. In particular, query volumes anticipate in many cases peaks of trading by one day or more. Our analysis is carried out on a unique dataset of queries, submitted to an important web search engine, which enable us to investigate also the user behavior. We show that the query volume dynamics emerges from the collective but seemingly uncoordinated activity of many users. These findings contribute to the debate on the identification of early warnings of financial systemic risk, based on the activity of users of the www.

  15. Compression stockings for the initial treatment of varicose veins in patients without venous ulceration.

    Science.gov (United States)

    Shingler, Sarah; Robertson, Lindsay; Boghossian, Sheila; Stewart, Marlene

    2013-12-09

    Compression hosiery or stockings are often the first line of treatment for varicose veins in people without either healed or active venous ulceration. Evidence is required to determine whether the use of compression stockings can effectively manage and treat varicose veins in the early stages. This is an update of a review first published in 2011. To assess the effectiveness of compression stockings for the only and initial treatment of varicose veins in patients without healed or active venous ulceration. For this update the Cochrane Peripheral Vascular Diseases Group Trials Search Co-ordinator searched the Specialised Register (last searched August 2013) and CENTRAL (2013, Issue 5). Randomised controlled trials (RCTs) were included if they involved participants diagnosed with primary trunk varicose veins without healed or active venous ulceration (Clinical, Etiology, Anatomy, Pathophysiology (CEAP) classification C2 to C4). Included trials assessed compression stockings versus no treatment, compression versus placebo stockings, or compression stockings plus drug intervention versus drug intervention alone. Trials comparing different lengths and pressures of stockings were also included. Trials involving other types of treatment for varicose veins (either as a comparator to stockings or as an initial non-randomised treatment), including sclerotherapy and surgery, were excluded. Two authors assessed the trials for inclusion and quality (SS and LR). SS extracted the data, which were checked by LR. Attempts were made to contact trial authors where missing or unclear data were present. Seven studies involving 356 participants with varicose veins without healed or active venous ulceration were included. Different levels of pressure were exerted by the stockings in the studies, ranging from 10 to 50 mmHg. One study assessed compression hosiery versus no compression hosiery. The other six compared different types or pressures of stockings. The methodological quality of

  16. 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

  17. Deterministic Elements of Japanese Stock Prices under Low Interest Rates

    Directory of Open Access Journals (Sweden)

    Yutaka Kurihara

    2016-05-01

    Full Text Available This paper uses daily data to perform an empirical analysis of the relationship between recent Japanese stock prices and macroeconomic variables under the zero or low interest policy in Japan. The empirical results indicate that short-term interest rates have not impacted Japanese stock prices. On the other hand, long-term interest rates, exchange rates, and foreign stock prices have been significant determinants of Japanese stock prices. This seems counter to traditional economic theory, but interest rates were quite low and other variables, such as exchange rates and other stock prices, play important roles in determining Japanese stock prices.

  18. The Geometric Phase of Stock Trading.

    Directory of Open Access Journals (Sweden)

    Claudio Altafini

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

  19. 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.

  20. Energy savings in Danish residential building stock

    DEFF Research Database (Denmark)

    Tommerup, Henrik M.; Svendsen, Svend

    2006-01-01

    A large potential for energy savings exists in the Danish residential building stock due to the fact that 75% of the buildings were constructed before 1979 when the first important demands for energy performance of building were introduced. It is also a fact that many buildings in Denmark face...... comprehensive renovations in the coming years and in connection with this renovation process energy saving measures can be implemented relatively inexpensive and cost effective. This opportunity should be used to insure the buildings in the future as far as energy consumption is concerned. This paper gives...... buildings representing the residential building stock and based on these calculations an assessment of the energy-saving potential is performed. A profitable savings potential of energy used for space heating of about 80% is identified over 45 years (until 2050) within the residential building stock...

  1. Clustering stocks using partial correlation coefficients

    Science.gov (United States)

    Jung, Sean S.; Chang, Woojin

    2016-11-01

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

  2. The Geometric Phase of Stock Trading.

    Science.gov (United States)

    Altafini, Claudio

    2016-01-01

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

  3. 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.

  4. 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.

  5. Post-stratified estimation of forest area and growing stock volume using lidar-based stratifications

    Science.gov (United States)

    Ronald E. McRoberts; Terje Gobakken; Erik. Næsset

    2012-01-01

    National forest inventories report estimates of parameters related to forest area and growing stock volume for geographic areas ranging in size from municipalities to entire countries. Landsat imagery has been shown to be a source of auxiliary information that can be used with stratified estimation to increase the precision of estimates, although the increase is...

  6. The effects of brood stock size on the economy of catfish ( Clarias ...

    African Journals Online (AJOL)

    ... fry and maximum return on investment, female brooders of body weights ranging between 400 599 g are recommended for hormone induced natural breeding exercises. (International exchange rate: N129.00/US$1.00 as at 01 April, 2006) Keywords: Clarias anguillaris, brood stock size, induced breeding, fry production

  7. Carbon and nitrogen stocks in the soils of the Amazon Region

    NARCIS (Netherlands)

    Batjes, N.H.; Dijkshoorn, J.A.

    1999-01-01

    Soil nitrogen and organic carbon stocks, to a depth of 0.3 m and 1 m respectively, were determined for the Amazon Region using the soil and terrain (SOTER-LAC) database for Latin America and the Caribbean. Mean carbon densities, to a depth of 1 m, range from 4.0 kg m−2 for coarse textured Arenosols

  8. Learning, Knowing and Controlling the Stock: The Nature of Employee Discretion in a Supermarket Chain

    Science.gov (United States)

    Fuller, Alison; Kakavelakis, Kostas; Felstead, Alan; Jewson, Nick; Unwin, Lorna

    2009-01-01

    This paper explores the nature of the relationship between Head Office and stores in a large British supermarket chain. It focuses on the role played by a range of technological tools available for managing the stock and connecting different parts of the productive system and the implications this has for employee learning in stores. The evidence…

  9. Survival and growth response of white spruce stock types to site preparation in Alaska

    Science.gov (United States)

    Andrew Youngblood; Elizabeth Cole; Michael Newton

    2011-01-01

    To identify suitable methods for reforestation, we evaluated the interacting effects of past disturbance, stock types, and site preparation treatments on white spruce (Picea glauca (Moench) Voss) seedling survival and growth across a range of sites in Alaska. Replicated experiments were established in five regions. At each site, two complete...

  10. Soil carbon stock change in the forests of Denmark between 1990 and 2008

    DEFF Research Database (Denmark)

    Callesen, Ingeborg; Stupak, Inge; Georgiadis, Petros

    2015-01-01

    may also reflect net C mineralization as an adaptation to the current more aerobic drainage regime of soils that were frequently water saturated in previous centuries. Plots afforested after 1954 and ranging in stand age from 7 to 42 years had accumulated forest floors with an average stock of 0.3 ± 0...

  11. Assessment of Bioaerosol concentrations in a live stocks industrial slaughterhouse in Shiraz

    Directory of Open Access Journals (Sweden)

    A Kasaei nasab

    2013-05-01

    .Conclusion: Bioaerosols concentration in live stocks industrial slaughterhouse is higher than the threshold limit and suggested range. Therefore, it is essential to take measures, such as improving the process and technical-engineering interventions including the use of suitable ventilation systems and also management personal monitoring measures.

  12. Stock Prices, Earnings and Expected Dividends

    OpenAIRE

    Shiller, Robert; Campbell, John

    1988-01-01

    This paper presents estimates indicating that, for aggregate U.S. stock market data 1871-1986, a long historical average of real earnings is a good predictor of the present value of future real dividends. This is true even when the information contained in stock prices is taken into account. We estimate that for each year the optimal forecast of the present value of future real dividends is roughly a weighted average of moving average earnings and current real price, with between 2/3 and 3/4 ...

  13. The Management of the Joint Stock Companies

    Directory of Open Access Journals (Sweden)

    Dan Cimpoeru

    2013-12-01

    Full Text Available In the joint stock company there are three types of bodies: deliberative and decision-making (general meeting of shareholders, executive and management (administrator, administrators, Administrative Board, Directorate or Supervisory Board and management control (auditors. The shareholders may set by the constitutive act other organs of society than those provided for under company law. An important role in the organization of a company has the administrators who have responsibilities in the sphere of internal management acts and representation in relations with third parties. Under the Romanian legal provisions, the joint stock companies may be managed in two systems: unitary and dualist.

  14. What Determines Stock Option Contract Design?

    OpenAIRE

    Pasternack, Daniel; Rosenberg, Matts

    2003-01-01

    This paper analyzes factors driving the design of stock option plans for Finnish firms. We examine determinants of the scope of plans, exercise price, target group, and dividend protection. The scope is found to be negatively related to Tobin’s Q and positively related to proxies for monitoring costs. The scope is also greater in broad-based plans, and in plans with dividend protection. Prior stock return is found to be negatively related to the size of the premium (out-of-the-moneyness), whe...

  15. Pyjamas, nylon stockings, and other Olympic dreams.

    Directory of Open Access Journals (Sweden)

    Jeroen de Kloet

    2009-05-01

    Full Text Available Photography by Elaine W. Ho. While strolling through the streets of Xiamen in the summer of 1992, I came across many young women wearing short nylon stockings. I remember, with shame, I must confess now, how I would make fun of them with my friends. Taking Dutch standards as the yardstick of good taste, I considered nylon stockings to be part of one’s underwear, whose fringes, indeed the boundaries between the clothed and naked body, were not to be revealed in public. Similar smiles appeared ...

  16. Impact of money supply on stock bubbles

    Directory of Open Access Journals (Sweden)

    Martin Širůček

    2013-01-01

    Full Text Available This article focuses on the effect and implications of changes in money supply in the US on stock bubble rise on the US capital market, which is represented by the Dow Jones Industrial Average index. This market was chosen according to the market capitalization. The attention of the paper is drawn to issues – if according to the results of empirical analysis, the money supply is a significant factor which causes the bubbles and if during the time the significance and impact of this macroeconomic factor on stock index increase.

  17. Pyjamas, nylon stockings, and other Olympic dreams.

    OpenAIRE

    Jeroen de Kloet

    2009-01-01

    Photography by Elaine W. Ho. While strolling through the streets of Xiamen in the summer of 1992, I came across many young women wearing short nylon stockings. I remember, with shame, I must confess now, how I would make fun of them with my friends. Taking Dutch standards as the yardstick of good taste, I considered nylon stockings to be part of one’s underwear, whose fringes, indeed the boundaries between the clothed and naked body, were not to be revealed in public. Similar smiles appeared ...

  18. Mandatory IFRS Reporting and Stock Price Informativeness

    OpenAIRE

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

    2010-01-01

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

  19. A model for stock returns and volatility

    Science.gov (United States)

    Ma, Tao; Serota, R. A.

    2014-03-01

    We prove that Student’s t-distribution provides one of the better fits to returns of S&P component stocks and the generalized inverse gamma distribution best fits VIX and VXO volatility data. We further prove that stock returns are best fit by the product distribution of the generalized inverse gamma and normal distributions. We find Brown noise in VIX and VXO time series and explain the mean and the variance of the relaxation times on approach to the steady-state distribution.

  20. The study of issuance of stocks in venture companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-09-01

    Full Text Available In order to implement the profitable projects, achieve the maximum efficiency, and increase their shareholders, companies may use different types of financial resources in different ways. The ability of companies to identify the internal and external resources for providing capital and financial programs is considered as one of the main factors that affects on the growth and development of the companies. Financing resources and their usage volume are factors that affect on the companies’ operating performance. In this regard, companies and economic institutions can be financially provided from both inside and outside. Companies can issue and sell new common stocks to investors to provide their required financial resources. This study was conducted to investigate the issuance of stocks as one of resources of financing in the companies. Statistical population of this study was active listed companies in Tehran Stock Exchange. The sample of study was selected among listed companies raising capital through applying stage random sampling and simple random sampling. Sampling was conducted during the period 2008-20013 and finally the sample size including 40 companies were chosen using a Cochran formula. To analyze the obtained information, t-test and correlation coefficient were used. Although the results of the study revealed that there was no significant difference between the internal sources of financing and the issuance of stocks among the studied companies, there is a significant relationship between companies’ issuance of stocks and their size. Companies increase the use of retained earnings and stocks for financing through expanding the size of companies. Also, due to the existence of relationship between financing and the fixed assets of the companies through issuing the stocks of companies, no statistically significant relationship were observed between financing and companies’ profitability. Finally, there was no significant

  1. Topological Characteristics of the Hong Kong Stock Market: A Test-based P-threshold Approach to Understanding Network Complexity

    Science.gov (United States)

    Xu, Ronghua; Wong, Wing-Keung; Chen, Guanrong; Huang, Shuo

    2017-02-01

    In this paper, we analyze the relationship among stock networks by focusing on the statistically reliable connectivity between financial time series, which accurately reflects the underlying pure stock structure. To do so, we firstly filter out the effect of market index on the correlations between paired stocks, and then take a t-test based P-threshold approach to lessening the complexity of the stock network based on the P values. We demonstrate the superiority of its performance in understanding network complexity by examining the Hong Kong stock market. By comparing with other filtering methods, we find that the P-threshold approach extracts purely and significantly correlated stock pairs, which reflect the well-defined hierarchical structure of the market. In analyzing the dynamic stock networks with fixed-size moving windows, our results show that three global financial crises, covered by the long-range time series, can be distinguishingly indicated from the network topological and evolutionary perspectives. In addition, we find that the assortativity coefficient can manifest the financial crises and therefore can serve as a good indicator of the financial market development.

  2. Topological Characteristics of the Hong Kong Stock Market: A Test-based P-threshold Approach to Understanding Network Complexity.

    Science.gov (United States)

    Xu, Ronghua; Wong, Wing-Keung; Chen, Guanrong; Huang, Shuo

    2017-02-01

    In this paper, we analyze the relationship among stock networks by focusing on the statistically reliable connectivity between financial time series, which accurately reflects the underlying pure stock structure. To do so, we firstly filter out the effect of market index on the correlations between paired stocks, and then take a t-test based P-threshold approach to lessening the complexity of the stock network based on the P values. We demonstrate the superiority of its performance in understanding network complexity by examining the Hong Kong stock market. By comparing with other filtering methods, we find that the P-threshold approach extracts purely and significantly correlated stock pairs, which reflect the well-defined hierarchical structure of the market. In analyzing the dynamic stock networks with fixed-size moving windows, our results show that three global financial crises, covered by the long-range time series, can be distinguishingly indicated from the network topological and evolutionary perspectives. In addition, we find that the assortativity coefficient can manifest the financial crises and therefore can serve as a good indicator of the financial market development.

  3. Topological Characteristics of the Hong Kong Stock Market: A Test-based P-threshold Approach to Understanding Network Complexity

    Science.gov (United States)

    Xu, Ronghua; Wong, Wing-Keung; Chen, Guanrong; Huang, Shuo

    2017-01-01

    In this paper, we analyze the relationship among stock networks by focusing on the statistically reliable connectivity between financial time series, which accurately reflects the underlying pure stock structure. To do so, we firstly filter out the effect of market index on the correlations between paired stocks, and then take a t-test based P-threshold approach to lessening the complexity of the stock network based on the P values. We demonstrate the superiority of its performance in understanding network complexity by examining the Hong Kong stock market. By comparing with other filtering methods, we find that the P-threshold approach extracts purely and significantly correlated stock pairs, which reflect the well-defined hierarchical structure of the market. In analyzing the dynamic stock networks with fixed-size moving windows, our results show that three global financial crises, covered by the long-range time series, can be distinguishingly indicated from the network topological and evolutionary perspectives. In addition, we find that the assortativity coefficient can manifest the financial crises and therefore can serve as a good indicator of the financial market development. PMID:28145494

  4. 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.

  5. 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.

  6. Modelling soil bulk density at the landscape scale and its contributions to C stock uncertainty

    Directory of Open Access Journals (Sweden)

    K. P. Taalab

    2013-07-01

    Full Text Available Soil bulk density (Db is a major contributor to uncertainties in landscape-scale carbon and nutrient stock estimation. However, it is time consuming to measure and is, therefore, frequently predicted using surrogate variables, such as soil texture. Using this approach is of limited value for estimating landscape-scale inventories, as its accuracy beyond the sampling point at which texture is measured becomes highly uncertain. In this paper, we explore the ability of soil landscape models to predict soil Db using a suite of landscape attributes and derivatives for both topsoil and subsoil. The models were constructed using random forests and artificial neural networks. Using these statistical methods, we have produced a spatially distributed prediction of Db on a 100 m × 100 m grid, which was shown to significantly improve topsoil carbon stock estimation. In comparison to using mean values from point measurements, stratified by soil class, we found that the gridded method predicted Db more accurately, especially for higher and lower values within the range. Within our study area of the Midlands, UK, we found that the gridded prediction of Db produced a stock inventory of over 1 million tonnes of carbon greater than the stratified mean method. Furthermore, the 95% confidence interval associated with total C stock prediction was almost halved by using the gridded method. The gridded approach was particularly useful in improving organic carbon (OC stock estimation for fine-scale landscape units at which many landscape–atmosphere interaction models operate.

  7. Behavioral Finance: An Empirical Study of the Tunisian Stock Market

    National Research Council Canada - National Science Library

    Mustapha Chaffai; Imed Medhioub

    2014-01-01

    .... Based on a questionnaire distributed to the Tunisian investors in the stock market, and by using the Multiple Correspondence analysis, we focus to explain how the behavioral finance can affect Tunisian stock market...

  8. Executive Stock Options Compensation: An Empirical Analysis Of ...

    African Journals Online (AJOL)

    pothesizes that the equity held by ... and when firms show levels of risk. Additionally, results suggest a non-linear negative relationship between board size and stock options attribution. Keywords: Agency Theory; Incentives; Stock Options.

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

    Data.gov (United States)

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

  10. Optimal Groundwater Extraction under Uncertainty and a Spatial Stock Externality

    Science.gov (United States)

    We introduce a model that incorporates two important elements to estimating welfare gains from groundwater management: stochasticity and a spatial stock externality. We estimate welfare gains resulting from optimal management under uncertainty as well as a gradual stock externali...

  11. The Interactive Influence of Perceived Ownership and Perceived Choosership of Stocks on Brain Response to Stock Outcomes.

    Science.gov (United States)

    Shang, Zhe; Wang, Lei; Wu, Han

    2017-01-01

    The present research examined the influence of perceived ownership (self/other) and perceived chooser (self/other) of stocks on brain activity, and investigated whether differential brain responses to stock outcomes as a result of perceived differences in ownership of stock would be modulated by perceived chooser of stock. We used a 2 (stock chooser: self, other) × 2 (stock owner: self, other) within-subject design to represent four types of chooser-owner relationships. Brain potentials were recorded while participants observed increasing and decreasing stock prices. Results showed that observations of stock outcomes among four types of chooser-owner relationships elicited differentiated feedback-related negativity (d-FRN: differences in FRN waves between losses and gains, reflecting violations of expectancy to stock outcomes): (1) Self-chosen-other-owned stocks evoked significantly larger d-FRN discrepancies than self-chosen-self-owned stocks, indicating a greater expectancy violation to others' losses than to one's own, demonstrating a reversed ownership effect. Moreover, people high in conscientiousness showed an increase in this trend, suggesting a stronger other-consideration; (2) Self-chosen-self-owned stocks and other-chosen-self-owned stocks revealed no significant d-FRN discrepancy, showing no choosership effect beyond the ownership effect; (3) Other-chosen-self-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, demonstrating an ownership effect; (4) Self-chosen-other-owned stocks evoked a significantly stronger d-FRN discrepancy than other-chosen-other-owned stocks, revealing a choosership effect. These findings suggest that the ownership effect could be reversed by conscientiousness induced by perceived choosership in the agency relationship, while the choosership effect is attenuated and even disappears under the influence of perceived ownership.

  12. How long is the memory of the US stock market?

    Science.gov (United States)

    Ferreira, Paulo; Dionísio, Andreia

    2016-06-01

    The Efficient Market Hypothesis (EMH), one of the most important hypothesis in financial economics, argues that return rates have no memory (correlation) which implies that agents cannot make abnormal profits in financial markets, due to the possibility of arbitrage operations. With return rates for the US stock market, we corroborate the fact that with a linear approach, return rates do not show evidence of correlation. However, linear approaches might not be complete or global, since return rates could suffer from nonlinearities. Using detrended cross-correlation analysis and its correlation coefficient, a methodology which analyzes long-range behavior between series, we show that the long-range correlation of return rates only ends in the 149th lag, which corresponds to about seven months. Does this result undermine the EMH?

  13. The Reed Elsevier stock price gap

    NARCIS (Netherlands)

    Kamp, B.

    1995-01-01

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

  14. Are Economists More Likely to Hold Stocks?

    DEFF Research Database (Denmark)

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

    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...

  15. Accounting for the Material Stock of Nations

    Science.gov (United States)

    Fishman, Tomer; Schandl, Heinz; Tanikawa, Hiroki; Walker, Paul; Krausmann, Fridolin

    2014-01-01

    National material stock (MS) accounts have been a neglected field of analysis in industrial ecology, possibly because of the difficulty in establishing such accounts. In this research, we propose a novel method to model national MS based on historical material flow data. This enables us to avoid the laborious data work involved with bottom-up accounts for stocks and to arrive at plausible levels of stock accumulation for nations. We apply the method for the United States and Japan to establish a proof of concept for two very different cases of industrial development. Looking at a period of 75 years (1930–2005), we find that per capita MS has been much higher in the United States for the entire period, but that Japan has experienced much higher growth rates throughout, in line with Japan's late industrial development. By 2005, however, both Japan and the United States arrive at a very similar level of national MS of 310 to 375 tonnes per capita, respectively. This research provides new insight into the relationship between MS and flows in national economies and enables us to extend the debate about material efficiency from a narrow perspective of throughput to a broader perspective of stocks. PMID:25505368

  16. MODELLING STOCK DYNAMICS IN THE SOUTHERN BENGUELA ...

    African Journals Online (AJOL)

    Modelled stock dynamics in the southern Benguela ecosystem more closely represent observed timeseries when wasp-waist control by small pelagic fish is simulated. Overall, model simulations suggest that almost half the variance in the time-series can be explained based on a combination of fishing, vulnerability settings ...

  17. Testing spatial heterogeneity with stock assessment models

    DEFF Research Database (Denmark)

    Jardim, Ernesto; Eero, Margit; Silva, Alexandra

    2018-01-01

    This paper describes a methodology that combines meta-population theory and stock assessment models to gain insights about spatial heterogeneity of the meta-population in an operational time frame. The methodology was tested with stochastic simulations for different degrees of connectivity betwee...

  18. Stock Selection, Style Rotation, and Risk

    NARCIS (Netherlands)

    Lucas, André; Dijk, van Ronald; Kloek, Teun

    2001-01-01

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

  19. Stock Selection, Style Rotation, and Risk

    NARCIS (Netherlands)

    A. Lucas (André); R. van Dijk (Ronald); T. Kloek (Teun)

    2001-01-01

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

  20. Algorithmic Trading at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adrian Victor SĂNDIŢĂ

    2015-09-01

    Full Text Available Very conservative estimates indicate that over 40% of transactions on the stock exchanges in the United States are based on automatically generated orders. Such systems are designed to do algorithmic trading on the basis of a predefined set of rules that determine the composition of the portfolio and the moment in which the purchases and sales of securities are done. Applying highly diverse trading strategies, algorithmic trading systems ultimately aim to maximize profit and minimize risk taking. Algorithmic trading on the Bucharest Stock Exchange is still in its incipient phase. Now, automated trading systems are used only for participants who act as Market Makers for the actions of a few issuers. Estimates indicate a volume of algorithmic trading on the Bucharest Stock Exchange of under 1% of its total transactions. This paper aims to describe a general way that algorithmic trading systems can be connected to the Bucharest Stock Exchange and to present some of our results in the implementation of such a system.

  1. Econometric Studies of Stock Market Behaviour

    DEFF Research Database (Denmark)

    Rasmussen, Anne-Sofie Reng

    This thesis consists of three sefcontained essays, all centering around the topic of stock market behaviour. The papers focus on the empirical performance of a number of asset pricing models, all attempting to quantify and price asset risk. We look at how well these models actually do in describi...

  2. Legal insider trading and stock market liquidity

    NARCIS (Netherlands)

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

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

  3. Connecting VIX and Stock Index ETF

    NARCIS (Netherlands)

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

    2017-01-01

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

  4. Financial literacy and stock market participation

    NARCIS (Netherlands)

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

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

  5. Compression Stockings for Treating Venous Leg Ulcers

    Directory of Open Access Journals (Sweden)

    J. P. Benigni

    2013-01-01

    Full Text Available Background. In order to treat venous leg ulcers, it is recommended to use high pressure compression (30–40 mmHg at the ankle. Compression stockings which are not operator dependant could be the best option because of their pressure control. However 30–40 mmHg compression stockings are often hard to put on. Putting two lower pressure compression stockings over each other could be a good therapeutic alternative. Objectives. To compare the in vitro pressures given by the manufacturers of 2 antiulcer kits with the in vivo interface pressures measured in healthy subjects and to evaluate the stiffness and friction indices from those kits based on the interface pressure in order to assess their clinical properties. Material and Methods. Using a Kikuhime pressure device, interface pressure was measured in 12 healthy subjects at the reference point B1. One stiffness index (Static Stiffness Index (SSI and a friction index have been calculated. Results. Mediven Ulcer kit gets the recommended pressures whereas Jobst’s Ulcer Care kit does not for treating a venous leg ulcer. Jobst’s Ulcer Care transmits entirely the pressure in relation to a friction index close to 1. Conclusion. This antiulcer kit study underlines that in vivo and in vitro pressures can be different (Jobst’s Ulcer Care kit and Mediven Ulcer kit. In order not to lose pressure, it is important to take into account the friction index when superimposing two stockings.

  6. Fractal profit landscape of the stock market.

    Science.gov (United States)

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

    2012-01-01

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

  7. Accounting for the Material Stock of Nations.

    Science.gov (United States)

    Fishman, Tomer; Schandl, Heinz; Tanikawa, Hiroki; Walker, Paul; Krausmann, Fridolin

    2014-05-01

    National material stock (MS) accounts have been a neglected field of analysis in industrial ecology, possibly because of the difficulty in establishing such accounts. In this research, we propose a novel method to model national MS based on historical material flow data. This enables us to avoid the laborious data work involved with bottom-up accounts for stocks and to arrive at plausible levels of stock accumulation for nations. We apply the method for the United States and Japan to establish a proof of concept for two very different cases of industrial development. Looking at a period of 75 years (1930-2005), we find that per capita MS has been much higher in the United States for the entire period, but that Japan has experienced much higher growth rates throughout, in line with Japan's late industrial development. By 2005, however, both Japan and the United States arrive at a very similar level of national MS of 310 to 375 tonnes per capita, respectively. This research provides new insight into the relationship between MS and flows in national economies and enables us to extend the debate about material efficiency from a narrow perspective of throughput to a broader perspective of stocks.

  8. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

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

  9. A cointegration analysis of wine stock indexes

    Directory of Open Access Journals (Sweden)

    Sabina Introvigne

    2017-12-01

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

  10. Stock vs. Bond Yields, and Demographic Fluctuations

    DEFF Research Database (Denmark)

    Gozluklu, Arie; Morin, Annaïg

    This paper analyzes the strong comovement between real stock and nominal bond yields at generational (low) frequencies. Life-cycle patterns in savings behavior in an overlapping generations model with cash-in-advance constraints explain this persistent comovement between financial yields. We argu...

  11. Characterization of Trypanosoma brucei gambiense stocks isolated ...

    African Journals Online (AJOL)

    Characterization of Trypanosoma brucei gambiense stocks isolated from humans by RAPD fingerprinting in Côte d'Ivoire: another evidence for multiple infections. ... a given isoenzyme profile (zymodeme), confirming that this fingerprinting method has a higher discriminative power (faster molecular clock) than isoenzymes.

  12. Ecosystem carbon stocks in Pinus palustris forests

    Science.gov (United States)

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

    2014-01-01

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

  13. Ecosystem carbon stocks of micronesian mangrove forests

    Science.gov (United States)

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

    2011-01-01

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

  14. Confidence building in emerging stock markets

    NARCIS (Netherlands)

    Perotti, E.C.; Laeven, L.; van Oijen, P.

    2000-01-01

    Investor confidence in reliable property rights and stable, market-oriented policies are a necessary condition for financial integration and the development of emerging stock markets. Announced market-oriented policies may be reversed, however, and are initially not fully credible. We argue that

  15. Confidence building in emerging stock markets

    NARCIS (Netherlands)

    Laeven, L.; Perotti, E.C.

    2001-01-01

    Investor confidence in reliable property rights and stable, market-oriented policies are a necessary condition for financial integration and the development of emerging stock markets. Announced market-oriented policies may be reversed, however, and are initially not fully credible. We argue that

  16. Preliminary Studies On The Limnological Stock Assessment ...

    African Journals Online (AJOL)

    The report documents for the first time, preliminary limnological stock assessment of the Ojirami water supply reservoir, Edo State, Nigeria, with respect to water quality, phyto- and zooplankton communities, primary productivity and potential fish yield. The physical and chemical characteristics and the plankton community of ...

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

    African Journals Online (AJOL)

    Helet Lambrechts

    South African Society for Animal Science. 87. The influence of stocking rate and male:female ratio on the production of breeding ostriches (Struthio camelus spp.) under commercial farming conditions. H. Lambrechts. 1, 4. , D. Swart. 2. , S.W.P. Cloete. 3#. , J.P.C. Greyling. 4 and S.J. van Schalkwyk. 5. 1Ostrich Research ...

  18. Weather-Induced Mood, Institutional Investors, and Stock Returns

    OpenAIRE

    William N. Goetzmann; Dasol Kim; Alok Kumar; Qin Wang

    2015-01-01

    This study shows that weather-based indicators of mood impact perceptions of mispricing and trading decisions of institutional investors. Using survey and disaggregated trade data, we show that relatively cloudier days increase perceived overpricing in individual stocks and the Dow Jones Industrial Index and increase selling propensities of institutions. We introduce stock-level measures of investor mood; investor optimism positively impacts stock returns among stocks with higher arbitrage co...

  19. Was the stock exchange crisis of 2007 predictable?

    OpenAIRE

    Popescu, Ion; STOICA, Victor; MERUTA, Alexandrina

    2009-01-01

    The aim is to try to solve the dilemma if could be predictable exchange crisis from 2007 in the conditions of market globalization, including stock exchange, under the risk of system. In such circumstances, the value judgments based on those three major developments (The Big Three) recorded in three representative locations: New York Stock Exchange (NYSE), London Stock Exchange (LSE) and Tokyo Stock Exchange (TSE). The analysis led to a technique conslusion, namely the level of support is a t...

  20. Terrorism and Stock Market Linkages: An Empirical Study from Pakistan

    OpenAIRE

    Arif, Imtiaz; Suleman, Tahir

    2014-01-01

    This paper investigated the impact of prolonged terrorist activities on stock prices of different sectors listed in Karachi Stock Exchange by using newly developed terrorism impact factor index with lingering effect (TIFL) and monthly time series data from 2002(Jan) to 2011(Dec). Johansen and Jeuselius cointegration revealed long run relationship between terrorism and stock price. Normalized cointegration vectors are used to test the effect of terrorism on stock price. Results demonstrated si...

  1. Spreadsheet solutions of the one-dimensional cutting stock problem

    OpenAIRE

    Gajewski Robert

    2017-01-01

    The cutting stock problem encompasses cutting parts available in stock, which are called objects, to produce in specified quantities smaller pieces which are called items and optimizing an objective function. The cutting stock problem is common for many industrial processes – steel, paper tube and construction industries. One of the most important phases in solution of the one-dimensional cutting stock problem is a pattern generating procedure which can be performed in a spreadsheet.

  2. Spreadsheet solutions of the one-dimensional cutting stock problem

    Directory of Open Access Journals (Sweden)

    Gajewski Robert

    2017-01-01

    Full Text Available The cutting stock problem encompasses cutting parts available in stock, which are called objects, to produce in specified quantities smaller pieces which are called items and optimizing an objective function. The cutting stock problem is common for many industrial processes – steel, paper tube and construction industries. One of the most important phases in solution of the one-dimensional cutting stock problem is a pattern generating procedure which can be performed in a spreadsheet.

  3. 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... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.6 Transfer of capital stock. A Bank in its capital plan may allow a member to transfer any excess capital stock of the Bank to another member of that Bank or...

  4. 12 CFR 931.2 - Issuance of capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Issuance of capital stock. 931.2 Section 931.2... STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.2 Issuance of capital stock. (a) In general. A Bank may issue either one or both classes of its capital stock (including subclasses), as authorized by § 931.1...

  5. The Impact Of Employee Stock Bonus On Equity Market Value

    OpenAIRE

    Niensu Shih

    2011-01-01

    This paper explores the relation between equity market value and the expense of employee stock bonus that is disclosed but not recognized under Taiwans law. Employing the regression analyses, and to investigate the effects of employee stock bonus on the firms share price. We find that the market value of employee stock bonus has a negative effect on the firms share price. The result indicates the negative side of employee stock bonus is its dilution of the existing shareholders equity rights.

  6. Analysis of Realized Volatility for Nikkei Stock Average on the Tokyo Stock Exchange

    Science.gov (United States)

    Takaishi, Tetsuya; Watanabe, Toshiaki

    2016-04-01

    We calculate realized volatility of the Nikkei Stock Average (Nikkei225) Index on the Tokyo Stock Exchange and investigate the return dynamics. To avoid the bias on the realized volatility from the non-trading hours issue we calculate realized volatility separately in the two trading sessions, i.e. morning and afternoon, of the Tokyo Stock Exchange and find that the microstructure noise decreases the realized volatility at small sampling frequency. Using realized volatility as a proxy of the integrated volatility we standardize returns in the morning and afternoon sessions and investigate the normality of the standardized returns by calculating variance, kurtosis and 6th moment. We find that variance, kurtosis and 6th moment are consistent with those of the standard normal distribution, which indicates that the return dynamics of the Nikkei Stock Average are well described by a Gaussian random process with time-varying volatility.

  7. An Empirical Examination of the Incremental Contribution of Stock Characteristics in UK Stock Returns

    Directory of Open Access Journals (Sweden)

    Jonathan Fletcher

    2017-10-01

    Full Text Available This study uses the Bayesian approach to examine the incremental contribution of stock characteristics to the investment opportunity set in U.K. stock returns. The paper finds that size, book-to-market (BM ratio, and momentum characteristics all make a significant incremental contribution to the investment opportunity set when there is unrestricted short selling. However, no short selling constraints eliminate the incremental contribution of the size and BM characteristics, but not the momentum characteristic. The use of additional stock characteristics such as stock issues, accruals, profitability, and asset growth leads to a significant incremental contribution beyond the size, BM, and momentum characteristics when there is unrestricted short selling, but no short selling constraints largely eliminates the incremental contribution of the additional characteristics.

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

    Data.gov (United States)

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

  9. Minimising inventory costs by properly choosing the level of safety stock

    Directory of Open Access Journals (Sweden)

    Liljana Ferbar Tratar

    2010-11-01

    Full Text Available

    Markets are everyday becoming ever more demanding and companies are adjusting in different ways. The objective of forecasting in a demand-driven supply network is to identify the probable range of expected demand so that supply can cover demand anywhere within the statistical range. Supply can cover the range either through having the capacity to replenish within lead times or by carrying excess inventory (safety stock. Nowadays, many companies put a lot of their energy and finance into setting the right level of safety stock and reducing related expenses. In this paper, we improve an existing method for calculating the safety stock for a particular Slovenian company. We present the existing and proposed methods for calculating safety stock and derive a cost model. Finally, we prove that the proposed method not only reduces average costs but also helps to meet the target customer service level – making it also applicable to other Slovenian companies encountering situations where demand is seasonal.

  10. 21 CFR 880.5780 - Medical support stocking.

    Science.gov (United States)

    2010-04-01

    ...) MEDICAL DEVICES GENERAL HOSPITAL AND PERSONAL USE DEVICES General Hospital and Personal Use Therapeutic Devices § 880.5780 Medical support stocking. (a) Medical support stocking to prevent the pooling of blood...) Identification. A medical support stocking for general medical purposes is a device that is constructed of...

  11. 12 CFR 7.2023 - Reverse stock splits.

    Science.gov (United States)

    2010-01-01

    ... Corporate Practices § 7.2023 Reverse stock splits. (a) Authority to engage in reverse stock splits. A national bank may engage in a reverse stock split if the transaction serves a legitimate corporate purpose and provides adequate dissenting shareholders' rights. (b) Legitimate corporate purpose. Examples of...

  12. Macroeconomic determinants of conditional stock-bond correlation ...

    African Journals Online (AJOL)

    This paper analyzes effects of macroeconomic variables on cross- asset market linkages based on the stock-bond returns correlation. The study focuses on the dependence of stock-bond returns correlation on inflation and interest rate, and attempts to explain conditional stock-bond correlation using the argument that these ...

  13. The zero inflation of standing dead tree carbon stocks

    Science.gov (United States)

    Christopher W. Woodall; David W. MacFarlane

    2012-01-01

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

  14. 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

  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. 27 CFR 46.195 - Floor stocks requirements.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Floor stocks requirements... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 General § 46.195 Floor stocks requirements. (a) Take inventory. The...

  17. 7 CFR 1610.9 - Class B stock.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Class B stock. 1610.9 Section 1610.9 Agriculture... 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...

  18. 26 CFR 1.1563-2 - Excluded stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Excluded stock. 1.1563-2 Section 1.1563-2...) INCOME TAXES Certain Controlled Corporations § 1.1563-2 Excluded stock. (a) Certain stock excluded. For purposes of sections 1561 through 1563 and the regulations thereunder, the term “stock” does not include...

  19. 27 CFR 46.221 - Floor stocks tax rates.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Floor stocks tax rates. 46... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Tax Liability Calculation § 46.221 Floor stocks tax rates. Product...

  20. 27 CFR 21.3 - Stocks of discontinued formulas.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Stocks of discontinued..., DEPARTMENT OF THE TREASURY LIQUORS FORMULAS FOR DENATURED ALCOHOL AND RUM General Provisions § 21.3 Stocks of discontinued formulas. Denaturers, or specially denatured spirits dealers or users, having on hand stocks of...

  1. 27 CFR 46.231 - Floor stocks tax return.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Floor stocks tax return... CIGARETTE PAPERS AND TUBES Floor Stocks Tax on Certain Tobacco Products, Cigarette Papers, and Cigarette Tubes Held for Sale on April 1, 2009 Filing Requirements § 46.231 Floor stocks tax return. Form 5000...

  2. Application of Energy Performance Indicators for Residential Building Stocks

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper; Diefenbach, Nikolaus

    2016-01-01

    Energy performance indicators of residential building stocks can either describe existing empirical data of a building stock or the input and outcome of building stock modelling. In EPISCOPE both types of quantities are clearly separated by distinguishing monitoring indicators and scenario...... indicators....

  3. Effect of Stocking Density on Production of Clarias Gariepinus ...

    African Journals Online (AJOL)

    The African Catfish (Clarias gariepinus, Teugels) were reared at three different stocking densities in bamboo-net cages to evaluate the effects of stocking density on growth, survival rate and food conversion ratio. Three hundred (300) fish with a total weight of 1.8Kg were stocked at 25, 50 and 75 fish/ m3 cage with a mean ...

  4. 12 CFR 552.3 - Charters for Federal stock associations.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Charters for Federal stock associations. 552.3... ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION § 552.3 Charters for Federal stock associations. The charter of a Federal stock association shall be in the following form, except that an association that has...

  5. 12 CFR 552.13 - Combinations involving Federal stock associations.

    Science.gov (United States)

    2010-01-01

    ... associations. 552.13 Section 552.13 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY FEDERAL STOCK ASSOCIATIONS-INCORPORATION, ORGANIZATION, AND CONVERSION § 552.13 Combinations involving Federal stock associations. (a) Scope and authority. Federal stock associations may enter into...

  6. Impact in Changing Price Fraction to the Stock Trading Indicators in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Natalia Natalia

    2016-11-01

    Full Text Available The purpose of this study was to determine how the impact of changes the price fraction to the stock trading indicator that is volume, value, and frequency of trading transactions. Data were analyzed using the Mann-Whitney U test. The results show that the volume of stock trading is not affected significantly by the implementation of the tick size, whereas for the value of trade and frequency of trade significantly affected.

  7. Discovering Stock Price Prediction Rules of Bombay Stock Exchange Using Rough Fuzzy Multi Layer Perception Networks

    OpenAIRE

    Chaudhuri, Arindam; De, Kajal; Chatterjee, Dipak

    2013-01-01

    In India financial markets have existed for many years. A functionally accented, diverse, efficient and flexible financial system is vital to the national objective of creating a market driven, productive and competitive economy. Today markets of varying maturity exist in equity, debt, commodities and foreign exchange. In this work we attempt to generate prediction rules scheme for stock price movement at Bombay Stock Exchange using an important Soft Computing paradigm viz., Rough Fuzzy Multi...

  8. 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.

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. One-Dimensional Cutting Stock Optimization with Usable Leftover: A Case of Low Stock-to-Order Ratio

    OpenAIRE

    Miro Gradisar; Jure Erjavec; Luka Tomat

    2011-01-01

    This paper describes a method for solving one-dimensional cutting stock problem with usable leftover (CSPUL) in cases where the ratio between the average stock and average order length is less than 3. The proposed method can solve general CSPUL where standard stock lengths, non-standard stock lengths, or a combination of both are cut in the exact required number of pieces. The solutions of sample problems are compared with other methods.

  16. Modeling the stochastic dynamics of the aggregate stock in collapsed fisheries: The case of the Northern cod stock

    OpenAIRE

    Maroto Fernández, José María; Morán Cabré, Manuel

    2013-01-01

    Motivated by the evidence that many collapsed stocks have failed to recover despite the fact that fishing mortality has been reduced, or even when a moratorium is in effect, we develop a methodological approach using splines to analyze the stochastic population dynamics of fish stocks at low stock levels. Considering the aggregate Northern cod stock by way of illustration, we find that the species’ lack of recovery, despite the moratorium which still remains in force, is consistent with the h...

  17. Mineral Chemistry of Silicate Phases From the Summit Creek Stock, Southeastern British Columbia: Evidence for Associated "Xenolith" Origin and Dyke Emplacement

    Science.gov (United States)

    Morrison, C. A.; Owen, J. P.

    2009-05-01

    The Summit Creek stock is a Mid-Cretaceous aged granitic intrusion that is located within the Cordilleran Omineca belt in the southeastern corner of British Columbia. Included within the stock are numerous xenoliths of intermediate composition that range in size from 5cm to 2m, as well as a prominent 1m-wide mafic dyke. According to the QAP diagram, the stock is classified as a muscovite-biotite monzogranite, with a typical sample containing 35% quartz, 25% plagioclase, 30% K-feldspar, 7% biotite, 2% muscovite, and 1% accessory phases. Minor accessory phases identified in this study include pyrite, molybdenite, apatite, magnetite, ilmenite, monazite, and zircon. Samples collected from the stock proper are predominantly equigranular; however the xenoliths are porphyritic and contain phenocrysts of both quartz and plagioclase, as well as glomerophyric aggregates of biotite. New investigation into the mineral chemistry of the stock, xenoliths, and dyke indicates that the xenoliths have a strong geochemical similarity to the main body of the stock. Plagioclase feldspar compositions from the xenolith overlap with those from the stock, and REE abundances in the stock and the xenoliths are indistinguishable (LREE 100x chondrite; HREE 10x chondrite). In thin section, the boundary between the xenoliths and the stock is very irregular, and protruding grains of plagioclase and biotite can be found piercing into both the granitic host, as well as into the xenolith itself. This evidence suggests that these inclusions are better termed autoliths rather than xenoliths, as it appears that they are derivatives of the same parent magma as the main stock. The mafic dyke differs in both mineralogy and geochemistry from the stock, and is characterized by low SiO2 content (48.98 wt.%), high REE abundances (30-40x chondrite), presence of rare euhedral hornblende, and greater variation in mineral chemistry. Samples from the dyke contain plagioclase with cores ranging from bytownite to

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

    Science.gov (United States)

    Li, Shuaifeng; Su, Jianrong; Liu, Wande; Lang, Xuedong; Huang, Xiaobo; Jia, Chengxinzhuo; Zhang, Zhijun; Tong, Qing

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Shuaifeng Li

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

  20. Fishing for MSY: using “pretty good yield” ranges without impairing recruitment

    DEFF Research Database (Denmark)

    Rindorf, Anna; Cardinale, Massimiliano; Shephard, Samuel

    2017-01-01

    to impairing recruitment. An FMSY range was calculated for each stock as the range of fishing mortalities (F) that lead to an average catch of at least 95% of MSY in long-term simulations. Further, a precautionary reference point for each stock (FP.05) was defined as the F resulting in a 5% probability...... of the spawning-stock biomass falling below an agreed biomass limit below which recruitment is impaired (Blim) in long-term simulations. For the majority of the stocks analysed, the upper bound of the FMSY range exceeded the estimated FP.05. However, larger fish species had higher precautionary limits to fishing...... mortality, and species with larger asymptotic length were less likely to have FMSY ranges impairing recruitment. Our study shows that fishing at FMSY generally is precautionary with respect to impairing recruitment for highly exploited teleost species in northern European waters, whereas the upper part...

  1. Noise exposure levels in stock car auto racing.

    Science.gov (United States)

    Rose, Austin S; Ebert, Charles S; Prazma, Jiri; Pillsbury, Harold C

    2008-12-01

    Noise-induced hearing loss associated with the workplace has been well described. Far less is known, however, about the risks to hearing from recreational sources of noise. We investigated the popular sport of stock car racing as a potentially significant source of noise exposure, and we conducted a sound-level survey at a National Association for Stock Car Auto Racing (NASCAR) event. Noise levels measured during the race ranged from 96.5 to 104 dB(A) at 46 meters ( approximately 150 feet) from the track and 99 to 109 dB(A) at 6 meters ( approximately 20 feet) from the track. The peak sound pressure level at 6 meters was 109 dB(A). Although significantly less than that associated with an immediate permanent threshold shift, such an exposure could cause a temporary threshold shift. Alhough hearing protection is recommended, particularly for track employees with longer periods of exposure, racing fans with only occasional exposure to such noise levels are unlikely to develop a permanent noise-induced hearing loss.

  2. Is Corophium multisetosum Stock, 1952 an exotic invasive species in Europe? Distribution, habitat and recent observations in the Netherlands.

    NARCIS (Netherlands)

    Wijnhoven, S.; van der Velde, G.; Hummel, H.

    2011-01-01

    Corophium multisetosum Stock, 1952 has been found in several estuaries and water bodies in Europe ranging from fresh and brackish to salt water. The species appeared to be distributed over a wide geographic range from the Iberian Peninsula to the southern Baltic region and is recently found in

  3. Carbon stocks of intact mangroves and carbon emissions arising from their conversion in the Dominican Republic.

    Science.gov (United States)

    Kauffman, J Boone; Heider, Chris; Norfolk, Jennifer; Payton, Frederick

    2014-04-01

    Mangroves are recognized to possess a variety of ecosystem services including high rates of carbon sequestration and storage. Deforestation and conversion of these ecosystems continue to be high and have been predicted to result in significant carbon emissions to the atmosphere. Yet few studies have quantified the carbon stocks or losses associated with conversion of these ecosystems. In this study we quantified the ecosystem carbon stocks of three common mangrove types of the Caribbean as well as those of abandoned shrimp ponds in areas formerly occupied by mangrove-a common land-use conversion of mangroves throughout the world. In the mangroves of the Montecristi Province in Northwest Dominican Republic we found C stocks ranged from 706 to 1131 Mg/ha. The medium-statured mangroves (3-10 m in height) had the highest C stocks while the tall (> 10 m) mangroves had the lowest ecosystem carbon storage. Carbon stocks of the low mangrove (shrub) type (stocks of abandoned shrimp ponds were 95 Mg/ha or approximately 11% that of the mangroves. Using a stock-change approach, the potential emissions from the conversion of mangroves to shrimp ponds ranged from 2244 to 3799 Mg CO2e/ha (CO2 equivalents). This is among the largest measured C emissions from land use in the tropics. The 6260 ha of mangroves and converted mangroves in the Montecristi Province are estimated to contain 3,841,490 Mg of C. Mangroves represented 76% of this area but currently store 97% of the carbon in this coastal wetland (3,696,722 Mg C). Converted lands store only 4% of the total ecosystem C (144,778 Mg C) while they comprised 24% of the area. By these metrics the replacement of mangroves with shrimp and salt ponds has resulted in estimated emissions from this region totaling 3.8 million Mg CO2e or approximately 21% of the total C prior to conversion. Given the high C stocks of mangroves, the high emissions from their conversion, and the other important functions and services they provide, their

  4. Prevalence of digital dermatitis in young stock in Alberta, Canada, using pen walks.

    Science.gov (United States)

    Jacobs, C; Orsel, K; Barkema, H W

    2017-11-01

    Digital dermatitis (DD), an infectious bacterial foot lesion prevalent in dairy cattle worldwide, reduces both animal welfare and production. This disease was recently identified in replacement dairy heifers, with implications including increased risk of DD and decreased milk production in first lactation, poor reproductive performance, and altered hoof conformation. Therefore, a simple and effective method is needed to identify DD in young stock and to determine risk factors for DD in this group so that effective control strategies can be implemented. The objectives of this study were to (1) determine prevalence of DD in young stock (based on pen walks); and (2) identify potential risk factors for DD in young stock. A cross-sectional study was conducted on 28 dairy farms in Alberta, Canada; pen walks were used to identify DD (present/absent) on the hind feet of group-housed, young dairy stock. A subset of 583 young stock on 5 farms were selected for chute inspection of feet to determine the accuracy of pen walks for DD detection. Pen walks as a means of identifying DD lesions on the hind feet in young stock had sensitivity and specificity at the animal level of 65 and 98%, with positive and negative predictive values of 94 and 83%, respectively, at a prevalence of 37%. At the foot level, pen walks had sensitivity and specificity of 62 and 98%, respectively, with positive and negative predictive values of 92 and 88%, respectively, at a prevalence of 26%. Pen walks identified DD in 79 [2.9%; 95% confidence interval (95% CI): 2.3-3.6%] of 2,815 young stock on 11 (39%; 95% CI: 22-59%) of 28 farms, with all 79 DD-positive young stock ≥309 d of age. Apparent within-herd prevalence estimates ranged from 0 to 9.3%, with a mean of 1.4%. True within-herd prevalence of DD in young stock, calculated using the sensitivity and specificity of the pen walks, ranged from 0 to 12.6%, with a mean of 1.4%. On the 11 DD-positive farms, the proportion of young stock >12 mo of age

  5. Investigate of Eligibility Usage of Graduated Compression Stockings

    Directory of Open Access Journals (Sweden)

    Birgül Nurulke

    2012-01-01

    Full Text Available Background: Venous Thromboembolism is common cause of morbidity and mortality. Graduated compression stockings to reduce venous thromboembolism is one of the most frequently applied methods. Graduated compression stockings unless there are contraindications safely when used correctly.Objective: This study examined appropriateness of use of graduated compression stockings.Methodology: The study was run in the University Hospital and Clinics of Urology and Orthopedics. Sample of the study 114 patients were enrolled. A questionnaire developed by researchers in data collection were used. Analysis of data, number, percentage, chi-square test was performed.Results: The patients of 77.5% graduated compression stockings for the use of compressed information from the health team, 58.8% of showed they know how to use graduated compression stockings. The patients of 29.8% experienced difficulty was the use of graduated compression stockings. The patients of 96.5% the stocking size was appropriate, 92.1% of the patients worn correctly, 30.7% of the patients took off the stockings daily and examined the skin, 21.9% experienced wrinkling and gliding of the stocking, 19.3 % experienced a curling up of stocking, which created a tourniquet effect. 32.5 % experienced heat increase in both legs, 30.7% experienced itching, 11.4% experienced sensitiveness, 8.8% experienced ertyhema and numbness.Conclusion: As a result of this study is the appropriate use of graduated pressure stockings, but because of deficiencies in patient education were experiencing some problems.

  6. Does oil price uncertainty transmit to the Thai stock market?

    Directory of Open Access Journals (Sweden)

    Komain Jiranyakul

    2014-12-01

    Full Text Available This study investigates the impact of oil price uncertainty on the Stock Exchange of Thailand. Monthly data from May 1987 to December 2013 are applied to the two-stage procedure. In the first step, a bivariate generalized autoregressive conditional heteroskedastic (GARCH model is estimated to obtain the volatility series of stock market index and oil price. In the second step, the pairwise Granger causality tests are performed to determine the direction of volatility transmission between oil to stock markets. It is found that movement in real oil price does not adversely affect real stock market return, but stock price volatility does affect real stock return. In the sense of causality, there exists a positive one-directional volatility transmission running from oil to stock market. Oil price change and its uncertainty also adversely affect two main sub-index returns. These important findings give some implications for risk management and policy measures.

  7. The mean time-limited crash rate of stock price

    Science.gov (United States)

    Li, Yun-Xian; Li, Jiang-Cheng; Yang, Ai-Jun; Tang, Nian-Sheng

    2017-05-01

    In this article we investigate the occurrence of stock market crash in an economy cycle. Bayesian approach, Heston model and statistical-physical method are considered. Specifically, Heston model and an effective potential are employed to address the dynamic changes of stock price. Bayesian approach has been utilized to estimate the Heston model's unknown parameters. Statistical physical method is used to investigate the occurrence of stock market crash by calculating the mean time-limited crash rate. The real financial data from the Shanghai Composite Index is analyzed with the proposed methods. The mean time-limited crash rate of stock price is used to describe the occurrence of stock market crash in an economy cycle. The monotonous and nonmonotonous behaviors are observed in the behavior of the mean time-limited crash rate versus volatility of stock for various cross correlation coefficient between volatility and price. Also a minimum occurrence of stock market crash matching an optimal volatility is discovered.

  8. eaf tissue flows in ryegrass managed under different stocking rates

    Directory of Open Access Journals (Sweden)

    Mônique Foggiato da Silva

    2015-05-01

    Full Text Available Morphogenetic, structural variables and leaf biomass flows of Italian ryegrass (Lolium multiflorum Lam. were evaluated under two stocking rates: ‘Low’ and ‘High’. These rates were determined by heifers exclusively on pasture or on pasture and supplemented with corn grain. The experimental design was completely randomized following a repeated measure arrangement, two stocking rates, two and four replications of area for the stocking rates ‘low’ and ‘high’, respectively. The morphogenetic variables, the number of green leaves and tiller density were similar in both stocking rates. Leaf senescence rate was higher with low stocking rate. Heifers grazed with similar intensity and frequency in both stocking rates. The increase by 33.6% in the stocking rate caused by the use of supplement does not change the leaf biomass flow of Italian ryegrass, but alters its potential efficiency of use near the reproductive stage of the plant.

  9. 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.

  10. Effect of stocking density on extensive production of freshwater shrimp in coal mine reclamation ponds

    Energy Technology Data Exchange (ETDEWEB)

    Tidwell, J.H.; Wynne, F.; Coyle, S.D. [Kentucky State Univ., Frankfort, KY (United States). Aquaculture Research Center; Grey, B. [Peabody Coal Co., Rockport, KY (United States); McGuire, J.

    1998-12-31

    The use of post-mining reclamation ponds for the production of freshwater shrimp was evaluated by examining different stocking densities. Juvenile shrimp (Macrobrachium rosenbergii) averaging 0.5g each were stocked into four existing ponds at Peabody`s Ken Surface Mine at 6,175; 12,350; 18,500; and 24,700/ha (2,500, 5,000, 7,500, and 10,000/acre) on June 1, 1995. Shrimp were fed twice a week for 103 days, with harvest conducted September 13, 1995. Survival averaged 40%, overall. Average individual weight size was inversely related to stocking density ranging from 52 g (8.7 shrimp/lb) at 6,175/ha to 20.3 g (22.7 shrimp/lb) at 18,500/acre. Total production was directly related to stocking density ranging from 97 kg/ha (86 lbs/acre) at low density to 211 kg/ha (188 lbs/acre) at 18,500/ha shrimp acre. The major difficulty was at harvest due to difficulty in draining ponds. Construction of designed culture ponds with gravity drains during reclamation could greatly enhance survival, harvestability, and commercial feasibility.

  11. Carbon stocks across a chronosequence of thinned and unmanaged red pine (Pinus resinosa) stands.

    Science.gov (United States)

    Powers, Matthew D; Kolka, Randall K; Bradford, John B; Palik, Brian J; Fraver, Shawn; Jurgensen, Martin F

    2012-06-01

    Forests function as a major global C sink, and forest management strategies that maximize C stocks offer one possible means of mitigating the impacts of increasing anthropogenic CO2 emissions. We studied the effects of thinning, a common management technique in many forest types, on age-related trends in C stocks using a chronosequence of thinned and unmanaged red pine (Pinus resinosa) stands ranging from 9 to 306 years old. Live tree C stocks increased with age to a maximum near the middle of the chronosequence in unmanaged stands, and increased across the entire chronosequence in thinned stands. C in live understory vegetation and C in the mineral soil each declined rapidly with age in young stands but changed relatively little in middle-aged to older stands regardless of management. Forest floor C stocks increased with age in unmanaged stands, but forest floor C decreased with age after the onset of thinning around age 40 in thinned stands. Deadwood C was highly variable, but decreased with age in thinned stands. Total ecosystem C increased with stand age until approaching an asymptote around age 150. The increase in total ecosystem C was paralleled by an age-related increase in total aboveground C, but relatively little change in total belowground C. Thinning had surprisingly little impact on total ecosystem C stocks, but it did modestly alter age-related trends in total ecosystem C allocation between aboveground and belowground pools. In addition to characterizing the subtle differences in C dynamics between thinned and unmanaged stands, these results suggest that C accrual in red pine stands continues well beyond the 60-100 year management rotations typical for this system. Management plans that incorporate longer rotations and thinning in some stands could play an important role in maximizing C stocks in red pine forests while meeting other objectives including timber extraction, biodiversity conservation, restoration, and fuel reduction goals.

  12. Ameliorant Application on Variation of Carbon Stock and Ash Content on Peatland South Kalimantan

    Directory of Open Access Journals (Sweden)

    Siti Nurzakiah

    2013-03-01

    Full Text Available Carbon stock on peatlands are large and will be easily emitted if the land is opened or drained, therefore the measurements of carbon stocks and ash content are important to know the amount of emissions and agricultural sustainability in peatlands. This study aimed to determine carbon stock and ash content on peatlands in the Indonesia Climate Change Trust Fund (ICCTF located in South Kalimantan on the geographic position S. 03°25’52" and E. 114°47’6.5". The experiment consisted of six treatments of ameliorant materials namely; mineral soil, peat fertilizer A, peat fertilizer T, manure, ash, and control. The results showed that the variation of peat soil properties was very high at this location. Peat thickness ranged from 36-338 cm, and this led to high variations in carbon stocks ranged between 161.8 – 1142.2 Mg ha-1. Besides ash contents of the soil were also highly varied ranged from 3.4 – 28.5%. This natural variation greatly affected the ICCTF study design. Mineral soil treatment had a mean carbon stock (961.3 ± 61.5 Mg ha-1 which was higher and different from other treatments. High ash content was obtained in the ash treatment (18.6 ± 2.5% and manure (15.7 ± 3.6%. It is recommended that the analysis of plant responses and greenhouse gas emissions using a single regression analysis and multiple regression with ash content as one of the independent variables are needed.

  13. 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.

  14. 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...

  15. Sustainability in the existing building stock

    DEFF Research Database (Denmark)

    Elle, Morten; Nielsen, Susanne Balslev; Hoffmann, Birgitte

    2005-01-01

    sustainable building. In other words: the question is if it sensible to talk about a ‘sustainable building’ without taking the activities in the building into account? In many contexts, maintenance of the existing building stock is not a hot political topic. Facilities management can, however, be a vehicle......This paper explores the role of Facilities Management in the relation to sustainable development in the existing building stock. Facilities management is a concept still developing as the management of buildings are becoming more and more professional. Many recognize today that facilities......, QRWfacilities management’s most important contribution to sustainable development in the built environment. Space management is an essential tool in facilities management – and it could be considered a powerful tool in sustainable development; remembering that the building not being built is perhaps the most...

  16. Statistical aspects of fish stock assessment

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte

    Fish stock assessments are conducted for two main purposes: 1) To estimate past and present fish abundances and their commercial exploitation rates. 2) To predict the consequences of different management strategies in order to ensure a sustainable fishery in the future. This thesis concerns...... statistical aspects of fish stocks assessment, which includes topics such as time series analysis, generalized additive models (GAMs), and non-linear state-space/mixed models capable of handling missing data and a high number of latent states and parameters. The aim is to improve the existing methods...... on stochastic differential equations is presented. This work extends the classical approaches to biomass modelling by incorporating observation errors on the catches, and allowing for missing and non-equidistant samples in time....

  17. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

    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...... problem is put forward. The main contributions of the thesis are contained in four papers included as appendices. The papers deal with respectively an analysis of robustness in timetables, the mathematical model behind a decision support tool for reinsertion of a train line, a survey on the dispatching......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...

  18. An autocatalytic network model for stock markets

    Science.gov (United States)

    Caetano, Marco Antonio Leonel; Yoneyama, Takashi

    2015-02-01

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

  19. Stock network stability in times of crisis

    Science.gov (United States)

    Heiberger, Raphael H.

    2014-01-01

    Despite many efforts crises on financial markets are in large part still scientific black-boxes. In this paper, we use a winner-take-all approach to construct a longitudinal network of S&P 500 companies and their correlations between 2000 and 2012. A comparison to complex ecosystems is drawn, especially whether the May-Wigner theorem can describe real-world economic phenomena. The results confirm the utility of the May-Wigner theorem as a stability indicator for the US stock market, since its development matches with the two major crises of this period, the dot-com bubble and, particularly, the financial crisis. In those times of financial turmoil, the stock network changes its composition, but unlike ecological systems it tightens and the disassortative structure of prosperous markets transforms into a more centralized topology.

  20. Power law cross-correlations between price change and volume change of Indian stocks

    Science.gov (United States)

    Hasan, Rashid; Mohammed Salim, M.

    2017-05-01

    We study multifractal long-range correlations and cross-correlations of daily price change and volume change of 50 stocks that comprise Nifty index of National Stock Exchange, Mumbai, using MF-DFA and MF-DCCA methods. We find that the time series of price change are uncorrelated, whereas anti-persistent long-range multifractal correlations are found in volume change series. We also find antipersistent long-range multifractal cross-correlations between the time series of price change and volume change. As multifractality is a signature of complexity, we estimate complexity parameters of the time series of price change, volume change, and cross-correlated price-volume change by fitting the fourth-degree polynomials to their multifractal spectra. Our results indicate that the time series of price change display high complexity, whereas the time series of volume change and cross-correlated price-volume change display low complexity.

  1. Investor Sentiment in the Stock Market

    OpenAIRE

    Malcolm Baker; Jeffrey Wurgler

    2007-01-01

    Investor sentiment, defined broadly, is a belief about future cash flows and investment risks that is not justified by the facts at hand. The question is no longer whether investor sentiment affects stock prices, but how to measure investor sentiment and quantify its effects. One approach is "bottom up," using biases in individual investor psychology, such as overconfidence, representativeness, and conservatism, to explain how individual investors underreact or overreact to past returns or fu...

  2. Transparency and stock price volatility: european evidence

    OpenAIRE

    Vieira, Elisabete F. Simões; Pinho, Joaquim Carlos da Costa

    2007-01-01

    This paper studies the key determinants of the information transparency and its consequences for the market, namely in what concerns the stock price volatility, analysing the disclosure practices of two European countries. A transparency and a volatility model are applied. Based on annual reports information, we could not find any significant relationship between transparency and volatility. However, considering the quarterly reports, we find a negative relation between these variables for th...

  3. SKEWNESS IN INDIVIDUAL STOCKS AT DIFFERENT FREQUENCIES

    OpenAIRE

    Amado Peiró

    2001-01-01

    This paper examines the (a)symmetry of twenty-four individual stock returns at different frequencies: daily, weekly and monthly. While some asymmetries are observed in daily returns, they disappear almost completely at lower frequencies. The explanation for this fact lies in the convergence to normality that takes place when frequency decreases. These features allow one to question several financial models; in particular, they question the preference for positive skewness as a factor for inve...

  4. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

    2013-01-01

    ). This study investigates intra-functional as well as cross-functional complementarity effects from the perspective of the knowledge recipient and tests their impact on the benefit 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-functional combinations....

  5. The Stock Market, Profit and Investment

    OpenAIRE

    Olivier Blanchard; Changyong Rhee; Lawrence Summers

    1990-01-01

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

  6. Connecting VIX and Stock Index ETF

    OpenAIRE

    Chia-Lin CHANG; Hsieh, Tai-Lin; McAleer, Michael

    2017-01-01

    textabstractAs stock market indexes are not tradeable, the importance and trading volume of Exchange Traded Funds (ETFs) cannot be understated. ETFs track and attempt to replicate the performance of a specific index. Numerous studies have demonstrated a strong relationship between the S&P500 Composite Index and the Volatility Index (VIX), but few empirical studies have focused on the relationship between VIX and ETF returns. The purpose of the paper is to investigate whether VIX returns affec...

  7. Analysis of Naval ammunition stock positioning

    OpenAIRE

    Sharp, David; Rossmanith, Eric

    2015-01-01

    Approved for public release; distribution is unlimited Naval Supply Systems Command Global Logistics Support Ammunition (NAVSUP GLS AMMO) is considering an alteration of the current Navy ammunition stock positioning system. The purpose of this project is to analyze the cost and delivery performance risk associated with either centralizing the Navy’s ammunition stockpiles and positioning them at an inland Army depot or decentralizing the ammunition stockpiles and positioning them at coastal...

  8. stockées Ephestia kuehniella (Lepidoptera)

    African Journals Online (AJOL)

    PR BOKO

    herba alba, sur la population d'insectes ravageurs des denrées stockées Ephestia kuehniella (Lepidoptera). Le bio-pesticide agit avec un double mécanisme d'action. Administré chez les adultes, l'huile essentielle provoque un taux de mortalité significatif par rapport aux témoins. Alors que son administration sur les.

  9. Oil Price Shocks and Stock Return Predictability

    OpenAIRE

    Sørensen, Lars Qvigstad

    2009-01-01

    Recent research has documented that oil price changes lead the aggregate market in most industrialized countries, and has argued that it represents an anomaly - an underreaction to information that investors can profit from. I identify oil price changes that are caused by exogenous events and show that it is only these oil price changes that predict stock returns. The exogenous events usually correspond to periods of extreme turmoil - either military conflicts in the Middle East or OPEC colla...

  10. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

    This paper investigates flight-to-safety from stocks to bonds in seven European markets. We use quantile regressions to identify flight-to-safety episodes. The simple risk-return trade-off on the stock markets is negative which is caused by flight-to-safety episodes: During normal periods, the risk......-return trade-off is positive and during flight-to-safety episodes it is negative. The effects of flight-to-safety episodes on the risk-return trade-off are qualitatively similar for own country flight-to-safety episodes, for flight from own country stock market to the US bond market, and for US flight......-to-safety. The strength of the trade-off is strongest for own country flight-to-safety episodes. The risk-return trade-off is not significantly influenced by recession periods or the recent sovereign debt crisis. The main results hold for flight to gold instead of to bonds....

  11. THE SPECIFIC ACCOUNTING TREATMENTS REGARDING STOCKS

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2014-10-01

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

  12. FORECASTING CROATIAN STOCK MARKET INDEX: CROBEX

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovic

    2013-06-01

    Full Text Available Forecasting stock returns is considered one of the hardest tasks for every potential investor. This paper attempts to predict the movement of Croatian stock market index Crobex on Zagreb Stock Exchange. Main aim of this paper was to empirically examine the best univariate Autoregressive Integrated Moving Average model for forecasting. This research examined ARIMA (p;d;q model on weekly closed prices of Crobex from 01/01/2011 to 01/01/2013. First it was necessary to meet the stationary condition. While checking the conditions of stationarity, data series were observed by ACF, PACF plots and by Ljung– Box Q statistic and Augmented Dickey–Fuller test statistic. After differencing, statistic showed that the data is stationary and the next step was to find the best ARIMA model. The most important criteria that were used are: R-squared, Adjusted R-squared, Akaike information criterion, Schwarz criterion and Hannan–Quinn information criterion. After checking the exceptionally large number of models it was found the model that suits best, according to the criteria.

  13. 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.

  14. 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.

  15. Does firm size affect stock returns? Evidence from the Zimbabwe Stock Exchange

    Directory of Open Access Journals (Sweden)

    Batsirai Winmore Mazviona

    2014-09-01

    Full Text Available The objective of the study is to investigate the relationship between firm size and stock returns for firms listed on the Zimbabwe Stock Exchange (ZSE between June 2009 and July 2013. We adopt the regression model employed by Banz in 1981, with innovations. The regression is based on constructed portfolios, with market capitalization as the basis for portfolio construction. The portfolios comprise at most 5 stocks, and stocks are sorted in ascending order by market capitalization for selection into portfolios. The sample period spans from June 2009 to July 2013. We select the sample period beginning from 2009 because that is when the government of Zimbabwe demonetized the Zimbabwean dollar and adopted a basket of foreign currencies as legal tender. The data prior to 2009 is also distorted by hyperinflation and therefore is not reliable. The sample size covers 64 companies listed on the ZSE, of which 60 are industrial and 4 are mining companies. We find that the estimated coefficient for the firm size factor is not significant at the 5% level of significance. Therefore, firm size has a positive yet insignificant effect on stock returns for companies listed on the ZSE for the period June 2009 to July 2013. Contrary to the general empirical findings, larger firms on the ZSE tend to exhibit higher risk-adjusted returns than smaller firms.

  16. Cattle stocking rates estimated in temperate intensive grasslands with a spring growth model derived from MODIS NDVI time-series

    Science.gov (United States)

    Green, Stuart; Cawkwell, Fiona; Dwyer, Edward

    2016-10-01

    There is an identified need for high resolution animal stocking rate data in temperate grassland systems. Here is presented a 250 m scale characterization of early spring vegetation growth (DOY 32-DOY 120) from 2003 to 2012 based on MODIS NDVI products for this period for Ireland. The average rate of grass growth is determined locally as a simple linear model for each pixel, using only the highest quality data for the period. These decadal spring growth model coefficients, start of season cover and growth rate, are regressed against log of stocking rate (r2 = 0.75). This model stocking rate is used to map grassland use intensity in Ireland, which, when tested against an independent set of stocking rate data, is shown to be successful with an RMSE error of 0.13 for a range of stocking densities from 0.1 to 3.0 LSU/Ha. This model provides the first validated high resolution approach to mapping stocking rates in intensively managed European grassland systems.

  17. PECULIARITIES OF RUNNING GEAR CONSTRUCTION OF ROLLING STOCK

    Directory of Open Access Journals (Sweden)

    S. V. Myamlin

    2017-06-01

    Full Text Available Purpose. To determine the dynamic qualities of the main locomotives that characterize safety traffic along straight and curved track sections in the entire range of operational speeds, it is necessary to perform a whole range of studies. One of the necessary conditions for a qualitative improvement of the traction rolling stock of railways is the determination of the parameters of its running gears. Among the issues related to this problem, the important task is to determine the dynamic qualities of locomotives at the design stage, taking into account the selected technical solutions in the design of running gears. At the same time, special attention is paid to the connections of the body with bogie, in particular, using the inclined rods. Methodology. Mathematical modeling is carried out by the method of numerical integration of the equations of the mathematical model of locomotive spatial oscillations to determine the dynamic loading of the mainline locomotive using the software package "Dynamics of Rail Vihicles" ("DYNRAIL". Findings. The research results show that in order to create a simple and reliable design of running gears, which will reduce maintenance and repair costs, will have low initial cost and operating costs for the whole life cycle, high traction force as close as possible to the ultimate force in traction, will make it possible to operate in the multiple traction mode, the designers and scientists should implement scientific and technical solutions. Originality. In accordance with researches authors formed general classification formation of body/bogie connections and the general classification of structures of inclined rod of locomotives. Practical value. Generalization of the results of theoretical, scientific-methodical, experimental studies aimed at further improving the running gears of long-distance locomotives of perspective structures is urgent in improving the rolling stock constructions. The research carried out by

  18. Impact of deforestation on soil carbon stock and its spatial distribution in the Western Black Sea Region of Turkey.

    Science.gov (United States)

    Kucuker, Mehmet Ali; Guney, Mert; Oral, H Volkan; Copty, Nadim K; Onay, Turgut T

    2015-01-01

    Land use management is one of the most critical factors influencing soil carbon storage and the global carbon cycle. This study evaluates the impact of land use change on the soil carbon stock in the Karasu region of Turkey which in the last two decades has undergone substantial deforestation to expand hazelnut plantations. Analysis of seasonal soil data indicated that the carbon content decreased rapidly with depth for both land uses. Statistical analyses indicated that the difference between the surface carbon stock (defined over 0-5 cm depth) in agricultural and forested areas is statistically significant (Agricultural = 1.74 kg/m(2), Forested = 2.09 kg/m(2), p = 0.014). On the other hand, the average carbon stocks estimated over the 0-1 m depth were 12.36 and 12.12 kg/m(2) in forested and agricultural soils, respectively. The carbon stock (defined over 1 m depth) in the two land uses were not significantly different which is attributed in part to the negative correlation between carbon stock and bulk density (-0.353, p < 0.01). The soil carbon stock over the entire study area was mapped using a conditional kriging approach which jointly uses the collected soil carbon data and satellite-based land use images. Based on the kriging map, the spatially soil carbon stock (0-1 m dept) ranged about 2 kg/m(2) in highly developed areas to more than 23 kg/m(2) in intensively cultivated areas as well as the averaged soil carbon stock (0-1 m depth) was estimated as 10.4 kg/m(2). Copyright © 2014 Elsevier Ltd. All rights reserved.

  19. Optimising stocking rate and grazing management to enhance environmental and production outcomes for native temperate grasslands

    Science.gov (United States)

    Badgery, Warwick; Zhang, Yingjun; Huang, Ding; Broadfoot, Kim; Kemp, David; Mitchell, David

    2015-04-01

    Stocking rate and grazing management can be altered to enhance the sustainable production of grasslands but the relative influence of each has not often been determined for native temperate grasslands. Grazing management can range from seasonal rests through to intensive rotational grazing involving >30 paddocks. In large scale grazing, it can be difficult to segregate the influence of grazing pressure from the timing of utilisation. Moreover, relative grazing pressure can change between years as seasonal conditions influence grassland production compared to the relative constant requirements of animals. This paper reports on two studies in temperate native grasslands of northern China and south eastern Australia that examined stocking rate and regionally relevant grazing management strategies. In China, the grazing experiment involved combinations of a rest, moderate or heavy grazing pressure of sheep in spring, then moderate or heavy grazing in summer and autumn. Moderate grazing pressure at 50% of the current district average, resulted in the better balance between maintaining productive and diverse grasslands, a profitable livestock system, and mitigation of greenhouse gases through increased soil carbon, methane uptake by the soil, and efficient methane emissions per unit of weight gain. Spring rests best maintained a desirable grassland composition, but had few other benefits and reduced livestock productivity due to lower feed quality from grazing later in the season. In Australia, the grazing experiment compared continuous grazing to flexible 4- and 20-paddock rotational grazing systems with sheep. Stocking rates were adjusted between systems biannually based on the average herbage mass of the grassland. No treatment degraded the perennial pasture composition, but ground cover was maintained at higher levels in the 20-paddock system even though this treatment had a higher stocking rate. Overall there was little difference in livestock production (e.g. kg

  20. Seasonal Trends in Lithuanian Stock Market

    Directory of Open Access Journals (Sweden)

    Žaneta Simanavičienė

    2013-11-01

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

  1. Alaskan soil carbon stocks: spatial variability and dependence on environmental factors

    Directory of Open Access Journals (Sweden)

    U. Mishra

    2012-09-01

    Full Text Available The direction and magnitude of soil organic carbon (SOC changes in response to climate change depend on the spatial and vertical distributions of SOC. We estimated spatially resolved SOC stocks from surface to C horizon, distinguishing active-layer and permafrost-layer stocks, based on geospatial analysis of 472 soil profiles and spatially referenced environmental variables for Alaska. Total Alaska state-wide SOC stock was estimated to be 77 Pg, with 61% in the active-layer, 27% in permafrost, and 12% in non-permafrost soils. Prediction accuracy was highest for the active-layer as demonstrated by highest ratio of performance to deviation (1.5. Large spatial variability was predicted, with whole-profile, active-layer, and permafrost-layer stocks ranging from 1–296 kg C m−2, 2–166 kg m−2, and 0–232 kg m−2, respectively. Temperature and soil wetness were found to be primary controllers of whole-profile, active-layer, and permafrost-layer SOC stocks. Secondary controllers, in order of importance, were found to be land cover type, topographic attributes, and bedrock geology. The observed importance of soil wetness rather than precipitation on SOC stocks implies that the poor representation of high-latitude soil wetness in Earth system models may lead to large uncertainty in predicted SOC stocks under future climate change scenarios. Under strict caveats described in the text and assuming temperature changes from the A1B Intergovernmental Panel on Climate Change emissions scenario, our geospatial model indicates that the equilibrium average 2100 Alaska active-layer depth could deepen by 11 cm, resulting in a thawing of 13 Pg C currently in permafrost. The equilibrium SOC loss associated with this warming would be highest under continuous permafrost (31%, followed by discontinuous (28%, isolated (24.3%, and sporadic (23.6% permafrost areas. Our high-resolution mapping of soil carbon stock reveals the

  2. Integrating continuous stocks and flows into state-and-transition simulation models of landscape change

    Science.gov (United States)

    Daniel, Colin J.; Sleeter, Benjamin M.; Frid, Leonardo; Fortin, Marie-Josée

    2017-01-01

    them. With the addition of stocks and flows, STSMs provide a conceptually simple yet powerful approach for characterizing uncertainties in projections of a wide range of questions regarding landscape change.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. Study on the Stock Market Evolution of Companies Listed on Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iulia - Oana Ştefan (Belcic - Ştefan

    2016-11-01

    Full Text Available The present study pursues highlighting the perspective of the Romanian stock market on the value of listed companies during a period fully marked by the presence of the global financial crisis. To this purpose I have analyzed 36 companies listed on Bucharest Stock Exchange for a reference period of 5 years, i.e. 2009-2013. The study aimed to determine the level of the most relevant stock exchange indicators, respectively, the Price to Earnings Ratio, Price to Book Value and Dividend Yield and their evolutionary analysis, including by comparison with the average levels of the activity sectors that the companies which form the structure of the sample belong to.

  8. 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.

  9. 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...

  10. Thirty-Eight-Year Follow-Up of Two Sibling Lipoid Congenital Adrenal Hyperplasia Patients Due to Homozygous Steroidogenic Acute Regulatory (STARD1) Protein Mutation. Molecular Structure and Modeling of the STARD1 L275P Mutation

    Science.gov (United States)

    Khoury, Khalil; Barbar, Elie; Ainmelk, Youssef; Ouellet, Annie; Lavigne, Pierre; LeHoux, Jean-Guy

    2016-01-01

    Objective: Review the impact of StAR (STARD1) mutations on steroidogenesis and fertility in LCAH patients. Examine the endocrine mechanisms underlying the pathology of the disorder and the appropriate therapy for promoting fertility and pregnancies. Design: Published data in the literature and a detailed 38-year follow-up of two sibling LCAH patients. Molecular structure and modeling of the STARD1 L275P mutation. Setting: University hospital. Patients: Patient A (46,XY female phenotype) and patient B (46,XX female) with LCAH bearing the L275P mutation in STARD1. Interventions: Since early-age diagnosis, both patients underwent corticoid replacement therapy. Patient A received estrogen therapy at pubertal age. Clomiphene therapy was given to Patient B to induce ovulation. Pregnancies were protected with progesterone administration. Main Outcome Measures: Clinical and molecular assessment of adrenal and gonadal functions. Results: Both patients have classic manifestations of corticosteroid deficiency observed in LCAH. Time of onset and severity were different. Patient A developed into a female phenotype due to early and severe damage of Leydig cells. Patient B started a progressive pubertal development, menarche and regular non-ovulatory cycle. She was able to have successful pregnancies. Conclusions: Understanding the molecular structure and function of STARD1 in all steroidogenic tissues is the key for comprehending the heterogeneous clinical manifestations of LCAH, and the development of an appropriate strategy for the induction of ovulation and protecting pregnancies in this disease. PMID:27917104

  11. Summit II: A Call to Action in Support of Black Single Mothers. Proceedings of Thirty-four of Thirty-eight Conferences Sponsored by Delta Sigma Theta Society, Inc.

    Science.gov (United States)

    Delta Sigma Theta Sorority, Inc., Washington, DC.

    The proceedings of 34 workshops held to consider ways of solving the problems of black single mothers, held in 1984 in different cities, are collected in this report. All of the workshops were part of Delta Sigma Theta Sorority's pilot program, "Summit II: A Call to Action in Suppprt of Black Single Mothers," an effort to strengthen the…

  12. Community energy systems and the law of public utilities. Volume thirty-eight. Oklahoma. Final report of a study of the impacts of regulations affecting the acceptance of integrated community energy systems

    Energy Technology Data Exchange (ETDEWEB)

    Feurer, D.A.; Weaver, C.L.

    1981-01-01

    A detailed description is given of the laws and programs of the State of Oklahoma governing the regulation of public energy utilities, the siting of energy generating and transmission facilities, the municipal franchising of public energy utilities, and the prescription of rates to be charged by utilities including attendant problems of cost allocations, rate base and operating expense determinations, and rate of return allowances. These laws and programs are analyzed to identify impediments which they may present to the implementation of Integrated Community Energy Systems (ICES). This report is one of fifty-one separate volumes which describe such regulatory programs at the Federal level and in each state as background to the report entitled Community Energy Systems and the Law of Public Utilities, Volume One: An Overview. This report also contains a summary of a strategy described in Volume One: An Overview for overcoming these impediments by working within the existing regulatory framework and by making changes in the regulatory programs to enhance the likelihood of ICES implementation.

  13. Altitudinal variation of soil organic carbon stocks in temperate forests of Kashmir Himalayas, India.

    Science.gov (United States)

    Ahmad Dar, Javid; Somaiah, Sundarapandian

    2015-02-01

    Soil organic carbon stocks were measured at three depths (0-10, 10-20, and 20-30 cm) in seven altitudes dominated by different forest types viz. Populus deltoides, 1550-1800 m; Juglans regia, 1800-2000 m; Cedrus deodara, 2050-2300 m; Pinus wallichiana, 2000-2300 m; mixed type, 2200-2400 m; Abies pindrow, 2300-2800 m; and Betula utilis, 2800-3200 m in temperate mountains of Kashmir Himalayas. The mean range of soil organic carbon (SOC) stocks varied from 39.07 to 91.39 Mg C ha(-1) in J. regia and B. utilis forests at 0-30 cm depth, respectively. Among the forest types, the lowest mean range of SOC at three depths (0-10, 10-20, and 20-30 cm) was observed in J. regia (18.55, 11.31, and 8.91 Mg C ha(-1), respectively) forest type, and the highest was observed in B. utilis (54.10, 21.68, and 15.60 Mg C ha(-1), respectively) forest type. SOC stocks showed significantly (R (2) = 0.67, P = 0.001) an increasing trend with increase in altitude. On average, the percentages of SOC at 0-10-, 10-20-, and 20-30-cm depths were 53.2, 26.5, and 20.3 %, respectively. Bulk density increased significantly with increase in soil depth and decreased with increase in altitude. Our results suggest that SOC stocks in temperate forests of Kashmir Himalaya vary greatly with forest type and altitude. The present study reveals that SOC stocks increased with increase in altitude at high mountainous regions. Climate change in these high mountainous regions will alter the carbon sequestration potential, which would affect the global carbon cycle.

  14. Speculative bubbles and crashes in stock markets: an interacting-agent model of speculative activity

    Science.gov (United States)

    Kaizoji, Taisei

    2000-12-01

    In this paper, we present an interacting-agent model of speculative activity explaining bubbles and crashes in stock markets. We describe stock markets through an infinite-range Ising model to formulate the tendency of traders getting influenced by the investment attitude of other traders. Bubbles and crashes are understood and described qualitatively and quantitatively in terms of the classical phase transitions. When the interactions among traders become stronger and reach some critical values, a second-order phase transition and critical behavior can be observed, and a bull market phase and a bear market phase appear. When the system stays at the bull market phase, speculative bubbles occur in the stock market. For a certain range of the investment environment (the external field), multistability and hysteresis phenomena are observed. When the investment environment reaches some critical values, the rapid changes (the first-order phase transitions) in the distribution of investment attitude are caused. The phase transition from a bull market phase to a bear market phase is considered as a stock market crash. Furthermore, we estimate the parameters of the model using the actual financial data. As an example of large crashes we analyze Japan crisis (the bubble and the subsequent crash in the Japanese stock market in 1987-1992), and show that the good quality of the fits, as well as the consistency of the parameter values are obtained from Japan crisis. The results of the empirical study demonstrate that Japan crisis can be explained quite naturally by the model that bubbles and crashes have their origin in the collective crowd behavior of many interacting agents.

  15. Natural Hazards, Stock Depletion, and Stock Management in the Southern Gulf of Mexico Pink Shrimp Fishery

    OpenAIRE

    Arreguín Sánchez, Francisco; Ramírez Rodríguez, Mauricio; Zetina Rejón, Manuel Jesús; Cruz Escalona, Víctor Hugo

    2008-01-01

    The southern Gulf of México has historically sustained important fisheries, particularly shrimp. From the mid-I950s to earl 1970s, annual yields of shrimp averaged about 27,000 rnetric tons (rnt), of which the pink shrirnp Farfantepenaeus duorarum contributed more than 80%. At that time, three fleets, from the United States, Cuba, and Mexico, exploited the stock. Pinj shrim captures have declined from the mid-1970s to the present level of about 1,000 mt per year, indicating severe stock deple...

  16. 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

  17. 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.

  18. Implications of fisheries-induced evolution for stock rebuilding and recovery.

    Science.gov (United States)

    Enberg, Katja; Jørgensen, Christian; Dunlop, Erin S; Heino, Mikko; Dieckmann, Ulf

    2009-08-01

    Worldwide depletion of fish stocks has led fisheries managers to become increasingly concerned about rebuilding and recovery planning. To succeed, factors affecting recovery dynamics need to be understood, including the role of fisheries-induced evolution. Here we investigate a stock's response to fishing followed by a harvest moratorium by analyzing an individual-based evolutionary model parameterized for Atlantic cod Gadus morhua from its northern range, representative of long-lived, late-maturing species. The model allows evolution of life-history processes including maturation, reproduction, and growth. It also incorporates environmental variability, phenotypic plasticity, and density-dependent feedbacks. Fisheries-induced evolution affects recovery in several ways. The first decades of recovery were dominated by demographic and density-dependent processes. Biomass rebuilding was only lightly influenced by fisheries-induced evolution, whereas other stock characteristics such as maturation age, spawning stock biomass, and recruitment were substantially affected, recovering to new demographic equilibria below their preharvest levels. This is because genetic traits took thousands of years to evolve back to preharvest levels, indicating that natural selection driving recovery of these traits is weaker than fisheries-induced selection was. Our results strengthen the case for proactive management of fisheries-induced evolution, as the restoration of genetic traits altered by fishing is slow and may even be impractical.

  19. 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.

  20. An evaluation of the implicit management procedure used for some ICES roundfish stocks

    DEFF Research Database (Denmark)

    Kell, L.T.; Pilling, G.M.; Kirkwood, G.P.

    2005-01-01

    the types of projection used by ICES do not incorporate important lags between assessing stock status and implementing management measures, and they also ignore important sources of uncertainty about the actual dynamics, as well as our ability to collect data and implement management regulations (i.e. model...... the plausible range of characteristics of the underlying dynamics, but not necessarily model their full complexity. In general, they will be more complex than those used by assessment working groups, so developing management procedures that are robust to a broad range of uncertainty. However, the models......This paper describes a simulation study that evaluated the performance of the scientific advisory process used by ICES to recommend total allowable catches (TACs) for roundfish stocks. A "management strategy evaluation" approach is used, involving development of an operating model to represent...

  1. Institutional development of freshwater fish stocking in Mexico.

    Science.gov (United States)

    Ibáñez, A L; Pérez-Ramírez, M; García-Calderón, J L

    2014-12-01

    By using freshwater fish stocking information from the Mexican government, this work described the current situation of the national stocking and its associated fishery policy. There is a lack of effective freshwater stocking programmes as a result of limited fisheries management, unharmonized fisheries regulations and institutional performance. The fry production has decreased from 140 to 20 million in the past 11 years. © 2014 The Fisheries Society of the British Isles.

  2. 26 CFR 25.2512-2 - Stocks and bonds.

    Science.gov (United States)

    2010-04-01

    .... The value of stocks and bonds is the fair market value per share or bond on the date of the gift. (b) Based on selling prices. (1) In general, if there is a market for stocks or bonds, on a stock exchange... prices on the date of the gift is the fair market value per share or bond. If there were no sales on the...

  3. Foreign Investment in Chinese Joint Stock Banks: 1996-2006

    OpenAIRE

    Abotsi, Kodjo

    2007-01-01

    This article reviews the foreign investment in China joint stock banks and analyze the motivations behind these investments. We will start by reviewing the comparative advantage of local joint stock banks as foreign investment recipients, as compared to larger state-owned commercial banks or smaller cities banks; we will then study the effects on efficiency and overall performance of minority foreign investment in joint stock banks in China. Finally, we will try to identify the opportunities ...

  4. Measuring liquidity on stock market: impact on liquidity ratio

    OpenAIRE

    Siniša Bogdan; Suzana Bareša; Saša Ivanović

    2012-01-01

    The purpose – It is important to emphasize that liquidity on Croatian stock market is low, the purpose of this paper is to test empirically and find out which variables make crucial role in decision making process of investing in stocks. Design – This paper explores the impact of various liquidity variables on liquidity ratio since it is still insufficiently researched topic. Methodology –This research uses secondary and primary data available from Croatian stock market. Considering pri...

  5. Asymmetry Effects of shocks in Chinese Stock Markets Volatility

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

    The unique characteristics of the Chinese stock markets make it difficult to assume a particular distribution for innovations in returns and the specification form of the volatility process when modelling return volatility with the parametric GARCH family models. This paper therefore applies...... a generalized additive nonparametric smoothing technique to examine the volatility of the Chinese stock markets. The empirical results indicate that an asymmetric effect of negative news exists in the Chinese stock markets. Furthermore, compared with other parametric models, the generalized additive...

  6. Regime shifts, resilience and recovery of a cod stock

    DEFF Research Database (Denmark)

    Lindegren, Martin; Diekmann, Rabea; Möllmann, Christian

    2010-01-01

    In the North and Baltic seas Atlantic cod Gadus morhua stocks collapsed as part or one of the major factors inducing large-scale ecosystem regime shifts. Determining the relative contribution of overfishing and climate variability in causing these shifts has proven difficult. While facing similar...... of the local cod stock to environmental change. The recovery and healthy condition of the Sound cod stock illustrate the need for adaptive marine management strategies that maximize ecosystem resilience....

  7. EARNING MANAGEMENT, STOCK RETURN AND COMPANIES’ MERGER AND ACQUISITION

    OpenAIRE

    Sigit Handoyo; Fitria Rahmadani Putri

    2017-01-01

    The purpose of this study was to find out the practice earning management before merger and acquisitionannouncement. It also aimed to examine the differences of stock return before and after merger and acquisitionannouncement among companies that were listed on Indonesia stock exchange. The samples were 35 companiesthat did merger and acquisition and listed in Indonesia Stock Exchange (IDX) period 2004–2013. Then, thedata analysis was performed by computer statistic program SPSS. These sample...

  8. Asymmetric joint multifractal analysis in Chinese stock markets

    Science.gov (United States)

    Chen, Yuwen; Zheng, Tingting

    2017-04-01

    In this paper, the asymmetric joint multifractal analysis method based on statistical physics is proposed to explore the asymmetric correlation between daily returns and trading volumes in Chinese stock markets. The result shows asymmetric multifractal correlations exist between return and trading volume in Chinese stock markets. Moreover, when the stock indexes are upward, the fluctuations of returns are always weaker than when they are downward, whether the trading volumes are more or less.

  9. 26 CFR 1.1041-2 - Redemptions of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Redemptions of stock. 1.1041-2 Section 1.1041-2...) INCOME TAXES Common Nontaxable Exchanges § 1.1041-2 Redemptions of stock. (a) In general—(1) Redemptions of stock not resulting in constructive distributions. Notwithstanding Q&A-9 of § 1.1041-1T(c), if a...

  10. The Stock Market Crash Really Did Cause the Great Recession

    OpenAIRE

    Roger Farmer

    2013-01-01

    This paper studies the connection between the stock market and the unemployment rate. I establish three facts. First, the log of the real value of the S&P 500 and the log of a logistic transformation of the unemployment rate are non-stationary cointegrated series. Second, the stock market Granger causes the unemployment rate. Third, the connection between changes in the real value of the stock market and changes in the unemployment rate has remained structurally stable over seventy years. My ...

  11. Robot traders can prevent extreme events in complex stock markets

    Science.gov (United States)

    Suhadolnik, Nicolas; Galimberti, Jaqueson; Da Silva, Sergio

    2010-11-01

    If stock markets are complex, monetary policy and even financial regulation may be useless to prevent bubbles and crashes. Here, we suggest the use of robot traders as an anti-bubble decoy. To make our case, we put forward a new stochastic cellular automata model that generates an emergent stock price dynamics as a result of the interaction between traders. After introducing socially integrated robot traders, the stock price dynamics can be controlled, so as to make the market more Gaussian.

  12. Predicting Stock Prices Using Technical Analysis and Machine Learning

    OpenAIRE

    Larsen, Jan Ivar

    2010-01-01

    Historical stock prices are used to predict the direction of future stock prices. The developed stock price prediction model uses a novel two-layer reasoning approach that employs domain knowledge from technical analysis in the first layer of reasoning to guide a second layer of reasoning based on machine learning. The model is supplemented by a money management strategy that use the historical success of predictions made by the model to determine the amount of capital to invest on future pre...

  13. Sub-Compartment Variation in Tree Height, Stem Diameter and Stocking in a Pinus radiata D. Don Plantation Examined Using Airborne LiDAR Data

    Directory of Open Access Journals (Sweden)

    Hanieh Saremi

    2014-08-01

    Full Text Available Better information regarding the spatial variability of height, Diameter at Breast Height (DBH and stocking could improve inventory estimates at the operational Planning Unit since these parameters are used extensively in allometric equations, including stem volume, biomass and carbon calculations. In this study, the influence of stand stocking on height and DBH of two even aged radiata pine (Pinus radiata D. Don stands were investigated using airborne Light Detection and Ranging (LiDAR data at a study site in New South Wales, Australia. Both stands were characterized by irregular stocking due to patchy establishment and self-thinning in the absence of any silvicultural thinning events. For the purpose of this study, a total of 34 plots from a 34 year old site and 43 plots from a nine year old site were established, from which a total of 447 trees were sampled. Within these plots, DBH and height measurements were measured and their relationships with stocking were evaluated. LiDAR was used for height estimation as well as stem counts in fixed plots (stocking. The results showed a significant relationship between stem DBH and stocking. At both locations, trees with larger diameters were found on lower stocking sites. Height values were also significantly correlated with stocking, with taller trees associated with high stocking. These results were further verified of additional tree samples, with independent field surveys for DBH and LiDAR-derived metrics for height analysis. This study confirmed the relationship between P. radiata tree heights and stem diameter with stocking and demonstrated the capacity of LiDAR to capture sub-compartment variation in these tree-level attributes.

  14. Multinational Corporations and Stock Price Crash Risk

    Directory of Open Access Journals (Sweden)

    Anthony May

    2016-10-01

    Full Text Available A nascent literature in finance and accounting on tail risk in individual stock returns concludes that bad news hoarding by corporate managers engenders sudden, extreme crashes in a firm’s stock price when the bad news is eventually made public. This literature finds that firm-specific crash risk is higher among firms with more severe asymmetric information and agency problems. A hitherto disjointed literature spanning the fields of international business, finance, and accounting suggests that geographic dispersion in a firm’s operations, and especially dispersion across different countries, gives rise to organizational complexities and greater costs of monitoring that can exacerbate asymmetric information and agency problems. Motivated by the confluence of arguments and findings from these two strands of literature, this paper examines whether stock price crash risk is higher among multinational firms than domestic firms. Using a large sample of U.S. headquartered firms during 1987-2011, we find robust evidence that multinational firms are significantly more likely to crash than domestic firms. Moreover, we show that the difference in crash risk between multinational and domestic firms is most acute among firms with weaker corporate governance mechanisms, including weaker shareholder rights, less independent boards, and less stable institutional ownership. Our analysis indicates that stronger monitoring from each of these three governance mechanisms significantly attenuates the positive relation between crash risk and multinationality. Our findings are robust to the use of alternative measures of crash risk and to controlling for known determinants of crash risk identified in prior studies. Our study offers new insights that should hold value for scholars and market participants interested in understanding the implications of heighted agency problems that multinational firms are likely to encounter and scholars and market participants

  15. Community monitoring of carbon stocks for REDD+

    DEFF Research Database (Denmark)

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

    2014-01-01

    Reducing emissions from deforestation and forest degradation in developing countries, and the role of conservation, sustainable management of forests, and enhancement of forest carbon stocks in developing countries (REDD+) is a potentially powerful international policy mechanism that many tropical......-effectively monitor forest biomass. At the same time, this can improve local ownership and forge important links between monitoring activities and local decision-making. Existing studies have, however, been static assessments of biomass at one point in time. REDD+ programs will require repeated surveys of biomass...

  16. INTERACTION OF MACROECONOMIC VARIABLES WITH STOCK PRICES

    Directory of Open Access Journals (Sweden)

    ALİ ÖZER

    2013-06-01

    Full Text Available The aim of this study is to determine whether there is a relationship between ISE 100 Index and some macroeconomic variables by using monthly data of January 1996 – December 2009. ISE 100 Index was used as dependent variable and interest rates, money supply, foreign trade equilibrium, industrial production index, gold prices, exchange rates, consumer price index were used as independent variables. Least squares estimation method, Johansen-Jeselius cointegration test, Granger causality test and variance decomposition results produced by VEC model were used in the study. These analysis show that there is a long run relationship between some macroeconomic variables and stock prices.

  17. Expected Stock Returns and Variance Risk Premia

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Tauchen, George; Zhou, Hao

    of the time series variation in post 1990 aggregate stock market returns, with high (low) premia predicting high (low) future returns. Our empirical results depend crucially on the use of "model-free," as opposed to Black- Scholes, options implied volatilities, along with accurate realized variation measures...... constructed from high-frequency intraday, as opposed to daily, data. The magnitude of the predictability is particularly strong at the intermediate quarterly return horizon, where it dominates that afforded by other popular predictor variables, like the P/E ratio, the default spread, and the consumption...

  18. Climate change mitigation by carbon stocking

    DEFF Research Database (Denmark)

    Lykke, Anne Mette; Barfod, Anders S.; Svendsen, Gert Tinggaard

    2009-01-01

    Semi-arid West Africa has not been integrated into the afforestation/reforestation (AR) carbon market. Most projects implemented under the Clean Development Mechanism (CDM) have focused on carbon emission reductions from industry and energy consumption, whereas only few (only one in West Africa...... primarily on rain forest countries and excludes semi-arid West Africa from the preliminary setup. African savannas have potentials to store carbon in the present situation with degrading ecosystems and relatively low revenues from crops and cattle, especially if it is possible to combine carbon stocking...

  19. Stochastic model for market stocks with floors

    Science.gov (United States)

    Villarroel, Javier

    2007-08-01

    We present a model to describe the stochastic evolution of stocks that show a strong resistance at some level and generalize to this situation the evolution based upon geometric Brownian motion. If volatility and drift are related in a certain way we show that our model can be integrated in an exact way. The related problem of how to prize general securities that pay dividends at a continuous rate and earn a terminal payoff at maturity T is solved via the martingale probability approach.

  20. Stock-car racing makes intuitive physicists

    Science.gov (United States)

    Gwynne, Peter

    2008-03-01

    Formula One races involve cars festooned with gadgets and complex electronic devices, in which millions of dollars are spent refining a vehicle's aerodynamics and reducing its weight. But in events run by America's National Association of Stock Car Auto Racing (NASCAR), cars hurtle round an oval track at speeds of about 300 km h-1 without the help of the complex sensors that are employed in Formula One cars. To avoid crashing, drivers must make their own adjustments to track conditions, engine problems and the traffic around them.

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

    African Journals Online (AJOL)

    5 snails per cage was uneconomic. 6 to 12 snails per cage (22 to 44 snails per m2) was recommended as the optimal stocking density of breeding snails of A.m.s. Experiment II had 2, 3, 4, 5 and 6 A.m.s. fattening snails per cage of 20cm x 20cm.Treatments I to III with mean daily weight gains of 3.3g, 2.6g and 3.0g mean ...

  2. Sign and Quantiles of the Realized Stock-Bond Correlation

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

    We scrutinize the monthly realized stock-bond correlation based upon high frequency returns. In particular, we use a probit model to track the dynamics of the sign of the correlation relative to its various economic forces. The sign is predictable to a large extent with bond market liquidity being...... the most important variable. Moreover, stock market volatility, inflation uncertainty, short rate volatility, and bond volatility have significant effects upon the sign. In addition, we use quantile regressions to pin down the systematic variation of the extreme tails of the realized stock-bond correlation...... of the stock-bond correlation....

  3. 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...

  4. Rational GARCH model: An empirical test for stock returns

    Science.gov (United States)

    Takaishi, Tetsuya

    2017-05-01

    We propose a new ARCH-type model that uses a rational function to capture the asymmetric response of volatility to returns, known as the "leverage effect". Using 10 individual stocks on the Tokyo Stock Exchange and two stock indices, we compare the new model with several other asymmetric ARCH-type models. We find that according to the deviance information criterion, the new model ranks first for several stocks. Results show that the proposed new model can be used as an alternative asymmetric ARCH-type model in empirical applications.

  5. Random matrix theory and portfolio optimization in Moroccan stock exchange

    Science.gov (United States)

    El Alaoui, Marwane

    2015-09-01

    In this work, we use random matrix theory to analyze eigenvalues and see if there is a presence of pertinent information by using Marčenko-Pastur distribution. Thus, we study cross-correlation among stocks of Casablanca Stock Exchange. Moreover, we clean correlation matrix from noisy elements to see if the gap between predicted risk and realized risk would be reduced. We also analyze eigenvectors components distributions and their degree of deviations by computing the inverse participation ratio. This analysis is a way to understand the correlation structure among stocks of Casablanca Stock Exchange portfolio.

  6. Was there a bubble in the 1929 Stock Market?

    OpenAIRE

    Peter Rappoport; White, Eugene N.

    1991-01-01

    Standard tests find that no bubbles are present in the stock price data for the last one hundred years. In contrast., historical accounts, focusing on briefer periods, point to the stock market of 1928-1929 as a classic example of a bubble. While previous studies have restricted their attention to the joint behavior of stock prices and dividends over the course of a century, this paper uses the behavior of the premia demanded on loans collateralized by the purchase of stocks to evaluate the c...

  7. Effects of daylight savings time changes on stock market volatility.

    Science.gov (United States)

    Berument, M Hakan; Dogan, Nukhet; Onar, Bahar

    2010-04-01

    The presence of daylight savings time effects on stock returns and on stock volatility was investigated using an EGARCH specification to model the conditional variance. The evidence gathered from the major United States stock markets for the period between 1967 and 2007 did not support the existence of the daylight savings time effect on stock returns or on volatility. Returns on the first business day following daylight savings time changes were not lower nor was the volatility higher, as would be expected if there were an effect.

  8. 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.

  9. 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.

  10. Alternation of different fluctuation regimes in the stock market dynamics

    Science.gov (United States)

    Kwapień, J.; Drożdż, S.; Speth, J.

    2003-12-01

    Based on the tick-by-tick stock prices from the German and American stock markets, we study the statistical properties of the distribution of the individual stocks and the index returns in highly collective and noisy intervals of trading, separately. We show that periods characterized by the strong inter-stock couplings can be associated with the distributions of index fluctuations which reveal more pronounced tails than in the case of weaker couplings in the market. During periods of strong correlations in the German market these distributions can even reveal an apparent Lévy-stable component.

  11. Estimation and monitoring of aboveground carbon stocks using spatial technology

    Directory of Open Access Journals (Sweden)

    Adolph Nyamugama

    2015-09-01

    Full Text Available Monitoring temporal changes of aboveground carbon (AGC stocks distribution in subtropical thicket is key to understanding the role of vegetation in carbon sequestration. The main objectives of this research paper were to model and quantify the temporal changes of AGC stocks between 1972 and 2010 in the Great Fish River Nature Reserve and its environs, Eastern Cape Province, South Africa. We used a method based on the integration of remote sensing and geographical information systems to estimate AGC stocks in a time series framework. A non-linear regression model was developed using Normalised Difference Vegetation Index values generated from SPOT 5 High Resolution Geometric satellite imagery of 2010 as an independent variable and AGC stock estimates from field plots as the dependent variable. The regression model was used to estimate AGC stocks from satellite imagery for 1972 (Landsat TM, 1982 (Landsat 4 TM, 1992 (Landsat 7 ETM, 2002 (Landsat ETM+ and 2010 (SPOT 5 satellite imagery. AGC stocks for the respective years were compared by means of change detection analysis at the subtropical thicket class level. The results showed a decline of AGC stocks in all the classes from 1972 to 2010. Degraded and transformed thicket classes had the highest AGC stock losses. The decline of AGC stocks was attributed to thicket transformation and degradation, which were attributed to anthropogenic activities.

  12. Growth of planted ponderosa pine thinned to different stocking levels in northern California

    Science.gov (United States)

    William W. Oliver

    1979-01-01

    Growth was strongly related to growing stock level (GSL) for 5 years after thinning 20-year-old poles on Site Index50 115 land at the Elliot Ranch Plantation in northern California. Five GSL's-basal areas anticipated when trees average 10 inches d.b.h. or more-ranging from 40 to 160 square feet per acre were tested. Periodic annual increment...

  13. The west-wide ponderosa pine levels-of-growing-stock study at age 40

    Science.gov (United States)

    William W. Oliver

    2005-01-01

    In the 1960s a series of levels-of-growing-stock studies was established in young, even-aged stands throughout the range of ponderosa pine in the western United States. Using a common study plan, installations were begun in the Black Hills of South Dakota, eastern and central Oregon, the Coconino Plateau of Arizona and the west slope of the Sierra Nevada in California...

  14. Observations on the status of bass Dicentrarchus Labrax stocks in Ireland in the late 1990s

    OpenAIRE

    Fahy, E.; Forrest, N.; Shaw, U.; Green, P.

    2000-01-01

    Investigative work was undertaken in 1996 to ascertain the strength of sea bass stocks following the introduction of a range of conservation measures which effectively extinguished the legitimate commercial fishery for the species. Information was sought from two sources: estimation of the age composition of the samples and the growth of bass by examining scales from exploited fish. An estimate of the density of juvenile pre-recruit bass was made from a seine net survey undertaken in various ...

  15. An Integration, Long Range Planning, and Migration Guide for the Stock Point Logistics Integrated Communications Project.

    Science.gov (United States)

    1986-03-01

    Management System (OMMS), Source Data System Afloat ( SDSA ) , and Shipboard Uniform Automated Data Processing (SUADPS). A brief listing of the functions...reports, CSMP reporting process, and subsystem manager functions. 4. SDSA - is designed to provide the following functions: disbursing and personnel...area administrative and pay event reporting, pay and fiscal management, SDSA system management information. 5. SUADPS - is to provide the following

  16. Causal nexus of foreign stock prices on the Philippine stocks exchange composite index

    Directory of Open Access Journals (Sweden)

    Reynaldo C. Castro

    2016-12-01

    Full Text Available This study investigates the predictive relationship existing between the Philippine Stocks Exchange Index (PSEI and the foreign stock markets. historical data of the daily closing prices of the stock markets (s&p500 of the united states, Nikkei of Japan, Sensex of India, Shcomp of China, STI of Singapore, KLSE of Malaysia, and HKSE of hong kong covering January 4, 2002 to January 29, 2016 (n=3,411 observations were estimated using the Ordinary Least Squares (OLS regression equation, having the PSEI of the Philippines as the predicted variable. It was found out that the foreign stock markets are highly correlated with the PSE. Moreover, OLS regression revealed that an increase of the daily closing prices of s&p500 of United States, Nikkei of Japan, Sensex of India and STI of Singapore increases the value of the PSEI but decreases upon the appreciation of Shcomp of china and the HKSE of Hong Kong. Meanwhile, KLSE of Malaysia yielded no statistical significance towards the PSEI.

  17. Stock Price Reaction to Announcements of Right Issues and Debenture Issues: Evidence from Colombo Stock Exchange

    Directory of Open Access Journals (Sweden)

    Udani Chathurika Edirisinghe

    2015-02-01

    Full Text Available This study investigates the stock market reaction for right issues and debenture issues of Colombo Stock Exchange (CSE during the period of 2005 to 2011 while providing evidence for the research question “how do stock prices react to the debt and equity issue announcements of listed companies in CSE?” In investigating the ex-ante and ex-post market reactions the study employees event study methodology, while predicting abnormal returns, based on three alternative normal/expected returns modeling methods, namely Mean Adjusted Model, Market Adjusted Model, and Capital Asset Pricing Model. When testing the alternative hypothesis, whether stock prices significantly reacts to the announcement of right & debenture issues, results of all models show positive market reaction during the 30 days prior to the announcement and react negatively from 2 days after the announcements for right issues, but for debenture issues market reacted negatively during the period prior to debenture issues and continue to do the same during the post event period. Although the magnitude and significance of abnormal return generated through three alternatives methods differ, the pattern of the CAAR of all models are similar. Thus, as far as the speed of the price adjustment is concerned it seems that the CSE is not efficient.

  18. Temporal Assessment of Growing Stock, Biomass and Carbon Stock of Indian Forests

    Energy Technology Data Exchange (ETDEWEB)

    Manhas, R.K.; Negi, J.D.S.; Chauhan, P.S. [Forest Ecology and Environment Division, Forest Research Institute, Dehradun, 248 006, Uttaranchal (India); Kumar, R. [Forest Survey of India, Dehradun, 248 001, Uttaranchal (India)

    2006-01-15

    The dynamics of terrestrial ecosystems depends on interactions between carbon, nutrient and hydrological cycles. Terrestrial ecosystems retain carbon in live biomass (aboveground and belowground), decomposing organic matter, and soil. Carbon is exchanged naturally between these systems and the atmosphere through photosynthesis, respiration, decomposition, and combustion. Human activities change carbon stock in these pools and exchanges between them and the atmosphere through land-use, land-use change, and forestry. In the present study we estimated the wood (stem) biomass, growing stock (GS) and carbon stock of Indian forests for 1984 and 1994. The forest area, wood biomass, GS, and carbon stock were 63.86 Mha, 4327.99 Mm{sup 3}, 2398.19 Mt and 1085.06 Mt respectively in 1984 and with the reduction in forest area, 63.34 Mha, in 1994, wood biomass (2395.12 Mt) and carbon stock (1083.69 Mt) also reduced subsequently. The Conifers, of temperate region, stocked maximum carbon in their woods, 28.88 to 65.21 t C/ha, followed by Mangrove forests, 28.24 t C/ha, Dipterocarp forests, 28.00 t C/ha, and Shorea robusta forests, 24.07 t C/ha. Boswellia serrata, with 0.22 Mha forest area, stocked only 3.91 t C/ha. To have an idea of rate of carbon loss the negative changes (loss of forest area) in forest area occurred during 1984-1994 (10yrs) and 1991-1994 (4yrs) were also estimated. In India, land-use changes and fuelwood requirements are the main cause of negative change. Total 24.75 Mt C was lost during 1984-1994 and 21.35 Mt C during 1991-94 at a rate of 2.48 Mt C/yr and 5.35 Mt C/yr respectively. While in other parts of India negative change is due to multiple reasons like fuelwood, extraction of non-wood forest products (NWFPs), illicit felling etc., but in the northeastern region of the country shifting cultivation is the only reason for deforestation. Decrease in forest area due to shifting cultivation accounts for 23.0% of the total deforestation in India, with an annual

  19. 26 CFR 20.2031-2 - Valuation of stocks and bonds.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of stocks and bonds. 20.2031-2... Valuation of stocks and bonds. (a) In general. The value of stocks and bonds is the fair market value per... a market for stocks or bonds, on a stock exchange, in an over-the-counter market, or otherwise, the...

  20. 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.

  1. Range contraction in large pelagic predators.

    Science.gov (United States)

    Worm, Boris; Tittensor, Derek P

    2011-07-19

    Large reductions in the abundance of exploited land predators have led to significant range contractions for those species. This pattern can be formalized as the range-abundance relationship, a general macroecological pattern that has important implications for the conservation of threatened species. Here we ask whether similar responses may have occurred in highly mobile pelagic predators, specifically 13 species of tuna and billfish. We analyzed two multidecadal global data sets on the spatial distribution of catches and fishing effort targeting these species and compared these with available abundance time series from stock assessments. We calculated the effort needed to reliably detect the presence of a species and then computed observed range sizes in each decade from 1960 to 2000. Results suggest significant range contractions in 9 of the 13 species considered here (between 2% and 46% loss of observed range) and significant range expansions in two species (11-29% increase). Species that have undergone the largest declines in abundance and are of particular conservation concern tended to show the largest range contractions. These include all three species of bluefin tuna and several marlin species. In contrast, skipjack tuna, which may have increased its abundance in the Pacific, has also expanded its range size. These results mirror patterns described for many land predators, despite considerable differences in habitat, mobility, and dispersal, and imply ecological extirpation of heavily exploited species across parts of their range.

  2. Effects of The Japan Disaster 2011 on the Stock Return and Trading Volume in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Sulistyo Wahyu Wijanarko

    2015-06-01

    Full Text Available This study aims to analyze international disaster event on the capital market activities, especially on the Indonesia Stock Exchange. Researcher analyzed the market reaction to the Japan disaster on March 11, 2011. This research using the data 45 companies (LQ-45 in Indonesia Stock Exchange and the event date is ten days before and ten days after the disaster. From the analysis showed that the event is not signifi cantly affecting the stock return and trading volume activity between pre and post the event. These result indicate that the Japan disaster give no impact to the investor on Indonesia Stock Exchange.

  3. Stock markets are not what we think they are: the key roles of cross-ownership and corporate treasury stock

    Science.gov (United States)

    Roehner, Bertrand M.

    2005-03-01

    We describe, document and statistically test three mechanisms by which corporations can influence or even control stock prices: (i) Parent and holding companies wield control over other publicly traded companies. (ii) Through clever management of treasury stock based on buyback programs and stock issuance, stock price fluctuations can be amplified or curbed. The shock of September 11, 2001 is used to test this effect. (iii) Finally, historical evidence shows that there is a close interdependence between the level of stock prices on the one hand and merger and acquisition activity on the other hand: on average, a 10% increase in the number of mergers brings about a 3% increase in the overall level of stock prices. If one adds up buybacks, initial public offerings and takeover transactions, all of which depend upon strategic decisions taken by corporate management, they represent on average 7.2% of the trade on the New York Stock Exchange over the period 1987-2003 (as much as 12% in specific years such as 1988). This perspective, in which the Boards of Directors of major companies “shepherd” the market, offers a natural interpretation of the so-called “herd behavior” observed in stock markets. The traditional view holds that, by driving profit expectations, corporations have an indirect role in shaping the market. In this paper, we suggest that over the last decades they became more and more the direct moving force of stock markets.

  4. How to Determine Optimal Stock in Production

    Directory of Open Access Journals (Sweden)

    Mojca Jerman

    2013-02-01

    Full Text Available RQ: The purpose of the research was to determine the optimal ordering of materials in production, time of ordering and calculating the cost.Purpose: Determination of the optimal order quantity, time and cost of concrete material and optimize the organization and storage.Method: Method of data collection was secondary theoretical sources and data collection on projected needs and value of materials as well as data analysis with EOQ model calculations.Results: The optimal amount of screws was calculated that was estimated at 36,000 pieces that can be ordered every 28 days. In addition, the annual costs of maintaining inventories were calculated to € 357.77.Organization: By optimizing inventory, stock increases are prevented as well as production halts are avoided.Society: Introducing the system of optimization and implementing it into practice.Originality: Originality is in presenting a concrete case of using the EOQ model.Limitations: Unexpected increase in capacity due to increased demand, inventory stock and state of finances.

  5. Statistical pairwise interaction model of stock market

    Science.gov (United States)

    Bury, Thomas

    2013-03-01

    Financial markets are a classical example of complex systems as they are compound by many interacting stocks. As such, we can obtain a surprisingly good description of their structure by making the rough simplification of binary daily returns. Spin glass models have been applied and gave some valuable results but at the price of restrictive assumptions on the market dynamics or they are agent-based models with rules designed in order to recover some empirical behaviors. Here we show that the pairwise model is actually a statistically consistent model with the observed first and second moments of the stocks orientation without making such restrictive assumptions. This is done with an approach only based on empirical data of price returns. Our data analysis of six major indices suggests that the actual interaction structure may be thought as an Ising model on a complex network with interaction strengths scaling as the inverse of the system size. This has potentially important implications since many properties of such a model are already known and some techniques of the spin glass theory can be straightforwardly applied. Typical behaviors, as multiple equilibria or metastable states, different characteristic time scales, spatial patterns, order-disorder, could find an explanation in this picture.

  6. Predicting economic growth with stock networks

    Science.gov (United States)

    Heiberger, Raphael H.

    2018-01-01

    Networks derived from stock prices are often used to model developments on financial markets and are tightly intertwined with crises. Yet, the influence of changing market topologies on the broader economy (i.e. GDP) is unclear. In this paper, we propose a Bayesian approach that utilizes individual-level network measures of companies as lagged probabilistic features to predict national economic growth. We use a comprehensive data set consisting of Standard and Poor's 500 corporations from January 1988 until October 2016. The final model forecasts correctly all major recession and prosperity phases of the U.S. economy up to one year ahead. By employing different network measures on the level of corporations, we can also identify which companies' stocks possess a key role in a changing economic environment and may be used as indication of critical (and prosperous) developments. More generally, the proposed approach allows to predict probabilities for different overall states of social entities by using local network positions and could be applied on various phenomena.

  7. Networks of volatility spillovers among stock markets

    Science.gov (United States)

    Baumöhl, Eduard; Kočenda, Evžen; Lyócsa, Štefan; Výrost, Tomáš

    2018-01-01

    In our network analysis of 40 developed, emerging and frontier stock markets during the 2006-2014 period, we describe and model volatility spillovers during both the global financial crisis and tranquil periods. The resulting market interconnectedness is depicted by fitting a spatial model incorporating several exogenous characteristics. We document the presence of significant temporal proximity effects between markets and somewhat weaker temporal effects with regard to the US equity market - volatility spillovers decrease when markets are characterized by greater temporal proximity. Volatility spillovers also present a high degree of interconnectedness, which is measured by high spatial autocorrelation. This finding is confirmed by spatial regression models showing that indirect effects are much stronger than direct effects; i.e., market-related changes in 'neighboring' markets (within a network) affect volatility spillovers more than changes in the given market alone, suggesting that spatial effects simply cannot be ignored when modeling stock market relationships. Our results also link spillovers of escalating magnitude with increasing market size, market liquidity and economic openness.

  8. Stock return distribution in the BRICS

    Directory of Open Access Journals (Sweden)

    George Adu

    2015-12-01

    Full Text Available Stock returns in emerging market economies exhibit patterns that are distinctively different from developed countries: returns are noted to be highly volatile and autocorrelated, and long horizon returns are predictable. While these stylized facts are well established, the assumption underlying the distribution of returns is less understood. In particular, the empirical literature continues to rely on the normality assumption as a starting point, and most asset pricing models tend to overstretch this point. This paper questions the rationale behind this supposition and proceeds to test more formally for normality using multivariate joint test for skewness and kurtosis. Additionally, the paper extends the literature by examining a number of empirical regularities for Brazil, Russia, India, China and South Africa (the BRICS for short. Our main findings are that the distribution of stock returns for the BRICS exhibits peakedness with fatter and longer tails, and this is invariant to both the unit of measurement and the time horizon of returns. Volatility clustering is prevalent in all markets, and this decays exponentially for all but Brazil. The relationship between risk and return is found to be significant and risk premiums are prevalent in our sample.

  9. The Inventory of Carbon Stocks in New Zealand’s Post-1989 Natural Forest for Reporting under the Kyoto Protocol

    Directory of Open Access Journals (Sweden)

    Peter N. Beets

    2014-09-01

    Full Text Available To meet international greenhouse gas reporting obligations, New Zealand must report on carbon stocks in forests established after 1989 (post-1989 forest. Although predominately comprised of planted forest, post-1989 forest also contains a component of natural vegetation amounting to less than 10% by area. New Zealand undertook a national inventory of this natural stratum of post-1989 forest to provide estimates of carbon stocks and stock change in woody species over the first commitment period (2008–2012 of the Kyoto Protocol. Plots were installed on a 4-km grid, and the basal diameters and heights of trees and shrubs were measured for the first time from November 2012, to March 2013. Carbon stocks in 2012 were calculated using allometric functions developed from biomass samples from each site. Basal disc samples provided data on diameter increment and shrub and tree age annually from 1990 to 2012. These were used to predict carbon stocks per ha for individual plots in 2008 and to provide annual predictions by pool back to 1990. Carbon stocks summed across live and dead biomass pools (excluding soil averaged 3.04, 16.70 and 28.73 t C/ha in 1990, 2008 and 2012, respectively. The disposition by pool was 2.25, 12.54 and 21.84 t C/ha in aboveground biomass, 0.56, 3.13 and 5.46 t C/ha in belowground biomass (using a root/shoot ratio of 0.25, 0.03, 0.17 and 0.23 t C/ha in deadwood, and 0.18, 0.86 and 1.21 t C/ha in litter in 1990, 2008 and 2012, respectively. In 1990, the woody biomass stock estimate per plot ranged from zero to 40 t C/ha and averaged 3.04 t C/ha across all plots. The methodology used to predict annual carbon stocks required an assumption concerning stem annual mortality. Sensitivity analysis suggested that varying this assumption had only a minor impact on predicted carbon stocks and changes. Plant age varied markedly within and between the natural forest plots, and therefore, the mean age of woody vegetation at each site was

  10. Dynamics of Blue Carbon Stocks and GHG Emissions Along a Land Use Gradient in El Salvador

    Science.gov (United States)

    Cifuentes, M.; Torres, D.; Sergio, V.; Rivera, C. G.; Molina, O.

    2016-12-01

    Coastal blue carbon ecosystems can store up to 5 times more carbon than their terrestrial counterparts. The former are also under great threats stemming from climate change (i.e. sea level rise) and human encroachment (i.e. land use change). Our research was conducted in Jiquilisco and Jaltepeque Bays in El Salvador and constitutes the first-ever assessment of blue carbon stocks and GHG emissions along a land use gradient in the country. Ecosystem-level carbon stocks were measured in mangroves (natural and restored stands), marshes, shrimp farms, artisan salt flats, and adjacent agriculture areas. Ecosystem carbon ranged from 738 ± 116 MgC·ha-1 to 617 ± 115 MgC·ha-1 in tall and medium mangroves to 191 ± 28 MgC·ha-1 in dwarf mangroves. An average 87 % of this carbon is sequestered in the soil, consistent with measurements made elsewhere. Carbon losses from conversion from mangroves to agricultural uses reduced natural stocks by 90%, thus producing dramatic historical emissions in the country. Conservative estimates suggest historical (1993-2014) carbon emissions from this land-use dynamics may amount to 48495 to 58004 Gg CO2e, representing 3 to 4 times the country's emissions in 2005. Our data allow us to test the efficacy of "Ecological Mangrove Restoration" programs promoted in El Salvador to strengthen local governance, livelihoods and ecosystem stability. Restored mangrove stands represent anywhere from 36 to 77 % of ecosystem carbon stocks measured in natural stands, suggesting they are playing an important role in recovering lost stocks over time. Further efforts should be spent in expanding community mangrove restoration, and ensuring carbon sequestration is properly included in the national MRV system for REDD+.

  11. Carbon stock and humification index of organic matter affected by sugarcane straw and soil management

    Directory of Open Access Journals (Sweden)

    Aline Segnini

    2013-10-01

    Full Text Available The maintenance of sugarcane (Saccharum spp. straw on a soil surface increases the soil carbon (C stocks, but at lower rates than expected. This fact is probably associated with the soil management adopted during sugarcane replanting. This study aimed to assess the impact on soil C stocks and the humification index of soil organic matter (SOM of adopting no-tillage (NT and conventional tillage (CT for sugarcane replanting. A greater C content and stock was observed in the NT area, but only in the 0-5 cm soil layer (p < 0.05. Greater soil C stock (0-60 cm was found in soil under NT, when compared to CT and the baseline. While C stock of 116 Mg ha-1 was found in the baseline area, in areas under CT and NT systems the values ranged from 120 to 127 Mg ha-1. Carbon retention rates of 0.67 and 1.63 Mg C ha-1 year-1 were obtained in areas under CT and NT, respectively. Laser-Induced Fluorescence Spectroscopy showed that CT makes the soil surface (0-20 cm more homogeneous than the NT system due to the effect of soil disturbance, and that the SOM humification index (H LIF is larger in CT compared to NT conditions. In contrast, NT had a gradient of increasing H LIF, showing that the entry of labile organic material such as straw is also responsible for the accumulation of C in this system. The maintenance of straw on the soil surface and the adoption of NT during sugarcane planting are strategies that can increase soil C sequestration in the Brazilian sugarcane sector.

  12. 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...

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

    Science.gov (United States)

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

    2017-04-01

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

  14. Policies and practices for an energy efficient European housing stock

    NARCIS (Netherlands)

    Visscher, H.J.

    2015-01-01

    The housing stock has a major energy saving potential and is mostly considered to be the sector in which energy efficiency most cost effectively could be achieved. 30% of all energy use is consumed in the housing stock. The European union has formulated targets for a reduction of CO2 emissions to be

  15. The Stock Market Fluctuations and Consumer Behaviour in Nigeria ...

    African Journals Online (AJOL)

    The stock market is a common feature of a modern economy as it promotes the growth and development of the economy. This paper examines the likely influence of recent stock market fluctuations on consumer behavior and the economy, focusing on wealth effects and consumption. After reviewing the relevant theoretical ...

  16. Conducting event studies on a small stock exchange

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Olson, Dennis; Peare, Paula

    This paper analyses whether it is possible to perform an event study on a small stock exchange with thinly trade stocks. The main conclusion is that event studies can be performed provided that certain adjustments are made. First, a minimum of 25 events appears necessary to obtain acceptable size...

  17. An intense Nigerian stock exchange market prediction using logistic ...

    African Journals Online (AJOL)

    This paper is a continuation of our research work on the Nigerian Stock Exchange Market (NSEM) uncertainties, In our previous work (Magaji et al, 2013) we presented the Naive Bayes and SVM-SMO algorithms as a tools for predicting the Nigerian Stock Exchange Market; subsequently we used the same transformed data ...

  18. Monitoring of soil organic carbon and nitrogen stocks in different ...

    African Journals Online (AJOL)

    Soil organic carbon (SOC) and soil nitrogen (SN) are the principal components in soil quality assessment, and in mitigation the global greenhouse effect. In Iran, little information exists on the stocks of SOC and SN. SOC and SN stocks are a function of the SOC and SN concentrations and the bulk density of the soil that are ...

  19. Determinants of stock market development in Nigeria using error ...

    African Journals Online (AJOL)

    Harnessing economic resources for national development is a major goal of governments; the stock market provides the medium through which funds could be mobilized and allocated for investments for development. This study sought to examine empirically whether stock market liquidity, savings rate, investment ratio, and ...

  20. DEA investment strategy in the Brazilian stock market

    OpenAIRE

    Newton Da Costa, Jr; Marcus Lima; Edgar Lanzer; Ana Lopes

    2008-01-01

    This paper presents a multi-period investment strategy using Data Envelopment Analysis (DEA) in the Brazilian stock market. Results show that the returns based on the DEA strategy were superior to the returns of a Brazilian stock index in most of the 22 quarters analyzed, presenting a significant Jensen's alpha.

  1. 78 FR 18235 - Unified Rule for Loss on Subsidiary Stock

    Science.gov (United States)

    2013-03-26

    ... Internal Revenue Service 26 CFR Part 1 Unified Rule for Loss on Subsidiary Stock CFR Correction 0 In Title... following sentence: Sec. 1.1502-32 Investment adjustments. * * * * * (c) * * * (3) * * * For this purpose, the preferred stock is treated as entitled to a distribution no later than the time the distribution...

  2. With the worldwide decline in conventional finfish stocks, fishers are ...

    African Journals Online (AJOL)

    With the worldwide decline in conventional finfish stocks, fishers are redirecting their attention to alter- native stocks, in particular invertebrates (Perry et al. 1999). Initiatives towards developing small-scale commercial fisheries, aimed at supporting previously disadvantaged fishers and targeting previously under- exploited ...

  3. EFFECT OF BROOD STOCK SIZE ON EGG FERTILIZATION ...

    African Journals Online (AJOL)

    USER

    ABSTRACT. This experiment was conducted to investigate the effect of size of brood stock on egg fertilization, hatchability and fry survival rate of Clarias gariepinus in an intensive culture system, for a period of four weeks. Larger brood stock size (1200-1500g) produced larger eggs and bigger fry while moderate brood ...

  4. Impact of Global Financial Crisis on Nigerian Stock Market

    African Journals Online (AJOL)

    DrNneka

    crisis, and foreign investment crisis has a negative significant impact on the Nigerian stock market. Based on ... The ripple effects of the global financial crisis seem to have had a dramatic negative effect on the Nigerian stock ... is evident in his statement that the pace of financial and economic globalisation appears to have ...

  5. 12 CFR 616.6700 - Stock purchase requirements.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Stock purchase requirements. 616.6700 Section 616.6700 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LEASING § 616.6700 Stock purchase requirements. (a) Each System institution, except the Farm Credit Leasing Services Corporation...

  6. Protection of Marine Fish Stocks at Risk of Extinction

    Science.gov (United States)

    J.A. Musick; S.A. Berkeley; G.M. Cailliet; M. Camhi; G. Huntsman; M. Nammack; Melvin L. Warren

    2000-01-01

    The American Fisheries Society (AFS) recommends that registory agencies closely scrutinize both marine fish and invertebrate stocks that may be at risk of extinction and take remedial action before populations are threatened or endungered. Initial AFS analyses of marine stocks at risk in North America show at least four primary geographic "hot spots" with...

  7. 27 CFR 46.233 - Payment of floor stocks tax.

    Science.gov (United States)

    2010-04-01

    ... money order. Dealers not paying floor stocks tax by electronic fund transfer must pay by a check or...) Electronic funds transfer. If the dealer pays any other excise taxes collected by TTB by electronic funds transfer, then the dealer must also send the payment for the floor stocks tax by an electronic funds...

  8. Do Economic Policy Decisions affect Stock Market Development in ...

    African Journals Online (AJOL)

    Agenor (2000) highlights that high inflation, large fiscal deficits and real exchange rate over-valuation constraint private sector .... that macroeconomic variables including inflation, money supply and exchange rate determine stock prices. However, Gan et al. ..... Past US Stock Market Booms. National Bureau of Economic ...

  9. Determinacy, Stock Market Dynamics and Monetary Policy Inertia

    DEFF Research Database (Denmark)

    Pfajfar, Damjan; Santoro, Emiliano

    This note deals with the stability properties of an economy where the central bank is concerned with stock market developments. We introduce a Taylor rule reacting to stock price growth rates along with inflation and output gap in a New-Keynesian setup. We explore the performance of this rule fro...

  10. Connecting single-stock assessment models through correlated survival

    DEFF Research Database (Denmark)

    Albertsen, Christoffer Moesgaard; Nielsen, Anders; Thygesen, Uffe Høgsbro

    2017-01-01

    Fisheries management is mainly conducted via single-stock assessment models assuming that fish stocks do not interact, except through assumed natural mortalities. Currently, the main alternative is complex ecosystem models which require extensive data, are difficult to calibrate, and have long ru...

  11. Stock market reaction to xenophobic violence in an emerging economy

    Directory of Open Access Journals (Sweden)

    Collins C. Ngwakwe

    2017-05-01

    Full Text Available This paper presents an initial evaluation of possible effect of xenophobic violence on the Johannesburg Stock Market. Violence is inimical to economic development as it constraints normal business operations and causes a rebound on the stock market. The paper applied the event trend analysis combined with a statistical t-test of paired sample means in the pre and post-xenophobic period stock performance. Data was drawn from the JSE All Share Index - Capped Indices Performance (J303 - Capi DY for 2008 and 2015, during & after the xenophobic violence of 2008 and 2015. The economic consequences of social instability were substantiated with related literature. The theoretical foundation was inclined on the integrated threat theory and the social contract theory. Findings from the analysis of paired sample t-test showed a significant difference in means of stock performance with P<0.05 within and after the xenophobic period. Furthermore, a t-test of similarity in stock performance chart for periods of xenophobic violence 2008 and 2015 showed no significant difference in stock performance trend – indicating similarity in stock chart between 2008 and 2015 periods of xenophobic violence. The paper recommends the need for further research of a broader scope that will consider many years of xenophobic events or similar violence across countries using multiple stock performance and economic performance indicators.

  12. Short-Term Stock Price Reversals May Be Reversed

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2012-12-01

    Full Text Available In present study, I explore intraday behavior of stock prices. In particular, I try to shed light onthe dynamics of stock price reversals and namely, on the short-term character the latter maypossess. For each of the stocks currently making up the Dow Jones Industrial Index, I calculateintraday upside and downside volatility measures, following Becker et al. (2008 and Klossner etal. (2012, as a proxy for reversed overreactions to good and bad news, respectively. I documentthat for all the stocks in the sample, mean daily returns following the days when a stock’supside volatility measure was higher or equal to its downside volatility measure are higher thanfollowing the days when the opposite relationship held, indicating that stock prices display ashort-run ‘reversals of reversals’ behavior following corrected, or reversed, overreactions tonews. Furthermore, I construct seven different portfolios built upon the idea of daily adjustinga long position in the stocks that according to ‘reversals of reversals’ behavior are expectedto yield high daily returns, and a short position in the stocks, whose daily returns are expectedto be low. All the portfolios yield significantly positive returns, providing an evidence for thepractical applicability of the ‘reversals of reversals’ pattern in stock prices.

  13. Rural farmers' perspectives on stock theft: police crime statistics ...

    African Journals Online (AJOL)

    The costs paid by these farmers to enhance security in the environs of their livestock roughly precede the financial planning meant for production. However, the research on the extent, economic impact, dark figures and problem areas of stock theft in rural areas remain limited. The National Crime Statistics about stock theft ...

  14. Multifactor volatility models: evidence from stock and option markets

    NARCIS (Netherlands)

    van der Ploeg, A.P.C.

    2004-01-01

    Accumulating empirical evidence indicates that stock volatilities are driven by more than one latent factor. In this paper we provide additional evidence by combining FTSE100 stock-index data and three at-the-money option series of various maturities in a Kalman filter-based QML estimation strategy

  15. Service differentiation in spare parts supply through dedicated stocks

    NARCIS (Netherlands)

    Alvarez, Elisa; van der Heijden, Matthijs C.; Zijm, Willem H.M.

    2015-01-01

    We investigate the option of keeping dedicated stocks at customer sites in addition to stock kept at some central location as a tool for applying service differentiation in spare parts supply. We study the resulting two-echelon system in a multi-item setting, both under backordering and under the

  16. The mutual causality analysis between the stock and futures markets

    Science.gov (United States)

    Yao, Can-Zhong; Lin, Qing-Wen

    2017-07-01

    In this paper we employ the conditional Granger causality model to estimate the information flow, and find that the improved model outperforms the Granger causality model in revealing the asymmetric correlation between stocks and futures in the Chinese market. First, we find that information flows estimated by Granger causality tests from futures to stocks are greater than those from stocks to futures. Additionally, average correlation coefficients capture some important characteristics between stock prices and information flows over time. Further, we find that direct information flows estimated by conditional Granger causality tests from stocks to futures are greater than those from futures to stocks. Besides, the substantial increases of information flows and direct information flows exhibit a certain degree of synchronism with the occurrences of important events. Finally, the comparative analysis with the asymmetric ratio and the bootstrap technique demonstrates the slight asymmetry of information flows and the significant asymmetry of direct information flows. It reveals that the information flows from futures to stocks are slightly greater than those in the reverse direction, while the direct information flows from stocks to futures are significantly greater than those in the reverse direction.

  17. Stock Market Returns and Exchange Rates in Botswana | Lesotho ...

    African Journals Online (AJOL)

    This paper investigates the effect of bilateral exchange rates on stock market returns in the Botswana Stock Exchange (BSE) measured by the domestic company index (DCI). To examine whether this effect exists or not, Johansen cointegration test, Vector Error Correction model (VECM), Granger causality test, Impulse ...

  18. The Role of Stock Market Development on Economic Growth in ...

    African Journals Online (AJOL)

    This study investigated the role of stock market development on economic growth of Nigeria using a 15-year time series data from 1994 - 2008. The method of analysis used is Ordinary Least Square (OLS) techniques. The study measures the relationship between stock market development indices and economic growth.

  19. Do economic policy decisions affect stock market development in ...

    African Journals Online (AJOL)

    The Efficient Market Hypothesis proposes that macroeconomic policy actions do not influence stock market development but the Tobin's q theory argues otherwise. This paper uses the autoregressive distributed lag (ARDL) technique to investigate the impact of macroeconomic policy on the development of the Ghana Stock ...

  20. 32 CFR 807.4 - Availability and nonavailability of stock.

    Science.gov (United States)

    2010-07-01

    ... Section 807.4 National Defense Department of Defense (Continued) DEPARTMENT OF THE AIR FORCE ADMINISTRATION SALE TO THE PUBLIC § 807.4 Availability and nonavailability of stock. (a) Limit quantities furnished so that stock levels required for operational Air Force support are not jeopardized. (b) If the...

  1. 26 CFR 1.542-3 - Stock ownership requirement.

    Science.gov (United States)

    2010-04-01

    ... and Y are calendar-year corporations. At the end of the year 1955, X has accumulated $100,000 out of... (CONTINUED) INCOME TAXES (CONTINUED) Personal Holding Companies § 1.542-3 Stock ownership requirement. (a) General rule. To meet the stock ownership requirement, it is necessary that at some time during the last...

  2. Effect of stocking density on the growth and haemolymph ...

    African Journals Online (AJOL)

    STORAGESEVER

    However there is no information on the effect of stocking density on the biochemical value of A. marginata .... least metabolite (Table 2). Stocking density had a significant effect on the metabolites tested for, with cage ... respiratory pigment which is high in active snails (South,. 1992). The present study revealed the presence ...

  3. Formation of an Integrated Stock Price Forecast Model in Lithuania

    Directory of Open Access Journals (Sweden)

    Audrius Dzikevičius

    2016-12-01

    Full Text Available Technical and fundamental analyses are widely used to forecast stock prices due to lack of knowledge of other modern models and methods such as Residual Income Model, ANN-APGARCH, Support Vector Machine, Probabilistic Neural Network and Genetic Fuzzy Systems. Although stock price forecast models integrating both technical and fundamental analyses are currently used widely, their integration is not justified comprehensively enough. This paper discusses theoretical one-factor and multi-factor stock price forecast models already applied by investors at a global level and determines possibility to create and apply practically a stock price forecast model which integrates fundamental and technical analysis with the reference to the Lithuanian stock market. The research is aimed to determine the relationship between stock prices of the 14 Lithuanian companies listed in the Main List by the Nasdaq OMX Baltic and various fundamental variables. Based on correlation and regression analysis results and application of c-Squared Test, ANOVA method, a general stock price forecast model is generated. This paper discusses practical implications how the developed model can be used to forecast stock prices by individual investors and suggests additional check measures.

  4. Service differentiation in spare parts supply through dedicated stocks

    NARCIS (Netherlands)

    Alvarez, Elisa; van der Heijden, Matthijs C.; Zijm, Willem H.M.

    2012-01-01

    We investigate keeping dedicated stocks at customer sites in addition to stock kept at some central location as a tool for applying service differentiation in spare parts supply. We study the resulting two-echelon system in a multi-item setting, both under backordering and under emergency shipments

  5. 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.

  6. Market skewness risk and the cross section of stock returns

    NARCIS (Netherlands)

    Chang, B.; Christoffersen, P.; Jacobs, K.

    2013-01-01

    The cross section of stock returns has substantial exposure to risk captured by higher moments of market returns. We estimate these moments from daily Standard & Poor's 500 index option data. The resulting time series of factors are genuinely conditional and forward-looking. Stocks with high

  7. Automated Stock Control System for Bookshops in Tertiary Institutions

    African Journals Online (AJOL)

    The recent need for automated stock control system for bookshops in tertiary institutions was generated by unequal availability of books and stiff scarcity of books in some areas while in other areas books are being wasted or unsold. This research has made use of distributed database systems in developing stock control ...

  8. A column generation approach to a carpentry cutting stock problem ...

    African Journals Online (AJOL)

    The carpentry sector like any other industry is faced with a cutting stock problem to minimize incurred waste. The main purpose of this project was to develop a mathematical model which will solve the cutting stock problem using column generation approach for Ashtons Company in Chinhoyi. The interview method was ...

  9. Aggregate Stock Market Illiquidity and Bond Risk Premia

    NARCIS (Netherlands)

    K.E. Bouwman (Kees); E. Sojli (Elvira); W.W. Tham (Wing Wah)

    2012-01-01

    textabstractWe assess the effect of aggregate stock market illiquidity on U.S. Treasury bond risk premia. We find that the stock market illiquidity variable adds to the well established Cochrane-Piazzesi and Ludvigson-Ng factors. It explains 10%, 9%, 7%, and 7% of the one-year-ahead variation in the

  10. 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.

  11. 26 CFR 52.4682-4 - Floor stocks tax.

    Science.gov (United States)

    2010-04-01

    ... moment of such date. The person who has title at such time is determined under applicable local law. (2... computing the floor stocks tax imposed on the ODC on January 1, 1990, the tentative tax amount is zero. The... is zero. The floor stocks tax is not imposed on Halons in 1992 and 1993. (4) Methyl chloroform; 1993...

  12. Implications of Spatial Pattern of Social Infrastructure Stock in the ...

    African Journals Online (AJOL)

    An index of social infrastructure stock was evolved and hierarchical cluster analysis statistics was applied on the stock of social infrastructure in order to group the ... The mapping of the patterns of development provided a veritable tool for policy makers attempting to balance the distribution of social infrastructure in order to ...

  13. Effect of stocking density on the growth and haemolymph ...

    African Journals Online (AJOL)

    The growth performance and haemolymph properties of the African giant land snail Archachatina marginata fed ad libitun with pawpaw leaves and reared under different stocking densities were investigated in an eight week experiment. Four different stocking densities of 5, 10, 15 and 20 snails per cage (0.5 m x 0.5 m x 0.2 ...

  14. On the dynamics of international stock market efficiency

    OpenAIRE

    Mohammed S. Khaled; Keef, Stephen P.

    2014-01-01

    The Granger causality procedure is used to assess the dynamics of market efficiency of 17 international stock indices. These indices are based on relatively smaller firms. The reference of market efficiency is a stock index, from the same economy, which is based on relatively larger firms. There is evidence that market efficiency increases over time at a decreasing rate.

  15. 77 FR 47043 - Draft 2012 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2012-08-07

    ... Mexico, and Caribbean Regional SARs may be requested from Gordon Waring, Northeast Fisheries Science....gov , regarding Atlantic, Gulf of Mexico, and Caribbean regional stock assessments; or Jim Carretta...), Northern fur seal, harbor seals (12 stocks), Cook Inlet beluga whale, AT1 transient killer whale, Pacific...

  16. 76 FR 52940 - Draft 2011 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2011-08-24

    ... updated Gulf of Mexico stocks include Bryde's whale (which has now become ``strategic'' because the...-finned pilot whale, and Cuvier's beaked whale) and three Gulf of Mexico estuarine stocks of bottlenose... Mexico, and Caribbean Regional SARs may be requested from Gordon Waring, Northeast Fisheries Science...

  17. 78 FR 3399 - Draft 2012 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-01-16

    ... and trends, estimates of annual human-caused mortality and serious injury from all sources... northeast sink gillnet serious injury and mortality estimates for several Atlantic marine mammal stocks...; Atlantic white-sided dolphin, western North Atlantic stock; and harbor porpoise, Gulf of Maine/Bay of Fundy...

  18. Models for U.S Fish Stock Assessment

    Science.gov (United States)

    Bynes, K.

    2016-02-01

    A stock assessment is a statistical summary of fish population that provides past and current information about the population, and forecasts the status of the stock. The NOAA Fisheries' Species Information System (SIS) collects data pertaining to the stock assessments that are completed throughout the U.S. The system was standardized by categorizing statistical models used in stock assessments across the U.S. The categories of the statistical models were Statistical Catch-at-Age (SCAA), Statistical Catch-at-Length (SCAL), Biomass Dynamics, Index, Virtual Population Analysis (VPA), Equilibrium, and Unknown. An analytical summary was performed on the categories of approaches used to evaluate stock assessments. It was hypothesized the size and age based models would become more frequent over time, and approaches would differ by science center. By conducting linear regressions, it was determined the frequency of size and age based models did increase with time; thus, the alternative hypothesis was supported. The frequency at which age based models are conducted have a direct positive relationship with time. The frequency at which size based models are used to assess stocks have an inverse relationship with time which neither fails to reject null hypothesis. Also, the approaches differed based on science center rejecting the null hypothesis. SCAA was overall the most frequent approach used across science centers to evaluate stock assessments. The northern regions rely heavily on SCAA and Index approaches to evaluate stocks, while the southern regions are more likely to use a variety of approaches.

  19. 26 CFR 1.382-4 - Constructive ownership of stock.

    Science.gov (United States)

    2010-04-01

    ... (i.e., without regard to the purposes for the issuance or any prior transfers of the option) cause... circumstances described in section 382(l)(3)(B) (relating to stock acquired by reason of death, gift, divorce... itself cause the option to satisfy the control test. (iii) Convertible stock issued prior to July 20...

  20. Improved small stock production between scientist and producer ...

    African Journals Online (AJOL)

    Improved small stock production between scientist and producer collaboration. D. Wentzel. Agricultural Research Institute of the Karoo Region, Middelburg. Small stock production in South Africa is practised under a variety of conditions, each of which demands specific management inputs, disease control programmes, ...