WorldWideScience

Sample records for rick stock terry

  1. Terri Schiavo: een ethische analyse

    NARCIS (Netherlands)

    Boer, Th.A.

    2005-01-01

    Terri Schiavo verkeerde na een ongeval vele jaren in een persistente vegatatieve toestand. Haar man vond, dat de kunstmatige voeding die ze kreeg na verloop van tijd moest worden gestaakt. Schiavo's ouders vochten die visie aan. De rechtszaak kwam tot in het Amerikaanse hooggerechtshof. Uiteindelijk

  2. Terry Miller : Eesti on majandusvabaduse maailmas kangelane

    Index Scriptorium Estoniae

    2008-01-01

    Majanduskonverentsil Restart esinenud pikaajalise kogemusega karjääridiplomaadi Terry Milleri hinnang Eesti majandusvabadusele. Eesti on maailma majandusvabaduse indeksi 12. kohal, kuid tööturu vabaduse osas on Eesti viimaste hulgas. Lisa: Majandusvabadus suurendab rahvuslikku rikkust

  3. Profile Terry Young: man of the match

    CERN Multimedia

    2003-01-01

    Terry Young, chair of health systems at Brunel University, has received a grant of 3.3 million pounds from EPSRC. The money will create the Multidisciplinary Assessment of Technology Centre for Health (MATCH). The aim of the centre is to aid the progress of medical devices from concept to patient care by developing criteria to single out promising technologies and helping them to market (1 page).

  4. 1 PERSPECTIVES In Memoriam: Richard (Rick) G. Harrison ...

    Indian Academy of Sciences (India)

    Navya

    2016-05-06

    May 6, 2016 ... 2016, but the impact of his work will not soon be lost for the people with ... benefit for our research program was that Rick's careful synthesis of the literature in this ... in his sphere of influence, and his obvious love for family.

  5. C. Rick Jones Is IRPA Keynote Lecturer on Stakeholder Engagement

    International Nuclear Information System (INIS)

    Strom, Daniel J.

    2008-01-01

    At the recent IRPA 12 Conference in Buenos Aires, Argentina, C. Rick Jones gave the keynote lecture 'Stakeholder Engagement in Practice - Now Is the Time to Act' This was one of the very best talks at the conference, covering IRPA's draft 'Guiding Principles for Radiation Protection Professionals on Stakeholder Engagement'

  6. The Terri Schiavo case: legal, ethical, and medical perspectives.

    Science.gov (United States)

    Perry, Joshua E; Churchill, Larry R; Kirshner, Howard S

    2005-11-15

    Although tragic, the plight of Terri Schiavo provides a valuable case study. The conflicts and misunderstandings surrounding her situation offer important lessons in medicine, law, and ethics. Despite media saturation and intense public interest, widespread confusion lingers regarding the diagnosis of persistent vegetative state, the judicial processes involved, and the appropriateness of the ethical framework used by those entrusted with Terri Schiavo's care. First, the authors review the current medical understanding of persistent vegetative state, including the requirements for patient examination, the differential diagnosis, and the practice guidelines of the American Academy of Neurology regarding artificial nutrition and hydration for patients with this diagnosis. Second, they examine the legal history, including the 2000 trial, the 2002 evidentiary hearing, and the subsequent appeals. The authors argue that the law did not fail Terri Schiavo, but produced the highest-quality evidence and provided the most judicial review of any end-of-life guardianship case in U.S. history. Third, they review alternative ethical frameworks for understanding the Terri Schiavo case and contend that the principle of respect for autonomy is paramount in this case and in similar cases. Far from being unusual, the manner in which Terri Schiavo's case was reviewed and the basis for the decision reflect a broad medical, legal, and ethical consensus. Greater clarity regarding the persistent vegetative state, less apprehension of the presumed mysteries of legal proceedings, and greater appreciation of the ethical principles at work are the chief benefits obtained from studying this provocative case.

  7. Rick Warren, purpose driven en die 40 dae doelgerigte lewe veldtog

    OpenAIRE

    Andre Ungerer; Malan Nel

    2007-01-01

    Rick Warren, purpose driven and the 40 days of purpose campaign More than 532 churches/congregations in South-Africa have already purchased “The purpose driven campaign kit” and completed the 40 days campaign or are planning to do so. The name Rick Warren is synonymous with “Purpose driven” and the popularity of his work as well as his influence in this country, justifie a study of this nature. This study wants to determine the effect of Rick Warren’s 40 days of purpose in the circuit of K...

  8. ARM-based control system for terry rapier loom

    Science.gov (United States)

    Shi, Weimin; Gu, Yeqing; Wu, Zhenyu; Wang, Fan

    2007-12-01

    In this paper, a novel ARM-based mechatronics control technique applied in terry rapier loom was presented. Electronic weft selection, electronic fluff, electronic let-off and take-up motions system, which consists of position and speedcontrolled servomechanisms, were studied. The control system configuration, operation principle, and mathematical models of electronic drives system were analyzed. The synchronism among all mechanical motions and an improved intelligent control algorithm for the warp let-off tension control was discussed. The result indict that, by applying electronic and embedded control techniques and the individual servomechanisms, the electronic weft selection, electronic let-off device and electronic take-up device in HGA732T terry rapier loom have greatly simplified the initial complicated mechanism, kept the warp tension constant from full to empty beam, set the variable weft density, eliminated the start mark effectively, promoted its flexibility, reliability and properties, and improved the fabric quality.

  9. Mont Terri Project - Proceedings of the 10 Year Anniversary Workshop

    International Nuclear Information System (INIS)

    Hugi, M.; Bossart, P.; Hayoz, P.

    2007-01-01

    This book is a compilation of 12 reports presented at the St-Ursanne workshop. The workshop was dedicated to the scientific community of the Mont Terri partner organisations, their management and scientific/technical staff, involved research organisations and key contractors. The purpose of the event was to acknowledge the excellent research work that has been performed over the last decade, to evaluate and discuss the present state of knowledge in selected research areas and to explore the potential for future research activities. The topical areas addressed in the workshop are of particular importance with regard to deep geological disposal of radioactive waste and focused on the issues of coupled phenomena and transport processes in argillaceous rock and the demonstration (in underground rock laboratories) of disposal feasibility. After showing the history of the Mont Terri project and the general geology of Northwestern Switzerland, the different presentations are distributed into 3 topics: (a) Coupled phenomena in argillaceous rock, (b) Transport processes in argillaceous rock, and (c) Demonstration of disposal feasibility in underground rock laboratories. The last chapter describes the research still needed and the Mont Terri rock laboratory

  10. SINGLE PHASE ANALYTICAL MODELS FOR TERRY TURBINE NOZZLE

    Energy Technology Data Exchange (ETDEWEB)

    Zhao, Haihua; Zhang, Hongbin; Zou, Ling; O' Brien, James

    2016-11-01

    All BWR RCIC (Reactor Core Isolation Cooling) systems and PWR AFW (Auxiliary Feed Water) systems use Terry turbine, which is composed of the wheel with turbine buckets and several groups of fixed nozzles and reversing chambers inside the turbine casing. The inlet steam is accelerated through the turbine nozzle and impacts on the wheel buckets, generating work to drive the RCIC pump. As part of the efforts to understand the unexpected “self-regulating” mode of the RCIC systems in Fukushima accidents and extend BWR RCIC and PWR AFW operational range and flexibility, mechanistic models for the Terry turbine, based on Sandia National Laboratories’ original work, has been developed and implemented in the RELAP-7 code to simulate the RCIC system. RELAP-7 is a new reactor system code currently under development with the funding support from U.S. Department of Energy. The RELAP-7 code is a fully implicit code and the preconditioned Jacobian-free Newton-Krylov (JFNK) method is used to solve the discretized nonlinear system. This paper presents a set of analytical models for simulating the flow through the Terry turbine nozzles when inlet fluid is pure steam. The implementation of the models into RELAP-7 will be briefly discussed. In the Sandia model, the turbine bucket inlet velocity is provided according to a reduced-order model, which was obtained from a large number of CFD simulations. In this work, we propose an alternative method, using an under-expanded jet model to obtain the velocity and thermodynamic conditions for the turbine bucket inlet. The models include both adiabatic expansion process inside the nozzle and free expansion process out of the nozzle to reach the ambient pressure. The combined models are able to predict the steam mass flow rate and supersonic velocity to the Terry turbine bucket entrance, which are the necessary input conditions for the Terry Turbine rotor model. The nozzle analytical models were validated with experimental data and

  11. Inclusive Discourse? Local Media Coverage of the Terri Schiavo Case.

    Science.gov (United States)

    Rohlinger, Deana A; Pederson, JoEllen; Valle, Giuseppina

    2015-01-01

    This article contributes to a more systematic understanding of the role of mainstream media in deliberative processes by analyzing how inclusive local newspapers are of diverse perspectives on the Terri Schiavo case. Using both Pearson's chi-square test and multinomial logistic regression, we assess how ownership, state political ideology, geographic location, and news format affect what ideas are included in the debate over whether Terri Schiavo's hydration and nutrition tubes should be removed as well as the tone with which these ideas are discussed. We find that mainstream newspapers are relatively inclusive of diverse ideas and perspectives-regardless of whether the newspaper is independently or corporately owned, the political leanings of the target audience, and the geographic location of the outlet. However, we also find that local newspapers do significantly differ from one another in terms of the frequency and tone with which they include diverse viewpoints. Our research suggests that local outlets downplay ideas that are likely to be regarded as controversial by their target audiences. We conclude with a discussion of the implications of this research for understanding the role of media in deliberative democratic processes in the United States.

  12. RickA expression is not sufficient to promote actin-based motility of Rickettsia raoultii.

    Directory of Open Access Journals (Sweden)

    Premanand Balraj

    Full Text Available BACKGROUND: Rickettsia raoultii is a novel Rickettsia species recently isolated from Dermacentor ticks and classified within the spotted fever group (SFG. The inability of R. raoultii to spread within L929 cells suggests that this bacterium is unable to polymerize host cell actin, a property exhibited by all SFG rickettsiae except R. peacocki. This result led us to investigate if RickA, the protein thought to generate actin nucleation, was expressed within this rickettsia species. METHODOLOGY/PRINCIPAL FINDINGS: Amplification and sequencing of R. raoultii rickA showed that this gene encoded a putative 565 amino acid protein highly homologous to those found in other rickettsiae. Using immunofluorescence assays, we determined that the motility pattern (i.e. microcolonies or cell-to-cell spreading of R. raoultii was different depending on the host cell line in which the bacteria replicated. In contrast, under the same experimental conditions, R. conorii shares the same phenotype both in L929 and in Vero cells. Transmission electron microscopy analysis of infected cells showed that non-motile bacteria were free in the cytosol instead of enclosed in a vacuole. Moreover, western-blot analysis demonstrated that the defect of R. raoultii actin-based motility within L929 cells was not related to lower expression of RickA. CONCLUSION/SIGNIFICANCE: These results, together with previously published data about R. typhi, strongly suggest that another factor, apart from RickA, may be involved with be responsible for actin-based motility in bacteria from the Rickettsia genus.

  13. GREEK MYTHOLOGY AS SEEN IN RICK RIORDAN’S THE LIGHTNING THIEF

    OpenAIRE

    Hikmat, Muhamad Nurul

    2012-01-01

    The novel by Rick Riordan entitled The Lightning Thief is written based on Greek Mythology. This mythology is The Greek’s manifestation of culture that ages thousands years. To reveal the representation of Greek Mythology in The Lightning Thief as a cultural manifestation, study and analysis is conducted through dynamic structuralism approach focusing on plot, characters and settings (factual structure) of the novel. The plot is originated from three Greek heroes’ stories. The characters invo...

  14. Rick Warren, purpose driven en die 40 dae doelgerigte lewe veldtog

    Directory of Open Access Journals (Sweden)

    Andre Ungerer

    2007-05-01

    Full Text Available Rick Warren, purpose driven and the 40 days of purpose campaign More than 532 churches/congregations in South-Africa have already purchased “The purpose driven campaign kit” and completed the 40 days campaign or are planning to do so. The name Rick Warren is synonymous with “Purpose driven” and the popularity of his work as well as his influence in this country, justifie a study of this nature. This study wants to determine the effect of Rick Warren’s 40 days of purpose in the circuit of Klerksdorp of the Nederduitsch Hervormde Kerk van Afrika. Warren provides five purposes for a believer in the church in his book, A purpose driven life, which according to him is the church’s purpose of existence. The hypothesis of this study is that the 40 days of purpose is an excellent project for congregations to discover their purpose of existence, while it also strengthens the process of building the local congregation. Eight congregations participated in the research project.

  15. John Terry and the Predicament of Englishness: Ambivalence and Nostalgia in the Premier League Era.

    OpenAIRE

    Ewen, Neil

    2013-01-01

    This article examines media discourse surrounding the Chelsea and England footballer John Terry and argues that his iconicity embodies multiple anxieties about Englishness and English football in the era of neoliberalism. In a nostalgic culture in search of ‘traditional’ English heroes, Terry is celebrated for his physicality and traditionally ‘English’ style of play; yet, his off-field behaviour is seen to be both emblematic and symptomatic of a celebrity culture considered to betray the val...

  16. Terry Turbopump Expanded Operating Band Full-Scale Component and Basic Science Detailed Test Plan - Final.

    Energy Technology Data Exchange (ETDEWEB)

    Osborn, Douglas [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Solom, Matthew [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2017-02-01

    This document details the milestone approach to define the true operating limitations (margins) of the Terry turbopump systems used in the nuclear industry for Milestone 3 (full-scale component experiments) and Milestone 4 (Terry turbopump basic science experiments) efforts. The overall multinational-sponsored program creates the technical basis to: (1) reduce and defer additional utility costs, (2) simplify plant operations, and (3) provide a better understanding of the true margin which could reduce overall risk of operations.

  17. Terry Turbopump Analytical Modeling Efforts in Fiscal Year 2016 ? Progress Report.

    Energy Technology Data Exchange (ETDEWEB)

    Osborn, Douglas; Ross, Kyle; Cardoni, Jeffrey N

    2018-04-01

    This document details the Fiscal Year 2016 modeling efforts to define the true operating limitations (margins) of the Terry turbopump systems used in the nuclear industry for Milestone 3 (full-scale component experiments) and Milestone 4 (Terry turbopump basic science experiments) experiments. The overall multinational-sponsored program creates the technical basis to: (1) reduce and defer additional utility costs, (2) simplify plant operations, and (3) provide a better understanding of the true margin which could reduce overall risk of operations.

  18. Biopolitics, Terri Schiavo, and the sovereign subject of death.

    Science.gov (United States)

    Bishop, Jeffrey P

    2008-12-01

    Humanity does not gradually progress from combat to combat until it arrives at universal reciprocity, where the rule of law finally replaces warfare; humanity installs each of its violences in a system of rules and thus proceeds from domination to domination. (Foucault, 1984, 85) In this essay, I take a note from Michel Foucault regarding the notion of biopolitics. For Foucault, biopolitics has both repressive and constitutive properties. Foucault's claim is that with the rise of modern government, the state became exceedingly concerned about the body politic, the bodies that make up the polis, including the health of those bodies. However, Giorgio Agamben claims that Foucault and all western political philosophy misses the relationship between power and Sovereignty, with disastrous results and totalizing tendencies. I explore the case of Terri Schiavo claiming that the social conservatives have attempted to politicize bare life in its legal maneuverings, but I also show how the social liberals open an uncontrollable space between life and death. Both the left and the right miss the aporia at the heart of western political philosophy, and bioethics is complicit in the totalizing effects of contemporary medicine.

  19. Mont Terri project, cyclic deformations in the Opalinus Clay

    International Nuclear Information System (INIS)

    Moeri, A.; Bossart, P.; Matray, J.M.; Mueller, H.; Frank, E.

    2010-01-01

    Document available in extended abstract form only. Shrinkage structures in the Opalinus Clay, related to seasonal changes in temperature and humidity, are observed on the tunnel walls of the Mont Terri Rock Laboratory. The structures open in winter, when relative humidity in the tunnel decreases to 65%. In summer the cracks close again because of the increase in the clay volume when higher humidity causes rock swelling. Shrinkage structures are monitored in the Mont Terri Rock Laboratory at two different sites within the undisturbed rock matrix and a major fault zone. The relative movements of the rock on both sides of the cracks are monitored in three directions and compared to the fluctuations in ambient relative humidity and temperature. The cyclic deformations (CD) experiment aims to quantify the variations in crack opening in relation to the evolution of climatic conditions and to identify the processes underlying these swell and shrinkage cycles. It consists of the following tasks: - Measuring and quantifying the long-term (now up to three yearly cycles) opening and closing and, if present, the associated shear displacements of selected shrinkage cracks along an undisturbed bedding plane as well as within a major fault zone ('Main Fault'). The measurements are accompanied by temperature and humidity records as well as by a long-term monitoring of tunnel convergence. - Analysing at the micro-scale the surfaces of the crack planes to identify potential relative movements, changes in the rock fabric on the crack surfaces and the formation of fault gouge material as observed in closed cracks. - Processing and analysing measured fluctuations of crack apertures and rock deformation in the time series as well as in the hydro-meteorological variables, in particular relative humidity Hr(t) and air temperature. - Studying and reconstructing the opening cycles on a drill-core sample under well-known laboratory conditions and observing potential propagation of

  20. Rick Warren e as igrejas de crescimento rápido

    OpenAIRE

    Oliveira, Silas

    2007-01-01

    O pastor Rick Warren iniciou a sua igreja em Janeiro de 1980, com cerca de quinze pessoas que reunia na sua própria casa, para estudo bíblico. No culto de abertura, no domingo de Páscoa, tinha uma congregação de 205 pessoas, em grande maioria não praticantes de qualquer igreja, convidadas por correio – na forma de uma carta redigida, expressamente, para os descrentes e os “sem-igreja”, e enviada em 15.000 cópias a toda a comunidade vizinha.

  1. Mont-Terri heater test: design and preliminary results

    International Nuclear Information System (INIS)

    Garcia-Sineriz, J.L.; Fuentes, J.L.; Mayor, J.C.; Huertas, F.

    2003-01-01

    Safety and long-term behaviour of underground permanent repositories depend on a combination of several engineered and geological barriers. The properties of the geological barriers are the natural conditions of the formation, while the performance of the engineered barriers is a result of their design and construction. The properties of the engineered barriers are deeply influenced by the interactions between both geological and engineered barriers in response to the conditions expected in a high level waste repository. These interactions need to be identified and fully understood to allow their input in models describing the behaviour of the near field to predict reliably the long-term performance and safety of a repository. The Heating Experiment (HE) project, which is taking place at the Mont-Terri underground laboratory in Switzerland, is conceived as a research project to learn more about the coupled thermo-hydro-mechanical processes in a clay formation around a heat source similar to those in a potential repository, with special emphasis on the interaction between the clay host rock and the bentonite buffer that is part of the engineered barrier, under saturated conditions. This project is co-funded by the European Commission and performed as part of the fifth EURATOM framework programme, key action Nuclear Fission (1998-2002). For that purpose, a central vertical borehole of 300 mm diameter and 7 m deep was drilled and an electrical heater surrounded with a Spanish bentonite buffer was installed inside. More than seventeen boreholes were instrumented for measuring parameters such as temperatures, total pressures, radial displacements, gas/water release and for performing geo-electric tomography. A total of 112 instruments were installed. The complexity of the issues involved requires a multi-partner approach and there exists a mutual interest of national research organisations to co-operate on a European level: two national agencies, which are responsible

  2. Frédérick Bordry: The LHC first and foremost

    CERN Multimedia

    2009-01-01

    The new TE Department is focussed on getting the LHC back in operation. This task is being tackled even as the Department is adapting its activities for the LHC operational phase. Frédérick Bordry can be forgiven for having hoped for a quieter take-over but he had to hit the ground running. His appointment as the head of the new TE Department was approved by the Council just one day before the 19 September incident in Sector 3-4 that brought the LHC to an abrupt halt. Despite the shock, Frédérick Bordry, together with his entire Department, came out fighting. "It’s during moments of crisis that you really learn to appreciate people. Everyone pitched in to help," he recalls. "I was impressed by the commitment shown by people at all levels." All eyes are on the TE Department, whose activities are almost entirely focused on getting the LHC restarted and consolidating the accelerator. An enormous task, under a very tight deadline,...

  3. Frédérick Bordry takes up his new position

    CERN Multimedia

    Antonella Del Rosso & Anaïs Schaeffer

    2014-01-01

    For Frédérick Bordry, the former head of the Technology (TE) Department, the new year brings a new start as CERN’s Director for Accelerators and Technology. As passionate and enthusiastic as his predecessor Steve Myers, he tells us all about the three key areas of his role.   Frédérick Bordry. Exploitation of the machines “I’m taking on the role of Director for Accelerators and Technology at a crucial time for CERN. This year, we’re going to restart all our non-LHC physics and the LHC injectors, which will allow us to restart the collider at 13 TeV energy next year. LS1 is the priority for 2014. We still have a lot of work to do, but almost all the activities are well within schedule and we are sticking to our philosophy that safety comes first, then quality and finally the schedule. Since the diversity of research is a fundamental aspect of CERN, I would like to highlight that non-LHC physics is also one ...

  4. Compression stockings

    Science.gov (United States)

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

  5. 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....

  6. Rick Riordan's Intention in Writing Percy Jackson and the Lightning Thief and the Reception of the Readers

    OpenAIRE

    Mugijatna, Mugijatna; Habsari, Sri Kusumo; Putri, Yunita Ariani

    2014-01-01

    This research studies Percy Jackson and the Lightning Thief by Rick Riordan. The objectives are to describe the Greek mythology presented in the novel, the intention of Rick Riordan, and the reception of the readers.  The methodology is hermeneutic referring to Recoeur’s theory. It was found that, first, the Greek mythology presented in the novel is blended with American real life; second, the main character is a son of a Greek mythology god and a real American woman and, third, the setting i...

  7. Why Students in Catholic Secondary Schools Should Study Pope John XXIII's Encyclical, "Pacem in Terris" (1963)

    Science.gov (United States)

    Sweeney, James

    2015-01-01

    Pope John XXIII's final encyclical on the subject of peace, "Pacem in Terris," written after the Cuban missile crisis which he helped to resolve, is an extended treatment of the basic principles of political morality and particularly significant for its adoption--the first time by the Catholic Church--of the discourse of human rights.…

  8. Less Government Is Not the Answer: Response to John Chubb and Terry Moe.

    Science.gov (United States)

    Shannon, Thomas A.

    1991-01-01

    Disagrees with John Chubb and Terry Moe's proposal to manage public education according to market principles. America's hope for education is in the hands of the people, through participatory, accountable, and representative governance, not in the vagaries and disorder of the economic marketplace. Public schools and the economic marketplace must…

  9. Cotton/polyester and cotton/nylon warp knitted terry cloth: Why ...

    African Journals Online (AJOL)

    Administrator

    1994:68) and has the added advantage of enhanced durability because of the synthetic component that can be incorporated into the structure (Kadolph &. Langford, 2002:41). In practice, the ground yarns of warp knitted terry cloth fabrics often differ in composi- tion to the yarns of the pile (Miller, 1992:109, Wooten,. 1979).

  10. Astronaut Terry J. Hart in training session RMS for STS-2 bldg 29

    Science.gov (United States)

    1981-01-01

    Astronaut Terry J. Hart in training session with the Remote Manipulator System (RMS) for STS-2 bldg 29. Views show Truly working at the command console while watching out the windows. Karen Ehlers, an RMS procedures specialist, can be seen at left side of frame while Astronaut Sally Ride waits on right for her time at the RMS.

  11. Use of the Brandley-Terry Model to Quantify Association in Remotely Sensed Images

    NARCIS (Netherlands)

    Stein, A.; Aryal, J.; Gort, G.

    2005-01-01

    Thematic maps prepared from remotely sensed images require a statistical accuracy assessment. For this purpose, the$kappa$-statistic is often used. This statistic does not distinguish between whether one unit is classified as another, or vice versa. In this paper, the Bradley-Terry (BT) model is

  12. A word from Frédérick Bordry: Energy for future science

    CERN Multimedia

    2013-01-01

    With the second workshop on Energy for Sustainable Science wrapping up in the CERN Main Auditorium, Chairman Frédérick Bordry takes this opportunity to discuss how CERN is contributing to the Sustainable Science conversation.   The second workshop on energy for sustainable science ended with a clear conclusion: energy is a key parameter in future projects. When we design scientific experiments and the related infrastructures it is imperative to think ahead about how energy will be managed. At the same time, we can’t forget that our Organization, like other leading laboratories, was created when the climate was significantly different and when the concept of ‘sustainability’ hadn’t yet been coined! This means that existing facilities have to adopt an energy policy that informs new projects but can also gradually implement changes in existing operations. This is what is happening at CERN and in many other research facilities, as pre...

  13. Evaluation of radiation doses received by the staff in nuclear medicine department of Rick

    International Nuclear Information System (INIS)

    Ali, Naemat Abdalla Mohamed

    2001-01-01

    Environmental monitoring in nuclear medicine rooms at Radiation and Isotopes Center Khartoum RICK were carried out using survey meter and thermoluminescent dosimetry. Staff bodies and hands doses measurements are being conducted using thermoluminescent dosimetry. The purpose of the study is to evaluate the radiation received by the staff work in the nuclear medicine department at RICK. Survey meter (RDS-120) and TLD clips of LiF. (Mg.Ti) were used to measure the environment leading of the staff. The associated annual doses have been determined to the staff bodies and hands. It was found that the dose-equivalent rates from bodies and hands of the staff obtained through this work using TLD clips are: nuclear medicine technologist body reading 6.75 mSv per year, physicist body reading 7.89 mSv per year, chemist body reading 6.1 mSv per year, and nurse body reading 8.1 mSv per year. On the other hand the nuclear medicine technologist hands reading 24.19 mSv per year, physicist hands reading 19.15 mSv per year, chemist hands reading 14.616 mSv per year, and nurse hands reading 277.96 mSv per year. All the staff reading in this study agree with the national regulations and international recommendations. It is clear that the dose of nurse hands is the highest one, this is because when they inject the patient with the Tc-99 m they use to spend relatively long time. (Author)

  14. Petistest töötajad söövad ettevõtete kasumeid / Rick Helsby ; interv. Margo Kokerov

    Index Scriptorium Estoniae

    Helsby, Rick

    2003-01-01

    PricewaterhouseCoopersi ülemaailmse pettuste uurimise teenuste juht Rick Helsby leiab, et olukorras, kus ligi pooled suurtest Euroopa organisatsioonidest tunnistavad, et on eelnenud aastate jooksul pettuste tõttu kahju kandnud, on ainus võimalus end pettuste eest täielikult kaitsta äritegevuse lõpetamine.

  15. The Mont Terri rock laboratory: International research in the Opalinus Clay

    International Nuclear Information System (INIS)

    Bossart, P.

    2015-01-01

    This article reports on a visit made to the rock laboratory in Mont Terri, Switzerland, where research is being done concerning rock materials that can possibly be used for the implementation of repositories for nuclear wastes. Emphasis is placed on the project’s organisation, rock geology and on-going experiments. International organisations also involved in research on nuclear waste repositories are listed. The research facilities in tunnels built in Opalinus Clay at the Mont Terri site are described. The geology of Opalinus Clay and the structures found in the research tunnels are discussed, as is the hydro-geological setting. The research programme and various institutions involved are listed and experiments carried out are noted. The facilities are now also being used for research on topics related to carbon sequestration

  16. GRS' research on clay rock in the Mont Terri underground laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Wieczorek, Klaus; Czaikowski, Oliver [Gesellschaft fuer Anlagen- und Reaktorsicherheit gGmbH, Braunschweig (Germany)

    2016-07-15

    For constructing a nuclear waste repository and for ensuring the safety requirements are met over very long time periods, thorough knowledge about the safety-relevant processes occurring in the coupled system of waste containers, engineered barriers, and the host rock is indispensable. For respectively targeted research work, the Mont Terri rock laboratory is a unique facility where repository research is performed in a clay rock environment. It is run by 16 international partners, and a great variety of questions are investigated. Some of the work which GRS as one of the Mont Terri partners is involved in is presented in this article. The focus is on thermal, hydraulic and mechanical behaviour of host rock and/or engineered barriers.

  17. Terry Turbopump Expanded Operating Band Full-Scale Component and Basic Science Detailed Test Plan-Revision 2

    Energy Technology Data Exchange (ETDEWEB)

    Solom, Matthew [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Severe Accident Analysis Dept.; Ross, Kyle [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Severe Accident Analysis Dept.; Cardoni, Jeffrey N. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Severe Accident Analysis Dept.; Osborn, Douglas [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States). Severe Accident Analysis Dept.

    2017-08-01

    This document details the milestone approach to define the true operating limitations (margins) of the Terry turbopump systems used in the nuclear industry for Milestone 3 (full-scale component experiments) and Milestone 4 (Terry turbopump basic science experiments) efforts. The overall multinational-sponsored program creates the technical basis to: (1) reduce and defer additional utility costs, (2) simplify plant operations, and (3) provide a better understanding of the true margin which could reduce overall risk of operations.

  18. Fifteen years of microbiological investigation in Opalinus Clay at the Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Leupin, O.X. [National Cooperative for the Disposal of Radioactive Waste (NAGRA), Wettingen (Switzerland); Bernier-Latmani, R.; Bagnoud, A. [Swiss Federal Office of Technology EPFL, Lausanne (Switzerland); Moors, H.; Leys, N.; Wouters, K. [Belgian Nuclear Research Centre SCK-CEN, Mol (Belgium); Stroes-Gascoyne, S. [University of Saskatchewan, Saskatoon (Canada)

    2017-04-15

    Microbiological studies related to the geological disposal of radioactive waste have been conducted at the Mont Terri rock laboratory in Opalinus Clay, a potential host rock for a deep geologic repository, since 2002. The metabolic potential of microorganisms and their response to excavation-induced effects have been investigated in undisturbed and disturbed claystone cores and in pore- (borehole) water. Results from nearly 15 years of research at the Mont Terri rock laboratory have shown that microorganisms can potentially affect the environment of a repository by influencing redox conditions, metal corrosion and gas production and consumption under favourable conditions. However, the activity of microorganisms in undisturbed Opalinus Clay is limited by the very low porosity, the low water activity, and the largely recalcitrant nature of organic matter in the claystone formation. The presence of microorganisms in numerous experiments at the Mont Terri rock laboratory has suggested that excavation activities and perturbation of the host rock combined with additional contamination during the installation of experiments in boreholes create favourable conditions for microbial activity by providing increased space, water and substrates. Thus effects resulting from microbial activity might be expected in the proximity of a geological repository i.e., in the excavation damaged zone, the engineered barriers, and first containments (the containers). (authors)

  19. Fifteen years of microbiological investigation in Opalinus Clay at the Mont Terri rock laboratory (Switzerland)

    International Nuclear Information System (INIS)

    Leupin, O.X.; Bernier-Latmani, R.; Bagnoud, A.; Moors, H.; Leys, N.; Wouters, K.; Stroes-Gascoyne, S.

    2017-01-01

    Microbiological studies related to the geological disposal of radioactive waste have been conducted at the Mont Terri rock laboratory in Opalinus Clay, a potential host rock for a deep geologic repository, since 2002. The metabolic potential of microorganisms and their response to excavation-induced effects have been investigated in undisturbed and disturbed claystone cores and in pore- (borehole) water. Results from nearly 15 years of research at the Mont Terri rock laboratory have shown that microorganisms can potentially affect the environment of a repository by influencing redox conditions, metal corrosion and gas production and consumption under favourable conditions. However, the activity of microorganisms in undisturbed Opalinus Clay is limited by the very low porosity, the low water activity, and the largely recalcitrant nature of organic matter in the claystone formation. The presence of microorganisms in numerous experiments at the Mont Terri rock laboratory has suggested that excavation activities and perturbation of the host rock combined with additional contamination during the installation of experiments in boreholes create favourable conditions for microbial activity by providing increased space, water and substrates. Thus effects resulting from microbial activity might be expected in the proximity of a geological repository i.e., in the excavation damaged zone, the engineered barriers, and first containments (the containers). (authors)

  20. Rick Riordan’s Intention in Writing Percy Jackson and the Lightning Thief and the Reception of the Readers

    Directory of Open Access Journals (Sweden)

    Mugijatna ,

    2014-01-01

    Full Text Available This research studies Percy Jackson and the Lightning Thief by Rick Riordan. The objectives are to describe the Greek mythology presented in the novel, the intention of Rick Riordan, and the reception of the readers.  The methodology is hermeneutic referring to Recoeur’s theory. It was found that, first, the Greek mythology presented in the novel is blended with American real life; second, the main character is a son of a Greek mythology god and a real American woman and, third, the setting is a blend of places in Greek mythology and real American cities. The intention of Riordan is to open up American culture that is lived through by Americans, that a part of American culture is Greek mythology. The readers accept that the novel fulfils the readers’ horizon of expectation of aesthetic enjoyment and of the incorporation of Greek mythology into real American life.

  1. Preliminary Two-Phase Terry Turbine Nozzle Models for RCIC Off-Design Operation Conditions

    Energy Technology Data Exchange (ETDEWEB)

    Zhao, Haihua [Idaho National Lab. (INL), Idaho Falls, ID (United States); O' Brien, James [Idaho National Lab. (INL), Idaho Falls, ID (United States)

    2017-06-12

    This report presents the effort to extend the single-phase analytical Terry turbine model to cover two-phase off-design conditions. The work includes: (1) adding well-established two-phase choking models – the Isentropic Homogenous Equilibrium Model (IHEM) and Moody’s model, and (2) theoretical development and implementation of a two-phase nozzle expansion model. The two choking models provide bounding cases for the two-phase choking mass flow rate. The new two-phase Terry turbine model uses the choking models to calculate the mass flow rate, the critical pressure at the nozzle throat, and steam quality. In the divergent stage, we only consider the vapor phase with a similar model for the single-phase case by assuming that the liquid phase would slip along the wall with a much slower speed and will not contribute the impulse on the rotor. We also modify the stagnation conditions according to two-phase choking conditions at the throat and the cross-section areas for steam flow at the nozzle throat and at the nozzle exit. The new two-phase Terry turbine model was benchmarked with the same steam nozzle test as for the single-phase model. Better agreement with the experimental data is observed than from the single-phase model. We also repeated the Terry turbine nozzle benchmark work against the Sandia CFD simulation results with the two-phase model for the pure steam inlet nozzle case. The RCIC start-up tests were simulated and compared with the single-phase model. Similar results are obtained. Finally, we designed a new RCIC system test case to simulate the self-regulated Terry turbine behavior observed in Fukushima accidents. In this test, a period inlet condition for the steam quality varying from 1 to 0 is applied. For the high quality inlet period, the RCIC system behaves just like the normal operation condition with a high pump injection flow rate and a nominal steam release rate through the turbine, with the net addition of water to the primary system; for

  2. Litho- and biostratigraphy of the Opalinus Clay and bounding formations in the Mont Terri rock laboratory (Switzerland)

    International Nuclear Information System (INIS)

    Hostettler, B.; Reisdorf, A. G.; Jaeggi, D.

    2017-01-01

    A 250 m-deep inclined well, the Mont Terri BDB-1, was drilled through the Jurassic Opalinus Clay and its bounding formations at the Mont Terri rock laboratory (NW Switzerland). For the first time, a continuous section from (oldest to youngest) the topmost members of the Staffelegg Formation to the basal layers of the Hauptrogenstein Formation is now available in the Mont Terri area. We extensively studied the drill core for lithostratigraphy and biostratigraphy, drawing upon three sections from the Mont Terri area. The macropaleontological, micropaleontological, and palynostratigraphical data are complementary, not only spatially but they also cover almost all biozones from the Late Toarcian to the Early Bajocian. We ran a suite of geophysical logs to determine formational and intraformational boundaries based on clay content in the BDB-1 well. In the framework of an interdisciplinary study, analysis of the above-mentioned formations permitted us to process and derive new and substantial data for the Mont Terri area in a straightforward way. Some parts of the lithologic inventory, stratigraphic architecture, thickness variations, and biostratigraphic classification of the studied formations deviate considerably from occurrences in northern Switzerland that crop out further to the east. For instance, with the exception of the Sissach Member, no further lithostratigraphic subdivision in members is proposed for the Passwang Formation. Also noteworthy is that the ca. 130 m-thick Opalinus Clay in the BDB-1 core is 20 m thinner than that equivalent section found in the Mont Terri tunnel. The lowermost 38 m of the Opalinus Clay can be attributed chronostratigraphically solely to the Aalensis Zone (Late Toarcian). Deposition of the Opalinus Clay began at the same time farther east in northern Switzerland (Aalensis Subzone, Aalensis Zone), but in the Mont Terri area the sedimentation rate was two or three orders of magnitude higher. (authors)

  3. Litho- and biostratigraphy of the Opalinus Clay and bounding formations in the Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Hostettler, B. [Naturhistorisches Museum der Burgergemeinde Berne, Berne (Switzerland); Reisdorf, A. G. [Geologisch-Paläontologisches InstitutUniversität Basle, Basle (Switzerland); Jaeggi, D. [Swisstopo, Federal Office of Topography, Wabern (Switzerland); and others

    2017-04-15

    A 250 m-deep inclined well, the Mont Terri BDB-1, was drilled through the Jurassic Opalinus Clay and its bounding formations at the Mont Terri rock laboratory (NW Switzerland). For the first time, a continuous section from (oldest to youngest) the topmost members of the Staffelegg Formation to the basal layers of the Hauptrogenstein Formation is now available in the Mont Terri area. We extensively studied the drill core for lithostratigraphy and biostratigraphy, drawing upon three sections from the Mont Terri area. The macropaleontological, micropaleontological, and palynostratigraphical data are complementary, not only spatially but they also cover almost all biozones from the Late Toarcian to the Early Bajocian. We ran a suite of geophysical logs to determine formational and intraformational boundaries based on clay content in the BDB-1 well. In the framework of an interdisciplinary study, analysis of the above-mentioned formations permitted us to process and derive new and substantial data for the Mont Terri area in a straightforward way. Some parts of the lithologic inventory, stratigraphic architecture, thickness variations, and biostratigraphic classification of the studied formations deviate considerably from occurrences in northern Switzerland that crop out further to the east. For instance, with the exception of the Sissach Member, no further lithostratigraphic subdivision in members is proposed for the Passwang Formation. Also noteworthy is that the ca. 130 m-thick Opalinus Clay in the BDB-1 core is 20 m thinner than that equivalent section found in the Mont Terri tunnel. The lowermost 38 m of the Opalinus Clay can be attributed chronostratigraphically solely to the Aalensis Zone (Late Toarcian). Deposition of the Opalinus Clay began at the same time farther east in northern Switzerland (Aalensis Subzone, Aalensis Zone), but in the Mont Terri area the sedimentation rate was two or three orders of magnitude higher. (authors)

  4. Terry Farrell between the gates: Part 2 - On postmodernism which refused to be deconstructed

    OpenAIRE

    Kolakowski, Marcin Mateusz

    1999-01-01

    “On postmodernism which refused to be deconstructed” Since 1991, the work of Terry Farrell has been connected with Asia. His saying “I am not afraid of looking backwards, as well as forwards” was again put to trial. There he had to join his contextual principles of architecture with the futuristic ambition of Asiatic investors: although the British Consulate in Hong Kong was called “very British”, its facade echoes both Hong Kong’s architecture and that of European Coliseum. Two wings of t...

  5. Twenty years of research at the Mont Terri rock laboratory: what we have learnt

    Energy Technology Data Exchange (ETDEWEB)

    Bossart, P. [Federal Office of Topography swisstopo, Wabern (Switzerland)

    2017-04-15

    The 20 papers in this Special Issue address questions related to the safe deep geological disposal of radioactive waste. Here we summarize the main results of these papers related to issues such as: formation of the excavation damaged zone, self-sealing processes, thermo-hydro-mechanical processes, anaerobic corrosion, hydrogen production and effects of microbial activity, and transport and retention processes of radionuclides. In addition, we clarify the question of transferability of results to other sites and programs and the role of rock laboratories for cooperation and training. Finally, we address the important role of the Mont Terri rock laboratory for the public acceptance of radioactive waste disposal. (author)

  6. Quality Assurance of technitium-labelled radiopharmaceuticals in the Radiation and Isotopes Centre of Khartoum (RICK)

    International Nuclear Information System (INIS)

    Adlan, A.A.

    2005-09-01

    This descriptive, exploratory study was conducted in the nuclear medicine department at the Radiation and Isotopes Center of Khartoum (RICK) during 2003-2005 the aim of the study was explore and define the dimensions of a problem which was regarded as urgent by the people working in the field of nuclear medicine in Sudan. The problem concerned the quality of technitium-labelled radiopharmaceuticals which are used in more than 90% of the nuclear medicine imaging studies performed in nuclear medicine. Impure 9 ''9''m Tc-labelled radiopharmaceuticals may create problems, and could lead to false diagnosis. These agents must be tested for determination of the levels of radionuclides, radiochemical and chemicals, before administration to patients. They should also be sterile and pyrogen-free. A number of data collection methods, were used by the researcher for adequate exploration of the dimensions of the problem including interviews, questionnaires and close observations to all activities related to the preparation of radiopharmaceuticals in the hot laboratory. Information concerning all the aspects of quality assurance were collected. These aspects were management and organisation of the work, equipment and tools, knowledge and practical experience of the staff members and methods of preparation and administration of the radioactive agents. Data from different sources were then compared with observation results for more validation and finally lead to the following results: All the quality control tests were not normally performed in the department, therefore the levels of impurities in these agents were not exactly determined, moreover these preparations were subject to contamination with microorganisms, due to low level of cleanliness at the work area. The study detected a number of defaults which were likely to be the causes behind these problems. These were, bad management and organisation, in availability of equipment, tools and materials necessary for testing

  7. Conference on Stochastic Analysis and Applications 2014 : in honour of Terry Lyons

    CERN Document Server

    Hambly, Ben; Zariphopoulou, Thaleia

    2014-01-01

    Articles from many of the main contributors to recent progress in stochastic analysis are included in this volume, which provides a snapshot of the current state of the area and its ongoing developments. It constitutes the proceedings of the conference on "Stochastic Analysis and Applications" held at the University of Oxford and the Oxford-Man Institute during 23-27 September, 2013. The conference honored the 60th birthday of Professor Terry Lyons FLSW FRSE FRS, Wallis Professor of Mathematics, University of Oxford. Terry Lyons is one of the leaders in the field of stochastic analysis. His introduction of the notion of rough paths has revolutionized the field, both in theory and in practice.  Stochastic Analysis is the branch of mathematics that deals with the analysis of dynamical systems affected by noise. It emerged as a core area of mathematics in the late 20th century and has subsequently developed into an important theory with a wide range of powerful and novel tools, and with impressive applications ...

  8. Report on International Collaboration Involving the FE Heater and HG-A Tests at Mont Terri

    Energy Technology Data Exchange (ETDEWEB)

    Houseworth, Jim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Rutqvist, Jonny [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Asahina, Daisuke [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Chen, Fei [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Vilarrasa, Victor [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Liu, Hui-Hai [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Birkholzer, Jens [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2013-11-01

    Nuclear waste programs outside of the US have focused on different host rock types for geological disposal of high-level radioactive waste. Several countries, including France, Switzerland, Belgium, and Japan are exploring the possibility of waste disposal in shale and other clay-rich rock that fall within the general classification of argillaceous rock. This rock type is also of interest for the US program because the US has extensive sedimentary basins containing large deposits of argillaceous rock. LBNL, as part of the DOE-NE Used Fuel Disposition Campaign, is collaborating on some of the underground research laboratory (URL) activities at the Mont Terri URL near Saint-Ursanne, Switzerland. The Mont Terri project, which began in 1995, has developed a URL at a depth of about 300 m in a stiff clay formation called the Opalinus Clay. Our current collaboration efforts include two test modeling activities for the FE heater test and the HG-A leak-off test. This report documents results concerning our current modeling of these field tests. The overall objectives of these activities include an improved understanding of and advanced relevant modeling capabilities for EDZ evolution in clay repositories and the associated coupled processes, and to develop a technical basis for the maximum allowable temperature for a clay repository.

  9. The Origin of The Piz Terri-Lunschania zone (Central Alps, Switzerland)

    Science.gov (United States)

    Galster, Federico; Stockli, Daniel

    2017-04-01

    The Piz Terri-Lunschania zone (PTLZ) represents a band of metasedimentary rocks embedded in a crucial knot at the NE border of the Lepontine dome, at the intersection of the Gotthard, Lucomagno, Simano, Adula and Grava nappes. Its origin and its position in the tectonostratigraphy of the Central Alps are still not completely understood. A better understanding of this sedimentary zone and its tectonic position could shed lights on the Helvetic-Penninic connection and facilitate the disentanglement of the Lepontine dome tectonics. In this study we combine structural and stratigraphic observations with detrital zircon (DZ) and detrital rutile (DR) U-Pb geochronology as well as mineral trace element data from Permian, Triassic and Jurassic sandstones. We compare these data with those from adjacent tectonic units and coeval strata in other portions of the Alpine chain. Maximal depositional ages, abrupt changes in provenances and stratigraphic correlations based on new DZ and DR U-Pb and trace element data allow for a better understanding of the sedimentary evolution of the Terri basin and its palaeogeographic position along the northern margin of the Alpine Tethys. In particular the DZ U-Pb signatures, with its abundant 260-280 Ma zircons and the scarcity of 290-350 Ma zircons, corroborates an Ultra-Adula origin of the PTLZ as proposed by Galster et al (2010; 2012) based on stratigraphic arguments and reinforces the notion of a Briançonnais influence on the stratigraphic record of this complex zone, a fact that has important tectonic and Palaeogeographic implications. Galster F, Cavargna-Sani M, Epard J-L, Masson H (2012) New stratigraphic data from the Lower Penninic between the Adula nappe and the Gotthard massif and consequences for the tectonics and the paleogeography of the Central Alps. Tectonophysics 579:37-55. doi: 10.1016/j.tecto.2012.05.029 Galster F, Epard J-L, Masson H (2010) The Soja and Luzzone-Terri nappes: Discovery of a Briançonnais element below the

  10. Mont Terri rock laboratory, 20 years of research: introduction, site characteristics and overview of experiments

    International Nuclear Information System (INIS)

    Bossart, P.; Bernier, F.; Birkholzer, J.

    2017-01-01

    Geologic repositories for radioactive waste are designed as multi-barrier disposal systems that perform a number of functions including the long-term isolation and containment of waste from the human environment, and the attenuation of radionuclides released to the subsurface. The rock laboratory at Mont Terri (canton Jura, Switzerland) in the Opalinus Clay plays an important role in the development of such repositories. The experimental results gained in the last 20 years are used to study the possible evolution of a repository and investigate processes closely related to the safety functions of a repository hosted in a clay rock. At the same time, these experiments have increased our general knowledge of the complex behaviour of argillaceous formations in response to coupled hydrological, mechanical, thermal, chemical, and biological processes. After presenting the geological setting in and around the Mont Terri rock laboratory and an overview of the mineralogy and key properties of the Opalinus Clay, we give a brief overview of the key experiments that are described in more detail in the following research papers to this Special Issue of the Swiss Journal of Geosciences. These experiments aim to characterise the Opalinus Clay and estimate safety-relevant parameters, test procedures, and technologies for repository construction and waste emplacement. Other aspects covered are: bentonite buffer emplacement, high-pH concrete-clay interaction experiments, anaerobic steel corrosion with hydrogen formation, depletion of hydrogen by microbial activity, and finally, release of radionuclides into the bentonite buffer and the Opalinus Clay barrier. In the case of a spent fuel/high-level waste repository, the time considered in performance assessment for repository evolution is generally 1 million years, starting with a transient phase over the first 10,000 years and followed by an equilibrium phase. Experiments dealing with initial conditions, construction, and waste

  11. Geological modeling of a fault zone in clay rocks at the Mont-Terri laboratory (Switzerland)

    Science.gov (United States)

    Kakurina, M.; Guglielmi, Y.; Nussbaum, C.; Valley, B.

    2016-12-01

    Clay-rich formations are considered to be a natural barrier for radionuclides or fluids (water, hydrocarbons, CO2) migration. However, little is known about the architecture of faults affecting clay formations because of their quick alteration at the Earth's surface. The Mont Terri Underground Research Laboratory provides exceptional conditions to investigate an un-weathered, perfectly exposed clay fault zone architecture and to conduct fault activation experiments that allow explore the conditions for stability of such clay faults. Here we show first results from a detailed geological model of the Mont Terri Main Fault architecture, using GoCad software, a detailed structural analysis of 6 fully cored and logged 30-to-50m long and 3-to-15m spaced boreholes crossing the fault zone. These high-definition geological data were acquired within the Fault Slip (FS) experiment project that consisted in fluid injections in different intervals within the fault using the SIMFIP probe to explore the conditions for the fault mechanical and seismic stability. The Mont Terri Main Fault "core" consists of a thrust zone about 0.8 to 3m wide that is bounded by two major fault planes. Between these planes, there is an assembly of distinct slickensided surfaces and various facies including scaly clays, fault gouge and fractured zones. Scaly clay including S-C bands and microfolds occurs in larger zones at top and bottom of the Mail Fault. A cm-thin layer of gouge, that is known to accommodate high strain parts, runs along the upper fault zone boundary. The non-scaly part mainly consists of undeformed rock block, bounded by slickensides. Such a complexity as well as the continuity of the two major surfaces are hard to correlate between the different boreholes even with the high density of geological data within the relatively small volume of the experiment. This may show that a poor strain localization occurred during faulting giving some perspectives about the potential for

  12. Micro-textures of Deformed Gouges by Friction Experiments of Mont Terri Main Fault, Switzerland

    Science.gov (United States)

    Aoki, K.; Seshimo, K.; Sakai, T.; Komine, Y.; Kametaka, M.; Watanabe, T.; Nussbaum, C.; Guglielmi, Y.

    2017-12-01

    Friction experiment was conducted on samples from the Main Fault of Mont Terri Rock Laboratory, Switzerland and then micro-textures of deformed gouges were observed using a scanning electron microscope JCM-6000 and JXA-8530F. Samples were taken at the depths of 47.2m and 37.3m of borehole BSF-1, and at 36.7m, 37.1m, 41.4m and 44.6m of borehole BSF-2, which were drilled from the drift floor at 260m depth from the surface. Friction experiment was conducted on above 6 samples using a rotary shear low to high-velocity friction apparatus at the Institute of Geology, China Earthquake Administration in Beijing at a normal stress of 3.95 to 4.0 MPa and at slip rates ranging 0.2 microns/s to 2.1mm/s. Cylindrical specimens of Ti-Al-V alloy, exhibiting similar behaviors as the host rock specimen, were used as rotary and stationary pistons of 40 mm diameter. A Teflon sleeve was used around the piston to confine the sample during the test. Main results are summarized as follows. 1) Mud rocks in Mont Terri drill holes (BFS-1, BFS-2) had steady-state or nearly steady-state friction coefficient μss in the range of 0.1 0.3 for wet gouges and 0. 5 0.7 for dry gouges. Friction coefficients of dry gouges were approximately twice as large as those of wet gouges. However, the fault rock (37.3 m, BFS-1) with scaly fabric showed no difference between wet and dry conditions : μss (wet): 0.50 0.77, μss (dry): 0.45 0.78. This is probably because the clay contents of this rock is less ( 33 %) than those in other rocks (67 73 %) (Shimamoto, 2017). 2) Deformed gouges are characterized by well-developed slip zones adjacent to the rotary and stationary pistons, accompanied by slickenside surfaces with clear striations. Such slickenside surfaces are similar to those developed in the drill core samples used in our experiments. 3) Multiple slip zones were observed in the 37.3m of BFS-1 and the 36.7m of BFS-2 samples under dry condition, suggesting that a slip occurred in the interior of the gouge

  13. Mont Terri rock laboratory, 20 years of research: introduction, site characteristics and overview of experiments

    Energy Technology Data Exchange (ETDEWEB)

    Bossart, P. [Swisstopo, Federal Office of Topography, Wabern (Switzerland); Bernier, F. [Federal Agency for Nuclear Control FANC, Brussels (Belgium); Birkholzer, J. [Lawrence Berkeley National Laboratory, Berkeley (United States); and others

    2017-04-15

    Geologic repositories for radioactive waste are designed as multi-barrier disposal systems that perform a number of functions including the long-term isolation and containment of waste from the human environment, and the attenuation of radionuclides released to the subsurface. The rock laboratory at Mont Terri (canton Jura, Switzerland) in the Opalinus Clay plays an important role in the development of such repositories. The experimental results gained in the last 20 years are used to study the possible evolution of a repository and investigate processes closely related to the safety functions of a repository hosted in a clay rock. At the same time, these experiments have increased our general knowledge of the complex behaviour of argillaceous formations in response to coupled hydrological, mechanical, thermal, chemical, and biological processes. After presenting the geological setting in and around the Mont Terri rock laboratory and an overview of the mineralogy and key properties of the Opalinus Clay, we give a brief overview of the key experiments that are described in more detail in the following research papers to this Special Issue of the Swiss Journal of Geosciences. These experiments aim to characterise the Opalinus Clay and estimate safety-relevant parameters, test procedures, and technologies for repository construction and waste emplacement. Other aspects covered are: bentonite buffer emplacement, high-pH concrete-clay interaction experiments, anaerobic steel corrosion with hydrogen formation, depletion of hydrogen by microbial activity, and finally, release of radionuclides into the bentonite buffer and the Opalinus Clay barrier. In the case of a spent fuel/high-level waste repository, the time considered in performance assessment for repository evolution is generally 1 million years, starting with a transient phase over the first 10,000 years and followed by an equilibrium phase. Experiments dealing with initial conditions, construction, and waste

  14. Mark Stock | NREL

    Science.gov (United States)

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

  15. Mont Terri Project - Heater experiment, engineered barriers emplacement and ventilations tests. No 1 - Swiss Geological Survey, Bern, 2007

    International Nuclear Information System (INIS)

    Bossart, P.; Nussbaum, C.

    2007-01-01

    The international Mont Terri project started in January 1996. Research is carried out in the Mont Terri rock laboratory, an underground facility near the security gallery of the Mont Terri motorway tunnel (vicinity of St-Ursanne, Canton of Jura, Switzerland). The aim of the project is the geological, hydrogeological, geochemical and geotechnical characterisation of a clay formation, specifically of the Opalinus Clay. Twelve Partners from European countries and Japan participate in the project. These are ANDRA, BGR, CRIEPI, ENRESA, GRS, HSK, IRSN, JAEA, NAGRA, OBAYASHI, SCK.CEN and swisstopo. Since 2006, swisstopo acts as operator of the rock laboratory and is responsible for the implementation of the research programme decided by the partners. The three following reports are milestones in the research history of the Mont Terri project. It was the first time that an in-situ heating test with about 20 observation boreholes over a time span of several years was carried out in a clay formation. The engineered barrier emplacement experiment has been extended due to very encouraging measurement results and is still going on. The ventilation test was and is a challenge, especially in the very narrow microtunnel. All three projects were financially supported by the European Commission and the Swiss State Secretariat for Education and Research. The three important scientific and technical reports, which are presented in the following, have been provided by a number of scientists, engineers and technicians from the Partners, but also from national research organisations and private contractors. Many fruitful meetings where held, at the rock laboratory and at other facilities, not to forget the weeks and months of installation and testing work carried out by the technicians and engineers. The corresponding names and organisations are listed in detail in the reports. Special thanks are going to the co-ordinators of the three projects for their motivation of the team during

  16. Development and Implementation of Mechanistic Terry Turbine Models in RELAP-7 to Simulate RCIC Normal Operation Conditions

    Energy Technology Data Exchange (ETDEWEB)

    Zhao, Haihua [Idaho National Lab. (INL), Idaho Falls, ID (United States); Zou, Ling [Idaho National Lab. (INL), Idaho Falls, ID (United States); Zhang, Hongbin [Idaho National Lab. (INL), Idaho Falls, ID (United States); O' Brien, James Edward [Idaho National Lab. (INL), Idaho Falls, ID (United States)

    2016-09-01

    As part of the efforts to understand the unexpected “self-regulating” mode of the RCIC (Reactor Core Isolation Cooling) systems in Fukushima accidents and extend BWR RCIC and PWR AFW (Auxiliary Feed Water) operational range and flexibility, mechanistic models for the Terry turbine, based on Sandia’s original work [1], have been developed and implemented in the RELAP-7 code to simulate the RCIC system. In 2016, our effort has been focused on normal working conditions of the RCIC system. More complex off-design conditions will be pursued in later years when more data are available. In the Sandia model, the turbine stator inlet velocity is provided according to a reduced-order model which was obtained from a large number of CFD (computational fluid dynamics) simulations. In this work, we propose an alternative method, using an under-expanded jet model to obtain the velocity and thermodynamic conditions for the turbine stator inlet. The models include both an adiabatic expansion process inside the nozzle and a free expansion process outside of the nozzle to ambient pressure. The combined models are able to predict the steam mass flow rate and supersonic velocity to the Terry turbine bucket entrance, which are the necessary input information for the Terry turbine rotor model. The analytical models for the nozzle were validated with experimental data and benchmarked with CFD simulations. The analytical models generally agree well with the experimental data and CFD simulations. The analytical models are suitable for implementation into a reactor system analysis code or severe accident code as part of mechanistic and dynamical models to understand the RCIC behaviors. The newly developed nozzle models and modified turbine rotor model according to the Sandia’s original work have been implemented into RELAP-7, along with the original Sandia Terry turbine model. A new pump model has also been developed and implemented to couple with the Terry turbine model. An input

  17. The full-scale Emplacement (FE) Experiment at the Mont Terri URL

    International Nuclear Information System (INIS)

    Mueller, H.R.; Weber, H.P.; Koehler, S.; Vogt, T.; Vietor, T.

    2012-01-01

    Document available in extended abstract form only. The Full-Scale Emplacement (FE) Experiment at the Mont Terri underground research laboratory (URL) is a full-scale heater test in a clay-rich formation. It simulates the construction, waste emplacement and backfilling of a spent fuel (SF) / vitrified high-level waste (HLW) repository tunnel as realistically as possible. The entire experiment implementation as well as the post-closure THM(C) evolution will be monitored using several hundred sensors. These are distributed in the host rock in the near- and far-field, the tunnel lining, the engineered barrier system and on the heaters. The aim of this experiment is to investigate HLW repository-induced thermo-hydro-mechanical (THM) coupled effects on the host rock and the validation of existing coupled THM models. A further aim is the verification of the technical feasibility of constructing a 50 m repository section at full scale with all relevant components using standard industrial equipment. Finally, the experiment will demonstrate the canister and buffer emplacement procedures for underground conditions based on the Swiss disposal concept. Experimental layout The FE experiment is based on the Swiss disposal concept for SF / HLW. The 50 m long test gallery, at the end of the former MB test tunnel in the Mont Terri URL, will be realised with a diameter of approx. 3 m. In the experiment gallery, 3 heaters with dimensions similar to those of waste canisters will be emplaced on top of abutments built of bentonite blocks. The remaining space will be backfilled with compacted bentonite pellets. The experiment will be sealed off towards the start niche with a concrete plug holding the buffer in place and reducing air and water fluxes. The first scoping calculations and design modelling for the 'far-field' instrumentation have been completed; these works have been carried out using CodeBRIGHT and the multiphase flow simulator TOUGH2. With an initial heat output of 1500 W

  18. Performance of the Opalinus Clay under thermal loading: experimental results from Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Gens, A. [Universitat Politència de Catalunya, Barcelona (Spain); Wieczorek, K. [Gesellschaft für Anlagen- und Reaktorsicherheit (GRS) GmbH, Braunschweig (Germany); Gaus, I. [National Cooperative for the Disposal of Radioactive Waste (NAGRA), Wettingen (Switzerland); and others

    2017-04-15

    The paper presents an overview of the behaviour of Opalinus Clay under thermal loading as observed in three in situ heating tests performed in the Mont Terri rock laboratory: HE-B, HE-D and HE-E. The three tests are summarily described; they encompass a broad range of test layouts and experimental conditions. Afterwards, the following topics are examined: determination of thermal conductivity, thermally-induced pore pressure generation and thermally-induced mechanical effects. The mechanisms underlying pore pressure generation and dissipation are discussed in detail and the relationship between rock damage and thermal loading is examined using an additional in situ test: SE-H. The paper concludes with an evaluation of the various thermo-hydro-mechanical (THM) interactions identified in the heating tests. (authors)

  19. Ventilation test at Mont Terri. Geoelectric monitoring of the opalinus clay desaturation. Phase 2

    International Nuclear Information System (INIS)

    Wieczorek, Klaus; Zhang, Chun-Liang; Rothfuchs, Tilmann

    2008-04-01

    Between December 2001 and May 2004, a ventilation experiment (VE) was performed in the Mont Terri Underground Research Laboratory (URL) and co-financed by the Commission of the European Communities. The objective was to investigate the desaturation of consolidated clay formations in consequence of the ventilation of underground openings of a repository in such a formation. The results of the geoelectric measurements performed in the second phase of the Mont Terri ventilation test can be summarized as follows: Geoelectric tomography has been found suitable for monitoring ventilation-induced saturation changes in the Opalinus clay. During ventilation with dry air a desaturation down to below 50% could be detected in both desaturation cycles. The desaturated zone extends less than 0.5 m into the rock around the microtunnel. During the second resaturation phase, ventilation with humid air led to quick resaturation at the tunnel surface, while resaturation of the rock mass took months. The still ongoing third resaturation phase seems to imply that resaturation of the rock mass may take years with no air circulation in the tunnel. The laboratory investigations on the Opalinus clay included the determination of water retention capacity, swelling pressure, free swelling/shrinking strains induced by moisture changes, and response of normal and large hollow clay samples to the ventilation of the central boreholes at different air humidity values. The Opalinus clay has a high water absorption capacity. The amount of water uptake in unconstraint conditions is much higher than the water content in the naturally confined state, indicating that the pore water in the natural clay rock is predominantly bound on clay minerals. The swelling pressure induced by wetting with vapour is very close to the major lithostatic stress at the sampling location. Water uptake from vapour causes a large free expansion of up to 12% over 8 months and even a breakdown along bedding planes. Release of

  20. End-of-Life Issues in the United States after Terri Schiavo: Implications for Social Work Practice

    Directory of Open Access Journals (Sweden)

    Darrel Montero

    2011-09-01

    Full Text Available The very public death of Terri Schiavo in 2005 alerted Americans to what is a growing ethical, medical, and social crisis: the status of end-of-life issues and decisions in the United States. Currently, Oregon is the only state to give terminally ill patients the right to end their lives, with physicians’ help, if they so choose. Public opinion data from 1977 to the present show that Americans support greater rights for individuals facing end-of-life decisions--up to and including physician-assisted suicide and euthanasia. This paper considers the status of end-of-life issues in the United States after Terri Schiavo’s death and examines the opportunities for advocacy by social workers who serve clients and families encountering this complex and controversial issue.

  1. Natural gas extraction and artificial gas injection experiments in Opalinus Clay, Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Vinsot, A.; Lundy, M. [Agence Nationale pour la Gestion des Déchets Radioactifs ANDRA, Meuse Haute-Marne Center, Bure (France); Appelo, C.A.J. [Dr C.A.J. Appelo, Hydrochemical Consultant, Amsterdam (Netherlands); and others

    2017-04-15

    Two experiments have been installed at Mont Terri in 2004 and 2009 that allowed gas circulation within a borehole at a pressure between 1 and 2 bar. These experiments made it possible to observe the natural gases that were initially dissolved in pore-water degassing into the borehole and to monitor their content evolution in the borehole over several years. They also allowed for inert (He, Ne) and reactive (H{sub 2}) gases to be injected into the borehole with the aim either to determine their diffusion properties into the rock pore-water or to evaluate their removal reaction kinetics. The natural gases identified were CO{sub 2}, light alkanes, He, and more importantly N{sub 2}. The natural concentration of four gases in Opalinus Clay pore-water was evaluated at the experiment location: N{sub 2} 2.2 mmol/L ± 25%, CH{sub 4} 0.30 mmol/L ± 25%, C{sub 2}H{sub 6} 0.023 mmol/L ± 25%, C{sub 3}H{sub 8} 0.012 mmol/L ± 25%. Retention properties of methane, ethane, and propane were estimated. Ne injection tests helped to characterize rock diffusion properties regarding the dissolved inert gases. These experimental results are highly relevant towards evaluating how the fluid composition could possibly evolve in the drifts of a radioactive waste disposal facility. (authors)

  2. Applying squeezing technique to clay-rocks: lessons learned from ten years experiments at Mont Terri

    International Nuclear Information System (INIS)

    Fernandez, A. M.; Melon, A.; Sanchez-Ledesma, D.M.; Tournassat, C.; Gaucher, E.; Astudillo, J.; Vinsot, A.

    2012-01-01

    Document available in extended abstract form only. Argillaceous formations of low permeability are considered in several countries as potential host rocks for the disposal of high level radioactive wastes (HLRW). In order to determine their suitability for waste disposal, evaluations of the hydro-geochemistry and transport mechanisms from such geologic formations to the biosphere must be undertaken. The migration of radionuclides through the geosphere will occur predominantly in the aqueous phase, and hence the pore water chemistry plays an important role in determining ion diffusion characteristics in argillaceous formations. Consequently, a great effort has been made to characterise the pore water chemistry in clay-rocks formations. In the last 10 years various techniques were developed for determining pore water composition of clay-rocks including both direct and indirect methods: 1) In situ pore water sampling (water and gas) from sealed boreholes (Pearson et al., 2003; Vinsot et al. 2008); 2) Laboratory pore water sampling from unaltered core samples by the squeezing technique at high pressures (Fernandez et al., 2009); and 3) Characterization of the water chemistry by geochemical modelling (Gaucher et al. 2009). Pore water chemistry in clay-rocks and extraction techniques were documented and reviewed in different studies (Sacchi et al., 2001). Recovering pristine pore water from low permeable and low water content systems is very difficult and sometimes impossible. Besides, uncertainties are associated to each method used for the pore water characterization. In this paper, a review about the high pressure squeezing technique applied to indurate clay-rocks was performed. For this purpose, the experimental work on Opalinus Clay at the Mont Terri Research Laboratory during the last ten years was evaluated. A complete discussion was made about different issues such as: a) why is necessary to obtain the pore water by squeezing in the context of radioactive waste

  3. 5-year chemico-physical evolution of concrete-claystone interfaces, Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Mäder, U.; Jenni, A. [Institute of Geological Sciences, University of Berne, Berne (Switzerland); Lerouge, C. [French Geological Survey BRGM, Orléans (France); and others

    2017-04-15

    The Cement-Opalinus Clay Interaction (CI) Experiment at the Mont Terri rock laboratory is a long-term passive diffusion-reaction experiment between contrasting materials of relevance to engineered barrier systems/near-field for deep disposal of radioactive waste in claystone (Opalinus Clay). Reaction zones at interfaces of Opalinus Clay with two different types of concrete (OPC and 'low-pH'/ESDRED) were examined by sampling after 2.2 and 4.9 years. Analytical methods included element mapping (SEM, EPMA), select spot analysis (EDAX), 14C-MMA impregnation for radiography, and powder methods (IR, XRD, clay-exchanger characterisation) on carefully extracted miniature samples (mm). The presence of aggregate grains in concrete made the application of all methods difficult. Common features are a very limited extent of reaction within claystone, and a distinct and regularly zoned reaction zone within the cement matrix that is more extensive in the low-alkali cement (ESDRED). Both interfaces feature a de-calcification zone and overprinted a carbonate alteration zone thought to be mainly responsible for the observed porosity reduction. While OPC shows a distinct sulphate enrichment zone (indicative of ingress from Opalinus Clay), ESDRED displays a wide Mg-enriched zone, also with claystone pore-water as a source. A conclusion is that substitution of OPC by low-alkali cementitious products is not advantageous or necessary solely for the purpose of minimizing the extent of reaction between claystone and cementitious materials. Implications for reactive transport modelling are discussed. (authors)

  4. Implementation of the full-scale emplacement (FE) experiment at the Mont Terri rock laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Müller, H.R.; Garitte, B.; Vogt, T.; and others

    2017-04-15

    Opalinus Clay is currently being assessed as the host rock for a deep geological repository for high-level and low- and intermediate-level radioactive wastes in Switzerland. Within this framework, the 'Full-Scale Emplacement' (FE) experiment was initiated at the Mont Terri rock laboratory close to the small town of St-Ursanne in Switzerland. The FE experiment simulates, as realistically as possible, the construction, waste emplacement, backfilling and early post-closure evolution of a spent fuel/vitrified high-level waste disposal tunnel according to the Swiss repository concept. The main aim of this multiple heater test is the investigation of repository-induced thermo-hydro-mechanical (THM) coupled effects on the host rock at this scale and the validation of existing coupled THM models. For this, several hundred sensors were installed in the rock, the tunnel lining, the bentonite buffer, the heaters and the plug. This paper is structured according to the implementation timeline of the FE experiment. It documents relevant details about the instrumentation, the tunnel construction, the production of the bentonite blocks and the highly compacted 'granulated bentonite mixture' (GBM), the development and construction of the prototype 'backfilling machine' (BFM) and its testing for horizontal GBM emplacement. Finally, the plug construction and the start of all 3 heaters (with a thermal output of 1350 Watt each) in February 2015 are briefly described. In this paper, measurement results representative of the different experimental steps are also presented. Tunnel construction aspects are discussed on the basis of tunnel wall displacements, permeability testing and relative humidity measurements around the tunnel. GBM densities achieved with the BFM in the different off-site mock-up tests and, finally, in the FE tunnel are presented. Finally, in situ thermal conductivity and temperature measurements recorded during the first heating months

  5. Applying Squeezing Technique to Clayrocks: Lessons Learned from Experiments at Mont Terri Rock Laboratory

    International Nuclear Information System (INIS)

    Fernandez, A. M.; Sanchez-Ledesma, D. M.; Tournassat, C.; Melon, A.; Gaucher, E.; Astudillo, E.; Vinsot, A.

    2013-01-01

    Knowledge of the pore water chemistry in clay rock formations plays an important role in determining radionuclide migration in the context of nuclear waste disposal. Among the different in situ and ex-situ techniques for pore water sampling in clay sediments and soils, squeezing technique dates back 115 years. Although different studies have been performed about the reliability and representativeness of squeezed pore waters, more of them were achieved on high porosity, high water content and unconsolidated clay sediments. A very few of them tackled the analysis of squeezed pore water from low-porosity, low water content and highly consolidated clay rocks. In this work, a specially designed and fabricated one-dimensional compression cell two directional fluid flow was used to extract and analyse the pore water composition of Opalinus Clay core samples from Mont Terri (Switzerland). The reproducibility of the technique is good and no ionic ultrafiltration, chemical fractionation or anion exclusion was found in the range of pressures analysed: 70-200 MPa. Pore waters extracted in this range of pressures do not decrease in concentration, which would indicate a dilution of water by mixing of the free pore water and the outer layers of double layer water (Donnan water). A threshold (safety) squeezing pressure of 175 MPa was established for avoiding membrane effects (ion filtering, anion exclusion, etc.) from clay particles induced by increasing pressures. Besides, the pore waters extracted at these pressures are representative of the Opalinus Clay formation from a direct comparison against in situ collected borehole waters. (Author)

  6. Applying Squeezing Technique to Clayrocks: Lessons Learned from Experiments at Mont Terri Rock Laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Fernandez, A. M.; Sanchez-Ledesma, D. M.; Tournassat, C.; Melon, A.; Gaucher, E.; Astudillo, E.; Vinsot, A.

    2013-07-01

    Knowledge of the pore water chemistry in clay rock formations plays an important role in determining radionuclide migration in the context of nuclear waste disposal. Among the different in situ and ex-situ techniques for pore water sampling in clay sediments and soils, squeezing technique dates back 115 years. Although different studies have been performed about the reliability and representativeness of squeezed pore waters, more of them were achieved on high porosity, high water content and unconsolidated clay sediments. A very few of them tackled the analysis of squeezed pore water from low-porosity, low water content and highly consolidated clay rocks. In this work, a specially designed and fabricated one-dimensional compression cell two directional fluid flow was used to extract and analyse the pore water composition of Opalinus Clay core samples from Mont Terri (Switzerland). The reproducibility of the technique is good and no ionic ultrafiltration, chemical fractionation or anion exclusion was found in the range of pressures analysed: 70-200 MPa. Pore waters extracted in this range of pressures do not decrease in concentration, which would indicate a dilution of water by mixing of the free pore water and the outer layers of double layer water (Donnan water). A threshold (safety) squeezing pressure of 175 MPa was established for avoiding membrane effects (ion filtering, anion exclusion, etc.) from clay particles induced by increasing pressures. Besides, the pore waters extracted at these pressures are representative of the Opalinus Clay formation from a direct comparison against in situ collected borehole waters. (Author)

  7. Geomechanical behaviour of Opalinus Clay at multiple scales: results from Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Amann, F.; Wild, K.M.; Loew, S. [Institute of Geology, Engineering Geology, Swiss Federal Institute of Technology, Zurich (Switzerland); Yong, S. [Knight Piesold Ltd, Vancouver (Canada); Thoeny, R. [Grundwasserschutz und Entsorgung, AF-Consult Switzerland AG, Baden (Switzerland); Frank, E. [Sektion Geologie (GEOL), Eidgenössisches Nuklear-Sicherheitsinspektorat (ENSI), Brugg (Switzerland)

    2017-04-15

    The paper represents a summary about our research projects conducted between 2003 and 2015 related to the mechanical behaviour of Opalinus Clay at Mont Terri. The research summarized covers a series of laboratory and field tests that address the brittle failure behaviour of Opalinus Clay, its undrained and effective strength, the dependency of petro-physical and mechanical properties on total suction, hydro-mechanically coupled phenomena and the development of a damage zone around excavations. On the laboratory scale, even simple laboratory tests are difficult to interpret and uncertainties remain regarding the representativeness of the results. We show that suction may develop rapidly after core extraction and substantially modifies the strength, stiffness, and petro-physical properties of Opalinus Clay. Consolidated undrained tests performed on fully saturated specimens revealed a relatively small true cohesion and confirmed the strong hydro-mechanically coupled behaviour of this material. Strong hydro-mechanically coupled processes may explain the stability of cores and tunnel excavations in the short term. Pore-pressure effects may cause effective stress states that favour stability in the short term but may cause longer-term deformations and damage as the pore-pressure dissipates. In-situ observations show that macroscopic fracturing is strongly influenced by bedding planes and faults planes. In tunnel sections where opening or shearing along bedding planes or faults planes is kinematically free, the induced fracture type is strongly dependent on the fault plane frequency and orientation. A transition from extensional macroscopic failure to shearing can be observed with increasing fault plane frequency. In zones around the excavation where bedding plane shearing/shearing along tectonic fault planes is kinematically restrained, primary extensional type fractures develop. In addition, heterogeneities such as single tectonic fault planes or fault zones

  8. NOD2 Down-Regulates Colonic Inflammation by IRF4-Mediated Inhibition of K63-Linked Polyubiquitination of RICK and TRAF6

    Science.gov (United States)

    Watanabe, Tomohiro; Asano, Naoki; Meng, Guangxun; Yamashita, Kouhei; Arai, Yasuyuki; Sakurai, Toshiharu; Kudo, Masatoshi; Fuss, Ivan J; Kitani, Atsushi; Shimosegawa, Tooru; Chiba, Tsutomu; Strober, Warren

    2014-01-01

    It is well established that polymorphisms of the nucleotide-binding oligomerization domain 2 (NOD2) gene, a major risk factor in Crohn's disease (CD), lead to loss of NOD2 function. However, a molecular explanation of how such loss of function leads to increased susceptibility to CD has remained unclear. In a previous study exploring this question we reported that activation of NOD2 in human dendritic cells by its ligand, muramyl dipeptide (MDP) negatively regulates Toll-like receptor (TLR)-mediated inflammatory responses. Here we show that NOD2 activation results in increased interferon regulatory factor 4 (IRF4) expression and binding to TNF receptor associated factor 6 (TRAF6) and receptor interacting serine-threonine kinase (RICK). We then show that such binding leads to IRF4-mediated inhibition of Lys63-linked polyubiquitination of TRAF6 and RICK and thus to down-regulation of NF-κB activation. Finally, we demonstrate that protection of mice from the development of experimental colitis by MDP or IRF4 administration is accompanied by similar IRF4-mediated effects on polyubiquitination of TRAF6 and RICK in colonic lamina propria mononuclear cells. These findings thus define a mechanism of NOD2-mediated regulation of innate immune responses to intestinal microflora that could explain the relation of NOD2 polymorphisms and resultant NOD2 dysfunction to CD. PMID:24670424

  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. Exploring diffusion and sorption processes at the Mont Terri rock laboratory (Switzerland): lessons learned from 20 years of field research

    Energy Technology Data Exchange (ETDEWEB)

    Leupin, O.X. [National Cooperative for the Disposal of Radioactive Waste (NAGRA), Wettingen (Switzerland); Van Loon, L.R. [Paul Scherrer Institute PSI, Villigen (Switzerland); Gimmi, T. [Institute of Geological Sciences, University of Berne, Berne (Switzerland); Gimmi, T. [Institute of Environmental Assessment and Water Research IDAEA-CSIC, Barcelona (Spain); and others

    2017-04-15

    Transport and retardation parameters of radionuclides, which are needed to perform a safety analysis for a deep geological repository for radioactive waste in a compacted claystone such as Opalinus Clay, must be based on a detailed understanding of the mobility of nuclides at different spatial scales (laboratory, field, geological unit). Thanks to steadily improving experimental designs, similar tracer compositions in different experiments and complementary small laboratory-scale diffusion tests, a unique and large database could be compiled. This paper presents the main findings of 20 years of diffusion and retention experiments at the Mont Terri rock laboratory and their impact on safety analysis. (authors)

  12. In situ corrosion measurements by electrochemical method (IC experiment) at Mont Terri

    International Nuclear Information System (INIS)

    Dewonck, S.; Bataillon, C.; Crusset, D.; Schwyn, B.; Nakayama, N.; Kwong, G.

    2010-01-01

    Document available in extended abstract form only. The study of the interactions of steel pieces with an argillaceous rock is the aim of the IC experiment carried out in the Mont Terri Rock Laboratory (Switzerland). More precisely, the IC experiment consists in monitoring the corrosion rate of various steel (Inconel 690, 316L stainless steel, 2 carbon steels one representative of Andra concept and another of Nagra concept) at 80 deg. C, in anaerobic condition, in contact with the Opalinus clay formation. The corrosion rate monitoring is based on Electrochemical Impedance Spectroscopy (EIS). This method is not disturbing for the corrosion process i.e. the corrosion rate doesn't change during the electrochemical measurement. The main drawback of this method is that the corrosion process must be in stationary or quasi stationary state: EIS can only measure corrosion rates which do not change quickly with time. This method is well adapted for long term corrosion monitoring because long term corrosion rate evolves slowly. A special design of the experimental setup was developed to allow optimal interactions between rock and steel samples. It consists in mounting the steel samples inside of a bore-core section. This section is then placed at the extremity of the borehole equipment. The equipment is inserted in a vertical descending borehole and sealed by a large packer. Another particularity of the experimental setup is the possibility of heating the experimental section up to 80 deg. C. Finally, the equipment was built in such a way that such that it will be retrievable from the borehole after several years of experiment, in order to perform further analyses on the reacting materials (core and steel samples). A circulation loop links the experimental interval to the sampling, measuring various parameters (pH, Eh, electrical conductivity, dissolved oxygen and hydrogen) and control equipment installed in a cabinet, in the gallery of the underground laboratory. At the

  13. Market Structure and Stock Splits

    OpenAIRE

    David Michayluk; Paul Kofman

    2001-01-01

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

  14. Diffusion and retention experiment at the Mont Terri underground rock laboratory in St. Ursanne

    International Nuclear Information System (INIS)

    Leupin, O.X.; Wersin, P.; Gimmi, Th.; Van Loon, L.; Eikenberg, J.; Baeyens, B.; Soler, J.M.; Dewonck, S.; Wittebroodt, C.; Samper, J.; Yi, S.; Naves, A.

    2010-01-01

    Document available in extended abstract form only. Because of their favourable hydraulic and retention properties that limit the migration of radionuclides, indurated clays are being considered as potential host rocks for radioactive waste disposal. Migration of radionuclides by diffusion and retention is thereby one of the main concerns for safety assessment and therefore carefully investigated at different scales. The transfer from dispersed sorption batch and diffusion data from lab experiments to field scale is however not always straightforward. Thus, combined sorption and diffusion experiments at both lab and field scale are instrumental for a critical verification of the applicability of such sorption and diffusion data. The present migration field experiment 'DR' (Diffusion and Retention experiment) at the Mont Terri Rock Laboratory (Switzerland) is the continuation of a series of successful diffusion experiments. The design is based on these previous diffusion experiments and has been extended to two diffusion chambers in a single borehole drilled perpendicular to the bedding plane. The radionuclides were injected as a pulse in both upper and lower loops where artificial pore water is circulating. The injected tracers were tritium, iodide, bromide, sodium-22, strontium-85, caesium (stable) for the lower diffusion chamber and deuterium caesium-137, barium-133, cobalt-60, europium-152, selenium (stable) and selenium-75 for the lower diffusion chamber. Their decrease in the circulation fluid - as they diffuse into the clay - is continuously monitored by online?-detection and regular sampling. The goals are fourfold (i) obtain diffusion and retention data for moderately to strongly sorbing tracers and to verify the corresponding data obtained on small-scale lab samples, (ii) improve diffusion data for the rock anisotropy, (iii) quantify effects of the borehole-disturbed zone for non-reactive tracers and (iv) improve data for long term diffusion. The

  15. Distributed fiber-optic temperature sensing: recent improvements and Nagra's applications in the Mont Terri URL

    International Nuclear Information System (INIS)

    Vogt, Tobias; Mueller, Herwig R.; Vietor, Tim; Frieg, Bernd

    2012-01-01

    engineered clay-barriers using DTS. In addition, first results and experiences of Nagra's DTS applications in the Mont Terri URL will be presented. Fiber-optic sensors were installed within the Full-Scale Emplacement (FE) Experiment. The FE-experiment is a full-scale heater test also simulating the construction, emplacement and backfilling of a repository tunnel according to the Swiss concept for high level waste. The THM evolution in the host rock (near- and far-field), tunnel lining and the engineered barrier system will be monitored by several hundred conventional sensors. In addition to thermo-resistive conventional temperature sensors fiber-optic cables amend the temperature monitoring. In the host rock 45 m long inclinometer casings are equipped with fiber-optic cables to observe the longitudinal temperature evolution above the tunnel. The temperature distribution at the interface engineered barrier - tunnel lining is planned to be monitored by fiber-optic cables covering the surface of the tunnel lining. The fiber-optics in combination with the conventional temperature sensors will result in detailed insights into non-uniformity of heat transport within the engineered barrier and the host rock caused by spatial and temporal variability of thermal conductivity and therewith saturation and porosity. (authors)

  16. Semantic Shifts Found In The Translated Version Of Rick Riordan’s Percy Jackson & The Olympians:The Titan’s Curse

    OpenAIRE

    A.G, Aida Caroline

    2015-01-01

    The thesis entitled “Semantic Shifts Found In The Translated Version Of Rick Riordan’s Percy Jackson & The Olympians: The Titan’s Curse.” This thesis explains about definition, function, process, principle, types, and shift of translation which specifically discusses about semantic (meaning) shifts that occur in the target text. The theory applied in analyzing the related data is the one proposed by Nida and Taber (1969). This theory explains about two types of semantic shift which is shift f...

  17. Emerging technologies for sustainable irrigation – a tribute to the career of Terry Howell, Sr. Selected papers from the 2015 ASABE and IA irrigation symposium

    Science.gov (United States)

    This article is an introduction to the “Emerging Technologies in Sustainable Irrigation – A Tribute to the Career of Terry Howell, Sr.” Special Collection in this issue of Transactions ASABE and the next issue of Applied Engineering in Agriculture, consisting of 15 articles selected from 62 papers a...

  18. On the contemporary – and contemporary art history. A review of Terry Smith, What Is Contemporary Art

    Directory of Open Access Journals (Sweden)

    Anthony Gardner

    2011-06-01

    Full Text Available This analysis of Terry Smith’s 'What Is Contemporary Art?' evaluates Smith’s ongoing project to theorise contemporary art around the theme of multiple, interconnected temporalities. It questions how this ‘contemporaneity’ differs from the classic teleologism of modernism and postmodern relativism and suggests that Smith’s categories may be valuable for understanding other cultural areas, such as contemporary music. It then raises methodological problems associated with charting the terrain of contemporary art and how they overlap with economic considerations, arguing that the task implies particular forms of privilege that may threaten the autonomy of critical analysis, but that Smith’s work goes some way toward exposing this problem.

  19. Microbial investigations in Opalinus clay from Mont Terri and in Callovo-Oxfordian argillite from Meuse/Haute-Marne

    International Nuclear Information System (INIS)

    Poulain, S.

    2006-12-01

    The subject of this Ph.D. thesis deals with research achieved in the context of the Axis 2 of the law Bataille voted on December 30, 1991 about the possibility of building a deep geological repository for medium or high activity and long living nuclear waste. Nearby such a site, some microorganisms may influence the mobility of radionuclides coming from the waste canisters. This work consisted in looking for autochthonous microorganisms in the Opalinus clay formation from Mont Terri (Switzerland) and in the Callovo-Oxfordian argillite from Meuse/Haute-Marne (France). Microbial Investigations in these unknown unperturbed environments suggested very low microbial densities in the clayey sediments. However, new bacterial species could be isolated from those samples. In addition, a part of the allochthonous population, which has been introduced by air and human activity, could be identified in the Meuse/Haute-Marne underground research laboratory. (author)

  20. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

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

  1. 75 FR 46912 - Draft 2010 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2010-08-04

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

  2. 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...

  3. Trading network predicts stock price.

    Science.gov (United States)

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

    2014-01-16

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

  4. Development of non-intrusive monitoring techniques - ESDRED and TEM projects at Mont Terri and the Grimsel test site

    International Nuclear Information System (INIS)

    Breen, B.; Johnson, M.; Frieg, B.; Blechschmidt, I.; Manukyan, E.; Marelli, S.; Maurer, H.R.

    2008-01-01

    The EC Integrated Project, IP ESDRED (Engineering Studies and Demonstration of Repository Designs) was commissioned to establish a sound technical basis for demonstrating the safety of disposing of spent fuel and long-lived radioactive wastes in deep geological formations and to underpin the development of a common European view on the main issues related to the management and disposal of radioactive waste. The in situ development of non-intrusive monitoring techniques is included within the programme as an important component of the overall ESDRED programme. Monitoring will play an important role in providing information to the repository operator and to society in general and to support decision-making about if and when, to move from one phase to the next. The challenges, when constructing engineered barrier systems (EBS) to isolate the waste, is the ability to monitor the waste and the barriers, once isolated. Conventional monitoring systems depend upon wires or cable s to transfer information from the monitoring sensors outside the barriers. Monitoring sensors also have a limited lifetime and new sensors cannot be emplaced without disturbing the barrier. The development of non-intrusive monitoring systems which do not rely upon 'hard-wired' connection, thus providing the opportunity for continued monitoring after isolation. The ESDRED partners developed a programme utilising cross-hole seismic tomography to monitor an experimental demonstration by Nagra at Mont Terri Underground Research Laboratory (URL). The work programme includes PhD studies to conduct full seismic waveform analysis and to develop algorithms to address natural anisotropy in the Opalinus clay at Mont Terri. Following on from the ESDRED developments, some of ESDRED partner organisations identified a further opportunity for developing in situ monitoring techniques utilising the construction and testing programme of a low pH shotcrete plug being constructed in granite at the Grimsel Test Site

  5. Mechanical properties, mineralogical composition, and micro fabric of Opalinus Clay. Sandy and shaly facies (Mont Terri, Switzerland)

    International Nuclear Information System (INIS)

    Kaufhold, Annette; Graesle, Werner; Plischke, Ingo

    2015-01-01

    For the safe disposal of high-level radioactive waste, different host rocks are currently considered. The favorable properties of claystone are low permeability, retention capacity for some radionuclides, and the ability to self-seal cracks, e.g. by swelling or time-dependent compaction creep. For the understanding of the long-term behavior of clay host rocks, the interaction between mechanical behavior, micro fabric, and mineral composition has to be understood (Bock et al., 2010). In the international research project Mont Terri (Switzerland) the Opalinus Clay (Jurassic Formation) is investigated in an underground rock laboratory (URL). In the present study the relationship between mechanical, mineralogical and micro fabric properties were studied on representative samples of the sandy and shaly facies of the Opalinus Clay (OPA) from Mont Terri. The mineral composition of all samples was analysed by using a complex mineral phase analysis. Therefore, the results of the X-ray diffraction, X-ray fluoreszence, organic and inorganic carbonate analysis (LECO) were adjusted with each other. In the case of the sandy facies (OPA) the mechanical strength inrcreases with increasing carbonate content. Here small carbonate particles form the matrix and act as stabilisator. The carbonates of the shaly facies (OPA), on the other hand, are mainly fossil fragments (e.g. shells) aligned parallel to bedding. These large carbonate particles are acting as predetermined breaking surfaces. Hence, in the case of shaly facies (OPA) the mechanical strength decreases with increasing carbonate content. Image Analyses (Fiji registered ) of scattering electron microscope images of polished sections proved the determined microstructural differences. Besides, carbonate particles in the sandy facies are mostly isometric, in contrast carbonates of the shaly facies show different shapes. This is explained further in terms of the aspect ratio. The mechanical tests were carried out as triaxial

  6. Mechanical properties, mineralogical composition, and micro fabric of Opalinus Clay. Sandy and shaly facies (Mont Terri, Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Kaufhold, Annette; Graesle, Werner [BGR Hannover (Germany); Plischke, Ingo

    2015-07-01

    For the safe disposal of high-level radioactive waste, different host rocks are currently considered. The favorable properties of claystone are low permeability, retention capacity for some radionuclides, and the ability to self-seal cracks, e.g. by swelling or time-dependent compaction creep. For the understanding of the long-term behavior of clay host rocks, the interaction between mechanical behavior, micro fabric, and mineral composition has to be understood (Bock et al., 2010). In the international research project Mont Terri (Switzerland) the Opalinus Clay (Jurassic Formation) is investigated in an underground rock laboratory (URL). In the present study the relationship between mechanical, mineralogical and micro fabric properties were studied on representative samples of the sandy and shaly facies of the Opalinus Clay (OPA) from Mont Terri. The mineral composition of all samples was analysed by using a complex mineral phase analysis. Therefore, the results of the X-ray diffraction, X-ray fluoreszence, organic and inorganic carbonate analysis (LECO) were adjusted with each other. In the case of the sandy facies (OPA) the mechanical strength inrcreases with increasing carbonate content. Here small carbonate particles form the matrix and act as stabilisator. The carbonates of the shaly facies (OPA), on the other hand, are mainly fossil fragments (e.g. shells) aligned parallel to bedding. These large carbonate particles are acting as predetermined breaking surfaces. Hence, in the case of shaly facies (OPA) the mechanical strength decreases with increasing carbonate content. Image Analyses (Fiji {sup registered}) of scattering electron microscope images of polished sections proved the determined microstructural differences. Besides, carbonate particles in the sandy facies are mostly isometric, in contrast carbonates of the shaly facies show different shapes. This is explained further in terms of the aspect ratio. The mechanical tests were carried out as triaxial

  7. 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.

  8. Water Retention Capacity of Argillite from the VE Test - Phase II at Mont Terri: Effect of Ventilation

    Energy Technology Data Exchange (ETDEWEB)

    Villar, M. V.; Fernandez, A. M.; Melon, A. M.

    2009-10-12

    The VE (ventilation) test carried out at the Mont Terri underground laboratory in Switzerland intended to evaluate in situ the behaviour of a consolidated clay formation when subjected to alternate periods of flow of wet and dry air during several months. For that, a 10-m gallery was excavated in the Opalinus Clay formation and carefully instrumented. Before and after a second ventilation phase boreholes were drilled. Samples were taken from the drill cores and were analysed from mineralogical and geochemical points of view. Also, the retention curves of these samples were determined in the laboratory following drying paths performed under free volume conditions at 20 degree centigrade, what is the content of this report. Although there are not large differences in the WRC of samples taken from different boreholes, at different distances from the gallery wall or before or after ventilation, those samples taken near the gallery wall and after ventilation tend to show a higher water retention capacity. This has been correlated to the higher salinity of the pore water of these samples, what increases their osmotic suction. This effect is attenuated towards high suctions. (Author) 10 refs.

  9. Water Retention Capacity of Argillite from the VE Test - Phase II at Mont Terri: Effect of Ventilation

    International Nuclear Information System (INIS)

    Villar, M. V.; Fernandez, A. M.; Melon, A. M.

    2009-01-01

    The VE (ventilation) test carried out at the Mont Terri underground laboratory in Switzerland intended to evaluate in situ the behaviour of a consolidated clay formation when subjected to alternate periods of flow of wet and dry air during several months. For that, a 10-m gallery was excavated in the Opalinus Clay formation and carefully instrumented. Before and after a second ventilation phase boreholes were drilled. Samples were taken from the drill cores and were analysed from mineralogical and geochemical points of view. Also, the retention curves of these samples were determined in the laboratory following drying paths performed under free volume conditions at 20 degree centigrade, what is the content of this report. Although there are not large differences in the WRC of samples taken from different boreholes, at different distances from the gallery wall or before or after ventilation, those samples taken near the gallery wall and after ventilation tend to show a higher water retention capacity. This has been correlated to the higher salinity of the pore water of these samples, what increases their osmotic suction. This effect is attenuated towards high suctions. (Author) 10 refs

  10. 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...

  11. Stock Issues in Aristotle's Rhetoric

    Science.gov (United States)

    Harpine, Bill

    1977-01-01

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

  12. 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...

  13. Optimizing Plutonium stock management

    International Nuclear Information System (INIS)

    Niquil, Y.; Guillot, J.

    1997-01-01

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

  14. 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…

  15. Stock Selection, Style Rotation

    NARCIS (Netherlands)

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

    2002-01-01

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

  16. 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.

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

    OpenAIRE

    Indridewi Atmadjaja, Yovita Vivianty

    1999-01-01

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

  18. 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.

  19. Geochemical signature of paleofluids in microstructures from Main Fault in the Opalinus Clay of the Mont Terri rock laboratory, Switzerland

    Energy Technology Data Exchange (ETDEWEB)

    Clauer, N. [Laboratoire d’Hydrologie et de Géochimie de Strasbourg (CNRS-UdS), Strasbourg (France); Techer, I. [Equipe Associée, Chrome, Université de Nîmes, Nîmes (France); Nussbaum, Ch. [Swiss Geological Survey, Federal Office of Topography Swisstopo, Wabern (Switzerland); Laurich, B. [Structural Geology, Tectonics and Geomechanics, RWTH Aachen University, Aachen (Germany); Laurich, B. [Federal Institute for Geosciences and Natural Resources BGR, Hannover (Germany)

    2017-04-15

    The present study reports on elemental and Sr isotopic analyses of calcite and associated celestite infillings of various microtectonic features collected mostly in the Main Fault of the Opalinus Clay from Mont Terri rock laboratory. Based on a detailed microstructural description of veins, slickensides, scaly clay aggregates and gouges, the geochemical signatures of the infillings were compared to those of the leachates from undeformed Opalinus Clay, and to the calcite from veins crosscutting Hauptrogenstein, Passwang and Staffelegg Formations above and below the Opalinus Clay. Vein calcite and celestite from Main Fault yield identical {sup 87}Sr/{sup 86}Sr ratios that are also close to those recorded in the Opalinus Clay matrix inside the Main Fault, but different from those of the diffuse Opalinus Clay calcite outside the fault. These varied {sup 87}Sr/{sup 86}Sr ratios of the diffuse calcite evidence a lack of interaction among the associated connate waters and the flowing fluids characterized by a homogeneous Sr signature. The {sup 87}Sr/{sup 86}Sr homogeneity at 0.70774 ± 0.00001 (2σ) for the infillings of most microstructures in the Main Fault, as well as of veins from nearby limestone layer and sediments around the Opalinus Clay, claims for an 'infinite' homogeneous marine supply, whereas the gouge infillings apparently interacted with a fluid chemically more complex. According to the known regional paleogeographic evolution, two seawater supplies were inferred and documented in the Delémont Basin: either during the Priabonian (38-34 Ma ago) from western Bresse graben, and/or during the Rupelian (34-28 Ma ago) from northern Rhine Graben. The Rupelian seawater that yields a mean {sup 87}Sr/{sup 86}Sr signature significantly higher than those of the microstructural infillings seems not to be the appropriate source. Alternatively, Priabonian seawater yields a mean {sup 87}Sr/{sup 86}Sr ratio precisely matching that of the leachates from diffuse

  20. Experiments on thermo-hydro-mechanical behaviour of Opalinus Clay at Mont Terri rock laboratory, Switzerland

    Directory of Open Access Journals (Sweden)

    Paul Bossart

    2017-06-01

    Full Text Available Repositories for deep geological disposal of radioactive waste rely on multi-barrier systems to isolate waste from the biosphere. A multi-barrier system typically comprises the natural geological barrier provided by the repository host rock – in our case the Opalinus Clay – and an engineered barrier system (EBS. The Swiss repository concept for spent fuel and vitrified high-level waste (HLW consists of waste canisters, which are emplaced horizontally in the middle of an emplacement gallery and are separated from the gallery wall by granular backfill material (GBM. We describe here a selection of five in-situ experiments where characteristic hydro-mechanical (HM and thermo-hydro-mechanical (THM processes have been observed. The first example is a coupled HM and mine-by test where the evolution of the excavation damaged zone (EDZ was monitored around a gallery in the Opalinus Clay (ED-B experiment. Measurements of pore-water pressures and convergences due to stress redistribution during excavation highlighted the HM behaviour. The same measurements were subsequently carried out in a heater test (HE-D where we were able to characterise the Opalinus Clay in terms of its THM behaviour. These yielded detailed data to better understand the THM behaviours of the granular backfill and the natural host rock. For a presentation of the Swiss concept for HLW storage, we designed three demonstration experiments that were subsequently implemented in the Mont Terri rock laboratory: (1 the engineered barrier (EB experiment, (2 the in-situ heater test on key-THM processes and parameters (HE-E experiment, and (3 the full-scale emplacement (FE experiment. The first demonstration experiment has been dismantled, but the last two ones are on-going.

  1. Corrosion of carbon steel in clay environments relevant to radioactive waste geological disposals, Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Necib, S. [Agence Nationale pour la Gestion des Déchets Radioactifs ANDRA, Meuse Haute-Marne, Center RD 960, Bure (France); Diomidis, N. [National Cooperative for the Disposal of Radioactive Waste (NAGRA), Wettingen (Switzerland); Keech, P. [Nuclear Waste Management Organisation NWMO, Toronto (Canada); Nakayama, M. [Japan Atomic Energy Agency JAEA, Horonobe-Cho (Japan)

    2017-04-15

    Carbon steel is widely considered as a candidate material for the construction of spent fuel and high-level waste disposal canisters. In order to investigate corrosion processes representative of the long term evolution of deep geological repositories, two in situ experiments are being conducted in the Mont Terri rock laboratory. The iron corrosion (IC) experiment, aims to measure the evolution of the instantaneous corrosion rate of carbon steel in contact with Opalinus Clay as a function of time, by using electrochemical impedance spectroscopy measurements. The Iron Corrosion in Bentonite (IC-A) experiment intends to determine the evolution of the average corrosion rate of carbon steel in contact with bentonite of different densities, by using gravimetric and surface analysis measurements, post exposure. Both experiments investigate the effect of microbial activity on corrosion. In the IC experiment, carbon steel showed a gradual decrease of the corrosion rate over a period of 7 years, which is consistent with the ongoing formation of protective corrosion products. Corrosion product layers composed of magnetite, mackinawite, hydroxychloride and siderite with some traces of oxidising species such as goethite were identified on the steel surface. Microbial investigations revealed thermophilic bacteria (sulphate and thiosulphate reducing bacteria) at the metal surface in low concentrations. In the IC-A experiment, carbon steel samples in direct contact with bentonite exhibited corrosion rates in the range of 2 µm/year after 20 months of exposure, in agreement with measurements in absence of microbes. Microstructural and chemical characterisation of the samples identified a complex corrosion product consisting mainly of magnetite. Microbial investigations confirmed the limited viability of microbes in highly compacted bentonite. (authors)

  2. In-situ experiments on bentonite-based buffer and sealing materials at the Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Wieczorek, K. [Gesellschaft für Anlagen- und Reaktorsicherheit (GRS) GmbH, Braunschweig (Germany); Gaus, I. [National Cooperative for the Disposal of Radioactive Waste (NAGRA), Wettingen (Switzerland); Mayor, J. C. [Empresa Nacional de Residuos Radiactivos SA (ENRESA), Madrid (Spain); and others

    2017-04-15

    Repository concepts in clay or crystalline rock involve bentonite-based buffer or seal systems to provide containment of the waste and limit advective flow. A thorough understanding of buffer and seal evolution is required to make sure the safety functions are fulfilled in the short and long term. Experiments at the real or near-real scale taking into account the interaction with the host rock help to make sure the safety-relevant processes are identified and understood and to show that laboratory-scale findings can be extrapolated to repository scale. Three large-scale experiments on buffer and seal properties performed in recent years at the Mont Terri rock laboratory are presented in this paper: The 1:2 scale HE-E heater experiment which is currently in operation, and the full-scale engineered barrier experiment and the Borehole Seal experiment which have been completed successfully in 2014 and 2012, respectively. All experiments faced considerable difficulties during installation, operation, evaluation or dismantling that required significant effort to overcome. The in situ experiments show that buffer and seal elements can be constructed meeting the expectations raised through small-scale testing. It was, however, also shown that interaction with the host rock caused additional effects in the buffer or seal that could not always be quantified or even anticipated from the experience of small-scale tests (such as re-saturation by pore-water from the rock, interaction with the excavation damaged zone in terms of preferential flow or mechanical effects). This led to the conclusion that testing of the integral system buffer/rock or seal/rock is needed. (authors)

  3. Outlook '98 - Stock markets

    International Nuclear Information System (INIS)

    Vankka, D.

    1998-01-01

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

  4. A Multitude of Latino Shakespeares [Review of Kliman, Bernice W. and Rick J. Santos (ed.. Latin American Shakespeares. Cranbury: Fairleigh Dickinson UP, 2005. 347 pp.] A Multitude of Latino Shakespeares [Review of Kliman, Bernice W. and Rick J. Santos (ed.. Latin American Shakespeares. Cranbury: Fairleigh Dickinson UP, 2005. 347 pp.

    Directory of Open Access Journals (Sweden)

    Lola Aromovich

    2008-04-01

    Full Text Available The title of this volume of essays comes in handy: Latin American Shakespeares, in the plural, hinting at there being as many Shakespeares as there are productions, adaptations, translations, and films based on his work. Jorge Luis Borges himself affirmed, “When I think of Shakespeare I think of a multitude” (qtd in Tiffany 146. Nothing new here, since performance theory has made a point of not seeing the bard as one canonical, unified author, but as plural. The good news brought by this book is that it enables us to find out that so much has been written about Shakespeare in Latin America, especially in Brazil, Mexico and Argentina, while, alas, almost nothing appears from Paraguay or Bolivia. The editors, Bernice W. Kliman and Rick J. Santos, do not try to present hypotheses for this discrepancy, but the seventeen essays they select show a wide range of what has been studied in Brazil. The title of this volume of essays comes in handy: Latin American Shakespeares, in the plural, hinting at there being as many Shakespeares as there are productions, adaptations, translations, and films based on his work. Jorge Luis Borges himself affirmed, “When I think of Shakespeare I think of a multitude” (qtd in Tiffany 146. Nothing new here, since performance theory has made a point of not seeing the bard as one canonical, unified author, but as plural. The good news brought by this book is that it enables us to find out that so much has been written about Shakespeare in Latin America, especially in Brazil, Mexico and Argentina, while, alas, almost nothing appears from Paraguay or Bolivia. The editors, Bernice W. Kliman and Rick J. Santos, do not try to present hypotheses for this discrepancy, but the seventeen essays they select show a wide range of what has been studied in Brazil.

  5. Hydro-mechanical evolution of the EDZ as transport path for radionuclides and gas: insights from the Mont Terri rock laboratory (Switzerland)

    International Nuclear Information System (INIS)

    Paul Marschall, P.; Giger, S.; La Vassière De, R.

    2017-01-01

    The excavation damaged zone (EDZ) around the backfilled underground structures of a geological repository represents a release path for radionuclides, which needs to be addressed in the assessment of long-term safety. Additionally, the EDZ may form a highly efficient escape route for corrosion and degradation gases, thus limiting the gas overpressures in the backfilled repository structures. The efficiency of this release path depends not only on the shape and extent of the EDZ, but also on the self-sealing capacity of the host rock formation and the prevailing state conditions, such as in situ stresses and pore pressure. The hydro-mechanical and chemico-osmotic phenomena associated with the formation and temporal evolution of the EDZ are complex, thus precluding a detailed representation of the EDZ in conventional modelling tools for safety assessment. Therefore, simplified EDZ models, able to mimic the safety-relevant functional features of the EDZ in a traceable manner are required. In the framework of the Mont Terri Project, a versatile modelling approach has been developed for the simulation of flow and transport processes along the EDZ with the goal of capturing the evolution of hydraulic significance of the EDZ after closure of the backfilled underground structures. The approach draws on both empirical evidence and experimental data, collected in the niches and tunnels of the Mont Terri rock laboratory. The model was benchmarked with a data set from an in situ self-sealing experiment at the Mont Terri rock laboratory. This paper summarises the outcomes of the benchmark exercise that comprises relevant empirical evidence, experimental data bases and the conceptual framework for modelling the evolution of the hydraulic significance of the EDZ around a backfilled tunnel section during the entire re-saturation phase. (authors)

  6. Hydro-mechanical evolution of the EDZ as transport path for radionuclides and gas: insights from the Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Paul Marschall, P.; Giger, S. [National Cooperative for the Disposal of Radioactive Waste (NAGRA), Wettingen (Switzerland); La Vassière De, R. [Agence Nationale pour la Gestion des Déchets Radioactifs ANDRA, Meuse Haute-Marne, Center RD 960, Bure (France); and others

    2017-04-15

    The excavation damaged zone (EDZ) around the backfilled underground structures of a geological repository represents a release path for radionuclides, which needs to be addressed in the assessment of long-term safety. Additionally, the EDZ may form a highly efficient escape route for corrosion and degradation gases, thus limiting the gas overpressures in the backfilled repository structures. The efficiency of this release path depends not only on the shape and extent of the EDZ, but also on the self-sealing capacity of the host rock formation and the prevailing state conditions, such as in situ stresses and pore pressure. The hydro-mechanical and chemico-osmotic phenomena associated with the formation and temporal evolution of the EDZ are complex, thus precluding a detailed representation of the EDZ in conventional modelling tools for safety assessment. Therefore, simplified EDZ models, able to mimic the safety-relevant functional features of the EDZ in a traceable manner are required. In the framework of the Mont Terri Project, a versatile modelling approach has been developed for the simulation of flow and transport processes along the EDZ with the goal of capturing the evolution of hydraulic significance of the EDZ after closure of the backfilled underground structures. The approach draws on both empirical evidence and experimental data, collected in the niches and tunnels of the Mont Terri rock laboratory. The model was benchmarked with a data set from an in situ self-sealing experiment at the Mont Terri rock laboratory. This paper summarises the outcomes of the benchmark exercise that comprises relevant empirical evidence, experimental data bases and the conceptual framework for modelling the evolution of the hydraulic significance of the EDZ around a backfilled tunnel section during the entire re-saturation phase. (authors)

  7. Excavation Induced Hydraulic Response of Opalinus Clay - Investigations of the FE-Experiment at the Mont Terri URL in Switzerland

    Science.gov (United States)

    Vogt, T.; Müller, H. R.; Garitte, B.; Sakaki, T.; Vietor, T.

    2013-12-01

    The Full-Scale Emplacement (FE) Experiment at the Mont Terri underground research laboratory in Switzerland is a full-scale heater test in a clay-rich formation (Opalinus Clay). Based on the Swiss disposal concept it simulates the construction, emplacement, backfilling, and post-closure thermo-hydro-mechanical (THM) evolution of a spent fuel / vitrified high-level waste (SF / HLW) repository tunnel in a realistic manner. The main aim of this experiment is to investigate SF / HLW repository-induced THM coupled effects mainly in the host rock but also in the engineered barrier system (EBS), which consists of bentonite pellets and blocks. A further aim is to gather experience with full-scale tunnel construction and associated hydro-mechanical (HM) processes in the host rock. The entire experiment implementation (in a 50 m long gallery with approx. 3 m diameter) as well as the post-closure THM evolution will be monitored using a network of several hundred sensors (state-of-the-art sensors and measurement systems as well as fiber-optic sensors). The sensors are distributed in the host rock's near- and far-field, the tunnel lining, the EBS, and on the heaters. The heater emplacement and backfilling has not started yet, therefore only the host rock instrumentation is installed at the moment and is currently generating data. We will present the instrumentation concept and rationale as well as the first monitoring results of the excavation and ventilation phase. In particular, we investigated the excavation induced hydraulic response of the host rock. Therefore, the spatiotemporal evolution of porewater-pressure time series was analyzed to get a better understanding of HM coupled processes during and after the excavation phase as well as the impact of anisotropic geomechanic and hydraulic properties of the clay-rich formation on its hydraulic behavior. Excavation related investigations were completed by means of inclinometer data to characterize the non-elastic and time

  8. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

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

  9. Capital Structure and Stock Returns

    OpenAIRE

    Ivo Welch

    2002-01-01

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

  10. Mont Terri Project - Ventilation experiment in Opalinus Clay for the disposal of radioactive waste in underground repositories

    Energy Technology Data Exchange (ETDEWEB)

    Mayor, J. C. [Empresa Nacional de Residuos Radioactivos SA (ENRESA), Madrid (Spain); Garcia-Sineriz, J. [Asociacion para la Investigacion y Desarollo Industrial de los Recursos Naturales (AITEMIN), Madrid (Spain); Velasco, M. [DM Iberia SA, Madrid (Spain); Gomez-Hernandez, J. [Ingenieria Hidraulica y Medio Ambiente, Escuela de Ingenieros de Caminos (UPV), Valencia (Spain); Lloret, A.; Matray, J.-M. [IRSN/DEI/SARG/LETS, Fontenay-aux-Roses (France); Coste, F. [Aradis ESG, Sevres Cedex (France); Giraud, A. [LAEGO-ENSG, Vandoeuvre les Nancy (France); Rothfuchs, T. [Gesellschaft fuer Anlagen und Reaktorsicherheit mbH (GRS), Braunschweig (Germany); Marschall, P. [National Cooperative for the Disposal of Radioactive Waste (Nagra), Wettingen (Switzerland); Roesli, U. [Solexperts AG, Moenchaltorf (Switzerland); Mayer, G. [Colenco Power Engineering Ltd, Baden (Switzerland)

    2007-07-01

    The ventilation of the underground drifts during the construction and operation of a radioactive waste repository could produce the partial desaturation of the rock around the drifts, modifying its thermo-hydro-mechanical properties, especially in clayey rocks. This change of rock properties may have an impact on the design of the repositories (drifts spacing and repository size), which depends on the thermal load that the clay barrier and the rock can accept. To evaluate 'in situ' and better understand the desaturation process of a hard clay formation, the Ventilation Experiment (VE) has been carried out at the Mont Terri underground laboratory (Switzerland), generating a flow of dry air during several months along a section of a microtunnel. Specifically, the VE test has been performed, under practically isothermal conditions (T {approx_equal} 15-16 {sup o}C), in a 10 m long section of a non-lined horizontal microtunnel (diameter = 1.3 m), excavated in 1999 in the shaly facies of the Opalinus Clay of Mont Terri. The microtunnel is oriented perpendicular to the bedding strike direction of the rock (mean value of the bedding dip {approx_equal} 25{sup o}). The VE experiment real data and its modelling have shown that the desaturation of clayey rocks of low hydraulic conductivity (K < 10{sup -12} m/s) due to ventilation is very small. Under real repository conditions, the thermal and hydro-mechanical rock characteristics will not be practically affected by the ventilation. Specifically, the monitoring of the VE test (mainly the hygrometer data, confirmed also by the geoelectrical measurements) indicates that, after about 5 months of ventilation with almost dry air, the rock relative humidity (and then the degree of saturation) was less than 95% only in a ring of thickness less than 40 cm. Nevertheless, a suction state (subatmospheric liquid pressures) developed up to a distance of about 2 m, but it should be kept in mind that a clayey rock such as the

  11. Mont Terri Project - Ventilation experiment in Opalinus Clay for the disposal of radioactive waste in underground repositories

    International Nuclear Information System (INIS)

    Mayor, J. C.; Garcia-Sineriz, J.; Velasco, M.; Gomez-Hernandez, J.; Lloret, A.; Matray, J.-M.; Coste, F.; Giraud, A.; Rothfuchs, T.; Marschall, P.; Roesli, U.; Mayer, G.

    2007-01-01

    The ventilation of the underground drifts during the construction and operation of a radioactive waste repository could produce the partial desaturation of the rock around the drifts, modifying its thermo-hydro-mechanical properties, especially in clayey rocks. This change of rock properties may have an impact on the design of the repositories (drifts spacing and repository size), which depends on the thermal load that the clay barrier and the rock can accept. To evaluate 'in situ' and better understand the desaturation process of a hard clay formation, the Ventilation Experiment (VE) has been carried out at the Mont Terri underground laboratory (Switzerland), generating a flow of dry air during several months along a section of a microtunnel. Specifically, the VE test has been performed, under practically isothermal conditions (T ≅ 15-16 o C), in a 10 m long section of a non-lined horizontal microtunnel (diameter = 1.3 m), excavated in 1999 in the shaly facies of the Opalinus Clay of Mont Terri. The microtunnel is oriented perpendicular to the bedding strike direction of the rock (mean value of the bedding dip ≅ 25 o ). The VE experiment real data and its modelling have shown that the desaturation of clayey rocks of low hydraulic conductivity (K -12 m/s) due to ventilation is very small. Under real repository conditions, the thermal and hydro-mechanical rock characteristics will not be practically affected by the ventilation. Specifically, the monitoring of the VE test (mainly the hygrometer data, confirmed also by the geoelectrical measurements) indicates that, after about 5 months of ventilation with almost dry air, the rock relative humidity (and then the degree of saturation) was less than 95% only in a ring of thickness less than 40 cm. Nevertheless, a suction state (subatmospheric liquid pressures) developed up to a distance of about 2 m, but it should be kept in mind that a clayey rock such as the Opalinus Clay is quasi-saturated for suction values up

  12. Predictive hydro-mechanical excavation simulation of a mine-by test at the Mont Terri rock laboratory

    International Nuclear Information System (INIS)

    Krug, St.; Shao, H.; Hesser, J.; Nowak, T.; Kunz, H.; Vietor, T.

    2010-01-01

    Document available in extended abstract form only. The Mont Terri rock laboratory was extended from mid October 2007 to end 2008 with the goal to allow the project partners to continue their cooperative research on the long term. The extension of the underground laboratory by the excavation of an additional 165 metres long access tunnel (Gallery 08) with four niches was taken as opportunity to conduct an instrumented mine-by test in one of the niches (Niche 2/Niche MB). The measurements during the bedding parallel excavation provided a large amount of data as a basis to understand the hydro-mechanical (HM) coupled behaviour of Opalinus Clay around the excavated niche. BGR was involved in the in-situ investigations (seismic measurements) as a member of the experiment team consisting of five organisations (incl. NAGRA, ANDRA, GRS, Obayashi). An important issue for BGR is the application of the numerical code RockFlow (RF) for HM coupled simulations in order to understand the behaviour of Opalinus Clay by the use of the gained measuring data for validation. Under the management of NAGRA a blind prediction was carried out for a group of modelers belonging to some of the experiment team organisations. After a first comparison between the numerical results of different HM coupled models during the prediction meeting of the teams in June 2009 the measurement data are provided by NAGRA in order to validate the numerical models. Basically the model predictions have already shown the correct tendencies and ranges of observed deformation and pore water pressure evolution besides some under- or overestimations. The future RF validation results after having done some slight parameter adjustments are intended to be presented in the paper. The excavation of Niche 2 was done from 13 October to 7 November 2008 with a constant excavation rate of 1.30 m per day. The orientation of the niche follows the bedding strike, which amounts 60 deg.. The bedding planes have an average dip of

  13. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  14. Richard T. (Rick) Elander | NREL

    Science.gov (United States)

    saccharification Process integration and scale-up Process separations and product recovery Industrial various enzymatic and thermochemical hydrolysis routes. He has direct experience in designing , implementing, and utilizing biomass pretreatment, biomass slurry solid-liquid separation, and enzymatic

  15. Analysis of Economic Factors Affecting Stock Market

    OpenAIRE

    Xie, Linyin

    2010-01-01

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

  16. Microbial analyses of clay and water from different samples from the Mont Terri Rock Laboratory (RL), Switzerland

    International Nuclear Information System (INIS)

    Sergeant, C.; Vesvres, M.H.; Barsotti, V.; Stroes-Gascoyne, S.; Hamon, C.J.; Neble, S.; Shippers, A.; Le Marrec, C.; Vinsot, A.; Schwyn, B.

    2010-01-01

    Document available in extended abstract form only. Exploration of deep subsurface microbial life has increased for very diverse motives. One of them is that these environments are potential host rocks for radioactive waste repositories and that microorganisms may influence geochemical conditions around such sites and migration properties of radionuclides. The pore water Chemistry experiment (PC) was conducted at the Mont Terri-RL to measure in situ the pH, Eh, and other geochemical parameters within the pore water of the Opalinus Clay formation. The borehole for PC was drilled with N 2 under clean but not aseptic conditions, filled immediately with synthetic pore water, which was circulated and monitored for five years. Soon after initiation of PC it was evident that microbial activity affected the borehole water geochemistry. Microbial analyses, including molecular biology and culturing methods, were performed repeatedly during PC (2003-2006), with detailed analysis of water and over-core clay upon termination in 2007. Results indicated the presence of heterotrophic aerobes and anaerobes, nitrate-reducers, iron-reducers, sulphate-reducers and Archaea, which together with geochemical data suggested a reducing environment with sulphate reduction in the water and adjacent clay. A black precipitate containing pyrite and a strong H 2 S smell confirmed the occurrence of sulphate reduction. Specific species identified (> 98% similarity) in PC water included Pseudomonas stutzeri, Bacillus licheniformis, and Desulfosporosinus sp., with similar and additional species (e.g., Trichococcus sp.; Koccuria sp.) in the clay. The origin of these (mostly anaerobic) species cannot be determined with certainty. Some species likely resulted from contamination, but others could be revived species indigenous in the Opalinus Clay. The microbial processes that occurred in PC are not representative of the processes in the undisturbed formation but illustrate the potential for microbial

  17. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

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

  18. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

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

  19. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

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

  20. Distribution characteristics of stock market liquidity

    Science.gov (United States)

    Luo, Jiawen; Chen, Langnan; Liu, Hao

    2013-12-01

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

  1. Parallel Prediction of Stock Volatility

    Directory of Open Access Journals (Sweden)

    Priscilla Jenq

    2017-10-01

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

  2. Do More Economists Hold Stocks?

    DEFF Research Database (Denmark)

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

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

  3. Monitoring the Excavation Damaged Zone in Opalinus clay by three dimensional reconstruction of the electrical resistivity in the Mont Terri gallery G-04

    Science.gov (United States)

    Lesparre, N.; Adler, A.; Nicollin, F.; Gibert, D.; Nussbaum, C.

    2012-04-01

    The characteristics of opalinus clay have been studied in the last years for its capacity to retain radionuclide transport as a low permeable rock. This formation presents thereby suitable properties for hosting repository sites of radioactive waste. The Mont Terri underground rock laboratory (Switzerland) has been excavated in opalinus clay layer in order to develop experiences improving the knowledge on the physico-chemical properties of the rock. The study of electrical properties furnishes information on the rock structure, its anisotropy and the changes of these properties with time (Nicollin et al., 2010 ; Thovert et al., 2011). Here the three dimensional reconstruction of the electrical resistivity aims at monitoring the temporal evolution of the excavation damaged zone. Three rings of electrodes have been set-up around the gallery and voltage is measured between two electrodes while a current is injected between two others (Gibert et al., 2006). Measurements have been achieved from July 2004 until April 2008 before, during and after the excavation of the gallery 04. In this study we develop a computational approach to reconstruct three dimensional images of the resistivity in the vicinity of the electrodes. A finite element model is used to represent the complex geometry of the gallery. The measurements inferred from a given resistivity distribution are estimated using the software EIDORS (Adler and Lionheart, 2006), this constitutes the forward problem. The reconstruction of the media resistivity is then implemented by fitting the estimated to the measured data, via the resolution of an inverse problem. The parameters of this inverse problem are defined by mapping the forward problem elements into a coarser mesh. This allows to reduce drastically the number of unknowns and so increases the robustness of the inversion. The inversion is executed with the conjugate gradient method regularised by an analysis of the Jacobian singular values. The results show an

  4. A Test and Extension of Lane and Terry's (2000) Conceptual Model of Mood-Performance Relationships Using a Large Internet Sample.

    Science.gov (United States)

    Lane, Andrew M; Terry, Peter C; Devonport, Tracey J; Friesen, Andrew P; Totterdell, Peter A

    2017-01-01

    The present study tested and extended Lane and Terry (2000) conceptual model of mood-performance relationships using a large dataset from an online experiment. Methodological and theoretical advances included testing a more balanced model of pleasant and unpleasant emotions, and evaluating relationships among emotion regulation traits, states and beliefs, psychological skills use, perceptions of performance, mental preparation, and effort exerted during competition. Participants ( N = 73,588) completed measures of trait emotion regulation, emotion regulation beliefs, regulation efficacy, use of psychological skills, and rated their anger, anxiety, dejection, excitement, energy, and happiness before completing a competitive concentration task. Post-competition, participants completed measures of effort exerted, beliefs about the quality of mental preparation, and subjective performance. Results showed that dejection associated with worse performance with the no-dejection group performing 3.2% better. Dejection associated with higher anxiety and anger scores and lower energy, excitement, and happiness scores. The proposed moderating effect of dejection was supported for the anxiety-performance relationship but not the anger-performance relationship. In the no-dejection group, participants who reported moderate or high anxiety outperformed those reporting low anxiety by about 1.6%. Overall, results showed partial support for Lane and Terry's model. In terms of extending the model, results showed dejection associated with greater use of suppression, less frequent use of re-appraisal and psychological skills, lower emotion regulation beliefs, and lower emotion regulation efficacy. Further, dejection associated with greater effort during performance, beliefs that pre-competition emotions did not assist goal achievement, and low subjective performance. Future research is required to investigate the role of intense emotions in emotion regulation and performance.

  5. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

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

  6. Based on BP Neural Network Stock Prediction

    Science.gov (United States)

    Liu, Xiangwei; Ma, Xin

    2012-01-01

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

  7. Electrical tomography monitoring of the EDZ during the excavation of the gallery Ga08 in the Mont Terri URL

    International Nuclear Information System (INIS)

    Nicollin, Florence; Gibert, Dominique; Lesparre, Nolwenn; Nussbaum, Christophe

    2010-01-01

    Document available in extended abstract form only. In the Mont Terri Underground Rock Laboratory, the excavation of the new gallery Ga08 provided a unique opportunity to monitor the excavation damaged zone (EDZ) in the Opalinus clay, at time scales ranging from hours to months. The excavation of the gallery Ga08 has started from the northern end of the URL and has progressed towards the South, ending by the junction with the end of the gallery Ga04. Several geophysical and geochemical methods were performed from the end face of the gallery Ga04, to observe the evolution of the rock mass located in the so-called EZ-G08 section during the progress of the excavation. Thus, electrical resistivity measurements were performed, with electrodes placed both on the Ga04 face and in boreholes perpendicular to the face. These experiments revealed a strong anisotropy of the electrical resistivity of the rock mass, and they allowed to study the temporal evolution of the electrical resistivity in the EDZ. An array of more than 700 electrodes was installed on the rough face according to a square mesh with a mean side of 30 cm. On each line of the mesh, the electrodes were equally spaced every 15 cm. 4 horizontal boreholes, 8 m long and 56 mm in diameter, were equipped with lines of 64 electrodes equally spaced every 5 cm. Finally, 2 groups of 4 boreholes, 1 m long and spaced about 20 cm, were equipped with lines of 16 electrodes equally spaced every 5 cm. Using the electrode array of the face, Wenner profiles were acquired along both the horizontal and the vertical lines, highlighting a strong anisotropy of electrical resistivity since the values depend on the direction in which they are measured. In order to characterize this anisotropy, other measurements were done using the array of the face and the lines of the short boreholes, with the so-called square array configuration where the electrodes are located at the corners of squares with different orientations. On the face

  8. Mont Terri Project - Engineered barrier emplacement experiment in Opalinus Clay for the disposal of radioactive waste in underground repositories

    International Nuclear Information System (INIS)

    Mayor, J. C.; Garcia-Sineriz, J.; Alonso, E.; Alheid, H.-J.; Bluemling, P.

    2007-01-01

    The Engineered Barrier (EB) experiment was a full-scale test for the demonstration, in a horizontal drift, of an emplacement technics of the clay barrier, using a granular bentonite material in the upper part of this barrier and bentonite blocks at the bottom. The test has been carried out in a 6 m long section of a niche excavated in Opalinus Clay of the Mont Terri underground laboratory. A steel dummy canister, with the same dimensions and weight as the real reference canisters, was placed on top of a bed of highly compacted bentonite blocks (in turn lying on a concrete bed), and the rest of the clay barrier volume was backfilled with a Granular Bentonite Material (GBM), made of very highly compacted pellets of different sizes. Hydro-mechanical instrumentation and an artificial hydration system (to accelerate the saturation of the clay barrier) were installed, and the test section sealed with a concrete plug. The evolution of the hydro-mechanical parameters along the hydration, both in the barrier and in the clayey rock formation, has been monitored during about 1.5 years, and modelled using the CODE-BRIGHT code. The EB experiment has proved that fully automated production of a Granular Bentonite Material (GBM) is possible and large quantities can be produced in due time in the required quality. Only minor modifications of existing production lines in industry for other applications were necessary to achieve this result. In the EB test section, a dry density of 1.36 g/cm 3 of the emplaced GBM has been obtained. With this value it is estimated that the hydraulic conductivity of this material is lower than 5 x 10 -12 m/s and the swelling pressure is about 1.3 MPa. Even though the EB test section conditions are now not considered as representative of a true demonstration, it is deemed that the model emplacement testing results (dry density of about 1.40 g/cm 3 ) serve well to demonstrate the achievable densities expected in the real world setting. The artificial

  9. Mont Terri Project - Engineered barrier emplacement experiment in Opalinus Clay for the disposal of radioactive waste in underground repositories

    Energy Technology Data Exchange (ETDEWEB)

    Mayor, J. C. [Empresa Nacional de Residuos Radioactivos SA (ENRESA), Madrid (Spain); Garcia-Sineriz, J. [Asociacion para la Investigacion y Desarollo Industrial de los Recursos Naturales (AITEMIN), Madrid (Spain); Alonso, E. [Centre Internacional de Metodos Numerics en Ingenyeria (CIMNE), Barcelona (Spain); Alheid, H.-J. [Bundesanstalt fuer Geowissenschaften und Rohstoffe (BGR), Hannover (Germany); Bluemling, P. [National Cooperative for the Disposal of Radioactive Waste (Nagra), Wettingen (Switzerland)

    2007-07-01

    The Engineered Barrier (EB) experiment was a full-scale test for the demonstration, in a horizontal drift, of an emplacement technics of the clay barrier, using a granular bentonite material in the upper part of this barrier and bentonite blocks at the bottom. The test has been carried out in a 6 m long section of a niche excavated in Opalinus Clay of the Mont Terri underground laboratory. A steel dummy canister, with the same dimensions and weight as the real reference canisters, was placed on top of a bed of highly compacted bentonite blocks (in turn lying on a concrete bed), and the rest of the clay barrier volume was backfilled with a Granular Bentonite Material (GBM), made of very highly compacted pellets of different sizes. Hydro-mechanical instrumentation and an artificial hydration system (to accelerate the saturation of the clay barrier) were installed, and the test section sealed with a concrete plug. The evolution of the hydro-mechanical parameters along the hydration, both in the barrier and in the clayey rock formation, has been monitored during about 1.5 years, and modelled using the CODE-BRIGHT code. The EB experiment has proved that fully automated production of a Granular Bentonite Material (GBM) is possible and large quantities can be produced in due time in the required quality. Only minor modifications of existing production lines in industry for other applications were necessary to achieve this result. In the EB test section, a dry density of 1.36 g/cm{sup 3} of the emplaced GBM has been obtained. With this value it is estimated that the hydraulic conductivity of this material is lower than 5 x 10{sup -12} m/s and the swelling pressure is about 1.3 MPa. Even though the EB test section conditions are now not considered as representative of a true demonstration, it is deemed that the model emplacement testing results (dry density of about 1.40 g/cm{sup 3}) serve well to demonstrate the achievable densities expected in the real world setting. The

  10. Persistent collective trend in stock markets

    Science.gov (United States)

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

    2010-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Irshad Hira

    2017-08-01

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

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

    OpenAIRE

    Irshad Hira

    2017-01-01

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

  13. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Liem Pei Fun

    2012-01-01

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

  15. 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.

  16. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

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

    2018-03-01

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

  17. Biogeochemical processes in a clay formation in situ experiment: Part E - Equilibrium controls on chemistry of pore water from the Opalinus Clay, Mont Terri Underground Research Laboratory, Switzerland

    Energy Technology Data Exchange (ETDEWEB)

    Pearson, F.J., E-mail: fjpearson@gmail.com [Ground-Water Geochemistry, 5108 Trent Woods Dr., New Bern, NC 28562 (United States); Tournassat, Christophe; Gaucher, Eric C. [BRGM, B.P. 36009, 45060 Orleans Cedex 2 (France)

    2011-06-15

    Highlights: > Equilibrium models of water-rock reactions in clay rocks are reviewed. > Analyses of pore waters of the Opalinus Clay from boreholes in the Mont Terri URL, Switzerland, are tabulated. > Results of modelling with various mineral controls are compared with the analyses. > Best agreement results with calcite, dolomite and siderite or daphnite saturation, Na-K-Ca-Mg exchange and/or kaolinite, illite, quartz and celestite saturation. > This approach allows calculation of the chemistry of pore water in clays too impermeable to yield water samples. - Abstract: The chemistry of pore water (particularly pH and ionic strength) is an important property of clay rocks being considered as host rocks for long-term storage of radioactive waste. Pore waters in clay-rich rocks generally cannot be sampled directly. Instead, their chemistry must be found using laboratory-measured properties of core samples and geochemical modelling. Many such measurements have been made on samples from the Opalinus Clay from the Mont Terri Underground Research Laboratory (URL). Several boreholes in that URL yielded water samples against which pore water models have been calibrated. Following a first synthesis report published in 2003, this paper presents the evolution of the modelling approaches developed within Mont Terri URL scientific programs through the last decade (1997-2009). Models are compared to the composition of waters sampled during dedicated borehole experiments. Reanalysis of the models, parameters and database enabled the principal shortcomings of the previous modelling efforts to be overcome. The inability to model the K concentrations correctly with the measured cation exchange properties was found to be due to the use of an inappropriate selectivity coefficient for Na-K exchange; the inability to reproduce the measured carbonate chemistry and pH of the pore waters using mineral-water reactions alone was corrected by considering clay mineral equilibria. Re

  18. Feasibility study for the preparation of a twin-hole disposal configuration test at the Mont Terri URL - MACH-2. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Jobmann, M.; Wolf, J.

    2009-08-15

    The German Federal Government has announced that research and development activities concerning final repositories for high-level waste are to focus on clay formations as host rock in order to investigate alternatives to salt rock which is favoured in the current reference concept. Within the scope of design calculations for a final repository in clay formations, thermohydro-mechanical interaction effects have thus been studied, but only based on numerical calculation. The currently preferred disposal concept is based on the emplacement of heat-generating waste in vertical boreholes with a depth of 50 m maximum. How strongly thermally induced interaction between adjacent emplacement boreholes affects a system of vertical boreholes in claystone has not yet been investigated in-situ. However, these interaction effects need to be considered as in a real repository the emplacement boreholes are drilled successively and, depending on the delivery and necessary cooling-off time of the containers at the interim storage facility, are filled at corresponding intervals. The main goal of the suggested in-situ experiment is to investigate the THM interaction of two adjacent emplacement boreholes that are filled and heated at different times. The project is to be planned and carried out jointly by DBE TECHNOLOGY GmbH and GRS. The Federal Institute for Geosciences and Natural Resources (GBR) has declared its interest in participating. A location for this experiment has been found at the underground research laboratory in Mont Terri, Switzerland, which is located in an Opalinus-clay formation. The project has been presented to the Mont Terri consortium, and a positive vote to carry out the experiment was obtained. The exact location of the experiment has been set within the so-called ''sandy facies'' of the rock lab which is similar to the German part of the Opalinus clay. Since time and costs involved in such a major project cannot be reliably estimated

  19. Stock Market Expectations of Dutch Households.

    Science.gov (United States)

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

    2011-04-01

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

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

    African Journals Online (AJOL)

    Helet Lambrechts

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

  1. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

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

  2. Behavioral heterogeneity in stock prices

    NARCIS (Netherlands)

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

    2007-01-01

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

  3. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

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

  4. Dispositional optimism and stock investments

    NARCIS (Netherlands)

    Angelini, Viola; Cavapozzi, D.

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

  5. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

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

  6. Validating Virtual Safety Stock Effectiveness through Simulation

    Directory of Open Access Journals (Sweden)

    Maria Elena Nenni

    2013-08-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    NARCIS (Netherlands)

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

    2010-01-01

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

  9. Microbial investigations in Opalinus clay from Mont Terri and in Callovo-Oxfordian argillite from Meuse/Haute-Marne; Caracterisation microbiologique de l'argile a opalinus du Mont Terri et de l'argilite du callovo-oxfordien de Meuse/Haute-Marne

    Energy Technology Data Exchange (ETDEWEB)

    Poulain, S

    2006-12-15

    The subject of this Ph.D. thesis deals with research achieved in the context of the Axis 2 of the law Bataille voted on December 30, 1991 about the possibility of building a deep geological repository for medium or high activity and long living nuclear waste. Nearby such a site, some microorganisms may influence the mobility of radionuclides coming from the waste canisters. This work consisted in looking for autochthonous microorganisms in the Opalinus clay formation from Mont Terri (Switzerland) and in the Callovo-Oxfordian argillite from Meuse/Haute-Marne (France). Microbial Investigations in these unknown unperturbed environments suggested very low microbial densities in the clayey sediments. However, new bacterial species could be isolated from those samples. In addition, a part of the allochthonous population, which has been introduced by air and human activity, could be identified in the Meuse/Haute-Marne underground research laboratory. (author)

  10. Microbial investigations in Opalinus clay from Mont Terri and in Callovo-Oxfordian argillite from Meuse/Haute-Marne; Caracterisation microbiologique de l'argile a opalinus du Mont Terri et de l'argilite du callovo-oxfordien de Meuse/Haute-Marne

    Energy Technology Data Exchange (ETDEWEB)

    Poulain, S

    2006-12-15

    The subject of this Ph.D. thesis deals with research achieved in the context of the Axis 2 of the law Bataille voted on December 30, 1991 about the possibility of building a deep geological repository for medium or high activity and long living nuclear waste. Nearby such a site, some microorganisms may influence the mobility of radionuclides coming from the waste canisters. This work consisted in looking for autochthonous microorganisms in the Opalinus clay formation from Mont Terri (Switzerland) and in the Callovo-Oxfordian argillite from Meuse/Haute-Marne (France). Microbial Investigations in these unknown unperturbed environments suggested very low microbial densities in the clayey sediments. However, new bacterial species could be isolated from those samples. In addition, a part of the allochthonous population, which has been introduced by air and human activity, could be identified in the Meuse/Haute-Marne underground research laboratory. (author)

  11. Students Invest in the Stock Market

    Science.gov (United States)

    Parker, George O.

    1977-01-01

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

  12. Stochastic GARCH dynamics describing correlations between stocks

    Science.gov (United States)

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

    2014-09-01

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

  13. Maintenance Appointments in Railway Rolling Stock Rescheduling

    NARCIS (Netherlands)

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

    2016-01-01

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

  14. On the Design of Artificial Stock Markets

    NARCIS (Netherlands)

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

    2005-01-01

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

  15. Are Stock and Corporate Bond Markets Integrated?

    NARCIS (Netherlands)

    van Zundert, J.; Driessen, Joost

    2017-01-01

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

  16. Stock market dynamics created by interacting agents

    Directory of Open Access Journals (Sweden)

    Mohamed Riad Remita

    2006-01-01

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

  17. Analysis of Naval Ammunition Stock Positioning

    Science.gov (United States)

    2015-12-01

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

  18. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

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

  19. Stocking chart for upland central hardwoods

    Science.gov (United States)

    Martin E. Dale; Donald E. Hilt

    1989-01-01

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

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

    Institute of Scientific and Technical Information of China (English)

    王钊

    2014-01-01

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

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

    Czech Academy of Sciences Publication Activity Database

    Baxa, Jaromír

    2007-01-01

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

  2. 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.

  3. Valuation of common and preferred stocks

    Directory of Open Access Journals (Sweden)

    Nikolić Ljubica

    2014-01-01

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

  4. Does Employee Stock Ownership Work?

    DEFF Research Database (Denmark)

    Kato, Takao; Miyajima, Hideaki; Owan, Hideo

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

  5. 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....

  6. 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.

  7. Tick size and stock returns

    Science.gov (United States)

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

    2009-02-01

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

  8. Self-sealing barriers of sand/bentonite-mixtures in a clay repository. SB-experiment in the Mont Terri Rock Laboratory. Final report

    International Nuclear Information System (INIS)

    Rothfuchs, Tilmann; Czaikowski, Oliver; Hartwig, Lothar; Hellwald, Karsten; Komischke, Michael; Miehe, Ruediger; Zhang, Chun-Liang

    2012-10-01

    Several years ago, GRS performed laboratory investigations on the suitability of clay/mineral mixtures as optimized sealing materials in underground repositories for radioactive wastes /JOC 00/ /MIE 03/. The investigations yielded promising results so that plans were developed for testing the sealing properties of those materials under representative in-situ conditions in the Mont Terri Rock Laboratory (MTRL). The project was proposed to the ''Projekttraeger Wassertechnologie und Entsorgung (PtWT+E)'', and finally launched in January 2003 under the name SB-project (''Self-sealing Barriers of Clay/Mineral Mixtures in a Clay Repository''). The project was divided in two parts, a pre-project running from January 2003 until June 2004 under contract No. 02E9713 /ROT 04/ and the main project running from January 2004 until June 2012 under contract No. 02E9894 with originally PtWT+E, later renamed as PTKA-WTE. In the course of the pre-project it was decided to incorporate the SB main project as a cost shared action of PtWT+E and the European Commission (contract No. FI6W-CT-2004-508851) into the EC Integrated Project ESDRED (Engineering Studies and Demonstrations of Repository Designs) performed by 11 European project partners within the 6th European framework programme. The ESDRED project was terminated prior to the termination of the SB project. Interim results were reported by mid 2009 in two ESDRED reports /DEB09/ /SEI 09/. This report presents the results achieved in the whole SB-project comprising preceding laboratory investigations for the final selection of suited material mixtures, the conduction of mock-up tests in the geotechnical laboratory of GRS in Braunschweig and the execution of in-situ experiments at the MTRL.

  9. Impact of the electron donor on in situ microbial nitrate reduction in Opalinus Clay: results from the Mont Terri rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Bleyen, N.; Smets, S. [Belgian Nuclear Research Centre SCK-CEN, Mol (Belgium); Small, J. [National Nuclear Laboratory NLL, Warrington (United Kingdom); and others

    2017-04-15

    At the Mont Terri rock laboratory (Switzerland), an in situ experiment is being carried out to examine the fate of nitrate leaching from nitrate-containing bituminized radioactive waste, in a clay host rock for geological disposal. Such a release of nitrate may cause a geochemical perturbation of the clay, possibly affecting some of the favorable characteristics of the host rock. In this in situ experiment, combined transport and reactivity of nitrate is studied inside anoxic and water-saturated chambers in a borehole in the Opalinus Clay. Continuous circulation of the solution from the borehole to the surface equipment allows a regular sampling and online monitoring of its chemical composition. In this paper, in situ microbial nitrate reduction in the Opalinus Clay is discussed, in the presence or absence of additional electron donors relevant for the disposal concept and likely to be released from nitrate-containing bituminized radioactive waste: acetate (simulating bitumen degradation products) and H{sub 2} (originating from radiolysis and corrosion in the repository). The results of these tests indicate that - in case microorganisms would be active in the repository or the surrounding clay - microbial nitrate reduction can occur using electron donors naturally present in the clay (e.g. pyrite, dissolved organic matter). Nevertheless, non-reactive transport of nitrate in the clay is expected to be the main process. In contrast, when easily oxidizable electron donors would be available (e.g. acetate and H{sub 2}), the microbial activity will be strongly stimulated. Both in the presence of H{sub 2} and acetate, nitrite and nitrogenous gases are predominantly produced, although some ammonium can also be formed when H{sub 2} is present. The reduction of nitrate in the clay could have an impact on the redox conditions in the pore-water and might also lead to a gas-related perturbation of the host rock, depending on the electron donor used during denitrification

  10. Deformation mechanisms and evolution of the microstructure of gouge in the Main Fault in Opalinus Clay in the Mont Terri rock laboratory (CH)

    Science.gov (United States)

    Laurich, Ben; Urai, Janos L.; Vollmer, Christian; Nussbaum, Christophe

    2018-01-01

    We studied gouge from an upper-crustal, low-offset reverse fault in slightly overconsolidated claystone in the Mont Terri rock laboratory (Switzerland). The laboratory is designed to evaluate the suitability of the Opalinus Clay formation (OPA) to host a repository for radioactive waste. The gouge occurs in thin bands and lenses in the fault zone; it is darker in color and less fissile than the surrounding rock. It shows a matrix-based, P-foliated microfabric bordered and truncated by micrometer-thin shear zones consisting of aligned clay grains, as shown with broad-ion-beam scanning electron microscopy (BIB-SEM) and optical microscopy. Selected area electron diffraction based on transmission electron microscopy (TEM) shows evidence for randomly oriented nanometer-sized clay particles in the gouge matrix, surrounding larger elongated phyllosilicates with a strict P foliation. For the first time for the OPA, we report the occurrence of amorphous SiO2 grains within the gouge. Gouge has lower SEM-visible porosity and almost no calcite grains compared to the undeformed OPA. We present two hypotheses to explain the origin of gouge in the Main Fault: (i) authigenic generation consisting of fluid-mediated removal of calcite from the deforming OPA during shearing and (ii) clay smear consisting of mechanical smearing of calcite-poor (yet to be identified) source layers into the fault zone. Based on our data we prefer the first or a combination of both, but more work is needed to resolve this. Microstructures indicate a range of deformation mechanisms including solution-precipitation processes and a gouge that is weaker than the OPA because of the lower fraction of hard grains. For gouge, we infer a more rate-dependent frictional rheology than suggested from laboratory experiments on the undeformed OPA.

  11. The past and future of food stocks

    International Nuclear Information System (INIS)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Tajus Subqi

    2016-08-01

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

  13. 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.

  14. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

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

  15. 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.

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

    OpenAIRE

    Grobys, Klaus

    2011-01-01

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

  17. Long Memory in the Greek Stock Market

    OpenAIRE

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

    1996-01-01

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

  18. Looking Back on the Stock Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  19. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

    2013-01-01

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

  20. Stock returns and foreign investment in Brazil

    OpenAIRE

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

    2008-01-01

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

  1. Macroeconomic Forces and Stock Returns in Vietnam

    OpenAIRE

    Phan, Van Hang

    2008-01-01

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

  2. A new Loan-Stock Financial Instrument

    OpenAIRE

    Morozovsky, Alexander; Narasimhan, Rajan; Kholodenko, Yuri

    2000-01-01

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

  3. 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.

  4. Elements of stock market analysis

    Directory of Open Access Journals (Sweden)

    Suciu, T.

    2013-12-01

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

  5. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

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

    2000-01-01

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

  6. The Speculative Nature of Stock Market

    Directory of Open Access Journals (Sweden)

    Bogdan-Gabriel FILIPESCU

    2011-12-01

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

  7. Risk management of stock index futures

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

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

  8. Material Stock Demographics: Cars in Great Britain.

    Science.gov (United States)

    Cabrera Serrenho, André; Allwood, Julian M

    2016-03-15

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

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

    OpenAIRE

    Gail Ncube; Kapingura Forget Mingiri

    2015-01-01

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

  10. 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. ...

  11. Al menos, un poco de aire fresco. Contribución a una relectura de la paz y la libertad religiosa desde la encíclica Pacem in terris

    Directory of Open Access Journals (Sweden)

    Alberto Echeverri

    2014-09-01

    Full Text Available In the fiftieth anniversary of the publication of the Pacem in terris of John XXIII, contemporary to the beginning of the II Vatican Council, the text makes emphasis on the interrelationship between peace and religious liberty as a result of the opening allowed by the encyclical that was determinant to overcome the tolerance attitude in religious issues that was promoted by the Roman Catholic Church in the last century. The conciliation assembly highlights the contributions made by two specific documents: the Religious Liberty Decree and the Declaration regarding Non-Christian Religions. The assembly also suggests some lines to reflect about religious liberty in a discussion among diverse religious organizations.

  12. Reply to: Terry, J. and Goff, J. comment on “Late Cenozoic sea level and the rise of modern rimmed atolls” by Toomey et al. (2016), Palaeogeography, Palaeoclimatology, Palaeoecology 4 51: 73–83.

    Science.gov (United States)

    Toomey, Michael; Ashton, Andrew; Raymo, Maureen E.; Perron, J. Taylor

    2017-01-01

    We appreciate Terry and Goff's thoughtful comment in response to our proposed atoll development model. Flank collapse of reef-built slopes likely does affect plan-form atoll morphology in some locations and potentially poses a tsunami hazard to low-lying Pacific islands (Terry and Goff, 2013). However, given the often rapid rates of lagoon infill (> 1 mm/yr; Montaggioni, 2005), such failure events would likely need to be frequent and widespread in order to leave a morphologic imprint on modern western Pacific atoll lagoon depths. Few atoll flank collapse features have been dated but many of the arcuate bight-like structures (ABLS) identified could be inherited from scars incised into the initial volcanic edifice (e.g. Terry and Goff, 2013 and refs. therein) — submarine mass wasting has been extensively documented on young hotspot islands (e.g. Hawaiian Islands: Moore et al., 1989; Reunion: Oehler et al., 2008). Atolls in the Marshall Islands, where our main study site Enewetak Atoll is located, are likely ~ 50–100 million years old (Larson et al., 1995) and dating of adjacent deep-water turbidite aprons in the Nauru Basin (DSDP Site 462; Schlanger and Silva, 1986) suggests that large atoll flank collapse events have been relatively infrequent there since the mid-Miocene (wasting events, will be essential for exploring the plan-form and 3D shapes of atolls. To our knowledge, no quantitative model of long-term atoll development has explicitly linked lagoon restriction/sedimentation to episodic flank collapse events (e.g. Montaggioni et al., 2015; Paterson et al., 2006; Quinn, 1991; Warrlich et al., 2002). Testing Terry and Goff's proposed conceptual model for how rim failure processes affect atoll morphology in a numerical context will require deep drilling along arcuate bight-like structures, as well as adjacent, unaffected, rim and lagoon areas, in order quantify how often failures occur and how quickly the rim/lagoon is rebuilt afterwards. The model we present

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

    Science.gov (United States)

    Draze, Dianne

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

  14. 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

  15. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

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

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

    OpenAIRE

    Matveev, Aleksandr

    2014-01-01

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

  17. Do stock prices drive people crazy?

    Science.gov (United States)

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

    2015-03-01

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

  18. Physico-chemical characterisation and sorption measurements of Cs, Sr, Ni, Eu, Th, Sn and Se on Opalinus clay from Mont Terri

    International Nuclear Information System (INIS)

    Lauber, Matthias; Baeyens, Bart; Bradbury, Michael H.

    2000-12-01

    Opalinus Clay is currently under investigation as a potential host rock for the disposal of high level and long-lived intermediate radioactive waste. A throughout physico-chemical characterisation was carried out on a bore core sample from the underground rock laboratory Mont Terri (Canton Jura). The results of these investigations indicate that the major characteristics (mineralogy, cation exchange capacity, cation occupancies, selectivity coefficients, chloride and sulphate inventories) were very similar to a different core sample, previously used for pore water modelling studies. It was concluded that the pore water compositions derived in the earlier studies were reliable and could be used in this work. The organic matter which dissolved from the Opalinus Clay rock was not humic or fulvic acids and the concentration remaining in the liquid phase in the sorption experiments was < 0.5 ppm C. The organic matter is therefore considered to have little or no influence on the sorption behaviour of the studied radionuclides. Redox potential measurements of the Opalinus Clay/synthetic pore water system inside the glove boxes indicated anoxic conditions. The main focus of the experimental work presented here is on the sorption behaviour of Cs (I), Sr (II), Ni (II), Eu (III), Th (IV), Sn (IV) and Se (IV) on Opalinus Clay equilibrated with synthetic pore waters at pH 6.3 and 8. Sorption isotherms were measured for Cs, Ni, Eu, Th and Se. Single point data were measured for Sr and Sn. For all radionuclides studied the sorption kinetics were measured first. The times required to complete the sorption on the Opalinus Clay varied between one day for Th and one month for Ni and Se. Within the concentration ranges under study the uptake of Cs, Ni, Eu and Se on Opalinus Clay was non-linear, whereas for Th a linear sorption behaviour was observed. For Ni, Eu and Th the sorption increased with increasing pH. For Cs a pH independent sorption behaviour was observed. The concentration

  19. Pore-water evolution and solute-transport mechanisms in Opalinus Clay at Mont Terri and Mont Russelin (Canton Jura, Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Mazurek, M. [Institute of Geological Sciences, University of Berne, Berne (Switzerland); Haller de, A. [Earth and Environmental Sciences, University of Geneva, Geneva (Switzerland)

    2017-04-15

    Data pertinent to pore-water composition in Opalinus Clay in the Mont Terri and Mont Russelin anticlines have been collected over the last 20 years from long-term in situ pore-water sampling in dedicated boreholes, from laboratory analyses on drill cores and from the geochemical characteristics of vein infills. Together with independent knowledge on regional geology, an attempt is made here to constrain the geochemical evolution of the pore-waters. Following basin inversion and the establishment of continental conditions in the late Cretaceous, the Malm limestones acted as a fresh-water upper boundary leading to progressive out-diffusion of salinity from the originally marine pore-waters of the Jurassic low-permeability sequence. Model calculations suggest that at the end of the Palaeogene, pore-water salinity in Opalinus Clay was about half the original value. In the Chattian/Aquitanian, partial evaporation of sea-water occurred. It is postulated that brines diffused into the underlying sequence over a period of several Myr, resulting in an increase of salinity in Opalinus Clay to levels observed today. This hypothesis is further supported by the isotopic signatures of SO{sub 4}{sup 2-} and {sup 87}Sr/{sup 86}Sr in current pore-waters. These are not simple binary mixtures of sea and meteoric water, but their Cl{sup -} and stable water-isotope signatures can be potentially explained by a component of partially evaporated sea-water. After the re-establishment of fresh-water conditions on the surface and the formation of the Jura Fold and Thrust Belt, erosion caused the activation of aquifers embedding the low-permeability sequence, leading to the curved profiles of various pore-water tracers that are observed today. Fluid flow triggered by deformation events during thrusting and folding of the anticlines occurred and is documented by infrequent vein infills in major fault structures. However, this flow was spatially focussed and of limited duration and so did not

  20. Simulation with Phast of the pore water chemistry experiment results (Mont Terri Url, Switzerland), including transport, thermodynamics, kinetics, and biological activity

    International Nuclear Information System (INIS)

    Tournassat, C.; Gaucher, E.; Pearson, F.J.; Mettler, S.; Wersin, P.

    2005-01-01

    Full text of publication follows: The Pore water Chemistry (PC-)experiment was initially designed to determine the processes that control the redox properties of pore water in the Opalinus Clay at the Mont Terri URL. However, changes in isotopic data and chemical parameters such as pH, alkalinity, dissolved methane, acetate and sulphate concentrations indicated unexpected microbial activity. The origin of the bacteria is not clear. In the light of published data, an indigenous origin cannot be ruled out. A combined biological and reactive transport model has been developed with the parallel PHAST software to simulate the processes that determine pore water chemistry. The influence of bacterial activity on the system is successfully modelled by considering different reaction pathways scenarios including aceto-genesis, methano-genesis, and methane/acetate oxidation coupled to sulphate reduction. Several conclusions can be clearly stated in the light of the simulation results: - The measured redox potentials (redox electrode) are in line with the S(-II)/S(+VI) redox system. - In the undisturbed pore water, S(-II) and S(+VI) activities are controlled by a mineral assemblage containing pyrite and a Fe carbonate (siderite or ankerite). pH is buffered by mineral phases and SO 4 2- concentration is inherited from the marine sedimentary rock. - Some local redox potentials in the sedimentary rock do not correspond to the measured redox potential; for instance, organic matter/HCO 3 - and CH 4 /HCO 3 - systems are not at equilibrium with the measured redox potential. - Redox disequilibrium can be exploited by micro-organisms as a source of energy for their metabolism. In this experiment CH 4 , acetate and other organic acids were produced and SO 4 2- was reduced to HS - . The redox properties of the system are then governed by kinetics rather than by thermodynamic equilibrium. The unexpected persistence of acetate in the borehole water is one of the consequences of these

  1. Development of a tomographic method using cosmic ray muons: application to the Mont Terri underground laboratory and la Soufriere de Guadeloupe

    International Nuclear Information System (INIS)

    Lesparre, N.

    2011-01-01

    Cosmic muons are produced in cascade processes following the interactions of cosmic rays with the atmosphere. Muons are fundamental particles with a mass 200 times higher than electrons. Their low interaction probability with matter allows them to cross the atmosphere and even the first kilometers of the Earth crust. The muons flux is attenuated through a media as function of the quantity of matter crossed. The study of the muon flux attenuation allows then to obtain a direct measurement of the rock opacity. This opacity corresponds to the media density, integrated along the muon path through rock. Muons' trajectory is indeed considered to be straight when crossing rock. It is then possible to realise geophysical tomographies by setting a sensor network around geological objects in order to determine the internal structures geometry inside these objects. An underground muon flux model is developed herein from flux models estimated at surface and a model of muon flux attenuation through rock. A feasibility equation of the muon tomography is then established in order to determine the minimum time of data acquisition to distinguish heterogeneities. Four muons telescopes have been built during this thesis and conditioned to bear field installation, notably in tropical media. These telescopes are made by two or three matrices of detection constituted of scintillating bars linked to photomultipliers. The modeling of the telescopes detection capacity and angular resolution is realised as function of their geometrical configuration. A calibration method is also established in order to correct the signal from any distortion. Moreover, arrangements to reduce the backward noise produced by low energy particles are set up and evaluated. The development of this new tomographic method is then illustrated by two geophysical applications. The measurements realised in the Mont Terri underground laboratory (Switzerland) allowed us to benefit from stable acquisition conditions to

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

    Directory of Open Access Journals (Sweden)

    Muhammed Monjurul Quadir

    2012-01-01

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

  3. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

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

    2008-01-01

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

  4. 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…

  5. 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…

  6. 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

  7. 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

  8. Distinguishing manipulated stocks via trading network analysis

    Science.gov (United States)

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

    2011-10-01

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

  9. 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

  10. Recent market behavior of utility stocks

    International Nuclear Information System (INIS)

    Studness, C.M.

    1990-01-01

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

  11. SETS, arbitrage activity and stock price dynamics

    NARCIS (Netherlands)

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

    2000-01-01

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

  12. 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...

  13. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

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

  14. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2006-01-01

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

  15. Efficient Circulation of Railway Rolling Stock

    NARCIS (Netherlands)

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

    2002-01-01

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

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    Shuba M. V.

    2015-03-01

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

  19. Analysing News for Stock Market Prediction

    Science.gov (United States)

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

    2018-04-01

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

  20. 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.

  1. Manufacturing Capital Lingers in the Stock Market

    Institute of Scientific and Technical Information of China (English)

    吴程涛; 段铸; 张景宇; 张曙光

    2008-01-01

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

  2. 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.

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

    Science.gov (United States)

    Razak, Ruzanna Ab; Ismail, Noriszura

    2015-09-01

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

  4. Financing R & D with Knowledge Stock Rentals

    OpenAIRE

    John M. Hartwick

    1993-01-01

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

  5. 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...

  6. UNDERGROUND ECONOMY, GDP AND STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Caus Vasile Aurel

    2012-07-01

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

  7. Danish building typologies and building stock analyses

    DEFF Research Database (Denmark)

    Wittchen, Kim Bjarne; Kragh, Jesper

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

  8. 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...

  9. 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...

  10. Geophysical monitoring of the EDZ during a gallery excavation in the Opalinus clay of the Mont Terri URL: design and principles of specific in situ experimental setups

    International Nuclear Information System (INIS)

    Gibert, D.; Maineult, A.; Kergosien, B.; Le Gonidec, Y.; Nicollin, F.; Sarout, J.; Wassermann, J.

    2012-01-01

    Document available in extended abstract form only. At the Mont Terri Underground Rock Laboratory, the gallery Ga08 was excavated in August 2008 to join the end-face of the pre-existing gallery Ga04. The Excavation Damaged Zone (EDZ) induced during the gallery construction was monitored from the instrumented face of Ga04. The EZ-G08 experiments required original acquisition setups, specifically designed to be installed in small boreholes and to ensure long term measurements. Different geophysical methods have been experimented for the EZ-G08 project and specific design of the experiments were required in order to coordinate multiple and simultaneous acquisitions, including acoustic emission (AE) acquisition setup (16 acoustic receivers), manufacturing of a combined electrical (256 electrodes) and acoustic tomography setup (64 receivers) to be introduced in horizontal boreholes with small diameters (56 mm), design of an acoustic source, design and manufacturing of a combined electrical tomography (64 lead electrodes) and self-potential measurements (64 un-polarizable electrodes). Other arrays of electrodes have also been placed at the end-face of Ga04 (715 inox electrodes and an array of 16 un-polarizable electrodes). The self-potential (SP) monitoring took place in the borehole BEZ-G5 equipped in mid- February 2008 with a specific device on which custom-made electrodes were fixed. To avoid polarisation effect and guaranty a satisfactorily signal-to-noise ratio, SP was measured with 64 un-polarizable electrodes, with an offset of 15 cm made of a metallic wire in chemical equilibrium with a surrounding solution containing a salt of the same metal. The electrical contact between the solution and the natural medium is ensured by a porous material. The electrodes were mounted upward on a half-cylinder fixed onto an inflatable pipe and introduced in BEZ-G5. The internal pipe was inflated to ensure a good electrical contact between the electrodes and the borehole wall. The

  11. Monitoring and modelling of thermo-hydro-mechanical processes - main results of a heater experiment at the Mont Terri underground rock laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Ingeborg, G.; Alheid, H.J. [BGR - Federal Institute for Geosciences and Natural Resources, Hannover (Germany); Jockwerz, N. [Gesellschaft fur Anlagen- und Reaktorsicherheit (GRS) - Final Repository Research Division, Braunschweig (Germany); Mayor, J.C. [ENRESA - Empresa Nacional des Residuos Radioactivos, Madrid (Spain); Garcia-Siner, J.L. [AITEMIN -Asociacion para la Investigacion y Desarrollo Industrial de los Recursos Naturales, Madrid, (Spain); Alonso, E. [CIMNE - Centre Internacional de Metodos Numerics en Ingenyeria, UPC, Barcelona (Spain); Weber, H.P. [NAGRA - National Cooperative for the Disposal of Radioactive Waste, Wettingen (Switzerland); Plotze, M. [ETHZ - Swiss Federal Institute of Technology Zurich, IGT, Zurich, (Switzerland); Klubertanz, G. [COLENCO Power Engineering Ltd., Baden (Switzerland)

    2005-07-01

    The long-term safety of permanent underground repositories relies on a combination of engineered and geological barriers, so that the interactions between the barriers in response to conditions expected in a high-level waste repository need to be identified and fully understood. Co-financed by the European Community, a heater experiment was realized on a pilot plant scale at the underground laboratory in Mont Terri, Switzerland. The experiment was accompanied by an extensive programme of continuous monitoring, experimental investigations on-site as well as in laboratories, and numerical modelling of the coupled thermo-hydro-mechanical processes. Heat-producing waste was simulated by a heater element of 10 cm diameter, held at a constant surface temperature of 100 C. The heater element (length 2 m) operated in a vertical borehole of 7 m depth at 4 to 6 m depth. It was embedded in a geotechnical barrier of pre-compacted bentonite blocks (outer diameter 30 cm) that were irrigated for 35 months before the heating phase (duration 18 months) began. The host rock is a highly consolidated stiff Jurassic clay stone (Opalinus Clay). After the heating phase, the vicinity of the heater element was explored by seismic, hydraulic, and geotechnical tests to investigate if the heating had induced changes in the Opalinus Clay. Additionally, rock mechanic specimens were tested in the laboratory. Finally, the experiment was dismantled to provide laboratory specimens of post - heating buffer and host rock material. The bentonite blocks were thoroughly wetted at the time of the dismantling. The volume increase amounted to 5 to 9% and was thus below the bentonite potential. Geo-electrical measurements showed no decrease of the water content in the vicinity of the heater during the heating phase. Decreasing energy input to the heater element over time suggests hence, that the bentonite dried leading to a decrease of its thermal conductivity. Gas release during the heating period occurred

  12. EZG08 project: acoustic experiments to monitor the EDZ during the gallery excavation process in the Mont Terri Underground Research Laboratory (Switzerland)

    International Nuclear Information System (INIS)

    Le Gonidec, Y.; Kergosien, B.; Schubnel, A.; Gueguen, Y.; Wassermann, J.; Gibert, D.; Sarout, J.; Nussbaum, C.

    2010-01-01

    Document available in extended abstract form only. In the Underground Research Laboratory (URL) at Mont Terri, a new gallery G08 was planned to be excavated in 2008 following an original process: the excavation process allowed to monitor the Excavation Damaged Zone (EDZ) from geophysical measurements designed and installed at the end of face of the EZ-G04 gallery during the excavation from the other side, i.e. the end face of the EZ-G08 gallery. The objectives of the project concern spatio-temporal changes of the EDZ: among the methodological developments adapted for the EZG08 project to provide complementary information, acoustic experiments have been prepared in horizontal boreholes to perform the continuous acoustic monitoring of the Excavation Damaged Zone (EDZ). The acoustic measurements, performed on acoustic arrays of several receivers, have been recorded during one month, following two main steps: - Active acoustic surveys: a source is introduced in a central borehole (BEZG5) allowing tomography experiments in the far field and in the near field, i.e. close to and far from BEZG5, respectively. - Acoustic emissions: during the excavation process, numerous acoustic emissions can be detected and associated to micro-seismic events due to rapid crack propagation, generated by the rock relaxation, or simply associated to the excavation process. From the tomography measurements, the acoustic wave velocity field can be estimated, with P and S-wave velocities roughly equal to 2500 m/s-3500 m/s, and 1500 m/s, respectively. The acoustic setup does not show variations of P-wave velocity during the campaign, but spatial variations which could be associated to anisotropic elastic properties of the rock with the maximum P-wave velocities close to the bedding plane. An original method based on a multifrequency approach puts in evidence a frequency dependence of the velocity, with a striking phenomena since the wave velocity decreases with increasing frequency. This effect

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

    OpenAIRE

    Febrian, Erie; Herwany, Aldrin

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

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

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

    OpenAIRE

    Gallardo, Carla

    2012-01-01

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

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

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

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

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

    OpenAIRE

    John H. Boyd; Ravi Jagannathan; Jian Hu

    2001-01-01

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

  18. Boosting Learning Algorithm for Stock Price Forecasting

    Science.gov (United States)

    Wang, Chengzhang; Bai, Xiaoming

    2018-03-01

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

  19. Community monitoring of carbon stocks for REDD+

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  20. 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...

  1. Sustainment Stocks for the Korean Theater

    National Research Council Canada - National Science Library

    St

    1998-01-01

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

  2. 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.

  3. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

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

  4. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

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

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

  5. Decision Support for the Rolling Stock Dispatcher

    DEFF Research Database (Denmark)

    Groth, Julie Jespersen

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

  6. 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.

  7. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

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

  8. Privatization, political risk and stock market development

    NARCIS (Netherlands)

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

    1999-01-01

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

  9. 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.

  10. 78 FR 66681 - Draft 2013 Marine Mammal Stock Assessment Reports

    Science.gov (United States)

    2013-11-06

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

  11. 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...

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

    Directory of Open Access Journals (Sweden)

    Vesna Petrović

    2018-01-01

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

  13. Optimal capital stock and financing constraints

    OpenAIRE

    Saltari, Enrico; Giuseppe, Travaglini

    2011-01-01

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

  14. Stock Markets Indices in Artificial Insymmetrization Patterns

    International Nuclear Information System (INIS)

    Makowiec, D.

    2002-01-01

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

  15. stockées Ephestia kuehniella (Lepidoptera)

    African Journals Online (AJOL)

    PR BOKO

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

  16. Essays on Stock Exchange Competition and Pricing

    OpenAIRE

    Andersen, Atso

    2005-01-01

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

  17. Stock Option Compensation and Managerial Turnover

    OpenAIRE

    Raluca Georgiana NASTASESCU

    2009-01-01

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

  18. 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.

  19. 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.

  20. Stock Price Synchronicity and Material Sustainability Information

    OpenAIRE

    Grewal, Jody; Hauptmann, Clarissa; Serafeim, Georgios

    2017-01-01

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

  1. Managerial Incentives and Stock Price Manipulation

    OpenAIRE

    Peng, Lin; Röell, Ailsa A

    2009-01-01

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

  2. Econometric Studies of Stock Market Behaviour

    DEFF Research Database (Denmark)

    Rasmussen, Anne-Sofie Reng

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

  3. Mutual Fund Competition and Stock Market Liquidity

    OpenAIRE

    Massa, Massimo

    2004-01-01

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

  4. Is there stock market efficiency in Malaysia?

    OpenAIRE

    Sui Suyin, Crystal

    2007-01-01

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

  5. Klasifikace atmosférické cirkulace

    Czech Academy of Sciences Publication Activity Database

    Stryhal, J.; Huth, Radan

    2016-01-01

    Roč. 121, č. 2 (2016), s. 300-323 ISSN 1212-0014 Institutional support: RVO:68378289 Keywords : classification * atmospheric circulation * circulation types * synoptic climatology Subject RIV: DG - Athmosphere Sciences, Meteorology Impact factor: 0.580, year: 2016

  6. Modely atmosférické koroze

    Czech Academy of Sciences Publication Activity Database

    Kreislová, K.; Geiplová, H.; Barták, Z.; Majtás, Dušan

    2017-01-01

    Roč. 61, č. 2 (2017), s. 59-66 ISSN 0452-599X R&D Projects: GA MŠk(CZ) LO1219 Keywords : corrosion * atmospheric corrosion * ISOCORRAG * UN ECE ICP Materials Exposure Programme * Multi-Assess Subject RIV: JK - Corrosion ; Surface Treatment of Materials OBOR OECD: Coating and films https://www.degruyter.com/downloadpdf/j/kom.2017.61.issue-2/kom-2017-0007/kom-2017-0007.pdf

  7. 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...

  8. 12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    Jeffrey T. Olson; Allen L. Lundgren

    1978-01-01

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

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

    OpenAIRE

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

    2017-01-01

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

  11. Stock-based Compensation Plans and Employee Incentives

    OpenAIRE

    Jan Zabojnik

    2014-01-01

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

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

    OpenAIRE

    Zhao, Feng

    2013-01-01

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

  13. 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.

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

    NARCIS (Netherlands)

    Scholtens, B.; Boersen, A.

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

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

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Aura Dudas

    2011-01-01

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

  17. Geomechanical analysis of excavation-induced rock mass behavior of faulted Opalinus clay at the Mont Terri underground rock laboratory (Switzerland)

    International Nuclear Information System (INIS)

    Thoeny, R.

    2014-01-01

    Clay rock formations are potential host rocks for deep geological disposal of nuclear waste. However, they exhibit relatively low strength and brittle failure behaviour. Construction of underground openings in clay rocks may lead to the formation of an excavation damage zone (EDZ) in the near-field area of the tunnel. This has to be taken into account during risk assessment for waste-disposal facilities. To investigate the geomechanical processes associated with the rock mass response of faulted Opalinus Clay during tunnelling, a full-scale ‘mine-by’ experiment was carried out at the Mont Terri Underground Rock Laboratory (URL) in Switzerland. In the ‘mine-by’ experiment, fracture network characteristics within the experimental section were characterized prior to and after excavation by integrating structural data from geological mapping of the excavation surfaces and from four pre- and post-excavation boreholes.The displacements and deformations in the surrounding rock mass were measured using geo-technical instrumentation including borehole inclinometers, extensometers and deflectometers, together with high-resolution geodetic displacement measurements and laser scanning measurements on the excavation surfaces. Complementary data was gathered from structural and geophysical characterization of the surrounding rock mass. Geological and geophysical techniques were used to analyse the structural and kinematic relationships between the natural and excavation-induced fracture network surrounding the ‘mine-by’ experiment. Integrating the results from seismic refraction tomography, borehole logging, and tunnel surface mapping revealed that spatial variations in fault frequency along the tunnel axis alter the rock mass deformability and strength. Failure mechanisms, orientation and frequency of excavation-induced fractures are significantly influenced by tectonic faults. On the side walls, extensional fracturing tangential to the tunnel circumference was the

  18. Characterization of the porosity in Boom (Mol site, Belgium) and Opalinus (Mont Terri, Switzerland) clays - about the benefit of using ion beam milling tools and CRYO-SEM

    International Nuclear Information System (INIS)

    Desbois, G.; Houben, M.E.; Sholokhova, Y.; Urai, J.L.; Kukla, P.A.

    2010-01-01

    imaging of pore space at high resolution. The first of them is to use ion beam milling tools able to prepare smooth, damage free cross-sectioned surfaces. Two main ion source are available: (1) a broad ion beam (BIB, up to 3.5 mA) is suitable to produce large polished cross-sections area of few mm 2 , while the focused ion beam (FIB, 1 pA - 45 nA) is better used for fine and precise polished cross-sections area of about few μm 2 . The second alternative is to preserve the in-situ nanostructures of wet clay-stones by using cryogenic techniques in order to stabilize in-situ fluids at temperature of liquid nitrogen. A FIB/BIB-cryo- SEM instrument combines cryo-techniques to preserve wet samples, in-situ sample preparation by ion beam cross-sectioning (BIB or FIB) and observations of the stabilized microstructure at high resolution (SEM). Since the ion beam is directly embedded into the SEM, this instrument offers a unique way to get a direct access of the pore space in 3D by using a 'slice and view' procedure equivalent to nano-serial sectioning. This procedure allows us investigating the natural in-situ pore space as a 3D matrix. This contribution reports on a study of Boom and Opalinus clays from reference sites for research (respectively at Mol site, Belgium and Mont Terri, Switzerland) using cryo-SEM at cryogenic temperature, with ion beam cross-sectioning to prepare smooth, damage free surfaces. Pores commonly have crack-like tips, preferred orientation parallel to bedding and power law size distribution. We define a number of pore types depending on shape and location in the microstructure. 3-D reconstruction by serial cross-sectioning shows 3-D connectivity of the pore space and provide natural pore matrix for simulation of permeability using Lattice Boltzmann method. These findings offer a new insight into the morphology of pores and quantification of porosity down to nano-scale and provide the basis for microstructure-based models of transport in clays

  19. Geomechanical analysis of excavation-induced rock mass behavior of faulted Opalinus clay at the Mont Terri underground rock laboratory (Switzerland)

    Energy Technology Data Exchange (ETDEWEB)

    Thoeny, R.

    2014-07-01

    Clay rock formations are potential host rocks for deep geological disposal of nuclear waste. However, they exhibit relatively low strength and brittle failure behaviour. Construction of underground openings in clay rocks may lead to the formation of an excavation damage zone (EDZ) in the near-field area of the tunnel. This has to be taken into account during risk assessment for waste-disposal facilities. To investigate the geomechanical processes associated with the rock mass response of faulted Opalinus Clay during tunnelling, a full-scale ‘mine-by’ experiment was carried out at the Mont Terri Underground Rock Laboratory (URL) in Switzerland. In the ‘mine-by’ experiment, fracture network characteristics within the experimental section were characterized prior to and after excavation by integrating structural data from geological mapping of the excavation surfaces and from four pre- and post-excavation boreholes.The displacements and deformations in the surrounding rock mass were measured using geo-technical instrumentation including borehole inclinometers, extensometers and deflectometers, together with high-resolution geodetic displacement measurements and laser scanning measurements on the excavation surfaces. Complementary data was gathered from structural and geophysical characterization of the surrounding rock mass. Geological and geophysical techniques were used to analyse the structural and kinematic relationships between the natural and excavation-induced fracture network surrounding the ‘mine-by’ experiment. Integrating the results from seismic refraction tomography, borehole logging, and tunnel surface mapping revealed that spatial variations in fault frequency along the tunnel axis alter the rock mass deformability and strength. Failure mechanisms, orientation and frequency of excavation-induced fractures are significantly influenced by tectonic faults. On the side walls, extensional fracturing tangential to the tunnel circumference was the

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. Fractal patterns in Stock Intertrading Times

    Science.gov (United States)

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

    2003-03-01

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

  5. Changing recruitment capacity in global fish stocks.

    Science.gov (United States)

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

    2016-01-05

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

  6. 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.

  7. 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.

  8. Linkage between company scores and stock returns

    Directory of Open Access Journals (Sweden)

    Saban Celik

    2017-12-01

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

  9. 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.

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

    OpenAIRE

    Iulia-Oana Stefan

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Yen Sun

    2010-05-01

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

  12. 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.

  13. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

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

  14. An Intelligent Model for Stock Market Prediction

    Directory of Open Access Journals (Sweden)

    IbrahimM. Hamed

    2012-08-01

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

  15. Quantifying Stock Return Distributions in Financial Markets.

    Science.gov (United States)

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

    2015-01-01

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

  16. 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.

  17. Lists of semi-dwarf cereal stocks

    International Nuclear Information System (INIS)

    1984-01-01

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

  18. 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.

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

  1. Statistical properties of trading activity in Chinese stock market

    Science.gov (United States)

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

    2010-08-01

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

  2. 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.

  3. Genetic stock identification of Russian honey bees.

    Science.gov (United States)

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

    2010-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Mohammed Syedul Islam

    2015-01-01

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

  5. Stock vs. Bond Yields, and Demographic Fluctuations

    DEFF Research Database (Denmark)

    Gozluklu, Arie; Morin, Annaïg

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

  6. Stock market index prediction using neural networks

    Science.gov (United States)

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

    1994-03-01

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

  7. Integration Versus Segmentation: The Istanbul Stock Exchange

    OpenAIRE

    Suleyman Gokçen; Ahu Ozturkmen

    1997-01-01

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

  8. Statistical aspects of fish stock assessment

    DEFF Research Database (Denmark)

    Berg, Casper Willestofte

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

  9. TRADING RULES ON A SMALL STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Stefán B. Gunnlaugsson

    2018-03-01

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

  10. Mandatory IFRS Reporting and Stock Price Informativeness

    OpenAIRE

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

    2010-01-01

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

  11. ACCOUNTING TREATMENTS USED IN STOCKS VALUATION

    Directory of Open Access Journals (Sweden)

    Suciu Gheorghe

    2012-12-01

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

  12. Participation Constraints in the Stock Market

    DEFF Research Database (Denmark)

    Andersen, Steffen; Meisner Nielsen, Kasper

    2011-01-01

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

  13. Mean reversion in the US stock market

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Rosenberg, Aryeh Adam

    2009-01-01

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

  14. Mean reversion in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-05-30

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

  15. Do Hedge Funds Manipulate Stock Prices?

    OpenAIRE

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

    2011-01-01

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

  16. 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.

  17. 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.

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

    OpenAIRE

    Yen Sun

    2010-01-01

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

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

    OpenAIRE

    Robiyanto Robiyanto

    2017-01-01

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

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

    OpenAIRE

    John H. Cochrane

    2002-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Kenneth Weiher

    2000-01-01

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

  2. 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...

  3. Risk-Adjusted Returns and Stock Market Games.

    Science.gov (United States)

    Kagan, Gary; And Others

    1995-01-01

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

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

    African Journals Online (AJOL)

    SIPHAMBE, H.K. (PROF.)

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

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

    African Journals Online (AJOL)

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

  6. Are Economists More Likely to Hold Stocks?

    DEFF Research Database (Denmark)

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

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

  7. 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

  8. 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.

  9. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

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

  10. 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...

  11. ResStock Analysis Tool | Buildings | NREL

    Science.gov (United States)

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

  12. Stock keeping unit fill rate specification

    NARCIS (Netherlands)

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

    2017-01-01

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

  13. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

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

    2000-01-01

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

  14. 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...

  15. 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

  16. 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

  17. The performance of Libyan stock market

    Directory of Open Access Journals (Sweden)

    Atiya Aljbiri

    2012-01-01

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

  18. The Stock Market: Risk vs. Uncertainty.

    Science.gov (United States)

    Griffitts, Dawn

    2002-01-01

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

  19. 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

  20. 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

  1. Probability weighting and employee stock options

    NARCIS (Netherlands)

    Spalt, O.G.

    2013-01-01

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

  2. Editorial The Jan H. Stock Valedictory Issue

    NARCIS (Netherlands)

    NN,

    1990-01-01

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

  3. 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...

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

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

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

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

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Yuhua Xu

    2018-01-01

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

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

    OpenAIRE

    Prasanna, S.; Ezhilmaran, D.

    2015-01-01

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

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

    OpenAIRE

    Prasanna, S.; Ezhilmaran, D.

    2014-01-01

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

  9. Facebook drives behavior of passive households in stock markets

    OpenAIRE

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

    2017-01-01

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

  10. Emerging interdependence between stock values during financial crashes

    OpenAIRE

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

    2016-01-01

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

  11. The reaction of stock market returns to anticipated unemployment

    OpenAIRE

    Taamouti, Abderrahim; Gonzalo Muñoz, Jesús

    2012-01-01

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

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

    OpenAIRE

    M. Jaya

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    M.N. Arshad

    2017-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-03-01

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

  15. 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...

  16. 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.

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

    Science.gov (United States)

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

    2014-08-01

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

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

    OpenAIRE

    Thuy Linh, Doan

    2009-01-01

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

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

    OpenAIRE

    Selboe, Guner K.; Virdee, Jaspal Singh

    2017-01-01

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

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

    OpenAIRE

    Huber, Peter

    1995-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

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

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

    OpenAIRE

    Ames Santillán, Juan Carlos

    2012-01-01

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

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

    OpenAIRE

    Juan Carlos Ames Santillán

    2012-01-01

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

  4. 7 CFR 1610.9 - Class B stock.

    Science.gov (United States)

    2010-01-01

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

  5. 26 CFR 1.552-3 - Stock ownership requirement.

    Science.gov (United States)

    2010-04-01

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

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

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

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

  7. 12 CFR 615.5250 - Disclosure requirements for borrower stock.

    Science.gov (United States)

    2010-01-01

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

  8. 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

  9. 7 CFR 1216.9 - Farmers stock peanuts.

    Science.gov (United States)

    2010-01-01

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

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

    OpenAIRE

    Mehdi Elhaei Sahar; Seyed Ali Vaez

    2013-01-01

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

  11. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

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

  12. 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...

  13. 12 CFR 931.6 - Transfer of capital stock.

    Science.gov (United States)

    2010-01-01

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

  14. 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)....

  15. 12 CFR 575.8 - Contents of Stock Issuance Plans.

    Science.gov (United States)

    2010-01-01

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

  16. 26 CFR 1.338-8 - Asset and stock consistency.

    Science.gov (United States)

    2010-04-01

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

  17. 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.

  18. 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.

  19. 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...

  20. 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.

  1. 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.

  2. 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.

  3. 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.

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

    OpenAIRE

    Ng, Ho Keng

    2008-01-01

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

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

    OpenAIRE

    Mia Twu

    2010-01-01

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

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

    Science.gov (United States)

    2010-01-01

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

  7. 26 CFR 1.1032-3 - Disposition of stock or stock options in certain transactions not qualifying under any other...

    Science.gov (United States)

    2010-04-01

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

  8. VOLATILITY AND KURTOSIS OF DAILY STOCK RETURNS AT MSE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-12-01

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

  9. Stock portfolio selection using Dempster–Shafer evidence theory

    Directory of Open Access Journals (Sweden)

    Gour Sundar Mitra Thakur

    2018-04-01

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

  10. 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.

  11. What Is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

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

  12. Hydrogeologic characterization and evolution of the 'excavation damaged zone' by statistical analyses of pressure signals: application to galleries excavated at the clay-stone sites of Mont Terri (Ga98) and Tournemire (Ga03)

    International Nuclear Information System (INIS)

    Fatmi, H.; Ababou, R.; Matray, J.M.; Joly, C.

    2010-01-01

    Document available in extended abstract form only. This paper presents methods of statistical analysis and interpretation of hydrogeological signals in clayey formations, e.g., pore water pressure and atmospheric pressure. The purpose of these analyses is to characterize the hydraulic behaviour of this type of formation in the case of a deep repository of Mid- Level/High-Level and Long-lived radioactive wastes, and to study the evolution of the geologic formation and its EDZ (Excavation Damaged Zone) during the excavation of galleries. We focus on galleries Ga98 and Ga03 in the sites of Mont Terri (Jura, Switzerland) and Tournemire (France, Aveyron), through data collected in the BPP- 1 and PH2 boreholes, respectively. The Mont Terri site, crossing the Aalenian Opalinus clay-stone, is an underground laboratory managed by an international consortium, namely the Mont Terri project (Switzerland). The Tournemire site, crossing the Toarcian clay-stone, is an Underground Research facility managed by IRSN (France). We have analysed pore water and atmospheric pressure signals at these sites, sometimes in correlation with other data. The methods of analysis are based on the theory of stationary random signals (correlation functions, Fourier spectra, transfer functions, envelopes), and on multi-resolution wavelet analysis (adapted to nonstationary and evolutionary signals). These methods are also combined with filtering techniques, and they can be used for single signals as well as pairs of signals (cross-analyses). The objective of this work is to exploit pressure measurements in selected boreholes from the two compacted clay sites, in order to: - evaluate phenomena affecting the measurements (earth tides, barometric pressures..); - estimate hydraulic properties (specific storage..) of the clay-stones prior to excavation works and compare them with those estimated by pulse or slug tests on shorter time scales; - analyze the effects of drift excavation on pore pressures

  13. Hydro-mechanical analysis of results acquired by video-observations and deformation measurements performed in boreholes in the Opalinus clay of the URL Mont Terri supported by laboratory investigations on the hydro-mechanical behaviour of Opalinus clay

    International Nuclear Information System (INIS)

    Seeska, R.; Rutenberg, M.; Lux, K.H.

    2012-01-01

    Document available in extended abstract form only. Seven different boreholes in the Opalinus Clay formation of the Mont Terri Underground Rock Laboratory (URL Mont Terri) have been investigated by the Clausthal University of Technology (TUC) in cooperation with different partners with time, namely the National Cooperative for the Disposal of Radioactive Waste (NAGRA), the Federal Institute for Geosciences and Natural Resources (BGR) as well as the Swiss Federal Institute of Technology Zurich (ETHZ) and the Swiss Federal Nuclear Safety Inspectorate (ENSI). Aim of the investigations was to gain a large amount of high-quality and significant information on rock mass behaviour that can be used to increase knowledge about and improve understanding of time-dependent load-bearing and deformation behaviour of Opalinus Clay including pore water influences. For this purpose, an axial borehole camera and a three-arm calliper have been used. High-quality information on the load-bearing and deformation behaviour of the investigated boreholes was generated by the measurement and monitoring techniques used in the research project. The recordings reveal great as well as occasionally unexpected differences regarding the load-bearing behaviour as well as differences regarding the hydro-mechanical behaviour of the observed boreholes. While most of the boreholes have proved to be rather stable with only partial failure of the borehole wall in some areas, a complete borehole wall collapse occurred in two of the observed boreholes. The differences regarding the borehole wall stability and also the differences between the appearances of the occurring failure mechanisms are very likely due to the different orientation, the different locations within the URL Mont Terri, and the different facies the boreholes are located in. Figure 1 shows the time-dependent development of a borehole wall instability in one of the observed boreholes in a borehole section where an increase of moisture could

  14. 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.

  15. Black swans in the brazilian stock market

    Directory of Open Access Journals (Sweden)

    Hugo Jacob Lovisolo

    2013-08-01

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

  16. Taxation, Transfer Income and Stock Market Participation

    DEFF Research Database (Denmark)

    Fischer, Marcel; Astrup Jensen, Bjarne

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

  17. 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.

  18. Motor vehicle stocks, scrappage, and sales

    OpenAIRE

    Alan Greenspan; Darrel Cohen

    1996-01-01

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

  19. Stock Return Prediction with Hidden Order Mapping

    OpenAIRE

    Mamidi, Varsha

    2016-01-01

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

  20. Stock Market Interdependence: Evidence from Australia

    OpenAIRE

    Michael E. Drew; Leonard Chong

    2002-01-01

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

  1. Networks of volatility spillovers among stock markets

    Czech Academy of Sciences Publication Activity Database

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

    2018-01-01

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

  2. A heuristic forecasting model for stock decision

    OpenAIRE

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

    2005-01-01

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

  3. An operatorial approach to stock markets

    International Nuclear Information System (INIS)

    Bagarello, F

    2006-01-01

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

  4. Stock market volatiltity around national elections

    OpenAIRE

    Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz

    2006-01-01

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

  5. Stock Market Volatility around National Elections

    OpenAIRE

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

    2006-01-01

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

  6. Corporate tax minimization and stock price reactions

    OpenAIRE

    Blaufus, Kay; Möhlmann, Axel; Schwäbe, Alexander

    2016-01-01

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

  7. Leverage and growth: effect of stock options

    OpenAIRE

    Francis, Bill; Hasan , Iftekhar; Sharma, Zenu

    2011-01-01

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

  8. 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"...

  9. A Global Stock and Bond Model

    OpenAIRE

    Connor, Gregory

    1996-01-01

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

  10. Merger negotiations with stock market feedback

    OpenAIRE

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

    2011-01-01

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

  11. An Analysis of Theories on Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-03-01

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

  12. The Weekly Structure of US Stock Prices

    OpenAIRE

    Guglielmo Maria Caporale; Luis A. Gil-Alana

    2010-01-01

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

  13. Price jumps on European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, Evžen; Novotný, Jan

    2014-01-01

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

  14. Style popularity and the comovement of stocks

    OpenAIRE

    Wouters, T.; Plantinga, A.

    2006-01-01

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

  15. ECONOMIC MODELING STOCKS CONTROL SYSTEM: SIMULATION MODEL

    OpenAIRE

    Климак, М.С.; Войтко, С.В.

    2016-01-01

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

  16. 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.

  17. Immediate causality network of stock markets

    Science.gov (United States)

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

    2018-02-01

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

  18. Inventory Optimization through Safety Stock Schemata

    Directory of Open Access Journals (Sweden)

    Abdul Aleem

    2013-04-01

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

  19. Japanese quail performance under different stocking densities

    International Nuclear Information System (INIS)

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

    2004-01-01

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

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

    Science.gov (United States)

    Stewart, David R.; Long, James M.

    2015-01-01

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

  1. 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.

  2. 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.

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

    Science.gov (United States)

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

    2005-09-01

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

  4. 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

  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. 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.

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

    Science.gov (United States)

    Liu, Zhixin; Zhao, Jichang; Su, Chiwei

    2017-01-01

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

  9. Statistical analysis of bankrupting and non-bankrupting stocks

    Science.gov (United States)

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

    2012-04-01

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

  10. 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.

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

    2017-06-01

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

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

    Science.gov (United States)

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

    2018-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Rajan Sruthi

    2017-12-01

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

  15. 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...

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

    International Nuclear Information System (INIS)

    Herault, L.; Privault, C.

    1997-01-01

    This paper describes a method developed by the CEA for the management of a stock of nuclear materials of Electricite de France and which combines meta-heuristics with mathematical programing results for a better efficiency. The industrial problem to solve concerns the reprocessing of spent fuels and the reuse of their plutonium content for the manufacturing of mixed oxide (MOX) fuels. In this problem, the plutonium stock is shared into subsets which must supply fuel fabrication plants at a given date and with precise energetic, chemical and quality criteria in order to minimize the reprocessing costs. (J.S.)

  17. 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

  18. An Ensemble of Neural Networks for Stock Trading Decision Making

    Science.gov (United States)

    Chang, Pei-Chann; Liu, Chen-Hao; Fan, Chin-Yuan; Lin, Jun-Lin; Lai, Chih-Ming

    Stock turning signals detection are very interesting subject arising in numerous financial and economic planning problems. In this paper, Ensemble Neural Network system with Intelligent Piecewise Linear Representation for stock turning points detection is presented. The Intelligent piecewise linear representation method is able to generate numerous stocks turning signals from the historic data base, then Ensemble Neural Network system will be applied to train the pattern and retrieve similar stock price patterns from historic data for training. These turning signals represent short-term and long-term trading signals for selling or buying stocks from the market which are applied to forecast the future turning points from the set of test data. Experimental results demonstrate that the hybrid system can make a significant and constant amount of profit when compared with other approaches using stock data available in the market.

  19. Emerging interdependence between stock values during financial crashes.

    Directory of Open Access Journals (Sweden)

    Jacopo Rocchi

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

  20. 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.

  1. Research on the fractal structure in the Chinese stock market

    Science.gov (United States)

    Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li

    2004-02-01

    Applying fractal theory, this paper probes and discusses self-similarity and scale invariance of the Chinese stock market. It analyses three kinds of scale indexes, i.e., autocorrelation index, Hurst index and the scale index on the basis of detrended fluctuation analysis (DFA) algorithm and promotes DFA into a recursive algorithm. Using the three kinds of scale indexes, we conduct empirical research on the Chinese Shanghai and Shenzhen stock markets. The results indicate that the rate of returns of the two stock markets does not obey the normal distribution. A correlation exists between the stock price indexes over time scales. The stock price indexes exhibit fractal time series. It indicates that the policy guide hidden at the back influences the characteristic of the Chinese stock market.

  2. MACROECONOMIC VARIABLES AND STOCK PRICE VOLATILITY IN NIGERIA

    Directory of Open Access Journals (Sweden)

    OSAZEE GODWIN OMOROKUNWA

    2014-10-01

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

  3. 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.

  4. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

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

  5. Oil prices and the stock prices of alternative energy companies

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

    Energy security issues coupled with increased concern over the natural environment are driving factors behind oil price movements. While it is widely accepted that rising oil prices are good for the financial performance of alternative energy companies, there has been relatively little statistical work done to measure just how sensitive the financial performance of alternative energy companies are to changes in oil prices. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between alternative energy stock prices, technology stock prices, oil prices, and interest rates. Our results show technology stock prices and oil prices each individually Granger cause the stock prices of alternative energy companies. Simulation results show that a shock to technology stock prices has a larger impact on alternative energy stock prices than does a shock to oil prices. These results should be of use to investors, managers and policy makers. (author)

  6. The Random-Walk Hypothesis on the Indian Stock Market

    OpenAIRE

    Ankita Mishra; Vinod Mishra; Russell Smyth

    2014-01-01

    This study tests the random walk hypothesis for the Indian stock market. Using 19 years of monthly data on six indices from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), this study applies three different unit root tests with two structural breaks to analyse the random walk hypothesis. We find that unit root tests that allow for two structural breaks alone are not able to reject the unit root null; however, a recently developed unit root test that simultaneously accou...

  7. Investor behavior heterogeneity in the French stock market

    OpenAIRE

    Rania Guirat

    2011-01-01

    We estimate in this paper a non probabilistic Markovien model of stock prices with an evolutionary selection of heterogeneous strategies. It is a model proposed by Brock and Hommes (1997, 1998) and improved later by Boswijk and al. (2007). Indeed, the latter propose one of the few estimations considering stock markets data, characterized by an evolutionary selection procedure of heterogeneous strategies. They estimate the model to annual US stock price data from 1871 to 2003. In this paper, w...

  8. STOCK MANAGEMENT IN A MANUFACTURING AND TRADING COMPANY

    OpenAIRE

    Ewa Kempa

    2009-01-01

    The article shows stock management in the logistic context on the example of a manufacturing and trading company. Stock is one of the most important, and, at the same time, the most difficult issues related to company management as it requires efficient handling of transport and inventory. Also, the amount of stock should possibly be optimal so it does not account for too high operating costs of a company.

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

    OpenAIRE

    Madalina Gabriela ANGHEL

    2014-01-01

    The goal of this article is to achieve an analysis of the evolution and significance of the main indicators of the Bucharest Stock Exchange (stock exchange capitalization, BET index, value of the concluded transactions) over the last fifteen years. One of the significant elements in analyzing the performances of the capital market consist of the stock exchange capitalization which an essential indicator for characterizing of this domain of activity, mainly if considering the fact that it is u...

  10. Investors' performance and trading behavior on the Norwegian stock market

    OpenAIRE

    Che, Limei

    2011-01-01

    This dissertation examines investors’ performance and trading behavior on the Norwegian stock market, using a unique and extensive data set of monthly holdings of all the investors. The first paper studies how Norwegian individual investors, financial institutional investors and foreign investors affect stock return volatility and finds surprising and interesting results: domestic individual investors and financial institutional investors dampen stock return volatility, and foreign investors ...

  11. 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...

  12. Stock market and macroeconomic variables : evidences from Lithuania

    OpenAIRE

    Pilinkus, Donatas

    2009-01-01

    The stock market has been historically viewed as a reliable instrument to indicate economic processes. However, contemporary papers reveal the controversy of the issue. A clear understanding of stock market determinants is vital for investors, regulators, and academic researchers. Therefore, future researches are required to further explore this issue. The present paper analyzes relationships between a group of macroeconomic variables and the Lithuanian stock market index, i.e. OMX Vilnius in...

  13. 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...

  14. Geon deal triggers bloodbath in Goodrich stock

    International Nuclear Information System (INIS)

    Plishner, E.S.

    1993-01-01

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

  15. 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

  16. Enterprises from NewConnect Stock Market

    Directory of Open Access Journals (Sweden)

    Grzegorz Gołębiowski

    2009-12-01

    Full Text Available Corporate capital structure has been the subject of extensive research in the last decades. The article briefly examines the existing theories of corporate capital structure. However, applying those concepts in practice has brought mixed results. This study is another attempt to determine capital structure in selected companies as well as analyze impact of the pre-defined debt level on effectiveness of economic entity. Variables like size and sector and their influence on debt-raising ability have also been verified. 10 companies permitted to trade on NewConnect stock market constituted the sample for this study.

  17. Climate change mitigation by carbon stocking

    DEFF Research Database (Denmark)

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

    2009-01-01

    with promotion of secondary crops such as food resources and traditional medicines harvested on a sustainable basis. Methods for modelling and mapping of potential carbon biomass are being developed, but are still in a preliminary state. Although economic benefits from the sale of carbon credits are likely...... primarily on rain forest countries and excludes semi-arid West Africa from the preliminary setup. African savannas have potentials to store carbon in the present situation with degrading ecosystems and relatively low revenues from crops and cattle, especially if it is possible to combine carbon stocking...

  18. Simplified stock markets described by number operators

    Science.gov (United States)

    Bagarello, F.

    2009-06-01

    In this paper we continue our systematic analysis of the operatorial approach previously proposed in an economical context and we discuss a mixed toy model of a simplified stock market, i.e. a model in which the price of the shares is given as an input. We deduce the time evolution of the portfolio of the various traders of the market, as well as of other observable quantities. As in a previous paper, we solve the equations of motion by means of a fixed point like approximation.

  19. Stock-car racing makes intuitive physicists

    Science.gov (United States)

    Gwynne, Peter

    2008-03-01

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

  20. Black swans in the brazilian stock market

    OpenAIRE

    Lovisolo,Hugo Jacob; Leal,Ricardo Pereira Câmara

    2013-01-01

    This study analyzes extreme values in the daily returns of 45 Brazilian stocks between 2 January 1995 and 18 March 2009. The incidence of observations outside the range of three standard deviationsfrom the mean is at least five times greater than under the normal distribution. The occurrence of extreme values in the upper tail is 1.13 times higher than in the lower. The average of the extreme positive returns is higher than that of extreme negative returns. Half percent of the days determined...

  1. Foreign Delisting and Domestic Stock Value

    DEFF Research Database (Denmark)

    Uderche-Rangau, Loredana; Carugati, Andrea

    2008-01-01

    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...

  2. Stock Returns and Risk: Evidence from Quantile

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2012-12-01

    Full Text Available This paper employs weighted least squares to examine the risk-return relation by applying high-frequency data from four major stock indexes in the US market and finds some evidence in favor of a positive relation between the mean of the excess returns and expected risk. However, by using quantile regressions, we find that the risk-return relation moves from negative to positive as the returns’ quantile increases. A positive risk-return relation is valid only in the upper quantiles. The evidence also suggests that intraday skewness plays a dominant role in explaining the variations of excess returns.

  3. A cointegration analysis of wine stock indexes

    OpenAIRE

    Sabina Introvigne; Emanuele Bacchiocchi; Daniela Vandone

    2017-01-01

    This paper analyzes price patterns and long-run relationships for both fine wine and non-fine wine, with the aim to highlight price dynamics and co-movements between series, and to exploit potential diversification benefits. Data are from Liv-Ex 100 Fine Wine for fine wine, the Mediobanca Global Wine Industry Share Price for normal wine, and the MSCI World Index as a proxy of the overall stock market. Engle-Granger and Johansen tests were used to detect whether and to what extent the series c...

  4. Money growth and aggregate stock returns

    OpenAIRE

    Böing, Tobias; Stadtmann, Georg

    2016-01-01

    We empirically evaluate the predictive power of money growth measured by M2 for stock returns of the S&P 500 index. We use monthly US data and predict multiperiod returns over 1, 3, and 5 years with long-horizon regressions. In-sample regressions show that money growth is useful for predicting returns. Higher recent money growth has a significantly negative effect on subsequent returns of the S&P 500. An out-of-sample analysis shows that a simple model with money growth as a single predictor ...

  5. RUSSIAN STOCK MARKET INSTITUTIONAL PARTICIPANTS: HABITUS AND PRACTICES

    Directory of Open Access Journals (Sweden)

    Boris Borisovich Podgorny

    2017-11-01

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

  6. 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.

  7. 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.

  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. Has microblogging changed stock market behavior? Evidence from China

    Science.gov (United States)

    Jin, Xi; Shen, Dehua; Zhang, Wei

    2016-06-01

    This paper examines the stock market behavior for a long-lived subset of firms in Shanghai and Shenzhen CSI 300 Index (CSI 300 Index) both before and after the establishment of firms' Microblogging in Sina Weibo. The empirical results show a significant increase in the relative trading volume as well as the decreases in the daily expected stock return and firm-level volatility in the post-Sina Weibo period. These findings suggest that Sina Weibo as an alternative information interaction channel has changed the information environment for individual stock, enhanced the speed of information diffusion and therefore changed the overall stock market behavior.

  10. Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Ranaldo, Angelo

    2005-01-01

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

  11. Electric utility preferred stock financing - twilight or new dawn?

    International Nuclear Information System (INIS)

    Klein, R.

    1991-01-01

    The tax laws have greatly diminished the importance of utility preferred stock. But with utility construction programs expected to rise, it is an opportune time to see if preferreds can be an attractive option again. As recently as 1980, preferred stock financing by electric utilities comprised 55% of all U.S. corporate preferred stock issued. By 1989, this percentage had declined to under 12%. In dollar amounts, electric utility preferred stock financing had decreased by two-thirds over the same time period. The author analyzes just why this decline occurred and what it portends for the future

  12. The Warsaw Stock Exchange: A Test of Market Efficiency

    OpenAIRE

    Barry Gordon; Libby Rittenberg

    1995-01-01

    This paper analyzes the behavior of the Warsaw Stock Exchange in light of the efficient market hypothesis (EMH) and alternative models of market inefficiency. Following a brief history of the Warsaw Stock Exchange and a discussion of EMH and the Shiller (1991) critique, the Polish stock market is examined in terms of the extent to which the assumptions of EMH are met and in terms of the actual behavior of stock prices for the period of 1 June 1993 to 27 July 1994. The analysis suggests that E...

  13. Politics and the Stock Market ; Evidence from Germany

    OpenAIRE

    Jörg Döpke; Christian Pierdzioch

    2004-01-01

    We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of...

  14. 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.

  15. Applying Moving Objects Patterns towards Estimating Future Stocks Direction

    Directory of Open Access Journals (Sweden)

    Galal Dahab

    2016-01-01

    Full Text Available Stock is gaining vast popularity as a strategic investment tool not just by investor bankers, but also by the average worker. Large capitals are being traded within the stock market all around the world, making its impact not only macro economically focused, but also greatly valued taking into consideration its direct social impact. As a result, almost 66% of all American citizens are striving in their respective fields every day, trying to come up with better ways to predict and find patterns in stocks that could enhance their estimation and visualization so as to have the opportunity to take better investment decisions. Given the amount of effort that has been put into enhancing stock prediction techniques, there is still a factor that is almost completely neglected when handling stocks. The factor that has been obsolete for so long is in fact the effect of a correlation existing between stocks of the same index or parent company. This paper proposes a distinct approach for studying the correlation between stocks that belong to the same index by modelling stocks as moving objects to be able to track their movements while considering their relationships. Furthermore, it studies one of the movement techniques applied to moving objects to predict stock movement. The results yielded that both the movement technique and correlation coefficient technique are consistent in directions, with minor variations in values. The variations are attributed to the fact that the movement technique takes into consideration the sibling relationship

  16. Modelling the impact of oil prices on Vietnam's stock prices

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  17. Facebook Drives Behavior of Passive Households in Stock Markets

    DEFF Research Database (Denmark)

    Siikanen, Milla; Baltakys, Kęstutis; Kanniainen, Juho

    2018-01-01

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

  18. 78 FR 17053 - Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities...

    Science.gov (United States)

    2013-03-19

    ... avoidance of U.S. tax that would have been imposed on Z on the disposition of the Business B and C assets... deemed to have a principal purpose of U.S. tax avoidance if F disposes of R stock within two years of the... contents might become material in the administration of any internal revenue law. Generally, tax returns...

  19. 12 CFR 552.2-6 - Conversion from stock form depository institution to Federal stock association.

    Science.gov (United States)

    2010-01-01

    ... all applicable statutes and regulations, including, without limitation, section 5(d) of the Federal... stock organization at § 552.2-1. (b) Any and all of the assets and other property (whether real, personal, mixed, tangible or intangible, including choses in action, rights, and credits) of the former...

  20. MEASURING THE SENSITIVITY OF TURKISH AND ROMANIAN STOCK MARKETS TO EUROPEAN STOCK MARKETS: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Ismet ATES

    2009-05-01

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

  1. 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.

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

    Science.gov (United States)

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

    2007-01-01

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

  3. Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

    Directory of Open Access Journals (Sweden)

    Mobeen Ur Rehman

    2013-05-01

    Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

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

    Directory of Open Access Journals (Sweden)

    Edson Kambeu

    2017-04-01

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

  5. 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.

  6. 12 CFR 221.7 - Supplement: Maximum loan value of margin stock and other collateral.

    Science.gov (United States)

    2010-01-01

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

  7. 26 CFR 1.165-4 - Decline in value of stock.

    Science.gov (United States)

    2010-04-01

    ... fluctuation in the market price of the stock or to other similar cause. A mere shrinkage in the value of stock... insofar as the loss is recognized under § 1.1002-1 upon the sale or exchange of the stock and except as... price of the stock or if no reasonable attempt to determine the worthlessness of the stock has been made...

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

    OpenAIRE

    Wang Kuan-Min; Lai Hung-Cheng

    2013-01-01

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

  9. Impact Of Volatility And Performance Of Major Stock Markets On Sarajevo Stock Exchange In 2008 – 2012 Period

    OpenAIRE

    Dzanic, Enis; Omerbegovic, Sead

    2014-01-01

    Previous research indicates that performance and volatility of small and regional stock markets can be influenced by the performance of major world exchanges such as New York, Frankfurt or Tokyo stock exchange. This research analyses weekly composite index data for SASE (Sarajevo Stock Exchange), NYSE, NIKKEI, and DAX indices, for the period from 2008 until the end of 2012. This time period contains significant events in the US and the rest of the world, including the housing bubble, and a gr...

  10. 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.

  11. 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.

  12. 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.

  13. Carbon stocks and flux in French forests

    International Nuclear Information System (INIS)

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

    2000-01-01

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

  14. Geography of Global Forest Carbon Stocks & Dynamics

    Science.gov (United States)

    Saatchi, S. S.; Yu, Y.; Xu, L.; Yang, Y.; Fore, A.; Ganguly, S.; Nemani, R. R.; Zhang, G.; Lefsky, M. A.; Sun, G.; Woodall, C. W.; Naesset, E.; Seibt, U. H.

    2014-12-01

    Spatially explicit distribution of carbon stocks and dynamics in global forests can greatly reduce the uncertainty in the terrestrial portion of the global carbon cycle by improving estimates of emissions and uptakes from land use activities, and help with green house gas inventory at regional and national scales. Here, we produce the first global distribution of carbon stocks in living woody biomass at ~ 100 m (1-ha) resolution for circa 2005 from a combination of satellite observations and ground inventory data. The total carbon stored in live woody biomass is estimated to be 337 PgC with 258 PgC in aboveground and 79 PgC in roots, and partitioned globally in boreal (20%), tropical evergreen (50%), temperate (12%), and woodland savanna and shrublands (15%). We use a combination of satellite observations of tree height, remote sensing data on deforestation and degradation to quantify the dynamics of these forests at the biome level globally and provide geographical distribution of carbon storage dynamics in terms sinks and sources globally.

  15. Northeast arctic cod stock and fishery dynamics

    Directory of Open Access Journals (Sweden)

    Oleg Bulatov

    2015-12-01

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

  16. 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.

  17. 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.

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

    Directory of Open Access Journals (Sweden)

    Wang Kuan-Min

    2013-01-01

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

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

    African Journals Online (AJOL)

    Rural farmers are not only facing challenges of severe drought blamed on the El Nino weather pattern, but the stock theft as well. The South African Police's annual crime statistics report and surveys indicates that rural livestock farmers are mostly affected by stock theft in South Africa. The costs paid by these farmers to ...

  20. Asymmetry of Returns in the Australian STOCK Market

    Science.gov (United States)

    Gunner, Susan M.; Brooks, Louise; Storer, Robin G.

    We use econophysics techniques to investigate the characteristics of the distribution of returns from the All Ordinaries Index and from optimal portfolios constructed from individual stocks on the Australian Stock Exchange. We find in general that the tails of the distributions are asymmetric and that the negative tail favours a power-law behaviour while the positive tail is more Gaussian.